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PUBLISHED WEEKLY
S u b s c r i p t i o n — Payable
Electric Railway SecMcrj
State and City Section
NO. 2691
S u b sc rip tio n in c lu d e s fo llo w in g S u p p le m e n ts—
n aiiavay and I ndustrial (3 tim es yearly)
electric ltAii.WAY (3 times yearly)
B INKERS’ Convention (yearly)
T e r m s o f Advertising— Per
rransieiit matter per inch space ( U ^ t e
Inch Space
|| |g
) Three Months (13 tim es)............................ 29 00
'
standing Business Cards i Six Months
............
(20 tim es)........................... „ 60 00
.’wel
(. Tw el vo Months (52 tim es)............................. 87 00
latCACio O ffice —39 South La Sallo Street, Telephone Randolph7396
vO s don O ffice —Edwards < Smith, 1 .Drapers’ Gardens, E, C.
&
W IL L IA M
I*. D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t. F in e a nti D e p e y s t e r
8 t s .,
N ew Y o r k .
Chicago________
Cincinnati..........
Cleveland..........
Detroit...............
Milwaukeo____
Indianapolis___
Coiumbns_____
Toledo_________
P eoria_________
Grand Rapids__
D ayton________
Evansvhlo____
Youngstown___
Fort Wayne___
Springfield, 111.
Lexington..........
Akron...... ...........
Rockford.......... .
(.anion................
Quincy_________
South Bend____
Springfield, O . ..
Mansfield ..........
Bloomington___
D ecatu r............
Published every Saturday morning by WILLIAM 1). DANA COMPANY.
Jacob Seibert Jr., President and Trcaa.: Georgo S. Dana and Arnold G. Dana.
Vice-Presidents: Arnold CL Dana, Seo. Addresses of all, Office ot the Company.__
CLEA R IN G H O U SE R ETU R N S.
The following table, made up by telegraph, Ac., indicates that the total bank
clearings of all the clearing houses of the United States for the week ending to-day
have been $5,900,733,170, against 35,052,095,270 last week and *4,546,047,811 the
corresponding week last year.
____________________________
Per
Cent.
Clearings— Returns bg Telegraph.
Week ending Jan. 20.
1917.
1910.
New York-------------------------- ------------C hicago...................................................
Philadelphia...........................................
B oston...................... - ............................
St. LouD........... - ....................................
Kansas City_____________ __________
San Francisco........................- ........... -
Pittsburgh...................________________
Detroit_____________________________
Baltimore............ ........... ...................- -
New Orleans................ ...........................
32,900 ,142 008
401 ,351 283
290 ,314 152
201 ,178 203
112 951 495
116 709 482
77 ,832 857
57 ,982 127
49 ,243 991
35 ,703 ,400
35 052 441
32,298,030,052
302,750,515
183,310,033
185,528,094
88,875,700
72,507,308
47,580,207
49,971,232
33,221,055
34,420,005
24,372,224
+ 24.4
+ 32.0
+ 58.4
+ 8.4
+ 27.1
+ 45.0
+ 63.0
+ 10.0
+ 48.2
+ 3.9
+ 43.8
Eleven cities, 5 days— ....................
Other cities, 5 days...... .......................
34,338,521.559
595,798,040
33,320,573,451
470,106,418
+ 30.7
+ 20.7
Total all cities, 5 days.
All cities, 1 day..................
$4,934,320,205
906,413,271
53,700,079,809
755,207,942
+ 30.2
+ 28.0
+ 29.9
Total all cities for week. .................. $5,900,733,476 $4,545,947,811
The lull details lor the week covered by the abovo will be given next Saturday.
We cannot furnish them to-day, clearings being made up by the clearing houses
at noon on Saturday, and lienee In tho above the last day of tho week has to be In
all cases estimated, as we go to press Friday night.
Detailed figures for tho week ending Jan. 13 follow: ______________________
Week ending January 13.
Clearings at-
In c . or
Dec.
S
;,547,055,842 ,770,520,035
319,738,487 232,007,082
50,053,484
72,798,895
44,418,957
42,922,337
15,308,371
20,795,194
5,449,315
4,801,723
9,508,283
10,550,361
5,780,517
7,070,335
3,393,220
3,973,011
3,722,541
4,597,738
2.731,295
2,718,288
3,024,847
3,252,380
1,751,014
2,072,948
2,383,244
3,278,470
2,049,623
2,550,383
1,099,435
1,094,917
1,342,204
1,033,722
1,005,989
1,392,501
082.4S1
860,404
830,300
1,007,900
510,699
000,000
1,872,587
2,234,029
495,358
044,930
$
$
%
+ 28.1 1,693,117,707 ,992,913,619
+ 37.4 151,219,980 171,881,877
+ 28.5
45,007,275
51,487,899
-—3.4
37,120,124
40,488,053
+ 35.8
13,037,180
13,220,943
— 11.9
5,370,239
7,377,313
+ 11.0
7,034,713
7,818,120
+ 22.3
4,702,180
5,023,405
+ 17.1
3,298,730
3,401,959
+ 23.5
3,248,078
3,307,209
— 0.6
2,448,094
1,950,724
— 10.3
1,082,248
2,047,800
+ 18.3
1,060,933
1,003,624
+ 37.4
1,771,120
2,514,011
+ 24.4
1,599,301
1,719,979
— 0.4
863,503
95+524
+ 21.7
1,020,839
1,130,571
+ 30.7
072,230
081.004
040,000
+ 20.1
700,000
+ 20.5
091,400
773.300
520,285
+ 10.1
548,935
1,273,315
+ 19.3
1,424,745
470,202
+ 30.1
473,120
,107.874,990
197,134,044
11,104,000
0,810,248
4,330,578
3,800,966
2,604,685
3,455,241
1,052,828
• 1,474,745
1,007,646
899,003
435,938
+ 28.1 1,979,436 348 ,313,503,006
+ 20.9 157,873 078 181,512,501
7,923 600
+ 12.3
9,323,600
5,810 038
+ 27.5
5,700,230
4,050 154
+ 28.8
3,784,056
2,753 910
+ 6.1
3,241,237
1,903 208
+ 15.0
1,998,000
+ 21.4
2,479 ,402
2,778,179
1,184 ,508
+ 65.8
1,335,002
+ 53.7
1,143 ,992
1,201,846
+ 5.9
765 ,362
1,020,993
+ 11.2
700 234
757,303
+ 82.4
402 ,492
413,954
Total Middle. 4,058,251 407
Boston-------------- 250,220 030
12,567 ,000
Providence........
8,091 713
Hartford............
5,584 ,854
Now Haven____
5,054 ,447
Springfield. ___
3,009 ,140
Portland.......... .
4,191 978
Worcester..........
2,739 ,905
Fall River__
2,200 ,7/4
New B edford...
1,130 441
I . o w c l l __________
1,000 000
Holyoke_____ _
794 003
Bangor................
187,110.678 213,008.107
Total New Eng 290.259,897 234,891,822 + 20.1
Vote.—For Canadian clearings seo “ Commercial and Miscellaneous News.ii
•Returns not available, a Country clearings department abandoned.
lUect ending January 13.
1917.
in Advance
$ 10 00
e
'y
Clearings at—•
or One Year .
.................................... :
ooo
iifor Six M onths_____
___ _____________
.
92
European Subscription (Including p ta&ej.......................................
European ~ '
Subscription six mo 111 hs '( 1nc 1
u<Rnf?
* ' ...................... * £ 2 14a.
’
ip“ --------------inuual .Subscription in London (including p o sta jfe ).....
tic
.................£ 1 11a.
. ix Months Subscription in London (Including postage).
3
................. $ 1 1 60
Canadian Subscription (including postage'
....... ....................
in k and Q uotation (monthly)
Ra il w a y E iiim so s (nmnthlv)
■jTATE and c it y (semi-annually)
l
d
SATURDAY, JANUARY 20 1917
VOL. 104
New York..........
Philadelphia-----Pittsburgh..........
Baltimore_____
Buffalo................
Albany_________
Washington........
Rochester..........
Scranton.......... ..
Syracuse ............
Reading________
Wilmington........
Wilkes-Barre___
Wheeling............
Trenton..............
York....................
E rie ....................
Chester________
Grccnsburg........
Binghamton___
Altoona________
Lancaster_____
M ontclair_____
n
Railway Sc Industrial Section
Bankers’ Convention Section
Bank Sc Quotation Section
Railway Earnings Section
Terms of
a
¥
bansing.......... .
Tot. Mid. West
San Francisco__
bos Angeles____
Seattlo...............
Portland............
Spokane________
Salt bake C ity ..
Tacom a..............
Oakland________
Sacramento____
San Diego..........
Pasadena______
Fresno_________
Stockton ............
San Jose........... .
North Yakima..
R e n o .... ......... .
bong Beach____
Total Pacific..
Kansas City___
Minneapolis___
Omaha________
St. Paul.............
_
Denver__ •_____
D u lu th ..............
St. Joseph_____
Dos Moines____
Sioux City..........
Wichita..............
Lincoln ________
Topeka _______
Davenport_____
Cedar R ap id s...
Fargo...... ...........
Waterloo............
Helena___ ___
Colorado Springs
Pueblo...... .........
Frem ont______
Hastings............
Billings..............
Aberdeen........ .
Tot. oth. West.
St. I,mils______
New Orleans___
Louisville............
Houston............ .
Galveston..........
Richmond..........
Memphis..........
Atlanta . . ___ _
Fort Worth. . . .
Savannah _____
Nashville______
N orfolk..............
Birmingham__
Augusta..............
Little R o ck .......
Jacksonvlllo *__
Knoxville............
Charleston.........
Mobile................
Chattanooga___
Oklahoma..........
Macon a ..............
Austin................
Tulsa..................
Jackson ..............
Vicksburg_____
Muskogee..........
D allas_________
Meridian_______
1916.
Inc. or
Dec.
1915.
1914.
3
345,980,192
33,299,900
28,343,302
30,948,285
17,584,022
8,665,719
7,315,600
7,333,360
3,660,450
4,202,339
2,747,514
1,725,474
1,636,948
1,287.398
1,178,432
1,215,623
2,115,000
1,008,076
1,800,723
942,585
657,142
824,655
503,621
669,146
003,613
521,759
541,241
345,173
528,012
256,985
447,176
53,148
404,710
509,407,013
54,713,045
27,800,322
13,924,034
12,524,418
4,634,709
7,036,984
2,215,285
3,702,474
2,093,658
2,500,873
1 , 101,200
1,055,997
923,393
677.277
.
390,000
277,203
$
477,303,729
42,277,109
65,140,338
53,101,570
24,000,000
13,931,474
10,380,700
10,418,797
4,400,000
5,383,034
4,210,460
3,058,816
4,114,879
1,798,680
2,165,416
1,405,583
5,106,000
1,998,512
3,152,223
1,021,951
1,238.371
1,431,426
887,970
1,053,58-1
803,973
800,000
526,314
309,728
750,000
425,000
1,305,202
81,128
1,310,260
745,538,293
79,053,941
30,850,000
18,288,784
15,403,821
0,305,807
15,168,932
2,763,102
5,893,281
3,184,078
3,541,523
1,288.305
2,091,649
1,604,549
943,399
032,538
472,494
710,587
188,916,850
139,840,957
30,800,020
35,000,000
14,190,625
15,419,308
4,090,698
14,253,330
7,701,040
0,300,000
0,418,279
3,707,206
2,803,256
1,932,030
2,550,705
2,022,735
2,193,005
2,032,802
1,178,502
655,073
810,047
494,970
1,004,141
889,147
290,901,808
S
355,730,977
35,072,700
42,863,301
38,033,214
18,543,943
10,597,209
7,783,400
9,311,063
4,200,000
5,049,562
3,402,205
2,126,147
1,935,400
1,302,463
1,428,196
1,082,683
2,834,000
1,224,537
2,136,012
799.674
884,303
1,089,293
715,266
090,430
528,143
700,000
469,993
241,580
057,609
361,320
411,787
70,810
773.040
553,080,335
56,053,639
23,871,000
12,299,288
10,610,340
4,333,920
10,339,337
2,038,001
4,352,882
3,117,890
2,725,000
1,119,107
1,228,079
1,300,812
724,131
400,000
285,591
573,549
135,373,226
84,734,009
28,150,111
23,500,000
18,102,334
11,314,542
0,494,974
9,516,930
5,300,095
3,623,912
4,741,059
2,583,090
1,089,121
1,700,000
1,620,631
2,005,973
2,441,122
1,262,200
733,655
482,758
503,601
287,362
091,395
841.8G4
212,320,798
%
+ 34.2
+ 20.5
+52.0
+ 39.6
+29.4
+ 22.0
+ 33.4
+ 11.9
+ 4.8
+ 6.6
+ 23.7
+43.8
+ 112.0
+ 38.1
+ 51.0
+ 29.8
+ 82.3
+ 63.2
+ 47.6
+ 27.8
+ 40.0
+ 31.-1
+ 25.5
+ 52.0
+ 52.1
+ 14.3
+ 12 .1
+ 53.1
+ 14.0
+ 17.7
+ 209.3
+ 5/>
+ 70.2
+ 34.8
+ 42.1
+ 29.2
+ 48.7
+ 45.7
+ 46.9
+ 40.7
+ 35.6
+ 35.4
+ 2 .1
+ 29.9
+ 15.1
+ 70.3
+ 23.4
+ 30.3
+ 58.1
+ 05.5
+ 23.9
+39.5
+ 05.0
+ 9.4
+ 48.9
— 21.6
+ 36.3
— 27.7
+ 49.8
+ 45.3
+ 73.8
+ 35.4
+ 43.5
+ 66.0
+ 13.1
+ 57.4
+ 0.8
— 10.2
+ 01.0
+ 60.7
+ 35.8
+ 01.0
+ 72.1
+ 45.3
+ 5.7
+ 39.8
S
314,437,017
29,802,750
25,890,054
24,800,350
18,598,673
8,911,940
0,404,300
0,377,944
3,269,099
3,053,963
2,294,708
1,412,718
1,537,030
1,408,055
1,292,248
1,083,365
1,863,000
974,911
1,082,205
810,492
742,790
946,140
585,570
844,847
508,473
593,910
457,759
285,432
100,177
296,452
567,018
49,141
569,307
463,502,510
52,474,641
23,405,320
12,180,807
11,029,742
4,039,300
0,459,711
1,931,265
3,031,735
1,987,399
2,223,944
1,0-10,695
1,013,116
986,353
790,192
357,017
209,162
577,042
124,409,501
80,159,480
32,959,004
20,010,620
11,775,913
9,085,457
4,157,004
8,825,228
5,067,894
3,494,139
4,112,937
2,498,884
1,544,585
1,300,247
1,075,775
1,243,222
1,525,201
1,093,219
063,0S9
671,352
004,347
238,189
533,002
569,505
194,409,709
135,641,192
62,187,380
25,870,868
18,829,511
11,615,497
8,473,050
3,613,334
8,310,769
4.4G7.900
3,427,520
3,421,104
1,974,637
1,849,851
1,568,390
2,233,490
532,761
1,397,143
1,017,801
091,065
831,833
362,849
193,492
414,996
348,789
103,098,859
128,718,305
30,508,918
20,220,728
14,000,000
4,939,102
23,542,571
13,070,750
28,810,773
11,308,120
5,183,104
10,406,390
0,000,747
5,146,250
2,080,045
3,459,073
98,108,042
28,443.583
21,054,540
9,990,969
3,698,282
10,149,097
10,539,705
19,508,066
8,633,092
0,107,324
8,284,790
4,892,623
3,599,323
2,090,688
•2,819,434
+ 31.2
+ 28.0
+24.5
+ 40.0
+ 33.6
+45.8
+ 24.0
+ 47.7
+ 31.0
— 15.1
+25.6
+ 22.8
+ 43.0
— 0.8
+ 22.7
79,861,091
23,987,538
14,507,972
9,134,352
5,022,888
8,809,177
8,880,110
15,204,838
10.400,342
5,071,494
0,779,172
4,309,849
3,805,608
1,914,817
2,429,402
94,129,417
24,080,537
17,632,880
12,704,642
3,991,000
8,943,330
10,995,971
19,075,880
9,220,022
5,820,527
9,327,840
4,654,511
3,685,580
2,431,462
3,061,507
2,461,421 — 2.5
2,516,303 + 10 .1
1,053,110 + 25.8
3,254,619 + 31.0
3,192,097 + S9.0
4,834,650 - 0 7 . 7
5,709,592 — 30.0
2,690,748 +100.1
1,154,944 —45.7
409,258 — 10.8
1,177,384 + 39.2
9,380,8771 +67.4
400,9671 — 23.5
1,715,945
1,992,417
1,150,000
2,497,110
2,712,014
3,980,682
3,130,022
1,373,583
553,472
406,210
906,167
2,119,211
2,440,789
1,538,239
2,534,000
2,043,272
5,291,636
2,744,315
1,825,359
559,705
440,145
969,341
2,400,000
2,921,551
1,325,942
4,202,677
0,031,323
1,500,342
4,000,000
5,505,274
027,110
305,009
1,039,990
15,713,456
352,751
Total Southern 300,226,961 281,773,327
Total all.......... 5,952.095,2 70 4,585,320,998
Outside N. Y . 2,404,439,434 1,814,S00,9C3
+ 30.0 221,250,778 252,193,078
+ 29.8 3.170,131,490 3,587,520,084
+32.5 1,477,013,823 1,594,600,485
r i8 8
THE CHRONICLE
THE FIN AN C IAL SITUATION.
Bills have been introduced in both Houses of
Congress to carry out the recommendations of the
Federal Reserve Board for amending the Federal
Reserve Act. The Reserve Board has been giving
out intimations for some time that it considered
certain broad amendments to the law, highly desir
able, and now we have these amendments in concrete
form. On subsequent pages of this issue we print in
full the bill introduced by Chairman Carter Glass in
the House of Representatives embodying the amend
ments proposed.
The bill merits, as it will doubtless receive, the
most careful consideration. The fact that Mr.
Glass has introduced the measure does not mean that
the amendments have his approval. As a matter of
fact, precisely the same bill has been introduced in
the Senate by Senator Owen. The bill embodies
the desires of the Reserve Board and will serve as
basis for enabling the House to formulate its own
views and to decide how far it is wise and proper to
go in carrying out the plans of the Reserve Board,
which have been prepared in very adroit fashion and
are being supported by the most plausible, but not
altogether convincing, arguments.
The bill was promptly referred to the House Bank
ing and Currency Committee where it will in due
time emerge in greatly altered shape. Mr. Glass has
an intimate knowledge of both the theory and the
practice of banking, and has always been strenuous
in upholding sound principles. Hence, if he can
have his way, no ill-considered action is likely. On
the other hand, the Senate has always proved less
conservative than the House in banking and financial
matters, and as this is the short session of Congress
(the life of the present Congress expiring on March 4),
the danger is that the Senate will pass the measure
in toto, since it is so obviously calculated to promote
currency inflation, and that in the resulting confer
ence of committees of the two Houses to adjust
differences, concessions on the part of the House
conferees, made for the sake of harmony, will result
in some of the most obnoxious of the amendments
finding their way to the statute book.
The amendments proposed are many, and their
obvious design is to concentrate further power and
control over the country’s banking operations in the
hands of the Reserve Board, lessening in correspond
ing degree the powers of the Reserve banks and of
the member banks. Manifestly such a body as the
Reserve Board should be endowed, with broad powers
and should also have wide discretion, but there is a
point in the concentration of control in the hands of a
limited body of men beyond which it is never wise
to go, since to do so is to assume that these men are
gifted with supernatural powers, and hence need not
be subjected to restraints of any kind.
We cannot get ourselves to believe that the further
concentration of power in the Reserve Board would
be safe and we are sure that the amendments advo
cated would be mischievous in their operation and
tendency. Most important of all, however, is the
fact that step by step the whole character of the law
is being changed. In part this is being done by
administrative methods never contemplated when
the law was framed, but more largely it is being done
by changes in the law itself. The amendments
enacted last September were extremely important in
their scope and operation and the further amend
[Vol. 104.
ments now proposed if enacted into law will serve
to completely transform the law so that we will then
have a Federal Reserve statute as different from
that originally put upon the statute book, as night is
from day.
In the form in which the Reserve Act became a law
in December 1913 it was a composite product to
which many minds of widely divergent character
had contributed. Nevertheless, it is marvelous
how through the long discussions in Congress and
the many modifications made in the bill in its passage
through committees and through the two Houses of
Congress, all the essential elements of safety and cau
tion were retained.
As expressed in its title the main purpose of the
law is “ to furnish an elastic currency” and “ to afford
means of rediscounting commercial paper.” In its
original form it contained carefully drawn provisions
intended to guard against the abuse or mistaken use
of the powers granted, it being recognized that exces
sive note issues must be prevented at all hazards.
The safety devices were found at many points. All
this is by degrees being changed, the Reserve Board
proceeding on the bold assumption that it is incapable
of error and accordingly its judgment alone should
govern as to everything in the banking world. The
amendments of last September removed some of the
restraints upon note issues, and now it is proposed to
remove the remainder.
Ostensibly, the Reserve Board has in mind the
regulating of the gold current so that it shall not
become an element— a dangerous element— of credit
inflation, but how is the control to be effected?
The answer is by furnishing a larger and still larger
basis for the issue of reserve notes. At least that
must be the conclusion if we are to judge by the pro
posals of the Reserve Board and its oft reiterated
declarations. When this is said, the matter begins
to take on the character of the ludicrous. For all the
ills that threaten, the Reserve Board has only a single
remedy: transfer to it all the gold of the country,
make it the custodian of all the reserves of the mem
ber banks, and thereby broaden the basis for note
issues. Then when gold begins to flow out of the
country, fill the vacuum with Reserve notes. In the
meantime keep putting out Reserve notes anyway,
so that the public may become accustomed to them
and thus “ get the habit.”
One of the amendments now proposed is the same
as that which the House unceremoniously turned
down last September, namely the right to issue notes
against deposits of gold, and then to count that gold
as a part of the reserve required against new note
issues. The object, of course, is to put the Reserve
banks in position to issue more notes without the
necessity of acquiring additional gold. There are
at present $275,000,000 of reserve notes out against
deposits of gold, and if this gold (which, be it re
membered, is held by the Reserve Agents for the
retirement of the notes, and is not at all the property
of the Federal Reserve banks) could be counted as
gold in the possession of the Reserve banks them
selves, 60% of the amount, or $165,000,000, could
be legally used as a basis for new noto issues secured
by commercial paper. The machinery to that end
has already been created, one of the amendments
enacted last September having given the Reserve
banks the power to issue notes against paper
bought in the open market, as well as paper redis
counted for the member banks. Previously thi
Ja n . 20 1917.]
THE CHRONICLE
latter was the only collateral that could be used as a
basis for note issues, thus strictly limiting the same.
With the $105,000,000 of gold now in enforced
retirement released to the Reserve banks for use
without further ado, the Reserve banks would have
at once the gold reserve (40% is the amount re
quired) against over $400,000,000 more notes secured
by commercial paper acquired in the open market.
A considerable amount of the paper for that purpose
is already on hand and the rest can be easily acquired
at any time by simply going into the open market
and using some of the new reserve notes to buy it.
This proposed amendment, therefore, has not a
shred of merit in it and should again be rejected. It
provides a basis for credit inflation, instead of, what is
sought, a means of credit curtailment.
In addition, entirely new amendments are now
proposed, which are also calculated to promote
credit inflation rather than credit curtailment, and,
besides, contain other dangerous attributes. Chief
among these is the amendment proposing to make
member banks keep a larger part of their reserves
with the Federal Reserve banks of their respective
districts. In other words, it is proposed to reduce
the percentage of reserves which the member banks
carry in their own vaults and increase the percentage
obliged to be kept with the Reserve banks. In
Central Reserve cities member banks are now re
quired to hold reserves of 18% , against demand de
posits, of which 6% must be held in vault and 7%
with the Federal Reserve bank of the district, while
5% may be held either in vault or with the Federal
Reserve bank. The Reserve Board wants to compel
these banks to keep 13% out of the 18% with the
Federal Reserve banks. Just think of leaving the
big financial institutions with only 5 % cash in vault!
In a memorandum issued by the Reserve Board,
explaining the object in view in the amendments
proposed, the Reserve Board asserts that “ the con
trol of gold by Federal Reserve banks in times
of abundance, such as at present, will decrease
the danger of inflation of domestic credits. ’ ’
On the contrary, the danger is just the other way.
The greater the proportion of the reserves that is
carried with the Reserve banks, the greater the
quantity of gold that may vanish, through re-use.
Vault reserves, as we pointed out last week, must
be kept intact— that is must always be kept on
hand. They cannot be juggled with. They can
not be diminished. On the other hand, member
reserves held by the Reserve bank may be used
by the latter, either in making investments, in which
case the gold passes out of hand anti no longer ex
ists as real reserve, or may be used as reserve for
note issues in which case it furnishes a basis for new
credit to two and one-half times its amount.
As a matter of fact, as far as the law is concerned
there is absolutely nothing to prevent the Reserve
banks from paying out all of their reserve deposits
except the 35% gold they are required to hold
against the same. The other 65% can be used in
purchasing paper or making other investments,
and to the extent that it is so used it loses its char
acter of real, tangible reserves as represented by
cash on hand.
That the Federal Reserve banks have been a
potent element of credit inflation in precisely that
way there is not the shadow of a doubt. The figures
speak most eloquently on that point. According
to the statement issued on Saturday of last week,
189
the Federal Reserve banks then held $680,586,000
of reserves for the member banks and also held
$27,759,000 of Government deposits, making $708,
345,000 together. How much of this existed in
actual cash? The answer is that only $501,152,000
of it existed in actual gold and $16,769,000 in the
shape of legal tenders, silver, &c., making $517,
921,000 altogether. The difference of nearly 200
million dollars represents reserve money which
through the medium of the Reserve banks has
passed out of existence. Of course, it will be un
derstood that the Reserve banks necessarily had
to use part of the reserve deposits to make invest
ments, otherwise they would have been unable
to earn anything on their capital. But the fact
that member reserve with the Reserve banks is
liable to be thus used and therefore to pass out of
the hands of the Reserve banks and into other
institutions, forming there the basis for new credit,
is the strongest reason for not transferring further
large amounts to the Reserve banks.
The Reserve banks were meant to mobilize a
part of the reserves of the member banks— never
the whole of them, and it would be a mistake to
change the present proportion if it is sufficient for
all needs, as it seems to be. The operation is really
akin to the pyramiding process under the old
system against which Mr. Paul Warburg so finely
declaimed in his speech before the American Bank
ers’ Association last September. Under the old
system the country banks had a considerable part
of their reserves with correspondents in the reserve-'
cities and the latter in turn kept a considerable
part of their reserves with the banks in the Central
Reserve cities, the tangible character of the reserves
being largely lost in the redepositing process. This
was such a crying evil that the Reserve Act was
created so as to give the country real reserves. But
let it never be forgotten that to the extent that
member reserves are kept with the Reserve banks
instead of in vault they are liable to the same atten
uating process, for the Reserve banks calculate
to use their part of the reserves. The fact that
this is so furnishes the strongest of reasons for not
transferring any undue proportion of member
reserves to the Reserve banks.
It is thus plain that the movement to give the
Reserve banks more of the reserves of the member
banks should be vigorously opposed. This is en
tirely apart from the fact that it is absurd to sup
pose that the banks in the big centres could get
along with a vault reserve of only 5% . Another
consideration also weighs against the idea. The
larger the proportion of member reserves with the
Reserve banks the greater the amount that the
Reserve banks can use in competing with the mem
ber banks in the open market. That is a point
not to be left out of the reckoning if the hope is to
get the State banks ultimately to join the Federal
system.
The argument is the same in the case of the country
banks and the banks in the ordinary Reserve cities.
The amendments under consideration would compel
the banks in the Reserve cities to carry 10% of their
15% reserve with the Reserve bank instead of, as
now, 6% with the Reserve bank, 5% in vault and
4 % either in vault or with the Reserve bank. The
country banks would be compelled to carry 7 % of
their 12% reserve with the Reserve bank instead j of
5% with the latter, 4 % in vault and the remaining
190
THE CHRONICLE
3 % either in vault or with the Reserve bank. There
are few cases among the smaller banks where 5% in
vault would be sufficient. In many instances
several times that amount is required. Where that
is the case, adding to the percentage to be kept with
the Reserve banks simply adds still further to the
burdens of such member banks.
In the bill we are discussing there is no express
repealing clause doing away with the provision of
existing law which allows member banks to carry
until next November a portion of their optional
reserves with national banks in Reserve or Central
Reserve cities, but that would seem to follow from
the fact that that portion of the existing law is not
re-enacted.
The most extraordinary amendment proposed,
however, is that providing that “ the Federal Reserve
Board shall also have power, whenever extraordinary
conditions justify, to increase from time to time for
periods not exceeding thirty days, on the affirmative
vote of five of its members, the amount of balances
required by this Act to be maintained by member
banks with their respective Federal Reserve-banks.
Provided such increase shall at no time exceed twenty
per centum of such balances and shall be at the same
rate for all member banks of any one district: And
provided further, that the Federal Reserve Board
shall make a report to Congress in writing setting forth
the conditions on which such action is based.” That
is, after being obliged to increase the amount of
reserve permanently to be held with the Reserve
bank the Reserve Board seeks authority to further
increase the percentage on special occasions. The
proposal should be flatly rejected. What a splendid
opportunity this would afford for officiousness and
arbitrary action. And what a fine chance for “ leaks”
on the part of venal subordinates with reference to
advance knowledge of contemplated action. How
the stock jobber would revel in gossip of probable
moves in one direction or the other. And observe,
too, that there is no limitation on the Reserve
Board’s own powers. After getting the additional
cash into its own hands it can use it in any way it
likes, turning it back into trade channels by
making investments or using it as a basis for note
issues.
There is still another inflation provision in the
bill, all by itself. It will be recalled that upon de
posit of United States bonds bearing the circulating
privilege the Reserve banks may take out national
bank notes the same as the national banks and against
such notes they need not hold any gold reserve what
ever. The same section also gives them the privilege
of exchanging United States 2s bearing the circulating
privilege for one-year gold notes without the circula
ting privilege and thirty-year three per cents without
the circulating privilege. The amendment now pro
posed would allow them to take out bank notes “ on
any three per centum one-year gold notes issued in
accordance with the provisions of this section.”
Manifestly, the Reserve Board is endeavoring to lay
the basis for new note issues in every possible way
and in every conceivable direction.
Some other curious amendments are offered. Thus
it is proposed to let the Federal Reserve Agent, sub
ject to the approval of the Reserve Board, appoint
his own assistants with full “ power to act in his name
and stead,” instead of continuing the rule of having
the Reserve Board name oneof the Class “ C” directors
to act as Deputy Reserve Agent. Considering the
[Vol. 104.
enormous powers and responsibilities vested in the
Reserve Agent, this is a most extraordinary provi
sion.
It creates a sort of private preserve for
him.
Is it not time that a halt be called to the process of
tearing the Reserve Act to pieces?
What is now
being done is not perfecting it, or removing minor
blemishes in it, but endeavoring to substitute a new
and different system for that established by Congress.
The unending tinkering with the law will inevitably
impair confidence in it and may have serious conse
quences. Certainly the latest set of amendments
should be relentlessly opposed.
Transvaal gold mining operations in December
1916, showing as they did only a small decrease from
the result for the corresponding month of 1915, and
exceeding all earlier years except 1912, confirm the
opinion we have heretofore expressed that the final
compilations of production of the precious metal in
Africa as a whole for the calendar year lately closed
will establish a new high record. The total yield for
December at 774,462 fine ounces, contrasts with
781,111 fine ounces in 1915 and 776,406 fine ounces
in 1912, and for the twelve months totals 9,295,538
fine ounces, against 9,093,671 fine ounces and 9,124,
299 fine ounces, respectively. The gain over 1912
(the former record year) it will be seen is 171,239
fine ounces and in the meantime the Rhodesian out
put has made a very satisfactory gain, advancing
from less than 650,000 fine ounces to approxima ely
925.000 fine ounces. It is clear, therefore, that even
if the final returns for the remainder of Africa fail to
show any augmentation or even some decrease the
aggregate production of Africa in 1916 was some
200.000 fine ounces in excess of 1915, and 400,000
fine ounces greater than in 1912. The gain over
1915 in Africa, however, is more than offset by
decreased yields in the United States and Australasia,
and some losses elsewhere. Consequently, there is
little reason to doubt that our forthcoming
review of the world’s gold production in 1916
will cover an output moderately
less
than
that for 1915, although exceeding all earlier
years except 1912 and 1911, below which it falls
slightly.
Peace talk seems to be subsiding rapidly. The
reply of the Entente Powers to President Wilson’s
recent note, which had requested that “ peace sound
ings” be taken, seems to be interpreted both in
Berlin and Washington as ending the movement
ushered in by the German note published in Decem
ber. That note requested President Wilson and
heads of other neutral Governments, on behalf of
the Central Powers, to invite the Entente Powers to
a conference. Dr. Alfred Zimmermann, German
Foreign Minister, informed a representative of the
Associated Press in Berlin on Sunday last that the
Entente reply barred for the present the possibility
of further steps being taken by Germany to bring
about peace. He said it precluded any direct an
nouncement by Germany of her peace conditions.
It was impossible, he added, to give a more definite
statement of the peace program of the Central
Powers than that indicated in the declarations of
Dr. von Bethmann-IIollweg, the Chancellor, be
cause the German terms were such that the unsolici
ted promulgation of them in their moderate details
after what he characterized as “ the aspiring program
Jan . 20 1917.]
THE CHRONICLE
of conquest and dismemberment” outlined by the
Entente, would be interpreted by the Entente Powers
as a sign of weakness and of a desire of peace at any
cost. Publication of the peace terms of the Central
Powers, therefore, Dr. Zimmermann argued, would
defeat its every purpose. It seems rather difficult
to follow the reasoning of the German Foreign
Minister. The intention of the original German
peace note was to arrange a conference at which the
entire situation could be considered. President Wil
son then came forward— though in an independent
movement— with a request that each side state the
objects for which the war was being continued, a
request that was frankly granted by the Entente
Powers, but which Germany refuses on the ground
that her own terms are so moderate that they would
be considered a sign of weakness. It would almost
seem that such a declaration by a responsible German
official in itself was an indication either of weakness
or lack of frankness. Meanwhile from many sources
come reports of severe privation resulting from the
lack of adequate foodstuffs throughout Germany and
her allies.
It seems quite fair to assume that the Allied
Governments are quite as well informed by their
own information bureaus of the exact situation
in Germany as are the German officials, of the real
situation in the Entente countries. In any event, if
some arrangement is not concluded in the near
future, it appears more than likely that further
negotiations to end the war will not be undertaken
in a serious way until practical opportunity has
been furnished for demonstrating the effectiveness of
the military strength that has been so rapidly
accumulating during the winter. The German drive
against Verdun last year started in February. It is
not altogether improbable that the Anglo-French
drive for 1917, which is hoped by the military leaders
of these countries to be the final drive of the war,
will be begun within the next four weeks. Once
started, negotiations to end it admittedly will be
difficult. On the other hand, if the Teutonic Allies
pass the present food crisis and reach the period of
the new harvests, they, too, will be less anxious to
agree to a peace based on moderate terms. Advices
cabled by way of The Hague state that Premier
Clam-Martinio, of Austria, and General Ilofer, head
of the Austrian War Feeding Department, have had
a conference on the food problem with the German
Chancellor, Dr. von Bethmann-IIollweg, Foreign
Minister Zimmermann and Adolf Batocld, German
Food Controller. The conference was mainlv con
cerned with economic questions including the'distribution of the food captured in Rumania. The
German press, according to a dispatch, treated the
conference with marked coolness.
Meanwhile, the Entente Governments, in a note
addressed by Arthur Balfour, the British Foreign
Minister, and delivered to our own State Depart
ment through the British Ambassador at Washing
ton, have amplified their recent reply to President
Wilson’s note. They explain in detail the reasons
for their belief that it is impossible at present to attain
a peace which will assure them such guarantees as
they consider essential. After charging that Ger
man influence in Turkey had resulted in conditions
as barbarous and even more aggressive than were
known under Sultan Abdul Hamid, and that it has
been shown that Germany cannot be expected to
respect treaty obligations, Mr. Balfour declares that
191
“ so long as Germany remains the Germany wh ch,
without a shadow of justification, overran and bar
barously ill-treated a country it was pledged to de
fend,” no State can regard its rights as secure if they
have no better protection than a solemn treaty.
Great Britain justifies her continuance of hostilities,
Mr. Balfour points out, not only for the immediate
objects of the war, but also by the necessity that
“ behind international law and behind all treaty ar
rangements for preventing or limiting hostilities, some
form of international sanction should be devised which
would give pause to the hardiest aggressor.” In
conclusion, the note says that a durable peace can
hardly be expected unless three conditions are ful
filled: The first is that existing causes of interna
tional unrest should be so far as possible removed or
weakened. 1 he second is that the aggressive aims
and the unscrupulous methods of the Central Powers
should fall into disrepute among their own peoples.
The third is that behind international law and behind
all treaty arrangements for preventing or limiting
hostilities some form of international sanction should
be devised which would give pause to the hardiest
aggressor.
The frequent reports that have been current
within the last month that a German raider was
at large in the South Atlantic destroying British
and other merchant vessels now appear to have been
well founded. The vessel is believed by some to
be the Moewe which made such a brilliant reputa
tion as a destroyer of British shipping during the
first year of the war. Some cabled dispatches,
however, declare that the raids are the work of the
German armored cruiser Vineta. But there has
been nothing of a definite character reported in
this respect. The first word of the raids was re
ceived when a steamer with 237 of the crew and
passengers of captured ships on board was sent into
Pernambuco on Monday night. The British au
thorities admit that 10 large steamers have been
sunk and 2 others captured. Altogether accord
ing to the advices from Brazil 23 vessels were sunk
or captured. The British steamer Yarrowdale
with 400 of the crews of sunken ships is reported
to have arrived on Jan. 16 at Sao Vicenti, Cape
Verdes Islands. British cruisers are actively seeking
to destroy the raiding vessel, but have thus far not
been able to definitely locate her. Reports from
Buenos Aires intimate that the German ship has
transformed one or more of her prizes into raiders
like herself.
Latest reports from Rumania seem to suggest that
the Russians and Rumanians have finally been able
to make a stand against the Teutonic Allies. They
have been successful, according to Petrograd, in
checking a German attack south of Monestar-Kachinul, on the Kasino River, and they surrounded,
southwest of Pralea, a German position and captured
a large number of men and 4 machine guns. The
Russians are reported to be shelling the towns of
Tultcha and Isakcha, across the Danube in D obrudja, while the Bulgarians are actively engaged
against hostile shipping and military positions near
Galatz and Isakcha. On the Russian front in Gali
cia the Russians have carried out successful raids and
tapping operations near Smorgon.
The British in
France are reported to have accomplished a number
of substantial gains near Beaucourt-sur-Ancre. In
193
THE CHRONICLE
the Austro-Italian theatre heavy snow is impeding
the operations. The Berlin Foreign Office admits
that Field Marshal von Mackensen’s Turkish advance
posts near Vadeni were withdrawn. According to
the London War Office, the right bank of the Tigris
River, except for a small strip northeast of Kut-elAmara, has been cleared of Ottoman troops. But
the Turkish War Office states that east of Kut in a
counter attack the Turks penetrated the British po
sition and captured three machine guns.
On Wednesday last the Danish West Indies passed
under the sovereignty of the United States, following
the exchange of ratifications of the treaty of cession
by Secretary Lansing and Danish Minister Brun.
Formal transfer of the islands with the raising of the
American flag will take place as soon as the $25,
000,000 purchase price is paid over some time within
the next ninety days. Until this payment is made
the treaty provides that the Danish Governor shall
continue his jurisdiction, and that a committee of
one Dane and one American shall be appointed to
arrange for further details.
A rather significant indication of what may be
expected after the war is contained in the announce
ment that contracts for armor piercing navy pro
jectiles of the 14 and 1G inch type totalling $3,144,
000 were on Wednesday awarded by Secretary
Daniels to Hadfields, Limited, an English munition
company. Bids from American concerns were
more than $200 a shell in excess of that submitted
by Hatfields. Secretary Daniels in announcing
the award declared that the Department had made
every effort to secure reductions in prices which
would enable the contract to be placed with an
American concern, but had failed to obtain lower
bids. The time of delivery proposed in the Ameri
can bids was approximately twice that of the British
company. The contract provides for delivery of
4,500 14 inch projectiles in 19 months and for
3,000 16 inch in 16 months.
[Vol. 104.
July 13 1916. Previous to that date the 5% rate had
been in force since Aug. 8 1914, having followed a
reduction from the 10% discount announced at the
beginning of the war on Aug. 1 of that year, to 6%
on Aug. 6, and, as already noted, to 5% on Aug. 8.
This week’s reduction will be a direct aid to the
joint stock banks that are so freely offering their
facilities to subscribers to the loan and who are lend
ing funds at 1% under the bank rate ivith a minimum
charge of 5 % . Thus under the new conditions the
charge will now be only ^ of 1% under the Bank
rate. Another feature of financial news that has been
of interest to London has been the announcement
on Thursday by the India Office, that the Govern
ment there has arranged to issue a war loan of un
limited amount in India, the entire proceeds to be
handed over to the British Government for war
purposes. This obviously opens up a new and rich
avenue of credit. The terms, it is stated, will be as
favorable as the home loan. Meanwhile, in view of
the remarkable ease that has taken possession of
local money circles, J. P. Morgan & Co., fiscal agents
of the British Government in'our own country, have
suggested to the British Treasury the advisability
of issuing at this time a new collateral loan, details
of which are given on a later page of this publication.
It may be stated here, however, that the amount will
be $250,000,000, notes to be dated Feb. 1 1917, and
to mature as to $100,000,000 in one year and as to
$150,000,000 in two years, both classes to be secured
by the same general assortment of high grade col
lateral deposited in the last United Kingdom issue.
The notes will bear 5 ^ % , and will be issued on a 6%
basis, both classes having in addition a privilege at
the option of the holder of convertibility into a 53^%
20-year bond of the United Kingdom. The loan
already has been underwritten by the comprehensive
syndicate of banks and bankers and trust companies
connected with the previous issue.
It is estimated that about £4,000,000 in dividends
have been distributed in London this week. The
revenue of the United Kingdom last week was £21,
022,000 and the expenditure £33,513,000. Out
standing Treasury bills were reduced by £39,847,000.
The Treasury borrowed on Ways and Means bills
£62,000,000, partially reflected by an increase in
loans to the Government of £13,610,000, represented
by the Government securities item in this week’s
Bank of England statement. The new war loan can
not be dealt in on the London Stock Exchange until
allotment has been completed. We stated last week
that American bankers had purchased $15,000,000
Central Argentine Railway notes, the proceeds to be
used to retire maturing obligations of that railroad
in London. Advices cabled from the latter centre
this week state that the Treasury requires holders of
Central Argentine lty. £1,000,000 issue of 5% and
£2,000,000 issue of 6% notes to hand them in to the
National Debt Office, whereupon they will receive
983^ for the 5s and par for the 6s. The London
“ Statist’s” annual index number, which is a continua
tion of Sauerbeck’s compilation, is 137, as published
last Saturday and received by cable. This number
as of Dec. 31 marks a new high level and represents
an advance of 29 points over the end of 1915 number,
which at that time also was a high level.
In London attention of financial interests is being
centred upon the new war loan. Some tendency
toward liquidation for the purpose of obtaining funds
with which to subscribe to the new issue has been
evident. Sales of 6% Exchequer bonds, for instance
have been quite free. Holders find they are able to
obtain better results by securing their cash in the
regular market and then subscribing to the war bonds
than if they turned them in as a direct exchange for
the new loan. Few definite figures of subscription
have as yet been announced though on Wednesday
it was stated that large subscriptions on that day
alone amounted to £9,000,000. The subscription
books close on Feb. 16. In response to criticism the
Treasury has ruled that funds deposited for sub
scriptions before that time shall receive interest.
The criticism was based on the fact that absence of
interest would act as distinct encouragement to
early subscriptions as in such circumstances the
purchasers would lose the use of their money until
the books closed. The new regulation is expected
to encourage immediate and large subscriptions
which otherwise would have been held over until
close to the time for closing the books.
The Bank of England rate was on Thursday re
Another aid to the loan’s success is the reduction
in the Bank of England’s discount rate to 5 j^ % duced to 53^% from 6% which had been current
from the 6 % rate that has been ruling since, since July 13 last year. Otherwise official rates
THE CHRONICLE
J an . 20 1917.]
193
at the leading European centres have remained the amount of gold held by the Bank has decreased
at 5% in Paris, Vienna and Copenhagen;
from 4,676,061,938 francs to 3,316,125,525 francs.
in Italy, Portugal and Norway; 6% in Potrograd, Combining the two items, we have a net gain in the
and
in Switzerland, Holland and Spain. In grand total since June 8 1916 of 365,002,912 francs,
London the private bank rate continues to be quoted or from 4,745,244,913 francs to 5,110,247,825 francs.
at 5 % for sixty and ninety-day bills. Cables from In the following table we show the changes week
Berlin still report the nominal private bank rate at by week in the gold reserve of the Bank from June 8
that centre as 4 % % . No reports have been received 1916 to date:
by cable of open market rates at other European
G O L D R E S E R V E OF T H E B A N K O F F R A N C E .
I n B ank .
centres so far as we have been able to discover.
A broa d.
Tota l.
W e e k en d in g - —
F ra n cs.
F ra n c s.
F ra n c s.
Money on call in London has been reduced to 33dz%,
Juno 8 . . .......... A , 676,061,938 69,182,975 4,745,244,913
against 4 % a week ago.
15______ ..4,580,401,022 170,107,636 4,750,508,658
The Bank of England this week reported a further
22______ ..4,586,811,159 170,107,636 4,756,918,795
gain in its gold item of £650,720. A decrease in note
29______ .4,492,201,097 271,055,668 4,763,256,765
circulation of £185,000 caused an increase in the total July 6______ .4,498,645,443 271,055,668 4,769,701,111
13______ .4,504,487,355 271,055,668 4,775,543,023
reserve of £836,000. Despite the expansion in total
20_____ .4,509,222,283 271,055,668 4,780,277,951
reserves, increased liabilities produced a further
27______ .4,515,457,548 271,055,668 4,786,513,216
reduction in the proportion of reserve to 18.90%, Aug. 3_____ ..4,522,135,934 271,055,668 4,793,191,602
comparing with 19.40% a week ago and 22.28% in
10______ .4,426,3S0,856 371,965,271 4,798,346,127
17______ .4,430,175,672 371,965,271 4,802,140,943
1916. Public deposits showed an increase of £1,
24______ .4,335,172,029 472,885,788 4,808,057,817
795,000, and other deposits of £7,451,000. Govern
31______ .4,238,958,193
ment securities again expanded, this time £13,610, Sept. 7______ .4,243,545,828 573,773,871 4,812,732,064
573,773,871 4,817,319,699
000, a feature which portends extensive advances by
14______ .4,247,825,666 573,773,871 4,821,599,537
21______ .4,152,170,201 674,553,075 4,826,723,276
the Bank to the Government. Loans (other securi
28______ .4,158,198,210 674,553,075 4,832,751,285
ties) were reduced
£3,202,000.
Threadneedle
Oct. 5 ______ .4,165,888,287 674,558,075 4,840,446,362
Street’s gold holdings now stand at £56,115,288,
12______ .4,181,975,850 674,558,075 4,856,533,925
against £51,168,053 in 1916 and £69,920,439 the
19______ .4,211,226,617 674,558,075 4,885,784,692
preceding year. Reserves total £35,733,000. This
26______ .4,247,421,247 674,558,075 4,921,979,322
compares with £35,708,398 last year and £53,603,164 Nov. 2______ ..4,115,807,288 876,212,957 4,992,020,245
9______ .4,133,179,615 876,219,957 5,009,399,572
in 1915. Loans aggregate £39,381,000, against
16______ .3,944,965,602 1,078,038,626 5,023,004,228
£109,724,/97 and £110,264,501 one and two years
23______ -3,957,016,578 1,079,072,906 5,036,089,484
ago, respectively. The Bank reports as of Jan. 13
30______ .3,764,625,496 1,280,921,624 5,045,547,120
the amount of currency notes outstanding as £131, Dec. 7______ .3,669,587,329 1,385,185,949 5,054,773,278
14______ .3,680,827,770 1,385,185,949 5,066,013,719
825,261, which compares with £133,970,440 last week.
21______ .3,483,945,385 1,592,680,318 5,076,625,703
The amount of gold held for the redemption of such
28______ .3,382,826,828 1,693,087,732 5,075,914,560
notes remains at £28,500,000. Our special corre Jan.
4______ .3,392,694,300 1,693,088,525 5,085,782,825
spondent is no longer able to give details by cable of
11______ .3,405,929,850 1,693,088,525 5,099,018,375
the gold movement into and out of the Bank for the
18______ .3,316,125,525 1,794,122,300 5,110,247,825
Bank week, inasmuch as the Bank has discontinued
The silver item was again reduced, this time by
such reports. We append a tabular statement of 1.931.000 francs, and now totals 285,466,000 francs
comparisons:
against 353,340,517 francs in 1916 and 355,951,992
B A N K OF E N G L A N D ’S C O M P A R A T IV E S T A T E M E N T .
1917.
Jan. 17.
£
Circulation............. 38,831,000
Public deposits------ 51,324,000
otner deposits........ 137,699,000
Gov't securities----- 133,883,000
Other securities----- 37,381,000
Roservcnotes*coin 35,733,000
Coin and b ullion ... 50,115,288
Proportion of resorvo
to liabilities........
18.90%
Bank rate................
5>*%
1910.
1915.
1914.
1013.
Jan. 19.
Jan. 20.
Jan. 21.
Jan. 22.
£
£
£
£
33,909,655 34,707,275 28,252,510 27,034,105
59,474,227 37,588,425 10,174,003 13,932,729
100,782,235 120,284,737 45,751,533 3D,329,264
32,838,001 18,0G8,4G0 11,198,974 13,035,483
109,724,797 110,204,501 30,061,144 31,750,816
35,708,398 53,603,164 32,120,102 26,501,767
51,168,053 09,920,439 41,928,072 35,775,872
22.28%
5%
32.75%
5%
67.37%
4%
49.78%
5%
The Bank of France this week transferred the
further sum of 101,033,775 francs to the balance of
gold standing to its credit abroad. In the amount
held by the Bank itself there was a reduction of 89,
804,325 francs, the net result being an increase in
the total holdings of gold at home and abroad of
11,229,450 francs, or from 5,099,018,375 francs to
5,110,247,825 francs. Last year at this time the
total was 5,006,212,727 francs (all in vault) and
on Dec. 24 1914 4,158,460,879 francs (no nearer
comparison with the corresponding date in Jan. 1915
is possible, the publication of weekly returns having
been discontinued with the outbreak of the war and
not resumed until Feb. 4 1915. The figures for
Dec. 24 1914 are taken from the annual report of the
Bank for that year.) The gold holdings abroad now
aggregate 1,794,122,300 francs; on June 8 1916, when
the amount so held was first reported, they totaled
only 69,182,975 francs. During the same period
francs in Dec. 1914. Notes in circulation increased
74.101.000 francs, and general deposits 46,364,000
francs. Bills discounted decreased 9,700,000 francs,
although Treasury deposits recorded an expansion
of 50,471,000 francs and the Bank’s advances de
clined 20,760,000 francs. Note circulation is now
17.179.190.000 francs, compared with 13,756,036,165
francs a year ago and 10,042,899,720 francs in Decem
ber 1914. General deposits amount to 2,264,535,000
francs, in contrast with 2,048,787,782 francs in 1916
and 2,650,596,234 francs in December 1914. Bills
discounted total 687,049,000 francs, against 400,
627,152 francs and 258,305,468 francs one year ago
and December 1914, respectively. Advances aggre
gate 1,287,272,000 francs, as compared with 1,
128,411,001 francs in 1916 and 745,378,221 francs
in December 1914. Treasury deposits are 84,769,000
francs. Last year the total was 25,799,514 francs
and in December 1914 450,466,780 francs.
The weekly statement of the Imperial Bank of
Germany, issued as of Jan. 15, shows the following
changes: total coin and] bullion was increased 2,134J
000 marks; gold increased 1,359,000 marks; treasury
notes decreased 1,430,000 marks; notes of other banks
increased 120,000 marks; bills discounted were re
duced by the large sum of 133,163,000 marks; ad
vances increased 401,000 marks; investments ex
panded 2,078,000 marks; other securities showed a
THE CHRONICLE
---------------- Spot Delivery---------------Ninety
Sixty
Thirty
Days.
Days.
Days.
Eligible member banks_________ 2 A @ 2 %
27 @ 2A
A
2A ® 2A
Eligible non-member Dllla_______ 2 % © 2 }i
2A© 2K
21*@2J*
Ineligible bills__________________3 A @ 2 A
31*@21*
3 @ 2 }.(
Delivery
within
30 Days.
31*@21*
31*@3
31*@ 3A
The Federal Reserve Board on the 16th inst.
approved the rate of 3 )4 % on commodity paper
due within 90 days (the rate had heretofore been
3% ) and 4 )4 % (instead of 4 % heretofore) on com
mercial paper from 60 to 90 days for the reserve
bank at Atlanta, Ga.
Prevailing rates for various classes of paper at
the different Reserve Banks arc shown in the folflowing:
DISCOUNT RATES OF FED E RA L RESERVE BANKS.
Commercial Paper—
1 to 15
“
§
£
£
1
31*
3A 4
4 4
41* 4
41* 4
3A
“
.......
"
“
"
___
....... 4
....... 4
4
4
4
4
4
4
91 days to 0 months maturity 5
5
41* 5
l to 15 days maturity------ 4
3
31*
15 to 30 •
•
31 to C “
O
61 to 90 '•
Agricultural and
Live-Stock Paper—
Promissory Notes of Member
Banks—
Trade Acceptances—
Commodity Paper—
3A
4 4
4 4
4 IS 414
4
4A 5
I 6
§
K
n 1 1
a 5
§ M Q
1
I
3
3
4
4
4
4
4
4 4A 4
4 41* 4
41* 41* 4
4
3
31*
4
41*
4A 5
5
41* 51*
*
3 A 31* 3.V 3A 3 A 4
4
31* 4
*
l to 30 days maturity....... 3 1 31* 3 'A 3
31 to 60 "
"
....... 31* 3 A 3 A 3 A
61 to 90 "
“
....... 31* 3A 3 A 4
1 to 30 days maturity....... 4
31 to 60 "
"
....... 4
61 to 90 "
"
------ 4
61 days to 0 months maturity
l
e
g
St.
j
Louis.
9
s
J
CLASSES
OF
DISCOUNTS AND LOANS
j Chicago.
With an increase of $40,997,180, indicated by
the Clearing House statement last Saturday and
indications of a still further movement of currency
to New York, the local money situation has entered
upon a period of ease that promises to be protracted.
Perhaps the most direct indication of the actual
condition was the announcement by J. P. Morgan
& Co. on Wednesday that “ increasing ease in money
conditions and the prevailing demand for highgrade bonds have led us to suggest to the British
Treasury the advisability of the issuing at this
time” of a new collateral loan of $250,000,000.
This loan has not yet been publicly offered for sub
scription but will bo offered next week on a 6%
basis. Details are given of the transaction on a
subsequent page. The call money rate in London
has been reduced to 3)/£% from 4 % a week ago
and discounts in Lombard Street have not yet
responded to the official Bank reduction. Instead
of funds being withdrawn from London there has
been quite a substantial movement to that centre
from New York in the form of purchases of prime
British commercial bills. After the British loan
has been offered here it is expected that there will
be other applications on the capital market prob
ably from Prance, though thus far no definate
steps have been announced in this direction. It
is unlikely, however, that for the present any at
tempt will be made to secure funds except on loans
secured by the deposit of collateral.
Last Saturday’s statement of New York Clearing
House members, which will be found in more com
plete form on a later page of this issue, showed an
almost sensational increase in reserves, constituting
one of the strongest statements issued by that in
stitution for a long period. The loan item was
expanded $41,349,000. Net demand deposits re
corded the huge increase of $105,898,000, reflecting
the increased loans and the release of New Year
funds, while net time deposits increased $829,000.
Reserves in “ own vaults” were increased $47,338,
000, to $529,882,000, of which $458,372,000 is specie.
Last year the total of reserves in own vaults was
$525,202,000, including $443,791,000 in specie. The
reserve in Federal reserve vaults increased $14,
308,000, to $198,155,000, comparing with $168,
991,000 a year ago. Reserves in other depositories,
however, declined $885,000, to $54,610,000, against
$56,348,000 the preceding year. Aggregate re
serves registered the large expansion of $60,761,000,
which carried the total up to $782,647,000, in com
parison with $750,541,000 at this date in 1916. The
reserve required, in consequence of the heavy in
crease in deposits, showed a gain of $19,763,820,
while surplus reserves were increased by the sub
stantial sum of $40,997,180, the total excess reserve
now standing at $181,438,620, which compares with
$224,122,990, the high record total of September
1915. In the corresponding week of 1916 the total
held was $172,518,370.
Referring specifically to money rates, call loans
this week covered a range of 1 % @ 2 % , comparing
with lj/£ @ 2 )^ % last week. Monday 2% was
high and 1 % % the low and ruling quotation. On
Tuesday, Wednesday and Thursday the range
was not changed from 1 )4 @ 2 % , with 2% the basis
of renewals on each day. Friday the maximum
was not changed from 2% ; the low was 1 % % ,
while renewals were at 2 % . For fixed maturities
still further reductions were shown in rates for all
periods as a result of Saturday’s Clearing House
statement. Sixty-day funds declined to 2 % @ 3 % ,
against 3 © 3 )4 % ; ninety days to 3 % , against 3 ©
four and five months to 3 @ 3 )4 % , against
3 K % , and six months to 3@ 3)4% > against 3 )4 ©
3 )4 % last week. At the corresponding date a year
ago sixty days was quoted at 2 )4 @ 2 )4 % , ninety
days at 2 )4 % , four months at 2 )4 @ 3 % , and four
and five months at 3 % . In mercantile paper a
good inquiry is reported, but transactions continue
light owing to the restricted supply of bills. The
tone was easy, though quotations were not changed
from 3 )4 @ 3 )4 % for sixty and ninety days’ endorsed
bills receivable (the lowest figure being for prime
New England mill paper) and six months’ names
of choice character. Names not so well known
still require 4 % . Banks’ and bankers’ acceptances
are quoted as follows:
| Atlanta.
substantial increase, namely 108,634,000 marks,
while notes in circulation declined 259,037,000 marks;
deposits increased 148,427,000 marks, and other
liabilities registered an expansion of 89,384,000
marks. The German Bank’s gold holdings now stand
at 2,522,260,000 marks, compared with 2,450,220,000
marks a year ago and 2,129,710,000 marks in 1915.
Loans and discounts aggregate 7,726,954,000 marks,
against 6,381,780,000 marks in 1916 and 4,591,900,
000 marks the previous year. Circulation totals
7,826,954,000 marks. This compares with 6,381,
780,000 last year and in 1915 4,591,900,000 marks.
[Vol . 104.
Boston.
194
5
3 A 3>* 3 A 3 A 3 A 4 31* 3
3 A 3 A 3 A 3 A 3 A 4 31* 3
3 A 2 A 3 A 3A 3A 4 3 A 31*
__ 31* . . . 3A
__ 31* __ 3 A
_ 3 'A _ 3 A
_
_
3A
3A
3A
3A 4
31* 3A 4
. . . 3a
_
_
3A 3A
4
3
3
3
31*
4
41*
OPEN MARKET DISCOUNT AND PURCHASE RATES OF FEDERAL
RESERVE BANKS.
Bankets Acceptances.— Authorized discount rate for all Federal Reserve banks:
minimum, 2% : maximum, 4% .
. „„ ,
,
Trade Acceptances.— Bills with maturities of 90 days or less, purchased In open
market without member bank endorsement, by New Orleans branch of Atlanta
Federal Reservo Bank: 31* to 4% .
.
,
, _
Commercial Taper.— Bills purchased In open market by Dallas Federal Reserve
Bank; 3 to 6% .
,
„ ,
, „
Bills of Exchange.— Bills purchased In open market by Atlanta lederal Reservo
^Buis^Wlth or\vt°thout Member Bank Endorsement.— Bills with maturities of 90 days
or less purchased In onen market by St. Louis Federal Reservo Bank; 2 to 4% .
Sterling exchange has been influenced favorably
by the increasing ease of money at home, by the re-
20 1917.]
J an .
d u c tio n
in
th e
T H E C H R O N IC LE
B ank
o f E n g la n d ’s d is c o u n t r a te ,
by
fo r
t h e p u r c h a s e o n a s u b s t a n t ia l s c a le o f p r im e c o m m e r
c ia l p a p e r
tio n s ,
in
L ondon
by
A m e r ic a n
e s p e c ia lly
and
by
th e
$ 2 5 0 ,0 0 0 ,0 0 0
U n ite d
fe r e d o n a 6 %
K in g d o m
b a s is in N e w
b a n k in g
lo a n
of
t h a t is t o
a ls o a r e u n d e r s t o o d t o h a v e b e e n
lo w
record s w ere
e sta b
I t w a s a s s e r t e d in
q u a r te r s u s u a lly w e ll in fo r m e d t h a t t h e b a n k in g s u p
th e
p o r t , w h ic h h a s b e e n s o im p o r t a n t a s u s t a in in g f a c t o r
d u r in g t h e
past y ea r or m ore, has n ot been
T h ere
p r o v id e d .
F ra n c s h a v e s h o w n n o im p o r ta n t ch a n g e ,
r e m a in in g
fir m
at
cu rre n t le v e ls .
fin is h e d
at
6 7 % ,
c o n s id e r a b le A m e r
w a r lo a n
new
b e o f
Y ork next w eek.
ic a n s u b s c r ip t io n s t o t h e B r itis h
w e a k n e s s ; h e r e a ls o
lis h e d , s ig h t b ills d e c lin in g t o 7 .0 2 .
in s tit u
an n ou n cem en t
195
t h a t is b e
B e r lin
and
so
D em and
c a b le s
at
fu lly
b ills
67%
on
a g a in s t
in g d is t r ib u t e d in L o n d o n a t t h e p r e s e n t t im e , t h o u g h
68%
th is d e m a n d m a y b e s a id t o h a v e la te r b e e n r e s t r a in e d
com p a red
s o m e w h a t b y t h e n e w s t h a t t h e A m e r ic a n lo a n , w h ic h
s te r lin g c h e c k r a t e o n
w ill b e d iv id e d s o a s t o r u n f o r b o t h o n e a n d t w o y e a r s ,
th e
w ill b e
o n th e F r e n c h c e n tr e c lo s e d a t 5 8 4 % , a g a in s t 5 8 4 % ;
c o n v e r t ib le
th e h o ld e r in to
lo a n .
m oney
ease
th a t
th e s h ip m e n t o f t h e
N o
to
g o ld
a t th e
B r itis h
has
send
o v e rta k e n
B r itis h
h a s co m e fro m
in
th e
abroad
th e
N ew
g o ld
end
of
o f t h e a lm o s t
T reasu ry
$ 5 0 ,0 0 0 ,0 0 0
h ere b e fo re
o p t io n
G overn m en t
s u g g e s t e d t h a t in v ie w
m a rk e t, th a t th e
arran ged
and
a 2 0 -y e a r 5 % %
I t is n o w
s e n s a tio n a l
a t m a tu r ity
Y ork
w ill d e la y
th a t it h a d
o f th e
m on th .
th is w e e k .
T he
ex-
p o r t a r r a n g e m e n ts h a v e in c lu d e d
$ 7 5 2 ,0 0 0 t o
$ 4 0 0 ,0 0 0
C uba,
to
S ou th
A m e r ic a
and
to
w ith
F r id a y
of
la s t
w eek,
s te r lin g
ex
c h a n g e o n S a t u r d a y w a s f ir m , d e m a n d b ills c o n t in u in g
at
4 7 5 8 0 @ 4 7585
and
s ix ty
ra te
at
days
at
4 7 2% ;
c a b le
w ere
a g a in
dem and
s ix ty
a
shade
ran ged
days
m e r c ia l
d u ll,
w ere
o p e r a t io n s .
at
7 6% .
c a b le
u n ch an ged ;
as
served
w e ll
as
7645;
7585,
o ffe r in g s
w h ic h
m oney
M on
tr a n s fe rs
4 76 7 -1 6 @ 4
4 75 1 3 -1 6 @ 4
lig h t,
E asy
ste a d y ;
e a s ie r ,
b e tw e e n
at 4 7 2 % ,
b ills
of 4 7645@ 4
but
w ith
of
to
com
r e s tr ic t
e x p e c ta tio n
of
th e e a r ly a n n o u n c e m e n t o f th e n e w B r itis h lo a n , w e re
s till th e
ra tes
s u s ta in in g
on
T uesday
fa cto rs
a n d s ix ty d a y s a t 4 7 2 % ;
at
4 7645
fir m ;
a ll
in
c o n tin u e d
L ir e c lo s e d
c a b le s ,
day.
w h ic h
fo r d em a n d
and
The
d u ll
n e u tra l
and
tow a rd s
T h e r e d u c tio n
fro m
6 %
to
o f th e B a n k
5 % %
e x p e c ta tio n s ,
d id
on
vances
w ere
n o t e x e r c is e
any
b ills ; c a b le
76% .
in . lin e
p e r c e p t ib le
s ig h t b ills
s ig h t
s ig h t a n d
6 90
and
2 9 .4 5 .
701
fo r
6 92%
la s t
S w is s
exchange
le v e ls ,
exch an ge
s ig h t
on
ch a n g e d );
s ig h t
at
days
at
5 0 3%
at
fir m
w as
at
w e ll
at
and
S w is s
b a n k e r s ’ s ig h t
and
w ith
5 03
and
5 02
e ith e r
40
1 3 -1 6
(u n
c o m m e r c ia l
exchange
5 0 2%
a
w eek
and
B ank
c o m m e r c ia l
(u n c h a n g e d ).
fo r
h ig h
in
ch an ge.
(u n c h a n g e d );
(u n c h a n g e d );
ad
w h ile
m a in ta in e d ,
fin is h e d
4 0%
gen
p r e v io u s
a c t iv ity
q u o ta b le
A m sterd a m
4 0%
co m p a r in g
ra tes
s p e c ific
w ith o u t
c a b le s
4 0%
at
F u rth e r
c o n tin u e d
r e m a in
r e la tiv e ly
ten d en cy
S c a n d in a v ia n
w ith o u t
S p a n is h
a
th e
fir m n e s s .
in
th ou g h
ca se.
w ith
fo r
s ix ty
c lo s e d
c a b le s ,
ago.
G reek
e x c h a n g e ( w h ic h is s t ill r e g a r d e d a s n e u t r a l) c l o s e d a t
5 00,
a g a in s t
fin is h e d
4 98%
la s t
w eek.
C openhagen
a t 2 7 .7 5 , a g a in s t 2 7 .4 0 .
and
ch eck s
w ith
on
Sw eden
2 9 .4 5
p e s e ta s fin is h e d a t 2 1 .1 5 .
a w eek ago.
C h eck s on
la s t
ch eck s
N orw ay
fin is h e d
w eek.
at
S p a n is h
T h is c o m p a r e s w it h 2 1 .2 5
w as
o f E n g la n d ’s o ffic ia l ra te
b e in g
c lo s e
e x p e r ie n c e d
w eek,
record ed
2 8 .0 0
T h u rsd ay,
th e
w ith
in c r e a s e d
com p ared
tr a n s fe r s w e r e fr a c t io n a lly h ig h e r a t 4 7 6 4 5 @ 4
ago
exch an ges
u n e v e n tfu l
at
s ix ty -d a y
Y ork
c o m m e r c ia l
fo r b a n k e rs’
com p a res
as
u n d e rto n e
5 8 3% ;
w eek
at 7 01%
c lo s e d
W e d n e s d a y ’s
N ew
w eek.
a c t u a l q u o t a t io n s r e m a in e d a t t h e le v e ls o f th e
p r e c e d in g d a y
A
2 9 .6 0 ,
c a b le tra n s fe rs w e r e q u o te c
T he
R u b le s fin
2 8 .9 0 .
and
exch an ge
In
a g a in s t
4 75 1 3 -1 6 @ 4 7 58 5 ,
s te r lin g
at
la s t w e e k .
w as
ers’
ran ge
w as
c lo s e d a t 1 0 .8 5 ,
of
P a r is r e m a in s a s h e r e t o fo r e a t
o f 2 7 .8 1 % .
5 8 3% ,
at
a g a in s t
p r e v io u s
K ron en
F r id a y
a t 5 8 9 , a g a in s t 5 8 9 t h e w e e k p r e v io u s .
g u ild e r s
a
on
is h e d
t r a n s fe r s , h o w e v e r , d id n o t g o a b o v e 4 7 6 4 5 a ll d a y ,
d a y ’s m a r k e t
1 1 .5 4
e r a lly
m a k in g a t o t a l o f $ 1 ,9 6 2 ,0 0 0 .
C om p ared
fix e d
ca b le s
a w eek ago.
w ith
a t 5 8 4 % , a g a in s t 5 8 4 % , a n d c o m m e r c ia l s ix t y d a y s
S p a in ,
$ 8 .1 0 ,0 0 0
and 6 9%
w ith
e ffe c t
T he N ew
e r a t io n s
Y ork
w ith
C le a r in g H o u s e b a n k s , in t h e ir o p
in te r io r
b a n k in g
in s titu tio n s ,
have
g a in e d $ 1 0 ,7 1 6 ,0 0 0 n e t in c a s h a s a r e s u lt o f t h e c u r
r e n c y m o v e m e n ts fo r th e w e e k e n d in g J a n . 1 9 .
r e c e ip t s
000
fro m
w h ile
th e in te r io r h a v e
th e
s h ip m e n ts
a gg reg a ted
have
rea ch ed
T h e ir
$ 1 5 ,5 5 5 ,
$ 4 ,8 3 9 ,0 0 0 .
A d d in g th e S u b -T r e a s u r y a n d F e d e ra l R e s e r v e o p e r a
o n s te r lin g r a te s ;
4 7 5 8 5 , c a b le
d e m a n d a g a in r u le d a t 4 7 5 1 3 - 1 6 @
tr a n s fe rs a t 4 7 6 4 5 @
days at 4 7 2% .
ra te s s till u n c h a n g e d .
fo r
c a b le
4 69% ,
s ix ty
and
fo r
dom and
C o m m e r c ia l
days
d ocu m en ts
4 71% ,
s ix ty
C lo s in g q u o t a t io n s w e r e 4 7 2 %
tr a n s fe r s .
1 1 -1 6 ,
and
O n F r id a y th e m a r k e t w a s fir m w ith
fo r s ix t y d a y s , 4 75 1 3 -1 6
4 75
4 76%
s ig h t
a t 4 71 5 -1 6 ,
fo r
paym ent
s e v e n -d a y
g r a in
and
4 76%
fin is h e d
n in e ty
(s ix ty
b ills
at
days
days)
4 74
t io n s a n d th e g o ld e x p o r t s , w h ic h t o g e t h e r o c c a s io n e d
a
g a in
flo w
fo r
of
th e
w eek
9 9 9 ,0 0 0 ,
a t,
$ 2 1 ,2 8 3 ,0 0 0 ,
as
appears
1 5 -1 6 .
to
Week ending Jan. 1?.
Banks’ Interior movement.
Sub-Treaa. and Fed. Reserve opera
tions and gold exports__
th e
C o n t in e n t a l
exch an ges,
so
fa r
as
th e
b e l
lig e r e n t n a t io n s a re c o n c e r n e d , o p e r a t io n s h a v e b e e n
m arked
by
n ervou sn ess
and
h e s ita tio n .
s ta n d in g fe a tu r e o f t h e w e e k p r o v e d
to
T he
ou t
b e th e sta te
m e n t b y th e G e r m a n F o r e ig n M in is te r t h a t th e r e p ly
o f th e E n t e n t e A llie s t o P r e s id e n t W ils o n ’s p e a c e n o t e
p r e c lu d e d
p art o f G erm a n y
to
b r in g a b o u t p e a c e , th u s s u g g e s tin g a p r o lo n g a t io n
fu r th e r e ffo r ts
of
h o s t ilit ie s .
th e
th e
1 h is e x e r t e d a d e p r e s s i n g in f l u e n c e u p o n
T e u to n ic
s h a r p ly
on
s ig h t
exch an ges;
b ills
on
6 7 % — w h ile A u s t r ia n
r e ic h s m a r k s
B e r lin
at
one
k r o n e n fe ll t o
a g a in
t im e
1 0 .8 5 .
brok e
tou ch ed
R u s s ia n
e x c h a n g e w a s h e a v y , r u b le s a g a in r e a c h in g a n e w lo w
p o in t , n a m e ly , 2 8 .8 0 .
Ita lia n
lir e w e r e c o n s p ic u o u s
in
th e
have
been
a
r e s u lt
Y ork
g a in
of
of
th e
banks
S31 -
Into
Banks.
Out of
Banks.
Net Change In
Bank Holdings.
p r in c ip a l
515,555,000
54,839,000 Gain *10,716,000
57,074,000
35,791,000 Gain 21,283,000
*72,629,000
Toti I ........
C o t t o n a n d g r a in fo r p a y m e n t c lo s e d a t 4 7 5 1 1 -1 6 .
In
c o m b in e d
o u t o f th e N e w
fo llo w s :
at
at
th e
o f m o n e y in to a n d
540,630,000 Gain 531,999,000
E u rop ean
ban ks:
January 18 1917.
Banks of
Cold.
SHcer.
January 20 1916.
Tofal.
|
Gold.
Silver.
Total.
£
£
£
£
£
£
England.. 56,115,288
56,115,288 |
51.168,053
F rances.. 132,645,021 11,418,640 144,063,0611 51,168,053
i200.248.520 14,133,640
Gcrmarty. 126.045,050
825.950 126.871.000•122,511,300 1.906,700 214,382,160
124.418.000
Russia * .. 147,261.000 11.474.000 158.735.000 161,302,000
Aus-Hun.c 61.578.000 12.140.000 63.718.000 51,578.000 3.854.000 165.156.000
Spain___ 50.469.000 29.575.000 80.044.000• 35.407,000 12.140.000 63.718.000
•
Italy........ 35.973.000 2,903,000 38.876.000 43.904.000 30.174.000 65.581.000
4.304.000 48.208.000
Netherl’ds 49.216.000
557.800 49,773.800 36.816.000
481,400 37,297.400
Nat. Bel. h 15.380.000 • 600,000 15.980.000 15.380.000
600.000 15.980.000
Swltz'Iand 13,796,300
13,796,300 10.005.000
10.005.000
Sweden . . 10.195.000
10.195.000 6.920.000
6.920.000
Denmark. 8,822,000
' 93,666 8,915,000 5.931.000 *228,666 6.159.000
Norway. - 6,790,000
6,790,00<> 3.705.000
3.705.000
Tot. week. 704,285.659 69,587,390 773,873.049 744,875,873
Prev.wcck! 705,691,706 69,546,930 775,238,6361742,058,944 67,821,740 812.697,613
67.278,0361809.336.974
hefd<a°broad!<lln8a ° f th<3 Bank 01 France thls * ear are exclusive of £71,704,892
The gold holdings of the Bank of Russia for both years In the above statrmen t
have been revised by eliminating the so-called gold balance held abroad
c July 30 1914 In both years, h Aug. 6 1914 In both y e a r .
[Vol. 104.
T H E C H R O N IC L E
196
m en ta l
A D M IR A L
D E W E Y
A N D
N A V A L
W A R F A R E .
in flu e n c e
E u rop ean
T h e d e a th o f A d m ir a l G e o r g e D e w e y la s t T u e s d a y ,
on
w a r.
naval
The
on ce to b e a ccep ted
p o lic y
gen eral
in
th e
p r in c ip le
presen t
seem ed
at
t h a t , e v e n g r a n t e d e q u a l s k ill in
a t th e a d v a n c e d a g e o f e ig h ty y e a rs , re m o v e d p e rh a p s
g u n n e r y , t h e f a c t o f in fe r io r t o n n a g e a n d g u n p o w e r ,
t h e o n e fig u r e o f o u r S p a n is h w a r w h ic h e m e r g e d f r o m
as
th a t
d e fe a t
c o n flic t
happy
son
w ith
u n c h a lle n g e d
co n tr o v e rs y b e tw e e n
and
v ic to r y
S c h le y
over
a t S a n tia g o
p r e s tig e .
T he
un
th e su p p orters o f S a m p
t h e ir r e s p e c t iv e
d im m e d
th e
cr e d it fo r th e
h is to r ic a l r e p u t e
of
b e tw e e n
of
c o m p le te
m a n y ’s
tw o
th e
h o s t ile
in fe r io r
t w o -a n d -a -h a lf
in v o lv e d
not
fle e t
but
H en ce
d e s t r u c t io n .
arm ored
fle e ts ,
arm am en t
r e te n tio n
in
yea rs
th e
hom e
of
w ar
its
h arbors
w h ic h
o n ly
v ir tu a lly
of
G er
d u r in g
have
th e
e la p s e d ;
T h e la n d o p e r a t io n s o f t h a t y e a r
th e o n ly e n g a g e m e n ts o f a n y m a g n itu d e h a v in g b e e n
w e r e la r g e ly a g r a v e y a r d o f m ilit a r y r e p u t a t io n s ; th e
A d m ir a l B e a t t ie ’s a t t a c k a t H e lig o la n d a n d h is q u ic k
o n ly
r e tir e m e n t— a n
b o th com m an d ers.
arm y
fr o m
o ffic e r s
w ho
drew
even
p e r s o n a l p r e s tig e
th e w a r b e in g G e n e ra l W o o d
c a p a c ity ,
h ow ever,
th a n
d u r in g
th e
w ho
e x h ib ite d
w as
c o n flic t its e lf),
and
at
th e
t im e
c e le b r ity
p o p u la r
(w h o s e o r g a n iz in g
d em on stra ted
and
n o to r ie ty ,
h is
a fte r
M r.
ra th er
R o o s e v e lt ,
fa c u lty
of
even
fro m
o b ta in in g
a c h ie v e
A d m i r a l D e w e y ’ s c a r e e r is p a r t ic u l a r l y in t e r e s t i n g
as
a
lin k
in
c o n d itio n s
h is to r y
b e tw e e n
naval
w a rfa re .
of
th e
A t
a rm ored
t h a t t im e ,m e t h o d s
fr o m
w h ic h
in
D ew ey
end
con v erted
to
th e
p ittin g
on e a n oth er.
of
flo a tin g
r e a lly
ocean
fo rtre s s e s
a g a in s t
th e
fa m o u s
b a ttle
of
1862
b e tw e e n
to
th e
tru e, h a d
co m e lo n g
our w ar of
1861
s c a le
of
even
w h ic h
N o
ago.
p r in c ip le
w h ic h ,
v ic to r y
new
M ahan
th e
p e lle d , t h o u g h
to
naval
w ith
o ld
of
hum an
a
of
on
a gran d
ocean
w a r fa r e ,
d e s c r ib e d
R om an
to -d a y ,
w a r g a lle y s ,
c o u ld
pow er, to
a s in
be
su ch
pro
p o s itio n s
h is
la s t
s o lv e
years
to
any
w h ic h
h a p p e n in g
e n te r in g
d u r in g
th e
M a n ila
fle e t in
M ay
S p a n is h
B ay
w ith
w ar
h is
its e lf.
D ew ey,
o ld -fa s h io n e d
o f 1908, rep rod u ced
w as
s te a m
c lo s e ly th e t a c tic a
w ere
G erm an
w as
so
of
p u rsu ed ,
great
ta c tic a l
even
by
F ren ch
and
E ng
liv e d
to
see
th ese
th e m s e lv e s ;
in to
of
a
he
naval
c a lc u la t io n
in
as
naval
s u c c e s s iv e
had
seen
program
to
in
re
w h ic h
s id e
and
gun
u n it s
c o n c lu s io n
w h ic h
he
d rew
w as
th a t
S ta t e s m u s t in c r e a s e its n a v a l a r m a m e n t ,
to
c o u ld
oppose
be
in
an
or
brou gh t
h is
equal
or
s u p e r io r
c o m b in a tio n
a g a in s t
d is c u s s io n
of
of
her.
th e
pow er
a n ta g o n is ts
Y et,
th ou g h
m a tter,
it
m ay
e a s ily b e in fe r r e d t h a t th e A d m ir a l, a lo n g w ith o t h e r
r a t io n a l
w h ic h
m en,
su ch
not
F or
c o n d itio n s
lo s s
p o r b a b ility
q u e s tio n
a n ta g o n is t
c a u tio u s
a n d H a w k e a n d N e ls o n n e c e s s a r ily c o n fo r m e d .
p re s e n t-d a y
had
b e fo re h a n d
p r a c tic a l
c iv iliz e d
to
con certed
A s w ith m o s t o th e r p r o fe s s io n a l o b s e r v e r s , th e
d r iv e
ch an ge
to ta l
to
th re w
s id e o r t h e
any
p rotected
o p p o s in g
u n fo ld
th e
s u p e r io r
a n d w e a t h e r in flu e n c e s t o w h ic h t h e t a c t ic s o f D r a k e
a ctu a l
of
p o lic ie s
its e lf w h o lly
w as
a s t h e ir c o m m a n d e r s c h o s e , r e g a r d le s s o f t h o s e w in d
T he
on
th e
b e tw e e n
p r o b le m s
s u ffic ie n t ly
q u a in t ly
th e
w a r s h ip s
su ch
of
hour
s h ip s
to on e
absen ce
fle e t
fro m
fr e s h
a t T r a fa lg a r .
th e U n ite d
m e th o d
has
of
su ch
of
a lte r n a te ly
th e
even
A d m ir a l D e w e y
f o r s a il p o w e r , i t is
w a s th e fir s t e x h ib it io n
a r e v e r s io n
lik e
r e s u lts
flu c tu a te d
p o s s ib ilit y
C om b a ts
b u t as a m a tte r o f fa c t,
b e fo re ;
th a t
A d m ir a l
p r o b a b le
o f ste a m
la s t
lis h fr ig a t e s o c c u r r e d , r e p e a t e d ly , y e a r s a fte r N e ls o n ’s
o n ly
show ed
s u r p r is e — a n d
fle e ts o f in fe r io r n u m b e r s a n d p o w e r a h u n d r e d y e a r s
w h ic h
S u b s titu tio n
of
a r r iv a l
B r itis h
The
pow er.
fir s t
a ls o
oversh adow
t h e M e r r im a c a n d t h e M o n i t o r in H a m p t o n R o a d s —
com b a t.
have
th e
pow er
th e
h a rb ors.
w a rfa re
I t w a s t h e e a r ly s e a fig h ts o f o u r C iv il
W a r — e s p e c ia lly
by
su ccess.
w ere
of
to
as
H en ce
w as
t h e c o n t e s t s o f s a ilin g v e s s e ls in t h e N a p o l e o n ic
p e r io d
oth er.
as
g u n b o a ts o f o u r C iv il W a r .
seem
s u p e r io r ity
new
o f n a v a l s tra te g y
th e
fig h t
a c c o r d in g
th e
and
u n d e r g o in g a lm o s t t h e fir s t s ta g e o f t h e r e v o lu t io n a r y
ch an ge,
th e
h ou r,
h im s e lf
o ld
t r a in e d in t h e s c h o o l o f F a r r a g u t , w it h t h e u n a r m o r e d
o r s u p e r fic ia lly
of
a tta ck
m e n ts o f th e m in o r s o r t .
a c h ie v e m e n t
y e a r ’ s b a t t le o f J u t la n d , in w h ic h t h e a c t u a l fo r t u n e s
is
to
th e
o n ly
th e
h o p e le s s
c o n s is te n tly
p o s itio n
in to
p u rsu ed
th e
U n ite d
s u p e r io r ity
a g a in s t
a ll
w o u ld
but
S ta te s
a d d it io n
be
th e
sam e
every
p o lic y
w h o le
th e
w o r ld .
if
th rou gh
r e c o g n iz e d
a
of new
o n ly
road
p o lic y
oth er
of
w o u ld
fo r e ig n
p o s s ib le
op p on en ts,
a n d c o s t ly s h ip s t o
s a fe ty
be
fo r
e q u a lly
p ow er;
w ith
a navy,
A m e r ic a ,
th en
in c u m b e n t
th e
lo g ic a l
on
r e s u lt
a c h ie v e m e n ts o f F a rra g u t a n d F o o t e ; y e t a t th e sa m e l
o f s u c h e x p e n d it u r e o f p u b lic m o n e y in
c o n s tr u c tin g
m om ent
w a r s h ip s ,
m ig h t
a
fle e t
b a t t le s h ip s
of
w as
w h o lly
w a tc h in g
m odern
th e
and
coa st
u p -to -d a te
of
C uba
S a m p s o n , in p r e p a r a t io n f o r t h e b a t t le w it h
in
J u ly — a n
fu s e d
and
engagem ent
b lo o d y
C h in e s e a r m o r e d
t io n t o
except
b e tw e e n
fig h t
w h ic h ,
th e
s h ip s in
fo r
under
C ervera
th e
con
Japanese
and
1 8 9 5 , w a s t h e fir s t in d ic a
h is to r y o f w h a t o c e a n t a c tic s a n d
ocea n w a r
carry
of
tw o
reg ard s,
fo re s h a d o w e d th e
D e w e y ’s
n a tu re o f
e x p lo it
m od ern
at
M a n ila
B ay
n aval com b a t—
th e
peace.
its e lf
It
of
th e
fo r m id a b le
vre.
S p a in ’s
o n ly
d e s t r u c t io n
w ar
of
A s ia tic
fle e t
and
th e
d e s t r u c t io n
s u b s e q u e n t s im ila r
of
over,
m ig h t y
an
c o n flic t in to
fo r
us
in c u b u s .
d im e n s io n s
pea ce
as
to
fa ir ly
th e
yea rs
b e lie v e
th a t
a fu tu r e a n d
bend
N e v e r th e le s s ,
sta n d s
on
th e
no
h o r iz o n
n e g o tia t io n s .
m oreover,
h a n d ic a p
th a n
is
bound
th is
in
to
its
be
a
m ore
p r a c tic a l
so
l u t i o n , i f t h e w a r is t o e n d in a n e n d u r in g a t m o s p h e r e
The
h is
su ch
p r o b le m ,
of
b o th
is
im p o s s ib le
o f la r g e r
in h is s w iftn e s s o f a t t a c k a n d h is r a p id it y o f m a n o e u
F u rth e rm o re ,
is
u ltim a te
N o
w ar
w ill c a lm ly a c c e p t s u c h
under
p r o b le m
th is
co st o f th e
t h e w o r ld
fa re w e r e t o b e , u n d e r th e n e w m e c h in ic a l c o n d it io n s .
In
w hen
in te r n a tio n a l
b itte r n e s s ,
c o n c e iv a b le
c o m p e t it iv e
a r m a m e n t -b u ild in g
in h is n o t e o f t h is w e e k t o t h e A m e r ic a n G o v e r n m e n t ,
th rou gh
th e
p r o b a b ility
not
of
m e r e c r ip p lin g o f a h o s t ile fle e t b y t h e v ic t o r s , b u t o f
th a t
its c o m p le te a n n ih ila tio n .
tre a ty
T he
d o w n fa ll o f R u s s ia ’s
s e a p o w e r a s a r e s u lt o f t h e J a p a n e s e A d m ir a l T o g o ’s
t ilit ie s ,
v ic to r y
be
in
sea
of June
th e -s a m e
fig h ts
1 9 0 5 , in t h e K o r e a n
d ir e c tio n .
o f th e
s ix te e n
T h is
S tr a its , p o in te d
te a c h in g
p r e c e d in g y e a r s
of
th e
had
great
fu n d a i-
th e
“ b e h in d
B r itis h
A m bassador
in te r n a tio n a l
a rra n g e m e n ts
som e
fo r m
d e v is e d
w h ic h
a g g r e s s o r .”
B ut
fo r
of
by
at
la w ,
p r e v e n t in g
w hat
n t e r n a t io n a l r e s t r a in in g
g iv e
is
to
be
b e h in d
o r lim itin g
s a n c t io n
pau se
co m p a ct?
B a lfo u r ,
W a s h in g to n —
and
in te r n a tio n a l
w o u ld
M r.
no
w a r;
d id ,
in d ic a te d
fu tu r e
w o u ld ,
t u r n t o n a v a l t h e o r y w h ic h h a s in flu e n c e d th e p r e s e n t
it
ou tcom e
s u s p ic io n .
d ou b t,
as
th e
and
a g a in s t s u c h
o f h e r A tla n tic fle e t o n th e c o a s t o f C u b a g a v e a n e w
in d ic a tin g ,
be
je a lo u s y
assu ra n ce
to
th e
th e
fo rm
a ll
hos
s h o u ld
h a r d ie s t
of
su ch
T h a t n o sta te s-
J an. 20 1917.]
m an
seem s
T H E C H R O N IC L E
as y e t
a b le
even
to
su ggest
n a t u r e , is e v i d e n c e o f h o w
sh ort a
even
th e
yet
rou n d
gone
th e
in
s o lv in g
its
ta n g ib le
d is ta n c e w e
p r o b le m s
d iffe re n ce
have
w h ic h
r is k .
su r
b e tw e e n
a cou n try
B A N K :
FE D E R AL
IT S
S T A T U S
RESERVE
IN
T H E
S Y S T E M .
F ifty
on
years
e x p e r ie n c e
G overn m en t
w a s n o t s u ffic ie n tly
c r is e s w h ic h
need
fo r
w ith
bon ds,
fle x ib le
in e v it a b ly
an
and
th e
b u s in e s s
bank
to
b orrow
fr o m
it s c o r r e s p o n d e n t in
b a n k n ote
d em on stra ted
to
T here
p la c e
th em
in
to
w ith d ra w
its
F ed era l
th e
R eserve;
or
b a n k b e fo re th e A c t th a n
F ed era l R eserv e
is s u e ,
th a t
it is n o w
to b orrow
fr o m
a
bank.
T h e r e a lit y o f th is c o n d it io n w ill b e fe lt w h e n s tr e s s
it
im p e n d s , a n d tw o y e a rs h a v e n o t a d e q u a te ly m e a s u re d
c o m m e r c ia l
m e e t th e
recu r.
em ergen cy
a
to
t h a t it w a s e a s ie r fo r it t o b o r r o w fr o m a c o r r e s p o n d e n t
m u st ta k e a cco u n t o f th e m o n e y o f th e co u n
based
r is k
i t is n o w , s in c e i t h a s h a d
d e p o s its
N e c e s s a r ily , a n y a tte m p t to c o -o r d in a te a b a n k in g
try .
bank
th e t r a d e c e n t r e t o w h ic h it w a s t r ib u t a r y b e fo r e t h e
w ar.
C O U N TR Y
sy ste m
th e
I t w ill h a r d ly b e d is p u t e d t h a t it w a s e a s ie r fo r
A c t th a n
T H E
197
th e e x t e n t o f th e e ffe c t o f th is c h a n g e o f fu n d s fr o m
w as abu ndant
corresp on den t
The
is m e n t i o n e d h e r e f o r t h e p u r p o s e o f c a l l i n g a t t e n t i o n
cu rren cy.
C le a r in g
banks
to
F ederal
R eserve
ban ks.
It
H o u s e lo a n c e r tific a te h a d m o r e th a n o n c e s h o w n t h a t
to
a
th e in h e r e n t p o w e r o f th e c o u n t r y b a n k t o ta k e ca re o f
fo rm
of
c r e d it-c u r r e n c y ,
based
c o m m e r c ia l p a p e r , w a s a d a p te d
on
s e lf-liq u id a t in g
t o th is n e e d .
S m a ll
th e
r ig h t a n d
it s e lf in a n
b a n k s e v e n , e s p e c i a l l y in t h e S o u t h , in 1 9 0 7 , h a d u see!
th a t
to
m arked
s tr a in .
th is
a d v a n ta g e
to
fo r
an
em ergen cy
p r im a r ily o n a s s e ts .
p r o v id e
an
n a tu re,
n a tu re .
It
th e
so
n a tu re
of
F ederal
in
to
reserv es
R eserve
sta n ce s
of
o b je c t
em ergen cy
is s u in g
sta te d
cu rren cy
need
th e
and
and
be
n ote
is s u e
T he
base
but
in
by
T h ere
am ount
of
th e
and
w as
not
no
c o n te m p la tio n
a
of
n a tio n a l
bank
n otes.
T he
real
m ade
up
banks
la r g e
th e ir
s in c e
out
sto ck
of
th e
and
and
th e
r e g io n a l
sto ck
s m a ll,
R eserve
c o n tr ib u t io n s
n a t io n a ls ,
s u r p lu s ,
th e
of
a ll
b e n e fits
of
th e
f o r r e d is c o u n t s h o u ld b e fr e e t o a ll.
th e
sta tu s
cou n try
in g
of
th e
bank
b a n k , is r e v e r s e d
re d is c o u n t.
th a t
la r g e
ce n tra l
its
in s titu tio n s
to
be,
borrow er
cou n try
at
w as
s m a ll,
p r o v is io n s
th e
m ost
fr e e ly ,
very
and
th e
bank
can
be,
F ed eral
fin d s
it
th e
easy
R eserve
e x tr e m e ly
and
w h ile
d iffic u lt
to
th e
com e
bank
a s t o c k h o ld e r in t h e
F e d e r a l R e s e r v e , b u t it is a c o m p u l s o r y
d e p o s ito r o f
a c e r ta in re s e r v e fu n d th e r e , w h ic h it c o u ld o n ly d r a w
fr o m
its
fo rm e r
o f th e c o u n tr y
in
lin e
up
of
w ith
th e
corresp on den t
bank
th e
fre e
w ith
fo r m
bank.
its c i t y
dem ands
d e p o s its
a n d cu r r e n c y , ta k e n fr o m
a la r g e s e c t io n
of
of
T h is
d e p o s it
corresp on den t w as
c o m m e r c e , it w a s m a d e
c r e d it-in s tr u m e n ts ,
its o w n b u s in e s s .
o f c o u n t r y r e m it t a n c e s o f th is v a r ie d
fin a lly
th e d e p o s it w ith
m ade
th e
b a s is
or
c o in
T h rou gh
c a m e t o b e c r e d it e d a t p a r a n d o n r e c e ip t ;
p r iv ile g e s
th e
c ir c u la tin g
can n ot
fo r
th e co r r e s p o n d e n t b a n k
th e
e x te n s io n
a c o in m o d a tio n s
d e p o s ito r -c u s to m e r s ,
a s in
a llo w in g ,
of
th e
of
and
w as
r e d is c o u n t
ca se o f o th e r
cou rse,
fo r
th e
be
of
in
th e
a d ju s t
and
d ra fts .
bank
p e rfo rm e d
It
is t o
e x is te d
its
s e r v ic e
o f n a tio n a l c o n tr o l.
be
b e fo re
w e ll,
T hen
th e
th e
e v o lu tio n
of
th e ir
b a s is
th e
w o rth
of
a
R eserve
p r e v a il
w ith
th e
corresp on den t
lo a n
sy ste m
r e la tio n .
ch an ges
th is .
Y o r k ex ch a n g e b e ca m e th e
c r e d it-c u r r e n c y
so
to
r e c ip r o c a l
of
th e
re g io n a l
cou n try .
ce n tre s
T h is
and
corre
s p o n d e n t b a n k s in N e w Y o r k d e p l e t e d o f t h e ir b a n k e r d e p o s ito r s th r o u g h o u t th e U n ite d S ta te s .
AVe d o n o t
s a y t h a t in
a r e g io n a l
t im e a c o u n t r y
bank
d ra ft o n
b a n k w ill n o t s e r v e a s p e r fe c t ly t h e n e e d s o f d o m e s t ic
ex ch a n g e as th e N e w
th a t
cu stom
in to b e in g .
Y o r k e x c h a n g e h a s in t h e p a s t .
th e
banks
exchange
n o t o n ly
had
b e fo re
n a tu r a lly
com e
A n d it m e a n s a d iv is io n o f p o w e r b e tw e e n
great
Y ork
t h a t t h is is a r a d i c a l c h a n g e
w h ic h
I t m e a n s d iv id e d a lle g ia n c e o f t h e c o u n
try b an k .
th a t
and
arc to
fo r m e r ly
th e
fu r n is h
fu r n is h e d
F ed eral R eserv e
th e n e w
fo r m
th is
banks
N ew
th a t
o f b a n k n otes,
b u t m u s t c o m e in t im e t o fu r n is h a f o r m
o f exchange
b a s e d o n d e p o s i t s in t h e F e d e r a l R e s e r v e .
T h e r e m a y b e n o a lt e r n a t iv e t o t h is , s in c e w e n o w
have
N o t o n l y is t h e c o u n t r y
and
W h a t w as k n ow n as N ew
b u s in e s s , a n d is , in f a c t , s c a r c e l y a t a ll a b o r r o w e r fr o m
bank.
cu r
m ay
p r e s e r v a tio n
th e
cou n try
fr o m
w it h in th e p r o v is io n s , o w in g t o t h e n a t u r e o f its lo c a l
t h e s a id
ch eck s
B u t it m u s t b e r e a liz e d
e x t e n s iv e
B ank,
w ith
and
U n d o u b t e d ly
th e
b a n k is
near to
not
th a t
c o n s id e r e d
t r a d e w h e r e a ls o in
bank,
to
N o w , s u c h a re t h e p r o v is io n s
o f p a p e r a d m is s ib le , th e c it y
bank
r e g io n a l
m en su ra te
th e
and
of
be
th e
la r g e
little
r e d is c o u n tin g
of
th a t
bank
th e
sy ste m
be
b a n k in g t h e y c a m e t o p o ss e s s a n e a r n in g p o w e r c o m
is
govern
cou n try
n eeds,
o f t r a d e a n d in t im e c a m e t o r e s t in t h e g r e a t c e n t r e s
access
or
c le a r in g
o f in d u s tr y a n d
Y e t w e fin d t h a t
th e
th e
it
paper
t h a t a g a in s t p r in c ip le .
g o v e r n in g k in d
m eant
by
F o r m e r ly
r e d is c o u n te d
and
cou n try
o f th e se
m o b iliz a t io n o f its re s e r v e s fo llo w e d t h e n a t u r a l b a s is
sy ste m
s h o u ld in h e r e t o e a c h in lik e m a n n e r , a n d t h e
e le m e n t
s h o u ld
th e
w as
p r o p o r tio n a te
sam e
w h e th e r u n d er S ta te
th e
bank
th e
pow er
in s titu tio n s , s o
t h e ir
c o -o r d in a tin g
rem em bered
a quick emergency issue, based on the rediscount of com
mercial paper that must soon retire by payment and
carry with it the notes issued upon it.
M a n ife s tly ,
any
of
c r e d it-m u ltip ly in g
to
it
F o r i t is e x t r e m e l y
co m m u n itie s
d e m o c r a t ic
to
m e n t a n d a d ju d ic a t io n o f th e p r e s e n t p la n fo r a c o u n
c h ie f
o b je c t
s m a ll
r e s p o n s iv e
pow er
tr y -w id e
c o n tin g e n c y o f th e r e tir e m e n t, s lo w ly , o f th e p re s e n t
fo rm
so
th e
in h e r e n t
and
upon
o f p r e s e r v in g
o r m a in ta in e d .
A nd
its
p erm a n en t
save
by
d e v is e d
c ir c u m
th e
and
ta ile d
is s u in g
a tte n d in g
c o -o r d in a tio n
a tta in e d .
p r a c t ic a lly
th e
n a tu ra l
th em
in t h e t it l e o f t h e b i ll .
g o ld
w ere
of
th e
to
in d e p e n d e n t a n d
based
s e lf-r e tir in g
p e o p le .
th e
banks
b a n k in g
to
cu rren cy
F ed era l R eserv e A ct w as
I t w s s s o n o m in a te d
w as
bank
over
A n d th e re ca n b e n o d o u b t th a t
th e o r ig in a l p u r p o s e o f th e
to
th e m
T h e A ld r ic h -V r e e la n d A c t w a s a re s p o n s e t o
dem and
lik e
t id e
a d v is a b ilit y
e m e r g e n c y o r c r is is .
im p o r ta n t
th is
th e
th e
sy ste m , a n d
it m u s t liv e
t r i b u t e o f a ll t h e b a n k m e m b e r s .
and
s u b s is t u p o n
B u t th e im p o r ta n t
f a c t is t h a t t h e c o u n t r y b a n k a s n o w
c o n s titu te d
has
a lr e a d y lo s t in t e r e s t o n a p a r t o f its d e p o s it s a n d w ill
lo s e
m ore
in
a c c e le r a te d
th e
and
c le a r in g s n o w
t im e
a
of
in tr o d u c e d
op era tes
lo s s
in v o lv e
sy ste m
p o s its
th e
of
o f e s tim a te .
p y r a m id in g
c r e d it
based
on
of
d e p o s its ,
d e p o s its
th is
by
th e
lo s s
w ill
be
c o u n t r y -w id e
N o t o n l y is t h e r e a n e w
th ese
cou n try
ch arges,
corresp on den t
sam e m easure
th a t
in to
a g a in s t th e
c o lle c tio n
fo rm e r
and
in a u g u r a te d .
e le m e n t
w h ic h
th e
fu tu r e ,
a cce n tu a te d
b u t it
banks
c r e d it
ite m s ,
b a n k , a s w e ll a s
is
b e lie v e d
are
a d o p tin g
th a t
th e
T h e fo r m e r c u s to m
m ay
reserves,
vast
it
s h a ll
is
but
in e v it a b le
in h e r e .
in
a
th a t
T h is
lo s s
de
of
i n t e r e s t r e t u r n s t o t h e c o u n t r y b a n k is n o t s o a p p a r e n t
m en,
in
to
N ew
Y ork
C it y
p r e v a ils ,
as
and
b e lie f
t r a d it io n a r y
in
it
is
in
th e
ex trem e
n o -in te r e s t
th e
M id d le
E ast
on
and
to ta l
d e p r iv a tio n
co m p e n s a tin g
of
m ay
F ederal
d iv e r te d
R eserve
by
p u rp ose.
its
A nd
expen se
it
o f th e
s h o u ld
not
be
w eak er th ou g h
o f th e n a tu ra l sy ste m
fr o m
b e fo re
a re
W e have
not
its
be
o r ig in a l
p e rfe cte d
at
th e
n o t le s s in t e g r a l p a r t s
o f c o -o p e r a tiv e
ta le
A N D
B U S IN E S S :
P E N D E N C E
T H E
The
c ity ,
h a s , in
s tre ss
T H E
great
m any
upon
fo r
m e e tin g
A N D
in to
th e
ta k e
a ll t h e
com m on .
le a r n e d
to
arou se
in te r e s t
p a rt o f th e
posed
T h e a im
not
to
an
co -o p e r a tio n
T h e s c ie n t ific m e n
need
S o m e t im e a g o
to
secu re
su ch
p r o m p tin g
on
m ay
th e
be sup
p e r o r ’s b ir t h d a y
by
on
th e
th e
o c c a s io n
R ector
of
o f th e
th e
E m
A d va n ced
fo r
and
crow d
abandon
pass
th e m
over
out
and
m o n e y , is a l t o g e t h e r t o o
te s tin g
a re
w ork
h im
in
of
th e
o f th e ir o w n .
th e ir
th e
m a te r ia ls
hands
of
o f com p eten ce
th e s co p e
w ork
needed
o f th e
in
in
degree
k in d
fo r m s
of
im p o r ta n c e
r e q u ir e d
is
or w ho
of
th em .
r e c o g n itio n
i n i t i a l ,'a s
in
or
m en
o f th e ir in v e s
in v e s tig a to r a n d
in d u s tr y
of
have
a r t is t ic
th e
of
th e
a s s is ta n c e
su b seq u en t,
le a r n e d
d e s ig n .
th e
essen
M a n u fa c tu re rs
o f je w e lr y , s ilv e r w a r e , w a ll p a p e r , c a r p e t s , o ilc lo t h s ,
fu r n it u r e , s ilk a n d
th e fin e r c o t t o n
fa b r ic s , a n d
very
a s v a lu a b le a s th e q u a lit y o f th e ir p r o d u c t s , a n d
in
c o n n e c tio n
ready
o f p u re s c ie n c e .
to
th is
is
of
P a steu r
in
W hen
S im p s o n
e m p lo y
its
fro m
a re
and
expert
w hat
r e la tio n s
b o th
to
d e s ig n e r s .
is
to
are
a lw a y s
needed
th e
in
s c ie n t ific
d o z e n s o f m e n , f o l l o w i n g in t h e
and
L is te r ,
M e tc h n ik o ff,
w h ic h
T hey
s u g g e s tio n s ,
and
d iffe r e n t
w o r ld
and
s c h o o ls .
p r a c tic a l
q u ite
d is c o v e r ie s
art
d e s ig n s
in v e s tig a to r .
t ic s t h a t g o u n d e r t h e n a m e o f S a lv e r s a n .
B e h r i n g , o f P o s e n , in h is l a b o r a
m ake
b u s in e s s
ste p s
T h e o r ig i
w ith
p ro ffe re d
H e t o ld t h e s t o r y o f t h e r e m a r k a b le s e r ie s o f a n t is e p
n a l d is c o v e r e r , v o n
to
o f la b o r a t o r ie s
c h ie fly
th e
to
M any
t ia l
th e
th e g r e a t m a n u fa c tu r e r s
w ith t h e m e n
w ho
th e
o f a lim ite d
o f th e
B ut
w o r k in g in c o n n e c t io n
in v e n t io n
lo n g
m ade,
s t a g e s o f h is w o r k .
try
by
are
is
ren dered
d e v o t e d t o a n a c c o u n t o f th e d e v e lo p m e n t o f c h e m is
p a rt p la y e d
honor and
p ro d u cts,
buy
th e
w a it
bo
T h e la r g e r e s t a b lis h m e n t s h a v e lo n g s in c e
th ese
S c h o o l o f C o m m e r c ia l E d u c a t io n in B e r lin , w h ic h w a s
and
to
c o u ld
m a n y o t h e r s , h a v e d i s c o v e r e d t h a t t h e d e s ig n is q u i t e
th e m s e lv e s .
(M a r c h 2 1 9 1 2 ) w e c a lle d a tt e n t io n
a d d r e s s d e liv e r e d
oth ers
v a lu e
o f t h e a d d r e s s e s is e v i d e n t l y
and
p u b lic .
of
c lo s e d
s e c t io n s ,
tests
th e ir
th e im p o r ta n c e
o r d in a r ily
s h o w a tt a c h e s t o th e r e la tio n b e tw e e n s c ie n c e a n d th e
a ffa ir s o f life .
hands
by
re ce n t e v e n ts
a re
C e r ta in ly th e
a t la s t in d e s p a ir e ith e r t o
or
p a r t ic u la r ly
th is
aw ake
s c ie n c e
s u ffe r
p r o je c t
a re n e c e s s a r ily r e s t r ic t e d
in
a re
of
t h e ir
W hat
w h ic h
m en
c o m p e lle d
e x p e r im e n t s o r
t ig a tio n s
its v a r io u s
im p o r ta n c e
th e
in v e n to r s ,
A d van cem en t
th e
ju s t
a d d r e s s e s in
th e
IN T E R D E
LA BO R A TO R Y.
A s s o c ia tio n
its
T H E
FA C TO R Y
R ESEARCH
A m e r ic a n
o f S c i e n c e , in
la id
OF
m a n u fa ctu re r s ,
a n d o fte n fo r c e d
B ut
b an k s.
of m any
prop er
th e ir
S C IE N C E
our
P erh ap s
t o w o r k o u t t h e ir id e a s in t h e f a c t o r y .
b e fo re
s h o u ld
e s p e c ia lly
s it u a t io n .
n o t s u ffic ie n tly p r o m p t t o a p p ly fo r th e o p p o r t u n it y
sad
e x p e r ie n c e d ,
It
a d m in is tr a tio n
and
th e
ch arges,
be
sy ste m .
s till
W est.
a n im p o r ta n t m a tte r t o th e c o u n tr y b a n k s .
th e
th e
d e p o s its
E ar
co lle c tio n
a d v a n ta g es
w h ere
c o n d itio n s th a t
I t is in t h e l i g h t o f t h e s e f a c t s a n d
th e
[Vol. 104.
T H E C H R O N IC LE
198
save
L ie b ig
arc
and
g iv in g
in n u m e r a b le
K e lv in ,
th e
w o r ld
o r restore
w e a lth
a s w e ll a s
p e r is h in g in d u s t r ie s , a d d in g
c o l o r w o r k s o f M e is t e r L u c iu s & B r u n n in g , in H o c h s t
t h e w e lfa r e o f n a t i o n s , a n d w h e n a m a n lik e S ir I s a a c
on
of
N ew ton
of
p la y in g o n
th e
M a in , a n d
e n tir e
w as at on ce
p la n t
to
g iv e n
e x p e r im e n t
th e fre e d o m
a lo n g
th e
lin e
m a k in g t h e d is c o v e r y a m a r k e t a b le a r t ic le .
A t la te r
s h o u ld
c o u ld
absorbed
fo rt,
a re
of
B e r lin ,
ow n ers
and
took
P ro fe s s o r
up
th e
K och
in
p ro b le m ,
th e
a ll
U n iv e r s ity
th e
t im e
th e
o f th e c h e m ic a l w o r k s o ffe r in g e v e r y fa c ilit y ,
b a c k in g
th e
s a tis fa c to r y
show ed
w o u ld
up
e x p e r im e n t s
r e s u lt
how
w as
u n til
at
la s t
o b ta in e d .
d iffic u lt , if n o t
th e
T he
fin a l
speaker
im p o s s ib le ,
th e
ta sk
m en
of
G erm an y,
w ho,
ju d g in g
by
recen t
d e v e lo p m e n t s , h a d s o little n e e d o f it , o r h a v e p r o fit e d
u n iv e r s a l
seem s
need
e s p e c ia lly ,
a tm o sp h e re .
sto ry .
of
th e
T he
be
la r g e r
fo c u s in g
s u p p lie s
p o s s ib ilit y
H ere
id e a
c h e m ic a l w o r k s
on
to
we
w as
in
th e
of
have
e a r ly
to -d a y
of
upon
n itr o g e n ,
g a in in g
it
ta k en
th e
up
by
and,
fr o m
s u b s t a n t ia lly
w o r ld ,
th e
th e
th e
sam e
is
h is
W e
to
th a t
c o n v in c e
im p o r ta n t
and
a
th a t
it
c h ild
o f t r u t h ,”
even
it
an
d is c o v e r ie s
is
w e ll
w o rth
b e r e a d y t o r e n d e r a s s i s t a n c e in
be
th e m ,
p o s s ib le
of
to
fa r
th e
not
s im p ly
m ore
en
but
im p o r ta n c e ,
in v e s tig a to r
fo rw a r d e d
by
a s s is ta n c e ,
p e c u n ia r y
and
th a t
tested
t h r o w in g
th e
in
e x p e r i
p r a c tic a l
te ll o f g r e a t e s ta b lis h m e n t s
h a v in g
con
t h e ir p a r t ic u la r p r o d u c t s , o v e r la r g e a r e a s ,
w ere
co n te n t
to
go
on
w ith o u t
a v a ilin g
th em
s e lv e s o f la b o r a t o r ie s o f t h e ir o w n o r t h e a id o f s c ie n
t ific
tests,
w h ic h
c o n fid e n t
u n e x p e c te d ly
th a t
th ey
knew
fa ile d
and
ceased
p e t it io n a r o s e fo r w h ic h
w h ic h
in
tu rers
a re
in
and
o fte n
c o u ld
tr o l w ith
la r g e s t
t h e R h i n e , fir s t in t h e ir la b o r a t o r ie s , a n d t h e n
m an
rea ch ,
c r e a tin g
w orks
m ay
A n s ta lt,
th e
B a d is c h c
“ lik e
lin e s .
w ho
so g r e a tly b e ca u s e o f it.
A tte n tio n
w hat
as
e v e r y p o in t o f v ie w , t o b e o n th e lo o k
or
cou ra gem en t
by
h im s e lf
argu m en t
a n d to
fo r w a r d in g
m en ts
o f b u s in e s s .
T h e a p p e a l, o f co u rs e , w a s t o th e m a n u fa ctu re r s a n d
b u s in e s s
o u t fo r th e m
open
th e p a rt o f th e m en
w ith in
h is w h ile , fr o m
on
o u s c o -o p e r a tio n
no
b u s in e s s
a lw a y s
w it h o u t s u c h in t e llig e n t a n d g e n e r
h ave been
of
th e sh ore o f th e g rea t o cea n
r e q u ir e
s t a g e s P r o f e s s o r E h r lic h , in t h e U n iv c r s u t y o f F r a n k
fo llo w in g
speak
th e
liv e s ,
t o r y in t h e U n iv e r s it y , a p p lie d t o t h e g r e a t c h e m ic a l
th e
to
to
th ese
days
a lr e a d y
to
b u s in e s s ,
be.
C om
th e y w ere n o t p rep a red , an d
is i n e v it a b le .
con cern ed
th e w a r m a y b r in g t o th e m
M any
w hat
m a n u fa c
th e
c lo s e
of
in t h e w a y o f f o r e ig n c o m
p e t it io n .
T hey
a
E u rop ea n
S ta te s a re th o r o u g h ly a w a k e to th e c o n d i
w h ere
th e
q u e s tio n
of
ch eap
t h a t r e m a in e d , a n d t h a t le d t h e m
w h ere
t h e ir
great
o u tla y
has
pow er
q u ic k ly
s in c e
been
w as
a ll
to N orw a y
t io n s
m ade.
w ill t a k e
T h e s t o r y m a y b e illu s t r a t e d fu r t h e r in t h e U n it e d
its e lf
th a t
of
w ill
on
th en
at on ce
every
be
over
a ll it s p r a c t i c a l f o r m s in t h e ir w o r k s , u n t il it r e a c h e d
p o in t
m ay
th e ir
e x is t,
p e r fe c tly
and
p o s s ib le
It
w hat
th e
c o m m e r c ia l
t h a t th e S c ie n t ific A s s o c ia tio n
th e
h is to r y
p ro d u cts
of
of
a lu m in u m ,
w ith
e le c tr o -c h e m is tr y .
its
m any
B ut
it
m a y b e fa ir ly q u e s t io n e d w h e t h e r o r n o t o u r b u s in e s s
th e
a re
behooves
m eans
o p p o r tu n ity .
of
a ll
a d va n ta ge
m e th o d .
in
to
d o in g
r e a liz e
th e
th a t
th e
m a n u fa c tu r in g
its m o s t s k illfu l fo r m
p r a c t ic a l a p p lic a t io n s , a n d t h e v a r io u s a n d e x t e n s iv e
S ta te s
th a t
su re
a n d a v a il
o f s c ie n t ific
w ith o u t
sam e.
It
is p r e s e n t i n g
d e la y
is
to
w e ll
th e m
J an. 20 1917.]
th a t
C A N A D IA N
W A R
PU R CH ASE S.
c o m m e r c ia l
ca u ses
th e
O tta w a , C a n a d a , J a n . 1 7 1 9 1 7 .
o f C a n a d a a t t h e p r e s e n t t i m e is t h e W a r P u r c h a s i n g
W h a t th e t o t a l o f th e ir a c c o u n t s m a y
b e is n o t k n o w n , b u t s e v e r a l i t e m s c o v e r i n g
1916 a re
m ay
Clothing, boots, &c_________________________________________ $35,000,000
M otor trucks and other vehicles_____________________________ 3,000,000
A ccoutrem ents ______________________________________________ 3,000,000
Arsenal supplies, cartridges, rifles, machine guns and revolvers 17,000,000
1,000,000
Drugs and surgical instruments_________ _____ ______ ________
Furniture, hospital suppliesand stores_______________________
6,000,000
Transportation of troops to seaboard and to England________ 10,000,000
Maintenance of men while in Canada, not including pay, about 25,000,000
of
C o m m is s io n
1 8 6 ,0 0 0
has
ton s
a ls o
of
bought
on
h a y , 4 5 ,0 0 0
a b o u t 3 0 ,0 0 0 ,0 0 0 b u s h e ls , a n d
Im p e r ia l a c
ton s
of
o a ts,
or
1 8 7 ,0 0 0 t o n s o f flo u r ,
r e p r e s e n t in g a t o t a l c o s t o f o v e r $ 3 7 ,0 0 0 ,0 0 0 .
T he
B r itis h
W ar
O ffic e
P u r c h a s in g
D ep a rtm en t
Cottons and woolens________________________________________ SI ,000,000
Foodstuffs, cheese, canned meats, &c_______________________ 20,000,000
Miscellaneous merchandise of iron and steel_________________ 1,500,000
Other miscellaneous merchandise-----------------------------------------1,500,000
______________________________
F A IL U R E S
c o n s id e r a b le
c o m m e r c ia l
and,
it,
a
lia b ilit ie s
c o m p ila t io n
year.
nor
$24,000,000
of
th ere
a
e x c e s s iv e
to ta ls
to
and
su ch
p r o fit
w o u ld
it
had
been
w ith
th e
not
of
ca se.
to
1914
w hen
e s p e c ia lly
of
th e
usual
la s t
It
and
th e su m
th a t
of
th e
sta rt
of
of
m on th s
not
c o u ld
th e
m ost
an
a
so
fr o m
e ith e r
1912,
in
of
Y ork
th a n
q u ite
of
th e
in
m a
h ib it.
o n ly
a
Q u it e
216
331
in
in
or
in
1914.
a g a in s t
fa c to r y
be
fo r
s a id
W ith
fe w
n o ta b ly
la r g e
Our
record
show s
m a r g in
fo r
s h o w in g
asked,
1916
w hy,
w ere
th e
T h is
b e in g
is
and
fa ilu r e s
th e
of
in
a
fa ilu r e s
m on th s
h ib it
fo r
and
fo r
$ 1 0 0 ,0 0 0
q u a r t e r s ,’
1916
and
we
brok ers,
o b v io u s
w hen
am ount
th ere
$ 1 ,0 0 0 ,0 0 0
over
have
a re
w ere
or
over.
w ith in
th a t
one
in
A u g u st,
S e g r e g a tin g
in to
th e
w ith
s a tis
c o m in g
or
th e
very
t w o in N o v e m b e r a n d o n e in D e c e m b e r .
th e
1915,
com p are
and
M ay,
year
$ 1 4 ,4 6 7 ,6 0 0 ,
am ong
becom es
in
$ 2 1 0 ,
th e
m a n u fa c tu r in g
fo r
and
fo r
tw o
ex
a g a in s t
54
one
to o , a re
c la s s e s
fo llo w in g
by
ex
1915:
LARGE FAILURES IN 1915 AND 1915.
a
pos
Manufacturing.
Trading.
Brokers, etc.
in d iv id u a l
each
in
o n ly
1913
to ta l.
y e a r ’s
409
M oreover,
fa ilu r e s
J an u a ry,
as
num ber
1906.
in
1911
th e
c e r ta in ly
th a t
d e c lin e
to ta le d
in
is
b o th
s in c e
of
$ 2 2 ,7 8 2 ,4 4 1
T h is
fa c t
th e
and
fo r
tw e lv e
la r g e
$ 5 8 ,7 0 0 ,5 3 3
fo r
th a t
s m a lle s t
in
fo r
s ig n ific a n t
th e
th ese
la r g e
w ere
46
th e
ca teg ory
in
$ 6 6 ,5 0 7 ,5 8 9 ,
of
1915
th e
is
fo r
or o v e r ),
fa c t,
$ 3 8 ,9 8 6 ,2 8 8
& c .,
c o m p ile d
q u ite
in
a ccou n ts
s h o w in g , a
can
fe w e r
q u a rters,
le s s t h a n
fe a tu r e
in
163
it
th a n
$ 1 0 0 ,0 0 0
d e b ts
O f
f o r $ 2 5 ,0 5 3 ,0 8 6 .
it
s m a ll
co n tra st
w ere
s tr ik in g ly
w a s a ls o
o t h e r w is e ,
$ 2 9 ,2 5 7 ,5 4 8
d iv is io n ,
in
p r e c e d in g
g rea ter
fo r
$ 1 2 2 ,7 3 9 ,9 0 7
fo r
ou t
a c
a
1914
little
r e p r e s e n tin g
and
n o t ic e a b ly
in d e b te d n e s s
c o n s p ic u o u s
sen se
year
th e
of
(th o s e
no
to
M oreover,
F u rth e rm o re ,
L a r g e fa ilu r e s
111
th e
cou rse
of
No. Liabilities.
No. Liabilities.
No. Liabilities.
th e
to
th a t
d is a s te r s
d a te
d e p r e s s io n
in
s m a lle r
b u s in e s s
cases,
m e rch a n ts,
fo r
it
is
th e
th e
con du ct
or
m ean
th a t
On
th e
d ir e c t
a
s h o e -s tr in g
p r o m in e n c e
be
th e
it
th e
C r e d it
C r e d it
th e
a d a p ta b ility
and
c o n tr ib u t in g
c o lle c tio n s .
th e
to
c ite d
as
c o m m e r c ia l
cau ses
he
th is
H e
u n d e r th e
M r. J.
N a tio n a l
one
of
th e
la ck
of
w ith
la r g e
of
tr a in in g .
w ere
over
and
lo o s e
th e
13 $6,388,852
17 3,987,549
3
674,338
6 $2,377,997
6
899,307
8 1,589,300
S SI,267,754
4
1,352,500
4 1,236,757
First quarter 1916________
do
1915..............
33 SI 1,050,739
57 30,763,042
20 $4,806,604
43 10,278,826
16 S3,857,011
13 7,563,484
A p ril.......................................
M ay_______________________
Juno............ .............................
13 $3,071,582
7 1,360,170
4
620,000
Second quarter 1916_____
do
1915..........
rem ark
3
4
4
$304,988
3,713,437
593,000
8 $3,692,133
2 3,141,782
100,000
24 $5,051,752
42 10,897,456
11 $4,611,425
33 21,371,326
11 $6,933,915
23 6.955,482
57 $16,102,491
99 41,660,498
J u ly..........................................
August......................................
September................................
31 $9,478,029
76 31,650,152
27 $10,790,926
36 14,518,966
6
IS
8
$996,156
4,356,347
3,140,596
3
4
5
*
1
$861,300
1,343.338
864,824
3
2
3
$390,000
2,287,524
345,000
Third quarter 1916_______
do
1915...............
32 $8,499,099
27 7,651,016
October___________________
November____________ _____
December_________________
7 $1,113,338
8 1,442.424
12 2,100,196
Fourth quarter 1916........ .
do
1915..........
27 $4,055,958
37 9,389,019
11 SI,920.109
14 3,197,778
11 $8,968,991
11 6.109.435
Second half-year 1916____
do
1915____
59 S13.155.057
64 17,040,035
23 $4,9S9,571
35 7,336,136
19 $11,991,515
21 10,534,120
Total year 1916.................
do
1915..........
116 $29,257,548
163 58,700,533
54 $14,467,600
111 38.986.288
46 $22,782,441
57 25.053,086
of
II.
A sso
fa ilu r e s , la c k
m e th o d s
c o n c lu d e d
cou n ts
C o m m itte e
m e n t io n e d
a ccou n ta n cy
a b ility
c o m m e r c ia l
m e e tin g h e ld
th e
th e
h u n d red s.
th a t
of
con
at
b u s in e s s
E d u c a t io n a l
s e co n d , to
b u y in g , a b s e n ce o f
in
th e
ca u ses
of
o r ig in
are
c a p ita l
M e n s ’ A s s o c ia tio n ,
M en,
cau ses
sta rte d
e s ta b lis h m e n t
S e cre ta ry -T r e a s u re r
C r e d it
is
w ith
co n tra ry
oth ers
w h ose
cou n ted
e v e r y th in g ;
of
and
m an
th e
January...................................
February..................................
M arch.....................................
and
m ore
w ith o u t
o n e s e lf
s u c c e s s fu lly
back
c a p ita l
m any
h a n d ic a p p e d .
c o n tr ib u t in g
in
s m a lle r
g e n e r a lly
in s o lv e n c ie s
s h o w in g
but
a g a in s t
as
be
cau ses
B ut
D is c u s s in g
th e N e w
ness
m on th
sh ran k
in
57
n u m ber?
of
of
r e s u lt
a lm o s t
not
a u s p ic e s
O th er
by
w a s th e lig h te s t o f a n y
1915
fo r
w ith o u t
fa cts
fa ilu r e s a t a r e c e n t m o n t h l y
of
num ber
ow ed
yea r.
and
C o.
if
m ay
good
answ er
th e
is
la r g e ly .
c ia tio n
fa ilu r e s
th e
of m oney
tra n s p o rte rs,
en h an ced
it
n e c e s s a r ily
d ir e c to r s
T regoc,
th e
w as
First half-year 1916............
do
1915............
m e r e ly
is
to
o n ly
in
b e s id e
fa ilu r e s
c o m m o d it ie s
s tr a n g e
e ffe c t
in to
r e a c h in g
C a p ita l
regard
not
p e r io d ,
a g g reg a te
th e
n a tu re.
o f th e la r g e c o n c e r n s o f t o - d a y
s ta n tly
w ith
th a t
in s ta n c e s .
group
w hen
been
in s ta n c e s
as
c a p ita l
w ith
of
th a n
th e
&
r e s u lts
s m a lle r
th e
r e q u ir e d
m any
a lly
th e
m any
m on th s
t r a d in g
en ex p ectcd
B u t,
to
am ong
does
is
ten d en cy ,
th ree
1916
in
e n te r p r is e .
s m a ll
ca u ses;
and
p r e v e n t ib le .
m on th
any
a g g reg a te
th e
e v id e n c e
bases
im p a ir e d .
g o in g
a b ility
an
th e ir
sy m p to m s
e x c e p tio n , a n d
som e
of
an
of
u n d e r ly in g
som e
w ere
not
a llo w e d
have
even
r e fle c t
c r e d it
ca se
as
th e
In
s im p ly
p r ic e
d iffic u lt
in
D un
s a tis fa c to r y
o th e r w is e .
q u e s tio n
G .
is
g e n e ra l s it u a t io n
fa ilu r e s
s e s s io n
It.
num ber
S ta te s
a lm o s t a ll b r a n c h e s o f t r a d e a n d
th e
g e n e r a lly
th e
in
in
th e
116
fe a tu re
fin a l
very
in
r e d u c tio n
la c k
th e
p r e v a ilin g in
in d u s try
1916.
U n ite d
s a lie n t
h ow ever,
th a t
be
t iv ity
th e
M essrs.
w as
progressed
w o u ld
th e
of
T h is ,
com e
in
d e c id e d
is
IN
c o n tr a c tio n
d is a s te r s
w ith
have
by
fa c t
1916
w ith o u t
7 1 5 ,9 4 7
of
in
in s o lv e n c ie s
1915
or
a t M o n t r e a l b o u g h t in t h e p a s t t w e l v e m o n t h s :
A
are
n o te w o rth y
s it u a t io n
p e r io d
cou n t,
fa ilu r e s
tra ced
t e r ia lly s o , b u t t h e v o lu m e o f lia b ilit ie s , n e v e r r e a lly
illu s t r a t iv e :
The
be
in s o lv e n c ie s
A
O n e o f t h e g r e a t s p e n d in g c h a n n e ls in t h e D o m in io n
C o m m is s io n .
199
T H E C H R O N IC LE
G e o g r a p h ic a l
serves
to
s it u a t io n
a lr e a d y
w h ic h
th e
a sters
in
d ecrease
S ou th
In
a n a ly s is
a cce n tu a te
a re
year
A tla n tic a n d
th e
A tla n tic
m a tter
of
d iv is io n
th e
In
d iv id e d
w ere
p a r t ic u la r y
2
5
4
le s s
la r g e
S ou th
in
th e
out
m ost
fa v o r a b le
in to
M id d le
of
d is
w ith
1915,
h ow ever,
$874,161
3,615,178
4,479,652
s e c t io n
num ber
in
th e
4
2
5
c o m p ila t io n
very
C en tra l g ro u p s
lia b ilit ie s ,
s ta n d s
1916
every
th a n
8 S3.022.524
.10 4,424,685
$253,717
870.995
795,397
g e n e r a lly
d is c lo s .e d .
retu rn s
th e
of
th e
12 $3,069,462
21 4.138.358
th e
A tla n tic ,
o f S ta te s.
th e
M id d le
p r o m in e n tly
in
200
T H E C H R O N IC LE
the extent of the improvement this year. That
section, comprising the States of New York, New
Jersey and Pennsylvania, shows a decline from
104% million dollars in 1915 to 62% millions in
1916, and of the decrease of 41% millions no less
than 33% millions is in New York. Moreover, the
debts of the late year in the Empire State fall below
all years since 1908. The feature of the returns
from the South Atlantic group is a considerable
drop in liabilities in Georgia and Florida, States
in which lumber insolvencies contributed to largely
swell the totals last year. The Central East di
vision exhibits a marked contraction in debts—
some 30 million dollars in fact— of which much
the greater part in Indiana, the large total in that
State in 1915 being due primarily to the Itumely
failure. The only States in which a really un
satisfactory liability situation is reflected this year
are Tennessee and Colorado.
As compiled by Messrs. It. G. Dun & Co. the
number of failures in 1916 in the United States was
16,993 with liabilities of $196,212,256, this com
paring with 22,156 and $302,286,148 in the pre
ceding year, 18,280 and $357,908,859 in 1914 and
16,037 and $272,672,288 in 1913. The latest ag
gregate of indebtedness, moreover, was exceeded
not only in all the years subsequent to 1911 but
also in 1910, 1908, 1907, 1896, 1893, 1884, 1878,
1875, 1873, 1861 and 1857. The failures situation,
quarter by quarter, the last two years is set forth
below:
[Vol. 104.
for 1915— 59 million dollars— and contrasted with
1914 records a contraction of 74% millions. Broker
age, &c., failures were also much less than in the
previous year, both as regards number and amount.
Banking insolvencies likewise were not only de
cidedly fewer than in 1915 but liabilities were very
materially less.
T O T A L F A IL U R E S .
Number.
1916.
1915.
Liabilities.
1914.
M a n u f a c t u r in g .......... 4,196 5,116 4,620
T r a d i n g ....................... 11,923 16,030 12,851
O t h e r ............ ...............
809
874 1,010,
1916.
1915.
1914.
$72,999,580 $112,026,484 $135,636,279
91,373,828 150,233,047 105,804,852
31,838,848
40,026,017
50,407,728
T o t a l ........................ 16,993 22,150 18,280 $196,212,250 $302,286,148 $357,908,859
10,396,779
B a n k i n g __________ _
50
50,005,107
133j
212
37,223,235
T o t a l a l l ................... 17,043 22,289 18,492 20 6,609,035 $339,509,383 $4 13,913,960
In common with the United States, the com
pilation of failures in the Dominion of Canada for
1916 makes a very gratifying exhibit. Commercial
defaults numbered only 1,685 with an indebtedness
of but $25,069,534, these results contrasting with
2,661 insolvencies for $41,162,321 in the previous
year and 2,898 in 1914 for $35,045,095. Failures
were less numerous in all the provinces except
Prince Edward Island and as regards liabilities
most favorable comparison with a year ago was
to be noted in Quebec, British Columbia and Sas
katchewan. The improvement this year, more
over, extended to each of the three groups in which
the failures arc classified. These manufacturing
reverses contributed liabilities of but $8,796,646,
against $13,877,414 in 1915 and $11,063,191 in
F A IL U R E S B Y Q U A R TE R S .
1914. Trading insolvencies involved only $12,
290,368, against $21,696,890 and $18,677,935, the
1016.
|
1915.
improvement as contrasted with a year earlier being
Average |
Average
No.
Liabilities. Liability: No.
Liabilities. Liability.
very general in the various lines. Finally among
F i r s t Q u a r t e r , .......... 5,387 $61,492,746
$14,648
11,415 7,216 $105,703,355
agents, brokers, &c., the debts were but $3,982,520,
15,004
49,748,675
S e c o n d q u a r t e r _____ 4,108
12,110 5,524
82,884,200
T h i r d q u a r t e r ______ 3,755
11,543 4.548
11,626
43,345,286
52,870,525
whereas in 1915 they reached $5,588,017 and in
F o u r t h q u a r t e r _____ 3,743
41,025.549
60,822,068
11,120, 4,868
12,494
1914 a slightly smaller amount. There was com
T o t a l , y e a r ______ 16,993 $196,212,256' $11,547 22 ,1 56 S302,286,148
$13,644
plete freedom from banking insolvencies during the
It will be noted that the situation improved year.
steadily as the year progressed, the liabilities in the
final quarter reaching only 41% million dollars or
the smallest for that period since 1909. Further RAILROAD GROSS A N D NET EARNINGS FOR
NOVEMBER.
more, for the second half of the year the total was
26 million dollars less than that for the first six
The striking feature in our compilation of the
months, 28% millions under the corresponding earnings of United States railroads for the month of
period of 1915, and less than half that of 1914.
November which we present to-day in the usual
The favorable nature of the 1916 exhibit becomes comprehensive and complete form, is the great
more apparent when we consider it in the light of augmentation revealed in the expenses. The gains
the steady increase, year by year, in the number in the gross continue notably large, especially bearing
in business. In 1916 the relation the number of in mind that in certain sections of the country the
failures bore to the number in business was only carriers are feeling the effects of the 1916 failure of
0.99% , against 1.32% the previous year, 1.10% the spring wheat crop and that comparison is with
in 1914 and an average of 0.97% for the twenty big totals the previous year, but practically the
years 1896 to 1915 inclusive.
whole of this further gain in gross revenues has been
One other feature of the failures statement re eaten up by increased expenses. To state the case
mains to be considered and that is the record of in a nutshell, the increase in the gross earnings for the
disasters as segregated into branches of trade, and month reaches $23,652,274, or 7.71% , but only the
here, as in the general compilation, a satisfactory insignificant sum of $323,090 out of this has been
status is revealed. In the manufacturing division carried forward as a gain in the net, owing to the fact
the number of insolvencies was very appreciably that expenses have risen in amount of $23,329,184.
less than in 1915 and the diminution extends to all
------------- Increase------------November (471 Roads)-—
1910.
1915.
Amount.
%
but one of the fifteen subdivisions (milling and
M ile s o f r o a d __________________
248,863
248.058
+805
.033
bakers). The aggregate indebtedness for the twelve G ro s s e a r n in g s _________
S330.258.745
$306,606,471 + S 2 3 , 652,274 7.71
months at $72,999,580 is over 39 million dollars O p e r a t in g e xp e n s e s ____________ 21 1,885,209 188,556,025 + 2 3 ,3 2 9 ,1 8 4 12.38
N e t e a rn in g s _______________ $118,373,530 8118,050,446
+ $ 3 2 3 ,0 9 0
0.28
under 1915 and falls below 1914 by 62% millions.
That the rise in operating expenses should now be
In the trading group every branch of business shows
fewer casualties than in the previous year and playing such a prominent part in railroad operations
diminished liabilities are the universal rule. The cannot be deemed surprising seeing how the cost of
aggregate at $91,373,828 is very much less than materials and supplies and everything else entering
J an. 20 1917.]
T H E C H R O N IC LE
201
into railroad operations (not omitting railway labor) P R I N C I P A L C H A N G E S I N GROSS E A R N I N G S I N N O V E M B E R ,
Increnspv
has risen. In the case of many separate systems the S o u t h e r n P a c i f i c __________8 1 ,3 7 8 ,7 4 3 E l P a s o S o u t h w e s t e r n ____ Increases
$ 2 5 1 ,9 7 1
U n i o n P a c i f i c _____________ 1 ,3 6 1 ,6 1 4 I n t e r n a t ’l & G r e a t N o r . .
2 4 7 ,5 6 9
increases in expenses are outrunning the gains in gross P e n n s y l v a n i a _____________ o l ,1 8 7 ,2 6 9 S t L o u i s S o u t h w e s t e r n ___ 2 4 1 ,9 5 1
A tc h T o p e k a & S a n ta Fe_
9 9 9 ,5 3 8 V i r g i n i a n .................
2 2 8 ,7 3 2
l
,8 6 8
receipts. Especially is it true of the great systems S oe uwt hYeor n k RCaeinw raa yl ________ 6 9 6 5 ,9 3 4 W e s t e r n M a r y l a n d .............. 2 0 6 ,4 5 0
N
r
t
________
947
2 0 5 ,9 3 6
T e x a s & P a c i f i c ......................
L
i
&
s h v i l l e ___
2 2 ,9 5 0
2 0 1 ,3 5 9
in the Eastern part of the country. We may refer Moi u ssovui rl lie P a c iNi a ___________ 8 7 7 ,0 0 7 V a n d a l i a ---------------------s
f c
7
C h i c a g o & A l t o n _________
1 9 5 ,9 6 3
C ic
1 ,3 8 6
more particularly to those typical properties, the M hi c hai g o n& CNeonr tt rha lW e s t e r n 7 3 2 ,7 9 1 N e w O r l T e x & M e x . . . . 1 9 5 ,7 1 1
ga
________
72
M a i n e C e n t r a l ........................
1 6 2 ,9 0 5
l
h i o ________
6
W
n
a
Pennsylvania Railroad and the New York Central. Bl lai ntoi ms oCr e n& r aOl ____________ 6 8 4 ,7 1 1 C i e s t eNr e w P O c li f i&c ___________ 1 5 9 ,2 8 9
I
i
e t
7 7 ,8 7 0
ne
r
Te x Pac.
1 5 6 ,9 5 3
C
&
5 8 7 ,2 6 2 D e
The Pennsylvania Railroad, on the lines directly M hi si cs oRuor ic kK aI s ls a s P&a c eLxi n e s 5 8 1 ,2 3 2 C h inc v e rt & aRuilo MG irnann d&e ____. 1 5 1 ,5 4 3
n
T
as.
S P
O .
1 3 7 ,5 7 7
S t L o u i s - S a n F r a n c is c o . .
5 7 8 ,4 0 6 D u l u t h & I r o n R a n g e ____
1 3 4 ,8 3 5
operated both East and West of Pittsburgh, reports W a b a s h ______________ . . . . 5 5 7 ,2 4 8 K a n s a s C i t y S o u t h e r n ___ 1 1 9 ,5 4 6
r
i
y.
4 7 7 ,0 6 8
a
C
t
L o u i s ___
11
a loss in net of $1,208,343 on a gain of $1,187,269 in C hu ilcuatgh o MBiu s la b&e Q u Nnoc ___. 4 6 2 ,4 0 5 N e rsoh M h aqt u e&t tS t___________ ___5 ,0 9 0
D
s
&
P
ar
e
1 1 1 ,9 9 9
o
h
St L . .
1 ,6 5 6
e ________
gross. Including all lines owned and controlled C tl eav n t iCc i nCe o C s ti c L&n e ______ 4 6 7 ,3 6 1 P irtitzs && N Leawk eM E xr ii c o _______ 1 1 0 ,1 4 7
A l
a
i
45
A
e
1 0 8 ,9 2 0
e
t
which make monthly returns to the Inter-State Com N h iYl a N e lw hHaa v&e nR & a H anr g f. .. 4 3 3 ,5 0 5 C h ic a g o G r e a t W e s t e r n . . 1 0 4 ,3 3 8
P
d p i
e di
4 2 6 ,3 6 2
S e a b o a r d A i r L i n e . . . ____
3 8 4 ,9 9 4
g
s
merce Commission the result is somewhat better, N o r f o l k & W e s t e r n _______ 3 5 8 ,9 7 7 R eip r eosuern ct ionm p i53 t i roona.d. $ 2 3 ,0 8 3 ,1 4 2
n
la
Y a z o o & M i s s V a l l e y ____
3 5 8 .6 5 5
Decreases.
but even then there is a loss of $911,944 in net, with N o r t h e r n P a c i f i c . . .............. 3 5 2 ,8 1 3 M i n n e a p S t P a u l & S S M . $ 9 2 5 ,1 8 5
P h i la B a l t & W a s h _______
3 2 8 ,6 9 0 G r e a t N o r t h e r n ___________
8 2 8 ,1 1 8
a gain of $2,019,695 in the gross. This, however, B o s t o n & M a i n e _________ 3 2 3 ,8 7 4 C i n e H a m & D a y t o n . . - ___ 1 7 4 ,0 7 2
C h ic a g o M i lw & S t P a u l . .
3 1 1 ,1 2 0 P i t t s S h a w m u t & N o r ___
1 2 5 ,2 5 2
is after no less than $7,865,302 increase in gross and C h e s a p e a k e & O h i o .............. 2 9 4 ,5 1 0
F l o r i d a F a s t C o a s t ------------2 7 9 ,1 6 2
R e p re s e n tin g 4 ro a d s in
$5,694,751 increase in net in November of the pre
-----------.2 6 1 ,3 7 7
o u r c o m p i l a t i o n ______ $ 2 ,0 5 2 ,6 2 7
o
f
A 0 .;
A l l t h e f i g u r e s i n t h e a b o v e a r e o n t h e b a s is o f t h e r e t u r n s f il e d
e
S
m
C
s
e e
t
vious year. The New York Central makes a similar w i t h t h d o Innot te rs-h ot a t et h eC o omt a l elrocre a n yo m ym ti e s i o nw. e hWa h e r c o, m hb oi nweedv et rh,e sh e sae
w
t
s s m,
v
ep
r a t e r o a d s s o a s t o m a k e t h e r e s u lt s c o n f o r m a s n e a r l y - a s p o s s ib l e t o t h o s e
showing; it has added $947,934 to gross, but loses no g t v e n i o t h e s t a t e m e n t s f u r n i s h e d b y t h e c o m p a n ie s t h e m s e l v e s
is t h e r e
sy
R
o
he
i
P
less than $1,170,257 in net. This is simply for the s y la aInhi is Companysau nl td f tohr e t hPei t tPs eb n n g h l vCa inn icai n H a t.i, Ct h igceat g o r &w Stth Lt h e i s e nhne
v
a
ur
n
ou
t
.
;
t
0
e
n
p
y
New York Central proper as enlarged by the absorp i$ n 1r7 S 8W g?a in RaKn d, r ehpeo r Pi.n gC $ 7C 5 ,6&5 3S in. c rLe.a s8e3, 6t3h,7 2P e n a isny l v a Inni a l uCdoim g a anll
1 ,8 9
t
.
.
t
7 g
c
n
w
d
r
i
a e
n h
r t
tion of the Lake Shore and some other, but minor, lin ems mo e rnceed Caonm mc iosns ti oonl,l e tdh ew h ecshu l m isk a maoi n t o fl y$ 2e,0 u r9n s 9t5o. t h e I n t e r - S t a t e
Co
r
t
g
1 6
6 T h e s e f ig u r e s c o v e r m e r e l y t h e o p e r a t i o n s o f t h e N e w Y o r k C e n t r a l
roads. Including the various auxiliary and con
trolled roads, the whole going to form the New York
P R I N C I P A L C H A N G E S I N NET E A R N I N G S I N N O V E M B E R .
Central System, the result is a loss of $864,452 in net
Increases.
Increases •
A t c h T o p e k a & S a n t a F o . $ 9 5 8 ,8 7 7 D u l u t h & I r o n R a n g e ____
S 1 0 6 .0 1 7
on a gain of $2,432,743 in gross. The previous year U n i o n P a c i f i c _____________ 7 9 5 ,2 6 3
S o u t h e r n P a c i f i c ...................
7 1 7 ,9 6 3
R e p re s e n tin g 30 ro a d s
for the same month the New York Central System I l l i n o i s C e n t r a l ____________ 6 9 0 ,6 5 5
i n o u r c o m p i l a t i o n . . $ 9 ,2 3 7 ,7 3 5
L o u i s v i l l e & N a s h v i l l e ___
5 2 9 ,4'8 7
recorded $7,472,657 gain in gross and $6,478,073 S o u t h e r n R a i l w a y ________ 3 8 5 .1 7 5 „
Decreases.
M i c h i g a n C e n t r a l ________
3 7 2 ,3 0 2 G r e a t N o r t h e r n ...................... $ 1 ,6 5 5 ,7 3 0
W a b a s h ____________________
gain in net.
3 5 1 ,2 5 1 P e n n s y l v a n i a ------------- ------------a l , 2 0 8 ,3 4 3
D u l u t h M i s s a b e & N o ___
3______7_ N e w Y o r k C e n t r a l _________6 1 ,1 7 0 ,2 5 7
3 4 ,5 1
P
i
66
There are many other instances of reduced net, or M hi si cs oRuor ic k aI c li f&c ___________ 3 3 3 1 1 0 6 Erie-----1,071,437
C
s
P a c L in e s
2 9 6 ,6
M i n n e a p S t P & S S M ___
8 7 2 ,0 7 2
very small gains in net in face of very satisfactory Y a z o o & M i s s V a l l e y ____ 2 8 2 ,7 3 7 D e l a w a r e L a c k a & W e s t . 4 9 7 ,3 6 0
S t L o u i s - S a n F r a n ________
274 319 C h ic a g o B u r l & Q u i n c y . .
4 2 8 ,5 6 2
S e a b o a r d A i r L i n e ________
262 984 C h ic a g o M i l w & S t P a u l.
additions to gross, and these come from all part of
3 4 7 ,2 4 9
F lo r id a E a s t C o a s t .
2 3 0 ,1 7 3 N Y C h i c & S t L o u i s ____
3 1 2 ,8 6 4
l
h
the country. The Erie, with a very small increase P h liaandt ecl p C ioaa s&t R ienaed. i n g . . 2 1 8 ,6 5 1 G r a n d T r u n k W e s t e r n . . . 1 9 9 ,8 3 6
At
i
L
1 9 5 ,9 5 5 N o r t h e r n P a c i f i c ..................
1 8 9 ,0 1 2
I
a
1 9 4 ,7 8 8 E l g i n J o l i e t & E a s t e r n . . .
in gross ($36,769), falls behind no less than $1,071, Cnhteesranpael a& e G&r e O th iNo o r ___
1 6 7 ,7 0 5
k
_______
P itts b u rg h & L a k e E r i e . .
1 6 3 ,5 8 2
1 8 5 ,8 7 9
437 in net. The Baltimore & Ohio, the Boston & N ionwe O rel wT eO xr l && MT ee xx _____. 1 8 2 .3 7 6 P e r e M a r q u e t t e ___________ 1 6 2 ,5 8 3
N
Pac
C
L e h i g h V a l l e y -------------------------1 6 0 ,6 7 7
o
a
1
Maine and the New York New Haven & Hartford C eenvter aCl ionfeG Ce h ircg i & ________ 1 7 0 ,2 1 1 M i s s o u r i K a n & T e x a s ___ 1 5 3 ,3 0 1
Cl
St L__
5 5 ,2 3 9 B e s s e m e r & L a k e E r i e ___
1 4 8 ,2 1 2
W e s t e r n P a c i f i c ....................
1 5 2 ,5 3 7 D e l a w a r e & H u d s o n ______
1 4 7 ,5
have relatively small additions to net, with quite V a n d a l i a ------------------------------------ 1 4 1 .2 4 6 C e n t r a l o f N e w J e r s e y ___ 1 4 7 ,1 5 6
55
c
N o rth W e s t ..
1 3 9 ,9 8 9
substantial gains in gross. In the West there are- C hri g a ng oa & ---------------------------------. 1 3 8 ,5 3 9 C e n t r a l N e w E n g l a n d ____ 1 2 0 ,6 1 2
Vi
i i n
El
o
w
r n ____
1 3 8 ,4 3 0
p
e i
many .similar instances. Thus the Burlington & P h iPl aa sB aSl to u&t h W e ssthe_______ 1 1 0 ,5 0 7 R ein r eosu rn t cnogm p2 i0l a tr iooand.s. $ 9 ,3 2 4 ,1 0 5
a
i s is t h e
o
h
y
Quincy, with $477,068 increase in gross, has $428,562 v a a i *1 hCompanyr easnudl t tfh er tP iet tPs e n ngs h l vCa innicai nRn R t. i, tCohgiec tahgeor w i t h t t. h e oPuei sn,n st v len a
bur
a
& S
L
h
e
s
n
R
n S 9
ea ,
an a
decrease in net, and the Milwaukee & St. Paul, with P 5 4n7n,5 y8l2v alo si a a nRd . t rheep o r.t iC .g C 6 9& .9 8t .3 Ld .e c$r3 9 s e2 2t hgea iPne. n n Isnycl vl u d iin g Company
$
s
P
.
S
,2
a ll lin e s
n d
c
t
i
e
o
et ns
$311,120 addition to gross, falls $347,249 behind in the o w mem e racned C o o nm rios lsl eodn , wt h ec he sm lat kis amlo snst h lf y $ 9r 1 1u r 4 4 . t o t h e I n t e r - S t a t e
Co
m
i
h r u
o
,9
6 T h e s e f ig u r e s m e r e l y c o v e r t h e o p e r a t i o n s o f t h e N e w Y o r k C e n t r a l
net. The Great Northern suffered a serious loss in i t s e lf , i n c l u d i n g t h e v a r i o u s a u x i l i a r y a n d c o n t r o l l e d r o a d s , l ik e t h e
M h
t ra l, th
g
r
A
e
gross on account of the spring wheat crop shortage', Y oi c k i g aenn tC ae ln System, et h“eB ri e s F lot uis , ”a locs .s, otfh e 8w h o l 5 2g. o i n g t o f o r m t h e N e w
r C
r
u
$ 6 4 ,4
Wc have stated that comparison was with very
losing $828,118 in gross, but the loss in net is almost
double that figure, or $1,655,730. The Soo road has good totals in the previous year. The proof of that
also suffered from the spring wheat crop shortage is in the fact that our statement for November, 1915,
and reports $925,185 decrease in gross, and $872, showed no less than $60,310,622 gain in gross, or
072 decrease in net. The Northern Pacific, with 27.58%, and $50,002,894 gain in net, or in the extra
$352,813 increase in gross, has $189,012 decrease ordinary ratio of 73.52%. Of course, in 1915 com
in net.
parison was with diminished totals in 1914, but that
There arc, however, many returns of a much more fact is not as significant as might be supposed.
favorable type— that is, where there are very satis There were losses in both gross and net in 1914, and
factory gains in gross and net alike. Thus, the these losses were by no means small, and there were
Atchison has added $999,538 to gross and $958,877 also losses in gross and net alike in 1913, but the
to net; the St. Louis-San Francisco $578,406 to decrease for the two years combined fell far short of
gross and $274,319 to net; the Southern Pacific $1, the amount of the 1915 gains. It follows that these
378,743 to gross and $717,963 to net; the Union gains represented only in part a recovery of previous
Pacific $1,361,614 to gross and $795,263 to net, and losses, the remainder reflecting an absolute forward
the Missouri Pacific $777,007 to gross and $333,100 movement of that amount. The falling off in gross
to net. Southern roads, almost without exception, in November, 1914] was $32,646 340 and the falling
give very good accounts of themselves. We may of in the net was $9,578,383; in 1913, the falling
mention particularly the Louisville & Nashville and off was $9,143,593 in gross and $15,069,894 in the
the Southern Railway. The former has added $822, net. For the two years combined, therefore, the
950 to gross and $529,487 to net, and the latter contraction in gross was less than $42,000,000, as
$965,868 to gross and $385,175 to net. In the follow against the 1915 gain of over $66,000,000, with $23,
ing we show all changes for the separate roads or 000,000 more gain in 1916, and the contraction in the
systems for amounts in excess of $100,000, whether net in 1913 and 1914 was less than $25,000,000, as
increases or decreases and in both gross and against the 1915 gain of over $50,000,000. On the
net.
other hand, in 1912 we had very large gains in both
gross and net— $31,968,171 in the former and $12,
701,071 in the latter. Going still further back we
find that in November, 1911, there was a small de
crease in gross, namely $1,767,625, and a loss of $3,
018,867 in the net. In November, 1910, there was
a trifling gain in gross ($994,650), but a loss in net
in the sum of $10,460,960 because of a large aug
mentation in expenses.
In the following we furnish the November sum
maries back to 1896. It is proper to state that for
1910, for 1909 and for 1908 we use the Inter-State
Commerce totals which then were on a very com
prehensive basis, but for preceding years we give
the results just as registered by our own tables each
year— a portion of the railroad mileage of the
country being always unrepresented in the totals
of these earlier years owing to the refusal of some
of the roads at that time to give out monthly fig
ures for publication.
Year.
Nov.
1 8 9 6 ..
1897 . . .
1 8 9 8 ..
1 8 9 9 ..
1 9 0 0 ..
1901 . . .
1902 —
1 9 0 3 ..
1 9 0 4 ..
1905 . . .
1 9 0 0 ..
1007 —
1 9 0 8 ..
1 9 0 9 ..
1 9 1 0 ..
1911 . . .
1912 . . .
1 9 1 3 ..
1 9 1 4 ..
1 9 1 5 ..
1 9 1 0 ..
[Vol. 10-1.
T H E C H R O N IC LE
202
Net Earnings.
Gross Earnings.
Year
Given.
Year
Given.
3
S
55,207,917 61,137,081
.
72,815,681 61,978.481
79,086,654 76,616,617
.
73,002,397 65,872,002
.
91,073,048 87,724,616
.
107,709,028 95,618,077
100,144,534 99,638,088
115,874,619 111,303,371
.
126,357,962 115,108,874
.
133,104,559 120,692,062
140,097,123 131,123,621
.
138,079,281 133,284,422
211,597,792 220,445,465
.
248,087,501 211,784,357
.
248,559,120 247,564,470
.
241,343,763 243,111,388
276,430,010 244,401,845
269,220,882 278,304,475
.
240,235,841 272,882,181
.
300,733,317 240,422.095
.
330,258,745 306 606.471
.
3
— 5,839,164
+ 10,837,200
+ 2 ,470,037
+ 7 ,190,395
+ 3,349,032
+ 12,150,951
+ 6 ,500,440
+ 4,571,248
+ 11,249,088
+ 12,412,497
+ 9,573,502
+ 4,794,859
— 8,847,673
+ 36,303,204
+ 994,650
— 1,767,025
+ 31,968,171
— 9,143,593
— 32,640,340
+ 60,310,022
+ 23,652,274
Year
Inc. ( + ) or
Preceding. Dec. (— ) .
S
Year
Inc. ( + ) or
Preceding. Dec. (— ).
t
3
22,275,149 — 3,421,921
21,737,851 + 6,827,673
28,533,158
+ 421,480
24,882,030 + 2 ,6 1 4 ,3 0 7
+ 589,014
33,154,551
35,200,311 + 5 ,428,822
30,992,904
— 941,729
— 582,140
38,902,778
37,588,510 + 6,691,843
42,232,243 + 5,187,518
46,500,160 + 1,559,127
46,113,471 — 0,942,084
60,294,990 + 8,210,336
74,550,970 + 19,974,158
94,383,397 — 10,460,960
82,009,166 — 3,018,807
80,310,771 + 12,701,071
93,282,800 — 15,069,894
77,507,898 — 9,578,383
07,999,131 + 50,002,894
118,050,140
+ 323,090
18,853,228
27,505,524
28,954,644
27,496,343
33,744,165
40,629,133
30,051,175
38,380,032
44,280,359
47,419,701
48,065,287
39,171,387
74.511,332
94,531,128
83,922,437
79,050,299
93,017,842
78,212,960
07,989,515
118,002,025
118,373,536
Note.— I n 1890 t h e n u m b e r o f ro a d s In c lu d e d f o r t h e m o n t h o f N o v e m b e r w a s 127:
In 1897. 134; In 1898, 130; In 1899, 122; In 1900. 122; in 1901, 109; In 1902. 107;
In 1903, 100; In 1004, 102; in 1905. 90; In 1900, 97; In 1907, 87; in 1908, th e re tu rn s
w e re ba se d o n 232,577 m ile s o f ro a d ; In 1909, 239,038; in 1910, 241,272; In 1911,
234,209; In 1912- 237.370; In 1913, 243,745; In 1914, 240,497; In 1915, 240,910;
In 1910 24 8,863 .
Arranging the roads in groups or geographical
divisions in our usual manner it is found that every
division registers an increase in gross, but four out of
the seven divisions have suffered a decrease in net,
thus again emphasizing the part played by increased
expenses in adversely affecting|the net. Our sum
mary by groups is as follows
S U M M A R Y B Y [G R O U P S .
to
--------------------------------- Gross Earnings-
&
53
Section or Group,
November—
G r o u p 1 (18 ro a d s ) N e w E n g l a n d . .
G r o u p 2(82 r o a d s )E a s t e r n & M ld d lo
G r o u p 3 (61 ro a d s ) M id d le W e s t . .
G r o u p s 4 & 5 (93 ro ads) S o u t h e r n . .
G r o u p s 6 & 7 (70 ro a d s ) N o r t h w e s t .
G r o u p s 8 & 9 (94 ro a d s) S o u th w e s t.
G r o u p 10 (47 ro a d s ) P a c ific C o a s t .
1916.
$
14,062,180
84 ,9 65,20 9
39 ,1 60,58 0
42 ,3 77,98 2
74 ,9 87,67 5
54 ,1 25.66 6
20 ,5 79,44 7
S
1915.
Inc. ( + ) or Dec. (— ) .
13,047,157
81 ,6 00,53 4
36,419,192
3 6 ,8 38,74 0
71 ,6 46,61 5
48,184,831
1 18,869,390
+
+
+
+
+
+
+
S
1,015,023
3 ,364,675
2,741,394
5,6 3 9 ,2 3 0
3 ,34 1,000
5,940,835
1,710,051
%
7.78
4.12
7.53
15.04
4.66
12.33
9.06
¥ -
+ 23,052,27 4
T o t a l (471 ro a d s ) ............................ 3 3 0 ,2 5 8 ,7 4 5 5 3 0 6 ,6 0 6 ,4 7 1
7.71
-------- Mileage------------------------------------------ Net Earntngs1910.
1915.
1916.
1915.
Inc.( + ) or Dec.I— ).
S
S
5
%
G r o u p N o . 1................ 7,828
7,831
4 ,28 0,506
4,302,671
— 22,165 0.51
G r o u p N o . 2 ................ 29,502 29,4 28
25,780,131 29 ,7 79,18 2 — 3,999,051 13.43
G r o u p N o . 3 ................ 23,218 23,528
12,207,094 13,125.974
— 918,280 6.99
G ro u p s N o s . 4 & 5 . . .
42 .1 37 41,852
10,314,812 13,250,707 + 3 ,0 5 8 ,1 0 5 23.07
G ro u p s N o s . 6 & 7 . . .
68,569 08,235 30 ,6 11,05 3 32 ,4 92,00 9 — 1,88 0,956 5.70
G ro u p s N o s . 8 & 9 . . .
58,414 58 ,2 08 20 ,3 32,23 6 17.002,392 + 3 ,3 7 9 ,8 4 4 19.88
G r o u p N o . 10............... 19,195 18,970
8,79 7,104
8,091,511
+ 7 0 5 ,5 9 3 8.72
T o t a l .......................... 248,863 248,058 118.373,536 118,050,440
+ 3 2 3 ,0 9 0 0.28
N O T E . — Group I. In c lu d e s a ll o f th e N e w E n g la n d S ta te s .
Group II. in c lu d e s a ll o f N e w Y o r k a n d P e n n s y lv a n ia o x c c p t t h a t p o r t io n w e st
o f P it t s b u r g h a n d B u ffa lo ; a ls o a ll o f N e w J e r s e y , D e la w a r e a n d M a r y l a n d , a n d
th o e x t r e m e n o r t h e r n p o r t io n o f W e s t V ir g in ia .
Group III. In c lu d e s all o f O h io a n d In d ia n a ; a ll o f M ic h ig a n e x c e p t th o n o r t h e r n
p o n ln s u la , a n d t h a t p o r t io n o f N e w Y o r k a n d P e n n s y lv a n ia w e s t o f B u ff a lo a n d
P it t s b u r g h .
Groups IV. and V. c o m b in e d In c lu d e th o S o u t h e r n S ta te s s o u t h o f th e O h io a n d
e a st o f th o M is s is s ip p i R i v e r .
Groups VI. and VII. c o m b in e d In c lu d e th o n o r t h e r n p e n in s u la o f M ic h ig a n , all of
M in n e s o t a , W is c o n s in , I o w a a n d Illin o is ; a ll o f S o u t h D a k o t a a n d N o r t h D a k o t a
a n d M is s o u r i n o r t h o f S t . L o u is a n d K a n s a s C i t y ; a ls o a ll o f M o n t a n a , W y o m in g
a n d N e b r a s k a , to g e th e r w it h C o lo r a d o n o r t h o f a lin o p a ra lle l to th o S ta to lin e
p a s sin g t h r o u g h D e n v e r .
Groups VIII. and IX. c o m b in e d in c lu d e a ll o f K a n s a s , O k la h o m a , A r k a n s a s a n d
I n d ia n T e r r i t o r y , M is s o u r i s o u t h o f S t . L o u is a n d K a n s a s C i t y ; C o lo r a d o s o u th
o f D e n v e r , th e w h o lo o f T e x a s a n d th e b u lk o f L o u is ia n a ; a n d t h a t p o r t io n o f
N e w M e x ic o n o r t h o f a lin e r u n n in g f r o m th e n o r t h w e s t c o rn e r o f th e S ta te t h r o u g h
S a n ta F o a n d e a st o f a lin o r u n n in g f r o m S a n ta F o to E l P a s o .
Group X. In c lu d e s a ll o f W a s h in g t o n , O r e g o n , I d a h o , C a lif o r n ia , N e v a d a , U t a h
a n d A r iz o n a a n d th e w e s te rn p a r t o f N e w M e x ic o .
RETROSPECT OF 1916.
In publishing on Jan, 6 our review of the calendar
year 1916, we printed the monthly narratives only
for the first two months. In the issue for Jan. 13
we gave the narratives for two months more, and
to-day we add another month.
M O N T H
O F
M A Y .
.—The situation changed greatly for tho
better during May—particularly in the removal of tho tense
anxiety with respect to the outcome of tho submarine con
troversy with Germany. Tho reply of tho German Govern
ment to the communication of our Government with refer
ence to the attack on the Sussox was delivered to U. S. Am
bassador Gerard at Berlin on May 4 and a translation of it
as received by wireless at Sayville from Berlin was made
public in news bulletins soon after the oponing of business
on Friday, May 5. As the communication was given out
piecemeal, just as received, and the tone was unaccommo
dating, it could not readily bo determined whether Germany
had acceded to the American demands or had concluded to
reject them and thereby put tho United States under the
necessity of breaking off diplomatic intorcourso with the
German Government, which, as announced by President
Wilson and Secretary Lansing, was to bo tho result of non
compliance. To make matters worso, tho tone was rasping
and provoking, and gavo the impression of being actually
defiant. As the note was studied more and more it gradually
became apparent that Germany had in reality formulated
a communication which embodied complete acceptance of the
doctrine for which the United States had boon contending,
though thero was a manifest attempt to make observance of
the rules of international law on its part contingent upon
forcing tho Entente Powers to abandon their deviation from
established rules. As to the Sussox itsolf it was announced
that the German Government had handed over to tho proper
naval authorities for early investigation tho evidonco as com
municated by tho United States, and tho note oven wont so
far as to say that, “judging by tho results that tho investiga
tion has hitherto yielded tho German Government is alive
to tho possibility that tho ship mentioned in tho (its) note
of April 10 as having been torpedoed by a German submarine
is actually identical with tho Sussex.” It wont on to add
that “should it turn out that tho commander was wrong in
assuming tho vessel to bo a man-of-war the German Govern
ment will not fail to draw tho consequence resulting there
from.” The German Government emphatically repudiated
tho assertion that tho Sussex incident was to bo considered but
one instance of a deliberate method of indiscriminate destruc
tion of vessels of all sorts, nationalities and destinations by
German submarine commanders. Tho German Govern
ment, however, thought it of little avail to enter into details
at that stage of affairs and would only “stato that it has im
posed far-reaching restraints upon tho uso of the submarine
weapon, solely in consideration of neutrals’ interests, in
spite of the fact that these restrictions are necessarily of ad
vantage to Germany’s enemies.” “Tho German submarine
forces have had, in fact,” it was stated, “orders to conduct
tho submarine warfare in accordance with the general prin
ciples of visit and search, and the destruction of merchant
vessels recognized by international law, tho sole exception
being tho conduct of warfare against enemy trado carried
on enemy freight ships encountered in the war zone sur
rounding Great Britain.” With regard to these, no as
surances had ever been given to tho Government of tho
United States. No such assurances, it was insisted, woro
contained in the declaration of Feb. 8 1916. As tho German
Government had repeatedly declared, it could not dispense
with the use of the submarine weapon in tho conduct of war
fare against onemy trade. Tho German Government, how
ever, had decided to make a further concession by adapting
methods of submarine war to tho interests of neutrals. In
reaching this decision tho German Govornmont was actuated
by considerations which were above tho level of tho disputed
question. The German Government attached no less im
portance to the sacred principles of humanity than did the
Government of the United States. It again fully took into
account that both Governments for many years had co
operated in developing international law in conformity with
these principles, the ultimate object of which had always
been to confine warfare on sea and land to armed forces of
belligerents and safeguard as far as possible non-combatants
against the horrors of tho war. But although these con
siderations were of great weight, they alone would not under
the existing circumstances liavo determined tho attitude of
the German Government. Tho argument then proceeded
asF ofollows:s w e r t o t h e a p p e a l b y t h o 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
r , In a n
C urrent
E v en ts
o n b e h a l f o f t h e s a c r e d p r i n c i p le s o f h u m a n i t y a n d i n t e r n a t i o n a l l a w , t h o
G e r m a n G o v e r n m e n t m u s t r e p e a t o n c e m o r e w i t h a l l e m p h a s is t h a t I t w a s
n o t t h e G e r m a n b u t t h o B r i t i s h G o v e r n m e n t w h i c h i g n o r e d a ll a c c e p t e d
r u le s o f i n t e r n a t i o n a l l a w a n d e x t e n d e d t h i s t e r r i b l e w a r . t o t h e l i v e s a n d
p r o p e r t y o f n o n -c o m b a t a n t s , h a v i n g n o r e g a rd w h a t e v e r fo r th e In te re s ts a n d
r i g h t s o f n e u t r a ls a n d n o n - c o m b a t a n t s t h a t t h r o u g h t h i s m e t h o d o f w a r f a r e
h a v o b e e n s o v e r e l y I n j u r e d . I n s e lf -d e f e n s o a g a in s t t h o ille g a l c o n d u c t o f
B r i t i s h w a r f a r e , w h i l e f i g h t i n g a b i t t e r s t r u g g l e f o r n a t i o n a l e x is t e n c e , G e r
m a n y h a d t o r e s o r t t o t h o h a r d b u t e f f e c t iv e w e a p o n o f s u b m a r i n e w a r f a r e .
A s m a t t e r s s ta n d , th e G e r m a n G o v e r n m e n t c a n n o t b u t re ite ra te re g re t t h a t
th o s e n tim e n ts o f h u m a n it y w h ic h th e G o v e r n m e n t o f th e U n it e d S ta te s
e x te n d s w it h s u c h f e r v o r to th o u n h a p p y v ic t im s o f s u b m a rin e w a rfa re
a r e n o t e x t e n d e d w i t h t h e s a m o w a r m t h o f f e e l in g t o m a n y m il l io n s o f
w o m e n a n d c h i l d r e n w h o , a c c o r d in g t o t h o a v o w e d i n t e n t i o n o f t h e B r i t i s h
J an . 20 1917.]
T H E C H R O N IC LE
G o v c r m p e n t , s h a ll b o s t a r v e d , a n d w h o , b y s u f f e r in g s , s h a ll f o r c e t h e v i c
t o r i o u s a r m ie s o f t h e C e n t r a l P o w e r s I n t o i g n o m i n i o u s c a p i t u l a t i o n
G e r m a n G o v e r n m e n t , i n a g r e e m e n t w i t h t h e G o r m a n p e o p le , f a l l s t o u n
d e r s t a n d t h i s d i s c r i m i n a t i o n , a ll t h o r n o r e a s i t h a s r e p e a t e d l y a n d e x
p l i c i t l y d e c la r e d i t s e lf r e a d y t o u s e t h o s u b m a r i n e w e a p o n i n s t r i c t c o n
f o r m i t y w i t h t h o r u l e s o f i n t e r n a t i o n a l l a w a s r e c o g n iz e d b o f o r o t h e o u t
b r e a k o f t h o w a r , i f G r e a t B r i t a i n l ik e w i s e w a s r e a d y t o a d a p t t h o c o n d u c t
o f w a r fa r e t o th e s e ru le s . S e v e ra l a t t e m p t s m a d e b y t h e G o v e r n m e n t
o f th o U n it e d S ta te s t o p r o v a il u p o n th e B r it is h G o v e r n m e n t t o a c t a c a c c o r d i n g l y f a i le d b e c a u s e o f f l a t r e f u s a l o n t h e p a r t o f t h o B r i t i s h G o v '
e m in e n t .
M o r e o v e r , G r e a t B r i t a i n a ^ a in a n d a g a in h a s v i o l a t e d I n t e r
n a t i o n a l l a w , s u r p a s s in g a l l b o u n d s i n o u t r a g i n g n e u t r a l r i g h t s .
Tho
G o r m a n p e o p lo k n o w s t h a t t h o G o v e r n m e n t o f t h o U n i t e d S t a t e s lia s t h o
p o w e r t o c o n f i n e t h o w a r t o a r m e d f o r c e s o f t h e b e l l ig e r e n t c o u n t r i e s , in
th o in te ro s t o f h u m a n it y a n d m a in te n a n c e o f in t e r n a t io n a l la w .
The
G o v e r n m e n t o f th e U n it e d S ta te s w o u ld h a v o b e e n c e rta in o f a t t a in in g
t h i s e n d h a d i t b e e n d e t e r m i n e d t o i n s is t , a g a in s t G r e a t B r i t a i n , o n t h o i n c o n
t r o v e r t ib le r ig h t s to fre e d o m o f th e se a s. B u t , a s m a tte rs s t a n d , th o G e r m a n
p e o p lo is u n d e r t h e I m p r e s s io n t h a t t h o 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
-mm
3 d e m a n d i n g t h a t G e r m a n y , s t r u g l ln g f o r o x i s t o n c o , s h a ll r o s t r a it .
t h e u s e o f a n e f f e c t iv e w e a p o n , a n d w ________ ___ 0 . o m p l i a n c e w i t h t h e s e
d o m a k in g c
d e m a n d s a c o n d it io n f o r m a in te n a n c e o f r e la t io n s w it h G e r m a n y , c o n
f in e s i t s e l f t o p r o t e s t s a g a in s t i ll e g a l m e t h o d s a d o p t e d b y G e r m a n y ’s e n e
m ie s .
M o r e o v e r , t h e G e r m a n p e o p le k n o w t o w h a t c o n s id e r a b l e e x t e n t
i t s e n e m ie s a r o s u p p li e d w i t h a l l k i n d s o f w a r m a t e r i a l f r o m t h o U n i t e d
S ta te s .
I t w ill, th e re fo re , b o u n d e rs to o d th a t th o a p p e a l m a d e b y th o
G o v e r n m e n t o f th e U n it e d S ta te s t o s e n t im e n t s o f h u m a n it y a n d p r in c ip le s
o f in t e r n a t io n a l la w c a n n o t , u n d e r t h e c irc u m s ta n c e s , m e e t t h o s a m e
h e a r t y r e s p o n s e f r o m t h e G o r m a n p e o p lo w h i c h s u c h a n a p p e a l o t h e r w i s e
a l w a y s Is c e r t a i n t o f i n d h e r o .
I f t h e G e r m a n G o v e r n m e n t , n e v e r t h e le s s ,
is r e s o l v e d t o g o t q t h o u t m o s t l i m i t o f c o n c e s s io n s , i t h a d b e e n g u i d e d n o t
a lo n e b y t h e fr ie n d s h ip c o n n e c tin g th o t w o g r e a t n a t io n s f o r o v e r o n e
h u n d r e d y e a r s , b u t a ls o b y t h o t h o u g h t o f t h e g r e a t d o o m w h i c h t h r e a t e n s
t h o e n t i r e c i v i l i z e d w o r l d s h o u ld t h o c r u e l a n d s a n g u i n a r y w a r b o e x t o n d o d
a n d p ro lo n g e d .
_
!__
203
abandonment of the policy which had so seriously menaced tho
good relations betweon tho tAvo countries, the Government
of tho United States Avould roly upon a scrupulous execution
honceforth of tho now alterod policy of the Imperial Govern
ment such as would removo tho principal danger to an inter
ruption of the good relations existing between the United
States and Germany. To this Mr. Lansing added the
folloAving: 1 he Government of the United States feels it
necessary to state that it takos it for granted that tho Imperial
German Government doe3 not intend to imply that the
maintenance of its newly announced policy is in any way
contingent upon the course or rosult of diplomatic negotia
tions betweon the Government of tho United States and any
other belligerent Governments, notAvithstanding tho fact
that certain passages in tho Imperial Government’s noto of
tho 4th inst. might appear to be susceptible of that construc
tion. In order, hoAvever, to avoid any possible misunder
standing, tho Govornmont of the United States notifies the
Imperial Government that it cannot for a moment entertain,
much less discuss, a suggestion that respect by Gorman naval
authorities for the rights of citizens of tho United States upon
tho high seas should in any Avay or in the slightest degree be
mado contingent upon the conduct of any other Government
affecting the rights of neutrals and non-combatants. Re
sponsibility
not relative. in such matters is single, not joint: absolute,
Simultaneously, evidence of German good faith appeared
in unqualified admission byGormany that tho attack on the
Sussex, in tho light of tho evidence furnished by our Govern
ment, must be regarded as the Avork of a German submarine.
The admission Avas contained in a note received from the
German Minister of Foreign Affairs, Herr von Jagow, under
date of May 8. In its note the German Government, in
acknowledging responsibility, expressed regret over the
incidont, declared its readiness to pay an adequate indemnity
to the injured American citizons, and stated that the com
mander of the submarine had been “appropriately punished.”
Tho essential parts of tho noto aro contained in the following:
It was then declared that tho German Government, con
scious of Germany’s strength, had twice within the previous
few rponths announced before the world its readiness to make
peaco on a basis safeguarding Germany’s vital interests, thus
indicating that it was not Germany’s fault if peace was still
withheld from the nations of Pluropo. Tho Gorman Govern
ment was prepared to do its utmost to confine operations of
tho Avar for tho rest of its duration to tho fighting forces of
of the belligerents. Then came tho important part of the
note, namely, that a noAv order had been issued to German
commanders as follows: “The German Government, guided
by this idea, notifies the Government of tho United States
that Gorman naval forces have roccivod the folloAving order:
‘In accordance with tho general principles of visit and search
and tho destruction of merchant vessels recognized by inter O n t h o b a s is o f t h o A m e r i c a n m a t e r i a l , t h e G e r m a n G o v e r n m e n t cannot
national law, such vessols, both Avithin and without the area w i t h h o l d i t s c o n v i c t i o n t h a t t h o s h i p t o r p e d o e d b y t h o G o r m a n s u b m a r i nh e
declared a naval Avar zone, shall not bo sunk without Avarning pi slaicno ,f atchto Itdlemnot ica an ld wt hi toh etfhf ee c St uo sf stehxo, ef ox rp lions iaocnc obryd awnhciec hw ti thhe tShuisss mxawt earsiadl atm o
e
m
and Avithout saving human lives, unless tho ship attempt to a gaendd ae gr r, eseo itnh at th et heesrseecnat ia ln do eltoani lgso rw bi toh atnhyo qsut ae tset io ne not fs toh fe tphoos G ieb ri mi tay no fc towmo
m
n
s
escapo or offer resistance.’ ” To this, hoAvover, tho Gorman i n d e p e n d e n t o c c u r r e n c e s . A n a d d i t i o n a l r e a s o n is c o n s t i t u t e d b yl t h e f a c t
o
Am e
a
Government saAV fit to add: “But neutrals cannot expect t n a t o t l ic e r sS !lsf s tchx o'"'laU'Iir iacrao nd en sacvr yib ef odu bn yd tfhr aegmm ue pn ot sn of fi r mn gerxopulnods si v ea sI np atrht es
that Germany, forced to fight for oxistonco, shall for tho sako * 9 y r ntl10n t o r p e d o . I n v i e w o f t h e s o c ir c u m s t a n c e s , t h o G o r m a n G o v e r n
ia
of neutral interests, restrict tho uso of an effective Aveapon !!!.!' . ri\ n 'i l y i*Pu t 1 0 a s s u r a n c e g i v e n t o t h e A m e r i c a n G o v e r n m e n t ,
if tho enemy is permitted to continuo to apply at will mothods * a c ? o rila l ,,c o m w h i c h p a s s e n g e r v e s s eels w e r e n o t t o b o Aa t t a c k e d w i t h o u t
of Avarfaro violating the rules of international laAV. Such a de w La r tnhi0n g“, "hdaess ingonte bd o ionn tahdoh en roetdo toof It nh ot h- lt hp ri en ss et .n, t tchaos eG. e r m sa nw aGso Ivnetrinmma et endt
mand Avould bo incompatible Avith tho character of neutrality d o e s n o t h e s it a t e t o d r a w f r o m t h i s r e s u l t a n t c o n s e q u e n c e s . I t t h e r e f o r e
and tho German Government is convinced that tho Govern ep xl op rr ae sbsl oe s I nt oc i dt he on t A m nedr i cdae nc laGr eo sv ei rt sn mr eeandtiniet ss ss inoc epraey r oa gn r ea td er eq gu aa rtde i ni ng d tehmo ndiet ^y
,
ment of tho United States does not think of making such a tt ho o t hc oo mI nmj ua rnedde rA, mwaehroi c ah na s c bi toizoenn sa.p p rI ot p ar ilsa ot e dltyi s pa up np isohveedd. o f t h o c o n d u c t o f
r
demand, knoAving that tho Government of the United States
repeatedly declares that it is determined to restore tho prin
Tho military developments in the different theatres of the
ciplo of freedom of tho soas, from Avhatever quarter it has been war Avere rather important during May. They included the
violated. Accordingly, tho Gorman Government is confi inauguration of an offensive movement of the Austrians
dent that in consequonco of tho noAv orders issued to the naval against the Italians, Avhich was attended by a considerable
forces, tho Government of tho United States will also now con measure of success, also neAv and even fiercer drives by the
sider all impediments removed which may have been in the Germans before Verdun, Avhich Avere also marked Avith some
Avay of mutual co-operation toAvard restoration of the free degree of success, and further progress by the Russians in that
dom of tho seas during tho war, as suggested in tho noto of portion of their campaign Avhich seemed to have for its object
July 23 1915, and it does not doubt that tho Government of the reaching of Bagdad. With reference to this latter, Lon
tho United States Avill iioav demand and insist that the Brit don on May
official neAvs of operations
ish Govornmont shall forthwith observe tho rules of interna on tho Tigris 21 received tho first of Kut-el-Amara. It was
River since the fall
tional laAv universally recognized before tho Avar, as aro laid sont by Lieut .-Gen. Sir Percy Lako, Commander of tho
doAvn in the notes presented by the Government of tho United British forces in Mesopotamia. While it shoAAred that the
States to tho British Government Dec. 28 1914 and Nov. 4 Turks Avere still holding tho Sannayyat position on the left
1915.” Finally, and to inject further doubt, it Avas declared bank of the Tigris, where tho check received by the British
that “Should stops taken by tho Govornmont of tho United had rondered it impossible to relieve General ToAvnshcnd, it
Statos not attain tho object it desires, to have tho laAvs of also
humanity followed by all belligeront nations, the German sian brought tho surprising intelligence that a body of Rus
cavalry, after an adventurous
had
in
Government would then bo facing a iioav situation in which joining General Gorringe’s forces on ride,south succeededthe
the
bank of
it must reservo to itself comploto liberty of decision.”
issued by tho War
After due deliberation, tho President reached tho conclu Tigris. in Tho official communication Lake reported that on
Offico London stated that General
sion that tho German roply must bo accepted as mooting
the enemy
the Bethaiessa advanced
Amorican requirements, but that the German authorities May 19 on the right had vacated Tigris, that General Gorposition
must be apprised that tho United States Avould not admit any ringe following up thebank of the attacked and carried the
qualifications such as tho German Government Avas apparent Dujailah redoubt, but enemy had
tho
ly sooking to imposo. Accordingly, an acknoAvledgmont of Sannayyat position thatleft enemy was still holding the
tho river, and
tho Gorman noto Avas cabled May 8th to Ambassador Gerard mado mention of theon thethat abank of Russian cavalrythen
fact
had
by Soo. Lansing for delivery to the Berlin Foreign Offico. In joined- General Gorringo. Theroforce of speculation as to
Avas much
this tho United States took occasion to mako it plain that Avhonco had come the Russian troops that had made the “bold
German conduct as regards submaino Avarfaro could not in and adventurous rido” mentioned by General
The
any Avay bo mado contingent upon tho course of any negotia general opinion seemed to bo that they must haveLake. from
come
tions between tho United States and any other country, or tho Kermanshah, and it was stated that in that case tho feat
action of such country. The communication of Mr. Lansing Avould have be regarded as a brilliant one, since tho route
was brief. IIo said it Avas especially noted, as indicating tho of somo 150tomiles led “through swamps, over mountains
purpose of the Imperial Government as to the future, that it void of tracks, or Avith roads of tho most primitive character.”
“is propared to do its utmost to confine tho operation of tho This supposition
confirmed in an official report issued
Avar for tlmrcst. of its duration to tho fighting forces of tho at Petrograd MayAvason tho operations in the Caucasus, and *
25
belligerents” and that it Avas determined to impose upon all Avhich stated that “Russian troops operating in the region of
its commanders at sea tho limitations of the recognized rules Kermanshah and
of international law upoh Avhich tho Government of tho tho British forces Kasrishirin have effected a junction Avith
on
beloAV Kut-el-Amara. On
United States had insisted. The Secretary said that through May 22 our Cossacksthe Tigristhe quarters of tho British
out tho months Avhich had elapsed since tho Imperial Govern commanding general.” reached other hand, later in the
On tho
ment had announced, on Feb. 4 1915, its submarine policy, month (May 30) tho Turks Avere able to take tho offensive
“now happily abandoned,” tho Government of tho United in tho Caucasus over a front of 20 miles, and tho Turkish
Slates had been constantly guided and restrained by motives War Office reported tho recapturo of Mamakhatum, 50 miles
of friendship in its patient efforts to bring to an amicablo Avost of Erzerum, Avhich the Russians had somo time previous
settlement tho critical questions arising from that policy. ly taken. The Russian report
Accepting tho Imperial Government’s declaration of its of tho “evacuation” of tho placo.confirmed this, as it spoke
304
T H E C H R O N IC L E
[Vol . 104.
ship as the initial
uprising and was
p The operations in the Verdun region were of the bloodiest a Germanthe act, was held on stop in the the chargo of high
May 17 on
and deadliest description. Offensives prosecuted with the caught inafter examination in the Bow Street Police Court in
greatest determination by the Germans were met with coun treason, Daniel J. Bailey, an Irish soldier and an accom
ter offensives by the French and British and each in turn London. attempt to land arms,
gained some advantage, with the result of bringing many plice in the both indicted for high was also held. aOn May 25
they were
treason,
con
conflicting reports and statements out of which it was diffi sideration of the evidence submitted in the after briefhear
preliminary
cult to get very definite ideas as to what was actually hap ing. On May 17 Premier Asquith was sworn in as a member
pening. At the end of the month, however, accounts of the Irish Privy Council, thus becoming a member of the
seemed to show that the net result indicated some advantage
<
for tho Germans, who had brought large forces from other Irish executive body. his return from Ireland, announced in
Mr. Asquith, after
fronts in order to press the campaign before Verdun.
of Commons
that David Lloyd
In the campaign against tho Italians tho Austrians, after the Houseof Munitions,on May 25the request of the George,
had, at
having bided their time for a year, proceeded with much Minister undertaken to mediate between the opposing British
celerity and made great progress. Berlin dispatches May Cabinet, Mr. Asquith appealed to all sections of theparties
31 (by wireless to Sayville), stated that Austro-Hungarian in Iroland. from discussing the Irish question while House
Lloyd
troops operating on May 30 to the west of Arsiero, in the to refrain
Ireland,
Trentino district, had forced a passage across the Posina George was conducting negotiations.himHis trip to complete
with tho
River and taken tho heights on the southern bank and the the Premier stated, had impressed
the Irish
fortified works of Punta Cordin. This success was followed, breakdown ofconvinced,governmental machinery. He stated
he
the
according to the official announcement issued May 31, from thattimewas come for aafter talkingofwith Irishleaders, that
the
settlement the
Austro-Hungarian headquarters, by a further important combinedhad of both sidos. It developed at problem by
efforts
the hearing
advance in tho region of Asiago and Arsiero. It was, further of the Royal Commission that tho British authorities had
more, stated that during the fortnight sinco tho beginning advance knowledge of the contemplated uprising and also
of the offensive tho Austrians had captured 30,388 Italians,
the Chief Secretary for Ireland, had some
among whom were 694 officers, and had taken 298 cannon. that Mr. Birrell, sought to have moro troops sent to Ireland.
Field Marshal Archduke Frederick, Commander-in-Chief of weeks previously testimony stated that as far back as Mar. 20
Mr. Birrell in his
the Austro-Hungarian armies, issued on tho anniversary of
and
Italy’s declaration of war against Austria-Hungary, an order and Mar. 27 he had had conferences with General Frenchthorn
Lord Kitchener, and had
of the day in which he stated that for a whole year Austro- that “the people of Dublin endeavored to impross upon
should havo evidence that England
Hungary had to await patiently the hour of attack, and
and that soldiers
bands
retaliation. At last this hour had como. “Make your coun still had soldiersparade thoifstreets ofwith bayonets andhave a
to
Dublin would
try free from invaders and create on tho southwest the frontier could bo got on the Sinn Feiners.” In replyitho was told in
which the monarchy requires for future security.” Tho net great effectthe War Office was very busy training men and
that
result of the Austrian operations seems to have been that in effecttroops could not bo spared to be transferred to Ireland.
the course of a few days the Austro-Hungarians regained a that important financial event of the month was the action
large part of tho terrain which they had given up at the An British Parliament in adopting
beginning of tho war and in addition crossed tho enomy’s of the by Reginal McKenna, Chancellor aofresolution intro
tho Exchequer,
frontier at several points. Another development of the duced
which was to compel tho sale to
month was news of the invasion of Macedonia by the Bul the purpose of the mobilization plan of American the Gov
securities
garians. On May 26 the Bulgarians, in five regiments, ernment under
previously withheld
The
imposed
occupied Fort Rupel, on the Struma, the most exposed an added tax of twoby their owners. poundmeasure upon all
(10%)
outwork of Greece, north of Demir-Hissar, and then forts incomes derived fromshillings in the tho British Treasury
securities that
Spatovo, Kanivo and Dragotin, flanking it on the west, south announced its willingness to purchase or borrow. Securi
and cast. Kanivo and Dragotin, it was stated, wero now ties deposited with tho British Troasury wero made oxompt
forst constructed in 1913-14. The Greek garrisons retired. from the additional tax. July 1 was tho date fixed for tho
The Bulgarian force employed was estimated at 25,000 men additional tax. Earlier in tho month the British Treasury
and the operation, it was understood, was for tho purpose of had by means of advertisements in tho English papers
being prepared for possible attack by troops of the Entente urged holders of dollar securities who had not already done
Powers proceeding from Saloniki. Fort Rupel was about so to deposit such securities for the purpose of aiding in
six miles inside Greek territory and commanded the defile support of the sterling exchanges. Tho imposition of a
leading from Bulgaria to Demir-Hissar.
. .
tax
the impression
The British Parliament passed a military service bill which discriminative had convoyed as liberal as the that responses
to this appeal
not been
officials could
King George signed May 25, and which provided for tho have wished and therefore it was found necessary to employ
enrollment of every able-bodied man between tho ages of coercive measures. It was also announced that tho Gov
18 and 41. On giving royal sanction to tho measure, the
beginning
King issued a message to the nation in which ho expressed ernment would, three-year in June, inaugurate a plan for
tho issuance of
Exchequer bonds which
to his people “recognition and appreciation of tho splondid bo easily transferable. These bonds wero oxpocted would
to
patriotism and self sacrifice they displayed in raising by tract much of the money which was being paid out at
for
voluntary enlistment sinco the commencement of the war no dollar securities.
_
.
less than 5,041,000 men—an effort far surpassing that of any A call to French holders of securities of noutral nations,
other nation in similar circumstances recorded in history and payable to bearer, to loan them to tho Government for use
one which will bo a lasting sourco of pride to future genera in guaranteeing exchange operations, was also issued by
tions.” The Act exempted Ireland from its provisions.
tho French Minister of
M.
on May 4.
The situation in Ireland, however, changed greatly for the French Treasury agreedFinance,25% Ribot, not annual Tho
to add
better. The Irish revolt had broken down completely at the of securities deposited with it. In thoto tho of securitiesreturn
ovont
being
close of the preceding month. An official statement, issued
payment was
to tho ownors
on Sunday, April 30, by the British Official Press Bureau, solda by France, ahighest market to be madeduring the proquotation
stated that the rebels wero then surrendering freely, and that on basis of the “Bearor” securities alono wero eligiblo.
the backbone of tho rebellion had been broken. On Monday, ceding quarter. loan was fixed at one year as a minimum
The period of the
May 1, announcement came that tho British troops and the and three years as a maximum. The French Government
Royal Irish Constabulary had brought about tho surrender of promulgated a decree prohibiting tho issuanco of foreign
all the rebel forces in Dublin and that the peoplo in the Irish securties in Franco during tho war. Internal issues wero
capital for the first time in a week were ablo to move freely permitted only with tho sanction of tho Stato. It was tho
about the city unendangered by bullets of rebel snipers. In bolief among bankers that this movomont was part of the
the country districts, also, the rebels wero reported to be lay
of a now
ing down their arms. Short shrift was made of tho rebel plan for the establishment known on French1 credit in this
M. Ribot
May his intention
leaders. Practically all who had been especially prominent country. to holders ofmado
to appeal
securities issued by noutral countries,
in the movement wero tried by courtmartial and executed. particularly Switzerland, Holland, Norway, Swedon, Den
This aroused considerable indignation, even among some of mark, Argentina, Brazil and Uruguay, asking thorn to
the English, it being argued that tho uprising having beon deposit such securities with the Troasury as a means of
suppressed it would havo been good policy to havo pursued equalizing tho exchango rate with tho United Statos. It
a more lenient course, thus placating Irish sentiment. Tho was understood to bo tho purposo of tho Government to
Countess Georgina Markievicz, one of the most prominent negotiate these securities abroad instead of shipping gold.
figures in the revolt, was sentenced to death, but the sentence Austria brought
Hungary.
commuted to lifo imprisonment. The resignation of Augus The Austrian loan out its fourth5war loan as also didfor 40 yrs.,
consisted of l/z % bonds to run
tine Birrell, Chief Secretary for Ireland, was announced by with the issuo price 95 Y i and tho subscriptions aggregated
Premier Asquith May 3. A motion had some time before 2,314,000,000 kronen; also ]/2 % Treasury bills repayable
, been made in the House of Commons demanding the resig- at par in June 1923, with the 5issuo prico 93, the subscriptions
* nation. Mr. Birrell, in resigning, stated that although he aggregating 2,127,000,000 kronen. Tho Hungarian loan
acknowledged his error in underestimating the importance of consisted of 6% consols or rento, not redeomablo boforo Nov.
the Sinn Fein movement, it had not proceeded from any lack 1 1921, with the issuo price 97.20 and 5}^% Troasury bonds
of thought, consideration or anxiety on his part. Sir Mat not redeemable beforo Juno 1 1926, with the issuo price
thew Nathan, Under Secretary for Ireland, resigned his post
the aggregate subscriptions for tho two combined
simultaneously with Mr. Birrell. Later Baron Wimborno, 91.90, 1,800,000,000 kronon. In this country Zimmormann &
Lord Lieutenant for Ireland, likewise resigned, and a com being made an offering of Royal Hungarian 5% treasury
mission was appointed, headed by Lord Hardinge, to investi Forshay Oct. 1 1918. The total amount of 150,000,000
gate the causes of the Irish uprising. Tho British Premier, notes, due was stated, had beon purchased by banks and
marks,
Mr. Asquith, left London for Ireland May 11 with tho view bankers itin Germany from tho Royal Hungarian Govern
to investigating tho Irish situation on the spot. Sir Roger ment. The notes wore offorod at $187 50 per 1,000 marks
Casement, who had been engaged in a plot to land arms from
J an . 20 1917.]
THE CHRONICLE
a n d a c cru ed in te r e s t.
I t w a s p o in te d o u t th a t a re tu rn to th e
n o rm a l ra te o f e x ch a n g e prio r to th e m a tu r ity o f th e T r e a s u r y
n o te s w o u ld y ie ld a p ro fit o f a b o u t $ 5 0 on e a ch 1 ,0 0 0 m a r k s .
C h a n d le r & C o . o f N e w Y o r k a n d P h ila d e lp h ia , a n n o u n c e d
a n o ffe r in g o f G e r m a n T r e a s u r y n o te s in o r d e r , as s t a t e d ,“ to
e sta b lish ce rta in c o m m e rc ia l cred its fo r G e r m a n y ” in th e
U n it e d S ta t e s .
T h e new n o te s w ere in th e n a tu r e o f c o m
m e rc ia l d isc o u n ts an d w ere to b e offe re d as an d w h e n req u ired
a n d th e a m o u n t w as u n d e rsto o d to b e lim ite d to $ 1 0 ,0 0 0 ,0 0 0 .
T h e n o te s w ero a d ire c t o b lig a tio n o f th e G e r m a n G o v e r n
m e n t a n d w ere n o t p u b lic ly offe re d an d w ere to b e p a id o f f a t
m a tu r ity A p ril 1 1 9 1 7 , b y th e C e n tr a l T r u s t C o . o f th is c i t y .
I n sellin g th e m th e y w ero d isc o u n te d lik e c o m m e rc ia l p a p e r ,
th e in te re st on th e b a sis o f 6 % per a n n u m fr o m th e tim e o f
p u rc h ase to m a tu r ity b e in g d e d u c te d .
In th e B r itish H o u s e o f C o m m o n s on M a y 2 3 , P re m ie r
A s q u ith ask e d fo r a w ar c re d it o f £ 3 0 0 ,0 0 0 ,0 0 0 , th is b e in g
th e e le v e n th v o t e o f cred it ask ed fo r , th e w h o le m a k in g a
g ra n d a g g r e g a te o f £ 2 ,3 8 2 ,0 0 0 , 0 0 0 .
O n M a y 1 5 m in im u m
p rices o n B r itish ra ilw a y b o n d s a n d p referen ce sh a re s w ere
fo r m a lly r e m o v e d , th e re m o va l a ffe c tin g 159 sto c k s a n d o th e r
classe s o f secu rities in th e b a la n ce sh e ets o f E n g lish fin an cial
in s titu tio n s .
T h e re su lt w as a m a rk in g d o w n o f p rices o f 10
to 2 0 p o in ts .
T h e a b o litio n o f th ese m in im u m p rices on
B r itish ra ilw a y issues m e a n t , as o n e co rr e sp o n d e n t p u t it,
“ th e th a w in g o u t o f a to ta l o f m o re th a n £ 0 5 0 ,0 0 0 ,0 0 0 o f
secu rities w h ich h a d b e e n fr o z e n u p ” sin ce th e o u tb r e a k o f
th e w a r.
A c c o r d in g to ca b le a d v ic e s G e r m a n y o n M a y 2 4 o rg a n iz e d
its n e w W a r F o o d D e p a r tm e n t a n d a p p o in te d as P re s id e n t
P le n ip o te n tia r y , T o r tilo w itz v o n B a t o c k i, w h o h a d tw ice
d eclin ed th e p ro ffere d p o sitio n a n d o n ly a t th e la s t m in u te
agreed to a c c e p t.
A cen su s o f all m e a t su p p lie s, in c lu d in g
s m o k e d a n d p ick led as w ell as fresh m e a t , w as ta k e n th r o u g h
out
th e G e r m a n E m p ir e .
T h e W h i t e S ta r L in e r C y m r ic
w ith a large ca rg o o f w ar m u n itio n s w a s to rp e d o e d M a y 8 , o f f
th e s o u th w e s t c o a st o f Ir e la n d .
F iv e o f her crew o f 1 0 7 w ere
k illed b y th e e x p lo sio n .
S h e h a d n o passe n ge rs or A m e r ic a n s
on b o a r d .
I n th e h e a rin g in th e lib e l p ro ce ed in g s b r o u g h t b y th e
B r itis h o w n e rs o f th e A p p a m to re c o v e r th e v e s s e l, J u d ge
E d m u n d W a d d ill o f th e U n ite d S ta te s D is tr ic t C o u r t a t
N o r f o lk m a d e p u b lic a c o m m u n ic a tio n a d d re sse d o n M a r . 2
b y S e c . o f S ta te L a n s in g to C o u n t v o n B e r n s to r ff, th e G e r m a n
A m b a s s a d o r , c o n te n d in g th a t th o A p p a m did n o t fa ll w ith in
th e e v id e n t m e a n in g o f A r tic lo X I X o f th e T r e a t y o f 1 7 9 9
b e tw e e n P ru ssia a n d tho U n ite d S ta t e s .
M r L a n sin g a rg u e d
th a t A r tic le X I X is a p p lic a b le o n ly to p rizes w h ich are b r o u g h t
in to A m e r ic a n p o rts b y vessels o f w a r.
T h e A p p a m , how ever,
w a s n o t a c c o m p a n ie d b y a sh ip o f w a r , b u t c a m e in to p o r t
o f N o r f o lk alo n e in c h a rg e o f a p riz e -m a ste r a n d c r e w .
A c
co rd in g to d isp a tc h e s fr o m B e r lin , o n M a y 1 3 , th e A u s tr ia n
p a sse n g e r liner D u b r o v n ik w a s to rp e d o e d a n d su n k in th e
A d r ia t ic S e a b y an e n e m y su b m a rin e w ith o u t b e in g w a rn e d .
T h e sin k in g on M a y 1 6 o f th o D u t c h ste a m e r B a t a v i e r V .
w ith th e loss o f fiv e liv e s , a n A m e r ic a n w ireless e x p e r t b e in g
g iv e n a s a m o n g th e lo s t , w a s re p o r te d .
T h e c a u se o f tho
sin k in g w a s in d o u b t b u t a p p ea re d to be duo to th o ve sse l
h a v in g stru c k a m in o .
F ir s t re p o rts th a t th e B r itis h fre ig h t
s te a m e r E ro tria (w h ich w a s su n k e a rly in th o m o n t h , h a v in g
3 A m e r ic a n s on b o ard w h o w ere s a v e d ) h ad b een tb rp od oe d
w ere fo u n d a fte r in v e stig a tio n b y th e M a r i t im e P r e fe c t o f
L a R o c h e lle , F r a n c e , to h a v e b e e n u n fo u n d e d , it b e in g
e s ta b lish e d th a t th o v e sse l h ad str u c k a m in o .
A u s tr ia
g a v e its ve rsion o f th e sin k in g o f th e R u ssia n b a rk I m p e r a to r
in th e M e d ite r r a n e a n in A p r il b y o n e o f its s u b m a r in e s , an d
fr o m w h ich tw o A m e r ic a n s , o n e o f th e m w o u n d e d , w ere
re p o rte d a s h a v in g beon r e sc u e d .
A u s tr ia denied th a t th e
v e sse l h a d been fired u p on w ith o u t w a rn in g .
S h e a sse rte d
in ste a d th a t th o vessel failed to heed tw o w a rn in g s h o ts a n d
th a t th e su b m a rin e th e n fired a th ird sh o t w h ich w e n t th ro u g h
th o r ig g in g .
I t w a s c la im e d th a t a m p le p ro v isio n w a s thon
m a d e for th o crew .
A m e r ic a n s re m a in in g in M e x ic o w ere o ffic ia lly w a rn e d on
M a y 17 b y U . S . C o n s u ls to le a v e th a t c o u n tr y a t o n c e .
The
w a rn in g w a s a ren ew al o f on e g iv e n earlier in th e m o n t h , b u t
w h ich p a sse d u n h e e d e d .
A c c o rd in g to a n u n d e r sta n d in g
re a ch e d b e tw e e n W a s h in g to n a n d M e x ic o C i t y , C a r r a n z a
tro o p s w ere to u n d e rta k e th e w o rk o f c le a n in g u p n orth o rn
M e x i c o , b u t o p e ra tin g o n ly in te rrito ry w here A m e r ic a n
tr o o p s w ere n o t q u a rte r e d , care b o in g ta k e n n o t to lo t M e x i
ca n tr o o p s c o m e in to su ch p r o x im ity w ith A m e r ic a n tro o p s
a s m ig h t load to c la sh e s.
. T h e r e w a s a fu rth e r se n sa tio n a l rise in th o price o f silv e r
in th o e a r ly p a rt o f th e m o n t h .
I n A p r il th e price in L o n d o n
h a d risen r a p id ly fro m 2 9 d . to 3 5 % d ; a n d b y M a y 3 tho
q u o ta tio n g o t u p to 5 7 % d . , b o in g th e h ig h e st q u o ta tio n for
2 3 y e a r s , o r sin ce 1 8 9 3 , b u t th e la tte r p a rt o f th o m o n th th ere
w a s a sh a rp r e a c tio n , w ith th e prico M a y 3 1 o n ly 3 2 % d .
T h e ro w a s an a c tiv o in q u iry fo r silv e r fro m In d ia o c c a sio n e d
b y th e ta c t th a t largo a m o u n ts o f so v ere ig n s w ere b e in g
m o lte d to m a k o g o o d th e fa llin g o f f in th o im p o r ts o f go ld
b u llio n , th u s ca u sin g a d ecre ase in th e c ircu la tin g m e d iu m ,
a n d n e arly e v e ry w h e re in E u r o p e a n d A s ia there a p p e a re d
u n u su a l d e m a n d s for silv e r— in p a r t o w in g to th e a b s tr a c tio n
o f g o ld fro m circu lation to use in th e p rocess o f tho r e c tific a
tio n o f th e foreign e x c h a n g e s.
T a k in g a d v a n ta g e o f th o rise
th e P h ilip p in e G o v e r n m e n t c o n c lu d e d a r ra n g e m e n ts to sell
7 ,5 0 0 ,0 0 0 silv e r p eso s to th o In d ia n G o v e r n m e n t , th o sale
y ie ld in g , i t w a s s t a te d , a p r o fit to th e In su la r G o v e r n m e n t o f
205
20% .
T h o la tte r h a d co n sid e r a b le a m o u n ts o f s ilv e r sto re d
a t C o rre g id o r a n d w a s u n d e r s to o d to b e r e a d y to d is p o s e 'o f
2 0 ,0 0 0 ,0 0 0 silv e r p e s o s .
( 1
W in t e r w h e a t c o n d itio n c o n tin u e d lo w , b u t w h e a t d ec lin ed
th o la tte r p a r t o f th e m o n th o w in g p a r tly to th e b rea k in g
o f th e d ro u th in th e S o u th w e s t a n d im p r o v e d crop a c c o u n ts
fr o m th a t s e c tio n .
S e p te m b e r w h e a t a t C h ic a g o fr o m
$ 1 . 1 7 % M a y 2 a n d M a y 1 5 d e c lin e d to $ 1 .0 7 M a y 3 1
w ith th e close th a t d a y $ 1 .0 9 .
C o r n a lso d ec lin ed o n m o re
e n c o u ra g in g crop n e w s , th o p rice g e tt in g d o w n M a y 2 9 to
6 8 % c . fr o m 7 7 % c . M a y 1 , w ith th e close M a y 3 1 a t 6 9 % o .
S e p t , o a ts a t C h ic a g o w ere 4 0 % c .
M a y 11 a n d 3 8 c . M a y
2 9 w ith th e close 3 8 % c .
M id d lin g U p la n d s c o tto n in th is
m a r k e t a d v a n c e d fr o m 1 2 .2 0 c . A p r . 2 9 to 1 3 .3 5 c . M a y 1 8 ,
w ith th e close M a y 3 1 a t 1 2 .8 0 c .
P r in t c lo th s a t F a ll R iv e r
re m a in e d a t 4 % c .
R a ilr o a d fre ig h t c o n g e stio n c o n tin u e d a n d th e s h o rta g e
o f ca rs im p e d e d tr a d e in c e rta in d ire c tio n s , b u t th e c o u n
t r y ’ s in d u strie s re m a in e d a c tiv e in th e e x tr e m e a n d as a
m a tte r o f f a c t fre ig h t e m b a r g o e s o n th e ra ilro a d s w ero lifte d
in m a n y d ire c tio n s.
I n th e iron a n d streel tr a d e , a fte r th e
p re v io u s p h e n o m e n a l a d v a n c e in p ric es, th e re w a s so m e
slig h t in d ic a tio n o f a s h a d in g o f f fr o m fa m in e fig u r e s .
Thus
th e “ Iro n A g o ” M a y 1 8 re p o r te d th a t u n d e r freer o ffe r in g s ,
o p e n h e a rth b ille ts a n d sh e e t b a rs h a d so ld a t $ 4 2 to $ 4 3
a t P itts b u r g h , a s a g a in s t $ 4 5 in p re v io u s w e e k s .
C opper
a t N e w Y o r k d ec lin ed fr o m 2 9 c . to 2 8 % c . fo r L a k e a n d
fr o m 2 8 % to 2 8 c . fo r e le c tr o ly tic , w h ile tin a fte r re a ch in g
$ 5 2 .5 0 e a r ly in th e m o n th d r o p p e d to $ 4 5 .7 5 .
L e a d in
N e w Y o r k m o v e d d o w n fr o m 7 .5 0 c . to 7 . 3 5 c . , a n d sp elte r
b r o k e fr o m 1 7 .5 0 c . to 1 3 .7 5 c .
T h o m in e rs in th o A n th r a
cite co al field s ra tifie d a n a g r e e m e n t re a ch e d w ith th e o p e ra
to r s .
T h o p rin c ip a l d e m a n d s b y th e m in e rs w ere a 2 0 %
in crease in w a g e s , a n e ig h t-h o u r d a y a n d re c o g n itio n o f th e
u n io n .
U n d e r th e a g r e e m e n t, th e y w ere g r a n te d th e e ig h th o u r d a y a n d re ce iv ed increases ra n g in g fr o m 3 to 7 % , th e
tw o to g e th e r a m o u n tin g v ir tu a lly to a n increase in w a g e s
of about 1 6 % .
W h ile th e a g r e e m e n t d id n o t p ro v id e fo r
th e re co g n itio n o f th e u n io n ; J o h n P . W h i t e , P re s id e n t o f
th e U n it e d M i n e W o r k e r s o f A m e r ic a , g a v e o u t a s ta te m e n t
s a y in g th a t it re p re se n te d “ th e g r e a te s t sin g le a d v a n c e
w o n b y orga n ized la b o r in th is y e a r o f v ic to rie s .
The
m o n e y v a lu e o f th e increase is a t le a s t $ 1 0 ,0 0 0 ,0 0 0 a y e a r .
M o r e th a n 1 1 0 ,0 0 0 m e n h a v e th e ir w o rk in g h ou rs re d u ce d
fro m 9 to 8 a n d th e sh o rte r w o rk d a y is e sta b lish e d fo r a ll
tim e in th e A n th r a c ite fie ld s .
O th e r im p o r ta n t a d v a n ta g e s
su ch as q u ic k e r s e ttle m e n t o f d is p u te s a n d g r ie v a n c e s h a v e
b e e n w o n fo r all o f th e 1 7 6 ,0 0 0 m in e r s .”
T h e a g re e m e n t
w as re tr o a c tiv e a n d ru n s fo r a p eriod o f fo u r y e a r s fr o m
A p r. 1 1916.
T h e m in e rs faile d to g a in th e clo se d sh o p an d
h a d p re v io u s ly w a iv e d th e d e m a n d fo r a c h e c k -o ff s y s t e m .
A s a re su lt o f th e co n ce ssion s to th e m in e r s , w h o le sa le a n d
re ta il p rices o f co al w ere a d v a n c e d fr o m 2 5 to 5 0 c . p er to n .
T h e U . S . S e n a te re je c te d th e n o m in a tio n o f G e o r g e R u b le e
o f N e w H a m p s h ir e a s a m e m b e r o f th e F e d e ra l T r a d e C o m
m is s io n .
M r . R u b le e h a d b e e n n o m in a te d b y P re s id e n t
W ils o n in F e b ru a ry 1 9 1 5 a s o n e o f th e fiv e m e m b e rs o f th e
F e d e ra l T r a d e C o m m is s io n .
T h o S e n a te co n fir m e d fo u r
o f th e n o m in a tio n s on M a r . 3 1 9 1 5 (on e d a y p rior to th e
a d jo u r n m e n t o f C o n g re s s ) w ith h o ld in g c o n fir m a tio n o f M r .
R u b le e .
H e th e n re ce iv ed a recess a p p o in tm e n t u n d e r
w h ich h e b a d b een s e rv in g s in c e .
T h e rea son fo r th e re
je c tio n ap p ea rs to h a v e b e e n th a t S e n a to r G a llin g e r o f N e w
H a m p s h ir e d ecla re d th a t M r . R u b le e w a s “ p e r so n a lly o b
n o x io u s ” to h im .
W illia m L o r im e r , fo rm e r ly P re s id e n t
o f th e d e fu n c t L a S alle S tr e e t T r u s t & S a v in g s B a n k o f
C h ic a g o , w h o h ad b een ch a rg ed w ith e m b e z z le m e n t a n d
c o n sp ira c y to d efra u d in co n n e c tio n w ith th e failu re o f th e
b a n k in J u n e 1 9 1 4 , w as a c q u itte d o f th e ch a rg es b y a ju r y
in C h ic a g o on M a y 3 .
M r . L o r im e r w a s d e p r iv e d o f h is
se a t in th e U . S . S e n a te in 1 9 1 2 .
M e m b e r b a n k s o f th e F e d e ra l R e s e r v e S y s te m o u ts id e
o f th e C e n tr a l R e s e r v e citie s h a d to p a y o v e r on M a y 1 6
to th e ir re s p e c tiv e R e se r v o b a n k s th e th ird in s ta lm e n t o f
th e ir re se rv e .
T h e F e d e ra l R e s e r v e B o a r d a n n o u n c e d th a t
th e in a u g u r a tio n o f its p ro p o se d c o u n tr y -w id e s y s te m fo r
th e c o lle ctio n a n d cle aran ce o f ch e c k s w h ich h a d b e e n se t
fo r Ju n e 1 5 w o u ld be p o s tp o n e d u n til J u ly 1 5 .
A n a g re e m e n t on th e A r m y R e o r g a n iz a tio n B ill w a s r e a ch e d
o n M a y 13 b e tw ee n th e co n fe re e s o f th e H o u s e a n d th e
S e n a te .
T h e H o u s e h a d p re v io u s ly re je c te d ce rta in a m e n d
m e n ts o f th e S e n a te o n w h ich th e co n fe re e s h a d re p o rte d in
a b ility to a g re e .
T h e bill as a g re e d to p ro v id e s fo r an a r m y
w ith a p ea ce s tr e n g th o f 2 0 6 ,0 0 0 m e n c a p a b le o f e xp a n sio n
to 254 J X X ) in tim e s o f w a r.
T h e re g u la r line o f th e a r m y is
fix e d a t a m in im u m o f 1 6 0 ,0 0 0 a n d a m a x im u m in tim e s o f
p ea ce o f 1 7 5 ,0 0 0 .
T h e v o lu n te e r re servo a r m y o f 2 6 1 ,0 0 0
m e n p ro v id e d in th e S e n a te bill w a s e lim in a te d , le a v in g th e
re se rv e a r m y to th e N a tio n a l G u a r d , to b e fed e ra lize d a c c o r d
in g to p ro v isio n s o f th e H o u s e b ill.
S e n a to r C h a m b e r la in
p u t th e m a x im u m force o f th e N a t io n a l G u a r d u n d e r th e n e w
b ill a t a b o u t 1 7 ,0 0 0 office rs a n d 4 4 0 ,0 0 0 e n liste d m e n , b u t
R e p r e s e n ta tiv e H a y said th e m a x im u m forc e w o u ld b e 4 2 8 ,
0 0 0 in a d d itio n to o ffic e rs .
In s te a d o f th e v o lu n te e r a r m y
fe a tu r e th e c o m p r o m is e m e a su re p ro v id e s fo r train in g c a m p s
fo r v o lu n te e r s fo r w h o m th e G o v e r n m e n t w ill p ro v id e tra n s
p o r ta tio n , u n ifo r m s , su b sisten c e a n d m e d ic a l su p p lie s .
An
im p o r ta n t p ro v isio n is th a t p u ttin g th e G o v e r n m e n t in to th e
n itra te b u sin e ss.
T h is s u b s titu te p ro v id e s fo r a n a p p ro p ria
tio n o f $ 2 0 ,0 0 0 ,0 0 0 , a n d .t h e .m o n e y is to b e ra ised b y th e sale
THE CHRONICLE
206
o f P a n a m a C an al b on d s.
T h e p la n t is to bo o p e ra te d e x
c lu s iv e ly b y th e G o v e r n m e n t a n d “ n o t in c o n ju n c tio n w ith
a n y o th e r in d u str y or e n te rp rise carried o n b y p riv a to c a p ita l”
a n d th e P re sid e n t is e m p o w e r e d to se le ct th e s ite .
T h o p ro
d u c ts o f th e p la n t w h e n n o t n e e d e d m a y b e sold fo r fe rtiliz e r
u n d e r e x e c u tiv e r e g u la tio n s.
T h e S e n a te b ill c o n fe rrin g se lf
g o v e r n m e n t u p o n th e P h ilip p in e s a n d a u th o r iz in g a n d d ir e c t
in g th e P re sid e n t to g r a n t a b so lu to in d e p e n d en c e in n o t less
th a n t w o , n o r m o ro th a n fo u r y e a r s , w a s d e fe a te d in th o H o u s e
o f R e p r e s e n ta tiv e s .
A s a su b s titu te th e la tte r p a sse d a b ill
p r o v id in g fo r a n ew s y s te m o f s e lf-g o v e r n m e n t an d c o n ta in in g
a p re a m b le d ec la rin g th e in te n tio n o f th e U n it e d S ta te s to
g r a n t in d e p e n d en c e u lt im a t e ly , b u t w ith o u t so ttin g a d a te .
T h e m a tte r th e n w e n t to co n ferees o f th e tw o H o u s e s , w h ich
th e fo llo w in g A u g u s t re a ch e d a n a g re e m e n t a lo n g th o lines
o f th e H o u s e b ill a n d th e m e a su re b e c a m e a la w .
T h e b ill a m e n d in g S ec tio n _8 o f th e C la y t o n A n t i -T r u s t A c t
so a s to p e r m it office rs or d ire ctors o f b a n k s in th e F e d e ra l
R e s e r v e s y s t e m , w ith th e a p p r o v a l o f th e R e se r v o B o a r d ,
to * b e o ffice rs or d ire ctors o f n o t m o re th a n tw o o th e r b a n k s
o rg a n iz e d u n d e r S ta te or n a tio n a l la w s , w h ere su ch b a n k s are
n o t in “ su b s ta n tia l c o m p e titio n w ith su ch m e m b o r b a n k s ,”
w a s sig n ed b y P re sid e n t W ils o n on M a y G.
T lio bill a m e n d in g th e P o s ta l S a v in g s B a n k A c t b e c a m e a
la w , in cre asin g th e a m o u n t o f p o sta l fu n d s w h ic h a n y p erson
m a y d e p o s it.
P r e v io u s ly $ 5 0 0 h a d b e e n th e lim it .
U nder
th e a m e n d m e n t d e p o sits b y a n y o n e p erson m a y b e m a d e up
to $ 1 ,0 0 0 u p o n w h ic h in te r e st w ill be p a id a n d a n a d d itio n a l
d e p o sit o f $ 1 ,0 0 0 is p e r m itte d w ith o u t in te r e st.
T h e n ew
A c t also r e m o v e s th e re stric tio n u n d e r w h ic h n o t m o re th a n
$ 1 0 0 c o u ld b o d e p o site d in a n y o n e c a le n d a r m o n th .
A
fu rth e r a m e n d m e n t re la te s to th o in stitu tio n s in w h ic h tho
m o n e y s re ce iv e d b y th e p o sta l b a n k s m a y b e r e d e p o s ite d .
I t w a s a lw a y s a re q u ire m e n t t h a t th e fu n d s re c e iv e d a t th e
P o s ta l S a v in g s d e p o sito r y office s in each c it y , to w n , v illa g e
a n d o th e r lo c a lity m u s t b e d ep o site d in b a n k s lo c a te d th erein
(s u b s ta n tia lly in p ro p o rtio n to th o c a p ita l a n d su rp lu s of
e a ch su ch b a n k ) w illin g to re ce iv e su ch d e p o sits u n d e r th e
te r m s o f th e A c t an d p a y 2 % % in te re st u p o n th e s a m e .
O r ig in a lly , a ls o , d e p o sits c o u ld bo m a d e in e ith e r S ta te or
n a tio n a l b a n k s w h ic h m e t th e re q u ire m e n ts o f th e la w an d
th e re g u la tio n s o f th e G o v e r n m e n t .
W i t h th e e n a c tm e n t of
th e F e d e ra l R e se r v e L a w th is w a s ch a n g e d so as to a llo w
d e p o sits o n ly in m e m b e rs o f th e F e d e ra l R e se r v e s y s t e m .
In
S e p te m b e r 1 9 1 4 th e P re sid e n t v e to e d a bill w h ic h c o n te m
p la te d a re tu rn to th e o ld m e th o d .
U n d e r th o la te s t a m e n d
m e n t o f th e la w p erm issio n is g iv e n to uso n o n -m e m b e r
b a n k s w h ere m e m b e r b a n k s are n o t a v a ila b le or fail to q u a li f y .
C h a n g e s w ere also m a d o in th e w o rd in g o f o th e r p a r ts o f th e
la w , so m e o f th e m im p o r ta n t in th eir e ffe c ts .
rl b u s, in th o
se n te n ce re a d in g th a t “ th e B o a r d o f T r u s te e s sh a ll ta k e fro m
su ch b a n k s su ch se c u rity in p u b lic b o n d s or o th e r secu rities
authorized by Act of Congress or s u p p o rte d b y th e ta x in g
p o w e r , as th o B o a r d m a y p re scrib e , a p p r o v o an d d e e m s u f
fic ie n t an d n e ce ssa ry to in su re th e s a fe ty a n d p r o m p t p a y
m e n t o f su ch d e p o sits o n d e m a n d ,” th e w o rd s w e h a v e p u t
in ita lic s are n ew a n d th e y m e a n , as e x p re ssly sta te d in tno
co u rse o f th e d e b a te , t h a t sh o u ld C o n g re ss e n a c t a ru ral
c r e d it la w (as it su b se q u e n tly d id ), th e F a r m e rs L a n d b o n d s
a u th o r iz e d th e reu n d e r b e c o m e a c c e p ta b le as se c u rity fo r
p o s ta l fu n d s o n d e p o sit w ith th e b a n k s .
•
I n th is S ta t e G o v e r n o r W h i t m a n a p p ro v o d a n A c t p ro
v id in g for a m e n d m e n ts to th e T o r r e n s L a w , e n a c te d in D O o
fo r th e re g istra tio n o f title s to real e s ta t e .
T h e am endm ent
is in te n d e d to sim p lify a n d ch e a p e n tho p ro ce d u re fo r the
re g istra tio n of title s .
I n M a s s a c h u s e t ts a n in c o m e ta x
m e a su re b e c a m e a la w p ro v id in g fro a ta x o f G % on in co m e s
fr o m in ta n g ib le p r o p e r ty , 1
on in c o m e s fro m a n n u itie s,
p ro fe ssio n s, e m p lo y m e n t, tra d e an d b u sin e ss, an d o /o on
n e t p ro fits o f sp e c u la tio n or tr a d in g in se cu ritie s,
th e
M a s s a c h u s e t ts S u p re m o C o u r t in th e ca se o f th o G e n e ra l
L a b o r e r s ’ In d u stria l U n io n N o . 3 2 4 (a ffilia te d w ith the
I . W . W . o r g a n iz a tio n ) a g a in st th e H o d c a m e r s , B u ild in g a n d
C o m m o n L a b o re r s’ U n io n N o . 2 0 9 , a ffilia te d w ith tho
A m e r ic a n F e d e r a tio n o f L a b o r (in w h ich th e relief so u g h t w as
p ro te c tio n a g a in st in terfe re n ce a n d a t te m p te d b o y c o t t i n g ) ,
g a v e a n in te rp re ta tio n to a s ta tu t e o f th e S ta t e d ec la rin g lab o r
sh o u ld n o t b e c o n stru e d as a p ro p e rty r ig h t.
T h is s ta tu te
w a s e n a c te d in 1 9 1 4 a t a b o u t th o sa m e tim e w ith th e C la y t o n
L a w a n d c o n ta in e d a n e x e m p tio n clau so w h ich fo llo w e d tho
te n o r o f th a t law th o u g h n o t in th e sa m e w o r d s .
C h ie f
J u stice R u g g , sp e a k in g fo r th o fu ll B o n c h , h e ld , h o w e v e r,
“ T h a t th e rig h t to w o rk is p ro p e rty c a n n o t bo lo n g e r an op on
q u e s tio n .
*
*
*
I t is p ro te c te d b y tho F o u r te e n th
A m e n d m e n t to th e C o n s titu tio n o f th e U n it e d S ta te s a n d b y
n u m e ro u s gu a ra n te e s o f ou r C o n s titu t io n ; it is as much prop
A%
l
erty as the more obvious forms of goods and merchandise, stocks
and bonds.” F u r th e r , said th o C o u r t: “ T h e rig h t to w o r k ,
if it c a n n o t b e p ro te c te d as are o th e r rig h ts o f p r o p e r t y ,
ceases to h a v e th e a ttr ib u te s o f o th e r p ro p e rty in all tlieir
fu lln e s s , a n d ce a se s, to th a t e x te n t, to bo p r o p e r ty .
No
d iscu ssio n is re q u ire d to sh o w th a t it is b e y o n d th e p ow er ot
th e L e g isla tu re to d ecla re th a t , w ith o u t a n y process o f la w ,
a w e ll-r e c o g n iz e d k in d o f p ro p e rty sh all no lon g er bo p r o p
e rty .
L a w fu l p ro p e rty c a n n o t bo c o n fisc a te d u n d er th e
g u ise o f a s t a t u t e .”
.
,
t Railroad Events and Stock Exchange Matters.
O n th e S to c k
E x c h a n g o a su b sta n tia l im p r o v e m e n t in v a lu e s w a s record ed
d u rin g M a y .
T h e im p r o v e m e n t d a te d fro m th e tim e of the
r e c e ip t o f th e G e r m a n re p ly to th e A m e r ic a n c o m m u n ic a tio n
[Vol . 104.
o f th e p re v io u s m o n th r e g a rd in g th e su b m a rin e a t ta c k o n th e
Su ssex.
T h o re p ly w a s m a d e p u b lic F r id a y m o rn in g , M a y 5 .
D u r in g th o firs t fo u r d a y s o f th o m o n t h , w h ile th e m a r k e t
w as a w a itin g th e G e r m a n a n sw e r, p rices d rifte d p r a c tic a lly
w ith o u t in te r ru p tio n to a lo w er le v e l.
T h e G e r m a n re p ly
did n o t a p p e a r in th o m o rn in g p ap ers o f tho 5 t h , b u t a tra n s
la tio n o f it as re c e iv e d b y w ireless fro m B e rlin w a s c o m in g
o v e r th e tic k e r w h e n th e S to c k E x c h a n g o o p e n ed fo r bu sin e ss
a t 1 0 o ’ c lo c k .
T h e e a r ly p a r t o f it w a s co u ch e d in a n y th in g
b u t c o n c ilia to r y la n g u a g e , a n d a c c o r d in g ly prices o p e n ed a t a
d eclin e o f severa l p o in ts fr o m th o closo th e p re v io u s a fte r
n oon in th e ca se o f th e le a d in g a c tiv e s to c k s ; tho ra ilro ad lis t,
h o w e v e r , su ffe rin g less th a n th e in d u stria l sh are s.
A s fur
th er p o r tio n s o f th o G e r m a n n o te w ere reco rd ed on th e tic k e r ,
it b e c a m e e v id e n t th a t G e r m a n y , a fte r a ll, w a s a c c e d in g to
th e A m e r ic a n d e m a n d s , b u t w a s d o in g so w ith p o o r g r a c e .
R e c o v e r ie s th e n e n su ed e v e n m o re m a rk e d th a n th e initial
d eclines h a d b e e n .
O th e r cir c u m s ta n c e s te n d ed still fu rth e r
to s tim u la te im p r o v e m e n t.
F o r in s ta n c e , th o a n n o u n c e m e n t
w a s re c e iv e d o n th e 1 st d a y o f th e m o n th th a t o p e ra to rs an d
m in e rs in th e a n th r a c ite co al region s h a d reach ed an agree
m e n t as re sp ec ts th e w a g e c o n tr o v e r s y , w h ile re tu rn s o f rail
w a y e arn in gs c o n tin u e d to bo o f a d e c id e d ly a ssu rin g ch a ra c
te r.
W i t h d a n g e r o f a ru p tu re o f re la tio n s w ith G e r m a n y
r e m o v e d , b u y in g o f ra ilro ad shares n o w b e ga n in a v e r y c o n
fid e n t m a n n e r , le a d in g to sh arp a d v a n c e s th r o u g h o u t tho
ra ilro ad lis t.
In s o m e o f th o ra ilro ad sp ec ia ltie s th e rise
re a ch e d large p r o p o r tio n s .
T h u s R e a d in g c o m m o n ju m p e d
fro m 8 5 (p er $ 5 0 sh are ) M a y 5 to 1 1 0 % M a y 2 3 .
T h e in
d u stria l shares a lso a g a in sh o w e d sh a rp an d w id e flu c tu a tio n s ,
b u t here th e a d v a n c e s w ere n o t so w ell m a in ta in e d .
T h e la t
ter p a r t o f th e m o n th th e m a r k e t re lap se d in to e x tro m e dull
n e ss, a n d w ith s o m e e v id e n c e o f liq u id a tio n to realize p r o fits ,
so m e recessio n in p rices o c c u rre d .
R e a d in g c o m m o n closed
Stock Fluctuations.
May 1.
102
A t c h T o p & S a n ta F o .
86
B a lt im o re * O h io ------C a n a d ia n P a c if ic ..........
167 X
C h e s a p e a k e & O h io _
_
01X
O IK
C h ic a g o M l lw & S t P . .
E r i e ______ ___________
35)*
120
G re a t N o rth e rn , p ro f.
L o u is v i ll e * N a s h v ille . • 1 2 4 X -1 2 0
101
N e w Y o r k C e n t r a l ___
N Y N II & H a rtfo rd ..
59 X
N o r f o lk & W e s t e r n - 123X
N o r t h e r n P a c ific _____
m x
P e n n s y lv a n ia (p a r S50)
*56 X
H e a d in g C o (p a r 5 5 0 ).
87 X
96 '4
S o u th e rn P a c ific _____
S o u th e rn R a il w a y ____
21X
U n io n P a c ific ________
133J-I
I - id u s r r i a t s —
27 X
A U ls -C h a lm M f g v t c .
P re fe rre d v t c _____
78
68
A m c r A g rlc u l C h e m . . *66
6954
A m e r ic a n B e e t S u g a r .
57 X
60 X
A m er C a r * F o u n d ry.
A m c r C o a l P r o d u c t s . . *151)4 155
51)4
A m e r H id e & L , p re f _
A m e ric a n L o c o m o t iv e .
73 X
A m e r S m e lt & R e fin in g
96 X
48
A m e r S te e l F o u n d r ie s .
A m e r S u g a r R e fin in g .
109)4
128 X
A m e ric a n T e l * T e l _.
46
19)4
A m e r W r it P a p e r, p re f
93
A m Z I n c , L & S ( p a r 525)
86
A n a c o n d a C o p (p a rS S O )
B a ld w in L o c o m o t i v e . .
88
B e th le h e m S te o l C o r p .
460
53 >4
C e n t ra l L e a t h e r ______
22 X
C h ile C o p p e r (p a r 525)
54 X
C h in o C o p p e r (p a r 55)
42 X
86)4
82
239
163)4
415
76)4
G o o d r ic h (B F ) ............
74
G u lf S ta te s S t e e l..........
46
In s p lr C o n C o p ( p a r $ 2 0 )
19
I n t A g r lc C o r p v t c ___ *17
25
I n t e r M e r c M a r t r c tfs
P re fe rre d t r u s t c tfs .
91)4
50
I n t N ic k e l ( p a r$ 2 5 )vtc
11
In t e r n a t io n a l P a p e r . .
70)4
78
M a x w e ll M o t o r s t r c tl
66
28 X
47
P resse d Ste e l C a r . ___
37
48
131)4
187
T e x a s C o ( T h e ) ______
146
53
U S R u b b e r _________
U S S m ,R & M ( p a r S 5 0 )
74)4
83)1
9154
W e s t e r n U n io n T c l c g -
Range for Month.
May 31.
Prices In doll ars per share.
Lowest.
101)4
84)4
164)4
59
92 X
33X
118
127
102 X
57X
121)4
109 54
455 X
85
95 X
20
131X
27)4
83)4
6854
76
56)4
59)4
160
49)4
72)4
97)4
5254
*112
114
12954
4 5 )4
2354
84)4
84)4
88)4
♦445
456
54
20 X
5254
44
102
8354
*220
230
172
*470
519
24 )4 M a y
75 X M a y
6054 M a y
66
M ay
52 X M a y
56
M ay
149
M ay
48 X M a y
64 )4 M a y
93
M ay
48
M ay
107 X M a y
127X M a y
42)4 M a y
18X M ay
82
M ay
80 l M a y
A
83)4 M a y
430
M ay
50 X M a y
20X M ay
52
M ay
39 X M a y
83 X M a y
73
M ay
220
M ay
162
M ay
415
M ay
472 X M a y
71
M ay
43
M ay
15
M ay
21
M ay
80
M ay
44555 M a y
10
M ay
64
M ay
73
M ay
04 X M a y
26
M ay
43
M ay
37
M ay
44
M ay
121
M ay
180X M a y
145
M ay
5 1 )4 M a y
60 X M a y
80)4 M a y
90
M ay
m \i
77
45
17X
2454
93)4
445)4
11
71
85)4
67
*26
28
*40
47
43
47)4
4138 X
193 54
158 X
5554
73
85 X
95)5
Highest.
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
M a y 10
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
M ay 5
105)4
91)4
17854
6254
98)4
3854
121
♦127 -130
106
61
*125
a ll4
5754
101)4
*98)4
2254
140
107 X M a y
94X M a y
183 X M a y
64)4 M a y
10154 M a y
40 5 M a y
123)4 M a y
13155 M a y
10 8X M a y
63 X M a y
127X M a y
115 54 M a y
58 X M a y
11054 M a y
10154 M a y
24 X M a y
143 55 M a y
23
23
22
19
23
19
23
23
23
13
29
23
23
23
23
19
23
5
30
M a y 16
84 X M a y 10
5
7 1 X M a y 15
9
76
M a y 31
f
5
59 X M a y 16
03
M ay 1
5
5 1 0 2 X M a y 10
52
M ay 1
5
5
7 5 X M a y 25
5 102 X M a y 23
55 X M a y 8
1
5 11454 M a y 11
M a y 31
5 130
47 X M a y 15
c
4
2554 M a y 31
29
94 X M a y 1
87 X M a y 22
5
5
92 X M a y 1
M ay 8
10 404
5
55 X M a y 25
22X M a y 1
31
64 x M a y 15
J
45 X M a y 15
5 1 0 4 X M a y 25
5
88 X M a y 10
2b 23954 M a y 1
6 174 X M a y 18
1 525
M a y 25
5
7 8 X M a y 15
4
7 7 54 M a y 31
5
46 X M a y 20
r>
19 X M a y 17
5
29)4 M a y 1
98
M ay 1
5
50X M a y 1
24
18
11X M a y 26
5
73)4 M a y 10
5
8954 M a y 10
5
09 X M a y 10
5
28 54 M a y 19
5
48 X M a y 1
1
44 X M a y 6
5
50
M a y 10
5 1 4 6 X M a y 10
5 196)4 M a y 8
M a y 20
i 162
57 X M a y 20
5
78 X M a y 9
5
86)4 M a y 25
5
96 X M a y 20
5
J Q u o t e d c x - d lv ld e n d d u r in g th o m o n t h a n d p r io r t o t h is d a te ,
* B id a n d a s k e d p ric e ; n o sa le .
* E x - U lv ld e n d .
Money Market.— I n ou r local m o n o y m a r k e t ease still co n
tin u e d th e d o m in a n t fe a tu r e , n o tw ith s ta n d in g th a t su rp lu s
reserv es o f th o C le a rin g IIo u s o b a n k s u n d e rw e n t fu rth er largo
s h r in k a g e .
T h o h ig h p o in t for call m o n e y d u rin g th e m o n th
w as 3 % an d th e lo w p o in t \X A
T im e m o n o y M a y 3 1 w as
2 % @ 3 for GO d a y s , 2 % @ 3 for 9 0 d a y s , 3 @ 3 % for fro m 4 to G
m o n th s .
C o m m e r c ia l p ap er c o n tin u e d a t 3 @ 3 % for ch o ice
d o u b le an d p rim o sin gle n a m e s an d a t 3 % for n a m e s n o t so
w ell k n o w n .
M o n e y h old in g s a n d su rp lu s rosorves o f tho
N o w Y o r k C le a rin g IIo u s o b a n k s c o n tin u e d to d w in d le .
M o n e y h o ld in g s fell fro m $ 4 5 5 ,0 3 9 ,0 0 0 A p r . 2 9 to $ 4 1 3 ,5 5 1 ,
0 0 0 Ju n o 3 .
G o ld on d e p o s it w ith th e F ed era l R e se r v e B a n k
also d im in is h e d , b o in g $ 1 5 9 ,3 1 0 ,0 0 0 J u n e 3 a g a in s t $ 1 6 5 ,-
THE CHRONICLE
J an . 20 1917.]
0 0 2 ,0 0 0 A p r . 2 9 . S u rp lu s reserves fe llfr o in $ 9 8 ,2 4 7 ,1 1 0 A p r .
2 9 to $ 5 5 ,8 5 0 ,3 4 0 J u n e 3 .
L o a n s w ere $ 3 ,3 9 3 ,0 9 6 , 0 0 0 J u n e 3
a n d $ 3 ,4 0 2 ,8 9 5 , 0 0 0 M a y 2 7 , a g a in st $ 3 ,3 6 7 ,4 1 9 , 0 0 0 A p r . 2 9 .
D e p o s it s va rie d m o re or less b u t w ere $ 3 ,5 1 0 ,4 1 3 , 0 0 0 J u n e 3
a g a in st $ 3 ,5 2 9 ,6 1 3 ,0 0 0 A p r . 2 9 .
Foreign Exchange, Silver, &c.— I n th e fo re ig n e x c h a n g e
m a r k e t th e d istin c tiv e fea tu re w a s a te n d e n c y o f ste rlin g
e x c h a n g e ra tes to ease o f f , in d ic a tin g th a t th e B r itis h T r e a s
u r y no lon g er h a d th e a b so lu te c o n tro l o f th e co u rso o f e x
ch a n g e w h ich it h a d p re v io u sly e n jo y e d .
T h e r e c e ip t o f
severa l large co n sig n m e n ts o f g o ld fr o m O t t a w a , C a n ., w as
a lso e v id e n c e o f a tu rn in a ffa ir s.
I n th ese c ir c u m sta n c e s it
w a s n o t su rprisin g th a t th e B r itish G o v e r n m e n t s h o u ld h a v e
re so rte d to sp ecial m e a su re s, as n o te d a b o v e , fo r o b ta in in g
a d d itio n a l d e p o sits o f B r itis h -o w n e d A m e r ic a n secu rities
u n d e r th e m o b iliz a tio n sc h e m e .
R a t e s fo r B r itis h b a n k e r s ’
sig h t b ills fell o f f fr o m 4 7 6 3 -1 6 @ 4 7 6 % M a y 1 to 4 7 5 9 -1 6
@ 4 7 5 1 1 -1 6 M a y 9 , b u t clo se d M a y 3 1 s lig h tly b e tte r a t
4 75 1 1 -1 6 @ 4 7 5 % .
F re n c h e x c h a n g e , o n th e o th e r h a n d ,
d e v e lo p e d co n sid era b le s tr e n g th , a n d th is w as ta k e n a s re
fle c tin g n ew F re n c h c re d it a r ra n g e m e n ts o f so m e k in d h e re .
F r e n c h c h e c k s w ere q u o te d a t o n ly 5 9 1 % fran cs to th e d o lla r
M a y 3 1 , a g a in st 5 9 4 % M a y 8 .
R e ic h m a rk s w ere also
str o n g e r .
E x c h a n g e s o n th e n eu tral co u n tr ie s, a n d p a r tic u
la r ly o n th e S ca n d in a v ia n co u n tr ie s, n a m e ly , D e n m a r k ,
S w e d en a n d N o r w a y , sh ow e d a w e a k e n in g te n d e n c y a t tim e s .
T h e ra n go fo r G e r m a n b a n k e r s’ re ic h m a rk s (sig h t b ills ) w as
fro m 7 6 % to 7 7 % , w ith th e price M a y 31 7 7 % .
R u s s ia n
ru b les w ere 3 0 .6 5 M a y 3 1 a n d 3 0 .8 0 M a y 1 .
O pen m a rk et
d is c o u n ts in L o n d o n re m a in e d a t 4 % fo r 6 0 d a y s a n d 4 % fo r
9 0 d a y s , w h ile th e p r iv a te b a n k ra to a t B e r lin se e m s to h a v e
s ta y e d a t 4 % .
G o ld im p o r ta tio n s (all p o r ts) w ere o ffic ia lly
re p o r te d a t $ 2 7 ,3 2 1 ,9 4 3 , w ith e x p o rts a t $ 1 1 ,9 1 8 ,5 9 7 .
S ilv e r
in L o n d o n e a r ly in M a y w e n t still h ig h e r , to u c h in g 3 7 % d . ,
b u t th e la t te r p a r t o f th e m o n th a sh a rp b r e a k o c cu rre d w ith
th e p rice M a y 3 1 o n ly 3 2 % d .
T h e r e m a in in g m o n t h s o f t h is m o n t h l y n a r r a t iv e w ill b e g iv e n In s u c
____________________________________
c e e d in g w e e k s .
C AN AD IA N OFFERING OF WAR SA VINOS CERTIFI
CATES— DEBENTURE STOCK SOLD.
P r e lim in a r y a n n o u n c e m e n t w a s m a d e o n J a n .
s t a te d ,
of
th e
p ro p o se d
o ffe r in g
to
th e
11,
C a n a d ia n
it is
p u b lic
o f th e issue o f w a r sa v in g s c e rtific a te s, su g g e ste d so m e tim e
ag o
by
S ir T h o m a s W h i t e , F in a n c o M in is te r o f
th e
D o
m in io n G o v e r n m e n t .
T h e c e rtific a te s, it is sa id , w ill b e o f th e d e n o m in a tio n s
o f $ 2 5 , $ 5 0 , an d $ 1 0 0 , o b ta in a b le a t a n y b a n k o r p o s ta l
m o n e y ord or office in th e D o m in io n .
re s p e c tiv e ly $ 2 1 .5 0 , $ 4 5 a n d $ 8 6 .
The
p rices w ill b e
F o r e v e r y $ 2 1 .5 0 lo a n e d
th e G o v e r n m e n t n o w , $ 2 5 w ill b e re tu rn e d a t th e e n d o f
th ree y e a r s .
The
y ie ld
is th u s a b o u t 5 . 6 %
bo su rre n d e red , it
is s a id , a t
d u rin g
tw e lv o
th e ir
a fte r
th e
first
tw e lv e m o n th s ,
m o n th s
but
at
w ith in
A s a n a d d itio n a l a ttr a c tio n to in v e s to r s , it is p ro v id e d
th a t th e n o te s m a y b e c o n v e r te d a t th e o p tio n o f th e h o ld e r,
a t a n y tim e b e fo re m a t u r i t y , o r (if c a lle d fo r earlier r e d e m p
tio n ) a t a n y tim e u n til a n d in c lu d in g th e d a te o f s u c h re
d e m p t io n , in t o 2 0 -y e a r 5 % %
s u b je c t to p rio r r e d e m p t io n .
B o th
p rin c ip a l a n d in te r e s t
o f th e n o te s , a n d o f th e b o n d s in t o w h ic h th e n o te s m a y b e
co n verted ,
aro
to
be
p a y a b le
w ith o u t d e d u c tio n
fo r a n y
B r itis h ta x e s , p re se n t o r f u tu r e , a n d are to b e p a y a b le e ith e r
in N e w Y o r k , in U . S . g o ld c o in , o r , a t th e o p tio n o f th e
h o ld e r, in L o n d o n , in s te r lin g , a t th e fix e d r a te o f e x c h a n g e
of $4 8 6 %
to th e p o u n d .
A s w ill b e s ta te d m o re f u lly in
th e n o t e s , e a c h m a tu r ity is to b e s u b je c t to re d e m p tio n in
w h ole or in p a r t, a t th e o p tio n o f th e G o v e r n m e n t , u p o n
3 0 d a y s ’ n o tic e a t a p re m iu m o f 1 %
fo r e a c h y e a r (or a n y
p a r t) o f u n e x p ire d life o f su ch m a t u r i t y , b u t , if so c a lle d fo r
r e d e m p tio n , m a y b e c o n v e r te d in to th e 2 0 -y e a r 5 % % b o n d s ,
as s ta te d a b o v e , a t a n y tim e u p to th e d a te o f r e d e m p tio n .
T h e n o te s are to b e secu red r a t a b ly b y th e p le d g e w ith th e
B a n k e r s T r u s t C o ., N e w Y o r k , o f c e rta in b o n d s , s to c k s a n d
o th e r
se cu ritie s,
e x e cu te d
and
com pany.
p u rsu a n t
d e liv e re d
by
to
a
th e
p le d g e
agreem en t
G overn m en t
to
to
th e
bo
tr u s t
T h e p le d g e d s e c u ritie s, w h ic h are to b e a p p r o v e d
by J . P . M organ &
C o . , aro to h a v e a v a lu e o f a t le a st
$ 3 0 0 ,0 0 0 ,0 0 0 c a lc u la te d o n th e b a sis o f p r e v a ilin g m a r k e t
p ric es, ste rlin g secu rities b e in g v a lu e d in d ollars b a se d o n
th e
p re v a ilin g
ra te
of
exchange.
The
p le d g e d
secu rities
are to b e a s fo llo w s :
Group I. Stocks, bonds and other securities o f American
municipalities and corporations (including, am ong the cor
porations, the Canadian P acific R y . C o .) and bonds and
other obligations (either as maker or guarantor) o f the G ov
ernment o f the Dom inion o f C anada, tho C olon y o f N ew
foundland, and Provinces o f the D om inion o f Canada, and
approved Canadian municipalities: aggregate value not
loss than-------------------------- ------------------ ---------------------------------- $150,000,000
(O f the foregoing there will bo somewhat over $100,000,000
in value in the securities o f cities and corporations o f the
United States and o f tho Canadian P a cific R y . C o.)
Group II. Bonds and other obligations (either as m aker or
guarantor) o f any or all o f tho several follow ing G overn
m ents; to wit: Argentina, Chile, C uba, Com m onw ealth o f
Australia, E gypt, Japan, New Zealand and Union o f South
.
. A frica, and bonds and other obligations o f approved rail
ways in Argentina and o f the Grand Trunk R y . C o . o f
C anada, and approxim ately $25,000,000 value in bonds and
other obligations o f dividend-paying British railway com
panies: aggregate value not loss t h a n ......................................... $150,000,000
tim e
T o t a l ................ — ............................ - ---------------------------------$300,000,000
P e n d in g T th e arriv al a n d T d e liv e r y o f a p o r tio n o f su ch
p ric e;
secu rities, th o G o v e r n m e n t is to d e p o s : t te m p o r a r ily w ith th e
any
p u rc h aso
tw e n ty -fo u r
b o n d s o f th e U n it e d K in g d o m
o f G r e a t B r ita in a n d Ir e la n d , p a y a b le F e b . 1 1 9 3 7 , a n d n o t
p er a n n u m .
C e rtific a te s m a y
207
m o n th s,
at
tr u s t c o m p a n y e ith e r a p p r o v e d N e w Y o r k S to c k E x c h a n g e
$ 2 2 .2 5 , a n d a fte r tw e n ty -fo u r m o n th s , b u t w ith in t h i r t y -
co lla te ra l, or ca sh
six m o n th s , a t $ 2 3 .2 5 fo r e v e r y $ 2 1 .5 0 p a id .
C o n s e q u e n tly
fo r w ith d ra w a ls o f such te m p o r a r y d e p o s its to b e c o n ta in e d
th e lo n g er th e c e rtific a te s aro h e ld , th e h ig h er th e in terest
y ie ld w ill b e to th e in v e s to r .
ca sh a n y o f th e p le d g e d s e c u ritie s, in w h ic h e v e n t th e p r o
T h e s c h e m e , it is s t a te d , c lo se ly re se m b le s t h a t o f th e
ce e d s o f sale sh a ll b e re c e iv e d b y th e tr u s t c o m p a n y a n d
W a r S a v in g s C e rtific a te s in G r e a t B r ita in
e x c e p t th a t th e
C a n a d ia n c e rtific a te s ru n fo r 3
y e a r s in stea d o f 5 , a n d
th e
lo w e s t d e n o m in a tio n in C a n a d a
is $ 2 5 in p la ce o f o n e p o u n d ,
in E n g la n d .
T h o s e in C a n a d a w h o prefer o th e r se cu ritie s, o r w h o d o
o r b o t h , u n d e r a p p ro p r ia te p ro v isio n s
in th e p le d g e a g r e e m e n t.
The
G overn m en t m a y
sh all he a p p lie d to th o r e tire m e n t o f n o te s b y p u rc h a s e , if
o b ta in a b le a t or b e lo w th o jth e n re d e m p tio n p ric e s , o r o th e r
w ise b y re d e m p tio n b y lo t a t s u c h r e d e m p tio n p ric es.
c h a n g e in m a r k e t price o r ip r a te o f e x c h a n g e , so th a t th e
20%
a t a n y tim e in th e 3 -y c a r 5 %
w ill d e p o sit a d d itio n a l se cu ritie s w ith
o ffered to in v e sto rs in O c to b e r la s t , in su m s o f $ 5 0 0 o r a n y
If
th e p le d g e d securities sh a ll d e p r e c ia te in v a lu e b e c a u se o f
n o t w ish to a w a it th e issue o f th e n e x t w a r lo a n m a y in v e s t
D o m in io n d e b e n tu re s to c k
sell fo r
m a rg in sh all h a v e b e c o m e im p a ir e d , th e G o v e r n m e n t
th e
tr u s t c o m p a n y
to th e e n d th a t a t a ll tim e s th e tr u s t c o m p a n y sh a ll h o ld
m u ltip le th e r e o f, a n d referred to in th e se c o lu m n s o n th e
secu rities o f a v a lu e in N e w Y o r k C i t y e q u a l a t le a s t to 1 2 0 %
1 4 th o f th a t m o n t h , p a g e 1 3 6 9 .
o f th e a m o u n t o f th e lo a n a t th e tim e u n p a id a n d n o t c o v e re d
O f th is s to c k , it is s a id ,
th a t a b o u t $ 3 ,2 5 0 ,0 0 0 h a s b e e n s o ld .
T h e s to c k m a tu re s
by
ca sh
d e p o s its .
The
p le d g e
a g re e m e n t
a lso
c o n ta in s
O c t . 1 1 9 1 9 a n d h old e rs o f th o sa m o h a v e th e p riv ile g e o f
p ro v is io n s , a p p ro v e d b y J . P . M o r g a n & C o ., fo r th e w ith
su rre n d e rin g a t p ar a n d a ccru ed in te r e st, a s th o e q u iv a le n t
d ra w a l o f a
o f c a sh , in p a y m e n t o f a n y a llo tm e n t m a d e u n d e r a n y fu tu re
re tire m e n t o f th e 1 -y e a r n o te s , or u p o n th e c o n v e rsio n o f
w a r lo a n issue in C a n a d a o th e r th a n a n issue o f T r e a s u r y
n otes, o f e ith e r m a tu r i ty , a lso t o p ro v id e fo r s u b s titu tio n s
b ills o r o th e r lik e s lio r t-d a te se c u r ity .
o f co lla te ra l J r o m tim e to t im e , su ch w ith d ra w a ls a n d s u b
T h e p ro c e e d s o f th o
p ro p o rtio n a te a m o u n t o f c o lla te ra l u p o n
th e
s titu tio n s , h o w e v e r , n o t to v a r y s u b s ta n tia lly th e re la tiv e
s to c k a re to bo u se d e x c lu siv e ly fo r w a r p u rp o se s.
a m o u n ts in v a lu e o f th e tw o g r o u p s o f th e c o lla te ra l a t th e
NEW BRITISH GOVERNMENT LOAN OF
$ 2 5 0 ,0 0 0 ,0 0 0 .
A sy n d ic a te h e a d e d b y J . P . M o r g a n & C o . w ill m a k e a
p u b lic o ffe r in g n o x t w e e k o f $ 2 5 0 ,0 0 0 ,0 0 0 secu red
g o ld n o te s o f th o G o v e r n m e n t o f th e U n it e d
G r e a t B r ita in a n d Ir e la n d .
convertible
K in g d o m
of
T h e n o te s aro to be d a te d F e b . 1
1 9 1 7 , to b e a r in te r e st a t th e ra te o f 5 % %
p er a n n u m , p a y
a b le s e m i-a n n u a lly , a n d to m a tu re $ 1 0 0 ,0 0 0 ,0 0 0 F o b . 1 1 9 1 8 ,
a n d $ 1 5 0 ,0 0 0 ,0 0 0 F e b . 1 1 9 1 9 .
I t is p u rp o se d to o ffe r th o
1 -y e a r n o te s a t 9 9 .5 2 a n d in te r e s t, a n d th o 2 -y e a r n o te s a t
9 9 .0 7 a n d in te r e st, n e ttin g th e in v e sto r a b o u t 6 %
c a s e s.
T h o lo a n o f $ 3 0 0 ,0 0 0 ,0 0 0
p u t o u t in
in b o th
O c to b e r la s t
n o tte d th e in v e sto r 5 % % fo r th e 3 -y e a r n o te s a n d 5 . 8 5 % fo r
th e
5 -y e a r
o b lig a tio n s .
tim e h e ld b y th e tr u s t c o m p a n y .
C o n c e rn in g th is n e w loa n J . P . M o r g a n & C o . o n th e 1 7 th
inst.- m a d e th e fo llo w in g s ta te m e n t:
T he British Treasury has this d ay authorized us to issue a new loan
o f tho United Kingdom in tho am ount o f $250,000,000. to be dated Feb. 1
1917, to mature as to $100,000,000 on F eb. 1 1918 and as to $150,000,000
on Fob. 1 1919; to be secured b y the sam e general assortment o f high-grade
collateral as prevailed in the last United Kingdom issues; to bear interest
at tho rate o f 5 H % per annum; tho notes o f each m aturity to be con
vertible at par at the option o f the holders to m aturity into a 5 H % bond
o f tho United Kingdom o f Great Britain and Ireland, maturing in 20 years.
Increasing ease in the m oney condition and the prevailing dem and for
high-grado bonds have led us to suggest t o the British Governm ent Treasury
the advisability o f issuing at this tim e a security possessing tho advantage
o f early m aturity and at the samo tim e giving to American investors an
obligation o f Great Britain yielding an attractive interest return for a con
siderable period o f years after normal conditions shall have been restored.
THE CHRONICLE
208
A s s o c ia te d w ith J . P . M o r g a n & C o . in th e u n d e rw ritin g
o f th e now loan are th e sa m o in stitu tio n s w h ich
te re ste d
w ith
th ese
$ 3 0 0 ,0 0 0 ,0 0 0
N a t io n a l
&
J.
C o .;
&
lo a n
B ank;
th e
B row n
W .
b a n k e rs
in
in
th o
O c to b e r .
N a t io n a l
B r o th e r s
S e lig m a n &
&
C o .;
are :
C o .;
Wm.
H a r r is ,
A.
R ead
P eabody
&
th e
F ir s t
Forbes
&
C o i;
p e n d in g L e g is la tiv e S u p p ly B ill to c a rry an a p p ro p r ia tio n for
th e ir m a in te n a n c e ;
th o H o u s e , h o w e v e r , la s t m o n th , s ittin g
in C o m m it t e e o f th o w h o le , rostored th o a p p ro p r ia tio n th u s
e n su rin g thoir c o n tin u a n c e .
I t w as s ta te d a t th o tiino th a t
in ca se a n y o f th e S u b -T r e a s u r ie s w ere a b o lis h e d , its w o rk
Ilig g in s o n & C o .; L a z a rd F re re s; K is s e l, K in n ic u tt & C o .;
w o u ld b e m e rg e d w ith th a t o f th e F e d e ra l R e s e r v e b a n k for
T r u s t C o .;
K id d e r ,
of
th o
a m illio n d ollars to th e G o v e r n m e n t .
A p re v io u s a t t e m p t w a s
m a d e to a b o lish th o S u b -T r e a s u r ie s th r o u g h t h o fa ilu r o o f th o
C o .; L ee,
W h i t e , W e l d & C o .;
C o .;
h a n d lin g
They
C ity
w ere in
[Vol. 104.
tho O u a r a n ty T r u s t C o .;
th e F a r m e r s ’ L o a n
&
th e B a n k e r s
th e d is tr ic t in w hich it is lo c a te d .
tho C e n tr a l
G la s s , o f V ir g in ia , C h a irm a n o f th e H o u s e C o m m itt e e o n
T r u s t C o .;
R e p r e s e n ta tiv e C a r te r
T r u s t C o . o f Illin o is, C h ic a g o ; th o U n io n T r u s t C o . , P it t s
B a n k in g a n d C u r r e n c y , is said to h a v o d ecla red on D e c . 1 6
burgh;
th a t h o h a d b e e n a u th o r iz e d b y S e c re ta ry o f th o T r e a s u r y
Bank,
th e
C o n tin e n ta l
C h ic a g o ;
&
C o m m e r c ia l
tho M a r in o
N a t io n a l
T ru st
&
S a v in g s
B a n k , B u f fa lo ; an d
th o F ir s t & O ld D e tr o it N a t io n a l B a n k , D o tr o it.
In c lu d in g
th o
p ro p o se d
n ow
o fferin g
of
b re a k
of
o n e -h a lf
lo a n
th e
of
w ar
th o
m ade
in
have
to ta le d
1915.
sin ce th e o u t
$ 1 ,0 5 0 ,0 0 0 , 0 0 0 ,
$ 5 0 0 ,0 0 0 ,0 0 0
O c to b e r
5%
of
s ta te
b e e n so e n grosse d
w ith
o th e r
g r a v e q u e stio n s th a t it h a d
n o t y e t h a d tim e to m a k e p la n s fo r th o a b s o r p tio n o f th eir
d u tie s b y th o F e d e ra l R e se rv o s y s te m a n d u n til such o p p o r
th o
$ 3 0 0 ,0 0 0 ,
tu n ity h a d b e e n a ffo rd e d it w o u ld b e u n w ise fo r th o H o u s e to
d eclin e
T r e a s u r ie s .
1 9 1 6 , (p a g e s 1 5 5 0 an d 1 5 5 1 ) a n d th o p articu la rs
p la ce d
not
in c lu d in g
of O c t. 2 8
lo a n
D e p a r tm e n t d id
w o u ld b e a d v is a b le b e c a u se th e F e d e ra l R e s e r v e B o a r d h ad
0 0 0 lo a n m a d e in O c to b e r w ere g iv e n in th o “ C h r o n ic le ”
o f th e $ 2 5 0 ,0 0 0 ,0 0 0
th a t th e T r e a s u r y
A n g lo -F r e n c h
5 -y e a r
D e ta ils
to
b e lie v e th e a b o litio n o f th e S u b -T r e a s u r ie s a t th o p re se n t tim e
$ 2 5 0 ,0 0 0 ,0 0 0 ,
G r e a t B r it a i n ’s b o rro w in g s in th is c o u n tr y
M cA doo
in A u g u s t w ere re p o rte d
b y u s in o u r issue o f A u g . 1 9 , p a g e 6 2 4 .
to
a p p ro p r ia te
fo r
th o
m a in te n a n c e
of
th e
T h o S u b -T r e a s u r ie s aro lo c a te d in N o w
Sub
Y ork,
B o s t o n , B a lt im o r e , P h ila d e lp h ia , S a n F r a n c is c o , N e w O r le a n s ,
S t . L o u is , C h ic a g o an d C in c in n a ti.
PROPOSED RE-ISSUANCE OF $1 A N D
$2
NEW ASSISTANT SECRETARY OF STATE.
GREENBACKS.
A n n o u n c e m e n t o f th e in te n tio n o f th e T r e a s u r y
D e p a r t
W illia m
P h illip s
of
M a s s a c h u s e t ts
w as
n o m in a te d
by
m e n t to ag a in issue th e o n e an d tw o d o lla r U n ite d S ta te s n o te s ,
P re sid e n t W ils o n on J a n . 12 to b e c o m o A s s is ta n t S e c re ta ry
o r “ g r e e n b a c k s ,” th e issu a n ce o f w h ich had been d isc o n tin u e d
m o re th a n th ir ty y e a r s a g o , w as m a d e b y S e c re ta ry o f tho
o f S ta t e to su cc ee d J ohn E . O sb o rn o , w h o re c e n tly re sig n ed .
M r . P h illip s is n ow T h ir d A s s is ta n t S e c re ta ry o f S ta t o , an d
T r e a s u r y M c A d o o on th e 1 0 th in s t.
his su cc esso r to th a t offic e w ill bo B rec k o n rid g o L o n g , a S t .
In e x p la n a tio n o f its
a c tio n th o T r e a s u r y D e p a r tm e n t s ta te d
th a t th e issue had
L o u is
b ills o f o n e an d
issu ed
u n d er
dem and.
s ta n d in g
A
th o
tw o
d o lla r d e n o m in a tio n ,— co u ld
law
in
su ffic ie n t
lim it o f $ 3 4 6 ,6 8 1 ,0 1 6
“ g r e e n b a c k s”
w as
fixed
by
DEATH OF ADM IRAL DEWEY.
be
th e
A d m ir a l G e o r g e D e w e y , th o “ H e ro o f M a n i l a B a y , ” an d
th e a m o u n t o f o u t
b y p rio rity of grad o th o ra n k in g n a v a l o ffice r o f tho w o rld ,
q u a n tity
to
not
law
to
in
m eet
1878.
No
d ied a t his h o m o in W a s h in g to n o n T u e s d a y , J a n . 1 6 .
th o a m o u n t
w as
o f o u ts ta n d in g $1 a n d $ 2 n o te s o f th a t v a r ie ty now is s lig h tly
V t .,
m o re
p u b lic
g r e e n b a c k s h a v e been issu ed sin ce
th a n
$ 3 ,0 0 0 ,0 0 0 .
T h ero
is,
_________________________________
la w y e r .
b e e n d ec id e d u p o n b e c a u se silv e r c e rtific a te s— th e o r d in a ry
1 88 5 , and
h o w e v e r,
$ 1 0 2 ,4 4 5 ,3 0 0
in
his
D ec.
e ig h tie th
26
1837.
sch o ols
of
year.
He
Ho
sp en t
M o n tp e lie r
o u ts ta n d in g in U n it e d S ta t e s n o te s o f $ 1 0 d e n o m in a tio n an d
U n iv e r s ity
age
he en tered
d o lla r for d o lla r , to m e e t th o n ew issuo o f sm a lle r d e n o m
in a tio n s .
A s ta te m e n t issu ed b y th e T r e a s u r y D e p a r tm e n t
in th e m a tte r sa y s :
Tlio domand for paper curroncy o f tho smaller denom inations has always
been regarded by tho Treasury as an index to business conditions. For
m any m onths thero has been a constantly growing dem and for one and
tw o dollar bills, until now it is impossible to meet tho cou ntry's need in this
respect by means o f silver certificates, which for m ore than thirty years
havo been tho only form o f paper currency Issued in ono dollar and two
dollar denom inations.
As the supply o f silver certificates is fixed b y tho number o f silver dollars
coined, such coinage having beon discontinued in 1904, it is only possible to
increase the number o f SI and $2 silver certificates outstanding t>y can
celing a corresponding number o f silver certificates o f larger denom inations.
From July 1 1915 to Jan. 1 1917 tho number o f $1 and $2 silver certificates
increased from S234.587.301 to S284.826.786. This was offset principally
b y a decrease in the am ount o f outstanding silver certificates o f tho denom
inations o f S10 and above, such a dem and existing for $5 certificates that
It has not been possible to retire them .
In consequonco o f this conversion o f largo denom inations to small there
are now outstanding only about S30.000.000 o f silver certificates o f moro
than S5 in value, and conversions o f largo denom inations to those o f small
denom inations have becom e increasingly slower and m oro d ifficult. As tho
dem and continued and becam e m oro pressing it became necessary for the
Secretary to look to another source, and consequently ho has Invoked for
for tho first tim e tho provisions o f tho A ct o f M arch 4 1907. This A ct
provides t h a t :
W henever tho outstanding silver certificates o f denominations o f S I, S2
and $5 shall be, in the opinion o f the Secretary o f tho Treasury, insufficient
to meet the public demand therefor, he is authorized to Issue United States
notes o f the small denominations and upon tho issue of such notes to retire
and cancel an equal amount of United States notes ot higher denominations,
in order that the aggregate am ount o f United States notes at any time
discontinued shall remain as at present fixed by law.
T ho aggregate am ount o f United States notes outstanding is limited by
law to $346,681,016, and cannot bo increased beyond that am ount. H ow
ever, as tho amount o f United States notes o f denom inations o f S10 and
upward outstanding on Jan. 1 1917 amounted to $102,445,300, it is ovident
that a considerable increase can bo made in the number o f $1 and $2 “ green
backs” outstanding by means o f retirement and cancellation o f notes o f
higher denom inations. A t present thero are only slightly over $3,000,000
in $1 and $2 United States notes, or “ greenbacks” outstanding, this am ount
having remained stationary for a number o f years.
I t is sta te d th a t th e $1 an d $ 2 U n ite d S ta te s n o te s p r o b a b ly
w ill be p u t in circu la tio n a b o u t F e b ru a ry 1 .
FURTHER EFFORTS TO ABOLISH SUB-TREASURIES.
A n a m e n d m e n t to th o L e g is la t iv e , J u d icial a n d E x e c u tiv e
A p p r o p r ia tio n B ill, w h ich w o u ld p ro v id e for th e a b o lish m e n t
of
th e U n it e d
S ta te s S u b -T r e a s u r ie s h as b een
b y S e n a to r N e ls o n o f M in n e s o t a .
in tro d u ce d
M r . N e ls o n c o n te n d s th a t
p ro v is io n fo r th e w o rk o f th e S u b -T r e a s u r ie s is m a d e th rou g h
th e F e d e r a l R e se r v e s y s t e m , a n d he d ecla res th a t th e d o in g
a w a y w ith th e S u b -T r e a s u r ie s w o u ld e ffe c t a s a v in g o f h a lf
of
17
his
and
a t N o r t h fie k l, V t . ,
h ig h er an d a p o rtio n o f
th e se w ill b e retired an d c a n c e le d ,
w as
bo rn
boyhood
la te r
a m ilita ry
A n n a p o lis
in
an d
days
e n tered
sc h o o l.
fou r y e a r s
ro n
u n til
1861.
In
C om m odore.
1884,
an d
at
tho
ag e
of
in
tho
N o r w ic h
At
tho
la te r ,
1 8 5 8 , g r a d u a te d an d w as a tta c h e d to tho s te a m
W a b a s h , w hich cruised w ith th o M e d ite r r a n e a n
w a s m a d e C a p ta in
Ho
M o n tp e lie r ,
in
frig a te
sq u a d
fo r t y -s o v e n ,
ho
tw e lv e y e a r s la ter w as a p p o in te d
In 1 8 9 8 he w a s g iv e n c o m m a n d o f tho A s ia tic
s q u a d r o n , w h ich w as ord ered to th o P h ilip p in e s .
O n A p r il
3 0 he sailed in to M a n ila H a r b o r , w h ere he ro u te d tho S p a n ish
fle ot w ith o u t th e loss o f a sin g le m a n on th e A m e r ic a n sid e .
H e w a s th ereu p on p r o m o te d to th e p o sitio n o f R e a r A d m ir a l
an d C o n g re s s p assed a re so lu tio n g iv in g h im the th a n k s of
th e n a tio n .
In M a r c h
1 8 9 9 he w a s a p p o in te d A d m ir a l o f
th e U n ite d S ta t e s N a v y , a n d in tho fo llo w in g y e a r w as ch o sen
head o f t h e C o n e r a l N a v y B o a r d , a p osition ho h a d sin ce h e ld .
In re co g n itio n o f his h ero ic d e e d s , th e U n iv o r s ity o f P e n n
s y lv a n ia an d P rin c e to n U n iv o r s ity con ferred on him tho de
gree o f L L . D . in 1 8 9 8 .
A d m ir a l D o w o y w ill bo buried to
d a y a m id im p re ssiv e c e re m o n ie s.
I n te r m e n t w ill bo m a d o in
th o N a tio n a l C e m e te r y a t A r lin g t o n .
C o n g re ss w ill a d jo u r n
for th o se rv ice s an d all e x e c u tiv e o ffice s a t W a s h in g to n w ill
bo c lo s e d .
B o th
th o S e n a te an d tho H o u s e h a v o a d o p te d
re so lu tio n s o f sorrow a n d h a v o a p p o in te d c o m m itte e s to re p
re se n t th e m a t th e fu n e r a l.
P re sid e n t W ils o n h as ord ored
th a t fla gs bo h a lf-m a s te d on all p u b lic b u ild in g s , fo r ts , m ili
ta r y p o s ts , n a v a l s ta tio n s , an d a ll A m e r ic a n vossels in c o m
m issio n u n til a fte r tho fu n e r a l.
A s a n a d d itio n a l to k e n o f
re sp e c t th o P re sid e n t se n t th e fo llo w in g sp ecial m e ssa g e to
C o n g re ss on J a n . 1 7 , a n n o u n c in g th e d e a th o f th o A d m ir a l:
To the Senate and House of Representatives:
It is with tho iloopost regret that I announce to tho Congress tho death o f
Admiral Georgo Dowoy at 5:56 o ’clock on tho afternoon o f yesterday, tho
I6th o f January, at his rosidenco in this city.
Admiral Dow oy entered tho naval servico o f tho country as an acting
midshipman from tho First Congressional D istrict o f Vermont on Sopt. 23
1854; was graduated from tho N aval A cadem y as a midshipman Juno 11
1858; served with distinction throughout tho war o f 1861-1865, and thirty
years later had rison to tho rank o f C om m odore.
It was as C om m odore that ho rendered tho servico in tho action o f
M anila I3ay which has given him a placo forever memorable in tho naval
annals o f tho cou ntry. A t tho tim e o f his doath ho hold tho exceptional
rank o f Admiral o f tho N avy by special A ct o f Congress. During tho
later years o f his lifo ho was tho honored President o f tho Gonoral Uoard
o f tho N a vy, to whoso duties ho gavo tho m ost assiduous attention, and in
which offico ho rendered a servico to tho navy quite iuvaluablo in its sin
cerity and quality o f practical sagacity.
It is pleasant to recall what qualities gave him his woll-dcserved famo:
His practical directness, his courago without self-consciousness, Ills e ffi
cient capacity In matters o f administration, tho readiness to fight with
out asking any questions or hesitating abou t any detail.
It was by such
qualities that ho continued and added luster to tho host traditions o f our
THE CHRONICLE
J an . 20 1917.j
n a vy . IIo had tho s tu ff in him which all truo men admiro and upon which
all statcsm on must depend in tho hours o f peril.
Tho people and tho G overnm ent o f (lie United States will always rejoice
to perpetuato his name in ail honor and affection .
W O O D R O W W IL S O N .
T h e W h i l e H o u s e , J a n . 17 1917.
•
AMENDMENTS TO FEDERAL RESERVE ACT.
I m p o r t a n t a m e n d m e n ts to th e F e d e ra l R e s e r v e A c t are
p ro v id e d in b ills in tro d u c e d in th e S e n a te a n d H o u s e o n th o
1 2 tli in s t . b y
th e C h a ir m e n o f th e re sp e c tiv e C o m m itt e e s
o n B a n k in g a n d C u r r e n c y .
r e c o m m e n d a tio n s w h ic h ,
m it te d
by
C h a ir m a n
th o
of
F e d e ra l
th o
T h e s e a m e n d m e n ts e m b o d y th e
w e n o te d la s t w e e k , w ere tr a n s
R e se r v e
S e n a te
B oard
C o m m it t e e ,
to
S e n a to r
and
O w en,
R e p r e s e n ta tiv e
C a r te r G la s s , C h a ir m a n o f th e H o u s e C o m m itt e o .
T h o B o a r d , in a s ta te m e n t issu ed o n th e 1 3 th in s t ., re la tiv e
to th o p ro p o se d c h a n g e s in th e law., la y s stress o n th o fa c t
th a t th e y are “ d e sig n e d to p r o v id e m e a n s o f c o n tr o llin g a n
o v e r -e x to n s io n o f lo a n s b a se d o n n ew a c c re tio n s to o u r g o ld
s to c k , a n d to p r o v id e fo r th o m o b iliz a tio n a n d c o n c e n tr a tio n
o f th o g o ld h o ld in g s o f th o U n it e d S ta t e s , so th a t th o flo w
o f g o ld b a c k in to E u r o p e , or to S o u th A m e r ic a or to th o
O r ie n t, m a y bo a rra n g e d w ith o u t fo rc in g a n y v io le n t c o n tr a c
tio n
o f lo a n s
b u s in e s s .”
or c a u sin g u n d u e
d istu r b a n c e
to
le g itim a te
O n e a m e n d m e n t w o u ld ca ll fo r th o issu a n c e o f
F e d e ra l R e s e r v e n o te s n o t o n ly a g a in s t c o m m e r c ia l p a p e r , as
is n o w p ro v id e d fo r , b u t a lso a g a in st g o ld or g o ld c e r tific a te s .
T h is is th o sa m e a m e n d m e n t a s th a t p ro p o se d a t th o la s t
session o f C o n g re ss,'b u t]w h ic h fa ile d b e c a u se th o H o u s e w o u ld
n o t a sso n t to i t .
m a in ta in e d
A n in crease in th e re se rv es re q u ire d to bo
by
m em ber
b a n k s is a lso p r o p o s e d ;
banks
w ith
th e
n o t less th a n 7 %
F e d e ra l
R eserve
o f th o a g g r e g a te
a m o u n t o f d e m a n d d e p o sits a n d 3 % o f th o tim e d e p o s its o f a
b a n k in o th e r th a n a r e se rv e or c e n tr a l roservo c it y w o u ld
bo c a lle d fo r ; n o t less th a n 1 0 % o f th e d e m a n d d e p o sits an d
3%
o f th o tim e d e p o s its o f b a n k s in a resorvo c i t y , a n d n o t
less th a n
13%
of
th o d o m a n d d e p o sits a n d 3 % o f th o tiino
d e p o sits in th o ca so o f a b a n k in a resorvo o r c e n tra l reserv e
c ity .
I t is s u g g e ste d th a t 5 % b o th o m in im u m a m o u n t o f
cu r re n c y w h ic h m e m b e r b a n k s sh o u ld b e re q u ire d to k ee p in
thoir o w n v a u lt s .
T h o B o a r d s ta te s t h a t —
Tho permission given to m ember banks to uso thoir own discretion as to
tho character o f currency in thoir vaults will cnablo them to release tho
gold they now hold , with tho important result that tho substitution o f
Federal Reserve notes for gold and gold certificates will bo facilitated.
A n a m e n d m e n t to S e c tio n 11 w o u ld g iv e th o R o se rv o B o a r d
p o w e r in om org e n cie s to in crease th o a m o u n t o f b a la n c e s
re q u ire d to bo m a in ta in e d b y m e m b e r b a n k s .w it h th o F e d e ra l
R e so rv o b a n k s , su ch increase a t n o tim e to ox ce ed 2 0 % o f su ch
b a la n c e s .
T h o b ill w o u ld also a m e n d S e c tio n 1 6 so a s to
p e r m it n o n -m e m b e r S ta t e b a n k s a n d tr u s t c o m p a n ie s , to o
s m a ll to b o e ligib le fo r m e m b e r sh ip in th o F e d e ra l R e so rv o
S y s t o m , to a v a il th e m se lv e s u n d e r c e rta in c o n d itio n s , o f th e
cle a rin g a n d c o lle c tio n fa c ilitie s o f th o R e s e r v o b a n k s .
Tho
b ill a lso p r o v id e s f o r th e re sto ra tio n o f th o p ro v isio n (w h ich
w as
str ic k e n
fr o m
th o
A ct
e n a c te d o n S e p t . 7 la s t)
by
error in
th o
a m e n d m e n ts
g iv in g n a tio n a l b a n k s , w ith
th e
a p p r o v a l o f th o R e s e r v e B o a r d , th o r ig h t to a c c o p t u p to
100%
o f th o ir c a p ita l a n d su rp lu s in tr a n sa c tio n s in v o lv in g
im p o r ts o r o x p o r ts.
A n o th e r a m e n d m e n t p ro p o se s to c a n c e l
th o p ro v isio n in th o N a t io n a l B a n k A c t re q u irin g n a tio n a l
b a n k s to m a in ta in a m in im u m d e p o sit o f G o v e r n m e n t b o n d s
w ith th o U n it e d S ta te s T r e a s u r e r .
g iv o th o c ir c u la tio n p riv ile g e
R e so rv o
n otes.
bank
n o te s
to
fo r
U n it e d
T h o b ill a lso se ek s to
th o issu a n c e o f F e d e ra l
S ta te s
o n e -y e a r
3%
g o ld
M u t u a l s a v in g s b a n k s w o u ld b e a u th o r iz e d to b e c o m e
a sso c ia te
m em bers o f
c e rta in c o n d itio n s ;
th e
F e d e ra l
R e so rv o
S y s to m
under
th o b ill a lso d e fin e s m o r e clo a rly
th e
rig h ts a n d lim it a tio n s o f d ire cto rs in th o m a tte r o f a c c e p tin g
fo e s, a n d i t w o u ld a b o lish th o title an d o ffic o o f th o D o p u t y
F e d e ra l R e se r v o A g e n t , th u s h a v in g tw o u n a tta c h e d C la s s C
d ire ctors in ste a d o f o n e , a n d cre a tin g th e p o s itio n o f A s s is ta n t
F e d e ra l R o so rv e A g e n t .
I t a lso carries le g is la tio n a u th o r iz
in g m e m b e r b a n k s in a c it y or to w n o f m o re th a n 1 0 0 ,0 0 0
in h a b ita n ts , a n d h a v in g a c a p ita l a n d su rp lu s o f a t le a s t
§ 1 ,0 0 0 ,0 0 0 , to e sta b lish n o t e x c e e d in g to n b ra n c h e s w ith in
th e c o rp o r a te lim its o f th e c it y or to w n in w h ic h it is lo c a te d .
W e g iv e b e lo w th e s ta te m e n t issu e d b y th e th o F e d e r a l R e
se rv e B o a r d o n th o 1 3 th in s t . d e a lin g w ith th o c h a n g e s :
Tho banking^systom o f tho U nited States should bo prepared to moot
effectively tw ojcond ltion s o f opposito character— ono, tho oxcosslvo and
uncontrolled inflow o f gold; tho other, tho cxcessivo and unregulated
outflow o f gold. Tho amendments proposed aro designed to provido means
o f controlling an over-extension o f loans based on now accretions to our
gold stock, and to provido for tho m obilization and concentration o f tho
gold holdings o f tho United States, so that tho flow o f gold back into
Europo, or to South America, or to the Orient, m ay bo arrangod without
209
forcing any vlolent^con traction o f loans or causing undue disturbance to
legitimate business.1
O f approxim ately tw o and three-quarter billions o f gold in this country
thero aro held or controlled b y Federal Reserve banks about §736,000,000.
o f which Federal Reserve agents hold $283,000,000 as security for Federal
Reserve notes outstanding, and $153,000,000 is reserve m oney, and m ust,
therefore, be used conservatively. But even assuming that the Federal
Reserve banks were willing to reduce their gold reserves to 4 0 % o f their
deposits and note liability (which would be regarded as a minimum and in
normal times would be inadequate), the amount o f free gold, i. e ., the
amount o f gold that tho Federal Reserve banks would loso before reaching
this 40% m inimum, w ould bo a little m ore than $375,000,000. W hile this
is a very largo sum its sufficiency cannot safely be assumed when we co n
sider the wide scope o f our transactions in world finance and the phenom
enal growth of our own credit structure.
It is estimated that there are now in the hands o f tho public, i. e., out
side the Treasury and the banks, over eight hundred million dollars in
gold and gold certificates, and that there aro at present held in the vaults
o f member banks about $815,000,000 o f reserve m oney, o f which $540,000,
000 is gold coin or gold certificates. Thero should be added to this esti
mate about $600,000,000 o f lawful m oney in tho vaults o f non-m em ber
State banks and trust companies.
T he Federal Reserve note, which is an obligation o f the United States
secured b y an ample reserve o f gold and com m ercial paper, is accepted as
willingly b y tho public as a national bank note or as any other form o f
currency, and the public does not discriminate between different forms
o f United States currency. Federal Reserve note circulation has been
substituted for gold certificates to the extent o f about $300,000,000.
Under tho present law this gold is deposited with tho Federal Reserve
agents in redemption o f tho Federal Reserve notes issued against it. T he
note so provided for thereby in effect ceases to bo an obligation o f tho
Federal Reserve Bank; but as tho gold docs not figure as an asset o f the
Federal Reserve banks, the Federal Reserve banks are unable to show the
greater strength which might be evidenced if tho law perm itted, as proposed
in tho amendments, tho issuance o f Federal Reserve notes not only against
com m ercial paper but also against gold or against either, provided always
that every Federal Reserve note must be covered b y at least 100% o f
com m ercial paper or gold, and that thero must always bo a gold reserve
o f not less than 4 0 % against all outstanding Federal Reserve notes.
The control o f gold b y Federal Reserve banks in times o f abundance
such as at present will decrease tho danger o f inflation o f dom estic credits
and at the same tim e will enable tho cou ntry, when tho tide turns, to part
with largo sums o f gold with less inconvenienco or shock, thus enabling us
m ore-safely and effectively to proceed w ith the developm ent o f our foreign
trade and to give tho necessary credit facilities for its extension.
T ho United States should bo in a position to face conditions which m ay
call for an outflow o f gold w ithout any disturbances o f our own or to the
w orld’s business, and w ithout making necessary drastic changes In our
interest or discount rates.
T ho amendments suggested b y the Board
aro designed to enable the Federal Reserve banks to withdraw gold
from actual circulation while enabling m ember banks at tho same tim e
to release gold which at present is tied up in their own vaults. T ho amend
ments are based upon the theory that all o f the individual banks should
strengthen the gold holdings o f the Federal Reserve banks.
The cou ntry’s holdings o f gold aro not used m ost effectively when they
aro in the vaults o f a largo number o f banks scattered all over the country,
but its greatest use would com e from concentrating It to a greater degree
in tho vaults o f tho Federal Reserve banks, where it can be effectively
protected when not required and effectively used when needed. T he
m ember bank does not require gold with which to supply tho ordinary
demands o f its depositors so m uch as currency.
It is from this point o f view that the Federal Reserve Board has proposed
that Congress increase the required reserves to bo maintained b y member
banks with tho Federal Reserve banks. On N ov. 17 1916 the cash holdings
o f all member banks were about $815,000,000. Under the proposed
amendment o f Section 19, $250,000,000 o f this amount would bo transferred
to the Federal Reserve banks. Ilence the Board believes that ultimately
tho law should require o f member banks no m ore than that they should
maintain a specified balance with the Federal Roservo banks in amounts
adequate to supply tho necessary basis and that the Federal Reserve banks
must have sufficient reserves o f gold with which to protect all obligations,
but that there should, how ever, be no legal requirement as to the amount
o f currency that a m ember bank should carry in its own vault.
This is a matter o f business judgm ent that might well be left to the dis
cretion o f each member bank. It was thought, however, that if this prin
ciple were carried into full effect at this timo tho step m ight bo considered
too extreme, particularly under present conditions and nothing should
bo dono that m ight tend to a further rcleaso o f reserve m oney.
A minimum amount o f currency that tho m ember banks should bo re
quired to keep in their vaults is, therefore, prescribed. T he am ount suggasted is 5 % o f tho demand deposits, so that the total requirements— cash
and resorvo— will remain practically unchanged. W hile the effect o f some
o f the proposed changes will be to reduce somewhat tho reserve require
m ents, tho reserves will be Increased b y tho abrogation o f the practice
hitherto observed o f counting items In transit or “ float” as reserve.
T he permission given to m ember banks to use thoir own discretion as to
tho character o f currency in their vaults will cnablo them to release the
gold they now hold, with tho important result that the substitution o f
Federal Roservo notes for gold and gold certificates will bo facilitated, b y
this change in the law. W ithout som e such change member banks will
contlnuo to ask for gold certificates in small denom inations, because as long
as they must have gold or lawful m oney to count as reservo It w ould be
im possible for tho banks to exchange them for Federal Reserve notes.
Besides the proposed changes relating to note issues and to reserves, the
Board has suggested also tho following:
Amendment o f Section 11 so as to permit tho Federal Reserve Board to
raise reserve requirements in emergencies, just as it is now em powered in
certain contingencies o f a different kind, to lower those requirements.
This provision w ould, if adopted, cpable the Federal Reserve Board in
prolonged periods o f extreme easo in tho m oney market to check any
tendency toward excessive loans or other forms o f undue extensions o f credit.
Amendment o f Section 16 to perm it non-m em ber State banks and trust
com panies, even though too small to be eligible for membership in the
Federal Reserve banks, to avail themselves o f the clearing and collection
facilities o f the Federal Reserve banks, provided that they cover at par
checks on themselves sent for collection b y the Federal Reserve banks, and
provided, further, that they keep a com pensating balance with the Federal
Reserve bank In an amount to be determined under rules prescribed b y the
Federal Reserve B oard.
This is not intended to operate as an extension o f any o f tho privileges o f
the Federal Reserve System to non-m em ber banks at tho expense o f m em
bers, but, on the contrary, the amendment is proposed primarily for the
convenience o f the public and Incidentally fo r tho benefit o f the member
banks.
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THE CHRONICLE
Amendment of Section 22—the penal statute—so as to define more
clearly the rights and limitations of directors in the matter of accepting fees
or compensation other than the ordinary fees paid directors for legitimate
services rendered in the regular course of business, the performance of
which service is not incumbent upon them in their capacity as directors.
Amendment of Section 13 to restore the provision which was, by error,
stricken from the Act in the amendments of Sept. 7 1916, thus restoring to
national banks, with the approval of the Federal Reserve Board, the right
to accept up to 100% of their capital and surplus in transactions involving
imports or exports.
Amendment of Section 17 to cancel the provision of the National Bank
Act which requires national banks to maintain a minimum deposit of Gov
ernment bonds with the Treasurer of the United States. National banks are
no longer required to keep outstanding a minimum amount of circulating
notes, and a newly-organized bank is not obliged to purchaso or carry any
bonds of the United States; but there are a number of national banks
organized beforo the passage of the Federal Reserve Act which have retired
their national bank circulation in full, yet they are, under a construction
of the old law, required to keep on deposit with the Treasurer of the United
States a certain minimum of United States bonds.
Amendment of Section 25 to authorize member banks located in cities
of more than 100,000 population and which have a capital and surplus of
more than $1,000,000, to establish branches in the same city.
Amendment of Section 9 to authorize mutual savings banks not having
capital stock to become associate members of the Federal Reserve System
under certain prescribed conditions.
Amendment of Section 18 so as to give to United States one-year 3%
gold notes in the hands of Federal Reserve banks the circulation privilege
for tlio issuance of Federal Reserve bank notes, such circulation to be taxed
at the same rate as circulating notes, which are secured by 3% bonds of
the United States.
Amendment of Section 4 to abolish the title and office of Deputy Federal
Reserve Agent, thus having two unattached Class C directors instead of
ono as at present, and to create the position of Assistant Federal Reservo
Agent, who shall not bo a director of the bank, but who shall be a salaried
bonded officer in the Federal Reserve Agent’s department, serving at all
times as an assistant to the Federal Reserve Agent and qualified to act
for the agent in his absence.
We give in its entirety herewith the bill carrying out the
recommendations of the Board:
.
.
H .R . 20045.
A Bill to amend the Act approved Dec. 23 1913, known as the Federal
Reserve Act.
.
Be it enacted by the Senate a n d H ou se o f Representatives o f the U nited States
o f A m e ric a in Congress assem bled. That Section 4 of the Act approved
Dec. 23 1913, known as the Federal Reserve Act, be amended by striking
out the sentence reading as follows: “ One of the directors of Class C, who
shall bo a person of tested banking experience, shall be appointed by the
Federal Reserve Board as deputy Chairman and Deputy Federal Reserve
Agent, to exercise the powers of the Chairman of the Board and Federal
Reserve Agent In case of absence or disability of his principal,” and by
adding in placo thereof the following:
"Subject to the approval of the Federal Reserve Board, the Federal
Reserve Agent shall appoint one or more assistants. Such assistants, who
shall bo persons of tested banking experience, shall assist the Federal
Reservo Agent in the performance of his duties and shall also have power
to act In his namo and stead during this absence or disability. The Federal
Reserve Agent may require such bonds of his assistants as he may deem
necessary for his own protection. Assistants to the Federal Reserve Agent
shall receive an annual compensation to be fixed and paid in the same
manner as that of the Federal Reserve Agent.”
Sec. 2. That Section 9 be amended by adding a sub-section (a) to read
as follows:
“ Sec. 9a. That any mutual savings bank or association operating under
the laws of any State may make application to the Federal Reservo Board
for the right to become an associate member of the Federal Reserve bank
of the district in which such savings bank or association is located.
"The Federal Reservo Board, under such rules and regulations as it may
prescribe, may permit such bank or association to become an associate
member of the Federal Reserve bank, but such board, before granting any
application, shall require satisfactory evidence that the laws of the Stato in
which the applying bank or association is located authorize such bank or
association to engage in the business of a mutual savings bank and provide
for a proper supervision over the operations of such bank or association.
“ Any mutual savings bank or association which becomes an associate
member of a Federal Reservo bank shall agree to comply with all tho
provisions of Section 19 of this Act. Such associate members shall bo
entitled to all tho clearing privileges granted to member banks, and Federal
Reserve banks shall be authorized to discount the promissory notes of such
associate members having a maturity of not more than thirty days and
which are secured (a) by paper eligible for rediscount under Section 13
of tho Federal Reserve Act; (b) by United States bonds; (c) by such
municipal warrants as Federal Reserve banks are authorized to purchase
under the provisions of Section 14 of the Federal Reserve Act; (d) by
commercial paper or bankers’ acceptances bearing tho signature of not less
than three persons, firms or corporations.”
Sec. 3. That clause (c) of Section 11 be, and is hereby amended by adding
at tho end thereof the following sentence:
“ The Federal Reserve Board shall also have power, whenever extraor
dinary conditions justify, to increase from time to time for periods not
exceeding thirty days, on the affirmative vote of five of its members, the
amount of balances required by this Act to be maintained by member
banks with their respective Federal Reserve banks; P rovided, such in
crease shall at no time exceed 20% of such balances and shall be at the
same rate for all member banks of any ono district; A n d provided fu rth e r.
That the Federal Reserve Board shall make a report to Congress in writing
setting forth the conditions on which such action is based.”
Sec. 4. That the first paragraph of Section 13 be further amended so as
to read as follows:
“ Any Federal Reserve bank may receive from any of its member banks
and from the United States deposits of current funds in lawful money,
national bank notes. Federal Reserve notes, or checks and drafts payable
upon presentation, and also for collection, maturing notes and bills; or,
solely for purposes of exchange or of collection, may receive from other
Federal Reserve banks deposits of current funds in lawful money, national
bank notes, or checks upon other Federal Reserve banks and checks and
drafts payable upon presentation within Its district and maturing notes and
bills payable within its district; or, solely for tho purposes of exchange or
of collection, may receive from any non-member bank or trust company
deposits of current funds in lawful money, national bank notes. Federal
Reserve notes, checks, and drafts payable upon presentation or maturing
notes and bills; P rovided, Such non-member bank or trust company main
tains with the Federal Reserve bank of its district a balance in an amount
[Vol. 104
to be determined by tho Federal Reserve Board under such rules and
regulations as it may prescribe.”
Sec. 5. That the fifth paragraph of Section 13 be, and is hereby, amended"
so as to read as follows:
“Any member bank may accept drafts or bills of exchange drawn upon it
having not more than six months sight to run, exclusive of days of grace,
which grow out of transactions involving the importation or exportation*
of goods; or which grow out of transactions involving tho domestic ship
ment of goods provided shipping documents conveying or securing title
arc attached at the time of acceptance; or which are secured at the time
of acceptance by a warehouse receipt or other such document conveying
or securing titlo covering readily marketable staples. No member bank
shall accept, whether in a foreign or domestic transaction, for any one
person, company, firm, or corporation to an amount equal at any time in
the aggregate to more than 10% of its paid-up and unimpaired capital stock
and surplus, unless the bank is secured either by attached documents or
by some other actual security growing out of tho same transaction as the
acceptance; and no bank shall accept such bills to an amount equal at any
time in the aggregate to more than one-half of its paid-up and unimpaired
capital stock and surplus; P rovided, hoicever. That the Federal Reserve
Board, under such general regulations as it may prescribe, which shall
apply to all banks alike regardless of tho amount of capital stock and
surplus, may authorize any member bank to accept such bills to an amount
not exceeding at any time in tho aggregate 100% of its paid-up and unim
paired capital stock and surplus; P rovided, how ever. That the aggregate
of acceptances growing out of domestic transactions shall In no event
exceed 50% of such capital stock and surplus.”
Sec. 6. That Section 16, Paragraphs 2, 3, 4, 5, 6 and 7, be further
amended and re-enacted so as to read as follows:
“ Any Federal Reserve bank may mako application to the local Federal
Reserve agent for such amount of the Federal Reservo notes heroinbeforo
provided for as it may require. Such application shall bo accompanied
with a tender to the local Federal Reservo agent of collateral in amount
equal to the sum of the Federal Reserve notes thus applied for and issued
pursuant to such application. The collateral security thus offered shall be
notes, drafts, bills of exchange, or acceptances rediscounted under the
provisions of Section 13 of this Act, or bills of exchango endorsed by a
member bank of any Federal Reserve district and purchased under tho
provisions of Section 14 of this Act, or bankers’ acceptances purchased
under tho provisions of said Section 14, or gold or gold certificates; but in
no event shall such collateral security, whether gold, gold certificates, or
eligible paper, bo less than the amount of Federal Reserve notes applied for.
Tho Federal Rescrvo agent shall each day notify the Federal Reserve Board
of all issues and withdrawals of Federal Reserve notes to and by tho Federal
Reserve bank to which he is accredited. Tho said Federal Reserve Board
may at any time call upon a Federal Reserve bank for additional security
to protect tho Federal Reserve notes issued to it. ,
“ Every Federal Reserve bank shall maintain reserves in gold or lawful
money of not less than 35% against its deposits and reserves In gold of not
less than 40% against its Federal Reserve notes in actual circulation;
P rovided, however. That when tho Foderal Reserve agent holds gold or
gold certificates as collateral for Federal Reserve notes issued to tho bank
such gold or gold certificates shall be counted as part of tho gold reserve
which such bank is required to maintain against its Federal Reserve notes In
actual circulation. Notes so paid out shall bear upon their faces a dis
tinctive letter and serial number, which shall be assigned by tho Federal
Rescrvo Board to each Federal Reserve bank. Whenever Federal Reserve
notes issued through ono Federal Reserve bank shall bo received by another
Federal Reserve bank they shall be promptly returned for credit or redemp
tion to tho Federal Reserve bank through which they were originally issued
or, upon direction of such Federal Reserve bank, they shall bo forwarded
direct to the Treasurer of tho United States to bo retired. No Federal
Reserve bank shall pay out notes issued through another under ponalty
of a tax of 10% upon the faco valuo of notes so paid out. Notes presented
for redemption at the Treasury of the United States shall bo paid out of tho
redemption fund and returned to tho Federal Reservo banks through which
they were originally issued, and thereupon such Federal Reserve bank
shall, upon the demand of tho Secretary of tho Treasury, reimburse such
redemption fund in lawful money or, if such Federal Reserve notes have
bceh redeemed by tho Treasurer in gold or gold certificates, then such funds
shall bo reimbursed to tho extent deemed necessary by tho Secrotary of the
Treasury in gold or gold certificates, and such Federal Reservo banks shall,
so long as any of its Federal Reserve notes remain outstanding, maintain
with tho Treasurer in gold an amount sufficient, In tho judgment of the
Secretary, to provido for all redemptions to be mado by tho Treasurer.
Federal Reserve notes received by tho Treasurer otherwise than for redemp
tion may bo exchanged for gold out of tho redemption fund hereinafter
provided and returned to the Reserve bank through which they wore
originally issued, or they may bo returned to such bank for tho credit of
tho United States. Federal Reserve notes unfit for circulation shall be
returned by the Federal Reserve agents to tho Comptroller of tho Currency
for cancellation and destruction.
“ Tho Federal Reserve Board shall require each Federal Reserve bank to
maintain on deposit in tho Treasury of tho United States a sum in gold
sufficient in tho judgment of the Secretary of tho Treasury for the redemp
tion of tho Federal Reserve notes Issued to such bank, but In no ovont less
than 5% of tho total amount of notes issued less the amount of gold or
gold certificates held by the Federal Reserve agont as collateral security;
but such deposit of gold shall bo counted and Included as part of tho 40%
rescrvo hereinbefore required. The Board shall have tho right, acting
through tho Federal Reserve agent, to grant, in wholo or in part, or to
reject entirely tho application of any Federal Reserve bank for Federal
Reserve notes; but to tho extont that such application may bo granted
the Federal Reservo Board shall, through its local Federal Rcsorvo agont,
supply Federal Reserve notes to the bank so applying, and such bank
shall be charged with the amount of notes issued to it and shall pay such
rate of interest as may bo established by the Federal Rescrvo Board on
only that amount of such notes which equals tho total amount of Its out
standing Federal Reserve notes less the amount of gold or gold certificates
held by the Federal Rescrvo agent as collateral security. Federal Resorvo
notes Issued to any such bank shall, upon delivery, together with such
notes of such Federal Reserve bank as may bo Issued under Section 18 of
this Act upon security of United States 2% Government bonds, become
a first and paramount lien on all the assets of such bank.
"Upon tho request of the Secretary of the Treasury tho Foderal Rcsorvo
Board shall require tho Federal Reservo agont to transmit to tho Treasurer
of tho United States so much of the gold hold by him as collateral security
for Federal Reserve notes as may bo required for the exclusive purpose of
the redemption of such Federal Reserve notes, but such gold whon deposited
with tho Treasurer shall be counted and considered as If collateral security
on deposit with the Federal Reserve agent.
“ Any Federal Reserve bank may at its discretion withdraw collateral
deposited with tho local Federal Reserve agent for tho protection of its
Federal Reservo notes issued to it, and shall at the same time substitute
J an. 20 1917.J
THE CHRONICLE
therefor other collateral of equal amount with the approval of the Federal
Reserve agent under regulations to be prescribed by the Federal Reserve
Board. Any Federal Reserve bank may retire any of Its Federal Reserve
notes by depositing them with tho Federal Reserve agent or with the
Treasurer of the United States, and such Federal Reservo bank shall there
upon be entitled to receive back tho collateral deposited with the Federal
Reserve agent for tho security of such notes. Federal Reserve banks
shall not be required to maintain the reservo or tho redemption fund here
toforo provided for against Federal Reservo notes which havo been retired
nor shall they be further liable to pay any interest charge which may
havo been imposed thereon by tho Federal Reserve Board. Federal Re
serve notes so deposited shall not be reissued except upon compliance with
tho conditions of an original issue.”
Sec. 7. That Section 17 be, and is hereby, amended so as to read as
follows:
“ Sec. 17. So much of the provisions of Section 5159 of the Revised
Statutes of tho United States and Section 4 of tho Act of Juno 20 1874
and Section 8 of the Act of July 12 1882, and of any other provisions of
existing statutes as require that before any national banking associations
shall bo authorized to commence banking business it shall transfer and
deliver to the Treasurer of the United States a stated amount of United
States registered bonds, and so much of those provisions or of any other
provisions of existing statutes as require any national banking associations
now or hereafter organized to maintain a minimum deposit of such bonds
with tho Treasurer is hereby repealed.”
Sec. 8. That Paragraph 5 of Section 18 be, and is hereby, amended so
as to read as follows:
“ Upon the deposit with the Treasurer of the United States of bonds so
purchased, or any bonds with the circulating privilege acquired under
Section 4 of this Act, or any 3% one-year gold notes issued in accordance
with the provisions of this section, any Federal Reserve bank making such
deposit in the manner provided by existing law for tho deposit by national
banks of bonds bearing tho circulating privilege shall bo entitled to receivo
from the Comptroller of tho Currency circulating notes in blank, registered
and countersigned as provided by law, equal in amount to tho par value
of the notes or bonds so deposited. Such circulating notes shall be obliga
tlons of tho Federal Reserve bank procuring the same, and shall be in form
prescribed by tho Secretary of tho Treasury, and to the same tenor and
effect as national bank notes now provided by law. They shall be issued
and redeemed undor the same terms and conditions as national bank notes
except that they shall not bo limited to the amount of tho capital stock
of tho Federal Reserve bank issuing them. Circulating notes of Federal
Reserve banks secured by 3% one-year gold notes shall bo subject to tho
same tax imposed by law on circulating notes which are secured by 3%
bonds of the United States.”
Sec. 9. That Section 19 be amended and re-enacted so as to read as
follows:
"Sec. 19. Demand deposits within the meaning of this Act shall comprise
all deposits payable within thirty days, and time deposits shall comprise
all deposits payable after thirty days, all savings accounts and certificates
of deposit which are subject to not less than thirty days' notice before pay
ment, and ail postal savings deposits.
“ Every bank, banking association, or trust company which is or which
becomes a member of any Federal Reserve bank shall establish and main
tain reserve balances with its Federal Reserve bank as follows:
"(a) If not In a reserve or central reserve city, as now or hereafter
defined, it shall hold and maintain with tho Federal Reserve bank of its
district an actual not balance equal to not less than 7% of tho aggregate
amount of its demand deposits and 3% of its time deposits.
“ (b) If In a reservo city, as now or hereafter defined, it shall hold and
maintain with tho Federal Reserve bank of its district an actual net balance
equal to not less than 10% of the aggregate amount of its demand deposits
and 3% of its time deposits. .
“ (c) If in a central reserve city, as nor or hereafter defined, it shall
hold and maintain with tho Federal Rcsorvo bank of its district an actual
net balance equal to not less than 13% of the aggregate amount of its
demand deposits and 3% of its timo deposits.
"Every member bank shall maintain in its own vaults for till money
an amount of specio or currency equal to at least 5% of its demand deposits
less the amount of those balances with tho Federal Reserve bank which
aro in oxcess of the minimum balances required by this section.
"No member bank shall keep on deposit with any non-member bank a
sum in excess of 10% of its own paid-up capital and surplus. No member
bank shall act as a medium or agent of a non-member bank in applying
for or receiving discounts from a Federal Roservo bank under tho provisions
of this Act, except by permission of the Federal Reserve Board.
“ The required balanco carried by a member bank with a Federal Roservo
bank may, under tho regulations and subject to such penalties as may bo
proscribed by tho Federal Reserve Board, be checked against and with
drawn by such member bank for tho purpose of meeting existing liabilities;
P rovided, however. That no bank shall at any time mako now loans or
shall pay any dividends unless and until the total balance required by law
Is fully restored.
“ In establishing tho balances required by this Act the net difference of
amounts duo to and from other banks shall bo taken as tho basis for ascer
taining tho deposits against which required balances with Federal Reserve
banks shall be determined.
“ National banks, or banks organized under local laws, located In Alaska
or in a dependency or insular possession or any part of tho United States
outside tho continental United States may remain non-member banks, and
shall In that event maintain reserves and comply with all the conditions
now provided by law regulating them; or said banks may, with tho consent
of the Federal Reservo Board, become member banks of any ono of the
reserve districts, and shall in that event take stock, maintain reserves, and
be subject to all the other provisions of this Act.”
Sec. 10. That that part of Section 22 which reads as follows: “ Other
than tho usual salary or director’s fees paid to any officer, director or em
ployee of a member bank and other than a reasonable fee paid by said
bank to such officer, director, or employee for services rendered to such
bank, no officer, director, employee, or attorney of a member bank shall
be a beneficiary of or receive, directly or indirectly, any fee, commission,
gift, or business of the bank,” be, and hereby Is, amended and re-enacted
so as to read as follows:
“ Other than tho usual salary or director’s fee paid to any officer, director
employee, or attorney of a member bank, and other than a reasonable fe^
paid by said bank to such officer, director, employee, or attorney for
services rendered to such bank, no officer, director, employee, or attorney
of a member bank shall bo a beneficiary of or receive, directly or Indirectly
any fee, commission, gift, or other consideration for or in connection with
any transaction or business of the bank; P rovided, hou'ever, That nothing
in this Act contained shall bo construed to prohibit a director, officer or
employee from receiving tho same rate of interest paid to other depositors
for similar deposits made with such bank, or to prohibit a director who Is
not an officer or employee from receiving, directly or indirectly, the usual
211
and customary commissions or fees for services rendered in buying and
selling securities or other investments for or on account of such bank; but in
this latter case the action of the board of directors in directing each purchase
or sale of such securities or other investments must be by an affirmative
vote or written assent of at least three-fourths of the members of the
board exclusive of the director interested and must be recorded in the
minutes of tho meeting of said board, such minutes to specify the name of the
director and the firm or corporation with which he is connected, if any,
through which such order is to be executed, together with the amount of
tho fee or commission to be paid on each transaction; A n d provided fu r
ther, That notes, drafts, bills of exchange, or other evidences of debt
executed or endorsed by directors of a member bank may be discounted
with such member bank on the same terms and conditions as other notes,
drafts, bills of exchange, or evidences of debt upon the affirmative vote
or written assent of at least three-fourths of the members of the board of
directors of such member bank.”
Sec. 11. That Section 25 be amended by adding a sub-section (a) to
read as follows:
“ Sec. 25a. That any member bank located in a city or incorporated town
of more than 100,000 inhabitants and possessing a capital and surplus of
$1,000,000 or more, may, under such rules and regulations as the Federal
Reserve Board may prescribe, establish branches, not to exceed ten in
number, within the corporate limits of tho city or town in which it is lo
cated; P rovided, That no such branch shall be established in any State in
which neither State banks nor trust companies may lawfully establish
branches.”
MR.
SC H IFF
SEVENTY
Y E A R S OF A G E .
Jacob H. Schiff, the well known philanthropist, and head
of the banking house of Kuhn, Loeb & Co., of this city,
was seventy years old on Wednesday, Jan. 10. Mr. Schiff
celebrated the event in accordance with his expressed wishes,
in the seclusion of his home. Many civic and religious
organizations and societies had asked that they be allowed
to help in the celebration of his birthday by banquets, &c.,
but Mr. Schiff, as has been his custom in the past, declined
their invitations to participate in any public celebration.
Mr. Schiff marked the event by donating large sums of
money to the Rabbi’s Pension Fund, the American Jewish
Theological Society, the American Red Cross, New York
University, the Henry Settlement, and the Montefiore
Home and Hospital; $100,000 was given towards the Rabbi’s
Pension Fund, and a like amount was given to the Monte
fiore Home and Hospital. Mr. Schiff is President of the
institution and has been one of its generous contributors.
The money, it is said, will be applied toward the research
work carried on by the hospital. The American Jewish
Theological Seminary received $100,000, as did the Ameri
can Red Cross Society. The gift to the American Red
Cross, at Mr. Schiff’s request, is to be used for non-mili
tant relief work in European countries engaged in the present
war. “Two-thirds of the amount is- to be appropriated
for relief in ‘Entente countries,’ and one-third for relief in
the countries of the ‘Central Powers;”’ $50,000 was given
by Mr. Schiff to N. Y. University toward a $300,000 en
dowment fund for the Division of Public Affairs in the
School of Commerce, Accounts and Finance. The Division
of Public Affairs trains students in the principles of govern
ment. The Henry Street Settlement was the recipient of
$25,000 from Mr. Schiff. The gift is to be applied to the
visiting nursing service of the settlement, toward which he
had previously given $35,000.
At a private banquet at Sherry’s last Saturday evening,
given in his honor by the directors of the Montefiore Home
and Hospital, Mr. Schiff was presented with a three-quarters
length oil painting of himself. The painting was the work
of Irving Wiles, and it will hang in Mr. Schiff’s home until
his death, after which it will bo hung in the Montefiore
Home, of which, as stated above, Mr. Schiff is President.
H E A R I N G S O N P R E S I D E N T W IL S O N 'S S U P P L E
MENTAL
R A ILR O AD
LEG ISLATIO N .
-
Public hearings were concluded on the 11th inst. by the
Senate Committee on Inter-State Commerce on the legisla
tion proposed by President Wilson to supplement the Adam
son Eight-Hour Law. The Committee met on the 13th inst.
to consider the action to be taken by it respecting the railroad
legislative program, but it was not until the 16th inst. that
an indication of its attitude toward the President’s recom
mendations was made known. On that day, by a vote of
7 to 3, it recorded its opposition to the principle of the Cana
dian Disputes Act, providing for a suspension of the right
of strike and lockout pending investigation by the Govern
ment, which provision President Wilson desires incorporated
in the proposed legislation. According to the Chairman of
the Committee, Senator Newlands, its action was not final,
the bill itself, it is said, not yet having been voted on. Two
Democrats, Senator Smith of South Carolina and Senator
Underwood, voted with five Republicans against the feature
of the legislation referred to. Senators Newlands, Pomerene
and Robinson were the three who approved the legislation.
212
THE CHRONICLE
The full membership of the Committee is seventeen, but it
is stated that even if all the members had been present the
program would not have received a majority vote in its
favor. The Committee, it is understood, is likely to endorse
a bill which would provide for the investigation of labor
troubles by the Government, without, however, power to
restrain strikes or lockouts during such inquiry. Senator
Ellison D. Smith, one of the Democrats who voted in oppo-sition to the President’s proposal, is quoted in the New York
“Tribune” as saying: “The country is not yet ready to
deny to men the right to stop work when they want to, or
even to combine in a strike to obtain conditions to which they
think they are entitled.” The Committee on the 16th is also
said to have considered, but to have taken no action on the
proposal to empower the President to take over railways in
case of public necessity. As much opposition to this, it
is said, exists in the Senate as in the Committee.
The “Times” reports the submission on the 17th inst. to
the Senate Committee on Inter-State Commorce by Senator
Cummins of a plan by which the Government would obtain
ultimate control of a railroad which became tied up by labor
troubles. If accepted, it is said, the measure would be a
long step in the direction of Government ownership of rail
roads. The bill, according to the “Times,” is designed as a
remedy for the conditions that might arise in case of a longdrawn-out transportation strike, and as a substitute for the
plan proposed in Senator Nowland’s bill, giving tho Presi
dent power to take over railroads temporarily, in time of
emergency, by the use of the military power. Under tho
Cummins proposal, if a road were tied up by a sorious strike
or similar cause, the Department of Justice would apply for
the appointment of a receiver, who would then operate the
road. After threo months, if the road was still unable to
take care of itself, the Government would tako over the
property permanently.
On the 18th inst. Judge Advocate General Crowder of the
army and Solicitor General Davis of the Department of
Justice, in discussing before the Senate committee tho bill
authorizing the President to take over and operate railways
in time of military necessity, are said to have agreed that
thero is a Constitutional power of draft in times of peace as
well as war where the public safety demands.
[Vol. 104.
hearings on the 11th inst., protested strongly against any
measuro to compel arbitration of disputes between employer
and employee, and declared that a measuro which suspends
during investigation tho right to strike is but a step that
will be followed by others toward driving the worker back
into voluntary servitude. At the hearing Mr. Gompers said:
I am pleading more than I am arguing that you do not introduce into
our systems of government any form of compulsion in tho relations of man
and man, of employer and employe. If that step is taken it will bo fol
lowed by others, to strengthen tho law. It would be wiped out in timo,
but I am fearful how it would be wiped out. It might bo by a rovulsion
of fooling, it might bo by a revolt.
The evils and inconveniences of a strike of trainmen
which would tie up the transportation facilities of tho country
were pointed out by Senator Newlands, Mr. Gompers in
reply stating:
Under such circumstances, if tho men attacked tho person or tho property
of any one there is a law to punish them; if they tried to prevent others
from working they would bo amenablo to the laws.
All that tho men ask is tho privilege of quitting work, simply folding
their arms and remaining inactive, becauso thoy are unwilling to continuo
under tho old conditions. And when you deny them this right it is tho end
of American institutions.
Senator Cummins asked Mr. Gompers what he would do
if ho were clothed with all the power of Government and a
strike, peaceful but effective in tying up all transportation,
had become a fact, to which the labor leader responded:
I would not interfere. If tho power of Government was in mo, I, with
my concepts and lovo of American freedom and American hopes, would not
interforo oven though thero was some inconvonienco and suffering. Tho
railroad men aro not barbarians, tho railroad managers I do not behove are
barbarians. I liavo no doubt there would be an adjustment of tho con
troversy.
I believo it is absolutely true that if wo had had no Adamson law enacted
on Sept. 7 last, when a strike was called for by the brotherhoods unless the
railroad managers conceded an oight-hour day in principle, thero would not
havo boon a striko, for tho managers would havo conceded it.
Mr. Gompers is reported to have said that an Act provid
ing for investigation of railroad controversies but not forbiding a strike or lockout and which provided for publication
of tho results of tho investigation through advertising paid
for by the Government could not be objected to but from
it he could “anticipate no good.”
Mr. Gompers when given a hearing on tho pending rail
road legislation on the 17th inst. before the House Committee
on Inter-State Commerce, told the Committeo that if Con
gress enacted legislation forbidding strikes on public utilities
pending arbitration and investigation they could count on
him as one who would violate them. The “Sun” quoted
as saying:
On the 6th inst. a bill designed to meet President Wilsons’ him my judgment, thero has not been bofore tho Congress of„ tho Tr ,
In
United
States for more than sixty years a proposal to enact a bill whoso provisions
recommendations for supplementing the Adamson law was aro so far reaching and fundamental. This legislation ought not to bo hast
introduced in tho House by Representative Adamson, ened. Speaking as a man and a citizen and on behalf of a great constltuChairman of the Commerce Committee, with the announce ency that I havo tho honor in part to represent, I protest against this bill.
purpose
it is
the cessation of
tho employees
ment that he would press it for early consideration without Thorailroads. of Hack to prevent thought of takingwork oftho right of men of
the
of it is tho
away
in
waiting for completion of the President’s railroad legislation concert quitting their employment. No Congress or Legislature of this
program by tho Senate. The measure was framed by Mr. or any other country has prevented strikes.
>
Adamson after conferences on the subject with President ’ Referring to the recent decree of Gen..Carranza forbidding
Wilson and Senator Newlands, Chairman of tho Senate strikes and providing capital punishment of those who vio
Commerce Committee. An eight-hour day is provided, but lated the decree, Mr. Gompers said further, according to
railroad employees could work overtimo upon approval by
Even
the Inter-State Commerce Commission which could in specific was notwith such a punishment staring tho men of labor in the face, a strike
You can’t do it; you won’t
cases authorize “exceptions or allowances” from the eight- into tho prevented.strikes shall bo temporarily or do it. You may enact
law that
permanently unlawful,
you may
tho direst
provent
If
hour requirements. The eight hours need not bo consecu you onactprescribelaws to thisthreats, but you cannotmo as onothem. will
certain
end
count on
who
tive. After all efforts at mediation of differences had failed, violate them. Thero is something you canand moro important than tho
deoper
the President, upon notification, would create a special continuous operation of trains. Tho spirit of all this legislation is ener
board of inquiry under the measure, comprising tlireo mem vating and dispiriting to tho principles upon which tho Republic is based
bers, who would investigate and report to the President or the W. N . Doak, Vice-Prcsidont of tho Brotherhood of Rail
Mediation Board, as the President may direct, as speedily road Trainmen, asked the Senate Committeo on the 16th
as possible. In any event, a roport would be required within whether it interpreted tho military necessity bill to give the
three months from tho reference of the differences to it. Tho President power to draft railroad workers so that it might bo
board would be required to mako rocommondations in its used to end a strike, as such power was used in France sev
report, and pending tho report a strike or lockout would bo eral years ago. The bill gives the President this authority
prohibited. No person could servo on such a board if ho “in case of actual or threatened war, insurrection or invasion,
wore pecuniarily interested in settlement of tho differences. or any emergency,” and Mr. Doak said if it meant that a
The bill backs up the requirements with a provision that the strike could be prevented by resort to it the brotherhoods
President shall have authority to take possession of any would “be unalterably opposed to it.” “I don’t think,”
common carrier’s lines in emergency, which term, Mr. said Senator Cummins, “that any member of the committee
Adamson said, he construed to mean military necessity or knows whether it would give such power.” Mr. Doak agreed
the blocking of commerce. Save for the eight-hour day, the with a suggestion that if the power to tako over tho roads
measure is understood to have the approval of the President. were confined to “actual or threatened war” there would be
With regard to the bill, Representative Adamson was quoted no such opposition.
onI did not consult with either tho employers or tho employees regarding In protesting on the 9th against the legislation to prohibit
the 7th inst. as saying:
strikes and lockouts on inter-Stato carriers pending investi
this bill. I took only tho public into consideration. Tho railroads aro
trying to run up all tho overtime thoy can to mako tho Adamson Act look gation of the controversy, Mr. Doak said:
bad and the men aro insisting that tho moasuro was for tho purpose of fixing
wages, which it was not. I think it’s timo tho public had a hand in the
proceeding.
This bill would hand us over, lock, stock and barrel, to tho railroads.
It would prevent a striko for four months, and in that timo tho railroads
could tako every measuro to fill our places and defeat our purposo.
He argued that tho legislation is ‘ ‘wholly unnecessary,” and pointed to
the success of existing and previous arbitration laws, which do not forbid
strikes during investigation.
Samuel Gompers, President of the American Federation of
Labor, the last witness heard by the Senate Committeo on He is also said to have told the Senate committee on the
Inter-State Commerce, with the conclusion of its public 10th inst. that railway men wore “unalterably opposed to
J an. 20 1917.]
compulsory investigation as long as it meant a prevention of
strikes.” “Remove that clauso providing that tho men shall
continue to work during this investigation and for thirty days
thereafter,” lie said, “and you will find the railway men in
favor of tho investigation.”
On the 16th inst. tho “Wall Street Journal” reported
P. J. McNamara, Vice-President of tho Brotherhood of
Locomotive Firemen and Engineers, as having told tho Senate
Committee on Inter-State Commerce that tho brotherhoods
do not want Congress to place any limitation on tho hours
they shall work nor on tho power to strike or threaten to
strike. Tho “Journal’s” account of Mr. McNamara’s
views tho men really want to be prohibited from working more than eight
follows:
“ Do
hours or any number of hours?” asked Senator Brandogeo.
“ No,” replod Air. McNamara. “ Wo don't want Congress to place any
limitation on tho hours the men shall work because wo believe it would
bo impracticable in certain cases. In yard and transfer service where wo
beliovo it can bo put into effect, the men aro very anxious to have an eighthour day, but wo have never asked for a flat eight-hour day in load ser\ ice.
Ail wo aro asking is tho 12H-mile speed basis. \ hero it is consistent we
\
want the eight-hour day. but wo are willing to haul trains 1 5 0 miles pro
vided that wo are paid for 12 ' miles an hour. There aro few divisions
A
over 1 50 miles. Wo aro willing to run 1 0 0 miles in eight hours, 1 25 miles
in 10 hours or 150 miles in 12 hours.
Senator Potnerene asked whether tho men wanted a reduction of tho
16-hour limit by tho hours of service law. Mr. McNamara said he would
personally favor a reduction to 12 hours, but that ho was not authorized
by his organization on that point.
"Wo are altogether opposed to any compulsory arbitration or compulsory
investigation,” ho said. “ When you take away from tho working man tho
right of collcctivo bargaining you tako away everything ho has. The right
to strike or to throaten to strike as a last resort, is tho only weapon wo have.
If you tako that away I fear that the working men will not bo as good lawabiding citizens in tho futuro as they have been in tho past.”
Asked whether tho men were satisfied with tho Adamson law, he replied"W o don’t know what tho law moans. Wo accopted it gratefully, because
wo thought it gavo us tho eight-hour day and the 12^-milo speed basis,
but now the roads have taken it into court and it may bo there for years.
Wo never asked Congress for anything. Wo don’t want Congress to enact
any legislation In connection with our rates of pay and working conditions.”
W. G. Leo, President of the Brotherhood of Railway
Trainmen, declared beforo tho House Committoo yester
day that the members of his organization aro strongly op
posed to the recommendations of President Wilson for
compulsory service in inter-state railroads, pending a striko
inquiry. IIo expressed tho opinion that tho Nowlands act
providing tho existing system of mediation and conciliation
should bo abolished and superseded by a board of eight
practical men, four to bo appointed by tho President from
the trainmen and four from tho operating officials of the
railroads. Such a commission, ho declared, would have
tho confidence of the railroad officials and employes and its
decisions would carry conviction and would bo obeyed by
both sides to tho controversies. Mr. Leo declared:
It would tako such a com m ission only a few days to Investigate any
quostlon brought beforo it. And I beliovo that tho great body o f railroad
trainmen would abldo by Its decisions. I am opposed to all forms o f
com pulsory scrvlco. Thcro Is no authority In this country to make any
ono work against his will. T ho by-laws o f tho railroad om ployces’ organi
zation provide that there can bo no strikes until after a referendum voto
____
____________
o f tho members.
S U P P L E M E N T A L B R IE F OF D E P A R T M E N T OF J U S T I C E
I N A D A M S O N EIG IIT -IIO U R A C T IO N .
A supplemental briof on behalf of the Government in the
proceedings to tost tho Adamson Eight-Hour Law was re
ceived by tho U. S. Supremo Court on the 13th inst. and was
fo rm a lly filed this week. In it tho Department of Justice
makes suggestions for machinery to put tho law into effect.
Under existing railroad wago contracts the brief declares,
tho phrases “day’s work” and “day’s wago” have a wellrecognized meaning in most freight servico contracts to bo
“100 miles or less at ton miles an hour;” by substituting a
12 Vi miles per hour “speed basis” for tho existing 100 mile
ten-liour day scalo, tho brief asserted, tho Adamson eighthour standard can be generally put into practical operation.
Tho brief sots out:
It is clear that in tho existing schedules and in current use the phrases
“ day’s work” and "day’s wage” have a well recognized moaning. They
may bo defined as follows:
“ Day’s work,” the period of labor which must olapse beforo the right
to overtime payment begins.
"D ay’s wago,” tho contract price payable for this primary period.
The duration of this day's work or primary period may bo indicated either
by a limitation in hours, o. g., “ ton hours or less shall constitute a day’s
work;” or by a limitation in miles with a guaranteed minimum rate per
hour, o. g., “ 100 miles or less at 10 miles per hour shall consitute a day's
work."
The Adamson Act declares in effect that overy employee of tho class
affected, no matter what his task, shall bo considered at tho end of eight
hours to havo earned the contract prico payable for a day’s work. If he
is worked longer, and ho may be, such work will constitute overtime and en
title him to extra pay. Tho oconomic burdon of this oxtra pay is count
ed on to produce an actual shortening of hours and this shortening can be
effocted without curtailing the mileage of the day's trip if tho speed per
mile is increased.
If, however, like passenger engineers and conductors, the employee is
laboring at a task which can bo and usually is accomplished in less than
eight hours ho is, of course, unaffected by tho Act. Tho purpose was to
313
THE CHRONICLE
decrease, not increase, tho hours of actual labor. It is only when set to
a task of longer duration than eight hours that the Act steps in and penalizes
the employer by imposing overtime.
It Is believed that in a majority, if not in all cases, existing schedules
could be brought into conformity with the law by the following indorsement:
“ Whenever by this schedule more than eight hours constitutes a day’s work
the same is hereby reduced to eight hours, whether herein stated in terms of
hours or in terms reducible thereto; and all overtime shall be paid pro
rata.”
In all cases where tho carriers’ liberty of coptract is called upon to yield
to regulation, tho regulation must havo some real and substantial relation
to the reliability, promptness, economy, security, utility or continuity of
that transportation by railroad which constitutes inter-State commerce.
In holding that the regulation of wage contracts has such a real and sub
stantial relation, it is not necessary either to affirm or deny (the question
of cost as an element in rate-making aside) that Congress has similar power
over the price of every commodity which the railroad is called upon to
purchase.
There Is a genuine difference in fact growing out of the essential distinc
tion between animate and inanimate objects; and this difference in fact
may give rise to difference in law. Congress, of course, may requiro the
railroads to purchaso safe and adequate locomotives and sound railroad
ties, and may fix a standard of quality which will affect, indirectly if not
directly, the standard Qf price; but when the price has once been paid it.
ceases to have any future relation to the security or continuity of inter
state commerce. A good locomotive, no matter how cheaply bought, will
render as much service as ono of the same quality for which a higher prico
has been paid; a sound railroad tie will support the rails whether it costs
much or little- but the wage rate to tho employee is a continuing and daily
factor. An underpaid, overworked and discontented employee is a constant
menace to the security of commerce and a constant danger to its continuous
and uninterrupted flow. Tho size of the pay onvelope.it is submitted, has
far more bearing on commerce and on persons engaged in it, master, servant
and general public alike, than the rules which shall govern an employee's
right of recovery in caso of injury or tho prospect under an accident com
pensation act of a fixed annuity to himself or his heirs at law.
Counsel for tho railroads on tho 18th inst. filed a supple
mental brief replying to that of the Department of Justice.
Substitution of an eight-hour day standard for the present
100 miles in ten hours’ freight service scale, the railroads’
new brief contends, would create utmost confusion in ex
isting wage arrangements and amount to arbitrary judicial
enforcement. Such interpretation, it was said, would
operate to increase many freight employes’ wages sixty-two
and one-half per cent. If the Adamson law does nor pre
vent railroads from abolishing “trip” wage scales, the rail
roads’ brief states, tho employers must also have the right
to reduce the mileage “day’s work” schedule to eighty miles
a day and reduce tho pay for such mileage.
BROTHERHOODS
DELAY
CONTROVERSY
A C T IO N
P E N D IN G
ON
EIG H T
HOUR
D E C ISIO N .
A meeting of the representatives of the four railroad
Brotherhoods was held in Chicago last week. The Ameri
can Railway Employes “Journal” in announcing the meet
ing stated that it Avas “for the purpose of consulting the
general chairmen and deciding on the lino of action made
necessary by the railroad managers’ refusal to put into
effect the eight-hour Avork day as contemplated by the
Adamson law. The entire matter Avill be placed before
tho rank and file for their decision.” Tho meeting opened
on the 11th and Avas in session tAvo days. Following the first
day’s session W .G. Lee, President of the Brotherhood of RailAvay Trainmen, gave out a statement as folloAA’s:
Tho entire situation pertaining to tho eight-hour law and the time-andono-lialf movement was reviewed up to the present time. It was tho con
sensus of opinion that we will await tho docisiou of the Supreme Court
beforo we take action that might be misunderstood oitlier by the public
or the court.
At the conclusion of the conference a further statement,
signed, by the heads of tho four Brotherhoods, Avas given
out reiterating that action by the unions would be delayed
pending the decision of tho Supreme Court in tho Adamson
eight-hour suit. We quote the statement beloAv:
Tho conference concluded its work to-day with the understanding that
no radical action would bo taken until tho decision of the Supreme Court
had been handed down in connection with the Adamson eight-hour law-;
that the association was unqualifiedly opposed to compulsory arbitration
or compulsory investigation, such as contained in the Adamson bill intro
duced in tho House within tho last few days.
A’ hat further action, if any, that will bo taken depends largely on the
A
decision of tho Supreme Court in reforenco to the constitutionality of the
Adamson eight-hour law. Tho probability of a nation-wide strike is remoto, although it may be necessary on some roads or groups of roads to
use the protective featuro of tho organizations in order to accomplish what
we believe tho President and Congress intended the men to have last
August.
AV. 8. Stone, grand chief engineer, B. of L. E.
I.. E: Sheppard, acting President, O. R. C.
AV. S. Carter, President, B. of L. F and E.
AV. G. Lee, President, B. of R. T.
D E V E L O P M E N T S G R O W IN G O U T OF C H A R G E S OF
LEAKS
IN
PEACE
PROPOSALS.
Tlie investigation into the charges made by Thomas W .
LaAvson that advance information regarding President
Wilson’s peace note had leaked out and been used for stock
jobbing purposes Avas undertaken Avith renewed A
’igor this
Aveek, folloAving the action by the House on the 12th inst.
214
THE CHRONICLE
The House on that date, as indicated in these columns last
Saturday, instead of adopting a motion tabling the Wood
resolution calling for a special inquiry into the charges,
agreed that the Rules Committee be given five additional
days to report (it originally had ten days from the 3rd in
which to report). This action came just as the House was
about to act on the Committee’s unfavorable report on the
Wood resolution, the proposition that changed the whole
situation coming from Representative Cantrill of Kentucky,
a Democrat of the Committee, who said:
Let the Committee bo instructed to bring Thomas W. Lawson before it
and submit to him in writing the question he refused to answer. If ho
does not answer, then let Lawson be cited before the bar of this House and
determine whether Thomas W. Lawson has more power than tho American
Congress.
The proposal met the indorsement of both tho Republican
and Democratic members of the Committee, including
Chairman Henry, and after it had been agreed that the Com
mittee be given additional time in which to report on the
Wood privileged resolution, Mr. Henry called a meeting of
his Committee for the 13th to work out plans for recalling
Mr. Lawson. On the 13th the members of the House Rules
Committee were clothed with the broadest authority to
compel witnesses and particularly Mr. Lawson, to answer
questions, two resolutions to this end, drawn at an executive
session of the Committee, having been adopted by the House
on that day without a dissenting vote. These resolutions
follow:
H ou se R esolution 442.
Resolved, That in tho performance of tho duties imposed upon it by
reference to it of House Resolution 420, tho Committee on Rules shall
have tho power to send for persons and papers and to administer oaths,
and to employ such stenographic and clerical assistance as may bo neces
sary. The expenses incurred hereunder shall bo paid out of tho contingent
fund of tho House of Representatives, on vouchers ordered by said Com
mittee and signed by the Chairman thereof and approved by tho Committeo
on Accounts, evidenced by tho signature of the Chairman thereof.
H ou se R esolution 443.
Resolved, That in tho consideration of House Resolutions numbered
420 and 429, committed to tho Committee on Rules, said Committeo bo
and it is hereby authorized and empowered to requlro witnesses to answer
all questions propounded by said Committeo or any member thereof,
touching tho subject-matter of said resolutions, and to require any witness
called before it to testify fully as to any information in his possession,
whether in the naturo o f hearsay testimony or otherwise, rclativo to tho
matters set forth in said resolutions, and said Committee is specifically
directed to require one Thomas W. Lawson to name any Member of
Congress or other person alleged by him, in his testimony beforo said
Committee on Jan. 8 and 9 1917, to have given him any information relating
to tho subject-matter of said resolutions or either of them.
Resolution 429, introduced by Representative Wood pro
viding for an investigation of charges made by Mr. Lawson,
is tho one which had been referred to the House Rules Com
mittee on tho 3rd with instructions to report in ten days; it
was printed in our issue of Jan. 6, page 25. The earlier
Wood resolution (420) introduced on December 22, called for
an investigation to ascertain “whether or not any one high
in the Administration or Government affairs in tho United
States, or any relative of any one high in authority in the
Administration or Government affairs in tho United States
profited financially, either directly or indirectly, by the
fluctuations in the stock market occurring on Thursday,
Dec. 21 1916, following tho two contradictory interpreta
tions given to tho public from tho office of the Secretary of
State concerning the note of tho President of tho United
States dated Dec. 20 1916, to the belligerent Powers.”
It was stated on the 13th that if Mr. Lawson refused to
answer tho questions of the Committee concerning tho source
of his information relative to tho alleged “leak” ho would bo
cited for contempt and given an opportunity to answer
before the bar of the House. Preparatory to the reopening
of the hearings this week, tho Committee subpoenaed all
persons and papers that it considered might shed light on tho
rumors, recalling among others Mr. Lawson, and summoning
a number of prominent bankers, including J. P. Morgan and
Frank A. Vanderlip, who are to be heard next week. On
Wednesday the House gave tho Committee thirty days
longer in which to report, and empowered it to employ
special counsel and expert accountants. The action of tho
House in authorizing the employment of special counsel
followed statements on the floor by Democratic members of
the Committee that they already were ombarrassed as
investigators in view of tho dragging in of names of high
Government officials. Representative Garrett, speaking for
the Committee, announced that for this reason, the Com
mittee henceforth would assume a judicial attitude, with
special counsel to direct the investigation and to interrogate
witnesses. There was an hour’s discussion in tho IIouso,
when the Committeo presented its resolution providing for
the employment of counsel and extension of time. Repre
sentative Howard, of Georgia, opposed the plan, saying ho
[Vol. 104.
understood Samuel Untermyer, of New Yoi'k, was to be
retained. Representative Moore of Pennsylvania, suggested
the name of Charles Evan Hughes. Pending the decision
as to the lawyer to be retained the Committee temporarily
halted its hearings. On Thursday Sherman L. Whipple of
Boston, a Democrat and noted trial lawyer, was invited by
the Rules Committee to act as counsel in tho investigation.
On that day also, further hearings were postponed in order
to give counsel and tho Committeo time to complete arrange
ments and prepare for the future proceedings along lines
which the attorney might suggest. The selection of Mr.
Whipple followed a bitter fight of several hours among
Democrats of the Committee in which Postmaster General
Burleson, Solicitor General Davis and Majority Leader
Kitchin participated. Several of the Democrats, including
Chairman Henry, advised the selection of Samuel Unter
myer as counsel despite attacks against such a course from
both sides of tho House on Wednesday. Representative
Howard of Georgia, who announced his opposition to Mr.
Untermyer on the floor, was importuned by Democratic
leaders to give silent approval to his retention, but his re
newed protests with open objection from other Democratic
members and unanimous disapproval on tho Republican
side, forced Mr. Untermyer’s champions to yield. One of
the chief objections against retaining Mr. Untermyor was
that Mr. Lawson had discussed tho case with him and was
known to want an investigation of the Stock Exchango with
Untermyer in charge of it.
Agitation to broaden the scope of tho inquiry still furtlior
bo a new resolution which specifically would direct thorough
investigation of the Stock Exchango with a viow to reform
legislation, caused much discussion in tho Democratic
conference early in the day. After tho selection of Mr.
Whipple, however, it was said by Democratic loaders that
tho inquiry would proceed along lines already outlined.
In testifying on Monday, Mr. Lawson claimed that
Representative Henry, Chairman of tho Committeo boforo
whom ho was appearing, was tho Congressman who
gave him tho alleged information involving a Sonator, a
Cabinet member and a banker. Tho Cabinet officer re
ferred to, Mr. Lawson told the Committee, was William G.
McAdoo, Secretary of the Treasury, and Pliny Fisk of
New York, ho said, was the banker he reforred to previously
as dominating a Cabinet officer, and Archibald S. White of
New York had given him this information. Tho Sonator,
Mr. Lawson said, was mentioned only by tho initial “O.”
Mr. Lawson also charged that Paul M. Warburg, of tho
Federal Reserve Board, had knowledge of the leak machinery,
and he repeated a rumor that Count von Bernstorff, tho
German Ambassador, had made $2,000,000 in the stock
market. Mr. Lawson said he had been told that Malcolm R.
McAdoo, tho Secretary’s brother, knew of tho leak, as did
C. D. Barney & Co., and Stuart G. Gibboney of New York.
A Mrs. Ruth Thomason Visconti of Washington, ho said,
had declared to him in tho presenco of her attornoy that
Secretary Tumulty “received his bit,” and that W. W.
Price, ono of the White IIouso correspondents, was “the
go-between for Tumulty and others.”
Representative Henry was said by Lawson to have told
him, at tho conferences that preceded tho oponing of the
leak investigation, of reports connecting the Cabinet officer,
banker and Senator, and also had told him of reports that
Secretary Lansing had been seen conferring with Bernard
M. Baruch, tho Wall Street operator, said to have profited
by the falling market which accompanied tho poaco
note. Lawson declared that Representative Ilonry had
asked him on patriotic grounds not to press his charge. At
no time, the Boston financier testified, did ho ovor say ho
had direct information. Mr. Lawson also said that after
leaving Representative Henry at their first conference ho laid
his information before John O’Hara Cosgravo, Sunday editor
of the New York “World;” Email J. Ridgway, President
of “Everbody’s Magazine,” and Donald McDonald, pub
lisher of a Boston financial paper.
Tho presentation of Mr. Lawson’s testimony on Monday
resulted in the Committee ordering subpoonas for Mossrs.
Warburg, Fisk, Price, White, Malcolm McAdoo, Gibboney,
Barney & Co., Mrs. Visconti and John R. Rathom, oditor
of tho Providence “Journal,” who published some articles
about leaks. Secretaries Tumulty and McAdoo, it was
announced, would appear without subpoena. When Lawson
had finished his recital, Chairman Henry took tho stand and
swore that at no time had ho mentioned to Lawson tho names
tho financier brought out on tho witnoss stand; that ho had
no information thon and had nono now of his own knowledge;
J an . 20 1917.]
THE CHRONICLE
215
•and denied generally and completely all of Lawson’s testi Lawson further declared that Representative Henry
mony relating to him. In liis denial of the charges Repre pleaded with him at tho end of their second conference to
cease urging an investigation of the “leak” charges. It
sentative Henry was quoted in the “Times ” as saying:
Not (luring my tlirco hours’ conversation with Mr. Lawson did I mention would be a serious thing to the country, Mr. Lawson quoted
the name o f any Cabinot officer. There is no truth in Mr. Lawson’s state Mr. Henry as saying, to have an inquiry at this time. It
ment to that effect. There is not one grain of truth in his statement that
wo agreed not to have an investigation because of tho seriousness of the might be possible, however, Air. Lawson said Mr. Henry
pointed out, to inaugurate a wide inquiry into the stock
disclosures.
I say on my oath that I gave him tho name of no Cabinot officer, nor did market situation in the course of 30 days or so. Such an
I mention tho name of any Senator or any other person. No names were
mentioned at our conference on Jan. 2. Mr. Lawson gave mo no names, inquiry being to Mr. Lawson’s liking, and as he had repeated
and I gave no names to him. Ho gave mo no facts, no information. His ly stated that the “leak” now under fire held no interest for
charges do not disturb mo at all. Ho came, and wo talked. I asked him him, he said he readily agreed. Air. Henry explained how he
over and over again to give one name, and he declined. That is all there
had begun a preliminary inquiry into the charges made by
was to the conference.
Secretaries McAdoo and Tumulty and Mr. Price issued Lawson and the matters presented in Representative Wood’s
statements denying Lawson’s reference to them. In his resolution. He first called Air. Wood and he could not
furnish a single name or date or fact. Then he reviewed the
statement Secretary McAdoo said:
No man should bo called upon to notico such detestable and irresponsible telegraphic correspondence with Lawson, leading up to
gossip and slander, but since my name has been mentioned, I wish to say their conference.
Representative Henry said:
that no more shameless and wanton lie could bo conceived than the rumor
or suggestion that I havo been interested at any time and in any manner
whatever in stock speculations or purchases of stock in New York or
elsewhere, or that I havo been connected in any manner whatever with tho
alleged "le a k ” about tho so-called peace note.
Tho putrid partisan politicians and tho putrid stock gamblers in Now
York and Boston aro giving tho country a painful exhibition of the con
temptible methods to which they resort in their efforts to injure tho
Administration.
If any man in or out of Congress will assume responsibility for tlieso
slanders, or if I can secure legal proof of tho guilt of such a man, I will
havo him put in tho penitentiary, where ho belongs. It is time that an
example bo mado o f tho foul scoundrels who make a profession of whispered
and baseless insinuations against men in public lifo.
Secretary Tumulty’s statement was as follows:
After tho complete and definito statement which I mado to the Rules
Commlttco last week it should hardly bo necessary for mo to say that
thero is not a scintilla of truth in these new flimsy charges.
I told Mr. Lawson that this was a very important and serious matter
and that, insofar as I was personally concerned, I would impose no restric
tion of confidence, but that if ho had any facts that he thought he should
givo in confidence, I would respect his confidence. I asked him over and
over again to namo any man who might have knowledge of the subject.
He did not name a single person, and I did not name one.
Here, to-day, I declare that during our three hours’ conversation I did
not mention the name of any Cabinet officer he has mentioned hero to-day.
Secretary Lansing on the 18th inst. denied the statements
that he had breakfasted several times at the Biltmore Hotel
in New York with Bernard Baruch. He said that he did
not know Air. Baruch and never had conversations with him
at any time. Secretary Lansing’s authorized statement
was as follows:
While I dislike very much to dignify by denial false and malicious scan
dal, at tho same time the publicity which has been given to some of the re
ports warrants me in saying that, in regard to tho statement that I break
fasted several times with Mr. Baruch at the Biltmore Hotel, implying, I
assume, that I gave him advance information concerning the note to the
belligerents, I never to my knowledge saw M r. Baruch at any time.
I do not know him and never had any conversations with him, and I have
been out of Washington only once sinco election, and that was to attend
tho Army and Navy game in New York on Nov. 25.
Lawson demanded at the outset of tho hearing on Monday
that ho first bo permitted to make a statement sotting forth
that it was against his wishes to givo tho names in public.
Chairman Henry insisted, howover, that Lawson should
answer the questions put to him, and ho said ho would later
bo given an opportunity to make any statement he desired. On Tuesday the House Rules Committee subpoenaed
Despito the decision of tho Chairman, Lawson went on to J. P. AIorgan, H. P. Davison, Frank A. Vanderlip, Arthur
Lipper, Sol Wexler and J. S. Bache, all New York bank
mako a statement saying:
It seems to mo you owo it to mo to allow me to stato things which I ers. Members of the Committee said that the purpose
think aro absolutely necessary. I am going to answer your questions, if in calling the New York financiers was to question them
forcod to, but I want to mako one more appeal before I answer.
I stated before that my reasons for refusing to givo tho information I regarding business in financial circles generally during
had were that publication of names might lead to tho destruction of evi December, and particularly, it was said, about reports that
dence, and also that a Member o f Congress had convinced mo that tho some of the bankers had warned Stock Exchange men against
matter was serious to tho nation and tho Administration.
But I did givo ono name to Speaker Clark, that of Charles 10. Sabin, pyramiding further industrials and told them to buy more
President of tho Guaranty Trust Co. of New York. Mr. Sabin came freely of railway stocks. At the outset of Tuesday’s hearing,
beforo you and was allowed to go away without giving any information or Mr. Lawson who was again on the stand attacked Repre
showing his books. Mr. Sabin has left tho country and his ovidonco is
sentative Henry’s denial of his testimony, saying:
gone.
I am willing to give all tho names, but I appeal to tho Committee to take
all my answers in confidence. Then if tho Committee determines that I
shall mako them public, I will repeat them in public. I don’t want to
quibblo, and I don’t want to refuse.
After a brief whispered conversation of the committeemen,
Chairman Henry announced that tho witness should answer
tho questions publicly. During tho course of Mr. Lawson’s
testimony, when Chairman Henry accused tho former of
dragging tho name of Secretary of Stato Lansing into tho
hearing, Lawson responded:
I havo held tho namos of Lansing and tho German Ambassador out of
this. I havo kept quiet when I havo been charged with withholding in
formation which I havo not, and I havo boon libeled in tho press of tho
country as a result. Ono of your own members has said on tho floor that it
was a matter of dispute as to whether I should bo in jail or a lunatic asylum.
I will not havo this thrown on me.
Lawson then related in detail how he had gono to Washing
ton at tho request of Chairman Henry, and had called on him
at his office; how Ilonry had told him that ho wantod his
help to run down tho leak charges. Lawson said ho thanked
Henry, and urged that they talk freely and in confidence
Henry, ho said, explained his position as Chairman of tho
Committee charged with looking into all information that
might bear on tho investigation, Congress wanted some
thing tangible, he quoted Henry as saying, and added that
tho Chairman asked him to give him any information that
ho had about any individuals Involved. Lawson added:
I toUl him that tho only thing to bo done was to got first-hand informa
tion, and to got it from other people. I said that I would not givo him
hearsay information; that my principal reason was that I did not want
to besmirch anyone unjustly; but I declared that I could givo him a formula
for gotting all tho information through a real investigation.
I asked him what tho Committoo had heard. Ho said tho Committeo
already had hoard that Secretary Lansing had gono to tho Biltmoro Hotel,
in Now York, four times to moot Bernard Baruch. Tho Chairman also
said that ho believed Secretary Lansing absolutely innocent of giving any
confidential information and lio asked mo what I thought about it.
I said, “ I will stake my head on it that Secretary Lansing did not do
anything wrong,” 1 also said that I thought Secretary Lansing might
havo been giving information that was perfectly fair for any man to givo.
Chairman Henry also told mo that thero had como to the Committee a
report that tho German Ambassador had profited over $2,000,000, but ho
-aaid ho did not think there was any truth in it.
When there is a direct difference of opinion— stronger than a question
of veracity, it is perfectly obvious that one or tho other of us is committing
perjury—deliberate, rank perjury. Unless your Chairman said tho things
that I have said he did, I am guilty of foul perjury and I am unfit to be
bore, or anywhere outside the bars of a jail.
Lawson again brought the names of Secretary Lansing,
Ambassador von Bernstorff and Bernard AI. Baruch into his
testimony as the men Chairman Henry had told him he had
heard leak rumors about, and elaborated on his story of the
previous day regarding Henry’s alleged statements concern
ing them. At Tuesday’s hearing Representative Lenroot,
Republican, said he thought it only fair to state that in the
prepared questions agreed upon by the Committee and handed
to Chairman Henry, the names of the Cabinet member and
the banker had not been asked for, but that they had been
included in the questions by the Chairman when he pro
pounded them to Air. Lawson. This led to Air. Lenroot
asking for a detailed account of Air. Lawson’s alleged conver
sation with Archibald S. White about Pliny Fisk’s alleged
relations with Secretary McAdoo. Air. Lawson testified he
met Mr, White at a hotel in New York some time late in De
cember, and spoko to him about tho rumors of “leaks.”
On this point Lawson testified as follows:
I said to White: "They tell me your friend Fisk is engineering or superin
tending this leak stock gambling affair, that Harvey Fisk & Sons are
handling this connection with C. D. Barney & C o., and that Pliny Fisk is
doing tho steering. The story is that he (Pliny Fisk) is working with
M cAdoo, and that it’s a terrific affair. Do you know anything?”
White said: “ You asked me just in time. I talked with Fisk, the other
night (down at tho club, I think lio said). ITo got on this subject and he
wanted to show mo how ho controlled McAdoo and he almost insisted that
I go to tho telephone with him while ho called M cAdoo out of bed, and
maybe ask him to como to New York.”
I asked him: "D idn’t you g o?” and ho said “ N o.”
Resuming his narrative of his meeting.with Representative
Henry, Lawson reiterated that the Chairman told him the
leak was too serious for an investigation at this time but
that he favored a general inquiry later into the stock market.
Lawson said ho indorsed that, and revealed to Henry that
he had much to do with tho money trust inquiry, though
Henry, a member of tho Committee, was unaware of it.
THE CHRONICLE
216
“I told him,” Mr. Lawson said, according to the Philadelphia
“Press,” “that I dug up much of the information. Untermyer went to Europe while I did it. I personally paid the
bills of the experts, upwards of $40,000, and asked for no
glory except to appear as a witness. ‘Hero is a chance,’
I told Henry, ‘to duplicate that. It is the greatest thing
that can be done for the American people.’ Go to Wall
Street and set up shop” was the advice Lawson said he gave
Henry. “There,” .he said, “all of the Stock Exchange
members could be summoned with their books and clerks and
forced to reveal the inside of transactions.”
Malcolm It. McAdoo, brother of Secretary McAdoo, was
quoted in the “Times” of the 16th inst. as saying with regard
to the Lawson charges:
Fifty-one and a half years ago, by the accident o f birth, I becamo the
brother o f the present Secretary o f the Treasury, and for that reason, and
for that alono, Lawson has picked me out. I havo no influence with the
Administration whatsoever, and I havo no connection in any way with
Wall Street. If the rest o f the charges Lawson has mado against pcoplo
aro based on no more truth than the one ho has made against mo. ho should
be promptly taken up and incarcerated.
I hope my brother punches his head for him. I am physically able to
do it myself, and if I had tho chance I would. There is a tinge of insanity
to tho wholo thing that makes it preposterous.
[Vol. 104.
wero manufactured on the premises. Largo quantities o f theso shells hav°
been shipped to Russia.
There were employed from time to timo at Kingsland between 3,000 and
4.000 men.
Tho two contracts were practically completed. A largo quantity of tho
shells had been delivered in storage at Kingsland to tho representatives o f
tho Russian Government, and the remainder o f tho shells wero being
assembled and packed yesterday when a firo took place in one of the large
buildings used for cleaning shells.
The buildings destroyed wero valued at about $750,000. Tho value of
tho contents of the buildings destroyed amounted to approximately
$16,000,000.
Tho company was protected to tho amount of about $3,000,000 In insur
ance on the buildings and their contents. The rest is a total loss, of which
about $6,000,000 is tho loss of the company.
So far as wo havo been ablo to ascertain' no ono was killed or seriously
injured as a result of the fire and subsequent explosions.
An examination into the circumstances attending tho origin o f the firo
in Building No. 30 has created the impression that it is posslblo, if not
probablo, that tho firo was of incendiary origin. The officials of the
company do not wish to make any further definito statement with regard
to this until the investigations aro completed.
It is quite possible that tho buildings will not bo reconstructed.
The entiro plant was most carefully guarded, and every safeguard known
to science had been installed. Every possible provision had been made to
safeguard the adjoining premises against injuries resulting from explosion.
Tho company had secured insurance in favor of tho inhabitants o f
Kingsland which, we understand, will more than cover any loss of or damago
to buildings in that town.
Tho damage caused by the explosion of tho du Pont plant
Pliny Fisk, senior partner in Harvey Fisk & Sons, on the at Haskell, was estimated by the company’s officials at $300,
same date also said: '
000. This includes the value of tho powder destroyed, about
There is no truth and no basis of truth in the statements as you report 460.000 pounds, and $100,000 damage to the plant. The
them to mo. They appear to be the products of a disordered brain.
Archibald S. White, the banker, with offices at 11 Pino explosion at Haskell occurred shortly after 9.30 p. m. on
Nino buildings in all were
Street, declared that he “never mado the statement credited Jan. 12. tho buildings throughout the destroyed by tho fire.
by
to me, and I know nothing whatsoever about the matter.” Many of of tho concussion, as wore aplant wore wreckedtho
the force
large number of
Paul M. Warburg of the Federal Resorvo Board, mentioned
of Haskell, which partly surrounds the
in Mr. Lawson’s charges, issued a flat denial on tho 16th of houses in the village Lakes, a mile and a half below Haskell,
plant. At Pompton
any connection whatsoever with the leak. He said:
I fail to see why my namo should havo been dragged into this investi tho plant of the German Artistic Knitting Co. was also
gation. I do not know a thing about the “ leak machinery” or about the wrecked. About 1,200 employees were working at tho timo
leak for that matter, except what I havo read in the press. I have not been of tho explosion. A statement givon out by tho officials
subpoenaed, but I am anxious to bo permitted to testify, and havo so in
of the company at the head offices at Wilmington on Jan. 13,
formed the Commltteo.
says in part:
M U N IT I O N EX PLO SIO N S I N
NEW
JERSEY.
Two terrific explosions occurred last week in Northern
New Jersey causing a widespread shock. The first started
at 3.40 p. m. on Jan. 11 at tho munition plant of the Canadian
Car & Foundry Co. at Kingsland, N. J., and although no
casualties have been reported as a result, the plant was de
stroyed to the extent of $16,750,000. The second explosion
was that of the smokeless-powder manufacturing plant of the
E. I. du Pont do Nemours & Co. at Haskell, N . J., at which
two powder makers wero killed and nine were injured. The
Haskell explosion, it is said, was heard within a radius of
150 miles. New York City and surrounding territory was
shaken much in tho same manner as when the explosion’ at
Black Tom Island occurred last July. Although not a single
casualty developed from the Kingsland disaster, the sur
rounding countrysido was terrorized and many left their
homes to reach a zone of safety. That no one was killed was
attributed by many to tho fact that the shells which were
made in tho plant were not equipped with detonating fuses,
thus preventing their bursting, as when fired on tho battle
fields of Europe. The destruction of tho plant which covered
abou 180 acres and consisted of 34 small buildings is said to have
been started by a fire in a “cleaning room,” whero, it is said,
the shells were being cleaned with gasoline. Several theories
havo been advanced as to the cause of the fire, but the one
takon by many as most likely is that electric wires running
along tho ceiling becamo crossed and a piece of blazing insula
tion fell into the gasolino. Between three and four thousand
men aro employed on the plant, about 2,500 of which, it is
said, were at work when the fire broke out. Two largo
magazines in which wero stored trinitrotoluol (T-N-T), a
very powerful explosive, picric acid, nitric acid, and powder,
were not destroyed by tho flames. The Canadian Car &
Foundry Co., which operated and owned the plant was
originally organized to manufacture railway equipment, butentered into tho munitions making business early in the war.
The company is headed by Senator Nathaniel Curry, of
Montreal, as President and has offices at 120 Broadway,
New York City. A statement givon out at the New York
office regarding tho explosion reads as follows:
In March 1015 the Canadian Car & Foundry Co., Ltd., o f Montreal,
entered into contracts with tho Russian Government to supply 5,000,000
rounds of three-inch ammunition, half shrapnel and half high explosive
shells.
These contracts were partly completed by March 1916, and on March 8
1916 they wero assigned to a New York corporation— an agoncy of the
Canadian Car & Foundry Co.— which took over the two main contracts
and all subsidiary contracts and supplies. Tho agency undertook to
complete and deliver the full quantity of 5,000,000 rounds.
The agency had a largo plant near Kingsland, N. J., for the purpose of
assembling, packing and preparing theso shells for shipment. No shells
The disaster was unusual in its magnitude and in many of its features,
but tho initial explosion started in tho “ sweetio” barrel, as the house is
known where the powder is glazed. This houso was blown to pieces, and
tho two men operating tho machine were killed. No vestigo of tho ma
chinery has been found, and it is impossible to glvo tho exact causo, but the
engineers and experts who have had to deal with these things before and
who made tho investigation this timo aro convinced that the wholo troublewas started by an overheated bearing. Tills would havo set firo to some
of tho powder outside of tho machine, and the heat from this would have
exploded the nitroglycerine product in the machino. This is givon officially
as the probable cause.
There is no doubt in the minds of tho investigators that tho magazino was
exploded by a fragment of this machinery whicli tho explosion had hurled
against it. Tho magazino was at a distant point, hidden behind a rocky
point and so well protected that flames from tho "sweetio” barrel could
not havo reached it. The high, rocky embankment confined tho flames
and gases so that they could not spend themselves in tho ordinary way.
They were deflected back and forth like an echo, communicating to one
building after another, thus making an almost continuous series of firesand flares.
The largo magazine which was exploded contained 230,000 pounds o f
powder, and when this went up it caused tho wonderful pyrotechnic display
which attracted attention at far distant points.
Plans for- rebuilding were made at onco and tho work of the plant will go
on without serious interruption, despite tho fact that a number of the
laborers were frightened away from the works by tho explosion.
Evory person employed in tho works was accounted for, and it is officially
announced that thero wero only two deaths, and that of tho nino injured
only two had to remain in the hospital.
Tho property loss is estimated by tho company at the outside as not
more than $300,000. Tho figures include tho valuo of tho powder de
stroyed as $200,000, and not more than $100,000 which will bo required to
put tho destroyed parts of tho plant in working order again. It Is possible
that a fow thousand dollars—certainly not moro than $15,000— may be
added to this to pay for tho damage dono to surrounding property. Tho
damago consists principally of broken glass In neighboring villages. Tho
village of Haskell, though much nearer tho sceno of tho explosion, suffered
even less than did Pompton Lakes, a mile and a half away. Tho force o f
tho explosion, confined between the rocky sides of tho Wanaque River,
swept down tho valley and shattered more glass at tho distant village thannearby.
The New Jersey State Assembly at Trenton, on Jan. 16,
adopted a resolution for the appointment of a committee to
probe munition plant explosions throughout tho State, with
tho idea of securing legislation to prevont such catastrophes.
Tho committee to make tho investigation is to bo named by
Speaker Schoen of the Assembly.
U N IT E D STATES SUPREM E
KENYON
COURT UPHOLDS W EBB-
L IQ U O R B IL L.
The U. S. Supreme Court on Jan. 8 upheld as constitu
tional and valid tho Webb-Konyon law, passed by Con
gress in 1913 over President Taft’s veto (V. 96, p. 739),
prohibiting the shipment in inter-State Commerco of in
toxicating liquor intended for salo in prohibition States.
This decree in substanco upholds tho decree of tho lower
court of West Virginia that a railroad or express company
may not be penalized for refusing to accept shipments of
THE CHRONICLE
J an. 20 1917.]
liquor intondod for delivery iu “dry” territory. The case
in quostion arose over the refusal of tlio Western Maryland
It. It. and the Adams Express Co. to transport liquor to West
Virginia, an amendment having been adopted by this State
prohibiting importation in inter-Stato Commerce of intoxi
cating liquor, oxcept as to that which is permitted for medi
cal, sacramental and manufacturing purposes.
In announcing the decision of the U. S. Supreme Court,
Chief Justice White said:
Tho all-rcaching power o f Government over liquor Is settled. There
was no Intention of Congress to forbid individual uso of liquor. The pur
pose of this act was to cut out by tho roots tho practico of permitting vio
lation of State liquor laws.
Wo can havo no doubt that Congress has complete authority to provont
paralyzing of Stato authority.
Congress exerted a power to co-ordinate tho national with the State
authority.
Under tho Wcbb-Kenyon act there is no power in Inter-State Commerce
to ship liquor from ono State into another to enable It to bo used in any
way prohibited by tho Stato.
_ ,
2 11
George Wharton Pepper of Philadelphia, Luke E. Wright
of Tennessee, tho Rev. William T. Manning, Rector of
Trinity Parish, N York, and Mrs. William Cumming
Story, President-General of the Daughters of the American
Revolution, will speak on universal military training and
service. Preparedness—industrial, educational and agri
cultural—will bo reviewed extensively by IIoAvard E. Coffin
of Michigan, Samuel Gompers, Frederick Windsor, Her
bert Myriek, Augustus P. Gardner and Dr. Albert Shaw,
editor of the “RevieAV of Reviews.” The question of rail
road and motor transportation and merchant marine will be
presented by eminent authorities. U. S. Senator William
E. Borah will deliver an address on “Patriotism Through
Education.”
cav
PROPOSED C O N T I N U A N C E OF C O M M I T T E E
IN G
IN T O
GOVERNMENT
IN Q U IR
U TILITIE S.
An official digest of the majority opinion, prepared by FolloAving the defeat in tho House on the 4th inst. of a
proposed rule to compel immediate consideration of the
the Court, sets out its holding as follows:
1 That tho West Virginia law, besides prohibiting tho manufacture and Adamson resolution to extend the life of tho Newlands Rail
sale o f all intoxicants except as to that which is permitted for medical,
sacramental and manufacturing purposes, also forbids all transportation way Investigating Committeo for one year a joint resolution
o f liquor and all receipt and possession of liquor transported in tho Stato, Avas agreed to by both the Senate and House Commerce
whether originating in or outside o f the State, and, although it does not Committees on the 5th, providing for the continuance of the
prohibit personal uso, puts serious restrictions upon tho power to obtain
committee for another year from Jan. 8 Avithout an ad
for such uso.
Tho Court holds that, in view of the well established authority of tho ditional appropriation. Tho vote by Avhich the rule for
Stato over intoxicants, tliero is no reason to think that this law was in any prolonging the life of the committee was defeated in the
wlso repugnant to tho duo process clause of tho Fourteenth Amendment to
tho Constitution o f tho United States. It, however, deckles that, unless House on the 4th was 1G7 to 145. Tho Republicans op
the Stato authority has an exceptional application to shipments of Inter posed the resolution on the ground that it Avas designed to
State Commerce as tho result of tho act of Congress known as the W cbb- provide a position for Representative William A. Cullop, of
Kenyon law, tho provisions of tho Stato law restricting shipments of in
toxicants into tho Stato from other States would bo unconstitutional bc- Indiana, a Democrat, tho only member of the committee
causo interfering with tho power of Congress to rcgulato commerce among Avho Avas defeated for re-election in November. His term
tho States, and consequently would be a direct burden upon such com as a member of Congress hence expires at the close of tho
merce.
2. Considering tho Webb-Kcnyon act, tho Court holds that tliero is no present session.
foundation for tho contention that tho act only applies to shipments from
ono Stato into another for a uso prohibited by tho State to which the liquor
is shipped. On tho contrary, it is decided that tho Webb-Kcnyon act,
to uso tho words of tho act, applies to shipments of liquor “ intended to bo
received, possessed, sold or in any manner used” in violation of tho laws
o f tho Stato. As this conclusion causes every prohibition of the West Vir
ginia law to bo embraced and como under the right conferred by Congress by
tho Wcbb-Kenyon act, it Is decided that tho AVest Virginia law was not in
conflict with tho commerco clause of tho Constitution and tho power of
Congress to rogulato commerco, if Congress had power to enact tho AVobbICenyon law.
3 . Disposing o f that quostion, it Is decided that Congress had tho power
under tho Constitution to adopt tho AVebb-Kenyon law, whether consid
ered from tho point o f view o f original reasoning or in tho light of tho
previous legislation by Congress and the decisions of tho Court holding
that legislation valid. It is therefore decided that, by virtuo of tho A rebbA
Kenyon law, there is no power to ship intoxicants from ono Stato into
another in violation of the prohibitions of tho law of tho State into which
*tho liquor is shipped. In other words, it is deckled that since tho enact
ment o f tho AVobb-Kenyon law the channels of inter-Stato Commerco may
not bo used to convey liquor into a Stato against tho prohibitions of Its
laws, or to uso inter-Stato Commerce as tho basis for a right to receive,
possess, sell or in any manner uso liquor contrary to tho Stato prohibition.
CONGRESS OF
C O N STR U C TIVE
PA TR IO TISM .
D IS S O L U T IO N OF A M E R I C A N - M E X I C A N
JO IN T
C O M M ISSIO N .
With tho failure to effect an adjustment of the questions
at issuo between Mexico and the United States, after a
series of conferences Avhich began in September the Ameri
can and Mexican Joint Commission was formally dissolved
in N York on the 15th inst. Indications that the efforts,
made through tho Commission, to reach an agreement Avith
tho’do facto Government of Mexico for tho settlement of
tho differences betAveen the United States and tho Carranza
Government Avoyld be abandoned wero evidenced on the
2nd Avhen consideration Avas given by tho American mem
bers of the Commission to Gen. Carranza’s latest failure to
sign the protocol, framed by tho Commission in November
at Atlantic City. As noted in our issue of Dec. 30 a second
appeal for tho modification of the protocol was made by
Gen. Carranza in a message, delivered on Dec. 28 by Luis
Cabrera to Franklin K. Lane, Secretary of the Interior and
chairman of the American members of the Commission,
The American Commissioners, however, refused to consider
a revison of the protocol. On the 2nd inst. Avhen the
American members met to consider Gen. Carranza’s re
sponse it Avas officially admitted for the first time that he
had refused to accept the protocol; Secretary Lane at that
time made it clear that it was flatly and finally rejected b y
Carranza. Tho protocol provided simply for the Avithdrawal
of the American troops from Mexico within forty days from
the approval of the protocol, and their replacement by
Carranza military forces. Tho protocol Avas made public
on the 2nd with the following statement:
oav
A “Congress of Constructive Patriotism” is to bo hold at
tho Now Willard Hotel, Washington, on Jan. 25, 2G and 27,
summoned by tho National Security League. The repre
sentatives to this meeting Avill come from all sections of tho
country and will speak for more than 225 learned and patri
otic societies, colleges, agricultural, commercial and labor
organizations. Eloven Governors and forty-nino Mayors
are sending delegates. One of the principal purposes of this
congress is to consider the advisability of establishing a
university extension system on national patriotic topics,
including a nation-wido lecture program to prosont in a con
servative and impartial manner current questions of national AVe aro making public this protocol in order that the public may see the
import. Tho National Security Leaguo feels that in tho de fairness and reasonableness of our proposition to Mexico. It was finally
velopment of this plan will bo found tho basis for real con and flatly rejected by First Chief Carranza.
structive patriotism. The Leaguo believes that it is vitally It also Avas announced on the 2nd for the first time that
necessary to tako stock of our national equipment at this at tho time the protocol Avas sent to Mexico it Avas accom
time, and to consider it not only from tho point of vioAV of panied by a brief statement agreed upon by the joint commilitary preparedness, but as Avell from that of preparedness, sion, as follows:
It
for the discussion o f
efficiency and organization in all branches of industrial, tions,shall bo understood that if wo meetnot ask that any finalother ques
the American Commissioners will
agreement
agricultural and educational activity.
shall be reached as to any such questions while tho American troops are
America’s present needs and her position as a Avorld power in Moxico.
will bo discussed by Robert Bacon, Alton B. Parker, Elihu Gen. Carranza’s .reply Avas not made public. He is un
Root and Henry L. Stimson, New York; William Roscoo derstood to have taken tho position that ho could not sign
Thayer and George von L. Meyer of Massachusetts; Rear tho protocol because it would put him in the position of
Admiral Bradloy A. Fisk, U. S. N ., and U. S. Senator George sanctioning tho presence of American troops on Mexican
Sutherland of Utah. To the question of Americanization soil. On tho 5th inst. Gen. Carranza was reported to have
Theodoro Roosevelt and Miss Frances A. Kellor of N
sont a message to the Mexican Commissioners attending
York and Edward A. Steiner of loAva Avill address themselves; tho Moxican-American conference, informing them it was
while Charles Nagel of St. Louis, Walter E. Edge, Governor impossible for him to ratify tho proposed protocol, as it
of N Jersey, Medill McCormick of Illinois and U. S. Sena limited the conditions regarding the withdraAval of American
tor Duncan D. Fletcher of Florida will discuss Governmental troops from Mexico. He said that tho clause dealing with
and individual efficiency. Mayor Mitchel of N
York, • this matter would haA'G to bo eliminated or amended, as it
cav
oav
cav
218
THE CHRONICLE
was not sufficiently clear and gave a chance of difficulties
which might arise from the withdrawal of the troops or the
suspension of their withdrawal. The message said that only
the immediate recall of the American forces could be accepted,
and that as soon as their withdrawal was begun the final
ratification of the protocol could be proceeded with. After
verification of the retirement of the American soldiers, the
message concluded, the Mexican Commissioners could dis
cuss other matters as specified in their credentials.
Senor Eliseo Arredondo, Mexican Ambassador Designate,
in leaving for Quertaro on the 2nd issued the following state
ment in explanation of his departure:
[Vol . 104.
is .assumed, will bo sent, sinco for him it would serve as a
ground work for any negotiations ho might havo to conduct.
Tho following is the text of tho protocol as made public by
the State Department on the 2nd, and which was rojected
by General Carranza:
Protocol of agreomont, ad referendum, withdrawal of American troops
from Moxican territory and protection of tho American-Moxican inter
national boundary.
Signed at Atlantic City, N. J., Nov. 24 1910.
Memorandum of an agreement signed this 24th day of Novcmbor, 1916,
by Franklin K. Lane, George Gray and John R . M ott, spocial commission
ers of tho President of tho United States of America, and Luis Cabrera,
Ygnacio Bonillas and Alberto J. Pani, special commissioners of tho Citizen
I have been summoned by General Carranza for a conference. I have First Chief of the Constitutionalist Army entrusted with tho executive
not been recalled by my Government. I expect to return to my post In power of tho Moxican nation.
Artlclo 1.— Tho Government of tho United States agrees to begin tho
Washington within three weeks. M y departure has nothing to do with tho
negotiations pending before tho Mexican Commission. It is not true that withdrawal of American troops from Mexican soil as soon as practicable,
General Carranza has summoned homo his diplomatic representatives in such withdrawal, subject to tho further terms of this agreomont, to bo
completed not later th a n ------------- : that is to say, forty (40) days after
other countries.
tho approval of this agreement by both Governments.
Articlo II.— The American commander shall detormino tho manner in
which tho withdrawal shall bo effected, so as to insuro tho safety of tho
territory affected by tho withdrawal.
Articlo III.— Tho territory evacuated by tho American troops shall bo
occupied and adequately protected by tho Constitutionalist forces, and such
evacuation shall take placo when tho Constitutionalist forces havo taken
position to tho south of tho American forces so as to mako offcctlvo such
occupation and protection. Tho Moxican commissioners shall dotermino
tho plan for tho occupation and protection of tho territory evacuated by
tho American forces.
Article IV .— Tho American and Moxican commanders shall doal separ
ately or wherover practicable in friendly co-operation with any obstacles
which may ariso tending to delay tho withdrawal. In case thero aro any
further activities of tho forces inimical to tho Constitutionalist Govern
ment which threaten tho safety of tho international border along tho
northern section of Chihuahua, tho withdrawal o f American forces shall
not bo delayed beyond tho period strictly necessary to overcomo such
activities.
Articlo V.— Tho withdrawal of American troops shall bo effected by
marching to Columbus or by using tho Moxican Northwestern Railroad to
El Paso, or by both routes, as may bo doomed most convoniont or oxpodlent
by tho American commander.
Articlo V I.— Each of tho Governments parties to tills agreement shall
guard its side o f tho international boundary. This, however, does not
preclude such co-operation on tho part of tho military commanders of both
countries as may bo practicable.
Articlo V II.— This agreoment shall tako effect immediately upon ap
proval by both Governments. Notification of approval shall bo com
municated by each Government to tho other.
In testimony whereof, wo havo signed, sealed and interchanged recipro
cally this protocol of agreomont, ad referendum, in tho English and Spanish
languages, at Atlantic City, N. J., this 24th day of November, in tho yoar
of our Lord 1916.
(Signed) FR AN K LIN If. LANE,
GEORGE GR A Y.
JOHN R. M OTT,
LUIS CABRERA,
YGNACIO BONILLAS.
ALBERTO J. PAN I.
On the 15th inst., when the Commission was formally
dissolved, Secretary Lane and the other members of the
American Commission—Dr. John R. Mott and Judge
George Gray—told the Mexicans that they had recom
mended to President Wilson the dispatch to Mexico of
Ambassador Fletcher and tho withdrawal of the American
troops from Chihuahua.
Tho Americans are said to have impressed upon the
Mexicans that with the dissolution of tho commission the
Mexican problem reverted to President Wilson. It is fur
ther stated that they were careful not to leave in the minds
of the Mexicans the conviction that President Wilson would
accept tho recommendation that an accredited diplomat be
sent to Mexico and that Gen. Pershing’s forces bo with
drawn, but the intimation that ho would do so was con
veyed. In' spito of the Americans’ care, however, it is said,
that the Mexicans had little doubt on the 15tli that full
diplomatic relations between the two governments would
soon bo re-established and that, unless unexpected com
plications arose, American troops would be removed from
Mexican territory within a few days. The probability
of such action was included in the report of the last meeting
which was telegraphed to Gen. Carranza at Queretaro.
Luis Cabrera, chairman of the Mexican Commissioners,
Ygnacio Bonillas and Alberto J. Pani, the other mem
bers, said they expected to leave within a week or ton days
for Mexico. Mr. Cabrera and Mr. Bonillas will resume
their places as members of Gen. Carranza’s Cabinet and
Mr. Pani as director general of tho Government railways.
Notwithstanding the dissolution of tho Commission they
expressed themselves as pleased with the result, pointing
out that with the withdrawal of the American troops tho
main object of Carranza in sending them hero would bo
accomplished.
At tho final session of tho Joint Commission on the 15th,
tho American Commissioners explained to the Moxican
representatives that they regarded further discussion by them
of international questions impracticable. Twice General
Carranza had refused to ratify tho protocol in which condi
tions for tho withdrawal of troops had been made, and that
refusal the Americans construed as indicative of what might
be expected if tho conferences were continued. It was pointed
out to tho Mexicans that the maintenance of an Ambassador
in Mexico would remove cause for tho existence of a com
mission, since all international questions pending or any
that might arise could then be handled through diplomatic
channels. It was explained further, that with tho dissolu
tion of the Commission tho President would bo freo to act
independently in the problem presented by tho presence in
Mexico of a military force. Tho Mexicans too, admitted
that further discussion appeared useless, and no offort to
have them prolonged was made. No direct reference was
made in the final session to what the attitudo of tho United
States would be in tho event the American troops are with
drawn and new raids across tho border by Mexicans are
made; neither was thero any modification in tho warning
of Secretary Lane that accompanied the protocol to Mexico
that this Government reserved the right to unlimited and
unrestricted pursuit of bandits. It was intimated to tho
Mexicans that when General Pershing’s troops are taken out
of Mexico it will bo when it appears ovidont that bandits
are not monacing the northern border of Chihuahua, tho
essential condition in tho protocol Carranza refused to
ratify. The American Commissioners declared they did not
regard tho work of tho Commission as a failure, sinco a
clearer understanding of conditions affecting both Govern
ments had been reached. Secretary Lano said their work
would be of especial advantage to tho Ambassador, who, it
POST-OFFICE BILL PASSED BY HOUSE CONTINUES
P N E U M A T IC SERVICE— RIDERS DROPPED.
Tho Post Office Appropriation Bill, carrying an appropria
tion for the continuance of tho pneumatic tube mail service
in New York, Chicago, Philadelphia, Boston and St. Louis,
was passed by tho House on tho 16th inst. As reported to
tho House on tho 2d inst., tho bill callod for tho curtailment
of tho system in New York and its discontinuance in the
other cities. On tho 14th inst. tho House, sitting in Commit
tee of the whole, by a vote of 152 to 104, restored and in
creased tho normal appropriation for tho pneumatic mail
service in the cities indicated. An amondinont offered by
Representative Taguo, of Boston, and adopted by the
House in committee, raised tho appropriation for pneumatic
tubes from $449,500 to $1,061,000, an addition of $85,000
over the amount appropriated last yoar. Tho $85,000
balance represents tho amount necessary to extend tho
New York service, as provided in a soparato bill introduced
by Representative Hulbert, of Now York. Chairman Moon
was defeated in his attempt to striko out Mr. Tague’s amend
ment on a point of order. Roprosontativo Crisp, in the
speaker’s chair, declined to sustain tho point of order.
Points of order sustained by tho chair rosulted in tho drop
ping from tho bill of tho riders, establishing a l-cont postage
on drop letters, increasing postal rates on second-class mail
matter in accordance with tho parcol post zone system,
providing for experiments in aerial mail service, making pro
vision for a Government system of bonding postal em
ployees, &c. When tho bill camo up for disposal by the
House on tho 16th inst., it retained tho Taguo amendment
by a vote of 193 to 153. The bill itself was passed by tho
House without a roll-call. Tho othor special legislation
dropped from tho bill in tho committee of thowholo does not
appear in the bill as it wont to the Senate. Under an amend
ment to the bill, introduced in tho Sonato yesterday by
Senator Bankhead, authority is given to tho PostmasterGeneral to enter into contracts with Amorican citizens for
carrying mail between tho United Statos and Great Britaim
THE CHRONICLE
J am. 20 1917.]
on steamships built in this country. Sonator Bankhead’s
amondment, it is stated, specifies that tho service shall
commence not more than four years after tho contracts shall
be lot. The rate of compensation is fixed at nor more than
$10 a mile at tho shortest practicable route. It provides
that the ships must bo able to maintain a speed of thirty
knots an hour and shall not excoed 35,000 gross registered
tons.
W I T H D R A W A L BY N A T IO N A L SURETY CO. OF
CIRCULAR OBJECTED TO BY F A R M LOAN BOARD.
Tho Federal Farm Loan Board this week made known that
it had taken exception to a letter purporting to have been
issued by the superintendent of one of the departments of
the National Surety Company of New York to tho company’s
agents, suggesting that tlioy could secure the position of Secretary-Treasuer of the Farm Loan associations to bo organ
ized to obtain loans from Federal Farm Loan banks, and
thereby control tho bonding business of these concerns.
George W. Norris of tho Federal Farm Loan Beard made pub
lic tho circular letter on tho 14th inst. and at the samo time
gave out tho text of a letter addressed by him to William B.
Joyce, President of tho Surety Company, in which ho char
acterized tho circular as “a sordid appeal to tho cupidity” of
its recipients, amounting “to an attempt to prostituto the
Act to purposes of personal gain,” and expressed the hope
that Mr. Joyce would disown the missivo. Under date of
tho 15th inst. Mr. Joyce advised Mr. Norris that the circular
had already been withdrawn; in the notice of withdrawal
Mr. Joyce states that “the interpretation put on the letter
was most unexpected,” and it is added that tho company
is “in complete sympathy with tho purposes of the Federal
Land Bank Act.” Tho circular, issued under dato of Jan. 5
and purporting to be signed by tho superintendent of tho
company’s Federal Farm Loan department, read as follows:
Wo learn to-day that ono man is to bo selected as Socrotary-Treasurer of
all tho Farm Loan Associations in each county. This being true. It will
creato an office o f great value to tho holder o f it.
If this proposition attracts you, there is little doubt but what you can sccuro tho position if you organizo immediately and ask your friends in tho
banks to recommend you to tho Farm Loan Hoard at Washington. You
could then suroly control all tho bonding business.
Tho bonding business to bo transacted, tho Federal Board
officials said on tho 14th inst., would involvo tho bonding of
officials of tho various banks and officials of thousands of
Farm Loan associations—groups of farm borrowers—to bo
organized throughout tho United States. Mr. Norris’s
letter to President Joyco, under date of Jan. 13, said:
I enclose herewith a circular Iettor, under dato o f Jan. 5, purporting to
bo issued by tho superintendent o f a department in your company. As
it has been received by soveral o f your agents, whose astonishment at its
contonts has led them to call it to tho attention o f this Hoard, I suppose that
thoro can bo no doubt of its authenticity.
I would call your attention to tho following points:
Tho statement o f fact in tho first paragraph is incorrect. Whilo tho
Hoard has under consideration tho advisability o f making such a suggestion
to Farm Loan associations, no decision has been reached. Your publica
tion of it as a fact is likely to lead to misapprehension and much unnecessary
correspondence.
Tho suggestion in tho second paragraph that this will croato an office of
great valuo to tho holder is not only falso in fact, but most mischievous in
its implication. It is a sordid appeal to tho cupidity of thoTocipient of your
letter and, taken in conjunction with tho concluding phrase, “ You could
thon suroly control all tho bonding business," it betrays a total lack of ability
to comprehend tho broad and bonoficent purposes of tho Farm Loan Act,
and amounts to an attempt to prostituto tho Act to purposes of personal
gain and is a direct invitation to abuso tho position of Secretary-Treasurer
of a Farm Loan association by using it as a cloak to conceal ulterior motives.
I trust you will promptly disown this discreditable circular and see that
the Farm Loan department o f your company, if it is to bo continued at all,
shall bo put in chargo o f some ono who has some conception o f the public
purposes sought to bo attained under tho Farm Loan system.
Below is the letter sent to Mr. Norris by Mr. Joyco, an
nouncing the withdrawal of tho circular:
Jan uary 15 1917.
H o n . George W . N o r r is , Federal Farm L oan B ureau , Treasury D ep artm en t,
W ash in gton , D . C .:
D e a r S ir — Your esteemed letter dated Jan. 13 was received this morning.
Certainly this company would not accept, nor has It over accepted, any busi
ness that possessed tho slightest suggestion o f taint; therefore tho circular
lottor lias already been withdrawn, as Is shown by the enclosed copy o f our
lotter to-day to all agents.
I foci, however, in justlco to tho author of tho letter, 1 should say about
him that ho is a man of high ideals and purposes in life, and after talking
with him to-day, I am convinced that not tho remotest degree of impro
priety was in his mind. Ho Informs mo that ho understood tho SecretaryTreasurer had no authority to actually place tho bonds—that only the
board of directors of tho Farm Loan Hank had such authority. Tho word
ing of the ( ircular lottor was indeed unfortunate, and a serious error in judg
ment. However, the letter is withdrawn and we greatly regret tho opisodo.
_
.
Very truly yours,
W ILLIAM B. JOYCE, President.
Tho following is tho notice issued to tho company’s agents
regarding the withdrawal of tho circular:
Circular Letter No. 6, dated Jan. 5 1917, having mot with tho disapproval
of tho Fodoral Farm Loan Hoard and also by tho officers of this company,
is hereby recalled. Tho interpretation put on tho letter was most unex
pected. Wo are in complete sympathy with tho purposes of tho Federal
Land Hank Act and wo appreciate tho action of tho Farm Loan Hoard in
219
calling our attention to its view of tho matter. The letter, therefore, is
heroby recalled.
Very truly yours,
,
FEDERAL FARM LOAN D E P T.,
U. SLINGLUFF, Superintendent.
S A M U E L McROBERTS ON D E S IR A B IL IT Y OF
E X T E N S IV E TRADIN G W I T H RUSSIA.
Taking for his subject “Russia” Samuel McRoberts,
Executive Manager of the National City Bank of New York,
took occasion in an address this week to dilate upon our
sudden acquisition, as the result of tho war, of a very large
amount of new capital. “However deeply some of us may
regret,” he noted, “that these war conditions have only
tended to emphasize the material side of the American
people instead of solidifying the national thought and feel
ing behind some great world principles—however loath we
may be to take material gain from human suffering—the
fact remains that we have to-day an abnormal proportion
of the world’s gold, and that its acquisition has not yet
ceased. ’ Essaying that “our industry in many lines is
already expanded to the limit, if not beyond the limit which
our available labor can operate,” he observed that “the
war prevents the augmentation of our labor resources by
immigration, and being thus limited we cannot utilize capi
tal in the immediate expansion of legitimate manufacturing
enterprises.” To continue to receive gold, said Mr. MoRoberts, will only create an extension of bank credits which
cannot be used in our domestic situation. This he added
can only lead to an unsound financial position. Mr. MoRoberts pointed out that this is recognized by the Scandanavian countries, and is the reason for their active dis
couragement of the further importation of gold.
In submitting that the conclusion seems inevitable that
the outlet for our surplus capital must be in foreign invest
ments and that the most important distant fields are Russia
and China Mr. McRoberts whose address was delivered
before the seventh annual banquet of the Boston Chapter
of the American Institute of Banking at Boston on the
16th inst., had in part the following to say:
If wo aro ambitious simply to hold tho new capital derived from the
war, wo can expect to do so only by putting it to productive use, Tho
parable of the talents is good financial doctrine to-day, and we cannot
devise a napkin with which to hold tho gold. We can expect to keep it
only by immediately putting it to active use, and incorporating it into
the commercial capital of the world's business. The conclusion seems
inevitable that the outlet for our surplus capital must be in foreign invest
ments and that the protection of our domestic economic situation demands
this. Investment of capital in foreign government securities in sufficient
volume will protect our gold supply against tho immediate effects of the
inevitable reaction after the war, and at the same time will prevent an in
flation of bank credits at home.
So much for the dangers of the situation. But what are we going to
do with the opportunities that it presents? The optimistic conclusion
that New York is to be henceforth the financial centre of the world; that
the overseas trade will necessarily bo cleared through the United States;
that the key to the world’s commerce is now in our hands, and that in the
natural order of things we have become a great trading nation, with our
economic position assured for a decade, is untenable. For holding such
a position we have only one qualification: money. Our geographical loca
tion, outside of tho natural lanes of trade, is against us. We have no
shipping facilities, and, on the contrary, are apparently unwilling to recog
nize the ordinary economic principles necessary to establish them. We
have not a sufficient number of international banks or other machinery
necessary for financing foreign trado. We prohibit the establishment of
foreign banks here, which is just as essential to tho development of our
relations in foreign trade as tho establishment of our own banks abroad.
Wo have few men with any knowledge and experience in international com
merce. Our laws have been founded with an eye solely to domestic con
ditions, and with no consideration for our opportunities or necessities
abroad. As a nation, we have a provincial point of view on all these ques
tions, and until we can develop a settled public opinion regarding foreign
investments and foreign trade, we will have a weak and unstable govern
ment to look to for support . When you contrast this with England’s un
paralleled equipment in each of these details, the conclusion is inevitable
that no Aladdin’s lamp of gold is sufficient to produce a great foreign trade,
and that by no one war can England bo deprived of tho dominance that has
been tho slow growth of centuries and tho product of the energy and devo
tion of so many English lives. Whatever our ambitious desires may be,
it must be a source of deep satisfaction to you that it is so, and that Eng
land, while paying in blood and treasuro to preserve her ideals of govern
ment and civilization, will not also suffer that loss. That we are in no
position to dominate the situation should be no cause for discouragement.
On the other hand, considering our inexperience and lack of first-hand
knowledge, our opportunity is probably greater in that through our sur
plus capital we can be useful to England in preserving what she has already
established. An unofficial financial alliance with English and French
capital would give greater safety and stability to our progress, and Europe’s
need of such support for a number of years follow ing the war will insure us
immediate results that otherwise could have only been obtained by long
years of patient building. In such co-operation lies our greatest oppor
tunity, and it should not be endangered by faltering in tho last stages of
the conflict, or withdrawing the financial support that has been up to this
time so splendidly extended.
While recognizing the value of co-operation with European finance, we
cannot overlook those fields that are still unoccupied, wherein we lay the
foundation for our own independent trade and commerce. Following the
maxim of experience, that “ trade follows the loan,” we should in protecting
our financial position by foreign loans not overlook those countries where
future trade can be obtained. Probably the greatest field for our future
operation is Mexico, owing to the character of its undeveloped resources
THE CHRONICLE
2 2 0
and its closo juxtaposition. When life and property can bo considered
permanently safe in that country, our capital and energy will flow over
the border, to the mutual benefit o f both countries. It is probably our
greatest field and should be peculiarly our own. The rc-cstablishment of
its Government can bo confidently expected when the European war no
longer stays the hand of the other nations who havo investments there.
Canada will always bo an important factor in our trade, but investments
in Canada will hardly continue beyond the equalization of the interest
rates between hero and London. The most important distant fields are
Russia and China, and you have asked me to speak particularly of Russia.
It is difficult to comprehend the physical extent of Russia or make com
parisons that clearly convey an idea of its great area. It has one-sixth of
the land area of the globe. The rail journey direct from Warsaw to Vladi
vostok is 0,000 miles long, nearly twice the distance from New York to
San Francisco. It is over 2,000 miles from the Arctic Sea to Tiflis or
Samarkand, about the distance from Hudson’s Bay to the Gulf of Mexico.
It has all variations of climate, from arctic to semi-tropical, such as you
would encounter from Labrador to Florida. In its borders are the most
extensive plains in the world, the longest rivers, and somo of tho highest
mountain ranges. It has all the climatic conditions of the remainder of the
North Temperato zone, somewhat intensified by its great area being un
broken by seas. Within its borders are found all tho natural resources
that are essential to modern civilization. It has very largo known deposits
of iron, coal, oil, copper and tho precious metals, and practically all of the
metals of minor importance. It has about one-half of the standing timber
nortli of tho Equator. It has the most extensive area of first-class farm
land found anywhere on the globe. It has about 175,000,000 inhabitants.
Tho present status of the development of these resources is indicated
by the production o f the last normal year before the war, 1913. That year
produced about forty million tons of coal; four and a half million tons of
finished iron and steel; 75 million pounds of copper, valued approximately
at $10,000,000: 1,300,000 ounces of gold, worth $26,000,000, and 275,000
ounces, or $25,000,000 worth of platinum.
Russia is, next to the United States, tho largest producer of oil— tho
production for 1913 was over 60 million barrels.
Her forosts havo hardly been touched, and comprise to-day tho great
timber reserve o f Europe, Russia having practically all o f the surplus
timber available outside of Canada and the United States. Still sho ex
ported during 1913 somo $84,000,000 worth o f timber products. In
agriculture, Russia planted to cereals alone over 215,000,000 acres in 1913.
On 82,600,000 acres planted to wheat, sho produced over a billion bushels.
In the same year tho United States planted 49,600,000 acres and produced
three-quarters o f a billion bushels. The yield in Russia per aero for win
ter wheat was practically tho same as that o f the United States. Her
production in all other cereals, outside o f corn, is much more extensive
than tho United States, and her root products are enormously greater.
Russia has moro sheep and goats thari the United States, about as many
cattle, about one-fourth as many hogs, and a much greater number of
horses. It is still essentially an agricultural country. Eighty-five per
cont. of its people iivo on tho land and obtain their livelihood almost solely
by agricultural pursuits. At tho same timo tliero are established in tho
Empire over 200 cities, ranging from a few thousand inhabitants to I’otrograd with its two million. Russia has constructed and in operation 47,000
miles of railways, practically all o f which is first-class in every respect and
operated at a profit comparing favorably with railroads elsewhere in tho
world. Russia produces about two-thirds o f tho cotton which she manu
factures, and cotton growing can bo easily extended to meet all o f her
requirements. Sho produces a great surplus o f flax, which is largely
exported in tho raw state, although a substantial beginning lias been made
in textile manufacturing, not only on cotton and flax fabrics, but also
wool. Tho coal and steel industry was developed provious to the war
to a point whero it produced the bulk o f its own requirements, and its in
definite extension does not depend upon solutions o f metallurgical prob
lems, but simply upon tho application o f organization and capital.
Tho slow development of Russia cannot bo attributed to the slowness
of tho Russian people. A consideration o f geographical conditions leads
to tho conclusion that tho Russian Empire, with tho possible exception
of Poland, is logically one empire. When you consider Russian history,
apart from its tragic and interesting character, you aro most Impressed
with its consistent and logical development. This territory is occupied
by people originally consisting o f moro than forty different races. It
would seem that in the development o f the nations, to produce tho greatest
unit was necessarily tho hardest task and has required the longest time.
It has been tho fashion in America to condemn tho form o f tho Russian
Government, and to confidently predict its immediate overthrow. Again,
the study o f the development o f tho Russian nation and tho otlinological
conditions incident to that development discloses the imperative necessity
o f somo unusual form o f ’centralized, and even despotic, power. Russia
has always been in danger, and at times lias suffered terrible calamities
from invasion. Tho Russians recognized tho necessity of tho centraliza
tion of power when they surrendered to Ruric the right to rule them, and
however critical we may bo o f a despotic form o f Government, we cannot
avoid recognizing its usefulness in tho development of tho Russian nation.
If the United States is to participate in the industrial rise in Russia
which will inevitably follow the war, it is first necessary to sufficiently
understand Russia’s resources and industrial status to form a clear idea of
tho solidarity and dependability o f Russian credit; then to establish in our
own financial markets tho premier Russian security— the Russian Gov
ernment bond. This gives us the necessary entroo into Russian affairs
and it would plainly bo useless to subsequently consider industrial financing
in Russia unless our investors understood and appreciated the intrinsic
valuo of the Government securities. This should be followed by a wide
dissemination of knowledge regarding Russia. Travel to Russia on the
part of those whose opinion is valuable should bo oncouraged, and the first
ventures in industrial financo should lie made upon tho most conservative
lines and in respect to the basic industries. If this courso is followed, it
will not only givo a profitable outlet to American capital, but will lead to
tho establishment of an extensive commercial trade between the two coun
__________
tries .
E .1N . H U R L E Y O N W H A T
C O M M ISSIO N
THE FEDERAL
IS
D O IN G .
TRADE
Discussing “What the Federal Trade Commission Is Do
ing,” Edward N. Hurley, Chairman of the Commission,
stated in addressing the Commercial Club of Chicago on the
13th inst. that, unfortunately, “our business man and our
Government havo been losing valuable timo during the past
twenty years in trying to settle our economic and business
problems, not by co-operation, not by any scientific method
which will bring about results beneficial to our peoplo as a
whole, but by resorting to the courts.” “I know,” he con
[Vol. 104.
tinued, “business has been sick and business has undoubtedly
been in a large measure to blame for its illness, but instead of
sending for a doctor who could prescribe a remedy that would
givo practical and permanent relief, the Government sent for
lawyers, and you know.the result.” While this failure to
understand the proper functions of Government in its relation
to business appealed to him as fundamentally wrong, he
found, he said, that when ho undertook steps to change it,
he did not have at hand any adequate information about
business. Tho Commission, he said, realized the seriousness
of the situation and began its work at the foundation. It
recognized, ho continued, that tho basis for any industry is a
solid foundation of fact, and that to build any structure
successfully, “the foundation must be laid below the frost
line.” The importance of installing adequate cost account
ing systems has been urged upon business men by tho Com
mission, and it has, through expert accountants, co-operated
with trade associations which are endeavoring to work out
uniform and adequato cost accounting systems for their
entiro industry. “If,” ho said, “we receivo the appropria
tion from Congress which I believe the importance of this
work warrants, it is our purpose to divide the country into
zones and to place in each zone a number of cost accounting
experts, whose duty it shall be to educate business men,
through their trade associations, in better methods of keep
ing their books and working out their costs of production.”
In part ho further said:
Supplemental to our cost accounting work, we have asked the Institute
of Public Accountants to draw up a set of rules and regulations which will
govern tho making out of certified statements as woll as guido all account
ants and auditors in tho making up of balance sheets. Our liopo is to reach
some uniform basis for the handling of depreciation and other items, so that
balance sheets upon which bankers baso their credit risks will be sound and
reveal tho true state of the business upon which they aro based.
It is also proposed that a registry of public accountants bo established by
tho Federal Reserve Board and rules mado governing the admission of ac
countants to registry and the withdrawal of permission to use tho registry
number in any case in which the accountant to whom that number has boon
assigned is guilty of negligence, fraud or violation of tho regulations.
With an adequato cost accounting system in the industries of this country,
tho gathering of information would bo made comparatively easy and tho
task of Government in its solution of public problems would be greatly
simplified.
One of the real needs among American business men to-day is a broad
view of business and a comprehensive grasp of industry as a whole. Too
many American manufacturers and merchants centre all their energy and
attention upon their particular establishment and tho work of making
r
profits for it. Men at tho head of factories need the point of view of what
might bo termed the statesmanship of business. They need to. appreciate
tho fact that their plant is only a part of a great industry; that their indi
vidual welfare depends very largely upon the welfare and progress of tho
whole industry, and of Industry in general.
The men who realize this principle, who are studying our economic
problems from this point of view, aro tho men who will do the big things
and bo tho real leaders of American business.
Tho problems now before the business men and Government aro not so
complicated but what they can bo worked out, and in a reasonable length
of time. Government has shown that it is willing and anxious to co-operate
with business. It is now the duty of tho business men of this country to
do their part. Successful co-operation requires a friendly spirit on both
sides if wo arc to accomplish real constructive work. When business men
request advice In advance as to somo particular step tlioy wish to tako;
they should present to the Government an intelligent statement of tho facts,
then Government should give advice in advance as to what business men
should or should not do. This applies to legal questions as well as to eco
nomic ones. Many times business men feel that the questions they want
answered arc legal when, in reality, they aro economic. There is a better
understanding of these problems now on tho part of Government, and if
business men aro to keep abreast of tho times they must givo those matters
careful individual thought and study and ascertain tho real facts; then
present them to tho Government with a feeling that while they may benefit
directly if tho Government should act favorably, that whatever benefits
their Industry will help other industries, and what helps industry as a whole
benefits Government, our country and our people. If wo act along these
lines tho many questions involved, which now appear so difficult, will be
easily solved.
M y ideal for the Federal Trade Commission is that it shall become tho
common meeting ground of Government and business, and that by means of
its machinery tho foundations of industry shall bo laid moro securo, compe
tition shall be mado moro intelligent and fair, business men will havo more
comprehensive and wider vision of the public interest and the relation of
industry to the public, and that Government on its part will, on behalf of
tho public, bring to business its constructive aid. But I maintain that
if wo, tho business men of this country, are going to accomplish what wo
should, not only for our own benefit but for tho benefit of tho country, we
must co-operato among ourselves along broad, constructive lines, recognizo
that fair, intelligent competition is the life of trade, and that fundamentally
tho interests of the public and business aro tho same.
D A N I S H W E S T I N D I E S F O R M A L L Y P A S S TO U N I T E D
STATES.
The Danish West Indies formally passed under the sover
eignty of the United States on the 17th inst. when Secre
tary of State Lansing and Constantin Brun, tho Danish
Minister, exchanged tho ratifications of tho treaty trans
ferring the ownership from Denmark to tho United States.
Tho treaty providing for tho purchase of tho islands by the
United States for $25,000,000 was signed by Secretary Lan
sing and tho Danish Minister on Aug. 5. The United States
Senate ratified the treaty on Sept. 7. King Christian of
J an .
20 1917.]
THE CHRONICLE
Denmark ratified the document on Dec. 22, after both
Houses of the Danish Parliament had approved it. The
details of Parliamentary action were set out in our issue of
Dec. 23. The formal transfer of the islands, with tlio raising
of tho American flag, will take place as soon as the $25,000,
000 purchase price is paid over, some time within tho next
ninety days. Tho treaty provides that meanwhile the Danish
Governor shall continue his jurisdiction, and that a commit
tee of one Dano and ono American shall bo appointed to ar
range for further details. Tho form of government of tho
islands and their namo is now in the hands of Congress,
with some doubt as to whether they will have a civil govern
ment or be administered as a naval base, for which thoy were
bought. Tho Danish West Indies ineludo tho Islands of
St. Thomas, St. John and St. Croix. Among the names
which aro said to have been suggested for the islands as a
result of the cliango in their ownership arc the American
Antilles, the United States West Indies and the Dewey
Islands—tho latter in honor of tho late Admiral, whose
death occurred this week. A fleet of American warships,
bound for Guantanamo, Cuba, for winter drills and target
practice, engaged in manoeuvres off St. Thomas on the 18th.
2 2 1
and I am perfectly satisfied to have tho Government consider our wholo
works as available in caso of need to bo used by tho Government as it may
sec fit and upon such terms as tho Government itself may determine to be
fair.
And this principle holds as the basis for negotiations with tho American
Government for the manufacture of all munitions o f war, whether armor
plate, battleships, shells or ammunition.
'll o bid what wo consider a fair prico on any specifications issued by the
Government, but any bid wo make is to be interpreted in the light of the
foregoing policy.
At a conference with representatives of the Bethlehem,
Midvalo and Crucible Steel companies on the 9th inst., the
American bidders are said to havo advised Secretary Daniels
that the cost of labor and materials made it impossible for
them to compete with the British figures. It is said that
while they stated they might be able to scale their prices
somewhat, they could not meet tho bids of the foreign con
cern. With regard to reports that the British Government
would not permit tho Hadfield contract to be filled until
after the war, Secretary Daniels on the 17th inst. stated
that ho was relying on a statement made by a representative
of the company that the plans could be carried on without a
hitch. While Secretary Daniels is said to have charged that
the American concerns were charging extortionate prices for
shells for the navy, tho “New York Sun” of the 6th inst.
U N I T E D S T A T E S S H E L L C O N T R A C T A W A R D E D TO printed a statement mado by H. A. Gillis, the representative
B R IT ISH CONCERN.
in the United States of Iladfield’s, in which Mr. Gillis de
The United States Navy Department this week awarded fended the course of tho American concerns. We give the
tho contract for the making of armor-piercing navy pro statement below:
I do not believe tho American firms havo been charging the Government
jectiles of the 14 and lG-incli type to Iladfiolds, Ltd., of unreasonable prices. T o my mind tho steel companies aro simply calcu
Sheffield, England. Tho bid of tho English concern was tho lating upon a fair profit after meeting the increasingly difficult specifications.
Tho Bureau
the Navy Department now requires that theselowest for tho shells. Tho total value of tho contract is shells be testedof Ordnance of at steel plato which is at an angle of 10 degrees,
by being fired
$3,141,000. It calls for 4,500 14-inch projectiles at $350 when tho projectile strikes. This of course robs the shell of part o f itseach, free on board at the works at Sheffield, to bo delivered striking force and makes tho test more difficult. In some instances half the
in nineteen months, and 3,000 16-inch projectiles at $513 shells fail to meet the Government’s requirements on this account. And the
Government
may result
increasing
oach, free on board at Sheffield, to bo delivered in sixteen especially if amust realize that this to mako twoinshells to sell tho price,
concern has virtually
the Gov
months. Secretary Daniels of tho Navy Department in ernment ono.
Wo contend
wo aro ablo to provide
shells which
announcing on tho 4th inst. that the bid of Iladfiolds was meet this test, that we do not anticipate anyarmor-piercing or additional will
and
of the trouble
ex
the lowest submitted, said:
pense to which American firms havo been put. Our absolute confidence
Tho Bureau o f Ordnance, Navy Department, opened proposals for fur
nishing tho navy with 16-inch armor-piercing, 14-incli armor-piercing and
14 -inch class ‘ ‘B " projectiles. Bids woro received from five companies.
For tho 16-inch projectiles, proposals woro as follows:
Bothlohom Stool C o., 4,000 in 36 months, at $775 each.
Cruciblo Stcol Co., 1,700 in 36 months, at $768 50 oach.
Midvalo Stool C o., 1,000 in 24 months, at $900 each.
Washington Steel Sc Ordnance C o., 2,500 In 32 months, at $750 each.
Iladfiolds, Limited, 3.000 In 16 months, at $513 oach.
For tho 14-Inch projectiles, proposals woro as follows:
Cruciblo Steel C o ., 2,000 in 42 months, at $543 50.
■
Midvalo Stcol C o., 5,600 in 30 months, at $550.
Washington Stool & Ordnance C o., 1,000 in 22 months, at $500 each.
Hadfields, Limited, 4,500 in 11 months, at $356 each.
Tho Bethlehem Stool C o., tho only bidder on tho 14-inch class “ B " shell,
proposed to deliver 900 in 22 months, at $310.
This is tho first time proposals for 16-inch shells have boon opened. The
cost o f tho 14-inch A I’ projectiles supplied to tho Navy Department in
1912 was $490 each; in January 1914, $315 each; in October 1914, $415 each;
In July 1915, $410 each, and in October 1916, $492 each.
Iladfiolds, Limited, o f Sheffield, England, was tho lowest bidder for both
16-inch and 14-inch A I* shells. Tho comparison with tho next higher bids,
flioso o f tho Washington Stcol & Ordnanco C o., aro: For tho 16-inch, $5 1 3 ’
as against $750, and for tho 14-inch, $356, as against $500.
in this respect is duo to tho fact that wo know about everything that can
bo known concerning the manufacture of armor-piercing shells. We have
provided almost every nation with projectiles, and our present efficiency is
such as to insure tho best results and the least cost.
Sinco tho war Iladfiolds, Limited, has reached a state of efficiency pre^*°usly supposed unattainable. Not only is every ship in tho British navy
fully supplied, but we havo provided an immense surplus stock, which now
reposes in storehouses and is far in excess o f any demand that could be
mado upon it by tho war.
To keep our organization busy we have obtained permission from tho
British Government to bid for the American Government contract, and we
aro ready to put up bond to guarantee that we will meet the specifications
in tho time given and at the prices stated.
Tlio question of delivery is said to have been an important
factor in making the award; the Hadfield concern agreed to
delivery in practically half tho time figured by the Ameri
can concerns.
A resolution making it unlawful for tho head of any depart
ment of the Government of tho United States to invite and
accept bids from foreign manufacturers on contracts for
Charles M. Schwab, Chairman of tho Bethlehem Steel supplies for use of the Government was introduced in the
Co., in a statement on the 5tli inst. relativo to tho low bid House by Representative Rodinburg on tho 18th inst. It
of tho British concern, stated that his corporation had was referred to the Committee on the Judiciary.
quoted what was considered a fair price. He also expressed
tho belief that “it would be dangerous for this country to bo
GREAT B R IT A IN A N D HER A LLIE S A M P L IF Y
dependent upon foreign manufacturers for war materials of
C O N D I T I O N S P R E C E D E N T TO P E A C E .
any kind,” and further that “tho American Government and
American manufacturers should co-operate to the end that Supplementing the reply received by President Wilson
facilities for tho manufacture of tho maximum amount of from Great Britain and her allies under date of the 10th
munitions of all kinds should bo available in the United inst. in which the belief was expressed that it was impossible
at the present moment to attain a peace which will assure
States.” His statement follows:
Tho Hadfield bid is for a specific 16-incli shell, samples o f which aro boing the Allies reparation, restitution and such guarantees to
forwarded to bo tostod by tho United Statos Government. Of tho details which they feel entitled, a note, addressed by Arthur Bal
and specifications under which thoso shells are mado wo aro not awaro.
Wo do know that at Bethlehem we have spent very largo sums o f money four, British Foreign Minister, to Ambassador Cecil Springtrying to moot Government specifications on 14-incli shells, and so far only Rice, was delivered to the State Department on the 17th
at a considerable loss, for tho reason that tho tests have boon so sovero that inst.,- explaining in detail why it is believed impossible to
wo havo not yet been ablo to meot them, although that portion of our plant
which is equipped for making such shells has been devoted entirely to tho secure a. peace at this time which would assure the Allies
effort to meot tho requirements o f tho United Statos Government. In that such guarantees as they consider essential. The reply
department o f our works wo. have dono no European business wliatover.
of the 10th inst. indicating the terms upon which the Allies
Our general policy is well established. W havo no desire to make capital
ro
out o f tho military necessities o f tho United States. Wo offered to make would consider peace terms was printed in our issue of
armor plato for tho Government at its own price; in our bid on tho new Saturday last, page 124. In amplifying that reply this
battlo cruisers wo offered to leave tho determination o f the percentage of
week’s communication explains why the Allies demand the
profit to tho Government ltsolf.
Sinco tho war started, although wo havo boon ablo to obtain abroad almost expulsion of Turkey from Europe, the restoration of Alsaceany prico for our product, wo havo adhered in our charges to tho United Lorraine to France, of Italia Irredente to Italy and the
States Government to tho basis o f prices established beforo tho war began.
Wo beliovo it would bo dangerous for this country to bo dependent upon other territorial changes sot forth. The present note also
foreign manufacturers for war material o f any kind. Wo boliovo tho states that a durable peace can hardly bo expected unless
American Government and American manufacturers should co-operate threo conditions are fulfilled, namely:
to tho end that facilities for tho manufacture o f tho maximum amount of
The first thing is that existing .causes of international unrest should be
munitions o f all kinds should bo available in tho United States.
as far as possible removed or weakened.
Wo havo developed at Bothlehem tho largest ordnanco plant in tho world.
Tlio second is that the aggressive aims and the unscrupulous'methods
Wo regard that plant, our forces and our engineers as a great national asset. | of the Central Powers should fall into disrepute among their own peoples.
2 2 2
THE CHRONICLE
The third is that behind international law and behind all treaty arrange
ments for preventing or limiting hostilities somo form o f international
sanction. should be devised which would give pause to the hardiest ag
gressor.
The'full text of the note is annexed:
Lond on, Jan. 13.
H is E xcellen cy the Right H onorable Sir Cecil S pring-R ice:
In sending you a translation o f the Allied note I desire to mako tho
following observations, which you should bring to tho notico o f the United
States Government:
^ I gather from tho general tenor o f the President’s note, that wliilo ho is
animated by an intense desire that peace should come soon and that when
It comes it should be lasting, he docs not, for tho moment at least, concern
himself with tho terms on which it should be arranged. His Majesty’s Gov
ernment entirely share the President’s ideas; but they feel strongly that
the durability of peace must largely depend on its character and that
no stablo system of international relations can bo built on foundations
which are essentially and hopelessly defective.
This becomes clearly apparent if we consider the main conditions which
rendered possible the calamities from which tho world is now suffering.
These were the existence of great powers consumed with the lust of domi
nation in tho midst of a community of nations ill-prepared for defenso,
plentifully supplied, indeed, with international laws, but with no machinery
for enforcing them, and weakened by the fact that neither the boundaries
of the various States nor their internal constitution harmonized with the
aspirations o f their constituent races or secured to them just and equal
treatment.
That this last evil would bo greatly mitigated if the Allies secured the
changes in the map o f Europe outlined in their joint note is manifest, and
I need not labor tho point.
It has been argued, indeed, that tho expulsion of the Turks from Europo forms no proper or logical part o f this general schemo. Tho main
tenance o f the Turkish Empire was, during many generations, regarded by
statesmen of world-wide authority as essential to the maintenance of Euro
pean peace. W hy, Is it asked, should the cause of peace be now associated
with a completo reversal of this traditional policy?
The answer is that circumstances have completely changed. It is un
necessary to consider now whether the creation of a reformed Turkey, me
diating between hostile races in the Near East, was a scheme which, had
the Sultan been sincere and the Powers united, could ever havo been real
ized. It certainly cannot be realized now. The Turkey of “ Union and
Progress” is at least as barbarous and Is far more aggressivo than the
Turkey of Sultan Abdul Hamid. In tho hands of Germany it has ceased
even in appearanco to bo a bulwark of peace, and is openly used as an in
strument of conquest. Under German officers Turkish soldiers are now
fighting In lands from which they had long been expelled, and a Turkish
Government controlled, subsidized, and supported by Germany has been
guilty of massacres in Armenia and Syria more horrible than any recorded
in tho history even of those unhappy countries. Evidently the interests of
peace and the claims of nationality aliko require that Turkish rulo over
alien races shall, if possible, bo brought to an end, and wo may hope that
the expulsion of Turkey from Europe will contribute as much to tho cause
of peace as the restoration of Alsace-Lorraine to France, or Italia Irredenta
to Italy, or any of tho territorial changes Indicated in tho allied note.
Evidently, however, such territorial rearrangements, though they may
diminish the occasions of war, provide no sufficient security against Its
recurrence. If Germany, or rather those in Germany who mould its
opinions and control its destinies, again set out to domineer the world,
they may find that by the order of things tho adventure is made moro
difficult, but hardly that It is mado Impossible. They may still havo ready
to their hand a political system organized through and through on a mili
tary basis; they may still accumulate vast stores of military equipment;
they may still persist in their methods o f attack, so that their moro pacific
neighbors will be struck down before they can prepare themselves for
defenso. If so, Europe, when the war Is over, will bo far poorer in men,
in money, and in mutual good-will than It was when the war began, but
It will not be safer; and tho hopes for the future o f tho world entertained
b y the President will bo as far as ever from fulfillment.
Thero aro thoso who think that for this disease international treaties
and international laws may provido a sufficient cure. But such persons
havo ill learned tho lessons so clearly taught by recent history. While
other nations, notably tho United States o f America and Britain, wero
striving by treaties o f arbitration to make sure that no chance quarrel
should mar tho peaco they desired to mako perpetual, Germany ftood
aloof. Her historians and philosophers preached tho splendors o f war;
power was proclaimed as tho truo end o f tho State; and tho General Staff
forged with untiring industry tho weapons by which at tho appointed mo
ment power might bo achioved. Theso facts proved clearly enough that
treaty arrangements for maintaining peaco wore not likely to find much
favor at Berlin; they did hot provo that such treaties, onco mado, would bo
utterly Ineffectual. This becamo ovident only when war had broken out,
though tho sought demonstration, whon it camo, was overwhelming. So
long as Germany remains tho Germany which, without a shadow of Justi
fication, overran and barbarously ill-treated a country it was pledged to
defend, no Stato can regard its rights as sccuro if they havo no better pro
tection than a solomn treaty.
Tho caso Is mado worse by tho reflection that theso methods o f calcu
lated brutality wero designed by the Central Powors, not merely to crush
to tho dust thoso with whom they wero at war, but to intimidate thoso with
whom thoy wero still at peace. Belgium was not only a victim. It was
an oxamplo. Neutrals wore intended to noto tho outrages which accom
panied its conquest, the reign o f terror which followed on its occupation,
tho deportation of a portion of its population, tho cruel oppression of tho
remainder. And, lest tho nations happily protected either by-British
floets or by their own from German armies, should supposo themselves
safo from German methods, tho submarine has (within its limits) assid
uously Imitated tho barbarous practices o f tho sister service. The war
staffs of the Cental Powers aro well content to horrify the world if at the
same tlmo thoy can terrorize It.
If, then, tho Central Powers succeed, it will bo to methods liko theso
that thoy will owe their success. How can any reform o f international
relations be based on a peaco thus obtained? Such a peaco would repre
sent tho triumph o f all tho forces which mako war certain and mako it
brutal. It would advortlso the futility o f all tho motliods on which civili
zation relies to eliminate tho occasions o f international dlsputo and to
mitlgato thoir ferocity. Germany and Austria made tho presont war inevi
table by attacking tho rights o f one small State, and thoy gained their
initial triumphs by violating tho treaty guarantees o f tho territories of
another. Aro small States going to find in them their protectors or in
treaties mado by them a bulwark against aggression ? Terrorism by land
and sea will havo proved itself tho Instrument o f victory. Aro tho victors
likoly to abandon it on tho appeal o f neutrals? If oxlsting treaties are no
moro than scraps of paper, can fresh treaties help us? If they bo crowned
with success, will it not bo in vain that tho assembled nations labor to
[Vol. 104.
improvo their codo? Nono will profit by their rules but Powors who
break them. It is thoso who keep thorn that will suffer.
Though, therefore, tho pcoplo of this country share to tho full tho dosiro of tho President for peaco, they do not beliovo peaco can bo durable
if it bo not based on tho success of the allied causo. For a durablo peaco
can hardly bo expected unless three conditions aro fulfilled. Tho first Is
that oxisiting causes of international unrest should bo as far as possible re
moved or weakened; tho second Is that tho aggressivo aims and tho un
scrupulous methods of tho Central Powers should fall into disrepute among
their own peoples; tho third is that behind international law and behind
all treaty arrangements for preventing or limiting hostilities somo form of
international sanction should bo devised which would give pauso to tho
hardiest aggressor.
Theso conditions may bo difficult of fulfillment. But wo beliovo thorn
to bo in general harmony with tho President’s ideas, and wo aro confident
that nono of them can bo satisfied, even imperfectly, unless peaco bo
secured on tho general lines indicated (so far as Europo is concerned) in
tho joint note. Therefore it is that this country has made, is making, and
is prepared to make sacrifices of blood and treasuro unparalleled in its
history. It bears theso heavy burdens, not merely that it may thus fulfill
its treaty obligations, nor yet that it may secure a barren triumph of ono
group of nations over another. It bears them because it firmly bellovos
that on tho success of tho Allies depend tho prospects of peaceful civiliza
tion and of those international reforms which tho best thinkers of tho New
World, as of tho Old, daro to liopo may follow on tho cessation of our
present calamities.
A RTH U R J. BALFOUR.
GERMAN
R A ID E R
IN
SOUTH
A M E R IC A N
WATERS.
The fact that a German raider has been preying upon
commerce in South American waters becamo known on the
15th inst. with the arrival at tho port of Pernambuco, Brazil,
of tho Japanese vessel Hudson Marti with 237 men of the
crews of fivo vessels which had been sunk by tho raider
within tho past month or six weeks. Tho total of ships lost
or captured, it is said, numbers between 15 and 23, and thoy
aro reported to represent a tonnago of approximately
100,000 tons and a total value, both of cargoes and vossels,
of about $20,000,000. The raider is variously described,
but tho British declaro sho is of about 0,000 tons, painted
black, with two masts and a single funnel. Tho British
Admiralty on Jan. 17 gave out tho following official state
ment admitting that eight British and two French vessels,
long overdue, had been sunk by a German raider:
For somo timo past it had been assumed that tho following British and
French merchant ships, which had long been overdue, had been sunk by a
German raider: British— Dramatist, Radnorshire, Minieh, Netherby Hall,
Mount Templo, King George, Gcorgic, Voltaire; French— Nantes and
Asniercs. Definito information has now been recoived from Pernambuco
confirming this assumption.
On tho ovoning of Monday tho Japaneso steamer Hudson Maru arrived
o ff Pernambuco, having on board tho masters and 237 men of tho erows of
somo of tho lost vessels, which wero sunk on various dates between Dec. 12
and Jan. 12.
In addition, tho steamer St. Theodore was captured and a prlzo crow
put on board, and tho steamer Yarrowdalo was captured and sont away
with about 400 men, tho crows of others of tho sunk vessels, who wero to
bo landed. No further news has yot been received of their whereabouts.
In addition to the vessels named in tho Admiralty state
ment various reports receivod at Pernambuco added the
following steamships to tho list of those admitted by Great
Britain to have been sunk or seized by the raider: Drina,
Ortega, Samara, St. Sael, Gailey, Michnethiel, Nosser,
Newport Land, San Giorgio, Snowdon Grange and tho
Hammershus.
'British cruisers and patrol boats, it is said, havo been
ordered to tho waters in which tho raider operated. The
British Consul-General at Philadelphia reports that at
least sixty-three Americans wero aboard tho British steam
ers Georgic and King George. At Norfolk, on Jan. 17,
it is said, there was picked up a wiroless message warning
against a German raider which was off tho Brazilian coast
near Pernambuco on Jan. 12. The messago was addressed
“to all ships,” and gave tho position of the raider as in lati
tude 7 degrees south and longitude 25 degreos west. rIho
raider was described in this messago as a ship of about 4,000
tons, well armed, and equipped with torpedo tubes. Tho
raider was further described as being of tho Moewo type and
thought to bo the protected cruiser Vinota.
Tho Voltaire left Liverpool Nov. 2, bound for New York,
and trace of her had not been found since. It was thought
that she had been sunk by a mine or submarine. Sho was
of 8,618 tons gross, 485 feet long, 58 feet beam and was built
at Glasgow in 1907. She was owned by the Liverpool,
Brazil & River Plate Steam Navigating Co. The White
Star liner Georgic sailed from Philadelphia for Liverpool on
Deo. 2 last. She is said to havo on boafd a general cargo
valued at $1,000,000 and was of 10,077 tonnage. The
Charente Steamship Co.’s vessel Dramatist was of 5,415 tons.
She sailed from Seattle on Nov. 9 and from San Francisco
Nov. 18, arriving at Colon Deo. 3 and St. Lucia Deo. 10,
the last date when knowledge was had of her whereabouts.
The recent movements of the steamer Radnorshire have not
been recorded, as sho was in Government service. Tho
Radnorshire was a Royal Mail Steam Packet steamship of
4,302 tons gross. She was 385 feet long and was built in
J an .
20 1917.]
THE CHRONICLE
2 2 3
Sunderland in 1913. The steamer Netherby Hall belonged 6 . Tho Hellenic Government shall present formal apologies to the Allied
be
to the Hall Line of London and when last reported was on Ministers, and the English, French, Italian and Russian flags shall the
at
in Athens
of
her way from India for Cuba. The King George sailed from solemnly saluted At some public squareundersigned in tho presencecharged
whole garrison.
the same timo tho
Ministers are
bring to
the Hellenic Government
Philadelphia on Nov. 24 and from Wilmington Nov. 29 for by their Governments tomay leadthe attention ofto embark troops at Itea
that military
Manchester. Her gross tonnage was 3,852. She was 350 for passage bynecessity to Saloniki.them shortly
railroad
The
feet long, built in 1906, and owned in Glasgow. She is said Hellenic Government that they reserve to guaranteeing Powers inform the
themselves full liberty of action
in
new subject
to have taken on as cargo at Wilmington 1,199,110 pounds o f case the attitude of the Greek Government shall give them aGovernment
part
tho Hellenic
of powder from the du Pont powder works, valued at $957, thocomplaint; on theirnot to they make toward forces of the Government
formal agreement
permit the armed
000. Her general cargo is also said to have included 40,000 of National Defense to profit by the retreat of the Royal troops from Thes
tho neutral zono.
bushels of wheat. The Menieh’s recent movements are not saly and Epirus to invadeuntil such time Tho blockado o f tho Greek
coast shall
maintained
recorded. She was of 2,381 tonnage, built in 1876, and was upon all thebepoints indicated herewith. as satisfaction has been accorded
owned in London. The Mount Temple sailed from Montreal
previous to Dec. 3 for London. She was owned by the
ENGL
R E U IS
IO N
Canadian Pacific Railway Co. of London and was built in In additionA N D the QorderI TissuedS C O P P E R S C R A P . sale or
to
the
Newcastle in 1901. The Asnieres was a French four-masted purchase of copper outside the Unitedprohibiting promulgated
Kingdom,
bark of 3,103 tonnage. She was built in 1902 at Havre. on Dec. 8 by the Minister of Munitions for Great Britain, as
She sailed from Bahia Blanca on Nov. 29 for Panillas. The noted in these columns on Jan. 6, the American Consul
three-masted French bark Nantes, 2,679 tons gross, was built General at London in a cablegram the
of
at Rouen in 1909 and was owned in Nantes. The St. Theo and Domestic Commerce on Jan. 3tostatesBureau“by Foreign
that
dore, which was captured, is a British steamer of 4,992 tons order the Minister of Munitions takes possession further
gross, 405 feet long, built in 1913. She was owned in Liver unwrought copper scrap and swarf except when duo of all
pool and sailed from Norfolk Dec. 5 for Savona, Italy. The contract for conversion into refined metal or for use inunder
own
Yarrowdale was a steamer of 4,652 tons gross, 390 feet long, works of buyer or when specially excepted by written author
built in 1912, and owned in Glasgow.
ity. All smelters and refiners are required to furnish monthly
returns of stock to Minister of Munitions.”
Following the receipt in this country of the official con
firmation of the sinking of the merchant ships in the South
Atlantic, marine insurance rates began to jump, some under D A M A G E S U I T S A G A I N S T K R O N P R I N Z E S S I N C E C I L E
U P H E L D B Y U . S . C O U R T OF A P P E A L S .
writers asking as high as 20% on cargoes in belligerent ships
consigned to the River Plate. The ships reported sunk, it A verdict to the effect that the National City Bank of
is stated, were in most part, insured by local underwriters. New York, and the Guaranty Trust Co. of New.York, are
The increase in war risk insurance, it is stated, not only entitled to damages as a result of the failure of the Kronprinaffected ships destined for South America and West Indian zessin Cecile to continue her trip to Europe at the outbreak
ports, but also vessels headed for Africa, which would pass of the war was handed down by the U. S. Circuit Court of
through waters supposed to be covered by the German Appeals at Boston on Nov. 18. Actions for alleged breach
raider. Prevailing rates beforo nows of tho sea raiders of contract for the failure of the vessel to reach tho other side
activities were 3% to South America and 2 to 2 % % to were brought by the two institutions named, and by Charles
Panama. War risk rates to tho United Kingdom and tho W. Rantoul, Jr. of New York, and Maurice Hanssens of
Atlantic coast of France wero not affected, remaining around Brussels. The two institutions sought to recover for the non
5%, and no change from the former range of from 7 to 10% delivery of their gold shipments; the individuals named were
on ships destined for Mediterranean ports occurred.
passengers who claimed damages for personal inconvenience
suffored. The Cecile sailed from New York on July 27 1914
G R E E C E A C C E D E S TO D E M A N D S O F A L L I E S — T E X T with a consignment of gold for bankers in Paris and London.
OF D E M A N D S .
When nearing Plymouth instructions were received by her
Definite advices that Greece had accepted in their entirety officers to return at once to the nearest American port as war
the demands of the Allies were received at London on the 17th was imminent. For several days nothing was known of her
inst. in a cablegram from Sir F. E. H. Elliott, tho British whereabouts until her unexpected appearance at Bar Harbor,
Minister at Athens. According to the announcement from Mo., on Aug. 4 1914. The trust company’s gold shipment,
London the decision of the Greek Government was reached destined for London, amounted to $4,942,937; the National
by the Crown Council on the 16th inst. and was immediately City Bank had on board a consignment of $3,165,973, of
communicated to the Entente Ministers. In compliance which $1,061,719 was being forwarded to London and $2,
with tho Allies’ demands, the release of tho Venizelists who 104,254 to Paris. The trust company claimed damages of
were arrested following the outbreak in Athens on Dec. 1 $1,040,468, while the bank placed its damages at $446,828.
was made known in an Athens dispatch to Reuters on the On Feb. 2 last, Judge Halo in the United States District
18th. Control by the Entente Powers in Greece, it is stated, Court at Boston dismissed tho libel suits brought against the
will be exercised by delegates from all the four powers. A North German Lloyd Steamship Co. as owners of the vessel.
resume of the demands made by the Entente on the Greek The claims in all the cases were denied by Judge Hale, his
King and Government, to which tho latter have just ac opinion given in the case of the Guaranty Trust, being made
ceded, following an ultimatum, was delivered to the State to apply to the other three libels. In its findings the District
Department at Washington on tho 18th inst. by Alexander Court contended that the master of the vessel was justified
Vouros, tho Charge d’Affaires of the Greek Legation. Tho in turning back. The U. S. Circuit Court of Appeals, in
text of the resumo, as delivered in French and translated handing down its opinion in November stated that determina
into English, was published in the New York “Times” tion of liability rested on the question whether the Kronyesterday as follows:
prinzessin Cecile’s captain acted under restraint by foreign
governments. Judges Dodge and Bingham held that in the
1. Grook forces in continental Greece, Eubea, and all tho territories
situated outside o f tho Peloponessus shall bo reduced to tho number of absence of any declaration of war when the vessel turned
men strictly necessary to preserve order and act as police. All armament about in midocean, there was no restraint. Judge Putnam,
and munitions in excess o f that required for this forco shall bo transported
to tho I’ oloponossus, as well as all machino guns and artillery, with their in dissenting, contended that the conditions obtaining at
munitions, in such fashion that when dono there will no longer remain tho time were such as to cause restraint and to justify the
outsido o f I’ oloponessus either guns, machino guns or material o f mobili captain in reversing his course. While deciding in favor of
zation. Tho details of execution shall bo worked out by common agree
ment as soon as tho Greek Government shall have accoptcd in principle. the two institutions the Court was unanimous, however, in
Tho military situation thus established shall be maintained as long as tho ruling that the two passengers who brought suit for damages
Alllod Governments judgo it necessary undor tho surveillanco o f special Messrs. Rantoul and Hanssens, were not entitled to damages.
delegates.
2. Interdiction o f all meetings and assembly o f rosorvists north o f tho The effect of the decision is to refer the case back to the
Isthmus o f Corinth. Interdiction against any civilian to carry arms.
District Court for trial on the basis of the ruling by the Court
3. Ro-ostablishment o f tho various allied mothods o f control under a of Appeals.
_____________________
form which shall bo deterndnod in accord with tho Greek Government
G u a ra n tees.
In ordor to ronder thorn as little unpleasant as possiblo.
R eparation s.
4. All persons actually detained whether for political reasons or for sus
picion o f high troason, plotting or similar deeds, shall be immediately re
leased. Thoso who shall havo suffered unjustly through tho ovents of
Doc. 1 and 2 shall bo indemnified after Investigation carried out Jointly
by tho Grook Government and tho Allied Governments.
5. Tho commander of tho First Army Corps shall bo rolioved o f his com
mand, unless tho Iloyal Government establishes tho fact that this moasure
ought to be applied to somo other general officer, on whom responsibility
for tho orders o f Dec. 1 should fall.
I
NEW
FACTORY L A W
IN
JAPAN.
new factory law in Japan, fixing twelve hours as the
maximum working period for laborers, went into operation
on Sept. 1. Commerce Reports for Dec. 30 prints the fol
lowing with regard to tho law, this representing an “Extract
from Commercial Magoya, quoted in Weekly Bulletin,
Canadian Department of Trade and Commerce, Ottawa
Deo. 18:”
A
The new factory law of Japan, which was to have gono Into effect last
June, was finally put into effect Sept. 1. Twelve hours a day Is the maxi
mum number of working hours provided for laborers. The Chief of the
Bureau of Commerce and Industry in the Department of Agriculture has
mado tho following statement:
The application of this now factory law might bo termed a primary step
toward solving the Question of female employment, affording better treat
ment of laborers, and providing for them a means o f improving their moral
surroundings and physical conditions. Roughly speaking, tho industries
of Japan are constituted largely o f fiber industries that is, tho majority
of tho factories are engaged in making or supplying materials for clothes,
such as cotton-yarn factories, spinning mills, and companies of a similar
naturo, which necessitates juvenile labor. In largo factories alono in
Japan there aro 800,000 work girls employed, and if thoso in the smaller
factories were Included tho figures would reach about 2,000,000. 'Iho
new factory law is expected to lead to great improvement in labor con
ditions.
____________________
THE
[Vol. 104.
THE CHRONICLE
224
S W IS S
SAMPLE
FAIR
AT
BASLE.
Swiss industrial and commercial life has had to undergo
numerous trials and changes on account of tho war and
various minor exhibitions which wero subsequently arranged
with a view of stimulating conditions have not produced
tho desired results. Efforts have consequently been mado
for somo time to arrango a Yearly Samplo Fair which would
givo an opportunity to all parties concerned to exhibit their
products destined for homo commerce and export. The
first Swiss Samplo Fair, scheduled for tho period from April
15-29 1917 will bo hold at Basle. The fair which will repre
sent tho various smaller trades as much as tho big industries
will bo of purely Swiss character as tho rules stipulate that
all exhibits must havo been manufactured in Switzerland.
Particular prominence will in tho first instanco bo given
wo aro informed to the world-known products of tho country;
the toxtilo industry, the watch and jewelry industry, tho
machinery and electrical industry, chemical products, food
stuffs, such as canned goods, chocolate and dairy products.
Manufacturers and artisans who specialize in quality work
will also figuro among tho exhibitors, as tho Swiss indus
trial branches are more and more concentrating their ef
forts upon attaining a world reputation for tho quality
and not for tho cheapness of thoir goods. Tho organizers
of tho fair will moreover endeavor to arrango for exhibits of
all tho new Swiss industries and trades which have been
called into life sinco tho Swiss National Exhibition which
took place at Borne in tho ill-fated year of 1914 and which
aro therefore a direct result of the Avar which has in many
ways forced Switzerland to rely upon her own resources.
Tho Swiss Sample Fair will consist of a genoral exhibition
of samples typical of their respective section and detailed
optional samplo displays from individual firms. Tho ex
hibition will bo open daily to buyers from 8 A. M. to 7 P. M.
—on Sunday, from 10 A. M. to 7 P. M. and to the genoral
public from 2 P. M. on week days and tho whole day on
Sunday. An official rovuo, ontitled “La Foire Suisso
d’Echantillons,” or “Dio Scliweizer Mustermcsso,” is now
being published in connection with this fair and 12 num
bers in all will appear previous to and during tho event.
The homo subscription price to tho same is Fr. 3.60 and
the business office of tho fair is located at 30 Gorbergasso,
Baslo.
___________ __________
FRENCH EMBARGO ON L IN E N M A N U F A C T U R E S .
Tho American Consul-General at Paris on Jan. 2 reported
to the Bureau of Foreign and Domestic Commerce that a
French decree of Dec. 28, in effect Dec. 31 1916, prohibits
the exportation of articles mado from linen toxtilos. 1 his
prohibition, it is pointed out, is subject to tho usual excep
tions.
__________________ _____
GERMAN
FOOD
AND
COAL
R E G U LATIO N S.
garian delegates will hereafter sit in the German I ood Supplv Board and German delegates in the Austrian and Hun
garian boards. This plan, it is stated, develops through an
agreement Avhich has been concluded for an exchange of goods
botAveen Germany and Austria-Hungary, tending to provent
profit-making on foodstuffs. The question of Germany s
coal supply, it is said, is assuming serious aspects. Ihe
Gorman mines are reported to bo supplying coal for factories
and railroads to a greater extent than in peace times, as a
largo number of German railway cars aro
operating out
side of tho country, in Poland, tho Balkans and other terri
tory noAV in tho possession of the Central PoAvers. In order
to effect a saving in coal, an ordinance Avas put into effect in
Berlin on Dec. 15 requiring all cafes, thoatros and hotels to
closo at 11:30 p. m. and stores at 9 p. m. In addition to
this measure, the Police President of Berlin on Dec. 15 issuod
an order requesting street cars, subAvays and olovatod lines
to shut down at the same hour as tho liotols. Prohibition of
tho use of electric signs and other forms of illuminated ad
vertising, and restrictions on lightings for I AvindoAVS and
tho interior of shops Avoro also announced as among tho meas
ures designed to reduce the consumption of fuel. A Router
dispatch from Amsterdam on Dec. 27 last stated that the
Federal Council’s regulations regarding shoos and clothing
for 1917 prescribe that only tAVO pairs of so-callod “shoos do
luxe” Avill bo sold to a person, and thoso only on the returning
of cast-off but still Avearablo pairs.
iio a v
s io a v
GERMAN
“ SU B M A R IN E M A IL ."
Tho Gorman merchant submarine Deutschland and her
sister ships aro in the future to carry special mail from Ber
lin to this country, Contral America, South America, tho
West Indies, China, the Dutch East Indies, and tho Philip
pine Islands, according to an announcement mado by tho
postal authorities at Berlin on Dec. 29 last. All lettors for
transmission by submarine must bo sent to Brcmon and
must bear the inscription “Submarine Letter.” A special
charge of tAvo marks for a postcard or letter not exceeding
twenty grams in weight will bo lovied in addition to the
regular international postage. A similar charge will be
mado for each further twenty grams up to a maximum
Aveight of sixty grams.
J
P
MORGAN
ELECTED
MEMBER
OF
FEDERAL
1917.
At the meeting of tho board of directors of tho Federal
Reserve Bank of New York on tho 16th inst. J. P. Morgan
Avas elected a member of tho Federal Advisory Council,
representing District No. 2 for the year 1917.
AD VISO R Y
C O N D IT IO N OF N E W
C O U N C IL
FO R
YORK F E D E R A L RESERVE B A N K
30 1916.
Gross earnings to tho amount of nearly $1,000,000 are
shoAvn in the statement of condition of tho Federal Reserve
Bank of N oav York at tho close of business Doc. 30 1916.
With the gross earnings at $983,609 and exponsos of $557,420,
tho net earnings for tho year amounted to $426,189. As in
dicated several Aveeks ago, the bank paid on Doc. 30 its first
dividend, at tho rato of 6% per annum, covering tho period
from Nov. 2 1914 to March 31 1915; in this declaration there
Avas distributed $127,113. As compared Avith the slight defi
cit for tho preceding year, tho bank this year reports, after
its various deductions, a balance to tho credit of profit and
loss of $163,064. Tho bank’s profit and loss account follows:
DEC.
PROFIT AND LOSS ACCOUNT.
Gross earnings year 1916.
Expenses year 1916------
$983,609 22
557,420 21
Adolph T. von Batocki, President of the Food Regulation
Not earnings year 1916------------------------------------ ................ $426,189 01
Board, the German “food dictator,” recently sont to tho Items charged o ff at closo of year
German Federal Government circulars stating that tho sys Deficit from year 1915— ............ — ................... $111 22
72,289
n
p e n s e s ......................tem of maximum prices for food has proved unsatisfactory, O r g a n i z a t i oande xequipment------------................................. 63,442 96
17
--------- ------ r and that a change would bo proposed in tho immediate fu Furniture on U. S. bonds and notes bought and
168 67
ture. Ho offered as a solution of tho difficulty Avhich lias Premium
miscellaneous Items...............- ..............................
----------------- 136,012 02
been found in distributing from ono central placo articlos
such as butter, potatoes, meat and milk, that tho towns make Not earnings after deductions.................................- - - - - - -
$290,176 99
127.113 01
contracts with the producers of these articles in a manner Dividend Nov. 2 1914 to Mar. 31 1915, paid Dec. 30 1916
similar to that in which they noiv contract for pork. This Profit and loss, January 1 1917, credit balance...........................$163,063 98
system, it Avas said, Avould allow a just distribution of fresh
food during the summer and autumn, and of preserved food N Y F E D E R A L R E S E R V E C I R C U L A R W I T H R E F E R
stuffs in the Avinter and spring. It is announced that a N C E TO A P P L I C A T
S L E O F U . S.
DS.
Board of Consultation Avill be established in order to prevent EFurther information I O N S FO R to A applications B O Nbanks
rotating
of
any municipalities from securing larger quantities than their
requirements call for. Another step in establishing closer desiring to soli United States bonds has boon issued this Aveek
relations between Germany and Austria-Hungary has been by tho Federal Reserve Bank of NeAV York to member insti
effected in an arrangement under Avhich Austrian and Hun tutions. The Bank’s circular of last week on tho subject
THE
J an. 20 1917.]
225
C H R O N IC L E
Section 19 o f the Federal Reserve Act after specifying the reserve re
quirements for member banks provides that:
“ The reserve carried by a member bank with a Federal Reserve Bank
Circular No. 60A.
may, under the regulations and subject to such penalties as may be pre
scribed by the Federal Reserve Board, bo checked against and withdrawn
FEDERAL RESERVE RAN K OF NEW Y O R K .
by such member bank for the purposo of meeting existing liabilities; pro
Supplemental Information relating to applications to sell U. S. bonds.
vided, however, that no bank shall at any time make new loans or shall
pay any dividends unless and until the total reserve required by law Is
N cto Y o rk , Jan uary 17 1917.
fully restored.”
T o the C a s h ie r :
■
, ..
.
Regulation J (Series o f 1916) o f the Federal Reserve Board which pre
Sir — Referring to our Circular No. CO. dated Jan. 11 1917, relating to
scribes the panalty reads in part as follows:
applications to soil United States bonds, we are advised that applications
“ Inasmuch as it is essential that the law in respect to the maintenance
will bo received by the Treasurer of the United States only in accordance
by member banks of the required minimum reserve shall be strictly com
with regulations which contain tho following requirements :
plied with, the Federal Reservo Board, under authority vested in it by
1st The application must be made to tho Treasurer o f tho United States Section 19 of the Act, hereby prescribes as the penalty for any deficiency
upon Treasury Department Form N o. 5,628, “ Application o f national bank in reserves a sum equivalent to an interest charge on the amount o f the
for sale o f United States bonds and retirement o f circulation secured deficiency of 2% per annum above tho 90-day discount rate of the
Federal Reserve bank of tho district in which the member bank is located.
thereby.’ *
. .
The Board reserves tho right to increase this penalty whenever conditions
2nd. Tho application must be accompanied by a certified copy of a reso require It.”
lution of tho board of directors of your bank authorizing tho application
Circular No. 43, issued by tho Federal Reserve Bank of New York, on
and furthor authorizing tho Treasurer of tho United States to assign tho
bonds for delivery to the Secretary o f tho Treasury, such certified copy to June 6 1916, reads in part as follows:
“ With the inauguration of the collection system, the penalty for impair
bo upon Treasury Department Form No. 5.635-a, “ Resolution of national
of
Reservo Act, will
bank authorizing application for sale of United States bonds and retirement ment willreserves, provided by the Federalthe average reserve be imposed.
You
bo requested to report monthly
required to
o f circulation secured thereby.”
. ,,
,
be kept with the Federal Reserve Bank. Impairment o f this reservo, if
3rd. The application must also bo accompanied by the receipt or receipts any, will bo ascertained by comparing this figure with the average actual
of tho Treasurer o f tho United States for such bonds held in trust for your reserve shown by our books.”
You will observe that while tho reserves of member banks in the Reserve
' ’’Monies o f tho two forms required are enclosed herewith and we would Bank are subject to withdrawal by check, the Federal Reserve Act re
renuest that in making application you uso these forms instead of tho quires penalties to be imposed for deficiencies in reserves. The penalty,
original form o f application enclosed with our Circular No. 00. which should which has been fixed by the Federal Reserve Board for the present “ at 2%
not bo used
However, we will thank you to fill in and forward to us tho above the 90-day discount rate,” is at the rate of 6 % per annum. The
duplicate o f that form in order that wo may bo advised o f your application, practice o f this bank has been to calculate reserves on the basis o f a monthly
average, and when reserve balances are likely to become impaired most
as requested in our Circular No. 60.
Respectfully,
member banks prefer to rediscount with the Reservo Bank to maintain
R. H. T R E M A N ,
them rather than pay the penalty.
D e p u ty G overnor.
A recent amendment to the Federal Reserve Act gives member banks
the privilege o f borrowing from this bank, for periods not "exceeding 15
days, on their own notes secured by paper eligiblo for rediscount (which
S C H E D U L E I N D I C A T I N G W H E N P R O C E E D S OF
paper may have a maturity not exceeding 90 days). As our present dis
count rato is 3% for such notes having not more than 15 days to run,
C H E C K S THROUGH N . Y. RESERVE
member banks havo found them a useful form o f borrowing to avoid tem
BANK
ARE
A V A ILA B L E .
porary deficiencies in reserve balances. Respectfully,
R. II. T R E M A N ,
A sohedule showing when the proceeds of collection items
was published in last Saturday’s “ Chronicle,” page 120.
T he current week’s circular is printed below:
will becom o available has beon issued as follows by the
Federal Reserve Bank of N ow Y ork:
FEDERAL RESERVE BANK OF NEW YORK.
Scludule Showing when the Proceeds o f Items will Become Available.
Immediate Credit—
New York (Manhattan)
One Day A fter Receipt—
Boston
Philadelphia
Richmond &/Baltimore, Md. (see par list)
(Roanoke, Va. (see par list)
Two Days After Receipt (Business Days)—
Banks in
Cleveland & Cincinnati (see
Connecticut
par list)
Dclawaro
Chicago
District of Columbia
Atlanta
Malno
Minneapolis* St. Paul
Maryland
St. Ixmls
‘ Massachusetts
Kansas City, Mo.
New Hampshire
Kansas City, Kan.
Four Days After Receipt (Business Days)—^ ^
♦Minnesota
Mississippi
•Missouri
North Carolina
•Ohio
South Carolina
Tennessee
West Virginia
Wisconsin
Alabama
Arkansas
Florida
•Georgia
•Illinois
rndlana
Iowa
•Kansas
Kentucky
Michigan
Dallas
New Orleans
New Jersey
•New York
•Pennsylvania
Rhode Island
Vermont
•Virginia
Eight Days After R ecclptflanks in
Arizona
California
Colorado
Idaho
•Louisiana
Montana
Nebraska
Nevada
-----New Mexico
•Except banks In cities, referred to in first column.
North Dakota
Oklahoma
Oregon
South Dakota
•Texas
Utah
Washington
Wyoming
1
Vote' — Two-day items we forward on Saturday will bo available Tuesday. Fourd ay Items wo forward Thursday will be available Tuesday and those forwarded
Friday and Saturday on Wednesday.
N
‘
Y
R E S E R V E B A N K O N P E N A L T I E S FO R D E F I C I E N T
RESERVE
BALANCES
OF
MEMBER
BANKS.
A circular lotter to members directing attention to tho
penalties for deficient reservo balances in tho Federal
Rosorvo banks has been issued this week by tho I' odcral R e
servo Bank of N ew Y ork. Tho circular refors to tho recent
amendment to tho Federal Reserve act giving member
banks tho privilego of borrowing from tho Reservo Bank, for
periods not exceeding 15 days on their own notes secured
by papor (with a maturity not exceeding 90 days) eligiblo
for rediscount, and points out that “ as our present discount
rato is 3 % for such notes having not more than 15 days to
run, member banks havo found them a useful form of bor
rowing to avoid temporary deficiencies in reserve balances.
\Vo givo tho circular herowith:
FEDERAL RESERVE BAN K OF NEW Y O R K .
N ew Y o rk , Jan uary 15 1917.
T o the Cashier:
S i r __i n our Circular No. 43 o f Juno 6 1916 wo advised member banks
regarding tho penalties under tho Federal Roscrvo Act for deficiencies
in reserve balances carried by them with this bank, but in view of the
number o f questions wo havo recently been asked concerning such penal
ties wo deem it advisable to call again tho attention o f tho member banks
to tho following:
D e p u ty G overnor.
SECON D A N N U A L REPORT OF F E D E R A L R ESER VE
B A N K OF P H I L A D E L P H I A .
Gross earnings of $417,939 for tho year ending D ec. 31
1916 are shown by tho Federal Reserve Bank o f Philadelphia
in tho second annual report submitted to the stockholders
under date o f tho 9th inst. The net earnings, G overnor C . J.
Rhoads states, were sufficient to take care of all organization
expenses, to make provision for the proper depreciation of
furniture and fixtures, and to permit the paym ent of a divi
dend at the rate of 6 % per annum on tho paid-in capital for
tho period from N o v . 12 1914 to June 30 1915, inclusive.
This dividend absorbed $128,458, and after charging off
other items the sum of $89,967 is carried forward in tho
profit and loss account. Tho showing o f receipts and ex
penditures and the summary o f transactions for the year are
set out in the report as follows:
FROFIT AND LOSS ACCOUNT.
Gross earnings— January 1 1916 to December 30 1916------------$417,939 27
Current expenses______________________________ $113,383 07
Federal Reserve Board assessment------------------- 18,361 98
Cost o f Federal Reserve notes issued during 1916- 16,600 00
Organization expense...................................- .......... 31,517 06
Depreciation__________________________________ 19,652 78
Dividend paid, 6 % for period N ov. 2 1914 to
Juno 30 1915, inclusive--------- ------------128,457 70
Balance carried forward, profit and loss accoun t.. 89,966 68
---------------- $417,939 27
SUM M ARY OF TRANSACTIONS FROM JANUARY 3 1916 TO
DECEM BER 30 1916.
Bills discounted— Members—
331 applications approved from 45 banks,
as follows :
Pennsylvania 34 banks------------------------- $20,431,184 55
New Jersey 10 banks----------------------- 1,866,168 98
Delaware
1 b a n k ------------------------31,247 80
--------------------- $22,328,601 33
Bills discounted— Bought—
2 ,4 54 bankers' acceptances and foreign trade acceptances,
represented by bills drawn in connection with imports
or exports or based upon domestic shipments or storage
o f goods, purchased in tho open market__________________ $52,799,88970
U. S. Government bonds and notes purchased—
Balance January 11916------------------------------------------------------- $2,000,00000
Purchased during the year------------------------$2,500,000 00
Less amount sold_______________________ 1,675,000 00
.
825,000 00
Amount on hand Dec. 30 1916__________________________ $2,825,000 00
Investments—
Bonds and warrants of 68 municipalities, maturities rang
ing from 30 days to 6 months, purchased in the open
market...................................................... ............................$7,703.054 60
Transit Department-^4,497,286 items have been handled drawn on banks as follows:
Philadelphia banks..1,107,538 item s..$1,303,226,812
Other banks in District
No. 3 . . .....................2,700,348 item s..
308,657,935
Banks in other districts 689,400 item s.. 1,002,472,992
■
■■
$
2i614iu5 »•
7
Governor Rhoads is assisted in tho administration of the
Federal Reserve Bank of Philadelphia by Edwin S. Stuart,
D eputy Governor; Frank M . H ardt, Cashier; Thomas
226
THE
C H R O N IC L E
G am on, Jr., Assistant Cashier; Richard L . Austin, Chairman
of the Board and Federal Reserve Agent; Henry B . T h om p
son, D eputy Chairman of the Board and D eputy Federal
Reserve Agent, and Arthur E . Post, Assistant to the Federal
Reserve Agent. ____ ______________________
SECOND
Y E A R ’S
O P E R A T IO N S
FEDERAL
RESERVE
OF
THE
CH IC A G O
BANK.
For the year 1916 the net earnings o f the Federal Reserve
Bank o f Chicago were $402,535, an amount equal to 6 %
o f the bank’s capital. Tw o dividends were paid during
the year amounting to $360,649, as follows:
July 15 1916. Dividend No. 1______________________________ $75,873.47
Dec. 27 1916, Dividend No. 2___________ _________________ 284,775.25
These payments Governor James B . M cD ougal points out
discharge the cum ulative 6 % dividend liability to Jan. 1
1916. The accumulated dividends to date amount to
$399,837. M r. M cD ougal in presenting the statement of
the bank’s condition on D ec. 30 1916 also says:
While industrial operations have been conducted on a scale o f unprece
dented activity, imports o f gold have supplied the basis for tho attendant
expansion o f credit. Therefore the demands upon the resources of tho
Federal Reservo Bank havo beon limited, and have been confined prin
cipally to member banks located in some o f the agricultural sections of
the district. The reserve position o f the bank has been strong throughout
the yoar, tho cash reserve averaging 78% .
The figures of profit and loss account and the summary
o f transactions for the year are presented to the stock
holders o f the bank by Governor M cD ougal as follows:
PROFIT A N D LOSS ACCOUNT.
Balance Jan. 1 1916.......................................................................... $20,09139
Net earnings— Jan. 1 1916 to Dec. 31 1916 (after
charging o ff $25,000 account o f furniture and
fix tu res)................................................................... .$402,535 40
Dividends paid, 6 % for period N ov. 2 1914 to
Dec. 31 1915, inclusive.......................................... 360,648 72
---------------- $41,886 68
Balance carried forward, undivided profits.............................. $61,978 07
SU M M ARY OF TRANSACTIONS FOR YEA R 1916.
B ills D iscou n ted — M em b ers —
1,366 applications for rediscount approved from 212 banks, as follows:
Illinois,
40 banks............................................. $14,658,01680
Indiana, 36 banks.............................. _ ____ 1,336,646 98
■
Iowa,
119 banks................................. ..
6,186,68261
Michigan, 13 banks...................................__
861,415 63
Wisconsin, 4 banks________________________
135,35492
----------- ---------- $23,178,116 94
B ills D iscou n ted — B ought —
Bankers’ acceptances and foroign trade acceptances, repre
sented by bills drawn in connection with imports or ex
ports, or based upon domestic shipments or storage o f
goods, accepted by Institutions o f known responsibility and
_
$27,060,584 62
purchased in tho open market_ __________
U . S. Governm ent Bonds and N o tes —
Baianco Jan. 1 1916......................................................... 2 . . $4,231,000 00
Purchased during year.......................
$8,644.100 00
Less amount sold........................................... 2,500,000 00
--------------------- 6,144,100 00
Amount on hand Dec. 30 1916................................................. $10,375,100 00
Investm ents —
Warrants and bonds o f 73 municipalities, maturities ranging
from 10 days to six months, purchased in tho open market. $9,925,311 39
C ollection D epartm ent —
4,452,382 items have been handled drawn on banks as follows:
Chicago banks, 950.596 items______$1,549,148,448 58
Other banks in District No. 7, 2,722,
827 items......................................
616,111,032 29
Banks in other districts, 778,959 Items 873,758,158 95
-------------------------- $3,039,017,639 82
Besides G overnor M cD ougal the officers o f the bank are:
C . R . M cK a y , D eputy Governor; C . H . Bosworth,Chair
man o f the board and Federal Reserve Agent; W . F. M cLallen, D eputy Federal Reserve Agent and Secretary;
B . G . M cC lou d, Cashier, and S. B . Cramer, Assistant
Cashier. J. B . Forgan is the Chicago member o f the
Federal Advisory Council.
REPORT OF F E D E R A L R E SER VE B A N K OF R I C H M O N D .
The annual report o f tho Federal Reserve Bank of Rich
mond discloses the net income of the bank for the year
ending D ec. 30 1916 as 5 .5 7 % on the capital in compari
son with 5 .7 5 % for the fourteen m onths’ period from the
opening of the bank in N ovem ber 1914 to D ec. 31 1915.
As noted in these columns D ec. 30 a dividend at the rate
o f 6 % for the period from Jan. 1 1916 to N ov . 1 1916 was
declared by the bank last month, after the payment of
which there was left a balance of incom e to the credit of
profit and loss to the am ount o f $11,665. The total earn
ings assets o f the bank for the year just closed are reported
at $10,537,168, as compared with $7,733,137 at the end
o f D ee. 31 1915. The volume o f paper discounted during
the year was $46,219,000; bank acceptances to the amount
of $11,312,000 were discounted and in the collection de
partment the aggregate amount of items handled was $891 ,
077,000. The following are taken from the report:
[VOL. 104.
OPERATIONS OF DISCOUNT D E PA RTM E N T.
All paper discounted or bought was taken from member banks, and in the
following statement it is treated as paper “ discounted.”
Commercial and agricultural paper discounted___________ $22,559,254 45
Commodity paper discounted________________________ ___ 7,025,844 90
Municipal obligations discounted________________________
'529i561 96
Trade acceptances discounted________ _______ ______ _____ 1,516,681 04
Bankers’ acceptances discounted_________ _____ ___________ 11,312,676 78
Member banks’ collateral notes discounted........................... 3,275,500 00
Total amount of paper discounted_______________________ $46,219,519 13
Total number o f bills discounted________________________
21,029
Average amount of paper discounted daily_______ _______
$150,296 00
Average number of bills discounted daily............................ ..
69
Discounted for member banks in M aryland............................$9,773,750 78
Discounted for member banks in District of Columbia.......
1,207,963 47
Discounted for member banks in Virginia________________
7,357,533 15
Discounted for member banks in West Virginia...................
573J546 70
Discounted for member banks In North C arolina.............. 13,252^946 30
Discounted for member banks in South Carolina_________ 13,524,116 77
Number of member banks granted rediscount____________
201
Number of member banks in d istrict.................................. ..
520
Paper maturing within 10 days........................ $2,529,464 15
Paper maturing between 10 and 30 days........... 1,939,803 54
Paper maturing between 30 and 60 days____ 1,186,588 72
Paper maturing between 60 and 90 days____ 1,545,592 33
Paper maturing beyond 90 d a y s ....................
12,519 34
Total outstanding bills discounted Dec. 31 1916_________ $7,213,968 08
OPERATIONS OF COLLECTION D EPARTM EN T.
Number of member banks______________________________
520
Number of non-member banks of district on which collec
tions are made at par_________________________________
301
Number of items handled from Inauguration of clearing
plan, July 15 to Dec. 31 1916.................................... .........
2,020,065
Total amount of items handled______________________ ...$891,077,800 00
Average number of items handled daily_________________
14,429
Average amount of items handled daily............................... $6,364,842 00
Average amount per item_______________________________
4 4 1 00
Cost per item____________________ _____ ________________
.0125
Cost per $1,000 00.......................... ............. ...........................
.0283
STATEM ENT OF EARNINGS A N D EXPENSES FOR 1916.
Balance profit and loss Dec. 31 1915................................. ....... $23,015 26
Discount earned_________________ _____ ________ $244,028 02
Interest earned on investments__________________
3,4 94 64
Interest earned on U. S. bonds__________________ 39,175 18
Profit on U. S. bonds sold......................................... 12,517 00
Sundry profits.................... ........... ........................... 13.576 65
Gross earnings________
$312,791 49
Current expenses..________ ____________________ $91.714 46
Cost of Federal Reserve notes issued during y ea r.. 18,247 82
Assessment for general expenses Fed. Res. Board. 11,743 48
Total expenses.................................................... ..$121,705 76
Net earnings.................................
$191,085 73
Deductions from net earnings:
Depreciation of furniture and equipment______
4,513 95
Not Income................................................................................... $186,571 78
Dividends paid:
April 1 1916, accumulated dividend to Dec. 31
1 9 1 5 (1 % )......................................................... $30,387 65
Dec. 31 1916 dividend to Oct. 31 1916 @ 6 % . . . 167.534 69
$209,587 04
197,922 34
Balance remaining to credit of profit and loss Dec. 31 1916.. $11,664 70
RESERVE BOARD
REFERENCE
TO A P P O I N T M E N T O F
B A N K OF E N G L A N D A S R E S E R V E B A N K A G E N T .
Beyond printing the statement issued to the press on
Decem ber 25 (and printed in our issue of D ecem ber 30 on
page 2380 concerning the appointment of tho Bank of Eng
land as foreign correspondent and agent of the Federal
Reserve Bank o f N ew Y ork the Foderal Reserve Board in*
its Bulletin for January makes only the following reference
to the matter:
Tho Board has had under consideration for somo timo the advisability
of authorizing tho Federal Reserve Banks to establish ono or more cor
respondents or agencies in Europo, and under date of Doc. 20 1916, passed
a resolution approving the application of the Foderal Reserve Bank of New
York for authority to establish an agency with tho Bank of England. A
statement touching this matter which was given to the press on Dec. 25
will be found on another page of this Issue.
D IV ID E N D
D E CLAR ATIO N S
RESERVE
OF
ALL
THE
FEDERAL
BANKS.
Tho Federal Reserve Bank of St. Louis was among the
Reserve banks which declared initial dividends last m onth,
six altogether announcing their first declarations at that
time, the other five being the Reserve banks of New Y ork,
Boston, Philadelphia, Cleveland and Minneapolis. All
of the twelve Federal Reserve banks have thus become
dividend payers, six previously having paid dividends.
The particulars concerning the declarations to date are
set out as follows in the Federal Reserve Bulletin for Jan
uary:
Six Federal Reserve banks had doclarod dividends prior to December
of the present year, while the remaining six banks wore authorized to pay
a 6 % dividond during December 1916 for some part of the period since the
opening of the banks In November 1914. Tho dotails regarding dividends
thus far declared are as follows:
J an. 20 1917.]
D a te o f
A u thorization
by Federal
Reserve Board.
Am ount
of
D ividend .
Boston________ . . Dec. 21 1916 $246,891
131,150
New Y ork____ ___ Dec. 16 1916
128,340
Philadelphia _ . ........ Dec. 23 1916
143,816
___ N ov. 27 1916
C leveland____
1915 6151,9401
faDec.
C30.388/
1916
Richm ond------ __ I April
167,535
1916
[ Dec.
129,198
_ /aJuno
_
1916
Atlanta ...........
72,759
\ Dec.
1916
76,156
_
1916
Chicago--------- _ /aJuno
286,575
\ Dec.
1916
d31,000
____aDec.
1916
St. Louis.........
rf60,000
Minneapolis _ . .........Dec. 16 1916
66,707
1916
Kansas C ity .. .........July
65,523
1916
D a lla s_______
78,813
\ Sept.
1916
12,341
San Francisco. ...J o S e p t. 30 1916
d33,000
\ Dec. 20 1916
and $4,800 was applied in the reduction of furniture and
fixtures, leaving a balance of $44,541 to be carried forward.
P eriod f o r which
The detailed report of the bank in referring to the transfer
A u thorized .
Nov. 1914 to Dec. 31 1915 of part of its territory to the Federal Reserve District of
Nov. 1914 to Mar. 31 1915
Chicago (D istrict N o . 7) states that the decision rem oved
N ov. 1914 to June 30 1915
N ov. 1914 to June 30 1915 from the M inneapolis D istrict (the ninth D istrict) 26 coun
N ov. 1914 to Dec. 31 1915 ties, within which were located 52 member banks, having
Jan. 1916 to Oct. 31 1916 an aggregate capital and surplus of $7,634,000 at the time
N ov. 1914 to Dec. 31 1915 (O ct. 12) o f the filing o f the order of the Federal Reserve
Jan. 1916 to June 30 1916 Board for the transfer, and having a paid in capital in the
Nov. 1914 to Mar. 31 1915
April 1915 to Dec. 31 1915 Federal Reserve Bank o f M inneapolis of $229,400, and
Nov. 1914 to Mar. 31 1915 deposited reserves of $1,376,430. The report adds:
N ov.
Nov.
Nov.
July
N ov.
Jan.
1914
1914
1914
1915
1914
1915
to
to
to
to
to
to
July 1
Juno 30
June 30
Dec. 31
Dec. 31
April 1
1915
1915
1915
1915
1914
1915
a Date when dividend was declared. 6 5% dividend for period Nov. 1914
to Dec. 31 1915. c 1% dividend for period Nov. 1914 to Dec. 31 1915.
d Preliminary estimate.
__________________
R IC H M O N D F E D E R A L RESERVE B A N K 'S IN S T R U C
T IO N S CO N CE RN IN G M O N E Y S H IP M E N T S .
The Federal Reserve Bank of Richm ond has reprinted in
structions issued to its members a year ago concerning m oney
shipments to it. The circular says:
In making shipments o f money to this bank you are respectfully requested
to bo governed by the following:
1. Send this bank, under separate cover, addressed to the Auditing De
partment, an advice of each shipment, giving the amount shipped and stat
ing whether sent by express or registered mail.
2. Enclosed with each shipment an advice giving the amount sent, the
namo o f the sending bank, and when sent for the credit of another bank the
naino of that bank also.
3. Address all packages or bags o f money sent by express or mail as fol
lows: “ Federal Reserve Bank o f Richmond, Richmond, Va." Mark each
package with the namo and address o f the sending bank. When shipping
by express, see that each package or bag is marked with the amount con
tained therein.
4. Assort all paper money by kinds and denominations. No package
should contain mixed kinds or mixed denominations under ono strap.
5. Do not, under any circumstances, send currency that is unfit for cir
culation, except in tho case o f Federal Reservo notes, which are redeemable
by this bank.
... ..
6. Mark each strap covering a package of paper money with the amount,
and tho <lato, and tho name o f tho remitting bank.
7. Do not send us national bank notes for tho purpose or making exchange
or for redemption. Such shipments should bo made to Washington, as
heretofore.
8. Shipments o f silver aro not desired. Do not send us fractional silver
or minor coin in any event.
O P E R A T IO N
OF
THE
FEDERAL
PLAN.
RESERVE
C LE AR IN G
The following table showing briefly the clearing operations
o f the Federal Reserve system for the monthly period ending
D ec. 15 1916, with comparative figures for each of the
four preceding months, is published in the Federal Reserve
Bullotin, for January:
OPERATIONS OF THE FEDERAL RESERVE IN TER -D ISTR IC T
C LEARIN G SYSTEM , NOV. 16 TO DEO. 15 1916.
A v era ge
nu m ber
o f item s
handled
daily.
B ank.
Boston-------------------------- ......... 38.479
New York______________ ____ 42,551
Philadelphia----------------- ......... 30,081
C leveland--------------------- .........15.873
Richmond............... ................... 17.064
........ 13.851
Chicago------------------------- ........ *20,452
........ 10,039
.........15,613
13,782
Kansas C ity____________
D alla s_________________ . . . 12,734
6.519
San Francisco__________
Total N ov.
Oct.
Sept.
Aug.
July
16 to
16 to
16 to
16 to
15 to
Dec.
Nov.
Oct.
Sept.
Aug.
15 ..236.038
15 - .227.489
15 - .204,891
15 ..177,397
15 ..133,113
N o n -M c m ber banks
A verage
M e m b er
fro m
am ount o f
banks
which
daily
in the
checks
clearing.
district. are col
lected at
p a r.
$13,153,317
4 02
242
28,307,438
16.545,774
8.320,355
8,062.500
4.689.214
13,220.268
8,402,904
8,828,269
7,791,296
6,521.235
1.761.162
625
632
754
620
390
993
469
759
941
621
521
313
292
496
286
440
1,269
881
1,100
1,412
238
1,096
7,627
7,623
7,618
7,618
7,624
8,065
8.059
7,459
7,449
7,032
.
$125,603,732
115,061.224
97.666.107
78,559.704
69,301.696
* Does not lncludo Government checks averaging 2,062.
SECOND
ANNUAL
BANK
REPORT
OF
OF
FEDERAL
RESERVE
M IN N E A P O L IS .
Tho Federal Reserve Bank o f Minneapolis which last
month declared its initial dividend at tho rate of 6 % for
the period from N ov . 2 1914 to July 1 1915, reports gross
earnings for the year just closed o f $238,109, and an oxcess
o f earnings over current expenses of $139,403. A distribu
tion of $57,720 was called for in the paym ent o f the divi
dend, $32,342 was charged off for organization oxpenses
227
T H E C H R O N IC L E
Tho decision o f the Board was without compensating territorial ad
vantage to the Federal Reserve Bank o f Minneapolis, and operated in
such a way as to wipe out a membership roughly equivalent to the num
ber o f new members acquired since organization. An increase in mem
bership from the filing o f the redistricting decision to the end o f the year
presents some offset to this loss, but with the disadvantage that the new
banks entering membership aro, as a rule, small in size, while the laiger
number o f the banks thus lost to the Ninth District were old and sub
stantial institutions enjoying large deposits, and contributing materially
to the capital and deposits o f the Federal Reserve Bank o f Minneapolis.
The transfer of membership was made effective Jan. 1.
During 1915 the Federal Reserve Bank of M inneapolis en
joyed a growth of membership o f 26 banks, bringing the
total membership at the beginning of the year up to 734.
There was a further addition of 29 members during 1916,
and a loss of four members through liquidation, giving a
membership of 759; the transfer of the 52 banks affected
b y the redistricting decision left the M inneapolis Federal
Reserve District at the close o f the year with a net mem
bership of 707 banks. W e take the following from the
report of Theodore W old, Governor of the bank concern
ing the operations of the past year:
Appreciating the necessity of not only employing a sufficient proportion
of our funds to pay the deficiency incurred in our initial stages and our cur
rent operating expenses, but if possible, to make some returns to our
stockholders as contemplated by the Act, our funds, in view of the lack of
demand at home, were employed, so far as market conditions warranted,
in Government bonds, short time municipal warrants and bankers’ ac
ceptances. This has resulted in our liquidating the deficiency reported
to you one year ago, in providing for the amortization of our furniture,
fixture and equipment account, and in making a payment to you on account
of accrued dividends. There was left a comfortable amount to carry over
as undivided profits.
Section 16, providing for the collection and clearing of checks, was put
into operation in July. This necessitated an increase in our office and
equipment, as well as clerical staff. The business in this department has
increased from month to month, which to us Is evidence of satisfactory
service In that department. We are now handling about 15.000 checks
each day, aside from the checks handled on the Twin City banks through
our own clearing house. The expense of maintaining this department is
borne by the banks using the facilities. A charge of 1H e. per item is made
to the bank depositing with us the items for collection, and the revenue
thus obtained has been sufficient to pay rent for space used, clerical help,
postage, stationery and depreciation of furniture and equipment used in
that department. If these facilities were made general use of by our
members, the charge could be reduced to one cent per item.
Your directors convene monthly, and ail are kept in close touch with our
operations by report made to them weekly. Your Executive Committee
holds daily meetings, the Junior officers and employees have been loyal
and are doing their part, to the end that transactions with our member
banks have been efficiently and expeditiously handled.
The loans and investments of national banks. State banks and trust
companies in the United States have increased since the establishment of
tho Federal Reserve system by about $3,000,000,000. The loans and
investments of banks in the Ninth Federal Reserve District during this
same period have increased about $200,000,000.
Whether this Increase is due to the Increased price of all the necessaries
of life, including the price of labor, whether it is due to the increased popu
lation and corresponding development of business, whether it is due to the
Inauguration of the Federal Reserve system, and a releasing of reserves,
whether it is due to large importations of gold, regardless as to what any one
may attribute it. In view of existing conditions throughout the world, we
believe the greatest care should be exercised by bankers at this time,
confining their extensions of credit so far as possible for the financing of
short time, self-liquidating transactions or those that may be liquidated
without distress to the borrower.
PROFIT AND LOSS ACCOUNT.
Gross earnings Jan. 1 1916 to Dec. 31 1916----------------------------- $238,108 68
Less:
Assessment for expenses Federal Reserve B oard .. $8,962 07
Cost of new Federal Reserve notes issued during
year____________________ _________ ___________ 9,866 06
Operating expenses_____________________________ 79,877 70
--------------- 98,705 83
Excess of earnings over current expenses_____________________ $139,402 85
Less the following items charged off:
Organization expense-----------------------------------------$32,341 71
Reduction of furniture and fixtures_____________
4.800 00
Dividend, period Nov. 2 1914 to July 1 1915------ 57,719 87
--------------- 94,861 58
Balance, carried forward------------------------------------------------------ $44,541 27
.
CLASSIFICATION OF EARNINGS.
From —
1916.
1915.
Bills discounted—member banks.............................. $60,937 81 $50,488 75
Bankers' acceptances.......................... ..................... - 50.098 78
5.247 90
United States bonds and notes___________________ 69.266 49 18.793 25
State and municipal warrants___________________ 34,267 09 20,930 82
Sundry profits including interest on transfer drafts. 23,538 51
4,148 59
$238,108 68 $99,609 31
228
T H E C H R O N IC L E
DISTRIBU TION B Y M ATU RITIES OF PAPER AN D SHORT TERM
INVESTM ENTS HELD B Y THE FEDERAL RE
SERVE BAN K AT CLOSE OF BUSINESS
DEC. 31 1916.
Bills
D isco u n ted .
M em b ers.
State and
M u n ic ip a l
W arran ts.
Bankers'
A c cep ta n ces.
Within 10 days---------------------- $596,316 93 $909,962 13
After 10 but within 30 d a y s ...
426,319 53
757,607 55
After 30 but within 60 d a y s ...
416,014 93 1,552,864 19
After 60 but within 90 d a y s ...
139,967 66 2,979,565 68
After 90 days...............................
406,534 70
................
1,985,182 75 6,199,999 55
Totals------- -------CLEARIN G STATISTICS.
$81,282 19
35,000 00
90,55071
337,831 82
25,000 00
569,664 72
N u m b er o f Item s and V olum e H andled Since B egin ning o f C ollection System
Ju ly 15 1916.
N o . o f Item s
Total
N o . o f Item s on
Total on
D a te .
w ithin D is tr ic t.
w ithin D is trict. Other D is tricts. Other D istricts
July 15 to 31.
August...........
September. . .
O ctob er_____
Novem ber_
_
D ecem ber_
_
36,030
129,004
244,546
330,883
351,088
380,642
$7,131,009
24,435.164
37,896,114
53,954.654
58,919,187
55,940,040
761
5,331
10,099
13,521
13,019
14,483
$238,276,171 36
T o t a l.........1,472,193
33
27
75
88
47
66
57,214
$2,579,516
9,567,653
15,514,249
20,467,890
24,135,306
19,285,616
37
43
85
62
35
48
$91,550,233 10
John H . R ich is Chairman and Federal Reserve Agent
o f the bank; W . H . Lightner is Vice-Chairman and D eputy
Federal Reserve Agent; Curtis L . M osher is Assistant to
the Federal Reserve Agont; S. S. C ook is Cashior; Frank
C . D unlap, Auditor; G ray W arren, Transit M anager, and
C . T . Jaffray, M em ber o f the Advisory Council.
REPORT
OF
O P E R A T IO N S
FOR
RESERVE B A N K
YEAR
OF
FEDERAL
OF D A L L A S .
[Vol . 104.
In addition, municipal warrants amounting to $152,318 87 and bankers’
acceptances, based on imports and exports, aggregating $3,543,046 71,
were purchased, practically all in Eastern cities through other Federal
Reserve banks.
Shipm ents o f Currency and C oin.
Tho members, as a whole, havo been quick to grasp the bonefits which
may be derived by them through our shipping facilities, and shipments
to our member banks and other banks at tho request of members in 1916
more than trebled those of tho previous year, and consisted o f $1,413,700
in one and two-dollar bills, $42,350,760 in other currency, $595,510 in
silver dollars, $1,043,382 50 in fractional silver coins, and $123,900 in
nickels and pennies.
During the height of the cotton movement, when transportation diffi
culties mado future shipping uncertain to a marked degree, the bank
proved beyond question its usefulness to its members, and in ono week
currency shipments amounting to $5,062,545 were mado. It was at this
timo that it became propitious for tho issuance by us of tho $2,000,000 in
bond secured circulation, which had prior to that timo been unusod, and
which has since been retired by tho deposit of gold with tho Treasurer of
the United States for that purpose.
Wo have adopted the policy of assuming tho cost of transportation on
Federal Reserve Notos shipped to us, where these notes would otherwise
have been forwarded to other districts for tho purpose of creating exchange
and where we are called upon to make tho transfer to tho other districts.
We havo also agreed to pay the transportation cost on gold certificates sent
to us from tho vaults of member banks. All shipments upon which wo
absorb the cost must bo made by registered mail, insured under our policy.
Vault Reserves.
Tho maximum requirement of reserves carried with Federal Reserve
banks became effective Nov. 16, and, taken in conjunction with the
amendment to tho Federal Reserve Act allowing member banks to carry
In the Federal Reservo Bank any portion of their rcsorves which have in
the past been held in their own vaults, caused a material increase in our
reserve deposits. It is now only necessary for the banks to assume the
responsibility o f carrying such counter cash as experience has shown to
bo desirable, and as the reports to tho Comptroller o f the Currency com
bine in one item tho reserve in vault and in Federal Reserve Bank, many
banks havo transferred the vault reserves to us.
The Federal Reserve Bank of Dallas shows total resources
of $32,149,654 at the close of D ec. 31 1916, as compared
Reserve City Clearing H o u se.
with $21,247,086 at the end o f 1915. N et profits for the
Tho results from the establishment of the
year (less $197,521 paid in dividends) of $32,458 are shown which has been in operation since December Reserve City Clearing House,
1915, havo been gratifying in
in the annual report just issued. Governor R . L. Van the extreme, and it is felt that by reason of It the commercial and banking
Zandt announces that during the past year the banks served interests of tho district are being served moro expeditiously and economi
cally, in the settlement of trade balances, than could possibly havo been
by the Dallas Reserve Bank numbered 429, 63 more than dono before its installation. This opinion has been concurred in by those
in the preceding year, the advances to member banks this most interested— the participating banks—and a referendum brought
year totaling $46,308,340, whereas the total accom m oda out, with few exceptions, letters of commendation. It has proven so
satisfactory in tills district that one other Federal Reserve bank has adopted
tion up to the end o f 1915 was but $27,795,797. The fol the plan, and others aro preparing at this time to follow.
lowing is M r. Van Z an dt’s report o f the operations o f the
Through its operations, by offsetting tho items exchanged between tho
bank, in which he reviews the work o f the Reserve City reserve cities o f the district and settling only the differences daily by wire,
there has been accomplished the elimination of approximately 70% of the
Clearing House, which has been in operation since D ecem float. Since its inception the total clearings of $559,847,802 25 were
settled with tho transfer of only $166,656,074 49, and of tho latter only
ber 1915:
FEDERAL RESERVE BAN K OF DALLAS.
Annual Report o f Operations.
D ecem ber 30 1916.
T o the M em b er Bank Addressed:
The year ending has shown a marked increase in the activities of the
Federal Reserve banks, and this bank has served its members in a larger
way, and with better facilities, in practically all departments. The num
ber of employes necessary for this accomplishment has increased from
twenty-eight to sixty-two, and an additional floor of our building is being
utilized.
A dvances to M em ber Banks.
$8,925,760 in slilpments of currency was roquired— a negligible proportion
of tho total amount involved.
Also through this service member banks not in reserve cities may, by
arrangement with their correspondents in reservo cities, mako their drafts
drawn on tho latter eligible for immediate credit at the Federal Reserve
Bank, and this has been done extensively..
D istrict Clearing H o u se.
Tho offset principle, with settlement of balances only, which has been
so successful in tho Reserve City Clearing House, has been also applied in
the District Clearing House, with a reduction of float of about 20%. Since
the inauguration of tho system, July 6 1916, the total clearings havo been
$182,997,048 12, which were settled by the transfer of $147,175,849 75,
only $2,841,892 44 in actual money being used.
When tho system is used more freely by tho country banks, after balances
with banks in reserve cities no longer form a part of their legal resorvo, the
percentage of float eliminated will bo much greater than at tho present
lime, as has been demonstrated in the operation of the Reserve City Clear
ing House where practically all of the participants havo both debits and
credits dally. When the banks receive all of the checks from outside
sources on them through tho District Clearing Houso and send all tho checks
deposited by their customers to tho District Clearing Houso, it can readily
bo seen that tho cancellation of debits by credits at the District Clearing
Houso will effect an immense saving to them as a whole.
The number of items handled in this department has increased from
the stdrt until at the present time we handle an approximate average of
13,000 items a day. Tho cost per thousand dollars is averaging around
eleven cents on items on banks within the district and around six conts
on items on banks in other districts—a very low figure. This cost is based
on tho reduced service charge of one and one-half cents per item which
became effective in November, tho reduction being due to the Increase
In the volumo of items and economy in the operation of that department.
Our members are rapidly becoming convinced of the advantages of using
the rediscounting machinery which they, as a whole, furnish for the in
dividual use o f each other, and during the year we have served slxty-threo
banks which had never participated before, bringing the total number of
banks accommodated since the organization up to 429, for a total amount
of $46,308,339 85, as compared with a total of $27,795,797, the aggregate
accommodation up to the end o f 1915.
The use o f the trade acceptance within tho district has shown a ma
terial gain, and, while comparative figures of tho year over the preceding
year are not o f much value for the reason that tho preferential rate on that
class o f paper was not effective until during tho later months o f 1915, tho
amount of this paper accepted in 1916 was $237,237 13, nearly doubling
the figures of the preceding year.
.
There has been no increase in the amount of commodity paper redis
counted under the preferential rate over last year, an aggregate of $131,
279 11 having been accepted. This has been partly duo to the prevailing
prices and early movement of our products.
The amendment to the Federal Reserve Act which made possible short
term advances against tho promissory notes of member banks secured by paper
eligible for rediscount, came at a season when the marketing of our products
Exchange O perations.
had progressed to a stage where our banks were rotiring their Indebtedness
and no great number o f these notes have been discounted, tho amoimt
That tho creation of a central market for out of district exchange has
being $287,500. There are, however, evidences that their use will become served a good purpose is reflected in a comparison of tho amount of ex
general in tho futuro and that they will accommodate temporary needs change bought and sold during the current year and the same figures of
which exist during certain times of the year in this district.
the previous year. In round amounts wo purchased from our member
Comm odity Collections.
banks exchango aggregating $48,000,000 in 1915, against $244,000,000 in
Member banks have forwarded to us, for immediate credit and subse 1916. An oven greater incrcaso has been shown in exchango sold to our
members, which in 1915 was $24,000,000, against $210,000,000 In 1916.
quent collection, drafts with bills o f lading evidencing shipments of com
This additional activity has partly come about through the sottllng of
modities attached as security, in an aggregate of $1,187,773 51, made
up of 1,442 items. Of this amount $635,625 72 was based on cotton Reserve City Clearing House balances in Northern and Eastern exchango.
products, $256,96-1 09 on grain, $165,215 50 on aflalfa products and anks receiving debit balances usually remit to other Federal Reserve
banks for our account in payment, and banks receiving credit balances
$129,968 20 on other commodities.
It has been interesting to note that this facility has been used exten ofton request us to transfer the funds to their correspondents in other
sively, and apparently very profitably, by tho banks in sections of the districts.
By centring the exchanges between our reserve cities wo havo eliminated
district widely separated geographically, and the advances have been
made against a variety of products, which Includes alfalfa hay, alfalfa the former practice of each bank bidding against tho other and creating
fictitious rates o f exchange. Our rates havo shown a remarkablo absence
meal, beans, cattle, cane, cotton, cotton seed, cotton seed meal, cotton
seed cake, crude cotton seed oil, flour, maize heads, maize chops, milo- of fluctuation as compared to the rates which obtained prior to tho timo
when these settlements could bo mado through the Federal Reserve Bank,
msize, oats, peanuts, rice, syrup, Sudan seed and wheat.
the highest premium having been thirty-five cents per thousand and tho
Open M arket Purchases.
In order to employ tho funds of the bank to the best possible advantage, highest discount fifteen cents per thousand.
D ividends.
we have bought In the open market United States bonds in tho amount of
During the year our directors havo authorized tho payment of dividends
$3,738,250, Including $1,578,250 from our own member banks. Theso
bonds, to the extent o f $2,000,000, have been used for the security of to April 30 1916, and this payment has been mado at the statutory rate
Federal Reserve Bank Notes, which at this timo aro held in our vaults of 6 % . It is felt that tho increased benefits offered to our members have
ready to be put into circulation when needed, and $1,412,400 have been amply counterbalanced tho partial postponement of tho dividend, and
converted into United States Treasury Notes and Conversion Bonds, wo are confident that the readjustment of business conditions will make
under the terms of the Federal Reserve Act.
regular dividend payments possible whon duo.
J an . 20 1917.]
THE
C O L L A B O R A T IO N OF T H E F E D E R A L R ESER VE B OARD
W IT H
FEDERAL
TRADE
C O M M ISSIO N .
Announcem ent is made in the current issue of the Federal
Reserve Bulletin that tho Federal Reservo Board has under
consideration some consistent basis of co-operation with
tho Federal Trade Commission in an effort to standarizo
the work of public accountants, by tho recommendation
of certain forms of statements and certain methods o f ex
amination. W e reprint what the Board says in tho Bulletin
as follows:
In tho regular course of Its work the Federal Trade Commission has
discovered a number o f facts concerning business conditions in general,
somo o f which have an important bearing upon tho work o f the Federal
Reserve Hoard.
First. It has been found that there is a widespread custom among tho
banks of tho country, not only in small places but frequently in largo cities,
to grant considerable lines of credit without requiring statements of any
description from tho borrower.
Second. In innumerable instances in which statements o f assets and
liabilities havo been made, theso statements are manifestly inaccurate,
particularly in the case of manufacturers with respect to tho present value of
their plant and equipment, and in the caso of wholesale merchants with
respect to tho actual marketable value of goods on hand and tho realizable
value of accounts receivable.
Third. It lias developed that, even in tho caso of reports made by certified
public accountants, tho reported values of assets aro frequently misleading,
becauso depreciations have not been properly allowed for, and no statement
is made in tho report from which tho bank using it as a basis of credit can
form any correct idea of the value of tho plant as a going concern or its
value as an asset in caso o f tho failure of the owner.
It is not suggested by tho Federal Trade Commission that the Federal
Reserve Board shall make any drastic changes in its policy with reference
to tho requirement o f statements from borrowers or that tho Federal Re
servo Board proscribe any standard form o f statement. It is not proposed
that any of tho Federal Reserve banks shall be interfered with in their ef
forts to bring about a uniformity in tho statements of borrowers. Nor is it
proposed that tho Federal Reserve Board shall assume control over the
activities of public accountants or become responsible for tho manner in
which they may perform their duties.
Tho Fedoral Resorvo Board, therefore, has under consideration somo
consistent basis of co-operation with tho Federal Trade Commission in an
effort to standardize tho work of public accountants, by the recommenda
tion of certain forms of statements and certain methods of examination, as
hereinafter explained in detail.
Tho Federal Trado Conunission has received cordial responses from
business men in all parts o f tho country, and is greatly encouraged in tho
prosecution of its labors by tho feeling that bankers, manufacturers and
merchants will bo glad to co-operate with them in their efforts to improve
conditions affecting credits in all parts o f tho country. It believes, how
ever, that a campaign of education is absolutely necessary, and that much
time must elapse and much work be done before any widespread improve
ment can be expected. Thoro is unquestionably largo room for improve
ment, conditions having been discovered by tho Federal Trade Commis
sion with reference to credit information, particularly along certain manu
facturing lines, which it regards as positively startling.
It is thoroughly realized that whatever plan is attempted must tako into
consideration tho conditions under which public accountants havo boon
working in tho past and aro now working. Tho profession of tho public
accountant in tliis country is comparatively young, and has, therefore,
not reached that standard of professional ethics or degreo of refinement
which it has attained in other countries—England, for example. Com
petition is keon, and public accountants, even with tho highest apprecia
tion of tho responsibilities committed to them, havo been faced with the
alternative of meeting conditions as they exist, or lotting somo ono else
do tho work.
To bo moro explicit, while many audits and examinations arc now being
made solely for tho benefit of tho client whoso business is being investigated,
by far tho larger number aro made at the direct request or at tho instiga
tion of and for tho benefit of banks and others who havo been asked or ex
pected to make loans on tho basis o f the results o f tho examinations.
The accountant is employed, paid and instructed by tho person whoso
affairs aro being examined. This does not mean that tho average public
accountant can bo bought or induced by any consideration to certify to a
statement which ho knows to bo untrue or which ho has reason to suspect.
On tho contrary, oxperionco with tho profession satisfies ono that the aver
age accountant is entirely honest and usually competent.
It Is a fact, howover, that under the circumstances above described,
becauso of competition and tho employer's desire to reduco tho expense
of examinations to tho lowest possible point, tho custom has arisen of con
fining audits and examinations, with rare exceptions, to a slnglo year’s
operations; and, whilo tho cautious accountant will protect himself by a
statement in his report showing tho period covered by his examination
and glvo figures with reference to stocks of merchandise on hand and ac
counts and bills receivable, with qualifications which will indicate that he
assumes no responsibility for estimates and values glvon, yot tho banker,
not always an expert accountant, frequently overlooks tho qualifications,
and is misled by tho statement.
The public accountant does not as a rulo make his statement in tho form
thus Indicated of his own choice. If ho is an experienced and competent
accountant, ho will gladly go to tho bottom in every caso, report facts
as far as thoy can bo ascertained, and state actual conditions In unqualified
and unmistakable terms if ho Is at liberty to do so, which, as has been
Intimated, is seldom tho caso.
The remedy suggested by the Federal Trado Commission is briefly
as follows:
First. Thcro shall bo proscribed several different standard forms of
statements (ono or moro for each particular lino of business), theso forms
to embody principles and be subject to variation in individual cases as
special circumstances may require. Thoy must, of courso, bo designed
to show (In a manner as uniform as possible) tho real condition of tho busi
ness, or as much as can bo shown about the business, with clear and un
mistakable indications of those facts which cannot bo ascertained.
Second. Certain standard methods o f procedure on tho part of tho
auditor or examiner are to be prescribed, with a view of making examina
tions as comploto as possible and as thorough as may bo necessary.
Third. It is proposed that a registry of public accountants bo established,
and rules made governing tho admission of accountants to rogistry, and tho
withdrawal of permission to uso tho registry number in any caso in which
the accountant to whom that number has been assigned is guilty of negli
gence, fraud or violation of tho regulations. M B
12
229
C H R O N IC L E
It is not intended that an accountant receiving permission to uso the
registry number shall bo required to perform all of his work in accordance
with established regulations, or to use the number in connection with every
report made by him of an audit or examination, but it is intended that when
ever ho does affix his registry number it will bo only with a statement ap
pended that the examination or audit in that particular case was made in
strict accordance with the regulations.
Under theso circumstances an accountant would be entirely at liberty
to malco an examination in whatever way he may consider necessary and
cover whatever ground his employer may wish him to cover, or give in
connection with the work a certificate containing any qualifications he
may see fit to embody, but he cannot affix his registry number unless the
examination or audit has complied in every respect with requirements pro
vided for in the regulations.
Tho Federal Trade Commission is now engaged in compiling a set of
regulations covering tho registration of accountants and tho conduct of
audits and examinations. These it proposes to discuss with the National
Society of Public Accountants and later to submit to the Federal Reserve
Board for its consideration. It will suggest to the Federal Reserve Board
that tho registry of public accountants bo effected by tho Foderal Reserve
Board rather than by the Federal Trado Commission, on tho theory that
this would be more natural and proper in view of the Foderal Reserve
Board’s position in supervising the character of commercial paper re
discounted by Federal Reserve banks for their member banks.
Under this plan it would not bo necessary for the Federal Reserve Board
to alter its present policy with reference to statements. It would not be
necessary for tho Board to insist upon audited statements to any greater
extent than it now does, nor would it bo necessary for the Board to issue any
formal order giving preference to statements made in accordance with the
regulations over those otherwise made. The more important results would
como from a better appreciation of tho whole subject and a gradual educa
tion of bankers as to the kind of statements which they need.
Tho suggestion that the Federal Reserve Board should undertake the
registration of accountants is obviously ono which will require most careful
study and consideration, and it is quite possible that some better way of
handling tho matter may bo discovered. Ono suggestion has been made
that, inasmuch as tho main object of tho plan is the protection of national
and Stato banks, tho best method of handling it would be through tho bank
ers’ associations of tho different States. This will certainly be considered
and thoroughly canvassed. “
Whatever method is adopted it will undoubt
edly demand tho heartiest co-operation on the part of bankers, merchants,
manufacturers and accountants.
Tho privilege of registration, in order to bo of value, must be jealously
guarded, and the administration of regulations in respect to penalties for
failure to observe tho rules laid down will havo to bo most carefully con
sidered in order to secure proper conditions without injustice to those
concerned.
Tho Federal Reserve Board, for its part, is appreciative of the work done
by tho Foderal Trado Commission, and would be glad to co-operate in se
curing the desired results.
CONFERENCE O N
M A R K E T IN G
URGES P A C K I N G
AND
FARM
C R ED IT S
IN Q U IR Y .
A t tho final session o f the National Conference on M arket
ing and Farm Credits at Chicago on D ecem ber 8th, a number
o f recommendations for wider Governmental aid to farmers
were adopted, including a request for an immediate Federal
inquiry into the packing industries o f the United States.
According to the Chicago “ H erald,” ten of the chief points
urged are as follows:
1. A demand for a prompt and thorough investigation by the Federal
Trado Commission, assisted by the Department o f Agriculture, into the
conditions governing tho marketing of live stock and tho conduct of the
packing industries.
2. Expansion of tho powers of the Federal Trade Commission and an
appropriation sufficient to cover tho cost of wider activities.
3. A vigorous protest against any legislation imposing an embargo
on foodstuffs.
4. Extension of tho powers of the office of Markets and Rural Organiza
tion of tho Department of Agriculture to cover all farm products, including
live stock. The granting o f this body power to act as arbitrator In disputes
botweon producers and buyers.
5. Recommendations that farmers make tho fullest use of tho new Foderal
Farm Loan Act.
6. Organization by tho Foderal Government of a system o f short-term
credits for tho farmers o f the United States.
7. Congress is urged to create some power authorized to certify notes,
properly and adequately secured by live stock, cotton, grain and other
farm commodities, thus putting tho farming industry on an equal credit
footing with other lines of industry.
8. Legislation aiding tho settler in acquiring his farm and running it
through a co-operative policy between Stato and Federal governments
which will provide “ ready made” farms that will be habitable and can be
made immediately productive.
9. Tho appointment of a Federal commission having authority to employ
a body of expert assistants to carry on an Inquiry in all parts of tho country
and to report on tho need of moro favorablo financial terms of purchase
by tenants and would-be farmers.
10. Establishment of disinterested national agencies furnishing informa
tion to would-be farmers, American born or immigrants, on points of
opportunity for settlement In the different parts of tho country, and which
will aid such persons in obtaining homes and becoming comfortably es
tablished on tho land.
Tlio resolution calling for a Federal investigation into
tho packing and allied industries set out:
IVo earnestly urge upon Congress the imperative need of a prompt and
thorough investigation of the marketing of live stock and the meat-packing
industries of this and other countries. Wo urge that this investigation
bo followed by a report, with constructive recommendations for the im-J
provement of tho conditions and methods under which livestock is marketed
and tho products thereof manufactured, distributed and dold.
Wo furtlior urge upon Congress tho malting of an adoquate appropria
tion and tho giving of adoquate authority to tho Federal Trado Commission
to onablo It to cover all important phases of this problom, to tho end that
a freo and uncontrolled market may bo assured and that oxisting abuses
may bo corrected.
The “ Herald” stated that the recommendation to Congress
was in lino with an attack upon any proposed embargo made
earlier in the day b y Joseph T . Griffin, President of the
23 0
THE CHRONICLE
Chicago Board of Trade; by Julius H. Barnes of Duluth,
L. N. Danforth, President of the National Council of Grain
Growers, and other speakers, who declared that such a
policy from a national standpoint would be suicidal, as it
would lead to retaliatory measures by European nations
at the close of the war. Such proposed aotion was denounced
as “class legislation.”
REPORT
TO F E D E R A L
RESERVE A G E N T S
ON
TRADE
ACCEPTANCES.
At the meeting of the Federal Reserve agents in Wash
ington on Dec. 4-7 the committee on trade acceptances
presented a report in which it expressed the belief that
while there has been a gradually increased use of trade ac
ceptances the movement is not gaining strength in propor
tion to the opportunities and influence of the Federal Re
serve system. The further belief that development of the
plan should be the part of any general publicity scheme, is
also expressed by the Committee, which is of the opinion
that the best results now can be obtained through trade
organizations, trade papers, chambers of commerce, credit
men, etc. We print the report herewith:
This com m ittee, which m ade a report to the last conference o f Federal
Reserve agents, has endeavored to keep In touch with the progress these
acceptances havo m ade since that tim e with a viow to bringing in this
additional report, which is now submitted.
Y ou r com m ittee believes that there has been a gradually increased use
o f trade acceptances, but that the m ovem ent is not gaining strength in
proportion to the opportunities and influence o f the Federal Reserve sys
tem. W hile considerable satisfactory work o f developm ent and education
has been seen in various parts o f the country, tho efforts so far appear to
be scattered and w ithout co-operation, especially among the Federal R e
servo banks. Since the trado acceptance plan Is acknowledged to bo scien
tific and preferable to the b ook account system, and slnco the Federal
Reserve Board has recognized and given the systom authority and standing
among the Federal Reserve banks, there should be no reluctance on the
part o f any Federal Reserve bank to push the m ovem ent with vigor and
persistence. It is the belief o f the com m ittee that developm ent o f tho
trade acceptance plan should bo part o f any general publicity scheme, if
such action should be taken b y tho conference and approved b y the Board.
T h o com m ittee is o f the opinion that tho best results now can bo obtained
through trado organizations, trado papers, chambers o f com m erce, credit
men, &c. Particularly is it desirable to get a number o f users o f accep
tances in a single trado or industry, as others aro encouraged to their uso
if it be noticed that their com petitors have adopted the plan. Ono o f the
principal arguments for delay b y m any concerns who are interested and con
vinced is tho fa ct that their com petitors continue the book account plan,
and they cannot afford to risk alono the Innovation and changed methods.
T ho com m ittee also wishes to point out tho desirability o f having co n
cerns who aro obtaining trade acceptances In settlement o f their own pur
chases. W e aro advised that a number o f companies have a printed form
o f trade acceptance drawn on themselves which they send to the concerns
from whom they purchase, requesting that drafts on them accom pany all
invoices sent.
T he com m ittee has a list o f 70 com panies who aro using trado acceptances
with satisfaction. These users o f trade acceptances represent 40 different
kinds o f businesses and are located in 18 States. Tho largost number o f
users are dealers in cotton , cotton goods and cotton mills. The lumber
business seems to rank next to tho cotton business in the number o f con
cerns using acceptances. W hile the acceptance plan seems to find a readier
reception among concerns o f smaller capital, tho list is not without a num
ber o f names o f high rated companies. Tho Information in respect to the
number o f com panies using trado acceptances and the above analysis
thereof is based on very incom plete data obtained b y inquiry from tho
Federal Reserve banks, and in our opinion the list o f companies reforred
to represents only a small proportion o f tho concerns that have made a
beginning in substituting tho trade acceptance for the open account.
W e recomm end that each Federal Reserve bank secure standard forms
o f trade acceptance and supply these to their member banks, accompanied
b y a circular explaining tho advantages, with all essential dotails.
D . C . W IL L S , Chairman
F R E D E R IC H . C U R T IS S ,
P IE R R E J A Y ,
W . F. R A M S E Y .
IN H E R IT A N C E
TAX
L A W — E A R N IN G S
AND
APPRE
C IA T IO N AFTER D E CE D EN TS D E A T H
NOT
TAXABLE.
According to a ruling relative to the inheritance tax
law, issued by the Treasury Department on Dec. 2, income
earned after a decedent’s death, and appreciation in value
during the administration of an estate aro not to be roturnod
as a portion of the gross estate. The Treasury Depart
ment’s announcement is as follows:
[T. D . 2406]
TREASURY DEPARTM EN T,
Office o f Commissioner o f Internal Rovonue,
M r. ..................................
Sir: — Replying further
Washington, D . C., December
2 1916.
to your letter o f Oct. 26 1916, you are informed
that Artlclo V I I. o f Regulations 37 has been reconsidered, and, in
view o f an opinion o f the Solicitor o f Internal R ovenue, dated N o v . 9,
sustained in an opinion o f tho A ttornoy General o f N o v . 29, it is held that
for the purpose o f tax under T itle II . o f the Revenue A ct o f Sept. 8 1916,
tho gross estate o f a decedent m ust bo based upon the value o f tho proporty
at the tim e o f d ecedent’s death and incom e earned after death and apprecia
tion in values during administration shall n ot bo returned for estate tax.
R espectfully,
W . H . O SB O R N ,
Commissioner of Internal Revenue.
Approved:
W M . P. M A LB U R N ,
Acting Secretary of the Treasury.
[Vol. 104
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
T he public sales o f bank stocks this week aggregate 63 shares and wereall m ado at tho Stock Exchange. N o trust com pany stocks were sold.
Shares. B A N K — Neto York.
Lmo. H igh. Close. Last previous sale.
63 National Bank o f C o m m e rc e .. 192
195
194
Jan. 1917—■ 192
Hans von Bleichroder, a prom inent banker o f Berlin, died In that city
on Jan. 11, in his sixty-fourth yoar. H o was a m em ber o f tho Borlln
banking house founded for foreign exchange business by Samuol B . Blolchrodor m any years ago. His father, Gerson B . Blolchroder, was prom inent
in international banking affairs, and was a closo associate o f Princo Bis
m arck and K ing W illiam . Hans von B lolchroder was adm itted to the
firm in 1881. T ho firm , it is said, has closo relations with tho houso o f
R othschild.
“ Insular Possessions o f the United States— R epublic o f C u b a /*
U nder this title the banking house o f H arvey Fisk & Sons has published
a b ook describing concisely the Island possessions o f tho United States and
the R epublic o f C uba. T he pam phlet treats briefly o f tho history, the
area and population, products and industry, banking, currency, finances
and bonded d ebt o f each o f these countries. Excellent maps are p rovided.
T he relationship o f these countries to the United States is defined
T he
great value to the United States o f the com m erce o f these countries is
illustrated b y the fa ct that In 1915 our trado with the Philippines am ounted
to about fifty m illion dollars, with Hawaii to abou t eight-five m illions,
with Porto R ico to about seventy-three m illions and with C uba to nearly
265 m illions, a total o f 473 million dollars. T ho business for 1916 un
questionably exceeded these figures considerably, although tho data is n ot
yet fully obtainable. M u ch credit is given to the M cK in le y and R oosevelt
Adm inistrations for the m asterly way in which tho reconstruction o f these
stand governm ents was accom plished.
Tho bankers o f this city , know n as Group V I I I ., m et at tho W aldorfAstoria last M on da y night for their twentieth annual banquet and recep
tion under unusual conditions. Lewis L . Clarko, tho toastmaster and
Chairman o f tho executive com m lttco, was largely responsible for the
innovations. In lato years tho various banks ropresonted in this Group
invited as their guests numbers o f their associates in banks all over tho
cou ntry until tho annual gathering becam e unwloldy and discouraged the
porsonal exchango o f pleasantrios between tho bank officials o f this city,
m any o f whom d o not see each other socially the yoar round. T ho com
m ittee in charge restricted the dinner this yoar to tho officia ls o f tho c it y ’s
Institutions, and if tw o or m ore officia ls from tho same bank attended they
were seated at different tables to prom ote intercourse and sociability. T h o
speoclies were lim ited to throo speakers and none o f them talked shop.
T ho Chairm an, Lowis L . Clarke, President o f tho American E xchange
Bank, told the bankers in his pleasing introductory remarks that it was tho
intention o f their com m ittee to rostoro tho annual function to its original
intent and purposo so that tho m ombors o f the Group could gather together
away from tho cares and responsibilities o f business and becom o bettor
acquainted and thus give their business a m oro personal touch. Tho bank
ers wore roused to a groat pitch when G . Sherwood E d d y , Secretary fo r
Asia o f tho International C om m ittee o f tho Y . M . C . A ., gavo thorn a
graphic description o f tho prison cam ps in tho war-ridden countries and tho
efforts bolng m ade to alloviato the soldiers’ sufferings. M r. E d dy presented
a striking picturo o f tho m agnitude o f tho Europoan war, tho effect o f the
war business on neutral countries and tho financial aid which those and
fighting countries have given to reliove its horrors. Frank R . Lawrence,
President o f the Lotus C lu b, spoko on "P roparedness” and was followod
b y Harris D ickson, Southern humorist and story toller. M r. D ickson’s
funny stories caused m uch amusement and established him as tho surprise
o f tho w intof’s m any dinner speakers in this city . Over six hundred bankers
dined togothcr and tho occasion was a very hap p y ono for thorn. E very
ono stayed to the end o f tho spoaking program and m any voiced thoir
pleasure with tho innovations tried out for tho first tim e.
In last w eek’s issue o f the "C h ron icle” a typographical error Inadvert
ently occurred in the announcem ent o f tho M erchants N ational Bank o f this
city , published in our advertising colum ns. M en tion was m ado o f the
capital, surplus and deposits as $4,500,000, whereas tho advertisem ent
should have road "ca p ita l, surplus and profits, $4,500,000.”
T he directors o f the Corn Exchango Bank o f this c ity , at a rocent mooting
approved a p rofit sharing plan wheroby its 635 em ployees aro to sharo in
tho distribution o f the profits o f tho year 1917. T ho now plan, it is pointod
out, will not affect tho salaries or tho vacation and Christmas gratultios
now boing received b y tho em ployees o f tho bank. President W alter E .
Frew, in a circular letter to each o f tho em ployees regarding tho now plan,
says in part: " T h o ob ject o f tho board is to iinprovo tho woll-being o f the
em ployees and to increaso tho businoss o f tho bank b y encouraging ef
ficiency and to attract and retain business b y courtesy and attention. It
must be ovldent to each em ployeo” ho adds, "th a t officloncy and courtesycan do m uch to increaso our profits and popularity and his or her co-opera
tion will do m uch to increase tho volum o o f tho fund to bo distributed at the
end o f tho y e a r.” It Is understood that tho p rofit sharing plan provides
that thero shall be distributed to all officers and em ployees o f tho bank, in
proportion to their salaries, on Jan. 15 1918, 2 5% o f tho oarnlngs from theyoar after deducting expenses Including salaries, interest on accounts, taxes,
usual bonuses to em ployees, allowances for losses, and 5 % on tho capital,
surplus and undivided profits o f tho bank. In addition to tho profit
sharing plan, it is said that the directors havo decided that tho bank shall’
open an account with any and all o f Its em ployees upon tho avorago balance
o f w hich, interest at tho rate o f 5 % per annum will bo paid, croditod semi
annually. T otal am ount o f deposits In any ono caso from an om ployoo aro
not to oxceod 10% o f his or her salary for that tim o, this lim itation, how
ever, docs not a p p ly to any sums received from tho p rofit sharing plan.
A t tho annual meeting o f tho stockholders o f tho G uaranty Trust C o . 'o f
this city on W ednesday last, the follow ing retiring directors were re
elected for three years: Edward J. Berwind, George J. G ould, A lb ertjH .
Harris, Augustus D . Juilliard, Thom as W . L am ont, W illiam O. Lano.
Chailes A . P eabody and Daniel G . R okl. A t the annual m ooting o f tho
directors on the same da y, all officers o f tho com pany were re-elected.
Stockholders o f the M etropolitan Trust C o. o f this city at tho annual
meeting this week elected R aym ond T . M arshall, o f tho firm o f W illcox,
Peck & Hughes, to fill a vacancy in the board created recontly b y tho re
tirement under the provisions o f tho C layton Law, o f W illiam G . W illcox.
A t a subsequent meeting o f the directors John F . Cissel. form erly C om p
troller. and M axw ell II. B ochow , Special Credit Representative, wero
appointed Assistant Treasurers.
J an . 20 1917.]
THE CHRONICLE
Charles II. H am pton, form erly an Assistant Cashier o f the H anover
N ational B ank, o f this city , has been prom oted to a V ico-Prosidency.
Joseph B yrne, form erly Vice-President and Cashier o f tho M erchants
N ational Bank, o f this city , as noted In our issue o f last week, has also
boon chosen a Vice-President o f tho H anover National.
A t a regular meeting o f tho directors o f tho M arket & Fulton N ational
B ank, o f this city , on Jan. 16, Alexander Gilbert, was unanimously olectod
Chairman o f tho Board; R obert A . Parker was unanimously elected Presi
dent, succeeding M r. G ilbert, and A lbert D . Berry was appointed Assistant
Cashier. M r. Parker, tho new President, had heretofore served as Vice
President o f the institution.
A t tho annual mooting o f tho trustees o f tho Central Trust C o ., o f this
city , on Jan. 18, Frederick Strauss and Clarence D illon woro added to tho
E xecutive C om m ittee. M ilton Ferguson, Secretary o f the com pany, was
elected a Vice-President. He w ill, how ever, continue to act as Secretary.
AVilliam I I . Ludlum and Stephen I I . Tallm an have been appointed Assistant
Secretaries.
Charles E . H ayd ock, forinorly Treasurer o f tho N ow Y ork Trust C o ., o f
this city , has been prom oted to a Vico-Prosidoncy, and H arry Forsyth, here
tofore Assistant Treasurer, has been chosen Treasurer to succeed him .
Augustus C . D ow ning Jr. has been appointed an Assistant Secrotary o f
tho com pany.
Francis E. W alton, o f Hunter, W alton & C o.; John Sargent, V icoPresidont o f Sargent & C o ., and Arthur W . M ellon havo boon elected direc
tors o f tho Fidelity Trust C o ., o f this city, for a term o f one year, and
Archibald Douglas, o f Douglas, Arm itago & M cC ann , has been chosen a
director for a term ending January 1920.
Louis J. Adrian and George L . Degener havo boon elected directors o f
tho German Excliango Bank, o f this city.
T ho German-American Bank o f this city has declared an extra dividend
o f 1% in addition to tho regular semi-annual distribution o f 3 % , both pay
able Fob. 1 to holders o f record Jan. 26. T ho institution has paid 6 % per
annum (3 % F. & A .) for a long tim e.
Charles L. Schonck, heretofore Third Vico-Presidcnt and Secretary o f
tho Pooplos Trust C o ., o f B rooklyn , has been elected a trusteo o f the insti
tution, and has boon rolioved o f his duties as Secrotary. Ho w ill, liowovor, retain tho o ffice o f Third Vico-Prosidont. W illiam A . Fischer, for
m erly Assistant Socrctary, lias been made Secretary.
Georgo A . K inney has been appointed an Assistant Secretary o f tho
H am ilton Trust C o ., o f B rooklyn B orough. M r. Kinney has boen in tho
om ploy o f tho com pany for over twonty-ono years. IIo was form orly
receiving teller, and o f Iato had been in cliargo o f tho institution’s trust
departm ent.
231
created o ffice o f Assistant to the President. H enry W . R o o t and G eorge
A . Drum m er have been appointed Assistant Cashiers.
Daniel G ood , W - H . K inch, Charles M . M osier and E . J. Smith have
been elected directors o f the Bankers Trust C o ., o f B uffalo, N . Y . T he
four now directors o f tho Bankers Trust C o. were form erly members o f the
board o f the Central N ational Bank o f B uffalo, which was recently a b
sorbed b y the trust com pany.
Arthur N . E llis, heretofore first Vice-President and Cashier o f the C ity
B ank, o f Syracuse, N . Y ., has been elected to the Presidency o f the in
stitution to succeed Warren C . B rayton, who has been elected to the newly
created office o f Chairman o f the B oard. Stewart F . H ancock has been
selected to succeed M r. Ellis as first Vice-President, and C . H . Sandford,
heretofore first Assistant Cashier, has been prom oted to the Cashiership.
Arthur A . W hite has been appointed first Assistant Cashier, and John F.
M oran, form erly C hief Clerk, has been chosen to succeed him as second
Assistant Cashier. Daniel C . W ebster has been re-elected second V ice
President and M anager o f the B ond Departm ent.
Lucian A . E d d y has been elected President o f the M erchants N ational
B ank, o f Syracuse, N . Y ., to succeed Hiram W . Plum b, who has becom e
Chairman o f the Board.
T ho new o ffice o f Assistant Cashier for the Savings Departm ent has been
created in the H olyoke N ational Bank o f H olyoke, M a ss., and John Zienlinski has been chosen to assume tho title and duties o f the same.
Interests identified with tho W orcester N ational Bank o f W orcester.
M ass., have obtained a large block o f stock in tho W orcester Trust C o .,
and plans. It is statod, are being made for tho merger o f the tw o institutions
under tho now name o f tho W orcester Bank & T rust C o . A lthough tho
details havo not yet boen com pleted, it is said that tho stockholders o f the
W orcester N ational Bank w ill bo given an opportuinty to exchange one
share o f their stock for a share in tho now institution, or they m ay liquidate
their stock at its book value, which is said to bo about $210, and a bonus
o f $35 a share. T ho W orcester N ational had a capital o f $400,000 surplus
and undivided profits as o f N o v . 17 last $490,486; deposits on that date wero
reported at $5,782,735. T ho W orcester Trust C o. has a capital o f $1,000,
000 and surplus and undivided profits, according to tho latest returns,
o f $637,349, with deposits o f $12,266,783. T ho now institution, it is said,
will bo quartered in the offices o f the W orcester Trust C o ., pending tho co n
struction o f a new building. John E . W hite, President o f tho W orcester
N ational Bank, L to bo President o f tho W orcester Bank & Trust C o ., and
s
W illiam D . L u cy, President o f the W orcester Trust C o ., will servo as Chair
man o f tho board o f the new institution. Samuel D . Spurr, Vice-President
o f tho W orcester N ational, and Henry P . M u rray, Vice-President o f the
trust com pany, it is stated, will bo made Vico-Prosidonts o f tho new insti
tution.
T ho business o f tho Second N ational Bank has been merged with that o f
tho M orrill Trust C o. o f B angor, M o ., tho form er institution having passed
out o f oxlstenco last M on d a y . Jan. 15. T ho enlarged institution will con
A t tho organization m eoting o f tho directors o f tho Larchm ont N ational tinue as tho M errill Trust C o. and its business will bo conducted in that
B ank, o f Larchm ont, N . Y ., on Jan. 16, F. F. Fitzpatrick declined a rc- com p a n y’s old quarters. W ith tho consolidation o f tho tw o institutions
olection as President, owing to domands upon him from outsido business is soen the closing o f over a ha lf o f a century o f business on tho part o f the
connections. Samuel It. B oll, who lias been tho activo managor o f tho Second N ational Bank which was organized in Jan. 1864. During the fifty bank as Cashlor and Vico-Prosidont sinco its organization in 1901, was tw o years it had but three Presidents. F. W . A yer had been President
olectod Prosldont. W alter B . M anny was re-elected Vico-Presidont and sinco 1902. T ho Second N ational had a capital o f $150,000 and surplus
James S. Dow ling was appointed Cashier.
and undivided p rofits, according to its last statem ent, o f $493,876. T h e
M orrill Trust has likewise had a long business career, having been estab
T ho directors o f tho Hudson Trust C o ., o f H oboken, N . J ., havo decided lished in 1872 as a privato bank under tho firm namo o f Bowler & M errill.
to increaso tho capital o f tho institution from $500,000 to $1,000,000. T ho In 1895, upon tho retirement o f M r. Bowler, tho firm becam e known as
year 1916, it is stated, was tho m ost prosperous in tho history o f tho com M orrill & C o ., with Isaac II. M errill at its head. In 1903 a charter was
p any, total resources being $22,702,740, an Increaso o f $3,083,737 over obtained for tho M errill Trust C o ., with Edwin G . M errill, son o f Isaac
those for tho twolvo months ending D ec. 30 1915. Tho com pany on D ec.
II. M errill and managing partner o f M errill & C o ., as its first President.
30 last had undivided profits o f $667,353, and deposits on that date wero M r. M errill served as President until 1908. when ho becam e Vice-President
$20,514,575. George A . Y ou ng has been electee! a director o f tho com o f tho Central Trust C o. o f N ew Y ork , and was succeeded as President o f
p any.
tho M erill Trust C o. b y H enry W . Cushman, then Vice-President o f the
Union Trust C o. o f Ellsworth. M r. M errill is now President o f tho Union
John J. Gorm an, herotoforo Vico-Prosidont o f tho Union Trust C o ., o f Trust C o. o f N ow Y ork , but is still a dierctor o f the M errill Trust C o . T he
Jersey C ity , N . J ., has boen chosen first Vico-Prosidont to succeed tho M errill Trust C o. is considered one o f tho m ost prom inent financial insti
late James G . Basking. Other officers who wero elected on tho 10tli inst. tutions in tho State o f M aine. It has a capital o f $300,000, surplus and
are:
' undivided profits o f $500,000 and deposits o f $3,000,000. T ho directorate
Frank C . Ferguson, President and Chairman o f tho Board; M a yor o f the enlarged M errill Trust C o ., it is understood, will shortly bo increased
Pierre P. Garven o f B ayonno, and Stanton M . Smith, Vice-Presidents; b y tho addition o f several members from tho board o f tho Second N ational.
George E . Bally, Secretary and Treasurer, and Theodoro A tkinson, A s H enry W . Cushman remains as President o f tho M errill T ru st. Other o f f i
sistant Secretary.
cers o f tho institution are: Eugeno T . Savage and Georgo A . C rosby, V ice
W illiam F. Higgins has been elected a director o f Union Trust C o.
Presidents; Harold B . Russ, Secretary, and Charles It. G ordon, Treasurer.
A . G . Arm strong, paying tcllor o f tho American Excliango N ational
T ho stockholders o f the Penn C ounty Trust C o ., o f A llentow n, P a .,
Bank o f this city , has been eloctod a director o f tho Greenvillo Banking
at their annual m eeting on Jan. 9, voted to reduce its capital from $1,000,
& Trust C o. o f Jers'oy C ity , N . J.
000 to $300,000, the am ount paid-in. W hen the Penn C ounty Trust
T ho Orango Valley Bank, o f Orange, N . J ., which, as noted in our issuo C o. was organized four years ago, it is said, the authorized capital stock
o f Jan. 6, has boon form ed to replaco tho defunct M u tu al Trust C o ., will was fixed at 20,000 shares o f a par value o f $50 each. T o begin business
opon for business M on da y next, Jan. 15. Tho now institution will liavo on ly 6,000 shares were issued, m aking $300,000 capital paid in.
as its President John I). E veritt, President o f the Orango N ational Bank.
A special m eeting o f the stockholders o f the N ational Bank o f C om m erce
Othor officers chosen at tho directors’ organization m eoting on Jan. 11 aro
R obort B . M cE w an , Vico-Presidont; Henry L. Holm es, Vico-Presidont o f B altim ore, M d ., is to bo held on Feb. 15 for tho purpose o f ratifying the
recom m endation o f tho directors to Increase the present capital o f $500,000
and Assistant Cashior. Harvey M . R oberts, Assistant Cashier o f tho
Second N ational Bank o f Orango, has boen choson Cashier o f the institu- to tho extent o f $249,990. This Is to bo d one through tho sale o f 16,666
lton , but, it Is said, will not assume his duties as such until early next shares o f tho stock o f the bank at $35 per share (par $15) w ith the under
m onth. Vico-Presidont Holmes will act as Cashior in tho moantim o. standing that am ount realized through tho prem ium o f $20 paid. v iz.
T ho now Orango Valloy Bank, as horetoforo noted, will con du ct its business $333,320 bo crodited to surplus fund, making tho latter $833,320. P ay
in tho building form erly occupied by tho M utual Trust C o. T ho now m ont o f tho stock, if authorized, is to be made on or before Feb. 28.
bank. It is said, will havo a capiatal o f $50,000 and surplus o f $25,000.
A m ooting o f the stockholders o f the Lako Shore Banking & Trust C o .
Tho directorate o f tho Orango ya lloy Bank consists o f tho following:
o f Cleveland, Ohio, has been called for Fob. 15, for tho purpose o f consider
J o h n I ) . K v c r i t t , P e t e r J . F e i t n e r , T h o m a s A . Flynn, F r e d e r i c k G r u n d ing a proposition to increase tho capital from $350,000 to $500,000.
m a n , H e n r y L . H o lm e s , R o b e r t B . M c E w a n , C h a r l e s T . M e r r i g a n . G c o r s e
E . S p o ttls w o o d e , F re d e ric k H . W illia m s , O r r in I ,. Y e o m a n s .
’
Francis F. Patterson, J r., C ounty Clerk o f C am den, has been elected
a Vico-Presidont o f tho W est Jersey Trust C o ., o f C am don, N . J ., to suc
ceed W . A . C oiescott, who has retirod because o f impaired lioalth.
Edward L. Farr, President o f tho Farr & Bailey M anufacturing C o ., has
boen olectod President o f tho Cam den Safe D eposit & T rust C o ., o f C am
don, N . J ., to succeed Alexander C . W ood , who has bocom o chairm an o f
tho board. M r. W ood had been President o f tho Cam den Safe D eposit
& Trust C o. for tho past fifteen years, and retired from tho Presidency
becauso o f his dcsiro to bo relieved from tho duties o f tho offico.
Georgo R . Rodgers, heretofore Assistant Cashier o f tho M anufacturers
Traders N ational Bank, o f B uffalo, N . Y ., has been elected to tho newly
Thom as W . H ill, fpr the past tw enty-five years Cashier o f the Cleveland
National Bank, o f Cleveland, Ohio, was prom oted tb a Vice-Presidency
at tho annual m eeting on Jan. 9. R oscoo P . Sears, heretofore Assistant
Cashier, has been m ade Cashier to succeed M r. IIIll, and Georgo A . C hurch,
form erly paying teller, has been appointed an Assistant Cashier. Edward
S. Rogers, o f tho English W oolen M ills C o ., and T . E. B orton, o f B orton
& Borton, havo been elected directors o f the Cleveland N ational to succeed
Sheldon I I . Tolies and J. II. W ebster, respectively.
t
fw)
Latham A . M u rfey, for m any years Vice-President o f tho N ational
Com m ercial Bank o f Cleveland, Ohio, was prom oted to the Presidency o f
the institution at tho annual meeting on Jan. 9 to succeed W . G . M ather,
who has been elected Chairman o f the board. M r. M u rfey, the new
President, has been connected with Cleveland banking affairs for^forty-
232
THE CHRONICLE
five years and is also President o f the Cleveland Clearing H ouse A sso
ciation.
Frank A . W hite, form erly A uditor o f the Union N ational Bank o f C leve
land, O hio, has been appointed an Assistant Cashier, and Fred. C . Chand
ler, President o f the Chandler M otor C o ., has been elected a director o f
the institution.
T he directorate o f the United Banking & Savings C o ., o f C leveland,
Ohio, was increased from fifteen to tw enty m em bers, at the annual m eeting
on the 9th in st., b y tho election as directors o f G uy E . C onkey, Claus
Greve, John K . R aiblo, E . I . Hoinsohn and C . N arten. T ho b oard directs
that the surplus fund be increased from $300,000 to $400,000, and also
declared dividends at the usual 1% m onthly rato, payable during tho first
h alf o f 1917. T he United Banking & Savings C o. has a capital o f $500,000.
[Vo l . 104.
C . Greigg were appointed Assistant Cashiers. W illiam P . Sidley, President
o f the W estern E lectric C o ., has been elected to tho directorate o f the
bank.
J.
Edward M aass, heretofore Cashier o f the Corn Exchange National
Bank, o f C hicago, 111., has been prom oted to a Vice-Presidency in tho in
stitution, and James G . W ak efield, form erly an Assistant Cashier, has
been chosen Cashier to succeed him . Threo new Assistant Cashiers have
been appointed; they are, N orm an J. Ford, James G . W alker and Charles
N ova k . Chauncoy J . Borland and J. H arry Selz havo been elected d i
rectors o f the institution.
The stockholders o f tho Foreman B ros. Banking C o ., o f Chicago, 111.,
at their annual meeting on tho 9th inst., voted in fa vor o f tho proposition
to increase tho capital o f the institution from $1,000,000 to $1,500,000.
As noted in our issue o f D ec. 9 the new issuo o f stock will bo subscribed
T he First N ational Bank and the First Trust & Savings C o. o f Cleve and paid for b y tho present stockholders. T ho Foreman Bros. Banking
land gavo as a Christmas present to tho em ployees a bonus equivalent to C o. was established as a private banking institution in 1862, and was
incorporated as a State bank in 1897. It is headed b y Oscar G . Foreman,
10% o f tho year’s salary. In return, tho working force, which is banded
together as tho First C lub, under the guidance o f teller Frank L . F rey,, as President.
arranged “ Sherwin D a y ” in honor o f President John Sherwin. The m em
bers o f the clu b for several days energetically secured new accounts, and
A t the annual meeting o f tho F ort Dearborn Trust & Savings Bank, of
on tho 5th o f January handed to the President the names o f the 2,200 new C hicago, 111., on Jan. 9, John E . Shea, heretofore Cashier, was elected
depositors secured entirely b y the employees.
Vice-President, and Herbert E . R o cr, form erly Assistant Cashier, was
prom oted to the Cashicrship. T w o now directors were chosen, they are
Clarence M . llin m a n has resigned as Secretary and M anager o f tho Averill Tilden and Stanley G . M iller.
Colum bus (Ohio) Clearing House A ssociation to becom e Assistant to
President B . G . Dawes o f the Ohio Cities Gas C o.
A t tho annual m eeting on Jan. 9 John F . Smulski retired as President o f
the D epositors’ Stato & Savings Bank o f C hicago, 111., and Julius F . SmieH enry C . W erner, a director o f tho First N ational Bank o f C olum bus,
tanka was chosen to succeed him . M r . Smulski, how ever, will remain as
O hio, was elected Second Vice-President o f tho institution at the annual Chairman o f tho board.
Isadore H . Himes, heretofore Vice-President and
m eeting on Jan. 9. Francis W olls, heretofore note teller, was appointed A ttorn ey, has given up his o ffico as Vice-President and James J. Peslcka,
an Assistant Cashier. Eugene Rosenthal o f Rosenthal Brothers, and John Cashier o f tho bank, has beon elected to the V ice-I’icsidency in addition
A inicon o f John A m icon, Brothers & C o ., have been elected directors.
to his duties as Cashier. Thom as C . W ilson o f tho packing firm o f W ilson
& C o . has been chosen Chairman o f tho advisory com m itteo, and R ev. E . M .
Samuel Lehm an, heretofore Vice-President o f the Pearl M arket Bank W ojtalew icz has been elected a director to succeed W illiam H . Schm idt,
o f C incinnati, O hio, has been elected to the Presidency to succeed James resigned. M r. Smiotanka, tho new President, was form erly an internal
A rata, who retired from the office because o f the pressure o f private busi revenue collector at Chicago.
ness. H e w ill, how ever, remain with the bank as a V ice-President. M r.
Lehm an, it is said, had been in a ctive chargo o f affairs o f the Institution
W illiam H . Thalen has been appointed an Assistant Cashier o f tho Union
since 1909.
Bank o f Chicago, 111.
M a y or George Puchta o f C incinnati, O hio, has been elected a V ice
President o f tho Security Savings Bank & Trust C o. o f that c ity , to fill
the vacancy caused b y the death o f D avid W achm an; and Louis G . P ochat,
Cashier o f tho M arket N ational B ank, has been elected to the directorate
o f tho Security Savings Bank & Trust C o. to succeed tho late M r . W ach
man.
,
Joseph F . Parlt has been appointed
National Bank o f Cincinnati, O.
an Assistant Cashier o f tho Atlas
James M . M cIn tosh , heretofore Vice-President and M anager o f tho
N ational C ity Bank o f Indianapolis, In d ., has beon elected to tho Presi
dency o f tho institution. T ho N ational C ity Bank has beon without a
President sinco tho resignation in M a y 1916 o f Bert M cB rid e, who bocam o
President o r tho Bankers Investm ent C o. o f Indianapolis. Other officors
elected for tho ensuing year are L . P. N ow b y, John It. W olch and Frank M .
M illikan, Vico-Presldents; W illiam K . Sproule, Cashier; and L . F. Elvin
and C . A . Jam es, Assistant Cashiers. M r. Sproule, Cashier, and George
E . Feeney, head o f the Feeney Furniture & Stove C o ., havo been elected
directors o f tho N ational C ity Bank to succeed F inley P . M ou n t, President
o f tho A dvance-R um oly C o . o f Laporte, and W illiam L . T a ylor o f Indian
apolis.
John W . Staley, heretofore Vice-President o f tho First & Old Detroit
N ational Bank o f D etroit, M ich ., has been chosen a director and senior
Vice-President o f tho Peoplo’s State Bank o f D etroit, to succeed R . S. M a - j
Julius O . Frank, o f tho G oll & Frank C o ., has been elected a director
son, w ho has retired on an annuity. M r. Staley’s successor as Vice-Presi
dent o f tho First & Old D etroit N ational is W alter G . N icholson, who will, o f tho M arshall & Ilsley B ank, o f M ilwaukee, W is., to fill tho vacancy
in addition remain as Cashier o f that institution. M r. Staley is a native caused b y tho death o f Gustav Rouss.
o f D anvillo, P a ., and Is a graduate o f A lbion Collego, class o f ’92. Soon
T ho directorate o f tho First National Bank o f Milwaukee, W is., was
after leaving collcgo he entered the First National Bank o f D etroit as as
sistant receiving teller. A fter serving in various capacities, ho was ap increased from eighteen to twenty-ono members at tho annual meeting
pointed Assistant Cashier in 1908 and in 1912 was elected Vice-President. on the 9th inst., b y tho election o f O tto H . Falk, President o f tho AlllsM r. M ason, the retiring Vice-President o f the People’s Stato B ank, is said Chalmers C o .; M . J. C udahy, Vice-President and Treasurer o f tho Cudahy
to be tho oldest banker in D etroit and probably the oldest in the State. Ho B ros. C o ., and A dolph Finkler, Secretary o f tho Trostel & Sons C o ., as
will retain his connection with tho People’s State as a member o f tho board. directors.
M r. M ason has been connected with D etroit banking affairs since 1856.
R obert W . Sm ylio, for m any years M anager o f tho credit department o f
A t the annual m eeting o f tho W isconsin Trust C o ., o f Milwaukee, W is.,
the P eople’s State B ank, has also been-chosen a director and Vice-President on the 9th inst., tho directors declared tho usual quarterly dividend and
o f that institution. Ho had been connected with the old People’s Savings added $50,000 to tho surplus fund. Louis Schreibcr, o f Oshkosh, W is.,
Bank sinco 1888, and upon its merger with the State Savings Bank was mado was elected a director to succeed his father, Charles Schreibcr, resigned.
M anager o f tho credit department o f tho continuing institution. Prior to
1888 ho was connected with the Huron & Erie Loan & Savings C o. o f L on
John A . C avanagh, heretofore Vico-Presidont o f tho Des M oines National
don, O n t., Canada.
Bank, o f Des M oines, Iow a, has been prom oted to tho First Vice-Presidency
o f tho institution to succeed John II. B lair, w ho, as olsowhero stated, has
Alban M a ca u ley, President o f tho Packard M otor Car C o ., and Charles becom e a Vice-President o f tho Citizens N ational. C . A . Barr, heretofore
I t . T a lbot have been chosen directors o f tho National Bank o f Commerce Cashier o f tho D es M oines N ational, has been chosen a VIco-President, and
o f D etroit, M ich ., to succeed Ralph M . D yar and Benjamin S. W arren, John H ogan, form erly Assistant Cashier, has been prom oted to the Cashierretired. M r . T a lbot is a Vice-President o f the bank.
ship.
C . A . N ew com b Jr. has been elected a Vice-President o f tho GermanAmerican Bank o f D etroit, M ich ., thus giving that institution four Vice
Presidents.
Charles O . B all, a form er State bank examiner, has been appointed an
Assistant Cashier o f tho D im e Savings Bank o f D etroit, M ich . Scabourno
R . Livingstono, a son o f W illiam Livingstone, tho bank’s President, has
beon'elected a m ember o f the board o f the bank.
J. G . R ounds, heretofore Prosidont o f the Citizens National Bank, o f
Des M oines, Iow a , has been chosen Chairman o f tho B oard, and C lyde E .
Brenton, form erly Vico-Presldent, has been olected President. John II.
Blair, horetoforo Vice-President o f the Des M oines National Bank, has
becom e a Vice-President and director o f the Citizens National Bank.
Leonard N . Brenna and R oger S. Hum e havo been appointed Assistant
Cashiers o f tho Northwestern N ational Bank, o f M inneapolis, M inn. N o
Lawrence P . Smith has been appointed an Assistant Cashier o f th o successor has been chosen to A . V . Ostrom as Vico-Presidont. w ho has
resigned to accept tho Presidency o f the new Scandinavian Trust C o ., o f
Central Savings Bank, o f D etroit, M ich .
N ew Y ork . Georgo II. Partridgo, o f W yonan, Partridgo & C o ., has been
elected a director o f the Northwestern National Bank to succeed Louis W .
T he stockholders o f the N orthwestern Trust & Savings Bank o f C hicago.
Hill, President o tho
.,
has resigned in com pliance
1 1 on the 9th inst. ratified the proposition to increase the capital o f the with the C laytonf A ct. Great N orthern R y onwho board o f tho First National
1 .,
M r. Hill remains
the
institution from $400,000 to $500,000. T ho increase will be m ade, it is
Bank o f St. Paul.
stated, at the discretion o f the officers. I. H . Himes has been elected a
director o f the Northwes 2 rn Trust & Savings Bank.
H ovey C . Clarke, o f tho Shevlin-Carpeiiter-Clarke interests, has been
T h e N orthw est State Bank o f C hicago will erect a new building exclu chosen a Vice-President o f tho M inneapolis (M inn .) Trust C o ., to fill a
sively for its ow n purposes on its present site at the corner o f M alwaukee vacancy. B enjam in S. Bull, o f tho W asliburn-C rosby C o ., has beon
and N orth avenuos. and R obey S t., for which purpose W eary & A lford C o. elected a director o f the M inneapolis Trust C o. to fill tho vacancy caused
have been engaged as architects. T ho premises opposite the bank on M il by the death o f tho late James J . Hill.
waukee A v o ., form erly occupied b y the W icker Park Post O ffice, have
been purchased b y tho bank to be used as temporary quarters pending the
J. D . H usbands and F . S. Johnson h a v o been appointed Assistant
wrecking o f the old and the erection o f the new building. Coincident with Cashiers o f tho M etropolitan N ational Bank, o f M inneapolis, M inn.
tho new building operations, the directors havo recomm ended that the
stockholders authorize a change in the name o f the bank to “ N oel State
G ordon Smith, heretofore Vice-President o f tho Stock Yards N ations
B an k,” thereby giving it the name o f its founder and President, Joseph
Bank, o f South St. P au l, M in n ., and Treasurer o f the St. Paul Cattle Loan
R . N ool.
C o ., has resigned to becom e President and Treasurer o f tho newly organized
A t tho annual m eeting o f the Harris Trust & Savings B ank, o f Chicago Live Stock Security C o ., with offices in South St. Paul. Tho Live Stock
111., on Jan. 9, Chester C orey, Manager o f the bank’s Corporation Depart Security C o ., incorporated with a capital o f $500,000, will be interested,
it is said, in a chain o f country banks and live stock Interests.
ment was olected a Vice-President. Frank M cN air, heretofore Assistant
Bond Sales M anager was made M anager, and Charles G.-Fisher and M ax
J an . 20 1917.]
THE CHRONICLE
A . V . Hunter has-been clioson Chairman o f the Board o f tho First
N ational Bank, o f Denver, C o lo ., to succocd tho late M a hlon D . T hatcher,
and John Evans lias been elected a director to succeed Charles H ayden,
who resigned because o f the requirements o f tho C layton A ct.
W . H . K istler, heretofore Vice-President o f the H am ilton N ational
B ank, o f Denver, C olo ., has been m ade Chairman o f tho Board o f the in
stitution, a now office. J. C . Burger, form erly Cashier, succeeds him as
Vice-President, and E . J. W cckbach, heretofore Assistant Cashier, has
been prom oted to tho Casliiership. S. D . N icholson has resigned from the
board o f tho Hamilton N ational, in com pliance with the C layton A ct.
233
A t Its annual m eeting on Jan. 9 the F ourth N ational Bank o f M a con ,
G a ., increased its surplus fund from $200,000 to $300,000. an am ount
equal to its capital, and prom oted R . C . Dunlap to a V ice-Presidency.
H o also continues as Cashier. T ho Fourth N ational, as noted in our issue
o f O ct. 14 last, has absorbed tho Citizens N ational Bank o f M acon . T ho
officers o f the Fourth N ational besides M r. Dunlap are: Charles B . Lewis,
President; John C . W alker, Joseph N . N eel, F . E . W illiam s and John M .
Ross, Vice-Presidents; J. K . H ogan and C . L . W est, Assistant Cashiers.
Tho Heard N ational Bank o f Jacksonville, F la ., closed its doors on the
16th inst. Tho announcem ent o f its closing is said to have stated that the
institution was in the hands o f a Federal bank examiner and that negotia
The capital o f the H om e Savings & T rust C o ., o f Denver, C o lo ., was in tions were in progress for the taking over o f the deposits and assets b y the
Clearing House. A statem ent issued on tho 16th inst. b y the Comptroller
creased from $100,000 to $150,000, and tho sum o f $25,000 was added to
o f the Currency’s office relative to the suspension said:
the surplus fund at tho annual m eeting on Jan. 9.
“ The Heard N ational Bank o f Jacksonville, F la ., capital ono million dol
lars, was closed to-day b y order o f its directors. This bank was chartered
Jacob Fillius has been elected a Vice-President o f the German-Am erican
Fob. 2 1912. T he investigations b y this o ffice show that the bank's officers
not only lacked tho experience necessary for proper m anagement, but were
Trust C o ., o f D enver, C olo., to succeed tho lato A dolph J. Zang, and
P . B . B urbridgo has been chosen to succeed tho late M r. Zand on tho both incom petent and reckless. T he bank’s assets were largely tied up In
loans to officers and directors and to enterprises in which these men are
board o f directors.
interested and in other loans and investments (Including a pretentious and
needlessly costly bank b u ild in g), which the exercise of the m ost ordinary
prudence would have avoided. T h e Heard N ational Bank has been in an
Tho stock o f tho U tah N ational B ank, o f Ogdon, Utah (capital, $150,000), unsatisfactory condition for m any m onths past, but as a result o f the efforts
heretofore held b y individuals and concerns outside o f Ogden, has been o f the C om ptroller’s O ffice a large am ount o f doubtful assets have been
purchased b y five men prom inent am ong Ogden capitalists. T h ey are collected or properly secured, so that there is now reason to hope that b y a
administration o the trust, depositors m ay ultim ately be
D avid C . Eccles, \V. II. W attis, Charles E. Kaiser, Joseph Scow croft and carefulThe loss will fall fprincipally upon shareholders. T ho bankpaid in
full.
had a
John M . Browning. As a result o f tho transactions, it is pointed ou t, the
largo number of directors, or m ore or less prom inence, but m any o f them
bank is now an Ogden institution throughout, with Ogden men entirely in were non-residents o f Jacksonville, rarely attended board moetings, and
charge. Olio o f tho largest blocks o f stock acquired b y the Ogden interests permitted the bank to be dom inated and run principally b y unfit officers
and a few directors
borrowers
was that form erly owned b y tho John A . D ooly estate. A t a m eeting seriously neglected who were bigand ignoredo f the bank, and who otherwise
their duties
their responsibilities as direc
o f tho stockholders on tho 9th inst. tho follow ing directorate was chosen: tors. Tho President's liability to tho bank is reported at approxim ately
D avid C . Eccles, Ralph E . H oag, W . II. W attis, Charles Kaiser, John M .
$300,000. T he failure o f this bank again shows tho need o f a law to prevent
Browning, Joseph Scow croft and W . J. Parker. Tho officors o f the insti loans b y national banks to their active officers, which tho Com ptroller o f
tho Currency has repeatedly and earnestly recomm ended to C ongress. Had
tution are: D a vid C . E ccles, President: R alph E . H oag, W . IT. W attis such a law been in effect, this failure could have been a v o id e d ."
and Charles E . Kaiser, Vice-Presidents; A . V . M cIn tosh , Cashier, and
J. B . Pike, active ViC-i-President o f tho Heard N ational, has been ap
Paul M . Loc, Assistant Cashier.
pointed receiver b y Com ptroller W illiam s.
A t tho regular annual shareholders’ meeting o f the Livo Stock National
Bank, Omaha, on tho 9th inst., tho retiring members o f tho board o f di
rectors were re-elected. It was also decided to increase tho capital stock
$200,000, making tho total capital $400,000, surplus $100,000, undivided
profits $100,000, total resources over seven million dollars.
W alter S. M cL ucas, heretofore Vico-Prosidont o f tho Com m erce Trust
C o ., o f Kansas C ity , M o ., lias been olocted to tho Presidency o f the insti
tution to succeed W . T . K em per, resigned. Tho Southwest N ational, o f
Kansas C ity , has recently obtained controlling interest in tho Comm erce
Trust, as noted in out issuo o f Jan. 6. M r. K em per, tho retiring President,
it is stated, is to becom e a director o f both institutions when the m utualiza
tion o f the stock is carried through. M r. M cL ucas, tho now President o f
the Com inerco Trust, had boon a V ice-Piesident o f tho com pany since
1915, and prior thereto was Vice-President o f tho First N ational Bank, o f
St. Joseph, M o .
A t a special meeting on Jan. 8 the directors o f tho M erchants N ational
Bank, o f R ichm ond, V a., decided to recom m end to tho stockholders o f
tho institution the proposition to increaso tho capital from $200,000 to
$400,000. A m eeting o f tho stockholders has been called for F ob. 7 to
vote upon tho m atter. Tho now issue o f stock, it is said, will be offered
to the present shareholders at $100 a share, payablo F ob. 21. This will
bo tho first increase, it is pointed ou t, in tho capital o f tho M erchants
N ational since its organization in 1870. T ho dividend rate was recently
increased from 20% to 2 5 % . Thom as B . M cA dam s, heretofore V ice
President and Cashier o f tho M erchants N ational, was relieved o f his
duties as Cashier at tho annual m eeting o f tho bank on Jan. 9, and R . II.
Broaddus, heretofore an Assistant Cashier, was chosen to succeed him as
Cashier. John Aiken Branch has been elected Second Vice-President and
a director o f the institution.
T ho stockholders o f the Planters N ational Bank, o f R ichm ond, V a ., at
their annual meeting on tho 9th in st., voted in favor o f tho recomm endation
o f their directors to increaso the capital o f tho Institution from $300,000
to $600,000. T ho increaso will bo effected b y tho declaration o f a 100%
dividend to present shareholders, payablo in tlie stock o f the institution.
T h o bank on Jan. 1 last paid dividends o f 15% .
Warren P. T aylor, T ra ffic M anager o f the Richm ond Fredericksburg &
P otom ac Railroad C o. has been elected a director o f the First N ational
Bank o f R ichm ond, V a ., to fill tho vacancy caused b y tho death o f Colonel
John B . Purcell.
V ictor J. Bullelt, form erly President o f tho First N ational Bank, o f
C orydon , In d ., has been elected V ice-President, General M anager and a
director o f tho Lincoln Savings Bank o f Louisville, K y ., to s c e d Frank
uc e
M iller, who has resigned.
Jake n u rw itz, Lee D . Harmcs and T om M cD on a ld have been appointed
Assistant Cashiers o f the H ouston Exchange N ational Bank o f H ouston,
Texas. H enry Albrecht and E . Alkemeyer have retired from the board.
C.
A . D w yer, heretofore A uditor o f the Union National Bank o f H ouston,
T exas, has been appointed an Assistant Cashier.
J. T . Shelby has resigned as Cashier o f the G u lf National Bank o f Beau
m ont, Texas, to engage in the real estate business, and L . P . Tullos, here
tofore Assistant Cashier, has been elected Cashier o f the bank.
Lang W harton, heretofore Assistant Cashier o f the C ity N ational Bank
o f Dallas, Texas, lias been elected Cashier o f tho institution, and Stewart
D . Bockley and R ay N esbitt have been appointed Assistant Cashiers.
Five new directors were elected at the annual meeting on the 9th inst.
T hey are E . W . R ose, Vice-President; W . D . Felder, W illiam Caruth,
J . Perry Burras o f M cK in n ey and Edgar J. M arston o f N ew Y ork. M r.
R ose is a new Vice-President o f tho C ity N a tion a l, as noted in these columns
last week. He was form erly a Vice-President o f the First State Bank o f
Dallas.
A t the annual meeting o f the W hitney-Central Trust & Savings Bank, o f
N ow Orleans, L a ., on Jan. 9, W . W . B ouden, heretofore Cashier, was
elected a Vice-President. C . W . C ox, J r., form erly Cashier o f the M organ
State branch o f tho W hitney Central Trust & Savings Bank was elected
Cashier o f the bank to succeed M r . B ouden. V . L . Bernard, heretofore
Assistant Cashier o f the M organ State Branch, has been appointed an
Assistant Cashier o f the W hitney-Central Trust & Savings B ank. Three
new directors were elected; they are John C . D o d t, II. M . Feild and W . P .
Stewart.
Nelson M cStea W hitney, heretofore Assistant Cashier o f the W hitneyCentral N ational B ank, o f N ew Orleans, L a ., has been elected to a Vice
Presidency in the institution. W . B . Allison, form erly head o f the D is
count Departm ent, has been appointed an Assistant Cashier, and Leeds
Eustis has been chosen auditor.
J. L . Lancaster, Receiver and first V ice
President o f the Texas & Pacific R y , has been elected a director o f the
W hitney-Central N ational Bank.
John II. Fulton, President o f the Com m ercial National Bank, o f New
Orleans, L a ., w ho, as noted in our issuo o f last week, lias been eleeted^a
Vice-President o f the N ational C ity Bank o f N ew Y ork , according to the
N ew Orleans “ Tim es P icayu ne,” was re-elected President o f the C om
mercial N ational at its annual meeting on Jan. 9. G . A d Blaffer was
added to the directorate o f tho Comm ercial National.
A t the annual meeting o f the stockholders o f tho Security Trust & Sav
ings Bank o f Los Angeles, tho members o f tho existing board of-directors
wero re-elected, and in addition S. F. Zom bro was also elected a member.
C . M . N orfleot has resigned as Assistant Cashier o f tho M ercantile There wero also several changes and prom otions in the official staff, the
N ational Bank, o f M em phis, T on n ., to enter tho wholesale grocery busi m ost important being the election o f W . D . Longyear as Second V ice
ness, and is succeeded b y N . B. Gentry as Assistant Cashier. M r. Gentry
President, to succeed John E . Plater, resigned. M r. Longyear has been
had been Cashier o f tho Farmers & M erchants Bank, o f N ewborn, Tonn.
active in the management o f the bank since 1890, when the institution^was
but one year old and its deposits less than a quarter o f a million dollars.
C . W . T hom pson, First Vice-President o f the N ational C ity Bank, o f Since 1895 ho has been Cashier, Secretary and Treasurer o f the Security,
M em phis, Tonn- has boon elected to tho Presidency o f the institution and is now Chairman o f the Executive Council o f the California Bankers’
Association. M r. Plater, who remains on tho board o f directors,?w as
to succeed C . T . W hitm an, who has becom e a V ice-President. T . E.
Harris, who has boon connected with the office o f tho ch ief bank examiner President o f the Los Angeles Savings B ank, which bank was consolidated
o f tho Federal Reservo Bank o f St. Louis, has been choson a Vice-President with the Security in 1904. He is one o f the pioneers in the banking business
o f tho N ational C ity Bank. M r. Thom pson, the new President, has been on tho Pacific Coast. Other changes were the election o f W . M . Caswell,
a Vice-President o f tho N ational C ity since O ctober, as noted in our issue an Assistant Secretary, to be Secretary; R . B . Hardacre, an Assistant
o f O ct. 7. E m m et E . Joyner and J. E . Thom as have been added to tho Cashier, to the Cashicrship. T . Q. H all, also an Assistant Cashier, was
elected Treasurer; II. H . S m ock, form erly A uditor, was elected an Assistant
board o f tho N ational C ity Bank.
Cashier, and W . D . Otis, form erly M anager o f the Collection Departm ent,
was made an Assistant Secretary. F . II. Thatcher was appointed Auditor.
A t tho annual meeting o f tho directors o f tho Bank o f Charleston, N .
B . A ., Charleston, 8. C ., held Jan. 9, M . W . W ilson, heretofore Cashier, R . B . ITardacre, who was elected Cashier, began^his banking career as a
was elected Vice-President; G . W . W alker and J. II. Lucas, heretofore clerk in tho First N ational Bank o f Chicago an d ’ was with the American
tellers were elected Cashier and Assistant Cashier respectively. The National Bank o f Los Angeles before joining the Security forces some nine
T . Q. H all, now Treasurer, entered the service o f the Security
full official staff o f the bank now is as follow s: E . H . Pringle, President; years ago
E . II. Pringle, J r., and M . W . W ilson, Vice-Presidents; G . W . W alker, as a messenger b o y in 1891. W . M . Caswell, Secretary, has been an A s
sistant Secretary since 1904, prior to which time he was Cashier o f the Los
Cashier, and J. II. Lucas, Assistant Cashier.
Angeles Savings Bank for m ore than seventeen years. H . H . Smock,
Assistant Cashier, was for four years, before com ing to the Security, Bank
John G . Farley and J. L . C ooper have been appointed Assistant Cashiers Commissioner for the State o f Oklahoma. W . D . Otis, Assistant Secre
o f tho Traders National Bank, o f Birmingham , A la.
tary, was Auditor o f tho Southern Trust C o. at the tim e that institution
was consolidated with the Security,'and is President o f Los’ Angeles Chapter,
THE CHRONICLE
23 4
American Institute o f Banking. F. H . Thatcher was for somo tim e Chief
D ep u ty in the offico o f the Superintendent o f Banks o f California and an
Assistant A uditor o f the Security. During the meeting President Sartori
reported to stockholders that the deposits o f the Security Trust & Savings
Bank had increased from $42,153,583 Jan. 1 1916 to $51,179,511 Jan. 1
1917, and that the number o f depositors’ accounts during the same period
had increased from 94,000 to 100,827. He also reported a satisfactory in
crease in the business o f the Security N ational B ank, which is owned by
the same stockholders, and stated that the com bined resources o f the
Security Trust & Savings Bank and the Security N ational Bank are $59,
507.563.
A t the seventh annual meeting o f the stockholders o f Mercantile N a
tional Bank o f San Francisco on the 9th inst., the reports presented in
dicated that tho bank enjoyed a prosperous year. Regular quarterly
dividends, aggregating $200,000, were paid during tho year. The capital
and surplus o f M ercantile N ational Bank o f San Francisco is $3,000,000.
T h o capital o f M ercantile Trust C o. o f San Francisco (which is owned by
tho stockholders o f M ercantile N ational Bank o f San Francisco), is $1,
000,000 additional. The following board o f directors o f tho bank was
unanimously elected for tho ensuing year: II. C . Breedon, \V. I. B robeck,
W . R . L . Cam pbell, A . B . D avis, W . F . D etert, E . R . D im ond, F . G .
D rum , M ilton II. Esberg, Alexander Ham ilton, Joseph H ym an, John D .
M cK ee, R . H . Pease, F . Reis J r., It. D . R obbins, Henry T . S cott, M . S.
W ilson. The directors re-elected the following officers o f tho bank: Henry
T . S cott, Chairman o f tho Board; John D . M cK ee, President; Frank G .
D rum , Vice-President; O . Ellinghouso, Cashier and Secretary; W . F .
B erry, Assistant Cashier and Assistant Secretary; F. O . C ooke, Assistant
Cashier and Assistant Secretary; Thom as M . Paterson, Assistant Cashier
and Assistant Secretary.
N e w Y o r k C ity R e a lty a n d S u r e ty C o m p a n ies
Bid
A llia n c e R ’t y
A m e r S u re ty
Bond & M G
C a s u a lt y C o
C i t y In v e s t g
P re fe rre d ..
Ask
70
145
280
77
155
290
18
60
22
07
Bid
L a w ye rs M tg
M tg e B o n d .
N a t S u re ty.
N Y T itle A
M t g o -------
160
108
230
165
112
210
95
100
Bid
Ask
R e a lt y A sso c
( B r o o k ly n )
U S C a s u a lt y
U S T Itle G A I
W es A B ro n x
T itle A M G
Ask
100
200
00
105
____
65
170
180
N e w Y o r k C ity B a n k s a n d T r u st C o m p a n ies
B a n k s -.V .y .
A m e ric a * ..
A m er K xch.
A tla n tic . . .
B a t t e r y P a rk
B o w e r y * __
B r o n x B o ro *
B ro n x N a t . .
B r y a n tP a rk *
B u tc h & D r .
C h a s e ______
C h a t A Phen
C h e ls e a E x *
C h e m ic a l_
_
C lt lz e n s C e n t
C i t y -------------C o al A Iro n .
C o lo n ia l* _
_
C o lu m b ia * .
C o m m e rc e ..
C o rn E x e h * .
C o s m o p o l’n*
E ast R iv e r..
F i d e l it y » . . .
F ifth A ve « _ .
F i f t h ______
F i r s t ..............
G a r f i e l d ____
G e rm -A m e r*
G e rm a n E x*
G e r m a n ia * .
G o t h a m ___'.
G r e e n w ic h * .
H a n o ve r. . .
H a r r lm a n . .
Im p A T r a d .
Bid
Ask
500
238
180
175
400
200
162
100
100
364
255
575
245
185
185
395
195
520
195
450
310
1 192
350
85
75
150
4300
250
1040
180
140
390
475
200
315
700
(2 2 0
505
225
L i b e r t y ____ 9!>0
L in c o ln . . . .
300
170
170
110
309
200
125
400
200
530
205
325
195
360
100
4800
275
1055
190
150
715
520
235
1015
330
B anks.
M a n h a tta n *
M a r k A F u lt
M ech A M et
M e rc h a n ts .
M e tro p o lis * .
M e tro p o l' n •
M u t u a l * ___
N e w N e th * .
N e w Y o rk C o
New Y o rk ..
P a c ific *____
P a r k . . ..........
P e o p le ’s * ___
P ro d E x e h * .
P u b lic *____
S e a b o a rd _
_
S e c o n d _____
S h e rm a n _
_
S ta te * ..........
23d W a r d * .
U n io n E x e h
U n it S ta te s*
W a s h H ’ ts*
W e s tc b A v *
W e s t S id e * .
Y o r k v llle * ..
Brooklyn
C o n e y I s l’d*
F i r s t ..............
F la tb u s h _
_
G re e n p o ln t .
H ills id e
H o m e s te a d •
M e c h a n ic s * .
M o n ta u k * . .
N a t i o n ’! C i t y
N o r t h S id e * .
P e o p le ’s ____
Bid
Ask
330
265
318
250
290
182
375
215
340
280
328
400
270
550
220
235
445
395
120
110
100
160
500
275
190
590
125
255
170
150
110
125
90
200
205
175
130
• B a n k s m a rk e d w it h a (•) a re S ta te b a n k s .
c h a n g e th is w e e k . I N e w sto c k , v E x - r ig h t s .
T H E E N G L IS H GOLD A N D
1ru s t
G o 's .
New York
A s t o r ............
B a n k e rs T r .
B 'w a y T ru s t
C e n t r a lT r u s t
300
C o lu m b ia t .
187
C o m m e r c ia l.
E m p i r e ____
225
E q u it a b le T r
725
F a rm L A T r
415
F i d e l i t y ____
560
F u l t o n ..........
G u a ra n ty T r
235
H u d s o n ____
198
Law T it A T r
____ L in c o ln T r . .
M e t r o p o lita n
415
130
M u t ’l ( W e s t 120
che ater) . .
135
N Y I.lfo In s
A T ru s t..
165
N Y T ru s t..
T it le O il A T r
T r a n s a t la n ’c
365
U n io n T r u s t
U S M tg A Tr
010
U n lt e d S t a t c s
135
W e s t c h e s te r .
270
165
120
115
135
105
205
275
200
140
Bid
A tit
500
480
155
795
314
108
285
550
1570
208
285
472
140
133
112
400
515
487
162
805
319
---300
560
1600
215
300
480
150
137
117
405
125
____
970
995
600
610
395
385
____ 155
425
460
450
1000 1020
140
130
Brooklyn
610
B r o o k ly n T r 600
260
F r a n k lin _
_ 250
280
H a m ilt o n ___ 270
____
K in g s C o ___ 650
155
M a n u fa c t ’rs
150
P e o p le 's ____ 288
295
Queens C o ..
05
80
________________
t S a le a t a u c tio n o r a t S to c k E x
SILVER
MARKETS.
Wo reprint the following from tho weekly circular of
Samuel Montagu & Co. of London, written under date of
Dec. 28 1916:
G O LD .
T ho Bank o f England gold reserve against its note issues shows practically
no change, as com pared with last week’s return.
G old to the value o f $22,600,000 has been received in Now York from
C anada during the week.
T ho Rhodesian gold output for N o v . 1916 amounted to £317,135, as
com pared with £313,160 in N ov . 1915 and £325,608 in Oct. 1916.
S IL V E R .
There has been a lack o f general demand about tho period o f tho Christmas
holidays, and supplies were m ostly taken for coinage. Offerings, confined
to three instead o f tho custom ary six working days, appeared m ore plenti
fu l, although the total for the week has been probably m uch tho same
as usual.
A considerable amount o f silver— reported to bo about £1,000,000 in
value— has been acquired b y tho Indian Governm ent in B om bay and
C alcutta.
T he price has fallen from 36 13-16 to 3 6 K owing to the absence o f com
petition, but the undertone continues good and tho entrance o f new buyers
will, doubtless, bo reflected by m ovem ents in tho price.
T he com bined shipments from London to India and China during 1915
and 1916 have been remarkably similar in amount— the form er about £ 110,
000 under, the latter abou t£140.000 over£4,000,000.
T ho stock in B om bay consists o f 2,200 bars, as com pared with 1,800
bars last week.
T ho stock In Shanghai on D oc. 23 1916 consisted o f about 23,900,000
ounces in sycce, and 16,600,000 dollars, as com pared with about 22,800,000
ounces in sycee and 16,400,000 dollars on Dec. 16 1916.
A shipment o f 1,260,000 ounces was m ade from San Francisco to Shang
hai during the week.
[V ol . 104.
Quotations for bar silver per ounce standard:
Bank rate_______________________ 6 %
D ec. 22— 36 1 i-16 cash
No
’ ’ 27— 36 %
quotation Bar gold per oz. standard_______ 77-9
“ 28— 36)4
fixed
for
forward
delivery
Average— 36.562
The quotation to-day for cash delivery is 5-16 below that fixed a week
ago.
E N G L IS H F I N A N C I A L M A R K E T S — PER C A B L E .
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week ending Jan. 19—
S ilv e r , p e r o z ---------------------. . d .
C o n s o ls , 2 K p e r c e n ts ............
B r it is h 4 K p e r c e n ts _______
F r e n c h R e n t e s (in P a ris ) , f r .
F r e n c h W a r L o a n , 5 % in
P a r i s ....................................f r .
Jan.13. Jan. 15. Jan.16. Jan. 17. Jan. IS .
Sat.
Wed.
Thurs.
Tues.
Mon.
35%
30
36
36K
53%
53 %
53 'A
53 A
99%
99%
99 A
99 V
s
99K
30
53 K
Jan. 19.
Frl.
35%
53%
99%
62.75
62.75
62.75
62.50
62.40
88.50
88.55
88.50
88.55
88.55
74 %
62.50
74K
75
75%
75%
The price of silver in New York on the same days has been:
S ilv e r I n N . Y . , p e r o z - . c t s . 74 K
to m m e r c ta l
n u
d p X i s c c IL m e c n ts
e ta s
DIVIDENDS.
Tho following shows all the dividends announced for the
future by largo or important corporations:
Div id en ds an nou nce d this week are printed i n italics.
Name of Company.
R a il r o a d s ( S t e a m ) .
A la b a m a G r e a t S o u t h e r n , p r e fe r r e d ------P re fe rre d ( e x t r a ) ........................— ...........
A t c h is o n T o p e k a A S a n ta F e , c o m . ( q u . ) .
A t c h . T o p e k a A S a n ta F e p re f. ( N o . 37)
B a lt lm o ie A O h io , c o m m o n . . . ...................
P r e f e r r e d . ................... ........................... —
Bellifonte Central (annual)...............................
C a n a d a S o u t h e r n ..............................................
Central HU. of N. J. (guar.).........................
C h ic . S t . P . M in n . A O r a ., c o m . A p f d . .
C le v e . C I n . C h ic . A S t. L . , p re f. ( q u a r .) .
C u b a R R . , p re fe rre d .......................................
D e la w a r e A H u d s o n C o . ( q u a r . ) .................
D e la w a r e L a c k a w a n n a A W e s t e r n ( q u a r.)
G r e a t N o r t h e r n ( q u a r . ) -------------------------—
Illin o is C e n t ra l ( q u a r.) ( N o . 125)-------------L o u is v ille A N a s h v ille ..... ............. ............... M a h o n in g C o a l R R . , c o m m o n ......................
M ic h ig a n C e n t r a l..............................................
N a s h v illo C h a t t a n o o g a A S t. L o u is ............
N e w Y o r k C e n t ra l R R . ( q u a r . ; ...................
N o r f o lk A W e s t e r n , a d j. p re f. ( q u a r . ) _
_
N o r t h e r n P a c ific ( q u a r . ) ............ ....................
R e a d in g C o m p a n y , c o m m o n ( q u a r . ) ____
Reading Company, Is/ pref. (guar.)............
W a b a s h , p re fe rre d A ( N o . 1)--------------------S tre e t a n d E le c t r ic R a ilw a y s
Bangor Railway A Klectrlc, corn. (guar.)..
B a y S ta te S tre e t R y s . , 1st p r e fe r r e d ------Brazilian Trac., LI. A- Pow., ord. (gu.)...
C a ro lin a P o w e r A L ig h t , c o m . ( N o . 1 )___
C h ic a g o R a il w a y s p a r t lc . c tfs ., S e r. 2 _
_
C itie s S e rv ic e , c o m m o n ( m o n t h ly ) ............
C o m . ( p a y a b le In c o m . s t o c k ) ________
P re fe rre d ( m o n t h ly ) ---------------------------------Cities Service; com. A- pref. (monthly)------Common (payable In common stock)------Cldc Incest. A- Industrial (gu.) (No. 2) —
C o lu m b u s R y . , P o w . A I .t . , c o m . ( q u . ) . .
P re fe rre d B ( q u a r.) ( N o . 12)________
Commonwealth Power, Ry. A- Li., com.(gu.)
Preferred (guar.)-----------------------------------------D u q tie s n e L i g h t , p re f. (q u a r.) ( N o . 8 ) . .
E a s t S t. L . A S u b u r b a n C o ., p re f. ( q u . ) . .
Grand Rapids Ry., pref. (guar.)...................
Lehigh Valley Transit, pref. (guar.)............
Lewiston Augusta A- Walertllle, pref. (gu.)
M ilw a u k e e E l . R y . A L t . , p r e f. ( q u a r . ) . .
Monongahela Valley Trac., pref. (guar.)..
Per
When
Cent. Payable.
Feb.
Feb.
M a r.
Fob.
M a r.
M a r.
50C. F e b .
50c. F e b .
Feb.
IK
2
Feb.
3% F e b .
1% J a n .
3
Feb.
3% M a r .
2% J a n .
1% Feb.
1% M a r .
3% F e b .
$5
Feb.
Ja n .
2
3% F e b .
51.25 F e b .
1
Feb.
Feb.
1K
Feb.
SI
50c. M a r .
1
Jan.
3
%
1%
2%
2%
2
3
1
2
%
1
IK
1%
1
1%
1K
K
1%
1%
l%
1%
IK
2^
M o n t r e a l T r a m w a y s ( q u a r.) ........................
P h ila d e lp h ia C o . , c o m . (q u .) ( N o . 1 1 1 ) .. 8 7 K c .
Philadelphia Rapid Transit............................ $1.25
Public Serv. Investment, pf. (gu.) (No. 31)
1%
Railway A- Light Securities, com. (No. 15) 3
3
Preferred (No. 2 4 ).......................................
3
V ir g in ia R y . A P o w e r , p re fe rre d .................
W e s t P e n n P o w e r , p re f. (q u a r.) ( N o . 4 ) . .
IK
W C o t P e n n R y s . , p re f. (q u a r.) ( N o . 4 5 ) -1K
Y o r k R a ilw a y s , p re fe rre d ( q u a r . ) . . .......... 6 2 K c .
P r e f . (b e in g In lu ll o f a ll a c c u m u la tio n s ) A$1.25
B anks.
C o r n E x c h a n g e ( q u a r . ) ............ ......................
4
German-American.............................................. 3
1
Pacific (guar.)________________________ _ 2
f r u s t C o m p a n ie s .
1%
Broadway (guar.)................... ...........................
farmers Loan A Trust (guar.).....................
M is c e lla n e o u s .
American Bank Note, common (guar.)------1%
1
A m e r ic a n C a ra m e l, p r e fe r r e d ----------------------A m e r ic a n C ig a r , c o m m o n ( q u a r . ) -------------1%
A m e r . G a s A E le o .. p re f ( q u a r.) ( N o . 40)
1%
4
A m e r ic a n G lu e , p r e f e r r e d . ............................
A m e r . G ra p h o p h o n e , p re f. ( q u a r . ) ............
IK
A m o r . L i g h t A T r a c t i o n , c o m m o n ( q u a r.)
2K
C o m m o n ( p a y a b le In c o m m o n s t o c k ) . . {2%
P re fe rre d ( q u a r.) ------------------ ---------------------IK
A m e ric a n L o c o m o t iv e , p re fe rre d (q u a r.)
IK
A m e r ic a n M a lt C o rp o r a t io n , p r e f e r r e d . .
1
$1.12
A m e ric a n M a lt in g , p re fe rre d .....................
A m e r ic a n N a v ig a t io n ( q u a r . ) --------------------- 30o.
4
A m e r . P ip e A C o n s t r u e . S e c u r., p r e f ____
A m e r . Z in c , L e a d A S m e lt ., c o m m o n ____ S I
P re fe rre d (q u a r.) — ................................... $1.50
A n a c o n d a C o p p e r M i n i n g . . ........................ $2
5
A t la n t io G u lf A W . I . S. S . L in e s , c o m —
A t la s P o w d e r , p re fe rre d ( q u a r . ) ............ ..
IK
B a r n h a r t B r o s . A S p in d le r , 1st A 2 d p f . (q u .)
IK
B a rr e t t C o ., c o m m o n ( e x t r a ) --------- ------------- 10
1
B r ill ( J . G . ) C o ., p re f. ( q u a r . ) .....................
15
B r lt ls h -A m c r ic a n T o b a c c o , o r d i n a r y ------O r d in a r y ( in t e r im ) ........................................ 15
B r o w n S h o e , I n c . , p re fe rre d ( q u a r . ) . . —
IK
Burns Bros., common (guar.) (No. 14 )____
IK
Preferred (guar.) (No. 16)..........................
IK
B u rn s B r o s . Tee C o r p ., c o m m o n ( q u a r . ) . .
IK
F ir s t p re fe rre d (q u a r.) — ........................
IK
C a n a d a C e m e n t , p re fe rre d ( q u a r . ) ............
IK
reo.
re c .
rec.
reo.
re c .
reo.
Ja n .
Jan.
Ja n .
Dec.
J a il.
Jan.
22a
22a
31a
29a
20a
20a
reo.
rec.
re c .
reo.
reo.
re c .
reo.
reo.
reo.
reo.
reo.
roo.
to
to
o f reo.
o f reo.
o f reo.
o f rec.
o f rec.
Deo.
Ja n .
Feb.
Deo.
Deo.
Feb.
Ja n .
Jan.
Fob.
Ja n .
Jan.
Deo.
Feb.
Ja n .
Ja n .
Jan.
Jan.
Feb.
Ja n .
30a
27
1
29a
30a
20a
23 H o ld e r s
23 H o ld e r s
1 H o ld e r s
1 H o ld e r s
1 H o ld e r s
1 H o ld e r s
15
15
1 H o ld e r s
1 H o ld e rs
20 H o ld e rs
20 H o ld e rs
1 H o ld e r s
20 H o ld e r s
20 H o ld e r s
1 H o ld e r s
1 H o ld e rs
10 H o ld e r s
1 H o ld e r s
29 H o ld e r s
1 J a n . 21
3
1 Ja n .
19 H o ld e rs
1 H o ld e rs
8 H o ld e rs
8 H o ld e r s
29 H o ld e rs
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
5
5a
5
19
8a
30a
1
24
31
8a
22 a
20
5a
20
13a
31
10
12
Feb.
M a r.
Feb.
Feb.
Feb.
Fob.
Feb.
M a r.
M a r.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Ja n .
Feb.
Fob.
Feb.
Ja n .
Feb.
Feb.
Feb.
Ja n .
Feb.
Feb.
Jan.
Ja n .
1
1
1
1
1
1
1
1
1
1
15
1
1
1
1
1
1
1
10
1
31
1
1
1
31
l
1
1
20
1
1
30
30
H o ld e rs
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e rs
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e r s
H o ld e r s
H o ld e rs
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e rs
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e rs
H o ld e r s
H o ld e r s
H o ld e rs
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
of
oi
of
of
of
of
of
reo.
reo.
rec.
reo.
reo.
reo.
reo.
reo.
rec.
rec.
rec.
reo.
reo.
re c .
re c .
rec.
reo.
re c .
re c .
rec.
reo.
rec.
reo.
reo.
re c .
re c .
re c .
re c .
reo.
re c .
reo.
rec.
rec.
Ja n .
Jan.
Jan.
Ja n .
Ja n .
Feb.
Feb.
Feb.
Feb.
1
1
1
1
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
of
of
of
of
re o .
re c .
re o .
rec.
J a n . 31
Jan.
Ja n .
Ja n .
Feb.
Feb.
1 H o ld e r s o f re c . J a n . 23
1 H o ld e r s o f re c . J a n .
% Feb.
%
f%
%
%
f%
Books Closed.
Days Inclusive.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Ja n .
Feb.
Feb.
Ja n .
Feb.
Feb.
Feb.
Fob.
Feb.
Feb.
Feb.
Ja n .
Feb.
Jan.
Ja n .
Feb.
Feb.
Fob.
Feb.
Feb.
Feb.
15 H o ld e r s o f rec,
2 H o ld e r s o f rec,
1 H o ld e r s o f rec,
1 H o ld e r s o f rec,
21 to
1 Jan.
1 H o ld e r s o f rec.
16 t o
1 Ja n .
10 to
1 Ja n .
10 to
1 Ja n .
22 H o ld e rs o f reo.
2 H o ld e r s o f rec,
1
20 H o ld e r s o f rec.
1 H o ld e r s o f rec.
1 H o ld e r s o f rec.
1 H o ld e r s o f rec.
20 H o ld e r s o f rec.
1 H o ld e r s o f rec.
to
1 J a n . 21
1 H o ld e r s o f reo
25 H o ld e r s o f rec
1 H o ld e rs o f rec,
See n o te
31
Sco n o te
31
1 H o ld e r s o f rec,
5 H o ld e r s o f rec,
1 H o ld e r s o f rec,
15 H o ld e r s o f reo.
1 H o ld e rs o f rec,
10 F e b . 1 to
Jan. 15
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Ja n .
Jan.
Ja n .
Ja n .
Ja n .
Ja n .
Jan.
Jan.
Ja n .
Jan.
Ja n .
15
15
15
15
31
Jan.
Deo.
Jan.
Ja n .
Ja n .
Jan.
15
30a
15
11
11
19a
19a
1
10
20
31
18
20
27a
15
2a
22a
Jan.. 10
J a n 15a
20
20a
20a
20
Feb.
Ja n .
Jan.
Ja n .
l'c b .
Feb.
Jan.
Ja n .
Ja n .
Ja n .
Ja n .
Ja n .
Jan.
Jan.
Ja n .
Jan.
Deo.
Ja n .
Ja n .
Dec.
Ja n .
19
1
20
15
18
4
1
31
31
31
5a
17
8
20
15a
15a
20a
29 a
31
27 a
20a
(*) 22
(*)n . 25 a
Ja
Feb. 1
J a n . 20
Feb. 1
J a n . 28
F e b . 10
Ja n . 20 1917.]
Name of Company.
M is c e lla n e o u s ( C o n t i n u e d ) .
C a n a d ia n E x p lo s iv e s , L t d . , c o m m o n ____
C a r w e n S te e l T o o l ( N o . 1 )............................
E x t r a . .......... .................... ...............................
C e n t r a l L e a th e r , c o m m o n ( q u a r . ) — . . .
• Charcoal I r o n o f A m e r ic a , p re fe rre d ---------C h a rc o a l I r o n C o ., p re f., o f A m e r ic a ------C h ic a g o P n e u m a t ic T o o l ( q u a r.) .................
■Chic. Wilmington A Frank. Coal, pref------C le v e la n d -C llf f s I r o n ( q u a r . ) .......... .............
S to c k d iv id e n d _______________________
• Cluett, P e a b o d y A C o ., I n c . , c o m . ( q u a r.)
• C o m m o n w e a lth E d is o n ( a u a r . ) __________
C o n s o lid a t io n C o a l ( q u a r .) ............ ...............
► S to c k d iv id e n d .............................. ...............
Crocker-Whttler Co., common (quar.)..........
Preferred (quar.)............................ - .............
■Crucible Steel, prtf. (extra) (No. 5 1 )---------C r u c ib le S te e l, p re f. (e xtra ) ( N o . 5 1 )------De Long Hook A Lije (quar.) (No. 6 6 )..........
Dominion Bridge (quar.)_________________
Extra ..................... ..........................................
D o m in io n C o a l, L t d . , p r e f e r r e d .................
D o m in io n S te e l C o r p ., p re f. ( q u a r . ) ------d u P o n t ( E . I .) d o N e m .P o w d .,c o m .( q u .) .
P re fe rre d ( q u a r .) .........................................
E a s tm a n K o d a k , c o m m o n ( e x t r a ) ...............
C o m m o n ( e x t r a ) ______________________
E d is o n E le c . 111. o t P o s to n ( q u . ) ( N o . l l l )
E d is o n E le c . 111. o f B r o c k t o n (q u .) ( N o .6 1 )
E le c t r ic a l S e c u ritie s C o r p ., p re f. ( q u a r.) .
E le c t r lc B o n d & S h a re , p re f. (q u .) ( N o .4 7 )
Elgin National Watch (quar.)..................... E u r e k a P lp o L in e ( q u a r.) ...............................
F a ja r d o S u g a r ( q u a r .) -----------------------------------Fall Elver Oas Works (quar.) (No. 8 9 )------F e d e r a l S u g a r R e fin in g , p re f. ( q u a r . ) ------F is h e r B o d y C o r p o r a t io n , p re f. ( q u a r . ) . .
F t . W o r t h P o w . A L t . , p re f. ( q u .) ( N o .2 2 )
G e n e ra l C h e m ic a l, c o m m o n ( q u a r . ) ---------C o m m o n ( e x t r a ) ----------------------------- ---------C o m m o n (s p e c ia l)________________ —
G e n e ra l M o t o r s C o m p a n y , c o m m o n (q u .)
G e n e ra l M o t o r s C o r p o r a t io n , c o m . ( q u . ) .
P re fe rre d ( q u a r .) ..........................................
G o o d r ic h ( B . F . ) C o ., c o m m o n ( q u a r . ) . .
G r a n b y C o n . M i n . S in . A 1>. ( q u .) ( N o .2 5 )
G r e a t L a k e s S te a m s h ip ( q u a r . ) .................
E x t r a ...............- ................................................
G u l f S ta te s S te e l, 2d p re f. ( q u a r.) ______
H a r b ls o n - W a lk c r R c fr a c ., p re f. ( q u a r . ) . .
H a r r is o n B ro s . & C o ., In c ., p r e f ( q u a r.) .
H o l l y S u g a r C o r p ., p re fe rre d ( q u a r . ) ____
H o m e s t a k o M in in g ( m o n t h ly ) ( N o . 5 0 9 ).
Ilouston Oil, pref..............................................
I llin o is N o r t h e r n U t ilit ie s , p re f. ( q u a r . ) . .
Illuminating >6 Power Securities, pref. (qu.)
In d ia n a P ip e L in e ( q u a r.) ............ ................
E x t r a _________________________________
In t e r n a t io n a l N ic k e l, p re f. ( q u a r . ) ............
I n s p ir a t io n C o n s o lid a te d C o p p e r ...............
Is le R o y a l C o p p e r (q u a r.) ( N o . 4 ) ..........
E x t r a .......... ...... ...............................................
K a y s e r ( J u liu s ) A C o ., 1st & 2d p re f. (q u .)
Kellogg Switchboard A Supply (quar.)------Extra (payable In stock)________________
K e lly -S p r ln g f le ld T i r o , c o m m o n ( q u a r . ) . .
K e r r L a k e M in in g (q u a r.) ( N o . 4 6 ) ------K e y s t o n o T e le p h o n e , p r e fe r r e d ------------------L a B e lle I r o n W o r k s , c o m m o n -----------------L e h ig h V a l l e y C o a l Sa les ( q u a r . ) . . ............
L o f t , In c . ( q u a r.) ( N o . 1 )............................
Lowell Elec. Lt. Corp. (quar.) (No. 8 3 )------M a r lin A r m s C o r p ., p re fe rre d ( N o . 3 ) - —
Maryland Coal.............. ........................ ...........
M a s s a c h u s e tts G a s C o ., c o m m o n (q u a r.)
M ia m i C o p p e r C o . (q u a r.) ( N o . 1 8 )---------E x t r a _________________________________
M i d v a le S tee l A O r d n a n c e ( N o . 1 )-----------M id w e s t O il. p r e f . ( N o . 18) ---------------------M id w e s t R e fin in g (q u a r.) ( N o . 9 ) ...............
Montreal Light, lit. A Pow. (qu.) (No. 63)
Municipal Service, preferred (quar.)---------N a s h M o t o r s , p re f. ( q u a r.) ..........................
National Refining, common (quar.)............
Common (extra)--------- --------------- ---------- —
National 7.inc A Lead (quar.)........................
N c v a d a - C a llf o r n la E lc c t r lo C o r p ., p r e f . .
N e w J e r s e y Z ln o ( q u a r .) .................................
N lp ls s ln g M in e s ( q u a r.) .................................
E x t r a ............ ....................................................
North Ametican Co. (quar.)_____________
N o r t h B u t t e M in in g ( q u a r.) ( N o . 4 1 ) . - N o r t h e r n S ta te s P o w e r , c o m m o n ( q u a r . ) .
O k la h o m a N a t u r a l G a s ( q u a r . ) ...................
O m a h a E le c . L i g h t A P o w e r , p r e f -----------O s c e o la C o n s o l. M in in g (q u a r.) ( N o . 85)
Pacific Coast Co., common (quar.)_______
First preferred (quar.)__________________
Second preferred (quar.)_______________
Pacific Mall Steamship, pref. (quar.)..........
Pacific Power A Light, pref. (qu.) ( N o .2 6 ).
F a o k a rd M o t o r C a r , c o m m o n ( q u a r . ) ------P e n m a n s , L im it e d , c o m m o n ( q u a r . ) ..........
C o m m o n (b o n u s ) ................................... —
P re fe rre d ( q u a r.) ..........................................
P e n n T r a f f ic C o .................................- .............
P e o p le 's G a s L ig h t A C o k e ( q u a r.) ............
P it t s b u r g h C o a l, p re fe rre d ( q u a r.) -----------P la n t ( T h o s . G .) C o ., p re f. ( q u a r . ) - - - - - Portland Gas A Coke, pref. (qu.) (No. 28)
P r a lr lo O il A G a s ( q u a r .) _______________
E x t r a _________________________________
P r a lr lo P lp o L in o ( q u a r .) ..............................
E x t r a __________ ______________________
Procter A Gamble Co., common (quar.)------P u b lic S e rv ic e o f N o r . I llin o is , p re f. (q u .)
P y r e n e M f g . , c o m . (q u a r.) ( N o . 17)------Q u a k e r O a ts , p re fe rre d ( q u a r . ) . . ...............
R e p u b lic I r o n A S te e l, c o m . ( N o . 1 )------Sapulpa Refining (quar.).............. - ................
Sears, Roebuck A Co., common (quar.)------S e c u ritie s C o r p o r a t io n G e n e ra l, c o m .(q u .)
S h a t tu c k - A r lz o n a C o p p e r ( q u a r . ) . . -------p E x t r a _______ _____ ________________
Sierra Pacific Elec. Co., pref. (qu.) (No.30)
S in c la ir O il A R e f in in g ..................................
S lo ss-S h o ffle td S te e l A I r o n , c o m . ( q u a r .) .
Standard OU (Calif.) (quar.)------------------------Stock dividend.................................................
Standard O (Indiana) (quar.).....................
H
p Extra *....................................... - - ............. —
S tee l C o . o f C a n a d a , L t d . , p re f. ( q u a r . ) , .
Texas Pow. .C* Lt., pref. {qu.) {No. 19)------T o n o p a h M in in g o f N e v a d a - - - - ............ ..
Trenton Potteries, pref. {quar.)................... Preferred (extra)..........- ...............................
United Cigar Mfrs., common (quar.)------U n it e d C ig a r S to re s o f A m e ric a , com .(q u .)
U n it e d D r u g , 1st p re f. ( q u a r.) ( N o . 4 ) - .
U n it e d D y e w o o d C o r p o r a t io n , ‘c o m m o n . .
P re fe rre d .'(q u a r.)..........................................
THE CHRONICLE
When
Per
Cent. Payable
Jan.
Feh.
Feb.
Feb.
h2Uc. F e b .
20c. J a n .
Jan.
1
Feb.
IK
2 K Jan.
e35
Feb.
Feb.
IK
2
Feb.
Ja n .
IK
«5
2
Jan.
i K Jan.
h2
Jan.
Ja n .
h2
Feb.
2
Feb.
2
Feb.
2
Feb.
3K
Feb.
IK
Feb.
IK
Feb.
IK
Feb.
10
M a r.
10
Feb.
3
Feb.
2
Feb.
IK
Feb.
IK
Feb.
2
Feb.
6
2 K Feb.
Feb.
3
Ja n .
IK
Feb.
IK
Feb.
IK
2
M a r.
Feb.
5
15
Feb.
Feb.
5
Feb.
1
Feb.
IK
1
Feb.
2 K Feb.
2
2
Feb.
IK
Jan.
IK
Feb.
IK
Feb.
IK
65c. J a n .
3
Feb.
Feb.
IK
Feb.
IK
Feb.
82
Feb.
31
Feb.
IK
Ja n .
82
Jan.
31
Ja n .
$1
Feb.
IK
Fob.
IK
20o
5c.
IK
$1
25o.
ft$ l
1
S I .25
IK
2K
27Kc.
1
S I . 25
$1.50
50c.
$1.50
2c.
31
2
IK
IK
IK
2K
2
IK
4
25c.
25c.
IK
75c.
IK
IK
2K
$6
1
IK
l
IK
IK
2
l
1
IK
7Kc.
IK
IK
IK
IK
3
2
5
5
5
IK
25c.
1K
IK
30c.
IK
1
50o.
750.
IK
31.25
IK *
2K
e.3.3 1-3
3
3
IK
IK
15c.
IK
K
1
IK
87 K c .
IK
nlH
Feb.
M a r.
Feb.
Ja n .
Ja u .
Feb.
Feb.
Ja n .
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Jan.
Ja n .
Feb.
Ja n .
Ja n .
A p ril
Ja u .
Jan.
Jan.
Feb.
Ja n .
Feb.
Feb.
Feb.
M a r.
Feb.
Jan.
Fob.
Feb.
Fob.
Feb.
Feb.
Ja n .
Jan.
Fob.
Jan.
Ja n .
Ja n .
Ja n .
Feb.
Feb.
Feb.
Feb.
Feb.
Fob.
Feb.
Feb.
Ja n .
In n
Fob.
Feb.
Feb.
M a r.
A p r il
Feb.
Feb.
Feb.
Fob.
Ja n .
Jan.
Jan.
Fob.
Feb.
Fob.
A p r.
A p r.
31
11
11
l
2S
31
25
1
25
1
1
1
31
Books Clqped.
Days Inclusive.
H o ld e rs o t re c . D e o 31a
H o ld e r s c l re o . F e b
I
H o ld e r s o f re o . F e b
1
H o ld e rs o f re c . J a n . 10a
H o ld e r s o f ree. F e b 15
H o ld e rs o f reo. J a n . 15
J a n . 16
to
J a n . 25
H o ld e r s o f re c . J a n . 19
J a n . 16
to
J a n . 25
J a n . 16
to
J a n . 25
H o ld e rs o f re o . J a n . 20a
H o ld e rs o f re c . J a n . 10a
H o ld e rs o f reo. J a il. 20a
H o ld e rs o f re c . F e b . 2
15 J a n .
6
to
____
6
to
____
15 J a n .
31 H o ld e rs o f re c . J a n . 16
31 H o ld e rs o f re c . J a n . 16a
1 H o ld e rs o f re c . J a n . 22
15 H o ld e rs o f re e . J a n . 31
15 H o ld e r s o f re o . J o n . 31
1 H o ld e rs o f ree. J a n . •15
to
Feb. 1
1 J a n . 16
1 H o ld e r s o f reo. J a n . 22a
1 H o ld e rs o f re c . J a n . 22a
10 H o ld e rs o f reo. J a n . 13a
1 H o ld e rs o f re c . J a n . 31a
1 H o ld e rs o f ree. J a n . 22
1 H o ld e rs o f re o . J a n . 15a
1 H o ld e rs o f rc c . J a n . 26a
1 H o ld e rs o f re c . J a n . 17
1 H o ld e rs o f re c . J a n . 21
1 H o ld e rs o f rec. J a n . 15
1 H o ld e r s o f re c . J a n . 20
1 H o ld e rs o f re c . J a n . 16a
29 H o ld e rs o f re c . J a n . 26a
1 H o ld e rs o f reo. J a n . 20
1 H o ld e rs o f re c . J a n . 20
1 H o ld e rs o f reo. F e b . 2 la
1 H o ld e r s o f re c . D e c . 30a
1 H o ld e rs o f re c . D e c . 30a
1 H o ld e rs o f rec. J a n . 20
1 H o ld e rs o f roe. J a n . 20
1 H o ld e rs o f re c . J a n . 20
15 H o ld e rs o f rc c . F e b . 2a
1 H o ld e rs o f rc c . J a n . 18a
1
1
1 H o ld e r s o f re c . D e c . 15a
20 H o ld e rs o f re c . J a n . 10a
1 I lo ld c . s o f re c . J a n . 25
1 H o ld e rs o f ro e . J a n . 15
25 H o ld e rs o f re c . J a n . 20a
1 H o ld e rs o f rc c . J a n . 19
1 H o ld e rs o f re c . J a n . 20
15 H o ld e rs o f rc c . J a n . 31
15 H o ld e rs o f rc c . J a n . 25
15 H o ld e rs o f re c . J a n . 25
1 H o ld e rs o f re c . J a n . 15
29 H o ld e rs o f reo. J a n . 12
31 H o ld e rs o f re c . D e c . 30
31 H o ld e rs o f re c . D e e . 30
1 H o ld e rs o f re c . J a n . 20a
4 H o ld e rs o f rec. F e b . 2
27
24
1 H o ld e rs o f re c . J a n . 15a
15 H o ld e rs o f re c . M a r . la
1 H o ld e r s o f reo. J a n . 20a
31 H o ld e rs o f rc c . J a u . 20
20 H o ld e rs o f re c . J a n .
8
1 J a n . 18
to
Feb. 1
1 H o ld e rs o f rc c . J a n . 19a
20 H o ld e r s o f re c . J a n . 15
1 J a n . 21
to
J a n . 31
1 H o ld e rs o f re c . J a n . 15
15 H o ld e r s o f rc c . F e b . la
15 H o ld e rs o f re c . F e b . la
1 H o ld e rs o f re c . J a n . 20a
20 H o ld e rs o f re c . J a n .
2a
1 H o ld e r s o f re c . J a n . 15a
15 H o ld e rs o f rc c . J a n . 31
1 H o ld e rs o f re c . J a n . 22
1 H o ld e r s o f re o . J a n . 20
15 H o ld e rs o f ree. F e b . l a
15 H o ld e rs o f rc c . F e b .
la
31 J a n . 25
to
J a n . 31
30 H o ld e r s o f re c . D e e . 30
10 H o ld e r s o f rc c . J a n . 31
to
J a n . 17
20 D e c . 31
to
J a n . 17
20 D e c . 31
2 H o ld e rs o f rc c . M a r . 22
29 H o ld e rs o f rc c . J a n . 12a
20 H o ld e rs o f rc c . D e o . 30
9
20 H o ld e rs o f rcc. J a n .
1 H o ld e rs o f rc c . J a n . 20a
31 H o ld e r s o f re o . D e c . 30a
1 H o ld e rs o f rc c . J a n . 27
1 H o ld e r s o f rc c . J a n . 27
1 H o ld e rs o f re c . J a n . 27
1 H o ld e rs o f rc c . F e b . 17
1 H o ld e r s o f rc c . J a n . 22
31 H o ld e r s o f re o . J a n . 15a
15 H o ld e r s o f re c . F e b . 5a
15 H o ld e rs o f reo. F e b . 5a
1 H o ld e rs o f rc c . J a n . 22a
1 I I r id e r s o f re c . J a n . 15a
24 H o ld e rs o f rc c . J a n . 20
25 H o ld e r s o f ree. J a n . 12a
31 H o ld e rs o f rec. J a n . 17
1 H o ld e rs o f re c . J a n . 22
31 H o ld e rs o f reo. D e o . 30a
31 H o ld e rs o f re o . D e o . 30a
31 H o ld e rs o f reo. D e o . 30a
31 H o ld e rs o f reo. D e c . 30a
15 H o ld e rs o f re c . J a n . 31
1 H o ld e rs o f re c . J a n . 17
1 Ia n . 20
to
J a n . 31
28 H o ld e rs o f rec. F e b .
1 H o ld e r s o f re c . J a n . 15a
1 H o ld e rs o f re c . J a n 20
15 H o ld e rs o f ree. J a n . 3 la
l H o ld e rs o f re c . J a n
20 H o ld e r s o f reo. D e o . 30a
20 H o ld e r s o f reo. D e o . 30a
1 H o ld e r s o f rc c . J a n 19a
20 H o ld e r s o f re e . J a n . 31
1 H o ld e r s o f re c . J a n 17
15 H o ld e rs o f rc c . F e b 15
16 H o ld e r s o f rc c . F e b . 15
28 H o ld e r s o f re c . F e b . l
28 H o ld e rs o f rc c . F e b . 1
1 H o ld e rs o f roe. J a n . 13
1 H o ld e rs o f re c . J a n . 22
20 D e e . 31
to
Jan.
7
25 H o ld e r s o f rc c . J a n 18a
25 H o ld e r s o f ree. J a n . 18a
1 H o ld e rs o f ree. J a n . 24
16 H o ld e r s o f reo. J a n . 29a
1 H o ld e rs o f rcc. J a n . 15a
2 H o ld e rs o f re c . M a r . 14
2 H o ld e rs o f re o . M a r . 14
235
Per
When
Cent. Payable.
Name of Company.
Miscellaneous (Concluded).
1
1
2K
I
10c.
5c.
U. S. Bobbin A Shuttle, common (quar. ) . .
Common (extra)_______________________
Preferred (quar.)____________ _____ ____
1k
U . S . R u b b e r , fir s t p re fe rre d ( q u a r . ) ____
S e c o n d p re fe rre d ( q u a r.) ............................
U. S. Steamship (quar.)...................................
Extra _________________________________
U n it e d V e r d e E x t e n s io n M in in g ( q u a r . ) . .
V lr g ln la - C a r o lln a C h e m ic a l, c o m m o n _
_
(Varner(Chas.)Co.of Del.,1st A 2d pf.(qu.)
50c.
75c.
1%
W e lls , F a r g o A C o ......................................... ..
3
E x t r a _________________________________ $33.33
W e s tin g h o u s e A i r B r a k e ( q u a r.) ________
W e s ttn g h o u s e E le c . A M f g . , c o m . (q u a r.) 8 7 K o .
W ll l y s - O v e r la n d , c o m m o n ( q u a r.) ............
750.
T V Illys-Ocerland, common (quar.)________
75c.
W o o l w o r t h ( F . W . ) , c o m m o n ( q u a r . ) ____
$2
2
Feb.
Feb.
Feb.
Ja n .
Ja n .
M a r.
M a r.
Feb.
Feb.
Ja n .
Ja n .
Ja n .
Ja n .
Ja n .
Feb.
Feb.
M a r.
Books Closed.
Days Inclusive.
1 Ja n .
11 t o
1 Ja n .
11 t o
1 Ja n .
11 t o
31 H o ld e r s o f re c .
31 H o ld e r s o f re c .
1 H o ld e r s o f re c .
1 H o ld e r s o f re c .
1 H o ld e r s o f re o .
1 H o ld e r s o f re c .
25 H o ld e r s o f re c .
20 J a n .
9 to
20 J a n .
9 to
20 H o ld e r s o f re o .
31 H o ld e r s o f re c .
1 H o ld e r s o f re c .
1 H o ld e r s o f re o .
1 H o ld e r s o f re c .
Ja n .
Ja n .
Ja n .
Ja n .
Ja n .
Feb.
Feb.
Ja n .
Ja n .
Dec.
Ja n .
Ja n .
Deo.
Dec.
Ja n .
Ja n .
Feb.
31
31
31
16 a
15
15
15
10
15a
30
21
21
30a
30a
20a
20
10
a 1 ra n s fe r b o o k s n o t closed fo r th is d iv id e n d , b L e s s B r it is h In c o m e t a x . d C o r
r e c tio n . e P a y a b le In s to c k . / P a y a b le In c o m m o n s to c k , g P a y a b le In s c r ip .
n o n a c c o u n t o f a c c u m u la te d d lv s .
It T r a n s f e r s re c e ive d In o r d e r in L o n d o n n o t
*^*®r t h a n J a n . 9 w ill b e In tim e t o b e passed for p a y m e n t o f d iv id e n d ? t o tra n s fe re e s .
l 1 h e r e c o m m e n d a tio n s o f t h e d ire c to rs to d is t rib u te o n e s h a re o f $5 p a r o f th e
o r d in a r y s h a re s o f Im p e r ia l T o b a c c o C o . o f C a n a d a f o r e v e r y f o u r sh a re s o f B r i t . .
A m e r . I o b a c c o o r d in a r y sh a re s h e ld w a s w it h d r a w n J a n . 11 1917.
n D e c la re d
n J n ™ Y a b lc ln Q u a r t e r ly In s ta llm e n ts , z C a p it a l In cre a se d f r o m 8500,000 t o $ 1 ,
09 0,000, s to c k h o ld e rs D elng g iv e n th e p r iv ile g e o f s u b s c rib in g to th e n e w c a p ita l
a t p a r.
NICARAGUA CUSTOMS RECEIPTS.— We append a
statement showing the Nicaraguan customs receipts for
ten months of 1916, compared with 1915:
Increase ( + )
Decrease (— ) .
J a n u a r y ................... ...........
F e b r u a r y ______________
M a r c h ________________
.
.
.
1916.
$72,515 87
60.248 23
88,103 62
1915.
$45,064 68
59 ,4 60 45
67,607 88
T o t a l fir s t q u a r t e r . . .
.
$220,867 72
$172,133 01
+ $48,734 71
A p r i l ___________________
M a y ....................... ...........
J u n o _____ _____ ________
.
.
.
$88,058 11
87.394 48
106,598 43
$68,627 96
81,187 68
65,773 53
+ $ 19,430 15
+ 6 ,206 80
+ $40,824 90
T o t a l second q u a rte r.
+ $27,451 19
+ 787 78
+ 20,495 74
. $282,051 02
$215,589 17
+ $66,461 85
. $502,918 74
.
$75,638 92
.
98,606 11
.
90,605 65
H a l f - y e a r ................... ..
J u l y ....................................
A u g u s t . . ............................
S e p t e m b e r ..........................
$387,722 18
$70,044 50
53,619 67
72,701 77
+ $115,196 56
+ 85,594 42
+ 4 4 ,9 8 6 44
+ 17,903 88
$196,305 94
+ $68,484 74
.
$264,850 68
N i n e m o n t h s ............................................
O c t o b e r ....................................... ..................
S767.769 42
879,021 13
T o t a l t h ir d q u a r t e r . .
8584,088 12 + $ 1 8 3 ,6 8 1 30
$63,800 24
+ 815,220 89
C a n a d ia n B a n k C le a rin g s. —The clearings for the week
ending Jan. 11 at Canadian cities, in comparison with the
same week in 1916, show an increase in the aggregate of
i
11.
C le a r in g s a t
W e e k e n d in g J a n .
—
1917.
Canada—
Montreal.... ...........
T o ro n to ___ _.
Winnipeg____
Vancouver__
Ottawa____ _______
Quebec........................
Hamilton............ ...........
St. John____ _________
C algary............ ............
London........................ .
Victoria_______________
Edm onton.............. .......
R egina______________ _
Brandon______________
Lethbridge____ _____ _
Saskatoon...... ......... .......
Brantford........................
Moose Jaw.... .................
Fort William__________
Now Westminster_____
Medicine Hat__________
Peterborough. ................
Sherbrooke____________
Kitchener ......................
S
77,295,725
63,347,095
39,296,273
6,676,371
4,735,868
3,646,026
3,354,896
4,496,504
2,002,859
4,654,226
2,428,671
1,532,701
3,044,018
3,040,875
529,456
761,906
1,701,090
747,352
1,458,938
631,323
259,448
512,947
548,966
570.872
604,423
1916.
$
70,582,999
46,100,863
35,153,945
5,160,562
3,848,144
3,470,810
2,797,282
3,277,209
1,592,485
3,792,288
2,001,325
1,363,857
2,153,449
2.325,165
552,808
437,903
1,134,518
608,773
931,648
403,227
217,606
293,025
502,267
Not lncl. In
Not lncl. ln
Total Canada.............. 226,703,534!188,702,216
I n c . or
D ec.
%
+ 9.5
+ 37.4
+ 11.8
+ 29.4
+ 23.1
+ 5.1
+ 19.9
+ 37.2
+ 25.7
+ 22.7
+ 21.3
+ 12.4
+ 41.4
+ 30.8
— 4.2
+ 74.0
+ 50.0
+ 22.5
+ 56.7
+ 56.5
+ 19.3
+ 75.0
+ 9.3
total,
total.
1915.
1914.
$
s
43,810,979 48,815,460
34,714,860 38,360,891
24,345,052 27,140,263
5,220,839
9,21S,134
3,479,512
2,821,509
2,944,488 2,967,982
1,969,815
1,951,175
2,522,254 2,857,877
1,628,817
1,373,799
2,867,873
3,830,747
1,616,963
1,782,043
1,645,013 2,504,474
2,033,903 3,591,697
1,284,251
2,015,273
399,238
483,857
334,613
450,246
753,000
1,278,425
484,515
546,521
072,518
862,458
347,412
704,567
262,636
387,440
219,699
374,413
407,935
+ 20.1‘ 133,966,221 155,318,851
N a tio n 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:
A P P L IC A T IO N S F O R C H A R T E R S .
F or organization o f national banks:
California N ational Bank o f M odesto, Cal. C ap ital___________ $100,000
T ho First N ational
Bank o f Potw in, Kans. C ap ital_______ 25,000
T he First N ational
Bank o f Ransom . Kans. C apital______ 25,000
T lio Farmers A Merchants N ational Bank o f Ophelin. C a p ita l. 25,000
T ho First N ational
Bank o f Butler, Okla. C apital_________
25,000
T ho Peoples N ational Bank o f Remasters, P a. C apital________ 25,000
T h e First N ational Bank o f Vlrgillna, Va. C apital_____________
25,000
F or conversion o f State banks:
T he First N ational Bank o f Redm ond, Ore. C ap ital__________ 25,000
Conversion o f tho Redm ond Bank o f Comm erce.
T otal capital_____________________________________________$275,000
C H A R T E R S ISS U E D .
Original organizations:
T ho First National Bank o f M llltow n, N . J. C ap ita l__________$25,000
T ho American National Bank o f Racine, AVIs. C apital_________ 100,000
T ho First N ational Bank o f Choteau, M o n t. C ap ita l__________ 50,000
T o succeed Hirehberg Brothers, Bankers.
Conversion o f Stato banks:
Pipestone N ational Bank, Pipestone, M inn . C apital_________ 50,000
Conversion o f tho Pipestone State Bank.
T otal capital_________________.'__________________________ $225,000
E X T E N S IO N OF C H A R T E R .
T ho Ilam National Bank o f M ou nt Vernon, 111. C apital--------------$100,000
Charter extended until close o f business Jan. 8 1937.
IN C R E A S E OF C A P IT A L A P P R O V E D .
T ho N ational Bank o f North Hudson at AVest H oboken, N . J.
Capital Increased from $100,000 to $140,000. Increase_______ $40,000
T ho Peoples N ational Bank o f Charlottesville, Va.
Capital Increased from $300,000 to $370,000. Increaso_______
70,000
T otal Increaso_________________________ __________________ $110,000
B A N K S L IQ U ID A T IN G T O C O N S O L ID A T E W IT H O T H E R
N A T IO N A L B A N K S .
T h e United States N ational Bank o f Azusa, C al. C apital------------$50,000
Liquidating agents: J. A . Graves, A lham bra, C al., and J. W .
C alvert, A zusa, C al. Consolidated with the First National
Bank o f A zusa.
_____
T h e T hird N ational Bank o f B uffalo, N . Y . C apital----------------- $1,000,000
Liquidating agent: W illiam A . M organ, B uffalo, N . Y . C on
solidated w ith T h e M anufacturers & Traders N ational Bank
o f B uffalo, N . Y .
T he Jefferson N ational Bank o f Charlottesville, V a. C apital—
100,000
Liquidating com m ittee: R . A . W atson, E . I . Carruthors and
A . V . C onw ay, Charlottesville, V a. Consolidated with the
Peoples N ational Bank o f Charlottesville.
T ota l cap ital............................................................................... $1,150,000
O T H E R L IQ U ID A T IO N S .
T he American N ational Bank o f Hillsboro, Ore. C apital--------------$50,000
Liquidating agents: A . C . Shute and C . Jack, J r., Hillsboro,
Ore. A bsorbed b y the Shute Savings Bank o f Hillsboro.
__
T h o First N a t. Bank o f Lestershirc, Johnson C ity , N .Y . C ap ita l. $50,000
Liquidating agents: W allace H . W lndus and M aurice E . Page,
Johnson C ity , N . Y .
T ota l capital_____________________________________________$100,000
Auction Sales.—Among other securities, the following,
n ot u su ally dealt in at the Stock E xchange, were recently sold
at auction in New York, Boston and Philadelphia:
By. Messrs. Adrian H. Muller & Sons, New York:
S h a res.
S to ck s.
P e r c e n t.
S h a r es.
S to ck s.
By Messrs. Barnes & Lofland, Philadelphia:
$
S to ck s.
p e r sh .
Shares.
Slocks.
$ per sh.
2 J o h n B . S te ts o n C o . , p r e f ........... 170
30 A m e r ic a n D r e d g i n g . . ............. . .1 0 2
30 G ia n t P o r t la n d C e m e n t , p r e f.,
p a id ...... ......................105M-106
$50 e a c h ............ ......................... 10
10 B u f f a l o * L . E . T r a c t i o n , c o m . 2
B e rg n e r * E n g e l B r e w ., c o m . . 15
25 P a c ific W ire le s s T e l . , $1 e a c h . $2 lo t
N o r t h e r n T r u s t C o ............ .5 5 5 -5 5 5 H
P h ila d e lp h ia N a t . B a n k . . .4 9 9 -5 0 0 15 C h e s a p e a k e & D e l. C a n a l.......... 1 H
2 W e s t C h e s te r K e n n c t t & W i l
R id g e A v e . B a n k , $50 e a c h . 50-55
m in g t o n E le c . R y . , $50 e a c h . 515
C o lu m b ia A v o . T r u s t C o ______ 200 'A
8 P h ila . B o u rs e , c o m ., $50 e a ___9-911
C o n t ln c n t a t -E q u lt . T r . , $50 e a . 88
3 P h ila . B o u rs e , p r e f ., $25 e a c h . 2 2 'A
L o g a n T r u s t C o ............................1 5 0 H
M u t u a l T r u s t C o ., $50 e a c h . . . 30
B onds.
P e r c e n t.
P h il. W a r e h o u s in g & C . S ____90J*
M a h o n in g * S h e n . R y . * L t . , p f . 102)$ $7 ,0 00 I n t e r n a t . T r a o . d e b e n . 6s,
1917-1923............................... 99 'A
U n io n P a s s . R y ______________ 190
S e c o n d & 3 d S ts . P a ss. R y _ 2 4 3 -2 4 3 M 10,000 G u a n a ju a t o R e d u c . & M in e s
1st 6s, 1924, J u l y 1915
1 3 th & 1 5 th S tre e ts P a s s . R y . . 2 4 0 H
c o u p o n s o n _______ ______ 23
J o h n B . S te ts o n C o ., c o m _____ 380
5
93 R i v e r & H a r b o r I m p t . C o ------20 B e lm o n t T r u s t C o ., $50 e a c h . . 35
16 M a r k e t S t . T l t l o & T r u s t , $35
25
25
6
100
5
25
10
25
15
80
5
2
1
5
By Messrs. Francis Henshaw & Co., Boston:
S h ares.
20
1
68
12
6
100
172
$
S to ck s.
p e r sh .
S h a r es.
By M e s s r s . R . L. Day & C o ., Boston:
S h a r es.
10
2
1
71
15
18
6
5
$
'S to ck s.
S h a r es.
p e r sh
2
27
27
20
40
2
20
5
C h a p in N a t . B a n k , S p r in g f ie ld . 135
F r a m in g h a m (M a s s .) N a t . B k . 14755
A m e r ic a n T r u s t C o . . . ................ 349
C le v e la n d ( O .) T r u s t C o ........ 280
P a c ific M i ll s .....................................176
A r lin g t o n M i ll s .......... ....................... 150
II111 M l g .......... .................
84
Q u e e n C i t y C o tto n C o . (B u r
lin g t o n , V t . ) ................................ 106)5
$
S to ck s.
per sh .
T r e m o n t & S u ff o lk M i ll s ................139
E u r o p e a n & N o . A m . R y ............110
P o r t la n d & O g d e n s b u r g R R _____ 40
W a s h b u r n W ir e , p r e f e r r e d ...........124
A r t M e t a l C o n s t r u e . , $25 e a c h . . 11 J i
S p llt d o r f E le c t r ic a l, p r e f ..................90
D r a p e r C o r p o r a t io n ....................... 134)$
P l y m o u t h C o rd a g e , e x -d lv .2 0 3 -2 0 5
Imports and Exports for the Week.—The following are
tho reported imports of merchandise at New York for the
week ending Jan. 13 and since the first week of January:
F O R E IG N IM P O R T S A T N E W Y O R K .
1917.
1916.
1915.
1914.
T o t a l fo r t h e w e e k . .................
P r e v io u s ly r e p o r t e d ............ ..
$3 6,510,652
26 ,226,264
$29,942,612
24,5 58,00 0
$17,896,965
17,364,191
$17,334,591
19,074,085
T o t a l 2 w e e k _____________
$62,736,916
$54,500,612
$35,261,156
$3 6,408 ,6 76
EXP O R TS
FROM
NEW
YO RK
FOR
TH E
1917.
1916.
$75,110,207
42 ,459,105
$58,443,008
57,371,445
W EEK.
1914.
1915.
P er cen t.
250 E s t . o f B r a d ls h J o h n s o n , I n c . 75
147 N e w M e t h o d A d v . C o r p . _ . l
2,00 0 A llia n c e F ilm s C o r p o r a t io n .M O lo t
147 M y s t ic A d v . D e v ic e , I n c . . .
45 B o n d & M t g e . G u a r a n t e e C o . 281
337 A u lin w u n M f g . C o __________ $70
$2 ,5 00 P r o m is s o r y n o t e o f N e w
lo t
B on d s.
P e r c e n t.
M e t h o d A d v . C o r p ............ J
$1,000 T r e n t o n L a k e w o o d & Sea
20 N e w Y o r k T i m e s C o ............. . .5 2 0
C o a s t R y . 5s, 1940______ 12
47 M a c I n t y r e I r o n C o ............ ........105
S h ares.
[Vol . 104
THE CHRONICLE
336
S tock s.
$
p er sh .
150 M e r r lr a a c C h e m ic a l....................... 8 6 M
W e b s t e r & A t l a s N a t . B a n k . . .2 1 3
2 A m e r ic a n G lu e , c o m m o n ........13 1).f
F i r s t N a t . B a n k r i g h t . . . ............. 6 0 M
1 W a lt h a m W a t c h , p r e f e r r e d . . . 83
N o n q u l t t S p in n in g C 0 . . 1 1 4 M - H 5
10 B o s to n W h a r f .................................11215
P e p p e re d M f g .................................190
C a b o t M f g .............................
122)5 300 A r t M e t a l C o n s t r u e ., $25 e a c h . 11
1 B o s to n A t h e n e u m , $300 p a r . . . 420
N a s h a w e n a M i l l s . ...................... .1 1 1 )5
D r a p e r C o r p o r a t io n ............134-135
The Federal Reserve Banks.—Following
83 0,168 ,8 54
2 3 ,2 72,61 8
$2 2,162 ,9 95
17,773,584
$117,569,312 $115,814,453 1 $5 3,441 ,4 72
$39,936,579
F o r t h e w e e k .......................... ..
P r e v io u s ly r e p o r t e d .................
T o t a l 2 w e e k s ................... ..
EXP O R TS
AND
W e e k en d in g J a n .
IM P O R T S
OF
13.
S P E C IE
A T
E x p o rts.
Gold.
W eek .
Great Britain___________________
Franco__________________________
Germany............................................
West Indies.......................................
Mexico...............................................
South America..................................
All other countries_______________
S in ce
J a n . 1.
NEW
YO RK.
Im p o rts.
W eek .
S in c e
J a n . 1.
..............
...........--
________
S8 02 ',666
28,838
4,393,623
5,000
' 'V o , 179
161,356
75,090
3,489
"Vo", 179
740,505
184,809
31,574
Total 1917.................................... $2,554,461 $5,229,461 $249,114
1,270,552 1,179,702
Total 1916..................................... 1,256,552
139,465
226,000
225,000
Total 1915
Silver.
Groat Britain______________ _____ $1,689,607 $1,689,607
$5,000
$5,000
France............ ............. ...................
Germany
596
$59,590
596
West Indies___
193,509
1,549
1,549
Mexico............ ......... ........................
96,748
499
South America__________________
23,833
All other countries
$966,067
3,893,687
1,279,043
$373,680
1,017,156
194,183
$953,057
1,017,156
273,139
$802',666
28,838
1,718,623
5,000
Total 1917..................................... $1,696,752 $1,697,251
938,158
995,943
Total 1916...................................
1,883,702
540,959
Total 1915........ ........................
$59,590
686,068
171,864
35,535
O f th e a b o v e e x p o rt s fo r th e w e e k In 1917, $2,5 38,83 8 w e re A m e r ic a n g o ld c o i n .
is the weekly statement Issued by the Federal Reserve Board on Jan. 13:
Gains o f over 40 millions in gold reserve, due chiefly to increases In member banks’ and Governm ent deposits, also to the liquidation o f discounts
and acceptances aro Indicated b y the statement as at closo o f business on Jan. 12 1917. Some part o f tho increase in the banks gold reserves was caused
b y the return to the banks o f gold from tho agents for Federal Rcsorvp notes redeemed (hiring the past week.
.... a .
N ew Y o r k ’s gain o f 21.2 millions in gold reservo is accom panied b y increases o f 1.8 million in Governniont deposits and o f 12.4 millions In m ember
banks’ reserve deposits. T ho bank also reports liquidation in som e voium o o f acceptances and a reduction Of 'about 4 millions in the amounts duo to
other Federal Reserve banks. All other banks, except Atlanta and M inneapolis, report considerable additions to their gold reserves for the past week.
T ho gold resources o f tho system , including amounts o f gold held b y the Federal Reserve agents, aggregate at present $775,664,000, com pared with $004.
436.000 about three months and $559,144,000 about six m onths ago.
,
Discounted Daner on hand shows a decrease for the week o f about 2 millions, Boston, N ew Y ork and Chicago reporting considerable liquidation
o f their short-term paper. O f the total discounts, about 7.9 millions, as against 8.2 millions tho week before, is represented b y member banks co l
lateral notes. A net decrease o f 5.7 millions Is shown for tho total o f acceptances held, the New Y ork and Philadelphia banks r e ^ t i ^ t h e l a ^ e s t
decreases under this head. Transactions in United States bonds are reported b y three banks, resulting In an Increase o f $54,000 in the total on hand.
N o change Is shown in the total holdings o f one-year Treasury notes. M unicipal warrants on hand show an increase o f over 1 m illion, largely as the
result o f purchases b y three banks o f Now York C ity and local short-term securities. O f tho total bills, including acceptances, on hand, 4 5% mature
within 30 days, and 3 3% after 30 but within 60 days. O f tho warrants held, 2 6% maturo within 30 days and 19% after 30 b ut within 60 days. Only
1% o f tho bills, as against 3 8% o f the warrants, havo a m aturity o f over 90 days. T otal earning assots decreased 6.5 millions and constitute at pres
ent about 3 70 % o f the ban ks' paid-in capital, as against 382% shown tho weok beforo. O f tho ------- ----------- „ assets, 56.3 % , is roprosentpd b y a cce- t;
banks’ oaid-in
p ,
------ - 7
3 82 %
beforo.............— total earning
nited
ances, 19.9% b y United States bonds, 11.8% b y discounts, 7 .2 % b y Treasury notes and 4 .8 % by warrants. The considerable gain In the am ount o f
” '
‘ ‘all other resources" is due primarily to the largo increase in tho amounts o f national bank notes reported for the week in tho holdings o f tw o Reserve
bankGovcrnm ent deposits show an increaso for the weok o f about 2.2 millions, the N ew Y ork bank reporting a largo gain In Governm ent funds. In
addition, considerable shifting o f Governm ent funds between banks seems to have takon place during the past week. T he portion o f the total m em ber
banks' deposits which counts as reserve shows an increase o f 24.2 millions, all the banks except St. Louis and M inneapolis showing substantial gains
sinco last week. T he so-called “ flo a t” carried by tho Federal Reserve banks, as measured b y tho difference between the total o f Uncollected Items
on tho asset side o f the statem ent, and tho total o f "C ollection item s” on tho liability side, is about 9 6 millions.
. , ,
Federal Reserve agents report tho issue o f $293,440,000 not o f Federal Reserve notes, a decreaso for tho week o f $6,844,000. Against the total
Issued they hold $274,512,000 o f gold and $20,845,000 o f paper. Tho banks report a total o f $268,168,000 o f Federal Reserve notos in circulation and
aggregate liabilities o f $13,558,000 on notes issued to them by the agents.
The figures of the consolidated statement for the system as a whole are given in the following table, and in addition
we present tho results for each of the eight precoding weeks, thus furnishing a useful comparison. In tho second table we
show the resources and liabilities separately for each of tho twelve Federal Reserve banks, Tho statement of Federal Reserve
Agents’ Accounts (the third table following) gives details regarding the transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
C om bined R esources
and
L ia b ilitie s
Jan.
of the
F ed er al R eserve B an k s
at the
12 1917. J a n . 5 1917. D e c . 29 1916. D e c . 22 19 16. \ o e c . 15 1916.
C lose
D ec.
of
B usiness Ja n . 12 1917.
8 1916. D U . 1 1916. .V o o .2 4 1916. N o * . 17 1916.
RESOURCES.
$293,441,000
G o ld c o in a n d c e rtific a te s in v a u l t .......................... $292,829,000 $267,169,000 $281,588,000 $269,627,000 3258,418,000 $245,335,000 $281,917,000 $283,730,000 140.821,000
174,801.000
G o ld s e ttle m e n t f u n d ............ ...................................... 206,541,000 192,001.000 170,471.000 178,811.000 177.341.000 181,101.000 176,781.000
1,383,000
1,404,000
1,533,000
1,543,000
1,476.000
1,479.000
1,600,000
1,654.000
1,782,000
G o ld r e d e m p t io n fu n d w it h U . S . T r e a s u r e r . . .
$501,152,000 $460,770,000 $453,713,000 3449,917,000 3435,302.000 $427,969,000 $439,174,000 $459,935,000 $435,645,000
T o t a l g o ld r e s e r v e ...............................................
17.974.000
16,580,000
10.836.000
4,644,000
7,907,000
6,025.000
17,538,000
10,180.000
16,769,000
L e g a l te n d e r n o te s , s ilv e r . & c .................................
$450,010,000 $477,909,000 $452,225,000
T o t a l re s e r v e ........................................................ $517,921,000 $476,950,000 $471,251,000 $455,942,000 3443.209,000 $432,613,000
420.000
470,000
4 70,000
420,000
420,000
400,000
400,000
400,000
400,000
5 % r e d e m p t io n fu n d a g ’s t F . R . b a n k n o te s
$30,196,000 $32,297,000 $37,748,000 $38,345,000 52 1 ,7 3 2 ,COO 82 0.501.000 $19,704,000
B ills d is c o u n te d — M e m b e r s ..................................... $24,231,000 $26,217,000
97.789.000
106.379,000 102.092.000
A c c e p ta n c e s b o u g h t ..........................- ......................... 116,103,000 121,807,000 127.497.000 124,633.000 122,918,000 119,782,000
39.1 15.00 0
40.215.000
39.427.000
41.548.000
42.648.000
41.217.000
43.504.000
41.052.000
41.106.000
U n it e d S ta te s b o n d s ................................................
11.167.000
11.167.000
11.187.000
11.167.000
11.167.000
11.107.000
11.167.000
14.857.000
14.857.000
O n e - y e a r U . S . T r e a s u r y n o t e s . . ..................... ..
18.597.000
22.160.000
13.235.000
21.254.000
11.195.000
10.557.000
8,975,000
8,736,000
9,859,000
M u n ic ip a l w a r r a n t s .......... ...........................................
$1 95,353,000 $188,372,000
T o t a l e a rn in g asse ts............................................. $206,156,000 $212,669,000 $222,082,000 $222,158,000 $225,676,000 $224,077,000 $200,747,000
$21,664,000 $21,300,000 $19,236,000 $19,504,000 $18,760,000 $18,301,000 $15,414,000 $14,256,000
F e d e ra l R e s e r v e n o te s— N e t ............ ...................... $1 9,902,000
43,203,000
59.773,000
38,188,000
47.586.000
36,565,000
49,318.000
46.958,000
11.632.000
6,666,000
D u e fro m o th e r F e d e ra l R e s e rve ban ks— N e t . .
120,846.000 142,629.000
2,651,000
2,495.000
6,121,000
4.656.000
2,881.000
3,606.000
12.201.000
8,752,000
8,236.666
A l l o t h e r re s o u rc e s _____ . . . ___________________
$741,051,000 $715,316,000 $710,161,000 $735,060,000 $719,217,000
T o t a l re s o u rc e s ___. . . . . __________ - _______ 3889,118,000 $869,730,000 $7 68,226,000 $7 50,56 0,0001
J M 20 1917.]
A .
THE CHRONICLE
Jan.
12 1917.
Jan.
5 1917.
D ec.
291916.
D ec.
22 1916.
D ec.
237
151916.
D ec.
8 1916.
D ec.
1 1916.
N ot.
24 1916.
N o t.
171916,
L IA B IL IT IE S .
Government deposits-----------------------------------Member bank deposits—Net.'------- ----------------
$55,706,000 $55,695,000 $55,695,000 $55,765,000 $55,731,000 $55,746,000 $55,737,000 $55,711,000 $55,704,000
27.759.000 25.566.000 28,837,000 29,472,000 28,762,000 28,668,000 26,777.000 26,319,000 25,171,000
680,586,000 656,422,000
668,786,000 648,787,000 643,136,000 618,643,000 613,530,000 637.072,000 622,254.000
111,238", 666 118,659,666
13.558.000 13.245.000 14.130,000 15,754,000 12,606,000 11,423,000
13,383,000 14,296,000 14,468,000
28,000
1,028,000
1,030,000
28,000
271,000
243,666
816,000
808,000
782,000
634,000
590,000
778,000
706,000
Total liabilities........ .................................... $889,118,000 $869,730,000 $768,226,000 $750,560,000 $741,051,000 $715,316,000 $710,161,000 $735,060,000 $719,217,000
Gold reserve ag’st net dep. & note liabilities..
Cash reserve ag’st net dep. & note liabilities..
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag
gregate net liabilities on F. R. notes In
71.5%
73.9%
69.3%
71.8%
68.2%
70.9%
69.8%
70.7%
68.3%
69.6%
68.8%
69.5%
71.4%
73.1%
' 72.5%
75.3%
72.3%
75.1%
74.6%
72.4%
71.6%
71.3%
70.2%
70.1%
73.8%
76.1%
76.0%
D istrib u tio n by M a tu r itie s —
1-15 days bills discounted and b ou gh t..- $37,079,000 $34,617,000 x$30,256,000 x$24,348,000 x$23,817,000 x$28.654,000 xS19,724,000 x$17,465,000 x$ l1,180,000
1.526.000
1.949.000
25.837.000 29.301.000 y 41,514,000 y 47,381,000 y 51,307,000 y 45,310,000 y 28,526,000 y 27,472,000 y 29,242,666
16-30 days bills discounted and bou gh t...
1.120.000
1.127.000
46.884.000 48.106.000 47,772,000 49,375,000 62,118,000 49,705,000 50,346,000 50,751,000 45,982,000
31-60 days bills discounted and bough t...
1.847.000 . 1,687,000
29.546.000 35.055.000 37,105,000 34,759,000 32,342,000 33,386,000 28,342.000 25,373,000 29,566,000
61-90 days bills discounted and bou gh t...
1.637.000
2.273.000
988,000
945,000
1,046,000
1,067,000
1,523,000
1,173*666
1,082,000
1.53*2*.666
1,092,000
Over 90 days bills discounted and bought.
3.729.000
1.700.000
Over 90 days municipal warrants.............
F ed era l R eserve N o tes—
$293,440,000 $300,280,000 $300,511,000 $296,766,000 $289,778,000 $279,462,000 $268,270,000 $258,081,000 $255,702,000
25,272,000 27,407,000 25,158,000 21,720,000 23,402,000 22,160,000
17,633,000 17,032,000
21,131,000
in circulation.......... ................. - ................. $268,168,000 $272,873,000 <275,353.000 $275,046,000 $266,376,000 $257,302,000 $247,139,000 $240,448,000 $238,670,000
Gold and lawful money with Agent.................. $274,512,000 $281,292,000 5282,523,000 $278,528,000 5273.274.000 $264,639,000 $252,057,000 $241,566,000 $238,458,000
Held by banks— .................... - .................
F e d e r a l R e ser v e N o t e s ( A g e n t s
A c c o u n t s )—
Returned to the Comptroller-------------------
$462,380,000 $462,380,000 $462,380,000 $453,380,000 8447.380.000 $422,720,000 $412,280,000 $400,320,000 $393,220,000
101,056,000 95,796,000 94,935,000 94,080,000 92,283,000 91.297.000 90,300.000 89,169,000 84,938,000
Amount chargeable to Agent------------ $361,324,000 366,584,000 $367,445,000 $359,300,000 $355,097,000 $331,423,000 $321,980,000 $311,151,000 $308,282,000
07,884,000 66,304,000 66,934,000 62,534,000 65.319,000 51,961,000 53,710,000 53,070,000 52,580,000
In hands of Agent_____________________
Issued to Federal Reserve banks----- $293,440,000 $300,280,000 $300,511,000 $296,766,000 $289,778,000 $279,462,000 $268,270,000 $258,081,000 $255,702,000
H o w S ecu red —
$162,877,000 $166,827,000 $164,567,000 $162,117,000 $154,817,000 $149,318,000 $145,318,000 $144,777,000 $146,157,000
By commercial paper.......... .....................
Credit balances in gold redemption fund..
Credit balances with Federal Reservo B ’d.
18.928.000
14.125.000
97.510.000
18.988.000 17.988.000
18.238.000 16.504.000 14.823.000
14.855.000 15.376.000
15.981.000
16.677.000
14.921.000
99.610.000 102,580,000 100,430,000 101,780,000 100,400,000
16.213.000
14.369.000
92.370.000
16.515.000
10.739.000
86.050.000
17.244.000
9,891,000
82.410.000
T o ta l..................................................... $293,440,000 $300,280,000 $300,511,000 $296,766,000 $289,778,000 $279,462,000 $268,270,000 $258,081,000 $255,702,000
Commercial paper delivered to F. R . A gent..
$20,845,000 $20,272,000 $18,402,000 $19,077,000 $17,030,000 $15,454,000 $16,555,000 $16,848,000 $17,833,000
♦Including bankers and trade acceptances bought In the open market,
t Amended llgures.
x One to ten days,
y Eleven to thirty days.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS A T CLOSE OF BUSINESS JAN. 12 1917.
B o s to n .
N e w Y o r k . P b U a d e fa , C le v e la n d .
R ic h m o n d
A t la n t a .
C h lc a o o .
S t. L o u is .
M l n n e a p . K a n . C ity
D a l la s .
San
F ra n
T o ta l.
$
S
$
$
s
$
!
$
$
$
S
$
$
Gold coin & ctfs. in vault 12.788.000 153,264,00021,606,000 16.125.000 5,202,000 5.438.000 29,216,00012,065,000 9.730.000 6,389,000 ! 5,297,00015,709,000292,829,000
aold settlement fu n d ... 20.708.000 35,674,000:13,456,000 22.440.000 17,186,000 4.950.000 .31,854,000 5,159,000 7.453.000 26,382,000 |13,619,000 7,660,000206,541,000
50,000
250,000
100,000
9,000
228,000
482,000
Gold redemption fun d..
200,000,
156,000
100,000
152,000 i
45,000;
10,000: 1,782,000
Total gold reserve----- 33.546,000 ,189,188,000 35,162,000 38,574,000 22,616,000 10,870,000'61,270,00017,380,00017,283,000 32,923,000 18,961,00023,379,000 501,152,000
533.000 9,636,000 1,304,000
671,000
81,000
Logal-ten.notes, si lv.,&c.
668,000j 840,000( 2,134,000
336,000
207,000 : 402,000j
57,000 16,769,000
Total reserve------------ 34,079,000|198,824,000 36,466,000 39,245,000 22,697,000 11,438,000 62,110,000[l9,514,00017,619,00033,130,000 19,363,000j23.436.000 517,921.000
RESOURCES.
6% redemp. fund—F.R.
100 000!
300.000
400,000
Bills:
..........
...........
...........
!
862,000
650,000 3.765.000 3.186.000 ; 3,901,000
Discounted—Members 1,483,000 6,246,000
729,000 1,748,000
953,000; 238,000 24,231,000
470.000
Bought In open m kt.. 13,827,000 35,169,000 11,001,000 9,151,000 3.460.000 4.210.000 j 8,974,000: 6,785,000j 6,645,000 3,294,000 2,174,000! 11,413,000 116,103,000
Total bills on h a n d ... 15,310,000 41,415,000 11.863,000 9.801.000 7.225.000 7.396.000 12,875.000! 7,514,000 8,393,000 3.764.000 3.127.00011.651.000 140,334,000
Investments: U. S. bds. 1,332,000
Ono-yr. U .8. Tr. notes 1,000,000
806,000
Municipal warrants..
534,000
826,000 7.367.000 1.338.000 2.160.000 7.413.000 2,203,000 2,443,000 8.493.000 4.328.000
1.726.000 1,999,000
618,000 1.969.000
824.000 2.962.000
891,000
700,000
963.000
705,000
1.988.000
528,000 2.040.000
61,000
400.000 1,682,000! 625,000
488,000
215.000
178,000:
2,669,000
41.106.000
500,000 14.857.000
848,000 9,859,000
Total earning assets.. 18,448,000 45,663,000 15,210,000 19,826,000 10,593,000 10,780,000|24,932,000! 11,233,00012,024,000 13,435,00<^ 8,338,00015,668,000 206,156,000
Fed. Res’ve notes—Net 1,071,000 13.717.000
714.000
. ..
2,086.000
.......... | ...........
.............................2,314,000
19.902.000
Due from othor Federal
______ 12.690.000 1.073.000
Reserve Banks—N et.
4,091,000 2,701,000
42,000
58,000!
_____
335,000 a l l ,632,000
225.000
Uncollected Items_____ 10,433,000 25.042.000 16.653.000 8.743.000 8,2*8*5*,666 8,792*666 16,211,000: 8,671,000! 3,640,000 6,083,000, 4,427,000 3,866,000 120,846,000
903,000
407.000
242,000 3,776,000
540,000: 2,420.000
114,000
463,000
All other resources........
506.000
555,000! 1,783,000
552,000 12.261.000
Total resources_____ 64,762,000 283,709,000 81,928,000 70,908,000 41,817,000 34,786,000 109970000 44,539,00033,439.000 53,561,000 34,011,00040,171,000^889,118,000
|
I
1
;
|
L IA B IL IT IE S .
Capital paid In________ 4.990.000 11.865.000 5.229.000 6,022,000 3.301.000 2.450.000 6.914.000 2,800,000 2,383,000; 3,074,000! 2,689,000' 3,929,0001 55,706,000
Government deposits... 1.037.000 5,346,000 2.909.000
962,000 2.007.000 2.719.000 2.657.000 3,644,000 2,356,000
558,000, 1,410,000 2,094,000 27,759,000
Due to members— Re
serve account.............. 48,944,000 235,139,000 49.774.000 56,011,000 26,180,000 16,328,000 90,742,00025,558,00025,758,00044.247,00024,874,00037,031,000680,586,000
Collection Items............ 9.742.000 24.013.000 23.376.000 7,913.000 7.396.000 8.081.000 9.657.000 8,629,000 2,773,000 4,070,000 2,527,000 3,061,000111,238,000
Fed. Ros’ve notes— Net.
553,000
2.531.000 3.606.000
.......... 3,908,000
169,000; 1,612,000 1.179,000
.......... ! 13,558,000
Due to F.R.banks— Net
7,267,656
282,000 1.602.000
..........
..........
..........
........... 1,332,000
...........j
...........
49*666
All other liabilities.........
79,000
*87*666
::::::
..........
..........
...........
............................. 1
56,000:
271,000
Total liabilities.......... 64,762,000 283,709,000 81,928,000 70,908,000 41,817,000'34.786,000!109970 00044,539,00033,439,00053.561.00034,011,00046,171.000889,118,000
F e d e r a l R e ser v e N o t e s —
Tssuod to banks.......... 14,004,000 104,907,00016,092,000 10,614,000 19,194,000 24,830,000 7,173,00016,828,00019.438.000 21,511.00023,182,00014,767,000293.440,000
Held by banks---------- 1,071,000 13,717,000| 747,000
714.000 1,069,000
665,000 2,086,000j 439,000; 1,831,000
298,000! 321,000| 2,314,000 25,272,000
F.R. notes In circulation 12,933,000 91,190,OOOjlO,245,000 9.900,00ojl8.125.000 24.165.000 5,087,00016,389,00017,607,000;21,213,000 22,861,00012,453.000|268.168,000
Gold and lawful money
- with agent............... 14,004,000 104.907,000 15,692,000 10,614,OOo! 15,594,000 20,559,000 7,173,00012.481.000 17.438.0001
19,601,00021,682,00014,767,000274.512,000
a Dlflorcnce botween net amounts due from and not amounts due to other Federal Uescrvo banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS JAN. 12 1917.
B o s to n .
N e w Y o r k . P h lla d e l’ a . C lev ela n d .
R ic h m o n d . A t la n t a .
C h lc a o o .
S t. L o u is . ! M l n n e a p . ; K a n . C ity . j D a l la s .
San F ra n .
T o ta l.
$
Federal Reserve Notes—
$
$
I
$
$
$
$
$
$
$
$
$
Roo’d from Comptrolr 28,880,000 180,400,000 30,480,000 17,660,000 29,500,000 35,380,000 11,880,000 22,540,00024,500,000 28,120,00035,320.000 17,720,000 462.380.000
Returned to Comptrol 7,666,000 58,073,000 6,228,000 3,940,000 0,906,000 3,955,000i 1,707,000 2,672,000; 942,000ij 2.226,000 4,782,000 1,953.000 101.056.000
|
Chargeable to Agent... 21,214,000 122,327.000 24.252.000 13,714,000 22,594,000 31,425,000 10,173,000 19,868,000 23,558,00o]25,894,00oj30,538,000 15,767,000
361.324,000
In hands of F.R.Agcnt 7,210,000 17,420,000 7,260,000 3,100,000 3,400,000 6,595,000 3,000,000J 3,040,000 4,120,000j 4,383,000 7,356,000 1,000,000 67,884,000
Issued to F. R. bank. 14,004,000 104,907,000 16,992,000 10,614,000 19,194,000 24,830,000 7,173,000[16,828,000 19,438,000[21,511,000 23,182,000 14,767,000 293,440,000
Held by F. R. AgentGold ooln A oertfs----- 13,150,000 99,952,000 3.730.000 9,980,000
5,165,000[ 13,230,000 4,370,000 10.340.000
2.960.000
162,877,000
Credit balances:
854,000 4,955,000
In gold redemption I'd
782,000
163,000
834,000
494,000 1.849.000
806,000
958,000
971,000 1
,212,000
447,000 14.125.000
With F. R. Board___
11,180,000
15,100,000 15,750,000 7,010,000 6,510.000: 3,250,000 14,260,000 10.130.000 14,320,000 97.510.000
Notea secured by com
mercial paper_______
1.300.000
3,600,000 4.271.000
4,347,000; 2,000,000 j 1,910,000 1,500,000
18.928.000
Total...................... 14,004,000 104,907,000 16,992,000 10.614,000 19,194,000 24,830,000 7,173,000 16,828,000 19,438,000j21.611.000 23,182,000 14,767,000 293.440.000
Amount of comm’l paper
delivered to F.R.Ag’t
m 120.845.000
.
1,300.000
5,112,000 4,290,000
4,348.0001 2,000,0001 2,208,000 1,587,000
238
THE CHRONICLE
[Vol . 104
The following detailed statement
the condition of the New York City Clearing IIouso members for the week ending Jan. 13. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates for the three preceding weeks.
NEW YORK WEEKLY CLEARING HOUSE RETURN.
S ta te m e n t o f N ew Y o r k C ity C lea rin g H ou se B a n k s a n d T r u s t C om p a n ies.—
shows
CLEARING HOUSE
MEMBERS.
Week Ending
Jan. 13 1917.
(00s o m itt e d .)
C a p i t a l.
N et
P r o fits .
S
2,000,0
2,000,0
6,000,0
25.000.
3.000.
1.000.
300.0
5.000.
25.000.
3.500.0
3.000.
2.550.0
1.000.0
3.500.0
1.500.0
5.000.
250.0
1.000.0
10.000.
4.000.
600.0
10,000,0
1.000. 0
1,000,0
250,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1.500.0
*
5,206,9
2.476.4
9.593.0
0
<743,210,4
8.425.6
0
0
841.1
75,8
5.281.1
0
18.865.8
0
2.145.7
16.144.9
0
2.462.1
2.070.5
7.408.6
7.850.5
16,268,0
0
81,7
3.483.1
25,243,4
0
4.354.7
0
1.250.0
12,025,2
1.941.8
1.316.7
420.2
3.095.1
3.667.5
771.2
1,119,0
1,131,4
954.2
C o ld .
L ega l
T en d ers.
S ilv e r.
A vera ge,
/N at. B’ks Dec. 271
IStateB’ks N ov.29/
Members o f Federal
Reserve Bank.
Bank of N. Y „ N.B.A.
Merchants’ Nat. Bank
Mech. & Metals N a t..
National City Bank_
_
Chemical Nat. Bank_
_
Atlantlo National Bank
Nat. Butchers’ & Drov.
Amor. Exoh. Nat. Bank
National Bank of Com.
Chetham & Phenlx Nat.
Hanover National Bank
Citizens' Central N a t..
Market & Fulton N a t..
Corn Exchange B ank..
Importers’ & Traders’ . .
_
National Park Bank_
East River Nat. B ank..
Sooond National Bank.
First National B a n k ...
Irving National B ank..
N . Y. County Nat. Bk.
Chase National B ank..
Lincoln National Bank.
Garfield National Bank
Fifth National Bank_
_
Seaboard Nat. Bank_
_
Liberty National Bank.
Coal & Iron Nat. Bank.
Union Exchange N a t..
Nassau Nat. Bank___
Broadway Trust Co_
_
L oan s,
D isc o u n ts ,
I n v e s t m 't s ,
& c.
A vera ge.
A vera ge.
*
34.606.0
22.273.0
118.494.0
391.904.0
40.207.0
12.364.0
2.595.0
80.747.0
238.024.0
66.604.0
127.489.0
28.477.0
11.094.0
100.602.0
36.692.0
145.689.0
2.012.0
18.423.0
163.402.0
81.700.0
10.578.0
208.545.0
18.294.0
9.986.0
5.879.0
41.645.0
48.348.0
10.320.0
12.046.0
10.750.0
21.731.0
A vera ge.
S
*
3.120.0
858.0
2.173.0
688.0
20.935.0 3.803.0
70.276.0 5.275.0
3.625.0
68,0
1.252.0
259.0
76,0
35.0
9.406.0
1.164.0
29.427.0 7.755.0
4.051.0
1.793.0
23.711.0 3.635.0
1.020.0
104.0
1.659.0
545.0
11.619.0 2.164.0
2.589.0
1.453.0
10.942.0 3.424.0
108,0
34.0
1.431.0
393.0
21.365.0
1.863.0
7.523.0 2.608.0
484.0
707.0
27.682.0 10,284,0
382.0
2.127.0
1.224.0
328.0
121.0
161.0
4.860.0
989.0
8.425.0
1,533,0
750.0
181.0
237.0
204.0
561.0
167.0
1.809.0
219.0
3
391.0
590.0
6.893.0
3.160.0
842.0
387.0
121.0
1.621.0
2,880,0
1.063.0
814.0
1.632.0
407.0
4.091.0
217.0
4.276.0
313.0
460.0
2.282.0
3.094.0
323.0
3.389.0
126.0
360.0
491.0
1.258.0
1.537.0
251.0
787.0
427.0
638.0
Totals, avge. for week 123,850,0 209,181,6 2,121,520,0 274,588,0 53,076,0 45,121,0
Totals, actual condition Jan. 13
Jan.
6
Totals, actual condition Deo. 30
Totals, actual condition Dec. 23
______ 2,147,990,0 292,775,0
2.002.550.0 247.SOS.O
______ 2,082,458,0 22l!656!6
........... 2,082,936,0 202,935.0
51,609,0 43,060,0
47f013f0
40,530,0 39,816!o
47,118,0 36,276,0
N a t .B a n k N a t .B a n k
N o tes
N o tes
[R eserv e
[N o t
f o r S tate
C o u n ted
In stitu
as
ti o n s ],
R e s e r v e ].
A vera ge.
A vera ge.
*
*
::::::
...........
...........
...........
4.0
37.0
283.0
274.0
42.0
13.0
4.0
202.0
15.0
499.0
25.0
39.0
102.0
1,080,0
54.0
201,0
3.0
52.0
55.0
11.0
174.0
104.0
126.0
49.0
7.0
102,0
1.0
20.0
18,0
44.0
62.0
F ed eral
R eserv e
N o tes
[N o t
R e ser v e].
R eserv e
toillt
L eg a l
D e p o s i
t a r ie s .
A d d lt’ al
D e p o s it s
w ith
L eg a l
D ep o si
t a r ie s .
A vera ge.
%
A vera ge.
A vera ge.
S
2,0 2.209.0
33.0 3.549.0
183,0 9.618.0
1,262,0 33.595.0
15.0 2.782.0
1.005.0
6,0
183.0
223.0 8.812.0
93.0 19.583.0
328.0 5.954.0
140.0 14.140.0
10.0 2.605.0
20,0
1.146.0
8.219.0
" 24 ",6 2.689.0
237.0 11.543.0
5.0
242.0
99.0
1.171.0
12.357.0
*165,6 6.678.0
38.0
819.0
225.0 17.486.0
28.0 1.371.0
69.0
060.0
4.0
450.0
58.0 4.243.0
96.0 6.589.0
10.0 1.029.0
918.0
7.0
751.0
46,0
1.845.0
..........
3,702,0
......
...........
..........
$
::::::
::::::
...........
N et
D em a n d
D e p o s its .
N et
T im e
D e p o s it s .
A vera ge.
A vera ge.
S
*
31.877.0 1.514.0
19.032.0
136.038.0 5',002,6
429.337.0 5.093.0
35.920.0
12.976.0
*55*9*6
2.338.0
81.038.0 6*,1*8*5',6
257.318.0
1.403.0
67.475.0 5.554.0
151.154.0
26.726.0
1.146.0
11.796.0
115.763.0
34.577.0
149.828.0 2,082,0
2.831.0
16.257.0
162.305.0 1.491.0
88.442.0 4.858.0
11.337.0
233.031.0 12,770,0
18.783.0
39.0
10.596.0
6.176.0
’ ****
2 3 0 ,6
49.193.0
58.713.0 2,357,6
10.331.0
224.0
11.809.0
20.0
24,0
10.580.0
635.0
23.225.0
N a t io n a l
Bank
C ir c u l a
tio n .
A vera ge.
S
784.0
1.845.0
3.869.0
1.782.0
450.0
150.0
49.0
4.851.0
155.0
1.768.0
130.0
1.016.0
204.0
""*5*1*6
3.553.0
60.0
756.0
3.115.0
640.0
199.0
450.0
893.0
396.0
248.0
70.0
497.0
410.0
399.0
60.0
3,426,0 184,541,0
........... 2,276,802,0 51,146.0 28,829,0
3,900,0
3,424.0 198,155,0
2,335,746,0 61,074.0 28.721.0
3,132,0
2,559,0
3,222.0 193,698.0
2,659,0 185,918,0
2,176,390,0 48,887.0 28,955,0
........... 2,166,295,0 48,422,0 28,838,0
State Banks.
N o t M em bers o f
F e d e r a l R e ser v e B a n k .
2,050,0
1,500,0
500.0
500.0
200,0
2,000,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
5,297,7
6,630,3
1,250,0
42,345,0
35,904,0
12,508,0
7,948,0
4,962,0
1,115,0
1,841,0
2,185,0
177,0
676,0
525,0
088,0
191,0
44,0
272,0
468,9
2,092,6
801,5
830,3
2,271,2
869,2
1,092,4
2,201,8
487,3
1,088,2
812,6
2,358,0
15,104,0
4,061,0
6,400,0
18,562,0
6,093,0
6,527,0
14,948,0
4,588,0
15,619,0
25,336,0
152,0
1,741,0
341,0
957,0
1,923,0
450,0
055,0
1,045,0
204,0
1,273,0
2,240,0
71,0
921,0
18,0
260,0
441,0
87,0
84,0
479,0
256,0
336,0
745,0
153,0
880,0
87,0
57,0
1,669,0
119,0
207,0
367,0
114,0
428,0
559,0
6,0
46,0
67,0
10,0
83,0
145,0
105,0
73.0
33,0
94,0
186,0
...........
216,260,0 25,657,0
8,364,0
6,617,0
1,481,0
...........
215,682,0
214,819,0
209,767,0
211,370,0
25,851,0
26,712,0
24,871,0
21,584,0
9,474,0
7,087,0
7,019,0
6,748,0
6,386,0
0.488,0
6,402,0
6,943,0
1,432,0
1.774,0
1,392,0
1,389,0
..........
1,843,0
34,011,0
202,094,0 18,051,0
65,361,0 4,631,0
27,041,0 2.001,0
42,510,0 2,370.0
347,997,0 35,450,0
604,0
9,945,0
25,516,0
1,476,0
86,448,0 5,742,0
23,676,0
1,748,0
68,812,0 6,088,0
20,526,0 1,565,0
14,252,0
800,0
68,059,0 3,822,0
467,0
1,088,0
42,0
16,0
160,0
2,043,0
77,0
375,0
469,0
95,0
263,0
327,0
198,0
1,040,0
428,0
126,0
166,0
159,0
101,0
926,0
110,0
42,0
830,0
325,0
99,0
182,0
297,0
696,0
258,0
14,0
206,0
13,0
184,0
627,0
33,0
28,0
209,0
163,0
13,0
61,0
95,0
376,0
Totals, avge. for week. 54,750,0 111,029,2 1,026,848,0 86,197,0
6,666,0
4,493,0
2,270,0
85,798,0 6,900,0
86,524,0 10,596,0
83,355,0 10,529,0
80,200,0 8,538,0
4,502,0
5,948,0
5,487,0
4,913,0
Bank of Manhattan C o.
Bank of America______
Oreenwlch Bank______
Peoplo’s Bank..............
Metropolitan Bank___
Bowery Bank_________
German-Amerlean Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank_______
Bank of Metropolis___
West Side Bank_______
N. Y. Produce Ex. Bk.
State Bank___________
Totals, avge. for week. 11,950,0 27,193,0
Totals, actual condition Jan. 13
Jan.
6
Deo. 30
Totals! actual condition Deo. 23
...........
..........
3 050 0
...........
188.0
*23*1*6
221,0
228,0
3,0
24,0
653,0
613,0
37,0
1*22,6
700,0
35!704',0
13,521,0
15,0
3 131 I)
14,605,0
6,675,0
20,030,0
5 , 1 0 1 ,0
...........
306,0
525,0
402,0
88+6 2,046,0
288,0
12,0
1,111,0 2,068,0
1,707,0
929,0
14,677,0
4,800,0
16,913,0
28,448,0
27,0
86,0
8,995,0 6,586,0
230,025,0
742,0
53,0
50,0
00,0
63,0
9,068,0 '7,193,0
S S50 0
8 073 0
8,418,0 3+48! o
231,280,0
741.0
S44 O
219!l98!o
969 !o
27,531,0
lS8f545,0
50,094,0
22,163,0
27,785,0
335,075,0
7,878,0
18,390,0
72,218,0
22,925,0
55,995,0
18,052,0
13,951,0
66;038',0
6,400,0
10 056,0
15,647,0
5,850,0
1,231,0
26,040,0
1,011,0
807,0
17,513,0
1,505,0
7,772,0
3,201,0
948,0
3,669;o
...........
016,638,0 109,656,0
...........
910,600.0
932,296,0
936,900.0
025.266,0
...........
22,0
...........
Trust Companies.
N o t M em bers o f
F e d e r a l R e ser v e B a n k .
1,500,0 4,398,4
10,000,0 17,016,6
U. S. Mtge. & Trust Co. 2,000,0 4,738,7
1,960,8
1,250,0
Astor Trust C o_______
Title Guar. & Trust Co. 5,000,0 12,587,9
Guaranty Trust C o___ 20,000,0 33,999,9
1,259,9
1,000,0
Fidelity Trust C o........
Lawyers’ Title & Trust. 4,000,0 6,774,6
2,000,0 8,591,0
Columbia Trust Co___
1,000,0
1,722,0
People’s Trust C o........
3,000,0 11,548,6
New York Trust C o ...
1,445,2
1,000,0
601,2
1,000,0
Metropolitan Trust C o. 2,000,0 5,484,4
18,0
20,0
2 8 ,0
37,0
129,0
37,0
146,0
54,0
122,0
5,0
12,0
31,0
1,377,0
0,427,0
2,505,0
1,099,0
1,3.89,0
16,753,0
393,0
920.0
3,611,0
1,147,0
2,813,0
903,0
698,0
2,802,0
4,015,0
ft 050 O
3,975!o
4,460,0
1,323,0
4,180,0
556,0
660,0
1,088,0
740,0
4,065,0
1,026,0
686,0
6,089;0
...........
639,0 45,837,0 39,808,0
2,095,0
2,250,0
2,153,0
2,298,0
...........
655,0
724,0
649,0
829,0
Grand Aggregate, avge. 190,550,0 347,403,8 3,364,628,0 386,442,0 68,106,0 56,231,0
Comparison prev. week
..........
.......... + 20,696,0 + 445160 +4,795,0 + 5,088,0
3,751,0
— 138,0
3,702,0 4,151,0 239,373,0 40,394,0 :S 123.465.0 161,544,0 28,829,0
,
+ 258,0 ■+129,0 + 820,0
— 62,0
b
+ 70,035,0 —478,0
Grand Aggregate,actual condition Jan. 13 3,386,127,0 404,424,0 67,983,0 53,948,0
Comparison prev. week
...........
........... +41,349,0 + 432900 + 3,287,0 + 1.258,0
3,527,0
—497,0
3,900,0
+ 617,0
6 3,344,778,0 361,134,0 64,696,0 52,690,0
Grand Aggregate actual condition Jan.
Grand Aggregate actua: condition Deo. 30 3,339,450,0 329,282,0 58,078,0 51,705,0
Grand Aggregate aotual condition Deo. 23 3.344,183.0 304,719,0 62,404,0 48,132,0
4,024,0
3,545,0
3.687.0
3,283,0
3,132,0
2.559.0
Totals,
Totals,
Totals,
Totals,
a
actual
aotual
aotual
aotual
condition
condition
condition
condition
Jan. 13
Jan.
6
Deo. 30
Deo. 23
1,022,455,0
1,037,400,0
1,047,225,0
.......... 1.049.877,0
Includes capital set aside lor Foreign Branches, *5,000,000.
b. Increase of *20.090,000,
c.
45,542.0
46,636,0
46,861,0
45,586,0
58,109,0
29,775,0
32,970,0
17,651,0
110,291,0
110,385,0
109.929,0
116,691,0
4.132,0 252,765,0 65.302,0 3.477,026.0 162,106,0 28,721,0
c
+ 105.898,0 + 829,0 — 149,0
+ 147,0 + 134230
3,985,0 239,342,0 34,710,0 3,371,728,0 161,277,0 28,870,0
3,931,0 249.232,0 37,333,0 3.334,272,0 159,785,0 28.955,0
3,541.0 239.922.0 20.799.0 3.300.769,0 106,082,0 28,838,0
Increase of *30.592,000.
STATEMENTS OF RESERVE POSITION.
Averages.
C a s k R eserve R eserv e In
i n V a u lt. D e p o s ita r ie s
T o ta l
R e ser v e.
a R eserv e
R e q u ired .
Actual Figures. '
line,
S u r p lu s
R e ser v e.
or D ec.
fr o m
\C a sk R eserv e R eserv e in
\ P rev lou sW eek in V a u lt. D e p o s it a r ie s
T o ta l
R e ser v e.
b R eserv e
R e q u ired .
S u r p lu s
R eser v e.
In c. or D ec.
fro m
P r e v io u s W e e k
S
s
S
S
*
$
Members Federal
*
$
*
*
*
Reserve Bank___ 372,785,000 184.541.000 557.326.000 412,381,660 144,914,340 + 37,680,730 387,444,000 198.155,000 585.599.000 422,987,980 162.611,020 +44,093,480
+ 766,300
— 277,960 43.143.000 9,068,000 52.211.000 41,630,400 10,580.600
State Banks*............ 42.119.000 8,995,000 51,114,000 41,404,500 9,709,500
Trust Companies*.. 99.626.000 45.837.0000 145.463.000 137,495,700 7,967,300 + 4,557,150 99.295.000 j 45,542,000 144.837.000 130.590,000 8,247,000 — 3,862,600
Total Jan. 13___ 614.530.000 230.373.000753.903.000 591,281,860162,621,140 + 41,959,920,529,882,000 252,765.000 782.647.000 601,208,380 181.438,620 +40.997.180
Total Jan. 6___ 460.269.000 238.553.000698.822.000 578,160,780120,661,220 +28,325,080482.544.000239,342,000 721.886.000 581,444,560 140,441.440 + 23,105,750
Total Deo. 30------ 427.343.000 233.240.000660.583.000 568,246,860 92,330,140 +12,722,560 442.610,000249,232.000 691.842.000 574,506,310 117.335.690 + 27,271,430
Total Deo. 23----- 4 ’ 7,769.000 228.291.000646.060.000 '566.446,410 79,613.590il + 6,088,540 418.942,000230.922,000 '658.864,000 568.709.740 90,064.260 — 4,383,080
* Not members of Federal Reserve Bank.
a This Is the reserve required on Net Demand Deposits In the caso of State Banks and Trust Companies, but In the case of Members of the Federal Reservo Banks
Inoludes also the amount of reserve required on Net Time Deposits, which was as follows: Jan. 13, *2,557,300; Jan. 6, $2,500,350; Dec 30, *2,439,300; Deo. 23, *2,433,300.
b This Is the reserve required on Net Demand Deposits In tho caso of State Banks and Trust Companies, but In tho caso of Mombers of the Federal Reservo Banks
includes also the amount of reserve required on Not Time Deposits, which was as follows; Jan. 13, *2,553,700; Jan. 6, *2,502,400; Dec 30, $2,444,350; Deo. 23, *2,421,100
THE CHRONICLE
J a n . 20 1917.]
239
The State Banking Dopartmont reports weekly figures, In addition to the roturns of “State banks and trust com
showing tho condition of Stato banks and trust companies panies in New York City not in the C learing H o u s e ,” furnished
In New York City not in the Clearing H o u s e , and these are by the State Banking Dopartmont, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distin
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish between the results for New York City (Greater New
13.
Loans and Investments---------------------------------5755,269,300
Inc.
§398,400 York) an$ those for the rest of the State, as per the following:
G o ld .................... ........... ............. - ............... ............... 62,030,300 Inc.
473,600
For definitions and rules under which the various items
Currency and bank notes----------------------------10,614,500
Dec.
163,000
Total deposits-------------------------------------------- 956,060,300
Inc. 1,111,100 are made up, see “Chronicle,” V. 98, p. 1661.
Deposits, eliminating amounts duo from rcservo 806,876,000 Dec.
445,300
depositaries and from other banks and trust com
The provisions of the law governing the reserve require
panies In New York City, and exchanges________
Reserve on dep osits................................
217,053,400 Inc.
438,200 ments of State banking institutions were published in the
Percentage of reserve, 28.6%.
“Chronicle” March 28 1914 (V. 98, p. 968). The regula
RESERVE.
------------—
tions relating to calculating the amount of deposits and what
Cash In vaults..................................$14,461,400 11.47%
$58,783,400
9.30%
Deposits In banks and trust cos___ 18,809,700 14.93%
124,998,900 19.79% deductions are permitted in the computation of the reserves
were given in the “Chronicle” April 4 1914 (V. 98, p. 1045).
Total
$33,271,100 26.40%
$183,782,300 29.09%
STATE BANKS AND TRUST COMPANIES.
Tho averages of the New York City Clearing House banks
and trust companies, com bined with those for tho Stato banks
13.
and trust companies in Greater Now York City outside of the
Clearing Houso, compare as follows for a series of weeks past:
5
S
S
5
(F ig u r e s F u r n is h e d by S la te B a n k in g D e p a r t m e n t .)
Jan.
S ta te B a n k s
—
D iff e r e n c e s fr o m
p r e v io u s w ee k .
T r u st C o m p a n ie s
S ta te B a n k s
T ru st C os.
T ru st C os.
S ta te B a n k s
o u ts id e o f
o u ts id e o f
in
in
O r e a ter N . Y . G re a te r N . Y . G rea ter N . Y . G rea ter N . Y .
W eek en d ed J a n .
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e o m it c ip h e r s i n
W eek en d ed —
Oot.
Oot.
Nov.
Nov.
Nov.
Nov.
Deo.
Deo.
Deo.
Deo.
Deo.
Jan.
Jan.
21.........
28........
4------11.........
18.........
25.........
2_____
9____
16____
23____
30____
6 1917
13____
a ll th e s e f i g u r e s .
L oan s and
In v e s t m e n ts
D em a n d
D e p o s it s .
S p e c ie .
4.052.003.8
4.038.408.1
4.080.815.3
4,138,263,5
4.203.603.3
4.197.251.1
4.156.284.4
4.100.398.2
4.119.849.8
4.108.482.9
4.087.289.2
4.099.002.9
4.119.897.3
$
4.041.662.1
4.056.792.1
4.115.131.8
4.182.989.7
4.229.468.0
4,190,946,5
4.114.410.3
4.064.288.3
4.090.889.1
4.094.525.9
4.098.827.8
4.160.751.3
4,230,341,0
409.552.6
436.941.7
453,886,5
464.025.3
442.854.0
410.973.3
387.700.4
402.429.0
412.602.2
418,483,9
424.819.1
455.225.7
505.303.3
$
S
O th er
M on ey.
T o ta l
M oney
H o l d in g s .
75,817,3
78.566.6
78.019.6
74.591.0
68,277,9
07.383.8
72.047.8
74.500.7
74.989.5
72.791.1
75.592.2
77.977.5
82.471.5
485,369,9
515.508.3
531.906.1
638.616.3
511,132,5
478.357.1
459.748.2
476.929.7
487.651.7
491,275,0
500.411.3
533,203.2
587.774.8
S
E n t ir e
R eser v e o n
D e p o s it s .
Capital as of June 30___
23,450,000
75,550,000
11,783,000
14,900,000
Surplus as of June 30___
40,068,500
173,239,300
14,654,000
14,381,600
Loans and Investments..
Change from last week.
420,682,000 1,671,219,700
+8,883,900 — 16,385,300
166,608,400
+ 489,400
273,648,400
+ 343,900
G old __________________
Change from last week.
52,321,600
+ 3,551,500
143,755,500
+ 3,173,300
Currency and bank notes.
Change from last week.
24,212,300
+ 1,419,300
17,521,000
+221,200
t
835.547.5
877.385.0
910,437,9
918,457,7
896.342.0
848.605.1
805,744,0
814.149.2
825.012.2
834.734.5
850.072.3
915,437,2
970.956.4
; ................
—
Deposits_______________
592,058,000 2,051,726,300
Change from last week. + 14,930,300 +4,625,900
182,395,000
— 1,200
290,354,800
— 455,000
129,416,700 384,621,600
+9,540,800 + 20,991,200
33,066,000
+ 199,500
40,702,600
+269.100
23.9%
22.4%
21.4%
21.4%
17.8%
17.4%
Change from last week.
28.0%
27.2%
P. c. of reserve to deposits
Percentage last week..
+ Increase from last week.
— Decrease from last week.
N on -M em b er B a n k s a n d T r u st C o m p a n ies. —Following is the report made to the Clearing House by clearing
non-member institutions which are not included in the “Clearing House return” on the precoding page:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
OLEARINO
NON-MEMBERS.
Week Ending
Jan. 13 1917
M
embers of
Fed'! Reserve Bank
Battery Park N a t..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co. N., J.C.
First Nat., Hoboken
Second Nat., Hobok.
C a p it a l.
N et
P r o fi t s .
fNat. bks. Deo. 271
State bks. Dec. 27)
$
S
L oans.
D is c o u n ts ,
I n v e s t
m e n t s , Ac.
$
A vera ge.
400.000
369.800 4.659.000
300.000
691,700 5.527.000
300.000
611,600 5.945.000
400.000 1,276,200 5.010.000
250.000
768,600 5.067.000
616.800 6.306.000
125,000
316,300 4.939.000
L eg a l
T en d ers.
$
S
A vera ge.
A vera ge.
S ilv e r .
$
A vera ge.
201.000
46,000
63.000
41.000
62.000
541,000
15.000
16.000
56,000
61,000
144.000
137.000
90.000
90.000
56.000
134.000
1,995,000 4,651,000 37,483,000 1,251,000
T o ta l.
275.000
143.000
181.000
236.000
169.000
794,000
N a t .B a n k N a t .B a n k F e d e r a l
N o t e s [R e N o t e s l N o t R eser v e
s e rv e f o r
C o u n ted
Bank
S ta le I n
as
N o teslN o t
s t it u t i o n s ] R e ser v e.]
I
R eserv e]
S
A vera ge.
712,000
220.000
$
A vera ge.
3.000
14.000
7.000
$
A vera ge.
25.000
9.000
11.000 22.000
3.000
20,000 18,000
2.000 4.000
161,000
218,000
R eser v e
w ith
L eg a l
D ep os
ita ries.
S
A vera ge.
A d d it io n a l
D e p o s it s
w ith L eg a l
D ep os
it a r i e s .
$
A vera ge.
N et
D em a n d
D e p o s its .
N a tio n a l
Bank
C ircu
la t i o n .
N et
T im e
D e p o s its .
$
s
A vera ge
$
120.000
395.000
A vera ge.
A vera ge.
534.000
4.003.000
175,000
505.000
474.000 5.115.000
63,000
714.000
240.000 6.075.000
1,567,000 5,684,000 5.944.000
515.000
930.000 4.288.000
482.000
425.000 3.128.000 3.187.000
483.000
345.000 2.437.000 2.254.000
190.000
296.000
197.000
217.000
98.000
81,000 4,800,000 8,098,000 30,990,000 5,679,000 1,513,-000
State Ranks.
N o t M e m b e r s o f th e
F e d e r a l R e ser v e B a n k .
100,000
200.000
200.000
200,000
100,000
200,000
Bank of Wash. H'ta.
Colonial Bank_____
400.000
Columbia Bank___
300.000
Fidelity Bank______
International Bank. 500.000
Mutual Bank_____
New Netherland___
Yorkvlllo Bank____
Mechanics’ , B klyn.. 1,600,000
North Bide, B klyn..
2,186,000 119.000
9.073.000 535.000
8.635.000 825.000
1.465.000 118.000
3.453.000 446.000
7.581.000 696.000
4.002.000 274.000
6.713.000 415.000
19,729,000 ,065,000
4.669.000 355.000
3.000
85.000
200,000 495.000
26,000 321.000
. 13,000
2.000 32.000
21.000
58.000 266.000
66.000 341.000
167.000
85.000
950.000
128.000
54.000
62.000
107.000
255.000
19,000
T o ta l___________ 3,800,000 4,885,500 67,506,000 4,848,000
659,000 2,806,000
712,000
436,600
930.100
703.800
197.100
134,000
495.200
208.800
642,500
933.200
204,300
139,000
67.000
105.000
21,000 587.000
577.000
84,000
8,000 202.000
471.000
V 666 244.000
o", 441.000
18,000
27.000
155.000
14.000
168,
526,
737,
183,
249,
106,
62,
394,
1,310,000 2,662,
283.000
162,
1,000
97,000
,760,000
,783,000
,614,000
399.000
366.000
026.000
053.000
343.000
840.000
721.000
168,000
383.000
377.000
68,000
400,000
4.304,000 5,249,000 71,935,000 1,396,000
Trust Companies.
N o t M e m b e r s o f th e
F e d e r a l R e ser v e B a n k .
namlltonTrust.Bkln.
Mechanics’ .Bayonne
200.000
10,000
606,000
139,000
55.000
60.000
15,000
104,000
48.000
78.000
30,000
360.000
163.000
907.000 7.175.000 1.004.000
570.000 3.251.000 3.144.000
700,000 1,450,400 15,066,000
Total
500.000 1,147,400 8.742.000
303,000 6.324.000
745,000
115,000
119,000
126,000
40,000
523,000
10,426,000 4,148,000
Grand aggregate------ 6.495.000
Comparison,prev.wk
Excess reserve, $432,700
Grand aggr’to Jan. 6 6.495.000
Grand aggr to Dec.30 6.495.000
Grand aggr’ te Dec.23 6.495.000
Grand aggr’ tcDeo.16 6.495.000
Grand aggr’teDeo. 9 6.495.000
10.986.000
000 —2.000
11,223 ,000 1,513,000
+267
Increase
10.977.500
10.977.500
10.752.700
10.752.700
10.691.000
10,956
10,895
10,882
10,773,
10.630,
1.511.000
1.512.000
1.515.000
1.507.000
1.497.000
P h ila d e lp h ia B a n k s. —Summary of weekly totals of
B o sto C lea rin g
B a n s.
Clearing House banks and trust companies of Philadelphia: summaryn showing tho H o u se for all kthe—We give below a
totals
items in the Boston
____________ ___ We omfl
(00)
Clearing House weekly statement for a series of weeks:
#
tw o c ip h e r s
L oans
D l s c ’ ts tfc
I n v e s t 'i s .
D ue
fr o m
B a nks.
in a ll th e se f i g u r e s .
D e p o s it s .
B ank.
I n d lv id 'l .
s
T o ta l.
Jan. 13.
$
S
$
$
Nat. bank. 378.772.0 84,775,0
Trust co s .. 153.793.0 4,911,0 173,512,0 337.015.0 510.527.0
3,752,0 144.284.0 148.036.0
Total___ 532.565.0 88.786.0 177.264.0 481.299.0 658.563.0
Jan. 6 . . . 529.395.0 97.350.0 176.374.0 470.750.0 647.124.0
Deo. 3 0 ... 529.874.0 93.283.0 170.198.0 463.811.0 634.009.0
Deo. 23__ 535.586.0 83.226.0 168.444.0 458.787.0 627.231.0
Deo. 16— 544.309.0 83.489.0 170.055.0 459.986.0 630.641.0
Deo. 9 . . . 551.772.0 78.206.0 172.747.0 402.764.0 635.511.0
Deo. 2 . . . 546.473.0 87.172.0 178.078.0 473.960.0 052.03.8.0
Nov. 2 5 ... 547.195.0 85.324.0 178.702.0 477.617.0 050.319.0
Nov. 1 8 ... 641.896.0 90.601.0 184.682.0 479.469.0 664.151.0
Nov. 11_ 640,172,0' 87.160.0 185.328.0 477.081.0 603.009.0
_
R eserv e
H e ld .
$
$
89.414.0 29,037,0
28.354.0 7,306,0
117.768.0 36.343.0
102.864.0 24.471.0
96.565.0 19.323.0
95.132.0 17.319.0
90.177.0 11.684.0
93.354.0 13.016.0
99.653.0 18.906.0
106.705.0 24.600.0
114.654.0 31.988.0
113.843.0 31.388.0
N o t e . — National bank note circulation Jan. 13, $9,084 ooo- oxchanves for pinn
ing Houso (Included In ’’Bank Deposits’’), banks? $23,238 O M - t m i comnanteT
$3,699,000; total, $26,937,000. Capital and surplus at latest dates- B^nk^ s e f 175,600; trust companies, $41,295,200; lotul, $105,470,800
’ 564
BOSTON CLEARING HOUSE MEMBERS.
E xcess
R e ser v e.
13.
1917.
Jan.
C h a n g e fr o m
p r e v io u s w e e k .
$6,359,000 Deo.
Loans, dlso’ ts & Investtnents. 440.510.000 Inc.
Indlvldua! deposits, Incl.U.S. 370.356.000 Inc.
Duo to banks_______________ 141.769.000 Ino.
30.906.000 Ino.
Exchanges for Clear. House- 22.089.000 Deo.
Due from other banks______ 44.295.000 Dec.
Cash reserve______________ 25.552.000 Inc.
Reserve In Fed. Rcs’ve Bank 32.986.000 Dec.
Reserve with other banks__ 49.516.000 Inc.
Reserve excess In bank and
Federal Reserve Bank___
8,246,000 Ino.
Excess with Reserve Agents. 36.943.000 Ino.
$13,000
5.814,000
7,659,000
3,962,000
315,000
267,000
3,129,000
2.727,000
337,000
7,853,000
6.
1917.
Jan.
$6,372,000
434.996.000
362.697.000
137.807.000
30.591.000
22.356.000
47.424.000
22.825.000
33.323.000
41.663.000
30.
1916.
D ec.
$6,376,000
433.181.000
356.285.000
120.559.000
30.137.000
17.903.000
42.987.000
22.542.000
31.911.000
32.313.000
1,490,000 6,750,000 5,749,000
7,628,000 29.315.000 20.137.000
Im p o rts a n d E xp orts fo r th e W eek . —See third page
preceding.
THE CHRONICLE
340
I B a u b m ’ © a le tte .
W a ll Street, F rid a y N ig h t, J a n . 19 1917.
The Money Market and Financial Situation.—Busi
ness at the Stock Exchange has assumed more normal pro
portions and conditions. The feverish and unnatural activ
ity of recent months has largely disappeared, whether per
manently or not, and investment buying is a prominent fea
ture of tho present market . As a result of this now demand,
several railway bond and stock issues of the investment class
have sold this week at higher prices than for a long time past.
This movement is, of course, facilitated by recent dividend
and interest disbursements, and by the large accumulation of
funds in banks and trust companies. Saturday’s bank state
ment showed an increase of tho surplus reserve to near the
high record of 1915, and call loan rates have been down to
1)4 to 2 per cent.
Foreign E xch an ge. —Sterling exchange ruled firm during
the week as a result of numerous influences, including the
ease in tho money situation here, the reduction in the Bank
of England discount rato, and the arrangement for a new
$250,000,000 loan at this centre for the United Kingdom.
The Continental exchanges were irregular, lire and rubles
reaching new low levels.
To-day’s (Friday’s) actual rates for sterling exchange were 4 72 % for
sixty days 4 75 13-16@4 7585 for cheques and 4 7645@4 76% for cables.
Commercial on banks, sight, 4 75 11-16, sixty days 4 71 5-16, ninety days
4 69% , and documents for payment (sixty days) 4 71% . Cotton for
payment 4 75 11-16, and grain for payment 4 75 11-16.
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 89 @
5 89% for long and 5 84% @ 5 84% for short. Germany bankers’ marks
were 67% @ 67% for sight, nominal for long and nominal for short. Am
sterdam bankers’ guilders were 40% for short.
Exchange at Paris on London, 27.81% fr.; week’s range, 27.81 % fr.
high and 27.81% fr. low.
Exchange at Berlin on London, not quotable.
Tho range for foreign exchange for the week follows:
Cheques.
Cables.
Sterling Actual—
Sixty Days.
4 7585
4 76%
_ 4 72%
High for the week_
Low for tho week_
_ 4 72%
4 76 7-16
4 7580
Paris Bankers' Francs—
5 84%
5 83%
High for tho week_
_ 5 89
5 84%
Low for the week_
_ 5 89%
5 83%
Germany Bankers’ Marks—
69 9-16
High for the week_
_ ____,
Low for tho week_
_ ____
67%
88
Amsterdam Bankers' Guilders—
40 13-16
40%
High for the week_
_
40%
40 13-16
40%
Low for the week—
40%
Dom estic E xchange.— Chicago, 10c. per $1,000 discount. Boston, par.
St. Louis, 10c. per $1,000 discount bid and par asked. San Francisco, 10c.
per $1,000 premium. Montreal, .15625c. per $l,000'premium. Minneap
olis, 30c. per $1,000 premium. Cincinnati, par. New Orleans, sight 50c.
per $1,000 discount, and brokers 50c. premium.
.
State and Railroad Bonds.—Sales of State bonds at the
Board this week include SI,000 Virginia 6s tr. co. receipts,
at 60; $7,000 New York State 4)$s, at 115)4 to 116)4;
$10,000 New York Canal 4s, 1961, at 106)4 and $10,000
New York Canal 4)$s, reg., at 115)4Sales of railway and industrial bonds at the Stock Exchange
this week were of considerably larger volume than those of
a week ago, while prices, continuing the movement then
noted, advanced with a few exceptions. Atchison Topeka
& Santa Ee adj. 4s, stamped, moved up from-86)4 to 88)4
and Chicago Milwaukee & St. Paul conv. 4)4s from 100)4
to 102)4, but closing at 102)4; Northern Pacific 4s ad
vanced from 95)4 to 97 and United Railroads of San Fran
cisco 4s from 37 )4 to 39, the final quotations being 96 and 38.
St. Louis & San Francisco adj. 6s fell from 75)4 to 73)4,
while Rock Island deb. 5s and New York Central deb. 6s
declined slightly.
Considerable attention was given by investors to the
announcement of an offering of a third British secured loan
of $250,000,000, put out in one and two year notes, which
are convertible at any time into 20-year bonds. Sales of
the Anglo-French 5s, Great Britain 5s and 5)4s, American
Foreign Securities 5s and the various Dominion of Canada
issues were largo. No sales of United States Government
securities were noted this week and the bonds of tho various
States were not so active. New York City securities, as
usual, sold well and advanced somewhat in value.
Sales on an s-20-f basis, indicating, presumably, sales on
foroign account, advanced notably this week, being $169,000
par value, as against $72,000 a week ago.
United States Bonds.—No sales of Government bonds
were reported at the Board this week. F or to -d a y’s prices
o f all the different issu es and f o r the week’s range see third page
fo llo w in g .
Railroad and Miscellaneous Stocks.—Owing, in part,
to influences drawn from conflicting reports of military
activity in Europe and naval depredation in South American
waters this week, values at the Stock Exchange wero de
cidedly irregular and the volume of business, the smallest
for several months past. The general trend has been toward
higher prices, however, and most issues closed to-night
showing considerable advances over the final quotations of
last Friday. Baltimore & Ohio moved up from 83)4 to 85,
and Canadian Pacific from 158)4 to 163. Reports of a
proposed settlement of pending litigation in regard to affairs
of minority stockholders of tho Long Island RR. were followed
by an advance of 6)4 points in tho stock of that company.
Norfolk & Western gained 2)4 points for the week, while
Reading, and Southern Pacific moved up from 99)4 and
96)4 to 103)4 and 98)4, respectively, the closing prices being
atU02)4 and 98.
f*»The industrial issues, as usual, fluctuated more widely.
American Beet Sugar advanced from 92)4 to 95)4, closing,
[Vol. 104.
however, at 93)4. American Can and American Car &
Foundry moved between 44)4-48)4 and 65-68)4, and the
copper shares, especially Anaconda, showed substantial gains.
United States Steel fluctuated between 111)4 and 115)4,
while the high, low and last prices of Atlantic Gulf & West
Indies S. S., Crucible Steel, Cuba Cane Sugar, General
Motors, Maxwell Motors, Studebaker and United States
Industrial Alcohol, were 118)4-108-117)4, 66)4-62-65,
58)4-49)4-51)4, 120)4-107-120)4, 61)4-51)4-58)4, 110)4105)4-108)4 and 130)4-119)4-126.
F or d a ily volu m e o f b u sin ess see page 249.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
S TO C K S.
Sales :
Week ending Jan. 19. j for ! Week-
Rangefor 1916.
Range for Week.
Lowest.
Highest.
Par. Shares $ per share.
%per share. $ per share. 3 per share.
A c m e T e a t e m c t f e . . 100 300; 57
J a n 17| 5 7 %
P r e f e r r e d t e m c t fe . 100 1001 9 6 % J a n 19 9 6 %
A d a m s E x p r e s s .......... 100
230:139
J a n 17.140
A m B r a k e S h & F p f . 100 350:187
J a n 13188
A m T e l & T e l r ig h t s ____4 3 ,3 0 0 1 31-32 J a n l 3 2 1-32
1,500 71
J a n 15| 73
A s s o c ia te d O i l . ..........10
A t l a n t a B t r m & A t l . -1 0
10118
J a n 17| 1 IS
B a r r e t t Co p r e f .......... 100
2 % J a n 13 3
B a r r e t t C o r ig h t s ............ ! 6,408
1 % J a n 15! 1 %
B a to p lla s M i n in g ____20
600
200 67
J a n 17* 6 7 %
B r o w n S h o e _________ 100
200 9 9 % J a n 17; 9 9 %
P r e fe r r e d ................. 100
200 9 % J a n 15 9 %
B r u n s w ic k T e r m in a l -100'
43 95
J a n 15 95
B u f f K o c h & P i t t s . . .100!
B u r n s B r o s . . . ............ 100 1,400 91
C a s e ( J I ) p r e f .......... .1 0 0
105 8S
J a n 16! 88
J a n 17:150
C e n t & S o A i n T e l e s . 100 5 0 150
J a n 15 12
C h ic & E I II p f t r c tfs 100
700 12
C ld o R o c k Is l & P a c -1 0 0 ; 2 .S1 0 3 0 % J a n 18. 33
C l u e t t , P e a b o d y * C o 100;
400 7 2 % J a n 15 75
P r e f e r r e d ........... . . 1 0 0 20 011 3
J a n 16 115
An
....................
C o n s G a s E L * P ( B a lt ) 1 0 0 1,000;124
C o n s In t e r s t a t e C a l l . . 10 1,500 1 7 % J a n 16 18
C o n s o lid a t io n C o a l . . 100 3 0 0 1 1 0 %
Ja n 18112%
C o n t in e n t a l I n s u r ____251 525 5 6 %
J a n 13 58
D e e re & C o p r e f ____100 1,900! 9 8 % J a n 161 9 9 %
D e t r o i t E d i s o n _____ 100
510:140
J a n 17143
D u lu t h S S & A t l ____100. 100
5 % J a n 16 5 %
P r e f e r r e d ..................100 4 0 0 10
J a n 16| 11
G a s t o n W & A V .-A T o par\ 2 ,00 0 35
J a n 18 35
H a r t m a n C o r p .......... 100
100! 78
J a n 17. 78
I l e l m e ( G W ) ............... 100, 100190
J a n 18190
H o m e s t a k e M i n i n g . . 100! 150 1 2 7%
J a n 18127
I n t H a r v e s t e r C o r p .1 0 0 1 1,500 84
J a n 15! 88
J a n 18413
P r e fe r r e d ................. 100 400 1 1 2%
Int Harvest N J pref. 100 5 0 0 1 2 0 % J a n 18:121
Int Nickel pref v t c.1001 300.106 J a n 181x10*
Jewel Tea pref......... 100
300.111
J a n 17.111
J a n 13 125
Kayser (Julius) & Co 100! 416.115
Kelly-Sprlngf pref.. . 100; 100. 9 2 % J a n 13 92 >
J a n 19
Kings Co Elec L & P. 1
00| 6 1 511 7
Rights_______ ____ 7,120! 1%
Laclede Gas_______ 100 100103%
Loose-Wiles Biscuit. 100 1,200 24%
Lorlllard (P), pref... 100 300120
600 77
Manhattan Shirt___ 100
May Dept Stores__ 100, 1,100 61
Missouri Pacific___ 100; 400 13%
Nat Cloak & Suit.-.100
8 0 0 81
325; 111
Preferred...........100'
N O Tex & Mex v t c__
500 22
N Y Central rights____
6S7j
1
New York Dock___ 100
300| 13
Nova Scotia S & C .. 100 4 0 011 3
Owens Bottlo M ach..25 700 9 9 %
100100
Pacific Mall, pref_____
20 0 3 2 %
Paclflo Tel & Tel-----100
Preferred..............100* 100! 9 8 %
Pan-Am Pet & T, pf.100 400 9 7 %
PIttsb Coal, pref___ 1001 100;110
Pittsb Steel, pref___ 100 1,100101
Quicksilver Mining. .100, 2,800; 2
RR Securities—1 1 Cent
1
10! 75
stock trust ctfs_____
St Louis & San Fran—I
C & E 1 1 ctfs tr rects.i 100 13
1
Sears, Roebuck, pref.100; 2 0 0 ;i2 7 %
Standard Milling... 100’ 100 9 7 %
Stewart Warn Speed. 100 2 0 0 1 0 0 %
Texas Co full paid rects.i 4 0 022 9
Tol St L & W trust rects 9001 7
Twin C itR T pref... 100. 100.125
United Cigar Mfrs.-lOO 200 44
United Drug............100 1,600 73
U S Realty & Im pt..100] 2,500 10
W e lls F a r g o E x p r e s s . 100! 4 0 0 1 0 5 %
W e s tln g h o u s o r ig h t s ____i 5,700
%
W e y m a n - B r u t o n , p f.1 0 0 ,
100115
W h i t e M o t o r (new)___50 3,100 4 9 %
W ils o n & C o v t c . . . 100; 1,000! 5 8 %
Jan 19
Jan 16
Jan 16
Jan 19
Jan 13
Jan 13
Jan 15
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
18
16
17
15
18
120
J a n 18 i 61
J a n 19 i 9 3 %
J a n 18 1 3 2 %
J a n 1 165
J a n 19
1%
J a n 19 62
11%
J a n 17 1 1 7 %
J a n 16 i 3 %
J a n 15
1%
J a n 13 5 0 %
J a n 17 95
J a n 17
0
J a n 15 92
66
J a n 16 82
J a n 17 134
1
J a n 15
J a n 16 1 5 %
J a n 18 68
J a n 19 108
108%
18
J a n 17 110
J a n 15 54
J a n 19 89
J a n 16 131
4%
J a n 16
10
35
75
17 9%
126
68%
:1 0 4 %
J a n 19 i 114
105
104
J a n 19 8 0 %
I 95%
1 2 1%
;! io o
14
115%
55
60%
3%
71
106
21
83
111
22
100
J a n 171 75
19; 13
15127
13 9 7 %
17 1 0 0 %
19 232
16
13125
13
13 70
13
18
15
19115
16
19 6 9 %
A u g 69%
Sept 98%
M a r 154%
F e b 209
Dec
2%
J a n 77
Sept 18%
N o v 120
4
Dec
Ju n e
3%
J a n 76
D e c 102
J u l y 14
M a y 100
Aug 91%
O o t 90
J u ly 152%
D e c 15
A p r 40%
A p r 76
J u n e 1 1 3%
M a r 130
A u g 28%
D e c 1 1 8%
J u n e 68
M a y 99%
M a r 149
M ar
9
J a n 16
Dec 51%
D e c 78
J u l y 19 8%
Jan! 1 3 5%
M a rl 9 0 %
A p r;1 1 4 %
F e b 123 V;
A u g 1 1 1%
J u l y 113
M a r 113
J u l y 101
D e c 131
Dec
Sept
Ja n
Feb
Ja n
Sept
M ay
M ay
Dec
Nov
Nov
Ja n
Nov
Nov
Ja n
Deo
Nov
Dec
Ja n
Nov
M ay
Ja n
J u ly
Dec
M ay
Dec
Deo
Dec
Ja n
Dec
Deo
Nov
Nov
Nov
Dec
Nov
Dec
Dec
Oct
Dec
J u ly
Oct
Dec
Dec
Dec
Feb
Ja n
Apr
Sept
Feb
1 1 8% N o v
34
Oot
122% Sept
Deo
77
72
Nov
22
Dec
84% Sept
Feb
113
25% D ec
9% M a y 24% N o v
105
D e o 156
Nov
Deo
83
S o p t 105
90
Ju n e 99 % J u ly
Ja n
32
D e c 44
Sept
9 3 % J a n 98
96 % D e o 101% D e o
M a r 115
100
Nov
9 3 % F e b 106
Oot
Nov
2
6 % Ja n
14
117.
191
16 100
15 34
16
~
15 98
18110
Jan 13
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Ja n
Lowest. | Highest.
J a n 17 '75
Ja n
Ja n
Ja n
16 125
86
Nov
75
Ju n e 127%
M a r 10 7%
Nov
Deo
Oot
i
5
! 125
1 42
72
25
123%
M a y 12
Deo
N o v 125
Nov
M ar
D e c 64
Nov
D e c 80
Feb
J u n e 49
M a y 144% D e o
in
Ja n 118% M a y
Dec 69% O ct
! 45
il_____
J a n 19!
Outside Securities.—In sympathy with values at the
Stock Exchange, prices at*the Broad Street “curb” were
irregular. Carbon Steel fluctuated betweon 88 and 95.
Chevrolet Motors fell from 105 to 102, advanced to 120
and closed at that figure. East Steel, aftor declining from
105 to 98, moved up to 106, the final quotation being 104.
Marlin Arms moved betweon 53 and 73, closing to-night
at 70, while the high, low and last prices of Midvale Steel,
Mitchell Motors, Submarine Boat and United Motors were
63-61)4-61)4. 54-51-51, 23-20)4-21)4 and 48)4-41-47)4.
Canadian Car & Foundry com. and pfd.. moved between
33-27 and 74-65 respectively.
.
Standard Oil subsidaries wero fairly active, Illinois Pipe
Line moving between 246 and 250. Standard Oil of In
diana covered a range of 30 points and Standard Oil of New
Jersey a range of 12 points, the final quotations for the two
issues being 835 and 696. The independent Oil stocks Avere
very active and prices advanced briskly in a number of the
issues, especially in Midwest Refining, the Cosden shares
and a number of the comparatively now issues.
Among the bonds traded in at tho “curb” were $323,000
Midvale Steel 5s at 96)4 to 97)$, $425,000 Russian Gov
ernment 5 )$s at 90)4 to 91, $23,000 Russian Government
6)4s at 97)4 to 98)4 and $290,000 Sinclair Oil 6s at 111 to
112.
.
,
A complete list of “curb” market transactions for the
week will be found on page 249.
N e w Y o r k S to c k E x c h a n g e — S to c k R e c o r d , D a ily , W e e k ly a n d Y e a r ly
241
O C C U P Y IN G T W O P A G E S
F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t i v e , s e e p r e c e d in g p a g e .
PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES-—
Saturday
Jan. 13.
Monday
Jan. 15.
Tuesday
Jan. 16.
Wednesday
Jan. 17.
Thursday
Jan. 18
Friday
Jan. 19
Sales for
the
Week
Shares
S TO C K S
N EW YO R K STO C K
EXCH ANG E
PER SHARE
Range for Year 1916
On basts of 1 0 0 -,A a r« lota
Lowest
Highest
PER SHARE
Range for Pretiovt
Year 1915
Lowest
Htghtti
$
Railroads
Par $ per share X per ahare X per share per than
4,00 0 Atch Topeka & Santa Fe_-100 100% A p r 22 108% O c t 5
9 2 % F e b 111% N o v
4,650
Do prof____________ 100 z9 8 % D e o 29 102 F e b 24
96
J a n 102% N o v
900 Atlantic Coast Line RR__ 100 106% A p r 19 126 N o v 2 2
98 M a r 116 N o v
4,900 Baltimore & Ohio_______ 100 81% D e o 21
96 J a n 4
96
Deo
63*4 F e b
600
Do pref.____ _______ 100 7 2 is A u g 30 8 0 J a n 15
79*4 N o v
67
Feb
700 Brooklyn Rapid Transit.-100
88% Ju n e 6
81 D e o 21
83% A u g
93
Apr
12,800 Canadian Pacific_______ 100 z l6 2 % M a r 1 18334 J a n 3
138 J u l y 194 N o v
4,800 Chesapeake & Ohio_____ 100
64*4 N o v
58 A p r 24
35*a J u l y
71 O o t 19
800 Chicago Great Western__ 100
10% J a n
17% N o v
16% D e o 7
11*4 A p r 24
1,600
Do pref_____________100 33 A p r 24 4 7 % O o t 27
41 % N o v
25 % M a y
6,900 Chicago MUw & St Paul..100
77*4 J u l y 101% D e o
89 D e o 21 102% J a n 3
4,800
Do pref____________ 100 123 D e c 12 1 3 6 % J a n 5 120% S e p 135 D e o
1,900 Chicago & North western.. 100 123 D e c 15 1 3 4 % J a n 3
118% J u l y 135% N o v
600
Do prof.... .......... _
100 {16 5 A p r 13 176 D e c 11 163 J u l y {1 8 0 N o v
13,600 Chic Rock Isl & Pac ctfs of dep
3 8 % D e c 16
31 D e c 21
100 Cloy Cln Chic < St Louis . 100 38 A p r 27 62 % O c t 27 {21 J a n 52 O c t
fe
365
Do pref____________ 100 70 F e b 2 86 J u n e l4
77
Oct
53% F e b
600 Colorado & Southern___ 100
38% N o v
24 M a r
24*4 A p r 24
37 O c t 27
Do 1st pref_________ 100 46 A p r 1 62% O c t 18
60 N o v
45
Ja n
Do
2d
prof- _____100 40 M a r l 3
52 N o v
35
Sep
57*4 J u n e lO
300 Delaware & Hudson_____ 100 148% D e c 21 156 O o t 4 138% A u g 154% N o v
Delaware Lack Western..50 210 M a r l 8 242 N o v 6 1 9 9 % J a n 238 N o v
Denver & Rio Grande___ 100
16% N o v
4
Ja n
8% M a r3 0
23% O o t 25
700
Do pref______
100 15 M a r 8 52 % O o t 25
29*8 N o v
6% Ja n
14,800 Erie___________________ 100 32 A p r 22
45*8 N o v
19% F e b
an
2,200 Do 1st pref_______100 46 D e c 21 4 3 % J a n 3
59% N o v
32% F e b
59% J
1,500
Do
2d
pref______ 100 40 D e o 21 54% J a n
54% D e o
27
Feb
3,700 Great Northern pref_____ 100 115 D e o 21 127t2 J a n
112*4 J a n 128% N o v
6,700
Iron Ore properties.-Wo par 32 D e o 21 5 0 % J a n
54
Oct
25% J a n
1,500 Illinois Central_________ 100 99*4 A p r 17 109% O o t
Apr
99 J u l y 113
3,700 Intorbor Con Corp. vtc No par
1512 D e o 21
25 % N o v
18% J u l y
21% J a n
600
Do prof_____________ 100 69 D e o 21 77 % J a n
82 N o v
70 J u l y
1,600 Kansas City Southern____ 100
23% A p r 28
35% N o v
Ja n
20*8 F e b
100 Do prof_____________ 100 565s D e c 21 32% J a n
54 % F e b
65% N o v
64%
500 Lake Erie & Western____ 100
10 M a y 2
5
Ja n
16% D e o
30 D e o
400
Do pref________ ____ 100 32 A p r 20 55 % N o v
41 % D e o
19 M a y
4,750 Lehigh Valley____________ 50
83% N o v
7412 J a n 31 87% O o t
64*8 F e b
22,300 Long Island____ _________50
41% J u n e l2
15
Ja n
27*8 O o t
20 J a n 31
1,800 Louisville & Nashville___ 100 121% M a r 1 140 O o t 5 104% J u l y 130% N o v
200 Manhattan Elevated____ 100 128 A p r 28 132 O o t 27 125 J u n e 132 D e o
100 MInneap & St L (n e w ) __ 100 26 O c t 5 36 O c t 27
1,182 Minn St Paul & S S M ___ 100 116 D e c 22 130 O o t 4 106
J a n 126% N o v
Do pref........................100 128>2 8 e p t2 6 137 J a n 15 123 J u n e 136 D e c
4,666 Missouri Kansas & Texas. 100
15% A p r
4
Sep
3*8 S e p t 6
13% D e o 18
1,000
Do pref___________ .100 10 A p r 3 24% D e c 18
40
Apr
10% S e p
4,300 Missouri Pacific ctfs of deposit
7% N o v
3
Dec
22% D e c 7
3% S e p t 1
8,800 Missouri Paclflc(uew)when Isa.
22% S e p t 6
3812 D e o 6
1,900
Do pref (or Inc bonds) do.
47*4 S e p t 5
64% D e o 7
18,550 New York Central______ 100 100% A p r 22 114% O o t 5
8 1 % M a r 110% D e o
IOO N Y Chto < St Louis_____ 100
46*8 D e o
fc
30 J u n e
33 A p r 17
4534 N o v l l
7,900 N Y N II & Hartford........100
89
Oct
43
Feb
7 7 % J a n 10
49’ 2 D e o 21
35
Apr
900 N Y Ontario & Western__ 100
21*4 J a n
26 M a y 5
34*8 D e o
4,550 Norfolk & Western______ 100 114 M a t 1 147% O o t 16
99 % J a n 122*8 D e o
501
90 J u n e
Do adjustment prof___ 100 84 is F e b 25 89% M a y 22
80 % S e p
2,300 Northern Pacific________ 100 108 D e o 21 118% J a n
99 % F e b 118% D e o
13,700 Pennsylvania____________ 50
61 % N o v
5 1 % Feb
55 8 e p t l2
60 O c t
3,600 Pcre Marquette v t c ...........
38% D e c 28
36*4 D e c 29
3,000
Do prior pref v t c_____
72 D e c 28
73% D e c 28
400
Do pref v t c.................
100 Pitts Cln Chic & St Louis.. 100 78 F e b 17 88 J u n e 5
86 N o v
65 M a y
Do pref_____________ 100 88 J a n 26 98*4 J a n 13
98% J u n e
90 J u n e
84,300 Reading________________ 50
85*8 N o v
75% J a n 31 1 1 5 % S e p t2 7
69*s M a y
300
1st preferred__________ 50 41% F e b 19 46 F e b 29
45 J u n e
40*8 S e p
IOO
2d preferred_________ .5 0 41% F e b 21 52 M a y 19
44
Apr
40
Feb
2,500 8t Louis & San Fran new (w 1).
15% M a y l 8
30% D e c 18
St Louis Southwestern___ 100
23 N o v
16 M a y 4
11
Sep
32% D e c 19
200 Do pref........................ 100 3# ‘i S e p t 7 57 D e o 18
45 % D e o
29
Sep
2,800 Seaboard Air Lino_______ 100
20% N o v
11% J u l y
14 A p
19% D
1,100 Do pref........................ 100 34% A p r 22 42 % O e o 18
r 24
30% J u l y
43*4 N O V
o t 10
10,350 Southern Pacific Co_____ 100 94% A p r 22 104% J a n
81% F e b 104% D e o
42 ,2 00 Southern Railway_______ 100
26 N o v
12% J u l y
18 A p r 24
36*4 D e o 18
1,800
Do pref........................ 100 56 A p r 24 73% D e c 18
42 J u l y
65 N o v
1,100 Texas A Pacific................. 100
17% A p r
8% J u l y
6% F b
21*4 D
1,100 Third Avenue (New York) 100 48 N eo v 214 68% Jueno 218
64% O o t
35
Ja n
2
e 2
Twin City Rapid Transit.. 100 94 M a r 24 99 J u n e 8 9 0 J u l y 100 A p r
21,000 Union Pacific___________ 100 12934 A p r 22 153*8 O o t 24 115*4 J a n 141% N o v
1,100 Do pref_____ _____ ...100 *80 8 e p t 1 8412 S e p t2 9 x7 9 M a r 84% N o v
800 United Railways Invest__ 100
27% O c t
8
Ja n
7*4 M a y 9
21% J a n
300
Do pref_____________ 100 17 8 e p t l6
47*4 O o t
21% M a r
39*4 J a n
2,500 Wabash_______________ 100
17% N o v
12% O c t
13% 8 e p t l3
17 J a n
7,600
Do pref A.......... ......... 100 41% M a r 1 60% D e o
49% N o v
43% O c t
4,200
Do pref B do_______ 100 25 A p r 22 32% D e o
32% N o v
25 % O c t
5,100 Western Maryland______ 100 24% F e b 28
35% O c t
9% J a n
3 4 % M a r2 7
100 Do pref........................ 100 40 M a r 7 55 O c t 16
60% O c t
25
Ja n
6,000 Wheeling & Lake E Ry w 1
D e c 12
27*8 D e c
900
Do preferred when Issued. 46 D e c 21 58 % D e c
1,100 Wisconsin Central.......... 100 33 A p r 19 56 % J u l y 20
28 J u l y
Industrial & Miscellaneous
♦17% 18
17
1,998 Advance Rumely_______ 100
17
17% 18
17
17% 18
17
17%
17%
14 Aug 22 2 ls 4D e o
*34
800
36
35
35
35%
34% 34%
♦33
35
35
35
35*2
Go pref......................... 100 30% Oct 10 43 A p r 2
72
600 Ajax Rubber Ino................. 50 63 July31
73
73
*70
72
72
72
73%
72
72
♦70*4 74
89% D e o 11
9%
9% 10,700 Alaska Gold Mines_______ 10 10U Dec 21 26% J a n 7
8% 10*8
9%
9%
9%
9%
9*s
9*8
40 % A p r
8*8 9
21% D e c
7
7
7%
7%
7%
7%
7%
6%
7%
v% 6,000 Alaska Juneau Gold Mln'g. 10
7%
e*4Oct 9 10% J a n 7
7%
9*4 D e c 13% N o v
27
27
27% *27
28% 28*4
27
27%
27
28
28% 28%
1,400 Allls-Chalmers Mfg v t 0..100
19 July 19 38 N o v 2 5
7*4 J a n 49% O c t
84%
84%
85
*83*4 84% ♦84
84
84*4 84*4 *84
84% 84%
800
Do preferred v t 0 ________________10070i2Julyl8v 9
85 % D e o
33
Feb
92 N o
87
87
87
87
87
87
87
87
87% 88%
88% 90%
2,100 Amor Agricultural Chem.. 100 63 Apr 22 102 N o v2 5
74 % N o v
48
Ja n
102% 102% 102% 102% *102 102*4 103
*101% 103 *101
103
1,100
1031.1
Do pref......................... 100 96 Mar 23 103% D e o
90 M a r 101% N o v
92% 95
92% 93
93% 95%
93% 94%
91*4 93
93*4 94%
9,400 American Beet Sugar____ 100
61% Feb 1 108% N o v2 2
72% D e o
33% J a n
*
*
*
*
100
100
•96% 100 *____ 100
100
99%
Do Pref......................... 100 93 Apr 24 102 Ju n e 2 2
95 N o v
83
Feb
47%
40% 48%
46
47
48%
44% 45%
44*8 45*8
40*., 48
15,800 Amorlcan Can__________ 100 44 Dec 21
68% O c t
25
Feb
68% 8 e p t2 9
109 109
109*4 109*4 110% 110% 109*.i 109%
111) ♦108% 109%
*108
700
Do pref......................... 100 107% Dec 22 115*8 S e p t3 0
91 % J a n 113% N o v
68
67*4 68
67
67% 68*8
66%
65
65
65
67% 09%
8,80 0 American Car A Foundry. 100 52 July 8
98
Oct
40
Feb
78% D e o 4
118 118 *116% 118 *117
118% 118% 118%
*116% 118 *116% 118
500
Do pref......................... 100 115% Aug 9 119% M a r 11 111% M a y 118 A u g
*49
50
*48% 49%
49
•48% 50
49
49
48% 49
49%
700 American Cotton Oil____ 100
64
Oct
39
Ia n
48% Deo 21 58% O o t 23
2
* 100*4 101 % * 100*4 101 % *100*4 101% 100*4 100*4 *100 101 * *100
101%
200
Do pref.................
100 98 Jan 6 102 M a r i o
91 J u n e 102% N o v
14
14
13% 14
*13
14
13% 13*4
14
13% *13
14
900 American Hide A Leather. 100
14% O c t
8% June 3 20% O o t 17
4% F e b
69% 71*4
07% 68%
69
70%
71
72
70
68
68%
69
7,100
59% O c t
Do pref.............
100 45 Mar 1 84% D e c 4
19*4 J a n
29
29% 29% *29% 30
30
30
30%
30l.|
30
29*8 30%
6,300 American Ice Securities__ 100
25 Jan 20 32*4. D e c 27
35
Apr
20% Ja n
19
18% 18*4
19%
*17*8 18% *17*8 18%
18% 18%
1,300 American Linseed_______ 100 17 Deo 21
31% O c t
7% J a n
27% N o v 10
*50
52
52
50
51% 51%
52
50%
52
50
50% *50
1.300
Do pref......................... 100 38% Mar 1 62*4 N o v 13
50% O c t
24
Ja n
75
75%
75
78
76% 77%
80
76%
70
77*4
76*8 78%
36,050 Amorlcan Locomotive___ 100
58 July 14 98% N o v 9
74*4 O c t
19 M a r
106 106
106 106
107
106% 100% *105 100*4 *105% 106 *105
600
Do pref......................... 100 99% July 13 109 N o v 9
75 M a r 105 N o v
9
*7
*7%
*7%
8
8%
♦7%
7%
*7%
8
7%
8
300 American Malt Corp____ 100
5%June 3
13% O c t
3% A p r
12% O c t 19
49
*45
49
49
*16
48% 48% *47
*45
49
*45
48
100
Do pref......................100 z31% Jan 14 51*4 D e o 1
37 % D e o
21 % M a y
95% 96
94
*94
94
95
♦94% 95%
94% 95
2,700 Amer Smelters Sec pref B.100 84% July 13 97% N o v 2 7
88*8 M a y
78
Ja n
*98% 99% *97% 98%
99*4 100
*9912 100%
99
99
99
100
1,200
Do pref Ser A stamped . 91% July 11 102 N o v l 8
92
Deo
Oct
105% 100% 106*8 107*8 100% 109% 106% 109
107% 109% 108*4 110% 96,400 Amer Smelting A Refining. 100 88% Apr 22 122% N o v2 2
J a n 108% D e o
56
117 117
117
117
116% 110% 116% 116% 116*4 1 16*4 117% 117%
800
Do pref....................... 100 109% Apr 22 118% O o t 21
J a n 113 N o v
*130% 145 *135
145 *133 145 *133
145 * 138 145
115 *133
American Snuff................. 100 130 Mar23 151 D e o 8 144 J a n 165 A p r
*103
111 *103
III
111 *103
111 *103 111 *103
*105
111
Do pref....................... 100 106% Mar 22 110 J a n 27 103 J a n 110*8 N o v
60% 60%
61
62
60% 01
01% 61%
60*8 01%
60% 60%
2,200 Am Steel Foundry______ 100 44 Apr 24
74% O c t
24% M a r
73 D e o 7
110% 110*8 111*8 111*8 111% 1 11*8 111
111% 111% 112
111% *110
1,400 American Sugar Refining.. 100 104 Deo 21 125% O o t 25 . 991* F e b 119% N o v
121 *119
121 {121
*119
121 *120 121
121 *120% 122
121
150
Do pref....................... 100 115% May 5 123% O c t 24 109 F e b 119% N o v
123% 123% 123% 123% 123*8 123% 123*8 123% 124
123% 123% 123*8
10,090 Amer Telephone A Teleg-.lOO xl23% Dec 29 i l 3 4 % S e p t2 9
116
J a n 130% N o v
218% 218% 219 219
218 219*4 219 219%
*214 218 *214% 220
900 American Tobacco..........100 188 Feb 16 2 2 9 % N o v 3 1951* D e c 2521* A p r
109 109 *109 110
109
109 *108
109% 109*4 *109% 110
*105
.300
Do prof (now)............. 100 105%Apr24 113 8 e p t2 3 103% J a n 111 N o v
45*4 47%
47
47*1
47% 47*4
46
45% 45*8
47% 47*4
*45
4,100 Am Woolen of Mass_____ 100 37 Deo 21 5 8 % N o v 8
46 N o v
56
Oct
96% {95 % 95%
95% 95% *94% 96 < *95
2
•95
96% ♦95
97
210
Do pref......................100 92 Jan 10 102 M a r l O
95
Dec
98 % N o v
45
46
44
46
46%
46
40
*42
44
40
45
46
1,600 Am Writing Paper pref.. 100
11 Jan 8 76% N o v 2 0
5 Ju ly
15
Apr
36% 38
35*4
3612 37*4
36% 39
35*4 36
38% 39*4
*35
9|000 Am Zinc Lead A 8_______ 25
29% July 10 97% A p r 10
67 % D e c
71% D e o
70
70
*07
71
*70*8 70*8
Do pref.........................25 59%
11 87 N v 1
83% 80*8
84*4 86%
85
82% 83
86*3 283% 84*a 105,100 Anaconda Copper________ 50 77 July 22 105*8 N o v2 0
82% 84%
Apr
24*4 F e b
91*8 N o v
o
110% 114*8 111% 114
109
1 11
111% 109 114
114% 118% 46,850 Atl Gulf A W I SS Line ctfs 100 56 July 12 147*4 D e o 8
108
65% *64
65% 05% *64
*64
65% *04
65% *64
65%
65
200
Do pref certfs............. 100 60%Dco21 73*4 N o v l O
56
SS*4
54
55% 58
56% 57%
55
56% 58% 19,800 Baldwin Locomotive____ 100
56%
55
52 Dec 21 118% J a n . 3
26*8 M a r 154% O c t
102
102
102% 102% *101*4 102% •101*4 103 *101*4 102% 101*4 101*4
300
Sep
92 M a r 114
Do prof....................... 100 98% Deo 21 110 M a y 2 4
125% 127
132
129
130 130 *128 132 *128
129
130% 130%
700 Barrett Co (The)------ ..100 al27% Dec 21 167% D e o 5
• B id a n d a sk e d p rices; n o sales o n th is d a y . t E x - r lg h t a . I L e s s t h a n 100 s h a re s , a E x - d l v . a n d r ig h t s . 6 N e w s to o k . « P a r 125 p e r s h a re . * F i r s t In s t a llm e n t
X per share 3 per share X per share $ per share S per share X per share
104% 104*8 104% 104% 105 105*8 105 105% 105% 105*4 105% 105%
99
99%
99
99%
99
99
99*8
99
99
99
99%
99
110 116% *116 117
117 117
117 117
*116
117% 117 117
84% 85
282% 82*4
84% 84%
83*s 84%
83*8 83%
83*8 83%
76% 76%
75% 76%
76*4 76*4 *74% 77
*75% 76% *75% 76 %
81*4 81*4 *81*3 82
81*4 81*4 *81*4 82
81*4 81*4 *81*s 83
157% 158
158% 100% 159% 161*4 160 161*4 160% 163*4 163 103%
63% 64*8
*63% 04
63% 03*4
04% 64%
61*8 05
61*8 65%
____ ♦13% 14%
14
13% 13% *13
13
13
13% 13%
40
38% 39%
*39
39
39%
39% 40
39*4 40
38% 39
91%
90
90% 91%
90% 91%
90
90*8 91%
88*4 89% 90
124% 124% 124% 124% 124*8 124% 124% 124% 124% 121 % 124% 124%
123% 124%
121 % 122
121
122*8 122% 123 123
* 120% 121 % 121
170 170
*170 175 *170 175 ♦170 175 *170 175 *170 175
31
30% 31%
31%
30*4 31%
30*4 31%
30% 30*4
31% 32%
51
51
*46
*40
53
51
*46
*46
51
51
*46
51
_
80 *___
80
*____ 80 *_
78*4 78*4
78*4 78*4
29
*2.3
29
30
30
*27
27
*28
30
28
28
28'
57% *56
57%
57% *56
*56% 57% *56
57% *56
57% *56
45
*35
*35
45
45
*35
45
*35
*35
45
45
*35
151
151%
*149*4 151
*149% 151 *149% 151 *149*4 151
*230 240 *230 240 *234 240
*230 240 *230 240
17
*15
*15
18
*10
18
*11
17
18
*15
17
*16
37% 37% *36
38
37
37%
37
37
37% 37%
*35
38
32% 33%
32% 33%
32% 33%
31% 32%
32*4 33%
32*8 32%
48
47*4 48
48
48
48
48
48 is
47
47%
47%
47
38
38%
33
38
38*4
38
38*3 ♦38
*37% 38
37*4 37*4
116*4 117%
116% 116% 116*4 116*4 116% 117
116
*115*4 116% 116
30% 3714
36*8 37%
35*4 36' 1 36% 36*4
35% 35*s
35*8 35%
105% 105*8
105% 105% 106% 106% 106% 106*8 *105 106
*105% 100
15*4
15
15%
15
14% 14%
15%
15%
15
15
15% 15%
69% 69 ‘2 69% 69*2
70
693.1 69*4
70
70
*68 69% 70
24*4 25%
*24
24% 24% *24% 26
25% 25%
24%
24
24
59
59
♦56
59
58
58
*58
*58
59
58
*56
*56
24
24
23
*23
26
24
24
*22 25
23
*22 24
49
48
53
49% 49%
48
48
48
48
*48
*50% 53
78% 79
77% 77%
77% 79%
77% 79%
*77
77*4
78*4 78*4
39% 41%
36%
40%
39
40
40*8 41%
35
37
39
40*4
130
131% 132% 132 132% 2130
*131% 132*4 131*8 131*8 131*4 132
129
129
130 *128
130
*128
129% 129% *128% 132 *128 132
26
26
*25% 29
28
*25% 27
*25% 27
*25
♦25
28
118
*112 116 *114 117
116 117% 117% 117% 117 117*4 *117
*128 133 *125 132 *128
133 *128 133 *128 135 *128 133
9%
9
9%
9
8*4 8*4
8% 9%
9
9%
9%
9*8
20
20
*18
19% 19%
19
20
20 20% *18
20 *18
14
14%
14
14% 14%
*14% 15%
14
15
16
15*8 16%
31
3134 32% 33%
31%
33
33%
31
31
31%
32% 32%
____ ____
59*8 60%
60
59
60%
58*4 59%
59*4 59*4 *59
100% 101
101 101 % 100% 101 % 101 % 101*8 101 102% 101 % 102%
35% 35% *35% 38
37
*35
36% *35
*34% 38
*35
38
47
48>2
46
471.1
46% 46*4
47
48*8
47% 49%
48%
48
28% 28% *------27% 28
27*4 27*4
29% *27% 29
*28
29
134% 136% 134% 130% 131*4 136
133% 134
*133% 135
135% 136*8
o 7 ‘4 o 7*4
87
*85
88
87
87
87
*80
87
87% 87%
*107*4 108% *107% 108% 108% 109
108% 109
108*4 108% 108*4 109
56*8 5G58
56% 56*2
56*8 56%
56 % 56*4
56% 56*8
56*8 56%
32% 34
33% 33%
31% 32
31*4 32
32% 33%
32% 33
71
71*4 73
73
73%
71
71
71
72.% 73%
73
73*8
59
*54
55
55
59
*54
69 *
59
*54
*55
59
83% *75
83%
83% *75
80
80
84
*75
*78
84
*75
90% *89
90% *89
90% *89
90% *89
92
95
*89
*89
99% 100% 100% 103
101*8 103*4 102 103*4 102*4 103%
98% 99*8
43% 43% *43% 44
43% 44
44
*43% 44
*43
*43% 44
*44%. 46
45% 45% *45% 46
*44% 46
*45
46
*44% 46
22% 24
24% 25
24
23% 24%
24
23
23% 23*4
23
*27
32% *28% 32% *28% 32%
32% ' ____
32% *27
*27
52% *51% 52%
56%
52*4 52*4 *51% 52% *50
50*8 50*8 *50
17% 17%
17%
17
17% 17%
17% 17*8
17
17
17
17%
____ ____
38
38
38
38%
38
38
♦38
38'2 37% 37%
97% 98%
97% 98%
97*4 98%
97*8 98%
90% 971.1
96% 97
31% 32%
31% 32%
31*8 32%
30% 31*8
30
30%
30
30*i
68 69% 68*4 69*4 ♦68% 6912 *68*4 69%
68 08% *68 70
17% 17%
17% 17%
17% 17%
17
*17
17
18
17
17
45% 45%
46
46
47
45% 45^4 *45
45% 40
*45
46
*93
95
♦91
*93
95
96
95
*90% 95
*91
95
*91
142*4 143% 143% 144
143*.| 145% 144 145% 144% 145*4 144*8 145*s
84% 84%
84% 84%
84% 84*8
84% 841?
84*8 84*8
84% 84%
10
9*4 10
10
10
10
9*4
10
10
*9*4 10
9*4
22 *20% 22 *21
*21
21
23
21
20 20
*21
23
15%
15
15
15*8
14% 14%
15
14% 14%
15
15% 15%
54*8 56
54% 54*8
54% 54%
55% 56*8
55% 55%
55% 55%
29
29*4
28% 29
28% 28%
29*s 30
29*3 29%
30
30
27% 28
* 20% 27%
27% 28%
27
27%
27% 27%
28
28%
____ ____ *41
41
41
*41
45
45
*42
46
*42
46
21
20% 21 % 21
21*4 21*4 22% *21 % 22
20*8
21 % 22
—
—
48% 48%
49% 50%
50
50
*49
50%
50% 50%
*50
53
—
—
51% 52
52% 52%
52
52% 52%
52
21
86
100
p a id ,
* E x - d l v ld e n d .
t F u l l p a id .
2 4 2
N ew
Y o r k S to c k R e c o r d — C o n c lu d e d — P a g e 2
For record of sales during the week of stocks usually Inactive, see second page preceding.
HI OH AND LOW SALS PRICES—PSA SHARE. NOT PER CENT.
Saturday
Jan. 13
Monday
Jan. 15
Tuesday
Jan. 16
Wednesday
Jan. 17
Thursday
Jan. 18
Friday
Jan. 19
Salesfor
the
Week
Shares
STOPK'S
N E W YO R K STO C K
EXCH ANG E
PER SHARE
Range for Year 1910
On basis of 100 -share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1915
Lowest
Highest
I n d u s t r l a l & M l s c . ( C o n . ) Par $ per share $ per share
$ pet share Z per share
S per share $ per share S per share
Oct
11,170 B e th le h e m S te e l__________ 100 415 J a n 11 700 N o v l S
46*4 J a n 600
396 430
420 448
470 476
91
J a n 184
OCt
Do
p r e f _______________100 126 J u l y 21 IS O N o v l 7
130 130
125 132
135 135
79*8 J u n r
7,000 B u tt e A S u p e r io r C o p p e r ___ 10
5012 A u g
49*4 50
4l*s D e o 2 l 10514 M a r 9
48*4 49*4
48*s 49*4
425g J a n
1.300 C a lif o r n ia P e tr o le u m , v t o .1 0 0
8 J u l y 38*8 D e o
25
25
15 Ju n e 2 7
25*2 26
*25*2 26*2
80*8 J a n
81
Dec
p r e f ________
.1 0 0
1,500 D o
30 J u l y
55
40 Ju n e 2 9
55
56
55*4 56*8
55*2
61*/ N o v
89*4 91*2 109,000 C e n t ra l L e a t h e r __________ 100
49 A p r 22 123 N o v l O
32*8 F e b
89*2 92
89*4 91*2
p r e f _______________100 10S7s J a n 3 U 7 i 2 N o v l O
1,625 D o
100*3 J a n I I O I 2 N o v
115
115
114 114*2
102 101*8 101*8 1.300 C h a n d le r M o t o r C a r _____ 100 88*2 A p r 2 l 131 J u n o
99 102*4 *99
39U N o v lS
195$ J u l y 14
23*8 D e c
26*a N o v
25*4 25*8 15.300 C h ile C o p p e r ............................. 25
25*2 26*4
25*8 26
74 N o v l 8
32*4 J a n
461g J u l y 11
57*8 N o v
54*4 55*8
54*4 56*2
55
55*4 16,900 C h in o C o p p e r _____________ 5
C3>4 S e p t3 0
21*4 J a n 66*2 S e p
9,400 C o lo r a d o F u e l A I r o n _____ 100
3S<8 A p r 22
46*2 47*8
46*2 47*2
47*8 48
30*i S e p t2 8
5378 D e o
42*8 433S 4 2 7 43*2
s
43*8 46*8 23.300 C o lu m b ia G a s A E l e o ____100
____ *45*2 46
C o m p u t in g - T a b - R e c o r d -.1 0 0
52*s J a n 22
49*8 D e e
41*2 N o v
40*8 J u ly 2 4
*45*2 46
113*4 J a n 150*2 O c t
6,700 C o n s o lid a te d G a s ( N Y ) . . 1 0 0 12941 D e c 21 144*4 J a n
132 1337g 132*2 1315s 134 134*2
Oct
500 C o n t in e n t a l C a n __________ 100
89
40*4 J a n 127
89*2 *85
75>4j a u 3 l r i l l S e p t2 0
88 88 *85
Do
p r e f _______________100 100 F e b 1 114 N o v 2 7
115 *109 113
88*2 J a D 109*2 D e o
*107 115 *109
23*2 24*2 40,200 C o r n P r o d u c t s R e f in in g ___100
1314 A u g 8 29*4 D e o
8 J a n 21*2 O C t
21*8 21*8 21*8 21*8 21*4 22*8 22*8 22*8 21*4 24
3,800 D o
85 Ju n e 2 6 113i2 D e o
p r e f _______________100
65
Ja n
90*4 D e o
103*8 103U 103*8 103*8 102*2 103*4 103*4 104*2
* 102*2 101*2 103 103
18*i M a y 109*g S e p
66*s 64*8 66*4 74,600 C r u c ib le Ste e l o f A m e r ic a .1 0 0 5014 D e o 21 9 9 lj M a r 16
60*4 62*4
63*8 6578
03*4 66*8 64
62
63*8
117 * 112*2 113*2
Do
p r e f _________
100 108*4 J a n 11 1247s D e o
84 M a y 112*2 S e p
116 116 * 111*2 117 *114 117 *112
*115*2 U S
30,100 C u b a C a n e S u g a r _____ No par
76*3 O e t 30
50*4 52
43 D e o 21
50*4 52
50*8 53*s
50*4 51*8
49
50
49*8 50
1,700
94
Do
p r e f _______________100
94*4 94*4
93*4 94
91
94*4
94*4
91*4 D e o 22 I 00t 2 0 o t 28
*93*4 94
93*s 9378
C u b a n - A m e r lc a n S u g a r . . .1 0 0 152 J a n 5 26 978 S e p t2 6
38
J a n 177
Doc
195 *175
192
*176 184 *176
185 *175 195 *185 190 *185
93 M a r 110
Sep
107
Do
p r e f _______________100 10038 D e c 22 110 J u n o 8
107 *101*2 107 *101
106*4 *101
*101*2 107 *101*2 106*4 *101
50*2 O c t
3,700 D is t ille r s ’ S e c u ritie s C o r p . l O O
54'2 A p r 29
28
28
27*8 28
5*2 M a r
24 D e o 21
2778 2878
27*8 28
26
26*4
26
26*8
30*4 D e o
21*4 21*8 2,300 D o m e M in e s , L t d _________ 10
J1 6 J u n e
2912 F e b
22 22*2 21*4 22
18 D e o 21
21*4 21*4
*22
23
*22*2 23
300 D r lg g s - S e a b u r y O r d ______ 100
50*4 50*4
51*2 51*2
49
49
50*8 51*4
45'8 D e c 29 1 1934 S e p t 18
*45
65
*45
50
60 J u n e
35 J a n
15
15
12*8 J u l y 13
F e d e ra l M in in g A S m e lt ___ 100
8 M ar
*13
17
*11
18*2
*11
18
*11
IS
*11
18
65 J u n e
Do
p r e f _______________100
3434 D e o 26 57*2 J a n
20 M a r
41
41
*35
4 2 78
38*4 38*4 *38*2 42*8
*35
42*4 *35
40*4
Oct
145 G o n e ra l C h e m ic a l________ 100 J265 J a n 5 350 M a r 18 165
J a n 360
*245 260
250 250 *245 260 §255 255 *245 255 §250 250
106 M a r (7116*2 N O V
Do
p r e f _______________100 5113 J a n 5 117 D e c
*113*2 116*2 *113*2 116*2 *113*2 116 *113*2 116*2
*113*2 116*2
2,450 G e n e ra l E le c t r ic __________100 159 A p r 22 187*4 O c t 20
138 M a r 185*2 O c t
169*4 170*2 169 109
108 168
10812 168*2 168*4 170*4 170 170
32,400 G o n e ra l M o t o r s te m c t f s . - l O O 120 D e c 21 135 D e o 27
117 120 z l 19*2 122
107*2 109
107*2 109*4 109 117*4 115*4 120
3,900
z9 2
92
Do
p re f
te m c t f s .,1 0 0
92
925g
88*2 D e c 21 93 D e c 23
92*2 93
91
91
91*2 92*2
91
91*4
80*4 O c t
2 4 i2 J a n
00
01*4 21,300 G o o d r ic h C o ( B I I ...............100
49*2 D e o 20 80 A o r 10
5378 54*4
56
59*4
57*4 59
58*2 60*2
5512 557
8
400
Do
p r e f _______________100 H 012 D e o 22 116*4 M a r 10
95
J a n I I 4I 4 O C t
111 111 * 110*2 111*2
* ____ 112 *112
____ * ____ 110*4 110 110
91 J u n e
80 J u l y 12 120 N o v l 8
1,500 G r a n b y C o n s M S A P ____ 100
79 U A p r
89
95
9 178 92*8
90*2 *88
*88 90
88*2 89
89*8 92*4
34 Ju n e 2 6
52*8 D e o
5612 N ov20
700 G re e n e C a n a n e a C o p p e r . . 100
44% 44%
*45
46
*45
46
37
Oct
45*s 46
*43
44
43*4 43*2
71 M a y 4 193 N o v l O
700 G u lf S ta te s Ste e l t r c t f s _ 100
_
128 129
128 128
*122 128
122 122 *123 128 *120 12S
87 M a y 4 115 N o v 2 5
107 *105 107
D o 1st p re f t r e t f s _____ 100
*105*2 107 *105 107 *105 107 * 106 107 *105
72 M a y 5 190 N o v l O
D o 2d p re f t r c t f s _____ 100
*120 ____ *120 150 *120 150 *120 150 *120 160 *120 150
4712 O c t
_
74*4 N o v l 8
16*8 J a n
58*8 58*8 57,550 I n s p ir a t io n C o n s C o p p e r _ 20
42*8 A p r 22
56*4 597s
57*4 59*4
5S*s 59*8
55*4 56*3
55*4 56*2
6*2 M a r 29*4 N o v
900 I n t e r n a t A g r lc u l C o r p ____100
*15
10
I I A u g 30 2978 J a n "
16*4 17
*15*8 16
15*8 16
*15
17
*15
16
74 J a n
8 M a r 71*4 D e o
Do
p r e f _______________100
1,500
41*i 44
40*t 41
40*4 41
37 D e o 21
41*8 41*8
*40 14 42
*40*2 42
90 M a y 114 J u n e
500 In t e r n H a r v e s t e r o f N J ___100 108*2 J a n 7 12678 N o v 2 9
122 120 120
*118 119*2 120 120*2 *119 121 *119 122 *118
20*2 D e o
18
Dec
92.000 I n t M e r c a n tile M a r i n e ------- 100 e l 3*8 F e b 15 c 5078 S e p t 14
29*8 31
27*8 29*s
27
28*2
24
24*4
24*2 2512 25*2 28*4
5512 N o v 77*2 D e o
87
88*8 55,500 D o p r e f ______ ________ 100 «*61*.| M a r 1 c l 25*8 S e p t 11
83*4 86*4 837s 87*8
81*2 85*g
79
80*2
80*8 82
55*8 O c t
9,270 In t e r n N ic k e l ( T h e ) v t 0 . . . 2 5
42
42*4
3878 D e c 21 5 6 % J a n 17 4 4 % D e o
41*4 42
41*2 42
41*3 42*i
407 4078 403.j 4112
8
12*8 D e o
In t e r n a t io n a l P a p e r ______ 100
8 Ja n
7 5 i2 N o v l O
45*4 46
912 M a r 1
41*4 46
44*4 46*4
43*4 45*2
43*2 44*2
43*2 44
50*4 D o o
3,800
Do
p r e f _______________100
33
Feb
101*3 101*4 101*4
4 2 i 2 F e b 1 10 9i2 D e c 11
*102 ‘2 103*2 10212 102*2 101*8 103*4 101*4 101*4 101
96 A p r '
77
77
75
J e w e l T e a , I n c ____________ 100
67 M a r 9
75
75
75
*73
77
76*4 70*4
75*4 75*4
800 K e lly -S p r ln g f le ld T i r e _____ 25
85'4 S e p t 6
00 60
60
60
59*4 59*4
56 D e o 21
60
CO
58*s 58*8 2:59% 59%
64U N o v2 0
40 D e o 21
40
46*4 46*s 43,150 K e n n e c o tt C o p p e r ___No par
46
47*4
46*4
40
47
4518 45*2
45*4 46*8
94*4 S e p
28
Ja n
85
86*8 11,800 L a c k a w a n n a S te c J_________ 100 64 f l a y 5 107 N o v 17
84*2 86
86*s 85
84
87*4
83*8 84
83*2 84*.t
5612 J u n e 5
L e e R u b b e r A T i r o ___No pat
25*8 D e c 29
23*8 24
23
24
24*4
23
23
2312 23*2
23*2 23*>8 24
Deo
207
J a n 260
L ig g e t t A M y e r s T o b a c o o . lO O 240 A p r 14 305 N o v
281 281 *260 285 *255 285 *275 285
*255 285 *255 2.85
L o r llla r d C o ( P ) .................... 100 179*4 J a n 19 23978 A u g 19 16512 J a n 189 N o v
232 232
*222 232 *222 232 *222 232 *222 232 *222 232
84 N o v
91 F e b 10
1,400 M a c k a y C o m p a n ie s ______ 100
7S A p r 14
72*8 J a n
89
*87
89
89
89
89*2
*87*s 88
88 88*4 88 88
69*4 J a n
68*4 J u n e
D o p r e f _______________100
64*4 O c t
6478 D e o 11
68 *66 68 *66 68 *66 68
67*2 67*2 *60
*67
67*2
92
Oct
99 8 e p t2 5
15*4 J e n
5734 61
58*4 00*4 33,700 M a x w e ll M o t o r I n c t r c tts .1 0 0
41 D e o 21
52*4 56
56
61*4
52*4 53*8
51
52*2
4 3 U J a n 103*4 D e o
93 J a n
74
74
D o 1st p re f s t k t r c t f s . 100
74
65 D e c 21
73
73*4
74*8
71
71
72*4 72*4
71
71*8
68'2 O c t
607g J u n e 6
1,700
*38
40
18
Ja n
D o 2d p re f s tk t r c tls .1 0 0
39*2 40
32 D e o 28
♦35
37
3 6 7 37
8
37*4 3978
*35*4 37
51
J a n 124*2 D e o
88*8 Ju n e 2 8 129*8 J a n
103 104*8 103*4 10412 103*2 105*8 103 10434 103 104*s 103*2 105*8 42,400 M e x ic a n P e t r o le u m ______ 100
§96
96
D o p r e f _______________ 100
67
J a n 1 0 4 ij D e c
*94
96
8 9 < 2 jUne28 105*8 J a n
*93
96
36*8 D e o
9.200 M ia m i C o p p e r _______________5
49*8 N o v 2 0
33 A u g 3
17*4 J a n
41*4 42*8
41
42
41*8 42
41*8 417s
40*4 41
40*4 41
793.1 D e o
M o n t a n a P o w e r __________ 100
42
Ja n
99
99
6814 M a r 1 11478 D e o
99
99*2
101*4 101*4 101*2 10 H 2 101*2 101*2
99*8 100
Deo
D o p r e f ________________100 109 J a n 3 11714 N o v 2 7
99
J a n 120
*112*2 114*8 *112*2 115 * 112*2 H I *112*2 114 *112*4 114 * 112*4 111
Ja n
500 N a t io n a l B is c u it __________ 100 118 S e p t 9 131*2 O o t 19 116
A p r 132
*121*4 123
120 120*4 *120 122*4 ..................... 120*2 120*2 .....................
D o p r e f ________________100 124 J u n e 3 0 129*8 M a y 12 119 M a y 127l2 D e o
*122 128
*122 128
36*2 D e o
36*8 O C t
9*2 J a n
17,800 N a t E n a m ’g A S t a m p ’g ___100
193t A p r 22
30*2 32
28
29*4
28*2 32
2678 28*4
26*2 27
26*8 26*2
97
Deo
79
Apr
600
D o p r e f _______________ 100
97
98
98
90*8 D e o 21 100 N o v 2 1
97
*92
98
*92
99
*92
99
*92
99
70*4 M a y
44
Ja n
60
6 U 2 2.40 0 N a t io n a l L e a d ____________ 100 57 D e o 21 74*8 Sept21
60
60
59*2 60*4 *59*8 60
*58*2 00>2 *58*2 61
104*4 J a n 115 N o v
321
D o p r o f ________________100 111*4 D e c 21 117*8 O o t
113*2 113*2 * 112*2 113*2
*112*4 114*4 113
113 *112*4 114 §113 113
17 N o v
9,500 N e v a d a C o n s o l C o p p e r ----------5
11*4 F e b
34*8 N o v 2 0
15 J a n 31
24*4 24*8
24
25
24
2478
24*8 24*8
23*2 24*8
23*4 23*4
N e w Y o r k A i r B r a k e _____ 100 118 J u l y 14 186 N o v ’ 0
2
5612 F e b 164*4 S e p
*142 145
145*2 145*2 146*8 146*2 146*2 14878 149 150
144 145
81
Apr
625 N o r t h A m e r ic a n C o ______ 100
64
Ja n
70
70
7578 D e o
65*2 A p r 26
§70
70
70
70
70*2 70*2
*69
70
70
70
15,100 O h io C it ie s G a s ( T h e ) ____ 25
75 O o t 9 124*4 D e o
101*>8 105*4 101 105
104*8 105
104*2 111
105
105*4 105 105
11*8 J a n
1238 D e o
2
Fob
6
6
0
6*4 2,350 O n t a r io S ilv e r M i n in g ____ 100
5’4 N o v2 7
534
6
*512 578
53j
5*4
*5*2
57s
38
Aug
zS*4 D e c
21*4 21*2 22*4 2234 23*2 4,200 P a c ific M a l l ..................................5 l l s4 J a n 3 31 A u g 21
20 20*2 21
19*2 19*2
20 20
100*2 D e c 123*2 A p r
101
2.400 P e o p le ’s G L A C ( C h ic ) . . 100 100*8 M a y 5 118 O c t 10
104*2 100*4 z l0 3
105 105
105 105
103*4 103*4 10334 104
49
Sep
38 J u n e l5
48 D e o
41
520 P h ila d e lp h ia C o ( P l t t s b ) . . . 5 0
35*2 A p r
41*2 41*2 §41
41*2 4112 4 U 2 41*2
*40*2 42
*40*2 41*2
50% 52% 102,850 P it t s b u r g h C o a l c tfs d e p .1 0 0
58*4 D e o
49
25*4 J u ly 2 8
52*4
44*4 44*|
45*8 47*8
46*4 50*t
44*2 45*i
Do
p re f c tfs d e p o s i t . . 100 IO O I 4 A u g 25 1 15U D e o
1,900
110 110
110*2 111
109 110
109*2 109*4
*107 110
107*8 109
7.400 P re sse d S tee l C a r ________100
4212 J u l y 14
25 M a r
78*4 O c t
88*4 N o v 2 0
78
79
78
79*4
7S*a 79*s
78
78*2
7434 76
76*2 78*4
Oct
417
D o p r e f _______________ 100
86 M a r 106
97 J u l y IS 108 N o v2 1
106 *101 106
105 105
105*8 105*8 *105
103 103 *103
105
Deo
P u b lic S c r v C o r p o f N J ___100 114
100*2 A u g 120
a n 31 137 S o p t2 7
132*4 *128 133
*129 132*4 *129 132*4 *128 132*2 *128 132*4 *128
166 100
800 P u llm a n C o m p a n y ________100 15978 M a y 10 177 H e ptS O
106
150*8 M a r 170 1 O o t
•164 166
163*4 163*4 165*8 165*4 ♦164 160 *165
54
OCt
19 M a r
32 A p r 22
61*4 N o v 2 7
51
52
1.700 R a il w a y S tee l S p r in g _____ 100
51
51
51*2 51*4
51
51*4
49*2 49*2
50
50*2
87 M a r 102 N o v
9514 M a r 9 103*4 N o v 2 S
70
Do
p r e f _______________100
101 *100 101 *100 101
*98 101 §101
5101 101
*98 101
27*2 N o v
15*4 J a n
20 Ju n e 2 3
37 N o v 2 0
26*8 27*8 16,500 R a y C o n s o lid a te d C o p p e r . . 10
26*4 27*8
26*8 27*4
26*8 27*8
26
2678 26*8 26*8
57*4 D e o
93 N o v 2 0
19
Fob
42 Ju n e 3 6
79
79*2 81*8 29,850 R e p u b lic I r o n A S te e l_____ 100
80*2
77*2 80
78*8 80*4
77*i
7714 78'.i z7 7
72
J l. n 112»a D e o
300
Do
p r e f _______________100 101 D e o 21 117 N o v2 0
101*4 104*1
104*8 104*8 104*2 1 0 tl 2 *104*2 105
*104i2 105 *104 105
84*4 S e p t 19
500 S a x o n M o t o r C a r C o r p ___100
6378 D o c 29
66 66
66 66 *63*2 07*4
65
65*2
67
63*8 63*8 *64
4.900 S o a rs, R o e b u c k A C o _____ 100 I 68I4 M a r 1 233 N o v 9 *131*4 M a r 209*2 F e b
228*4 228*,| 228*3 231*2
227*8 227*8 227*4 229*2 228*8 229 *228*2 230
4014 F e b 14
22 D e o 21
4,210 S h a t tu c k A r i z C o p p e r _____ 10
26*4 27*s
27*4 27*2
26*2 28
25*4 25*2
25*4 27*2
25*4 26*8
06*g D o o
37 J u l y 14
93U N o v lO
24
Ja n
3.900 S IoR s-S heffleld S tee l A lr_ .1 0 0
67*4 68
69
66*2 67
*06
68
68 70*4 z6 5
67*4 67*4
Deo
40
F o b 104
S o u th P o r t o R ic o S u g a r . . . 100 146 J a n 29 240 J u n e lO
180 ISO *175 200 *180 190 *1S2 190
*170 ISO *170 190
Oct
108 109*2 21,600 S tu d o b a k e r C o r p ( T h e ) ___100 100*8 D e o 39 167 J a n
85*4 J a n 195
104*2 104*8 10-1*2 105*4 106*2 10S*4 107*4 110*2 107*4 n o
Do
p r e f _______________100 108U 8 o p t2 6 114 M a r 14
01
J a u 119*2 O c t
112 *109 112
*108*2 112 *109
*108 112 *108*2 112
108*8 108*8
1,400 S t u t z M o t o r o f A m I n n . N o par 481» D o c 29
79*2 8 e p t2 5
5 H i 5278
53*4 53*4 *51% 5.M i
51*| 51*4
51*4 51*4
51*2 51*?
19*2 D e o 19
6,800 T e n n e s s e e C o p p e r A C h e m w 1.
1534 D e o 21
15*8 15*4
14*4 16
15*2 16*8
15*4 15*8
14*4 14*4
1438 14*8
Deo
120 M a y 237
15,900 T e x a s C o m p a n y ( T h e ) ____100 177*4 Ju n e Z 7 241*2 N o v 2 1
231*2 235
232*2 23 3 U 231*4 124
232 235
228 231
229*2 232
13,100 T o b a c c o P r o d u c t s C o r p . .1 0 0
59*8 D e o 26 ________
48*4 S e p t 7
57
56% 57
56
55*4 57*8
55*8 56*s
54*2 55
547a 55*4
95 M a y 103 N o v
99 J u l y 14 109*2 M a r 16
Do
p r e f_______________100
100*8 1007s *100*2 103*2
*99
103
*99*2 102i 2 *9S*i 103*2 *100 102
97
Oot
55
Feb
86 J a n 12 110 O o t 24
1,300 U n d e r w o o d T y p e w r i t e r ___100
*98 104
103 103*2 *103*2 104*8 *104 101*2 *103*2 104*2 104*2 105*4
9*8 D e o
4*8 J a n
4U M a y 9
18*2 O o t 19
700 U n io n B a g A P a p e r ______ 100
13
12
12
12*8 12*8 12*8 12*8 12*4 12*4 12*2 12*2 13
1,600 U n io n B a g A P a p e r ( n e w ) . 100
102*3 102*8 103 105
87*2 O o t 16 129 N o v l 5
100 101 *102 104
97
97
99
99
69
D e c 6I O I 2 O o t
101
101
69 F e b S 105*4 A u g
1.700 U n it e d C ig a r S to re s _______100
10178 100*4 101
100*4 100*4 100*4 100* 100*1 100*4 101
Do
p r o f _______________100 6 1 1 'a F e b 10 120 A u g 9 611*2 O o t 612*8 N o v
120 *118 120
120 * 118*2 120 *118
*118 120 *118 120 *118
3,600 U n it e d F r u i t ______________100 130's J a n 31 10 9*2 Juue 8 139 N o v 103 N o v
150 150 *145 151*2 150 154
149*8 150
*147 150 *147 150
31*8 O o t
2S*s N o v 17
8
Ja n
1 5 '8 Ja n 31
2,090 U S C a s t I P ip e A F d y ____ 100
22*2 22*8
213s 23*4
*20*2 22
*20
22
*20
22
21*2 21*2
55*7 N o v
32*2 M a r
48’a F c b 5
67*2 N o v l 7
Do
p r e f _______________100
62
.*00
65
61
*60
64
*60
65
*60
65
*60*4 64
100
9412 D e o 22 170*2 A p r ‘
15
J a n 131*4 D e o
125 130*2 124*i 127*8 125*4 128*2 146,500
122*4 130
119*2 122
118 119*8
99*2 J u l y 11 111 J a n 13
100
70
J a n 107 N o v
105 *100 104
Do
p ro f,
*100 105 *100
*101
103 *101
103
74*4 A p r
47*4 M a r I
44 J u l y
100
70*4 D e o
60
61
60
60*4 63,400 rn lte d State:
.59% 00%
59*8 60*4
56*4 61
57*8 00
Apr
101*8 F o b 110
100 100*8 F e b 5 1 15*4 D e c
2.050
Do
1st p r
110*2 110*2 110*4 H I
110*1 111
110 111
111*8 112*. *109 112
.5 0
57 D e o 21
6.050
8 U 2 N o v2 1
64*2 65*4
045s 65*8
6378 64*.
64*4 65*4
63*4 63*2
63*2 63*
50 Ju n c 2 0
.60
5312J u n e 9 .....................
52
Do
p re t.
*51*2 52
*51
52
*51
51*a
51*4 51*. *51
*50*4 52
38
Feb
8912 D e o
100 179*4 M a r 1 129*4 N O V 2 7
113*8 115*8 113*4 115*8 113*2 115*8 819,500 n fte d States
110*2 111*8 I I U 4 112*2 112*2 115
F e b 117
OCt
100 115 M a y 3 123 N o v ~ z l 02
121
121 121*4
5,160
Do
p ro t.
120 120
1197s I20*s 120*2 1207a 120*8 1207a 121
48*2 J a n
_1U
74*i J u l y 14 130 N o v 181
81*4 D e e
106*4 10S12 107 108*2 87,100
100*4 109
105 109
1037s 1 0 l7s 101*8 105*
.....................
100 16*4 J u n o 9 27*8 D e o
2212 22*2
22*2 23
22
22
21*8 21*a
21*8 21*8 *21*4 22
62
Oct
51 J a n 17
16
Ja n
36 A p r 24
4.1*8 44*8
100
44
42*4 43*a *41
43*4 43*a
*41
43*. *39*4 4 3 .
80
J a n 113*8 D e o
100 108 A p r 22 114*2 D o o 0
112 *111
112
100
Do
p re f.
no
no
*109 113 *110 112 *110 112 ♦111
72*4 N o v2 0 1
41 J u ly 2 7
86 J u n e 74 O o t
100
53
55
52
53*.
51
51
*45
52
*45 55 *45
52
90 N o v
87 M a r 1 105*2 O o t 18
57
Ja n
99
99*4
100
99*.
97
95*4 95*. 95*8 9578 95*4 96*8 96*2 97
74** O C t
82
Feb
71*8 M a r 15
. -6C
53
53%
53
53*4
51*4 D e c 15
53*8 53*
527s 53*a
52*4 53*4
52*4 53*8
70 A p r 10
79 M a r 151
68*2 M a r 85 O C t
*69
75
..s c
*65
75
*08
75
*08
75
*09
75
*65
75
nS7
F o b n 2 08 N o v
34 D e o 21b t*325 J u n o
..2 6
3fl78 38
36
36*8
37*8 38*2 z 30*2 37*2
35*4 36
3578 36*a
94 D o o 22 117 J u n e
98
IOC
1,800
98
97*4 98
96*s 98
97
97
. 97
97
100 118 J a u 6 141*4 O o t 5
00*4 J n n 120*2 D e c
400
145*8 145*2 *146 147
____ *145 150
144*2 144*. *145
*14312 145
Aug
Ja n 121
Do
p r o f ____________ .IO C 123 Ju n o 2 9 126 N o v 5 115
* 1 2 5 * 2 ____
*125
____ 126*8 126*a *125
*125
____ *125
____
4 __________
25 J u l y t 3
900 W o r t h in g t o n P A M v 1 0 .100
26*8 26b
27*2 275s *20*4 28*2 *20*4 28*2
26
26
27*s 27*a
95 J u l y 13
D o p re f A v t 0_______ 100
*92*i 97*2
*92
97
♦92
07*2 *02 *t 97*: *92*2 97
*92
97*
t ________ _
D o p rp f R v t 0_
_
_. 100
52*« J u l y l 4
50*2 50* *51
57*
*52*4 57*- *52*t 57*2 *52*3 57*2 *5212 57*2
$ per share $ per share
470 470
470 470
*135 145 *135 145
46
46*4
46
46*4
24*2 24*4
24*2 25*2
*53*2 55*2
54*2 55
90
91*4
88*4 90*4
5115 115
114*2 114*2
93
97 U 97 *
4 97
2.5 U 25%
25*8 25*2
53*4 54*2
54 55
45
45%
45
45*4
4134 43
4178 42*4
*45
50
*45
46
129*4 130 *129*2 130
*S 6
89
89
89
*107 115 *107 115
$ per share
470 470
*135 140
47*4 49*2
26
26*g
55*2 56*2
88*3 91*2
114*2 114*2
99
99
25*8 26*8
54*2 5578
45*4 46*8
4278 43*8
40
46
130 131*4
88 89*4
*107 115
1,000
100
200
100
200
11.000
1,200
2,200
100
100
200
2,100
1,000
1.200
2,000
100
100
100
200
200,
100
200
• B id a n d a sk e d price s: n o sales o n th is d a y . a L e s s th a n 100 s h a re s .
x E x - d i v id e n d , n P a r $100 p o r 3 h a ro .
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N e w Y o r k S to c k E x c h a n g e — B o n d R e c o r d , F r id a y , W e e k ly a n d Y e a r ly
343
In jan. 1009 lit exchange mtihoa of tuotmg bonds teat changed, and price* art noro all— " a n d imereti” —txttpl for incotnt and defaulted bonis.
BONDS
N . V. STO C K E X C H A N G E
W e e k E n d in g J a n . 19.
11
Price
Friday
Jan. 19.
Range
Year
Wee*'*
Range or
Last Sale
1916
Low
High
Bid
Low High
U . S. G o ve rn m e n t.
99*4 .
99*4 D e c '16
99
99*8
0 S 2s c o n so l re g is te re d ___ d l9 3 0 Q - i
99*8 D e o '16
99** 100**
99*4 .
D 8 28 oo n so l c o u p o n _____ d l9 3 0 Q - J
101*4 D e o '10
99*4 102*4
(J 8 3a re g is te re d __________41918 Q - F
101*4 J a n '17
U S 3s c o u p o n ____________ 41918 Q -F
110*4 O c t '16
109*4 n i * s
D 8 48 re g is te re d ___________ 1925 Q - F
110 J a n '17
U 8 4s c o u p o n --------------------------1925 Q - F
99M
98*4 G o t '15
O 8 P a n C a n a l 1 0 -3 0 -yr 2 a .41930 Q - F
0 9 i2
97 J u l y ’ 15
V 8 P a n C a n a l 1 0 -3 0 -yr 2 S ..1 9 3 8 Q - N
10278 D e o '10
tJ 8 P a n a m a C a n a l 38 g ____1961 Q - M
101*8 103*4
U 8 P h ilip p in e Is la n d 48.1914 -3 4 Q - F l o o
100 F e b '15
F o re ig n G o v e rn m e n t.
97*2
97*4 365 97
9758 Sa le
A m e r F o r e ig n S e c u r 5 s ------- 1919 F - A
99*8
92*8 a a lo
92*8
93*8 1961 9212 96*8
A n g lo -F r e n c h 6- y r 5s E x t e r lo a n . A - O
9 0 i2 9 H 4 91*2
91*2
89*4 95*8
A r g e n tin e — I n t e r n a l 5s o f 1 9 0 9 .. M - 8
71*2
72*4
69
78*4
C h in e s e ( H u k u a n g R y ) — 5 s o f ' l l J - D t 7 U 2 Sa le
99
99*2
99 i 2 Sa lo
96*4 100*4
C u b a — E x t e r n a l d e b t 53 o f 1901. M - 8
96
96*2
90*2 Sa le
94*8 97
E x t e r d t 5s o f '14 s c r A ___1949 F - A
86*3 . . . . 86*8 D e o '16
E x t e r n a l lo a n 4 M s ________1949 F - A
8H 2 87
99 7
g
IO O I 4
D o m in io n o f C a n a d a g 5 s___1921 A - O 100 Sa le
98*8 100*8
99's
100
99 14 Sa lo
19o
do
1926 A - O
97*8 101*4
99*8
IO O I 4
99*8 S a le
98*4 102*8
no
do
1931 A - O
88I4
88 >
2
82M 88*4
Ja p a n e s e G o v t — £ lo a n 4 M 8 - 1925 F - A
88*4
8S*s
78**
S e c o n d series 4 M s ................1925 J - J 1 88*8 Sale
81
81*4
81 Sa le
73
84*4
D o d o " G e rm a n s ta m p ” .
73*2 J a n '17
73
t 71 73M
63
S t e r lin g lo a n
431931
60
45
M e x ic o — E x t e r lo a n £ 5s o f 1899 Q - J { 41 44*8 47 N o v ' l G
39 A u g '16
35
40
50
27*2
G o ld d e b t 4s o f 1904_____ 1951 J - D
957s
97 310 94*4 99*8
9578 Sa le
P a ris , C i t y o f , 5 -y e a r 0 s ___ 1921 A - O
t
P r o v o f A lb e r t a — d e b 4 M S ..1 9 2 4 F - A t 777a 7878 95*2 J a n '15
78
78«s
74
80**
T o k y o C i t y — 5s lo a n o f 1912------- M - S
977S Sale 9 7 %
98*4 674 98 101
U K o f G t B r it A I 2 -y r 5 3 ..1 9 1 8 M - S
97*4 Sale 97*4
98*8 1264 97*8 98*4
M- N
3 -y e a r 5 M te m p n o t e a ___1919
96*4 Sale
90*4
9 7 78 1300 97
M- N
98's
6- y o a r 5 M te m p n o t e s ___1921
t Tide arc price* on tie basis of S5to£
S t a t e a n d C i t y S e c u r it i e s .
104*4
M - 8 IO 4I4 S a le 103*4
101 104*4
N Y C i t y — 4 M s C o r p s t o c k . 1900
4 M s C o rp o r a t e s t o c k _____1964 M - 8 105*4 106 105*8 J a n '17
101 105
100
4 M s C o r p o r a t e s t o c k ____1966 A - O 105*4 106 1057S
4 M s S e ria l c o r p s t o c k . 1917-31 A - O
4 M s C o rp o r a t e s t o c k _____ I960 J - D 110*4 B ale
106*8 H i' s 4 M s C o r p o r a t e s t o c k _____ 1963 M - S 110*8 Sa le
105*8 110*2
102
97*8 102*4
4 % C o r p o r a t e s t o c k _____1959 ( V l-N 100 ____ 101*4
1017g J a il '17
98 102*4
4 % C o r p o r a t e s t o c k _____1958 M - N
102 Sa lo 1017g
I0 2 tt
97*8 10212
4 % C o r p o r a t e s t o c k _____ 1957 I Y I - N
97*4 97*4
4 % C o r p o r a t e s t o c k _____ 1956 M - N 101U 101*4 97*4 J a n T O
110*4
105*4 110*4
N e w 4 M s .............................. 1957 M - N 110*4 110*2 U0>4
100*4 N o v ' 1 6
100*4 101
N o w 4 M s ...............................1917 M - N
110*2
1 10*2
103 H O
4 M % C o r p o r a t e s t o c k . ..1 9 5 7 M - N
4 M % A s s e s s m e n t b o n d s . . 1917 M - N 100 ____ 100*2 J u n o ’10
92*2 93*4 94 D e o T O
88*8 94
3 M % C o r p o r a t e s t o c k ___1954 M - N
105*2 D e o T O
N Y S ta te — I s ....................... .1981 M - 8
100*4
106*4
102 105*2
106*8 - - C a n a l I m p r o v e m e n t 4 s . . .1961 J 106*8____ 105 D e o T O
102*4 105
C a n a l I m p r o v e m e n t 4 s . . . 1962 J 106*8____ 106*2 J a i l '17
C a n a l I m p r o v e m e n t 4 s . . . 1960 J 113 117
110*2___ 110 J a n '17
C a n a l I m p r o v e m e n t 4 M s . 1964 J 110*4 111*4 109*4 S e p t ’ lO
,00*2 109*4
C a n a l I m p r o v e m e n t 4 M s . 1965 J 116*2
106*8____ 115*2
H i g h w a y I m p r o v ' t 4 M s -.1 9 6 3 M
107 109*4
H i g h w a y I m p r o v ' t 4 M S ..1 9 6 5 M - 8 110* 4 ___ 110 J a il T 7
85 A u g T O
84*4 883 8
V i r g in ia fu n d e d d e b t 2 - 3 s . . .l9 9 1 J - J ____ 88
60
58
59*8 00
59
50
6s d e fe rre d B r o w n B ro s c t l s . . "
R a il r o a d
73>2 74
74*4 D e c T G
74M
A n n A r b o r 1st g 4s________ #1995 Q - J
03
96*8 S a le *94 >
8
9G7g
A - O
A t o h T o p A 8 F o g e n g 4 s _ 1995
_
95*8
9H 4 ____ 91*2 D e o T O
H o g ls t o r e d _______________1995 A - O
9412
88I4 Sa le 88*4
88*4
A d ju s t m e n t g o ld 4 s_____ 51995 N o v
83*4 88*2
*86 ____ 85*2 N o v ’ 16
R e g is t e r e d ___________ 51995 N o v
8 6 12
81
88>2 S a le 88*8 89
S t a m p e d _____________ 51995 M - N
83*4 88*4
105
C o n v g o ld 4 s......................... 1955 J - D 105 S a le 105
100*4 108*2
'
J - D 101*2 105*2 10-lSa J a n '17
C o n v 4s Issue ol 1910_____ 1960
101*4 108*8
- D 100*8 1007g 100*2 J a n T 7
1 0 -ye a r 5 s ...............
1917
IOO I 4 101*4
98*2 Sa le
98*2
98*2
E a s t O k la D l v 1st g 4 s____ 1928 M- 8
95*8 97*4
J 86 87
85*4 J a n T 7
R o o k y M t n D l v 1st 4 s ____ 1965
84
89
93*8 Salo
T r a n s C o n S h o r t I, 1st 4 s . 1958 J - J
---------93*2
93*4
89
02*8
m- s 987g 99*8 98*2
98*2
C a l- A r l •1st A re f 4 M s" A " 1 9 6 2
90*3 99
8 F e P re s A P h 1st g 5 s . . . 1942 M - S 100 106*. .106*4 D e o T O
2 ..
10278 106%
A t l C o a s t L 1st g o ld 4 s ____ 51952 M - 8 9 4 l 8 9 6‘8 90
96*8
91
91*8
G e n u n ifie d 4 M s ............ ..1 9 6 4 J - D
9 5 is 961 94*4
95*4
89
94
A la M id 1st g u g o ld 5 s____1928 M - N
107*2
107*2
106*4 107*8
B r u n s A VV 1st g u g o ld 4 s . 1938 J - J
91's 97*4 93*4 J a n '17
93*2 95
C h a r le s A 8a v 1st g o ld 7 s . 1936 J - J 133*2
. 129*8 A u g '15
L A N c o ll g o ld 4 s ............ .01952 M - N
87*2 88
87*2
88
83*2 88*2
S a v F A W 1st g o ld 6s ____ 1934 A - O
121*8 122*2 1I»*8 J u l y ' lG
116*8 •12i
1 s t g o ld 5 s ........................ 1934 A - O
S Il S p O c a A G g u g 4 s____ 1918 J - J 99*2 ---------- 99*8D e o T O
99*8 99*8
B a lt A O h io p r io r 3 M s .......... 1925 J - J
95*8 S a le
95
90*g
92*4 91*4
94
95
05*8
R e g i s t e r e d ___________ 51925 Q - J
01*2 94
91*8 S a le
93*2
94*s
A -O
1st 6 0 -y e a r g o ld 4 s.......... 51948
89*4 92*4
90*8 N o v ' 1 6
R e g is t e r e d ................... 51948 Q - J ____ 94
89*2 91*2
1 0 -y r c o n v 4 M s ..............
1933
937g 98*8
R e fu n d A g e n 5s S o rle s A . 1995 j ’ - D
997, 101*4
F i t t s J u n e 1st g o ld 0 s ____1922 J P J u n o A M D l v 1st g 3 M s 1925 M - N
91
93
89*4 S a lo
89*4
90
P L J5 A W V a S y s re f 4s . . 1941 M - N
85*8 90
93*2 93*4 93*4
91la
B o u t h w D l v 1st g o ld 3 M s . 1925 J - J
89*4 92*8
C e n t O h io I t 1st o g 4 M S --1 9 3 0 M - S
C l L o r A W c o n 1st g 5 s_ 1933 A - O
_
100*4 107*8
M o t io n R i v e r 1st g u g 5 s . . 1019 F - A
O h io I t l v e r I t R 1st g 5 s . - .1 9 3 6 J - D
107*8 -------- 107 Ju ly ' 1 6
106*2 107*s
G e n e r a l g o ld S s . . .......... 1937 A - O
J 8 ? 7 -----------107*2 N o v ' l O
*
105 108
P it t s C le v A T o l 1st g 6s . . 1922 A - O
107 ----------- 113*2 F e b '12
P it t s A W e s t 1st g 4 s ..........1917 J - J
99*8 99*2
B u ff a lo R A P g e n g 5 s _____ 1937 M - S
107*2 110*2
C o n s o l 4 M s ...........................1957 M - N
A - O
A l l A W e s t 1st g 4s g u ____1998
92*8 97
C le a r A M a h 1st g u g 5 s . .1943 J - J 106*8 -------- 103*8 F o b T O
103*8 103*8
R o c li A P it t s 1st g o ld 6 s . .1921 F - A
100M 109*i
J -D
C o n s o l 1st g 6s . . .......... .1 9 2 2
107*4 110*1
1017«
O a n a d a S o u c o n s g u A 5 s _ 1902 A - O 1 0 1 * 4 --------104*8
_
C a r C lin c h A O h io 1st 3 0 -y r 5s '38 J - D
92
95*2
C e n t r a l o f G n 1st g o ld 5 s___p l9 4 5 F - A
107*2 108l2
C o n s o l g o ld 5 s ___________ 1915 M - N
100 103
J -IJ
84*2 87*2 84*2 M a y ’ 16
C h a t t D l v p u r m o n e y g 4s 1951
83*2 84*2
M a o A N o r D l v 1 st g 5s 1916 J - J
101*4 103*8
M id G a A A t l D l v 5 s .......... 1947 J - J
M o b t lo D l v 1st g 5 s .......... 1946 J - J
102*4 104
O e n R l t A B o f G a col g 5 s . . 1937 M - N
94
97
C e n t o f N J g c n ’I g o ld 5 s ____1987 J - J
115*4 118*4
R e g i s t e r e d ..................... #1987 Q - J 118 ----------- 118 J a n '17
115 117*2
A m D o c k A I m p gti 5 s____1921 J - 1 103*4 101 104M J a n '17
103*4 103*4
L o h A. I I u d R I v g o n g u g 53.1920 J - J 100 ---------- 100 Ju u o '1 3
N Y A L o n g B r g e n g 4 s . .194 1 M - S
97*2
100*2 J a n T 3
C e n t V e r m o n t 1st g u g 4 s. e l9 2 0 Q - F
78
79
79
79
79
83
C h e s a A O fu n d A J m p t 5s." 1929 J - J
941* 96*8 95 D e o T O
94*2 98
1st c o n so l g o ld 5 s_____
1939 M - N 106*4 Sa lo 100*4 107
104*4 107*8
R e g is t e r e d ................... I " l 939 M - N 101*2 106 104*2 N o v 16
103 104*2
G e n e ra l g o ld 4 M s ............ 1 1992 M - 8
93
93*8 93
93*8
89
93*4
R e g is t e r e d ......................... 1992 M - S _____ 92*4 90 J a n '17
90*2 91
20- y e a r c o n v e r tib le 4 M s . . 1930 F - A
80*4 S a lo 85*2
80*2
83*8 89
3 0 -y c a r c o n v sc o u re d 6 s . .1 9 4 6 A - O
94*2 S a le 91
945s
92*8 99*8
I llg S a n d y 1 st-4 s ..................1944 J - D
87 S a le 87
87
831« 85
C o a l R i v e r R y 1st g u 4 s . . 1945 J - D
83
84*8 85*2 N o v ' l O
82*1 85*2
C r a ig V a l l e y 1st g 5 s ----------1940 J - J
9 7 i 2 100
90*4 F o b '16
96*4 96*4
P o t t s C re e k B r 1st 4 s ------- 1916 J - J -------------------- 81*4 J a n T 3
R A A D l v 1st c o n g 4 s— 1989 J - J
88*8 88*2 87*8 J a n '17
8418 88*2
2d c o n so l g o ld 4 s______ 1989 J - J
82
82*8 82*2 O o t T O
81*2 *»lj|
G re e n b r ie r R y 1st g u g 48.1940 M - N - - - - 8S*3 SS** 8e p t T 6
88*2 88*2
W a r m S p rin g s V 1st g 5S ..1941 M - 8 93 _ .
1 13*4 F e b '15
O H * no
r, l *
e l,”
O h io A A lt o n U R re f g 3s . . . 1949 A O
5 7 " ' 02
"
J
Railwau 1st Hon 'U<n
.1 0 5 0
53*4 5*1**' 52 J a n ' 1 7 .
VM*
t
100l2
10012 :
110
100 102*8
110 112*2
110
101
.
l SS’2 89
88*s
j"-"j
"20
102 10214
n0*4 111
110*2 110*4
110*2 Sale
100*8__
104*3 1°5'8
100*8 100*8
102*2 106
102*2 108
112*2 HO
92*8
91*4
J
100*4 --
107*4 ---- 105 July 15
96*4 Salo 90
06*2
101*4 Bale 101*4 101*2
J 101 --- 112 Jan T7
93*8 88*8 Jan '12
100*8 108*2 106*4 Nov'16
107*8 -----101 *s Oot TO
100*4
101*4 Nov'16
99*2 ----- 99*8Sopt’16
J10%---- 110*2 Jail '17
102 ---- 102*2 Jan T7
---- 97 Nov'lO
106*4 ---- 106*4 Oot TO
108*8 ----- 109 Deo TO
92 Sale 92 8 92
110 3ale no no
102*4 Salo 102*4 102*8
103*4 ---- 100*4 Oot TO
103*8 Mar’15
103*4 ---- 104 Oct TO
103*8 ---- 96 Jan '17
96*2 97
120 120*2 119*8 120*2
101*8 101*8
100*4 101*8
101*4 103
101*2 101*4
II
I!
BONDS
Y . STO C K EXC H A N G E.
W e e k E n d in g J a n . 19.
J h l c B A Q D e n v e r D l v 4 a ..1 9 2 2 F - A
Illin o is D l v 3 M « .................... 1948 j . j
Illin o is D l v 4a____________ 1949 J - J
I o w a D l v s in k f u n d 5 s____1919 A - O
S in k in g fu n d 4 s ________1919 A - O
J o i n t b o n d s . See G r e a t N o r t h
N e b r a s k a E x t e n s io n 4 s ___1927 M - N
R e g is t e r e d ____________ 1927 M - N
S o u th w e s te rn D l v 4 s_____ 1921 M - S
G e n e ra l 4 s................................1958 M - 8
C h ic & E 111 re f A Im p 4s g ._ 1 9 5 5 J - J
TJ S M t g A T r C o c t ls o l d e p . .
1st c o n s o l g o ld 68_________1934 A - O
G e n e r a l c o n s o l 1st 5 s_____ 1937 M - N
R e g is t e r e d .........................1937 M - N
U S M t g A T r C o c tfs o l d e p
G u a r T r C o c tls o f d e p _____
P u r m o n e y 1st co a l 5 s____1942 F - A
C h ic A I n d C R y 1st 5 s . . .1 9 3 6 J - J
C h ic G r e a t W e s t 1st 4 s _____ 1959 M - S
C h ic I n d & L o u ls v — R e f 63.1947 J - J
R e f u n d in g g o ld 5 s...............1947 J - J
R e fu n d in g 4s S e rie s C ____1917 J - J
I n d & L o u ls v 1st g u 4 s . . .1 9 5 6 J - J
C h ic I n d & S o u 5 0 -y r 4 s____ 1956 J - J
C h ic L S & E a s t 1st 4 M s ____1969 J - D
C h ic a g o M ilw a u k e e & S t P a u l—
G e n ’l g o ld 4s S e rie s A ___e l9 8 9 J - J
R e g i s t e r e d ......................e l9 8 9 Q - J
P e rm a n e n t 4 s ____________ 1925 j - d
G e n A re f S e r A 4 M s ____a2014 A - O
G e n re f c o n v s e r B 5 s____a2014 F - A
G e n ’l g o ld 3 M s S e r B ____e l9 S 9 J - j
G e n e r a l 4 M s S e r C ............ e l9 8 9 J - J
2 5 -y e a r d e b e n 4 s ________ 1934 J - J
C o n v e r t ib le 4 M s .......... . . . 1 9 3 2 J - D
C h ic A L S u p D l v g 6s ____1921 J - J
C h ic A M o R l v D l v 5 s___1920 J - J
C h ic A P W 1st g 5 s .......... 1921 J - J
C M A P u g e t S d 1st g u 4 s . 1949 J - J
D u b u q u e D l v 1st s 1 6 s . . .1 9 2 0 J - J
F a r g o A S o u a s s u m g 6s . . 1924 J - J
L a C ro s s e A D 1st 5 s.......... 1919 J - J
W I s A M in n D l v g 5 s_____ 1921 J - J
W I s V a i l D l v 1st 6s ............ 1920 J - J
M i l A N o 1st e x t 4 M s ____1934 J - D
C o n s e x t e n d e d 4 M s ____1934 J - D
C h ic A N o r W e s t E x t 4 sl8 S 6 -1 9 2 6 F - A
R e g is te re d .............1888-1926 F - A
G e n e r a l g o ld 3 H s ...............1987 M - N
R e g is t e r e d ......................p l9 8 7 Q - F
G e n e r a l 4 s............................... 1937 m - N
S t a m p e d 4 s ................... ..1 9 8 7 M - N
G e n e r a l 5s s t a m p e d ............ 1987 M - N
S in k in g fu n d 6s .......... 1879-1929 A - O
R e g is te re d .............1879-1029 A - O
S in k in g fu n d 5 s.......... 1879-1929 A - O
R e g is te re d ............ 1879-1929 a - O
D e b e n t u r e 5 s .........................1921 A - O
R e g is te re d ........................ 1921 A - O
S in k in g fu n d d e b 5 s............ 1933 M - N
R e g i s t e r e d ................. . . . 1 9 3 3 m - N
F r e m E l k A M o V 1st 6 s . .1 9 3 3 A - O
M a n G B A N W 1st 3 M S .1 9 4 1 J - J
M l l w A S L 1st g u 3 M s ___1941 J - J
M i l L S A W e s t 1st g 6s ___1921 M - S
E x t A I m p s f g o ld 6s . . . 1929 F - A
A s h la n d D l v 1st g 6s ___1925 M - S
M ic h D l v 1st g o ld 6 s . . .1 9 2 4 J - J
M l] S p a r A N W 1st g u 4 s . 1947 M - S
N o r t h w U n io n 1st 7s g .._ 1 9 1 7 M - S
S t L P e o A N W 1st g u 5 s . 1948 J - J
W in o n a A S t P 1st e x t 7 s . 1916 J - D
C h ic a g o R o c k I s l A P a c 6 s . .1 9 1 7 J - J
R e g is t e r e d ____________ 1917 J - J
Rg g e n e ra l g o ld 4 s............... 1988 J - J
R e g is t e r e d ......................... 1988 - J
R e fu n d in g g o ld 4 s . ............. 1934 A - O
3 0 -y e a r d e b e n t u r e 5 s _____1932 J - j
C o ll t r u s t S e rie s P 4 s ..........1918 M - N
R 1 A r k A L o u is 1st 4 M * - - 1934 M - 8
B u r C R A N — 1st g 5 s . ..1 9 3 4 A - O
C I t I F A N W 1 s t g u 5 s . . 1921 A - O
M A S t L 1st g u g 7 s..........1927 J - D
C h o c O k la A G g e n g 5 s . .01919 J - J
C o n s o l g o ld 5 s..................1952 M - N
K e o k A D e s M o in e s 1st 5s 1923 A - O
K C S 1 ) L lS t 4 M 8 ' 4 1 F - A
C h ic S t I ’ M A O c o n 6s . .
1930
-D
C o n s 6s re d u c e d t o 3 M 8 ..1 9 3 0 J - D
D e b e n t u r e 5 s .........................J9 3 0 M - S
C h S t P A M in n 1st g 6s . . 1918 M - N
N o r t h W is c o n s in 1st 6 s . ..1 9 3 0 J - J
S t P A S C i t y 1st g 6s ____1919 A - O
S u p e r io r S h o r t L 1st 5s g .p ! 9 3 0 M - S
O h io T I I A S o -e a s t 1st 5 s . . . 1960 J - D
C h ic A W e s t I n d g o n g 6 s . j! 9 3 2 Q - M
C o n s o l 5 0 -y e a r 4 s ............1 9 5 2 J - J
C ln I f & D 2 d g o ld 4 M s ____1937 J - J
1st A r e fu n d in g 4 s............... 1959 J - J
1st g u a ra n te e d 4 s ..................1959 J - J
C l n I J A I 1st g u g 5 s____1941 M - N
C F i n d A F t W 1st g u 4s g 1923 M - N
C l n I A W 1st g u g 4 s____1953 J - J
D a y A M ic h 1st c o n s 4 M s . 1931 J - J
I n d D e c A W 1st g 5 s .......... 1935 J - J
1st g u a r g o ld 5 s ............... 1935 J - J
C le v o C ln C A S t L g e n 4 S ..I 9 9 3 J - D
2 0 - y r d e b 4 M s ___________1931
- J
G e n 5s S e rie s B __________1993 J - D
C a ir o D l v 1st g o ld 4 s _____ 1939 J - J
C l n W A M D l v 1st g 4 s . .199 1 J - J
S t L D l v 1st c o ll t r g 4 s . . . 1990 M - N
R e g i s t e r e d ........................1990 M - N
S p r A C o l D l v 1st g 4 s____ I 94P M - S
W W V a l D l v 1st g 4 s_____1940 J - J
C I S t L A C .c o n s o l 6s _____1920 M - N
1st g o ld 4 s ........................ *1936 Q - F
R e g i s t e r e d _________*1936 Q - F
C ln 8 A C l c o n 1st g 5 s . . . 1923 J - J
C C C A I g o n c o n g 0 s___1934 J - J
I n d B A W 1st p r o f 4 s _____1940 A - O
O I n d A W 1st p r e f 5 s___ <11938 Q - J
P e o A E a s t 1st c o n 4 s _____l f l i o A - O
In c o m e 4 s ............ ............. 1990 A p r
C lo v e S h o r t L 1st g u 4 M S ...1 9 6 1 A - O
C o l M id la n d 1st g 4 s _______ 1947 J - J
T r u s t C o c e rtfs o f d e p o s it _____ ______
C o lo r a d o A S o u 1st g 4 s___ 1929 F - A
R e fu n d A E x t 4 M S ............1935 M - N
F t W A D e n C 1st g 6 s . ..1 9 2 1 J - D
C o n n A T a s R l v s 1st g 4 s___1943 A - O
C u b a R R 1st 5 0 -y r 5s g ____1952 J - J
D e l L a c k A W e ste rn —
M o r r is A E s 1st g u 3 M s . -2 0 0 0 J - D
N Y L a c k A W 1st 6s ___ 1921 J - J
C o n s t r u c t io n 69_______ 1923 F - A
T e r r a A I m p r o v e 4 s ___ 1923 M - N
W lT O " to- -o , "ti it
,K W 'IF a
J
J
J
Price
Friday
Jan. 19.
Bid
Week's
Range or
Last Sale
Ask Low
?!
High
99*8 102*2 99*8
99*8
89
88
88*4
97*4 98
97*4
97*4
1 9 2 * 8 ____ 102*2 D e o T O
99*8 102
99*8 D e o T 6
88*4
99 ____ 98*8 D e o T O
96 _____ 98
J u l y ' lG
9 9 *8____ 99*8 Ju n e '1 5
96*2 S a le
96
97
33 B ale
31*8
33
30
34
31 J a r f T 7
105*8____ 105*8 J a n '17
9 0 * 4 ____ 80*4 J a n '17
82 M a y ’ 16
8 9 * 2 ____ 90 J a n T 7
85
91
89*4 J a n T 7
97*4 F e b '13
25 ____ 40
41
73*2 Sa le 72*8
73*2
114*4____ 114 D e c '16
100*4 O o t T G
8 5 * 4 ____ 85*4
85*4
70
75
70 N o v ’ 16
92 ____
90 J a n '17
96 ____
97*3 D e o '16
125
130
92
94 U
21*4 36*2
20 35*8
04 10712
93
82
91
91
21
26
69
75
11112 115
100*8___
100 101
83
85
70
70
88 91*2
96
97*4
913 S a le
4
8912 94
92*8
92
95*8
91*2 96*8
104
78
81*2
10012 104
90
93*2
99*8 103*4
103 103*8
104*2 105*8
102 104*8
89*2 93*8
105*4 107*8
9484
9512
92*8 F e b T 6
S a le
95*4
96*4
B ale
97*s
98*2
B ale 106*4
107*8
S a le
8U 2 82
g a le 104*2
105*4
s a le
93*4
95
102*4 S a le 100*4 102*4
103*8____ 103
J u l y ' lG
106*2 J a n '17
103*8 103*8 103*8
103*8
95 S a le
95
95*4
106
106 D e o T 6 ____
1 0 9*2____ 110 J u n e ’ 13
101*4 . .
102*2 O o t T 8
104*8____ 104%
104*8
106*8 . .
107 D e o '16
103 _ _ 102*2 N o v ’ lG
102*8 D e c '16
9 7 * 4 ____ 98*4 N o v ' l O
9 6 *4____ 07*2
97*2
8H 4 S a le 84*4
84*4
81*4 O o t '16
97*4 S a lo 97*4
98*8
96*2____ 9434 D e o T 6
117*2 S a le 117*2
H8
110 ____ 111 D e c '16
109
109*2 A p r T 6
105*2 . . . . 105*2 J a n T 7
101*4____ 103*2 A p r T 6
102*4
102*4
------103
102*2 O o t T O
1037* 105*2 103*8 103*8
101 ____ 104*4 Ju n e '1 6
12 1*4____ 121*4 N o v ' l G
88 J a n T 7
96*4
98
1075g
82
105
95
100*8
102*8___
---- 102*8
---- 88*s
107*4 . .
107 D e o '16
107*8____ 106*4 D e o T O
111*8 D e o '15
111*2 N o v ’ lO
94*4 <J112 94*4
9134
107*8 M a y '14
108*8 108*2 108*4 J a n '17
102U D e c '15
100*8 J a n '17
101 Se pt'1 6
59*8 Sale
88*2
93
--------- 90*8 85*2 J a n '17
77*4 S a le
77*2
78*8
7312 75
74
74
9 8 *4____ 9S*4
9S*4
72
74*2 73*2
74*4
102*8 J a n '17
100*8 M a r ’ 14
112l2___
111*2___
101*8___
100*8___
100*2___
100 102
99*8 101
99*4 O c t
'16
92
99
97*8
'
___ 01*8! 75 JJaunly751 6
..
61*8
'17
7312 74*4
118*8 119*2118
9 1 *8____ 87*4
102 103
118*8 119*8 118*4
118
118
104 105*8 104
105*2____ 105*2
70
83
82
106*8 108 107
77 S a le
77
9 6 * 4 ____ 96*4
60
70
80 . . .
78
40 . . .
25
D e o '16
F e b '16
102*8 J a n102*8
'17
20
94
81
N o v ' lG
J a n '17
N o v ’ lG
82
D e c '16
77
J a n ’ 17
Aug T 6
J u l y ’ 15
...
88 M a r ’ l l
...
05 J u ly ' 1 4
94*8 D e c '14
65 J u ly ' 1 4
107*2 D e o ’02
81% 81
81*2
86
86*8
86*4 86*4
100*4 101 IO O I 4 100*4
86*8 87*4 86*2 J a n '17
80*2 83
82*8 85
79*8
82
82*4
8 4 * 4 ____ 83
80
____ 84
104*8 105*8 105
92*8 - 92*4
81
D e o '16
M a r ’ 14
S e p t ’ 16
N o v 16
Ju n e '1 6
Oct T 6
88*2 M a y ' 1 5
102*2 D e o '16
116*8____ 116*8 J a n '17
8 3 * 4 ____ 94 J u ly ' 0 8
102*8___
74*2
74*4
74*2
74*2
30
34
36
o '16
102*2___ 102*4 JDaen102*4
15
17
15*4
'17
13
16*8 17 D e c '16
95
96
96
96
87 S a le
86*s
87*4
104*8 106 104*8 J a n '17
---------
95
94
F e b '16
926s
110
102 102*4
101*4 101*8
101 1025s
102*4 105
106*2 107*4
95*8
97
80
81*4
03*8
93*8
112*4
111 112*2
1091* 10912
104 105*4
10312 104
101*2 10312
10212 102*2
103*4 105
104*4 104*4
120*3 121*4
109
107*2
112*2
94*2
106
109
101 102
82
88*8
100*4 102*8
83
63*4
41*2
95
64
97*4
86
79*4
80
98*4
75*4
102
98*8 9934
65
65
117*4
87*4
100
117*2
118
104
104*2
08
106
7S*s
86*2
65
76*4
119
87*4
103
118*4
118
105*8
105*2
85
108
81*s
91
78
’ 73“
77*2
83*2
99*4
82
75*2
79
81
90*4
101
87
80
84*2
83 ’ * 86*2
84
84*4
105 105*4
91*8 92*4
102 116*8
102*8
116*8
63
23
49*4
7
77
40
102*8
21
6 22
90
94*8
82*8 87*s
104*4 106*8
94
94*
87*2 88
88
88
1 85*4 87*4
107*4 107*2 107*4
107*4
6 106*8 109*2
102*8 -
103*x O o t ' 1 6 ____ 102*4 104*4
99
9912 99*2 J a n ' 1 7 ____ 98
98
1 * , c v h * n s ____ II
121
84
4
s
* No prlco Friday; latest this week, d Due April, Due May. g Due June. kD uaJuiy. * Due Aug. o Due Oot. v Due Nov. Due Dec. Option sale.
98*4
97
84*4
8U 4
95*8
96
116*4
BONDS
N . Y . STO C K E X C H A N G E
W e e k E n d in g J a n . 19.
8*
K43*
Pyice
Friday
Jan. 19
Week's
Range or
Last Sale
I I
Range
Year
1916.
BONDS
N . Y . STO C K EX C H A N G E .
W e e k E n d in g J a n . 19.
So
Bid
Ask Low
HigtJ No. Low High
D e la w a r e A H u d s o n ( Cont)—
D e l A H u d 1st P a D l v 7 8 ...1 9 1 7 M - S 101 ____ 102 D e o T O ____ 101 104*2
■rh V T e r m R y 1st g u g 5 a . .194 1 A - O
M- S
104% 104*2
102 D e o ' L G
A - O
J 101*4 Sale 101*4
1003a 102
1 st lie n e q u ip g 4 H a .............1922 J
10U4
L e h V a l C o a l C o 1st g u g 5 s . 1933 J - J
19 96*4 99*2
rv i-N
99*4 Sale
J - J
99*4
99*2
52 104 108
A - O
106*2
107
J - J
88*8
A l b A S u sq c o n v 3 H a ____1946 A - O
88 38 88*4 88*2
85*4 88*8 L e h A N Y 1st g u a r g 4 s ____1945 M - S
111 ____ 1127S D e c T O
R e g is t e r e d ............................. 1945 M S
R e n s s A S a ra to g a 1st 7s__1921 M - N
112*8 113
184 76
85 Salo
84*4
85
D e u v & I t G r 1st c o n g 4 s . . 1936 J - J
83*a L o n g Is ld 1st c o n s g o ld 58__/j 1931 Q - J
8 83
8934
91
89
91 S a le
1st c o n s o l g o ld 4 s ...............A1931 O - J
C o u e o l g o ld 4>*3 .............. 1936 J - J
6 7«34 90
8934
90
89
90
G e n e ra l g o ld 4 s ___________1938 J D
I m p r o v e m e n t g o ld 6 s____1928 J - D
F - A
64*2 S a lo
638a
643a 261 55*2 73*2
M- S
J - D
8734 95
87 N o v'1 6
863a 88
G o ld 4s....................................1932 J - D
35i4 ____ 61 34 A p r T 1 ____
K I o O r S o u 1st g o ld I s . . .1 9 4 0 J - J
U n ir ie d g o ld 4 s ................... .T 8 4 9 M - S
36% 50
35*2 J u n e ’ 16
35
G u a r a n t e e d ................... 1940 J - J
35*4
D e b e n t u r o g o ld 5 s ...............1934 J - D
J
83 Sale
82%
8 4 l2 70 73
R i o O r W e s t 1st g 4 s _____ 1939 J
80*2
G u a r r e fu n d in g g o ld 4 8 . . . 1949 M - 8
28 01
71
74*2
72
74*2 S a le
R e g is t e r e d .......................... 1949 i>l- S
M t g c * c o ll t r u s t 4s A . . 4949 A - O
___
95*2 A p r T 4 . . . .
N Y B A M B 1st c o n g 5s. 1935 A - O
U t a h C e n t 1st g u g 4 s .a l9 1 7 A - O
D e s M o in e s U n R y 1st g 58.1917 M - N
9 8 i2 ____ 98*2 J a n 17 —
98*2 99
N Y * R U le t g o ld 5 a . . . 1927 M S
82
90
N o r S b B 1st c o n g g u 5 s .o l9 3 2 Q - J
D e t & M a c k — 1st lie u g 4s 1995 J D
8 1 * 2 ____ 82 D e o T 6 —
75
85
G o ld 4 s ..........................
1995 J - D
L o u is ia n a A A r k 1st g 5 s ____1927 M - S
80*2 82*2 75*2 J u l y ’ 16 —
22 90*2 94
90
93
93
93
L o u ls v i t N a s h v g e n 6a_____ 1930 J - D
D o t R lv T u n — T e r T u n 4 K s l9 B l M - N
104 105*4
G o ld 5a................................. 10117 M - N
D u l M ls s a b e A N o r g e n 5 s ..l9 4 1 J - J 104i4 ____ 104*4 J a n T 7 —
5 101*2 103*4
10178 103 102*2
102*2
U n if ie d g o ld 4 s ......................1940 J - J
D u l A Iro n R a n g e 1st 5 s._
1937 A - O
A - O
106*2 M a r ’08
J
J
92*2 96*2
93% 95
93*4 D e o T 6 —
C o lla t e r a l t r u s t g o ld 5s___1931 M - N
D u l S o S h o re A A t l g 5 s . .
1937 J - J
104
103 101*4
104*2____ 101
E lg in J o lie t A E a s t 1st g 5s 1941 M - N
E H A N a s h 1st g 6 s ..........1919 J
D
108 111*8
E r i e 1st co n so l g o ld 7 s . . .
1920 M S 107% 110*4 108*8 J a n ' 17 —
L C ln & L e x g o ld 4 H s . _ .1 9 3 1 M - N
99 ____ 95 S e pt'1 6 —
95*2 96*2
N Y A E r ie 1st e x t g 4 s . . .1 9 4 7 M - N
N O .1 M 1st g o ld (is_____ 1930 J - J
2 d e x t g o ld 5 s............... 1919 M - S 1 0 D .1 ____ 101*4 J u n e ’ 16 ____ 1017a 102*4
2d g o ld 6 s _____________ 1930 J - J
M - S 100*2____ 100*2 J a n T 7
100 100*2
4 th e x t g o ld Ga.................1920 A - O 1 0 1 % ____ 101 D e c T O ____ 101*2 102*8
a t I.o u la D l v 1st g o ld 6s .1921 M - 8
9 1 3 a ____ 94*4 N o v ’ 15 —
____
6 th e x t g o ld 4 8 ................1928 J - D
2 d g o ld 3 s .......................... 19H0 M - S
N Y L E A VV 1st g Id 7 s . . 1920 M - S 107*2 108*4 107*2 D e o T O —
A t l K n o x A C l n D l v 4 s . 1955 M - N
107*4 111
47 83
8634 87
87
87*4
E r i e 1st c o n g 4s y r l o r ____1996 J - J
80*2
A t l K n o x A N o r 1st e 5 s . . 1946 J
D
84
83 ____ 84 D e c T 6 ____ 84
R e g is te re d ............
1996 J - J
R e n d e r E d g e 1st a f g 0 3 .. 1931 M - S
39 71
733a Salo
77
73*4
73*2
1st conaol g e n lie n g 4 3 . . . 1996 J - J
K e n t u c k y C e n t ra l g o ld 4a. 1987 J
J
J
71
73
73 J u n e T O ____ 72*2 76*2
R e g is te re d ...................
1996 J
L e x <t E a s t 1st 5 0 -y r 5s gu.1 9 6 5 A - O
13 88*4 90*2
90
94
90
90
L A N A M i t M 1s t g 4H 9 1945 M S
P e n n co ll t r u s t g o ld 4 s . . . 1951 F - A
6734 68
68*4 J a n T 7 —
6 0 -y e a r c o n v 4s S e rie s A
1953 A - O
67*2 723,;
L * N - S o u t h M Jo in t 4a. 19.52 J - J
39 68
84
68 S a le 68
68*4
do
S e rie s B
1953 A - O
Q
J
22 83*4 8S 5
83
83*2
8
83 S a le
Q o n c o n v 4a S e rie s D . __ 1952 A - O
N F la 4 a 1st g u g 5a____1937 F - A
2 1053.1 107*2
10734 Sale 10734
107*4
C h ic A E r ie 1st g o ld 5 s . . . 1982 M - N
N A C B d g e ge n g u g 4 H a - 1945 J
J
C l e v A M a h o n V a il g 5 s . 1938 J - J 10634 ____ 101 F e b 15 —
P e n s a c 4 A t l [at g u g 0s . . 1921 F A
12112 123*4
_
L o n g D o c k c o n so l g 6s . . . 1935 A - O 124 ____ 122*4 O o t T O —
S A N A la c o n s g u g 5 s _ 1930 F - A
C o a l A R R 1st c u r g u 6s__1922 M - N
101*2 104 102 M a r T O — 102 102
G e n con s g u 5 0 -y e a r 5s. 1963 A O
1025a 106
L A J e f f B d g e C o g u g I s . . . 1945 M - S
D o c k A I m p 1st e x t 5s . . . 1943 J • J 1 0 6 * 4 ____ 106 A u g ' 1 6 —
M - N 100 ____ 103*2 uu T 2
96 100 100*2 J a n '17 ____ 96*2 99
M e x I n t e r n a l 1st c o n s g 4 s. .1977 M - S
N Y SU 8 1 A VV 1st. r e l 5 s l 1937 J - J
I
F - A
100*4 D e c '06
74 N o v 10
72
81
G e n e ra l g o ld 5s____
1940 F A ____ 72
M id la n d T e r m — 1st s f g 5 s . 1925 J - D
108 ____ 106*8 J a n *17 ____ 105*2 105*2 M in n A S t I. 1st g o ld 7s____1927 J D
T e r m in a l 1s t g o ld 5 a . . .
1943 M - N
104 104
M i d o r N J 1st e i t 6s . . . .194 0 A O 108*4 10812 108 J a n '17 —
P a c Jllc E x t 1st g o ld 8a____1921 A O
7973
1 817a 90
78
79*4 797*
1st co n so l g o ld 33. .............. 1931 M - N
W llk A E a a 1st g u g 5 a . . . 1942 J - D
25
36 106 M a y '1 2 —
1st A r e fu n d in g g o ld 4 s . . . 1949 M - 8
E v A In d 1st c o n g u g 6a ____1926 J - J
5 90 102
100
R e t 4 e x t 5 0 - y r 5s S e r A . . 1962 Q - F
E v a n s v A T H 1st con s 08 1921 J - J 100 100*2 100
63
65 ____ 63 M a y ‘ 16
63
1st g e n e ra l g o ld 5 s .............. 1942 A - O
D e s M 4 F t D 1st gu 1s 1935 J - J
A -O
108 N o v ' l l
A -O
32 91*2 95*4 M S t P A S S M c o n g 4s In t g u .1 9 3 8 J
96
95 ?8 ____ 953a
J
F lo r id a E C o a s t 1st 4 K s . 1969 J - D
8 2 3 .i____ 92 A u g T O —
1st C h ic T e r m s t 4 a . .
.1941 M - N
F o r t S t V D C o 1st g 4 M S — 1941 J - J
2 6H 4 70*8
69*4
M S S M A A 1st g 4s In t g u ’26 J - J
F t W A R io G r 1st g 48 .
1928 J - J
6 9 * 4 ____ 69*4
G re a t N o rth e rn — M is s is s ip p i C e n t ra l 1st 5 8 .. .194 9 J
J
987a
99*4 620 9758 99*4 M o K a n 4 T e x 1st g o ld 4s 1990 J - D
99*.i 8a le
C B A Q co ll t r u s t 4 s .
1921 J - J
44 97*2 9834
8
99
2d g o ld 4 s . .......................... (/1990 F - A
1921 Q - J
R e g is te re d A . ..........
987 - - - 987
s
J - J 1013a 101*2 i o u i
16 9834 100*4
10 U 4
1st e x t g o ld 5 s. ...................1944 M N
le t A ret 4149 S e rie s A . ..1 9 6 1
J - J
96 J u n e T O
98 D e o '10 ____ 90
98*2
98*2 99
G e n s in k in g tu u d 4 H 8 . . . 1 9 3 9 J - J
8 t P a u l M A M a n 4s
1933 J - J
J - J 121*2 122 121 J a n T 7 —
120U 12378
S t L o u is D l v 1st re f g 4 s . 2001 A A O
l 8t c o n so l g o ld 6s ____ 1933
J - J
11934 A u g T 6
119*4 121*2
K a n C i t y 4 P a c 1st g 4 s . . 1090 F - A
R e d u c e d to g o ld 4448.1933 J - J 104*2 1047* 106 J a n T 7 ____ 1013a 104
J - J
102i 2 M a y" 16
102** 102*9
A O
97 ____ 97 J a n T 7 ____ 95*a 97*4
M K A O k la 1st g u a r 5 a . . 1942 M - N
M o n t e x t le t g o ld 48. . . 1937 J - D
J -D
95*2 M a r' 10
96*2 96*2
J - J
85*2 N o v ‘ 15
96 J a n T 7 ____ 92*4 94*2
T e x a s A O k la 1st g u g G s . . 1943 M - S
96*2 - - E M i n n N o r D l v 1st g 4a 1948 A - O
a
M i n n U n io n 1st g 0 s . .
1922 J - J 1087 1097a 108*8 J a n T 7 ____ 109*a 109*8 M is s o u ri P a c ific (re o rg C o )
12478
1 120% 124
1st A r e f u n d in g 5s w h Iss 1923
M o n t C 1st g u g 68. . .
1937 J - J 125*4 125*2 1247S
J - J
136*4 M a y ’06
1 109*4 110 * M is s o u r i P a c 1st con s g 6s 1920 M N
110*2
4
1st g u a r g o ld 6s .......... 1937 J - J 109*2____ 110*2
J - J
J -D
I l d * ____ 10934 A u g T 6
8
109*4 1 107s
M- 8
79*4 D e o T 6 ____ 74 79 -*
78
80
G re e n H a y A W d e b c tJs " A " ____ F e b
1st c o lla te ra l g o ld 5 s..........1920 F - A
4
1 11
Feb
14
1478 15*8 14
18*4
F A
J - J
1 84 *a 88*2
84*2
8412 85*2 84*2
M- 8
J - J
24 90*4 96
93 Sale
93
93*2
M- S
J - J
97*4 J a n T 4
M- N
A - O
5 87
88*4
88 ____ 88*4
88
B o o n v S t L A S 1st 5s g u .1 9 5 1 F A
8 4 * 2 ____ 88 N o v ’ 16 ____ 86
88
C e n t B r R y 1st gu g 4 s . ..1 9 1 9 F - A
C o l A T o l 1st e x t i s .
* 1955 F - A
1
J - J
9 2 * 2 ____ 90
90
J •J
96*2 983a
99*2 99*4 9934 J a n T 7
J - J
92 A u g 15
86 N o v ’ 16 ____ 83 80
8634 90
181 g o ld 3 448.....................
1951 J - J
2d e x te n d e d g o ld 5 s ____1938 J - J
___ ___
J
84 ____ 83 N o v ’ 16 —
S t L Tr M A S gen c o n g 5s. 1931 A - O
R e g is t e r e d __________ 1951 J
A -O
8634 ____ 85*2 D e o T 6
81*2 865a
A -O
A - O
83%
U n if ie d A re f g o ld 4 s . i9 2 9 J
J
M - 8
80~ J ’l y ’09
J - J
M- 8
R l v 4 O D l v 1st g 4a
1933 M - N
9038 J a n T 7 ____ 83
90 34 95
V e r d i V I 4 v v 1st g 5 a . . . 1926 M - 8
C o ll t r u s t g o ld 4 s . . .
1952 A - O
91*2
A -O
J
D
70 87*4 92*2
9278 947a 93*4
1st re fu n d in g 4 s ____
1955 M - N
95
1st e x te n s io n g o ld 6s ____A1927 Q - J
80*4 83
82
8734 82 N o v ’ 16 —
G e n e ra l g o ld 4 s . . ............ 1938 M - S
P u rc h a s e d lin e s 3 W s_ _
1952 J - J
88
8 9 7 343 84*4 88*4
8
893* S a le
M o n t g o m e r y D l v 1st g 5 s . 1947 F - A
L N O A T e x a s g o ld 48___1953 M - N
M- N
J
L>
86*2 873a 84 M a y ’ 14
S t L A C a ir o g u a r g 4 s ____1931 J - J
93*2
C a ir o B r id g e g o ld 4. . .
8
1950 J - D
9058 ____ 90*2 D e o T O . ___ 90
A - O
J - J
74 F e b T 4
5 78*4 82
J a s p e r B r a n c h 1st g 6s ____1923 J - J
82
L o u ls v D l v A T e r m g3H~s" *953 J - J
77l 2 ____ 80*a
J - J
83 A u g ‘ 12
M c M M W A A l 1st 6 s . 1917 J - J
F - A 100*2____ 102 J u n e T O
101 U 102
T A P B r a n c h 1st G s . l ___1917 J - J
F - A
1 70 71
72*2
72*2
N a t R y s o f M e x p r lie n 4 H s . 1957 J - J
J - J
68*2 Se p T 5
5 81*a 83
83 ____ 84*2
84*2
J- J
G o ld 3 H » .............. 7
1951 J - J
J - J
80
80
75 ____ 80 Ju n e '1 6
A - O
N O M o b 4 C b lo 1st re f 5 s . .I9 6 0 J - J
S p rin g ! D l v 1st g 3448. .. 1 9 5 1 J - J
7 9 * 2 ____ 803g N o v ’ 16 ____ 78*4 805a
9158 N e w O rle a n s T e r m 1st 4 s ___1953 J - J
W e s te rn Iln e 9 1st g 4a____1951 F - A
9 1 * t ____ 91*a D e o 16 ____ 89
F A
92 N o v ’ 10
92
J -D
92
J -D
117*2 M a y ’ 10
A -O
M- 8
90 J a n '17
M -N
106 ____ 1073a O o t T O
100-*4 109
C o n s o l 4s 8e rle s A ...............1998 F - A
C h ic S t L A N O g o ld 58 " 1951 J - D
J -1) 104 ____ 114 F e b ' l l
A O
J -D
90 O o t '09
N Y C e n tra l A H R g 3 H 3 --1 9 9 7 J - J
J -D
J J
44 100 103*8
D e b e n t u r e g o ld 4 s _______ 1934 M - N
102*2
J o in t 1st re f 5a S e rie s A . 1963 J - D 102 102*8 102*4
J
o
M -N
88*2 90 807a D e o T 5
J - D
L a k e S h o re c o ll g 3 H S - - - 1 9 9 8 F - A
M- S
2
F - A
95*2
95*2
90
M ic h C e n t c o ll g o ld 3 H a - 1998 F - A
I n d 111 A I o w a 1st g 48*.
1950 J - J
92*2
93*4 . . . . 92*2 J a n '17
M -N
i 95 IO O I 4
99*a
99*a
F - A
99*a 100
923.i
93
J -D
10
93
B e e c h C re e k 1st g u g 4 s. .193 6 J
K a n s a s C i t y S o u 1st g o ld 3 s . 1950 A - O
707g 72*8 70*2 J a n '17
6634 71
J
A -O
03 O o t '00
J - J
J - J
90
9034 26 89*a 94
J - J
J - J
88*2
90*4 227 S S * 89*s
J - J
1 96*4 10184
J - J
100 " 100
A -O
75
82*2 J a n T 7
C a r t A A d 1st g u g 4s.”____1981 J
D
2d g o ld 5 s ..........................1941 J - J
82*2 85
83*2
92 D e o T 6 __
92
92
G o u v A O s w o 1st g u g 5 s_ . 1942 J - D
N o r t h O h io 1st g u a r g 5 s . 1945 A - O ____ 90
102
M o h A M a i 1st g u g 4 s . . . 19911M - S
L e h V a i l N Y 1st g u g 4 H 8 - . 1940 J - J 102 ____ 102
i 100*8 103
IO H 4Ja n T 7
100 102
N J J u n e R g u a r 1st 4s_ .-198 (! F - A
R e g is t e r e d ............................1940 J - J
99*2 . . .
L e h ig h V a i l (P a ) c o n s g 4 a . . 2003 M - N
91*4
9U2
92 U
N Y A H a r le m g 3 H « ___ 2000 M - N
91*2 S a le
5 89
N Y A N o r t h e r n 1st g 5 s . 1923! A O
99*4 101*4
101*4 101*2 10 H a J a n T 7
G e n e ra l con s 4 H**......... 2003 M - N
a
6
§
g
x
9
* No price Friday; latest bid and asked tbla week,
Due Nov. Option sale.
Due Jan.
Duo Feb. <f Due April.
Due May.
[Vol. 104 .
Price
Friday
Jan. 19.
Bid
Week's
Range or
Last Sals
Bonds
Sold
New York Bond Record—Continued—Page 2
2 4 4
1135a____ 113% J a n T 7
1 1 2 % ____ 111*2 J u n e ’ 16
1 0 5 % ____ 108 ' N o v ’ 16
89% J u l y T O
110
89*4
95
106%
96%
90
99«4
12 84%
____ 96
4 86*4
___
2 101*2
102*2
9978
6 88
1 11134
1083s
11 92%
86
97%
90%
106 ____
6 3 * 2 -------90*2 8 a le
108*2____
106 ____
87
____
103% S a le
101 ____
8034 82%
A p r -10
J a n ‘ 17 _ _
3
90%
D e o "lb
J u n e T O . _ __
S o p t ’ 10 ____
37
103%
O o t *16
10
80%
06
87*2
D e o ‘ 16
90%
Ja n ’l l
103
Deo TO
A u g ’ 16
941s
113U
D e c ‘ 16
971;,
J a n 117
J a n 17
I>cc ‘ 10
Deo TO
D e o ‘ 10
M a y ’ 15
77
967s
93
98 %
93
78
52%
37
S a le
...
99%
94%
Sale
53
45
41%
____
49
37
45 “
N o v ’ 16
70
Ja n
49
49
26
4
D e o *10
85
99% 99% 9 9 %
677 S a le
8
1043a 10434 104%
95
95
82
50
61
65
61
82
____ 101*8
____
63%
61
____
____ 100
____ 67
....
_
108%
64
90
110
107
8918
103
77%
82
9978 101
I O 6S4 107%
97 % 97%
108% 108%
105*4 108%
100 1037a
80% 82%
M a r ’ 10
6 9 % ____
70
75
84
85
S a le
107
61
85*2
107*2
10534
873.J
100
O c t ’09
D e c T 0 ____ 113 115
102*2 1033g
o o t 16
20 86 92
90*2
3 5234 60
68
D e o -16
50
66
F e b -15
72
901s
97
92 J u n '17 ____
9.3% D e c '16 ____
95 D e o 10 ____
9
77%
78
13
52
52%
45
40
105
103
102
97*2
113%
110%
97 \
____ 1037a 100*2
10734 10734
____ 100*4 102%
11334 110 %
10634 ____ 105*4 Sept'1 6
9 9 5 a ____ 07% M a y ‘ 16
108 ____ 10334 N o v T O - - J
108 __ . 109
1
109
103% Sale 102%
10:1% 21
81 *2____ 81*8 A p r T 6
101
1 1 3 % ____ 113%
102% ____ 1033a
90
91
89*2
58
58*2 58
-------- 0178 62
60
106%
10478
91*4
85
97
__
Ja n T 7
J u n e ’ lfl
Ja n T 7
Oot
113
104
100 ____ 100
9 4 * 2 ____
94%
89 ____ 89
98
98%
99*4
85
87
85%
9578 98*2 90
89% 90% 88
8738 ____ 95
103 103*4 103
103 ____ 103
1003S ____ 100
92
91% 04%
1 1 3 % ____ 11 3U
110*4 112*2 110%
97% 97% 97 %
96 ____ 96%
105*4____ 106%
1 0 7 % ____ 107%
103 ____ 102%
1147S ____ 114%
106 109% 109%
108
63%
90%
108*2
106*4
88%
102%
101
80*2
1916.
High No. Low High
Ask Low
95
98*2
8 7 * 2 ____
Range
Year
91%
95
97
90
70*2
40
3734
99%
95
79%
57
52%
36
37
49
40 J
60
72
17 ____
6
GO
48
85%
HI
49
10
49
03
09%
10
94
1043a
99
70!)
40 100 104
89% 100%
O o t '15
J a n '17 ____
83% 10334
Deo TO
Ja n T 7
39%
64 |
60
07
F e b "13
A u g 16
89
93
____ 100% D e c T O ____ 100 100%
29 99*4 103%
10334
103*2 Salo 103*2
102 J u ly ' 1 4
39 74*2 85
853i S a le
85*4
'80
8078 O c t T 2
74
82*2 83*2 83
83*4
9 2 * 2 ____ 87 S e pt'1 5
11438 _
____ 110
109 F e b T O
102 109
77%
77*2
- - 77 J a n T 7 ____ 75
.
. 1 0 1 101 O o t -16 ____ 99% 102
9134 ____ 89 D e o T 6
89
90
89*2 J a n T 7 . . . .
88 89
10
108 ____ 108
108
107 ____ 110*4 M a r'1 0
110 % 110 %
100*4 101%
113 J u l y '04
30 ____ 30% A u g T O
30
30%
35
36
9G78 F e b T 3
30 O o t "16
30
30
____ 59
69 D e o T 0 ___ 59
59
____ 75
72 D e o T 6
69
74*4
99
99% 99% J a n T 7
99
99%
48*2 50
1 12 *i Sale
88*2 S a lo 8 7 %
88*2 127 81*2 8078
244 91 7a 9678
98% Sale
04 81*2 86%
8638 S a le
85*.|
867a 19 8078 84%
8534 86
82 89*4 937g
93%
94%
94% Sale
92 D e o ’ 16
90
92
18 74
7934
80*2
79*4
76*2 J a n T 7
41 76 ’ 80*4
793.1
80*2
80*2 S a lo
78 O o t T 6
74
78
100%
97
95
102%
____
____
____
95
J u ly ' 1 6
9534 N o v T O
104 M a y ' 1 6
86 ____
8 9 % ____ 89
1 0 4 % ____
9434 ____ 94
87 *2____ 89%
823.1 -------- 85
1067a____ 100%
Due June. ADue July,
94*2 90%
93*4 9534
104 104
N o v ’ 16 ____ 88
____ ____ M a r ’ 10 ____ 94
F e b 16
89*4
Ju n e '1 5
Se pt'1 6
1105%
k
o
Due Aug.
89
....
94
89%
106*2
Due Oet
Jan . 20 1917.]
BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 19.
Price
Friday
Jan. 19.
W ee n
Range or
Last Sale
High
Bid
Ask Lota
N Y Cent A H R RR (Con.)—
94
94
93i2 94
N Y & Pu 1st cons gu g 4a 1993 A
117%------ 113 M ay’16
Pino Creek reg guar 6s------1932 J 104 ------ 10434 Jan T7
R W & O con 1st ext 5s__/»1922 A
101 ------ 102 D e o 110
R f f A O T R 1st gu g 5S--1918 M805s------ 8134 Dec *15
liutland 1st con g 412s -.-1941 J
7058____ 7058 Jan ’ 17
Og A L Cham 1st gu 4s gl948 \
67 ____ 92 June’09
Rut-Canada 1st gu g 4a. 1949 ■
*
99 ____ 101 N o v ’ 16
St Lawr A Adir 1st g 58..-1996 J
103 N o v '16
2d gold 6s____________ 1990 A "
9 85 s___ 97l2 July'16
Utica A BlkRiv gu g 4a__ 1922 J
8734
8734 Sale 8734
Lake Shore gold 3%a--------1997 ■
*
87
87
87% 87
Registered----------------- 1997 J
97U
97U Sale 97
Debenture gold 4s____ 1928 M963.1
06*2 Sale 96%
26-year gold 4s........ ...... 1931 M95 Nov'10
Reglstercd-------------- 1931 MKa A A G R 1st gu C 6S-__1938 J 104*2 Dec *15
1061s
Mahon C’l RIt 1st 6s.........1934 J 103 104 103 July’ 16
Pitts A L Erie 2d g 5S-__al928 A 114 ____ 130*8 Jan *09
Pitts McK A Y 1st gu 0S..1932 J 112*2____ 123*4 Mfii’ 12
2 d guaranteed 6s.......... 1934 J McKees A B V 1st g 6a. 19IS J 160 % I I I - 106*4 Aug T 6
Michigan Central Ga.........1931 M10 618------ 105 July’ 16
Reglstered___________ 1931 Q 9 l's ..... 98 Apr ’ 12
4 S -_ ................................1910 J 87 Fob ’ 14
Registered_________ 1940 J ~82_“ H I . 90 June’08
J L A S 1st gold 3M S--1961 M86
86 Sale 86
lst gold 3 Ms............ ..... 1952 M915s
91B Sale 91
8
20-year debenture 4 s.-.1929 A 94 ------ 94*2
95*2
N Y Chlo A St L 1st g 4fl__1937 A 9034 Aug TO
Reglstcred----------------- 1937 A 81*2 827$ 82
82*2
Debenture 4s-------------- 1931 M937
8
03
937$ 92*i
West Shore 1st 4s guar. -.2361 \ 917$ Jan T7
9218___
Registered___________ 2301
100*2 Jan T7
100*2 —
N Y C Lines eq tr Gs.. 1916-22 M100*4
9914____ lOOU
Equlp trust 4M8..1917-1925 J 99l2
993s 99*2 993$
N Y Connect 1st gu 4 ^ 8 A - - 1953 F N Y N H A Hartford—
795$ Sopt’ 16
Non-conv dcbcn 4s-------- 1947 M71 N o v ’ 16
Non-conv deben 3Ka___ 1947 M68 Doc TO
Non-conv deben 3Ms___ 1954 A 77i2 Deo T6
_____ 75
Non-conv deben 4s_____ 1955 J _____ 7438 75*4 Jan T7
Non-conv dobon 4s_____ 1950 M___ 05
69*2 N ov’ 16
Conv debenture 3Ms........ 1956 J 10034 Sale IO5 I4 107i2
Conv debenture 6s............ 1948 J 79
79
Cons Ry non-conv 4s........ 1930 F 91*2 Jan T2
I I I I 'so
Non-conv deben 4a___ 1954 J 79*2 Apr TO
Non-conv deben 4s___ 1955 J Non-conv deben 4s___ 1955 A ____ 7934
Non-conv deben 4a----- 1956 J •
913.1____ 01 Deo TO
Harlem R-Pt Ches 1st 4s. 1954 M
89*8------ 89 N ov’ 16
B A N Y Air Lino 1st 4s. .1955 F ■
80*2 Dec T ,
____ 80
Cent New Eng 1st gu 4s. .1961 J Hartford 8t Ry 1st 4s___ 1930 M1005$------ 105*2 May’ 15
Houaatonlc R cons g 5s_ 1937 M_
Naugatuck RR 1st 4s___ 1954 M9 1 U ----- 87 July’ 14
88 Aug T3
90i2
N Y Prov A Boston 4s___ 1942 A
75
75 Salo 75
N YW ’chesAB 1st ser I 4Ms '40 J lOOU------ 107 Aug’09
N H A Derby cons cy 6s. _ 1918 MBoston Terminal 1st 4 a . 1939 A 108 New England cons 5s___ 1945 J *
88 ------ 99*2 Mar’ 12
Consol 4s.........................1945 J 69*4 Sept’ 16
____ 70
Provldenco Socur deb 4 s..1957 M997 Deo '14
8
Prov A 8prlngfleld 1st 5s. 1922 J 835$ Feb T4
Providence Term 1st 4s__ I960 M 86 ----W A Con East 1st 4MB-.-1943 J 817$
82
82U 83
N Y O A W ref 1st g 4s___ 01992 M92*2 Juno’ 12
Reglstercd 35,000 o n ly ..01992 M78*4 Jan T7
78U 80
Goneral 4s...........................1955 J •
83
84l2 85 Deo TO
Norfolk Sou 1st A ref A 6s. .1901 F 101 IOH4 101 N ov 16
Norf A Sou 1st gold 5s.......... 1911 M 120*4
120*2 - 12034
Norf A West gen gold 6s----- 1931 M122% . .
122 N ov’ 16
Improvemeut A ext g 6s..1934 F 12012 . .
120*2 N ov’ 10
New River 1st gold 6s----- 1932 A 9634
96*2 9712 96*2
N A W Ry 1st cons g 4s— 1996 A ------ 95l2 94*2 Deo T 6
Registered_____ _____ 1990 A 927$ 93 92l2
92l2
Dlv’l 1st lien A gen g 48.1944 J 13234
132*4
lQ-25-year conv 4s------- 1932 J 10-20-year conv 4s------- 1932 M134*4 Jan T7
135
135
10-25-year conv 4Ms— 1938 M93i2 Sale 93*2
Pocah C A C Joint Is — 1941 J 94
C O A T 1st guar gold 5s..1922 J 10 2* 2____ 103 Sept, 16
Solo V A N E 1st gu g 4s. _ 1989 M92 ____ 93 Deo TO
9634
Nor Pacific prior lien g 4 s ... 1997 Q 96 Salo 955$
Registered...............
1997 Q 94*4___ 9234 N ov’ 16
General lien gold 3s.........ri2047 Q 69*$
69 Sale 08*4
67*i
Registered..................a2047 Q 63 ------ 67*4
91*2 Sept’ 16
917$ 92
St Paul-Duluth Dlv g 4s. .1996 J 110 110*2 1095$ Dec TO
0t P A N P g e n gold 6S...1923 F 109*2 Oct 15
Roglatcred certificates... 1923 Q St Paul A Duluth 1st 6a. .1931 F 107*2 'I I 107 Oot Tfl
100 101 100*2 N ov '10
2d 5s..............................l ;>17 A 88*8----- 91*2 Sept’ 16
1st consol gold 4 s..........1968 J ■
85
88*2 86*2 Deo TO
Wash Cent 1st gold 4a___ 1948 Q •
110*8 112*2 111*? Sept’ 16
Nor Pao Term Co 1 st g 6 s...1933 J 8758
8018 87*2 87*8
Oregou-Wash 1st A ref 4s__ 1901 J 96 10018 98
98
Pacific Coast Co 1st g 5s___ 1940 J ____100*2 101 Jan T7
Paducah A Ills 1st s f 4%h__1955 J 99*2----- 99*4 N ov’ 10
Pennsylvania RR 1st g 4s. . . 1923 M 101*4------ 103 N ov’ 10
Consol gold 68.....
.1919 M98*2___ 99*8 Jan T7
Consol gold 4s................. 1943 M
100>2 Salo 1003a 100*2
Consol gold 4s................. 1948 61107*2 Salo 107*4
Consol 4 MB______________ 1960 F ■
1073.J
104ia Salo 10334
104*8
General 4 ^ 8 .. _________1965 J 98 ____ 975a Jan T7
Alleg Val gon guar g Is__ 1942 M9534 . . .
94*2 Sept’ 16
D R RRAB’ge 1st gu 4s g.1936 F 9934 . . . 100 Jan T7
Phlla Balt A W 1st g 4 s..1943 M102 Jan '03
tiodus Bay A 8ou 1st g 58.2924 J ■
931-1 ..
Sunbury A Lowls 1st g 4s. 1930 J ■
9Q7$____ 99*2 Oot TO
U N J RR A Can gon 4s. _ 1944 M Pennsylvania Co—
1017$ 1021.1 1021$
102*8
Guar 1st gold 4Ms............. 1921 J •
10 13 102
.J
102
Registered................ 1921 J 86*2 Jan TO
88
Guar 3 ^ s coll trust reg A .1937 M87*8 Dec TO
86*2
Guar 3M8 coll trust ser B.1941 F 86*$ July 16
87*2
Guar 3 Mb trust ctfs C ___ 1942 J •
86*2 8734 86*4 Dec TO
Guar 3 Hs trust ctfa D ___ 1944 J 903g
96*8
963$ Sale
Guar 16-26-yoar gold 48.. 1931 A 93*4 Deo Tfl
92l2
dO-yoar guar 4s otfa Ser E.1952 M
91 N ov’ 16
CIn Leb A Nor gu 4a g __ 1942 M91*8
10012
100*2
100*2
C1 A Mar 1st gu g 4MB_ 1936 M _
103% Oot Tfl
Cl A P gon gu 4 Ms ser A .. 1 9 12 I 1037s
Series B.................
1942 A 1037$
104 Deo T5
Int reduced to 3 H s--1912 A 91*4 Feb T2
87?$
90*$ Oct T2
877$
Series C 3 Ms................... 1948 MSerles D 3 Ms................. I960 F 89*2 Sept’ 16
89
88*g Oot Tfl
Erie A Pitts gu g 3Ms B..1940 I ■
88
Series 0 ...........................1910 I •
88
90% July T 2
Gr R A I CX 1st gu g 4 Ms 1941 J ■
90*4 1003$ 100 N ov'lfl
93 May’ l l
Ohio Connect 1st gu 4 s ...1943 M94 *
4
109 M ay’ 10
104
Pltts Y A Ash 1st cons 6s. 1927 M9934
100 Deo TO
Tol W V A O gu 4 M8 A — 1931 J •
9912
100*4 Oot TO
Series B 4 Ms--------------1933 J 91
94 Apr Tfl
Series C 4s----------------- 1942 MP C C A StLgU 4M« A ...19 4 0 A*
I03ti
103% Jan T7
102 Deo Tfl
Series B guar-------------- 1942 A 103*4
103*4
Series C guar_________ 1942 M97*4 July’ 15
06*4
95*4 Oot TO
Serles D 4s guar_______ 1945 M95*4 Oot TO
9512
Sorlos E 3Ms.guar gold-1940 F • No price Friday; latest bid aa<l asked,
a Option salo.
245
New York Bond Record—Continued—Page 3
Range
Year
1916
Lota High
88 92
1033a 104*2
102 102
68*4 70
97*2 i s r
103 103
97*2 9712
83*2 87*2
83
86
943$ 90*2
9334 90
94
95
100*4 100*4
105
105
82l2 89%
8d% 90*2
91
95*2
90«4 93*4
77*2 84%
87*4 93
807$ 91
100*8 102
99% 1005$
97*2 100*8
795$ 8 H4
71
73
68 72
77U 81*2
76*2 82
G 4 77*2
83
no no
79*4 79*2
91
93
89
89
79*2 83
72
82
09*4 70
777$ 84
70 ’ 79*
78
85
97 101
1187$ 120
I20l2 122
119 122
01*2 90
94*2 94*2
883 92*4
4
113*2 140*8
114 143
115*2 145
10 88
91
103 103*2
91*2 94*4
91*$ 947$
90*2. 93*2
051$ 075$
63*2 657$
91% 91*2
1095$ 113
107 1 6 7 ’
100% 101*8
90
91%
86*2 90*2
111 111%
83% 88
93 101
98 100*8
98*4 99*2
102*2 103*4
98*4 995$
98 100%
104*2 100*4
100% 103*2
90*4 97*4
94% 90
98*2 99%
90’ *8 l o o ~
100*2 102*2
100 101*8
ss'a sni2
85
87%
801, 80i8
85
8S
04l2 96
• 2 93%
1
90% 91
99 100
1037a 10512
89la 8912
881, 90
95<2 100
100
100%
100i4 looii
9312 94
101 10214
IOH4 10234
0134 9512
92
9514
BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 19.
Price
Friday
Jan. 19.
Week’s
Range or
Last Sale
Range
Year
1916.
Bid
Ask Lota
High
Lota High
P C C A St L (Con.)
Series F guar 4s gold...1953 J - D 9 6 % ____ 95% Jan T4
95% 957$
Series G 4s guar_______ 1957 M- M 9 6 % ____ 95% Oot Tfl
101 103
Series I cons gu 4 Ms_ 1963 F - A 103% ____ 103 Jan T7
_
107*2 107%
O St L A P 1st cons k 5s. .1932 A - O 107%____ 107% Sept’ 10
Peoria A Pekin Un 1st 6s g ..l9 2 1 Q - F 100 ____ 102 N o v ’ 15
87
87
8 7 % ------ 87 Mar'lfl
2d gold 4 Ms.....................61921 M -N
94
94 Sale 93%
Pere Marquette 1st Ser A 5sl956
75*2 77
1st Series B 4 s ................. 1956
51
50
50 Apr T 6
48
Philippine Ry 1st 30-yr s f 4s 1937 J - J 40
106% 106%
Pitts Sh A L E 1st g 5s.........1940 A -O 100 ____ 106% Aug Tfl
113% N o v 'll
1st consol gold 5a........... 1943 J - J
93% ‘ 96%
96%
Reading Co gen gold 4s...... 1997 J - J 96% Sale 96%
92% 95%
95 Jan T7
Registered..................... 1997 J - J 95*2 96
94% 97*4
96% Sale 96%
96*2
Jersey Central coll g 4 s ... 1951 A -O
Atlantic City guar 4s g._.1951 J - J 93 ____
39,
79*2
81
82
St Jos A Gr Isl 1st g 4s.........1947 J - J 81
St Louis A San Fran (reorg C o;—
70% 9601 67*2 73*2
Prior Lien ser A 4s............. 1950 J J 70% Sale 70
86% 538: 83% 90%
Prior lien ser B 5s............... 1950 J - J 86% Sale 86%
89%
747$ 467 74
Cum adjust ser A Os___ 1955 J - J 73% Sale 73
65
53% 26 39
52% Sale 52*2
July
Income series A 6s.......... 1960
109 113
St Louis A San Fran gen 6s. 1931 J - J 112 ____ 111*2 Nov'10
100% 103%
General gold 5s_______1931 J - J 103%____ 103% Jan T7
78 May’ 16
68*2 78
St L A S F RR cons g 49-. 1996 J - J ------ 90
45% 82%
80 N ov’ 16
General 15-20-yr 5s__ 1927 M -N
82
46
72
78 Dec Tfl
77
Trust Co ctfs of deposit.,
43% 79
76 Deo Tfl
77
do
Stamped
95%
9 4 % ___
89
95% Deo T 6
Southw Dlv 1st g Gs__ 1947 A - O
Refunding gold 4s...... 1951 J - J
83% Oct Tfl
67*4 83%
R egistered________1951 J - J
80% Mar’ l l
*623$ "86%
Trust Co ctfs of deposit
84*2 Dec Tfl
do
Stamped.
------ 79
74*4 Sept’ 16
61% 75*2
K C Ft 8 A M cons g 6 s .. 1928 M -N 111%____ 111%
111%
109% 111*4
79
79%
K C Ft S A M Ry ref g 4s. 19301A - O 78
75
78*2
79*$
90
K C A M R A B 1st gu 58.1929 A - O 90 ____ 90 June’ 16
90
79*4 78
St L 8 WJlst g 4s bond ctfs.. 1989iM- N 79
79% 50 757$ 80%
02 70
2d g 4s Income bond ctfs_pl989;J - J 64 _____ 64 Deo '16
70*2 71
70
70%
Consol gold 4s................ 1932 J -D
60*2 72
72
70% Sale 70*4
71
60
1st terml A unlf 6s.......... .1952 J - J
98% Jan T4
Gray’s P tTer 1st gug 5 s.. 1947jJ -D
'627$ "7034
64
64 Sale 637$
S A A A Pass 1st gu g 4s__1943 J ■ J
101% 101%
1017$ Oct Tfl
8 F A N P 1st sk fd g 5s.........1919 J - J
81% 83
74
84*2
81%
82
Seaboard Air Line g Is...... 1950 A - O
78*4 83%
82%
82% 82*2 81%
Gold 4s stamped______ 1950 A
-O
70
64
68
67*2 Sale 67
Adjustment 5s................ol949 F
-A
6534 72
68% 70 70
70*4
Refunding 4s.................... 1959 A - O
87*2
82
Atl BIrm 30-yr 1st g 4s_.el933 M- 8 86% 87*2 86*4 Jan T7
88
88
88
88% 88
88
Car Cent 1st con g 4s......1949 J - J
Fla Cent A Pen 1st g 5 s...1918 J - J 100 % ____ 99% Sep T5
1st laud gr ext g 5s......1930 J - J 101%____ 101 Deo '15
102% 103%
Consol gold 5s_..........1943 J - J 103%____ 103% Deo Tfl
102% 103%
Oa A Ala Ry 1st con Gs..01945 J - J
102% N ov’ 16
Ga Car A No 1st gu g 58..1929 J - J 102 % ____ 102*4
101% 103
102%
Scab A Roan 1st 5s........ 1926 J - J 102*4____ 99*4 Aug T5
Southern Pacific C o 87% 87%
Gold 4s (Cent Pac co ll)..*1949 J - £
> 87
88
83*2 89
Registered................. .*1949 J - D 84*2____ 90 Feb '14
20-year conv 48.................01929 M- S 88*2 Sale 88*8
88% 498 86*4 89%
20-year conv 5s................ 1934 J -D 104% Sale 10334
104% 109 102*2 1077$
937$ 2 u6 87% 91%
Cent Pac 1st ref gu g 4 s.. 1949 F - A 937$ sale 93
86% 89
Registered............ ........ 1949 F - A
87*2 Sept’ 16
6 84% 91%
Mort guar gold 3 Ms. .*1929 J - D ”91% 92
91%
91%
86%
Through St L 1st gu 4s. 1954 A - O 86% 88
86*2
86%
7 83
3 102 102
102
Q II A S A M A P 1st 5 s.. 1931 M -N 102% 104% 102
9 9 % ____ 100 Oct Tfl
99 100
2d exten 6s guar_____ 1931 J • J
99 ____ 100% Jan Tfl
100*4 100*4
Gila V G A N 1st gu g 5 s..1924 M -N
Hous E A W T 1st g 58...1933 M -N 100 105 102%
101 102*4
102%
100 103%
1st guar 5s red.............. 1933 M -N 102 102*2 ' 100 Oct TO
100 107*4
H A T C 1st g 5s Int g u ... 1937 J - J 106%____ 156*2 Dec T 6
97*4____ 96*4 Deo '16
Gen gold 4a Int guar__ 1921 A -O
94% 96%
Waco A N W div 1st g 6s ’30 M - N loo 108 :109*2 N ov’ 15
10 1% 10 1%
A A N W 1st gu g Gs____ 1941 J - J 10 2*2____ 101*2 Deo Tfl
Louisiana West 1st 6a___ 1921 J - J 105% 108*2 109 June’ 14
104*2 10434
Morgan’s La A T 1st 7 s.. 1918 A -O 102 105% 104% July lO
- - 105% 105 Jan '16
105 105
1st gold 68.......................1920 J - J
105 Oct T 6
No of Cal guar g 53______ 193.3 A -O 107*4
100% 102%
8
1017$
Ore A Cal 1st guar g 5s__ 1927 J - J 1017$ 102-2 1017
. . 107*2 Sept’ 16
107*2 107%
So Pac of Cal—Gu g Gs.. . 1937 M- N 107%
97
90
96
So Pac Coast 1st gu 4a g . . 1937 J - J 95
94% 97
89% Sale 89*2
82*2 92%
89%
San Fran Terml 1st 4s__ 1950 A -O
95
95
95 N ov’ 16
Tex A N O con gold 5 s.-.1943 J - J ------ 96
94% Sale 94%
89*2 93%
94%
So Pac RR 1st ref 4s........ 1955 J - J
102%
100 103%
Southern— 1st cons g 5s___ 1994 J - J 102% Sale 102*4
Registered.....................1994 J - J ------ 102*2 100*4 Aug Tfl
100*4 100%
77%
69
76%
Develop A gen 4s Ser A . . .1956 A - O 76*2 Sale 76
78
77*2 Sale 77*2
75
77*2
Mob A Ohio coll tr g 4s__ 1938 M- S
100 104
Mem Dlv 1st g 4 Ms-5s...1996 J - J 100% ____ 100% N ov’ 10
847$
80
St Louis dlv 1st g 48_____ 1951 J - J 83*2 84% 84 Jail T7
102% 103%
Ala Cen 1st g Gs_________ 1918 J - J 102% ___ 102% Sept’ 16
Ala Gt Sou 1st cons A 5 s.. 1943 J - O 98*2 99% 99% Oct TO
98*2 99%
95%
94*4 96
Atl A Char A L let A 4Ms 1944 J - J 95% Sale 9534
103%
100% 103%
1st 30-yr 5a ser B___ 1944 J J 103% 103% 103%
83% . . . . 83*2
84
AtlA Danv 1st g 4s_____ 1948 J - J
I 81*2 85*«
2d 4s.....................
1948 J - J ------ 817$ 81*2 Mar’ 10
; 79*2 81%
7 5 % ___ 7534 Deo '14
Atl A Yad 1st g guar 4s__ 1949 A -O
103% 105’ %
E T Va A Ga Dlv g 6s___ 1930 J - J 105%____ 105% Dec Tfl
Con 1st gold 5s________ 1956 M- N 107%____ 107% Dec TG
105*4 10734
E Ten reor Hen g 5s____ 1938 M - 8 100 % ____ 101*2 Oot T 6
99% 101*2
60*2
60*2 Deo Tfl
57
Ga Midland 1st 3s.............1946 A - O 60*2 65
106% 107%
Ga Pac Ry 1st g 6s_______ 1922 J - J 106%____ 106% Oct Tfl
109%
108 110*2
Knox A Ohio 1st g 6s___ 1925 J - J 108*4____ 109%
Mob A BIr prior Hen g 5a. 1945 J - J 103% ____ 106 Sept’ 16
105*2 106
76
82
71% 71%
7134 May’ 16
Mortgage gold 4s........ .1945 J - J
103*$ 104%
Rich A Dan deb 5s stmpd. 1927 A -O 1037$____ 103% Dec T 6
____
73 Sept'12
Rich A Meek 1st gu 4 s ... 1948 M- N 68
5 100% 102
101%
So Car A Ga 1st g 5a........ 1919 M-N 101% 101% 101%
102 102%
102*2 June’ l l
Virginia Mid ser D 4 -5a ... 1921 M- S 101*2
102 103%
203% Aug TO
Scrlea E 5a.....................1026 M- 8 103*2
104% Deo TO
104% 104%
Series F 5s.......................1931 M - 8 104*2
108 Jan T7
General 5s.......................1936 M -N 1063$
102% 104*4
106l2 106l2 4G 102% 105*4
Va A So’ w’ n 1st gu 5 a ..2003 J - J 105%
91*2
91
91*2 Sale 91%
10 89
1st cons 50-year 5a_ 195S A - O
_
93
91
94%
94 Dec TO
W O A V 1st cy gu 48____1924 F - A
V
93 100
91% 93
91% Oot '16
Spokane Internal ls t g Gs__ 1955 J - J
I003 Sale 100%
100%
3 98% 100%
Ter A of St L Istg4M 8........ 1939 A -O
103*2 107%
1st con gold 5s____ 1894-1944 F - A 103,* 104% 104% Dec TO
87 8
5 84% 88
Gen refund s f g la............. 1953 J -J
87%
87%
99% 101%
St L M Bridge Ter gu g 5s. 1930 A -O 101% 103*2 100*4 N ov’ 16
102
Tex A Pac 1st gold 5s......... 2000 J -D 102 103 102
8j 95 101*4
64
70
2d gold lne 5&.................. f2000 M a r
80
70 Dec '16 . . . . 35
89*4 93
1 88
90
La Div B L 1st g 5a........... 1931 J - J
89*4
89*4
W Min W A N W 1st gu 6sl930 F - A
80
104% Jan T7 : : : : 103 105%
Tol A O C 1st g 5s................ 1935 J - J 104%
101 102*2
96 100*4 101 N ov’ 16
Western Dlv 1st g 5s........ 1935 A -O
90
35 85% 94
90 Sale 87
General gold 5s.......... ..... 1935 J - D
82
84%
Kan A M 1st gu g 4s____ 1990 A -O
82*2 8334 82% Dec T6
97% Jan T7
2d 20-year 5s_________1927 J - J
96% 99
96*4 97
50
61
55 N ov’ 16
56
60
Tol P A W 1st gold 4s.......... 1917 J - J
1 78% 83*2
83*2
Tol St L A W pr Hen g 3M8.1925 J - J 83% Sale 83*2
60
63
60 Sale 59%
35! 54
60-year gold 4s__________1950 A - O
18% Mar*06
18% 18%
Coll tr 4s g Ser A ________ 1917 F - A
25
50
83 Apr Tfl
83
86
Tor Ham A Buff 1st g 48..A1940 J - D
80*$ 87
99% 101*$
Ulster A Del 1st con g 58_ 1923 J -D 100 100% 100% Jan T7
_
74 Mar’ 15
1st refund g 4s__________1952 A -O
100
54 95% 100
99% Sale 9734
Union Pacific 1st g 4s.......... 1947 J - J
99
98% 99
Registered .............. ...1 9 4 7 J - J
98*2
98% 2 1 ! 95
95% 169 92*2 96
20-year conv 48________ 1927 J - J 95 Sale 94%
95
95 Sale 94
230 89*2 92%
1st A ref 4 8 ..... ............... 02003 M- 8
95
94
95
94
14i 91% 94
Ore RR A Nav con e 4s__1946 J -D
a D o J n bD o F eD e M gD o Ju o, h D e July, k D e A 0D e O v D o N
Ju a
u ob
u ay,
u n
u
u ug.
u ot.
u ov.
DoD
u ee
346
BONDS
N, Y . STOCK EXCHANGE
Week Ending Jan. 19.
Union Pacific (Con)—
Ore Short Line 1st g 6a___1922
lat consol g 58________ 1946
Guar refund 4a________ 1929
Utah & Nor gold 5a____ 1926
1st extended 4s_____ 1933
Vandalla cona g 4a Ser A ___ 1955
New York Bond Record— Concluded— Page 4
£r
*
3
F -A
J - J
J - D
J - J
J - J
F -A
M -N
Vera Cruz & P lat gu 4M8-.1934 J - J
Virginian 1st 5a Series A ____ 1962 M -N
Wabash lat gold 5a............... 1939 M-N
2d gold 5s_______________1939 F - A
Debenture Series B ______ 1939 J - J
lat lien equip a fd g 5s____1921 M- S
lat Hen 50-yr g term 4a_ 1954 -J - „
_
J
Dot & Ch Ext 1st g 5a____1941 J - J
J - J
* '
Des Moln Dlv lat g 4a____1939 J - J
Om Dlv 1st? 3 Ms............. 1941 A -O
Tol& Ch Dlv lat g 4a___ 1941 M- S
Wab Pitts Term la t g 4a____ 1954 J -D
Cent and Old Col Tr Co certs
Columbia Tr Co certfa.........
Col Tr ctfa for Cent Tr ctfa..
J -D
Trust Co certfs.
F-A
F -A
A -O
J - .
A -C
Nov
A -C
UIV IBlgulU os__
J - J
Ex ten 4 Impt gold 5a._F -A
M- S
J - J
J - J
J - J
M -N
Price
Friday
Jan. 19.
Bid
Week'e
Range or
Lait Sale
Range
Year
1916
High No Low High
10734 1077
8 15 107i2 109
1 106 1077
108%
108%
s
94U
947
8 46 91
94 ig
102 Mar’lii
102 102
90 Apr '16
90
953s
913 Oot T 6
8
90<4 913S
91ia N ov’ 16
91
91%
42‘a Aug T5
99%
100's
97U 9938
IO634
1067
8
103 106
997
8 100%
98 10012
105 Oot ’ 16
105 105
100 M ay’ 16
96 '3 100
65 Deo ’ 15
105 Deo T6
103 105ls
80 Aug ’ 12
70 Jan T7
70
8414 Jan ’ 17
87
7 Jan T7
8
414
14 Jan T7
33|
2 Oot ’ 16
3'2
l 1 N ov’ 16
*
37
s
*4 Aug Tfi
*4
%
___
8GI4
80*4
1 83*2 8534
BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 19.
Aik Low
107% Sale
108*2____
9412 Salo
1 0 1% —
93*2 100
91% ____
91% ____
____ 87
99% Salo
106*8 106%
100 Salo
80 ____
97*4____
80 . . . .
105*2____
84 ____
77
73
84*4 86
>
4 2
>
4 1%
Syracuse Light 4 Power 5a. . 1954
Trenton G 4 El 1st g 5s___ 1949
Union Elec L t 4 P 1st g 5 s.. 1932
Refunding 4 extension 58.1933
United Fuel Gaa lat a f 6a. 1936
Utah Power 4 Lt 1st 5s___ 1944
Utica Elec Lt 4 P 1st g 5s. .1950
Utica Gas 4 Elec ref 5a____ 1957
Westchester Ltg gold 5a___ 1950
[Vol. 104
Price
Friday
Jan. 19.
Bid
W eik'i
Range or
Latt Sale
Aik Low
J - J 84
90
M- S 10U2 ____
M- S
M -N
J - J 100 101
F -A
957 Sale
8
J - J 101%____
J - J 100 i8 ____
J - D 105 IO0I3
High
85*2 June’ 12
IOH2 June’ l l
101i2 Deo ’ 16
1015s N o v ’ 16
1007 1007
s
s
955s
96
IO214 Mar’ 15
98 Aug ’15
109 Jan ’ 17
Range
Year
1916
IjOw
High
100 1410 1%
101% 101%
997 101*4
8
93% 90*4
104*4 105%
Miscellaneous
Adams Ex coll tr g 4a______ 1948 M- S 8414 843.1 83t2
84 i4
82
80*3
Alaska Gold M deb 6s A ___ 1925 M- S 79 Sale 79
84
84*2 117
Conv deb 6a series B _____ 1926 M- S 80
83
84*2
845s
84% 105
Armour 4 Co 1st real est 4 Ms ’ 39 J - D
94*8 Sale 94la
947
8
95
93
Booth Fisheries deb s f Oe ..1928 A - O
93
93i2 923S N ov’ 16
90
92*3
Braden Cop M coll tr a f 6a. 1931 F -A
97
98
98
98
97*2 99*2
Bush Terminal lat 4s______ 1952 A - O
87t2 ____ S3
88
86% 89
Consol 5a________________ 1955 J - J 92i2 93
92l2
U t2
2
86% 92%
Bldgs 5a guar tax ex_____ i960 A - O
897 Sale 8934
8
90
86
91
Chic UnStat’n 1st gu 4 Ms A 1963 J - J lOUi Sale 101
IOU 4
99% 1023a
Chile Copper 10-yr conv 7s. 1923 M -N 13018 Sale 130ls
131*2
120*3 154
------1
Computing Tab-Rec a f 6s. .1941 J - J 86
87i2 87
87
81
88
____
1
Granby Cons M 8 4 P con 6s A ’28 M -N 100 110 106
106
101% 117
86*4____
Stamped....... ................
1928 M -N 106 108*8 106
107
103 115
94*3____
Great Falla Pow 1st a f 5 s.. 1940 M - N IOD2 ____ 101*2
99*4 101%
101*2
75% 51 71
75% Sale 74%
76% Int Mercan Marine s t 6 s...1941 A - O 95% Salo 937
95*4
8
93*4 99%
105*2
105 105*2 105*2
5 103% 105% Int Navigation 1st s f 5s___ 1929 F - A
91*4 110*2
110*2 N ov ’ 10
87 ____ 80 D e o ’ ll —
81% 86
Montana Power 1st 5s A . . . 1943 J - J 100i4 Sale 100*4
100*1
95% 100*8
37 ____ 37 Oct ’ IS —
37
.37
Morris & Co 1st a f 4 Ms___ 1939 J - J 92i4 93% 93% Jan '17
92*4 93%
101
10 98 102
100% ____ 101
Mtge Bond (N Y) 4s ser 2 . . 1966 A - O
83 Apr ’ 14
9 8% ____ 99% Oot ’ ll
90
99*2
10-20-yr 5a aeries 3 ......... 1932 J - J
94 June’ 16
94
94*2
99% ____ 99% Deo ’ If
97
99% N Y Dock 50-yr 1st g 4S-..1951 F - A 75
79
75*4 Jan ’ 17
71
70
20 68 80
80
81
81*i 82
Niagara Falla Power 1st 5a. 1932 J - J 103 103*8 102
103
10034 102*3
98% ____ 80 Sept’ If
80
80
Ref 4 gen 6a........ ............al932 A - O 1073s 108 105*2 Oot ’ 16
105*2 105%
I 84% 88
88*2 Salo 88%
88*2
Niag Lock 4 O Pow 1st 5S..1954 M - N 937 94*2 94.2 Jan ’ 17
8
92
90
88*2 89 88*2
88% 50 84 88*2 Nor States Power 25-yr 5s A 1941
99
98*2 987 9734
8
56 85
90*8 Salo 89%
91
90% Ontario Power N F 1st 5 s..1943 F ' - A
94U 943s 94
94%
92
95*3
Stroet Railway
Ontario Transmission 5s___ 1945 M -N ------ 95
86 Sept’ 16
86 90%
Irooklyn Rapid Tran g 5a
A - O 101*2 103 101% Jan ’ 17
100% 103% Pub Serv Corp N J gen 5S..1959 A -O 92*2 Sale 92
93
89-*4 93%
.3 74% 81
1st refund conv gold 4s.
J - J 76*2 Sale 76%
76*2
Tennessee Cop 1st conv 6s . . 1925 M -N
90*4
88 125
9-year secured notea 5s.
J - J 100*2 Sale 100%
101 152 100 10 1% Wash VVator Power 1st 5 s.. 1939 J - J 88 90 103*2 Jan ’'17
Jan 14
10 1% 10 100*2 102%
Bk City 1st con 5S..191
J - J 100 102% 10 1%
Bk Q Co & S congu g 5 s..* v ti M-N
94
95% 94% N ov’ ll ___ , 93% 94% Manufacturing & Industrial
101 May’ IS
Bklyn Q Co A 3 1st 5a___ 1941 J - J
103l2 105 103% Jan T7 . . . . 101% 104%
Am Ag Chem 1st c 5s............ 1928 A
100% 26 166 102
r - a 160*4 10 0 % 100*3
Conv deben 5 s .................. 1924 F
103i2 Salo 103
103*2
8 96*4 108*2
1 100% 102*8 Am Cot Oil debenture 5a___ 1931 M
101
F - A 100% 101 101
97%
96
977 97%
a
71. 95*2 9734
7 82*3 86*2 Am Hide 4 L 1st s f g 6a____ 1919 M
86 86%
86%
|F - A 85
104 104*4 104
104
10 103% 104%
12 82% 86*2 Arner Ice Secur deb g 6s____ 1925 A
87
F -A
86 Salo S5
997 10014 99%
a
100*4
94
98%
5 73
71%
77% Am Thread 1st coll tr 4s____ 1919 J
J - .1 74
74% 74*2
993s Sale 99
99%
97% 99%
F - A 97% Sale 96*8
97*2 101 95% 98% Am Tobacco 40-year g 6a . . . 1944 A
117*2 119*2 117*3 Doc ’10
117*3 120
99% 102
J - J 10 1% ____ 101% Oot ‘ 16
Cold 4a................................ 1951 f
83*2 87
85
85
82% 89%
J - J 10 1% ____ 10138 Deo ’ 16 ___ 10 1 % 10 1 % Am Writ Paper 1st s f 5 s ...1919 J
8734 Sale 87*4
88*2
05*2 9-1
J - J 84*i Salo 84%
84*2 37 74*8 85% Baldw Loco Works 1st 5 s ... 1040 M
104 104*2 104
104
104% 105
M- S
Beth Steel 1st ext s f 5a____ 1926 J
103 103*t 103*4
103%
102% 104%
94
10 87 94%
F-A
94 Sale 94
1st 4 ref 5s guar A........ 1942 M
100*2 Sale 100*2 101%
99% 103%
F - A 68% Salo 68*2
68% .37 68*2 76% Cent Leather 20-year g 5a.. 1925 A
102*2 102*4 102% 10234
100% 103*2
„„
9 25*j 31% Consol Tobacco g 4s.............. 1951 F
25*4 Salo 25
25*4
81*s____ 84% Oot ’ 16
82% 84%
1 100% 192
N Y & Jersey 1st 5a.......... 1932 F - A 100% 101 100*2
100*2
Corn Prod Ref s f g 5a...... 1931 M
95*4 987 99 Deo ’ 16
8
98*4 100*8
Interboro-Metrop coll 4 M s-1956 A - O 72 Salo 71%
71 71% 76%
72
1st 25-year s f 5s..........1934 M
99*4 Sale 98*4
99*4 170 95% 99*2
Intcrboro Rap Tran lat 5 s..1966 J - J 99*8 Salo 99
99% 044 97*2 99% Cuban-Am Sugar coll tr 6s . . 1918 A
10134 102 10134 102
22 101*2 103
Manbat Ry (N Y) cons g Is. 1990 A -O
18 83% 93*2 Distil Sec Cor conv 1st g 5a. 1927
93%
93% ____ 93*3
68*2 67 683S 78
68*2 Sale 0734
Stamped tax-exempt____ 1990 A -O
5 89
94%
94*4 94% 94%
93% E I du Pont Powder 4 M s.-.1936
1 101 107%
104
104 104*8 104
Metropolitan Street Ry—
. . . . 95
General Baking 1st 25-yr Os.1936
85 Mar’ 16
85
85
100
22 93% 100% Gen Electric deb g 3Ma___ 1942
Bwav & 7th Av 1st c g 5a. 1943 J - D 100 Sale 99*3
80*2 Sale 80%
81% "20 78
83*2
Col 4 9th Av 1st gug 5 s.. 1993 M- S 99 100
99% Jan ’ 17 ___ 98 100%
Debenture 5s___ '_______ 1952
106
105*2 1057 106
8
32 103% 108%
Lex Av 4 P F 1st gu g 5a.. 1993 M - S 100*4 101
99% Deo ’ 16
99 101
111 Steel deb 4 Ms................... 1940
93*2 Sale 93%
93%
88 89*2 94%
Met W S El (Chic) Istg 4a ..l93 8 F A
30 Mar’ l l
Indiana Steel 1st 5s............... 1952
103*4 Sale 102%
103%
15 101% 105
Mllw Elec Ry 4 Lt cons g 5s 1926 F - A 102*4____ 102% Oot Tfi
101 102*2 Ingcrsoll-Raml 1st 5a........... 1935
100 Oct ’ 13
Refunding 4 exten 4M a..l931 J - J 9 2% ____ 93 N ov’ 16
93
93
Int Agricul Corp 1st 20-yr 5s 1932
75
7553 7434
75
74
81%
Mlnneao St 1 st cons g 5 s ...1919 J - J 100*4____ 101 Aug T 6
100% 101
Int Paper Co 1st con g 6a . . . 1918
101%
101*4 101*2 101%
101% 102%
i5 92
Montreal Tram 1st 4 ref 5 s .1941 J - J 96% 96*2 96%
96*4
96*8
Consol conv a f g Sa______ 1935
99*4 Sale 99
99*4
81 100%
New Orl Ry 4 Lt gen 4 M s.. 1935 J - J 84
86 8334 Aug T 6
80
86
Lackaw Steel 1st g 5s......... .1923
101*2
101 101*2 101
97*2 101*2
N Y Munlclp Ry 1st s f 5s A 1906 J - J 100 ____ 100 Dec TO
99 100%
lat eons 5s Series A ......... 1950
99 Sale 98*2
90
90 109
N Y Rys 1st R E & ref l a ... 1942 J - J 70 Sale 70
47 72*2 79
71
Liggett 4 Myers Tobac 7 s.. 1944
12738 128*2 127%
127%
123% 129
30-year adj Inc 5s.......... nl942 A -O
42*8 147 43
41 Salo 40%
63%
104*3 Sale 103
5 s ........................................ 1951
104%
100*4 103*2
N Y State Rys 1st cona 4 Ma. 1962 M- N 8G% 87% 88 Deo T 6 ___ 83
88*j Lorlllard Co (P) 7s___ __ 1944
124 129 125*2
125%
112% 127%
Portland Ry 1st 4 ref 5s___ 1930 M- N ____ 91
88% N ov ’ 16
88% 94%
103 Sale 102%
5s.................................
1951
103
100% 102%
Portld Ry Lt 4 P 1st ref 5a. 1942 F - A ____ 77% 78% July’ 16 ___ 78*3 SO
Mexican PetrolLtdcon 6a A 1921
109 112 111 D e o ’ 16
106% 128
Portland Gen Elec 1st 5s. 1935 - J
101 Deo TO
101 101
1st lien 4 ref 63 series C . 1921
108 109*2 108*2
108*2
105 125%
ct Jos R y, L, H 4 P 1st g 5s. 1937 M - N 9 5% ____ 96 May TO ___ 95
96
Nat' Enam 4 Stpg 1st 5 a ... 1929
102
10138 102 102
96% 102
3t Paul City Cab cons g 5a.. 1937 J - .1 102 ____ 102% Got '16
10 2% 102% Nat Starch 20-yr deb 5s____ 1930
91
92
91
91
85*2 91
Third Ave 1st ref 4s_______ i960 J - J 79% Sale 79%
20 80% 83% National Tube 1st 5s........... 1952
80
10234 10-1 101%
103
99% 102%
Adj Inc 5a.........................al960 A -O
84% N Y Air Brake 1st conv 6s. .1928
72 Salo 72
72*8 32 75
105*2 Salo 105*2
105%
101 100%
5 106 108% Railway Steol Spring—
Third Ave Ry 1st g 5a______ 1937 J - J 107 107% 107%
107%
Tri-City Ry 4 Lt 1st s f 5 s.. 1923 A -O I003j Sale 100%
101
7 98% 101
Latrobe Plant 1st a f 5a.. 1921
100*2 101 100% Jan ’ 17
99% 101%
Undergr of London 4Ms____ 1933 J - J
93
Interocean P 1st s f 5a. .1931
99%
997 Sale 9934
8
94% 98*3
Income 6a____ _______
194s
72 N ov’ 10
72
80
68 72
Ropub I 4 S 10-30-yr 5s a f. 1040
101 Sale 100%
101
05% 102%
_
_
. _ Standard Milling 1st 5s____1930
A -O
Union Elev (Cblc) 1st g 5 s.. 1949
84 Oct ’08
100 100*2 100
100%
95% 100
United Rys Inv 5a Pitts Isa.1926 M-N ____ 75
75*2 Deo T 6 ___ 67 77
1057 100 106
8
106
The Texas Co conv dob 6s .. 1931
104 100
United Rys St L lat g 4a___ 1934 J - J ____ 62*2 61
3 59*2 62
01
90
93
Union Bag 4 Paper 1st 5 s.. 1930
93 Jan ’ 17
80*8 94
__
St Louis Transit gu 5a___ 1924 A -O
52 Jan T7
53
59%
52
53
Stamped............................. 19:50
____ 90
94 N ov’ 16
82% 94
United RRa San Fr a f Is. ..1927 A -O
40
3.39 30
46% U S Roalty 4 I conv deb g 5s 1924
38 Sale 38
60 Sale 59%
62
64
73*2
Va Ry 4 Pow 1st 4 ref 5 s.. 1934 J - J 91% 92% 92
92
5 87
92% US Rubher 10-yr col tr8s._1918
104 Sale 103*4
104%
101% 103%
Gas and Electric Light
U 8 Smelt Ref 4 M conv 6s. 1926
107 108 108 Jan ’ 17
107 115%
Atlanta O LCo lat g 5s......... 1947 J -D 103*2____ 103 Sept’ 16
U S Steel Corp— 1coup____(11903
107 Salo 106%
107%
103-1.1 107%
Bklyn Un Gas 1st cons g 5s. 1915 M -N 10038 10738 107 Jan T7 ___ 105 107
3 f 10-60-yr 5 s/rcg .........(71963
107 ___ 106%
106%
103% 107%
Buffalo City Gas 1st g 5 s . ..1947 A - O 2 1 ____
Va-Car Chora lat 15-yr 5 s.. . 1923
1003S Salo 99% 100*8
90*4 100
Clncln Gas 4 Eleo lst&ref 5s 1956 A -O 100 100*2 100% Deo TO
100*2 101
Conv deb 63.....................el924
1027 103 103
s
103
100 103%
Columbus Gas lat gold 5 s.. 1932 J - J
97 Feb T5
West Electric 1st 5s Deo___1922
1023s Sale 102%
101*2 103%
102*2
Consol Gas conv deb 6s___ 1920 Q - F 124*2 Sale 124
124*2 41 120 127
Westlngh’se E 4 M notes 5s. 1917
100-*4 1007 100% Jan ’ 17
8
100*4 101%
ConsGasE L4P of Halt 5-yr 5s’21 M - N 107% Salo 107
3 105 108*2
107*2
Detroit City Gas gold 5 s ... 1923 J - J 101*4 101*8 101*4 Deo Tfi
101 102%
Coal S Iron
k
Detroit Gas Co cons 1 st g 5s 1918 F - A 101 . . 101*2 Oot T 6
10 1% 10 1% Buff 4 Susq fron 3 f 5s____ 1032 J -D
96*4___
96*4 Dec *18
06*4 99
Detroit Edison 1st coll tr 5s. 1933 J - J 105 ____ 105*8 Jan T7
10234 104%
Debenture 5s.................. «1026 M- S 93*8 Salo 93%
90
99
93%
1st 4 ref 5s ser A_______ftl940 M- S 101 10 1 % 101*4 Deo T 6
100% 102% Col F 4 X Co gen s f 5a___ 1943 F - A 95*8 9 73s 95%
92% 08*3
95*4
’
Eq G L N Y 1st cons g 5a .. 1932 Id - 9 101*2 - 100% May'15
Col Indus 1st 4 coll 5s gu__ 1934 F - A
79
79*8 78%
78*2
74% 82
Gas 4 Elec Berg Co o g 5 s.. 1949 J -D 100 ____ 100 Fob T3
Cons Ind Coal Me 1st 5 s ... 1935 J - D 45 ____ 73 Mar’ 14
Hudson Co Gas 1st g 5s___ 1949 M -N 103%____ 103 Deo T 6
10.3 103% Cons Coal of Md lat4ref 5s. 1950 J - D 93*2 91
94
91
90
94%
Kan City (Mo) Gas 1st g 5s. 1922 A -O
90% Dec T 6
90% 91
Continental Coal 1st g 5 s ... 1952 F - A
35 ____ 99% Feb ’ 14
Kings Co El L 4 P g 5s____ 1937 A -O 105*4 Salo 105>.»
I 104 105*4 Or Rlv Coal 4 C 1st g 6 s..*1919 A - O ------ 047 94% Mar’ 16
105*4
s
9434 9434
Purchase money 63........... 1997 A - O 116 117 n o
no
1 114% 118% Kan 4 H C 4 O 1st sf g 53. .1951 J - J 46%
99 July’ 15
Convertible deb 6s . ......... 1925 M- S ____ 120*2 128 Oot T 6
126 128
95% 95%
Pocah C 011 Collier 1st s f 5s. 1957 J - J 95
95%
89
94%
Ed El 1 1 Bkn 1st con : 43.1939 J - J 88*4____ 88*3 Sept’ 10
1
83
88% St L Rock Mt 4 P 5s stmpd.1955 J - t 80 87 85*2 Deo ’ 16
84
8.8*2
L aoG aaL ofSt L 1 st g 5 s ..f 1919 Q - F 102% Salo 10 1 %
10 2% 14 100% 105
Tenn Coal >,cn 5s................... 1951 J - i 102 10 1 % 102 Jan ’ 17
100% !03-*a
Ref and ext 1st g 5 s .......... 1934 A -O 102*2 Salo 102%
102*3
4 100 % 102*4
Cah C M Co 1st gu 6s___ 1922 J - P
101 Deo T4
Milwaukee Gas L 1st 4s___ 1927 M -N
93% ____ 93% Jan T7 __ 91% 9.3% Victor Fuel 1st s f 5s_______ 1953 J - J
80
80 Deo ’ 16
80
80
Newark Con Gas g 5a______ 1948 J - D 101 ____ 103*2 Deo TO ___ 103*2 103% Va Iron Coal4Coke 1st g 5s. 1949 M- S 87*2 Sale 85
82% 90*2
87%
N Y O E L n 4 P g 5 a ....1948 J - D 105*2 Salo 105%
5 10,3 105%
105*2
Purchase monoy g 4a___ 1949 F - A 88 Sale 85%
88
19 S3% 87
Telegraph & Telephone
Ed El U 1st cons g 5s___ 1995 J - J 107 ____ 108% Dec T 6
108 109
Am Telep 4 Tel coll tr 4S...1929 J - J 92% Sale 92%
92% 81 90*2 933S
N Y4Q El L 4 P lat con g 5s 1930 F - A 101 ____ 100*4 Aug Tfl —
100% 10 1%
Convertlb c 4s...... ............1936 M- 8
94 98 105*4
101
98
98
Pacific G 4 El Co Cal G 4 E
104
4 103% 113*4
20-yr convertible 4 Ma___ 1933 M- 8 103% 105*3 104
Corp unifying 4 ref 5 s ... 1937 M- N 100% Salo 100*2
100% 51 97% 100
30-yr temp coll tr5 s........ 1916 J - O 101% Sale 100*3
101% 1318
Paclflo G 4 E gen 4 ref 5 s.. 1942 J - J 93% Salo 93%
93% 193 91% 93% Cent Dist Tel 1st 30-yr 6s. .1943 J - D 102*4 103 102% Jan ’ 17
101*2 103%
Pac Pow 4 Lt 1st 4 ref 20 yr
73 N o v ’ 16
77
Commercial Cable 1st g 4 s..2397 Q - J 73
73
73
5s Internat Series............ .1930 F - A ------ 95 92% Sopt’ 16
92
93*2
Reelstercd...............
2397 Q - J
71 May’ 16
71
71
Pat 4 Passaic G 4 El 5s____ 1949 M- S 100 ____ 99*2 Oot '15
Climb T 4 T 1st 4 von 5 a . ..1837 J - J 100% Salo 106%
100%
99*4 101*4
Peop Gas 4 C 1st cona g 6a .. 1943 A -O 105 ____ 115 Jan T7
100
114% 116*2 Keystone Telephone 1st 5s. .1935 J - J
98 Apr T6
98
28
Refunding gold 5 s . . . . . . . 1917 M- S 102 102 % 102% Jan T7
190% 102% Metropol Tel 4 Tel 1st a f 5s 1918 M -N 10034 101 100% Jan ’ 17
100% 101*3
Registered................... .1947 M-S ____ 99%
Midi Stato Telep 1st 5s___ 1924 F - A
101
99*2 101%
101
101
C h G -L 4 C oke lat gug 5s. 1937 J - J 103 ____ 10.3% Deo T 6
100% 103* j N Y 4 N J Telephone 53 g.1920 M -N 101%
100-% IOH3
10 1% Deo ’ 16
Con G Co of Chi 1st gu g 5s 1936 J - D 10 1 % 102 101% N ov’ 16
101 10 1% N Y Telep 1st 4 gen 3 f 4 Ms. 1939 M- N 100*8 Sale 100
97*2 99%
100*4
Ind Nat Gas 4 Oil 30-yr 5a 1936 M - N 92 Salo 92
92
17 80
91
Pac Tel 4 Tel 1st 5s_______ 1937 J - J 101% 101% 10 1 % 101%
99*2 102
Mu Fuel Gaa 1st gu g 5 s.. 1947 M - N 10 1% ____ 101% Jan T7
100% 100% South Bell Tel 4 T 1st s f 5s. 1941 J - J 101% Sale 101
101%
99% 102*4
Philadelphia Co conv 5s____ 1919 F - A 98% 100
99*4 N ov’ lO
n>8 % 99*4 West Union coll tr cur 5a__ 1938 J - J 102*4 102*2 102%
102*3
100 102%
Conv deben gold 5a........... 1922 M- N 94
93%
10 88 94
94*3 93%
Fd and real eat g 4 Ma___ 1950 M -N
98%
98% 99
98
94% 97%
Stand Gaa 4 El conv a f 6a .. 1926 J - O 101% Sale [0 1 %
10 1% 25 98% 102%
Mut Un Tel gu ext 5s___ 1941 M -N 100
101*4 Apr ’ 10
IOU4 10 1%
Syracuse Lighting 1st g 5s 1951 l -D 102% 103% 102% N ov’ 16 _
_ 9914 102%
94 N ov’ 16
Northwest Tel gu 4 Mag 1934 J J 9334
94
95
•00 price Friday; lateat bid and asked. • Due Jan. t Due April. « Due May. g Due June. » Due July, t Due Aug. « Due Oot. v Due Nov. f Due Deo. « Option isle’.
J
a n
. 2 0 1 9 1 7 .]
BOSTON STOCK EXCHANGE—Stock Record s. “N^DS .
°. P„
SB A HU PRICKS—NOT PER CENTUM PRICES.
Saturday
Jan. 13
Monday
Jan. IS
Tuesday
Jan. 10
174*2 175
175
174*2
77
*70
70
77
*105
___ *105
42*2
43 i *41
*213
___ *213
4
4
4 ,*___
30
30
30
♦4*2
*4l2 5
*4<2
40
40
43
l50" 155
*150* 155 *150" 155
108 108 ♦108
*10712 108
135 135 *130 135"
*135 145
*72
74
*72
74
*72
132 132 ♦132 133
*131
92l2 *91 > 92*2 92*4 92*4
4
•91U X
'*■
*99*2 100
100 100
*99*2 100
*4*8 ■l*i *4
*45* 5
26*2 25*2 2512
*2512 2012 *25
47
47
47
48
465s 47
♦97 101
*97 101
*97 101
*
_ 139
135
135 135
20
*20" 30
20
20*2 26*2
110 110 *106 108
100 100
56
*5514 5012 *55U 50
56
72
72
73
72
72
*70
*174
70
*112
*4H2
•21312
Wednesday
Jan. 17
174*2
77
*105
42
*213
Thursday
Jan. 18.
Sales
ol the
Week
Shares
Friday
Jan. 19.
175
174*2 174*2 174*2 174*2
77
77
77
77
79
Last Sale 119 Jan’ 17
105*2
42
41*2 42
42
42
*213 . . .
213 213
Last Sale 4*2 May’ 10
” 4"
Last Sale 30 Dec’ 16
30
Last Sale 4*2 Nov’ 16
5
Last Sale 45 Sept’ 16
40
Last Sale 150 Jan’ 17
155
108 108
108 *107*2 . . .
135 135
135
’ 72" 72*4
72
72
72
133 133 *131*2 133
133
93*4
93*4 *92
93*4 *92
100 100
100
Last Sale 4 *2" ’ " Jan’ 17
4*4
25*2 25*2 251? 25*2 25*2
47*2 49
48
48
48
Last Sale 100 Dcc’ 16
101
135 *___ 13.'
30*4
30*4 *28
108 108
100
50
50
55*i 56
50
74
72
72
71
72
STOCKS
BOSTON STOCK
EXCHANGE
« Kx-dlvKlend and right*.
9 Ex-«took dividend.
Range for Year 1916
Range for Previous
Year 1915
Highest
Highest
Lowest
Railroads
155 Boston A Albany________ 100 172 Deo 23 198 Feb 16
221 Boston Elevated_________ 100
Boston «fc Lowell_________ 100
297 Boston & Maine_________ 100
3 Boston & Providence_____ 100
Boston Suburban Eleo Cos_
_
Do pref________________
*4*2
Boston & Wore Eleotrlo C os..
*
Do pref________________
*150"
Cblo June Ry 4 U S Y ...1 0 0
108
35 Do p re f_______________
*130
32 Connecticut River_______ 100
72
88 Fitchburg pref___________ 100
133
130 Georgia Ry 4 Eleo stampdlOO
10 Do pref.................. ...1 0 0
*92
63 Maine Central___________ 100
*99*2
♦4%
Mass Eleotrlo Cos________ 100
201 Do pref stamped_______ 100
25*2
429 N Y N H 4 Hartford_____ 100
47
*97
Northern New Hampshire. 100
31 Old Colony______________100
135
35 Rutland, pref___________ 100
*28
100
40 Vermont 4 Massachusetts. 100
50
00 West End Street__________ 50
♦72
113 Do pref........................ 100
Miscellaneous
89
65 Amer Agrloul Chemical...100
♦80*2 88*4 87*2 87*2 88*2 88*2 89
*86l2 88
*80
88
102 102
102 102*2 102*2 103
102 102
493 Do pref_____________ 100
*i on 2 102U 102 102
2 2
2*4
2
2
2
2,360 Amer Pneumatlo Service.. 50
2
2<4
2*8 2*3
17
8 2
12
12 12
12
12*8 12
12
12
l l l 3 12
395 Do pref__________ . . 50
11
*10
109*4 IIH 2
7 Amer Sugar Refining... -.1 0 0
*110 111 •111 112 •111 112 ♦ 1 1 1 112
120 121
120 12078 120 " 120"
120 121
272 Do pref___________ ..1 0 0
120 *120 121
120
7,005 Amer Telep & Teleg___ -.1 0 0
12314 12312 123*4 123*8 123*4 123*8 123*4 123*8 123*8 123*8 123 124
*4034 47*2 *46*2 47*2 *47
48
40
47
47
20 American Woolen of Mass.100
*4312 45 | *45
90
96-2 96
9612 96*2 9012 90
90
90
90*2 96*4 9012
360 Do pref...... ............. -.1 0 0
72
72
70
72
71
72
70*2 71*2 71*2 71*2
200 Amoskeag Manufacturing__
97
96*2 961?
90
90
192 Do pref________________
90*2 90*2 "95* 95
10SU H l'2 116" m *8 110*4 114*2 111*2 114
109*4 111
114*2 118*2 13,140 Atl Gulf 4 W I S S Lines.. 100
*0.31? 05
*63
65
65
05
*04
66 *05 06 *05 60*4
35 Do pref______________ 100
18
18
*17
18
1734 18
*17
18
18
IS
185 Cuban Port Cement_ $15 pd
_
*9
*9
10
10
*9
10
♦9
10
Last Sale 9
Jan’ 17
East Boston Land________ 10
218 218
218 218
218 218
218 218
235 Edison Electrlo Ilium____ 100
210 217*2 210 217
170 170*4 *109*4 170*4 *170 170*2
•167*2 168*2 *108 109
30 General Eleotrlo_________ 100
___ *100*4 102
*101
100*2 100*4 101 101*2 101*2 102
55 McElwaln (W H) 1st pref.100
9212 93 I z91*4 92
91*2 92
92
92
93
93
303 Massachusetts Gas Cos__ 100
93
81
*80
81
80
81
80
80*2 80*2 80*2 81
65 Do pref______________ 100
*80
107 107 *167 168 *107 168 *106 16S
*100 108
2 Mergenthaler Linotype__ 100
*.90
. . . *.95
*.90
*.95
...
Last Sale 1
Nov’ 10
Mexican Telephone______ 10
12
’l2“ *___
T i" *___
Last Sale 11*8 Dec’ 10
12
Mississippi River P ow er..100
40
40 *___
40
40
40 *___
40
Do pref______________ 100
*35
40
*33
35
*33
*35
40
Last Sale
New Eng Cotton Yarn___ 100
*00 . . .
♦00
63
*00
63"
03
03
15 Do pref.............................100
*60
05
123 123
123 123*2 123U 123*; 123*2 123*2 123 123*2 123*2 123*2
327 New England Telephone..100
145 145
*145 147
144 147 *147 150 *147 149
35 Nlpe Bay Company______100
147 147
*110 120 *11H2 120 *110 120 *110 120
Last Sale 112 Jnn’ 17
Nova Scotia Steel 4 C___ 100
100 100
104 106
104*2 16512 104*2 101*2
30 Pullman Company_______ 100
*40
45
*39" 44"
44*8 *40
44
44
43
43
00 Punta Allegre Sugar____ 50
15'j 1512 *14*4 15*2 *1478 15*2 15*2 15*2 15
15
138 Reece Button-Hole________ 10
142 143 | 142 143
143 144
744 Swift 4 Co_______________100
144 144*4 143 143*4 143*2 144
410 Torrlngton_______________ 25
021 62*2 02*2 021? 02
2
02 02
02*2 01 01
62*4 02*2
*32
33
32
*32
33
32
32*s 32*4 *32
100 Do pref...........................25
33
538 United Fruit.......... ........... 100
148*2 149*2 149*3 1507g 150 150*2 150 150*4 150*2 153*2
148*2 149
5778 57*2 57?s 57*2 577
57
57
57*2 57*4 57
s 57*4 58
1,139 United Shoe Mach Corp__ 25
29*4 29*4 29*4 29*4 29?8 2978
744 Do pref_________________25
29*4 29*4’ 29*4 29*4 2978 30
113*2 115*3 113*2 H 5'l 114*3 1153s 8,990 U S Steel Corporation___ 100
110*4 11 ll2 111*8 112*2 113*4 115
119*4 119*4 *120 120*2 120 120 *120*2 121 *121 121*2
17 Do pref_______
.100
77a 8
7*8 7*4
7*4 77S
7*8 77S,
7*8 7*8 ” 7*4 "*8 *s 2,038 Ventura Consol Oil Fields. 6
Mining
*3*4 4
3
3 *4'
3*4 3*4 *3*4 3*2 *3*4 312
400 Adventure Con___________ 25
103 103
105 107
102 102 | 102 103
105 105
103*2 103*2
239 Ahmeck__________________25
9
9
9
*.| 9*2
8*2 9*4
9*4 9*4
8*2 10*2
9*4 9*2 4,635 Alaska Gold_____________ 10
1
*1
*1
1*4 *1 1*4
1*4 *1
*1
1*8
110 Algomah Mining__________ 25
1
1*4
60
051? 0634 05*4 07
00
06 | 00
*00
67
07
07
322 Allouez___________________25
37
38
35*2 35*4 38
30*4 39
35*4 36*2 35
38*2 39*4 12,585 Amer Zlno, Lead 4 Smelt. 25
*09
71
*69*3 71
*09
70U
150 Do pref_________
25
13*8 13*2 13*8 13*2 13*4 13*8 13*8 1378
13*8 13
13*8 2,390 Arizona Commercial______ 5
2
*1*4 2 I * 1*1
2
2
*1*4 2
2
17S 2
270 Buttc-Balaklava Copper.. 10
47*t 47*, *47*2 48*2
47
47
*40*2 47
49*2 *49*4 50
00 Butte 4 Sup Cop (Ltd)__ 10
79*2 78
80
79
£0
78*2 79*4 79
SO
79*2 80*2 2,310 Calumet 4 Arizona________ 10
550 550 I 550 555
547 550
500 560
500 560
500 500
75
22 22 | 23 27*4 25 27 *24*2 25*2 *------ 25*2 2 ,110 Calumet 4 Hecla_________ 25
*21 22
Centennial_______________ 25
54
*54*8 54*8 55*8 551, 50
64
50
*55*2 50
55*8 55*s
_______
160 Chino Copper___________ 5
__
05
60
00*2 00 077S 00*2 08
65
06*8 67*2 07 • 07*
3,G05j Copper Range Cons Co_ 25
_
3
*2*2
*2 % 2*4 *2 ‘3 2 *,
27S 27g *2*2 2*4, *2*4
2 *.,
25 Daly-West______________ 20
6*2 7*4
0*8
6*4
7
7i07S 7
7 7*4
7*8 733
21,23S'DavIs-Daly Copper_____ 10
14*4 14*4 14*8 147S 14*8 147,
147S 15*4 14*4 15
1**8 15
2,*15.8 East Butte Copper Min____10
8*4 8*8
8 'a 8*8
8 t.i 8*4
812 8*2
8*2 81?
8*2 8*2
395 Franklin__________________25
*88 91
89
90
89*2 91
92
92
i S9*2 90
*88 91
161 Granby Consolidated_____ 100
♦42
45
43*4 43*4 *44
*4478 40
*44*2 40
4512 *44*2 46
15 Greene Cananea................. 100
17
*17
If
18
17*2 17*t 18
18
18*2 18
18
20*2 2,010 Hancock Consolidated_____25
*2*2
3
*213 3
2*2 2 *? 2*2 2*4 *2*8 3
2*4 3
225 Indiana Mining___________ 25
♦61*4 65
63
04*8 05
66
60
68*2 08 08*4 07*2 6813 4,444 island Creek Coal________ 1
♦91
91*4 91*2 91*2 91*2 91*2 91*2 91*4 *91*2 92
92
92*2
303
Do pref_____________ 1
33
34
33
33
33
3512 .34*4 30
35*4 35
34
35
1,084 Isle Royale Copper________ 25
4*2 4*
*4 if, 4*2
4*2 4*2
412 4*2
4*4 4*4 *4*2 -I*,
225 Kerr Lake____ _________ 5
4
4
*3*2 4
*3*2
*3*2
*3*2 4
*37S 4
37S 37s
25 Keweenaw Copper________ 25
15
15
15*2 15*4 15*2 10 *s 16*4 17*4 *10
10*2 10
16*2 3.570 Lake Copper C o__________ 25
4
5
*4*8 4*8
4*4 4")
4*2 4*4 *4*8 5
*4*4 5
515 La Salle Copper___________ 25
*0
7
*0*4 0*8
0*2 0*2
6*2 6*2
0*4 6*4
*0
0*2
500 Mason Valley Mine______ 5
*14
14*4 14*8 15*i
14*2 14
15
15*2 15
15*4 15*8 15*8 1,320 Mass Consol_____________ 25
3*2 *3
*3
3*2 *3
3*1 *3
3*4
3
3
3
3
00 Mayflower______________ 25
3
3*2
27S 3
3*8 3*8 *3*s 3*4
3
3*s *27g 3
1,980 Michigan_______________ 25
851, 85
841.i 84*2 84*4 84
84
85*2 *84*2 85*2 85
85*2
855 Mohawk_________________ 25
*24
24*2 *24*2 25
24
24*4 21*4 *24*2 25
*23*2
*24*2 25
100 Nevada Consolidated_____ 5
5
5
5*| 5*4
6*2
5*8 5*8 *5
5*8 5*(
5*2
330 New Arcadian Copper_____25
*13*2 14*2 *13*2 14*2 *13*2 14*2 *13*2 14*2
Last Sale 14*4 Jan’ 17 .......... Now Idrla Quicksilver____
5
2 2 *- 22*2 *22*2 23
23*2 23*2
*23*2 24
22*2 23
175 New IUvcr Company_____ 100
79
79
79
79
80
79
*78
79
78*2 78*2 78*2 7812
370
Do p r e f........................100
8*- *8*i 8*2
8*4 8*2
*8*4 8*- *8*4
*8*4 8*2
8*2 8*2
25
5
*22 22*2 2 2 *s 22*4 22 *s 2 2 *s 22*8 22*8 22 22*2 21*2 22*8 5,040 Nlplsslng Mines_________ 15
North Butte_____________
2*2
2
2*2
2*2 2*2 *2*4 2 *- *2
2
2
*2
2*2
101 North L a k e .........................25
2 *s 2*4
2 *s *2
2*4 27«
2*8 2*1 *2
2*2
2 <4 2 '., 1,125 ojlbway Mining__________ 25
2*4 2*4
2*8 2*8 e2*2 2*1 *2*2 2*4
2*4 2*4
2*4 278
280 Old Colony.......................... 25
62
03
*02 03
64
64*4 05*4 03*i 04
03
65
65*8
5S5 Old Domtnlon Co_________ 25
84
84
♦8512 80*4 85
86*2 86*4 88
86
88
87
87
458
20*2 21
20*2 21
2 1 *s 21*2 21*4 21*4 21*4 22*8 2112 22*4 5,201 Osceola___________________25
Pond Creek Coal................ 10
88 89
89
90
88*4 887S 89 89
88*4 88*4 89 89
215 Quincy___________________ 25
*20 20*4 *20 20*2 *27 27*- *20*4 27
27*4 27*i *20*2 27l2
20 Ray Consolidated Copper. 10
85
85
85
85
85
8H4 87
87
80 87
SO
80
635 St Mary's Mineral Land.. 25
*1*4 2
1*4 1*4 * 1*1
2
17
S I78 *1*4
17
8
173
1 7g
570 Santa Fo Gold 4 C opper.. 10
9*4 9*2
9*2 9*4
9*? 912
9*2 978
9*2 10
9
9*2 1,127 Shannon.......... ...............
10
*20 27 *20 27 *27
*27
28
Last Sale 38 Dec’ 10 ------- Shattuck-Arizona________ 10
*4*4 5
*47S 5
5
*5
fl
*5*4 0
*5
0
120 South Lake______________ 25
*14
15*2 13*2 14
15
1519 1512 15*2 15*2 15*2 15
151
302 Superior__________________25
0*2 7*
8 0*4 7*,
7
71o
0*4 7*8
6?s 07S 6*4 7
8 050 Superior 4 Boston Copper. 10
58*8 57
00
57
57
5810 50
58
55*2 50*2 50
50*2 11,224 Tamarack________________ 25
5
5
5
47g
5
5
5*2
5
5
5
5
424 Trinity.................................. 25
1*4 1 %
1% 1 %
1*1 1 %
2
2*4
1 % 2 *Y
„
2'X» 21 , 5,140 Tuolu mne Copper________ 1
037S 64*4 04*2 05*8 64*8 65
03
03*4 63*8 04
64*t 65*8 3,082 U S Smelt Refln 4 M in ... 60
51*2 51*8 5U- 51*4 52
51*2 51*- 51
51*2 52
5113 52
743
Do pref______________50
2*4 2/8
2*4 2*1
2*4 2*8
2*8 2*4
2*8 2*4
3,580 Utah-Apex M ining.......... 5
18
18
IS
18
18
*8*8
18
18*2 18*4 18*2 18*4 18*2 1,770 Utah Consolidated_______ 5
>101*2 105
101*2 057s 105*1 100*2 100*4 108*4 10713 107*2 *107 107*
720 Utah Copper C o_________ 10
0*8 6*8
fl'a
0*2
li‘ s 6*4
A
6*4 6*2
0*8 0*2
0*2
Utah Metal 4 Tunnel......... 1
5*|
5
5
5
6*4 •5
5
5*4 *5*4 5*8 *5*t 5*8 6,710 Victoria__________________ 25
295
5
5
413 4’?i
*4*4 5
5
5
5
5
4*2 5
170 Winona __________________ 25
♦48
48
48
49*2 *48*2 49
48
48
47*2 48
47*2 48
605 Wolverlno. . . . . . . ________ 25
* 1*2
178 * 1*8
17S * 1*2 2
* 1*2 2
*1*8 2
1*4 1*4
20 W yandott______________ 25
•Bid and asked prices.
< Assessment paid.
347
A Ex-rights.
65*2 Apr 24
119 Deo 20
34 Aug 29
200 Aug 4
4*z Feb 29
30 D e o i l
4 M arl8
42 Feb 28
150 Oct 25
102*2 Apr 26
123 Sept 1
69*4 Sept27
122 Jan 3
z80 Jan 10
98 8eptl9
4*2 Deo 15
20 Deo 28
50 Deo 21
97 Jan
134*4 Deo 18
20 May 1
100*2 Aug 29
z55 Sept21
69 Julyl3
88*2 Jan 19
145 Feb 11
52 Feb 14
235*2 May29
5 Jan 8
40*2 Feb 29
5*2 Jan 5
45*8 J u lyl 8
154 July26
110 Julyl4
162 Feb 19
87 Feb 14
131*4 Deo 12
94 Dec 23
102 Jan 17
8*4 Aug 30
44 Aug 9
77*4 Jan 3
107 Septl4
157 Feb 26
35*2 Deo 2
125 M ar 1
67*2 Jan 19
86 Feb 25
64 Apr 24
95*2 Mar23
*4 Deo 26
7 Deo 18
106 Apr 22
114*2 Mar 1
123 Deo 29
42 Aug 5
92 Jan 11
66 Jan 3
98 July24
27 Jan 14
42 Jan 15
u> Apr 28
8*8
8*4 Deo 15
225 Deo 11
159*4 Apr 22
95 June 8
79 Scpt21
78 Septl4
155 May 4
*4 N ov 22
10 Deo
35 N ov 9
23*2 July 18
50 Jan 24
120*4 Deo 22
102*8 Jan 11
102 Dec 21
168*2 Apr 28
35*2 Deo 21
15 Feb 3
125 Feb 5
35 Jan 14
28 Jan 14
130*2 Jan 31
50 June23
28*2Jan 3
79*4 Mar 1
115*4 Feb 5
6*sSeptl8
102 N ov25
105 Deo 1
3*4 Apr 12
16 May 4
125*4 Oot 25
124 Oct 25
134*2 8ept30
56*4 N ov 8
101*8 Marl4
79 N ov 8
101*4 Feb 10
147*4 Deo 8
72*2 N oy 1
25*8 July20
13*8 Jan 19
250 M ar 7
186 Oot 20
10212 Sept 8
100*4 N ovl7
89 Feb 14
181 N ov20
2*4 Jan 15
19 Apr 10
44 Feb 8
42 Dec 19
66 Dec 19
140 M arl7
105 NovlO
155*4 N ovl7
175 Oct 5
69 Oct 28
16*2May23
177 Oot 9
70 N ov 3
33 Mar 2
168*4 Aug 21
63*2Mayl2
31 Scptl 8
129*8 Nov27
12 2 *4 N ov 3
13 Jan 3
170 Mar
73 June
109 Feb
20 Feb
225 Jan
5 Dec
40 Sep
5 N ov
39 Jan
157 Feb
IOU2 July
140 Feb
51 Feb
114 Apr
84 Aug
92 Mar
4*8 June
33 July
43 Feb
89 Oct
140 Aug
15 M ar
105 Feb
61 May
80 July
198 Jan
96 Jan
138*2 Oct
37*2 Oct
240 June
10 Mar
56 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 N ov
120 Feb
88 Mar
103*2 N ov
10 Sep
56 Jan
87*4 Oot
98 Apr
157 Apr
30 N ov
125 Apr
72i2Jan
93*2 Feb
48 Jan
73*4 N ov
87*2 Mar 101*2 N ov
1*4 Mar
4*2 Oet
13 Dec
19*2 Jan
100 Feb H 912N 0 V
109 Feb 119 Deo
116 Jan 130*2 Nov
16*2 Apr
57*4 Oct
77 Feb
99*2 Oet
59*8 Jan
67 Apr
97*2 May 101 Feb
4 Feb
30 N ov
97g Mar
49 N ov
8*2 Dec
230 May
138*4 Feb
98*2 Aug
78 Apr
84 N ov
154 Feb
*4 Apr
10 June
35 Feb
20 Apr
25 July
zl27*4 June
13*4 Apr
260 Jan
184*2 Oct
104 M ar
94 Aug
92i2Jan
200 Jan
3 Sep
16*8 Deo
46*2 Jan
30 N ov
55 Deo
143 Jan
150 Feb
170 Oct
15, Sep
18*4 Jan
104*4 Jan 128 N ov
28 Mar 36*2 Dec
20 Mar
30*4 Sep
110 Feb 163 N ov
48 Aug
65 May
28 Mar 30 Aug
38 Feb
89*2 Deo
102*4 Jan 117*4 Oct
10*8 Dec
14*8 N ov
1*4 Feb 17
57 Deo 7
s
4 Jan
47g Apr
91 Aug 1 125*2 N o vlS
92*2 Dec 103 Aug
10 Deo 21 20*2 Jan 7
21*2 Dec 40*4 Apr
*4 May 3
2*2 N ov20
.45 Feb
4*4 Apr
56 Deo 21 83*2 N ov21
35*2 Jan
66 Deo
97*8 Apr 10
29*2 J u lyll
16*4 Jan
72*4 N ov
60 J u ly ll
86*8 N ov 1
18 N ov20
7% July29
3*4 Jan
9*2 Apr
5*2 Feb 5
1*2 Aug 2
2 Jan
4*4 Apr
42 Deo 21 105*4 M ar 9
80 Juno
35*4 Jan
60 Junc28 101 N ov20
51*2 Feb
78*4 Apr
510 Deo 21 640 N ov20 350 Jan 630 Apr
14 Julyl7
15 Jan
27 N ov20
25 Apr
46 J ulyll
327g Jan
73*8 N ov20
57 N ov
54*2 J ulyll 87*4 N ov21 30 Jan
65 Deo
2 Julyl3
3*8 M arl7
1?8 Jan
0*4 Apr
4*4 Deo 15
714 Dec
11*2 Julyl2 20 N ovl8
8*2 Jan
16*2 Deo
6 June23 13*4 N ov20
4*2 Feb
14*4 Apr
79 Julyl4 120 N ov20
58 Jan
94*2 Apr
34*j June26 55*4 N ov 18
23*4 Feb
52*8 Deo
10*2 June28 23*2 N ov20 11 Jan
24i3 Apr
2 JulylO
6*2 N Ov21
2*4 Jan
10*2 Apr
42 8opt27 73*4 Deo 0
41 Mar
52 Aug
88 Jan 29 93*2 Dec
85*2 Jan
91*8 Apr
25 Julyl3
43 N ov20
17*2 Jan
34 Apr
3 *2 M ar 4
5*8 May 3
3 Aug
5is Apr
2*4 Feb 11
8 Apr 6
4*2 Apr
1*2 Aug
9*4 Julyl4 19*2 Feb 10
5*s Jan
197g Deo
3*4 Julyl5
6*2 N ov20
3*8 Jan
9 Apr
1*2 Aug 3
9 N o v l8
1 Mar
5 Deo
10 Julyl3
1912 Nov20
3 Jan
17 Apr
2 July 5
5 Feb 10
8 Apr
3 Aug
1*2 Jan
4*4 N ov 6
.00 Mar
3 Apr
77*2 J u lyll 108 N ov20 46*1 Jan
98 Deo
15 Jan 28 33*2 N ov20
1l*s Feb
17 Apr
4*4 Julyl4 10*4 Jan 4
4*2 Feb
14*4 June
9 JulylO 24*4 Jan 19
4 July
13*2 Aug
20 Deo 21 31*8 Nov20
77 Deo 26 93*4 Nov20
6 Mar 1 9UNov21
5*8 Aug
87s Nov
20 Julyl3
22*4 Jan
32*2 N ov20
387s Apr
.50 June 2
4 *2 Jan 3
1 Jan
4ia Apr
1*8 July 15
278 Apr 6
.50 Mar . 3*2 Apr
1*4 July 14
4 Jan 3
2*4 Nov
7*s Apr
59 Deo 21 83 N ov21
38*2 Mar
64 Dec
70 Julyl4 105 N ov20
64 Jan
93*2 Apr
11*2 Mar 7 23*4 Deo 11 12 Jan
19*8 AUg
81 Julyl2 109*2 Nov21
50 Jan
95 Apr
20*4 June22 36*4 N ov20 15*4 Jan
27*8 N o v
6 H2 Jan 31 110 Nov20 28 Jan
65*2 Dec
1*4 July28
37 Jan 8
8
1 Mar
5 Oct
7 Julyl3 12*2 Feb 14
4 Jan
11*2 Apr
24*4 J u ly ll 40*8 Feb 14 1 S*4 Jan
38 N ov
4 Aug 4
8*2 Jan 4
7*4 July
5*4 N ov
28*2Jan 3
12*2 Julyl5
41*2 Apr
2 2 i3Jan
1*2 Jan 13
8*4 Oct 31
1 Mar
4*2 Apr
35 Aug 6 50*4 Jan 14
25 Jan
58*8 Aug
4*4 Julyl2
12*4 Jan 3
16l2O0t
2*3 Feb
,15Jan 26
2*2 Deo 7
.2 0 Jan
.83 Apr
54*g Jan 3 81*8 N ov 2 I
20 Feb
54 Doe
49 Feb 1 63*4 Apr 11
28 Jan
50*2 Dec
27S Deo 21
5*8 Apr 10
2 Jan
6*s June
12*2 Jan 15 3012 Nov21
9*4 Feb
16*8 June
75 June27 127*8 Nov20
48*4 Jan
81*4 Deo
5*4 Deo 21
11*2 Marl3
2»i Jan 3
8*2 N o v l 8
1 Feb
3*4 Mar27
1*4 Jan
8*4 N ov20
45 Oot 9 67*2 Feb 10
32 Jan
2*4 Feb 14
1*8 Aug 12
.50 M ar
* Ex-dlvldend. I Ex -Tamarack stock. u Half-paid.
>
THE CHRONICLE
24 8
Outside Stock Exchanges
B o sto n B on d R eco rd .— Transactions in bonds at Bos
ton Stock Exchange Jan. 13 to Jan. 19, both inclusive:
Friday
Last Week’s Range Sales
Sale.
of Prices.
for
Price. Low. High. Week.
Bonds—■
Alaska Gold scr B 6 s .1926
Am Ag Chem 5s........ 1924 103
5 s _______________ 1928
Am Tel A Tel coll 4 s.. 1929 92%
5s temporary receipts__ 101
Atl G A W I SS I, 5 s ..1959 84
Gt Nor-C B & Q 4 s.. . 1921
Registered 4s_____ 1921
K C Mem A BIr 4 s.-.1934
Miss River Power 5s. 1951
N E Telephone 5s___ 1932
101%
Pond Creek Coal Cs_.1923
Punta Alegre Sugar 6s 1931
Swift & Co 1st 5s___ 1944
United Erult 4% s___ 1925
U S Smelt R & M conv 6s.
West Tel A Tel 5s___ 1932
101%
166%
80
103
104
92%
100%
84
99
98%
83%
08
76%
101
79
103%
95
101%
98%
107%
99%
80
104
104
92%
101
84%
99
98%
83 'A
98
76%
101 %
79
104%
95
101%
98%
108
100%
Range for Year 1916.
Low.
84,000 85% Nov
13,000 96% July
2,000 100% May
45,000
90% Nov
137,200 98% Dec
17,000 74
Jan
4,000 97% July
1,000 97% May
6,500 80
Oct
19,000 96%
Dec
76
7,000
39,000 100
Dec
15,000 75
Pel)
3,500 87
5,000
96
Dec
23,000 98% Jan
Jan
1,000 97
9,000 107% Dec
Jan
27,000 99
High.
105
103
103%
93
99%
89%
99
98%
92
99%
81
104
81%
107
102
102 %
98
115
102%
May
Dec
Oct
Apr
Dec
Nov
Feb
Feb
Mar
Jan
May
Dec
Nov
Oct
Nov
June
Oct
P h ila d elp h ia S to ck E x ch an ge.— The complete record
of transactions at tho Philadelphia Stock Exchango from
Jan. 13 to Jan. 19, both inclusive, compiled from the
official sales lists, is givon below. Prices for stocks are all
dollars per share, not per cent. For bonds the quotations
are per cent of par value.
Stocks—
Friday
Sales
Last Week’s Range for
Sale.
Week.
Par. Price. Low. High Shares.
Alliance Insurance........ 10
American Gas o l N J . . 100
American Rys pref___ 100
Baldwin Locomotive ..100
Preferred.......... . .100
Buff A Susq Corp v t c. 100
120
97%
56%
102
Cambria I r o n ................50
Consol Trac of N J___ 100
Elec Storage Battery.. 100
Gene.al Asphalt, pref.. 100
Insurance Co of N A _ 10
_
J G Brill Co__________100
Keystone Telephone___ 50
Lake Superior Corp__ 100
13%
20
Lehigh Valley Transit..50
21%
MlnehlU A S II________50
North Pennsylvania___ 50
94
69%
27%
20%
120
97
56%
102
66
55
45
53%
73
66%
69%
27%
30%
13%
18%
84
77%
21%
43
24%
54
57
94
05
56%
40%
41
Pennsylvania........ ......... 50
56%
Philadelphia C o(Pitts)..50
Pref (cumulative 6%).50 42
Philadelphia Electric__ 25
33%
Phlla Rapid Transit___ 50
34
33
Voting trust receipts..50 33%
33%
Philadelphia Traction. .50
82%
82%
Railways Co General__ 10
4%
Reading______________ 50 103%
99
First preferred______ 50
43%
Second preferred____ 50
45
4%
Ton-Belmont Devel........ 1
4%,
Tonopah Mining........ . 1
6%
5%
Union Traction_______ 50
46
46%
224
United Cos of N J ____ 100
89%
United Gas Improv’t__ 50
89
U S Steel Corporation. 100 114% 110%
120%
Warwick Iron A Steel__ 10
9%
9%
41
Welsbach C o................100
W Jersey * Sea Shore .50
50%
80%
Win Cramp A Sons___ 100
81%
14
37%
Preferred.... ............... 50
39
Bonds.
97
Amer Gas A Elec 5 s ..2007
98%
Baldwin Locom 1st 5s. 1940
103%
Cons Trac N J 1st 5s . 1932
102%
Elec A Poop tr ctfs 4s. 1945 83%
83%
Inter-State Rys coll 4s 1943 55
55
Kentucky Trac A Term 5s.
83%
Keystono Telop 1st 5s. 1935 97%
97%
Lake Super Corp 5 s.. 1924 51
50%
50
Leh C & E cons 4%s.l954
102%
104
Lehigh Vail annuity 6s___ 137% 136%
109%
Cons 6s r e g . . ........ 1923
90
General consol 4 s ..2003
General consol 4%s.2003 101% 101%
106
Leh Val Coal 1st 5 s .. .1933
Market St Elev 1st 4s. 1955
97%
Nat'l Properties 4-Gs____
68
P a A N Y C.inal 5 s.. . 1939
110%
Penn RR gen 4% s__ 1905 104
104
99%
P W A B ctfs Is ...1921
99%
Pa * Md Steel cons 63.1925
107%
Peoples Pass tr ct fs 4s. 1913
87%
90
PhilaCo consAcoll tr 5 s.’51
106%
Phlla Elec tr ctfs 5 s.. 1948
106%
113
Phlla A Read Term 53.1941
Pub Serv Corp N J 5s. 1959
92%
Reading gen 4s_____ 1997
96%
96%
Spanlsh-Amer Iron 6s. 1927 102
102
Standard Gas * El 6s. 1926
101
United N J 4s............ 1923
99%
United Rys gold tr ctf 4s’49 72%
72%
74
United Rys Invest 53.1926
97%
Welsbach Co 5 s ____ 1936
97%
87%
West N Y A Pa gen 4s. 1943
98%
York Railways 1st 5s. 1937 ..........
a $‘ 2'A paid in. I Ex-dividend.
2
Range for Year 1916.
Low.
High.
17% May 20% Oct
20%
5
27 118
Dec 123
Feb
120
97%
159 93% Feb 100
Mar
56%
10 67
Dec 115% Feb
102
10 100% Dec 109% Mar
15 38
Jan 72
66
Deo
56
215 54
62%
Jan 47
45%
47 44
Feb
4 52%
53%
55% Feb
73
1 70
Mar
74% Nov
67
522 58% Apr
72% Apr
69%
10 69
Aug 73% Mar
565 25
27%
Jan 27% Oct
40 34
31
Apr 48%
15
14
250
12% Oct
Mar
8,622
8% Jan 33% Nov
20%
74
321
May 90%
85
79%
87 74%
89
37
Jan 23% Mar
22%
18
4.3
55 38
44%
24%
20 19
Feb
20
54
5 53
Aug
57%
73 •56
Feb 58% Juno
94
35 92% Mar 95
Sept
224 96
102% Feb
96
2,253 55% Aug 60
56%
Oct
42
105 38% Sept
47% Dec
819 39% July 45
42
Apr
34%
7,550 a'27
Mar 34% Dec
34%
132
17 May 33
Dec
34% 19,739
17 May
33% Dec
82%
90 75
May 82% Dec
i)
4%
100 4 1-1G Oct
May
103%
988 75% Jan 115% Sept
4 42% May
43%
46% Oct
45
5 4 1-16 Oct
5
May
4 9-16 3,821
4
Mar 5 7-16 May
760
6%
5% Aug
7
Jan
934 41% Jan 48% Dec
47%
224
2 222
July
1,250 87 , May
90
93% Oct
Mar 129% Nov
115% 43,378 79
120%
15 115 . May 121% Sept
31a
9%
9 , Aug
11% Juno
41
21 41
July 45
19 48% Sept 51
50%
Jan
82%
160 70
Mar 97% Dec
14
50
8% Feb
16%
210 34% Jan 39
39
Mar
97%
96%
104%
102%
83%
56
83%
97%
51
50
103
101
137%
109%
91
101%
106
98%
08
110%
104%
99%
107%
89%
90%
106%
106%
113
92%
96%
102
101%
99%
72%
74
98%
87%
99
824,000
200
23,000
1.000
18,00 i
19.O00
3.(TO
7,000
15,000
500
8,000
2,000
2,000
1,000
3,000
103,000
1,000
15,000
2,000
2,000
19,000
2,000
1,000
5,000
2,000
4,000
600
10,000
2,000
74,000
6,000
5.000
1.000
12,000
12,000
2,000
2,000
23,000
89%
89%
104
101%
79%
55
82 'A
96
20%
27%
101
101
135
109%
89
99%
104
95
67%
110
100%
99
104
82
89
103%
103
110%
90
93%
101%
98%
Jan 97%
Jan 97
May 106
Jan 102%
86
May
Dec 58
Nov
82%
Jan 100
Jan 55
55
Aug 103%
103%
Jan 137
Sept 111
94
Sept
Aug 103%
Aug 106
Jan 97%
July
70%
May1 110%
Jan 103
Jan 99%
Jan 107%
May
85
Aug 94
Jan 106%
106%
Jan 113
Mar 93
May
96%
May 102%
Jan 102%
70
Aug
67% Apr
94% Jan
81% Jan
92% Jan
Nov
Mar
Apr
Dec
Jan
Nov
Feb
Nov
Fob
Juno
July
Feb
Fob
Jan
Nov
Apr
June
Feb
Feb
Dec
Nov
Feb
Nov
Juno
May
Jan
Oet
May
75% Jan
76% Nov
99% Sept
86% Dec
98% Deo
B altim ore Stock E x ch an ge.— Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 13
to Jan. 19. both inclusive, compiled from tho official salos
lists, is given below. Prices for stocks are all dollars por
sharo, not per cent. For bonds tho quotations are por cent
of par value.
Stocks—
[Vol. 104
Sales
Friday
Last Week’s Range for
Sale.
Week.
of Prices.
Par. Price. Low. High. Shares.
Arundel Sand & Gravel 100
Atlan Coast L (Conn). 100
Baltimore Tube............ 100 119
Cecil Const, pref_______
Chalmers Oil & Gas........ 5
6
Preferred "B ” ............25
Consol Gas ICL A Pow. 100 126%
Consolidation Coal___ 100 rl09%
Cosden A Co___________ 5
17%
Cosden Gas...................... 5
14%
R ig h ts ...........................
Davison Chemical, no par
Elkhorn Coal C orp ... ..50
Houston Oil trust ctfs. 100
Preferred trust ctfs.. 100
Intermit Cotton Mills__
Mcr A Min Trans new. 100
44
24%
21%
63%
20
Preferred__________100 ' 76
Mt V-W’b’y Mills v t r 100 18%
69%
Preferred v t r.......... ICO
Northern Central_____ 50
88%
Penna Water A Pow . 100 84
United Ity A Elec.......... 50
34
Wash BA Annap, prof. .50
Wayland Oil A Gas____ 5
5
Bonds—
Atlan A Char 1st 5s_. 1944
Atlanta Consol St 53.1939
Atlantic Coast Line RR—
Conv deb 4s small. . 1939
Atlantic C I, (Conn) —
Certf 5-20 4s small. 1925
Balt Elec stamped 5s. 1947
Balt Traction 1st 5s .1929
Carolina Central 4s. .1949
Chicago Ry 1st 5s___ 1927
City A Suburban 1st 5s ’ 22
C’y A Sub (Wash) 1st 5s ’4.8
Coal A Coke 1st 5a. .1919
Consol Gas gen 4% s._ 1954
Cons G, E L A P l% s . 1935
N otes..............................
Consol Coal ref 5 s._ .. 1950
Convertible 6s____ 1923
Cosden A Co 6s.... .............
Cosden Gas 6s____ ____
Elkhorn Coal Corp (is. 1925
Elkhorn Fuel 5s_____ 1918
Fair A Clarks Trac 5s. 1938
Fairmont Coal 5s___ 1931
Georgia Pacific 1st 0s_ 1922
Ga Sou A Florida 5 s .. 1945
Kirby l.um Contr’t 6s. 1923
Lexington (Ivy) St 5s. 1949
Mary'd Elec Ry 1st 5s 1931
M St A St P O Jt 5s. .1928
Monon Vail Trac 5s . 1942
Mt V-Wood notes 6s. . 1918
New Orl Grt North 53.1955
Norf A Ports Trac 5s. 1936
Penn Wat A Pow 5 s .. 1940
United E L A P 4 % s .. 1929
United Ry A Elec 4 s .. 19 19
Funding 5s________1936
do
small____ 1936
Notes 5s.... ............. 1921
Virginia Ry A Pow 5s. 19.34
Wash Ball A Annap5s.l911
Wash Ry A El cons 43.1951
x Ex-dividend.
38%
115%
118%
100 H
40 '
6
4
47
26%
123%
rl()9%
17
H%
5V
g
42%
24 V
i
21
63%
19
60
68
76
18%
69
87%
82
10%
33%
4
40
4%
4%
Range for Year 1916.
Low.
High.
200 35% Aug 42
Feb
38%
19 110% May 12 4
116
Nov
75 6.3
Jan 133% Nov
119
S2%
110
100 Y
x
40
50
8
Jan
0%
15
3% •Sept
4
4
4
125
50
47
10 40
26%
10 20 'A
26%
127
1,482 107
Mar 1.30
Nov
112
1,075 96
Feb 118% Nov
2,297
13% Aug 26% Juno
IS
6
Apr
16% 15,834
18% Juno
77e
20,707
4%
0%
4,765
5%
44'
Aug 71% Jan
354 35
24%
AUg 24% Nov
450
15
21%
Dec
200
13% Allg 24
67 V
i
831 57
July 08
Jan
20
40
12
Apr
Aug
19
60
73 50% Feb 80
June
68
3 57
70
76
75 69
Nov
76% Nov
407
10
18%
Mar 21% Nov
264 69
Nov 70
Nov
69 %
61 85% Sept
88%
90% Nov
Mar 80 V Nov
i
84
253 72
120
10 M
16%
7%
34
194 25% Jan 36% Nov
4
50
5 Vi
4%
40
3 37% Nov 40% Dec
590
5
3% Aug
9% Fob
70
4
4%
5%
8734 S7»4
103 104
104% 101%
82,000 76 V
f
14,000 102% July
1,000 103% Apr
92%
92%
30C
91%
100% 100
104%
88%
97
97
102%
103% 102%
90%
95%
93%
93
107% 107
94
94
101%
105
105%
106
107% 105%
101% 100%
103%
104
105
100%
101
98 V
f
106%
102%
99%
92%
100
103%
102%
94%
1C0% 100%
04%
86%
95%
95%
94
94%
84
84%
60%
89%
89%
89%
89%
99%
92
87 • 87
82
91%
100%
104%
88%
97
102%
102%
91'/,
96
93%
107%
94
106%
106%
108%
101%
105
105%
101
98 %
100%
102%
100
92%
100
103%
102%
96
100 Vi
04%
86%
95%
94
94%
84%
67 ',
89%
90
99%
92
87
82
600
9,000
1,000
3,000
7,000
9,000
l ,000
63,000
17,000
41,000
59,300
9,000
127,000
52,500
179,000
29,000
151,400
2,500
7,000
2,000
3,000
4,000
9,000
2.000
2,000
12,000
7,000
2,000
3,000
1,000
3,000
18,000
1,000
1,000
19,000
30,000
5,400
1,900
5,000
2,000
7,000
400
90 Vi July
91%
99
104
88
96
102%
102
85
92%
80%
102%
91
102%
101%
100
96%
99%
09 ’ t
98 V
i
93%
100%
101
98%
90
96%
101
tot
92%
98
55%
81%
90
93
93%
82
60 %
84%
83%
99
88
84
82
89
103
Mar
101% Dec
92% May
July
Jan 92
Aug 100 % Nov
July 104% May
Oct
89% Mar
May 99% Feb
Jan 103
May
Nov 102% Sept
Jan 93
Deo
95% Nov
May
Aug 94
Nov
Oct 109
Nov
July 94% Nov
Sopf 112
Nov
Oct 107% Dec
Alls 120 June
i
AUg 101) V Dec
Aug 111% Nov
109 'A
Nov 101% Fob
June 99% May
Set>t 107% Apr
July 103
Jan
Nov
Jim 100
Mar
Mar 90
Oct
Jan 100
Nov
101
Aug 102% Nov
Oct
Jan 100
Mar 102 )i Oct
Oct
May 65
Jan 80% Dec
Jan 96% Oct
May 9.3 May
Jan 90
Doc
.Ini'.
85% Oct
June 69% Nov
Oct
Jan 90
May 90% Nov
Sept
Feb 100
91
Jan
Oct
Jan
Jan 87
Nov
81% Aug
C hicago S tock E xch an ge.— Complete record of transac
tions at Chicago Stock Exchange from Jan. 13 to Jan. 19, both
inclusive, compiled from the official sales lists, is as follows:
Stocks—
Sales
Friday
Last Week’s Range for
Week.
of Prices.
Sale.
Par. Price. Loio. High. Shares.
American Radiator___ 100 410
American Shipbuilding.100 63
95
Preferred............ ...1 0 0
Amer Straw Board............
60
Booth Fisheries, com. .100 68
Cal A Chic Canal A D . 100
Chic C’y A C Ry pt sh com
Preferred_____________
Ohio Pneumatic Tool. .100
32%
74%
Chic Rys part ctf " 2 " . . .
20
Chic Title A Trust___ 100
Commonwealth Edison 100 135%
3U
Cudahy Pack Co, com. 100 110%
Deere A Co, pref_____ 100
99%
Diamond Match.......... 100 130
78
Hartman Corp__________
Hart Shaf A Marx com. 100 89%
Illinois Brick_________100
87 Vi
Kansas City Ry A Lt—
Lindsay Light..................
National Carbon.......... 106
Preferred.......... ....... 100
Pacific Gas A El C o .. . 100
Peoples Gas L A Coke. 100
Prcst O Lite Co, Inc— .
Pub Serv of No 111, com 100
Preferred__________10(1
20
295
132
Preferred.......... ....... 100
Scars-Rocbuck, com__ 100
Preferred.................. 10C
111
231
127
i04%
139%
100
Stew War Speed, eom.100 99%
Stover Mfg A Eng Corp__ 101%
Swift A Co........ ........... 10C 144
Union Carbide Co........ 100 193
United Paper Bd, com. 10C 32
Ward, Mont A Co, pref.. .
117%
Preferred.............. ..100
102%
410
03
94%
60
60
85
53
1%
32%
c70
70
20
l Vi
219
135
3
110%
99
127
77 Vi
89
87%
410
63
9n
60
69
80
53
4%
33
75
70
20
1Vi
219
137 Vi
19%
18
295
129
64
104
137
112
100
330
111
227%
126
94
97%
101
142%
192%
31
73
116
58
102%
20
20
310
132
64
106
110
113%
102
331
111%
231%
1 3 /V
i
94
101
102
145
195
33
75
117%
59 M
103
S%
112%
99%
130
78
90
88
3
30
40
181
797
307
50
25
400
2,914
100
35
25
31
608
31,900
446
(0
934
125
443
100
Range for Year 1910.
Low.
385
33
75%
12
’ 25
00
45
2%
15
60
70
13
1
6210
139%
100
89
102
72
86
70%
224 22
495
6 Vi
26 107
647 120%
100 56
251 101
110 114 Vi
35 107
168 100
45 309
60 107
4,075 169
33 124
3
(1 95
3,430 82 Vi
40fl 100
2,386 126%
1,133 a 155
13%
1,012
2C 51 %
39 112%
1,081
10
High.
Jan 425
Nov
Jan 72
Nov
Jan 97
Deo
Deo
May 55
Jan 63 Vi Deo
Jan 88
Oct
May
56
Nov
July
6 Vi Nov
41
Nov
July
Dec
79
Mar
Apr 80
Jan
Apr 2 7Vi Oct
June
1% Oct
Dec 2 19% July
Juno 147
Sept
Dec 116
May 100
Mar 142%
Sopt 87%
Aug 91
Jau 100
Deo
Deo
Doo
Dec
Sept
Nov
Feb
Jau
July
Feb
Oct
Dec
Oct
Jan
Apr
Jan
Jan
Mar
Aug
Dec
Apr
Dec
Jan
Sept
June
June
June
Sept
Aug
Deo
Oct
Dec
Oct
Deo
Sept
Feb
Jan
Oct
Nov
Feb
Dec
Aug
Nov
Oct
Sept
Nov
Dec
Oct
32
25
330
133
67
118
148
118%
104
363
115
234%
127
95%
119
102
175
215
40
78
117%
Armour A Co 4)4s___1939
Booth Fisheries s f Os. 1920
Chicago City Ry 5s__1927
Chic C ’y & Con Itys 5s '27
Chicago Rys 5s.......... 1927
Chic Rys 5s ser "A ” ----Chic Rys 4s scr “ B” ----Chic Ry pr in M g 4sl927
Chic Ry AdJ Inc Is. 1927
Chicago Teleph 5s__ 1923
Commonw-Edlson 5s. 1943
Cudahy Pack 1st M 5sl940
Mctr W Side El 1st 4s 1938
Morris A Co 4)4s------ 1939
Ogden Gas 5s_______ 1915
People's Gas, Lt. A C.—
Cldc G, I. A C 1st 5s.1937
Pub Scry Co 1st ref g 5s '50
South Side Kiev 114a. 1924
Swift A Co 1st g 5 s ... 1944
Wilson A Co 1st O s...1941
93 X
9914
9714
103 X
97 X
103)4
*89“
102
102)4
a Ex-dlv. 2% , stock dlv. 40%.
Range for Yea
1910.
High.
Low.
94 X S10.000 9 2 4 Sopt 9 44
Mar 9 34
93 X 14,000 83
99 X 48,000 9 8 4 Apr 100
82 4
77,000 09 H Sept
79
97 X 55,000 95 4 Dec 9 8 4
0,000 86 X Aug 9 24
88
75
4,000 0 54 July
70X
70
Oct
1,000 00
60
2,000 33 X June 41
41
6,000 1014 Apr 1024
101)4
103 X 20.000 1014 July 103
99 X 38,000 9 8 4 Dec 9 8 4
Dec 7 34
70 X 10,000 70
03 X 10,000 8 9 4 Jan 9 9 4
0,000 9 5 4 Jan ■ 98
07 X
May 103 4
3,000 102
103'X 103 X
Jan 9 64
90 X 06X 13,000 94
1,000 8 8 4 Jan 9 24
89
89
20,500 9 8 4 Jan 1024
101X 102
102
102 4 43,000 1014 Dec 103
94 54
93 X
99 )4
78 X
96 H
88
70 H
60
41
101)4
103
99 54
70
93 54
97X
ft Ex-div., ex-rights,
Feb
Nov
Feb
Nov
Feb
Feb
Jan
Jan
Oct
Nov
Nov
Dec
Jan
July
Nov
Dec
Sept
Apr
Oct
Oct
c cx-dlv. 1%.
P ittsb u rg h S tock E x c h a n g e — Tho complete record of
transactions at the Pittsburgh Stock Exchange trom Jan. 13
to Jan. 19, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cont. For bonds tho quotations aro per cont
of par value.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale.
Par . Price. Low. High. Shares.
Stocks—
Range for Year 1910.
Low.
200
174 174
1,570
554 00
380
121
1214
100
100
106
Am Wind Glass, prof 100
1,900
6C
5e
Cable Consol Mining.
1
20
Caney River G a s... . .25
4 64 4 04
100
Citizens Traction_____ 50
54 4 544
450
Columbia Gas A Elec. .100 4 54
4 34 4 54
100
44
Consolidated lee ______50
44
20
121 124
Ilarb-Walker Refract.. 100
10
103
108
85
Independent Brewing.. .50
34
3X
34
45
Preferred ....................50
174
174
17 4
435
80
81
La Belle Iron Works__ 100
00
125 1254
Preferred__________loo
_____
50
02
02
I.ono Star Gas___ ____ 100
0 4 4 07
Mfrs Light A H eat... -.50
2,081
064
95c
Ole 98c
Mt Shasta Copper............
15,350
Nat Fireproofing, c o m ..50
00
74
74
74
17
17
Preferred........ ........... 50
230
174
19
5,40 1
Ohio Fuel OH . .. ______ 1
184 194
44 4 5 1 4 12,170
5 04
->
Ohio Fuel S u p p ly ........ 2
187
114 12
95
9.3
80
Oklahoma Natural Gas.100 98
110
119
30
Osage A Oklahoma Co. 100 __ . . .
10
354 354
Feop Nat Gas A Pipe.. .25
25
4
4
Pittsburgh Brewing, com50 _____
IS
215
18
18
10c
5,200
12c
1.10
1.05 1.20 9,050
Pittsburgh Jerome Gopp I
835
114 114
Pittsburgh Oil A G a s.. 100
114
250
Pittsburgh Plate Class. 100 1334 133 4 13331
2,870
22
21:4 22
Pure Oil, common . ----- 5
25c
2,900
22c
23c
050
10c
15c
10
1824 1824
40
21 4 21.4
United Coal, com, v t c— _____
10
71
71
38
10
38
A
805
U S Steel Corp, com . 100 _____ 1114 114 X
850
West'housc Air B rake..50 1564 150 157
53
53 V
z
320
West'house Elec Mfg-50
~ ii
%
1,787
H
Rights.
........ 70
70
50
W Penn Tr & \v P, pref 100
Bonds.
103
103
Cent Dlst Telop 6s . 1043 —
51,000
Columbia Gas A El 5s. 1027
8 84 8 84
2,000
Indep Brewing 6 s.. ..1955 _____
50
50
2,000
Monon Riv O A C 69.1949 _____
r
118
118
in.ooo
Plttsb Coal deb 5s__ 1931 ..........
90 4 9 9 4
0,090
Amer Sower Pipe
..100
Am Wind Glass Mach 100
15
34 4
110
109
3c
114
52
14 4
3
714
100
24
15
40
123
87
4 94
83e
04
154
14
3S
174
5 84
High.
June 204 Oct
June 00
Oct
Nov 155
Apr
Feb 107
Aug
Apr
13 ! Oct
Mar 50
Dee
Jan 55
Dee
Mar 53
Dec
July
5
Mar
Jan 127
Nov
June 108 4 Dee
Mar
7
Sept
Dee
23
Sopt
June 0 14 Nov
Jan 134
Sept
Aug 90
Nov
Apr 08
Nov
1.3
Dec
Dec
July
Jan
12
July
2 14 Jan
?Jan
19
Aug
Feb 6 9 4 Nov
70
98
34
4
10
5
94c
04
115
11774
5c
12c
1414
20
70
251s
804
133 4
514
Jan
Mar
July
Dec
Dec
Sopt
Dee
Mar
Jan
May
Apr
Dee
Apr
Dee
Dee
June
Jan
Apr
Dec
44
101
1284
37
f> J
!<
20
15
l .05
134
13,8
224
45c
25
188
20
70
404
1204
1074
7 14
Jan
Oet
Nov
Dec
Mar
744
10 14
Dec
Dec
Jan
Aug
Oct
Oct
Dec
Oet
1>ec
Dec
Oct
Nov
Deo
Dee
103 4 Mar
Oct
80
Aug
02
May
115
Nov
too
Jan
Feb
80
Mar
40
1134 Jan
90 4 "May
Volume of Business at Stock Exchanges
TRANSACTIONS AT TIIE NEW YORK STOCK EXCHANGE
DAILY. W EEKLY AND YEARLY.
Stocks.
Week ending
Jan. 19 1917.
Par Value.
Shares.
027,232 550,787,200
308,758 35,051,800
800,018 68,990,000
08,770,100
742,751
590,090 54,001,250
582,830 54,280,900
Saturday....................
Monday......................
T uesday....................
Wednesday................
Thursday..................
Friday.................. - -
Railroad,
Ac.,
Bonds.
State, Afun.
A Foreign
Bonds.
52.431,000
4,091,500
5,160,000
4,028,500
4,534,000
2,017,500
U. S.
Bonds.
5315.500
1.337.000
919,500
1.038.000
1.100.500
1.585.500
...........
3,740,579 5340,888,150 522,802,500 50,305,000
T o ta l...... ...............
Week ending Jan. 19.
Sales at
Kzchanqe.
1910.
1917.
Jan. 1 to Jan. 19.
1917.
1910.
12,301,770
3,273,510
Stocks—No. shares__
3.740.579
11.427,517
Par valuo................ $340,888,150 5290,374,425 $1,119,295,450 $1,015,714,380
$7,200
$7,200
Bank shares, par__ __
50,300
SI 1,800
Bonds.
$5,000
530,000
Government bonds.. .
• I1,000
S
28,331,000
2,945,500
State, mun., A c., bonds 50,365,000
11.988,000
50,922,500
RR. and misc. bonds..
22,802,500 23,473,000
72,850,500
Total b o n d s . . . _
_
$29,227,500 $20,454,500
$85,201,500
$84,879,500
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week ending
Jan. 19 1917.
Shares. Bond Sales.
Philadelphia.
Shares.
Bond Sales.
Baltimore.
Shares.
Bond Sales.
Friday..................
22,239
26,877
38,859
35,293
25,975
30,394
$52,000
75.500
55,700
68.500
64.500
03,000
13,767
13,668
28,586
19,487
15,005
17,285
533.000
38.000
103,600
102.000
105,500
63.000
3,300
8,343
0,-180
8,540
2,393
2,650
$70,800
132,300
118,200
232,900
206,040
132,200
T o ta l________
179,637
$379,200
107.798
5445,700
31,706
5933,040
Saturday..............
Wednesday______
New Y o r k “ C u rb ” M a rk et.— Below wo give a record of
tho transactions in the outside security market from Jan. 13
to Jan. 19, both inclusive. It covers the week ending Fri
day afternoon:____________________
Friday
Sales
Last Week’s Range for
Sale.
of Prices
Week
Par. Price. Low. High Shares.
Week ending Jan. 19.
Stocks—
Aetna Explos.r__ (no par)
Amor Druggist Synd r.lOC
Amor Tee when lss____ 10(
Amor Int Corp $50 pd.100
Am Writ Paper com _.10(J
Brlt-Amcr Tob Ord’y . . £ l
Ordinary bearer____ i'l
Calif Packing Corp r__ (f)
California Shipbuilding rlO
Canadian Gar A Fdy r.100
Canadian Nat Gas C orp.l
Carbon Steel, com r__ 100
Car Lighting A Power r.25
Carwen Steel T ool____ 1
C
Central Foundry com r 10C
Chevrolet Motor______100
Davison Chemical v t c(t)
Eastern S teel.............. IO
C
1st preferred_______100
Emerson Motors Lie r .10
F.mersou Phonograph___ 5
Fisher RodyCorp r(no par)
Gcnl Amor Tank Car r (t)
Hart-Bell C o r .... ............. 5
Husk A Bark Car (no par;
Hclly Sugar, prof____ 100
Imp Carbon Chaser r __ 1
Intercontinental R u b .. 100
Int. Arms A Fuze Sec__ 25
Internat Mot new w 1 r. 10C
Joplin Ore A Spelter .r__5
ICathodlon Bronze, pref. .5
Keystone Tire A R u b b ..l0
Kresge (S S) com .r . . if,
Lake Torp Boat c o m .r .1C
Lima Locomo com .r ..l 0 0
Loft, Inc......................10C
Lukcns Steel, com r ___ 50
1st preferred r _____ 10C
Manhat Elec Sup, pfd.lOO
Marconi Wlrel Tel of A m .5
Marlin Arms v t o (no par).
Pf v tc two-th’ds pd.100
Maxim Munitions r___ 10
Mexican Petrol Export r . .
Midvale Steel A O rd.r..50
Mitchell Motors.r (no par)
National Acme C o .r __ 50
Nat Mot Car A Veil r ..( t )
N Y Shipbuilding Corp r(t)
N Y Transportation___ 10
North Am Pulp A Paper (t)
Old Colonial Chocolate r 5
Pierce-Arrow Mot Car r (t)
Rcpubllo Mot Trk r ___ (t)
St Joscpa Lead r........ 10
St L It Mt A PucCo r 100
Santa Cecilia Sug r w 1.100
Preferred r w 1_____ 100
Smith (AO) C orpr.no par
Smith Motor Truck.r__ 5
8mlth ATorry Transp pf 10
Standard Motor Const rlO
Steel Alloys C orp.r........ 5
Submarine B oat..(no par)
Transue A Williams Steel
Forging Corp r.(n o par)
Triangle Film Corp v t 0.5
United Alloys Steel Corp rt
United M otors.r.(no par)
U S Lt A Ht Corp r ___ 10
U S Steamship..............10
f Wilson A Co, Inc r to .100
World Film v t o______ 5
Wrlght-Martln A ir .r.-(t)
Preferred r . ............ _ioo
Zinc Concentrating.r. . . 10
R iib ts
Chicago A North Western r
Cosden Oil A G as.r..........
Railroads—
Pitts A West Va.com r 100
Preferred r........ ....... 100
Rock Island w 1 r___ 100
Preferred A w 1. r__ 100
Preferred B w l . r __ 100
Former Standard Oil
Subsidiaries
Anglo-Amer Oil.............. £1
4
3X
13X 1354
10
10
54
55
4
45
4
18X
18X 1854
19X 20
19X
36
35 X 3654
14X 1454
31
25
00
70
54
88
95
3
254
12
12 54
12X
10
21
21
20 M 2914
120 * 102 120 "
42 X
42 X 42 X
106
ioo
70
70
3
3
3
9 X 1154
11X
38 X *39
94
96
114
1i£
60
60
92 Vi 92 K
3X
3X
3 54
*41
40
98
100
a,/
X
11
12 54
11X
24 X
24X 25
\7X 10
25c 31c
32c
3
3
16
15 X 10)4
12X 1254
12X
8
7X
0
8X
57
5854
58)4
105 105
40
40
90
9054
99 X
90
98
2 54
2X
2X
73
55
70
33 X 33 54
254
2X
2X
20 X 2054
20 X
61J5 0054 03
51
53 X
35
35 X
35 X
30
28
29X
42 X 4354
42 X
15
1554
8
854
8X
3)4
354
54
53X 54
00
07
17
1754
33
33
33
24
28
2854
62
59 M 58
40
40
8 54
7X
7X
9X 10
9X
0
05
4
054
8.54
8X
2054 23
21X
354
49 X
2X
51X
47X
IX
5X
X
14X
Ohio O il........................ 25 384
South Penn Oil______ 100
Standard OH (Calif)...100
Standard OH (Ind)___ 100
Standard Oil of N J ...1 0 0 696
Standard Oil of N Y . . 100 278
Other Oil Stocks
80c
Barnett Oil A G as.r___ 1
3
Cosden A C o .r _________5
17 X
Cosrlon Oil A Gas co m .r .5 14X
21
5154
38
S754
7254
50
7,505
1,000
53
1,400
1,400
700
1,000
35,900
200
4,200
300
2,795
750
2,250
50
550
721
100
100
7,300
300
1,200
800
38,200
350
400
1,000
SO
O
000
3,300
1,700
300
355
000
200
3,035
2,940
31
13,550
900
000
9,200
15,400
1654
246
381
570
375
810
600
275
154 5,000
54 15,000
22
53
30 54
8854
74
17
250
380
570
387
510
710
278
70c
80c
254 354
17
1754
1454 1554
5 54 ■ K
6
754 954
51$
05
4
154
21
22
£5
H
1354 IS
254 3X
71c Sic
8Gc 88c
1
54
1
__
54
l'Xt 2 %
Elk Basin Petrol r _____ 5
9X
Federal O ll.r___________6
5X
Gen Ref A Prod r ........ ... 1
1
Houston Oil eorninon r. 100
Kenova Oil (prospect)__ 1
i*
Merritt Oil Corp r ........ 10
175f
Metropolitan Petroleum.5
3X
Midwest OH com .r.......... 1
79c
Preferred r_ .......... '__ l
87c
Monongah O ll.r________1
X
N Y-Oklahoma OH r ___ 1
X
N Y A Texas Oil r_____ 1 2 7-1G
Oil A Exploration r___ 10
Oklahoma Oil com .r___ 1
lie
12c
12
Oklahoma Prod A R efg..6
1254
13*4
Omar Oil A G a s.r_____ l
47c
49c
50c
014
9
Hl
A
Pennsylvania Gasoline r. 1
154
IX
Royal Dutch C o r ___ (t)
67 X
6554 07*4
Sapulpa Refining____ r.5
054 1054
Sequoyah Oil A Ref____ 1 2 1-10
254
Sinclair Oil A Ref r(no par)
02
6154 61
Southern Oil A Tr r___ 10
7
654
United Western O l l .r ...1
X 11-16 13-16
Utah Petrol (prospect) -.1
50c 60c
High.
Low.
16,500
25
3X Dec
900 11X June
14X
10C
2.125 vl2X Jan toi
80(]
2
Mar
11X
100 10
Jai
20 X
15% M ay
1,000
21)4
2,300
30
38
Dec
200 13
Oct 2QX
975 40
Sept
82
9SO 70
101
100
X Nov
2X
110 55
Feb 133
1,000
2)4 Dec
7X
3,075 w7X Jan
1814
500
11
Jan 32
200
9,400 114
Deo 278
Aug
75
45 38
600 63
Aug 129
100
982
I X Nov
5X
4,572
8
Oci
14X
200 37 V Aug
s
42 X
95 H
56
95
3X
33 X
93 X
X
10
7
500
700
5,800
1,9.80
950
Dec
42
54
14
30
Nov
Aug
July
Sept
39
4 X Deo
9H Aug
5X Aug
2 X Sept
24
Deo
ix
61
Oct
414
July 5414
July 103
Dec 53o
June *10
July 20X
o22o Dec
3
Dec
12
Sept
10 June
o x July
8X July
July
33
Sept
105
____ ____
Dee
99
94 >4 Nov
Apr
3
23
June
Dec
p48
2)4 Dee
17X Dec
5154 Dee
Dee
51
•34
Dec
33
Dec
42
Dec
1214 Feb
7
Deo
5,SO
O 42
4154 17
154 2 54 13,000
IX
4
4854 52 5 19,300 47
41
48'4 22,000 42 X
36
35
5.720
2,000
154
IX
IX
4
5,100
554
9.50 *55
5654 50
1
2,300
54
X
1454
13
6,000
13X
48
5.854 2,400 00
4
1,800
3X
454
IX 1 13-16
9-10
H
22
53
38X
8SX
Range for Year 1916
Sept
Oct
Nov
Nov
Oct
Nov
Jan
Jan
Nov
Apr
Deo
Deo
June
Apr
Aug
Jan
Oct
Oct
Oct
Jan
o61o Aug
33
Jan
1954 Oot
wlGX Jau
14X Oct
14X
48X Deo
107
Nov
______ ____
100
Dee
Dec
98
4X Jan
83
Oot
P04X Dec
Jan
13
2014 Deo
77X Jan
7314 Sept
41
Deo
4414 Nov
4814 Deo
1654 Mar
15X N ov
65
77
22
40
Nov
Sept
Nov
Mar
OX
1114
1014
7)4
4514
Nov
Nov
Sept
Feb
Deo
Oot
Dec
Nov
N ov
Deo
4814 Deo
6)4 Jan
56
Deo
94
June
Nov
Apr
Nov
July
Dec
Dee
Aug
4X
s
6014
3
36
SO
OX
Jan
Sept
Nov
Jan
Sept
Nov
Apr
Dec
2
Dec
24
56)4
4514
9454
80
Deo
Deo
Deo
Deo
Nov
20X Dec
54
Dec
36 X Nov
83
Nov
68
Nov
400 z l4 X July
18
59
255
Jan 400
76 189
10 325 Mar 620
Apr 387
250 2234
Jan 848
75! 487
Apr 700
210! 495
Mar 285
100j 200
2,700
4,950:
5,500
17.050
8.50:
28,000
7,700
90,9501
400!
57,300
33,500
15,000!
128.000!
7,200
3,0.50
5,350!
73,209
E300
73,000
20,000
17,000
26,000
7,800!
7,400
700
87,000
27,000,
‘ 700:
11,100
2,600!
Feb
Jan
214 Jan
13
Aug
OX Anr
3X July
Deo
Dec
Nov
Nov
Nov
Dec
4X May
27
June
June
6H Feb
G
O
Friday
Last Week's Range Sales
for
Sale.
of Prices.
Price. Low. High. Week.
Bonds—
349
THE CHRONICLE
J an. 20 1917.]
X Feb
7)4 Deo
9-16 Dec 1 1-16 Sept
12
Aug 2414 Deo
3-16 Sept
93o June
1414 Deo
1114 Dec
3
May
Dec
25
380 Aug 850
Feb
75c
Apr 1 1-16 Mar
650 Dee
214 Deo
70c June
154 Aug
14 Oct
7o Mar
554 Aug
30o Dec
54
6414
7X
IX
35X
7
54o
35o
Aug
Dec
Au£
Sept
Aug
Dec
Mar
Sept
1
Oet
210 June
13)4 Deo
95o Aug
154
74
1614
2%
6714
914
214
740
Deo
Deo
Feb
Deo
Deo
Nov
June
Deo
350
Sales
Friday
Last Week's Range for
Sale.
of Prices.
Week.
O ther Oil Stocks (Concl.) Price. Low. High. Shares.
7-16 9-16
8,200
Vacuum GasAO.Ltd r .I .l
Victoria Otl.r.................. 1 I 11-16 1 9-16 2
50,100
5
200
Wayland OH & Gas, com .5
4A
21c
24c
30c 22,100
_
West End Oil A Gas r_ 1
Mining Stocks—
8,800
Alaska-Brlt Col Metals i 1 11-10
A
A
Alaska Mines Corp(no par)
I A 1 1-16
1 A 44,000
5-16
Alaska Standard Cop r . . l
A 5-16 19,900
American Commander r.t
8Ac
*7A c 0 A c 55,500
i
109,600
Arizona Chlorldo.r___ 10c
9-16
A
2,750
Arizona Copperllelds r_ 1
_
A
A
Atlanta Mlnes.r.............. 1 l3 A c
OAc 14c 33,700
1
5.400
I'A
1M
6,900
Big Jim_____________ 10c 1 5-16
1A
1A
9,990
4
Big Ledge Copper Co___ 1
4A
4A
Blsbee Cop M & D e v .r ..!
A 13-16 23,100
A
Bitter Creek Cop r______1
A
A
A 22,800
10u
6,000
Boston Creek r_________1 1 5-16
1A 1 7-16 28,500
44,770
77c
73c
77c
Boston A Montana D ev ..5
Bradshaw Copper M r__ 1
1A
1A
I A 18,800
400
Buffalo Mines, Ltd........ .1
IA
1A
1A
0,400
11
Butte Cop A Zinc v t c ..5
0A ll
Butte-Detrolt CopA Zlno. 1
IA
I A 10,150
1A
950
7A
6A
Caledonia Mining_______1
55c
50c
56c
17,900
Calumet A Jerome Cop r .l
2A
2 A 59,830
1A
3,400
Canada Copper_________5
IA
1A
1A
OUc 7c
7,700
3,000
Corro do Pasco Cop(no par)
37 A
30 A 37 A
2
2
600
Cerro Gordo Mines______1
Consol Aria S m elt______5
2A
2 A 65,000
1A
Consol-Homestead., r .l
A
A
A 13,300
7
7,500
Cresson Con Cold M A M 1
7A
11
11
Darwin Lead S M & D ..5
200
1,300
Dundee Arizona Cop 1_ 1 ........ . 1 0-10
_
IA
18
17
10
25,300
Ely Consolidated.......... 10
Emma Copper.r........ ..... 1 2 1-16
IA
2X 61,115
3,550
First National C on n er...5
3A
3A
3A
fi4n 70r»
5,400
7c 20,200
6HC
7
Ooldlleld Merger r ..........1
Green Monster M ining.r.l
2A
s
IA
2 X 54,000
l
1,000
1
1
Grizzly Flats Gold M in ..l
19c
18c 20c 30,600
Hargraves______________ 1
8,670
8
8A
Hecla Mining............ _.25c
7A
1,200
7A
7A
Inspiration NeedleaCoprf 1 7-16
A 7-16 2,700
Iron Blossom.r........... 10c
1A * 1 5-16 3,525
Jerome Verde Copper.<_.l 1 9-16 1 7-16
1A 14,500
2
1,400
Jerome Victor E xten .r.f.l .
IA
Tic
7Gn
3,300
74c
Jim Butler.r___________ 1
30c
30c
32c
19,700
Jumbo Extension_______1
18c 20c
19o
5,200
Kewanus.r . .................. 1
3,300
Loma Prleta Cons Mines. 1
IX
IX
49c
51c
Loon Lake r . . ............. 25c
2,200
85c
90c
8,400
Loulslaua Consolidated 10c 90c
0,500
47
53
53
Magma Copper_________0
9,200
Majestic Mines_________5 13-16 13-16 15-10
10c
lie
8,000
10c
Marsh r . . ........................ 1
Marysville Gold .......... .1 1 5-16 l 5-16 1 5-16 2,000
5,025
Mason Valley...... ........... 5
6A
0A
6A
5Sc
3,800
58c
48c
MoKlnley-Darragh-Sav-.l
30c 40,700
23c
20c
9,200
Molavo Tungsten.r____ 2
A
1A
1A
1
4,700
1
Monitor Sll L & Z M A M 1
A
5-16
Monster Chief r________1
A
A 95,000
60c
60c
74 c
4,100
Montana Gold M lnes.r..1
45C
43 Kc 45c 135,000
Mother L od e.r________ 1
81c
85c
8,500
Nancy Hanks Montana r 1 82c
3
X 2,600
Nevada Utah Hlngh’m 2.50
%
A
Newray Mines, Ltd.r___ 1
1A
IA
1Y 11,000
z
15
15
100
N Y & Hond Itosailo._.10
700
Nlpissing M in es________5
8A
8A
8A
Ohio Copper new w i .r . .5 1 5-16
IA 1 5-10 16,300
50c
60c
60c
62,100
Old Emma Leasing r.lOc
80c
77c
5,000
Progress Mining & MU1..1
A
A 9-16 18,000
4A
5,100
Ray Hercules.r................ 6
4A
4A
46c
5ic
48c
56,500
Rex Consolidated.r____ 1
62c
65c
Rochester Mines........ ..... 1
G3c
12,900
39c
42c
1,080
Round Mountain r_____ 1
6,600
Saoramouto Val Cop . . r . l
IX
1A
IX
5-16
8t Nicholas Zlno r_______1
A 10,200
A
100
A
Santa Rita Dovelop.r__ 1
2,000
14 A 15c
*11
*13
12
2,475
Section 30 Mining____ 10
15
15 M 15,990
15 A
Seneca C opper... r___ (t)
9-10 9-10
Silver King of Arizona__ 1
A 16,800
200
4A
Sllvor King Cons of Utah 1
4A
21c
24c
15,253
23c
Silver Pick Consol.r____ 1
3,200
Standard Silver-Lead___ 1
A
A 11-16
17,300
39c
35C 43c
Success _r_____ ________ ]
42c
41o
52c 34,000
Superstition M ining.!__ 1
31c
Thompson-Krlst . r _____ 1
27c
25,460
28C
39c
30c
70c 185,400
Preferred r___________1
2A
1A
2X 70,000
2
2
4,450
IA
1,530
Tonopab Belmont.r____ 1 4 7-16
4 A 4 9-10
4 4 1-10 2,600
4
Tonopah Extension____ 1
6
300
Tonopah Mining.............. 1
6
5A
5-10 7-16 21,220
57c
50c
57c
8,700
Troy Arlz Copper C o r __ 1
9.200
Tuolumne r............ ......... 1
2 A l 11-16 2 A
3,250
4A
United Eastern...... ......... 1
4A
5A
United Mines of Arizona .1
A
A
1'4 53,700
lie
9c
11c 24,500
U 8 Continental.r_____ 1
20c
22c
3,300
37
5,900
United Verde Exten.r.SOc
38 A
200
Unity Cold Mines______ 5
3A
3A
3
3
1,050
68
G9
69
600
West End Consolidated..5
43c
41c
44c
13,400
WhlteCaps Mining___ 10c
3,640
White Cross Copper r___ 1
A
A
4
3A
700
White Oaks Mines Cons r 6
3A
35c
350
1,500
White Pine of Nevada r . . 1 ______
23c
26c
24c
15,100
Yerrlngton Mt Cop____ 1
Bonds—
Cosden A Co (is r ___ 1920 106 A 108 A 105A 85,000
10711 10814 31,000
Cudahy Packing 5 s.. 1916
00 A 00 A 13.000
French Municipal 5>*s ’ 19 oh A
or, A 08 A 50,000
97
*96 A 97 A 273,000
Midvale St A Ord 5s.r.l936
07 A 98 A 23,000
90
New 5 5 * a .............. 1921
80A 91 465,000
111
112V* 455,000
Slnelalr OH A Ref 6s.r.l92fi 112
430,000
95 A 97
or, A
Western Pac RR 5 s.. 1948 01A
00 A o i x 155,000
THE CHRONICLE
Range for Year 1916.
Low.
28c Sept
Mar
1
3 A Aug
30o
Out
High.
IX . Nov
24* Jan
95* Feb
IX . Deo
25c
590
240
5A c
330
35c
7c
Oct
Sept
Deo
Dee
Deo
July
N ov
Nov
2
i x . Deo
31c Dec
Jan
14c
630 Deo
34* Dec
234*0 Jan
1A
1 7-10
A
A
7o
850
60c
1A
Fob
Feb
Dec
Nov
144
8
2
4*
44c
IX .
2 4*
154
Dec
Mar
Dec
Feb
4 As June
91o Oot
Oot
Oct
Nov
Nov
DC0
June
Deo
May
Nov
20
14* Deo
40c N ov 1 6-32 Apr
3X. Nov
1M Aug
1 3-16 Mar
24* May
3^0
9>$o
32 A July
47 4* N ov
1% Deo
24* Doo
3
N ov
IA July
14* N ov
A July
6
Oot
84* N ov
164* Nov
5 A Sept
Oct
3
IX June
Jan
16
Deo
7
17 4*0 Jan
34* Oot
July
3
84* Jan
oO
i
51c
15
3A
4A
A
1
1A
iA
78o
210
84*o
1
40c
120
13
A
7o
1
2
380
N ov
Aug
Oct
Dec
Dec
Deo
Jan
July
June
Deo
N ov
July
Nov
Dec
May
July
Apr
N ov
Aug
July
Mar
IX .
A
A
64o
20c
80o
%
340
144*
64*
1 3-16
12c
75c
4*
24*
10c
50c
34o
1 1-16
4*
4*
13o
10
14 J*
4*
44*
3c
A
30o
22o
29c
Dec
Apr
Deo
June
Jan
Nov
Deo
Juno
Oct
Fob
Dec
Aug
02o
Sept
Oot
Mar
Aug
Sept
Sept
Sept
Sept
Deo
Aug
Deo
Deo
Dec
Nov
Feb
Dec
Aug
Oot
Dec
June
4
35* Jan
64* Aug
4* Aug
460 Dec
A Jan
35* July
55o Nov
4o Aug
20c
64* Jan
14* Apr
54*
65c Sept
224*eJune
A Deo
3 A Dec
57o Deo
18o Nov
100
994*
99
904*
93
984*
94
9444
81
Sept
Dec
Deo
Dec
Nov
Sept
Sept
21o
Jan
65* N ov
15S Doc
21
Deo
94* Oot
94*
14* Oct
24* Apr
2 5* May
34* Sept
1 3-16 Jan
14* Jan
28c Deo
14* Nov
50c
Doc
1
N ov
09
N ov
1 15-16 Jan
41c Mar
*24* Deo
84* Nov
72o May
8
2 44
4*
I
54o
05o
5 5*
144
18
94*
244
83o
77e
4*
04*
75o
84c
78o
■2
9Go
2
20o
155*
165*
14*
54*
37c
2
95c
72 o
36o
May
May
Nov
Aug
Doo
Deo
Jan
Deo
Nov
Dec
Dec
Oct
Oct
N ov
N ov
N ov
N ov
May
N ov
Sopt
Oct
Jan
Nov
Deo
Deo
Doo
Deo
Jan
Feb
N ov
Deo
IA
Dec
64*
74*
74*
1
Olo
2 4*
544
2 4*
180
39c
45
54*
54*
14*
52o
1
1644
59o
44o
May
107
125
99
98
100
1024*
944*
122
May
Deo
Deo
N ov
Deo
Mar
Sept
Dec
Juno
Oct
Oct
May
Deo
Deo
Dec
Dec
Nov
Fob
Nov
Deo
905* Nov
* Odd lots, t No par value. < Listed as a prospeot. 1 Listed on the Stock Ex
change this week, where additional transactions will bo found, m New stock, par
value 512 50. n Old stock, par value S25. o New stook. p One-third paid,
r Unlisted, s Ex-100% stock dividend, t S50 paid, u Ex-cash and stock divi
dends. r SIO paid, to When Issued, x Ex-dlvldend. v Ex-rlghts. z Ex-stock
dividend.
New York City Banks and Trust Companies
A n d .R e a lty a n d S u re ty C om p a n ies u s u a lly given h ere, see page 234"'
[Vol. 104
CURRENT
N O T IC E .
— A . 1.. M athew s has been elected a Vice-President o f the J. O . W hite
M anagem ent C orporation to take charge o f a new departm ent, which lias
been organized for the management o f sugar properties.
— Evans, Stillman & C o ., CO Broadway, this city , aro offering $180,000
Lake Erie & W estern I iR . C o. equipment trust 4 >*s. Prices and details
on request.
— Frederic L . Y eager has becom e associated with Sutro Brothers & C o .,
120 B roadw ay, this city , to take charge o f the bond departm ent.
Quotations for Sundry Securities
All bond prices mre "and Interest” except where marked " f " .
Standard Oil Stocks Pe rShare
Par Bid. Ask.
Anglo-Amer Oil new___ £1
*16i2 17
Atlantic Rellnlng........ __10C 1020 1010
Borne-Scrymser Co.........10(, 475 500
Buckeye Pipe Line Co_ 5C *117 120
_
Che8ebrough Mfg new__ 10C 440 450
50
70
Colonial Oil...................... 10C
580 595
Crescent PIpo Line Co___ 50 ♦41 43
Cumberland PIpo Line.. 10C 125 135
Eureka Pipe Line Co___ 10C 225 230
Galena-Signal OH com__ 10C 180 185
140 145
Illinois Pipe Line............ 100 245 250
Indiana Pipe Line Co___ 50 112 115
Internat Petroleum_____ £1 *1112 12
20
National Transit Co._12.5C *10
Now York Transit C o__ 10C 230 240
Northern Pipe Line Co..10C 105 108
Ohio Oil C o................ ....... 25 383 387
♦58 01
*141.1 14*4
Prairie Oil A Gas............ 100 640 ' 650 '
Pralrlo Pipe Line........ ..100 332 335
Solar Rellnlng_________100 350 360
Southern Pipe Line C o .. 10C 215 220
South Penn Oil.......... ......10C 565 570
Southwest Pa Pipe Lines.10C 115 120
Standard OH (California) 10C 3S8 391
Standard Oil (Indiana)..X0C 835 845
Standard Oil (Kansas)..10C 565 575
Standard Oil (Kentucky) 100 720 740
Standard Oil (Nebraska).100 570 590
Standard OH of Now Jer. 100 093 697
Standard OH of Now YTklOO 274 277
Standard Oil (Ohio)____ 100 520 540
115 120
99
Union Tank Line Co___ 100 97
Vacuum Oil............ ......... 100 370 380
Washington Oil_________10 •40 45
Per Cent.
Bonds.
Pierce Oil Corp conv 63.1924 82 85
Ordnance Stocks— Per 3 hare.
Aetna Explosives prof__ 100 20
5
Amcr A British M fg........ 100
Preferred...................... 100 20
Atlas Powder com m on.. 100 15.8
Preferred......................100
09
Babcock A Wilcox______100 117
Bliss (E W) Co common. . 50 *500
Preterrcd_____________ 50 •75
Canada Fdys A ForglngslOO 200
Preferred____________ 100 90
Canadian Car A Fdry__ too
28
Preferred...................... 100 62
Canadian Explosives comlOO 400
Preferred...... ......... ..... 100 104
Carbon Steel common__ 100 97
1 st preferred_________ 100 90
2 d preferred.............. 100 76
Colt’s Patent Fire Arms
M fg_________ _______ 100 795
Crocker-Wheeler Co com. 100 94
duPont (E I) de Nemours
A Co, common........ .. 100 260
Debenture stock___ 100 104
Hercules Powder com__ 100 290
Preferred.................... 100 116
Hopkins A Allen Arm s.. 100
5
Preferred......................100 35
International Arms.......... 25 ♦ 22
Nllos-Beracnt-Pond com. 100 181
Preferred.................. ..100 105
Scovlll Mfg...................... 100 580
Winchester Repeat Arms 100 850
30
15
35
162
102
119
550
83
220
100
32
68
500
110
105
95
83
815
98
205
106
300
119
15
55
20
184
no
600
900
Public Utilities—
Am Gas A Elec com_____ 50 *141 144
Preferred......................5 0 •50 51
Am Lt A True common.. 100 372 375
Preferred...................... 100 112 115
Amer Power A Lt com__ 100 81
83l2
Preferred...... ........... ..100
93
91
41
Amer Public Utilities comlOO 39
Preferred...................... 100
74
71
Cities Service Co c o m ... 100 313 315
Preferred. .
100 93l2 9412
Com’w'lth Pow Ry A L..100 60>2 0U2
84
85>'
Dayton Pow A Lt prel__ 100 92
95 "
Eleo Bond A Share pref. .100 101 103
Federal Light A TractionlOO 14
16
Preferred........ ........... 100 54
56
Great Weet Pow 5e 1946.JAJ 90
91
Indiana Lighting C o___ 100
85
4s 1958
............ .. F A
79 81
North'n States Pow com . 100 10tl2 I06i2
Preferred_____ ______ 100 99 100
1st A ref 53 1941___ AAO 97 9712
05
Pacific Oas A Elec com ..100 61
96
1st preferred............... 100 94
49
Republic Ry A Light___ 100 47
Preferred.......... ........... 100
73t2 75
South Calif Edison co m .. 100 93 9H2
Preferred...................... 100 107 108
Southwest Pow A L prel.lOO d97i2 100
15
Standard Gas A El (Del). 50 *14
•42 43
Preferred____ _______ 50
912 1012
Tennessee Ry L A P comlOO
Preferred................ ..... 100 43
44
United Oas A Eleo Corp. 100 10
13
1st preferred.......... ..... 100
75
77
2d preferred................ 100
12
15
United Lt A Rys co m ...100 43
50
1st preferred.............. .100
77
78
Westorn Power common. 100 19 20
70
Preferred____________ 100 08
RR. Equipments— PerCl Basis
Bid.
4.35
4.4(
4.4C
4.5C
5.0C
4.60
4.60
5.25
5.6(1
5.6(1
4.00
4.35
4.25
5.05
4.70
4.50
4.50
4.50
4.(50
4.00
4.30
4.30
Kanawha A Michigan 4 A*4.55
Loulsvlllo A Nashville 5a__
4.30
4.50
Minn St P A S S M 41*8-- 5.25
Missouri Kansas A Texas 6a
5.25
Missouri Pacific 5s________
Mobllo A Ohio 5s_________
4.75
Equipment 41*s_________ 4.75
New York Central Lines 6a .. 4.50
Equlpmcut 41*a.............
4.50
4.50
N Y Ontario A West 41*a...
4.30
Norfolk A Western 41*a___
Equipment 4s.................. . 4.30
4.25
4.25
8 t Louis Iron Mt A Sou 6s. . 5.10
St Louis A 8 au Francisco 6*. 5.25
Seaboard Air Line 5s______
4.00
4.60
Equipment 4l*a_______
4.30
Southern Pacific Co 41*s..
Southern Railway 41*s____
4.50
Toledo A Ohio Central 4s.
4.75
Baltimore A Ohio 41*8___
Buff Roch A Pittsburgh 4}*s
Equipment 4a...................
Canadian Pacific 4V*s_____
Caro Clinch! A Ohio 6s___
Central of Georgia 5s............
Equipment 4>*s.......... ...
Chicago A Alton 4s...........
Chicago A Eastern 1 1 5 A*
1
Equipment 4V*s.......... ..
Chic Ind A Loufsv 4V*»____
Chic St 1 . A N O 5s________
Chicago A N W 41*8...........
Chicago R I A Pao 4V*s____
Colorado A Southern 6s__
Erie 5s__________________
Equipment 4t*a________
Equipment 4s__________
T obacco Stacks— Per sha re.
Par Bid.
American Cigar common 100 108
Preferred...................... 100
98
Amer Machine A F d ry .. 100 80
Urltlsh-Amcr Tobac o rd ..£ l *18
Ordinary, bearer______£1 •19
Conloy Foil____________ 100 275
Johnson Tin Foil A M e t.100 100
MacAndrews A Forbes. .100 220
Preferred____________ 100 100
Porto Rlcan-Amer Tob-.lOO 240
Reynolds (R J) Tobacco. 100 580
Preferred____________100 123
Young ( J S) Co.......... -.100 160
Prelorred____________ 100 105
Ask.
4.20
4.20
4.20
4.35
4.60
4.00
4.40
4.75
6.20
5.20
4.40
4.20
4.00
4.65
4.45
4.35
4.35
4.35
4.30
4.30
4.15
4.15
4.35
4.10
4.25
5.00
5.00
4.50
4.50
4.25
4.25
4.30
4.00
4.00
4.00
4.00
4.60
4.75
4.40
4.40
4.20
4.30
4.30
Ask.
112
101
90
19
20
525
130
230
103
250
620
128
ISO
no
Short Term Notea. Per Cent.
Am Cot OH 5s 1 9 1 7 ...MAN
Amer Locom 6a, July ’ 17.J-J
Am T A T 4V*s 1918______
Anaconda Copper 5s '17 M-8
Canadian Pac 6s 1924.MA82
Chle A West Ind 5a ’ 17.MAS
Erie IUt 5V*s 1917___ A-O
Genera! Rubber 5s 1918 JAB
Hooking Valley 5s 1917.M-N
Int Ifarv is Feb 15 T8.F-A
K C llys 61*8 1018___ JAJ
K C Term Ry 4V*s ’ 18.MAN
41*3 1921................ ..JA J
Laclede Caa L 5e 1919. FAA
MorganA Wright 6a Deo.1.18
New Eng Nav 6a 1917.M-N
N Y N 11 A 11 4>*» May 1917
Penn Co 41*8 1921..JAD16
Pub Ser Corp N J 5s ’ 19 MAS
Rem A ms U.M.C.Gs’ lOFAA
Southern Ry 5s 1917..M-S2
United Fruit 5s 1918.. M-N
UtahSecurCorp 6s'22 M-S15
Winches RepArmsSs'lSM&S
New York City Notes—
6s Sept 1 1917...... .................
Canadian Govt. Notes—
58 Aug 1 1917................ FAA
101 IOU4
10()12 IOH4
100*4 101
10018 100*8
103>8 103*8
10011 10012
100*8 100*8
100*4 IOH4
101 IOU4
101*8 101*4
10U2 101*4
100 1001*
100 10012
101 10114
101*4 102
98*4 991.1
09i2 99*4
IOU4 lODs
100*4 IOH4
83
85
10018 100*8
101 IOB4
90
97
95*4 9612
101*8 lOUg
100'2 101
Industrial
and Miscellaneous
American Brass------------ 100
American Chlolo com___ 100
Preterrcd......................100
Am Graphophone com ..100
Preferred......................100
American Hardwaro___ 100
Amer Typefounders com . 100
Preferred...................... 100
Borden’a Cond Milk com.100
Preferred...................... 100
Celluloid Company------- 100
Havana Tobacco Co----- 100
Preferred------- ----------- 100
1st g 5a June 1 1922..J-D
Intercontlnon Rub com ..100
Internat Banking Co----- 100
International Salt.......... 100
1st g 5s 1951---------- A-O
International Silver prel.lOO
Lehigh Valley Coal 8ales. 60
Otla Elevator com.......... 100
Preferred......................100
Remington Typewriter—
Common.................— 100
1st preferred_________ 100
2d preferred_________ 100
Royal Baking Powd 00m .100
Preferred____________ 100
* Per share. 6 Basis. A Purchaser also pays accrued dividend,
/ Flat price, n Nominal, z Ex-dlvldend. v Ex-rlghts.
348 352
62
65
80
77
155 160
152 156
133 138
43
40
92
98
n o 112
105 10012
185 195
1
2
3
0
/18
63
a
12
100
52
78
103
•93
57
89
54
80
108
96
61
92
17
18
80 82
44
46
157 105
102i2 104
a New stock.
THE CHRONICLE
J an. 20 1917.]
\ n m s tm m t
251
im ^ailrxraxX % u U l l i Q m u .
tX
R A IL R O A D
G R O SS
EA R N IN G S.
T h e fo llo w in g ta b le sh o w s th e g ro ss e a rn in g s o f e v e r y S T E A M ra ilro a d fro m w h ich re g u la r w e e k ly o r m o n t h ly re tu rn s
ca n b e o b ta in e d .
T h e first tw o c o lu m n s o f figu res g iv e th e g ross e a rn in g s fo r th e la t e s t w e e k or m o n t h , a n d th e la s t tw o
c o lu m n s th o e a rn in g s fo r th e p e rio d fro m J u ly 1 to a n d in c lu d in g th e la te s t w ee k o r m o n t h .
W e a d d a s u p p le m e n ta r y
s ta te m e n t to sh o w th e fisca l y e a r to ta ls o f th o so ro a d s w h o se fisca l y e a r d oe s n o t b e g in w ith J u l y , b u t co v e rs s o m e o th e r
p e r io d .
The returns of the electric railways are brought together separately on a subsequent page.
Latest Oross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
J u ly 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
Latest Gross Earnings.
Week or
M onth.
Current
Year.
Previous
Year.
$
Ala N O & Tex P a c$
S
$
s
149.045 1,917,038
N ovada-Cal -Oregon 1st wk Jan
N O & N or E ast. Decem ber
408,177 343, 695
3,446
2,854
850.627
984.307
N ew Orl Great N o r. Novem ber
Ala & V icksburg. Decem ber
118,458
144,313
186,743 160, 909
817,548
017,231
N O M obile & C h ic. N ovem ber
Vicks Shrov & P . D eccm bor
200,383 158, 264
172,120
180,541
530,054 1,378,336
50, 616
N Y C h i e * St Louis Novem ber 1,300,267 1,230.280
Ann A r b o r ______ . 1st wk Jan
61,868
373,758 55,576,592
N Y N H & Ila r tf. . N ovem ber 6,840,778 6,407,273
Aten Topeka & S Pe Novem ber 13069215 12069 676
924,780 1.623.159
N Y Ont & Western Novem ber
49, 917
Atlanta IIInn & Atl 1st wk Jan
61,380
660,368 720.849
632,890
549,619
N Y Susq & W e s t .. Novem ber
118, 830
140,859
Atlanta & West I’ t . Novem ber
299.273 374,671
301,435 12,015,533
N orfolk Southern. . Novem ber
Atlantic Coast Line! Novem ber 3.316,206 2,888. 841
449,578 394,764
166 866
849,263
719,453
N orfolk * W estern. N ovem ber 4,931,771 4.572,794
197,114
Chariest & W War Novem ber
760,707
136 530
644,730
172,493
Northern P a cific___ N ovem ber 7.684.315 7,331,502
Lou Hond & St L Novem ber
795,014 46,875,512
Northwestern P a c. Novem ber
aBaltim oro & O h io. Novem ber 9,918,393 9,233, 682
342,665 345,271
788,978
731,037
158,335 161. 516
_
P acific Coast C o _ O ctober___
B S O Oh Ter lilt N ovem ber
c
615,780 617,037
368,415 287, 541
593,406 1,381,277 p Pennsylvania R R . N ovem ber 19323057 18617404
Bangor & A roostook Novem ber
880.917 952. 142
879,961 5.804,485
N ovember
Balt d i e s * A tl. . Novem ber
Bessemer Sc L Erie.
102,389
84,481
77. 799
463,030
94,388
367,854
Cum berland Vail Novem ber
Birmingham South N ovember
326,429 280.720
204.307 21,374,210
Long Island_____ N ovem ber 1,127.933 1,043,597
Boston & M aine— N ovem ber 4.533.915 4,210, 041
360.441 6,580,264
B u ff Roch * P ittsb . 2 l wk Jan 284,0531 2 19 201
M a ry ’d Del * Va N ovem ber
75,796
67,770
139,039! 162 756
717,068
682,706
Buffalo & Susq R R Novem ber
N Y Phi la & N orf N ovem ber
437,968
361,010
,876,300 18,362,000
Canadian N or S yst. 2d wk Jan 616,100 469, 300
Phil Balt & Wash Novem ber 2,236,675 1,907,985
,235,097 70.08J ,400
2d wk Jan 2.417.000 1,863, 000
W Jersey & Seash Novem ber
Canadian P a c ific ._
530,849
491,084
Central o f G eorgla. N ovem ber 1,394,146 1,132, 760
Pennsylvania C o_ N ovem ber 6,263,825 6,145,936
_
,282,101 5,297,628
Cent o f New Jersey Novem ber 2,953,952 2,982 029
Grand R ap * Ind Novem ber
,099,439 14.126.789
497,202 468.972
Cont Now E ngland. N ovem ber
Pitts C C & St L . Novem ber 4,287.355 3,923.628
455,344 510 452
,384,233 2,087,654
Contral V erm on t.. N ovem ber
V andalia-_______ N ovem ber 1.274,649 1,073,290
371,328 347 198
,905,897 1,735,102
Chcs & Ohio Lines. 2d wk Jan 909,833
T otal lines—
844 932
,787,349 25,245.040
East Pitts * Erie N ovember 24490136 23172766
Chicago & A lton ___ Novem ber 1.585.715 1,389 ,752
,056,731 6,830,735
C hic Burl Sc Ouinev No o nber 9,886,661 9,409 ,501
W est Pitts & Erie N ovem ber 12474044 11762235
.341.774 43,332,160
6 Chicago & East 111 N ovem ber 1,514,496 1,469 ,255
All East & W est. Novem ber 36965080 34935002
,246,432 6,863,030
Pere M arquette___ 1st wk Jan 412,050 376.720
c Chic Great W est. . 1st wk Jan 270,870 270 119
,897,665 7,854,200
Reading Co—
128 ,875
,669,381 4.081.160
C hic Inrl & Lo iisv 2d v. k Jan 167.572
C hic M ilw & St PI Novem ber 10220049 9,908 ,928
Phila & R eading. N ovember 5,521,568 5,083,490
,200,150 45,190.595
Chic M il & Pug SI
Coal * Iron C o ._ Novem ber 4,877,019 3,616,595
T otal both c o s ___ Novem ber 10398587 8.700,085
dClilc & N orth West Octobi r ___ 9,788,202 8,583,214 36 ,9U>,009 32 188,950
Rich Fred & Potom Novem ber
742,927
C hic Peoria & St L . Novem ber
788,427
152,682
119,988
299,609 239,771
C hic Hock Isl & Pac N ovem ber 6,025,249 6,336,346 35 267,453 30 ,567.279 R io Grande June___ O c to b e r ...
114.293
111,417
Chic It I & Gulf N ovem ber
.342,868
Rio Grande S outh. _ 1st wk Jan
321.546 323,187
561,946
10,120
10,392
d Chic St P M Sc Om N ovem ber 2,025,703 1,889,116 ,675,663 ,400,992 R u tla n d ___________ Novem ber 328,933 310,345
971,901
Chic Terro II & S E N ovem ber
St Jos & Grand Isl. N ovem ber
,230,823
259,359 215,508
169,257
196,696
Cin Ham & Dayton Novem ber
St L Brownsv & M . N ovem ber
,737,712
,067,807
871,550 1,045,622
399,198 210,024
C olorado M id lan d . N ovem ber
866,295
717.052 St L Iron M tn & So N ovem ber 3,713,217 3.129,883
145,481
101,097
,585,160 St Louis * San Fran N ovem ber 4,853,947 4,275,541
,310,962
^Colorado & S outh. 1st wk Jan 306,830 281,012
50,161
St Louis Southwest- 2d wk Jan 312,000 206,000
111,555
14,767
C o rn w a ll__________ Novem ber
20,419
230,723
183.466
Seaboard Air L ino. . N o v e m b e r 2.477.315 2,087.121
34.987
C orn w a ll* Lebanon N ovem ber
42,1 If
,657,774
.026,929 Southern P acific___ N ovem ber 15134 505 13752 918
501,175 387.174
C uba R ailroad____ N ovem ber
Southern R a ilw a y .. 1st wk Jan 1,388,385 1,212,058
,712,065
Delaware & Hudson Novem ber 2,269,292 2,188,072 11 ,481,634
,184,214
M obile * O h i o . .11st wk Jan 255.667
Dolaw Lack & W est N ovem ber 4,548,868 4,543,150 22 ,355,352
107,180
t on -,
533,000 .885,400
Cin N O * T ex P 1st w k Jan 229,757 203,409
, 108,844
D eny * Hi I Grando|2d wlc Jai
,037,004
,456,899
823,323 664,034
Western P a c ific .. iNovom bor
A la Great South. 1st wk Jan
109,631
99,033
25,700
, 1 2 1 , too
3 4 ,255
,111 ,082
Denver * s.-dt I ake 11st wk Jan
Georgia So & Fla 1st wk Jan
47,779
52,302
19,157
10,173
684,730
Detroit Sc M ackinac 2d wk Jan
603,054
Spok Port & Seattle N ovem ber
470.294 419,329
199.685
D etroit T ol & Iront N ovem ber
198.539
,020,462
904,682 Term A l a * Georgia 1st wk Jan
2,260
1,808
143,152
161,380
686,507
D ot S T o l Shore L . INovem ber
c
610,170 Tennessee C entral. N ovem ber
150,301
130,801
551,815 416,980
D ul S Iron R an ge.!N ovem ber
c
344,729
,773,602
Texas & P a cific____ 2d wk Jan 430,742 354,401
Dul Missabo & N or O c t o b e r ... 1,985,543 1,371,806
126,772
.938,181
T oled o Poor & Wost December
106.153
105,631
61,663
071,684
Dul Sou Shore & A tl 1st wk Jan
54,159
,832,774 T oled o St L & W ost 1st wk Jan
112,444
104,210
147.263
122,503
562,591
T rinity & Brazos V . N ovem ber
Duluth Winn Sc Pac O c t o b e r ...
450.052
132.990
94,603
Elgin Joliet & E ast. N ovem ber 1,194,010 1,131,115
962,143
Union P acific S yst. N ovem ber 10750682 9,380,069
154,982
1,163,386 911,415 5 778,007
El Paso S Sou West N ovem ber
c
V irginian__________ Novem ber
131,715
800.668 561,572
Erlo
. Novem ber 6.357,854 6,321,085 32 421,136
W a b a s h ___________ N ovem ber 3,438,346 2,881,097
760,586
747,847
468.685 3 186,584
Florida East C oast. N ovem ber
W estern M a ry lan d. 2d wk Jan 226,602 205,657
907,476
79,393
Fonda Johns Sc G lov N ovem ber
73,000
Western R y o f A la. Novem ber
440,418
396,336
121,945
132,260
341,256 293,847 1 ,576,089
Georgia R a ilro a d .. N ovem ber
,289,027 W heel & Lake Erie. iNovember
785,688 787.384
OKO
Q
128,514
Grand Trunk P a c .. 3d wk Dec
172,532 2 ,731,147
,274,179 Y azoo & M iss Vail. Decem ber 1,681,005 1,368,842
Grand Trunk Syst.|2d wk Jan 1.072.915 966,301 3 ' 164,603
,302,557
Grand Rrunk R y.3d wk D ec 969,528 775,204 24 ,930,652
836,106
Grand Trk W est. 3d wk D oc
141,196
197,793! 4 ,420,800
183,511
D ot Gr IT S Milw 3d wk D ec
c
12,883
67,081 i - IU,S78
,5 10,055
Various Fiscal Years.
Period.
Groat N orth System Decem ber 6,861,732 7,444,094 47 ,138,463
358,008
G ulf S Ship Isla n d ., N o v e m b e r
c
Buffalo & Susquehanna R R ____ Jan 1 to N ov 30
156,406
168,942
834,6851
804,305
H ocking Valloy____ N ovem ber
1
Delaware & H udson______ . .
726,888 609,019 3 925,9161 3 240,594
N o v 30
Illinois C entral____Decem ber
E r ie ___________
6.440.000 6,076,823 38 715.936 34 ,316,361
Jan 1 to N o v 30
Internat & Grt N or Novem ber 1,121,954 874,385 5 ,125.372
N ow York C entral. ) __
,924,811
Jan 1 to N o v 30
.441 ,382
Kansas C ltv South.IN ovom bor. 1,074,251
951,705 5 ,030,666
1
30
069,400
Lake Erie & W estern. n _____ Jan 1 to N o v 30
225,654
917.780
Lehigh S Hud River N ovem ber
c
174,984
M ichigan C e n t r a l___________ Jan 1 to N o v 30
315,988 1 ,204,976
,499,381
Lehigh Sc Now E n g. N ovem ber
282,851
( 'love Cine C hic & St L ouis. _ Jan 1 to N o v 30
,436,891
Lehigh V alley. __ ‘N ovem ber 4,301.900 4,340.636 21 ,878,947
050,896 801,700 4 ,885,003
Cincinnati N orth ern ________ Jan I to N ov 30
,605.542
Los Angeles Sc S L ._ Novem ber
160,247
635,364
123,321
Louisiana & A rk a n . N ovem ber
750,094
Pittsburgh * Lake Erie_____ Jan 1 to N o v 30
217,410 233,2471
Louisiana Ry Sc N av N ovem ber
953,9481
T oledo & Ohio C entral______ Jan 1 to N o v 30
999,024
fL ou lsv illo Sc Nash 1st wk Jan 1,276,300 1,093,010 35 ,013,610 30 ,358,252
Kanawha & M ichigan_______ Jan 1 to N ov 30
1,121,073
M alno C entral_____ N ovem ber
958,168 5 ,782,570
T otal al! lines_____________
,060,764
1 to N ov 30
42,481
M a ry la n d * P e n n .. N ovem ber
41,234
222,953
N ow York Chicago * St L o u is .. Jan 1 to N o v 30
213,509
M idland Valley____ N ovem ber
202,071
169,847
974,325
N Y Susquehanna & W e ste rn .. Jan 1 to N o v 30
743,258
M ineral Range . . 1st wk Jan
15,971
19,487
5»7,665
562,442 p Pennsylvania Railroad_______ Jan 1 to N o v 30
M inneap & St Louis 1st wk Jan 206.437 219,141
998.199
.743,209
Baltimore Chesap & A tla n tic. Jan 1 to N o v 30
M inn St P * S S M 1st wk Jan 515,080 6 6 ,-0 5 18 tU'2 s i 10 ,'01,763
Cum berland V alley__________ Jan 1 to N ov 30
57,713
Mississippi Central- N ovem ber
74.506
361!164
345,428
Long Island_________________ Jan 1 to N o v 30
(/ M o Kan S T exas. 2d wk Jan 712,082 547,624 22 >s,306 17 ,808,'OM
c
M a ry l’d Delaware & Virginia Jan 1 to N o v 30
h Missouri P a c ific .. Novem ber 6,696,481 5,910,474 31 622,216 26 ,727,107
N Y Philadelphia * N orfolk Jan 1 to N o v 30
1.135,859
Nashv C hatt S St L Novem ber
c
933.200 5 .170,183
Phila Baltimore & W ashing’n Jan 1 to N ov 30
j Now York Central Novem ber 16706118 16101354
742.241
W est Jersey & Seashore____ Jan 1 to N o v 30
223,230
420,151
Boston Sc Albany N ovom b .t 1.883.716 1,645.461
Pennsylvania Company . .
Jan 1 to N o v 30
012,036
6 17,090 579,262
n Lake E r lo * W . N ovember
318,474
Grand Rapids & Indiana . . Jan 1 to N o v 30
859,803
363,023
Michigan Central N ovem ber 4,974.302; 3,351,511
451,381
PIttsb Cine Chic & St L o u is .. Jan 1 to N o v 30
563,905
Clove C C * St L Novem ber 4,022.823 3,561,167
V a n d a lia .. _ . . __________ Jan 1 to N o v 30
553.877
165,350
146,221
858,305
Cincinnati North. Novem ber
T otal lines— East Pitts & Erie Jan 1 to N ov 30
766,014
680,721
Pitts & Lake Erie Novem ber 2,077.378 1,067,731
— W est Pitts * Erie Jan 1 to N o v 30
336,454
027,082
583.539 485.374
T ol & Ohio C en t. Novem ber
— All lines E & W_ •Tan 1 to N o v
216,118
441,180
261.697 312,844
R io Grande Junction___________ D ec 1 to Oct 31
Kanawha * M ich N ovember
516.666
7315091
_____ Jan 1 to N o v 30
T o t all lines above N ovem ber 30493305 28173055
1835615 ’ Rutland_______ _______
J u ly 1 to Latest Date.
Current
Year.
Previous
Year.
$
250,632
719,003
840,235
6.604,41J
35,150,947
4,022,981
1.460,88!)
2,137,781
25.508,331
36,717.140
2,252,496
2.881,072
99,908,828
601,329
1,598.393
7,143.953
487,716
2,324.836
11,202,736
3,993,709
34,237.929
2.650.071
22,084,701
5,902,622
A
231,115
721,088
807,852
5.623.464
31,765,062
4,087,419
1.726.657
1,815,794
23.447.385
32.692. 00
2,101,616
2.605.735
90,297,488
587,239
1,406,111
6,505,299
451,469
1,934,845
9,615,292
3,673,963
30,243,402
2,381,867
19.022.455
5,125,530
120168727
65,655,529
194824256
12,339,252
116064035
57.501,951
173565987
10,907,137
26,277 ,254
18,995 .059
45,272 ,313
1,477 ,011
417 ,001
335 ,958
1,732 ,485
998 .444
2,271 ,602
16,558 181
23,985 900
8,480 811
10,470 264
75,433 ,678
41,195 480
6,421 ,303
6,347 ,158
3,139 ,939
1,457 ,022
2,473 .618
02 ,501
755 .783
12,529 ,476
641 .605
3,191 ,431
520 .085
53,741 ,949
3,924 .291
16,580 .317
6,761 ,956
586 .957
4,549 .864
8,619 175
23,088 .941
13,131 .853
36,220 .794
1,148 .505
382 ,575
311 .092
1,641 ,524
' 727 .748
1,161 726
13,509 013
19,702 824
6,692 751
9,114 908
67,339 089
36,185 ,941
6,053 156
5,368 ,608
2,792 ,425
1,260 .626
2,262 ,261
44 ,705
681 630
10,797 840
641 .372
2,898 843
394 90S
45,109 951
2,081 434
13,977 411
5,786 523
546 071
3,629 297
7,052 740
Current
Year.
Previous
Year.
$1,540,193
24,452,236
68,534,687
185425100
19.783,051
6,786,321
42,265,005
42,720,082
1,753,515
22,157,758
5,680,713
3.264,203
329835842
14,128.353
3,619.799
211553021
1,151,591
3,377,345
13,851.294
852.413
4.800,838
23,289,086
7.333,405
69,852,140
5,417,678
46,447,869
12,119,993
269926260
135503048
40542030*
940,927
3.691,336
$1,357,230
21,493,361
60.374.627
152182219
16.031,543
5,626,003
33,009.435
34,596.138
1,473,494
16.374,398
4,2,88,181
2,842.484
206423894
11,305,170
3.729,688
178456493
1,073.997
2,798,099
12,558,299
830,143
3,801,095
19.331,909
6,452,185
55.459,624
4.848,397
37,461.066
10,282,527
22,8.835827
109519931
337*55758
845.351
3,274,869
A G G R E G A T E S OF G R O SS E A R N IN G S — W eek ly a n d M on th ly .
Weekly Summaries.
Current
Vear.
Previous
Year.
Increase or
Decrease.
%
Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
3
M ileage.
Cur. Yr. Pr>v. Yr.
8
8
4th week O ct (33 roads)____ 20,900,322 19,576.954 + 1,323,368 6.74
M a r c h ..........247.363 246.548 290,830,406 238,098.843 4-58.731.563 20.4 4
1st week N ov (31 roads)____ 14.9S0.342 13.953.871 + 1.028,471 7.36
A p r i l ............240,815 245.773 288,453.700 237.512.648 4-50,941.052 21.44
“
----------2d weok N ov (33 roads)------ 15.284.527 14.186.330 + 1.098,107 7.01
M a y ...............248.006 247.189 308,029.090 244.580.085 4-63.448.411 25.99
3d week N ov (29 roads)------ 14.130.383 13.451,824
+078.559 7.27
Ju n o------------ 226,752 225.803 285.149.746 237,612,967 + 47.536.779 20 00
4th week N ov (30 roads)------ 10.651,127 18,420.177 + 1,239,650 6.73
.......
J u l y ------------ 214.249 243,563 308,040.791,263,944.649 4-44,093.142 16.77
1st wook D ec (32 roads)------ 15,114.954 13.568,010 + 1.516.014 11.46
A ugust......... 215.516 244.765 333,460,457 278,787.021 +54.673.436 19.66
2d week Dec (27 roads)------ 13,533.477 12,501.858 + 1,028,619 8.23
S e p te m b e r..218 153 2 47.466 332.888,990!294,333.449 +38.555.511 13 11
3d week D oc (35 roads)------ 14.139,888 13,772,738
+ 367.150 2.67
O c to b e r ____246,683
246.000 345.700.899 310.740.113 4-35.050.786 11.22
_____
4th week Dec (31 roads)------- 17,863.676 18,144,366
— 280,690 1.55
N o vom ber. .218,863 2 48.05S 330,258,745 303,608,471 +23,652,2741 7.71
1st weok Jan (35 road s)------ 12,636.866 11.211,406 + 1,425,460 12.71
D e c e m b e r .. 85,392
83,513____________________________ + 3 .0 9 1 ,7 391 4.11
78,334.0121 75,242.723
_____________________
________________________________________
a Includes Cleveland Lorain & Wheeling R y. A Includes Evansville & Terre Haute. c Includes M ason C ity & Fort Dodge and tue Wisconsin
Minnesota * Pacific, d Includes not only operating revonuo, but also all otnor receipts, e Does not Include earnings o f C olorado Springs * Cripple
Crook District R y. / Includos Louisville * Atlantic a id the Frankfort & Cincinnati, g Includes the Texas Central and the W Icalta Falls lines, h In
cludes the St Louis Iron Mountain & Southern. / Includos tho Lake Shore * Michigan Southern R y., Chicago Indiana & Southern R R . and Dunkirk
Allegheny Valloy S Pittsburgh R R . n Includes tho Northern Ohio R R . p Includes the Northern Central. * We no longer include the M exican roads
c
In any o f our totals.
.
2 5 2
THE CHRONICLE
Latest Gross Earnings by Weeks.— I n th e ta b le w h ic h
fo llo w s w e su m u p s e p a r a te ly th o e a rn in g s fo r th e fir s t w e e k
of January.
T h e ta b le co v e rs 3 5 r o a d s a n d sh o w s 1 2 . 7 1 %
in crease in th e a g g r e g a te o v e r th o sa m e w e e k la s t y e a r .
First Week o f January.
1917.
In crea se. Decrease.
1916.
S
109,631
64,866
64,380
2,18.525
598,700
2,238,000
771,891
270.870
173,737
229.757
306,830
504,600
25.700
20,869
61,663
52,302
$
99,033
50.616
49,947
249,201
541,100
1.874,000
763.819
270,149
127,473
203,409
281,612
362,200
34,255
19,102
54.159
47,779
57,600
364,000
8,072
721
46,264
26,348
25,218
142,400
1,102,906
970,702
132,204
1,276,300
19.487
206,437
1,093,010
15,971
219,141
183,290
3,516
515,080
748,465
255,667
3,446
412,050
10,120
291,000
1.388,385
1,808
395,589
112,444
185,361
676,505
184,721
563,744
197,180
58.487
2,854 •
592
376,720
35,330
10,392
200,000
85,000
1,212,058 176,327
2,269
357.268
38.321
104,210
8,234
175,528
9,833
161,425
12,636,866 11,211,406 1,639,553
1,425.460
214,093
Alabam a Great Southern.
A nn A rb or_______________
A tlanta Birmingham & A tlantic
B u ffa lo R ochester & Pittsburgh
C anadian N orthern____________
Canadian P a cific_______________
Chesapeake & O h io____________
C hicago Great W estern_______
C hicago Indianap & L ouisvilloC ln c N ew Orl & T exas P a c ific ..
C olorado & Southern__________
D en ver & R io G rando__________
D en ver & Salt L ako___________
D etroit & M a ck in a c___________
D u lu th South Shoro & A tlantic
Georgia Southern & F lorida___
Grand Trunk o f C anada______ 1
Grand Trunk W estern_____ }
D etroit Grand lia v & M ilw . (
Canada A tlantic____________j
L ouisville & N ashville_________
M ineral R a n g o ________________
M inneapolis & St L ou is______ 1
Iow a C entral_______________ (
M inneapolis St Paul & S S M _ .
M issouri Kansas & T exas_____
M o b ilo & O hio...............................
N evada-California-O regon_____
Pero M a rq u ette________________
R io Grande Southern__________
St Louis Southwestern_________
Southern R ailw ay_____________
Tennesseo Alabam a & G eorgia.
Texas & P acific________________
T oled o St Louis & W estern____
W estern M arylan d ____________
E X P R E S S C O M P A N IE S .
— Month o f .September—
1916.
1915.
Am erican Express Co.—
S
S
T otal from transportation.... 5,599,688 4,785,958
Express privileges— D r_____ . 2,834,270 2,418,039
Revenue from tr a n s p o r ts .. 2,765,418
Opor. other than transport'ni
275,225
2,367,919
174.272
T otal operating revenues. . 3,040,643
Operating expenses________ . 2,923,823
2,542,191
2,207,493
N et operating revenue___
U ncollectible rev. from trans .
Express taxes_______________.
334.698
1,093
54,784
58,331
Operating incom e___
116,820
1.137
57,352
278,820
ELECTRIC RAILWAY AND PUBLIC
Name o f Road
or Company.
Latest Gross Earnings.
Week or
M onth.
A tlantic Shoro R y ___ December
cAur Elgin & Chic R y N ovem ber
Bangor li y & Electric N ovem ber
B aton Rouge Elec Co N ovem ber
B elt L R yC orp (N Y C ) O ctob er_
_
Berkshire Street R y . N ovem ber
Brazilian T rac, L & P Novem ber
B rock & Plym St R y . N ovem ber
Bklyn Rap Tran S.vst. O ctob er__
C ape Broton Elec Co N ovem ber
C ent M iss V El Prop N ovem ber
Chattanooga R y & Lt N ovom ber
Cities Service C o ____ December
C love Palnesv & East N ovem ber
Clove Southw & C o l. N ovem ber
(/Columbia Gas & Elec N ovem ber
VAJium uus (Ga) El Co N o v e n i u e r
Columbus p i a ) r,i v .o is ovem ber
Colum (O) R y , P & L^Novomber
g C o m 'w ’lth I’ Ry & l N ovem ber
C onnecticut C o _____ N ovem ber
Consum Pow (M ich ). N ovem ber
Cum b C o (M e) P & L N ovem ber
Dallas Electric C o___ N ovom ber
D ayton Pow & Light N ovem ber
g D etroit E d ison ..
December
D otroit United Lines N ovom ber
D I) E B & B att(R ec) O ctob er___
Duluth-Superior Trac N ovem ber
East St Louis & S ub. N ovem ber
Eastern Texas E le c .. N ovem ber
(/El Paso Electric C o . N ovem bor
_
42d St M fie St N Ave. O ctob er_
g Federal Lt & T r a c .. N ovem ber
G alv-IIous Elec C o .. N ovem ber
Grand Rapids R y C o N ovom ber
Great West Pow Syst N ovem ber
Harrisburg Railways O ctob er_
_
H avana El R y, L & P N ovom ber
Honolulu It T & Land Novem ber
H oughton C o Tr C o . N ovem ber
b Hudson & M anh at. N ovem ber.
Illinois T ra ction ____ N ovem ber
Interboro Ran T ra n . N ovem ber
Jacksonville Trac C o. N ovem ber
K eokuk E le c tr ic____ Novem ber
K ey West Electric___ N ovem ber
Lake Shore Elec R y . N ovem ber
Lehigii Valley Transit N ovem ber
Lewist A ug & W aterv N ovem ber
Long Island E lectric. O ctob er___
Louisville R a ilw a y .. October . .
M ilw El Ry & Lt C o . N ovom ber
M ilw r.t Ht & T r (to. Novem ber
M onongahela Vail T r Decom ber .
Nashvillo R y & Light N ovom ber
N ewp N & II R y G & E N ovem ber
N Y C ity In terb oro.. O ctob er___
N Y A Long Isla n d .. O ctob er_
_
N Y & N orth S h ore.. O ctob er___
N Y & Queens C o . . . O ctob er___
N ow York R ailw ays. N ovem ber
N Y & Stam ford R y . N ovem bor
N Y State Railways. O ctober___
N Y W estches & B os. N ovom ber
N ortham pton T r a c .. December
N or Ohio T rac & L t.i N ovom ber
Current
Year.
Precious
Year.
8
21,935
168,132
73,298
18,680
32.871
80,136
/6943000
8,507
2472,416
34,904
25,220
103,536
1570.82D
35,958
110,174
824,323
87,021
316,468
1510,6 if)
759,717
456.322
229,986
181,901
159,344
1112,433
1356,384
18,158
123.667
278,467
73,859
99,883
84,583
209,936
170,145
102,921
360,076
8 6 ,3 12
517,627
56,311
26,090
512,904
1095,094
3451.757
48,375
19,996
11,103
125,610
207,397
61.871
18,953
260,558
614,072
160,800
196,691
199,981
87,654
33,037
35,999
14,283
100,217
837,383
22,651
692,841
52,415
17,286
458.668
S
22,659
156,441
65.711
17,671
70.477
72,855
/6336000
7,872
2326,827
33,012
24,879
98,812
532,195
33,941
104,834
684,434
67.291
277,008
1323.673
679,901
377,190
213,206
161,526
111.094
881,856
1145,361
42,705
105,256
219,595
71,406
93,482
175.351
205,401
168,260
99,020
302,161
76,355
481,314
49,107
22,846
477,688
987,178
3050,906
49,251
20,125
10,023
112,682
190,556
57,229
18,610
252,669
538,660
121.226
133,453
185,260
72,872
63.292
36,016
14.854
121.341
1134,595
25,093
631,802
44,265
16,104
341,974
S
10,598
14,250
14.433
1,767
7,504
4,523
$
30,676
8,555
............
12,704
N am e o f
Road or Company.
[Vol. 104
Latest Gross Earnings.
Week or
M onth.
N orth Texas E lectric N ovem ber
Ocean E lectric (L l ) . O ctob er___
Pacific Gas & E lec___September
Pac L t & Pow C o rp _ . Novem ber
(/Paducah T r & Lt Co Novem ber
Pensacola E lectric Co N ovom ber
Phila R apid T ransit. December
Phila & Western R y . December
P ort(O re) R y L & P C o N ovem ber
g Puget Sd T r, L & P_ O ctober___
n R epublic R y & L t . . Novem ber
R hodo Island C o ____N ovem bor
Richm ond Lt & R R . O ctob er___
St Jos R y , I,, ii & P . December
Santiago Elec Lt & Tr N ovem ber
Savannah E lectric C o N ovem ber
Second Avenue (R ec). O ctob er___
Southern B oulevard. O ctob er___
Southern Cal E dison. N ovem ber
Staten Isl’d M idlan d. O ctob er_
_
Tam pa Electric C o . . N ovem ber
T hird A venue______ O ctob er
T w in C ity Rap T ra n . 4th wk D ec
Union R.v C o o f N Y C O ctob er__
Virginia R y & P ow er. Decem ber 5
Wash Balt & A nnap. N ovem ber
W estchester E lectric. O ctober___
W estchester St R R . . N ovom ber
a W est Penn T rac C o N ovem ber
Yonkers Railroad___O ctob er____
Y ork Railw ays_______N ovem ber
Youngstown & O h io. N ovem ber
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
163.929
7,930
1563,418
274,682
26,100
21,152
2487,287
45,810
479,367
715,833
344,942
450,652
33,993
138,501
47,315
74,794
34,817
7.499
400.151
26,219
80,780
169,231
289.379
120,261
526,315
112,763
6,097
14,063
568,381
2.130
85,371
27.650
S
145,692 1,747,963
141,720
6,829
1558,689 13,791,028
250,389 2,977,695
282,678
25,032
253,257
23,516
2213,473 27,279,512
40,056
516,980
455,165 4,970,515
641,413 6,586,800
289.151 3,014,204
417,449 5.330,256
344,152
31,242
124,578 1,374,449
495,775
43,239
745,997
66,449
661,382
79,545
20,181
155,665
409,933 4,489,193
284,548
25,876
83,696
875,643
340,076 3,008,995
276,753 10,180,466
242,219 2,138,510
503,448 5.836,870
869,462
90,474
380,203
48,224
210,969
19,847
449,257 5,705.741
60,492
511,620
884,879
79,436
24,992
307,559
Current
Year.
Previous
Year.
S
1,556,273
139,943
13,723 761
2,668,046
260,212
234,106
24,315,451
463,901
5,028,408
(i,216,055
2,800,428
4,611,718
340,114
1,275,282
432,261
725,313
740,690
191,545
4,395,695
293,958
895,278
3,215,784
9,416,878
2,341,874
5,262,881
780,635
492,536
232,573
4,593,667
611,489
757,998
263,892
272
b Represents Income from ail sources, c These figures aro for consoli
dated com pany. /E a rn in g s now given in milreis. g Includes constituent
com panies.
461
Electi’ic Railway and Other Public Utility Net Earn
ings.— T h e fo llo w in g ta b le g iv e s th e re tu rn s o f E L E C T R I C
ra ilw a y a n d o th e r p u b lic u tilit y gross a n d n e t e a rn in g s w ith
ch a rg es a n d su rp lu s re p o rte d th is w e e k :
------- Gross Earnings--------------- N et Earnings------ Current
Previous
Current
Previous
Year.
Year.
Year.
Y ear.
Companies.
$
$
S
S
— July 1 to Sept. 30—
3,214
22,659 defl0,91 8
Atlantic Shoro R y . b ____ D oc
21,935
1916.
1915.
349,861
59,837
61,306
Jan 1 to D oc 3 1 -351,215
8
8
16,287,130 13,340,121
N ov
254,724
86,734
74,094
Iowa Telephone
303,035
852,600
758,727
8,112,490 6,711,476
3,079,452 2,660,195
Jan 1 to N ov 3 0 - 57,258
N ebraska T e le p h o n e .-- N o v
49,815
222,SOS
203,182
8,174,640 6,628,645
508,968
Jan 1 to M ov 3 0 - . ____ 2.391.2S0 2,154,201
600,726
750,457
634,679
Northwestern T el E xch . N ov
109,096
103,273
489,768
430,715
Jan 1 to N o v 3 0 - 5,005,420 4,456,784 1,132,237 1,033,878
8,925,097 7,263,324
N ov 5.733.250 4,585,279 2,042,525 1,635,084
8,214,695 6,426,250 W estern Union T e l- Jan 1 to N o v 3 0 - - ____56,241,685 46,597,865 17,281,793 14,318,390
837,074
710,401
b N et earnings horo given aro before deducting taxes.
2,095
3,180
Fixed
Gross
N et, after
Balance,
125,629
142,245
Charges.
Surplus.
Taxes.
Earnings.
•
S
S
S
8
564,975
709.348
20,988
22,400
43,478
’ N ov '16
134,721
21,002
124,619
60,384
39,382
UTILITY COS. Adirondack Elec 11 mos '15 1,367,907
516,408
Power Corp__
235,455
280,953
'16
498,662
232,351
266,311
'15 1,180,849
39,221
Jan. 1 to latest date.
Ashvillo Pow & Lt .N o v '10
13,938
4,324
9,614
1 1,121
36,741
4,423
’ 15
15,544
Current
12 mos '16
50,255
134,687
Previous
184,942
453,275
144,018
Year.
52,269
Year.
438,512
196,287
T5
N o v '16 23,305.003 6,445,434 1,755,716 *5.185,088
Bell Teleph Syst
S
8
'15 20,086,303 5,534,720 1,780,569 *4,420,939
in U S (Amor
349,864
351 ,215
Tel & Tel and 11 mos ’ 16 240836 856 06,684,576 19,950,231*53,1 15,680
1,879 ,790 1,754,992
’ 15 213824 613 58,309.946 20,393,797*43,748,711
assoc’d c o s ). .
721,525
756 ,246
6,597
72,694
20,722
14,125
191 .487
172,794 Carolina Pow & L t .N o v T 6
10,1 11
'15
65,838
24.756
14,645
578 ,808
6)1,289
279,879
168,619
*187,810
12 mos ’ 16
775,110
852.814
912 ,407
175,372
*144,603
695,241
259,975
T5
/75229 ,000 /70580.110
314 1,550,196
113 ,825
107,052 Cities Sorvico C o .- D e c ’ 16 1,570,820 1,550,510
473,573
40,833
514,407
•15
532.195
24.470 ,604 22.861,084
258,960 9,611,993
12 mos •16 10,110,343 9,870,953
353 ,380
320,946
490,000 3,816,944
’ 15 4,479,800 4,306,914
267 ,937
255.941
982,001
1,124 ,864
92,374
393,214
D otroit Edison C o . Dec '16 1,112,433
485,588
10,110 ,343 4,479,800
100,162
310,391
881,856
410,553
’ 15
426 ,104
392,346
12 mos '16 10.066.786 3,795,693 1,078,280 2,717,413
1,217 ,635 1,134,929
’ 15 7.759,932 2,948,713 1,100,055 1,848,058
8,045 ,685 7,185,464
N ortham pton T ra ctio n 796 ,970
200,070
07,543
26,950
40,593
650,991
12 m os D ec 31 •16
3,200 ,443 2.812,861
35,081
27,200
62,281
•15
180,399
277,272
813,921
15,229 ,32-8 12,983,788
Phila Rap T ra n ___D ec T 6 2,487,287 1,091,193
8,758, 237 7,516,305
815,497
160,307
’ 15 2,213.472
975,804
4,247, 916 3,472,994
6 mos TO 13,857.145 6,153,326 4,887,233 1,266,093
2,621, 091 2,412,110
561,243
T 5 12,416,972 5,457,036 4,895,793
1.791 ,674 1,660.325
138,501
D ec TO
54,309
30,346
23,963
1,44.3 ,813
966,481
40,771
124,578
61,60)
20,833
St Joseph R y Lt
T5
10,066 ,786 7.759.932
306,504
287,550
l i t & P ow er, - 12 mos '16 1,374,449
591,051
14,629, ,217 12,011,366
250,000
325,979
'15 1,275,282
575,979
369, 382
402,295
14,006
N ov T 6
26,450
100,530
40,456
I .288, 342 1,053,122
12,922
United States
4 l ,6 12
28,720
T5
86,821
2,731, 122 2,228,301
158,901
462,796
Pul) Service. - 12 mos '16 1,088,725
303,895
653,637
750, ,841
390,115
154,123
T5
235,992
911,557
880,418
993 ,374
217,810
115,097
N ov T 6
102,713
403,197
1,429, 076 1,624,260 Utah Pow & L t
178,156
93,528
8 i ,628
incl the W est
T5
338,418
2,271, 968 2,122,459
C olo Pow Co 12 mos '16 4,247,302 2,191,163 1,168,204 1,025,959
1,768, 344 1,773,016
726,320
901,934
’ 15 3,411,057 1,628,254
1.178, 402 1,064,440
17,296
3.412, 134 2.726,277
41,673
32,762
15,466
N o v '16
831, 100
762,724
10.776
34,484
15,552
T5
26,328
Yadkin River
5,457, ,438 5,053,635
417,793
120,189
186,488
Power C o ____ 6 mos 'Hi
306,677
532,509
595, 743
185.452
345,952
45,094
’ 15
230.540
296, 621
249,774
Fixed d ig s
Balance,
Gross
Net
5,358, 22? 5.014.932
Taxes
Surplus.
Earnings
Earnings
10,968, 245 9,958,601
8
$
S
34,457, 270 30.759,052 •
12,538
10,495
45,810
f D ec ’ 16
23,033
557.948
564, ,891
12,550
5,368
'15
17,918
40,056
218, ,725
211,523 Phila & Western |
150,543
121,677
R y __________ 1 12 mos '16
516,980
272,220
104, 661
103,335
147,477
91,334
463.901
238,811
1
’ 15
1.468, 736 1,263,332
154,707
278,760
*131,197
526,315
2,286, 284 1,90.8,125 Virginia R y & P o w .D e c T 6
142,010
280.143
*145,669
T5
503,448
740, 390
679.922
896,615
6 mos T 6 2,977,680 1,516.926
*671,206
211, 293
219,606
857,548
*670,957
T 5 2,785,966 1,478.014
2,557, ,993 2,444,965
x A fter allowing for other incom e received
6.287, 876 5.383,561
1,681, 719 1,354,831
1,580 ,790 1,009,834
2.166, ,127 1,939,539
ANNUAL REPORTS
831,411
955, ,732
524, 533
578.815
Annual Reports.— A n in d e x to a n n u a l re p o r ts o f s te a m
349, 326
361,983
135, 650
140,150 r a ilro a d s , s tr e e t r a ilw a y s a n d m isc e lla n e o u s c o m p a n ie s w h ich
1.171, 017 1,159,641
h a v e b e e n p u b lish e d d u rin g th e p re ce d in g m o n th w ill b e
11,216, ,136 12,383,957
T h is in d ox w ill
332, 519
347,935 g iv e n o n th o la s t S a tu r d a y o f e a ch m o n t h .
6,910, ,119 6.066,317
not in c lu d e re p o r ts in th o issuo o f th o “ C h r o n ic le ” in w h ich
515, ,497
439,102
T h e la te s t in d ox w ill bo fo u n d in th o issu e
180,399 it is p u b lis h e d .
200, ,070
4.689, 676 3,510,934
of D e c. 2 9 .
T h o n e x t w ill a p p e a r in th a t o f J a n . 2 6 .
THE CHRONICLE
J an. 20 1917.]
N o r th e r n S ta tes P ow er C o., C h ic a g o , III.
T o le d o P eoria & W e s te rn R a ilw a y .
( 2 9 Ih
Annual Report Year ending June 3 0
1 9 1 0 .)
IN C O M E AC C O U N T.
1915-16.
$687,405
443,497
87,230
1914-15.
$656,677
440,267
78,307
1913-14.
$723,351
486,292
83,966
$1,218,132
$187,349
336,868
27,638
449.705
45,027
Taxes, & c____________________________
74,000
$1,175,251
$200,049
332,007
28,386
531,006
43,821
73,207
$1,293,609
$252,675
325,691
30,677
582,990
44,122
73,921
Passenger revenue.
M a il, express, A c _ .
M a i n t e n a n c e o f w a y & s t r u c t u r e -------M a i n t e n a n c e o f e q u i p m e n t ...... ...............
T r a f f i c e x p e n s e s ------------------------------------------T r a n s p o r t a t i o n e x p e n s e s _____________
G e n e r a l e x p e n s e s ----------------------- .-------------------
Total operating expenses A ta x e s .. $1,120,587 $1,20S,476 $1,310,078
Operating incom e................................. ..
$97,545 def.$33,225 det'.$ 16,467
58,883
42,610
i l i r e o f e q u i p m e n t ....................................... ..
110,267
45.515
49,002
47,361
R e n t s , A c ----------------------------------------------------------
In t. on equipment trust ob lig a tion s..
Interest on bills payable_____________
Joint facility rents__________________
M iscellaneou s_______________________
$255,173
$195,800
11,955
32,856
48,324
2,163
$58,387
$195,800
10.727
30,348
49,191
2,387
$87,931
$195,800
912
27,942
49,518
1,600
$275,773
$288,454
$291,098
T otal deductions_______
$230,067
$187,842
$35,925
Balance, d oficlt___________
B A LA N C E SHEET JU N E 30.
. GENERAL
1910.
1915.
1915.
1910.
Liabilities—
$
$
$
Assets—
S
Head A oqulpm’t. 9,980,270 10,030,401 Capital s to c k ----- 4,070,900 4,070,900
103.000 1st M. 4s, due 1917 4,895,000 4,895,000
103,000
Securities________
259,090
300,288
87,710 Equip, trust obllg.
Cash____________
100,277
818,000
818,000
18,840 Loans A bills pay.
30,009
Traffic, Ac., bals.
44,022
09,622
11,235 Traffic, Ac., bals.
Agents * conduc.
20,841
128,109
202,102
85,100 Accounts A wages
78,311
Materials A supp.
023,530
523,470
30,710 Matured Interest.
41,690
MIsccll. accounts.
38,0,89
42,325
04,387 Accrued taxes___
62,412
UnadJ., &c., acc’ts
0,531
dof2,188
841,113 Miscellaneous___
862,426
Profit and loss—
Accrued deprcc’n.
331,714
289,994
02,980
Add'ns to property
62,980
11,284,564
T o ta l................ 11,285,237 11,284,504
— V . 103, p . 2343.
L e h ig h V alley T r a n sit C o., A lle n to w n , Pa.
(Report for Fiscal Year ending Nov. 30, 191G.)
T h o re m a rk s o f P re sid e n t I I . R . F o h r re g a rd in g th e p ro p
e r ty a n d its o p e ra tio n s, to g e th e r w ith th o in c o m e a c c o u n t
fo r 3 y e a r s a n d a lso tho ge n e ra l b a la n c e sh e e t o f N o v . 3 0
1 9 1 6 , w ill bo fo u n d u n d or h e a d in g “ R e p o r ts a n d D o c u m e n t s .”
C o m p a r o m a p , & o ., pagos 3 a n d 4 o f “ E le c tr ic R y . S e c t i o n .”
COMPARATIVE B A L A N C E SHEET N OV. 30.
1916.
Assets—
Invest, in affll.,
* 0 ., cos. at cost 1,896,437
Adv. to affll., Ac.,
226,070
companies____
35,872
Miscellaneous----Cash, bills, Ac.,
77,688
rec. R. E. M. Ac
262,119
Material A suppl.
Discount on fund
420,129
ed debt, A c___
1915.
1910.
1915.
Liabilities—
$
S
17,450,777 Preferred stock_ 4,979,087 4,979,087
_
Common stock__ 2,997,350 2,997,350
1,890,827 Funded debt____ 11,531,509 11,440,009
40,000
Mtges. on real est.
158,874 Audited acc’ts, aocr’d Int., A c___
140,170
34,402
216,008
Accr’d taxes, ro105,449
serves, A c____
157,893
178,450
293,241
229,538
110,022 Accr'ddcpreclatlon
500,200
344,295
Surplus........ .......
441,080
20,282,498
— V.
1 0 2,
T o ta l................ 20,735,949 20,282,498
p. 1166.
H u d so n C om pan ies, N ew Y o rk .
(Report for Fiscal Year ending Dec.
3 1 1 9 1 6 .)
T h is c o m p a n y , w h ich o w n s a m a jo r it y o f th o s to c k o f th e
H u d s o n & M a n h a t t a n R R . (H u d s o n R iv e r T u b e s — see m a p
in “ R a ilw a y & In d u s tr ia l” s u p p le m e n t o n p ag o 6 3 ) a n d th o
G r e o lo y S q u aro R e a lt y C o . , re p o rts th e fo llo w in g :
PROFIT A N D LOSS AC C 'T OF H U D SO N CO'S FOR C ALE N D AR YEARS.
Interest on Greeley Sq. R ealty C o.
5 % bonds, $143,850; other lu t., $2,
$145,161
$146,701
386; m iscel., $1,060; tota l_________
$147,890
$90,000
$90,000
Deduct— Interest on 6 % notes_______
$90,000
Pay-roll, $3,079; gonoral, A c., $4,
13,691
13,712
755; taxes, $4,092; m iscel., $350.
12,276
N et adjust.appllc.to const.undor II.
327
& M . contracts_________________
____
324
Balanco (profit) carried d ow n _______
$45,620
$42,682
$41,125
B ALA N C E SHEET DEC. 31.
1916.
1915.
1910.
1915.
$
$
Liabilities—
$
$
Assets—
H.A M.RR.(par)
Preferred stock...10,000,000 16,000,0
130
loU Common s to c k ... 5,000,000 5,000,0
1st M. scrip___
Preferred stock. 2,307,614 2,307,614 6% gold notes duo
Common stock*25,171,209*25,171,209
Aug. 1 1918----- 1,500,000 1,500,0
Accrued mterost..
37,500
37,5
Oa ^ ' “ :< r f ! & . 0 0 0 : ? .877.0«0 Aud.vouch, p a y ..
.
74
Preferred stock.*1,000,000 *1,000,000 Rental of fence,
collected in ad
Common stock.*1,000,000 *1,000.000
vance _________
104
Real estate_____ bl82,008 b 182,008
105,361 Dalanco, on basis
41,053
Cash____________
of par of securi
500
500
Suspense account.
30,046
ties owned........ 10,198,363 10,152,
36,046
Accrued Interest..
480
482
Accts. receivable.
10,000
10,000
Mtge. Investment.
110,000
Loan to O.Sq.Il.Co
T o ta l................ 32,730,041 32,690,348
T ota l................ 32,736,041 32,690,348
* Securities deposited as collateral for $1,500,000 6 % notes duo A ug. 1
1918; 250,000 shares Hudson & Manhattan R It. com m on stock and 10.000
shares com m on stock, 10,000 shares prof, stock and 24,500 first refunding
mortgage bonds o f Greeley Squaro Realty C o. n Bonded d eb t, $9,687,500.
b Real estato at 6 th A v o., cor. 9th S t., at cost.
GREELEY SQUARE R E A L T Y CO. C A P IT A L , & C ., DEC. 30 1916.
Preferred stock ......... ........ $1,000,000 Accrued lnt. payable.......... $196,099
C om m on stock ................... 1.000.000 Depreciation reservo___
90 000
First m o r t g a g e . . . - - - - - - - 6.039,500 Borrowed o f Hudson C o s .
H O ’OOO
3 1 9 607
First R ef. M . bonds, 5 % - 3,648,000 Balanco, surplus______
Offsots: Property a ccou nt, $12,107,280; cash, $153,926; com p a n y’s 5 %
bonds In treasury, $148,000; total, $12,409,206.
P rofit and loss statement o f Greeley Squaro R ealty C o . for calendar
year 1916: Income— Rent o f Glmbel B ld g., $630,000; Interest, $614;
total, $630,014. D edu ct. Intorost on mortgage, $306,701; int. on bonds
(V . 91. p. 1772), $175,000; adjustment for reserve for depreciation o f
building 1915, $90,000; taxes, $2,921: general and m lsc. expenses, $1,309;
balanco, surplus for year, $48,624.— V . 102, p. 342.
253
(Official Statement Dated Dec. 5 1 9 1 6 .)
O u s u b s e q u e n t p a g e s o f th is issu e w ill b o fo u n d th e o ffic ia l
s ta te m e n t m a d e to th e N e w Y o r k S to c k E x c h a n g e in c o n n e c
tio n w ith th o lis tin g o f th e c o m p a n y ’ s $ 1 8 ,0 0 0 ,0 0 0 F ir s t &
R e fu n d in g M o r t g a g e 2 5 y e a r b o n d s , S eries A , d u e 1 9 4 1 .
T h is s ta te m e n t n o t o n ly d esc rib e s a t le n g th th e b o n d s a n d th e
se c u rity b e h in d th e m a n d th e p u rp o se s fo r w h ic h th e y w ere
issu e d , b u t it a lso g iv e s a fu ll a c c o u n t o f th e o r g a n iz a tio n ,
p ro p erties a n d fra n c h ise s o f th e c o m p a n y a n d its e a rn in g s,
b a la n ce s h e e t, & c .— V . 1 0 4 , p . 1 6 9 .
D eere & C o., M olin e, 111.
(Report for Fiscal Year ending Oct.
31
1 9 1 6 ).
P r e s . W m . B u t te r w o r t h , M o l i n e , J a n . 2 , w ro te in s u b s t .:
Results.— T h e increase over last year o f tho net profits is due to increased
sales, tho im provem ent in terms upon which goods are sold, good collections,
rigid out well considered economies, throughout the organization, and the
saving o f interest, duo to the gradual retirement o f tho indebtedness o f the
com pany a id its subsidiaries.
Sales during the past year were larger than during tho preceding year,
tho im provem ent being in western Canada, in tho Southern States and in
the export trade, which was almost entirely outside o f Europe.
Balance Sheet.— C ollections have been unusually good and, in connection
with tho shorter terms upon which goods have been sold, have resulted in
a decrease o f $6,292,650 in the am ount o f outstanding receivables.
T ho com pany has reduced its indebtedness $7,760,651, thus very
materially reducing its interest charge. T h o total am ount o f indebtedness
o f all kinds owing b y tho com pany and its subsidiaries on O ct. 31 1916
was .$2,824,824.
.
Inventories.— T otal inventories at O ct. 31 1916 were $13,896,034, against
$13,390,657 O ct. 31 1915, an increase o f $505,977. P ractically all o f this
increase is represented b y raw materials. It has been the p olicy o f this
com pany during the past year to m anufacture as closely as possible to actual
requirements and to use up its finished goods inventory and conserve its
raw materials for use as far into the futuro as possible. All inventories
have been taken on a very conservative basis.
N et Working Capital.— This item has increased $1,755,966, to $29,425,
582, during the past year, and the quick assets are now about eleven
times tho total liabilities.
Number o f Preferred Stockholders.— T ho preferred stockholders O ct. 31
1916 numbered 4,036, against 3,842 O ct. 31 1915. Foreign stockholders,
including thoso in M exico and Canada, number 42, against 73 in 1915, with
holdings o f a par value o f $305,500 in 1916, against $710,800 in 1915.
Capital Expenditures.— Practically no m oney has been expended during
tho past year for im provem ents chargeable to capital. T ho old property
o f tho Kemp & B u rp e e C o . in Syracuse, N . Y ., has been sold, thus resulting
in a decrease in tho amount o f the property account as shown b y the
general balanco sheet.
Reserves.— Reserves for depreciation o f property and equipment increased
during tho year $332,383, and now amount to $1,563,134. These reserves
do not cover m aintenance and repairs, botn o f which are liberally provided
for out o f operating expenses. T he total charges for depreciation and for
m aintenance during tho past year amounted to $845,088, against $830,998
during tho previous year. T he reserves against current assets how amount
to $1,S98,786, an increase o f $473,002. These reserves havo been con
siderably increased in order to protect tho com pany against possible losses
duo to the abnormal situation now prevailing.
Properties Owned.— T ho factories owned b y tho com pany m anufacture
about 85% o f tho products handled by tho branch houses.
General.— Owing to the high prices o f raw materials, particularly steel
and allied products, tho com pany has been forced to increase the selling
prices o f its products. It is m ore than likely that these increased prices
m ay som ewhat restrict tho sales during the com ing year. The com pany
will continue to operate on a very conservative basis. T he com panv is
continuing to sell pref. stock to em ployees on m onthly paym ents. A t the
present tim e 1,400 employees are paying for about 6,000 shares o f stock.
O f tho total $25,000,000 authorized com m on stock $3,190,100 is reservedjfor
salo to employees under contract; outstanding as o f O ct. 31 1916, $18,382,400.
C ON SOLIDATED IN C O M E A C C O U N T YEARS E N D IN G OCT. 31.
191.5-16.
1914-15.
1913-14.
1912-13.
S3,904.957 $2,802,903 $4,755,777
T otal net ea rn in g s*____ $4,783,0S1
A dm in., A c ., exp en ses..
$103,327
$340,134
$366,068
$432,576
Int. o n d e b e n .,& c. (not).
162,990
210,108
283,486
151,618
Depletion, A c __________
98,771
106,392
68,270
67,361
Preferred dividends (7 % ) 2,647,995 2,647,995
2,647,995
2,647,995
T otal d eductions____$3,313,083 $3,301,928 $3,365,819 $3,299,550
Balance, stir, or deficit.sr.$ 1,469,998 sr.$600,029 dof.$562,916sr.$l,456,227
T otal surplus___________ $7,434,035 $5,964,037 $5,364,008 $5,926,924
* A fter deducting all expenses o f operation and distribution, including
thoso for repairs and maintenance, for depreciation o f property and equip
ment, pensions, accident com pensations, A c ., aud after m aking provision
for interest on tho indebtedness o f all sub. cos. and for reserves for cash
discounts, uncollectible notes and accounts, A c.
CON SOLIDATED B A L A N C E SHEET OCT. 31.
1916.
1915.
1916.
1915.
Assets—
$
$
Liabilities—
S
$
Real estate, build
Preferred stock...37,828,500 37,828,500
ings, Ac............. 15,834,943 16,151,000 Common stock__ 18,382,400 18,382,400
Timber lands, A c. 2,771,731 2,863,056 Deere A Co. debs.
50,000 c l , 100,000
Subsld. companies
Trade marks, pat
ents A good-will.18,382,400 18,382,400
bonds A Mtges.
976,500 1,164,000
I’ref. stock owned. b923,700
........... Stocks of sub. cos. 231,500
234,600
Inventories______13,896,634 13,390,657 Notes payable___
78,674 5,892,573
Prepaid lnsur., Ac.
349,407
392,658 Accounts payable. 1,719,650 2,428,901
Cash...................... 4,296,048 4,470,811 Reserve................ a3,461,921 2,656,536
Notes A accts. rcc.13,708,316 20,000,966 Surplus................ 7,434,035 5,964,037
T o ta l................ 70,163,180 75,651,548
T o ta l................ 70,163,180 75,651,548
a Includes in 1916, $1,563,135, against property and equipment and
$1,898,786, against working and current assets.
b Includes preferred stock owned held for sale to employees on m onthly
paym ents, $600,000 and held for future salo or retirem ent ,.5 323,700.
c Includes notes in 1915.
— V. 1 0 2 , p . 601.
A rm ou r & C o. (M eat P a ck ers), C h ica g o.
(Report for Fiscal Year ending Oct.
2 8 1 9 1 6 .)
P re s id e n t J . O g d o n A r m o u r is q u o te d as s a y in g in s u b s t .:
T he year has been the m ost successful in our history, wo having earned
$20,100,000 or 2 0% on our capital stock, equivalent to 14.7% on our
investment.
Tho small margin o f profit in the handling o f edible meat products
caused us a few years ago to centre our aims o f expansion to the develop
ment o f our subsidiary and allied companies and departments, some o f which
handle tho by-products o f tho packing houses, but in m any o f which the
percentage or our by-product to the total raw product consum ed b y the
subsidiary was small.
This year has am ply demonstrated the soundness o f our policy in this
regard, although due consideration must be given to tho unusual conditions
prevailing throughout the world. T he greater increase in percentage o f
profit has been in the subsidiary and allied companies handling inedible
products. T ho results this year have not only been possible, but consider
ably augm ented, because we have throughout the year experienced con
tinually increasing values.
A t the beginning o f tho year inventory values were low , and each m onth
has seen slight increases over the preceding m onth. In this we have had a
directly opposite result from that o f the year 1911, which was the m ost
unprofitable in our history. W e are now on a very high plane o f values,
and it will require great discretion and cautionary procedure in the con du ct
o f our business to avoid a recurrence o f the conditions o f 1911 and the
attainment o f a normal plane o f values without severe loss.
During tho year just closed we were able to shpw for the first time through
out tho full year the results o f the operations o f our new packing house
recently com pleted In La Plata, in the Argentine R epublic.
2 5 4
THE CHRONICLE
[Vol. 104
Because o f the over increasing demands for new capital, expenditures in !
Purpose o f Remainder o f these $60,000,000 Bonds.— T h o remaining bonds
our business, which this year havo been exceptionally largo and which presently to bo issued are to provide for tho funding o f current indebtedness,
promiso to bo as great, if not groator, during the noxt fow years, your direc for additional working capital, for discounts and premiums in connection
tors havo adopted what wo believe to bo tho wiso policy o f not increasing with tho abov o refunding, and for other corporate purposes.
dividends and havo declared tho usual dividond disbursement o f S'2.000,000,
equivalent to 2 % on our [$100,000,000] capital stock [increased from $20, | Limitations on New Bond Issu e.— T ho bonds aro to bo o f an issuo limited
to tho par am ount o f tho com p a n y’s full paid preferred stocks and com m on
000.000 during tho year . Wo will maintain our form er policy o f putting
stock now outstanding, plus any additional stock issued at not loss than par
back our surplus profits into our business.
for cash actually paid in. This issuo is further limited so that no bonds in
[Laurence II. Armour and E. A . Valentine were elected Vico-Prosidonts,
addition to these $60,000,000 bonds (1) shall bo sold or pledged prior to
and M r. Valentino was also elected a director .]
Jan. 1 1918, except w ith the consent o f Kuhn, L oeb & C o .; (2) shall bo
IN CO M E AC C O U N T.
Issued, except for refunding as hereinafter provided, unless tho unen
„
Oct. 28 ’ 16. Oct. 30 '13. Oct. 31 *14. Nov. 1 '1 3 . cum bered quick assets (as defined in tho m ortgage) o f tho conipanv and
subsidiaries exceed their aggregate d eb t. Including tho outstanding bonds
Year ending—
$
$
$
$
and any increased indebtedness resulting from such issue; (3) shall be
Grass business ( o v e r ) . . . 525.000,000 425,000,000 375.000,000 350,000,000
Issued, except for said refunding, unless the annual net incom e (as defined
N et profits on raanufacin tho m ortgago) o f the com pany and subsidiaries for three fiscal years next
tures and s a l e s ______
[15,653,072 11,148,654
9,236.782
prior to such issue has been at least twico tho annual interest upon tho
N et from alliod cos., & c. 27,162,164
2,310,528 2,455,016
1,922,293
entire d eb t o f tho com pany and subsidiaries, including interest on any
M iscollaneous__________
I
75,194
103,931
197,018
increased indebtedness resulting from such issue: and (4) limited also t o
tho am ount o f tho present capital stock (about $97,250,000) except to the
T otal net incom e------ 27,162,164 18,048,691 13.707,631 11,356,093
oxtont o f any increase consented to b y tho preferred and com m on stocks.
Expenditures—
O f tho baianco o f tho authorized Issue [outside o f present $60.000,0001,
Int. on borrowed m oney
1,925,425 2,608,089
2,213,086
1,538,747
$10,000,000 bonds m ay be issued for additional working capital, and fo r
Interest on bonds............ 1,809,783
1,316,301
1,316,301
1,346,301
developm ent and for other corporate purposes, subject to the restrictions
Administrative exponsos
1,980,602 1.745,192
1,578.361
1,419,234
abovo stated, and out o f tho remaining bonds as authorized reservation
Taxes, insurance, & c . . .
1,366,354 1,349,132
1,059,998
1,023,615
is to bo m ado to provide for tho $9,000,000 General Rubber C o. 5 % deben
D ivs. (see b e l o w ) ..(2 % )2 ,0 00 ,000(10)2,000,000(10)2,000.000(10)2,000,000
tures, duo D ec. 1 1918, guaranteed by United States R ubber C o. and R ubber
G oods M fg . C o ., until otherwise provided for, and the $2,600,000 Canadian
Surplus for tho years. 18,100,000
9,000,000
5,509,907
4,028,196
A ny additional bonds and
T ho capital stock was Increased in D ecem ber last through the d istri C onsol. R ubber C o. bonds, duo O ct. 1 1946. reserved for
bo
bution o f a portion o f tho accumulated surplus from $20,000,000 to $100, any bonds not used for such refunding shallbetterm ents andcapital expendi
tures made after Jan. 1 1917. for additions,
improvements
000,000, but notwithstanding that tho earnings aggrogated 20% on tho or for new properties (including subsidiary com panies against the pledgo o f
enlarged stock, tho directors havo thought it wiso not to increaso ttio their m ortgago b on d s), at 75% o f cost; or not m oro than one-third o f
amount distributed b y way o f dividends, which remained at $2,000,000,
such additional bonds m ay bo issued for other securities and stocks at
and equaled, theroforo, only 2 % on tho stock as increased.
6 0 % o f cost; all as shall be defined and provided in tho m ortgago.
.
B ALA N C E SHEET OCT. 30.
Sinking Fund— Call Feature.— A nnually beginning Jan. 1 1919, tho
Oct. 28
Oct. 30 '15.
Oct. 28 TO. Oct. 30 T o. com p any is to pay to tho trustee as a sinking fund 1% in cash upon tho
faco valuo o f tho bonds then outstanding (plus tho am ount retired by tho
Assets—
L tabtittles—
S
8
$
S
Lands, bklgs.,
Capital stock ..100,000,000 20,000,000 sinking fund) fo r repurchase o f Series A bonds at tho lowest prices offered,
ranch., Ace... 54 116,063 51,302,55.8 B on d s.............. 50,000,000 30,000,000 not exceeding 105% and in t., but to tho extent that bonds aro not thus
Ttcfris.&oth.cars 8 762,093 10,085,922 Bills payable... 27,865,600 38,865,000 procurable during any yoar tho com pany shall bo relieved o f its obligation
InV.ln allied cos. 28 152,522 20,350,501 Accts. payablo. 13,155,831 13,154,207 for that year in respect to tho sinking fund applicable to Series A bonds
and any baianco remaining in tho sinking fund at tho end o f tho year shall
Mat’ls&supplles 57, 120,918 45,881,050 Itcserve for bond
Mlso. mark. Inv 11 ,091,430 10,411,811
Interest____
918,824
564,041 bo credited upon the sinking fund for such bonds for the follow ing years.
A ll but not part o f tho Series A bonds outstanding m ay bo redeemed on
Bills receivable. 5 354,017
8,197,461 Profit & lo s s ... 36,833,110 98,733,117
any interest date, on and after Jan. 1 1920, upon 90 days' notice, at 105 and
Accts .receivable 56 282,920 46,685,592
in t. A ppropriate provision Is to bo m ado for tho sinking fund for and
Cash...... ........... 7 893,409
8,401,470
redem ption o f bonds o f other series.
T o ta l............. 228,773,372 201,310,365
T o ta l---------- 228,773,372 201,316,365
Restrictions as to Dividends, Assets. A c .— N ot unencum bered quick assets
— V. 104, p. 166, 76.
(as defined in tho m ortgage) o f subsidiary com panies, excluding General
R ubber C o ., at all times are to equal at least $30,000,000, o f which at least
$20,000,000 is to lio in com panies whoso stock is to bo directly pledged
M o r r is & C o . ( P a c k e r s ) , C h i c a g o , 111.
under tho m ortgago.
(Report for the Year ending Nov. 4 1 9 1 6 .)
T h o com pany is not to pay any dividend on com m on stock other than a
dividend in com m on stock, unless unencumbered quick assets (as defined
C h a ir m a n N e ls o n M o r r is sa y s in sn b sta n c o :
in the m ortgage) o f tho com pany and subsidiaries after deducting there
W o have had the best yoar in our history, showing profits o f $3,832,213, from such dividend shall then exceed tho aggregate d ebt (ns defined in the
being 11 \ i% on our capital investment o f $34,000,000 after making liberal m ortgage) o f the com pany and subsidiaries, including outstanding bonds.
reserves for depreciation. This good showing is duo principally to the N o dividends (except January and A pril 1917, dividends upon tho pre
exceedingly high prices o f by-products, especially hides, greases and oils. ferred stocks o f the com pany) aro to bo paid except from earnings mado
Notw ithstanding tho fact that live cattle nave cost much m ore than ever after Dec. Ill 1916. [Seo also explanation on a subs-quent page.— E d.j
before, dressed beef prices are very little higher than in other recent
Details o f First A Ref. Bonds.— T ho bonds, other titan o f Series A shall
years. Our foreign trade, however, has been exceedingly satisfactory.
W o have m ade two voluntary increases in wages this year and have made bear interest at such rates and bo redeem able at such prices as from tlm o
a special Christmas gift o f $200,000 to tlie pension and benefit funds in to tim e m ay bo determined b y the directors, and expressed in tho bonds.
addition to our usual annual gift o f $36,000. This brings these funds up lo A ll tho bonds shall maturo Jan. 1 1947. C oupon bonds shall bo dated
$1,100,000, all invested in real estate first mortgages and other equally Jan. 2 1917, and d enom ., $1.000, $500 and $100 (with privilege as lo latter
gilt edged securities making possible an increase o f 25% to all beneficiaries. o f exchange in equal amounts for $1,000 bond s), shall be registcrablo ns to
These contributions greatly im prove our pension system , already the m ost principal, with privilege o f exchange for full registered bonds; and registered
and coupon bonds shall bo interchangeable upon payment o f tho usual
liberal in tho world.
charge. Registered bonds m ay bo for $500. $1,000. $5,000, S10.000 o f any
Years aiding—
Nov. 4 T 6 . Oct. 30 T 5 . Oct. 31 ’ l l. 1 Tov. 1 T 3 .
\
m ultiple o f $10,000. Principal and interest o f Series A bonds shall bo
N et profits on manufac
tures and sales______ $5,694,589
$4,710,974 $4,289,347 $3,983,398 payable without deduction for taxes, except incom e taxes.
. Output. Properties, A c .— T ho com pany directly or through its subsidiaries
M iscellaneous earnings.
977,734
358,313
345,238
396,566
is engaged in producing rubber footw ear, rubber-soled shoes, w aterproof
T otal incom e...................$5,672,323
$5,009,317 $4,634,585 $4,379,964 clothing, druggists’ rubber good s, hard rubber products, Insulated wire,
tires, bolting, packing, hose and other mechanical rubber goods, there being
Deduct—
Interest on b o n d s ...........
$505,500
$514,500
$523,500
$532,500 over 40 m ills in operation situated in C onnecticut, Illinois, M assachusetts,
Administrative expenses
1,280,224 1,058,078
924,518
951,855 M ichigan, New Jersey, Indiana, R hode Island, Pennsylvania, Ohio and
Int. on borrowed m oney)
1,054,380 1,175,321
980,891
(542,733 Canada. There aro 110 branch offices in the United States, 23 in Canada
Taxes, insurance, See___J
1435,879 and representatives in other countries. Through General R ubber C o.
tho com pany owns tho largest rubber plantations in tho w orld, tho produc
tion from which is rapidly developing, and engages in the business o f buying
T otal deductions____ $2,810,110 $2,747,902 $2,428,912 $2,462,967
and selling crudo rubber in addition to acquiring tho santo for its own
N et earnings----------------- $3,832,213 $2,321,415 $2,205,673 $1,916,997
m anufactures. T ho products o f tho com pany and its subsidiaries aro
D ividends----------(33 1-3) 1,000,000 (25)750,000 (15)450,000 (12)360,000
Ponsion & benefit fun ds.
200,000
_________
_________
_________ distributed throughout this country and in foreign countries. A bou t 5%
o f tho total sales o f tho com pany and Its subsidiary com panies aro in
foreign countries.
Balance, surplus......... $2,632,213 $1,571,415 $1,755,673 $1,556,997
Earnings, &c. — T h o n ot e arn in gs aro sho.wn b o lo w as d e te r
GENERAL B A LA N C E SHEET.
Nov. 4 TO. Oct. 30 T5.
Non. 4 T 6 . Oct. 3 0 ’ 15. m in e d b y H a s k in s & S e lls, “ a fte r d e d u c tin g e x p en se s o f o v o r y
Liabilities—
$
5
ssets—
5
s
Pack.h'se,real est. 652,127
052,127 Capital stock----- 3,000,000 3,000,000 natures e x c o p t in terest, a n d in c lu d in g ex p en d itu re s fo r re
do bldgs.,mach.,&cl3,134,836 12,760,168 B on d s...................11,100,000 11,300,000 pairs a n d ren ew als th ro u g h w h ic h th o p la n ts aro m a in ta in e d
Br.mkts.,bldgs.,&c 3,240,152 3,047,127 Bills payable........ 9,249,135 8,647,777 in th o h ig h e st s ta to o f e ffic ie n c y .
T h e a v e r a g e losses fro m
Car equipment__ 2,676,699 2,488,720 Accts. payable... 2,766,211 1,021,686
b a d d e b ts d u rin g th ese y e a r s h a v o b e e n less th a n
of 1 % .”
Cash.................... .. 3,254,957 3,353,900 Pen. & ben. fund.
200,000
_____
Products & Hupp. .20,224,105 21,187,109 Bond int. accrued.
172,050
109,500 SALES A N D N E T E AR N IN G S OF CO. A N I) ITS S U B S ID IA R IE S
Marketable invest. 5,755,050 5,690,949 lies, for dopr., &c_ 6,605,223 4,597,356
(1916 P A R T L Y E S T IM A T E D ).
Accts. & bills rco. 10,297,177 9,660,483 Surplus.................32,142,483 29,510,271
1914.
1915.
1916(esL).
T otal sales..................................... ....$ 8 3 ,6 7 8 ,8 1 2 $92,861,016 $125,000,000
T o ta l................ 65,235,103 58.846,5S9
Total
65,235,103 58,840,5S0 N et oarns. available for interest____ 10.690,988 11,539,313
12,500,000
— V. 102, p. 1350.
Interest charges o f tho com pany and subsidiaries, including tho
presont Issuo o f $60,000,000 bonds and interest on tlio undis
United States Rubber C o ., New Y o r k .
turbed bonds o f Canadian Consolidated R ubber C o ., L td ., and
General R ubber C o ., but excluding Interest on obligations
( Digest of Official Statement Dated Jan. 1 5 1 9 1 7 .)
m aturing on or beforo D ec. t 1918. and now provided for, and
R e fe rr in g to tho 8 0 0 ,0 0 0 ,0 0 0 F ir s t & R e fu n d in g M o r t g a g e
on unfunded d ebt to be paid by this issuo would bo loss than. .$3,610,000
Considerable additional earnings should result from the uso o f additional
g o ld b o n d s , w h ich K u h n , L o o b & C o . aro o ffe r in g for s u b
capital provided b y this issuo.
s crip tio n (see a d v . on a n o th e r p a g e ) , s u b je c t to th e s to c k
OM
R
h o ld e rs’ a u th o r iz a tio n o f th o issue (a t m e e tin g s to bo hold o n F IN A N C IA L POSITIO N OF TH E CA P P P A N YGA N D ITS S U B S ID IAE IE S
AS OF OCT. 31 1916 AFTER
L Y IN
PROCEEDS OF TI I
or a b o u t F o b . 1 4 1 9 1 7 ) , P r e s . C o lt , J a n . 1 5 , re p o rts in s u b s t .:
$60,000,000 N E W BONDS
Security for New Bonds.— T ho bonds are to be .secured upon tho properties P roperty, plant & equipment as carried on hooks being, It is bolioved, m uch less than reappraisal would show _______________ $54,850,204
owned or controlled by the com pany b y direct m ortgage thereupon or by
pledgo o f m ortgage bonds o f the com panies owning or controlling the same, M anufactured goods and m aterial--------------------------------------------- 48,791,239
1,731,870
or b y pledgo o f snares o f stock o f tho com panies owning or controlling tho Securities ow ned_______________________________________________
N et current assots, consisting o f cash & receivables, less
same with a covenant not to perm it mortgages thereupon.
p a y a b lo s ____________________________________________________ 30,840,293
Provision for Existing Obligations.— A ll existing bonds, and liens upon tho
properties, o f United 8tatcs R ubber C o. or subsidiaries, will bo provided
T o ta l, including no valuation on good-w ill and valuablo
for at on co, and will be paid on or heforo D ec. 1 1918, except $2,600,000 6%
trade m arks_______________________________________________ $136,213,606
gold bonds o f tho Canadian Consolidated R ubber C o ., L td ., which aro not
Undisturbed bonds— Canadian Consolidated R ubduo until O ct. 1 1946, and except $9,000,000 debentures o f General Rubber
bor C o ., L td ....... ................... .........................................$2,600,000
C o ., duo D ec. I 1918. Pending such retirement, said m ortgage and pledgo
will bo subject also to tho liens securing tho obligations so provided for. General R ubber C o ________________________________ 9,000,000
---------------- 11,600,000
T h o debentures o f General R ubber C o. aro to bo loft undisturbed for
the present as tho com pany has under consideration other plans for dealing
Leaving assets, excluding good-w ill and trado m arks------------$ 124.613.600
with its im portant crudo rubber interests, and the mortgages will contain
such provisions, subject to such restrictions as m ay bo agreed upon for Bonds now to be issued________________________________________$60,000,000
tho rolease from tho lien o f tho mortgages o f the stock o f the General R ubber A pplying tho proceeds o f salo o f the $60,000,000 bonds, tho
com pany and Its subsidiary com panies would havo as o f Oct.
C o . or for any contem plated corporate action on its part.
31 1916 over and above ail liabilities other than tho new
Securities to Retire Which the Proceeds o f $24,697,148 o f these $60,000,000
bonds and tho undisturbed b ond s.net quick assets, consist
Bonds are to be Set Aside.
ing o f accounts and bills receivable, cash and merchandise
United States R ubber 6 % bonds, duo D ec. t 1918........................ $16,000,000
and readily marketable securities (excluding securities issued
Eureka Flro Hoso M fg . C o. 5 % b ond s, duo D ec. 1 1918......... ..
970,000
b y subsidiary com panies), valued a t------------------------------------- $81,363,402
Canadian C onsolidated R ubber C o ., L td ., 5 % debentures, duo
T ho foregoing financial statem ent doos not include as a liability $1,355,
D ec. 1 1918 (see also a b o v o )_________________________________ 2,500.000
M organ & W right 5 % debentures, duo D ec. 1 1918......... ............. 5,000,000 200 (less than 6% o f amount outstanding) o f stock o f tho R ubber G oods
M fg . C o . and $385,100 (less than 7 % o f am ount outstanding) o f stock o f
M echanical Rubber C o. 6 % First M tg o. bonds, due
the Canadian C onsol. R ubber C o. not uwned by U. 8. R ubber C o.
Jan. 1 1918...................................................................... ...$ 6 8 7 ,0 0 0
Canadian Consol. Felt Co., Ltd., A c .— T he foregoing statements Icavo
Less sinking fund deposited with trustee_______________ 459,852
227,148
out o f account tho Canadian Consolidated Felt C o ., L td ., a m ajority o f
T o retire tho abovo obligations $24,697,148 cash is to bo deposited with whoso com m on stock is owned b y tho Canadian C om p a n y, and tho con
tho m ortgago trustees or other depositaries approved b y K u h n , Loch & C o.
tingent liability o f tho Canadian C om pany as guarantor o f $426,500 bonds
Ja n .
20 1917.]
T H E C H R O N IC LE
o f said com pany. On N o v . 30 1910 the Felt C om pany had net assets over
all liabilities, other than said §426,500 o f bonds, valued at $011,984.
Sim ilarly tw o other relatively unim portant com panies, in which the stock
Interest o f the United States R ubber C o. or its subsidiary com panies is less
than 8 0 % . aro excluded. Said three com panies aro not regarded as ‘ ‘sub
sidiary com panies” .— V . 104. p. 178, 70.
C lu e tt, P ea b od y & C o., In c . (C olla rs, & c .), T roy , N. Y .
31 1916.)
Chairman F. F. Peabody, Troy, N. Y., wrote in substanco:
T he generally good business conditions aro reflected in tho com p a n y’s
{A n n u a l Report f o r
F iscal
Y ea r ended
D ec.
sales, m ore than $3,000,000 having been added to these tho past year; an
am ount far in excess o f any increase previously reported. A t the last
regular m onthly m eoting tho directors raised the dividend rate on the
com m on stock to 1 Yi % quarterly. W e now have a dividend record on our
com m on stock o f from 4 % to 6 % within three years, besides accum ulating
a substantial surplus.
T ho increased cost o f all m aterials, coupled with tho 10% increase in tho
earnings o f our piece workers, necessitated an advance o f 10 cents per dozen
In the prico o f Arrow collars to tho trade July 1 1916. These conditions,
together with the largo increase in sales, requiring m ore stock to lie carried,
and the large stock o f materials and supplies on hand purchased at co n
siderably below to-d a y ’s market prices, aro responsible for the increase in
our bills payable. T he amount owing is small for tho volum e o f sales
and tho quick assets o f tho com pany.
. „ „
.
, , ,
The bookings o f collars, shirts and handkerchiefs for next spring s do
livery show a substantial increase. They promise continued growth in our
sales, but wo must not overlook the fact that we aro facing very high costs
for all kinds o f materials. The Canadian plant has fulfilled our expecta
tions o f better results and tho outlook for 1917 is prom ising.
T he new six-story fireproof building has been enlarged to eight stories and
has been com pleted. During the present year wo expect to erect the second
unit in our eight-story modern m anufacturing plant. It will bo loOxlOO ft.
and tho two buildings will Increase the total area o f plant by 2 ^0 ,0 0 0 sq ft.
Near tho close o f 1910 Robert Cluett Jr. resigned as director and V ice
President on account o f ill-health.
E AR N IN G S FOR C A L E N D A R YEARS.
1916.
1 9 15.
1914.
1913.
N et sales.............................$16,518,717 $13,346,005 $13,109,442 $13,515,305
Ollier incom e__________
5,400
5,400
5,400
5,400
T o ta l Incom e.................. $16,524,117 $13,351,405 $13,114,842 $13,520,705
Operating, & e., expenses 13,472,848
11,013,942 11,385,830 11,272,136
N et incom o.....................$3,051,269
R ond, & c., interest____
S26.016
D ep recia tion .......... ........
213,428
Prom, on pref. s to c k ___
______
Reservo for contingencies
.......... Preferred d iv id e n d s ...(7 % )4 9 0 .0 0 0
C om m on d iv id e n d s ...( 5 % ) 9 0 0 ,000
$2,337,462 $1,729,012 $2,248,569
$1,735
$15,281
$29,768
242,465
222,583
208,107
x l9 ,7 0 5
______
______
Cr.40,663
47,417
(7)532,333 (7 )5 6 0 .0 0 0 (5 ^ )4 2 0 ,0 0 0
(4)720,000 (4)720,000
___
T otal d ed u ction s____ $1,629,445 $1,516,238 $1,477,201
Balance, surplus_________$1,421,824
$821,224
$251,811
Balance carried forward 1,675,751
1.874,232
1,622.421
$705,292
$1,543,277
79,144
T o t a l ............................. $3,097,576 $2,695,456 $1,874,232 $1,622,421
______
1,019,705
______
____
Redem ption o f prof. stk.
T otal surplus..............$3,097,576 $1,675,751
$1,874,232 Sl.622.421
x Denotes prem ium paid on 10,000 shares o f prof, stock bought and
awaiting cancellation.
B A L A N C E SH E ET DEC. 31.
1010 .
1915
1910.
1915.
TAabilitles—
S
$
Assets—
8
5
_
R ’i e s t .,p la n ts ,& c .* 3 ,045,105 *3,10S,727 C o m m o n s t o c k _ 18,000,000 18,000,000
G o o d - w ill, p a t., A c . 18.000,000 18,000,000 P re fe rre d s t o c k . . . 7,00 0,000 7,000,000
W o r k In p ro o ., <to. 3.51 2,630 2,075,020 H ills p a y a b le _____ 1,875,000
70,744
C a s h ______ ______ 280,915
581,258 A c c o u n ts p a y a b le .
43,285
02,514
M a n u fa o 'd g o o d s . 2,76 4,056 1,838,235 R e s e rv e f o r t a x e s .
21,171
a A c c ts . re c e iv a b lo 2,481,976 1,804,429 S p e c ia l s u r p lu s _ 1,019,705
_
1,019.705
M f g . s u p p lie s , & 0- 64 37,30 7
277,238 S u r p l u s ................... 3,097,570 1.075,751
h ills re c e iv a b le
2,889
11,405
T o t a l ................... 31,125,539 27,759,912
T o t a l ....................31,125,539 27,759,912
* Includes real estate, buildings, m achinery, vehicles and equipm ent at
T ro y , Rochester, W aterford and C orinth, N . Y .; South N orwalk. C onn.,
Leom inster, M ass., and St. Johns, Quebec, together with furnituro and
fixtures at sales room s, n A fter deducting reserve for cash discounts and
doubtful accounts, b Includes m anufacturing and operating supplies and
deferred charges to operations, including advances applicable to spring
season o f 1917.— V . 104, p. 75.
A m erica n B rake S h oe & F o u n d r y C o. (o f D elaw are).
12 1916.)
{F irst A n n u a l R eport, D ated D e c .
Organization.— On O ct. 16 1916 your com pany purchased ail tho assets
and assumed all the liabilities o f the American Brake Shoe & Foundry C o
o f New Jersey as o f O ct. 1 1916 (V . 103, p. 1509, 1703).
•
As your com pany has boon doing business less than two m onths, a report
o f Its operat ions for a year cannot be made at this tiino. but it should be
noted that tho New Jersey com pany for the year ending Sept. 30 1910 had
net profits o f $1,627,307, the largest in its history, and that all the com
pany’s foundries except IJniontown were operated throughout tho year,
tho average operation having been 74.4% o f capacity, as com pared with
53-9% during the previous year. Additions to construction account a g
gregated 8296.325.
.
, .
Southern Wheel Co.-—-The earnings ‘ o f this com pany were satisfactory
and dh idonds were paid at the rate of 0% P- a ., and aftor providing for d e
preciation. a satisfactory balance was transferred to surplus account
American Malleables Co.— Marly in 1916 tho volume o f business was not
satisfactory, but later it increased and the plants at Lancaster and Owosso
now have all tho business they can handle. T ho year resulted in a small
profit after allowance Tor depreciation, but no dividends were paid as all
available capital was needed in current business.
A
/./■ * 1
■
'PU,.
......... /» i
•
255
GENERAL INVESTMENT NEWS
R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
A m erica n R a ilw a y s, P h ila d e lp h ia .— G uaranteed B o n d s .—
See Ohio Valley Electric Ry. below.— V. 103. p. 2340.
B a rtlesville In te r u r b a n R a ilw a y . —
Sinking F u n d B onds
—Edward V. Kane & Co., Phila., are offering at 100
and int., tho surplus portion of 8350,000 First Mortgage
sink, fund 6% gold bonds, dated Jan.l 1917 and due Jan.l ’47.
O ffered .
The new bonds (part of $1,500,000 authorized) aro redecmablo on any
L'&T3
?
a.f 102 and int. upon 30 days’ notice. Denom. $1,000 and
$500c*. Int. J. & J. in N. Y. without deduction of normal foderal income
tam, 1 rcsent I enna. State tax refunded. Trustee, Logan Tr. Co. o f Phila.
-,.0 he company’s $250,000 authorized and outstanding (closed mtge.)
hirst Altgo. 6s were called for payment Jan. 1 at 102 and Int. Holders o f
tho old bonds had the privilege of exchanging them at that price for the
new bonds at 99 and int. Tho old closed issue is being retired in order to
permit tho carrying out. o f a comprehensive financial plan which will enable
the company at all times to obtain tho capital required for future growth.
f rom Letter of Pres. Henry L. Doherty, Dec. 20 1916.
in c o r p o r a te d in 1905, and controls, without competition,
the entire electric light and power business In Bartlesville, its suburb
amoltertown, and in Dewey, Okla. Also owns and operates an electric
Interurban railway from Smeltertown through Bartlesville to Dewey, which
furnishes street railway service in Bartlesville and Dewey.
i
P eP t-~ T Lo steam generating plant has a capacity of
L075 k. w., but it is planned to increase it. The transmission system com
prises 4^? miles ami the distributing system 20 miles. Current for the
railway lino is supplied from this central station. Railway Dept.— The
JXilVPIo'.iSFii8 ^
which includes a 24£ mile loop in tho restdential sections o f .Bartlesville. I ho interurban part o f tho road is mainly
on owned right of way.
Capitalization U pon Com pletion o f Present F in a n cin g.
A u th o rized .
Oulstda
First Mtge. sinkingfund 6% gold bonds, duo 1947- $1,500,000
$350 000
Capital stock------------------------------ --------------------250,000
250,000
Territory Served .— Bartlesville is the centre of tho Mid-Continent oil and
natural gas fields, and has a population estimated at 16,000, and 30 miles
of paved streets. It contains 264 business houses and industries, which
include three of the largest zinc smelters in tho United States, employing
1,500 people. Washington County is very fertile for agricultural purposes,
but owing to its prolific deposits of natural gas and oil, these resources are
being extensively developed. Dewey, Okla., is a modern community of
3,000. Including the industrial suburb of Smeltertown, tho company
serves a total estimated population of 20,000.
E arnings f o r 12 months ended Oct. 31—
1916.
1915.
Gross earnings______________________ _________ ______ $153,163 $131,905
Net, after taxes___________________ _______ ______ ___ 58,351
56,245
Less 1 year's int. on $350,000 1st M . 6s............................. 21,000
______
These B onds. —A first mortgage on all property now owned or hereafter
acquired. I hysical value o f property largely exceeds the $350,000 outstand
ing bonds. Addit ional bonds may bo Issued for 85% o f cost of permanent
improvements and extensions, when net earnings aro twice the interest
ibonds proposed. Tho present offering is mado to retiro
the [*250,0001 old bonds ami liquidate certain floating debt.
Under the sinking fund provision, 1% of the outstanding amount o f bonds
must be deposited in cash on or beforo Dec. 1 of ouch year, to purchase of
bonds in the open market (or call by lot) at not exceeding 102 and int.; or
an investment of 2% o f the amount of bonds outstanding must bo mado In
extensions or permanent improvements. Tho 1% cash sinking fund rate
shall be increased to 2% after 1937. Tho bonds acquired aro to draw
interest for the benefit o f the fund.
i A an.c.hisc.s
.-.— Lor electric service in Bartlesville and street railway service
In Bartlesville and Dewey, expiro in 1956. Dewey electric franchise 1937.
c o n tr o l.— lh e capital stock is owned by tho Cities Service Go. o f N. Y.
face V. 103, p. 2428.
B ay o f Q u in te R y . —
B on d s Called .—
See Canadian Northern R y. below.— V. 94, p. 629.
B lo o m in g to n & N orm al R y & L ig h t C o .
- , Stock I n c .—
This company, controlled by the Illinois Traction Go., recently filed at
a. pmifieate increasing the authorized capital stock from
onn^nnf\^00lr ° i vthich $1 200.000 is common and $150,000 pref.) to $1,U U U .— V. 102» p. 1058.
U .U U
B o s to n & L ow ell R R .— I n t .
& D iv s . P a id .—
See Boston & Maine R R . below.— V. 103, p. 2340, 60.
B o s to n & M aine R R .— D e fa u lts,
Rental P a y m e n ts,
& c .—
Comptroller William J. Hobbs, replying to an inquiry from
the “Chronicle” regarding the payment of interest and
rentals since the beginning of the and interest when due on the
receivership says:
Briefly speaking, dividends on the stocks
outstanding bonds of all railroads leased to the Boston & Maino aro being
paid by tho receiver of that company to prevent forfeiture of the leases;
and also tho interest on mortgage bonds assumed by tho Boston & Maine,
being those issued by tho Worcester, Nashua & Rochester R R , Co. and
the 1 ortsmouth Great Falls & Conway R R . Co. Tho interest on tho latter
mentioned bonds matured Dec. 1 and was paid.
The exceptions to this statement relate to the Connecticut River IIR.
Co. and the Vermont Valley R R ., which aro also in tho hands of a re
ceiver. ih o dividends on the Connecticut River aro by the terms of the
lease payable by the lessee direct to tho stockholders of that road, and
therefore had they not boon paid there might havo resulted a forfeiture
of tho lease. Tho interest on tho bonds was for the saroo reason paid to
tho receiver of that road, but was held by him and not paid out to the
bondholders, on account of tho receivership. The last interest duo on tho
bonds of tho Vermont Valley UR. was paid on Oct. 1st for the reason that
they arc mortgage bonds and had the payment of tho interest; been dcfaultcd the bonds would havo matured.
In other words payments havo been mado or withheld
when Mo. R R . some leading issuos, wo duo Sept. 1, 1916, follows:
due on Co—Plain debentures. Int understand, as
Bos. &
to Jan. 1 1917 inc.................................... ............................... .. . N o t paid
Ports’ll Gt. Falls & Conway 1st M . 4>4s, Int. duo Dec. 1 1916.Was paid
Wor. Nash. & Booh. 1st M . 4s, in. due Oct 1 1916 & Jan. I 1917 Was paid
Boston & Lowell R R ., all interest and dividends
Were paid
Concord & Montreal R R ., all interest and dividends________ Were paid
Fitchburg R R ., all dividends and interest inc. Troy & Bos int. Wore paid
Conn. River R R ., dividends duo on stock Jan. 1 1917
_
Were paid
Interest on bonds (paid to receiver or Conn. River U R .).. Not paid
Ext. notes due Aug. 31 1916 & int . thereon, duo Dec. 1 1916--N ot paid
Vermont Valley IiR ., dividend on stock, due Jan. 1 1917............. Not paid
Interest due Oct. 1 1916 on 1st M . 4 ^ s .........
Was paid
Ext. notes duo Aug. 31 1916 & int. thereon, duo Dec. 1______Not paid
V. 104, p. 71.
l V i---- 1 ...... r
rV
^ ------ ......... ............... i;/M
l.
Ill iVU m m an
K.
additional contract was made by the saino com pany for 120 0 0 0 shells of
the same kind, and Oho fulfillment o f that contract is proceeding in a satis
— »•
^ ’B a s r a s a
t m
s s .r
General.— The com pany had on hand O ct. 1 1915 a largo siimilv o f raw
material widen had been purchased when m arket prices wore low . This
together with the hugely increased volum e o f business, accounts in a largo
measure for tho unusually satisfactory profits for tho year
On Sent 30
1916 there was also on hand a large supply 0f raw materials, but much o f it
was necessarily bought upon tho advancing market, and in connection with
constantly increasing labor cost, it m ay bo m ore difficult to obtain from the
brake shoo business proper as satisfactory returns as resulted last year. It
is believed, however, that the results for the current year will be satisfactory.
[In tlie issue o f the “ Chronicle" o f D ec. 9 (on page 2155) will be found the
incom e account and balance sheet for the late fiscal year, in V 103 p
2427/ wo published interesting and important data about the com p a n y’. 1—
V. 103, p. 2427. 2239.
B r o o k ly n C ity R R . —
P rop osed Restoration o f D ivid en d s to
10% B a sis — O ffic er .—Pres. _Frank Lyman, in a letter to
stockholders on Jan. 15 1917,that your directors expected to resume
says in substanco:
You have been previously advised
the payment of the full dividend of 10% per annum on Oct. 15 1 9 1 7 .
Since the completion of the payment of the current obligations on account
of the settlement of the suit on <let. 23 1913, we now ha' e $168,000 in cash
and invested in real estate mortgages and securities. Your directors feel
there should be a substantial increase in said amount of $168,000 by adding
thereto *60,000 on April l 1917 from the quarterly rent of $300,000 to bo
received on said date irom the lessee, so as to bring the amount up to and
over $228,000 before resuming the payment of said 10% dividends. Theroy w r directors now expect to resume the payment of the full dividend
of 10% per annum on July 15 1917 Instead or Oct. 15 1917, as previouslyannounced.
Tho directors on Jan. 15 paid to holders of record Jan. 3 a quarterly divi
dend (N o. 227) o f 2 % , on the capital stock amounting to $240,000.
[H enry F . N oyes has been elected Vice-President to succeed h
Richard
L . E d w a rd s.— V . 100, p. 228.
[Vol. 104.
T H E C H R O N IC LE
C a n a d ia n N o r th e rn R y .— S u b .
C o. B onds C alled
.—
Fifty (§50,000) Hay of Quinte Ky. 1st M . 5s, duo Jan. 2 1927, have been
drawn for redemption at 105 and int. on Feb. 20 1917 at the llank of
Montreal, in Toronto, or at its agency in N. Y. City.— V. 1C4, p. 159, 71.
C en tra l A r g e n tin e R a ilw a y .— Convertible
N o te s Sold to
—This company, organized in 1863 and now
operating about 3,300 miles of road, has arranged to call and
retire two issues of short term notes held in London through
the sale of §15,000,000 10-year 6% convertible notes to a
group of bankers headed by J. P. Morgan & Co. and in
cluding Kuhn, Loeb & Co., National City Co., Guaranty
Trust Co., Leo, IIigginson& Co. and William A. Read & Co.
N.
Y . B ank ers.
The notes are dated Feb. 1 1917 and duo Feb. 1 1927, but are subject to
prior redemption at (7) and int.
Donom. §1,000.
Int. F. & A. at office
of J. 1’ . Morgan & C o., N. Y . Trustee, Guaranty Trust C o., N. Y .
The notes aro also convertible at any time after one yoar (unless previously
called) into the company’s ordinary shares at par. These sharos during tho
past ton yoars have sold on tho London Stock Exchange as high as 120,
though recently quoted at about 66.
Tho company’s securities have never heretofore boon issued in this mar
ket and so far as known tho management has not In many yoars gono Into
tho open market for tho sale of securities, having obtained all new capital
direct from the security holders.
S ecu rities L isted on L on d on Stock E xchange.
A u th . I s s u e .
L isted.
D iv s ., % , in 1916.
Consolidated Ordinary stock)
(£28,186,950 April i f i , Oct. 2H
Deferredstock.....................-(£41,694,468)
811,800
November, 5
4 H % Pref. stock, non-cum.j
( 9,695,718 April 2M . Oct. 2 H
Debenture4% stock, red’l e ..
______ 13,486,940
June 2, Dec. 2
Central 3H % deb. stk., red- 1,117,207
113,364 Juno 1 % , Dec. 1 %
C h ic a g o C ity & C o n n e c t in g R y s. C olla tera l T r u s t.—
Y ea rs ending D ec. 31—
1916.
1915.
1914.
1913.
Dividends received___ §1,979,751 $1,704,352 §1,964,771 $2,228,050
Interest received, &c
120,919
il0,811
87,255
73,776
§1,100,000
Gross incomo_________ $2,100,670 §1,815,163 $2,052,026 $2,301,826
$1,099,488
Bond interest__________ $1,087,209 $1,094,750
105,000
Bond redemption______
105,000
59,158
61,114
58,114
General expense, &c___
71,939
Divs. on pref. partici,,
___
pation sh ares--._ (§3)4)812,500 ($2)500.000(334)875.000(4^)1125,000
_
Total deductions____$2,076,648 §1,757,864
$2,036,114 $2,283,646
Balance, surplus_______
$24,622
$57,299
$15,912
$18,180
F in a n cia l Statement D ec. 31 1916.
Sinking fund 5% gold bonds outstanding, $21,677,000 (see list of securi
ties pledged, page 26 "Elec. Ky. Sec.’ ’), pref. participation shares, 250,000,
and common participation shares, 150,000 having no par value.
A ssets (all pledged to secure bonds)— Stocks (p a r ). Total Issu e. Bonds (p a r.)
has modified his restraining order so as to enable the com
pany to meet the current items ordinarily payablo out of
New York funds.
Tho modified restraining order, It Is stated, does not apply to any funds
not on deposit in the State of New York on Jan. 5 last. Moreover, it per
mits tho company to pay out of the impounded cash or other funds which
it may havo on deposit in this city tho interest and coupons that became
duo prior to Jan. 5 on bonds, tho payment of which had heretofore been
assumed by it, including all bonds shown In tho published annual report
of the railroad company to be outstanding on June 30 1916. Tho cash
involved is said to aggregate about $3,000,000.— V. 104, p. 163, 72.
E a stern P e n n s y lv a n ia R y s.
— F ir e.—Tho managers say:
The car barn was completely destroyed by fire (on Jan. 6) and 21 cars,
mostly open cars, wero lost. The power house was not badly damaged,
nor. was any of the generating machinery. All lighting and power was
restored Jan. 7 and the railway service was partially resumed Jan. 8 and
in full Jan. 12. The property destroyed and damaged was insured, and
wo beliovo tho insurance will be adequate to take caro of any loss. Of
course, there will be a loss o f earnings for a few days and increased expenses,
due to tho necessity of purchasing additional power to carry the load, but
there will bo no material loss o f revenue during the period o f re-construction.
— V. 103, p. 1118.
F it c h b u r g R R .— In terest
&
D ivid en d s P a id
.—
Sea Boston & Maino R R . abovo.— V. 103, p. 1210, 1118.
G eorg ia R a ilw a y & P ow er Co . — B ond s O ffered . —E. H.
Rollins & Sons arc offering at 93 and interest, to yield about
5.45%, §500,000 First & Ref. Mtge. 5s. A circular shows:
T ho com pany, with its subsidiary and leased companies. Including Georgia
R y . & E lectric C o ., conducts a successful electric light and power, gas and
railway business, serving Atlanta and 32 other municipalities In north
eastern Georgia.
C apitalization — A u th .
Outsldg.
I
A u thorized
Outstdg.
1st pref. stock 6 % c u m .-.32.000,0001 Divisional bds. (closed.) $2,093,000
2nd prof, stock 4 % _____ 10,000,00011st and RefundCom m on stock __________ 15,000,0001 5 % b ond s.330,000,000 10,857,000
These B onds. — A first m ortgago on all the property, subject only with
respect to a small portion thereof to $2,093,000 divisional bonds o f closed
mortgages. A dditional bonds m ay only be Issued for not exceeding 80%
o f cost o f extensions, additions, & c.. or 85% o f tho cost o f property pertain
ing to hydro-electric plants, provided net earnings aro at least tw ice the
annual Interest on all bonds. Including those proposed.
E arnings fo r 12 m onths ended A u g . 31.
--------1915-16.
1914-15. 1915-16.
Gross earns..$6,477,708 $6,984,489 Annual int. on $12,950,000
bonds__________________ $647,500
Net, aft. taxes. 1,031,391 1,500,449
S urp lus__________________ $852,949
N ot earnings over 2.32 times bond Interest. See V . 104, p . 72.
G u lf M ob ile & N o r th e rn R R .— O fficers. —This company,
which on Jan. 1 succeeded to tho property of tho New Or
leans Mobile & Chicago RR., foreclosed per plan in V. 100,
p. 1078, announces:
Chicago City Ky______________
$16,971,900 $18,000,000
None
Calumet & South Chicago R y_______ 10,000,000 10,000,000
None
Southern Street R y _________________ 2,400,000
2,400,000None
Ilammond Whiting & East Chic. R y 1,000,000
1,000,000(all)1000,000
Chicago & Western_________________
72,000
72,000(all)74,000
D ir ecto r s. — John W . Flatten, Frederic W . Scott, A . II. S. P ost, C . N el
The current assets wero: Cash, $839,538; bills receivable, $317,000; other
nvestments (at cost), §488.118; accrued int. receivable, $37,201; total, son Strother, W . 11. C overdale, J. S. Dale, J. C . R ich, VV. F. Owen, Charles
Boekman,
11. M urpliey,
B. T igrett.
.
$1,681,856. Current liabilities: Div. pref. part. sh. Jan. 1917 ($2 25), K .Officers.— \V. Chauncey President; Johnl. \V. Flatten, Chairman o f board;
F. Owen,
$562,500; bills payable, $682,000; accrued int. payable, $280,393; reserves, J. if. H ood, Vice-President and Com ptroller: II. F . R icker, Assistant to
$24,086; excess current assets over current liabilities, $132,877. See President and Secretary; E . D . Kogan, General M anager; Eugene Harvey,
Chairman’s remarks in V. 104, p. 72.
Treasurer; W. L . D u ffec, Assistant Treasurer, and C . II. M u rphoy, A s
C h ic a g o C ity R y . — B onds O ffered . —The First Trust &
Savings Bank, Chicago, is offering at 0 9 ^ and int., §1,
000,000 First Mtgo. 5% gold bonds of 1907, duo Feb. 1 1927,
making tho total amount outs’g §33,900,000. Circular shows;
Net earnings for the present fiscal year, applicable to bond interest (last
two months estimated), will amount to $4,152,610, or about 2 J4 times the
interest requirements on the present outstanding bonds. Gross earnings
of tho Chicago Surface Lines for the same period will show an increaso of
about $3,000,000 over last year, while cost of oper. has materially decreased.
The company has paid regular dividends on its capital stock for 46 years,
ranging from 8% to 12%: During tho present year tho company has de
clared 8% regular dividends with 134 % extra dividend. See Chicago City
& Connecting Ry. above, and compare V. 102, p. 250; V. 103, p. 2340.
sistant Secretary.
„ ,,
— .
_
Voting T r u s te e s — J
ohn W . Flatten, S. S. Cam pbell, A . II. S. Post, I<rederic W . Scott and T . Nelson Strother.
Construction o f the line from the present northern terminus at M iddleton ,
T e n n ., to Jackson, T e n n ., will soon bo com m enced. Over 97% o f the bond
holders o f the N . O. M . & C . deposited their bonds with tho com m ittee and
the new securities distributable under tho plan will probably bo ready dur
ing the next m onth. Under tho plan depositing bondholders will receive
for ttieir bonds 83 1-3% in voting trust certificates for preferred stock and
75% in voting trust certificates for com m on stock.— V . 104, p. 163.
H a y tia n -A m erica n C o r p o r a tio n .— P lan
O p era tive. — N e w
—Tho plan outlined last July (V. 103,
p. 145) for tho amalgamation of Haytian railroad, public
C ities Service C o., N ew Y o r k .— In crea se m E a r n in g s .— utility and other interests, is being carried out with only
-----M o n th o f D ecem ber --------- Y ea r end. D e c. 31— minor changes and the new parent company was incorporated
1916.
1915.
1916.
1915.
at Albany on Jan. 8 with this title (as shown by tho records of
Gross earnings________ §1,570,820
§532,196 $10,110,343 $4,479,800
Expenses_____________
20,310
17,789
239,390
172,856 the Corporation Trust Co.) with §6,000,000 of authorized
preferred stock in §100 shares and 120,000 sharos of common
$514,407 §9,870,953 $4,306,944
Net earnings.-.......... - $1,550,510
§490,000 stock of no par value, the declared capital undor tlio New
§40,833
§258,960
Int. on notes and debont
§314
1,570,005 York law being §6,600,000. A preferred stock offering will
130,842
2,409,691
Preferred dividend_____
277,650
627,362
Common dividend_____
111,781
probably bo made shortly. See Central RR. of Haiti in
Balance, surplus____ §1,160,765
$342,731 $6,o74,9 10 §2,246,939 V. 103, p .318, and plan in V .103, p .145.
Tho company has just closed a record year with a record month, with
revenues for December 1916 being the largest for any one month in tho his
tory of the company.
..
S u b -C o m p a n y Stock and B onds O ffered
.—
Seo United Water, Gas & Electric Co. under "Industrials” below
and Bartlesvillo Interurban R y. abovo.— V. 104, p. 163.
Cleveland Painesville & Ashtabula (Electric) RR.—
— Bondholders' Protective C om m ittee A s k D e p o sits .—
D efa u lt
Interest duo Jan. 1 1917 on tho $1,000,000 1st M . 5s o f 1902, due July
1 1922, having been deferred, deposits of these bonds with the Cleveland
Trust Co. as depositary is asked by a committee consisting of: A. G. Tame,
Vice-President of Cleveland Trust Co.; E. V. Halo, Vice-Presidont of
Citizens Savings & Trust C o., Cleveland, and J. A. House, Vice-President
Guardian Savings & Trust C o., all of Cleveland, with Tolies, Hogsett,
Ginn & Morley, as Counsel, and Gardner Abbott as Secretary, 1215
Williamson Bldg., Cleveland.
,
, „
,,
A Cleveland paper says: "Tho road Is not an original Everett-Mooro
proposition as is the C. 1’ . & E. Tho C. P. & A. was built by other inter
ests; Its §1.000,000 First Mtgo. 5s wore put out with a bonus of 100% stock,
About ton yoars ago tho O. P. & E. purchased control by buying 70% of the
stock at 20 from various holders, and has since been nursing theC. P.& A.
along. In this period of high costs It was considered wiser to defer tho semi
annual C. P. & A. bond Interest, duo Jan. 1. Tho mortgago provides that
interest can bo deferred for six months beforo foreclosure can take placo.
It is not unlikelv that tho securities outstanding on tho O. P. & A. will bo
scaled down. The road has made gains In gross, but latterly has found
expenses eating too far Into net.” — V. 104, p. 163.
C om p a n y In corp o ra ted .
In d ia n a p o lis T r a c tio n & T erm in al C o.— Car T ru sts.— T he com pany has issued $125,000 5% car trust certificates, series E ,
denom . $1,000, dated D ec. 1 1916, and duo in semi-annual installments
from June 1 1917 to D ec. 1 1926, tho amounts duo on D ec. 1 in 1918, 1920
1922, 1924 and 1926 being $7,000, all other installments, $6,000. Interest
J. & D . at Pennsylvania C o. for Insur. on Lives & Granting Annuities,
the trustee, Philadelphia. These certificates cover 25 double truck closed
m otor cars com pleto, operated under lease by the traction and terminal
c o ., tho lease having been assigned to tho aforesaid trustee.— V . 1)8, p . 528.
K an sas C ity & P a c ific R y .— Interest P a y m e n t. —
T he interest matured A ug. 1 1916 on tho $2,500,000 outstanding 1st M .
guaranteed bonds, it is announced, will bo paid on and after Jan. 29.
— V . 103, p . 844.
Lake Erie & W estern R R .— O fferin g . —Evans, Still
man & Co. are offering oh a 4% to a 4.50% basis part of
an issue of §1,100,000 Equipment Trust 4k^s datod Jan. 1
1917, due §110,000 annually Jan. 1 1918 to Jan. 1 1927 mcl.
Trustees, Commercial Trust Co., Philadelphia.
Security — T ho issue Is secured on now standard equipment consisting or
1,000 steel underframe box cars which costnapnroxlmatoly $ 1,390,000, or
which tho railroad com pany paid In cash $290,000.— V. 102, p . 1535.
L o n g Is la n d R R .— P lan o f R e-fin a n cin g . — The Philadel
phia “ North Am erican” is quoted in substance:
A special com m ittee o f four directors o f tho com pany, nono o f thorn o ffi
Concord & Montreal RR.— I n t . & D iv s . P a id .—
cers or directors o f tho Pennsylvania R R ., has been appointed with Instruc
tions to study tho problem and roport a plan for readjustm ent or mattors.
Connecticut River RR.— D iv . P a id .— I n t . U n p a id .— com m lttco to is learned, a re-flnanclngisplan this Long Island Rthe. directors
From what
the idea now
for
R
form ulate
and roport it to
board for
Seo Boston & Maine R R . above.— V. 103. p. 2428, 1210.
and submission to tho shareholders. It is oxpected
Denver & Rio Grande RR.— W ester n P a cific M a tters — approvalshall be evolved will bo gone over with ch ief m inority that suchf
plan as
holders o
R estraining Order M o d i fi e d . —The restraining order mentioned the stock to got their approval o f It or to m odify it to m eot their vlows, if
it shall bo prom ulgated.
, t ,,
last week was obtained, it appears, by the Western Pacific possible, beforerumors afloat aro that
[Among the
interests following several conferences with representatives offered pref. stockyesterday disclaimed the m inority stockholdersa m ay bo
in oxchange or a guaranty o f dividends, but
leading
knowing anything authoritatively
of the D. & R. G. regarding the guaranty of bonds of the m inority Interestatter.]— V. 103, p. 2078.
regarding the m
old W. P. Co. (foreclosed in June 1916, V. 102, p. 155, 160, M
Texas ’R y
Su
o.
2167, 2255; V. 103, p. 62, 408). The Denver & Rio Grande, Seeissouri CK an sas & R y . above.— .V— 104,b .p.C73. In ter est.—
Kansas ity
.
it is understood, has employed an export to investigate tho M issouri P a c& P acific . — Further F oreclosure S a les.—Undor
ific R y
equities of the case with a view to determining what sums, order of tho U. S. District Court for tho Southern District of
if any, should properly be paid in case of a settlement of tho N. Y. there will be sold undor foreclosure at tho County
guaranty claim. In the meantime, Judge Learned Hand
See Boston & Maine R R . above.— V. 103, p. 1412, 1031.
T H E C H R O N IC LE
.J . 20 1917.]
an
Court House, N. Y. City, on March 1, the collateral securing
(a) tho $14,375,000 collateral trust mortgage 5s of 1887,
upset prico $10,100,000; (b) tho $9,636,000 1st collateralbonds of 1890, upset price $6,750,000. See V. 104, p. 163.
Nashville Terminal Co.— Overdue In terest P a id .—
Tho interest clue July 1 1916 on the SI ,000,000 1st M . 5s, wo are informed,
has boon paid and the com pany lias 30 days (and possibly b y agreement a
further period) in which to meet the Jan. 1917 coupons before any further
steps can bo taken for the forfeiture o f tho lease.— V. 103, p. 493.
New Jersey & Pennsylvania Tract. Co.—
—
Stock.
M erger.
The Bucks County Syndicate in Pennsylvania is taking steps looking to
tho ultimate consolidation o f a number o f tho properties in which it is
interested in N ew Jersey and Pennsylvania. The syndicate controls the
Now Jersey A Pennsylvania Traction C o ., Bucks County Interurban R y .,
Pennsylvania-New Jersey Power A Light and tho Trenton C ity Bridgo
C o. As part o f the plan tho N ew Jersey A Pennsylvania Traction C o. is
said to have been authorized b y tho N ow Jersey P. S. Commission to trans
fer $500,000 o f its $1,000,000 capital stock to the Bucks C ounty Inter
urban B y ., provided tho other $500,000 bo surrendered for cancellation.
— V . 96, p. 1557.
.
New Orleans Texas & Mexico RR.— Valuation Protested.
—Tho company on Dec. 30 filed a protest with the I. S. C.
Commission against the tentative valuation placed upon tho
property by tho Valuation Board, claiming:
(1) Disregard o f the fact that the com pany has been reorganized since
Juno 30 1914, tho d a t o o f the valuation, and its capitalization changed.
( 2) F a i l u r e t o t a k e i n t o a c c o u n t t h o o r i g i n a l c o s t a n d t h e p r e s e n t v a l u o
o f s t o c k s , b o n d s a n d o t h e r s e c u r i t ie s o f t h e S t . L o u i s B r o w n s v i l l e & M e x i c o .
B e a u m o n t S l u r L a k e A W e s t e r n a n d t h e O r a n g e A N o r t h w e s t e r n r a i lr o a d s .
■
Omiffii.m o f cash.
$343,965, and other current assets, $1,125,195.
(4)
T h o s u m o f $ 8 ,8 6 5 ,6 3 8 e s t i m a t e d a s t h o c o s t o f r e p r o d u c t i o n n o w
t h e r o a d a n d e q u i p m e n t is w h o l l y i n a d e q u a t e a n d s h o u ld n o t b e le s s t h a n
$ 1 1 ,9 9 2 ,3 4 4 .— V . 1 0 3 , p . 2 2 3 8 .
New York Central RR.— N e w A g reem en t xvith C ity .—
A “ new form o f agreement” reached between representatives o f N . Y .
C ity and the com pany for the long m ooted W est Side improvem ent was
made public on Jan. 16. (Compare V. 102, p. 437.) The com pany figures
that tho agreement would net tho city on exchange o f land and easements
$ 0 109,899 and through purely municipal improvements at com pany’s
expense $14,708,000. Property owners, however, threaten to fight tho
plan in tho courts. See N . Y . “ Tim es” o f Jan. 17 and 18 and agreement
in full in N . Y . "A m erican” o f Jan. 17.— V . 103, p. 2341.
D ebenture
B onds O ffered .
New York New Haven & Hartford RR.—
—Ilambleton & Co. arc offering, by advertise
ment on another page, at 94 and int., to yield over 5.30%,
$1,750,000 Debenture 4% bonds duo April 1 1922. Author
ized and outstanding, 145,000,000 francs ($27,985,000).
The company pays tho normal Federal income tax. The
bankers report:offered are in dollar form and have been exchanged for
T h e bonds now
tho 4% European Loan 1907 (on tho basis o f francs 500 $96 50), a corre
sponding number o f the franc bonds being canceled.
T ho com pany agrees that if it shall create any mortgage upon its main
lino between W oodlaw n, in tho city and State o f New York, and Spring
field, Mass. (122 m iles), or upon its main lino between New Ilaven , C onn.,
and I’rovidonco, It- I. (112.99 m iles), or upon any part o f said lint's (totai
mileage 234.99 m iles), ttieso debentures shall, without further act, bo en
titled to share in tho security o f such m ortgage, pro rata, with any other
obligation that may bo secured thereby, and that any such m ortgage shall
expressly so provide.
T h i s s e c u r i t y is t h e e a r lie s t m a t u r i n g o b l i g a t i o n o f t h e is s u e s c a r r y i n g t il l s
m o r t g a g e p r o v i s i o n , a n d t h e $ 3 9 ,0 2 9 ,6 0 0 C o n v e r t i b l e 6s o f 1 9 18 is t h e o n l y
o t h e r is s u e o f N e w I l a v e n d e b e n t u r e s w h i c h s p e c i f i c a l l y s o p r o v i d e s .
T h e com pany reports for the year ending Juno 30 1916, after deducting
rentals hire o f equipment, A c., from tho gross incom e, a balance o f $16,
605 253 to m eet interest on funded debt (Including the debenture bonds) o f
$9 343,382, this being equal to 1.77 times the interest charges. For annual
report, see V. 103. p. 1587.
.
Official Statem ents
“ I have no Intention o f resigning. It is true that l am in need o f a vaca
tion and I will probably take ono in tho near future, but as soon as that is
ended I expect to bo back on the jo b to work harder than o v e r ."
J. Horace Harding o f C. D . Barney & C o ., a director o f the road, said:
.—President Elliott is quoted as saying:
"Thero is no truth in tho published rumors that a group o f largo stock
holders is dissatisfied with tho management. On tho contrary, that group
and other largo stockholding groups, and tho directors as a body, are not
only woll satisfied with what Mr. Elliott has done for tho property, but
thoy also keenly appreciate tho sacrifices that M r. Elliott has mado in ren
dering this highly efficient service.” — V. 104, p. 164.
Northern Pacific Term. Co. of Oregon.— B onds R ed eem ed.
Fifty-throe ($53,000) 1st Mtge. 6% gold bonds, duo Jan. 1 1933, liavo
boon drawn for redemption at 110 and int. on Fob. 6 1917 at tho Farmers’
Loan & Trust C o., Now York City.— V. 103, p. 494.
251
2, a S e m i-A n n u a l D istrib u tio n — Other M a t
—-The directors on Jan. 15 declared a semi-annual
dividend of 2J^% ($1.25 a share) on the $30,000,000 capital
stock out of the surplus earnings of the current fiscal year,
beginning July 1 1916, payable Jan. 31 to holders of record
Jan. 22. Dividend No. 1, 2%, was paid last October.
D ivid en d N o .
ters.-
Tlie City Council on Jan. 4 referred to the Finance Committee a motion
to authorize an audit of the company’s books as permitted by the contract
of 1907 but not availed of since 1910.
Mayor Smith of Philadelphia, Pa., has retained Ford, Bacon & Davis,
Now York, N. Y ., as expert advisers to the cltv, in connection with the
proposed agreement between tho company and the city regarding the
contemplated high-speed elevated and subway lines. Tho final proposi
tion of tho company for the lease of tho hlgh’-speed lines is expected anv day.
Sovcral Union Traction Co. representatives have expressed themselves
as opposed to any arrangement in connection with financing of the pro
posed agreement that would Increase tho obligations of Union Traction
stockholders.— V. 104, p. 164.
Pittsburgh & West Virginia Ry.— F in a l Steps o fR e o r q .—
Portland & Oregon City Ry.— M ortg a g e F iled .—
This company on Jan. 4 filed a mortgage with the Security Savings
Seo Wabash Pittsburgh Terminal By. below.— V. 103, p. 2239.
& Trust Co. of Portland, as trustee, securing an issue of $350,000 6%
bonds duo, it is stated, in 1946. Tho line extends from Portland to Baker’s
Bridge, 15 miles (recently placed in operation) and will be extended to
Highland.— V. 101, P- 2072.
Rapid Transit in New York.— C o m m issio n 's Statement as
Contracts, C on stru ction , & c . —The P. S. Commis
sion in reviewing subway construction during 1916 and
for 1917, shows in brief as follows:
of
to Cost,
D u a l System Cost C ontracts .— 3 he total cost of tho “ dual" svstem Is
estimated at $252,000,000, and of this $231,000,000 has been spent and
contracted for. Only six contracts remain to lie let. Of the total to be
spent the city will contribute $180,000,000, the I. B. T . Co. $58 000 000
and tho N. Y . Municipal By. (B. II. T .) $14,000,000.
*08,UUU,UUU
Tho six contracts remaining are: Two sections of the Nassau Street sub
way, connecting tho Chambers St. terminal of the Centre St loop with the
Whitohall-Montague St. tunnel to Brooklyn. One section of the Queens-
the Livonia Ave. extension of tho Eastern Parkway line (contracts just
awarded to the Am. Bridge Co. and N. G. Cooper, totaling $1,688 919)
A connection between the Culver line and the new Coney Island terminal
for tho Brooklyn lines.
Placed in O peration. — During 1916: Extension of tho city-owned Fourth
Ave. subway in Brooklyn from 65th St. to 86tli St., together with the ex
press tracks from Gold St. to 59th St. The third tracks on tho companyowned 2d, 3d and 9th Ave. “ L ” lines in Manhattan. The third tracks on
tho company-owned Broadway “ L” lino In Brooklyn from Havemoyer St.
to Myrtle Ave. Several portions of tho city-owned Queensboro subway.
Tho Now Utrecht Ave. city-owned line (West End " L ” line in Brooklyn),
from a connection with tho Fourth Ave. lino at 36th St., first opened to
62d St., later to 84th St., and then to 25th Ave.
To lie Opened D u rin g 1917.— For operation by tho I. R. T . C o., the As
toria extension in Queens; the White Plains Road extension; the Jerome Ave.
extension of tho Lexington Ave. subway; tho Corona elevated extension.
On tho Lexington-Seventh Ave. line progress has been made at the diagonal
station between Park and Lexington Aves., and the lino may be operated
as far as Woodlawn Road next autumn.
9'he lines to bo operated by the B. II. T ., which will be completed during
1917, are: Partial operation of the Broadway subway, Manhattan, from the
lino in Canal St., and tho line in Broadway from Manhattan Bridge north
as far as 14th St., early in the summer; also a shuttle service south in Broad
way from Canal St. to City Hall.
It Is expected the third track on the Broadway “ L ” in Broolrlvn will be
in service shortly from Myrtle Ave. to Aberdeen St. During the spring the
now Jamaica Ave.* L extension from Crescent St., Cypress Hills1 will he
operated as far as "Walnut St. Operation from Walnut St. to Cliffslde Ave
terminus may be possible by summer. It is also expected that the New
Utrecht Avo. line will bo connected up with the new terminal at Conev
Island soon. Within six months tho third tracks on the Mvrtle Ave line
between Broadway and W yckoff Ave. will be in operation.— V. 103, p.i302.
S o u th e r n R y .
— L in es
G ro u p ed .
—A circular says:
The lines of the Southern Railway Co., tho Cincinnati New Orleans A
C____ _
Texas Pacific By. C o., the Alabama Great Southern RR. Co., the New
Orleans A Northeastern RR. Co. and the Northern Alabama By. Co will
hereafter be grouped for the purpose of administration as "Lines East” and
"Lines West’ of the Southern Bail way system. No consolidation is planned,
but tho corporate identity of all lines affected will be preserved as heretofore.
'Pile “ L in es L a st” will be made up of those portions of the system east
and north of the old E. T. V. A G. line from Chattanooga to Brunswick.
The " L in es W es t" will be made up of the other lines of Southern Railway Co.
and including the C. N. O. A T. P. By. and the A. G. S. R B ., the N. O.
A N. E. RR. and tho Northern Alabama R y.— V. 104, p. 74.
T en n essee C en tra l R R .
Nova Scotia Tramways & Pow. Co., Ltd.— Successor C o.
On Jan. 12 all the properties o f tho Halifax Electric Tram way C o. and
— T erm in a l
In terest P a id
See Nashville Terminal Co. above.— V. 103, p. 2239, 1413.
.—
— N o tice to H old ers
4% Sin kin g F u n d Gold B on d s, D u e 1927.—The protective
committee, formed with John Henry Hammond, of Brown
Bros. & Co., as Chairman, to represent holders of the 4%
Ohio Valley Electric Ry.—
—-The Fidolity bonds who object to the provisions of the reorganization plan
p. 1303),
Trust Co. of Baltimore is offering at 98 and int., to yiold (V. 103,this plan the in an adv. on another page, say in subst.:
Under
receive
about 5.15%, $800,000 First Mtge. 5% 30-year gold bonds, 46% in pref. stock, from4% bondholders would they are 25% in bonds and
appears that
guaranteed prin. and int. by the American Railways Co. 75% of their lien and to which it to a reduction of 29%asked to relinquish
consent
in
principal
In
the company
vear not only
The bonds arc dated Dec. 1 1916, duo Dec. 1 1946. Denom. thoview of the fact thatpay the interestearned during the pasttheir 4% bonds
amount
on the underlying and
$1,000 c*. These are the bonds described in V. 103, p. 2342. in full, but required to $737,000 for tho payment of sinking the depre
also about
funds
charges
dividends, the sacrifices which the bondholders
Pacific Gas & Electric Co., San Francisco.— B onds ciation, othermake are,and our judgment, greater than either the condition
are asked to
in
O ffered . —Harris, Forbes & Co. and tho National City Co.
the company or
position of the 4% bonds
the sacrifice is largely
of the junior securities.
and Ilalsoy, Stuart & Co.,Chicago, arooffering at 93% and of Notwithstanding the for the benefitcondition of justifies, particularly as
tlio earnings and
the company, as
int. $3,060,000 Gen. & Ref. Mtge. 5% gold bonds of 1911, outlined, .the situation has become chaotic; foreclosure proceedingsabove
000
duo Jan. 1 1942, making at present outstanding $32,988,000, been instituted on ono of the underlying issues, amounting to $1,800 have
another underlying issue, amounting
has
not including $1,000,000 in the treasury. Compare V. 102, market prico of the 4% bonds has fallentoto $100,000, 10. matured,’ and the
less than
The junior securi
ties are in the hands of a single interest and control the operation and policy
n. 522; V. 104, p. 164.
of the
them a great
Passenger delivered on dJan. 13 DJudgeioKenesaw M . Landis in tho requestcompany, whichofgives 4% bonds beadvantage over the scattered 4%
Fares.— A v erse e c is n .—
bonds, unless the bondholders unite for their own protection. We therefore
In an opinion
that deposits
the
made immediately with the de
also the water powers o f the Gaspereaux were taken over b y tho above co.
Tho new board o f directors consists o f E . A . R obert (President), Montreal;
O. E . Smith (V .-IL ), Halifax; W . G . Boss, F. H. Wilson, J. W . M cConnell,
M ontreal; P. J. M cIntosh, Now York; II. II. Smith, W . H . C overt, K . C .,
and II. B . MaUlson, Halifax.— V . 104, p. 164.
B onds O ffered .
U. S. District Court at Chicago denied the application o f tho railroads for a
permanent Injunction to restrain tho Illinois State authorities from inter
fering with tho now passenger tariffs o f 2.4 cents a mile, scheduled by tho
Inter-Stato Comm erce Commission to becom e effective In that Stato on
Jan. 15, in placo o f tho 2-ccnt rate which the State now seeks to retain
— V. 1 0 1 , p. 1886.
E a r n in g s .
Philadelphia Rapid Transit Co.—
—Tho
following was issued after D ecem ber---------of M on th s ending DJan.3 15:
tho meeting 6 tho directors e c . 1 —
-----M on th o f
1916.
%
1915.
1916.
%
1915.
Gross earnings:
$
In c.
$
$
In c.
$
Passonger!___ 2,393,121 12.29 2,131,142 13,356,831 11.90 11,936,431
Other sources___
94,167 14.38
82,330
500,315 4.11
480,542
is
Gross earnings.2,487,288
expenses...i:396.094
Opcr. oxr _____
rnlnffu _ :i:0 9 U 194
i ooi 9 4
Net earnings_
813,921
Fixed charges..
Surplus.............
12.37 2,213,472 13,857,146 11.60 12,416,973
56.13 1.237,668 7,703.820 55.59 6:959,936
43.87 975,804 b,153,32b 44.41 5.457 037
32.72 815,497 4,887,234 35.27 4,895|793
277.273 11.15
160,307
1,266,092
9.14
661,244
U n ite d R a ilroa d s o f San F r a n c is c o .
of
positary, or one of the_sub-depositaries, named below.
Certificates of
the New
othbury,
Condensed Extracts from C ircular of Comm ittee, Dated Jan. 13 1917
(1) The plan involves needlessly large sacrifices by the 4% bondholders
and for such sacrifices gives no adequate compensation. Under the plan
the bondholders would receive Tor their present holdings 25% in new bonds
46% in new first pref. stock, 71% of present holdings. Tills in effect
involves the surrender of <5% of their lien and the entire cancellation of
29% of their principal.
(2) No reduction in equity is required from the junior securities. These
are held by a single interest, and, while the form of their securities is changed
and tho par value reduced, still represent the entire equity over the 4%
bonds (or tho new securities substituted therefor) and this equity would
be enhanced by the cancellation of about $7,000,000 of the principal of
the prior securities.
(3) Flan makes no provision for solution of the franchise controversy.
(41 The method provided for the refunding of debts is of a too t< mporary
character. If the plan is consummated, the company will have outstand
ing bonds and notes as follows: Bonds, $16,098,000; serial debentures
T H E C H R O N IC LE
258
52,500.000; total, 818,598,000, all o f which would mature Sept. 1 1921 or
prior to that date. '1 he necessity for tho extensive refinancing thus re
quired within so short a period would seriously affect the com p any’s credit
handicap it in its operations and in any adjustm ent o f the existing con tro
versies and jeopardizes tho interests o f the < % bondholders and the securi
1
ties they would receive in exchange.
(5) T h e financing, m oreover, does not provide for the extensions, im
provements or other capital purposes which are necessary in such a rapidly
growing com m unity. C om pare V. 101, p. 165.
Valdosta Moultrie & Western RR.—
.—
S a le
T ho railroad property o f this com pany will be offered at foreclosure sale
on Jan. 20; the other property, including terminals at Valdosta, is to bo
sold on Feb. 6 .— V . 102, p. 1347.
Vermont Valley RR.—
—
.—
Virginian Railway.— Stock In c r e a s e .—The shareholders
will vote Jan. 27 on authorizing tho increase of the authorized
stock from $65,000,000 divided into $36,000,000 common
and $29,000,000 5% cum. preferred, to $75,000,000, divided
into $35,000,000 5% cum. prof, stock and $40,000,000 com.
I n t . P a id .
D iv s . U n p a id
See Boston & M aino R R . above.— V . 103, p. 845, 240.
[Vol . 104.
to $ 8 per share on 630,000 shares o f com m on stock. This assum es a scrap
value o f but $2,500,000 for the now factories built at a cost o f $11,000,000.
‘T h e com pany is doing a gross business o f $5,000,000 a m onth upon
which it could mako a 1 0 % m anufacturing profit if it were not embarrassed
by insufficient Cash. It stands In need o f two or three million dollars with
which to carry stocks o f m anufactured product when export shipments
aro delayed. If, for any reason, deliveries to Great Britain or Franco aro
held up by non-arrival o f steamers in which to ship tho powder— and delays
have been frequent o f late— it puts tho Aetna C o. in a tight situation.
“ A t tho present tim e the com pany is getting 55 cents per pound for
smokeless powder from Great Britain; it is under contract with Franco at
75 cents. For a substantial portion o f its product it has contracts which
run through tho duration o f the war. T ho English contract runs to April 1
and can bo renowed for three m onths’ periods thereafter or cancelled at
the will o f tho English Governm ent. A t 55 cents for smokeless Aetna can
m ake a small profit— tho factory cost being somowhero in the neighbor
hood o f 45 cents per pound. When thero aro delays in the receipt o f raw
material used in tho m anufacture o f explosives, and deliveries at times aro
very irregular, the tem porary closing down o f certain plants is mado neces
sary and all this sort or thing is expensive.
“ In a nutshell, the Aetna C o. is doing too much business for its capital,
and at prices which, while they would show a fair m anufacturing profit
under normal operating conditions, aro returning but a small not balanco
after all the m any extraordinary charges and expenses aro taken into
a ccou n t.” Com pare V . 103, p. 408, 580, 940.
— A n n u a l R ep o rt .—In
connection with tho financial statement as of Doc. 31 1916
Wabash Pittsburgh Terminal Ry.— Sale o f S ecu rities , (seo “Advertisements”), the company reports:
tfee.—Pursuant to order of U. S. Dist. Court in the suit of T ho com pany’s financial statement for fiscal year ending D ec. 31 1916
T he
just
the Bankers Trust Co., trustee of tho 1st Mtgo., Receiver shows notisprofits o l $125,485. pany surplus remaining after dividend con
T he com
has also deducted a reservo for
Horace. E Baker will offer for sale in Pittsburgh on Feb. 5; declared o$729,705. declared a quarterly dividend o f \ 'A % , payable Jan.
tingencies f $400,000.
Tho com pany has
There is now outstanding $31,271,500 com m on and $27,955,000 pre
ferred. Further particulars as to the amounts and purposes o f tho present
proposed increase aro not available.— V. 103. p. 2239, 1880, 1785.
(1) 40 separate pieces o f real estato situate along the line o f tho road in
counties o f Allegheny and W ashington, l ’a ., and Br >oke C o., W . Va.
(2) Claim in equity for an accounting filed by the receivers against tho
P ittsburgh-Toledo Syndicate suit (George J. Gould et alii) at present pend
ing in the N . Y . Supremo C ourt.
(3 & 5 ). All the capital stock and 3,800 bonds o f Pittsburgh Terminal
Railroad & Coal C o ., subject to the pledges and claims.
(4) 249 shares o f the capital stock o f Pittsburgh & Cross Crk. R R . C o.
(6) Promissory noto o f Wheeling & Lake Erie R R . C o. for $300,000,
dated 1907, subject to pledge thereof.
(7) B ook account $35,000 against Texas & Calif. C onst. C o. o f Penn.
Said sale will be made subject to tho m ortgages, liens, charges, demands
and claims set forth in the dccreo.
D e p o sits,
to E n d F e b .
(fee.,
1.—Tho reorganization com
mittee, J. N. Wallace, Chairman, gives notice to those
holders of 1st M. bonds and certificates of deposit for tho
same who owned their bonds or certificates prior to Dec. 4
1916, but who have not made payment thereon as required
by tho plan of reorganization, that no deposits or payments
will be received after Feb. 1, and prior to that day will bo
permitted only on tho condition that holders relinquish tho
right to receive tho Wheeling & Lake Erie stock to which
otherwise they would be entitled.
As the total amounts o f deposits to be accepted, including 1st M . and
2nd M . bonds already in hand, is limited to $30,236,000, deposits and pay
ments as aforesaid, accepted according to tho priority o f ownership o f tho
bonds. Payments o f $310 on each first mortgage bond and on each bond
represented by a certificate deposit must be accom panied b y a sworn affi
davit o f the date on which the bonds were purchased to be filed with the
Central Trust C o.
T he Pennsylvania P. S. Commission on Jan. 17 approved tho transfer
o f tho road to tho Pittsburgh & W est Virginia R y .— V. 104, p . 74.
A l l i a n c e
R e a l t y
C o . ,
N e w
Y o r k .
16 1917 to stockholders o f record Jan. 10. This dividend is tho 59th con secutlvo quarterly dividend since tho com pany began business in 1901.
During that period o f fifteen years stockholders havo received dividends
aggregating 112% upon the outstanding capital stock o f $2,000,000. Dur
ing tho last 10 years covering the period M r . Chesobrough has been Presi
dent o f tho com pany, dividends to stockholders havo averaged 8 .15% p .a .
T ho Al.iance R ealty C o. in its statement calls attention to tho fact that
It has ono class o f stock only; has issued no bonds, and that it has been the
com pany’s practice not to incur liability upon real estato bonds.
T ho President’s report to stockholders expresses tho belief that improved
conditions are likely to prevail in 1917.
Comparative Balance Sheets Dec. 31.
1916.
1915.
1916.
Resources—
Liabilities—
S
8
S
519,772 C a p ita l s t o c k ............ 2,000,000
N . Y . C . re a l e s ta te - 334,504
in v e s t m e n t In s to c k
A c c r ’d In t. p a y a b le .
9.4S6
B r o a d E x c h . C o ._ 1,891,846
Su sp e n se a c c o u n t ___
3,057
I n o t h o r N . Y . C . real
2,094,334 S u n d r y acc’ts p a y ’ie .
66,376
e sta te in v e s t m ' ts . 337,180
R e s e r v e fo r d l v . p a y D o B o n d s & m tg e s . 395,107
a b le J a n . 16............
30,000
O t h . m a rk e ta b le s tk s .
445,293 R e s e r v e fo r c o n tln * b o n d s o f c o s ____ 149,8681
g e n c ie s ..................... 400,000
B ills re c e iv a b le _____
33,100
68,200 S u rp lu s & u n d iv id e d
C a s h a t b a n k s ............
70,893
63,431
p ro fits , a ft e r re A c c r ’d In t. * d iv s .
26,126
s e r v e s ____________ 729,705
26,866
1
1
F u r n i t u r e * f ix t u r e s .
T o t a l ______ _____ 3,238,624 3,217,897
— V . 100, p . 57.
1915.
S
2,000,000
7,420
3,057
52,205
30,000
400,000
725.215
T o t a l ........................ 3,238,624 3,217,897
Allis-Chalmers Manufacturing Co.— E Previous s .—•Total
a r n in g
11 Mos. to
Net
Preferred
Balance,
Nov. 30.
Profits.
Dividends.
Surplus.
Surplus.
Surplus.
1916----------- $2,862,450 (9%)$1,426,455 $1,435,995 $1,808,408 $3,244,403
— V. 103, p. 2239, 1594.
Amorican Bank Note Co.— D ivid en d In c re a sed .— A
Western Pacific RR. Corp.—
—
quarterly dividend of 1 A % has been declared on tlio $4,495,
l
700 common stock, payable Feb. 15 to holders of record
Wheeling (W. Va.) Traction Co.— E q u ip . Trust C tfs .— Feb. 1. This compares with 1% quarterly since Aug. 1915.
T he com pany, it is stated, is bringing out an issue o f $40,000 5 A %
—V. 103, p. 662.
equipment trust certificates for the purchase o f eight new pay-enter cars
to cost $43,698. The certificates shall mature serially and at the-end o f
American Chicle Co., New York.— P urchase .—■
five years they will be redeemed in full.— V . 96, p. 1491.
“ Financial America,” Jan. 18, says: “ The purchase of the Sterling Gum
G uaranty C la im .
See Denver & R io Grande R R . above.— V. 104, p. 165.
I N D U S T R I A L
A N D
M I S C E L L A N E O U S .
— P iano
.—A statement put out by tho Aeolian Co.
subsidiary company) says in substance:
A e o l i a n - W
e b e r
P i a n o
&
P i a n o l a
C o .
N .
Y .
Plants at C ap acity
(a
F or the first tim e in a number o f years American piano manufacturers
find their plants working at maximum capacity. A ccording to estimates
gathered by our m anufacturing departm ent, the piano production in tho
U. S. during 1916 was close to 450,000 instruments as com pared with
326,000 instruments in 1914. T ho yearly output had previously neon either
stationary or declining for tho past six or seven years. T he Department o f
C om m erce in Washington for 1909 found that approxim ately 365,000
pianos with a value o f over $70,000,000 had been produced by 380 estab
lishments, while in 1914 the output was 326,000. a decline o f 29,000 instru
ments and in.value o f over $ l ,000,000. A t that time there were also 40 less
firm s engaged in piano manufacture.
T iie present favorable upturn we explain as follows: For several years
previous to the war it looked as if tho piano business as a whole had com e
to a standstill in this cou ntry. A s a m atter o f fact, the industry was
merely undergoing a spell o f depression, incidental to bad merchandising
m ethods o f the previous decade. R ccov ory would, no d ou ot, have set in
regardless o f the war; as it is, the prosperity accom panying the war has
stimulated dom estic buying power to an unusual degree. This, coupled
with mounting export business, has created a demand that is taxing factory
capacity rather generally. M ost o f us look for a continuation o f this con
dition for many m onths to com e. Foreign buying from new and unexpected
sources is appearing in the market over.v few days. This means that stock
o f goods have been depleted and that the dealers in question who havs
hitherto handled European-made pianos are no longer hopeful o f an carlo
return to former conditions. Compare V. 103, p. 2429; V. 102, p. 19S9y
Co. by the American Chicle Co. of Now York, a subsidiary of tho American
Chiclo Co. of New Jersey, it became known to-day, was closed for $700,000,
or 30 cents a share for tho Sterling’s outstanding stock. The Chicle Co.
will operate tho Sterling’s plants at Long Island City, said to bo tho most
modern gum factory In the country, at Louisville, K y., and Toronto, Can.
Tho Chicle Co. has closed down its Newark and Philadelphia plants, which
heretofore, with tho Rochester unit, served tho metropolitan district.”
Compare V. 103, p. 2429.
American Cyanamid Co. (of Me.), N. Y. City.— In ter im
—
— P ref. D ivid en d
—Pres. Frank S. Washburn
in interim report dated Dec. i5 says:
Report— Satisfa ctory
Progress
A c q u isitio n
D eferred to M e e t C apital O u tla ys.
Since tho publication of its last annual report, tho company in the exer
cise of its option has, by the issuance of its shares, acquired the entile issue
of capital stock of the Ammo-Phos Corporation. Among the assets of ( lie
latter company thus acquired is embraced tho entire issue of capital stock
of the Amalgamated Phosphato Co. Tho Amn o-Phos Corporation is now
erecting a large factory on the water front of New York Harbor for the man
ufacture of a new high-grade fertilizer material, ammonium phosphate, to
which has been given the patented trade name of "Ammo-Phos,” which will
contain a combination of ammonia derived from cyanamid, and phosphoric
acid derived from phospate rock to bo supplied from tho mines of tho
Amalgamated Phosphato Co. While its treasury contains sufficient funds
for finishing tho plant as originally planned, the construction of which Is
now rapidly nearing completion on schedule time, an additional expenditure
will be required for changes in the original plan. It is anticipated that ini
tial manufacturing operations will bo started on or about Jan. 1 1917, and
that these, ponding the introduction of tho new material "Ammo-Phos” in
April 1917, will consist of tho production of ammonium sulphate, for which
there is a keen demand at profitable prices.
The Amalgamated Phosphato Co. owns and operates ono of tho most ex
tensive and well-equipped phosnato rock mines in the centro of the Florida
deposits. This company now has contracts for practically all of tho rock
A e t n a
E x p l o s i v e s
C o . ,
I n c . ,
N .
Y .
P r ef. D ividen d N o t which it can produce with its present equipment for the next five years.
Therefore, in the interest o f reducing the mining costs, and placing the com
D ecla red
pany in a position for taking on new contracts, it has been decided to install
equipment sufficient to double its present capacity.
H.
S. Kim ball has tendered his resignation as President, but wil Tho cyanamid factory at Niagara Falls will soon be operating with nitro
gen derived from the new liquid air plant, which will give a larger output
continue to hold the office for the tim e being.
Price, W aterhouse & C o. have been engaged to mako an audit o f tho at reduced costs, particularly when certain other improvements and better
com p any’s accounts as o f Jan. 1 and no official statem ent, wo arc informed, ments which are now being mado are completed. All tho material on hand
will be made public until that is ready. In addition to the $2,200,000 1st and all that can be produced up to tho end of tho present fertilizer soason has
M . bonds thero are somo $2,500,000 notes outstanding, but what other already been sold. Tho company is actively engaged in development work
in preparation for the manufacture of various other compounds, and ma
liabilities is not known. In August last the com pany was reported to have
terial progress has been made. Already quite a largo proportion of the
borrow ed $ 2 ,0 0 0 ,0 0 0 on warehouse receipts, but this was not confirm ed,
cyanamid product is finding a market in tho chemical industry other than
though possibly true.
for fertilizer purposes.
T he N ew York “ Evening Sun” on Jan. 16 quoted a m embor o f tho board
While tho Indications aro that tho present fiscal year will prove to bo by
as saying: “ Tho Aetna C om pany needs an enormous a n io u .t o f cash work
ing capital. Its payroll runs about 81.000,000 m onthly. Its [monthlyl far tho most successful which the company has yet experienced, it is consid
production runs about $5,000,000, or, roughly, $125,000 [$175,000'G a ered advisablo that so much of the profits as may bo required bo used to
d a y. The trouble right along has been lack o f credit. Like othor munition defray tho cost of the extensions and improvements referred to abovo, in
the interest of larger returns later. This will involvo deferring for a time
companies tho Aetna had m oney placed in banks as advance payments on
its contracts but did not havo sufficient credit to obtain this m onoy before tho payment of tho dividend on the preferred stock for tho six months ondIt had made tho finished product for which the m onoy was deposited. This, ing Dec. 31 1916.— V. 103. p. 1303, 842.
—
.—The directors on Jan. 16 decided not to pay at
this time the usual div. on the $5,495,900 7 % cum. pref.stock.
o f course. Interfered with tho purchase o f raw materials and with produc
tio n .” It is said th a t recent orders o f the com pany have been placed at
m uch lower prices.
A financial daily on Jan. 6 said, but on what authority is not known:
“ T he Aetna Explosives situation is not as desperate as the price o f the
stock would indicate. If the necessity existed, the com pany could sell
jts newly constructed ‘war’ plants and turn its materials and supplies into
cash and have a net balance o f $5,000,000 over all liabilities— a sum equal
American Pneumatic Service.— T ubes to C o n tin u e .—
American Sewer Pipe Co., Akron, O.— A n n u a l R ep o rt .—
President Geo. R. Hill, Akron, O., Jan. 3 1917 says in subst.:
See editorial columns of this issue.— V. 103. p. 2343.
Your company paid two dividends (each of A of 1%] during tho year
1916 and tho directors havo ordered to be paid an additional dividend of
T H E C H R O N IC LE
J an. 20 1917.]
50 cts. [ A o f 1%] per share Mar. 20 1917. Liboral amounts covering
depreciation o f plants Iiavo been charged off.
On N ov. 28 1916 firo destroyed the factory building at plant N o. 12.
Toronto, Ohio, but the plant was fully covered by insurance and will be
rebuilt at once.
.
A report was made regarding the business o f the past year, particularly
on the several specialties manufactured by your company, and In view of
the volumo o f this business it was the concensus o f opinion o f tho directors
that if such conditions continued as had prevailed during tho past year, an
effort would bo made to continue the payment o f dividends throughout tho
coming year.
R esults f o r the C alendar Y ea r 1916.
Gross earnings-------------------8584,466 IBond interest_____________$74,603
Not, after taxes----------------- $281,587 Balance, surplus ________ $206,984
— V. 102, p. 156.
American Water Works & Electric Co.— S ub. C o. D i v .—
(The) Ammo-Phos Corporation .— N e w Plant, & c.
Soo American Cyanamid Co. above.
Atlantic Fruit Co.— Voting T rust T erm in a ted .—
Stockholders are notified that tho voting trust terminated on Jan. 12
See United Coal Corp. below.— V. 104. p. 75.
and that they may now obtain certificates of common stock in exchange for
their trust certificates at the Security Transfer & Bcgistrar Co., 66 Broad
way, New York.— V. 100, p. 903.
Atlantic Steel Co.— E arnings Y ea r en d. D ec. 31 ’16.
Incomo, all sources
$968,45111’referred dividends-----------$70,000
D epredation......................... 231,262 Common dividends ( 7 % ) .. 70,060
Bond Interest. _
. 6 . ,0001
Balance, surplus---------------- 537,189
Tho total surplus Dec. 31 1916 was $566,906.— V. 103, p. 2344, 2239.
Automatic Electric Co., Chicago .— Stock
E a rn in g s. —For years ending Dee. 31:
D iv id e n d -
An extra stock dividend of 10% has been declared on the stock, along
with tho regular quarterly 1%, both payablo Feb. 1.
Calendar Y ears.
1916.
1915. I
1916.
1915.
Gross profit____ $708,840 $628,1961Bond interest____ $23,790 $47,704
General, & c., exDividends (4 % ) .. 184,528 184,528
penscs------------ 375,108 293,4971
Balance, surplus. 175,414 102,467
— V. 101, p. 844.
Avery Co., Chicago.— D ivid en d s
R esu m ed.
A divider'' of 1M % lias been declared on tho common stock, payable
Feb. 1 to lu Id ‘rs of record Jan. 27. This is the first payment on this stock
sinco Nov. 1 5 1915, when 2 A % was paid.— V. 103, p. 1120.
Babcock
&
Wilcox Co.— M u n itio n s
Contracts.
Sco American Brake Shoe & Foundry Co. of (Del.) under “ Annual
Ucports” above.— V. 87, p. 1665
.
Belding Paul Corticelli (Silk Co.), Ltd — A c c u m .
D iv s.
A dividend of 3 'A % has been declared on the prof, stock on account of
accumulations, payable Feb. 1 to holders of record Jan. 20. Tills is the
first payment since Juno 1913 and leaves about 21% .— V. 102, p. 888.
Bethlehem Steel Corp.— B onds — Contracts .—It is un
derstood that tho Bethlehem Steel directors will meet next
Tuesday to take action on an issue of $50,000,000 or $60,
000,000 bonds. “Tho Wall Street Journal” says:
It is understood that Bethlehem Steel contemplates a largo bond issue
In tho near future. Tho amount of now bonds to bo Issued, It is said, will
bo in oxcess of $50,000,000 and will bear interest at tho rate of 5% . Tills
would bring the bonded debt of Bothlohem Steel around $130,000,000. It
is probable that tho now bond issuo is in connection with tho now con
struction work and recent acciuisitions by Bethlehem Steel.
U . S . Shell Contract .—See editorial pages.—V. 103, p.
2430, 2344.
Bishop-Babcock-Becker Co., Cleveland . — P lan O p er.
259
Jan. 1 1927. Int. J. & J., without deduction for normal
Federal income tax.
Authorized issue $10,000,000: outstanding $2,500,000. Redeemable all
or part on any int. date at 105 and int., upon four weeks notice. Denom.
$1,000 and $500c*. Penna. State tax refunded: Trustee, Commercial
Trust C o., Phila.
Data from Letter of J. B. Atkins, Pres, 19 Caddo Oil Refinery, Shreve
port, La., Dec. of 1916.
^J,VnAnr" /'s-‘A,Th.e n,cw company (incorp. in La., Dec. 9 1916) with $10,
000,000 of authorized capital stock, all outstanding, has arranged to acquire
extensive oil and gas lands and leaseholds (about 43,880 acres) in La., part
o f It being proven territory in the Caddo Oil Field, together with about 60
miles of pipe lines, and a 2,000 barrel refinery now in operation.
Of the oil lands, 2,880 acres (2,080 owned in fee and 800 leased) in the
centre oi development in the proven Caddo Oil Field, have to date produced
over 1,000,000 bbls., although less than 20% developed. In 'addition
the company will own in fee simple about 31,000 acres in Bossier Parish
beginning about five miles east o f the Caddo Oil Field, on which some test
drilling has been done and both oil and gas found, and on which there is
also considerable standing timber. Will also own leases on about 10 000
acres of additional territory, of which 6,500 acres are on Cross Lake near
Shreveport, and the balance in various fields: wells drilled to the deep sand
on ad j^ on t territory produceas much as 50.000,000 cu. ft .o f gas per day.
Iho transportation facilities include a pipe lino of about 42 miles with
gathering lines and storage tanks and 116 tank cars (55 owned the balance
leased). The K . C. So. Ry. traverses the proven oil lands owned in fee.
there are 34 oil wells producing about 680 bbls. per day, all connected
JJ'Pe lines with tankage, &c. Our Caddo light, now sells for $1 30 per
bbl.; Crichton at 90 cents, and Caddo heavy at 75 cents. There are also
7 gas wells with one small gas compressor and 18 miles of small gas lines.
'r n „^ f; l ‘^ ! / 1‘f t. i nort§ogf « « Ik ^ 1T roi?erty owned or hereafter acquired.
/
J)roc*;^s
these $2,500,000 bonds and tho stock are to be used to
purchase the properties and provide $500,000 cash as an extension and
development fund for the purchase o f additional property. Any additional
bonds may be issued onfy for 80% of tho cost of future extensions and
developments when net earnings are 3 times the Interest on all bonds plus
those proposed. Annual sinking fund, an amount equal to 5 % per ann of
bonds outstanding and also at least 20% of surplus earnings Tn parh w ar
after deduction of all operating (but not drilling) expenses interest
The entiro amount should thusTie retired before maturity
lntercst’ ^ c ’
car«.\nf?:s ° f the combined properties are now at the rate
of $500,000 yearly, while the net earnings of the refinery and the Dine lines
alone aro at the rate of $360,000 per annum. By doubling refinery canacitv
and developing the proven oil property, it is estimated that the net earnings
can bo increased to more than SI,000.000 per annum.
C a n a d ia n C o n so lid a te d F e lt C o., L td .— S ta tus .—
See U. S. Rubber Co. under “ Reports” above.— V. 100, p. 1260.
C a n a d ia n C o n so lid a te d R u b b er C o., L td . —P la n ,
& c.
Seo U. S. Rubber Co. under “ Reports” above.— V. 102, p. 1621.
C a n a d ia n Car & F o u n d r y C o.— Statement
_
J ersey
issued the following in brief:
Recent E x p lo s io n at N e w
P la n t
Relative to
.—The company has
The buildings destroyed wero valued at about $750,000. The value of
(Von nn!ltcn.Vn.of tll° buildings destroyed amounted approximately to $16,
. li
I)rot<rctc<i
the amount of about $3,000,000
w h ich lhout $6,000,000 is the ? nd of % ents- Thc rest is a total loss, of
wmen aDout S6 non nnn ?",’? / loss c? the company.
Una
i into.the circumstances attending tho origin of thc fire
was C a np p n r U n V / ' J ' ifc ,s Pos- i,)lo, if not probable, that tho firo
pf | C
s
bcTreconstrSctedy Th^VnHriS ‘I01’? PossibI° that the buildings will not
C a rb on S te e l C o., P itts b u r g h .— R ein corp ora tion .—
At a meeting of the stockholders in Pittsburgh on Jan. 15 .3 801 shares
,3
of a total of 50,000 shares being represented, tho plan for r’einc’or norat ion
was approved with only 2,450 votes cast against it. The dkwtore have
S c o 'w T o i pS l661Dg that 95% WaS neccssary to makc ‘ he plan effective!
The financial plan has been declared operative and the authorized capital
stock has been reduced from $8,500,000 ($4,500,000 being 7% cum. pref.),
P ref. Stock O ffered .—
par $100, to $4,000,000, all o f one class, par $50 a share. Holders of tho
outstanding old stock 0$3.965,iOP pref. and $3,367,300 common) aro
notified to present their certificates for exchange for $3,737,495 o f the new
stock at the Guardian Savings & Trust C o., Cleveland. The holder of old
preferred receives $90 in new stock for each old share held, and the holder
of old common will receive $5 in new stock for each sharo of the old.
A c co u n t o f A n n u a l M eetin g D e c . 14 1916 ( “ Cleveland P la in D e a le r " ).
The stock is convertible, share for sharo, into common shares at any time
Net operating profit for the year ended Oct. 31 1916 was $519 564 tcoin- at option of holder, unlass previously called for redemption. Red. all or
pared with $59,873 for the previous year), or about 1314% on the $3 737 part on 30 days notice at 115 and divs. Equal voting power with com. shares.
Land ownod and leased in Cuba aggregates 32,689 acres, ample to insure
000 one-class stock proposed. President E . S Griffiths reported that the
sufficient cano supply for yearly production or at least 350,000 bags of
Hm a i'w 8 o f ?<n°5 1
}o^'icT*
year‘ Selling cost had been reduced from
ft® 36% o f 10 15 to 2 4 % . rho company has a standing offer of $50,000 for
COmpi ct° and modern factory, with present annual
the common stock o f tho General Carbonic Co. received in part payment capacity of 200,000 bags of sugar, and ultimate capacity of 350,000 bags.
for tho Jersey City plant. This stock is not listed among tho B-B-B 8 miles o f standard gauge railroad, fully equipped; and other buildings and
assets.
Mr. Griffiths said he had found in tho stock room nearly 55,000 plantation equipment.
lbs. o f brass goods which he had disposed of.
Concerning the ring contract, a war order, Mr. Griffiths said: “ 4Vc wero
given considerable grief, during the operation o f this contract.” The bal
B onds C alled.—
ance from this work was shown on tho right side o f tho ledger, ho added,
See Middle States Water Works Co. below.— V. 103, p. 2431.
but intimated that what profit tlioro was was very small and that several
other manufacturers in that line had come out with a loss.
P ref. Stock O f
He advocated salo o f tho company’s real estato and plants in Cleveland
and purchase o f a location outsido tho city limits. He advocated purchase f e r e d —
o f new machinery in placo o f considerable tho company now uses Business
on tho books Dec. 1916 amounted to more thaii $400,000 comnared with
about $100,000 a year before. To offset tho prohibition votes and prospects
lie said the company is fast developing heating systems, water systems for
residences, welding apparatus, automobile accessories and other nrodnets
Among the numerous stockholders present were a number o f women 1
„ nT.h° K
,tock ls redeemable as a whole at the option of the company upon
U. \V. Yeomens succeeded K. D. Bishop on tho board.__V. 103 , p . 2344
60 days notice on April 1 1920 at 104% and divs., and at 1% advance each
succeeding year for six years, and thereafter at 110% and divs. Preferred
. — B onds O f fe r e d
as to assets and dividends. Both preferred and common stocks have vot
ing power. Divs. Q.-J. 15 from April 15 19 i7. The authorized amount
cannot bo increased, nor can any new stock prior to this be issued without
consent of at least 90% of the preferred stock.
out
C e n tra l S u g a r C orp., N . Y .—
Spencer Trask & Co., Boettcher, Porter & Co., A. B. Leach
& Co. and Engineering Securities Corp. aro offering $3,
000,000 7% cumulative preferred stock, preferred as to both
assets and divs., par $100 Divs. Q. F. A circular shows-
estedafnCthisr°ffefinC
o g0-
H‘ Wa,ker & Co” St’ Louis’ are aIs°
City„ W a ter W orks o f M errill, W is.—
C o n tin e n ta l M otors C orp., D e tr o it. —
William P. Bonbright & Co., Inc., and Leo, Iligginson & Co., who offered at 97J4 and div. (see advertising
pages) the now issue of $3,500,000 7% cumulative preferred
stock, pai SI00, announce tliat tlic issue has been heavily
over-subscribed.
“The Breakers” Hotel, Chicago
__
Wollenberger p"
(see "
Mtge
„
of Pres. Beni. F. Tobin, Virginia Mich., acquired the
due $30,000 1920 and"’21; $40,000 1922-27, both InoV and Data from LetterIncorporated (recently) in Detroit, and hasJan 11 1917
O rganization.
entire property and business of the Continental Motors C om pany o f Detroit
$300,000 1928. A circular* shows:
the largest concern in the United States manufacturing gasoline engines
Tho bonds aro redeemable at 103 on any int. date on 60 days’ notice
Denom., $100, &c.; tho first seven maturities, $1,000 each: 1927 $100 ami
1928, $500 and $1,000 bonds. Trustee, Chicago Title & Trust Co ’
Security .— A first mortgage on the entiro property, consisting of 240 ft
shoro frontage on Lake Michigan, extending south from 55th St to within
350 ft. of Jackson Park, and 300 ft. west on 55th St. Tho hotel building in
courso of construction is a fire-proof structure, nino stork's containing 258
sleeping chambers, elegant suites, &c., grill room, billiard room barber
shop, < cc. lotal estimated value o f land, completed building and enuin
S
ment, in excess of $1,200,000, fully Insured.
g ana c<lulp
In co m e .— The annual net incomo of tho hotel is estimated at $125 000
or about 3 A times the maximum sum required as intwest on those' bonds’
experienced hand's of Richard O s t e n r i f t p r ^
d e S a lS S ”
Bush Terminal Co. — C om m on Stock L is tin g .—
lh o New York Stock Exchange has authorized the listing of $ 1 3 1
400
additional common stock upon notico o f issuance and payment" in full
making tho total amount authorized to bo listed $5 384 500 1 " IUU’
Tho new stock consists of tho 2 A % stock dividend declared navahln
Jan. 15 to holders of record Jan. 6.— V. 103, p. 2430.
tccl PayaDI°
Caddo Oil & Refining Co. of Louisiana/ Inc .— B onds
—E. W Clark & Co. aro offering at 97 ^ and int., with a
bonus of 50% in common stock, $2,500,000 First Mtgo 10Year 6% Sinking Fund gold bonds, dated Jan. 1*1917, duo
exclusively, its product being widely distributed among manufactured! of
pleasure cars, commercial trucks and tractors. Included in the 160 cus
tomers are the Willys-Overland. Paige-Detroit. Velie Saxon General
Motors, Liberty, Republic, Sclden, &c., motor car and truck companies.
,noJ10 bl‘ si'icss was started at Chicago in 1902; was incorporated in III. in
1903 as Autocar Equipment Co.; on M ay 1 1904 reincorporated In Mich.
CS
()Ch" Fei')Dt19j];Iotor ^ fg’ C o” and name changed to Continental Motors
C apitalization on C om pletion o f P resent F in a n cin g
A u th orized .
Outstand'a.
Preferred stock 7% cumulative (par $100)------- ._.$3,500,000 $3 500 000
Common stock (par $10)__________ ______
15 000 000 14 599 580
Funded and floating debt (other than current accounts). A _____
None
f HLa 2tsr ~ £ ul. puh ~'O ne at Muskegon, M ich., the other, with executive
<
offices, in Detroit. Real estate comprises 12.4 acres in Muskegon and 19.8
acres in Detroit, o f which 4.7 and 7.8, respectively, are occupied by build
ings, leaving 19.7 available for futurp growth. The 17 buildings at Muske
gon and 14 at Detroit have a total floor area o f abmit 732,000 fq ft or
about 17 acres. Plants are modern, 62% o f their total cost having been
expended since June 30 1913. About 6,000 men are employed. From an
output of about 350 motors during 1906, production has increased to an
estimated 160,000 motors for the fiscal year ending Oct. 31 1917
Sinking F u n d . — From date of incorporation 20% of the net nrofits » ft or
preferred dividends shall be paid to retire the pref. stock by purchase in the
open market. Payments commence April 1 1918 and are to be made on
l<eb. 1 annually thereafter. Payments shall continue until the balance in
fund is sufficient to retire the remaining pref. stock outstanding. Stock
so purchased must be canceled and not be reissued.
K
260
THE CHRONICLE
Assets as of Oct. 31 1 9 1 6 , After Giving Effect to Present Financing.
F i x e d a s s e ts : R e a l e s t a t e , b u i l d i n g s , m a c h i n e r y , & c . ( a t c o s t
le s s $ 5 8 2 ,8 5 0 f o r d e p r e c i a t i o n ) ___________________________________ $ 3 ,7 1 2 ,4 7 3
C u r r e n t a s s e ts : C a s h , $ 8 8 5 ,9 1 0 : n o t e s a n d a c c o u n t s r e c e i v a b l e ,
$ 9 0 9 ,9 8 4 ; i n v e n t o r i e s , $ 3 ,7 1 5 ,2 7 2 ; p r e p a i d i n s u r a n c e , t a x e s ,
& c . , $ 1 5 ,4 6 8 ; t o t a l , $ 5 ,5 2 6 ,6 3 4 . D e d u c t c u r r e n t l i a b il it i e s ,
$ 1 ,3 3 2 ,0 8 2 ; n e t ....................................................................................................... 4 ,1 9 4 ,5 5 2
T o t a l n o t a s s e t s , e x c l u s i v e o f g o o d - w i l l , p a t e n t s , & c ____________ $ 7 ,9 0 7 ,0 2 5
T o t a l n e t a s s e t s , $ 2 2 5 p e r s h a r e o f p r e f . s t o c k ; n e t q u i c k a s s e ts a l o n e ,
o v e r $1 19 p e r s h a re . F ig u r e s in c lu d e n o t h in g f o r g o o d -w ill, p a t e n t s , o r
o t h e r s u c h i n t a n g i b l e a s s e ts o f t h i s w e ll - e s t a b l is h e d b u s in e s s . N o t a s s e ts
h a v e in c r e a s e d f r o m $ 5 6 ,6 0 0 in 1 9 0 6 t o o v e r $ 8 ,0 0 0 ,0 0 0 a t t h e p r e s e n t t i m e .
Net Earnings after Depreciation (Annual Pref. Dividend Calls for $ 2 4 5 ,0 0 0 ) .
Year end. Jane 3 0 —
1912.
1913.
1914.
1915.
Oct. 31 T 6 .
N e t a f t e r d e p r e c i a t i o n . $ 6 2 8 ,0 0 0 $ 4 8 4 ,0 0 0 $ 5 2 4 ,0 1 4 $ 1 ,2 2 2 ,1 2 8 $ 2 ,4 4 0 ,2 9 3
F o r t h e 5 y e a r s e n d e d J u n o 3 0 1916 n e t e a rn in g s f r o m p la n t s a v e r a g in g
le s s t h a n h a l f t h e p r e s e n t c a p a c i t y a v e r a g e d $ 1 ,0 2 8 ,5 4 6 , o r o v e r 4 t i m e s t h e
a n n u a l p re fe rre d d iv id e n d .
Management.— U n c h a n g e d f o r t e n y e a r s , a l l t h e o f f ic e r s b e i n g a c t i v e l y
e n g a g e d , a n d w i l l c o n t i n u e in c h a r g e a n d r e t a i n a l a r g e m a j o r i t y o f t h e c o m
m o n s t o c k . — V . 103, p . 2 3 4 5 .
C ro ck e r-W h e e le r C o . —
D ivid en d In c re a sed
.—
A re g u la r q u a r t e r ly d iv id e n d o f 2 % w a s p a id o n th e c o m m o n s to c k o n
J a n . 15 t o h o l d e r s o i r e c o r d J a n . 5 . T h i s c o m p a r e s w i t h 114% q u a r t e r l y
p r e v io u s ly .
T h e r e g u l a r q u a r t e r l y 1 % o n t h e p r e f . w a s a ls o p a i d o n s a m e
d a te .
A p r e s s r e p o r t s a y s t h a t t h i s c o m p a n y m a n u f a : t u r c d s h e ll c a s e s f o r
th e A llie s u p t o th e e a r ly p a r t o f 1916, b u t h a s n o c o n tra c ts n o w n o r in
p r o s p o c t , a n d d o e s n o t e x p e c t t o d o a n y m o r e w o r k o f t h a t k i n d u n le s s
c a lle d o n b y t h e U n i t e d S t a t e s G o v e r n m e n t . — V . 1 0 2 , p . 1 3 4 9 .
C r u cib le Steel Co. o f A m e rica . —
A ccu m u la ted D ivid en d .
—A dividend of 2% has been declared on
the $25,000,000 pref. stock on account of accumulations,
payablo Feb. 28. This leaves 14%% accumulated.
Herbert DuPuy has been elected President to succeed
Charles C. Ramsey, deceased.—V. 104, p. 167.
C u b a H a rd w ood C o . — Sale o f B o n d s .—
T h e b o n d h o ld e r s ’ c o m m itt e e , G e o rg e E . K e it h , C h a ir m a n , g iv e s n o tic o
— N e w P resid en t.
th a t
th a n
p ric e
— V.
i t h a s v o t e d t o a c c e p t a n o f f e r f o r t h o s a lo o f a l l, o r a n y p a r t n o t le s s
t w o - t h i r d s , o f t h o $ 1 ,0 0 0 ,0 0 0 3 0 - y r . s i n k i n g f u n d 6 % g o l d b o n d s a t a
o f $ 7 0 p e r $ 1,000 b o n d , i f a s u f f ic ie n t p r o p o r t i o n o f t h e h o l d e r s a g r e e .
87, p . 680.
C u rtiss A erop la n e & M otor C o r p . — N o tes O ffered .—
Wm. Morris Imbrio & Co., Bertron, Criscom & Co., A. B.
Leach & Co. and Babcock, Rushton & Co., Chicago, are of
fering at 100% and int. for 1918 and 1919 maturities and
100 for the notes duo 1920 to 1922, inch, $2,000,000 First
& Convertible 6% Serial gold notes dated Jan. 1 1917, matur
ing $400,000 Jan. 1 yearly 1918 to 1922. Tho bankers roport:
T h o n o te s a re c o n v e r t ib le in t o c o m m o n s to c k v o t i n g t r u s t c e rtific a te s o n
t h e b a s is o f 2 0 s h a r e s o f s t o c k f o r e a c h $ 1 ,0 0 0 b o n d .
C a l l a b l e a t I02 fi
a n d in t . o n 40 d a y s ’ n o tic e . I n t . J . & J . a t C e n t r a l T r u s t C o ., N . Y .
tru s te e .
D o n o m . $ 1 ,0 0 0 c * . T h i s is s u o h a s p r i o r i t y ( b o t h a s t o p r i n . a n d
in t .) o v e r t h e 1 0 -y e a r n o te s .
S o lo n g as a n y o f th o F i r s t & C o n v e r t ib le
6 % N o t e s a r e o u t s t a n d i n g , n o m o r t g a g e m a y b o p l a c e d , n o r a n y m a t e r ia ls ,
a c c o u n ts , & c ., b e p le d g e d e x c e p t u n d e r b o r r o w in g s in t h e o r d i n a r y c o u rs e
o f b u s in e s s .
Capitalization (Stock as Increased by Clf. Filed at Albany, N . Y ., Dec. 2 7 ’ 1 6 ) .
T h e s e 6 % g o l d n o t e s _____ $ 2 ,0 0 0 , 0 0 0 f l ’ r e f . s t o c k ( 7 % c u m . ) ___ $ 6 ,0 0 0 ,0 0 0
1 0 - y r . 6 % g o l d n o t e s d u e ’27 2 , 0 0 0 , 0 0 0 1 C o m m o n s t o c k ________ 1 5 0 ,0 0 0 s h r s .
Business, e t c .— T h o l a r g e s t A m e r i c a n p r o d u c e r o f h e a v i o r - t h a n - a l r m a
c h i n e s a n d a e r o p la n o m o t o r s .
I t o w n s th o in v e n tio n s o f th e C u rt is s f ly in g b o a t, h y d r o -a e ro p la n e a n d C u r t is s m o t o r .
T h o p la n ts a ro a t B u ffa lo ,
H a m m o n d s p o r t , N . Y . , a n d M a rb le h e a d , M a s s .
A l l m o d e r n .a n d c a p a b l e
o f h a n d l i n g a la r g o b u s in e s s . A t D e c . 31 1 9 1 6 o r d e r s o n h a n d a g g r e g a t e d
o v e r $ 10 , 100 , 000, n o n e s u b j e c t t o c a n c e l la t i o n .
Earnings.— N e t p r o f i t s a p p li c a b le t o i n t e r e s t c h a r g e s f o r t h o a b o u t 10
m o n t h s f r o m J a n . 2 4 t o N o v . 3 0 1 9 1 6 w e r e $ 1 ,7 4 7 ,8 9 5 , b e i n g a t t h o r a t e o f
o v e r $ 2 , 000,000 p e r a n n u m , o r m o r e t h a n s e v e n t e e n t i m e s i n t e r e s t r e q u i r e
m e n t s o n t h i s is s u o o f n o t e s . T h e s e n o t e s a r o f o l l o w e d b y a n e q u a l a m o u n t
o f 10 - y e a r d e b e n t u r e s a n d b y p r e f . a n d c o m m o n s t o c k w i t h a c o m b i n e d
m a r k e t v a l u e o f a p p r o x i m a t e l y $ 8 ,0 0 0 ,0 0 0 . P r e s e n t e a r n i n g s a r e a t a r a t e
s u b s t a n t i a l l y i n e x c e s s o f t h e s e f ig u r e s . N e t q u i c k a s s e t s , a b o u t $ 2 ,3 0 0 ,0 0 0 .
[ C . M . I v e y s h a s b e e n e le c t e d d i r e c t o r , v o t i n g t r u s t e e a n d m e m b e r o f
e x e c u t iv e c o m m itte e .]
Consolidated Income Account from Jan. 2 4 1 9 1 6 to Nov. 3 0 1 9 1 6 .
S a le s
......................_ ...............$ 6 , 3 5 5 , 9 4 5 1T o t a l n e t ( i n c l . o t h . i n c . ) - $ 1 ,7 7 2 ,6 2 5
C o s t o f g o o d s s o l d ________ 4 | 1 5 2 i0 8 2 l Deduct— M i n o r i t y
s to c k
in t . in p r o f it T o r o n t o C o .
2 4 ,7 3 0
G r o s s p r o f i t ____________ $ 2 ,2 0 3 ,8 6 3 1
I n t . o n n o te s , & c .
1 8 6 ,4 5 1
S e ll in g & g e n e r a l e x p s ____
5 1 5 ,1 7 4 [
B a l a n c e _________________ $ 1 ,5 6 1 ,4 4 4
N e t p r o f i t _______________$ 1 ,6 8 8 ,6 8 9 1
Deduct— S p e c ia l r e s e r v e f o r d e p r e c ia t i o n o f i n v e n t o r y , $ 3 0 0 ,0 0 0 ;
c h a r g e s a p p li c a b le t o p r i o r p e r i o d s , $ 2 2 6 ,9 7 0 ____________________
5 2 6 ,9 7 0
P r e f e r r e d d i v i d e n d p a i d d u r i n g p e r i o d m e n t i o n e d a b o v o _______
2 1 0 ,0 0 0
A m o u n t c r e d i t e d t o s u r p l u s f o r p e r i o d ____________________________
— V . 103, p . 2345, 1689.
$ 8 2 4 ,4 7 4
— N e w Stock.— O p tion to Take 15% at
—The shareholders will vote Feb. 5 on increasing the
authorized capital stock from $25,000,000 to $35,000,000.
D e tr o it E d ison C o.
Par.
D ig est o f O ffic ia l S ta te m e n t D ated a t N ew Y o r k , J a n . 11 1917.
A u t h o r i z e d c a p it a l s t o c k is $ 2 5 ,0 0 0 ,0 0 0 .
O f t h i s t h e r e is o u t s t a n d i n g
$ 1 9 ,8 1 4 ,2 0 0 . T r u r o is r e s e r v e d a g a in s t c o n v e r t i b l e d e b e n t u r e s o u t s t a n d i n g
$ 2 ,7 6 1 ,4 0 0 , l e a v i n g a m o u n t o f s t o c k a v a i l a b l e $ 2 ,4 2 4 ,4 0 0 .
T h o c o n s t a n t l y in c r e a s i n g b u s in e s s r e q u i r e s la r g e a d d i t i o n a l c a p it a l
e x p e n d i t u r e s e a c h y e a r w h i c h m u s t b o m e t p a r t l y b y t h e s a lo o f b o n d s a n d
a r t l y b y t h e I s s u a n c e a n d s a le o f s t o c k .
In o rd e r th a t th o c o m p a n y m a y
a v o s to c k o n h a n d fo r th is p u rp o s e as re q u ire d th e b o a rd re c o m m e n d s t h a t
t h e a u t h o r i z e d c a p it a l s t o c k b o in c r e a s e d f r o m $ 2 5 ,0 0 0 ,0 0 0 t o $ 3 5 ,0 0 0 ,0 0 0 .
a n d t h a t t h o y b o a u t h o r i z e d t o is s u o a n d d i s p o s e o f s u c h in c r e a s e d s t o c k
f r o m t i m e t o t i m o a s t h e y m a y b y r e s o l u t io n p r e s c r ib e .
I n t h o o v e n t t h a t s u c h in c r e a s e d s t o c k is a u t h o r i z e d , t h o d i r e c t o r s p r o
p o s e t o o f f e r f o r t h w i t h t o s t o c k h o ld e r s a n a m o u n t o f s u c h in c r e a s e d s t o c k
e q u a l to 1 5 % o f t h e ir h o ld in g s f o r s u b s c r ip t io n a t p a r.
g
.—
S t o c k E x c h a n g e la s t w e e k a u t h o r i z e d t h o l i s t i n g o f $ 2 ,6 4 5 ,5 0 0
A d d itio n a l Stock A u th o rized to be L isted W h e n I s s u e d
The N . Y.
a d d it i o n a l s t o c k f r o m t i m e t o t i m o o n n o t i c e o f is s u a n c e , m a k i n g t h o t o t a l
t o b e l is t e d $ 1 9 ,6 5 0 .0 0 0 .— V . 1 0 4 , p . 16 7 .
D o m in io n B rid g e C o., M o n tre a l. —
Extra D iv id e n d
.—
A n e x t r a d i v i d e n d o f 2 % h a s b e e n d e c la r e d o n t h o s t o c k a l o n g w i t h t h e
r e g u l a r q u a r t e r l y 2 % , b o t h p a y a b l o F e b . 5 t o h o l d e r s o f r e c o r d J a n . 3 1 .—
V .. 1 0 3 , p . 2 4 3 1 .
[Vol . 104.
a d d i t i o n a l s p e c ia l o r d e r s a r e u n c e r t a in : h o w e v e r , w o f e e l t h a t t h o f u t u r e
o f t h e s u b m a r i n e is v e r y g r e a t a n d t h a t t h e w o r k i n h a n d is b u t a n i n d i c a t io n
o f t h o t r e m e n d o u s v o l u m e o f b u s in e s s t h a t h a s b e e n c r e a t e d f o r t h i s t y p o
o f n a v a l ve s s e l a s c o n s tru c te d u n d e r th e H o lla n d p a te n ts w h ic h w e c o n tro l
th ro u g h o u t th o w o rld .
“ T h o i m p r e s s io n in t h e m i n d s o f m a n y p e o p le t h a t t h e r e a r e t r e m e n d o u s
p r o f i t s i n t h o b u i l d i n g o f s u b m a r i n e s is n o t t r u e . T h e a c t u a l p r o f i t is v e r y
m o d e r a t e , c o n s id e r i n g t h o a m o u n t o f c a p it a l a n d e q u i p m e n t n e c e s s a r y t o
p r o p e r l y c a r r y o u t o u r s id e o f a c o n t r a c t a n d m u s t n o t b e c o n f u s e d w i t h
e x t r a o r d i n a r y p r o f i t s d e r i v e d f r o m s p e c ia l o r d e r s . ” — V . 1 0 2 , p . 2 2 5 7 .
Ely & W alker D ry G ood s C o., St. L ou is.
— Stock .—
T h e s t o c k h o ld e r s v o t e d o n J a n . 3 t o in c r e a s e t h e a u t h o r i z e d c o m m o n
s t o c k f r o m $ 1 ,5 0 0 ,0 0 0 t o $ 3 ,0 0 0 ,0 0 0 . T h e r e a r e a ls o o u t s t a n d i n g $ 1 ,5 0 0 ,
0 0 0 e a c h o f 1 s t p r e f . a n d 2 d p r e f . s t o c k s . T h e b a la n c e s h e o t a s o f N o v . 3 0
1 9 1 5 s h o w s in p a r t : N o t e s p a y a b l o , $ 3 ,0 2 0 ,0 0 0 , a n d t o t a l a c c u m u la t e d
s u r p l u s , $ 1 ,8 6 8 ,7 8 9 .— S e e V . 1 0 3 , p . 1 7 9 4 .
— B o n d s .—
Federal Chemical Co., Louisville.— D ivid en d In crea sed .
A p r e s s r e p o r t s a y s t h i s c o m p a n y h a s d e c la r e d a q u a r t e r l y d i v i d e n d o f
E u reka F ire H ose M fg. C o.
See U . S. R u b b e r C o . u n d e r “ R e p o rts” a b o vo .
114% o n t h e c o m m o n s t o c k , p a y a b l e F e b . 1. T h i s c o m p a r e s w i t h
q u a r t e r ly fo r s o m e t im e p r e v io u s .— V . 102, p . 525.
First National Stores, Inc., N. Y.— Projected
1%
C h a in .
—
T h o c o m p a n y a n n o u n c e s t h a t o u t o f t h e 160 r e t a i l d r y g o o d s s t o r e s w h ic h
i t h a s i n v e s t ig a t e d i n t h o p a s t y e a r i t h a s s e le c t e d 2 5 , t h o g r e a t e r p a r t o f
w h ic h a re u n d e r o p t io n o r c o n tr a c t, a n d it h o p e s t o h a v o t h e m o p e r
a t i n g a s p a r t o f it s c h a in ( m a k i n g 3 0 in a ll) e a r l y i n 1 9 1 7 . T h e s e a d d it i o n a l
s t o r e s , i t is c l a i m e d , d i d a g r o s s b u s in e s s in 1 9 16 o f o v e r $ 3 ,0 0 0 ,0 0 0 , w i t h
a ve ra g e n e t p ro fits o f a b o u t 1 0 % .
T o m in im iz e th e r e n t c h a rg e th o
c o m p a n y Is n o t o p e r a t i n g i n t h o l a r g e r c it ie s .
T h o to ta l ro n t a c c o u n t, it
is s t a t e d , a m o u n t s t o 2 . 4 0 % o f g r o s s s a le s , a s a g a in s t a s h i g h a s 1 0 % i n t h o
c a s e o f s o m o c h a in s . — V . 1 0 2 , p . 2 7 9 ; V . 1 0 3 , p . 6 4 , 3 2 3 .
Fresno Canal & Irrigation Co.— B on d s.—
T h e c o m p a n y h a s g i v e n a n o p t i o n o n 2 5 8 m ile s o f c a n a ls in t h o F r e s n o
d i s t r i c t a t a p r i c e r e p o r t e d a s $ 1 ,5 0 0 ,0 0 0 t o t h e i n t e r e s t s t h a t a r o p r e p a r i n g
t o u n i t e s o m o 1 ,0 0 0 ,0 0 0 a c r e s o f l a n d i n T u l a r e , K i n g s a n d F r e s n o c o u n t ie s .
C a l . , i n t o a n i r r i g a t i o n d i s t r i c t w i t h a p r o p o s e d $ 9 ,0 0 0 ,0 0 0 r e s e r v o i r a t
P in o F la t , F r e s n o C o u n t y , C a l.
L o n d o n h o ld e r s o f 1st M . b o n d s , w h e n
r e c e i v i n g t h e s e m i - a n n u a l i n t e r e s t d u o J a n . 1, w e r e a s k e d t o l e a v o t h e i r
b o n d s w it h B r o w n , S h ip le y & C o .. F o u n d e r s ’ C o u r t , L o t l ib u r y , E . C . , as
t h o c o m p a n y h o p e s t o p a y t h e m o f f a t 102 e a r l y i n 1 9 1 7 .— V . 9 3 . p . 4 1 1 .
Gaston, Williams & Wigmore, New York.— O ffic er .—
A.
W . F r a n k , f o r m e r S ec. & T r e a s . o f th e S h e r w in -W illia m s C o ., h a s b e e n
e le c t e d T r e a s u r e r o f t h i s c o m p a n y t o s u c c e e d A V . H . W i l l i a m s , w h o b e c o m e s
V ic e -P re s id e n t.— V . 103, p . 2431.
General Motors Co.— Sub.
C om p a n ies' Stock Red uced .
—
T h e “ D e t r o i t F r e e P r e s s " o f J a n . 5 s h o w s t h e r e d u c t i o n o f c a p it a l s t o c k
o f t h o f o l l o w i n g s u b s i d i a r y c o m p a n ie s f r o m t h e i r r e s p e c t i v e a m o u n t s t o
$ 1 0 ,0 0 0 : B u lc l t M o t o r C o . , F l i n t , $ 2 ,6 0 0 ,0 0 0 ; G e n e r a l M o t o r s T r u c k C o . ,
P o n t i a c , $ 2 5 0 ,0 0 0 ; J a c k s o n - C h u r c h - A V i l c o x C o . ,
S a g in a w , $ 2 5 0 ,0 0 0 ;
N o r t h w a y M o t o r & M f g . C o . , D e t r o i t , $ 1 ,0 0 0 ,0 0 0 ; O a k l a n d C a r C o . o f
M i c h i g a n , P o n t i a c , $ 8 0 0 ,0 0 0 ; O l d s M o t o r A V o r k s , L a n s i n g , $ 4 ,0 0 0 ,0 0 0 ;
A V e s t o n - M o t t C o . , F l i n t , $ 1 ,5 0 0 ,0 0 0 . T h i s r e d u c t i o n , i t is s a id , is m a d o
f o r t h o p u r p o s e o f g r e a t e r e c o n o m ie s i n o p e r a t i o n .
C o m p a ro G e n e ra l
M o t o r s C o rp o r a t io n b e lo w .— V . 104, p . 167.
General Motors Corp.— In itia l D iv id e n d s.—This now
corporation has declared initial quarterly dividonds as folIoavs: (a) On tho 6% cumulative preferred, 1%% ($1 50 a
sliaro); (6) on tho common stock, 1% ($1 a share), both pay
ablo Feb. 1 to holders of record Jan. 20. The General
Motors C om p a n y (controlled) last Aveek declared a dividend
of 5% on its common stock, payablo on tho samo date.
Over 75% of the stock of tho company has hoav beon ex
changed for stock of the new corporation.
Progress of Exchange as Shown by New Stock Listed on Stock Exchange Jan. 1 7 .
NeioCorp.
Basis
— Stock Old Gen. Motors Co.—
Tot. Exch.
Stock
of
AcStill
Requires
Listed. Exchange.
quired.
Out.
Issued.
Neiv Stock.
$
S
S
S
S
C o m . . 6 2 ,4 5 9 ,1 0 0
5 fo r 1
1 2 ,4 9 1 ,8 0 0 4 ,0 2 0 ,0 0 0 1 0 ,5 1 1 ,8 0 0 8 2 ,5 5 9 .0 0 0
P r o f . . 1 7 ,0 9 1 , 10 0 l 1 -3 f o r i 1 2 ,8 1 8 ,3 2 5 2 ,1 6 6 ,8 7 5 1 4 ,9 8 5 ,2 0 0 1 9 ,9 8 0 ,0 3 0
T o t a l a u t h . s t o c k o f c o r p o r a t i o n , c o m m o n , $ 8 2 ,6 0 0 ,0 0 0 ; p r o f . , $ 2 0 ,0 0 0 ,0 0 0 .— V . 1 0 4 , p . 1 6 7 .
•
General Rubber Co.— P la n, cfcc.—
Jewel Tea Co., Inc.Increase. I Y.),1 6Chicago.— S3a1les9.—.
(of N. 1 9 - Y e a r end. Dec. -1 1 5
1 9 1 6 — December— 1 9 1 5 .
S oo U . S . R u b b e r C o . u n d e r “ R e p o r t s ” a b o v e .— V . 100, p . 20 13.
$ 1 ,1 6 1 ,5 0 2
$ 7 4 3 ,6 3 8
— V . 103, p . 23 46. 1985.
$ 4 1 7 ,8 6 4 1$ 1 2 ,4 4 1 ,3 2 1
$ 7 ,9 2 4 ,9 3 2
Kellogg Switchboard & Supply Co.— Stock
Inc.
$ 4 ,5 1 6 ,3 8 9
D iv id e n d .
—
A s t o c k d i v i d e n d o f 3 3 1 - 3 % h a s b e e n d e c la r e d o n t h o s t o c k , p a y a b l o
J a n . 2 7 , to h o ld e rs o f re c o rd J a n . 2 4 . T h o r e g u la r q u a r t e r l y c a s h d i v i
d e n d o f 2 % w a s a ls o d e c la r e d p a y a b l e F e b . 4 t o h o l d e r s o f r e c o r d F o b .
2 . I n M a r . 1916 a s to c k d iv id e n d o f 5 0 % w a s p a id .— V . 103, p . 49 7 .
Lee Rubber & Tire Corp.— D ivid en d
P rosp ects.
—
T o u c h in g th e c u rre n t re p o rts th a t th o u s u a l d iv id e n d w ill b o o m itte d ,
w o a ro in fo rm e d t h a t th o d ire c to rs w ill m e e t o n o r a b o u t th o fir s t o f F o b .
t o ta k e a c tio n o n t h is m a t t e r . — V . 10 4, p . 16 8.
Lehigh Portland Cement Co., Allentown Pa.— S lock.—
T h o s t o c k h o ld e r s v o t e d J a n . 17 t o in c r e a s o t h o a u t h o r i z e d c a p it a l s t o c k
f r o m $ 1 2 ,0 0 0 ,0 0 0 t o $ 1 8 ,0 0 0 ,0 0 0 ( p a r $ 5 0 ) .
T h e c o m p a n y , i t is s t a t e d , r e c e n t l y p u r c h a s e d t h e p l a n t o f t h o I o l a ( K a n . )
P o r t l a n d C e m e n t C o . a n d t h e C h ic a g o P o r t l a n d m i l l a t O g l e s b y , 111.—
V . 9 4 , p . 564.
Loft Inc. (Candy), N. Y.— In itia l
D iv id e n d .
—
A n i n i t i a l q u a r t e r l y d i v i d e n d o f 1 M % h a s b e o n d e c la r e d o n t h o s t o c k ,
p a y a b l o F o b . 1 t o h o l d e r s o f r e c o r d J a n . 1 7 .— V . 1 0 3 , p . 1 7 9 5 .
Ludlow Manufacturing Associates.— Special
D iv id en d .
A s p e c ia l d i v i d e n d o f $1 p e r s h a r e h a s b e e n d e c la r e d o n t h o s t o c k a l o n g
w i t h t h o r e g u l a r q u a r t e r l y $1 5 0 p e r s h a r e , b o t h p a y a b l e F o b . 1 t o h o l d e r s
o f r e c o r d J a n . 1 2 .— V . 1 0 3 , p . 1 5 9 6 .
Manhattan Electrical Supply Co., Inc., N. Y.— S a les.—
'I'ho t o t a l s a lo s o f t h o c o m p a n y f o r t h o c a l e n d a r y e a r 1 9 16 w e r e $ 4 ,9 2 9 ,8 5 3
a g a in s t $ 3 ,7 5 5 ,8 2 4 i n 1 9 1 5 , a i in c r e a s e o f $ 1 ,1 7 4 ,0 2 9 , o r a b o u t 3 1 % .
— V . 1 0 3 , p . 1 9 8 5 . 18 9 2 .
Marlin Arms Corporation, New Haven, Conn.— Status.
E le ctric B oa t C o., N. Y . — Contract — O utlook. —This com
pany, controlled by Submarine Boat Corp., reports in subst.: —Thod efolioAving ohas obeenf oofficially arovisod:n s t h o c o m p a n y s o l d
I n o r r t o f in a n c a n r d e r
r 1 2 ,0 0 0 m c h i n o g u
T h e U . S . G o v e r n m e n t h a s ju s t s ig n e d c o n tra c ts w i t h th e E le c t r ic B o a t
C o . f o r t h o c o n s t r u c t i o n o f 21 s u b m a r i n e b o a t s (2 0 c o a s t d e f e n s e a n d o n e o f
f le e t t y p e ) ; $ 1 7 ,0 0 0 ,0 0 0 is I n v o l v e d I n t h i s o r d e r , w h i c h w i l l g l v o t h o N a v y
D e p a r t m e n t o n e o f th o la te s t, fa s te s t a n d m o s t c o m p le te u n d e r w a t e r f lo
t il l a s i n t h o w o r l d .
O u r 1916 b u s in e s s w i l l s h o w n e t e a r n i n g s w e l l i n e x c e s s o f $ 6 ,0 0 0 ,0 0 0 , a n d
f r o m t h o la r g o n u m b e r o f I n q u i r ie s r e c e i v e d f r o m a ll p a r t s o f t h o w o r l d
( m u c h la rg e r t h a n a n tic ip a te d ) t h o p ro s p e c ts f o r y e a r s t o c o m o s e e m v e r y
s tro n g .
P r e s . I I . I t . C a r s o s a y s : “ W o a r o e x t r e m e l y w e ll s a t i s f i e d w i t h o u r
p re s e n t c o n d it io n .
W o h a v o d o n e a s p l e n d id b u s in e s s a n d t h e r e is o v e r y
I n d i c a t i o n t h a t t h o f u t u r e v o l u m o w i l l b o w e ll s u s t a i n e d .
H o w e ve r, o u r
e x t r a o r d i n a r y e a r n i n g s f o r 1 9 1 5 a n d 1 9 16 w e r e d u o i n la r g o p a r t t o s p e c ia l
o r d e r s , a n d h a v i n g c o m p l e t e d t h e s e ( a h e a d o f t im e ) t h o p o s s ib i l it i e s o f
$ 3 5 0 0 ,0 0 0 7 % p r e f e r r e d s t o c k .
T h a n k s t o a r e m a r k a b l y e f f ic i e n t o r g a n
i z a t i o n t h o p r e f e r r e d h a s a ll b e e n c a lle d f o r p a y m e n t a n d in a f o w w e e k s
t h o 6 0 ,0 0 0 s h a r e s o f c o m m o n ( n o p a r v a l u e ) w i l l o w n t h o o n t i r o p r o p o r t y .
T h o c o r p o r a t i o n o p e r a t e s u n d e r a r o y a l t y f r o m t h o C o l t ’s F i r o A r m s M f g .
C o . o f H a r t f o r d , a n d y o t a t t h o t i m o i t r e a c h e d i t s s t r i d e w a s p r o d u c in g
2 1 0 (not 110) m a c h i n o g u n s d a i l y .
I t s o r i g i n a l 1 2 ,0 0 0 g u n c o n t r a c t w a s
t w i c o m o d i f i e d , t h o f in a l f ig u r e s c a l l in g f o r 9 ,0 0 0 g u n s w h i c h h a v o a l l b e o n
d e liv e re d .
T h e c o m p a n y h a s s o m o u n s o ld g u n s , b u t t h e y w i l l b o e a s i l y
m a r k e t a b le .
P r o f it o n th o rn w ill a c c ru o t o th o c o m m o n .— V . 1 0 4 . P . 76.
Mason-Seaman Transportation Co.— Selling
O u t.
—
T h i s c o m p a n y , t h e la r g e s t o p e r a t o r o f t a x i c a b s La N . Y . C i t y , a n n o u n c e d
o n J a n . 11 t h a t i t h a d d i s c o n t i n u e d b u s in e s s p e r m a n e n t l y b e c a u s e 5 0 0 o f i t s
c h a u ffe rs h a d jo in e d in th o s t r ik e o f ta x ic a b d r iv e r s .
T h o C o rp o r a t io n
THE CHRONICLE
J an . 20 1917.]
T r u s t C o . , N . Y . , r e p o r t s t h a t o n J a n . 15 1 9 1 7 t li o M - S T r a n s p o r t a t i o n
C o . w i t h $ 7 5 0 ,0 0 0 o f a u t h . c a p . s t o c k w a s i n c o r p o r a t e d i n N e w J e r s e y .
J u d g o H a n d o n J a n . 18 o r d e r e d t h e r e c e i v e r s t o s o il a ll t h e p r o p e r t y , e x c e p t
t h e c a p it a l s t o c k o f t h e 5 7 t h S t . K e a l t y C o . , a t p r i v a t e s a le . — V . 1 0 2 ,p . 1 9 0 1 .
261
N e t f o r 191 6 ( D c c . e s t .) i n d i c a t e t h a t t h o a n n u a l p r e f . d i v i d e n d r e q u i r e m e n t
h a s b e e n e a r n e d s u b s t a n t i a l l y 27 t im e s o v e r .
Directors.— K . A . N o l l ( P r e s . ) , F . L . B o a s ( V . - P r e s . A T r e a s . ) , S a m u e l J .
K o r n h a u s e r ( S e c .) , C h a r le s I , . B r a d l e y , W i l l i a m I I . M a r l a t t . — V . 1 0 1 .p . 1 6 9.
M a th ieson A lk a li W o rk s.— C om m on Slock O ffered .—
No
O
Hayden, Stone & Co. are offering at SCO per share $1,200,000 —Blyth, Witter & Co. are offering, at par and—int.,tethe fferin g.
unsold
common stock, par $50, part of $5,885,700 outstanding, and portion of $600,000 6% gold notes. Tho bankers report:
$6,500,000 authorized.
Security.— T n o t o t a l a m o u n t o f o u t s t a n d i n g n o t e s is $ 2 ,4 7 5 ,0 0 0 , w h i c h ,
N a t o m a s
A b l o c k o f t h e $ 3 ,1 6 9 ,6 0 0 7 % c u m . p r e f . s t o c k w a s o f f e r e d la s t S e p t e m b e r
a t 101 a n d d i v . T h e n e t e a r n i n g s f o r t h e 11 m o n t h s e n d e d N o v . 3 0 1 9 1 6
w e r e $ 1 .3 7 2 ,4 8 9 ( a g a in s t $ 8 5 7 ,2 7 9 f o r t h e e n t i r e y e a r 1 9 1 5 ); p r e f . d i v i d e n d ,
$ 2 0 3 ,3 8 3 : b a ia n c o , $ 1 ,1 6 9 ,1 0 6 . T h e p l a n t , e q u i p m e n t , A c . , a r e n o w lis t e d
a t $ 8 ,1 3 9 ,1 4 2 , c o m p a r i n g w i t h $ 6 ,3 4 0 ,1 8 1 D e c . 31 1 9 1 5 . V . 1 0 3 , p . 1 0 3 5 .
.—
M errim ac C h em ica l C o., B o s to n .— A c q u isitio n .—
T h e f o r m a l t r a n s f e r o f t h e p l a n t a n d b u s in e s s o f t h e C o c l i r a n o C h e m i c a l
M ech a n ica l R u b b e r C o.— P rovision
fo r B onds
Seo U . S. R u b b e r C o . u n d e r “ R e p o r t s ” a b o v e .— V . 56. p . 792.
C o . t o t h e M e r r i m a c C h e m i c a l C o . h a s n o w t a k e n p la c e , t h o p e r s o n n e l o f
b o t h o f f ic e a n d f a c t o r y m a n a g e m e n t o f t h o C o c h r a n e r e m a i n i n g u n c h a n g e d .
— V . 103, p . 2242.
M iddle S tates W a ter W ork s C o.— S u b .C o .’s
M organ & W r ig h t C o.— P rovision
fo r B onds
.—
S e o U . S . R u b b e r C o . u n d e r “ R e p o r t s ” a b o v o . — V . 10 2 , p . 18 15.
M ou n t V e rn o n (In d .) W a ter W ork s C o .— Called. —
S e e M id d le S ta te s W a t e r W o r k s C o . a b o v o .— V . 103, p . 24 34.
N a tio n a l C a rb o n C o., C levela n d .— R e-incorporation
in
.—The shareholders will vote Feb. 26 on adopting
tho plan outlined in circular of Jan. 12 as follows:
N.
Y
N a tio n a l C a rb on C o., I n c .— Successor C o m p a n y . —This
company was incorporated at Albany on Jan. 15 witli $5,
600,000 of 8% cum. preferred stock in $100 shares and
1,000,000 shares of common stock of no par value. Tho
directors are as follows, all except the two last named being
directors of tho National Carbon Co. of N. J. with offices
in Cleveland (seo that company above):
J a m e s P a r m e lo o , W a s h i n g t o n , D . C . , P r e s i d e n t ; M y r o n T . H e r r i c k ,
V ic o -P re s .; J . S . C r id e r , V .-P r c s . & G e n . M g r .; a n d I I . E . H a c k e n b e rg ,
V . - I ’r e s . , S e c . - T r o a s . ; a ll o f C l e v e l a n d ; C o n r a d H u b e r t , N . Y . , V . - P r e s .
J o h n 8. B a rt le t t , Ilo s to n ; W . C a m e ro n F o rb e s , B o s to n ; J o h n L . S e v e r
a n c e , N . Y . ; A n d r e w S q u ir e , C l e v e l a n d ; F r e d e r i c k C . W a l c o t t , E n g l e w o o d ,
N . J . ; J o h n P . W i l s o n , C h ic a g o ; M . J . D e g n o n , W . P . S c l i m u c k , N . Y .
N a tio n a l M otor Car & V eh icle C o rp .— Status.—
T l i o s y n d ic a t e w h ic h u n d e r w r o t e t h o s to c k h a s b e e n d is s o lv e d a n d c h e c k s
fo r s y m lic a t o p r o fits d is t rib u te d to s y n d ic a t e m e m b e rs b y P y n o , K e n d a ll
& H o l l i s t e r a n d L e o n a r d S n id e r & C o . , t h o s y n d i c a t e m a n a g e r s . R e p o r t s
r r o m t h e f a c t o r y a t I n d i a n a p o l i s , i t is s t a t e d , s h o w a c o n s i d e r a b l y in c r e a s e d
n u m b e r o f o r d e r s l o r c a r s f r o m d e a le r s t h a n w a s r e p o r t e d i n O c t o b e r , w h e n
th o n o w c o m p a n y w a s fo rm e d .
T h o n o w b u i l d i n g s a r e n o w in u s e a n d r e
p o r t s o f ^ i r o a u c t i o n a n d s a le s a r e s a i d t o b o v e r y s a t i s f a c t o r y . — V . 1 0 3 , p .
N a tio n a l T o o l C o., C lev ela n d .— P r ef. Stock, & c . —Tho
offering, at 108, by Hayden, Miller & Co., of $500,000 7%
cumulative pref. stock is described in a circular as follows:
Organ'z'ltion.— I n c o r p o r a t e d in O h i o . S u c c e s s o r a s o f D e c . 1 19 16 t o
p r o p e r t y o f c o m p a n y o f s i m i l a r n a m e o r g a n iz e d in 1905.
Pref. Slock. - P r e f e r r e d a s t o a s s e ts a n d d i v s . R e d e e m a b le , a ll o r nart
u p o n c a ll a t $ 1 1 0 . P a r $ 1 0 0 . D i v s . Q . - J . T a x - f r c o in O h i o . R e t i r e m e n t f u n d
b e g in n in g M a r . 1 1 9 18 o f 5 % p . a . o f t h o g r e a t e s t a m o u n t a t a n y t i m o o u t
s t a n d in g . S u r p lu s r e t i r e m e n t f u n d , a n a m o u n t e q u a l i n d o l l a r s t o a n y e x c e s s
o f o v e r 10 % i n d i v i d e n d s o n t h e p r e s e n t c o m m o n c a p it a l s t o c k is s u o p a i d i n
a n y y e a r . V o t i n g p o w e r e q u a l t o c o m m o n s t o c k I f a n d w h e n p r o f , d i v Is i n
a r r e a r s f o r t w o s u c c e s s iv e q u a r t e r s o r i f r e t i r e m e n t f u n d is in a r r e a r s o r i f
n e t c u r r e n t a s s e ts a r e b e l o w 1 10 % o f o u t s t a n d i n g p r e f .
C i> » \ itn liirn lim i o llflim*!'/! d attfl lC.WllpH 1vl
l> ro f ol-nnlr Oirnrt A n n
m o r e th a n d o u b lin g th e p re s e n t o u t p u t .
H a s a b o u t 35 0 e m p lo y e e s ,
lip
t o t h e c u r r e n t t im e a b o u t $ 3 6 0 ,0 0 0 h a v e b e e n p a i d o u t in d i v i d e n d s
E x c e p t f o r t h o o r i g in a l $ 1 4 ,3 0 0 c a p it a l c o n t r i b u t i o n in 1 9 0 5 a n d t li o p r o
c e e d s o f t h e p r e s e n t p r e f . is s u e , a s s e ts h a v e b e e n e a r n e d .
Balance Shed of New Company as of Nov. 3 0 1916 (Giving Effect to New Can 1
Assets ( T o t a l , $ 1 ,9 1 0 ,5 6 0 ) —
1 ’’
C a s h o n h a n d a n d o n d e p o s it i n c l . u n a p p l ie d p o r t i o n o f p r o c e e d s
fro m p re fe rre d sto c k
___ __________ ___________________
$136 450
] 79 85 5
C u s t o m e r s ’ a c c o u n t s , lo ss a l lo w a n c e f o r d o u b t f u l , d i s c o u n t s , & c " '
7 8 ,8 2 1
a m t m a c h i n e r y — - ------------- -------------------------------------------------------------------175 0 0 0
G o o d - w i l l , p a t e n t s , A c ------------- ------------------------------- -------------408 000
P r e p a i d i n t . , i n s u r . A t a x e s , $ 1 ,0 0 5 ; o t h e r a s s e ts , $ 1 ,3 5 9 ____ ""
991.1
Liabilities ( T o t a l , $ 1 ,9 1 6 ,5 6 0 ) —
’
A c c o u n ts p a y a b lo a fte r a p p ly in g p o rtio n o f p ro c e e d s fr o m p r e f
s t o c k s o ld t o l iq u id a t io n o f o u t s t a n d i n g n o t e s _______
_
eng w n
P r e f . s t o c k 7 % c u m . , $50.’),0 0 0 ; c o m m o n s t o c k , $ 1 , 3 0 0 . o 6 6 - . i l l,8 0 o ! 6 ( ) 0
Earnings.— F o r 19 16, a l t e r p r o v i d i n g f o r t h e 7 % d i v i d e n d o n t h e n e w
$ 5 0 0 ,0 0 0 p r e f . s t o c k , t lio c o m p a n y w i l l s h o w a b a ia n c o a v a i l a b l e f o r d i v i
d e n d s on c o m m o n sto c k o f a b o u t 7 0 % .
N e t c u r r e n t a s s e ts a m o u n t t o
$ 1 6 7 p e r s h a r e f o r e a c h o u t s t a n d i n g s l ia r o o f p r e f e r r e d s t o c k , w h o r e a s t h o
t o t a l n o t s o u n d a s s e ts a m o u n t t o $ 2 7 8 p e r s h a r o o n t h o o u t s t a n d i n g p r e f e r r e d
C a l i f . ,
S a n
F r a n c i s c o .
B a ia n c o a v a i l a b l e f o r o t h e r c h a r g e s ______________________________ $ 1 ,3 7 6 ,0 2 9
W e u n d e rs ta n d th e c o m p a n y h a s o n l y a n o m in a l f lo a t in g d e b t, re p r e
s e n t e d b y c u r r e n t it e m s . C o m p a r e V . 101, p . 169.
N o r t h e r n
S t a t e s
P o w e r
C o .
( o f
M
— O fficia l
.—•
i n n . ) .
Statem ent o n L istin g o f F irst & R ef. M t g e . B o n d s
S e e “ R e p o r t s A D o c u m e n t s " o n a s u b s e q u e n t p a g o .— V . 10 4, p . 169.
Canadian paper says:
N o v a
S c o t i a
S t e e l
&
C o a l
C o . —
L istin g
— O u tp u t.—A
A m e e t i n g o f t h o d i r e c t o r s w a s h e l d a t t h e h e a d o f f ic e , N e w ' G l a s g o w , o n
Ja n . J.
I t w a s s h o w n t h a t th e o u t p u t o f th e N o w G la s g o w p la n t f o r th e
c a le n d a r y e a r 1916 w a s m o r e th a n 6 0 % g re a te r t h a n t h a t o f 1915, w h ile th e
o r d e r s n o w o n h a n d a r e s u f f i c i e n t t o k e e p t h e p l a n t f u l l y o c c u p ie d f o r a l a r g o
p o r t i o n o r t h e c u r r e n t y e a r , e v e n a t t n e in c r e a s e d r a t e o f p r o d u c t i o n p r e v a i l
i n g in 1 9 1 6 .
I t w a s a ls o s h o w n t h a t t h e i r s u b s i d i a r y , t h e E a s t e r n C a r C o . ,
h a d r e c e i v e d a f u r t h e r o r d e r f o r 3 ,0 0 0 c a r s f o r E u r o p e .
T h e s e c a rs a re
fP b e d e l i v e r e d a t a C a n a d i a n p o r t a n d , w i t h o t h e r o r d e r s n o w o n h a n d , w i l l
b e s u f f ic ie n t t o k e e p t h e c a r p l a n t f u l l y o c c u p ie d f o r t h e w h o l e o f 1917
I s o a n n o u n c e m e n t w'as m a d e r e g a r d i n g a d i v i d e n d .
C o m p a r e f u l l s t a t e m e n t t o N . Y . S t o c k E x c h a n g e i n V . 1 0 3 , p . 1 8 9 6 . 18 9 2
— N e w Stock.— Tho company
applied to tho Pittsburgh Stock Exchange to list 310,790
additional shares of stock, par value $25, or in all $7,769,750,
making tho total outstanding $20,000,000. Compare V
103, p. 2083, 1892.
— Preferred Stock O ffered .—Borton &
Borton are offering at par and dividend $250,000 7% Cum.
Pref. stock. Par $100. Divs. Q.-J. A circular shows:
O h i o
D igest o f C ircu la r S ig n ed b v P resid en t Jam es P a rm elee.
T h e d i r e c t o r s h a v e d e c id e d t h a t i t w i l l b o f o r t h o b e s t in t e r e s t s o f t h o
s t o c k h o ld e r s t o t a k e s t e p s l o o k i n g t o t h e a c q u is it i o n o f t h o p r o p e r t y a n d
a s s e ts o f t h e N o w J e r s e y c o r p o r a t i o n a n d o t h e r p r o p e r t i e s b v a n e w c o r p o r a
t io n t o b e o r g a n iz e d u n d e r t h o l a w s o f N . Y . S t a t e . W i t h t il l s u l t i m a t e
e n d in v l o w , th e ro w ill b o o rg a n iz e d a N e w Y o r k c o r p o ra tio n k n o w n as
N a t i o n a l C a r b o n C o . , I n c . , h a v i n g a n a u t h o r i z e d c a p it a l s t o c k c o n s is t i n g
o f 1 ,0 5 6 ,0 0 0 s h a r e s , o f w h i c h 5 6 ,0 0 0 s h a r e s , o f t h e p a r v a l u e o f $ 1 0 0 e a c h ,
a r o t o b o p r e f e r r e d s t o c k , a n d 1 ,000,000 s h a r e s , w i t h o u t n o m i n a l o r p a r
v a lu e , a re t o b e c o m m o n s to c k .
T h o p re fe rre d s to c k w ill d ra w c u m u la tiv e
8 % d i v i d e n d s , p a y a b l o q u a r t e r l y ( Q . - F e b . 1 ) , a n d w i l l b o r e d e e m a b le a t
$14() p e r s h a r e . fS e o i n c o r p o r a t i o n o f t h o n o w c o m p a n y b e l o w ) .
L v e r y h o ld e r o f a n y o f tn o 7 % c u m u la t iv e p re fe rre d s to c k o f th o N e w
J i r s o y c o rp o ra tio n w ill b o g iv e n a n o p p o r t u n it y t o e xc h a n g e th o sa m e fo r
a l i k o a m o u n t , s lia r o f o r s h a r e , o f t h o 8 % c u m u l a t i v e p r e f e r r e d D o c k o f
tm ) N e w Y o r k c o r p o r a t i o n a n d o v e r y h o l d e r o f a n y o f t h e c o m m o n s t o c k
o f t h e N o w J e r s e y c o r p o r a t i o n w i l l b o g i v e n a n o p p o r t u n i t y t o e x c lia n g o t h o
s a m e f o r c o m m o n s t o c k o f t h e N . Y . c o r p o r a t i o n o n t h e b a s is o f o n e s h a r e
o f th e c o m m o n s to c k o f th o N . J . c o r p o ra tio n f o r f o u r s h o re s o f th o c o m m o n
s tc c k o f th o N . Y . c o rp o ra tio n .
T l i o o r g a n iz a t io n o f t b e N e w Y o r k c o r p o ra tio n w i l l b o c o m p le te d a n d th e
c e rtific a te s o f s to c k th e r e o f b o r e a d y fo r d e liv e r y in e x c h a n g e f o r th e s to c k
o f tn o N e w J e r s e y c o r p o ra tio n o n F e b . 1 1917. T h e e x c h a n g e w ill b o
m a d e a t th o N e w Y o r k T r u s t C o . , N . Y . C i t y , th e tra n s fe r a g e n t o f th e n o w
c o m p a n y . — V . 10 3 , p . 1 6 9 0 . 1 5 9 6 .
o f
t h r o u g h d e p o s i t o f R e c la m a t i o n D i s t r i c t b o n d s a s c o l l a t e r a l, c o n s t i t u t e s a
P r i o r l io n o n t h o c o m p a n y ’s v a l u a b l e a g r i c u l t u r a l l a n d h o l d i n g s ; t h e n o t e s
a r e a d d i t i o n a l l y s e c u r e d b y a d e p o s i t o f $ 4 ,5 0 0 ,0 0 0 N a t o m a s G e n e r a l A
R e f u n d i n g 6 % b o n d s , w h i c h h a v e a p r e s e n t c a s h v a l u e o f $ 3 ,0 0 0 ,0 0 0 .
Earnings for Year 1 9 15 (1 9 1 6 Figures Not Yet Available).
N e t p r o f i t s , le s s t a x e s , in s u r a n c e a n d c o m p a n y e x p e n s e s _______$ 1 ,5 7 0 ,7 9 9
I n t e r e s t p a y a b l o i n c a s h ( n o t e i n t e r e s t i n c l u d e d ) _________________
1 9 4 ,7 7 0
B onds Called.
T h e C i t y W a t e r W o r k s o f M e r r ill, W is ., a n d th o M o u n t V e rn o n W a te r
W o r k s C o . , b o t h o w n e d b y t h o a b o v o c o m p a n y , h a v e c a lle d f o r r e d e m p t i o n
a t p a r a n d i n t . , o n M a r . 1 1917 a t t h o F a r m e r s ’ L o a n & T r u s t C o . , N . Y . ,
a ll t h e ir o u t s t a n d in g 3 0 -y o a r 5 % g o ld m o rtg a g e b o n d s o f 1901, a m o u n t in g
t o $ 1 9 9 ,0 0 0 f o r t h o f o r m e r c o . a n d $ 1 8 2 ,0 0 0 f o r t h o l a t t e r . — V . 1 0 4 , p . 16 9 .
C o .
F u e l
S u p p l y
O h i o
V a r n i s h
C o
h a s
C o .
New Pref. Slock.— P r e f e r r e d a s t o a s s e ts a n d d i v s . R e d . a ll o r p a r t a f t e r
n o tic e a t $1 10 a n d d iv s .
P r e f . s t o c k h o ld e r s a s a c la s s s h a ll v o t e e q u a l l y
w i t h c o m m o n s t o c k h o ld e r s a s a c la s s i n e v e n t o f d e f a u lt o f t w o q u a r t e r l y
d iv id e n d s o r in th e a n n u a l re t ir e m e n t o f p re f. s to c k t h r o u g h s in k in g fu n d .
N o c o m m o n d i v i d e n d d u r i n g d e f a u l t i n e i t h e r p r o v i s i o n o r in t h o m a i n t e n
a n c e o f t h e n e t q u i c k a s s e ts . N o m o r t g a g e o r o t h e r lie n n o r p r e f . s t o c k
b e y o n d p r e s e n t a u t h . $ 6 0 0 ,0 0 0 w i t h o u t c o n s e n t o f 7 5 % o f t h e p r e f . o u t
s t a n d in g .
Y e a r l y , b e g in n in g J a n . 1 1 9 2 0 , t h e c o m p a n y s h a ll r e t i r e a n d
c a n c e l a t le a s t 5 % o f t h o la r g e s t a m o u n t o f p r e f . s t o c k a t a n y t i m o o u t .
Capitalization ( N o b o n d s ) —
Authorized.
Issued.
P r e f e r r e d s t o c k 7 % c u m u l a t i v e . .................................. .......... $ 6 0 0 ,0 0 0 * $ 4 5 0 ,0 0 0
C o m m o n s t o c k . . . ............................................... ............................ 1 .0 0 0 .0 0 0
4 9 5 ,8 0 0
* $ 2 0 0 ,0 0 0 p a r v a l u e i n e s c r o w t o b e e x c h a n g e d f o r a l i k e a m o u n t o f p r e f .
s t o c k ; h e r e t o f o r e is s u e d , h a v i n g p a r i t y w i t h t h i s is s u e a s t o a s s e ts a n d d i v i
d e n d s , ln it w it h o u t s im ila r s a fe g u a rd s a n d s in k in g fu n d .
7’/ie Company.— H a s b e e n in b u s in e s s 3 5 y e a r s ; u n d e r p r e s e n t m a n a < -e m e n t 14 y e a r s .
P ro d u c ts w id e ly k n o w n u n d e r tra d e n a m e “ C h in a m e l ”
C l a i m s d i s t i n c t i o n a s t h e la r g e s t m a n u f a c t u r e r s o f c o l o r e d v a r n i s h e s i n t h e
w o r ld , m a n u fa c tu r in g a b o u t 500 s e p a ra to p ro d u c ts , in c lu d in g v a rn is h e s
e n a m e ls , c o l o r s i n o i l, s h i n g l e s t a i n s , a u t o m o b il e , w a l l , c e m e n t a n d c o n c r e t e
f in is h e s a n d , t h r o u g h it s s u b s id ia r ie s , p a i n t s o f a ll k i n d s a n d f o r a il p u r
poses.
P r o d u c t s h a n d l e d b y 8 ,0 0 0 e x c l u s i v e d e a le r s i n U . S . , C a n a d a a n d
S o u th A m e ric a .
T h o p ro c e e d s o f th is a d d it io n a l p re f. s to c k w ill h e u s e d to
s t r e n g t h e n w o r k i n g c a p it a l .
Assets.— B a la n c e s h e e t o f J u n e 3 0 1 9 1 6 , a d j u s t e d t o p r e s e n t f i n a n c i n g ,
s h o w s t o t a l n e t a s s e ts e x c l u s i v e o f p a t e n t s , t r a d e m a r k s a n d g o o d w i l l , o f
$ 1 ,0 7 9 ,2 6 8 , a n d n e t q u i c k a s s e ts o f S 7 2 9 .5 3 3 , o r $ 2 10 o f t o t a l n e t a s s e ts a n d
$ 1 6 2 o f n o t q u i c k a s s e ts f o r e a c li s h a r e o f p r e f . s t o c k .
N e t q u i c k a s s e ts
m u s t b e m a i n t a i n e d e q u a l t o 1 0 0 % o f t h e p r e f . s t o c k o u t s t a n d in g .
Earnings.— N e t e a r n i n g s f o r p a s t f o u r y e a r s a n d t e n m o n t h s h a v e a v e r
a g e d $ 7 8 ,4 8 6 p e r a n n u m , o r a b o u t 2 % t im e s p r e f . d i v i d e n d r e q u i r e m e n t s ,
a l t h o u g h t h e c o m p a n y h a s n o t h a d t h e b e n e f it o f t h i s a d d i t i o n a l c a p it a l .
Oxford Electric Light & Power Co., Ltd.— B onds Offered
—J. C. Mackintosh & Co., Halifax, aro offering, at 98 add
int., with a 30% stock bonus, $50,000 30-year First Mtge. gold
6s, dated Dec. 1 1916, duo Dec. 1 1946. Circular shows:
~
R e d e e m a b le a t p a r . o r c a lla b le a t 10 5 a n d I n t .
C o u p o n s p a y a b le J . A D .
a t R o y a l B a n k o f C a n a d a , H a lifa x .
T r u s t e e , E a s t e r n '1'rust C o .
A u t h o r i z e d , $ 1 0 0 ,0 0 0 e a c h o f s t o c k a n d b o n d s ; is s u e d , $ 5 0 ,0 0 0 e a c h .
A c o n s o li d a t i o n o f a h y d r o - e l e c t r i c d e v e lo p m e n t o n R i v e r P h i l i p , 2 m ile s
f r o m O x f o r d , a n d th e O x f o r d E le c t r ic C o ., L t d .
H y d ro -e le c tr ic p la n t in
c lu d e s a c o n c r e t e d a m , 2 4 r t . t h i c k , c a n a l 3 ,3 0 0 f t . t o n g , p o w e r h o u s e w i t h
w o r k in g h e a d o f 22 f t . 6 in .
A s t e a m a u x i l i a r y p l a n t o f 150 h . p . is b e i n g
i n s t a l le d , w h i c h , w i t h t h o h y d r o - e l e c t r i c p o w e r , w i l l m a k e a v a i l a b l e 4 0 0 h . p .
o r m o re th a n d o u b le a m o u n t n o w in u s e .
In c lu d in g Im p ro v e m e n ts n o w
~
E x c lu s iv e fra n S te w a rt, Sec.
Philadelphia Electric Co.— F ina ncia l P lan A p p r o v e d Public O ffering Shortly .—The P. S. Commission at Harris
burg, Pa., on Jan. 15 formally approved the financial plan
of July 26 1916 (V. 103, p. 326, 1416), by which the owner
ship of tho various properties will hereafter bo vested in tho
principal subsidiary, tho Philadelphia Electric Co., a com
pany with $50,000,000 of authorized capital stock. The
consolidated company will also create a $60,000,000 bond
issuo, of which $35,000,0000 has been sold to Drexel & Co.
and Brown Bros. & Co. in order to retire on certain terms the
$28,276,500 trust certificates of the several issues on certain
terms and for other purposes; the remaining $25,000,000
bonds will be reserved for future capital requirements. Over
95% of tlio trust certificates have assented to the plan.
Tho bonds aro expected to be offered shortly.
Statement Issued by Pennsylvania Public Service Commission Jan. 15 1 9 1 7 .
T h o C o m m i s s i o n t o - d a y a p p r o v e d t h e a p p li c a t i o n o f t h e P e n n s y l v a n i a
H e a t , L i g h t A P o w e r C o . a n d t h i r t e e n o t h e r c o m p a n ie s t o t r a n s f e r t h e i r
p r o p e r t i e s t o t h o P h i l a d e l p h i a E l e c t r i c C o . , a ll o f t h e s e c o m p a n ie s b e i n g
l o c a t e d a n d d o i n g b u s in e s s i n P h il a d e l p h ia .
T h e s e a u t h o r i z a t i o n s w e r e is s u e d s u b je c t t o t h e c o n d i t i o n t h a t n o lo a n
b o e f f e c t e d u p o n b o n d s s e c u r e d b y a m o r t g a g e u p o n t h e p r o p e r t y a n d a s s e ts
o f t h o P h i l a d e l p h i a E l e c t r i c C o . u n t i l , a n d u n le s s a s t i p u l a t i o n b e H i e d w i t h
t il l s C o m m i s s i o n b y s a id c o m p a n y t o a m o r t i z e a l l d i s c o u n t s , p r e m i u m s
a n d e x p e n d i t u r e s r e s u l t in g t h e r e f r o m o r c o n n e c t e d t h e r e w i t h o u t o f n e t
p r o f its , a n d u p o n f u r t h e r c o n d it io n t h a t a p r o v is io n b o m a d e in a n y s u c h
m o r t g a g e b i n d i n g t h o s a id c o m p a n y t o a m o r t i z e a ll d i s c o u n t s a l lo w e d i n
t li e f l o t a t i o n o f t li o l o a n s e c u r e d b y s u c h m o r t g a g e , a s w e ll a s a n y p r e m i u m s
o r p a y m e n t s e x c e e d in g p a r u p o n e x i s t i n g o u t s t a n d in g t r u s t c e r t i f i c a t e s
re d e e m e d o u t o f th o p ro c e e d s o f s u c h m o rtg a g e .— V . 103. p . 1986, 1892.
THE CHRONICLE
2 6 2
Pittsburgh Lamp, Brass & Glass Co.— E x ten d e d .—
A c c o r d in g t o th e a g re e m e n t w i t h th o c re d ito rs o n J a n . 1 19 12, th e
$ 3 0 0 ,0 0 0 1 s t M t g o . 6 % s e r i a l b o n d s w e r e a l l m a d e t o m a t u r e o n J a n . 1
1 9 1 7 , b u t w h e n o t h e r p o r t i o n s o f t h e c o m p a n y ’s i n d e b t e d n e s s w e r e b e i n g
f u r t h e r e x t e n d e d a y e a r a g o , i t w a s a r r a n g e d t h a t t h i s is s u e s h o u ld b o f u r t h e r
e x t e n d e d u n t i l D e c . 31 1 9 1 8 . A t l a s t a c c o u n t s t h o r o w e r e $ 5 0 0 ,0 0 0 2 d
M t g o . 6 % b o n d s a n d $ 7 5 0 ,0 0 0 e a c h c la s s o f c o m . a n d p r e f . s t o c k s o u t s t ’g .
Pittsburgh Steel Co.— Results f o r 6
Six Months ended Dec. 3 1 —
1916.
S a l e s ......................................................................$ 1 4 ,3 7 1 ,2 9 6
N e t p r o f i t s ....................................................
5 ,0 2 7 ,1 1 1
— V . 104. p . 77.
M o n th s.
—
1915.
$ 9 ,6 6 0 ,2 6 0
1 ,6 9 5 ,1 0 9
Increase.
$ 4 ,7 1 1 ,0 3 6
3 ,3 3 2 ,0 0 3
(The)Ralston Steel Car Co., Columbus, O.— S ta tu s.—
The Geiger-Jones Co., Canton, report in substance:
Capitalization Aug. 31 1 9 16 (No bonds) —
Authorized.
OUtstandinn
7% c u m . p r e f . s t o c k , d i v s . p a i d Q - J 1 M % e a c h . .$ 3 , 0 0 0 , 0 0 0
$ 2 ,1 5 0 ,2 0 0
C o m m o n s t o c k ______________________________________ 2 ,5 0 0 ,0 0 0
1 ,7 4 9 ,5 0 0
S u r p l u s ______________________________________________
_______
3 5 7 ,0 5 8
Property.— I n c o r p o r a t e d i n 1 9 0 5 . M a n u f a c t u r e s (a ) u n d e r p a t e n t s t h o
R a l s t o n , a l l- s t e e l , l e v e l - f l o o r , d r o p - b o t t o m f r e i g h t c a r s f o r t h o q u i c k u n l o a d
i n g o f l u m b e r , r a ils , s t o n e , c o a l, & c . , (b ) o t h e r t y p e s o f s t e e l c a r s , (c) s t e o l
u n d e r f r a m e s , r e p a i r p a r t s a n d o t h e r r a i l r o a d e q u i p m e n t a n d s u p p li e s .
O w n s a m a i n b u i k f i n g 172 x 1 ,4 1 0 f t . , a n d t w e l v o s m a l le r b u i l d i n g s , a l l o f
p e r m a n e n t f i r e - p r o o f c o n s t r u c t i o n , w i t h 3 7 5 ,0 0 0 s q . f t . o f f l o o r s p a c e ,
lo c a t e d o n 3 8 a c r e s o f g o o d f a c t o r y p r o p e r t y a t C o l u m b u s , O . , a ls o 104
a c re s f o r f u t u r e g r o w t h a n d a s h o m o -s ite s f o r e m p lo y e e s .
R e a l e sta to ,
b u i l d i n g s a n d e q u i p m e n t , I n c l u d i n g s i x m il e s o f r a i l w a y s i d in g s , a n d v a l u a b l e
p a t e n t s a r o v a l u e d a t $ 3 ,9 4 7 ,4 5 9 ; i n v e n t o r i e s a n d o t h e r q u i c k a s s o t s , $ 2 ,
1 0 1 ,7 7 3 ; t o t a l , $ 0 ,0 4 9 ,2 3 2 . S e e " I r o n T r a d e R o v i e w , ” F o b . 13 1 9 1 6 .
T h o m a x i m u m c a p a c i t y is a b o u t 4 0 a ll- s t e e l a n d 2 0 c o m p o s it e c a r s p o r
d a y , o r m o r e t h a n 1 5 ,0 0 0 c a r s a y e a r .
I n c lu d in g c a r re p a irs , re p a ir p a r t s ,
u n d e r f r a m e s , & c ., t h o p l a n t c a n t u r n o u t a p p r o x i m a t e l y $ 1 2 ,0 0 0 ,0 0 0 t o
$ 1 5 ,0 0 0 ,0 0 0 p e r y e a r .
R e c e n t o r d e r s i n c l u d e 2 ,0 0 0 c a r s f o r t h o P e n n s y l
v a n i a I i R . a n d 2 ,6 0 0 f o r t h o S o u t h e r n P a c if i c .
Earnings.— E a r n i n g s f o r J u l y 1 9 16 w e r e r e p o r t e d i n o x c e s s o f $ 9 0 ,0 0 0 .
I t is e s t i m a t e d t h a t t o t a l p r o f i t s d u r i n g t h o n e x t t w e l v e m o n t h s w i l l e x c e e d
$ 7 5 0 ,0 0 0 , o r a f t e r p a y i n g 7 % o n t h o p r e f . s t o c k , a n a m o u n t e q u a l t o a b o u t
3 0 % o n t h o c o m m o n s to c k , to b o c re d ite d to s u rp lu s .
Stock.— T h e r e is $ 2 ,1 5 0 ,2 0 0 7 % c u m u l a t i v e p r e f e r r e d s t o c k s u b s c r ib e d
a n d o u t s t a n d in g .
T h o c o m p a n y is s u b je c t t o a u d i t a n d e x a m i n a t i o n b y
G e ig e r - J o n e s C o . , r e p r e s e n t in g t h e p r o f , s t o c k . P r e f . d i v . a r o p a i d Q . - J .
l \ l e c o m m o n s t o c k is $ 1 ,7 4 9 ,5 0 0 . D i v i d e n d s a t 8 % a y e a r u n t i l J u l y
19 1 5 . D i v i d e n d s w e r e t h e n s u s p e n d e d o w i n g t o t h o d e p r e s s io n i n t h o r a i l
r o a d e q u i p m e n t b u s in e s s .
P re s e n t e a rn in g s , w h ic h a ro v e r y s a t is fa c t o r y ,
a ro b e in g u s e d to b u ild u p th o s u rp lu s .
Officers.— J . S . R a l s t o n , P r e s i d e n t ; A n t o n B e c k e r , V i c o - P r e s . ; F . A .
M i l l e r , S e c . & T r e a s . ; C . N . R o p lo g lo , G e n . M g r .
G e n e r a l o f f ic e s , C o l u m
b u s . O . — V . 101, p . 1374.
Savannah (Ga.) Sugar Refining Co.— Stock In c re a s ed .—
T h o s t o c k h o ld e r s o n J a n . 10 v o t e d t o in c r e a s e t h o a u t h o r i z e d 7 % c u m .
c o n v e r t i b l e p r e f e r r e d s t o c k f r o m $ 2 ,0 0 0 ,0 0 0 t o $ 2 ,7 5 0 ,0 0 0 , t o p r o v i d o f o r a n
e n l a r g e m e n t o f t h o c o m p a n y ’s c a p a c i t y . — V . 1 0 2 , p . 2 3 4 7 .
Sefton Manufacturing Corp.— Stock
A l l S o ld .
—
K e a n , T a y l o r & C o . a n n o u n c o t h a t t h e y h a v e s o l d t h o e n t i r e is s u e o f
$ 1 ,2 5 0 ,0 0 0 7 % c u m u l a t i v e p r e f . s t o c k , F o r d e t a i l s s e o V . 1 0 4 , p . 1 6 9 , 7 7 .
Senorito
(N.
M.) Copper Corporation.— Contract.—
T h e J . G . W h it e E n g in e e r in g C o r p o r a t io n h a s b e e n a w a r d e d a c o n tra c t
b y t h i s c o p p e r c o r p o r a t i o n i n t h e N a n c i e m e n t o D i s t r i c t , 9 0 m il e s n o r t h w e s t
o f A l b u q u e r q u e , c o v e r i n g i n s t a l la t i o n o f a m i l l a n d p o w e r p l a n t , w i t h a n
i n it i a l p r o d u c t i v e c a p a c i t y o f 2 5 0 ,0 0 0 l b s . , o f c o p p e r p e r m o n t h ; a t w o - m i l e
t r a m w a y a n d m in in g m a c h in e r y f o r a c o a l m in e to s u p p ly th e p o w e r p la n t .
C o n s t r u c t i o n is b e i n g r u s h e d in o r d e r t o t a k e a d v a n t a g e o f t h e h i g h p r ic e
o f th o m e ta l.
T h o p l a n s , i t is s t a t e d , w i l l e m b o d y s o m e u n u s u a l f e a t u r e s
e n a b l in g t h e p r o d u c t i o n o f r e f in e d c o p p e r a t t h o m i n e a n d e l i m i n a t i n g t h e
n e c e s s it y o f t r a n s p o r t i n g t h e o r e .
T h i s w i l l b e a c c o m p lis h e d b y t h o
G r e e n a w a l t e l e c t r o l y t i c m e t h o d o f l e a c h in g a n d e le c t r ic d e p o s i t i o n .
Shannon Copper Co.— Extra
D iv id e n d .
—
A n e x t r a d i v i d e n d o f 2 5 c e n t s p e r s h a r e h a s b e e n d e c la r e d o n t h o s t o c k
a l o n g w i t h t n e r e g u l a r q u a r t e r l y 2 5 c e n t s , b o t h p a y a b l o F e b . 15 t o h o l d e r s
o f r e c o r a J a n . 3 1 .— V . 1 0 3 , p . 1 2 1 5 .
Shreveport (La.) Water Works Co.— B onds
C alled.
—
T h i s c o m p a n y h a s c a l l e d f o r p a y m e n t o n F e b . 10 a t p a r a n d I n t e r e s t a l
th e o u t s t a n d in g I s t M . b o n d s o f 1899, p a y m e n t to b o m a d e a t th e E q u it a b lo
T r u s t C o ., N . Y .
T h e c i t y o f S h r e v e p o r t r e c e n t l y s o ld b o n d s In c o n n e c t i o n
w it h th o p u rc h a se .
S e e " S ta te a n d C i t y " D e p a r t m e n t , V . 103, p . 1528.
— V . 1 0 3 , p . 12 1 5 .
[Vol . 104
last May with J. Howard Pew as Pres., to build freight
vessels up to 600 ft. in length. Bonds dated Jan. 1 1917 and
due annually Jan. 1 1918-1927.
D a t a f r o m L e t t e r o f P r e s . J . H o w a r d P e w , P h i l a . , J a n . 4 1917.
Capitalization.— (a) C a p i t a l s t o c k ( Is s u e d f o r c a s h a t p a r ; , $ 2 ,5 0 0 ,0 0 0 :
(6) F i r s t M t g o . 5 % b o n d s o u t s t a n d i n g , $ 2 ,0 0 0 ,0 0 0 , w i t h $ 5 0 0 ,0 0 0 r e s e r v e d
f o r a d d it i o n s a n d I m p r o v e m e n t s ; t o t a l , $ 2 ,5 0 0 ,0 0 0 .
R e m a in in g b o n d s
u n d e r t h is m o r t g a g e m a y o n l y b o Is s u e d f o r im p r o v e m e n t s a n d a d d it io n s a t
5 0 % a c t u a l c a s t t h e r e o f , o r a t 7 5 % o f s a i d c o s t , p r o v i d i n g n e t e a r n in g s
a p p li c a b le t o b o n d i n t e r e s t s h a ll e q u a l 3 J 4 t im e s t h e a m o u n t n e c e s s a r y t o
p a y t h e I n t e r e s t o n a ll b o n d s a b o u t t o b e s s u e d .
Property.— H a s f i v o s t e e l a n d c o n c r e t e s h i p w a y s , c a p a b lo o f b u i l d i n g
6 0 0 - f o o t v e s s e ls .
P l a n t o n D e l a w a r o R i v e r a t C h e s t e r , I ’a . , 6 0 a c r e s , w i t h
e n g in e -b u ild in g p la n t ( f o r m e r ly R o b e r t W e t h e r ill C o ., In c . ) , a n d m o d e rn
s h ip y a rd .
V a l u e o f p r o p e r t y w h e n p r e s e n t c o n s t r u c t i o n w o r k is c o m p l e t e d ,
b a s e d o n a p p r a is a l a t n o r m a l p r ic e s , $ 4 ,2 1 8 ,7 0 9 . T h e c o m p a n y h a s a l r o a d y
e n t e r e d i n t o c o n t r a c t s f o r e i g h t 1 0 ,0 0 0 - t o n s t e a m e r s , r e p r e s e n t in g a g r o s s
b u s in e s s o f m o r o t h a n $ 1 0 ,0 0 0 ,0 0 0 , a n d e x p e c t s t o e a r n b e t w e e n 2 0 a n d 3 0 %
a n n u a lly o n its s to c k .
Balance Sheet Sept. 3 0 1916— (a) (Total Assets, $ 5 ,1 0 1 ,4 0 1 / .
R e a l e s t a t o . p l a n t , & c . — W e t h e r i l l p l a n t , b o o k v a l u o , $ 1 ,3 3 0 ,7 4 8 ;
s h i p b u i l d i n g p l a n t s c o s t t o d a t o , $ 1 ,1 0 3 ,5 0 1 ; e s t i m a t e d c o s t o f
c o m p l e t i n g t h o s h i p b u i l d i n g p l a n t , $ 1 ,4 0 0 ,1 7 9 ; t o t a l ------------------ $ 3 ,8 3 4 ,4 2 8
C a s h , $ 5 7 ,0 9 1 ; b ills r e c e i v a b l e , $ 2 9 5 ,1 6 4 ; a c c o u n t s r e c e i v a b l e ,
$ 1 2 5 ,1 6 4 ; la s s r e s e r v o f o r d o u b t f u l a c c o u n t s , $ 2 0 ,3 1 7 ; t o t a l —
4 5 7 ,4 0 8
I n v e n t o r i e s — W e t h e r i l l p l a n t w o r k i n p r o g r a s s , $ 1 5 8 ,6 8 0 ; m a
t e r ia ls a n d s u p p li e s e s t i m a t e d , $ 3 9 ,9 1 1 ; s h i p b u i l d i n g p i a n t
e x p e n d i t u r e s o n s h i p c o n t r a c t s , $ 2 5 ,6 0 1 _________________________
2 2 4 ,1 9 3
E s t i m a t e d a m o u n t o f t h e p r o c e e d s o f p r o p o s e d is s u e o f 1 s t M t g o .
b o n d s a v a i l a b l e f o r w o r k i n g c a p i t a l _________________________ ____
4 7 9 ,8 2 1
P r e p a i d I n t e r e s t , t a x e s , i n s u r a n c e , & c . , $ 8 8 ,0 8 2 ; a c c r u e d I n t e r e s t
r e c e i v a b l e , $ 1 7 ,4 6 9 _______________________________________________
1 0 5 ,5 5 1
__________
(ft) Liabilities (Total, $ 5 ,1 0 1 ,4 0 1 ) —
C a p i t a l s t o c k , $ 2 ,5 0 0 ,0 0 0 : 1st M . b o n d s , $ 2 ,0 0 0 ,0 0 0 (see a b o v o ) .$ 4 , 5 0 0 ,0 0 0
N o t e s p a y a o l o . $ 1 7 0 ,0 0 0 ; a c c o u n t s p a y a b l o , $ 3 9 1 ,8 7 0 ----------------------5 6 1 ,8 7 0
A c c r ’d t a x e s , $ 5 3 1 ; a c c r ’d in t e r e s t , $ 3 ,2 5 5 ; a c c r ’d w a g e s , $ 6 , 9 7 7 - 1 0 ,7 6 3
S u r p lu s a s o f S e p t . 3 0 1 9 1 6 _________________________________________
2 8 ,7 6 8
Directors (and Officers).— J . H o w a r d P e w ( P r e s . ) , J . N . P e w J r . ( V . - P . ) ,
r e s p e c t i v e l y P r e s . & V . - P r e s . S u n ( O il) C o . ; H e r v o y S c h u m a c h e r ( S c c .&
T r e a s .) , J . A . S im (S u p t. H u ll D e p t .) , R o b t . H a ig (S u p t. o f M a c h in e ry
D e p t , a n d P re s . R o b t . W e th e rld & ^ o ., In c .) , E . V . B a b c o c k , F r a n k C ro s s
(S ec . & T r e a s . S u n ( O il; C o . ) , O l i v e r D u k e ( M a r in o S u p t .) , J o h n G . P e w
( P r e s . P e o p le s N a t u r a l G a s C o . ) , V i c t o r O . M a t h e r ( M a t h e r & C o . ) , H o n .
W illia m C . S p ro u l ( C h a ir m a n P e n n S e a n o a rd S te e l C o . ) , a n d S a m u e l
V a u c la ln . C o m p a r e V . 104, p . 170.
S u p p lee M ilk C o., P h ila d e lp h ia . — E a r n in g s. —This
company whose 8500,000 7% Cumulative preferred stock
was recently offered, reports as of Nov. 24:
B u s in a s s f o u n d e d I n 1 8 6 9 . S u p p l ie s a b o u t 7 5 ,0 0 0 c u s t o m e r s w i t h a b o u t
7 5 .0 0 0 q u a r t s o f m i l k p e r d a y ; t h e p r o d u c t i o n o f ic e c r e a m is f r o m
1 0 .0 0 0 t o 2 0 ,0 0 0 q u a r t s p e r d a y in t h e a c t i v e s e a s o n . T a n g i b l e p r o p m y ,
a f t e r g i v i n g e f f e c t t o is s u a n c e o f n o w c a p it a l s t o c k , s t a n d s a p p r o x i m a t e l y :
R e a l e s ta te , b u ild in g s , m a c h in e r y e q u ip m e n t , in v e s t m e n t s a n d n e t q u ic k
a s s o ts , S e p t . 3 0 1 9 1 6 , $ 1 ,1 8 6 ,8 8 5 ; le s s m o r t g a g e s o n r e a l e s t a t e , $ 1 7 7 ,9 0 0 :
n o t , $ 1 ,0 0 8 ,9 8 5 , w i t h n o v a l u a t i o n f o r m i l k r o u t e s a n d o t h e r i n t a n g i b l e s .
T h e m i l k is p a s t e u r iz e d a n d b o t t l e d a t c o m p a n y ’s p l a n t a t 1 1 th a n d J e f f e r
s o n S tre e ts , P h ila d e lp h ia , a la rg o b r ic k a n d s to n e b u ild in g .
C o m p a n y a ls o
o w n s s ix o t h e r re t a il d is t r ib u t in g p la n t s , in c lu d in g f o u r in P h ila d e lp h ia a n d
o n o e a c h in A t l a n t i c C i t y a n d O c e a n C i t y . N . J , a n d o w n s s u p p l y s t a t io n s
w h e r e t h o m i l k is b o u g h t f r o m f a r m e r s v i z . : 10 s t a t io n s i n P a . , 2 in N . J .
a n d 3 in N o w Y o r k ( S u in t n e r d a lo a n d M a y v i l l o a n d A l l e g h e n y ) .
A ls o
o w n s a b o u t 3 0 0 h o r s a s , 2 0 0 w a g o n s , 2 0 a u t o m o b il e s , a n d a d d i t i o n a l r e a l
e s ta te .
C a p it a liz a t io n , in $1 00 s h a re s :
P r o f , s t o c k $ 1 ,5 0 0 ,0 0 0 a u t h . a n d
$ 5 0 0 ,0 0 0 o u t s t a n d in g ; c o m m o n s t o c k $ 1 ,5 0 0 ,0 0 0 a u t h . a n d $ 1 ,0 0 0 ,0 0 0
o u t s t a n d in g .
N o b o n d s n o r a d d i t i o n a l m o r t g a g e , n o r p r o f , s t o c k In c r e a s e
w i t h o u t c o n s e n t o f 6 6 2 - 3 % o f t h o p r e f . s t o c k o u t s t a n d in g .
Operations—
1912.
19 1 3 .
1914.
1915.
’ 1 0 (9 m o s .)
G r o s s s a l e s ........... $ 1 ,4 1 5 ,9 0 6 $ 1 ,6 9 3 ,9 2 1 $ 1 ,7 6 9 ,4 3 9 $ 2 ,2 1 9 ,1 7 4 $ 2 ,1 9 2 ,3 6 8
N e t p r o f i t s ______
7 3 ,2 9 7
9 1 ,2 4 7
1 1 7 ,3 6 7
1 4 3 ,8 7 9
1 7 3 ,3 2 6
A n a n n u a l s i n k i n g f u n d o f 2 % o f t h o p r o f , s t o c k o u t s t a n d i n g s h a ll b e s e t
a s id e a n n u a l l y t o r e t i r o t h o p r e f . s h a r e s , t lie s o b e i n g c a l l a b l e a l l o r a n y p a r t
a t 107>6 a n d d i v .
T h o m a n a g e m e n t is u n d e r t h o d i r e c t io n o f M r . C .
H e n d e r s o n S u p p l e o . w h o h a s b e e n a s o c ia t e d w i t h t h o c o m p a n y f o r o v e r
35 y e a rs . See V . 103, p . 22 44.
S u p erior Steel C orp ., C a rn eg ie, P a .— E a r n in g s. —•
T h o n e t p r o f i t s f o r t h o s i x m o n t h s e n d e d N o v . 3 0 1 9 1 6 w e r e $ 1 ,2 5 3 ,3 1 8 ;
o r a t t h e r a t e o f o v e r $ 2 ,5 0 0 ,0 0 0 a n n u a l l y . — V . 1 0 3 , p . 2 4 3 5 , 2 3 4 8 .
T h om as C olliery C o.— B ond s
C alled. —
1
a
.
Smith R oMotor s tTruck t t Corp.—iS taatuus.a— t h u s f a r h a v e b e e n 5 0 %B 9r 1 4w, n h B vr oe s .b e&e nC od .r,a wP nh i lfaodre lrpehdieam, pt rtui osnt e ea.t— 1V0.2 M1 0 1a,n pd . i2n9t 2 . o n
o
E.
I.
s e n fc ld
a te s th a
h e o rd e rs n J n
ry
a h e a d o f th o s e fo r th e s a m e n u m b e r o f d a y s in D e c e m b e r.— V . 103, p . 2435.
Standard Oil Co. of California.— Stock
D iv id e n d .
—
I n a d d i t i o n t o t h e r e g u l a r q u a r t e r l y d i v i d e n d o f 2 1 4 % . d e c la r e d p a y a b l e
M a r . 15 t o h o l d e r s o f r e c o r d F e b . 1 5 , t h o d i r e c t o r s a u t h o r i z e d , s u b je c t t o t h o
a p p r o v a l o f th o C a lif o r n ia I t R . C o m m is s io n , a s to c k d iv id e n d o f 33 1 -3 % ,
t o b e I s s u e d o n A p r i l 16 1 9 1 7 , t o h o l d e r s o f r e c o r d F e b . 15 1 9 1 7 , a t t h o r a t e
o f o n e - t h i r d o f a s h a r o f o r e a c h s h a r e o f s t o c k ( f r a c t io n a l s h a r e s i n p r o p o r t i o n )
h o ld .
T h i s s t o c k d i v i d e n d Is m a d e p u r s u a n t t o t h e p o l i c y o f t h e d i r e c t o r s
a n n o u n c e d i n J a n u a r y 1 9 1 4 ( V . 9 8 , p . 1 6 0 ). A s t a t e m e n t is s u e d b y t h o
c o m p a n y s a y s ; “ T h o n e w s to c k a d d s n o c a p it a l v a lu e t o t h o p re s e n t
h o l d i n g s o f t h o s t o c k h o ld e r s .
I t m e r e l y in c r e a s e s t h o o u t s t a n d i n g n u m
b e r o f s h a r e s h e l d b y t h e m , ” i. e t o a n a m o u n t m o r o c lo s o a p p r o x i m a t i n g
t h o c o m p a n y ’s a s s e ts a s e n l a r g e d o f r e c e n t y e a r s t h r o u g h a c c u m u l a t i o n
a n d re in v e s t m e n t o f t h o s u rp lu s e a rn in g s .— V . 102, p . 1985.
Standard Oil Co. of Indiana.— E xtra
D iv id en d .—
A n e x t r a d i v i d e n d o f 3 % h a s b e e n d e c la r e d o n t h e $ 3 0 ,0 0 0 ,0 0 0 s t o c k ,
a l o n g w i t h t h e r e g u l a r q u a r t e r l y 3 % , b o t h p a y a b l e F e b . 2 8 t o P o ld e r s o f r e c
o r d F e b . 1. T h i s is t h o f i r s t e x t r a d i s b u r s e m e n t s in c e 1 9 1 4 , w h e n 1 3 %
e x t r a w a s p a i d . — V . 10 2 , p . 8 9 0 .
Standard Underground Cable Co., Pittsburgh.—
T h e s h a r e h o ld e r s a t t h e i r m e e t i n g o n J a n . 2 3 , i t is n o w s t a t e d , w i l l v o t e
o n I n c r e a s in g t h e a u t h o r i z e d c a p i t a l s t o c k f r o m $ 3 ,7 0 0 ,0 0 0 ( $ 3 ,5 0 0 ,0 0 0
o u t s t a n d in g ) t o $ 1 0 ,0 0 0 ,0 0 0 , o n l y p a r t o f t h e n o w s t o c k t o b o I s s u e d i n t h o
im m e d ia t e fu t u r e .
P a r t , i t is r u m o r e d , m a y b e d i s t r i b u t e d l a t e r a s a s t o c k
d i v i d e n d t o r e p r e s e n t a c c u m u la t e d e a r n i n g s . — V . 1 0 4 , p . 7 7 .
(John B.) Stetson Co. of Phila.— Sales,
J. H. Cummings reports as follows :
&c
.—President
E i g h t e e n ( $ 1 8 ,0 0 0 ) 1st M . 6 %
S in k in g F u n d g o ld b o n d s , d a te d A u g . 1
ro b . 1 at
T ra n su e & W illia m s S teel F o r g in g C o rp .— E a rn in gs
fo r
2
M o n th s and
12 M o n th s
en ding D ec.
31 1910.—
2 m os.
12 mos.
2 mos.
12 m o s .
G r o s s b u s in e s s S 1 ,2 1 9 ,3 6 8 $ 6 ,1 4 9 ,6 9 0 1 N e t e a r n i n g s . $ 2 6 9 ,6 5 7 $ 1 ,2 8 7 ,2 3 2
T h e n e t e a r n i n g s f o r t w o m o n t h s e n d e d D e c . 31 19 16, a s s h o w n a b o v e ,
re p re s e n ts t h e f ir s t t w o m o n t h s o f o p e ra tio n s o f th o n e w c o m p a n y .
As of
D e c . 31 1 9 16 t h e c o m p a n y h a d o n h a n d c a s h a n d r e c c i v a b l a s o t $ 1 ,8 9 0 ,0 0 0
a n d n e t w o r k i n g c a p it a l w a s $ 2 ,0 4 1 ,0 0 0 .— V - 1 0 3 , p . 2 2 4 4 , 2 1 6 1 .
T r e n to n P o tte rie s C o.— Extra
D iv id e n d . —•
A n a d d i t i o n a l d i v i d e n d o f u. o f 1 % is r e p o r t e d U n o f f i c i a l l y t o h a v e b e e n
d e c la t e d o n t h e s t o c k , a l o n g w i t h t h e r e g u la t Q u a r t e r l y 1 .^2 % » b o t h p a y a b l o
J a n . 2 5 t o h o l d e r s o f r e c o r d J a n . 1 8 .— V . 8 9 , p . 1 0 7 1 .
U n ion B ag & P ap er C o.— A c q u isitio n . —
T h i s c o m p a n y h a s p u r c h a s e d f o r c a s h t h e o n t i r o c a p it a l s t o c k o f t h e
B a d g e r B a g & P a p e r C o . o f W a u s a u , W is . , w h ic h c o m p a n y h a s a d a ily
c a p a c i t y o f 3 ,0 0 0 ,0 0 0 p a p e r b a g s . T h o p u r c h a s i n g c o m p a n y r e c e n t l y t o o k
o v e r t h o C h e b o y g a n P a p e r C o ., f o r w h ic h , & c ., se o V . 104, p . 7 1 .
U n io n S w itch & S ign a l C o.— Plan
A p p r o v e d .—
Se e W e s t in g h o u s o A i r B r a k e C o . b e lo w .— V . 10 3, p . 2 3 4 8 , 22 4 4 .
U n ite d C oal C orp. o f P itts .— In itia l
D iv id e n d . —
T h i s c o m p a n y , a s s u c c e s s o r ( p e r p l a n i n V . 1 0 2 , p . 1 8 1 6 ), o f t h o U n i t e d
C o a l C o . , a n n o u n c e s t h e d e c la r a t i o n o f a n i n i t i a l d i v i d e n d o f 1 \i % , o n t h e
s t o c k , p a y a b l o J a n . 2 5 . T h o c o m p a n y is s a i d t o b o o p e r a t i n g a ll o f Its
m in e s a n d m a k i n g a s a t i s f a c t o r y s h o w i n g i n s p i t e o f t h o s h o r t a g e o f l a b o r
a n d c a rs .— V . 103, p . 1216.
R u b b e r C o. — O ffering o f $60,000,000
.—Kulm, Loeb & Co. aro offering, at
96 and interest to yield about 5.20%, (seo advertisement
on another page) $60,000,000 First & Refunding Mortgago
Gold 5% bonds, Series “A,” duo Jan. 1 1947. Payable
principal and interest (J. & J.) without deduction for taxes,
except income taxes.
.
These bonds are to bo secured by direct or collateral lien
upon tho properties owned or controlled by tho company
and out of tho proceeds of the issue $24,697,148 will be
set aside to retire all existing bonds and lions maturing
Submarinea tBoat b oCorporation.—9Contract— O utlook.— on or before Dec. 1 1918, with tho exception of two issues
Se e E le c t r ic B o
Co. a
v e .— V . 103, p . 17 6.
of subsidiary companies. Tho combined not earnings
interest for the lato
year were ap
Sun Shipbuilding Co., Philadelphia.— B ond O fferin g. available for$12,500,000, as against calendar interest charge,
proximately
a total
Elkins, Morris & Co., Phila., aro offering, at par and int., including tho present $60,000,000 issue, of $3,610,000, (ex
by adv. on another page, $2,000,000 First Mtgo. 5% Serial
gold bonds of this'Jnew company organized in Pennsylvania cluding interest on obligations and unfunded dobt to
T h o s h i p m e n t s f o r t h e la s t f is c a l y e a r e n d in g O c t . 31 1 9 1 6 , w e r e 2 3 8 ,6 6 3
d o z e n , a g a in s t 1 9 9 ,2 4 9 d o z e n f o r 1 9 1 4 -1 5 , s h o w i n g a n in c r e a s e o f 3 9 ,4 1 4
d o z e n , o r 1 9 . 8 % . T h o v a l u o o f t h e o u t p u t I n 1 9 1 5 -1 6 w a s $ 7 ,6 8 2 ,5 2 5 .
A t t h o o p e n in g o f t h o n e w f is c a l y e a r o n N o v . 1 1 9 1 6 , u n f i l l e d o r d e r s f o r
la r g o a m o u n t s o f g o o d s w e r e c a r r i e d f o r w a r d , a n d , a s t h o o r d e r s r e c e i v e d
d u r i n g t h o f i r s t t w o m o n t h s o f t h o n e w f is c a l y e a r h a v e s h o w n a c o n s id e r a b le
in c r e a s e o v e r t h o s o r e c e i v e d i n t h o c o r r e s p o n d i n g p e r i o d o f la s t y e a r , t h o
in d ic a t io n s a ro t h a t th o d e m a n d f o r o u r g o o d s w ill b o f o r th o c iU T e n t y e a r
s o la r g o a s t o m a k e p r o s p e c t s i n t h i s d i r e c t io n m o s t f a v o r a b l o .
T h o m a in
t e n a n c e o f t h o p r e s e n t r a t e o f o u t p u t is , h o w e v e r , d e p e n d e n t u p o n o u r a b i l i t y
t o s e c u r e r a w m a t e r ia ls I n s u f f ic ie n t q u a n t it i e s . T h o r a w m a t e r ia l m a r k e t
is h i g h l y a b n o r m a l, d u e t o t h o f a c t t h a t o v e r 9 0 % o f t h o m a t e r ia ls u s e d in
t h e b u s in e s s a r o p r o c u r e d i n f o r e i g n c o u n t r i e s I n v o l v e d i n t h o E q u r o p e a n
w a r . — V . 9 5 , p . 1 1 6.
U n ite d
First
ii
A
S tates
R ef. B o n d s
THE CHRONICLE
Ja n . 20 1917.]
bo paid out of tho proceeds of this issue.) Followed by
capital stock, having a market value of over $87,400,000.
Seo full particulars in President’s letter under “Annual
Reports” on a preceding page.
U n d e r w r i t i n g a p p li c a t i o n s f e r t h o b o n d s , I t Is s t a t e d , h a v e c o m o I n t o
s u c h a n e x t e n t t h a t g e n e ra l a llo tm e n t t o p a r t ic ip a n t s w ill b o n o la rg e r
t h a n 5 0 o r .0 0 % o f t h o t o t a l a p p li c a t i o n .
N eiv D irec to rs. —-W. S. Kies, Vice-President of tho Ameri
can International Corp.; C. B. Scger, Vice-President of the
Union Pacific RR., and J. S. Alexander, President of tho
National Bank of Commerce in Now York, will, it is an
nounced, bo elected directors of tho company, to represent
tho now interests which enter the company in connection
with tho recent purchase of tho bonds.
Status as to D ivid en d s Im p ro v e d by R efu n d in g. —The fol
lowing statement has been given out explanatory of the
President’s letter which appears on a preceding page:
Statement by President Samuel P. Colt.
I h o s t a t e m e n t o f e a r n i n g s I n t h e l e t t e r f o r t h o f is c a l y e a r e n d e d D e c .
31 la s t s h o w s n e t r e t u r n s o f $ 1 2 ,5 0 0 ,0 0 0 , a s c o m p a r e d w i t h $ 1 1 ,5 3 9 ,3 1 3
f o r 1 9 1 5 . T h o f a c t s a r e t h a t t h o 1910 e a r n in g s a p p li c a b le t o t li o c o m m o n
s t o c k w e r e n e a r l y d o u b l e t h o h ig h e s t r a t o o f d i v i d e n d o v e r p a i d o n t h o
c o m m o n s to c k , w h ic h w a s 0 % .
I t is e v i d e n t f r o m t h i s s h o w i n g t h a t t h e r e c a n b o n o q u e s t io n a b o u t t h o
c o n tin u a n c e o f th e p re fe rre d d iv id e n d s , a n d f u r t h e r m o r e t h a t o v o n w it h
o n l y n o r m a l c o n d it i o n s , t h e c o m p a n y w i l l b o a b lo t o e a r n a s u b s t a n t ia l
r e t u r n o n th o c o m m o n s t o c k .— V . 104, p . 170, 7 8 .
United States Steamship Co.— Extra
D iv id e n d
.—
A n e x t r a d i v i d e n d o f M o f 1 % h a s b e e n d e c la r e d o n t h o s t o c k a l o n g w i t h
t h o r e g u la r b i- m o n t h ly d iv id e n d o f 1 % , b o t h p a y a b lo M a r c h 1 t o h o ld e rs
o f r e c o r d F o b . 15 .— V . 1 0 3 , p . 17 0 9 .
United Sugar Companies.— C om m on Stock O ffered .—
Toolo, Ilenry & Co. are offering by adv. on another page,
at $35 per share, 50,000 shares common stock, par value $50 ’
The bankers report:
Organization.— T h o U n i t e d S u g a r C o m p a n i e s h a v e b e e n i n a c t i v e o p e r a
t lo n f o r o v e r 2 0 y e a r s a n d a re th e la rg e s t p ro d u c e rs in t h e R e p u b lic o f M e x
ic o , m a k i n g a r e f in e d p r o d u c t i n t h e f o r m o f g r a n u l a t e d a n d c u b e s u g a r
w h ic h it d is t rib u te s d ir e c t ly t o th e tr a d o . A ls o m a n u fa c tu r e s a lc o h o l o n
a l a r g e s c a le , a n d d o e s a l a r g e m e r c h a n d i s e a n d e x p o r t b u s in e s s . I t s o n c r i t io n s h a v e n o t b e e n in t e r r u p t e d d u r in g a n y o f th e d is t u r b e d c o n d it io n s in
M e x ic o , h a v i n g re a c h e d its h ig h e s t d e v e lo p m e n t d u r i n g t h a t p e r io d .
n m l ls n fc 0 H O . 0 0 0 a c r e s , o f w h i c h 8 ,0 0 0 a r e p l a n t e d i n s u g a r c a n o
6 .0 0 0 a c r e s p r o d u c i n g a l f a l f a , r ic e , w i n t e r v e g e t a b le s . & c . , a n d 1 2 5 ,0 0 0
, , 8 a b l e I a n d s w i t h a m p l e w a t e r s u p p l y , t o g e t h e r w i t h 5 0 m il e s o f
rua - t i i L w a C,j J k w h n l C O st a b ° t* t $ 5 0 0 ,0 0 0 t o c o n s t r u c t .
A ls o s u g a r m ills ,
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" y l f f i L ? . P r e s e n t c a p a c i t y o f 2 5 ,0 0 0 ,0 0 0 l b s . o f w h i t e s u g a r
e m p lo y e e ? 10118 ° f a lc o 10 a n n u a l l y . A n a v e r a g e o f a b o u t 2 ,0 0 0 m e n a r o
Capital Authorized and to Be Issued
1 no'n on
c u m u , a t l \ ° p r e f e r r e d s t o c k , p a r $ 5 0 - - .............$ 1 .0 0 0 .0 0 0
1 0 0 .0 0 0 s h a r e s c o m m o n s t o c k , p a r v a l u o $ 5 0 ........................ ................. . 5,000 0 0 0
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o r a lc o h o l a n n u a lly . A ls o m a n u fa c tu r e s p o ta s h a s a b y - p r o d u c t . T h "
c o m p a n ie s l i a v o w a r e h o u s e s , w h a r v e s , r a i l r o a d t e r m i n a l s , & c .
Combined Assets and Liabilities of the Company and Its Subsidiaries 1Vi I
Application of NttvCapilal and Retirement of Outstanding Bonds as of Dec. 31
1 9 10 (Total Each Side $ 7 ,2 1 7 , 0 3 0 ) .
R e a l e s t a t o , r e f in e r ie s , d i s ( P r e f e r r e d s t o c k ___________ $ 1 ,0 0 0 ,0 0 0
t il l e r ie s & c ______________ $ 5 ,1 7 5 , 0 1 1 1C o m m o n s t o c k _____________ 5 0 0 0 000
C a s h ______________________
9 9 2 , 6 2 6 1S u b s id ia r i e s a n d b r a n c h e s .
2 2 9 721
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1 0 9 ,0 5 7 ) B i l l s a n d a c c ’t s p a y a b l e
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h a n d a n d i n t r a n s i t ____
6 1 9 ,3 1 3 '
..............
o r u .ia t
L i v o s to c k & im p le m e n ts .
2 9 1 ,0 2 3 ,
Earnings.— A f t e r d e d u c t i n g f r o m la s t y e a r ’s e a r n i n g s o f $ 5 0 0 4 4 0 t h o n r o f
d i v i d e n d , $ 7 0 ,0 0 0 . a n d a f t e r r e t i r i n g t h o b o n d s , t h e r e r e m a i n s ’ f o r t h o c o m ’
m o i l s t o c k $ 4 3 0 ,4 4 0 . T h o p r e s e n t o u t l o o k j u s t i f i e s a n in c r e a s e o f a t le a s t
2 0 % o v e r t h i s f i g u r e f o r 1 9 16 a n d a t le a s t 4 0 % f o r 1 9 1 7 .
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c a p i t a l , e a r n i n g s s h o u ld I n c r e a s o i n e x c e s s o f $ 1 ,0 0 0 ,0 0 0 a n n u a l l y .
United Water, Gas & Electric Co., H utchinson Kan
L. Doherty & Co. and’Hornblower & Week? are offering at a price to return about ( D A %
p, now issue of $350,000 6 % Cum. Pref. stock. A circular shows
— P r ef. Stock O ffered .— -H e n r y
T h e s t o c k is p r e f e r r e d a s t o b o t h a s s e t s a n d d i v i d e n d s
n iv «
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. P a n b o d e c la r e d o n t h e c o m m o n s t o c k ,
n f U n M e ru e f
s t o c k c a n n o t b o in c r e a s e d w i t h o u t c o n s e n t o f
b ? r i g h t t o t \ m S n r p f U w m ! Ml I18 p r c f - ls s u o : n o r c a n a n y s t o c k b o is s u e d p r i o r
i n r i g h t t o t h o p r e f . w i t h o u t c o n s e n t o f a l l t h o p r e f e r r e d s t o c k h o ld e r s .
‘ t0C lf is o w n e d b y C i t i e s S e r v i c o C o . T h e $ 9 7 2 ,0 0 0 5 %
l
I irs t & R o d . b o n d s o ffe re d r e c e n t ly h a v e a ll b e e n s o ld . F o r d e s c rip t io n o f
p r o p e r t y , b o n d s . & c .. & c .. se o V . 10 4. p . 170.
Waldorf Realty Co. (Waldorf Hotel, Toledo).— B ond s
.—Sidney Spitzer & Co. aro offering at par and int
for average maturities $750,000 G%
hold gold bonds. A circular shows: First Mortgage tv Dease
b ^ & Louse
263
o f t h o W e s t e r n P o w e r f o r th e fa c e a m o u n t o f th o c o u p o n s o f th o b o n d s t o
b o e x c h a n g e d , c o u p o n s t o b e t h o s e d u o J a n . 1 a n d J u l y 1 1916 a n d 1 9 1 7 .
I h o W e s t e r n P o w e r b o n d s f o r w h ic h th e o ld b o n d s a ro t o b e e x c h a n g e d
i n t e n t - r ^ rtT °.f a,n A li tJ lo ri3 ;e d is s u o o f $ 2 0 ,0 0 0 ,0 0 0 o f 5 % b o n d s b e a r i n g
n l n r t S i V n n n m ,1 y 1 1 9 1 7 a n d t o m a t u r e J u l y 1 1 9 4 9 , s e c u r e d b y s e m i - a n .
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P ro Pe^ Y as th e b o n d s o f th o W e s te rn C a n a d a
b n a f ix e r i
W lU ,r a a t U rG 9 C t - 1 1926 a n d 1 9 1 7 -1 8 i n t . w i l l
d o a f ix e d c h a rg e .
I n t e r e s t m a t u r i n g s u b s e q u e n t t o O c t . 1 1 9 18 w i l l b e
P n T e i Vn f ae d p a y a b l e o u t o f s u r p l u s n e t r e v e n u e o r i n c o m e o f t h e W e s t e r n
I o w . C o . o f C a n a d a . C o m p a r e p la n , & c . V . 1 0 3 . p . 2 4 5 . 4 1 7 . 6 6 3 . 1 2 1 6 . 1 3 3 1 .
W estern S tates G as & E le ctric Co . —
N o te s S o ld .—
s n ld h t o ? ° m J a n Z - a s u b s i d i a r y o f t h e S t a n d a r d G a s & E l e c t r i c C o . , h a s
I I 56*4 nr h
* C o - a n d W m . P . B o n b r ig h t & C o . a b lo c k o f
CaM f itl[ c
no
a P P r ° v a l o f w h ic h h a s b e e n a s k e d f r o m th o
v j a ii l . K i v . c o m m is s io n .
T h o p r o c e e d s w i l l b e u s e d t o n a v f l o a t i n g < ip h t
a n d f o r e x t e n s i o n s , a d d i t i o n s , <fcc., t o t h o p r o p e r t y . A p u b l i c o f f e r in ' - 1 w i l l
n o t t a k e p la c e f o r s o m e t i m e . — V . 1 0 3 , p. 4 9 9 .
y
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W e s tfie ld (M ass.) M fg. C o .— lsf
Year—
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A n n u a l R ep o rt.—
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Common
Balance.
tSSCSi. a?8ffi& b $ »
W e s tin g h o u s e A ir B rake C o.— M er g e r .—The holders of
practically all of tho stock of the Union Switch & Signal Co.
having assented to the amalgamation plan (V. 103, p. 2245),
the Air Brake shareholders will vote March 15 on:
A
v.SV I n c r o a s i n S t h o c a p i t a l s t o c k f r o m $ 2 0 ,0 0 0 ,0 0 0 t o $ 3 0 0 0 0 0 0 0 o r t o
s u c h a n a m o u n t n o t e x c e e d i n g $ 3 0 ,0 0 0 ,0 0 0 a s a p p r o v e d a t s’a W m e e t !
(2 ) A p p r o v i n g t h e a g r e e m e n t d a t e d D e c . 8 1 9 1 6 p r o v i d i n g f o r t h e e x
c h a n g e o f s h a re s f o r s t o c k o f t h e U n io n S w it c h & S if n a D C o
(3) R e q u e s t i n g t h e b o a r d , i n c o n n e c t i o n w i t h t h o D e r f o r m a n c e o f s a iri
a g r e e m e n t , t o d e c la r e a d i v i d e n d o f 2 0 % , p a y a b l e i n t h o c o i t a l s t o c k V > f
th is c o m p a n y a t p a r. C o m p a r e V . 103; p . 22 45, 23 49.
c a p lt a I s t o c k o f
W h e e lin g (W . V a.) M old & F o u n d r y C o . —
Stock In crea se
T h e s h a r e h o l d e r s w i l l v o t e J a n . 2 5 o n a u t h o r i z i n g t h e in c r e a s e i n c - m it a i
f e ? r e d f— v \ ' l6 o ? ° p 0 0 5 6 n U C O m m ° n ’ t o S 1 -5 0 0 ,0 0 0 , t h e n e w s t o c k t o b e p r i
W ilso n & C o., I n c .— L istin g s
on Stock E xch a n ge
.—
A r ? ' h o l ^ ? ' n r Y o r k S t o c k E x c h a n g e h a s a d m i t t e d t o l is t $ 1 5 ,0 0 0 ,0 0 0 F i r s t
i p t g o . 6 % 2 5 - y r . s i n k i n g f u n d b o n d s . S e rie s “ A , ” a n d h a s a u t h o r i z e d t o b e
lis t e d $ 1 0 ,1 3 3 ,4 0 0 7 % c u m u l a t i v e p r e f . s t o c k o n o f f ic i a l n o t i c e o f I s s u a n c e
I n e x c h a n g e f o r o u t s t a n d i n g c e r t i f i c a t e s f o r p r e f e r r e d s t o c k in t h e n a m e o f
So,n,s p ° v w i t h a u t h o r i t y t o lis t o n o r b e f o r e J u l y 1 1 9 17
$ 1 ,3 5 0 ,0 0 0 o f s a id s t o c k o n o f f ic i a l n o t i c e o f is s u a n c e a n d p a y m e n t i n f u l l ,
m a k i n g t h e t o t a l a m o u n t o f p r o f , s t o c k a u t h o r i z e d t o b e lis t e d , $ 1 1 ,4 8 3 ,4 0 0 .
s i n n n n n n n v° t
r V ^ CL ^ u t h o r i z e l i
k o l is t e d , o n o r b e f o r e J u l y 1 1 9 1 7 .
$ 2 0 ,0 0 0 ,0 0 0 v . t . c . f o r c o m m o n s t o c k o n o f f ic i a l n o t i c e o f Is s u a n c e i n e x
c h a n g e f o r v . t . c s i n t h e n a m e o f S u lz b e r g e r & S o n s C o o r f o r ^ o u t s t a n d in g
t e m p o r a r y c e r t if ic a t e s i n t h e n a m e o f W i l s o n & C o . — V I 0 3 , p 2 4 3 6
Y o u n g sto w n (O ) Sheet & Tube Co . — C on stru ction , &c.
—In connection with the proposed increase in tho authorized
common stock from$20,000,000 to $40,000,000, it is interestmg to note the following facts from the “Iron Trade Review”
Hoveland on Dec. 28, as to new construction work:
n e w c o n s t r u c t o r ^ 1 m h a PP.r 9x I m a t e l y $ 1 2 ,0 0 0 ,0 0 0 h a d b e e n e x p e n d e d o n
fo r^ h e ^ c o n s tru e In n ^ o f
h ^ tai i I a p P r o ? r l a t !o n c a lI o d f o r o n l >' S 5 .0 0 0 .0 0 0
&c
T h e e v t e n ? in o i o f . •b y 'p r o d u c t c o k o p l a n t - t h e e r e c t io n o f b a r m i l l s ,
t o a la rgo^
M.d« , m p r o v e m e rn t s c o m P le t o d d l l r i n S 1 9 16 w e r e p l a n n e d
t lie t X S l i w
i *
p u r p o s e o f e c o n o m y a n d s e c u r i n g e f f ic i e n c y , b u t
t i i e y w i l l e v e n t u a l l y in c r e a s e t h e o u t p u t a p p r o x i m a t e l y 3 0 %
s o r ^ n i m o r e i . P ° r t a n t u n it s b u ilt u n d e r th is p ro g ra m a n d n o w in
m
c a n - i c i t v * o f 89^ yriA n 0i<!!J,Ct' J r ’ k0i P l a n t o f 2 0 d H o p p e r s o v e n s , w i t h a r a t e d
c a p a c i t y o f 8 2 5 .0 0 0 t o n s o f c o k o p e r y e a r ; b e n z o l a n d b y - p r o d u c t r o c o v e r v
p l a n t s : o n o 1 8 -in c h s k e l p m i l l ; t h r e e 1 0 0 - t o n o p e n h e a r t h f S r n a c e s
t i e n u n i b c r o f f u r n a c e s i n s e r v i c e t o n in e ; a n e w p o w e r s t a U m i a t t h e r o ^
a 'l d w i r e d e p a r t m e n t , a n e w g e n e r a l l a b o r a t o r y b u i l d i n g , a n d a n e w w o r k s
o f f ic e b u i l d i n g w i t h 5 7 .8 0 0 s q . f t . o f f l o o r s p a c e , i n c l u d i n g a c o n T n le t e
r ® t a u r a n t w i t h a c a p a c it y o f 35 0 n o o n m e a ls p e r d a y .
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o n m.9 “ln c 1 a u) o n e 1 2 -in c li M o r g a n c o n t i n u o u s b a r m i l l .
l l i o e x t e n s i o n p r o g r a m f o r 19 17 h a s b e e n a l r e a d y b e g u n w i t h w o r k o n
t h r e e a d d i t i o n a l o p e n h e a r t h f u r n a c e s o f 10 0 t o n s c a p a c i t y , w h i c h a r e c x p e c t e d t o g o i n t o s e r v i c e e a r l y in A p r i l .
F o u r a d d it io n a l p it fu rn a c e s a re
a ls o b e i n g c o n s t r u c t e d , t w o f o r t h e o p e n h e a r t h a n d t w o f o r t h e B e s s e m e r
C o n s id e ra b le a d d it io n s a ro b e in g m a d e to t h e fin is h in g c a
p a c i t y o f t h e t u b e m il l s .
P l a n s f o r a n e w l o c o m o t i v e r e p a i r s h o p a r o b e in g
iro p a re d , a n d th is b u ild in g w ill b o e re c te d d u r in g th e y e a r .
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T h o c o s t o f th e s e a n d
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z
$ 4 ,0 0 0 ,0 0 0 . A n a d d i t i o n a l b la s t f u r n a c e o f 5 0 0 t o n s d a i l y c a p a c i t y h a s
b e e n a u t h o r iz e d . C o n s t r u c t io n h a s n o t b e e n c o m m e n c e d ,
t lin
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,?.#i , ,niit0 P r o p o s i t i o n s o f in c r e a s i n g t ii e c o m m o n s t o c k o r d i s t r i b u t i n g
i l l . 11 s o m o o t h e r w a y . B e y o n d t h o s t a t e m e n t t h a t a n u m b e r o f
C o m p a r e V S f o ? U n d -r0 C O n s d c r a t i o n n o t h , n « c a n h e s a i d a t t h i s t im e . ]
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D a te d J a n . I 1917. D u c s c r ia il y .
I n t . .1. & J w l t h n u t ...............
,...
n o r m a l F e d e ra l in c o m e t a x a t th o G u a r d ia n T r u s t & S - v im r s
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tru s te e , o r a t th e G u a r a n t y T r u s t C o . o f N . Y , a t th o
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D e n o r n s . S 1 ,0 0 0 a n d $ 5 0 0 c * .
R e d . o n a n y i n t d i t e Sn V n v U ’^ 1
o r d e r a t 103 a n d i n t .
M a t u r i t i e s : $ 2 5 ,0 0 0 J a n
i 1 0 2 0 t o T o o - i 11
1924 t o 1 9 2 6 : $ 3 5 ,0 0 0 1927 a n d 1928: $ 4 0 ,0 0 0 1 9 2 9 .'$ 4 5 0 0 0 l o w W
$ 5 0 ,()0 0 1932 a n d 1 9 3 3 . $ 6 0 ,0 0 0 1 9 34 a n d 1 9 3 5 . * 0 5 .0 0 0 1 9 3 6 I n d ^ ^ O O l
T h o s e b o n d s a r e a f i r s t a n d d o s e d m o r t g a g e o n t h e n o w am i
s t o r y f i r e p r o o f W a l d o r f H o t e l in T o l e d o , t o g e t h e r w i t h r e a l i s i -,1 U ' l , "
b o l d a n d e q u i p m e n t h a v i n g a t o t a l v a l u e o f a p p r o x i m a t e l y $ 1 ,4 0 0 000l la s e '
Western Power Co. of Canada.— R eorganization .—A
Canadian paper says:
T h e r e o r g a n iz a t i o n h a s b e e n c o m p le t e d a n d a n e w c o m n a n v
IVVOP C o o f C a i a l a w i l l
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h o l d e r o f a s in g le n o t o f o r $ 1 ,0 0 0 . T h o s t o c k h o ld e r s o f W e s t e r n O a n a H a
l o w e r h a v e a ls o v e r y l a r g e l y a c c e p t e d t h e p la n , a n d ( lie s u b s c r ip t i o n s o f
th o s o w h o h a v o d o n e so h a v o n o w b e e n p a id s u b s ta n t ia lly iii f u i j 1
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p o s i t e d . T h i s p a y m e n t a n d d e p o s i t w i l l e n t i t l e t e o s h a r e h o W e i ^ t ^ r ^ i10'
v o t i n g t r u s t c e r t if ic a t e s f o r $ 1 8 7 5 p a r v a l u e , f t h e m e f s n
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p a r v a lu o o r th o c o m m o n sto c k o f th e n e w c o m n a n v f q,
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o f W e s t e r n C a n a d a P o w e r C o . d e p o s i t « l i S f f i r n M C h s h a re ° r s t o c k
H o ld e r s o f t h e 5 % 1 st M . b o n d s o f t h e W e s t e r n [
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m e e t F e b . 1 t o a u t h o r i z e a n e x c h a n g e o f th e / w iim u l s t o K o t h e r i G u i T h e
c o u p o n d u e o n J a n . 1 19 1 6 . a n d a ll s u b s e q u e n t c o u p o n s ^ f o r
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l l i o J a n u a r y 191 < Lssuo o f t h o “ H a n d B o o k o f S e c u r it i e s , ” c o m p i l e d
b y t li o p u b li s h e r s o f t h o “ C o m m e r c i a l a n d F i n a n c i a l C h r o n i c l e , " Is n o w
r e a d y fo r d is trib u tio n .
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f o r m a t i o n c o n c e r n i n g t h e v a r i o u s r a i lr o a d s a n d t h e l e a d i n g in d u s t r i a ls
w lio s o s e c u r it ie s a r e d e a lt I n o n t h o N e w Y o r k , B o s t o n , P h il a d e l p h ia ,
C h ic a g o a n d P i t t s b u r g h e x c h a n g e s .
I t s h o w s t h e i r e a r n in g s , d i v i d e n d s ,
& c . , f o r a s e r ie s o f y e a r s , p r e s e n t f i x e d c h a r g e s , a n d t h o a m o u n t o f t h e
d i f f e r e n t L ssuo s o f b o n d s o u t s t a n d in g , t h e r a t e s o f i n t e r e s t , & c . T h e r e Is
a ls o g i v e n t h e m o n t h l y r a n g e o f s t o c k s a n d b o n d s t o J a n . 1 1 9 1 7 , t o g e t h e r
w i t h a y e a r l y r a n g o f o r f o u r y e a r s . P r i c e , o n e d o l l a r , o r t o “ C h r o n i c le "
s u b s c r ib e r s 7 5 c e n t s .
C o p ie s m a y a ls o b e h a d a t t h e “ C h r o n i c le " o f f ic e ,
3 9 S . L a S a lle S t . . C h ic a g o , o r f r o m E d w a r d s & S m i t h , 1 D r a p e r s ' G a r ?
dens, L o n d o n .
E d w j i i B i r d W i l s o n , I n c . , f i n a n c i a l a d v e r t i s i n g , 14 W a l l S t
has an
n o u n c e d t h e a d d it io n to its s t a ff o f T . D . M a c G r e g o r a s V ic e -P r e s id e n t .
H e c o m e s f r o m t h o D e p a r t m e n t o f P u b l i c i t y a n d N e w B u s in e s s o f t h e
G u a r a n t y T r u s t C o . o f N e w Y o r k a n d w a s w it h th e H a r v e v B lo d g e tt
f in a n c i a l a d v e r t i s i n g c o m p a n y o f S t . P a u l b e f o r e h is c o n n e c t i o n w i t h t h e
G u a ra n ty.
M r . M a c G r e g o r is w e l l k n o w n i n t h e f ie ld o f f in a n c i a l a d
v e r t i s i n g a s t h e a u t h o r o f s e v e r a l b o o k s o n t h i s s u b je c t , “ 2 ,0 0 0 P o i n t s f o r
F in a n c ia l A d v e r t i s i n g , ” “ B a n k A d v e r t is in g P la n s ,” “ P u s h in g Y o u r B u s i
n e s s , ” a n d t h e “ B o o k o f T h r i f t . ” . F o r a b o u t n i n e y e a r s lie w a s e d i t o r o f
th e b a n k in g p u b lic it y d e p a r t m e n t o f th o B a n k e r s M a g a z in e , a n d f o r th re e
y e a r s h e w r o t e t h e w e e k l y T a l k s o n T h r i f t f o r t h e S a v i n g s B a n k S e c t io n
o f t h e A m e r i c a n B a n k e r s A s s o c ia t i o n .
W .
F . B a k e r, fo r th e p a s t s e ve ra l y e a rs M a n a g e r o f th e B o n d D e
p a r t m e n t o f B o n d & G o o d w i n , h a s b e c o m e a s s o c ia t e d i n a l ik e c a p a c i t y
w i t h t h o f i r m o f S . N . B o n d & C o . , o f 111 B r o a d w a y , t h i s c i t y .
L . J.
B a r b a n a , c o n n e c t e d f o r s e v e r a l y e a r s p a s t w i t h t h o s e l li n g o r g a n i z a t i o n
o f B o n d & G o o d w i n h a s b e c o m e a s s o c ia t e d i n a l ik e c a p a c i t y w i t h S . N .
Bond & Co.
THE CHRONICLE
264
je p x r r is
m x &
^
o c n
m
[Vol. 104.
m
t s .
NORTHERN STATES POWER COMPANY
(A h o ld in g a n d a n o p e r a tin g co m p a n y o r g a n iz e d u n d e r law s o f M in n esota .)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH THE LISTING
OF ITS FIRST AND REFUNDING MORTGAGE TWENTY-FIVE YEAR GOLD BONDS, SERIES A,
DUE APRIL 1 1941.
be required to comply with the rules of any s exchan
C hicago, III. , D ecem ber 5 1916.
Northern States Power Company hereby makes applica or to conform to usage with respect thereto.
tion for the listing on the New York Stock Exchange of $18, The Board of Directos by resolution dated May 2 1916
000,000 face value (of an authorized issue of $100,000,000) authorized the issuance of $2,000,000 of bonds issuable under
■ of its First and Refunding Mortgage Twenty-five Year Gold Section 8 of Article I of the Trust Indenture for additions,
Bonds, Series “A,” numbers M -l to M-17,100 inclusive, for betterments and improvements, to bo designated as Series
$1,000 each, and numbers D -l to D-1,800 inclusive, for $500 A, making the total amount of Series A bonds $18,000,000.
each, which have been sold and passed beyond the control Section 18 of Article One of the Mortgage provides:
of the Company.
„m _ ,
These bonds are secured by a Mortgage of Trust Indenture o f Sceocutnios en l, 1s8e. leWc the ed noerv earp pt hr oe v eT dr u bs tye iet , s thoa llt h ob ee fffuercnti st hh ea dt twh ii tsh I nadne notpu irnei oant
to Guaranty Trust Company of New York, Trustee, and t h e d a t e o f s u c h o p i n i o n , c o n s t i t u t e s s u b s t a n t i a l l y a f i r s t l ie n u p o n t h e
William C. Cox, Co-Trustee, dated April 1 1916, covering maovritng ga geeadc ha an nd dp el evdegrey db op nr od p tehret rye, atfht ee r Cisosmu epda nh oy r sehuanlld ehradv ee s itghnoa pt er di v ial es gFei r os ft
all present and future properties of the Company. The bonds h
a
f
are dated April 1 1916, are due April 1 1941, and bear interest Moonrdt gs aagned G ooul dp o B so.n d I na ncda sae ptphreo pCroi amt ep acnhya ns gheasll mle dc te t ion etxheor c isoer mt h eo fp rsiavid
at the rate of Five per Cent per annum, payable semi-annually b g e a f o r e s acid , i t ns h a ll f i l e w i t h t h e T r u s c e o a w r i tei n g t o t h a t e f f e c t a n d t hio
on the first days of April and October in each year at Guaranty leo m p a n y m a y a ls o e le c t a n d s o s t a t e i n s u c h n o t i c e t h a t t h e h o l d e r o f a n y
Trust Company of New York, in Ne>v York City, or, at the C o n d p r e v i o u s l y is s u e d a n d t h o n o u t s t a n d i n g h e r e u n d e r m a y a t h i s o p t i o n ,
b
option of the holder at Harris Trust and Savings Bank, u p o n p r e s e n t a t io n a n d s u r r e n d e r o f h i s b o n d t o t h e T r u s t o o , e x c h a n g e t h o
e
in Both principal and interest are payablo in gold coin ot. sdae mig nfaotre da anse w i rbs ot nMd o or tfg tahgee CGooml dp a no yn do, f atnhdo fsoar mt he astopr iersp, ows eh iac hn oswh abllo nbdo
Chicago, 111.
.
. n .
s
F
B
u
o f t h o C o m p a n y s o d e s i g n a t e d o f t h e s a m e s o r ie s a n d b e a r i n g t h e s a m e
the United States of America of the present (April 1 1916) s e r ia l n u m b e r s h a ll b e e x e c u t e d a n d d e l i v e r e d i n o x c h a n g e o r s u b s t i t u t i o n
standard of weight and fineness without deduction for any t h e r e i o r . A l l s u c h p r e v i o u s l y is s u e d b o n d s s o d e l i v e r e d t o t h e T r u s t e e f o r
taxes or other governmental charges except Federal Income
Taxes which the Company or any other person acting for it eT rx ec ah as un gr ee r, ao sf at hf oe r eCsoami dp, as hn ay llobne hcias nwc er iletde nb yo trhd ee rT. r u s t e e a n d d e l i v e r e d t o t h e
t
may be required or permitted to pay or deduct or to retain
L IE N .
therefrom under and by virtue of any present or future law The Lien of the mortgage securing tho First and Refund
of whatsoever jurisdiction.
. . . ing
The bonds are in coupon form, registerable as to principal, mayMortgage Twenty-five Year Gold Bonds of the Company
be briefly summarized as follows:
in the denominations of $1,000 and $500, and in registered
A
t
form in the denominations of $1,000, $5,000 or $10,000. E a 1r st t—, C l af iyr,s tD laiek no t oa n; Ga ol lo dt hheu op raonpde rHi ee sn noefp itnh e( oCuot smi dpea nt hy e i nc i Ayn oo kf aM, i nB nl uee
Coupon bonds in the denomination of $500 are exchangeable a p o lihs ) , L e S e u e r , R a m s e y , R e d L a k e , R i c e , S h e r b u r n e , S t e a r nt s , W a s h i n g
for coupon bonds in the denomination of $1,000. Coupon t o n a n d W r i g h t C o u n t i e s , M i n n e s o t a ; C a s s , G r a n d F o r k s a n d W a r d C o u n
bonds aggregating in principal amount $1,000 or multiple t ie s , N o r t h D a k o t a , a n d H a m l i n a n d M i n n e h a h a C o u n t i e s , S o u t h D a k o t a ,
thereof are interchangeable with fully registered bonds.
a
All or any of these bonds, at the option of the Company, c o m p r i s in g t h e w a t e r p o w e r p l R n t s a t C o o n C r o o k o n t h o M i s s is s i p p i R i v e r ,
are redeemable on thirty clays’ published notice on any R iaopuixd aFna l losn o tnh ot h eB lBu ei g ESai or tuhx R ii vv ee rr ,, aCnadn nRoend FL aa lkl se oF na l ltsh, e MCi na nn en soont aR, i nv ee ar ,r
S
F
t
P
interest date prior to and including April 1 1936, at par, G ar at en rd, S oo rukt hs , SNt .o Pr tahu lD, aMk ao nt ak;a ttho e, Fs aerai bma ug el tn ae nr adt in eg dp Ll aanktos aF ta lSl st,. M ai nunl ,e sSot ti lal ;
accrued interest and a premium of Five per Cent ot the w a r g o ’. G r a n d F o r k s a n d M i n o t , N o r t h D a k o Ra ; t h e g a s m a n u f a c t u r i n g
principal, and on any interest payment date thereafter at pF l a n t s i n F a r i b a u l t , M a n k a t o a n d S t i l l w a t e r , M ti n n e s o t a , a n d G r a n d F o r k s
par, accrued interest and a premium of Two and One-half a n d F a r g o , N o r t h D a k o t a ; s t e a m h e a t i n g p l a n t s i n S t . P a u l , M i n n e s o t a ,
per Cent of the principal. All bonds redeemed shall be a n d F a r g o , M i n o t a n d G r a n d F o r k s , N o r t h D a k o t a ; s t r e e t r a i l w a y s y s t e m
h
canceled.
,
.
The Mortgage securing these ,bonds provides tnat in case il on cFa al rtgeol e, pNh oo rnteh sDy sa tkeomt a i,n a nMd i nMoot ,o rN eo ar tdh a nDda kDoitl aw .o r t h , M i n n e s o t a , a n d t h e
default shall be made in the due and punctual payment of T h 2e n dM—i nAn efai rpsot l ilsie nG eonne rtahle Eel en ct itrrei c a uC tohmo rpi zaendy , o ua t sNt ae nwd iJnegr sceayp it oa rl psotroactki o no f,
any interest or any bond thereby secured and outstanding, c o n s is t i n g o f 1 0 ,0 0 0 s h a r e s p r e f e r r e d s t o c k a n d 3 3 ,7 4 0 s h a rce s c o m m o n
and any such default shall continue for a period of sixty days,
a
or, in case default shall be made in the due observance or so tfotchke, cboemi nmg oanll s ttho ec kishseuledd bayntdh oo udtisr et ac nt odrisn ga scqaup aitlai fl y si nt ogc sk hea xr ec se .p t inSgt .90 0s0h.0r0e0s ■
performance of any other covenant, condition or agreement p a r v a l u e o f T h e M i n n e a p o l i s G e n e r a l E l e c t r i c C o m p a n y G e n e r a l M o r t g a g o
therein required to be kept or performed by the Company,
and any such last mentioned default shall continue for a B oanndds. b eT ahrei n gM ii nn tneerae ps to lai st GGe%n epr ae lr Ea lnencut rmi c, Cd ao tme dp aAnpy r oi lw 1n s1 a9 1 0o, fdtuhee oisns udeed
m
ll
period of sixty days after written notice thereof to the Com a n d o u t s t a n d i n g c a p i t a l s t o c k , e x c e p t in g d i r e c t o r s ’ q u a l i f y i n g s h a r e s , o f
I
pany from the Trustee, then in every such case the Trustee tFhael l sS tM. iCn nr oe isxo tFaa lIlms pWr oisv ce omnes ni nt Cmo pmr po av en m, ewn ht i cCho m opma pnay n, iea sn do wt hn e t hSet . h Cy dr or oi xmay and upon the written request of the holders ol one-lourtn 'e le c t r ic p l a n t a t T a y l o r ’s F a l l s . T h o My i n n e a p ocl i s G e n e r a l E l e c t r i c C o m
in interest of the bonds then outstanding thereunder and
n
a
y
upon being indemnified to its satisfaction, shall by notice in pF aa lnl sy ionw nt hs o a C di t yo poefr aMt eisn ntehao p h lyids r, o t- oe gl eect ht rei cr wd ei tvhe l ot hpem setne ta m t cSetn. t Aanl tshtoa nt io ns
o
r
writing to the Company declare the principal of all bonds i n t h a t c i t y .
thereby secured and then outstanding to be due and payable 3r d — A f i r s t l ie n o n t h o e n t i r e a u t h o r i z e d a n d o u t s t a n d i n•g c a p ,it a l, s t o c ,k
immediately, and upon any such declaration the said principal ( e x c e p t i n g d i r e c t o r s ’ q u a l i f y i n g s h a re s ) o f t h o I n t e r s t a t e L i g h t & P o w e r
shall become and be due and payable immediately.. I he C o m p a n y , a W i s c0 o n s i n c o r p o r a t i o n , a n d t h e e n t i r e is s u e c o n s is t i n g o t $ 0 2 3 ,
o
Mortgage also provides that the Trustee may in its discretion 0 0 0 tpna—r vAa lfui res to f l ie % oGno ltdh eB oenndt isr,e d aa ut et d oAr ipz reidl 1a n1 9d 1 0I s, sau ne dd dcuaep it n l dsetm cakn d(.t x n
i
o
a
L
and shall upon the written request of a majority in interest cDea4ntyi n e1a d Dr ee lcat w rasr’en( ncuolrlpi foy ri na gt i osnh,a reosg) e othhf etrh ow Ii tnht e r$s1t,0t0e0 ,0i0g0h tp & raPvoa wl uoeer Dn oo tme sof tho holders of the bonds at any time outstanding there ?tlm y C o m p a n y h a v i n g n o b o n dte d in d e b t e d n e s s ) o f t h o s aa id C o m p a n y ,
under, waive any default and its consequences and rescind d a t e d \ n r i l 1 19 10 a n d d u o o nr d e m a n d .
..
re
any declaration of maturity of principal except (1) a default a n Td h oep eI nr at et er ss t taht ee sLtiegahmt & e nP eo rwa et in gC opml apnat nayt, Ga aDl eenl aa ,w a111., ctoo rgpeotrhaetri own i t ho wt nh es
g
in the payment of the principal of said bonds at the date ot eC le mt pr ica an ly d ias t Wi bisuctoi onns i ns y sc toerm o rina t itohna,t ocwi tny s. a nT hd eo pI ne tr ae tr es tsa tt lej oL ihgyhd tr o&- e l1e oc vt vr ei cr
c
r
maturity specified therein and except (2) a default in tho p loa n t s o n t h e A p p l e R i v e r pa t R i v e r s i d e a n d S o m e r s e t a n d d i s t r i b u t e s g a s
payment of interest unless prior to such waiver or rescission E i t h e t o w n o f H u d s o n , W i s . , a n d d i s t r i b u t e s e l e c t r i c i t y t o t h o z i n c m in e s
all arrears of interest with interest at the rate of Five per a n Idn t bh rei e tf e, rtrhi teo rmy o sr tugrar og uo nndoi nwg c Po vl ae tr tse, vel liltoh,e rWdisi r.e c t l y o r V ‘ " ° ^ t ,i .c n o w E r
Cent per annum on overdue installments of interest and all e r
s id a
d
m
l
h
c
expenses of the Trustee shall have been paid or provided for. Tt1ht1in5ns7tes8c2um%it. pie.ts,e nsoef vsset uen abgasgi me rnayenrcuaoftmincpgtaunrpienasgn tapssl aanbat sov ivhnega, vniani nggeeanh egy rdeanr toein-reaglteinr atgrpiccaacppi toayw ieot ytr
The Mortgage provides that $16,000,000 par value of said n e r ’r i a v o f i ° 3 0 0 0 0 c u b ic f e eat , a nid a h o l d e r c a p a c i t y o f 1 ,3 3 1 ,0 0 0 c ucb i t
a
bonds designated as Series A, bearing interest at tho rate of fceoent n ef mtiiro ns tsecaomm ph rei as itni ngg p 5l a.5n t sm, iloense osft r et reat crka i lawnad y osny es t etmleapnhdo nien t os ryus rt be mn.
Five per Cent per annum, shall be forthwith issued and that T e t h ec r w i t h c o m p l e t e d1i s t r i b u t i o n s y s t e m s in a p p r o x i m ae t e l y o n e h u n d r e d
the remaining $84,000,000 par value shall bo issued m such c o m m u n i t ie s i n M i n n e s o t a , N o r t h D a k o t a . S o u t hi D a k o t a a n d I l l i n o i s
series and at such rates of interest not exceeding Six per Cent f n c l u d i n g t hMei ncniteieost ao- f GMr ai nnnde aFpoorl kiss. , SFt a. r gP oa u al ,n dS t Ml l wnaotte,r N Foar rt ihb a Du al tk oatnad,
per annum, and in such denominations as may bo fixed from as fno ^u x' '^pea ^il sm* r mS mudtshl n gD^a nk oc t am- i nGi an le nf aie,ldIsl l i n oIins , a ad nd di t i oPnil a tt ht eev lG(l o0,. u Wai sncy o on w inns,
o
l
s
time to time by the Board of Directors of the Company. o r c o n t r o l s u n d e v e l o p e d w a t e r p ogw e r s w i t h a n e s t i m a t e d c a p a c i t y po f 14 ) ,3 o 0
Bonds bearing interest at the rate of five per cent (5 %) per h . p .
annum shall be designated as Series A, and bonds bearing
S P E C IA
R U S T
U N D
interest at other rates shall be designated by other letters The Mortgage provides La TSpecial FTrust. Fund in which the
properly identifying such bonds as being of different senes. Company covenants to deposit with tho Trusteo on or before
Any bonds thereby secured may bear such numbers and
letters and may also contain such other specifications as may April 1st of each of the years 1917 to 1940 both inclusive,
th e
d iffe r e n c e ,
if
a n d
O n e -h a lf
p e r
a m o u n t
o f
S p e c ia l
T r u s t
(c o v e r in g
D e c e m b e r
m e n t ,
1 9 4 0 ,
t o
th e
b o t h
b e t w e e n
c e n t
F u n d
o f
a ll
p e r io d
3 1 s t
w it ,
a n y ,
p lu s
a s
in c lu s iv e )
A p r il
th e
b a la n c e ,
A p r il
th e
e q u a l
e a r n in g s
d e te r m in e d
p r e c e d in g
t o
a m o u n t
g r o s s
b e g in n in g
n e x t
p r io r
a n
th e
e x p e n d itu r e s
th e
d a t e
o f
o f
filin g
o f
e a c h
th e
u p
in
r e a s o n a b le
T w e lv e
th e
a n y ,
a
1 9 1 6 ,
1 s t
s e ttin g
if
fr o m
1
t o
a n d
t o t a l
in
th e
s t a t e m e n t
a n d
e n d in g
s u c h
y e a r s
s t a t e
1 9 1 7
t o
d e ta il:
(а) The aggregate gross earnings, excluding inter-company revenue, of
the Company and its subsidiary corporations from the operation of its
and their plants and properties during such period, provided, however, that
the gross earnings of subsidiary corporations and the properties acquired
as an entirety or substantially as an entirety shall be included only tor the
period during which such subsidiary corporation was a subsidiary corpora
tion of the Company within the meaning of this indenture or during which
the properties acquired as an entirety were owned by the Company and
subject to the lien of this indenture;
, ,,
, ,,,
(0) The total amount expended by the Company and its subsidiary cor
porations during tho period as defined in (a) for maintenance, repairs, re
newals and replacements of its and their plants and properties, not including,
however, that part of any expenditures for renewals and replacements
which is in excess of tho original cost of the property renowed or replaced;
(c) The total amount of expenditures mado by the Company and its sub
sidiary corporations during the period as defined in (a) for extensions and
additions for or on account of which no bonds hereby secu r^ have been
issued or shall bo issued except as provided in Section 5 of Article Three of
said Mortgage, but of the character proper to be used in the issuance of
bonds under the terms of this indenture;
.
(d) Expenditures mado from said Special Trust I unci for the purchase
<
of bonds secured hereby, which bonds are held uncanceled by the Irusteo
in(efE x M n d H u S ^ ad oU
from said Special Trust Fund toward the purchase
or redemption at a price not exceeding par and interest of bonds secured
hv a lien or lions prior to that of this indenture on the mortgaged property
or any part thereof (and to retire which bonds of this issue are reserved).
or of bonds hereby secured, any such bonds so purchased or redeemed
having been canceled;
„
.
. . , ,
(f) Expenditures made from said Special Trust Fund on account of sink
ing fund payments made to retire bonds of subsidiary corporations for or
on account of which no bonds shall have been issued or cash withdrawn
under the provisions of Article One of said Mortgage;
(g) Any unexpended cash balance of tho payments mado to said Special
Trust Fund in accordance with the provisions of this Article Threo excluding
any payments to said Special Trust Fund under the terms and provisions
of any other Article of said Mortgage, which may remain in said Special
Trust Fund on December 31st next preceding the date of the filing of such
statement.
T h is
m a y
b o
S p e c ia l
T r u s t
w it h d r a w n
F u n d
fr o m
s h a ll
tim e
t o
b e
h e ld
tim e
fo r
b y
th e
o n e
o r
T r u s t e e
m o r e
o f
a n d
th o
fo llo w in g :
(1) Maintenance, repairs, renewals and replacements of the plants and
properties of the Company and its subsidiary corporations, not including
that part of any expenditure for renewals and replacements which is in
excess of the original cost of the property renowed or replaced; provided,
however, that such expenditures have not previously been made the basis
for the withdrawal of cash from said Special Trust. Fund, and nave not
previously been used by the Company in computing the amounts to pe
paid to said Special Trust Fund as required by Article T hree of said Mortg&(2) Extensions and additions of and to the plants and properties of the
Company and its subsidiary corporations made or acquired on or after
April 1 1910 on account of which bonds might otherwise bo issued under,
except that cash may bo withdrawn for the full amount of such expenditures
and without regard to tho earnings of tho Company; provided, however,
that such expenditures have not previously been mado tho basis for the issu
ance of bonds or tho withdrawal of cash under any of tho provisions of this
(3 ) Tho’ purchaso from time to time of bonds secured by said Mortgage
which shall bo delivered to the Trustee to hold the same uncancoled as part
of such fund and the Company may from time to time, with tho approval
of tho Trustee, sell any or all of such bonds so held as part of said fund, in
which case the proceeds of sale shall be held and applied as jiart of such
fund, in accordance with the provisions of Article Three.
(4) For or toward purchase or redemption of bonds secured by said Mort
gage at not exceeding par and accrued interest; such bonds so purchased or
redeemed to bo canceled by tho Trustee and returned to tho Company.
(5) For or toward tho purchase or redmption at not exceeding par and
accrued interest of bonds secured by a lien or liens upon all or any part of
tho mortgaged property or any part thereof (and to retire whicli bonds of
this Issue are reserved) prior to the lien of said Mortgage, bonds so purchased
or redoomed to bo canceled, or
,
(б) Payments made to retire bonds of subsidiary corporations under tho
Sinking Fund provisions of tho mortgages securing such bonds.
PURPOSES OF ISSUE.
T h e
B o n d s
a p p lie d
fo r
w e r e
is s u e d :
Under Section 2 of Article One of the Mortgage______ _________ $16',000,000
Tho proceeds from the sale of which, together with additional
cash receivod from tho sale of tho Company’s Ten-Year Six per
Cent Gold Notes and Preferred Capital Stock, amounting in
tho aggregate to $23,905,950, were used to redeem and retire
tho following underlying Issues:
Where
Incorporated.
Name of Company—
..Wisconsin
Applo River Power C o _____
lInterstate Lt. & Power Co. (a Dela. Delaware
5-
. Wisconsin
. Now Jersey
..Minnesota
Date.
S ta te s
P o w e r
C o m p a n y
o w n s
Amount,
Par Value.
Redemption
Name—
Price.
$22,664,500
o r
o p e r a te s
p r o p e r
3,120,000
5,200.000
820,000
2,313,150
102,500
237,375
752,300
640,520
215.000
108.000
323.140
33,480
39,240
504,175
53,750
215.000
$23,274,775 $621,140 $23,905,915
All of these bonds have been retired and canceled, or money
held by Trustees for retirement and cancellation and the mort
gages securing the same have been released of record.
Under Section 8 of Article One of the Mortgage________________ $2,000,000
The proceeds of these bonds and additional cash so as to make
up the sum of $2,000,000 wero deposited as required In Sec
tion 8 of Article One of the Mortgage with the Guaranty
Trust Company of New York, to be used by the Company
for extensions and additions, tho Company being entitled to
withdrawn only 75% of the actual and reasonable expendi
tures for such extensions and additions.
The balance of those bonds are issuable:
Under Paragraph (A) of Section 3 of Article One to purchase
retire $7,702,000 par value of Five per Cent Thirty-year
Gold Mortgage Bonds of The Minneapolis General Electric
Company, due December 1 1934, secured by a Mortgage of
that Company to City Trust Company of Boston (now Old
Colony Trust Company), as Trustee, dated as of December 1
1904 (Tlie Minneapolis General Electric Company being a
subsidiary corporation of the Northern States Power Co.) . . 7,702,000
Under Paragraph (B) of Section 3 of Article One to purchase or
retire bonds, notes or other evidences of indebtedness se
cured by mortgage liens or any property hereafter acquired
by the Company or any of its subsidiary corporations when
ever bonds are reserved to purchase or retire the same as pro
vided in Section 7 of Article One of the Mortgage:
Under Section 4 of Article One of the Mortgage for 75% of the
actual and reasonable expenditures made by the Company
or its subsidiaries (including in its subsidiaries the present
subsidiary corporations of The Minneapolis General Electric
Company), for extensions and additions to its or their plants,
properties and equipment as the same existed on April 1 1916 74,298,000
Total authorized issue____________________________________ $100,000,000
O R G AN IZATIO N .
T h e
N o r t h e r n
u n d e r
fo r
a
a
th e
p e r io d
lik e
th e
a n
o f
its
o f
th e
T h e
W
n a m e
t o
its
o f
M
o f
its
t o
its
th e
w a s
C o u n t y
c h a r t e r
S t a te s
a
o r ig in a lly
file d
o n
&
o f
1 7
o r g a n iz e d
C o m
u n d e r
p a n y .
1 7
C o m p a n y
5
1 9 0 9 ,
r e n e w a l f o r
D e c e m b e r
P o w e r
P o w e r
o r g a n iz e d
J u n e
P o w e r
F e b r u a r y
s ta te m e n t
w a s
o n
p r iv ile g e
L ig h t
C o n s u m e r s
c h a r t e r file d
N o r t h e r n
is
C o m p a n y
in n e s o t a ,
w it h
C o m p a n y
n a m e
fo llo w in g
in c r e a s e s
y e a r s
a s h in g t o n
a m e n d m e n t t o
T h e
P o w e r
S t a te
t h ir t y
a m e n d m e n t
c h a n g e d
a n
o f
p e r io d .
n a m e
B y
it
la w s
S t a te s
1 9 0 9 ,
a n d
b y
1 9 1 6 , it c h a n g e d
C o m p a n y .
o f
th e
c a p it a liz a t io n
a n d
t h e r e o f:
----------------s to c k ------------------
Name—
Preferred. Common.
Capital.
Washington County Light
Dale.
_________ Co___________ June 17 1909
$ 1 0 0 ,0 0 0
..............
...................
& Power____ ________ ____________ ______
Consumers Power C o___ Dec. 17 1909 10,000,000 $4,000,000 $6,000,000
Consumers Power Co___ May 28 1912 17,500,000 7,500,000 10,000,000
Northern States Power Co.Feb. 5 1916 30,000,000 14,000,000 16,000,000
T h is
C o m p a n y
a c c o r d a n c e
lig h t ,
h e a t
c o m p a n ie s
w it h
a n d
a s
is
th e
a
h o ld in g
te r m s
p o w e r
a n d
o f
a n d
its
o p e r a t in g
c h a r t e r
h o ld s
it
c o m
p a n y .
fu r n is h e s
s e c u r itie s
o f
a n d
p u b lic
I n
s e lls
u t ilit y
fo llo w s :
1 1903 Unlimited lst& R e f.M tg e .5 s,M a r . 1 1941
Capital Stock
Preferred
June 13 1910 Perpetual Common
Prmissory Notes
1st Mtge. 6s, June 1 1930
M ar. 22 1909 Perpetual Capital Stock
1st Mtge. 5s, Dec. 1 1934
Jan. 9 1899 Unlimited General Mtge. 5s (Demand)
Preferred
Common
Feb. 25 1909 30 Years Capital Stock
June 4 1902 20 Years Capital Stock
Oct.
Total.
$7,750,750
1,477,535
Interest.
$7,210,000 Consumers Pow. Co. 1st 5s. $7,570,500 $180,250
do
do
6 % notes.. 1,434,500- 43,035
1,434,500
Minneapolis Gas & Electric
3.000.
000
90,000
Co. 6 % notes___________ 3,030,000
orthern States Power (Del.)
N000
5.000.
6 % Notes........................... 5,050,000 150,000
800,000
20,000
800,000 Nor. Heat & Elec. C o .1st 5s
2,203,000 Northern Mississippi River
Power Co. 1st 5s_________ 2,258,075
55,075
1 0 0 ,0 0 0 Sioux Falls Electric Light &
Power Co. 1st 5 s .......... .. .
100,000
2,500
Sioux Falls Lt. & Pow. Co:
General 5s....... ...................
231,750
5,625
225.000
1st 6s___________________
721,000
21,300
710.000
594.000 Interstate Light & Pow. Co.
17,820
• (Del.) 6 % Bonds..............
622,700
Fargo & Minn. St. R y. Co.:
1st 5s________
210,000
5,000
2 0 0 ,0 0 0
2nd 6s__________________
105,000
3,000
1 0 0 ,0 0 0
302,000 Grand Forks Gas & Electric
Co. Refunding 5s_______
315,590
7,550
Minot Light & Telcph. Co.:
General 6s_______________
32,550
930
31.000
1st 6s___________________
38,160
1,080
36.000
492,450
11,725
469.000 Union Lt.,IIt.&P.Co. 1st 5s
50.000 Mankato Gas & Elec. Lt.Co.
Consol. & Refunding 5 s ..
52,500
1,250
2 0 0 .0 0 0 Mankato Gas & Electric
Light Co. 1st 5s_________
210,000
5,000
Duration.
PR OPER TY.
N o r t h e r n
265
T H E C H R O N IC LE
J an. 20 1917.]
Authorized.
-CAPITALI7.A TIONOtmed by
Issued. Nor.Sts.Pr.
Par.
$5,000,000
50,000
2,000,000
1,000,000
1,000,000
150,000
250,000
8,000,000
As issued
1,000,000
3,375,000
1.000,000
700,000
100
100
100
166
ioo
100
100
100
$250,000
50,000
332,500
500,000
1,000,000
150,000
180,000
7,628,000
4.485.000
1,000,000
3.375.000
350,000
700,000
$250,000
49,500
332,500
498,500
1,000.000
150,000
179,300
None
4,485,000
1,000,000
3,374,100
345,500
699,500
Population
Served.
Sioux Falls, South Dakota Division serves electricity in Sioux
22,400
Falls, Dell Rapids, Baltic and surrounding territory------------tie s
a n d
fu r n is h e s
lig h t,
h e a t
a n d
p o w e r ,
in
th e
S t a te s
o f
Mankato, Minnesota Division serves electricity and artificial gas
M in n e s o t a ,
N o r t h
D a k o t a ,
S o u th
D a k o t a ,
W is c o n s in
a n d
in Mankato and electricity In surrounding territory.........
22,325
Faribault, Minnesota Division served with electricity and artifi
I llin o is .
T h o
fie ld
c o v e r e d
b y
th e
o p e r a t io n s
o f th e
C o m
cial gas in Faribault and Northfield and electricity in sur
p a n y m a y b e b r ie fly s u m m a r iz e d a s fo llo w s :
rounding territory______________________________________
28,558
Population Minneapolis, Minnesota Division serves Minneapolis and iinmeSewed •
diate suburbs with electricity---------------------------------------------------373,057
Fargo, North Dakota Division, served by 15.5 miles of streot
St. Paul, Minnesota Division serves electricity to St. Paul and
railway electricity, artificial gas and steam heat in Fargo,
immediate suburbs and steam heat to the City of St. Paul------ 293,520
artificial gas In Moorhead, Minnesota, and electricity in DilStillwater, Minnesota division serves electricity and artificial
worth, Minnesota------------------.
24,086
gas in Stillwater and South Stillwater, electricity in White Bear
Galena, Illinois and Plattevillo, Wisconsin Division served with
and artificial gas in Hudson,Wisconsin......... ....................
19,100
electricity principally in extensive zinc mining operations____
19,825
Grand Forks, North Dakota Division served with electricity, arti
Total........................................................................................................ 829,383
ficial gas and steam neat In Grand Forks and artificial gas in
East Grand Forks, Minnesota, electricity in Red Lake Falls,
I n
a d d it io n
t o
th e
fo r e g o in g ,
th e
lin e s
o f
th e
C o m p a n y
Minnesota, and surrounding territory________________________
17,100
Minot, North Dakota Division, served with electricity, steam
s e r v o
lig h t , h e a t a n d
p o w e r
t o
a
la r g e
fa r m in g
p o p u la t io n
heat and telephone service In Minot, and electricity in sur
rounding territory......... - .......................................................................
10,412 w h i c h i s n o t i n c l u d e d i n t h e a b o v e f i g u r e s , a n d i s c o n t i n u a l l y
T H E C H R O N IC LE
266
a b s o r b in g in c r e a s e d a m o u n ts o f e le c t r ic it y a n d a r t ific ia l g a s
fu r n is h e d b y th e v a r io u s d iv is io n s o f th e C o m p a n y .
T h e C i t y o f M in n e a p o lis a n d to w n s in t h a t d iv is io n are
c o n n e c t e d b y tra n s m is s io n lin e s to th e h y d r o -e le c t r ic p la n ts
a t T a y l o r ’ s F a lls o n th o S t . C r o ix R i v e r , C o o n R a p id s o n th e
M is s is s ip p i R i v e r , a n d S t. A n t h o n y ’ s F a lls o n th e sa m o r iv e r .
I n a d d it io n , th e r e is a la r g o ste a m r e s e r v e p la n t a t R iv e r s id e
S t a t io n , M in n e a p o lis .
T h is e n tiro d iv is io n is a ls o c o n n e c t e d
b y a h ig h -te n s io n t r u n k lin e w it h th e s te a m p la n t a t S t. P a u l.
T h e h y d r o -e le c t r ic p la n ts a t R a p id a n o n th e B lu e E a r th
R iv e r a n d C a n n o n F a lls o n th e C a n n o n R i v e r a n d th e s te a m
p la n t s a t M a n k a t o a n d F a r ib a u lt a re c o n n e c t e d t o g e t h e r in
a n e t w o r k o f tra n s m is s io n w ir e s c o v e r in g all th o c itie s a n d
t o w n s s e r v e d in th e M a n k a t o a n d F a r ib a u lt D iv is io n s .
T h is s y s t e m is in tu r n c o n n e c t e d b y h ig h -te n s io n tra n sm issio n
lin e s to th e S t. P a u l D i v i s i o n .
T h e S tillw a te r D iv is io n is
s u p p lie d fr o m th e h y d r o -e le c t r ic p la n ts o n th e A p p le R i v e r in
W is c o n s in a n d th e s te a m p la n t a t S tillw a te r .
A h ig h -te n s io n
t ra n s m is s io n lin o c o n n e c t in g th is d iv is io n w it h th e S t . P a u l
d iv is io n is in c o u r s e o f c o n s t r u c t io n .
T h e N o r t h e r n S ta te s P o w e r C o m p a n y o w n s all o f th e p h y s i
c a l p r o p e r tie s , e x c e p t :
1st—-Tho Minneapolis property which is owned by The Minneapolis
General Electric Company, a New Jersey corporation, all o f the capital
stock of which is owned by tho Northern States Power Company, and
pledged as collateral under the Trust Indenture securing tho bonds herein
referred to.
2nd— The property at Galena, Illinois, which is owned and operated by
the Interstate Light & Power Company, a Delaware corporation, all of the
capital stock and notes (tho Company has no bonded indebtedness) of
which Company are owned by the Northern States Power Company, and
pledged as collateral under the Trust Indenture securing tho bonds herein
referred to.
3rd— The property at Plattoville, Wisconsin, tho hydro-electric develop
ments on the Apple River and the gas distribution systems in tho town of
Hudson, Wisconsin, which are ownod and operated bv the Interstate Light
& Power Company, a Wisconsin corporation, all o f the issued and out
standing capital stock and bonds of which Company are owned by Northern
States Power Company and pledged as collateral to secure the bonds herein
referred to.
GAS G E N E R A TIN G CA PA C ITY.
T h o fo llo w in g is a b r ie f s u m m a r y o f th e C o m p a n y ’ s c o n n e c
t e d lo a d a n d g a s g e n e r a t in g c a p a c i t y :
Generating capacty per d a y .............................................. 1,230,000 cu. ft.
Holder c a p a c ity ....................................................................1,331,000 cu. ft.
T h e a b o v e c a p a c i t y is lo c a t e d as fo llo w s :
Generating Capacity Holder
per Day
Capacity
„
(C m. ft.)
(Cu. ft.)
Faribault, Minnesota...........................................
ISO,000
66,000
Fargo North Dakota.....................................
360,000
500,000
Grand I'orks. North D akota..........................
320,000
280,000
Hudson, Wisconsin____________ ______ _
15 000
200,666
250,000
Mankato, Minne-ota----------------------------Northfiold, Minnesota...................................
20 000
Stillwater, Minnesota________________
200,666
200,000
T otal........................................
1,230,000
SU M M A R Y OF GAS M AINS.
1,331,000
Miles.
Faribault_____________________________
26
N orthfield______________________________
IIIIZ
14
Grand F o rk s ..................
24
F a rg o...................................................... ............I . . I I
41
Hudson_________________________________________
7
M an k a to_______________
IIIIIIII
22
Stillwater_____________________________________ I I" 27
Interurban II. P. Lines_____________________ H I ”
23
„
.
Total...........................
-Consumers Connected-
Dec. 31
1915.
68,306
10,729
685
1,602
Connected Load—
Electric..............................
Gas.....................................
Steam Heat___________
Telephone.................
Dec. 31
1914.
56,945
10,190
184
Dec. 31
1913.
45,518
9,840
634 .
1,300
666
1,439
Dec. 31
1912.
37,179
9,414
585
1,188
Total consumers____ 81,322
57,298
69,240
48,366
Increase in total consumers.
1915 over 1914_______________
12,082
1914 over 1913________________________ 11,942
1913 over 1912................................
8,932
Dec. 31
Dec. 31
Dec. 31
_.
^
„
1915.
1914.
1913.
Number of motors connected.....................
9,790
8,086
7,260
Horse Power in motors...............
83,471
73,284
60,388
16 C . P. equivalents connected_________ 1,340,975 1,147,493
955,439
City arcs connected.....................
3,686
3,656
3,060
City incandescents connected-...................
10,598
9,171
7,894
Tota1 K . W . connected.......................
159,807
132,715
105,572
Miles Local Pole Line__________________
1,113
______
______
Miles Transmission Line___________
592
Gas output year 1915------------------------2361677,100 Cu.'Ftl
Gas output year 1914
273,052,460 Cu. Ft.
♦Decrease 1915 over 1914...................
9,975,200 Cu. Ft.
Kilowatt-hour output 1915________________________
186,412,757
Kilowatt-hour output 1914_________________________
149,148,834
Increase 1915 over 1914____________________________
37,263,923
* Gross earnings of Gas Department increased, while gas output de
creased, duo to tho rebuilding of mains, which tended to better efficiency
and a smaller loss in distribution, this amounting to a saving of 10,000,000
cubic feet at one property alone.
# I n
a d d it io n
s in -M
r u n n in g
fo r
J a n u a r y
W
th o
C o m p a n y
in n e s o t a L ig h t
1
a
m ile s
d e liv e r y
o f
e a s t o f
p a n y
c o n t in u o u s ly
s a id
1 9 1 7
T h o
s h a ll b e
F e b r u a r y
th e
d a ily
F e b r u a r y
s a id
c o n s t a n t
a
e n e r g y
n e x t
c o n s t a n t
e n e r g y
year
year
year
year
a s
in
th e
T h is
to
1 9 1 5 ,
a t
n o o n
1 9 4 7 .
T h o
S t a te
o f
c o n t r a c t
a s
fo r
b o
I n
th e
m o n t h
c o m p a n y
a g r e e s
1
W
th o
a n y
e a c h
m o n t h
fo r
t o
fo r
d a y
o f
b y
th e
th e
C o m
o f
a n d
th e
a n d
a b o u t
P o w e r
th o
s u r p lu s
J a n u a r y
m o n t h
s u b s e q u e n t
o f
m o n t h
m u lt ip ly in g
m o n th s
b y
o w n s
p r o v id e s
S t a te s
in
is c o n -
is c o n s in
c o n s t a n t
c o m p u t e d
d u r in g
M
C o m p a n y
h o u r s
a m o u n t .
s a id
w it h
J a n u a r y
N o r t h e r n
e n e r g y
s h a ll
T h e
2 2
K ilo w a t t h o u r s , a n d
p r e c e d in g
During
During
During
During
the
the
the
the
lik e
W
a y
P o w e r
c la s s ifie d
c o n s u m p t io n
m o n t h .
n o o n
t w e n t y -fo u r
b e in g
2 ,1 6 6 ,6 0 6
1 9 1 7
c o n s t a n t
a v e r a g e
in
e n e r g y
th o
c o m m e n c in g
y e a r s
&
P a u l.
e n e r g y
c o n t r a c t
a t
L ig h t
S t .
e le c tr ic
t h ir t y
p la n t s
a
C o m p a n y , d a t e d
e n d in g
p o w e r
y e a r ,
e n e r g y .
o f
in n e s o t a
o p e r a t e s w a te r
n in e t y
a n d
h a s
P o w e r
p e r io d
1 9 1 7 ,
is c o n s in -M
&
th e
o f J a n u a r y
a n d
n u m b e r
ta k e
a
o f
d a y s
m in im u m
o f
26,000,000
34,000,000
42,000,000
52,000,000
K.
K.
K.
K.
W . TI.
W. H
W . H.
W . II.
C o m p a n y
s u r p lu s
e n e r g y
to
a
ta k o
h a s
u n til
m in im u m
th o
r ig h t ,
th e
b u t
y e a r
s u r p lu s
is
n o t
1 9 1 8 .
e n e r g y
b o u n d
T h e
a s
T h e
C o m p a n y
a g r e e s
t o
p a y
fo r
t o
ta k o
C o m p a n y
a n y
a g r e e s
fo llo w s :
During tho year 1918---------Dining the year 1919----------------- ------------ ----------During the year 1920----------------------------During the year 1921---------and each year thereafter____________________________
s a id
13,000,000
24 000 000
Sl.OOO.WM)
44,000,000
52,000,000
e n e r g y
a s
K. W .
IC W
K.‘ W .
1C W .
.
K. W .
H.
II
Ill
it.
H.
fo llo w s :
Constant energy........ ........................... .............................. $.0055 per K. W . II.
.003 per K . W . II.
Surplus energy------------------- ------------------------------------ D IV ID E N D S .
P r e fe r r e d
q u a r t e r ly
w it h
th e
d e n d
s t o c k
a t
th e
d iv id e n d s
r a te
q u a r te r
h a v in g
S e p te m b e r
h a v e
S e v e n
p a id
Aug. 8
April 3
Sept. 25
Sept. 23
April 29
Sept. 28
M ay 5
N o v .22
Jan. 25
July 20
Oct. 20
b e e n
P e r
c o m m e n c in g
b e e n
3 0
o f
p a id
C e n t
p e r
J a n u a r y
O c t o b e r
1 5
1
b y
th o
1 9 1 0 ,
1 9 1 6
C o m p a n y
a n n u m
fo r
b e g in n in g
th o
la s t
q u a r te r
d iv i
e n d in g
1 9 1 6 .
o m m o n
S t o c k
Amount of
Dividend.
1911_ -------------------------$4,000
1912. -------------------------6,000
1912. ------------------- . . .
45,000
1913. -------------------------5.000
1914. _________________
10,000
1914. _________________
10,000
1915. -------------------------10,000
1915. -------------------------5,000
1916. -------------------------10,000
1916. -------------------------89,625
1910. -------------------------89.625
h a v e
b e e n
p a id
a s fo llo w s :
Outstanding
Capital.
$4,531,800
4,531,800
5,725,000
5,725,000
5,725,000
5,725,000
5,975,000
5,975,000
5,975,000
5,975,000
5,975,000
Rato.
1H %
1L %
FRANCHISES.
T h e
p r in c ip a l
P o w e r
C o m p a n y
fr a n c h is e s
o p e r a te s
u n d e r
a r e
th e
City or Town.
State.
Baltic................. ...... South Dakota
Brooklyn Center. .Minnesota
Cannon Falls_____ Minnesota
Clay County_____
Cuba City_______ Wisconsin
C e n t o r C i t y ___
C h is a g o C i t y . .
C h a s k a ________
C a r v e r _________
D u n d a s ________
D u n d a s ________
D i l w o r t h ______
D i l w o r t h ______
D e l a n o ________
D e l l R a p i d s ___
E a g l e L a k e ____
E l y s i a n ________
E a s t G ra n d For
E a s t G ra n d ' F o i
E d i n a __________
E a s t S io u x F a l
F a r i b a u l t ______
F a r i b a u l t ______
F a r i b a u l t ______
F a r g o __________
F a r g o __________
F a r g o __________
F a r g o __________
F a rg o T o w n s lii
F i s h e r _________
F o r o s t L a k e ___
G o o d h u e _______
G a l e n a ________
G ra n d F o r k s ..
G ra n d F o r k s ..
G ra n d F o r k s ..
H a m p t o n ______
H a z e l G r e e n ___
H u d s o n ________
w h ic h
N o r t h e r n
Kind.
Electric
Electric
Electric
Street Railway
Electric
. .Minnesota
..Minnesota
. .Minnesota
..Minnesota
..Minnesota
. .Minnesota
-Minnesota
. Minnesota
..Minnesota
.S ou th Dakota
. Minnesota
..Minnesota
f. Minnesota
i.Minnesota
..Minnesota
.South Dakota
..Minnesota
.Minnesota
.Minnesota
.North Dakota
North Dakota
.North Dakota
.North Dakota
.North Dakota
-Minnesota
. Minnesota
.Minnesota
.Illinois
.North Dakota
.North Dakota
-North Dakota
. Minnesota
_ Wisconsin
.Wisconsin
S t a te s
fo llo w in g :
Expiration.
April 25 1939
July 1 1935
N o v .16 1927
July 9 1937
Indeterminate
Permit
Nov. 9 1936
Sept. 30 1937
Sept. 7 1940
Nov. 26 1940
Aug. 1 1935
Mar. 25 1937
July 5 1937
July 5 1937
April 20 1910
Dec. 17 1938
May 3 1940
June 11 1939
Electric
Electric
Electric
Electric
Electric
Gas
Electric
Street Railway
Electric
Electric
Electric]
Electric
Electric and Gas
Electric
Electric
Electric
Electric
Electric
Gas
Electric
Gas
Steam Heating
Street Railwav
Street Railway
Electric
Electric
Electric
Electric
Gas
Electric
Steam Heating
Electric
[Electric]
Gas
Unlimited
July 30 1940
Unlimited
July 15 1919
Aug. 15 1919
Oct. 28 1932
Unlimited
Unlimited
Unlimited
Juno 24 1937
May 26 1926
Mar. 1 1951
Dec. 1 1939
•Juno 14 1940
July 10 1933
Unlimited
Unlimited
Unlimited
Aug. 2 1940
Unlimited
Indeterminate
Permit
Inver Grove______Minnesota
Electric
Oct. 3 1936
Janesville________ M innesota
Electric
N o v .24 1936
Kasota.................... M innesota
Electric Power only
Dec. 2 1936
Lakev llie_________Mi nnesota
Electric
July 16 1939
Lake Crystal____ Minnesota
Electric
April 24 1937
Lake Crystal____ M innesota
Electric
Unlimited
Lindst rom_______ M innesota
Electric
Nov. 6 1936
Madison Lake___ Minnesota
Electric
April 9 1939
Morristown______ Minnesota
Electric
Dec. 5 1936
Moorhead________Minnesota
Gas
May 6 1922
Moorhead.......... .. .Minnesota
Street Railway
May 6 1937
M oorliead________M innesota
Electric
M ay 6 1937
M an kato_________ Mi nnesota
Unlimited
Electric and Gas
Madelia__________ Minnesota
Transmission Line
Unlimited
Minneapolis______Minnesota
Unlimited
Electric
M inot____________ North Dakota
Steam Heat and Gas Unlimited
Electric and Telephone Mar. 21 i920
M inot...................... North Dakota
M in n e s o t
N o r t h f i e l d ................ -------------- a
"■
•
sept. 17 1927
Electric
N o r t h f i e l d _________ M in n e s o t a
Gas
Dec. 12 1931
O s s e o ___ __________ M in n e s o t a
Electric
April 26 1910
P l a t t e v i l l e .................. W is c o n s i n
Electric
Indeterminate
Permit
R a n d o l p h .................. M i n n e s o t a
Electric
Aug. 2 1960
R o s c m o n t ___ __ , . . M i n n e s o t a
Electric
May 3 1910
R e d L a k e F a l l s ___ M i n n e s o t a
E le c t r ic
Dec. 27 1936
R i c h f i e l d ___________M in n e s o t a
Electric
Oct. 31 1940
R o c k f o r d __________ M in n e s o t a
Electric!
Sopt.23 1940
R o b l n s d a l o . ............. M i n n e s o t a
July 1 1940
Electric]
S h u l i s b e r g _________ W is c o n s i n
Unlimited
Electric,
S t . H i l a i r e _________ M i n n e s o t a
Electric
Aug. 23 1940
S t . B o n i f a c i u s _____M i n n e s o t a
Electric
April 30 1940
S t . C r o i x F a l l s _____W is c o n s i n
Electric
June 25 1929
S t . L o u i s P a r k _____M i n n e s o t a
Electric
Mar. 3 1936
S h a k o p c e __________ M i n n e s o t a
Electric
April 10 1923
S t . P a u l ___________ M i n n e s o t a
Electric
Dec. 26 1931
S t . I ’a u l ___________ M i n n e s o t a
Steam Heat
Juno 8 1929
S t . P a u l P a r k ____ M i n n e s o t a
April 15 1936
Electric
S o u t h S t . P a u l ___ M i n n e s o t a
Electric
May 15 1930
S o u t h S t . P a u l ___ M i n n e s o t a
Steam Heating
M ay 1 1940
Sioux Falls_____
Electric
Unlimited
Stillwater______ . . Minnesota
Gas
April 18 1933
Stillwater______ . .Minnesota
Electric
April 25 1933
Stillwater_____ . .Minnesota
Transmission Lino
April 24 1933
South Stillwatei -.Minnesota
Gas
Oct. 4 1935
South Stillwatei . _M innesota
Sept. 1 1919
Electric
Taylor’s Falls.. _ .Minnesota
July 5 1929
Electric
Vernon Center.. _ .Minnesota
Elect rib Transmission
and Wholesale
Feb. 8 1941
Waterville_____ _ .Minnesota
Electric
Dec. 5 1936
Electric
Waeonia_______ ..Minnesota
April 26 1940
Watertown_____ . .Minnesota
Electric
May 4 1940
West Minneapolis.Minnosota (Hopkins)
Electric
July 30 1937
Wyoming_____ _
Electric
April 3 1940
West St. Paul.. . .Minnesota
Electric
April ,30 1935
White Bear____ _ Minnesota
Nov. 21 1929
Electric
T h o
fo llo w s :
1 9 1 7 .......................
1918--------------------------------1919------1920 and each year thereafter..........
l l i e
[Vol . 104
P o w e r
tie s
o th e r
fr a n c h is e s
C o m p a n y
e x p ir e
s t r ic t io n s .
o n
o p e r a te s
v a r io u s
u n d e r
in
d a t e s
th e
a n d
w h ic h
th e
s m a lle r
c o n t a in
N o r t h e r n
to w n s
n o
a n d
S t a te s
c o m m u n i
b u r d e n s o m e
r e
J an . 20
A p p r o x im a t e ly
tr a n s m is s io n
e ig h t y -fiv o
lin e s
a n d
m u n ic ip a litie s
a r e
a r e
w it h
t o
I
T H E C H R O N IC LE
1917.1
n e c e s s a r y ,
g a s
o w n e d
p e r
c e n t
p ip e
in
m in o r
o f
lin e s
fe e ,
th e
r ig h ts
o u t s id e
a n d
w h e r e
e x c e p t io n s ,
o f
o f
Year—
fo r
a r e
fr a n c h is e s
u n lim it e d
Gross Earnings.
a s
tim e .
D I V I D E N D S P A I D F O R T W E L V E M O N T H S E N D E D S E P T . 30.
1010
..................... $ 6 7 4 ,4 4 8 6 4 1 1 9 1 3 ______________________ * 5 6 2 ,7 6 3 41
1 9 1 5 ------------------ ------------------------ 5 8 7 ,4 8 9 0 0 1 9 1 2 ______________________ 3 5 0 ,2 4 0 6 8
i 9
i 4
. ..................... 5 8 7 , o 6 9 o o i
N O R T H E R N S T A T E S P O W E R C O . A N D S U B S I D I A R Y C O A 1 P A N IE S .
C O M P A R A T IV E
E A R N IN G S
S TA TE M E N T TW E L V E
M O N TH S
E N D E D D E C E M B E R 31.
Year—
Gross Gamings.
Net Earnings.
19 15
$ 5 ,1 2 1 ,8 2 6 9 5
$ 2 ,8 6 6 ,6 3 4 10
1 9 1 4 --------------------------------------------------------------------------4 492 746 95
2 ,4 1 9 ,4 9 1 0 4
1 0 H --------------------------------------------------------------------------4 045 042 44
2 ,0 4 3 ,0 3 5 7 2
CO N SOLIDATED IN C O M E ST A T E M E N T .
-----------12 Months Ended----------Sept. 30 1916.
Sept. 30 1915.
$4,933,575 17
Gross earnings______________________________ $5,822,702 57
Operating expenses, current maintenance
and taxes________________________________ 2.588,746 09
2,201,105 48
Net earnings_______________________________ 3,233,956 48
2,732,469 69
Deductions:
Bondinterest_____________________________ 1,324,967 05
1,072,151 59
Note interest_____________________________
345,131 70
490,594 16
Preferred dividends_____________________
674,448 64
587,489 00
Common dividends______________________
179,251 27
----------------$2,523,798 66
$2,150,534 75
1911 --------------------------------------------------------------------------3 2 0 8 2 8 6 61
1 ,5 8 3 ,0 2 7 9 6
:: : :: : :: ::::::::::::::::::::::
t n m i oo
1 .289.29558 General interest (credit)_________________
A b o v e f ig u r e s i n c l u d e , f o r t h e f u l l y o a r s , a ll p r o p e r t i e s n o w c o m p r i s e d in
Balance for depreciation, amortization of
N o r t h e r n S ta te s P o w e r C o m p a n y , w h ic h g iv e s a c o m p a ris o n o t th o g r o w t n
bond and note discount, &c______________
In e a rn in g s o f th e t e r r it o r y s e rv e d .
19 10 :
C O N S O L ID A T E D
B A LA N C E
Net Earnings.
1915
................................................... $5,121,826 95
$2,860,634 10
1914
4,395,868 81
2,364,370 31
3,887,408 42
1,950,931 06
1913
"
.............................
.................. ............ - ..........
2,839,222 47
1,392,562 87
1912 . . . .
1911
1,568,993 25
697,417 81
1 9 1 0 . . . _____
723,754 75
301,938 65
These figures include the properties only for the period they were operated
by the Northern States Power Company.
in c o r p o r a t e d
c o u n t y
s a m e
w a y
267
S H E E T AS O F S E P TEM B ER
09,702 44
53,93960
$779,860 26
$635,874 54
30 1916.
LIABILITIES.
ASSETS.
C a p ita l S to c k :
C o m m o n ______________________________________$ 5 ,9 7 5 ,0 0 0 0 0
P r e f e r r e d _________________ ____________________ 1 2 .1 5 2 .0 0 0 0 0
- $ 1 8 ,1 2 7 ,0 0 0 0 0
Bonds—
T h e M in n e a p o lis G e n e r a l E l e c t r ic C o . 1st
5 s, d u e D e c . 1 1934:
A u t h o r i z e d a n d i s s u e d ___
$ 8 ,0 0 0 ,0 0 0 0 0
R e d e e m e d a n d c a n c e le d . .
3 7 2 ,0 0 0 0 0
C u r r e n t a s s e ts :
^ O n h a n d a n d In b a n k ------------- -- $ 7 5 9 ,8 0 0 2 5
D e p o s ite d w it h T r u s t e e o f
N o rt h e rn S ta te s P r. C o .
1 st & R e f . M t g c . 5 % P d s .
___ ________
to b e w ith d ra w n a t 7 5 %
c o n s t r u c t i o n ___________________l, 9 0 o , 5 0 0 0 0
D e p o s ite d f o r b o n d a n d n o te
6 9 0 ,0 0 0 0 0
i n t e r e s t u n m a t u r e d ___________
-------------------------- $ 3 ,3 5 5 ,3 0 0
I n t e r e s t r e c e i v a b l e _____________________
2 6 ,9 5 1
N o t e s r e c e i v a b l e ________________________
2 5 ,7 8 0
A c c o u n t s r e c e i v a b l e (le s s b a d d e b t r e s e r v e ) . .
5 3 2 ,2 4 3
O u t s t a n d i n g _______________________________ $ 7 ,6 2 8 ,0 0 0 0 0
N o r t h e r n S ta te s P o w e r C o m p a n y 1 st a n d
R e f u n d i n g 5 s , d u e A p r i l 1 19 4 1 :
A u t h o r i z e d _______________ $ 1 0 0 ,6 0 0 ,0 0 0 0 0
U n i s s u e d ................ .................
8 2 ,0 0 0 ,0 0 0 0 0
25
74
18
53
Issued and outstanding__________________ 18,060,000 00
---------------------- 25,628.000 00
Northern States Power Co. 10-Year 6 % Gold
Notes, due April 1 1926:
.
Authorized_______________$12,000,000 00
Unissued.................. ..........
4,000,000 00
3 ,9 4 0 ,2 7 5 7 0
4 9 4 ,9 3 3 5 0
M a t e r i a l s a n d s u p p li e s a t c o s t ---------------------------- -------------------------------D e f e r r e d a s s e ts :
D is c o u n t o n b o n d a n d c o u p o n n o te s in p r o
c e s s o f A m o r t i z a t i o n ______________________ t $ 4 ,1 5 6 ,6 0 6 94
I n s u r a n c e p r e m i u m s ( u n e x p ir e d p o r t i o n ) —
3 3 ,3 5 7 2 8
’4 ,7 4 5 9 0
P r e p a i d a c c o u n t s f o r p o w e r ----------------------------------D e fe rre d a c c o u n ts in p ro c e s s o f a m o r t iz a tio n
5 7 ,6 8 8 0 8
4 ,2 5 2 ,3 9 8 2 0
Issued and outstanding____________________________________
8,000,000 00
Current liabilities:
$70,000 00
Notes payable______________________________
Accounts payable......................................
268,220 02— 338,220 02
Accrued accounts:
For Bond interest__________________________
$577,133 34
For coupon note interest______________
240,000 00
For general interest________________________
2,298 08
For taxes_____ _______
268,433 59
For dividends .............................................. ........
302,285 00— 1,390,150 01
Deferred liabilities:
Consumers' deposits________________________
$39,792 27
Unclaimed checks__________________________
297 04—
40,089 31
Reserve for depreciation_____________
448,540 58
Surplus.......................... ........... ................... ........................................ 1,209,172 57
Total ............................................................................................ $55,181.172 49
T o t a l ................................................... - - - ................................................ $ 5 5 ,1 8 1 ,1 7 2 4 9
* A s a n u m b e r o f p r o p e r t i e s n o w o w n e d b y t h e c o m p a n y w e r o p u r c h a s e d a s g o i n g c o n c e r n s , t h e c o m p a n y is u n a b l e t o s e p a r a t e t h i s a c c o u n t .
+ D u r i n g 1 9 1 4 a n d 1 9 1 5 t h i s a c c o u n t w a s a m o r t i z e d a s f o l lo w s : 1 9 1 4 , $ 4 5 ,0 0 0 ; 1 9 1 5 , $ 6 0 X 0 0 .
I n 1916 t h e _ a m o r t iz a t io n w i l l a m o u n t t o a b o u t
$ 1 3 0 ,0 0 0 a n d i n f u t u r o y e a r s $ 1 3 0 ,0 0 0 a n d u p w a r d s .
"
________________________ ___
T h e
C o m p a n y
e n title
th o
r e c e iv e
in
o r
s h a r e
o n e
p lu s
1 9 2 6
a t
p e r
in
N
S ta te s
S t o c k
o t
t o
d is p o s e
c o n s t it u e n t ,
m e n t
o n
o f
d ir e c t
in g
th o
T o
a
o f
th e
p r o v io u s
T o
in
a n d
o r
th e
N o t
o r
in
a n y
w it h
a n d
th e
a llo w
c o n t r o lle d
u n d e r
o f
a n y
o f
a
in c o m o
o n c e
in
a n d
e a c h
d a y s
a
a
y e a r
in
s a id
fo r
a n d
a
a t
in
c o m p a n y
o r
h o ld
c o n s o lid a t e d
s u b m it
a d v a n c e
o f
in c o m e
e n d
o f
o f
L is t , a n d
th e
s h a ll
w it h
its
th e
th o
a n n u a l
p h y s ic a l
a n d
c o v e r in g
b a la n c e
s h e e t
th e
r ig h ts
a ffo r d
th o
r u le s
B o r o u g h
a ll lis t e d
o f
to
C it y
o f
s a id
in
lis t e d
T h e
e n d s
th o
o r
in
a ls o
N o w
c it y ,
S o u th
T h o
J .
O t t o
o f
a t
L e w is
o f
a
a ll
o r
o f
y e a r
F ift h
S t r e e t,
th e
a p p r o v a l
s e le c t a s
a
tr u s te e
W
T h e
O t t o
E .
S .
.
w it h
in te r e s t
Y o r k ,
o ffic e
o t h e r
a ll
s e
N e w
o f
tr u s te e
a
th o
a n
o ffic e r
o f
t o
in
o r
lis t e d
th e ir
th e
o f
th o
a llo tm e n ts
o f
its
s e c u r itie s
in te r e s ts
a
a fte r
o f
o n
to
a n y
s h a r e s ,
n o tic e s
g iv e
t o
th e
a d v a n c e
o f
th e
o r
th e
ta k in g
o f
a
c o lla t e r a l
is
a r e :
E .
ilk e w it c h ,
Y o r k
J .
C o m p a n y
W
o f
M
o n
o f
th e
th e
s e c o n d
o ffic e s
in n e a p o lis ,
111.
T h e
M
C o m
H .
M
.
R o e m e r ,
C it y ;
S .
W
.
G e o r g e
in n e a p o lis ,
in n .
B y lle s b y ,
R .
T h o m p s o n
S t e h r ,
J .
G r a f,
a n d
B .
C h ild s
H .
M
o f
in n .,
p a n y ’s
in n e a p o lis , M
.
R .
M
is :
J .
L e w is
P .
B .
T .
M
.
E .
a n d
H a r r ie s ,
in n .;
B y lle s b y ,
B .
D .
T .
E .
A r t h u r
S u n n y ,
F .
S .
W
.
F r a n k lin .
H .
M
.
B y lle s b y ;
G lid d e n ,
I t .
F .
I I .
O ’B r ie n ,
P r e s id e n t,
R .
H
.
.
h e ld
C .
J .
O s t h o ff,
W
Y o r k
D .
H u e y ,
is
a r e :
J o h n
P a c k ,
C o m m it t e e
S .
P o w e r
G .
J .
H u n t ,
P a c k ;
J .
V ic e -P r e s i
O ’B r ie n ,
G e o r g e
T r e a s u r e r ,
I I .
H .
F .
C .
H a r r ie s ,
R .
F r o s t ;
o f
b o n d s ,
G r a f.
o ffic e
T r u s t
fo r
r e g is tr a tio n
C o m p a n t
N O R T H
E R N
o f N e w
S T A T E S
R .
a n d
tr a n s fe r
Y o r k .
G .
P O W
H
E R
U N T ,
C O M
P A N Y ,
V ic e -P r e s id e n t.
b o n d s
o f d ir e c
is s u a n c e
s e c u r itie s
p r o p e r
s t o c k s
in
e ith e r
S t r e e t, M
F .
N e w
F .
in
C h ic a g o ,
C la r k e ,
B y
T h is
C o m m it t e e
e v e n t
a n d
S t a te s
a n n u a lly ,
1 1 1 .;
tr a n s fe r
o f its
o f
I I .
C h ild s ,
O t t o
G u a r a n t y
a n d
s e c u r itie s ,
d e p o s it e d
S t r e e t,
H u e y ,
O s t h o ff,
O ffic e r s
S e c r e t a r y , R .
th a n
lis t e d
W
A r t h u r
M
.
R .
E x e c u t iv e
G o r d o n ,
I s a a c
W
S .
a s h in g t o n ,
H u e y ,
r e g is tr y
e le c t e d
N e b .;
p a r
tr a n s
if
s t o c k h o ld e r s
e a c h
C h ic a g o ,
c o n
T h o
t o
e x te n s io n s
N o r t h e r n
S o u th
F r a n k lin ,
o f
tr a n s
a n h a t
_
A r t h u r
o r
d e n ts ,
s e c u r itie s ,
o f
O m a h a ,
F ly n n ,
M
p u r p o s e .
th e
S a lle
O s t h o ff,
B .
o f
d iv id e n d s
n o t ic e
E x c h a n g e
o f
1 5
D ir e c t o r s ,
S u n n y ,
b o n d s
E x c h a n g e ,
d a y s ’
b o o k s
m e e tin g
L a
O ’B r ie n ,
E .
o f
b o n d s ,
3 1 s t .
C o m p a n y ,
E x c h a n g e ,
th o
w h e r e
s t o c k , o r o f a
E x c h a n g e
r e c o r d
te n
a n y
J a n u a r y
C o m m it t e e
$ 1 8 , 0 0 0 , (X X )
T w e n t y -F iv e
h o ld e r s
S t o c k
S t o c k
y e a r
a n n u a l
2 0 8
th e
o n
s u b s c r ip t io n
le a s t
fo r
th e
fis c a l
o n d a y
s h a ll b e
B o r o u g h
r e m o v e d .
D e c e m b e r
T h e
M
o r
.
s u b s c r ip tio n s
t o
n o t ify
a n h a t t a n , C it y
o f
M
s e c u r itie s
p a y a b le ;
in
w it h o u t
S t o c k
th e
w h ic h
o r
T o
th e
h o ld e r s
fo r
tr a n s fe r
th e
o f
C o m p a n y .
n o t ify
th e
S t e h r ,
y e a r
s e c u r itie s s h a ll b o. d ir e c t ly
b e
c h a n g e
n o t
t o
h o ld e r s
t o
in te r e s t
a t
o f
b a l
t o
th o
a c c o u n t
c o n s o lid a t e d
th e
th e
r e g is tr a r o f its
S t o c k
s e n t
E x c h a n g e
o f
t o
r e tir e
a u t h o r it y
a n d
s ta te m e n t
c o n s o lid a t e d
a g e n c y
a n y
b e
t o
r ig h ts
c o r p o r a t e o f f i c e is a t 1 5 S o . F i f t h
a n h a t t a n ,
o r
t o
a llo tm e n ts
in
Y o r k .
r e s p e c t
o f
o r
d e liv e r a b le
p r o m p t ly
c lo s in g
r e g is te r e d .
m a k e
o f a
M
t h e r e o f
S t o c k
s u b
o f
c o m p a n ie s
th e
in
s u b s c r ip tio n s
a n d
N e w
a llo t m e n t
c h a n g e d
u n le s s
e x is tin g
o f
p u b lis h
a c t io n
N o w
c o n s t it u e n t ,
o r
c o m p a n ie s
s to c k h o ld e r s
a g e n c y
o n
w it h in
o f
a c c o r d a n c e
s o c u r i t i e 's ,
a n y
1 9 2 1
,
o th e r
a n d
e x c e p t
p r in c ip a l o f
o ffic o
s h a ll b o
t o
a g e n c y
o f
o r
o t h e r
lia b ilitie s
o r
T o
in
fift e e n
th e r e o n
B o r o u g h
tr a n s fe r
o f
a g r e e s
C o m p a n y ,
Y o r k , w h e r e a ll lis t e d
c u r itie s
1
_
o f a ll c o n s t itu e n t, s u b s id ia r y , o w n e d
m a in t a in , in
th e
to r
in te r e s t
o w n e d
y e a r ,
a n d
a n d
d iv id e n d s
its
le a s t
fis c a l
tr a n s fe r o ffic e
o r
s t o c k
c o r p o r a t io n ,
a s s e ts
fe r a b le ,
fo r
w a r r a n ts ,
C it y
T o
o r
p a y a b le
r e c o r d
A p r il
c o m p a n ie s .
o f N e w
$ 1 0 0
t h a t a ll r ig h ts ,
ta n ,
J .
le a s t
c o n d it io n ,
e n t c o m p a n y
a
o f
d a t e .
C o m p a n y
c o n s o lid a t e d
a t
tr o lle d
s t o c k
r e q u ir e d
m o n t h ly .
s t o c k h o ld e r s ,
s h o w in g
d u e
a n d
fe r a b le ,
p a r
n o te s
s u c h
b e fo r e
S t o c k
c o m p a n ie s .
a t
th e
its
in te r e s ts
p u b lis h
fin a n c ia l
fo r
p r e m iu m
to
s t o c k
C e n t
p r e s e n ta tio n
C e n t
th a t
c o n t r o lle d
a u th o r iz a tio n
s a id
m e e tin g
o f
s u c h
P e r
th e
w h ic h
1 9 2 2
C o m m o n
fo r
p a y in g
1
.
c a n c e lla t io n ,
s h e e t
T o
S ix
p lu s
p e r
a fte r
s u b s id ia r y ,
p u b lis h
a n c e
b y
a r r a n t s ,
A p r il
s h a r e
p a y in g
tim e
P o w e r
o f
o r
s t o c k
a n d
th e
o n e
W
a n d
E x c h a n g e :
o w n e d
d is p o s o
a n d
1 9 1 8
p a n y ’s
o r
T w o
o n
b y
d iv id e n d s
b e in g
C e n t
N o r t h e r n
C o m
a t
O p t io n
1
w a r r a n t,
S t o c k
n o te s
p r e m iu m
p e r
8 0 ,0 0 0
A p r il
in te r e s t,
a n d
o f
O n e
s id ia r y ,
e a c h
th e
p lu s
s h a r e
s a id
Y o r k
t o
P r e fe r r e d
p a r
r e d e m p t io n
is s u e d
b e t w e e n
r e s p e c t
d iv id e n d s
c a s h
h a s
h o ld e r
M
F ir s t
r e c o m m e n d s
a n d
Y e a r
B o n d s ,
in c lu s iv e ,
fo r
$ 5 0 0
e a c h ,
a u t h o r iz a t io n ,
b e
W
G E O R G E
W
.
E L Y ,
M
S e r ie s
- 1 7 ,1 0 0 in c lu s iv e , f o r $ 1 ,0 0 0
p e r io d
th a t
R e fu n d in g
A ,
d u e
e a c h , a n d
a d m it t e d
M
th e
o r t g a g e
.
W
.
S e c r e t a r y .
H
t o
a b o v e -d e s c r ib e d
F iv e
1 9 4 1 ,
N o s . D - A
th e
P e r
N o s .
t o
M
C e n t
- l
lis t .
E A T O N ,
t o
D -1 ,8 0 0
C h a ir m a n .
[Vol. 104.
T H E C H R O N IC LE
268
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
Allentown, Pa., January 8 1 9 1 7 .
To the Stockholders o f the Lehigh Valley Ttransit Company:
Y o u r
B o a r d
s id e r a tio n
fo r
th e
o f
th e
fis c a l
D ir e c t o r s
fo llo w in g
y e a r
h e r e w ith
r e p o r t
e n d e d
o f
s u b m its
y o u r
N o v e m b e r
C o m
3 0
fo r
y o u r
p a n y ’s
A t
c o n
o p e r a t io n
C o m
th o
p a n y ’s
la r g e r
b u s in e s s
p r o p e r t y ,
P o w e r
w h ic h
C o m
in g
a d v a n c e d
o f
in c r e a s e d
fr o m
B e g in n in g
e a c h
y e a r
a m o u n t
t o
t o
M
A ll
t o
R e s e r v e ,
b e r
3 0
t o
o f
th e
g r o s s
s h o w e d
a
o r
1 9 .2 % ;
O p e r a t
.
N e t
in c o m e
N e t
I n c o m e
o n
g a in
th e r o
th e
P r e fe r r e d
T h e
o f
S u r p lu s
b e e n
D e p r e c ia t io n
e a r n in g s
a n
o f
th o
r a ilw a y
R e n e w a ls
a r e
c h a r g e d
s e t u p
c r e d it o f
t o
2 10
th e
E a s t o n
y o u r
A c c r u e d
8 2 9 3 ,2 4 1
o f
w h ic h
o n e
h e ig h ts .
1 5 0 .6 4
e x te n d in g
H ill) ,
fr o m
D e p r e c ia
a s o f N o v e m
E le c t r ic
o p e r a te s
m ile s
a r e
N o r r is t o w n ,
N a z a r e t h ,
m a p
th o
M
n e w
o f
w o r k
p r o p e r
a c u n g ie ,
B e th le h e m s
a c c o m p a n y in g
B e c a u s e
A lle n t o w n
m ile s
a n d
1 2 .1 8
th o
w a s
a n d
u n d e r ta k e n ,
m a in te n a n c e
o f
th o
in
th o
fir s t
e x is tin g
Track— New and Reconstructed:
5 ,1 5 0
fe e t
L in d e n
o f
s e c o n d
S t r e e ts ,
B e t h le h e m ,
o f
a n d
E liz a b e t h
L e h ig h
1 ,8 0 0
fe e t
fe e t
o f
t r a c k
le a d in g
P o w e r
fr o m
T e n t h
in
A v e n u e ,
H o t e l,
a n d
L in d e n
S t r e e ts
I n
th e
C it y
S t r e e t
fiv e
h u n d r e d
B e th le h e m
p r e s e n t
C e n tr o
fe e t
o f
O n o
H o u s e
t o
m ile s
t io n
th e
a n d
r a il
o n
t o
th e
th e
E v e r y
w ill a d d
Bridges'.
o f
m ile
A
o f
o f
B o r o u g h
o f
F ir s t
o n
A v e n u e
t o
o n
th e
w a s
H ill
1 0 5 -lb .
S e v e n th
la id
t o
r a il.
o n
T
a n d
A v e n u e .
N o r t h
s a m e
E a g le
B r o a d
E liz a b e t h
G a u ff’s
g r e a t ly
T h e
o f
t o
B r id g e
B r id g e
s o u th
B r id g e
o f
R a ilw a y
N o .
2 9 ,8 8 2 ,
n e w
F o r t y -
th e
r a il
S o u th
u p o n
o f
th e
s e c o n d -h a n d
in s ta lle d
t e s t e d ,
M
o .
o n
c u r v e s
o f
th is
C o p la y
s o u th
o f
o f
C h u r c h
B r id g e
N
D iv is io n
o .
4 ,3 8 6
w a s
b o n d s
p u r c h a s e d ,
d e p a r t m e n t .
w a s
P h ila d e lp h ia
2 4
n o r t h
a t
a n d
a c h in e
e ffic ie n c y
th o
V a lle y ,
T h e
o r
D iv is io n
r e b u ilt ,
D iv is io n
a n d
w e r o
C o o p e r s b u r g
S id in g ,
3 0
s u b
B r id g e
s o u th
c r o s s in g
t o ta l n u m b e r
6 .9 5 %
w e r e
Crushed Stone:
A t
1 2 ,1 4 3
o f
T h o
o f
o v e r
h a v e
o f
th o
o f
tie s
tie s
fo llo w in g
in s ta lle d
o n
th e
s id in g s
A c o r n ,
C o m
b e t t e r
N
&
lim e s to n e
w e r o
A
m e t e r
h o u s o ,
4 0
fe e t
b y
o f
th o
L e h ig h
w a s
in
th e
r e a r
e r e c t e d
A lle n t o w n ,
w a ll w a s
w e s t
b u ilt fo r
D iv is io n
a
w a s
b u ilt
a t
th e
L e h ig h
a d ja c e n t
a n d
to
o f
o f
th is
b r ic k
S u m m it
L a w n ,
M
th o
o u n t a in .
w a itin g
A t
a n d
fo r
L ig h t
F r o n t
d u r in g
o n
th e
c r u s h e r
h o u s e
m ile s
th o
&
th e
o f
th o
w e r o
A n g le ,
in
th e
4 0
fe e t
a lte r e d
th e
P o w e r
O n
th o
o f
E a s t
H o u s e
in
r e ta in in g
b y
6 0
fe o t ,
A lle n to w n
a
ir o n
e ffe c t
t o
o f
e v e r
h o n o v e r
s ta n d a r d
5 0 0 ,0 0 0
a n d
C .
o f
M
.
P o w e r
o n e -q u a r t e r
te le p h o n e
c a r s
a n d
s ig n a ls .
J u n c
lin e s
w e r o
o n
h a n d -o p e r a t e d
a g a in s t
a n d
o u r
o f
c r o s s
F r e e m a n s b u r g
a u t o m a t ic
g u a r d
p in e
W
to
w e r o
m ile s
A lle n t o w n
t w o
V a r io u s
b lo c k s
5 ,4 5 0
o f
th o
a n d
s y s te m
t w e lv e
p o le s .
m ile s
m o v e m e n t
w it h
y e a r
th o
ta r g e ts
E x t r a
p r e
fr o m
s le e t
c la m a g o
tr a n s m is s io n
lin e s
a r o
in
b e fo r e .
t o
o f
g r e a t
th e
6 0 ,
n e w
th e
m e e t
p u r c h a s e d
c a p a c it y
it h
tw e lv e
e m b o d y in g
a n d
c a n
th o
a d d it io n
o f
th e s e
in
c o n d it io n s
in
t w e lv e
o r
e a s y
n o w
a
in
th e
o n
s e a tin g
tr a in s ,
r id in g
c a r s ,
v a r io u s
S o p to m b e r
w it h
s in g ly
u n u s u a l
c o n s t r u c
y o u r
in
c a r s ,
C e n t r e -
c a r
o f
s e r v ic e
e ith e r
w it h
a ll-s te e l
d e s ig n
T h e s e
o p e r a t e
s tr e n g th
5 0 -fo o t
la te s t
p la c e d
D iv is io n .
s p e e d
c a r s
s u ita b le
a n d
D u r in g
fo r
P h ila d e lp h ia
w e r o
o f
b u ilt
th o
a t
e q u ip m e n t
y e a r
th e
is
o n
b u ild in g
s u b -s t a t io n .
o n e
C o m
lim ite d
tr a in
a n d
q u a litie s .
n u m b e r
o p e r a t io n
A vas d o u b le d ,
a s
m o t o r
p a n y ’s
a n d
th o
o n o
m a in
o f
b o t w e e n
t o t a l
tr a ile r
n o w
b e in g
s h o p s .
fr o ig h t
T h o
c a r s
s u m m a r y
fo llo A v s :
Double-truck closed cars________ 117
Single-truck closed cars_________ 13
Single-truck open c a rs...1
______ 35
Single-truck snow sweepers_____ 10
Single-truck snow plows_________ 4
Single-truck work cars__________ 2
Double-truck work cars_________ 5
Single-truck lino cars___________
3
Double-truck line cars__________ 3
Single-truck sand car___________
1
Singlo-truck sprinkling cars_____
2
Total passenger cars__________ 105
Double-truck motor freight cars. 1 i
Double-truck freight trail cars.. 3
Total freight cars______________ 14
Total service cars______________30
Grand total____________________
209
FOAVER.
T h e s t e a m g e n e r a t in g s t a t io n is lo c a t e d o n F r o n t S t r e e t ,
A lle n t o w n , o n th o L e h ig h R iv e r , a n d th e L e h ig h V a lle y R a il
r o a d , a n d f r o m t h is c e n t r a l s t a t io n p o A v e r is d i s t r i b u t e d t o
t A V o lv o s u b - s t a t i o n s o v e r a r a d i u s o f f i f t y m il e s .
T o p ro v id o
f o r t h o r a p i d l y g ro A v in g lo a d , b o t h r a i h v a y a n d c o m m e r c ia l,
a n o r d e r A va s p la c e d e a r l y i n 1 9 1 6 f o r a 1 0 ,0 0 0 K . W . s t e a m
tu rb in e a n d a c c e s s o ry c o n d e n s e r a p p a ra tu s to b o d e liv e re d
b e f o r e S e p t e m b e r 1 1 9 1 6 , w h i c h A v o u ld h a v o g i v e n a t o t a l
a v a ila b le s t a t io n r a t in g o f 3 0 ,0 0 0 K . W . , b u t t h o m a n u f a c
t u r e r s f a ile d t o f u lf ill t h e ir p r o m is e a n d a t t h e p r e s o n t d a t o
i t is n o t e x p e c t e d t h a t t h i s u n i t A v ill b e r e c e i v e d u q t i l F e b r u a r y
1917.
T h i s 1 0 ,0 0 0 K . W . , 6 0 - c y c lo , 1 3 ,2 0 0 - v o lt g e n e r a t o r ,
A v e i g h in g 3 3 0 ,0 0 0 p o u n d s , A v ill b o t h e l a r g e s t u n i t y e t i n
s t a l l e d o n t h i s p r o p e r t y , a n d A v ill in c r e a s e t h o c a p a c i t y o f t h o
s t a t io n
5 0 % .
S ix t y -c y c lo
ro ta ry
c o n ve rto rs
and
tra n s
f o r m e r s A ve ro o r d e r e d f o r in s t a lla t io n a t t h o s u b -s t a t io n s a t
C a ta s a u q u a , S ie g e rs v illo a n d S la t in g t o n , t h e r e b y s t a n d a r d
iz in g a ll s u b -s t a t io n s a t 6 0 c y c le s , e x c e p t in g th o s e o n th e
P h ila d e lp h ia D iv is io n .
T a v o iio a v 2 5 - c y c lo s u b - s t a t i o n s A v e ro
e re c te d o n th e P h ila d e lp h ia D iv is io n , o n o a t S u m m it L a A v n
n e a r A lle n to A v n , a n d
th e
o th e r a t Q u a k e rto A vn .
S a fe ty
g u a r d s a n d a p p lia n c e s A vo ro in s t a lle d a t t h o P o A v e r H o u s e a n d
s u b -s t a t io n s t o c o n f o r m A v ith t h e r e c o m m e n d a t io n s o f t h o
P e n n s y lv a n ia D e p a rtm e n t o f L a b o r a n d In d u s t r y .
F o r th o
F r o n t S t r e e t P o A v e r H o u s e , A lle n t o A v n , t h o fo llo A v in g e q u ip
m e n t A va s o r d e r e d :
Underfeed stokers for two boilers,
Air washer and cooler for 4,000 K . AV. turbine,
Twelve non-return triplo acting safety valves for boilors,
Five 200-amporo, 3-phaso automoatic regulators.
Two 150-ampere single phase automatic regulators.
F o r
B e th le h e m
ttv o
a u t o m a t ic
s t a t io n
it h
s u b -s t a t io n
8 0 0
K .
r e g u la t o r
o n o
th o
W
in s ta lla tio n
a u x ilia r ie s ,
.
a n d
A v ill b o
th o
o f
th o
neA V
c a r o
K .
o n o
1 0 ,0 0 0
.
K .
A vas
W
c a p a c it y ,
fo r
W
r o t a r y
2 0 0 -a m p o r o
C a ta s a u q u a
r e g u la to r
b o ile r
t o
5 0 0
a n d
A t
a u t o m a t ic
a d d it io n a l
tA V o
6 0 -c y c le ,
o r d e r e d .
A v e ll e q u i p p e d
n e x t
o n o
tr a n s fo r m e r s
A vero
2 0 0 -a m p e r o
o u r
.
u n it
y o u r
in c r e a s e d
s u b
a d d e d .
a n d
p oA v er
b u s in e s s
y e a r s .
JIT N E Y Ol’ ER ATIO N .
m e te r
P h ila d e lp h ia
fr a m e
in t o
R o a d s .
th e
lo w e r e d
b e t w e e n
d is t r ib u t io n
P h ila d e lp h ia
c o n v e r t e r ,
P h ila
C o m p a n y
c o n c r o t e
s o u th
a ll th o
t h e r e b y
o f
w ir e ,
fr o m
L in o
s ix te e n
a d a p t e d
a n d
s t a t io n
P o w e r
a
Q u a k e r to w n
w a s
u s e
5 1
b e e n
J u n c t io n ,
th a n
t io n
lin e s ,
th o
c r u s h e d .
S t r e e t
s u b -s t a t io n ,
3 .6 9
y o u r
a n d
in s ta lle d
ta k e n
c o n d it io n
t r o lle y
h a v e
th e
o n
r e n e w a l
th r e e -q u a r te r s
r e p la c e d
w e r e
d u r in g
p u r p o s e s .
s t a t io n
fe e t ,
p o w e r
c o a l s to r a g o
o n e -s t o r y
th e
6 0
V a lle y
c o p p e r
lin e s
C r o s s
c a r s ,
o .
BUILDINGS.
d e p a r t m e n t
(0
w e r e
E n t r a n c e
R .
s y s t e m .
C o u t e r ,
s to n o
s t o r e d ,
w ir e
th o
c h e s t n u t
D iv is io n
D u r in g
W
p a n y ’s
4
fa c ilit a t e
b e e n
s to r m s ,
L a n a r k ,
P .
L e h ig h .
th e
to n s
a ll
le n g th e n e d :
C o p e , L o c u s t , S c h o o l a n d
A lle n t o w n
w a s
b r id g e
N
Sidings Lengthened:
d e lp h ia
b e e n
F o u r t e e n t h
r e n t .
tr o lle y
in
H e lle r t o w n
t o
c a u tio n s
Q u a k e r t o w n .
Ties Installed:
w a s
th o
R ic h la n d t o w n
a t
c o n s is tin g
h a s
B o n d in g
o n
2 6
C e n tr o
o n
tr a c k
h ig h w a y
s tr e n g th e n e d :
s t a t io n ,
r a il,
fe e t ,
L in c o ln
b r id g e s
y e a r
a n d
fe e t
r e a r
in
s o u th
t r a c k
S t r e e ts
w it h
1 ,2 0 0
lo t
th o
S t r e e t,
u s in g
G u a r d
3 ,6 0 0
fo llo w in g
2 7
a in
o n
N o r t h a m p t o n ;
fr o m
fe e t o f t r a c k
la id
m ile s .
in c lu d in g
d iv is io n s .
in s ta lle d .
w h ic h
th o
e x te n t
s e v e r a l
Bonding:
w e r e
I n
o f
S a u e o n
A lle n t o w n
e a s t
S tr e e t
5 .4 7
m ile s ,
s to r a g e
t r a c k
th e
tie s .
Guard Rail Installed'.
T
t o
g a r a g e
th e
A in e y v ille
o n
in s ta lle d
o f
L in d e n
o f
a ll
a n d
fe e d e r s
a n d
o f
F u lle r t o n ;
L ib e r t y
t r a c k
w a s
2 .5 2
S t r e e t
2 ,1 5 0
th o
B r o a d
fr o m
t o
B o r o u g h
M
r e s u r fa c e d —
D iv is io n
th e
B o r o u g h
d is ta n c e
e a s t -b o u n d
a n d
a ll
c o m p r is e d
v ia
th e
t r a c k
A lle n t o w n .
o n
o f
L in d e n
a n d
a
in
S t r e e t
fe e t
fe e t
o f A lle n t o w n
r e tie d
th e
o f
th o
b e in g
t r a c k
A lle n t o w n ,
e a s t -b o u n d
b o t w e e n
b e t w e e n
g r a d e ,
o f
4 0 8
4 ,1 5 0
d o u b le
to t a le d
in
C it y
fe e t
n e w
in
t r a c k
F r o n t
th e
3 ,5 1 1
T h o
S t r e e t
B r id g e ,
t r a c k
o n
n o t
c o n s id e r a t io n
B e t h le h e m ,
e a s t -b o u n d
H o u s e
B e t h le h e m
t o
s in g lo
s h o w n
t r a c k a g e .
N e w
a
r e c o n s t r u c t e d
o f
2 ,2 5 0
R iv e r
S ie g fr ie d ,
la b o r ,
A v e n u e
p r o v id in g
A v e n u e ,
tr a c k a g e
fr o m
E liz a b e t h
t h e r e b y
e n d
T h o
th e
t r a c k
t o
a s
s e c u r in g
a r e
a t
g a r a g e , w h e r e
m ile s
r e p o r t .
d iffic u lt y
in
h o u s e
a
o f
(C h e s t n u t
E g y p t ,
H e lle r t o w n ,
p a m p h le t
g r e a t
P h ila d e lp h ia
S la t in g t o n ,
c a r
in to
C o m p a n y ,
1 6 2 .8 2
o w n e d
to
o ld
t r u c k s
r e s u lte d
2 ,1 4 0
c o p p e r
2 4 .
le a s e d ,
a n d
m ile
a n d
A lle n t o w n
r a ilw a y ,
th e
a n d
s a v in g
w h ic h
c o m b in o
C o n s o lid a t e d
C o m p a n y
c a r s
p o s s ib le , tr a n s m is s io n
h ig h
la te r ,
o t o r
p o le
a n d
a r m s ,
W
o f
t o
o f
1 9 1 6 .
ROLLING STOCK.
TRACKAGE.
E x c lu s iv e
m
s u b s t a n tia l
in s p e c t e d ,
c r e d it e d
1 9 1 6 .
r e fe r r e d
p o r t io n
6 2 .7 % .
h a s
a n d
a n d
b e in g
y o u r
th e
o f
5 %
a
o f
s a t is fa c t o r y .
q u a r t e r ly .
R e n e w a ls
th e b a la n c e
w h ic h
t o
m a te r ia l
T o t a l
a n d
2 0 .1 %
1 9 1 1 ,
a in t e n a n c e
;
o u t
p a id
la r g e s t
e c o n o m ic
8 3 1 8 ,0 8 6 ,
o r
8 5 6 0 ,2 0 0 ;
o f
M
th e
a n d
m o s t
th e
r a ilw a y
o p e r a t io n
w a s
2 4 .2 %
in
th e
b e in g
la b o r
y o u r
in d u s tr ia l
b o t h
a n d
a n d
fis c a l y e a r
2 2 %
ite m s
,
b e e n
a in t e n a n c e ,
th is a c c o u n t ;
t io n
th e
o r
e q u iv a le n t
h a v e
8 3 4 4 ,2 9 5
w it h
e q u a l
lin e s .
4 4 .8 %
8 2 4 8 ,9 8 3 ,
o u t s t a n d in g ,
a ll
in c r e a s e d
8 4 1 4 ,9 9 6 ,
o r
in
in
h id d e n
u n p r e c e d e n t e d
y e a r
8 9 6 ,4 7 3 ,
in c r e a s e d
8 1 4 5 ,0 8 9 ,
d iv id e n d s
th e
a n d
in s ta n c e
m a in te n a n c e
fo r
in c r e a s e
e x t r a o r d in a r y
in c r e a s e d
a
a
3 0
S t r e e ts w a s c o n v e r t e d
p a n y ’s
E v e r y
s e r v e d
th e
G o r d o n
B E R
OVER HEAD .
n o r m a l
th e
e a c h
tr a n s p o r t a t io n
R e v e n u e
s t o c k
th e
s h o w in g
fr o m
S a le s
in
g r e a t ly
in t o
th e
in c r e a s e d
fr o m
t e r r it o r y
N O V E M
1 9 1 6 .
a b s o r b e d
C o n s id e r in g
e n te r in g
R e v e n u e
th e
d e p a r tm e n ts ;
c o n d it io n s ,
e x p e c t e d
b e e n
a r is in g
r e c o r d e d .
c o s t s
th e
h a s
t h r o u g h o u t
p o w e r
e v e r
in g
y e a r
p r o s p e r it y
a c t iv it y
a n d
p a s t
D E D
A lle n t o w n
a n d
F IN A N C IA L RESULTS
D u r in g
E N
T h o
o p e r a t io n
d e c lin e d
t h a t
th o
fa c t o r
P y b lic
jit n e y s
fr o m
th e ir
th o
in
a n d
c o u ld
in
O A vn ers
y e a r
ju s t
c a r r ie r s
S e r v ic o
o b t a in
S e r v ic e
y o u r
C o m
n o t
b o
p a n y ’s
o f
w it h in
LaA V , a n d
C e r tific a t e s
C o m m is s io n .
O n
th o
m e a n in g
o n ly
P u b lic
a s
a
D e c e m b e r
P e n n s y lv a n ia
m a y
o f
,
t e r r ito r y
c o n s id e r e d
e n d e d .
C o m m is s io n
c o m m o n
P u b lic
P u b lic
th o
S e r v ic e
w e r e
P e n n s y lv a n ia
A vh en
jit n e y s
r e m a r k a b ly ,
c o m p e t it iv e
1 9 1 6
o f
b o
6
r u le d
o f
th o
o p o r a to d
C o n v o n ie n c o
T H E C H R O N IC LE
JAN. 20 1917.
269
W O R K M E N ’S C O M P E N S A T I O N
S A F E TY
D u r in g
o f
th o
S a fe t y
p lo y e e s ’
y e a r
F ir s t ,
p u b lic
c o m m it t e e s
w e r e
t. n n v
A
l l e n t o w
n /
fr e q u e n t
T h e
a r c
E a s t o n ,
fr o m
o w n s
N a z a r e t h
y o u r
a n d
fr o m
T h o
th o
t o w n
o f
e a r n in g s
fo r
th e
w ill
b e
th o
in c r e a s e
t o t a l
th e
o f
t o
N
.
P h illip s b u r g , N
th e
E a s t o n
e n d in g
T h e
3 1
in te r e s t
a s
s tr o n g e s t o ld
p r e s c r ib e d
C o m p a n y
o t
a n d
b y
h a s
P o n s io n
w it h o u t
t o
th e
o n
th o
r e n e w a ls
th e
o f
h o u s e
o f
th e
a
a n d
a s
c o n s t r u c t io n
tr a c k s
o f
o f
th o
s u b s t itu te d
th is
c u t -o ff
E a s t o n
&
a p p r o a c h e s .
s h a r p
c u r v e s .
S t r e e t
h o u s e .
fe e t
b y
b y
q u a d r u p le
5 2
fe e t ,
o f
c a r s
o b s o le t e
T h o
a ll-s te e l
m o t o r s
a n d
b e e n
a
a t
fo r
c a r s
c a r
tr a in
is
a s
w e r e
s ix
th o
in
b e e n
A d a m s
w it h
r e a liz e
O n e
is
L h ir ty -
b o x e s ,
a
tr u e
o ix
its
C o m p a n y
budding
m o t o r s
a t
n o w
fr o m
c a r s ,
g iv in g
m o t o r
s u r p lu s
c a r s
th o
b y
P h ila d e lp h ia .
t r a ile r
c o n t r o l,
d o u b le -t r u c k
T h o
H ill,
C h e s tn u t
t w o
a n d
is o p e r a t e d
P h ila d e lp h ia
o n e
y o u r
a n d
fr e ig h t
tr a ile r
th r e o
I n
w a s
F r e ig h t
y o u r
R a p id
a n d
a d d it io n
d o u b le -t r u c k
b u s in e s s
in c r e a s e d
lin o s
its
r e s u lte d
o f
in
b u s in e s s ,
o r
th e
a n
A d a m s
in c r e a s e
E x p r e s s
m a k e
I n
is
to
o f
$ 1 ,2 8 8
9 1
in
th e
in
C o m p a n y
A lle n t o w n ,
C a la s a u q u a ,
.a
M
a c u n g io ,
o f
fr o m
a n d
■ sy ste m
o f
r e d u c e d ,
1 0 ° /
• in
o v e r
p o le s ,
H a m ilt o n
S t r e o ts ,
th o
to
&
a r m s
w it h
p la n
fo r
M
L o w e r
M
a ls o
t o
lig h t
w ir e s
s in g lo
th e
1 9 1 6 ,
a n d
lig h t
o f
y o u r
o f
s e r v in g
t w e lv o
T w e lft h
b o u lo v a r d
r a to s
w e r o
a ffo r d in g
p o w e r
th o
a
a n d
.
E le c t r ic
a c u n g io
ilfo r d
e
L ig h t
T o w n s h ip
T o w n s h ip
„
&
c o m p a n ie s
L o h ig h
V a llo y
„
P o w e r
E le c t r ic
E le c t r ic
C o
L ig h t
L ig h t
&
P o w e r
&
P o w e r
C o .
C o .
E le c t r ic
I le llo r t o w n
L ig h t
E le c t r ic
F r e o m a n s b u r g
&
P o w e r
M
y e r s
E le c t r ic
E le c t r ic
E le c t r ic
T o p t o n
&
C o .
P o w e r
L ig h t
&
Bucks County:
M
ilfo r d
W
e s t
P o w e r
F r a n c o n ia
.
T h e
.
r e s u lts
s a t is fa c t o r y .
fr o m
„
E le c t r ic
T o w n s h ip
L ig h t
E le c t r ic
^
&
P o w e r
L ig h t
&
C o .
P o w e r
C o .
th e
b y
p a r tic u la r
th e
in s u r e s
w h o le .
y o u r
C o m
e ffic ie n t m a n n e r
m a y
b e
n e c e s s a r y
o f
y o u r
t o
b u s in e s s
r a ilw a y
a n d
a n d
a n d
lig h t
h a s
th e r e s u lts o f th e
t h a t
p a id
s a m e
th e
w h ic h
th e
th is
tim e
n o w
it h a s
c o n d it io n
o f
th e
th e ir
d u tie s
d e p e n d e n t .
A p p e n d e d
in c o m e
t o
fo r
a n d
th is
a ll
is
a s
o f
it h
th o
o f
th e
th e
a n
th r e e
3 0
a n d
C o m
lin e s
o f
e m p lo y e e s
r e s p e c t fu lly
th e
th e
th e
s u r p lu s
.
,
,
e a c h
y e a r ,
a s
a
m u tu a l
a n d
.
.
s h o w in g
o f
o u r
C o m p a n y ,
p a n y .
lo y a lt y
y o u r
in te r
.
.
*i
d e ta il
G e n e r a l B a la n c e
c e r t ific a t io n
&
.
in
a c
a n d
a
.
a n d
e ffic ie n c y
C o m p a n y ,
th is
o t
r e p o r t
s u b m it t e d .
B y
a r e
C o m
o f
its
im p r o v in g
p a n y , r e a liz e m o r e t u lly
a t e r h o u s e
y o u r
th e
r e fe r r e d
v a r io u s lo c a l a n d
fis c a l y e a r s , th e
W
o f
t o
th u s
I
.
th e
,
s ta te m e n ts
1 9 1 6 ,
P r ic e ,
a d d
t o
a t t e n t io n
w in c h
its
2 1 ,
s a t is fa c t o r y
a r e
a c k n o w le d g m e n t
o ffic e r s
w it h
o b lig a t io n s
N o v e m b e r
e s s r s .
a b le
in
on
p a n y .
a n d
y o u r
r e p o r t
p a s t
C o m
m o r e
y e a r
d iv id e n d
$ 5 6 0 ,2 0 0
p u b lic
g r o w
fir s t
b e e n
a t
th e
p a s t y e a r , y o u r
th e
5 %
s ta n d s
r e la tio n s w it h
a u th o r itie s
fu ll
is
o r d e r
o f
B o a r d
o f
D ir e c t o r s ,
H
.
R .
F E H
R ,
President.
IN C O M E S T A TE M E N T FOR T H E PAST T H R EE YEAR S E N D E D
a
jn
N O VEM BER 30
1915.
1914.
1916.
Operating Revenues:
Revenue from Transportation:
Passenger R evenue---------Sl.ooAoUo oo S I,550,124 96 $1,446,693 90
Other Transportation Rev
99,296 90
78,075 84
115,002 5J
enue____________________
S I,967.508
47 $1,649,421 86 $1,524,769 74
Rovenuo from other Railway
r o w e fs a l^ T ic ....................
ft04.b6o 46
407,453 58
344,235 95
Total Operating Rovenue$2,471,871 93 $2,056,875 44 $1,869,005
ting Expenses___________ l,433,bo5 17
$816,312
$926,040 45
$1,038,206 76
97,961
73.551 87
84,445 65
T axes..............................................
$718,350
$852,488 58
$953,761 11
Operating Income............
$118,986 00
69
52
58
94
$107,963 07
E le c t r ic
lig h t
L ig h t
a n d
&
p o w e r
17,159 60
14,984 91
$136,145 60
$122,947 98
$988,634 18
$841,298 92
$550,279 34
64,171 58
2,035 50
$530,894 50
53,340 80
17,915 30
20,441 00
20,431 83
P o w e r
C o .
b u s in e s s
w e r e
m o s t
Net Income-------------------
28,319 09
10,595 80
$630,493 91
.
T o w n s h ip
a s
y o u
t e r r it o r y
w h ic h
t h a t
a n
a d v a n c e
Deductions from Gross Income:
Interest on Funded Debt------ $550,566 17
58,461 41
Rent for Leased Roads, &c__
999 90
Interest on Unfunded D e b t..
Amortization of Discount on
20,466 43
Funded Debt--------------------Miscellaneous Debits:
Legal Expenses, &c------------
C o .
Montgomery County:
in
p o w e r
fo r
th is
o f
im p o r t a n c e
s e r v e d
a n d
y o u r
c h a r a c t e r
p r o p e r t y
fa v o r
E a s t o n -
fr e ig h t> a n d
im p o r t a n t
p r o s p e r it y
w e s t
lig h t in g
s a t is fa c t o r y
th e
o f
C o m
s w e e p e r ,
p u b lic
lig h t
m
o f
jit n e y
c u t -o f f
m
c a p a c it y
n o r m a l
C o .
C o .
T o w n s h ip
R o c k h ill
s n o w
v e r y
a c t iv it y
d e v e lo p m e n t s
th e
$145,209 74
C o .
C o .
E le c t r ic
o f
c o n n e c t in g
in
th e
g r o w t h
b o u le v a r d
g r o w t h
a
p u r c h a s e
T r a n s it
o n e
o f
a ls o
th e
e
Gross Income___________ $1,098,970 85
L ig h t
,Berks County:
A lb u r tis
th e
E a s t o n
r a ilw a y ,
o f
p o
a ll-s te e l
in c r e a s in g
c o n t in u e d
a n d
Non-Operating Income:
Dividend I n c o m e . . . . . - - - - - $126,451 50
Interest on Notes, Bank Bal
18,758 24
ances, &c--------------------------
Northampton County:
H a lc y o n
is
th o
c u s t o .
s u b s id ia r y
in t o
c y c le s ,
g r o w t h
u t m o s t
to
D ir e c t o r s .
m e r g e d
n o w
t o
o
in
N o r t h
c u s t o m e r s
la r g o
in
th e
fa c t
r a ilw a y
r e m o v e d
a n d
t h e r e b y
c e r ta in
B o a r d
fo llo w in g
P e n n
s ta n d a r d
e le c tr ic
1 0
fin a n c in g
w it h
ir o n
w e r o
u p o n
th e
m a p
w h o le s a le d
I t
t e r r it o r y
M
S la t in g t o n ,
a n d
w it h
c o u n t a n t s ,
C o .:
V a llo y
L o w e r
is
o f
1 2
c a r s
th o
y o u r
in d u s tr ia l
m a in ta in
fr o m
b u s in e s s
t h e r e t o ,
S o u d e r t o n
m a jo r it y
y o u r
Lehigh County:
C e n tr o
a n d
r e ta il
g r e a t
b y
y e a r
P o w e r
th o
T h o
th o
in c o r p o r a t e d
L ig h t
P o w e r
S e p te m b e r
a p p r o v e d
D u r in g
B e t h le h e m ,
a d ja c e n t
S e llo r s v illo ,
c r o s s
lig h tin g .
a m o r tiz a t io n
w o r o
S o u th
p o w e r
6 0
th e
s u b s t a n tia l
fu r th e r
th e
fin a n c ia l
T h o
W
a n d
S t r e e t, A lle n t o w n , b e t w e e n
e ffe c t iv e
v is
lig h tin g
t e r r ito r y
2 0 0 ,0 0 0 .
r o p la c e d
r e d u c t io n
'm o r s
a n d
C o o p o r s b u r g ,
VVA i r w o o d e n
e n tir o
B e t lile h e m ,
E m a ils
p o p u la t io n
th e
fr o m
th e
is
e r e c t io n
e q u ip
th e
in h e r e n t
t o
o f
c a lle d
e x c e p t
S e r v ic e
s e r v ic e
S h e e t
.
d o e s
L im it e d
is
in c r e a s e
B e t h le h e m -E a s t o n
A lle n t o w n ,
it
th e
th e
in s ta lla tio n
s h a r e
1 J 1 3 ,
th e
th e
fo r
s u c h
A t
t h a t
7 1 ,
1 3 .9 % .
th e
lib e r a l
1
B e t h le h e m
d is a p p e a r a n c e
th e
y o u r
s u r p lu s
th e
m
t h e r e b y
,
o f
d w e llin g
a c c o u n t ,
LIG H T A N D POWER BUSINESS.
Y o u r
a
y o u r
b e n e fit s
a ll s u b -s t a t io n s
o f
a t
c o u n t r y
th e
t r a c k
fr e ig h t
5 0 %
p a r tie s c o n c e r n e d , in c lu d in g
tr a ile r s .
o v e r
n e w
b y
g r e a t
s ic k
a t t e n t io n
a d d it io n
t u r b in e ,
th e
a c c id e n t s ,
A c t ,
s in c e J u ly
t r a c k ,
c a r s ,
o f
a n d
fo r c e
y o u r
a c q u is it io n
lin e ,
fo r
>
o f
D iv is io n
b u s in e s s .
th is
in
c a lle d
S t a te
w it h
e le v e n
$ 2 ,9 0 5
C o m p a n y
w it h
c o m p a n ie s .
th e
O I T h if o p e r a t io n
y e a r
.
in te r u r b a n
in d ic a t io n
o f
in d u s t r y
C o m -
e q u ip p e d
th e
th e
c o m m e n s u r a t e
T r a n s it
D e p a r t m e n t
t w o
p la n t
r e c e ip ts
c o n t in u e
th o
s e r v ic e
in
s e c o n d
th e
m o v e m e n t ,
a n d
T h e r e fo r e ,
p a n y
......... 39
th o
n e w
s te a m
S t r e e t,
th e
s e c u r in g
r e lia b le
fr e ig h t
b e e n
s u b -s t a t io n s ,
a n d
p o w e r
E x p r e s s
s e c tio n
s c r a p p e d .
fo llo w s :
.
c it y
t h a t
s t o c k
w it h
o f
in a t io n
C o m p a n y
p a s t
a c c id e n t
s t a n d a r d iz a t io n
c o m p le t io n
C o m p a n y
c o n n e c t in g
Y o u r
th e
C o m p e n s a t io n
m ile s
n e w
H ig h -S p e e d
in c r e a s e
Grand total---------------------------------------------------- 105
FRE IG H T A N D EXPRESS SERVICE.
fa s t a n d
^ t e r m
p a y m e n t s
s
B e th le h e m -A lle n t o w n -P h ila d e lp h ia ,
th e
Total passenger e a r s ...------------------------------lYinoc'ar............ iVa'ndc'ar'
§ “ ow s u p e r s
1 flig h t car
1 trail car
Total service cars............................. - ..........................
A
t h e
i n t h e
s c h e d u le
c o m p a n ie s .
p r o g r e s s
1 4 5 % ,
a ll-s te e l
H a m ilt o n
o f
Single-truck closed cars— ................................................ ____ .............................. i o
Double-truck closed cars..............- ....................................
Single-truck open cars................................
Single-truck open trailers............- ..............
^
n n n v
e m p t e y e e
e m p lo y e e s .
o f
2 .5 2
o r
W
F ir s t
E a s t o n
h a s
fa r e
.
y o u r
p a r tia l
th e
o n
s a n d
o p e r a t io n .
p la t fo r m
b o d ie s
e q u ip m e n t
o f
o f
o f
c a r s
c o m p e t it o r ,
e q u ip p e d
c a r s
s w e e p e r w a s p u r c h a s e d .
w it h
K
c o m p a n ie s
p a s s e n g e r
a r r a n g e d
o p e n
o f
a n d
c o n c r e t e
a
th o
b e
w o o d e n
g r a d e s
in s ta lle d
n o w
th e
w ill
a n d
h a v e
P h ila d e lp h ia
0 0 0
S a fe t y
p a n y
e r e c te d .
e q u ip p e d
o f
w a s
a n d
th e
u n d e r
h e a v y
in te r u r b a n
s n o w
s in g le -tr u c k
s u m m a r y
b r id g e
d o u b le -t r u c k
s ix
h a v e
tr o lle y
la y -o u t
B y
C o m p a n y
e lim in a te
E a s t o n ,
w a s
c r o s s in g
R a ilr o a d
a ls o
t r a c k
b a r n ,
s o m i-s te o l s in g le -tr u c k
tw o
w ill
n e w
c a r
n u m b e r
in c r e a s e d
I t
A
S ix te e n th
T h e
u n d e r g r a d e
fo r th o p r e s e n t o v e r h e a d
tr e s tlo
2 4
a n
N o r t h e r n
1 9 1 5 ,
e m p lo y e r
W O R K .
d e a t h ,
y o u r
fe e t
t w o
1 ,2 9 6 ,
th e
1 0
th o
c o m p le t e d .
its
y e a r ’s
5 ,1 5 0
p r o p o s e d
c a p a c it y
7 5 %
s t o c k
o r k m e n
t o
th e
r e c o n s t r u c t io n
t h o s e 'o n
f a t t b o u t
W
e x p e n s e
la y in g
m e te r
o f
'j y o f f S t V
lin e
F u n d , w h ic h
a n y
C e n t r e -E n t r a n c e
o f
fo r
fo r
c o m p u ls o r y
c o n t in u e d
s u m m a r iz in g
th e
E le c t r ic
(D c c e m b c
c h a r g e
a n
o f
a n
e le c t iv e
th e r e u n d e r .
s u m m a r y
I n
m e n t
, l:' S S S i c T
th e
g iv e ^
J .
l J l b
b y
in s u r a n c e
A c t
r e q u ir e s
a n
p r o c e d u r e
W E LFA R E
L e h ig h
C o n s o lid a t e d
D e c e m b e r
$ 1 5 7 ,0 0 0 .
w h ic h
.
r e c e iv e d
c o m p e n s a t io n
c o m p e n s a t io n
N o t w it h s t a n d in g
p a n y ,
th e
1 1916,
e s ta b lis h e s
p r o v id e s
A C T.
C o m p e n s a t io n
J a n u a r y
in ju r ie s
a n d
a n d
its
s e v e r a l o f th o
e x te n d in g
in
fo r
e n ’s
c la s s
B e t h le h e m ,
J .,
r o a d s
o r k m
e m p lo y m e n t ;
lia b ilit y
p la c e d
a d d it io n
C o m
S o u t h
d a m a g e s
o f
y e a r .
in
r a ilw a y ,
tr o lle y
o f
th e
F ir s t
th is
p a s t
p a n y ,
P h illip s b u r g ,
th o
in
p a y
W
e ffe c t iv e
c o m p e n s a t io n ,
o f
a n d
b e c a m e
c o u r s o
-
C O M PA N Y.
C o m
m ile s
s c h o o ls
S a fe t y
t o
o f
C o m
P e n n s y lv a n ia
w h ic h
o m “
y o u r
a u t o m o b ilo
o b s e r v o
B e t h le h e m ,
a ll
o f
y e a r
th o
th o
T h o
o f
I llu m in a tin g
5 4
o f
c o n t r o l
1 h o r} | ! t ® r ® ® t s
t
p u b lic
E L E C T R IC
E d is o n
th r o u g h
th o
to
fo r
o f
S la t in g t o n , P a .,
e s t im a t e d ),
o f
T h e
r e c o m m e n d a t io n s
in
E le c t r ic
c o n t r o ls
a n d
s u r p lu s
C o m p a n y
2 5 %
th e
h o ld
s u g g e s tio n
d r iv e r s
r e s p o n s ib le
o f
a n d
t o
C o m p a n y
V a llo y
in c r e a s e
th e ir
C o n s o lid a t e d
E a s to n
th e
.
a t t e n d e d .
s e v e r a l
A t
C O N S O L ID A T E D
o w n e r s h ip
w e r e
la r g e ly
in s tit u t e d
c o n s t it u t in g
E a s t o n
th o
r a p id
p a r t
EA S TO N
t o
w e r e
o f
in
S f a c c id e n t s ,
T h e
a d o p t e d .
n e g le c t
p r in c ip le s
w e r e
p r e s e n te d
n a tr o ls
« n fo iv
m e e tin g s
w h ic h
m e r it , w h ic h
F IR S T W O R K .
$665,246 51
$633,178 23
$468,476 94
$323,387 67
$208,120 69
270
T H E C H R O N IC LE
GENERAL BALANCE SHEET NOVEMBER 30 1916.
Cost of Properties:
ASSETS.
'
oi-r coo n.
Road and Equipment......... .
Deposits In Lieu of Mortgaged Property'Sold"'&c
........ 51V,817,633 01
Real Estate Not Used in Operation of Road
-------------9SQ9R ro
S h e
[Vol. 104.
© c r m m e tc ia l
T im e s
COMMERCIAL EPITOME
mi , , . .
, F rid a y N ig h t, J a n . 19 1917.
Advanees to Proprietary, Affiliated and'Controlled" Com1 hough business is good, indeed rather better than usual
Current Assets:.......................... ' ................. - ................ 226.070 31
at this time of year, increasing conservatism is noticed,
Cash. Bills Receivable, Accounts Receivable
there is no feverish buying. No pessimism exists, nor yet
and Real Estate Mortgages, & c .......... ....... $77,687 74
Materials and Supplies.......... ....................... . 262! 118 78
so much blind optimism as at one time. A sober facing of
Unadjusted Debits:
“
339,806 52 tacts, present and prospective, is noticeable. Cotton has
declined owing to the sinking of possibly 22 steamships in
Discount on Funded Debt, Insurance, &c., paid in ad
vance, &c................... - ------- ----------------------- -----------420,129 23 the South Atlantic and higher ocean freights. Steel is rather
less active, though foreign demand persists. Scarcity of
Total................- ..............................- ......... - ................ $20,735,948 5f
cars, though not so great as recently, is still a serious draw
Capital and Funded Debt: L IA B IL IT IE S .
back, especially in the steel, lumber, fuel and grain trades.
Capital Stock:
Current high prices of most commodities are beginning to
Common...............................................- - $4,979,687 37
affect to some extent the consumption. Many largo buyers
Common...............................................
2,997,350 00
$7,977,037 37 in various branches of business aro supplied for some time
Funded Debt Outstanding:
ahead, owing to the fear at one time that prices would go
First Mortgage 4% Gold Bonds............ --$2,770,000 00
First Mortgage 5% Gold Bonds_________ 2,213 000 00
much higher. Significantly enough, labor is becoming a
354,000 00
Consolidated Mortgage 4% Gold B ond s..
little more plentiful. Speculation is less active. The Brit
Refunding, and Improvement Mortgage
.
5% Gold Bonds_______
.
s i c nr>n nn
ish Government still refuses to permit the cabling of wheat
Collateral Trust 6% Gold B S n d s I i : : : : ''
924 259 01
and corn prices to this country, or information about tho for
Equipment Trust Certificates:
’
Series “ A ” 6 % ...................... $55,250 00
eign supplies of these cereals, and for a time the English cen
Series B 5 % -------------------100,000 00
sorship also barred London quotations of metals. The grow
155,250 00
11,531,509 01 ing scarcity and increasing cost of ocean freightage are unwel
Current Liabilities:
come factors. They are beginning to cause somo curtail
Audited Accounts and Wages Payablo Accrued Interest
ment of foreign trade. On the other hand, most industries
Unadjn
i^tednCreda
itsa:b' e’ Miscellaneous Accounts Payable, &c
216,068 20
are still active. Europe wants steel. Russia has bought
Accrued.Taxes, Unused Tickets and Operating Reserves,
sugar heavily. Prices are still generally high and for tho
dnrnVns**D epraia'ttohRi^rV^RSiid*a'nd E q u ip m e 'n t:;;;;'
1
&
293 241 00 most part profitable. Total exports, despite freight draw
560,200 21 backs, are still large, and money continues easy.
SUrpIUS.......................................- -------- --------------------------------Cold
T o t a l..................
weather has helped the retail trade. The winter crops are
...........................................................................--$20,735,948 55
well protected by snow. Europe is a steady buyer of grain.
CERTIFICATE.
T° £ e President and Directors o f the Lehigh Valley Transit Co.- Corn has reached the highest price on record, owing to tho
failure of that crop in Argentina. Tho buying capacity of
W e h a v e e x a m in e d th e b o o k s a n d a c c o u n ts o f th e L e h ig h
the West is admittedly large, owing to the high prices ruling
V a lle y t r a n s i t C o m p a n y fo r th e y e a r e n d in g N o v e m b e r 3 0
101b , a n d fin d th a t th e a n n e x e d B a la n c e S h e e t a n d In c o m o for gram, hogs, lumber, &c. All kinds of grain aro higher
than last week; in fact, most commodities have advanced,
A c c o u n t are c o rr e c tly p re p a re d th e r e fr o m .
lhat of itself suggests buying pressure, regardless of diffi
S u b je c t to th e a d e q u a c y o f th e p ro v isio n fo r a c c ru e d d e
culties of land and ocean transportation. And yet as already
p re c ia tio n , w e c e r tify t h a t , in ou r o p in io n , th e B a la n c e S h ee t
intimated the note of caution is not wanting.
is p r o p e r ly d ra w n u p so a s to sh o w th e tru e fin a n c ia l p o s itio n
LARD steady; prime Western, 16.60c.; refined to the Con
0t j ? u JLeh\ g * v a lle y T r a n s it C o m p a n y o n N o v e m b e r 3 0 191G ,
a n d th e r e la tiv e I n c o m e A c c o u n t is a fa ir a n d c o rrec t s ta te tinent, 17@17.10c.; South America, 17.50c.; Brazil, 18.50c.
m e n t or th e re su lts o f th e o p e ra tio n s fo r th e fisc a l y e a r e n d e d Futures advanced on smaller hog receipts, a rise in hogs and
corn and covering and general buying by commission houses.
o n th a t d a t e .
The Department of Agriculture’s report on farm animals
PRICE, WATERHOUSE & CO.
showed 313,000 fewer hogs in tho country than a year ago,
P h ila d e lp h ia , P a . , D e c e m b e r 2 7 1 9 1 6 .
and the value per head was placed at $11 73 as against $8 40
in 1916. The Cincinnati “Price Current” placed hog packing
C U R R E N T N O T IC E .
for the week ending Jan. 13 at 961,000 against 733,000 in the
— Elkins, Morris & Co., Land Title Building, Philadelphia, are offering previous week and 957,000 a year ago; for tho winter season
and advertising elsewhere in the “ Chronicle” $2,000,000 Sun Shipbuilding to date 10,092,000 against 9,266,000 last year. To-day
Co. first mortgage 5% serial gold bonds, due annually Jan. 1 1918-1927, at
100 and interest. These bonds are free o f Pennsylvania State tax. The prices advanced owing to higher quotations for hogs.
1“ pames— At Cost-------------------------- and <5<mtrolled Comnanioi0" a r o Pr? pri,itary' AffUiated
28,926 Q
69
. aQft
1
i
attractive features of this investment are fully described in the adver
tisement.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
T
,
S al•
M on .
Tties.
Wed.
Thurs.
I'ri
15.52
15.80 15.85
15 .9 2 16 -0 5
15.95
16.20 16.25
16.32' 16 40
— The firm o f John Nickerson, Jr., New York, St. Louis and Boston
July delivery............. ..16.17
16.10
16.37 16.37
16.45 16.50
are to-day advertising for offerings o f public utility bonds and preferred
stocks. The firm advertises a full page IL of the securities which they
s't
are in the market to buy. In addition to these John Nickerson Jr will
purchase entire issues of public utility bonds and preferred stocks. ’
— Knauth, Nachod & Kuhne, international bankers, of New York, are
issuing an interesting booklet entitled "The Record Year o f American
I1 inance.
This is a story o f tho developments o f the twelve months of
1916 and o f some o f the changes in trade and finance. It contains a
discussion o f tho new financing and foreign loans. A copy will be sent
on request to “ Dept. 36.”
— As a matter of record only, the entire issue having been over-subscribed,
William P. Bonbright & Co., Inc., and Leo, Higginson & Co. o f this city
are Jointly advertising in this issue the particulars o f their now offering of
$3,500,000 Continental Motors Corporation 7% cumulative preferred
stock. Price 97H and accrued dividend.
— C. E. Denison & Co., Investment bankers, at 4 Post'Office Square,
Boston, are offering private investors and trustees a well-designed security
register for keeping a correct record of bond and stock Investments in January .cts.8 .4 5 (
M a y ____ eta.8.59(3)8.60 S ep t----- cts.8.72@8.74
F eb ru a ry___8.48(
Juno............ 8.01(8)8 63 October.........8.7708.79
detail. Complimentary copies of this register may be had on application.
M arch...........8.52 (
July............. 8 64 <3)8.65 Novomber___8.82 @8.84
— For particular investors, Colgato, Parker & Co., 49 Wall St., this city, A pril............. 8.55(_________ __ _____________ L ____ ____
A ugu st;____8.68@8.69 Docember . . . 8.88@8.90
are offering by advertisement on another page a selected list of high-grado
bonds to yield about 3.80 to 4.60%. . Three blocks of these bonds are taxexempt in Pennsylvania. Prices and circulars upon application.
— Charles Garfield King has arranged to retire from the firm o f King,
Farnum & Co., owing to ill health. Formal announcement is expected
next week concerning changes in the partnership. It is understood that
Wallace C. Winter and Jesse Spalding will enter the firm.
— William Henry Brevoort Jr., formerly with George B. Gibbons & C o.,
and Edgar G. Higgins, formerly with R. M . Grant & Co., have opened an
office under the firm name o f Brevoort & Higgins at 120 Broadway, this
city, where they will deal in investment bonds.
— Glidden, Lyon & Co., members o f the N ew York Stock Exchange,
announce that on Jan. 1 S. Richard Davidgo became a general partner in
their firm. The firm has offices at 5 Nassau St., New York; 59 Congress
St., Boston, and 252 Genesee St., Utica.
— Investment securities yielding better returns than are usual with equal
security o f principal, are described in ilteraturo issued by 11. M . Byllesby
& Co , 220 South La Salle St., Chicago, and 1220 Trinity Building, New
York, and will be sent upon request.
— Hambloton & Co.. New York and Baltimore,'advertise In to-day’s
“ Chronicle” an offering of $1,750,000 N. Y . N. II. & II. RR. Co. debenture January _ cts .4 .3 l@ 4 .3 3 M a y ____ cts3.98 @ 4 .00 Soptembercts4.05(3)4 07
February
- 4 .0 7 @ 4 .0 8 J u n e ............. 4.00(94.02
4% bonds at 91 and Interest, to yield about 5.30%. Descriptive circular March-------- 3.98(33.90 J u ly..................4 02(34.04 O c to b e r ------3 9 0@ 3 .9 5
November ..3.85(3)3.90
upon request.
A pril---------- 3 .9 8 @ 3 .9 9 l A u g u s t............4 0 3 @ 4. 0 5 .........................3 .8 0 © 3 .8 5
D ecom ber. .
— Wm. Carnegie E.ven, son of Wm. A. C. Ewen, railroad bond specialist
at 74 Broadway, has started In business for himself at 100 Broadway, this
city, making his office with Henry B. Livingston & Co.
J a n u a r y delivery..cts. 15.57
M ay d e l i v e r y ........ ....1 6 .0 2
PORK strong; mess, $32@$32 50; clear, $31 @$33. Beef
products firm and.in good demand; moss, $23@$23 50; extra
India mess, $40@$42. Cut meats firm; pickled hams, 10 to
20 lbs., 1 6 J4 @ 1 6 Mc.; pickied bellies, 15@15Kc. Butter,
creamery, 32 @41^0. Cheese, State, 20@24 %c. Eggs,
fresh, 35@49e.
COFFEE quiet; No. 7 Rio, 10c.; No. 4 Santos, ll@ ll^ o .;
fair to good Cucuta, 12J^@12^c. Futures foil owing to
lessened hopes of peaco, liquidation by cotton houses, hotter
shipping facilities in Brazil, trade selling and dulness of spot
business. The Rio and Santos crop movement is now
9,658,000 bags, as against 11,588,000 last year and 8,173,000
in 1915. To-day futures closed 1 to 4 points higher with
sales stated at 25,000 bags. Prices are down for tho week.
Prices were as follows:
SUGAR quiet; centrifugal, 96 degrees test, 5.14@5.27c.
molasses, 89 degreos test, 4.37@4.50o.; granulated, 6.75c.
Futures have fluctuated with vory narrow limits, at one
time, however, declining. Lator thoy rallied a little. Rus
sia is said to have bought 25,000 tons. Argentina, Nor
way and Spain want sugar. But the larger crop movement
is more or less of a damper. Cuban receipts last weok
were 57,122 tons as against 35,209 in the previous week,
and 94,522 in 1916. The exports were 23,898 tons, against
19,931 in tho previous week, and 70,299 in 1916. Stocks
aro now 80,643 tons, against 47,419 in tho previous week,
and 102,165 in 1916. There are 157 centrals grinding cano
on the island, as against 111 in the previous week, and
155 in 1916. The weather is favorable. Meantime though
American supplies aro light, trade is also light, and tho one
about offsets the othor. To-day futures closed 10 points
lower to 2 points higher with sales statod at 1,450 tons.
Prices are slightly lower for the week. Prices follow:
OILS.—Linseed higher; city, raw, American seed, 95@
98c.; city, boiled, American scod, 96@99c.; Calcutta,
$1 15. Lard, prime, $1 35@$1 45. Cocoanut, Cochin,
. T H E
C H R O N IC L E
.
18c. Corn, 10.81c.; Palm, Lagos, 13H @13% . Soya
bean, 12@12Hc. Cod, domestic, 75@76c. Spirits of tur- Galveston----56@56H<?- Strained rosin,
good, Texas C ity----pentine, Cottonseed oil higher on the spot common to To-day Port Arthur..
86 65.
at 12.45c.
Aran. Pass, &c
New Orleans___
cottonseed oil futures closed as follows:
Mobile______
2 7 1
.Ja n 20 1917.]
g
t
io
7 r April
>l
Februaryf:
ffa y
M arch.— 12-44S I f" 60 IJune
12 .4 5 @12.46
cts.12.35@12.45 IJuly— cts,12.38(5> 12.39
— i § - | | S l § i S ! A “ g ............12-3 8 @ 1 2 '40
12.38®12 40l
Pensacola----Jacksonville ..
Savannah ___
Brunswick —
Charleston . . .
W ilm ington----Norfolk________
N ’port News, &c.
New Y ork--------B o s to n -----------Baltimore______
Philadelphia-----
Fri.
T ucs.
Wed.
12,189 12,610
13,391
13,896
1.241
2,763
379
4,958
459
1,938
87
1,978
2,008
1,270
1,453
Sat.
M on .
3,080
Total.
8,453 13,083 73,652
1,241
3,797 3,797
3,254 17,971
1,339
40^
1,587
1,257
1,587
8,625
1,000
PETROLEUM continues strong; refined in barrels, $9 lo(®
1.938
376
437
861
82
107
761
86
$10 15; bulk, $5 @$G; cases, $12 25@$13 25. Naliptha, 73
161
66
122
220
103
390 5.055
1.516
762
796
931
660
to 76 degrees, in 100 gallon drums and over, 42He. Gasoline
248
248
in active demand; motor gasoline in steel barrels, to garages,
75 1,425
144
480
"610
" il6
252 2,304
677
243
196
22c.; to consumers, 24c.; gasoline, gas machine, steel, 40c.;
669
2,986 2,986
73 to 76 degrees, steel and wood, 31@34c.; 68 to 70 degrees,
28@31c. Crude prices, in somo cases, aro again higher. Totals this week 17,963 18,88; 23.404
15,229 28.391 123,929
Gasoline in New Jersey advanced ono cent, and in Delaware
and Pennsylvania two cents. In Chicago it advanced 1 / •, The following shows the week’s total receipts, the total
or an advance sinco Jan. 1 of 2 He. 'Idle production of the since Aug. 1 1916 and the stocks to-night, compared with
Texas Panhandle field in 1916 is said to have been 8,852 865 last year:
barrels. In the Coastal field, development work has been
active. Operations in the Eastern field have been somewhat
Stock.
1915-16.
1916-17.
restricted, and there is said to be little hope ol mu P
Receipts to
This Since Aug This Since Aug
Jan. 19.
tion there, outside of Kentucky. Closing prices were as
1916.
1917.
1 1915.
Week.
Week.
1 1916.
follows: dark $3 05 North Lima....... *1 __ Illinois, above 30
7»
Galveston_______ 73,652 1,948,886 42,624 1,560,293 339,095 375,676
Pennsylvania
71
1
Oabell....................... 2 3o South Lima........ 1 bo
Mercer black-----------2 48 Indiana------------ J
Princeton------------Crichton............... * “ 2 Somorsot, 32 deg. . 1 2 18
C orn in g ------------------ 2 88
W ooster------------------ 2 00 Ragland................... 1 04
Klectra__________ } 70
T h r a l l - .................. } 7 0
60
Strawn------------------ 1 7U M oran------------- 1
De _____________ 1 60 Plymouth------------ 1 73
Soto.............
degrees________ $ 1 82
Kansas and Okla
homa__________ 1 70
Caddo La., lig h t.. I 70
Caddo La., heavy.
95
Canada___________ 2 i 8
II urn b io_________ 1 0 )
Henrietta________ 1 60
1,032
1,605
1,241 225,882
Texas C ity--------29,850
Port Arthur_____
46,309
Aransas Pass, &c.
3,797
Now Orleans------ 17,971 1,087,114
78,876
1,339
M obilo-------------30,855
Pensacola---------43,262
1,587
Jacksonville------8,625 722,618
Savannah---------82,000
1,000
Brunswick--------1,938 136,884
Charleston--------Georgetown...
79,599
'761
W ilmington-_
5,055 372,636
N o rfo lk -------10,338
248
N ’port News, &c.
29,186
i ,425
Ncw York—
57,3841
2,304
B oston-------------30,643
2,986
Baltimore---------1,400
Philadelphia-----123,929 5,013,722
Totals.
231,305
36,354
59,688
872.501
71,857
27,407
32,892
1,984
16,705 720,116
62.700
5,000
3,360 202,901
728
4,063 146,001
10,726 383,132
55,400
7,482
12,712
999
31,465
6,833
23,180
492
1,530
29
12,438
7,143
947
32,673
2,291
1,000
30,972
43,647
503,330
9,285
” 3,847
447,317
24,195
6,010
181,244
" 3 ,986
226,158
19,000
8,800
TOBACCO has been quiet but steady. The supply of
96,769
60,507
Sumatra is still said to bo of uninviting quality, and there is
47,203
51.317
not much business in Cuban tobacco. High prices have
102,484 129,706
ruled for a year at Amsterdam, owing to a moderate supply,
159,538 331,581
excellent quality and largo buying by Germany. In 1916
11,589
10,569
3,167
5,583
the public sales at Amsterdam amounted to 232,911 packages,
3,554
2,266
of 179 pounds each. In 1915 the sales were 246,543 pack
ages of Sumatra. Of Borneo 8,631 packages were sold at
155,789 4,532,162 1,471,000 1,767,395
Amsterdam in 1916, against 14,942 in 1915. The average
price paid for Sumatra in 1916 was 1.78 florins, or equal to In order that comparison may bo made with other years,
72 cents per half kilo, or 1.1 pound. The price about doubled wo give below tha totals at leading ports for six seasons:
in 1916 as compared with 1915. Borneo sold at r
1912.
1913.
1914
1915.
1916.
of 1.45 florins, or 58 cents, per half kilo, which was
! Receipts at—
1917.
double the averago price paid in 1915. In tin
52,375 111,935
42.624 160,472 108,417
_
73,652
Galveston_
24,919
26,801
23,531
manufacturers are reported busy enough but toi
43,708
20,528
TexasClty,&c.
5,038
63.308
29,528
56,402
70,185
32,673
Now Orleans.
17,971
being they aro only buying from hand to mouth.
12,663
3,031
3,971
6,355
2,291
M obile______
1,339
56,405
19,288
26,160
COPPER advanced as peace prospects faded.
75.032
16,705
Savannah_
_
8,625
8,750
2,500
4,500
12 ,0 0 0
5,000
Brunswick_
_
1,000
6,494
1,567
2,176
13,160
3,360
Charleston,&c
1,938
10,557
1,727
5,452
7,956
to bo good, Spot
4,063
Wilmington-_
761
16,417
6,307
10,962
25,313
10,726
1 N orfolk _____
5,0 5
censor barre
1,035
10,078
4,307
3,587
7,482
3 N ’port N..&C.
248
7,043
6,788
2,736
7.395
10,337
8,302
from those of Jan. 15, when the last previous cable was re9 Altothers___ 123,929 155,789 425,164 . 248,614 159,990 319.526
ccived. London, spot £130, futures £126. Lake hero on th< Total this wk.
spot 29He-, electrolytic 29Mc.J for future delivery 28c • Sinco Aug. 1. 5.013,722 4.532,162 5.864,807 7,927,0567,783,034 8,601,979
Tin activo and higher on the spot at 45Hc- Monday’s The exports for tho week ending this evening reach a total
cable showed an advance of £3 5s. at London and £5 at Singa- of 118,882 bales, of which 64,133 wero to Great Britain,
port as compared with Thursday’s cable, the 11th inst. 14,656 Franco and 40,093 to
destinations. Ex
Since then cables from London liavo been missing. Somo ports fortotho week and since Aug. 1other are as follows*____
1916
thought that the English Government or the new War Metals
Commission had forbidden the cabling of prices. Arrivals
From Aug. 1 1916 to Jan. 19 1917.
Week ending Jan. 19 1917.
Exported to—
thus far this month, 2,300 tons afloat, 3,708 tons. To-day,
Exported to—
Exports
however, London cablo dispatches dated Jan. 18 were re from.— Great |
Great
Other, j Total.
ceived. They showed an advance of £1 in spot tin and fu
Britain.
tures tinco Jan. 15. Spelter higher on the pot at 10.20c. Galveston. _jBritain. France. Other. 65,520 708,351 90,864: 330,342 1,129,557
23.072
London cables have not been received since Monday the 15th Texas City.: 42,448
28,415; 190,046
90,773
70,858
29,781
..........
29.781
inst., and therefore the market here has been at sea as to Ft. Artour.! ----- 5,100 200: 5,300 328,833
___
146,354: 577,274
whether London has further declined or recovered her losses NcwOrleans
55,183
400
54,7831
36,253
100
30,153
of last week. The year-end statistics aro considered very M obile----- 13.894
Pensacola..
63,890 261,850
73,557
___ 13,894 124,403
bearish. To-day London dispatches dated Jan. ^18 were re Savannah-..
67,533
67,533
Brunswick
10,505
2,900,
ceived, reporting a rise of £1 9s. sinco tho 15th inst. Lead Charleston.
7,605
56,3811 80,736
19,355
5,000
activo and higher on the spot at 7.80c. The scarcity of spot Wilmington
59,133
1,300
26,216
31,617
5,037
5,037
Norfolk----63
lead is becoming more pronounced. Railroad congestion, it N’portNews
63
is said, has had a good deal to do with this. Absence of New York. 5,833: 4,519 2,631 9",108 143,882 75,731 185,587! 405,200
1.95S
45,897
1,311
2,270:
42,316
100 5,933
B oston___
London cable advices has been without effect on lead. To Baltimore. .
1,600' 114,939
600 113,339
600
25,482
2,440
23,042
day London dispatches reported no change sinco tho 15th Philadel’a.
135,879, 135,879
inst., when the prico was £30 10s. Pig iron has been steady San Fran..
193,657| 193,657
4,454
4,454;
83,987: 83,987
and coke shortage has caused a decreased output. High Seattle___.
9,036i 9,030
freights have caused somo reselling. No. 2 Northern $30 @ Tacoma . . 64,133 14,656 40,093 118,882 1,788,149 480,8531,233,9533,502,955
Total.
«31 ^ 0 2 Southern $23@$25, Birmingham. Steel is firm
15-16 50,646j
but’somewhat less activo, partly owing to high ocean freights Total ’'14-15 161,0871 5,723 29,479 85,848 1,176,410 410,1881,055,7072,642,305
550103,970265,6131,525,204 201,8301,622,1623,349,202
and railroad embargoes at tho seaboard. Sheared plates Total Exports from New York Include 60 bales Peruvian to Havre and 895 bales
Note.—
‘have sold at Pittsburgh at 3.50c. for the second half of this West Indian to Liverpool.
year 4 c for deliveries in the second and third quarter and In addition to above exports, our telegrams to-night also
5 to 6 5c for near delivery. And with peaco prospects less trive us the following amounts of cotton on shipboard, not
bright', new buying by Europe has in somo directions in cleared, at the po ts named. Wo add similar figures for
creased, notably in shell forgings, and unfinished shall steel. New York.
______________
The United States Navy Department has placed shell con
tracts in Sheffield, England.
On Shipboard, N ot Cleared for-
COTTON
F rida y N ig h t, J a n . 19 1917
MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is givon below. For the
week ending this evening tho total recoipts have reached
123 929 bales, against 125,848 bales last week and 147,260
bale’s tho previous week, making tho total receipts sinco
Aug. 1 1916 5,013,722 halos, against 4,533,162 bales for the
Same period of 1915 - 16 , showing an increase since Aug. 1 1916
of 480,560 bales.
the
Jan. 19 at—
Galveston-----New Orleans..
Savannah ----Charleston----New York----Other ports—
Ger
Great
Britain. France. many.
16,607 25,509
19,440 11,323
f.6'18
4.000
—
8.000
Total 1917— 49,665 36,532
Total 1916 — 99.383! 14,071
Total 19l5— 155,668‘ 22.762
::::
____
—
Other
Con't.
Coast
wise.
Total.
38,823 14,500 95,139
275 39,450
8,412
500
500
—
3,000
"938
369
—
2,556
369
7.000
8.000
Leaving
Stock.
243,956
463,880
180,744
60,507
6,729
102,115
152,538
107,517
50,235 16,582 153,014 1,317,986
" 16 6 54,205 21,174 188,933 1,578,462
7,892 213,356 30,669 430,347 1,488,078
T H E C H R O N IC LE
212
[Vol. 104.
Speculati°n m cotton for future delivery has been rather
highest, lowest and follows:
quiet at lower prices. The ocean freight situation has, to •NewYork tor the past week have been as closing prices at
most people, looked bad. Certainly ocean tonnago has been
1
scarce and high. It is said that $3 per 100 pounds has been
Saturday,' Monday Tuesday Wed’day Thursd'y Friday,
bid tor cotton room from New York to Liverpool, with none
Jan. 13. |Jan. 15. Jan. 16. Jan. 17. Jan. 18. Jan. 19.
Week.
obtainable at that price. Galveston has reported ocean January—
!re!?“fs rapidly rising, so much so that new export business Range_____ 17.52-.56 17.10 — 17.35-.47 16.96-.0C 17.07-.2t 17.2l-.4fl 16.9CI 10
17.57-.10^17.10-.48
Closing___
17.25-.30 17.15 — 17.35-.37 17.12 —
is difficult if not impossible. And things have certainly not February—
1
been unproved by recent reports of the loss of twenty-two Range_____
Closing____ 17.61 — 17.12 — 17.29 — 17.16 —
steamships in South American waters. That might not March—
17.35 — 17.15
attect the cotton trade directly so far as exports are con Range_____ 17.73- .27 17.25-.70 17.0t-.32 17.16-.49 17.26- — 17.041 27
17.31-.67
.62
Closing____ 17.73.80 17.27-.29
cerned, tor naturally the foreign shipments are eastward April—
17.44-.45 17.30-.32 17.48-.49 17.27.28
|
rather than southward. But it reduced the supply of ocean Range_____
tonnage, already small enough. Besides, who could tell Closing____ 17.78 — 17.36 — 17.53 — 17.36 — 17.55 — 17.33 — ____ 1 __
how soon raiders and submarines might invade waters ad May—
.49 17.46-.86
17.9017.50-.87
17.36-.69 17.45.80
Closing____
jacent to the American coast and put a stop to cotton ex Range_____ 17.90- 1 .95 17.49-.50 17.26-.53 17.66-.67 17.45- I7.2flf 49
17.65-.66 17.49-.51
.46
ports ? The ocean freight situation has caused more or less June— ge..
Ra
Closing____ 17.92 — j17.49 — 17.65-.66 17.50-.51
uneasiness since the recent report that the British Govern July—n
— -------ment would allot 85% of the British mercantile marine which Range____ 17.92- .49 17.48-.86 17.27-.54 17.66 — 17.45-.46
17.53-.84
17.35-.68 17.4517.27f 49
.S0
it had requisitioned to shipments of grain and munitions. Closing__
.96 17.49-.50
That would certainly not leave more than 15% for cotton' 1ugust— 17.92- — ^17.29 — 17.65-.66 17.50-.51 17.66-.68 17.45- .46
Range____ 17.70
17.42 —
and probably less. With ocean cotton freights here ac September—_ 17.62-.65 17.17-.20 17.32-.36 17.14-.16 17 33-.38 17.11-.15 17.29-.70
Closing_
cording to current report, up to fully 815 a bale, a very ex R a n g e .__ -------------116.75 —
16.38 —
traordinary state of things exists. In ordinary times of peace Closing___ 17.06
16.38-.75
the rate is not usually moro than 82 to 83 a bale. Aside October— 16.87- — 16.48 — 16.57 — 16.41 — 16.70 — 16.53-.57
Range____
.20 16.30-.80
16.37-.56 16.09-..32 16.17-.54 16.33from this burning question of ocean freights, other things Closing___ 16.87- .90 16.30-.31
16.09-120
.66
have conspired to give the market a setback. The state December— 16.97-.23 16.40-.80 16.39-.40 16.25-.26 16.53-.54 16.33- .34
Range____
16.45.62
I6.17-.41
ment of December consumption by the Census Bureau on Closing___ 16.95-.97 16.38-.40 16.46- 16.33-.35 16.34-.55 16.55-.75 16.17-123
.48
16.61-.63 16.41-.43
Monday last was something of a disappointment. Further f 18c. I 17c.
more, there has been more and more talk to the effect that the
noxt acreage may easily be the largest on record, and with THE VISIBLE SUPPLY OF COTTON to-night, as made
average weather produce a large crop even if not the largest up by cable and telegraph, is asjfollows. F oreign stoWks,
on record. Liverpool has sold freely here, and there has as well as the atloat, are this week’s returns, and consequently
been a good deal of liquidation for Wall Street, the West all foreign figures are brought down to Thursday ovoning.
and the South. Room traders imbued with the idea that 7 iil •, 0 ma'<;0 the total the complete figures for to-night
peace is far off and that the season has seen its highest (Friday), we add tho item of oxports from tho Unitod Stato
prices have been selling vigorously. Some largo operator: including in it tho exports of Friday only
Jan
1917.
1916.
in Wall Street are understood to have taken the short side Stock .at19—
1915.
1914.
Liverpool_______ bales. . 837,000 767,000 915,000 1.073,000
On the other hand, it is quite as true that spot markets
. 29,000
60,000
3 1,000
5,000
as a rule have not yielded to the decline in futures. On
or,000
84,000
91.000
102.000
the contrary, they have been well abovo the parity of futures
. 963,000 911,000 1,037,000 1,180,000
in both New York and New Orleans. Exports too on some Stock at Hremen __
. *1,000
*1,000
*6.000
19,000
*1,000
*1,000
*90,000 442,000
days have made no mean showing. Warehouse stocks on Stock at H a v r o __________
272,000 290,000 218,000 439,000
Dec. 31 wero only 4,207,650 bales, against 5,344,695 bales on Stock at M arseilles_______ .. 86.000 4,000 2,000 2,000
4,000
at Barcelona_______
n78,000
34,000
25,000
the same date in 1915. Of late the trado has beon calling Stock at Genoa . .
Stock
210,000
167,000
130,000
42,000
cotton both in New York and Liverpool. Southern spot Stock at Trlesto________ I]
*1,000
*1,000
*4.000
16,000
houses have been buying hero in taking in hedges. Bulls Total Continental stocks.
575,000 642,000 484.000 985,000
adhere to the conviction that the situation is bullish on the
basis of supply and demand, the one being small and the otlior
large. They think too that a largely increased acreage next
season is by no means a foregono conclusion. Various things
74,000
o « » K
^
T
1s f 0 $
°
232 000
2 § ffl
may interfere. They look for a scarcity of seed, a scarcity S t l'n Tr°2lbay> Indl» —.------- : e *5.0,000 714.000 *452.’OOO 374.000
Stock
670.000
of good fertilizers and more or less scarcity of labor. It is Stock in U.‘ S. interior- towns---------1.471.000 1,767,395 1,313,646 1 110,660
T
7 p? rt? - -----------------in
notorious that large numbers of negroes have left the South Stockexports to-day-------------------- 1 ,273.6'7 1,452,104 1,918,725 967,200
6,199
5 3 ,3 4 4
18,451
for tho North and its high wages. Besides thero is the boll U .S.
weevil to reckon with. Finally, who knows what tho chances o r '« !o Vis^ 0V0, *p? l3fs- -°7 »American and otbor descriptions aro as follows:
lesu*
v ----- ,-5.625,334 6,141,481 6,615,782 6,235,575
i0ta*
and uncertainties of tho weather may be? Texas winter America
rainfall is reported deficient. And the technical position M a ^ ^ L » t0*ckr ...............balos- 682,000 503,000 650,000 843,000
W in S
^...........................
74,000
66,000
65,000
has of late been improved by drastic liquidation and tho build tContinentali stock------------------------*481,000 *454,000 *4 68,000 939 000
24 ,0 0 0
ing up of a rather liberal short account. If the freight out American stocks for Europe......... 1,471,000 1.767,395 1,918,425 1.110,660
afloat
472,568
432,982
871,367 C80;264
H -S-port
..................
look could be improved the wholo situation would change
stocks-------------------materially. And it is said that British cruisers are hunting U .S . Interior to-day..................... 1,273.617 1,452,104 1,313,646 967,200
U. S. exports
6.199
_____
53,344
18,451
for tho German raider which has made such a sensation in ’otal American________ .4.461.384 4,675,481 5,298,782, 4,629,575
<
om
a ir
i? nnn ic r , „
South American waters. To-day prices advanced for a time last In d ia n , B razil, &c~. 155.009 26-1,000 265.000 230,000
and then declined, despito bullish week-end statistics and
.
29,000
60,000
31,000
5,000
firm spot markets. _ Two, perhaps three, moro steamships
.
23.000
18,000
23,000
37.000
. *93.000
*88,000
*60,000
wero sunk, a British tramp steamer was shelled in tho
46,000
.
78.000
51,000
132,000
170,000
British Channel and it was reported first that tho British Fgypt, Brazil, &c uropo..
.,
.
90.000
39,000
59,000
74,000
Stock in
. 186.000 232,000 *295,000 374,000
Government had forbidden speculation and later that the Stock in AlexandriaIafloal
Bombay,
. *510,000 714,000 452,000 670,000
Liverpool Cotton Exchango had recommended that specula
tion bo restricted and that no buying bo done in foreign mar Total East India,
1.610.000 1,466,000 1,317,000 1,606,000
4,461,364 4,675,481 5,298,782 4.629,575
kets except by ^TV> -*merchants and mills to___supply their Total Amorlcan.
spot -»n nlrf,4- In
_____ raiders, sub
? .1
1
(ictlltll nn orlo
needs. Tho market is nervous over
Total visible supr
.5.625 334 6,141,481 6,615,782 6,235575
. 10.944.
8.09(1.
5.10d.
marines, high freights and tho possibility of reduced exports.
7.23d.
17.35s.
12.30c.
8.70c.
12.90c.
Dallas, Texas, advices say that tho depth of snow in Northern Egypt, Good Brown, Liverpool.... 21.70d. 11.75(1. 7.10d. 10.35(1.
Peruvian, Rough Good, Liverpool1 18.00d.
and Contral Texas is unusually great and this with rains Broach, Fine, Liverpool________. 10.451. 11.75(1. 4.85d. 9.00(1.
S.75d.
0
7.75(1.
in Southern Texas has benefited the soil. Spot cotton closod Tinnovelly, Good, Liverpool___ . 10.57d. 7.87(1. 4.78(1. 0 4(1..
4d
at 17.35c. for middling uplands, showing a decline for the * Estimated, a Revised.
week of 80 points.
Continental imports
79,000 bales.
Tho official quotation for middling upland cotton in the Tho above figures forfor past week have boonfrom last week
1917 show a decroaso
New York market each day for the past week has been:
of 81,429 bales, a loss of 516,097 bales from 1916, a declino
J a n . 13 to J a n . 19—
Sat. Mon. Tues.
W ed . T h u rs . Fri.
Middling uplands.......................18.05 17.45 17.50 17.20 17.35 17.35 of 990,398 bales from 1915 and a loss of 610,191 bales from
1914.
)RK QUOTATIONS FOR 32
QUOTATIONS FOR MIDDLING COTTON AT OTHER
1917.C..........17.35 1909.c __ - . 9.70 1901.c ........ 10.00 1893.C........... 9.56
1916_______ 12.40 1908____ ..1 2.25 1900.. ........ 7.81 1892............. 7.56 MARKETS.—Below aro tho closing quotations of middling
1915............... 8.50 1907........ ..10.80 18 99- ___ 0.12 1891............. 9.38
1914..............13.00 1900____ -.12.25 1898... ------5.88 1890............. 10.62 cotton at Southern and other principal cotton markots for
1913............. 12.90 1905......... - - 7.25 1897... ------7.25 1889............. 9.94 each day of tho week.
1912............... 9.55 1904____ -.14.50 1896... ___ 8.19
a
a
v
1888..............10.56
1887............. 9.50
1886----------- 9.31
1911----------- 14.90 1903........ . . 9.00 1895-.. ------5.75
1910............. 14.40 1902____ . . 8.31 1894... ------8.00
MARKET AND SALES AT NEW YORK.
Spot M a rk et
C losed.
Saturday_
_
M onday_
_
Tuesday_
_
Wednesday.
Thursday _.
Friday_ __
_
51
5
T otal____
Quiet 10 pts dec___
Quiet 60 pts dec___
Quiet 5 pts adv____
Quiet 30 pts dec____
Quiet 15 pts adv___
Q u ie t.......................
io i
F utures
M a rk et
C losed .
SALES.
S pot.
Unsettled____
Steady________
Steady...............
Very stead y _
_
100
Contract
Total.
900
300
300
900
400
300
1,500
1,700
100
200
C losing Q uotations f o r M id d lin g Cotton onJ a n . 19.
100
Galveston____
New Orleans__
M obilo__
Savannah ____
C harleston___
Wilmington___
Norlolk _______
Baltim ore____
Philadelphia__
Augusta...........
Memphis______
H ou ston______
Little Rock___
Saturday, M o n d a y , Tuesday. W ed'day. T hursd’y,
18.15
18.00
18.00
184
18
17 4
17.88
184
18.30
18.25
18.50
17.75
18.25
17.90
18.00
18.00
184
18
17 4
17.50
18
17.70
18.00
18.50
17.40
18.00
17.90
17.75
17.50
18,4
18
17 4
17.50
IS
17.75
18.00
18.50
17.55
18.00
17.75
17.38
17.50
184
18
174
17.13
174
17.45
17.63
17.75
17.45
18.00
17.75
17.13
17.50
184
18
17 H
17.25
174
17.60
17.63
17.75
17.60
18.00
F rid ay.
17.75
17.13
17.25
H
1
1
It
If
174
17.60
17.63
17.75
17.50
17.75
J an. 20 1917.]
AT THE INTERIOR TOWNS the movement—that Is,
the receipts for the week and since Aug. l,th e shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year—is set out in
detail bojow.
Movement to Jan. 19 1917.
Toicns.
Ala.. Eufaula..
Montgomery..
Selma----------Ark., Helena..
Little R o ck ..
Pino B lu ff...
Ga., Albany.. .
Athens______
Atlanta..........
Augusta.........
Columbus___
Macon...........
Rome...........
La., Shreveport
Mlss.,CoIumbus
_
Greenville_
Greenwood__
Meridian___
Hugo________
Oklahoma —
S.C.,Greenville
Greenwood__
Tenn.,Memphis
Nashville____
Tex., Ablleno..
Brenham___
Clarksville_
_
D allas...........
Honey Grove.
Houston____
P a r is ...........
San Antonio..
Movement to Jan. 21 1916.
Ship Stocks.
Receipts.
ments. Jan.
Season, Week.
19.
Week. Season.
Receipts.
Week.
ShipWeek.
Stocks
Jan.
21.
545 12,193
9,303
15,510
9,209
208
95,915 3,3/9 75,888
37,298
418 31,609 1,383
922 31,121
51,190
20,481
38 7,019
324
46,828 1,711 22,553
52,047 1,759 20,000
589
189,419 5,713 41,224 3,428 120,495 3,035 40,287
97,828 2,869 42,000
116,056 2,300 40,000 1,288
484 8,386
20,338
1.8,951
106
19 2,244
96,452 1,650 46,149
91,766 1,400 33,094 1,168
92,670 2,163 29,326
239,891 4,208 79,297 2,785
319,563 7,290 141,285 5,801 319,162 8,214 195,808
52,532 1,700 54,173
56,781
538 20,139 2,937
961 12,577
39,664
554
126,759 2,398 20.39S
52,144 1,039 17,420
50,206 1,754 8,636 1,314
076 103,434 2,393 48,454
133,449 1,311 23,332
490 7,622
13,190
278
2,254
5,077
61,020 3,540 25,294
834
53,711 1,200 23.00C
200
91,871 2,521 29,815
866
97,832 1,893 27.50C
600
899 14,319
27,747
16,928 1,037 8,241 1,014
191
350 12,800
22,649
13,341
150
32,912
42
24,121 1,246 10,804
324
368 5,390
14,313
267
29,334 1,055 14,625
230
427 7,651
18,989
51,254 643,457 50,407 31,000 25,989 378,519 25,328 18,625
49,052 2,504 6,618
51,022 1,000 7,409 1,303
500
462
425
9,307
372
161
50
8,620
28
4,225 144,777 2,447 24,087 4,932 142,179 6,499 17,597
302
38,673 1,020 5,262
50,668 1,246 5,773
115
52,881 2,896 11,602
04.248 1,891 6,283 2,060
836
195
11,427
533 1,255
3,471
31
24,520
312
18,030 1,148 4,661
31,756 1,096 2,031
685
84,450 3,747 29,446
2,802 100,351 2,904 42,271 3,294
112
8,496
17,579
624 12,806
16,027
27,003 934,602 23,539 336,477 18,867 708,544 29,056 332,115
262
126
38
.75
0,187
2,709
IS
50,396 1,003 2,500 3,166
52,468 2,768 4,594
700
4 2,305
112
162 3,435
4
16.91C
23,626
24,962
342
105 3,595
325 7,752
28
40,857
72,032 2,441 10,656
88.54S 1,047 10.31S 2,782
1,157
44C
25,746
106 3,134
38,936
134 1,706
05
39,731 2,009,791 53,942213.181 48,221 1,563,038 49,85.: 221,882
5,046
1,301
74,194 2,586
1,407 110,874 1,375 4,091
721
44,871 1,061
863
11,168
19 2,676
825
9
293
40
1,400
2,407
80C
41
165
2,891
2,86£
1,174
1,807
395
461
Total, 41 towns 147,4686,242,069176,3641273617 141,374 4,865,143 174,852 1452104
1
Vote.— Our Interior Towns Table has-been extended by the addition of 8 towns.
This has made necessary the revision of the Visible Supply Table and a numbor
of other tables.
Tho above totals show that the interior stocks have de
during tho week 28,896bales and aro to-night 178,487
bales less than at tho same time last year. Tho receipts at
all towns havo been 6,094 bales more than the same week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—Wo give below a statement showing the
overland movemont for tho week and since Aug. 1, as made
up from telegraphic roports Friday night. The results for the
week and since Aug. 1 in tho last two years aro as follows:
creased
------ 1916-17------ -
Jan. 19—
S hipped —
W eek.
Via St. L ouis......................... . -.50,407
Via Mounds, &c...................... .. - - 6,552
11K
Via Rock Island. ___________
Via Louisville-----------------------Via Cincinnati-----------------------Via Virginia points----------------Via other routes, &c__________
------ 1915-16------
Since
A u g . 1.
624,584
186,992
f i
:
79,273
62,613
80,204
517,500
W eek.
25,328
13,755
OQ
A
3,774
4,000
1,364
8,213
Total gross overland______ -.88,088 1,556,316
Overland to N. Y ., Boston, &c - - 6,715
118,613
Between Interior towas
. . 6,342
73,694
Inland, &c., from South
200,899
..12,346
Total to be deducted_______ -.25,403
S in ce
A u g . 1.
390,278
241,876
A AOI\
76,439
74,123
56,267
200,072
56,637 1,043,485
D educt Shipm ents—
8,353
7,624
3,410
68,887
80,672
107,232
19~387
393,206
256,791
37.250,, 786,694
Leaving total net overland*......... -.62,635 1,163.110
and snow in some sections. This week’s rainfall has been one
hundredth of an inch, on one day. Average thermometer
40, highest 48 and lowest 32.
A b ilen e , Tex. —We have had rain on two days of the past
week, the rainfall reaching fifty-six hundredths of an inch.
The thermometer has averaged 35, the highest being 52
and the lowest 18.
Fort W orth, T ex. —It has rained on two days during the
week, the precipitation reaching eighty-three hundredths of
an inch. The thermometer has averaged 32, ranging from
20 to 44.
Palestine, Tex — W e have had rain on two days during the
week, the precipitation reaching twelve hundredths of an
inch. The thermometer has ranged from 24 to 44, averaging
34.
San A n ton io, T ex. —We have had rain on three days during
the week, the rainfall being twenty hundredths of an inch.
Minimum thermometer 28, maximum 58, mean 40.
Taylor, T ex. —We have had rain on three days the past
week, the rainfall being thirty-one hundredths of an inch.
Minimum thermometer 26.
Shreveport, L a . —There has been rain on five days the past
week, the rainfall reaching one inch and thirty-three hun
dredths. The thermometer has ranged from 22 to 60.
N ew Orleans, L a — It has rained on six days during the
week, the precipitation reaching sixty-four hundredths of an
inch. The thermometer has averaged 49.
Vicksburg, M iss. —There has been rain on six days of tho
week, the rainfall being one inch and eighty-five hundredths.
Average thermometer 33, highest 57 and lowest 21.
M obile, A la . —We have had rain on four days of the week,
the rainfall being ninety-one hundredths of an inch. The
thermometer has averaged 49, the highest being 71 and the
lowest 32.
Selma, A la . —There has been rain on six days during the
week, the precipitation being three inches and fifteen hun
dredths. The thermometer has averaged 39, ranging from
24 to 48.
.
M adison, F la. —We have had rain on ono day during the
week, the rainfall being seventy hundredths of an inch.
The thermometer has ranged from 32 to 73, averaging 54.
Savannah, Ga.—There has been rain on three days of the
week, the rainfall being one inch and eleven hundredths.
Lowest thermometer 27, highest 72, average 48.
Charleston, S. C.—There has been rain on three days during’
the week, the precipitation being forty-six hundredths. The
thermometer has averaged 49, ranging from 28 to 70.
Charlotte, N . C.—Rainfall for the week one inch and twentyone hundredths. The thermometer has ranged from 25 to
62, averaging 43.
>M em phis, T enn. —We have had rain, snow and sleet on
five days of the week, with precipitation of one inch and
seventy hundredths. Average thermometer 27, highest 46,
lowest 16.
Tho following statement we have also received by tele
graph, showing tho height of the rivers at the points named
at 8 a. m. of the dates given:
J a n . 19 1917. Jan . 21 1916.
Now Orleans__________Above
M emphis_____________ Above
Nashville_____________ Above
Shreveport____________ Above
Vicksburg_____________ Above
* Below.
Tho foregoing shows the week’s net overland movement
has been 62,685 bales, against 37,250 bales for tho week last
year, and that for the season to date tho aggregate not over
land exhibits an increase over a year ago of 376,416 bales.
-------- 191LG-17-------W eek.
S ince
A u g . 1.
Receipts at ports to Jan. 19------- .123,929
123,929
Net overland to Jan. 1 9 - - - - - - - - -. 62,685
Southern consumption to Jan. 19-. 80,000
5,013,722
1,163,110
1,951.000
266,614
Total marketed...................... --266,614
Interior stocks in excess----.237,718
Total in sight Jan. 19______________-
forth, spinners’ takings to J
) 90,888
8,127,832
919.883
9,047,7 i 5
-------- 191.5-16--------
1915— Jan. 2 2 ...........
1914— Jan. 23_______
1913— Jan. 24_______
Feet.
15.9
39.7
18.0
4.0
16.5
Range---------- 17.40-.81 16.79-.18 16.92-.20 16.66-.88 16.87-.00 16.86-.19
Closing........... 17.40-.45 16.79-.81 17.00-.06 16.87-.89 17.00-.05 16.81-.84
March—
Range_______ 17.40-.87 16.75-.35 16.83-.22 16.60-.94 16.72-.08 16.-83.22
Closing______ 17.40-.47 16.82-.83 17.03-.08 16.89-.90 17.07-.08 J6.84-.88
W eek.
4,532,162
786,691
1,710,000
July—
271,039
*33,478
237,561
96,275
7,028,856
974,927
-528.076 1914-15— Jan. 22.
-338,055 1913-14— Jan. 23.
-232,056 1912-13—Jan. 24.
Range.......... .. 17.62-.il 16.98-.50 17.03-.40 16.80-.il 16.88-.26 16.98-.37
Closing______ 17.62-.66 17.02-.04 17.21-.26 17.06-.08 17.23-.25 17.00-.01
Range_______ 17.78-.25 17.14-.64 17.19-.54 16.89-.22 17.01-.37 17.10-.47
Closing.......... 17.77-.80 17.18-.20 17.36-.39 17.18-.19 17.35-.36 17.12-.14
September—
Range_______
Closing______ 16.70-.75 16.13-.15 16.25-.27 16.13-.15 16.32-.38 16.12-.14
October—
8,003,783
1.692,253
Range_______ 16.53-.80 15.96-.46 16.01-.22 15.75-.99 15.83-.21 15.98-.29
Closing______ 16.53-.58 15.96-.98 16.08-.12 15.96-.98 16.16-.21 15.96-.9S
December—
Range_______ ------------- 16.25-.28 16.30-.32 16.00 — 16.00-.27 16.21-.32
Closing______ 16.67-.69 16.10-.12 16.22-.26 16.10-.12 16.30-.32 16.10-.12
Tone— . ______
Spot________
Options-------
Bales.
........ 9,212,385
.........11,135,115
.........10,696,303
WEATHER REPORTS BY TELEGRAPH.—Advices
to us by telegraph from the South this evening indicate that
rain has been quite general during the week, with the pre
cipitation light or moderate as a rule. Snow has also fallen
in sections of Texas and at some points elsewhere. Tempera
ture has continued low.
Galveston, Tex. —Freezing temperatures prevailed over the
State for several days, which was accompanied by light rains
F eet.
9.9
28.6
18.0
*2.4
34.1
January—
155,789
37,250
78,000
1.702.498
Since A u g . 1—
gauge.
gauge.
gauge.
gaugegauge.
M ay—
Movement into sight in provious years:
Bales.
of
of
of
of
of
Saturday, Monday, Tuesday, Wed'day, Thursday, Friday.
Jan. 13. Jan. 15. Jan. 16. Jan. 17. Jan. 18. Jan. 19.
Since
A u g . 1.
♦Decrease during week.
Week—
zero
zero
zero
zero
zero
NEW ORLEANS CONTRACT MARKET.—The high
est, lowest and closing quotations for leading contracts in the
New Orleans cotton market for the past week have been as
follows:
♦Including movement by rail to Canada.
In Sight and Spinners’
Takings.
273
T H E C H R O N IC LE
Quiet
Weak
Quiet
Steady
Quiet
Steady Steady Steady
Steady Very st’y Very st’y B ly st'y
—Mr. William Carlyle Fraser, for many years associated
with the firm of Henry Hentz & Co., and a partner in the
concern for a considerable period, died on Saturday, Jan-.
13, after a brief illness.
RECEIPTS FROM THE PLANTATIONS.—The follow
ing table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
tho weekly movement from the plantations of that part of tho
crop which finally reaches the.market through the outports.
374
Week
end's
Receipts at Ports.
1916. | 1915.
Dec.
1
8
15
22
29
Jan.
5
12
19
Stock at Interior Towns.
1914.
1916.
1915.
Receipts from Plantation
1914.
239,911208,884 331,201 1,308,950 1,389,157
242,504 265,737 370,458 1,350,749 1,468,597
200,130243.169 428,369 1,379.059 1,513,251
148,643211,978 428,791 1,382,887 1,533,958
141,234178,507 323,406 1,405,560 1,542,299
1916.
1915. | 1914.
1,206,758 274.463 270,701332,569
1,258.039 284,303 345,177 421,739
1,305,404 228.440 287,823 475,734
1,326,881 152,471 232,685 450,271
1,327,756 163,907 189,908 324,341
14 7,260 152,983 380,322 1,352,284 1,507,714 1,315,591 93,984 115,308 368,157
125,848173,647 486,875 1,302,513 1,485,582 1,314,864 76,077 151,515 486,148
123,929)155,789 425,164 1,273,617 1,452,104 1,313,046 95,033 122,31l|423,946
The above statement shows: 1.—That the total receipts
from the plantations since Aug. 11916 are 5,933,605 bales; in
1915-16 were 5,507,089 bales, and in 1914-15 were 7,058,314
bales. 2.—That although the receipts at the outports the
past week were 123,929 bales, the actual movement from
plantations was 95,033 bales, the balance being takenfrom
stooks at interior towns. Last year receipts from the
plantations for the week were 122,311 bales, and for 1915
they were 423,916 bales.
WORLD’S SUPPLY AND TAKINGS OF COTTON.
C o tto n T a k in g s .
W eek a n d S e a s o n .
1916-17.
W eek.
1915-16.
Season.
Week.
Season.
Visible supply Jan. 12__________ 5,706,813
6,212,754
Visible supply A ug. 1__________
3,198,251
American in sight to Jan. 19___ 237,718 9,047,715 237,561
B om bay receipts to Jan. 18____
680.000 1,082,000 115,000
Other India shlp'ts to Jan. 1 8 ..
66,000
115.000
8,000
Alexandria receipts to Jan. 17_.
610,000
580.000
13,000
Other supply to Jan. 17*______
64,000
68,000
5,000
4,664,410
8,003,783
1,249,000
188,000
481,000
67,000
T otal supply__________ _______ 6,014,531 14,090,966 6,591,315 14,653,193
Deduct—
Visible supply Jan. 19__________ 5,625,384 5.625,384 6,141,484 6,141,484
T otal takings to Jan. 19_______
O f which A m e r ic a n ._______
O f which other_______________
419.147
311.147
108,000
8.465.582
6.674.582
1,791,000
449.831
326.831
123.000
8.511.709
6.582.709
1.929.000
♦Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
a This total embraces since A ug. 1 the total estimated consum ption by
Southern mills, 1,951,000 bales in 1916-17 and 1,710,000 bales in 1915-16—
takings not being available— and the aggregate amounts taken b y Northern
and foreign spinners, 6,514,582 bales in 1916-17 and 6.801,709 balesin
1915-16, o f which 4,723,582 bales and 4,872,709 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1916.
Dec. 28.
Receipts at—
Bombay...................... .........
1915.
Since
Aug. 1.
Week.
Exports
from—
83,000
For the Week.
1914.
Since
Aug. 1.
Week.
776,000 91,000
907,000 57,000
Great
Britain.
___
3,000 29,000 32,000
___
3,000 39,000 42,000
2,000 14,000 36,000 52,000
Conti
nent.
Japan < China.
&
275,000
Total.
9,000
10,000
19,000
85,000
99,000
92,000
498,000
532,000
246,000
592,000
641,000
357,000
3,000
1 .00c
7,000
10,000
4,000
9,000
10,000
14,000
19,000
21,000
18,000
1,000
4,000
11,000
3,000
1,000 8,000
1,000 11,000
1,000 5,000
6,000
20.00C
19,000
20,000
72,000
42,000
43,000
38,000
6.000
69,000
130,000
67,000
12,000 34.000 47,000
3,000 10,000 42,000 55,000
1,000 19,000 41,000 63,000
18,000
32,000
38,000
116,000
192,000
141,000
550,000
580,000
266,000
684,000
804,000
445,000
___
_
_
4,000
2,000
4,000
___
1 ,00c
1 ,00c
___
1,000
3,000
1,000
Total all—
1916___
1915___
1914___
2,000
___
1,000
6,000
7,000
3,000
6,000
2,000
5,000
1,000
1,66c
1.000
4,000
12,000
3,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt.
D ec. 27.
Exports (bales)—
L iv e r p o o l___________
M anchester__________
Continent and Ind ia.
America_____________
1916.
1915.
1914.
129,997
3,783.102
156,986
3,308,956
381,375
3,118,075
Since
Week. A u g. 1.
Since
Week. A u g. 1.
8,997 111.483
6.713 74.319
30 56,543
5,407 50,756
4,139 120,235
9,834 65,948
731 71,137
3,662 94,944
3', 187
6,187
7,550
63,639
58,737
85,805
52,741
T otal exports_________ 21,207 293,101 18,366 352,264 16,924 260,922
MANCHESTER MARKET.—Our report received by
cable to-night from Manchester states that there is an in
disposition to buy on the part of oversea purchasers on ac
count of disbelief in tho maintenance of prices. Wo give
prices for to-day below and leave those for previous weeks
of this and last year for comparison:
1916-17.
32$ Cop
Twist.
Dec.
I
8
15
22
29
Jan.
5
12
19
1915-16.
854 lbs. Shirt- Cot'n
Ings, common M id.
to finest.
Up's.
854 lbs. Shirt- Cot'n
Ings. common Mid.
to finest.
Up’s.
3.
d.
18
1854
17 H
10t*
16K
@
@
ft
@
@
d. 9 . d.
s. d.
19 H 9 6 @11 1054
1954 9 6 @12 154
1814 9 6 @12 154
17 H 9 4*2@11 1054
17 5 9 454@11 1054
4
d.
1154
1154
1154
1154
12
@
@
@
@
@
d.
12)4
12 54
12 54
1254
1254
3.
6
6
6
6
6
d.
6
9
9
9
9
@8
@8
@8
@8
@8
1614
17 >
4
1654
@
@
@
17)4 9 454 @ 11 1054 10.96 1354
1854 9 454 @11 1054 11.11 1254
1754 9 0 @12 154 10.94 1254
@
@
@
1354 7
1354 7
13 54 7
9
9
9
@ 0 10
@ 9 10
@ 9 10
d.
12.21
12.05
11.00
10.09
10.63
32j Cop
Twist.
(1.
7
10
10
10
10
N E W Y O R K — T o M anchester— Jan. 15— ........... . 4 5 8 - ..J a n . 1 6 ^ 6a/eS"
---------- , 1,500---------------------------------------------------------_
i 958
T o Havre— Jan. 17— ......... ., 4 , 5 1 9 ________________ .
.......... 4 5 1 9
T o Gothernburg— Jan. 12— ______ _ 1,260
.
l'2 6 0
T o Lisbon— Jan. 15— ______ _ 56_________________________ I I
' 56
I
566
T o Barcelona— Jan. 13— ______ , 5 6 6 -- _
T o Genoa— Jan. 18— ______ , 349
I
349
T o Naples— Jan. 18— ______ ,4 0 0 ..................... ......I I ~ I " *
400
G A L V E S T O N — T o Liverpool— Jan. 12— ............, 6,7 9 2. Jan". 13
, 1 3 ,0 4 7 ;----------- 14,102..... ............................................. 33,941
T o M anchester— Jan. 13— ______ ,8 ,5 0 7 ____________
.
8 507
T o Gothenburg— Jan. 18— ______,4 ,6 5 0 ........... ................... .......... 4,650
T o Barcelona— Jan. 16— Condo W ilfredo, 10,100; R am on. 8,322 18,422
N E W O R L E A N S — T o Havre— Jan. 17— ............. 5 , 1 0 0 . . . .................. 5,100
T o Barcelona— Jan. 18— Infanta Isabel, 200__________________
200
S A V A N N A H — T o Liverpool— Jan. 17— ______ , 1 2 , 6 1 3 __________ 12,613
T o M anchester— Jan. 17— ______ , 1,281_______________________ 1,281
N O R F O L K — T o St. N azalre—-Jan. 16— ______ , 5,037_____________
5,037
B O ST O N — T o L iverpool— Jan. 6— ______ _ 2,899. ja n . 8 —
............. 2,934_____________ ________ _________________ ______5,833
T o Yarm outh— Jan. 13— Prince G eorge, 100__________________
100
B A L T IM O R E — T o Continent— Jan. . . — _____ , 600_____________
600
S E A T T L E — T o Japan— Jan. 13— Sado M aru , 4,454_______________ 4,454
T A C O M A — T o Japan— Jan. 11— Tacom a M aru , 4,645
Jan. 13—
Sado M aru , 171; Shlnbu M aru , 4,220_____ _________________
9,036
T o t a l.................................................. ......................................................... .118,882
LIVERPOOL.—By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
_ ,
„ ,
Dec. 29.
15,000
Sales ° f the we0k ...................
O f which speculators to o k _____
1,000
O f which exporter stook ______
______
Sales, Am erican_________________
13,000
Actual export____________________
2,000
44,000
Forw arded_______________________
T otal s to ck ..................................
817,000
O f which Am erican___________ 643,000
79,000
T otal imports o f the week_______
O f which A m erican___________
64,000
A m ount afloat__________________ 312,000
O f which Am erican__________
270,000
Jan. 5.
39,000
39.000
-------4.000
2.000
30.000
1,000
109.000
868.000
692.000
161.000
139.000
299.000
240.000
d.
7.50
7.66
7.47
7.63
7.92
8.22
8.06
8.09
Jan. 12.
40.000
------5.000
2.000
31.000
8.000
92.000
859.000
697.000
90.000
78.000
307.000
228.000
Jan. 19.
32,000
26.000
8,000
108,000
837.000
632.000
94.000
54.000
The tono of the Liverpool market for spots and futures
each day of the past week and tho daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M .
Saturday.
f
Fair
business
doing.
1
Spee.&exp.
Tuesday.
Wednesday. Thursday.
Moderato
demand.
Quiet
and
firm.
Firm.
Friday.
Dull.
10.95
HOLIDAY.
Futures, f
Market j
opened
)
Market,
closed
Monday.
10.79
10.81
10.83
10.94
8,000
800
7,000
500
8,000
500
6,000
500
4,000
500
Barely sty, Steady at St’dy.unch. Steady at
Steady
20024
13@15
10@12 pts.
2@ 3 pts.
to 1 pt.
pts. dee.
pts. dec.
advanco.
advance.
pts. adv.
(
<
Weak at
38 @47
pts. dec.
Steady at
5@15
pts. adv.
Easy at
27 pts.
decline.
Steady at
8@11
pts. adv.
Steady
7@13 pts.
advance.
The prices of futures at Liverpool for each day aro given
below. Prices are on tho basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOUis.
S a t.
to
1254 1254
J a n . 19. p.m . p.m .
January .
Jan.-Feb..
Mch.-Apl_
M a y -J'n o.
J uly-A ug.
O ct.-N o v .
d.
d.
H O L IDAY.
M on .
1254
p.m .
d.
10 63
10 63
10 70
10 74
10 71
10 05
T ues.
Thus: 10-63 means 63-1004.
W ed .
T h u rs .
F ri.
4 1254 4 1254 4 1254 4 1254 5
p.m . p.m . p.m . p.m. p.m. p.m . p.m . p.m . p.m .
d.
43
43
50
54
51
92
d.
45
45
51
55
51
90
d.
58
58
61
68
64
97
d.
47
47
53
57
53
84
BREADSTUFFS
Since
Week. A u g. 1.
Receipts (cantars) —
This week_______________
Since A ug. 1____________
SHIPPING NEWS.—As shown on a provious pago, tho
exports of cotton from tho United States the past week have
reached 118,882 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Mid.Upl’ds
Since
Aug. 1.
Week.
Since August 1.
Great Conti Japan
Britain. nent. itCMna Total.
Bombay—
1910___
1915___
1914___
Calcutta—
1916___
1915___
1914___
Madras—
1916___
1915___
1914___
AH others—
1916___
1915___
1914___
To
To
To
To
[Vol. 104.
T H E C H R O N IC L E
d.
31
31
37
41
37
70
d.
47
47
52
51
84
d.
42
42
47
49
45
81
d.
58
5,8
63
64
5!)
94
d.
55
55
60
59
54
88
F rid a y N ig h t, Jan. 19 1917.
Flour has been firmer at times with a fair homo domand,
and somo oxport business. Glasgow has bought to somo
extent. France wants flour, but business is chocked by
prohibitive ocean freights, due to scarcity of tonnage.
Holland is believed to have taken 100,000 bags. Tho oxport business has been nothing like as largo as it would have
been but for the scarcity and dearness of ocean tonnage.
Reselling too has cut under mill prices. Latterly both
home and foreign business has been rather moderato or
actually small, and prices reacted. There was consider
able reselling on a proposal to increase tho rates for storage.
The total output last week at Minneapolis, Duluth, and
Milwaukee was 318,000 bbls., against 280,000 in the pre
vious week, and 401,000 in tho samo week last yoar. Liver
pool cabled that the market there was strong with supplies
light and prices rising.
Wheat advanced on a strong cash situation. That was
duo to a steady demand both for homo and foreign account.
Foreign business would have been larger but for tho scarcity
and cost of ocean freights. Europe is plainly in need of
American wheat. The sinking of 22 steamships in South
American waters of late has made tho situation, if anything,
more acute. If Europe cannot buy in Argentina without
serious risk of losing ships through tho operations of German
raiders or submarines, what is she to do ? Tho only practical
alternative, it is believed hero, is to buy in North Amorican
markets, chiefly in those of tho United States. War risks
to South American ports aro said to liavo rison 8 to 10%,
which means 88 to 810 on every 8100. Recontly thoy woro
only 2 to 3%. It is said that British cruisers aro hunting for
the raider or raiders, which caused so much mischiof in tho
THE CHRONICLE
J an . 20 1917.]
South Atlantic. But scouring tlio seas for a smglo vessel, if
it h
one, or oven if it is two or three, may prove to be,
to change the figure, a good (leal like hunting for a needle in a
havstack
In any case, it may take time t9 effect a capture.
Meantime, the needs of Europe may be inferred from the
t W thfi Brmsn Government wheat and oorn> but aiso
has refused not only to
fact that, the British uover ^
only
any^nformation as to supplies of these cereals. Things have
c o m e to a pretty acute pass, when such rigorous measures are
nrtonted
III the W est the cash situation has been very
strong
Omaha has sold cash wheat at 19 Y i cents over
Chicago M a y on the track at Baltimore. Minneapolis has
shipped 25,000 bushels of low grado wheat to Port Arthur,
Texas, supposedly for mixing purposes. Southwestern
markets have had a good trade for shipment by way of the
Gulf of Mexico. Kansas City the other day sold bUO.OUO
bushels for export. Buffalo mills kayo bought considerable
old N o . 2 hard in store at Chicago.
Iho Baltimore & Ohio
R R . Co. has raised its embargo on grain, originating on its
linos for shipment to Baltimore. Premiums on cash wheat
at Chicago have been noticeably strong.
I he total American
supply decreased
* * *
visible supply in tlio United btates is o o , o
s
S
S
A
f
S
£
$
£
,
-
S
&
A
*
*
to the
t
re^uced to^a^very low point before the next harvest, especialfv in Kansas
Some even say that there is a possibility of
theff being exhausted.
It is argued that it will require two
vend crons to bring the world’s stocks up to normal. A
report from the American Consul General at London says
that the English Pood Controller has issuod an order th a t,
after Jan 29, millers must mill up to 8 1 % ol tlio whole
wheat or add
to 7 6 %
wheat, 5 %
barley, corn
rice
or
oats,
flour,
with
the. option
given
to
millers to increase b a r l e y , corn, rice or oats to 1 0 % .
On the other hand, some have feared that tlio German la id u
which caused so much trouble in the South„ ^ i r f h A
come North and intercept grain cargoes in the North Atlan
tic. This at ono time gavo prices something ot a sotoacK.
Argentine advices at ono timo pointed to larger shipments,
and of lato Buenos Aires quotations have shown somo vvealcness, partly owing in a measure to the increased risk attend
ing shipments to Europe. Australian crop advices have
been favorablo, tlio weather being fine and harvesting is
about finished. The quality of the crop is good. O c re
serves in Australia are still la r g e and the now sep tu s is
liberal with holders not quito so firm in tlion ideas, oer
tainly 'they aro offering more freely. The now surplus is
estimated at 72,000,000 bushels, and the present visiblo sup
ply at 47,500,000 bushels. In India the crop prospects aro
excellent on a largely increased acreage
Moreover re
serves ot old wheat there are also liberal. Holders aie offer
ing moro freely and shipments are increasing.
Iho country
has had plenty of rain. To-day prices advanced early but
declined later. Export demand was less active and the
Southwest was offering more freely. Winter wheat is said
to have a good snow covering.
275
Oats advanced, following other gram. Besides the re
ceipts have been small and the visible American supply
fell off noticeably. It dropped 2,691,000 bushels, as against
an increase in the same timo last year. On M onday, more
over, tho export sales were 750,000 bushels. Standard
oats at Chicago were quoted at one time at the M a y price,
or Wc. under. The clearances last M onday were 1,280,000
bushels, mostly to France and Holland. The demand has
been good both from foreign and domestic buyers and. a
larger business would havo been done but for the scarcity
of cars. Country offerings havo been small. Liverpool
advices say that the market there has been firm, with rising
prices for spot oats, the cold weather causing increased con
sumption. Meanwhile ah feeding grain in England is
scarce, arrivals are moderate, and export offerings sma .
The quantity on passage moreover is decreasing.
The
Continent is a big buyer of oats and feedstuffs generally.
Argentina is offering hardly anything to Europe, and its
own reserves of oats are small. American oats are tirrn
and as may be readily inferred, in good demand. On the
other hand, American available supplies are ^6,817,UUU
bushels, against 42,741,000 last year, and 44,286,000 in
1915. Ocean freights are scarce and high. To-day prices
advanced slightly and then declined with other grain, de
spite bullish foreign advices, and small primary receipts.
Exports for the week aro stated at 2,875,000 bushels.
D A IL Y C LO S IN G P R IC E S OF W H E A T ^ F U T U n E S J N N E W Y O R K .
___c t s .2 0 2 k 203 k 207 k
200 207 k 2 0 0 k
Tsr„ o m i
of
jO
|.
D A IL v flT O SIN G p r i c e s K L w h e a t on . UTues.E S ed.THurs.
Y OLOSiiNLr 1
J
Sat M F T U R W IN CIHCA<F ri.
v ,..v delivery id elevator_____ cts_1 8 4 k 1 8 4 k
188 187>11 190
1^
l o l 1 5 0 k 1 58 ^
j uly delivery id elevator--------------- 1 4 9 k 148)4
September delivery In elevator------ 135
134k
13b 130
13tJk 1.15)$
D A IL Y C L O S IN G P R IC E S OF O A T S IN NEW Y O R K . .
Sat.
M on .
Tucs. Wed.
Thurs.
F ri.
S ta n d a rd s .. c t s .6 4 k -6 5 6 6 k -0 7
6 7 k -6 8 6 0 k - 6 7 k
67-67 k
6 7 k -6 8
68- 6 8 k 6 7 k -6 S
6 7 k -6 o
6 8 -0 8 k
N o . 2 w hite____65-65k 6 7 -0 7 k
D A IL Y C L O S IN G P R IC E S OF O A T S F U T U R E S IN C H IC AG O .
Sal. A fon. lu e s . Wed. th u rs.
F ri.
57
57 k 58
59 k
58 k
M a y delivery in elevator------- c t s . 56 k
July delivery in elevator--------------- 54^8
54h
A
5 5 La o5 A
obA 55A
The following aro closing quotations:
FLOUR.
» * * I 55
»S|S 8
§
Winter patents------------- 9 0 0 ®
925
@ 8
Winter s tra igh ts---------- 8 /0 @
8 9o Kansas clears, sacks— 8 0 01060 80
Winter clears------------------8 15 @ 8 40 C ity patents........................
R
Spring patents................ 9 6 5 @
990 ye f l o u r _____________ 7 00 @ 7 1 5
4 50
Spring straights............- 9 3 0 © 9 55 Buckwheat flo u r---------Spring clears___________ 8 4U© 8 bo Graham flou r__________ 6 55 @ 7 55
GRAIN.
C orn, per bushel—
N o . 2 m ixed_______ f. o . b .
— N o. 2 yellow kiln dried— $1 1 2 k
N o. 3 y e llo w ______________1 I l k
Argentina_________________ 1 2 6 k
R y e , per bushel—
New Y o r k ________ c . 1. f. $1 62
W estern___________ c. 1. f. $1 62
Barley, m alting---------- $1 3 5 @ 1 45
B arley, feeding---------$1 16
W heat, per bushel— f. o . b .—
N . Spring, N o. 1, new ------ $2 24
N u ed rwhitCT,°No;2 : F e w : : : 2 0 6 k
Hard winter. N o. 2 ----------2 13
Oats, per bushel, new—
cts.
Standard-------------------- 6 / k © 6 3
N o. 2, white__________63
@ 6 8k
N o . 3, w hite__________67
@67k
N V■ 'll w 11*vv- — — — — 6 / A@ 6v (
L o. 4. ” hite__________6 k vj 7
iJ
————
The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
tho New York Produce Exchange. The receipts at Western
lako and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—
Flour.
m s . 19615s
2 5 1 ,0 0 0
C h i c a g o ...........
1 9 ,0 0 0
M i lw a u k e e . .
D u l u t h ______
M in n e a p o lis .
T o l e d o ______
D e t r o it ______
C le v e la n d . . .
S t . L o u is ___
l ’ e o r l a ........... .
K a n s a s C ity .
O m a h a ...........
7 ,0 0 0
1 6 ,0 0 0
8 0 ,0 0 0
5 3 ,0 0 0
Wheat.
Corn.
Rye.
Barley.
Oats.
6 0 lbs .bush. 56 lbs.lbush. 3 2
8 5 1 .0 0 0
2 ,4 3 2 ,000
3 1 9 ,000
185,000j
225.0001
409
1 ,9 1 1 ,0 0 0 !
189
6S,OOOi
127
2 8 ,0 0 0
100
5 ,0 0 0 j
618
853,000|
1 ,1 9 8
3 0 ,0 0 0
266
9 2 8 .0 0 0
711
5 7 7 .0 0 0
bush.
lbs. bush ASlbs. bush.SGlbs.
6 0 6 ,0 0 0
5 7 1 .0 0 0
7 ,0 0 0
4 5 4 .0 0 0
1 5 4 .0 0 0
8 9 .0 0 0
110.000
7 4 .0 0 0
12,000
1 9 .0 0 0
22.000
2 6 ,0 0 0
5 ,0 0 0
4 7 0 .0 0 0
3 ,7 3 6 ,0 0 0 ! 1 ,6 7 9 ,0 0 0
5 ,6 5 3 ,0 0 0 :
6 ,3 0 9 ,0 0 0
Indian corn advanced to the highest price on record on T o t . w k . 1917
4 2 6 .0 0 0
4 2 0 .0 0 0
5 .6 4 5 .0 0 0 2 ,3 0 6 ,0 0 0
7 .8 1 5 .0 0 0
5 ,5 7 5 ,0 0 0
4 1 3 .0 0 0
firm foreign markets, less talk of peace and moro than all, S a m e w k .1 9 1 6
4 2 3 .0 0 0
5 .7 3 1 .0 0 0 1 ,7 2 7 ,0 0 0
5 .8 3 4 .0 0 0 1 1 1 .S 6 4 .0 0 0
4 3 5 .0 0 0
S a m e w k . 191 5
drought in Argentina. Export demand has been a feature
S in c e A u g . 1
at the Atlantic seaboard. Tlio crop in Argentina is said to
1 5 7 .2 0 7 .0 0 0 5 8 ,8 9 5 ,0 0 0 1 6 .1 4 2 .0 0 0
1 9 1 6 -1 7 . . . 8 ,9 8 3 ,0 0 0 2 2 9 ,0 9 3 ,0 0 0 : 9 9 ,2 4 0 ,0 0 0
bo deteriorating under the prolonged hot, dry weather. The
1 0 ,0 6 6 ,0 0 0 3 3 2 ,4 0 4 ,OOOi 9 5 ,9 1 0 .0 0 0 1 4 9 .4 7 2 .0 0 0 6 9 .5 4 6 .0 0 0 1 6 .2 2 6 .0 0 0
1 9 1 5 -1 6 . .
1 6 3 .7 3 2 .0 0 0
51 4 ,9 7 9 ,0 0 0
7 ,3 3 5 ,0 0 0
1 9 1 4 -1 5 . . . 1 0 . 2 7 1 .0 0 0 2 8 2 .7 7 9 ,0 0 0 1 3 1 ,2 5 5 ,0 0 0
seaboard has been buying cash corn in Chicago. Tho coun
try offerings have been small. Cash houses in Chicago havo
Total receipts of flour and grain at the seaboard ports for
beon good buyers. The steady seaboard demand has tho weok ended Jan. 13 1917 follow:
aroused no small interest. On Tuesday tho seaboard and
Rye.
Barley.
tho Gulf bought in all some half a million bushels. High Receipts at—
Oats.
Com.
Wheat.
Flour.
prices havo been paid for corn in transit that could bo sent
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Barrels.
1 0 ,0 0 0
to tho seaboard. Liverpool advices have reported arrivals N e w Y o r k ___
5 2 2 ,0 0 0
3 0 4 .0 0 0
4 6 8 ,0 0 0
1 ,9 7 2 ,0 0 0
1 0 7 .0 0 0
1 7 ,0 0 0
1 4 9 .0 0 0
6 1 ,0 0 0
5 4 .0 0 0
moderate and all export offerings firmly held. Argentine P o r t l a n d , M e .
7 1 ,0 0 0
3 2 5 .0 0 0
6 7 .0 0 0
d
nows they add, continues unfavorable, with tho crop pros- P h ilalmeolpoh ia 3 ,0 0 0
5 2 1 .0 0 0
1 4 0 .0 0 0
5 7 4 .0 0 0
3 1 .0 0 0
H a lt
r —
Y
o’,666 3 7 9 ,0 0 0
3 5 7 .0 0 0
9 4 1 .0 0 0
7 5 7 .0 0 0
88.000
n o p fs ’
there
greatly
reduced.
American
offerings N 'p o r t N e w s .
5 7 3 .0 0 0
6,000
N o r f o l k ______
were light and prices firm.
Tho Continental de
1 2 ,0 0 0
4 ,0 0 0
M o b ilo ______
4 6 ,0 0 0
4 0 9 ,0 0 0
7 6 4 .0 0 0
5 5 ,0 0 0
mand continued good. The British Government forbids the N e w O r le a n s a
2 ,0 0 0
3 5 9 .0 0 0
e
cabling out of the country of information about tho supplies G ao lv t rsetaoln __
1 4 ,0 0 0
9 3 ,0 0 0
1 ,0 0 0
1 0 4 .0 0 0
1 3 ,0 0 0
.........
M n
_____
of corn or wheat as well as quotations. British stocks ot
5 4 6 .0 0 0
4 0 9 .0 0 0
2 .1 1 4 .0 0 0
2 .0 3 4 .0 0 0
4 .8 5 5 .0 0 0
4 2 5 .0 0 0
k . 1917
corn aro, howover, believed to bo only moderate.
I he T lontc. cw a n .l '1 7
6 6 0 .0 0 0
7 7 1 .0 0 0
4 .3 9 4 .0 0 0
3 .3 9 4 .0 0 0
8 .0 8 5 .0 0 0
7 2 8 .0 0 0
S
J
2 4 4 .0 0 0
8 8 3 .0 0 0
2 .6 6 4 .0 0 0
1 .1 9 1 .0 0 0
European consumption is large. Corn is being used for W e e k 1916
7 .4 4 1 .0 0 0
8 2 5 .0 0 0
6 5 9 .0 0 0
2 ,2 9 8 ,0 0 0
mixing. A steady export demand in this country caused S l n c c J a n .l '1 6 1 ,5 8 6 ,0 0 0 1 4 ,8 2 3 ,0 0 0 2 .2 9 0 .0 0 0 4 .7 2 8 .0 0 0
a R e c e ip t s d o n o t I n c lu d e g r a in p a s s in g t h r o u g h N e w O r le a n s f o r fo r e ig n p o r t s
buying for a riso. Of lato the loss of twenty-two steamships
in tho South Atlantic, together with tho bad crop nows from o n t h r o u g h b ills o f la d in g .
The exports from tho several seaboard ports for tho week
Argentina havo been leading factors. If grain cargoes from
Argentina aro to bo sunk or run serious risks of being sunk
by German raiders, then Europe will havo to buy in tho
Barley. Peas,
Rye.
Oats.
Flour.
Corn.
Wheat.
United States. Tho available supply in North America is
bushels. bushels. barrels. bushels. bushels. bushels, bushels.
Exports from—
only 9,490,000 bushels, against 14,200,000 a year ago and
3 ,5 4 3
2 3 3 ,3 5 8
2 2 5 ,5 4 8
5 3 1 .9 3 6 8 9 ,3 5 5
N e w Y o r k ................... 1 ,4 7 3 ,3 9 2
28,400,000 in 1915. To-day prices advanced a fraction at
7 1 ,0 0 0
6 7 ,0 0 0
3 2 5 .0 0 0
3 0 ,0 0 0 2 9 3 ,5 5 9
575
8 4 ,5 7 1
.........
........
first and then turned downward, on long liquidation, with B o s t o n . . ..................... 3 1 8 ,8 0 0
4 3 ,0 0 0
3 6 6 .0 0 0
9 ,8 8 0
very little export business.
3 5 6 ,8 6 5 3 8 2 ,0 3 6
7 6 7 .2 3 8
9 4 0 ,7 7 7 8 8 ,4 9 6
D A U 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 NEW Y O R K .
U A lljl w
Sal. Aton.
Tucs. Wed.THurs. F ri.
...................... cts - 109 1 0 9 1 1 1 k 1 1 1 k 114
112k
N o 2 yellow
DAU V e L u s u G
Cl M n
J W U . V (H O S INw P R IC E S OF h aO R N o FU TU R Es INe d H h u rS G O . r i
T u e S W C T IC A ' F
M a y delivery in elevator........... cts . 9 8 k 9 8 k
.July delivery in e l e v a t o r - - - - - - - - - ^7/8
A
99k
J8/*
100k 102k 101k
JJ,4 100/6 J J /i
6 ,0 0 0
4 ,0 0 0
4 0 ,0 0 0
5 7 3 ,0 0 0
........
.........
........
1 2 ,0 0 0
1 1 9 ,0 0 0
1 5 ,0 0 0
...........
........
..........
........
........
........
.........
—
.........
4 ,8 1 0 ,4 3 0 1 ,7 3 1 ,2 8 4 2 9 5 ,4 2 6 1 ,2 7 1 ,4 1 3 6 7 5 .5 9 5 2 4 3 ,2 3 8
7 1 5 ,4 1 9 4 7 4 ,5 1 2 2 ,3 1 8 ,0 9 8 2 8 7 ,2 1 6 8 5 1 ,4 9 7
1 9 1 6 ................ 7 ,3 0 5 ,2 9 1
3 ,5 4 3
8 .1 9 8
N e w p o r t N e w s _____
2 7 2 ,0 0 0
N e w O r l e a n s _______
G a l v e s t o n .................. 1 ,2 9 8 ,0 0 0
W eek
THE CHRONICLE
276
T h e d e s t i n a t i o n o f t h e s e e x p o r t s f o r t h e w e e k a n d s in c e
J u l y 1 1 9 1 6 is a s b e l o w :
f o r S p r in g a n d S u m m e r w e a r .
s tr ic te d
Flour.
Exports for Week
and Since
Week
July 1 to—
Jan. 13
1917.
Wheat.
Since
July 1
1916.J
Week
Jan. 13
1917.
Corn.
Since
July 1
1910.
Week
Jan. 13
1917.
Since
July 1
1916.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
27,221 2,582,687 2,685,116 69,514,654 281,845 13,098,560
198,837 3,320,048 2,115,314 89,095,779 1,315,929 8,934,184
28,455
921,896
10,000
150,039
59,012
626,757
39,687 1,170,909
6,888
72,410 1,460,039
575
8,767
2,010
200
651
126,210
5,660
19,423
1,888
T otal.............. 295,426 8,130,517 4,810,430 158,773,020 1,731,284
Total 1915-16___ 474,512 7,643,147 7,305,291 177,531,500 715,419 24,140,973
8,472,714
United Kingdom.
Continent_______
So. and Cent. Am.
West Indies.........
Brlt.No.Am.Cols.
Other countries..
j . u o w o r m s s n ip m e n ts or W h e a tla n d c o r n i f o r th e w e e k
e n d i n g J a n . 1 3 1 9 1 7 a n d s in c o J u l y £ l 1 9 1 6 f a n d 1 9 1 5 a r e
sh o w n m th e fo llo w in g :
Wheat.
Exports.
1916-17.
Week
Jan. 13
Corn.
al915-16.
Since
July 1.
Since
July 1.
1916-17.
Week
Jan. 13.
al915-16.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
NorthAmer* 7.548.000 211,923,000 236,486,000 1,734,000 Bushels.
24,343,000 6,029,000
Russia____
6,262,000 3.608.000
281,000
Danube___
Argentina . . 1 ,112 ',666 39,159,666 7,968,666 3,340,666 77',67*6*,666
115,6*9*8*666
Australia. . . 1.400.000 22,628,000 3.192.000
In d ia ____
676,000 20,948,000 8.648.000
Oth. countr’s
3,875,000 4.872.000
18'o"666 3*,*228*,666 4*.*1*7*6 66
*,6
T o ta l----- 110,736,0001304,795,000;264,774,000 5,254,000 105,528,000 125,903,000
iimcucu.— i uc oanaaian uovernment has officially nrohlhlteri thn
Issuance of both manifests and exports until after ten days 'fe/Thls Is effective
during the continuance of the war. a Revised.
y
nls 13 elrectlvo
T h e q u a n t it y o f w h e a t a n d c o r n a flo a t f o r E u r o p e o n d a te s
m e n t io n e d w a s a s fo llo w s :
—------------------------ --Wheat.
Corn.
.
United
Kingdom.
Continent.1
Bushels.
Jan. 13 1917..
Jan. 6 1917..
Jan. 15 1916.
Jan. 16 1915..
Total.
Bushels. | Bushels.
---------II 41,*10*4*,666
------------ 36.728,000
United
Kingdom. Continent.
Bushels.
Bushels.
Total.
Bushels.
« 1917........... 53,500,000 7,977,000 46,509,000
•
}an1917............56,885,000 6,759,000 48,797,000
Total Jan. 151916............69,897,000 11,892,000 21,065,000
Total Jan. 16 1915........... 66,337,000 25,842,000 32,167,000
Rye.
bush.
181.000
42.000
36.000
571.000
3.000
..........
Barley.
bush.
699,000
11,000
2,000
378,000
______
131,000
29.666 1,596",666
100.000 149,000
...........
5.000
48.000
______
463.000 509,000
i3o',666
467,666
360.000
581.000
19.000
60.000
23o',666
792,000
15,000
202,000
12 ",666
2,836,000 4,991,000
2,511,000 4.504 000
2.638 000 3 949 000
1,187,000 4|769jo00
.mi^ \ r E ? ndedgI alnnotlnc,u<led above: Wheat, 2,854.000 bushels at New York
nnn°n! Baltimore, 272,000 Philadelphia, 33,000 Boston, 3,900,000 Buffalo, 13 992 ?n?n0atA 578*999 Duluth; total, 21,970,000 bushels, against 17,695 000
ru?iMfh * n 8,inn°n !l 87,000 Now York, 147,000 Boston, 2,000 Baltimore, 91 000
C 1
a
Duluth, 1,611,000 Buffalo; total, 1,938,000 bushels, against 1 434 000 In 1916* and
S jf i S ; 325,000 New York, 6,000 Baltimore, 49,000 Duluth, 70,000 Buffalo,286 000
Buffalo afloat; total, 736,000, against 109,000 in 1916.
^ao.uuu
C a n a d ia n —
Jan.
Jan.
Jan.
Jan.
13
6
15
16
IIIIIIIII1 12,697,000
”
1917.
1917.
1916.
1915.
15,000
13,000
8,000
117,000
Sum m ary—
.33,478,000
.32,830,000
.30,069,000
-14,394,000
American____ _____ _
Canadian...............
Total
Total
Total
Total
Jan.
Jan.
Jan.
Jan.
13
6
15
10
1917.
1917.
1910.
1915.
th e
fu r th e r
F orw ard
d o c lin o
in
p u rch a ses aro re
cotton
v a lu e s .
O w in g
t o th o b e a r is h in flu e n c e s a t w o r k in th o r a w m a t o r ia l m a r k e t ,
b u y e r s o f fin is h e d g o o d s a ro n o t in c lin e d t o c o m m it th e m
s e lv e s v e r y f a r a h e a d .
m ou th
b a s is
and
T h e y a r e 'o p e r a t i n g o n a h a n d - t o -
h o ld in g
a d v a n ta g e o f a r e a c tio n
ta k e
p la c e .
E ffo r ts
to
t h e m s e lv e s
in
in
r e a d in e s s
p r ic e s w h ic h
d ep ress
to
ta k e
th ey
b e lie v e w ill
are
p a r t ic u la r ly
p r ic e s
n o t ic e a b le in th e g r a y g o o d s m a r k e t w h e r e b u y e r s a r e n o t
m e e tin g th e v a lu e s a s k e d s o r e a d ily o n
s p o t tr a n s a c tio n s ,
a n d a re u n d e r s t o o d t o b o u n d e r b id d in g th e m a r k e t o n fo r
w a rd
co n tr a c ts.
O c c a s io n a l
c o n c e lla t io n s
of
ord ers
are
r e p o r t e d a n d i t is b e l i e v e d t h a t a s l i g h t r e d u c t i o n i n p r i c e s
w ill b e n e c e s s a r y t o b r i n g a b o u t a f r e e r m o v e m e n t .
M anu
fa ctu re rs a re n o t d is p o s e d , h o w e v e r , to g r a n t c o n c e s s io n s
a n d s e e m t o p r e fe r t o s u b m it t o t h e p r e s e n t d u ln e s s r a t h e r
t h a n m a k e a n y s a c r i f ic e s t o s e c u r e g r e a t e r a c t i v i t y .
T hey
a re c a llin g a t t e n t io n t o th e c o n t in u e d h ig h c o s t o f l a b o r
a n d h e a v y o p e r a t in g e x p e n s e s w h ic h t h e y h a v o t o ta k e in t o
c o n s i d e r a t i o n r e g a r d le s s o f t h e c o u r s e o f r a w m a t e r i a l p r i c e s
A m o n g d i s t r i b u t o r s a n d s e c o n d h a n d s , t h e f e e l i n g is q u i t e
o p t im is t ic .
R e ta il s to c k s th r o u g h o u t th o c o u n t r y a re n o t
h e a v y a n d jo b b e r s a ro d is p o s in g o f g o o d s f r e e ly .
D e liv e r ie s
f r o m m ills c o n t i n u e b a c k w a r d , a n d t h e c o n t i n u e d c o n g e s t e d
fr e ig h t c o n d it io n s a re c a u s in g b u y e r s c o n s id e r a b le in c o n
v e n ie n c e .
J o b b e r s a re e x p e c t in g a g o o d d e m a n d fo r S p r in g
fa b r ic s a n d a re a s k in g m a n u fa c t u r e r s t o m a k o s h ip m e n ts
a s p r o m p t ly a s p o s s ib le .
A s lo w b u t g r a d u a l im p r o v e m e n t
is r e p o r t e d in e x p o r t b u s in e s s .
I n q u ir ie s a r e m o r e n u m e r o i : b , b u t a s a r u lo t h e y a r e w e l l u n d e r t h o p r i c e s q u o t e d b y
m a n u fa ctu re r s .
C o n d i t i o n s a r o s u c h t h a t a s li g h t r e a c
t i o n in p r i c e s w o u l d l i k e l y s t i m u l a t e s o m e g o o d b u y i n g .
R e c e n t p r o s p e c t s f o r a n e a r ly p e a c e h a d t h o e f f e c t o f lio ld -
D O M E S T IC
COTTON
G O O D S .— A
.
q u ie t u n d e r to n e
A s a r e s u lt o f
17,238,666
26,725.000
GRAIN STOCKS.
Wheat.
Corn,
Oats.
United States—
bush.
bush.
bush.
New York____ _____
3.582.000
811,000
702,000
B oston..............
167»uuu
nnn
onn,U U
211,000
mi
O U nnn
U U
Philadelphia ........................ 1.454.000
105.000
487.000
Baltimore............
1.292.000
673.000
560.000
Newport News........ ..........
inn ,uuu
41,000
A U non
U
New Orleans................ .
2.544.000
6*7*9',666
153,000
Galveston...................... ..
2.254.000
18,000
Buffalo........ ...........
2.251.000
14,000 1,78*0*,666
“
afloat.................... 1.879.000
1,849,000
T o le d o................
Ago nnn
220 non
1.408.000
Detroit........
487,000
201,000
279.000
Chicago ................................ 4.585.000 2,671,000 19,699,000
“
afloat......................
1.974.000
Milwaukee....................
1,0*98*.666
83,666 1.408.000
“
afloat____________
303,000
326.000
Duluth.................................. 5,617.000
1.246.000
Minneapolis........................ 12,483,000
liolooo 7,086,000
St. Louis........ ...............
1,796,000
235,000
Kansas City.........
0 800,000
79/c nnn
9,259,006
435 000 0,4 «o,uuu
Peoria..............
14,000
118i000
812,000
Indianapolis_________
210,000
372.000
762,000
Omaha____ _____________ 1,037,000
762.000 1,475,000
Total
Total
Total
Total
by
104.
f t ': : : : . ; -
T h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h e s t o c k s in
g r a n a r y a t p r i n c i p a l p o i n t s o f a c c u m u l a t i o n ? a t la k e a n d
s e a b o a r d p o r ts J a n . 13 1 91 7 w a s a s fo llo w s :
^
Other Canadian
[Vol.
...........
7,628loOO
25,232,000
25,340,000
16,024,000
6,562,000
11.000
7.000
23.000
13.000
140,000
130,000
64,000
302,000
7,977,000 48,509,00012,836,000 4,991,000
15,000 25,232,000£3 11,000 140,000
AiinAAs
ikjl m u m u s t petru tu u n m o a i a t o n e e d s
M a n u f a c t u r e r s , h o w e v e r , a r e f i r m in t h e i r p r i c e s e x c e p t
g r a y g o o d s w h i c h in s o m e q u a r t e r s a r o r e p o r t e d t o b o s l i g h t l y
e a s ie r.
T h e h ig h p r ic e s d e m a n d o d f o r w o o le n s a n d w o r s t e d s
a r o d i v e r t i n g a t t e n t i o n t o n e w l in o s o f c o t t o n f a b r i c s w h ic h
a ro s u ita b le a s s u b s t itu te s , a n d s u c h o f th e s o g o o d s t h a t a r e
m e e tin g th o re q u ir e m e n ts o f b u y e r s a ro b e in g p u r c h a s e d
lib e r a lly .
A m o n g s e c o n d h a n d s th e re h a s b e e n s o m o sh a d
in g o f p ric e s fo r b r o w n a n d b le a c h e d g o o d s a n d c o t t o n d u c k
b u t m a n u fa ctu re r s a ro h o ld in g fir m .
A g o o d fo r w a r d b u s i
n e s s is r e p o r t e d i n g i n g h a m s w i t h o n l y m o d e r a t e s u p p l i e s
a v a ila b le .
S u m m e r f a b r i c s g e n e r a l l y a r o c o m i n g in f o r a
la r g e s h a re o f a t t e n t io n . G r a y g o o d s , 3 8 -in c h s ta n d a r d , a re
q u oted a t 8 c.
W OOLEN
G O O D S .— D e s p ite
th o fir m n e s s o f p r ic e s
t h e r e is a s t e a d y b u s in e s s p a s s i n g in w o o l e n s a n d w o r s t e d s .
T h e t o n e o f t h o m a r k e t is f i r m e r t h a n i t w a s a w e o k a g o ’,
a n d w h il e b u y e r s d i s p l a y c o n s i d e r a b l e h o s i t a n c y t h e y a r e
f o r c e d t o m e e t t h o p r i c e s a s k e d in o r d e r t o s e c u r o w h a t
g o o d s th ey n eed .
M a n u fa c t u r e r s h a v o t h o s it u a t io n w e ll
u n d e r c o n t r o l a n d a ro in fo r m in g b u y e r s t h a t p r e v a ilin g
p ric e s w ill a p p e a r a t t r a c t iv e w h e n c o m p a r e d w it h th o a d
v a n c e s w h i c h a r e l i k e l y t o o c c u r l a t e r in t h e s e a s o n .
W h ile
th e re h a v o b e e n r e p o r t s t h a t G r e a t B r it a in w o u ld r e le a s e
s o m o A u s tr a lia n w o o l f o r s h ip m e n t t o th is c o u n t r y lit t le
o r n o r e l i e f h a s b e o n f e l t in r a w m a t o r i a l c i r c l o s .
In fa c t
t h e r e is l i t t l e i n t h o o u t l o o k a t p r e s e n t w h i c h l e a d s t o a n y
h o p e o f lo w e r w o o l v a lu e s w ith in th o n e a r fu t u r o .
M e n ’s
w e a r fa b r ic s h a v o b e e n m o r o a c t iv e , a n d w h ilo th e re h a s
b e e n n o f o r m a l o p e n i n g o f n o w l in o s t h o t r a d o h a s s c o n m o s t
o f th e fa b r ic s f o r th e c o m in g s e a s o n .
F a l l lin e s a r o b e i n g
r e a d i l y t a k e n a n d m il l s a r o c o m p e l l e d t o d i v i d e t h e i r o u t p u t
a m o n g r e g u l a r c u s t o m e r s a s t h e r e is s u c h a s h o r t a g e o f r a w
m a te r ia l.
B u s in e s s i n d r e s s g o o d s h a s n o t b e o n b r i s k
o w in g t o th o u n c e r t a in p r ic o s it u a t io n .
S u c h l in e s a s h a v e
b e e n o p e n e d h a v e r e c e i v e d l i b e r a l a t t e n t i o n , b u t b u s in e s s
is b a c k w a r d a s m a n u f a c t u r e r s a r o u n w i l l i n g t o q u o t o p r i c e s
a n y d is ta n c e a h e a d .
V e lo u r s a n d b r o a d c lo t h s c o n t in u e th e
ce n tr o o f a ttr a c tio n fo r w o m e n ’s w e a r a n d h o a v y serges fo r
F a ll w e a r h a v e b e e n a p r o m in e n t fe a tu r e .
7 ,992,000 7 1,741,000 2 ,847,000 5 ,131.000
F O R E IG N
D R Y
G O O D S . — C o n d i t i o n s in t h o lin o n
-89,7is,000 6,772,000 74,137,000 2,518,000 4 640 000 t r a d e c o n t i n u e t o b o d i s c o u r a g i n g o w i n g t o t h o g r o w i n g
■o9'99?’999 H '9 00-000 27 ,os9,ooo 2 ,651,000 4!oi3!ooo
T h e r e is n o p r o s p e c t o f
.80,731,000 25,959,000 38,693,000_1,200,000 5.071,000 s c a r c i t y o f s u p p li e s in a ll h a n d s .
a n y i m p r o v e m e n t in i m p o r t s a n d w h i l o t h i s s it u a t i o n la s t s
b u s in e s s w i l l c o n t i n u e t o b e b a c k w a r d .
J a n u a r y “ w h it e
THE D R Y GOODS TRADE
s a le s ” h a v e fu r th e r d e p le t e d s t o c k s w it h n o p r o s p e c t s o f
r e p le n is h in g e x c e p t a t h ig h e r p r ic e s .
T h o p r ic e s w h ic h a ro
N e w Y o r k , F r id a y N ig h t J a n ,. 1 9 th 1 9 1 7 .
p r e v a ilin g a t p r e s e n t a re p r o h ib it iv e e x c e p t t o th o h ig h e r
T h e r e h a s b e e n lit t le c h a n g e in t h e d r y g o o d s s it u a t io n
cla s s t r a d e , a n d c o t t o n s a n d o t h e r s u b s t itu te s a r o b e c o m in g
d u r in g th e p a s t w e e k .
B u s in e s s c o n t i n u e s q u i e t j j v i t h b u y
m o r o p o p u la r .
F o r e ig n r e p r e s e n t a tiv e s o f lin e n m a n u fa c
ers a d h e r in g t o th e c o n s e r v a tis m w h ic h h a s p r e v a ile d fo r
t u r e r s a r e e x p e c t e d in t h i s c o u n t r y e a r l y i n F e b r u a r y a n d
s o m e t im e p a s t .
T h e c o n v e n tio n o f th e N a tio n a l W h o le
t h e i r a r r i v a l is a w a i t o d w i t h i n t e r e s t .
I t is g e n e r a l l y b e
l i e v e d t h a t a ll t h e y w i l l h a v o t o o f f o r w i l l b e r e a d i l y t a k o n .
s a l e D r y G o o d s A s s o c i a t i o n is r e s p o n s i b l e f o r a l a r g o a t
t e n d a n c e o f o u t - o f - t o w n b u y e r s , b u t t h e y a r e c o n f i n i n g th e n - B u r l a p s r u le q u i e t w i t h r e p o r t s o f s m a l l s a le s a t c o n c e s s i o n s .
L ig h t w e ig h ts a re q u o t e c R n o m in a lly a t 8 .2 5 c . a n d * h e a v y
a t t e n t i o n l a r g e l y t o t h e n e w l in e s t h a t a r e b e i n g 'J n t r o d u c e d
w e ig h ts a t 9 .7 5 c .
J an. 20
277
THE CHRONICLE
Rate.
M aturity.
“ 4
5H
- 3H
Page.
Name.
2 3 5 8 . . H ubbard, O h io.
1920-1931
5
6
al922
al922
- 4 )4
5
- 4 K dl927-1937
1935
. 4
g
dl921-1936
). 5
Am ount.
$3,700\
7321
56.000
6,290
116.460
35,000
50,000
Price.
1 2 ,1 0 0
30.000
175,000
14.000
500,000
5,000
3,100
28,669
.928
.06
100
f i t til© HSUal tllll© .
.
n r „ i? | . . . ” —
101.323
T h e r o v i e w o f t h e m o n t h ’ s s a le s w a s g i v e n o n p a g e S o o t
8 8 ..
4
U A v uuuwjL'
U
103.92
1917-1920
.. 6
© “ C h r o n ic le ” o f J a n . 6 .
S in c e t h e n s e v e r a l b e la t e d
Knoxville, T en n .
10,000 100
.. 4 A —
4'A
0
D e e e n ib e r ^ r e t u r n s h a v e b e e n r e c e i v e d , c h a n g i n g t h e t o t a l f o r I i m l l L a k ^ c o u n t g .
J§;|nnn 102.616
28,800 103.43
1918-1927
th e m o n t h t o $ 3 0 ,3 6 3 ,7 3 4 .
T h e a m ou n t o f p erm an en t b o n d
g m l l c a Porte c o u n ty , i n d ----------- 4'A
12,800 103.449
sales for tho entire year now stands at $450,521,703. The j 2174-La Pprte^county^ind.- - - - - - 4 A 1918-1927
35.000 106.705
al920
88 -L a Salle C o. S.D.No.45, 111------- 5
28.000 100
1925
number of municipalities issuing bonds in December was 2 44 7 —Leetonia, O hio................................o
90
5.000
1936
2 3 5 9 .-Leighton, G a -------------- o
302 and the number of separato issues 471.
8 8 - -Lewis and Clarke C o . Sch. D .
Price.
1.000
Maturity. A m o u n t Page.
Name.
Rate.
N o 42 M on t
________ 6
al921-19.il
17.500 100.571
$6,000 100.85
1921-1932
2 4 4 5 .-A d am s, M in n -------------------------- 5
~
281 .L incoln C o S O N o 72. W ash. 4 *4 dl91A",1937
35,000 106.02
11,920 103.65
1946
24 4 5. -A dam s C ounty, Ind. (3 issues). 4 'A
23 5 9 —Uthoni'a, G a. (2 Issues)............5
3,000 101.10
45.000 106.54
al938
al919
2 1 7 3 . -A k ron C ity 8. D ., O hio----------4 A
8 8 --L o g a n C ounty, O h io.....................o
25:666 105.632
3.500 103.857
1917-1921
2356—Alam os Sch. D ., C alif------------- 6
5
..................
2 1 7 4 .-L ond on , O h io......... .............
150.000 104.90
2 3 5 6 .- Alexander C ou n ty, N o. C a r o .. 5
2 3 5 9 .-L os Angeles M u n. Im pt. D ist.
33,200 102.066
1917-1936 1,020.000 103.77
'a 1923
8 6 - -A llen C ounty, Ind— .................. 4
N o . 1, C alif.................. — - - - 5
95.48
283.000
1927-1946
2356— Alpaugh Irr. D ., C alif................6
2 3 5 9 .-L os Angeles M u n. Im pt. D ist.
8,000
100,000 101.758
1918-1942
2356-A rcher C ity , Texas..........6
N o. 3. C alif....... ..................... 6
10.000
122,000 102.277
1926-1936
86--A rlin gton , T e n n ..................... - - — 2 2 6 0 --L ow ell, Mass. (4 Issues)------ - 4
33,882 100
29.800 101.744
1917-1926
2 7 9 .-Ashland, K y ------------- ------------2260. - Lucas C ounty, Ohio (2 issues) . 5
15.000
1936
200,000 101.918
1921-1936
279 -A udubon Ind 8 II , Jh>wa-. - - 4 A
3.500 100.317 23 5 9 . -M cC racken C o ., K y ----------------4 A
al922
6,000
2 3 5 7 .. Austintown Tw p. S. D ., O h io.
23 5 9 . -M cM u llen C ounty, T e x ......... - fa
50.000
2.500 lbV.478
■ '0 1 9 1 9 "
2 2 5 8 --H edford Sch. D ist., Ohio-------- - 5,000 106.262 244 7 - -M ad ison C ounty, O h io..............5
23,000
1917-1919
2357-H eloit VU. Sch. D ., O hio............... 5
35.000 100
<11926-1946
4.500 f02'308
1921-1925
2173— Bend, Ore....... ................... .......... - HUB
—
| 2 2 ! o : : m “ « “ * o Iu o : . : : : : : : : : : : : « ! *
.
«
..* »
<11921-1936
101.20
2 35 7 -.B on son , N eb ------------------- ---------->
1 7 9 --B erlin Sch. D ., W ise---------------- 414
60.000 5100.35
<11927-1936
lo T .e d i
86— Big Horn C ounty, W y o ----------4)4
2 3 5 9 .-M aryland (State o f ) --------------- 4
a l9 2 o
900,000
7,788 100
1937
30.000
279- - Birmingham , M ic h .. --------------4 /i
88 .M asontow n , P a ------------------------- 4'A 1937-42-46
35.000
--
1936
10.000
17 9 - .B la c k M t . S. D ., N o. C aro------- 5
1 8 ’ -.M e lro se Sch. D ., W ise - - - - - - 175,000 100.591
37,100 10 1.35 3
1956
2445— Braddock, P a............................. 4
2 3 5 9 "M ia m i C ounty. Ohio (27 is s .). 5
2,000 101
1921-1926
2,500 101.14
01919
2 4 4 5 .-B rom ley, K y — - - - - - - - .............o
2 26 0 -.M id d lo Sch. T w p ., I n d - - - - - - - 414
8,500
--------5,090 104.02
1936
01927
279. _B rookland 8. D ., So. C a ro— — 6
82.000 103.40
5,765 103.309
2 3 5 7 " BrookihUL Mass! 73 issues)" I 4
............—
104 189 I 2 l 6 0 " M i d ^ e t o T O ^ W ^ 1
5
iim
560,000 104.913
2173— B uffalo, N . Y . ( 9 Issues)............4'A - ............ - - - 1 * 'S g g n o o
af§
2 1 7 4 ..M ilw aukee, W ise________- - - - - 4 A
1917-1936
3,000 101.833
8 6 .-B u ffa lo. N . Y . (2 issues) ------ 4
- ---CMOS tuu
2 1 7 4 . -M ilw aukee Sch. D ., N o. Caro 6
1920-1926
2 4 4 5 -B u c o o e
1917-1956
300,000
" ' I
8 8 ..M issoula C o . S. D .. N o . 1, . ,
^44 o --liu n co m b o C ounty. N o. C a ro. 5
-inoo
i 000
8 3 .-M issoula
~. _
----- -■
57.000 102.456
1930-1937
2 4 4 5 .-B urlington, C olo------ --------6
<11927-1932
15,0
M o n t ______ ______— ------------ 4 45
116,0001 100.279
135,000 111.17
al937
2 4 4 7 .-M od esto Sch. D ., C alif------------a
198 0001
8 6 l I C am bridge, M ass. (4 issu es).. 3 H ......... ........
16.000 103.10
8 6 -O a m b r id g e .M a s s . (9 issu es).. 4
2 1 7 5 ..M o n ro e C ounty, In d ------ - - - - 4 A
15,550 102.971
1946
2 3 5 7 ..C am den , N . J - ...........................4
203 050\ 10 4 .2 5 1 I
2175— M o n r o e O o „ Ind. (3 is s u e s )...
445-,-Q2i"l927
40,000 106 30
1926
2 3 5 7 .-C an ton , O hio..............- ...............415
36 400
2 1 7 5 . -M o n ro e C ou n ty, Iowa - --------- 5
1924-1927
1918-1926
^ u .
120,000 100
25
1 0 2 .13 9 2 35 9 --M on tgom ery C ounty, K a n - .- 4 ,
1919-1924
2 3 5 7 --C an ton , Ohio------------- ------------5
--------------19- 000
“V
: ' .A o n I i o 1 ..M o n tg o m e ry ronnt.V T o t ------ F lb ..................
Afont<mnmrv C ounty, T e x
t
__________
2 3 5 7 - Carnegie. Pa. (3 issues)........... 4 A - - - - - - 181
545
25 nnr>
4,500 102.933 2359 -M ou n t Carmel, 111--------------------- 5
«1922
4,uuu
2 4 4 6 .-C arroll C ounty, I n d .------ — - 44
20,000 101
6,625 100
1921-1940
1926
226 0 . -M y rtle Point, Ore. (2 Issues). . 6
l< 9 -.C a v e Spring, G a. (2 is s u e s )-.. 5
14,250 100.561
1926
2 1 7 3 .-C hatham & Canaan C om . S.D.
12,000 107.151 2 4 4 7 .-N am p a & Meridian Irr.D .,Ida. 6
33,000 107.429
1936
2 3 5 9 .-N ashua, N . I I -------------------4
N o. 6 , N . Y ............................. 5
4,370
150,000 101.65
1917-1920
2 7 9 --C hattanooga, Tenn (2 issue'.) fa
181—N avarro C ounty, T exas----------5
64,000 101.634
50,0001 102.14
1917-1933
2 44 6 --C herokee C ounty, I o w a .......... 4 A
2175— N ew B edford, M ass----------------- 4
108,000 101.18
1917-1928
28,000)
1917-1926
2 2 5 8 --Chelsea,
ass...................... ......
2258— Chelsea, M ass------------------------ 4
i X f ’oflO
I 2 1 7 5 ..N e w Bedford, M a ss--------------- 4
185,000 100.855
1926
2 2 5 8 .-Chelsea, M ass----------------------- 7
..C helsea,
ass--------- — ..........
— i1936 i "
oaf
5 0 ’000 100
| 2 17 5 --N e w Britain, C o n n ----------------- 4
2 3 5 7- -Chickasaw C ounty. Iow a......... 4
2360- - New Hartford and 'Wliitcstown
4,800 100.96
1917-1920
76,000 103.411
a 1928
2 357--C h lcop eo, M ass. — - --------------- * ,n 097-1032
10 000
- I
O
200/ —vmieupeu,
----------------Un. Free H. D. No.. 4, IX. Y . 445
S. I). JN
N. 1
10.000
5,500 100.14
al924
2446 . -Cheyennej Wells,. C olo- - - - - - - 6 <11927 1932
lu.uuu
2 1 7 5 ..N ew Hartford (V .), N . Y -------4. 20
107.008
a l932
. cn/i’nnn 104.337
jondon, , q u o ------------------ & - —
/ juuuu wiuu----------------- —
6 :::::::::
i o :qoo
^
. ncw L
2 44 6 --Christine, T e x --------- —
„
2 2 6 0 ..
N ew Orleans, L a ________ 445 - - - - - - - 4.500,000 100.098
1.500 105.40
al921
101,563
2 2 5 8 --C hula Vista S. D ., C alif----------fa
1917-1942
N ewport Beach, C alif---------5
9,400 103.528 2260. .
al923
130.000 105.15
2 4 4 6 .-C lark C ounty, In d . — - - - - - - - 4 >2
1956
2175_-N ew port News, V a — - —
------ - 445
3.500 100
232,750 102.21
24 4 6- -C larke C o. S. D . N o. 58, Wash. 5 <11922-1927
100.18 2260 New Rochelle, N . Y . (3 Issues) 44i ----------10,000
194,’
28,000
2 7 9 - -Clearwater, F la . - - - - - - - - - - - 5
2 8 2 - -N icholas ( ’ ounty. K y --------------- •
>
--------------99.17*
582.000
2446- -Clearwater C o. Sch. D . N o. 21, g
1931
5<(
2175. . N orfolk, Va. (4 issues)------------4
--------------inn
5,000 100
1931
1 8 7 .0 1 3
282 North 1 -akota (11 issues)-------- 4
--------------‘
20,000 103.888
8 7 - -C leveland ligh ts, Ohio (10 iss.) 5
- - - - - - 162, 960
2 26 0 . -N orth Plainfield, N . J ----------- 4 45 --------------30,000 103.003
1946
4,900
2 3 5 7 --C lov er, So. C aro_
o
, 8 2 . -N orth W ilkesboro, N o . C a r o .. 5
95,500 *100
100
75.000
8 7 --C oIu m bus, Ohio (7 issues)---4& 4|| ................ 88 - - N orth Yakim a S.D.No.7, Wash. 4 K d 1918-1937
42,675 101.813
146
1917- 1921 10,000 100.55
8 8 - -N orw ood , M ass__________- - - - 4
iovt - iqo
2446 - -C olum biana C o ., Ohio (2 lss.1. 4 A ................
30,500 101.783 2 4 4 8 --Okanogan Co.S.D.No.29,W ash. 5
1,250 100
dl922-1931
146__Columbiana G o., Ohio (3 iss-)- 445 - - - - - - - - 2446
2,800 100
13.000
1945-1948
2 4 4 6 " Columbus G rove S .D . , O h io .. 5
19181937
Iow a
85.000 109.185 2260--O n aw a, O ou n ---------------------------- 5
50.000 104.51“
2 44 6 --C olu sa Sch. D ist., C alif---------- 5
Oldham
ty, v
10.000 104.728 2 448--Oldham C on ntv. K y ___________ O
15.000 101.68
2 2 5 8 --C om m erce, G a------------------------ 5
1917-1921
55,000 103.529 2 3 6 0 --Orleans T w p ., M ich --------------- o
35.000 109
1917-1931
1946
2258. . C oncord .M a s s . - - - .................... - 8S --O rm on d , F la ------------- -— 6
5,500 100.54
90.000 106.738
24 4 6- -C onklin ( l . ) , N . Y ------------------- 445 1917-1926
88-O verpeck T w p . S. D ., N . J — al93 8
4 '.
13,000 li 103.038
80.000
24 4 6,-C o n r a d , M o n t.................... ........ 5
1 8 -'--P a lm Beach C o ., F la-------- b
5,000 101.20
" a 1922"
2 3 5 7-C oshocton , Ohio............. 445
89 „ P a h n D Beach C o . Spec. T ax q
..................
25,000 5111.628
3,300 103.62
al922
2446--C ra w ford C ounty, In d _________445
3,500 100
1932
2 4 4 6 .-C uster C o. S. I). N o. 14, M on t. 6
1 8 ’ - -P alm B e a c h 'C o . Spec. Tax
97.61
10,000
8.000 5104.706
87--D am a scu s, G a ________________ 5
S .D . N o. 9, F la .................. .. 6
*8,000
3.000 103.526
1 80 ._D a yton , Ohio (3 Lssues)______ - a 1925
2260- - Palmyra T w p ., O h io--------------- 5
3,100 100
al918
100.000 101.444
2 2 5 5 .-D efia n ce C ounty, O hio------------5
2 26 0 --P ayne C ounty, O kla....... .......... 5
40.000
1936-1937
............
30,000
2 4 4 6 --D e ll Kapids, So. D a k ................ 5
1 8 ? - -Pender C o ., N o. C aro. (2 iss .). 5
175.000 100
1917-1941
10.676 103.723
al922
1 8 0 .-D od d rid ge C ounty. W . V a------ o
360,0(4) 100.190 244 8 --P erry C ounty, In d ------------------- 414
1937
200.000 5100.526
2358_D ubuquo, Iowa (2 Lssues)------------- 4
70.000 109.192 2 44 8 --P e rry C ou n ty, M is s .................5
1917-1952
1,500 101.733
1 80 --K a gie Hock, C alif------ *
?
8 9-P erry Sch. T w p ., I n d .-4 A
97
19.000
d 1937-1947
2,000 101.40
al919
87- -E ast Grand Plains, D r.D .,N .M . 5
1 82
5
16,917 100.933 23 6 0 ---P ickaw ay C ounty, O h i o -h.— 5
2,500 101.20
a 1922
2258- -E ast Liverpool, Ohio (6 issues). o
-P lym ou th Rural S. D ., O io -57.000 104.70
2,900 101.07
2 3 5 8 .-E ast Lym e, C onn. (2 issu es).. 4 A
22 6 0 - -P ortage C ou n ty, O hio..............5
5.000
13,400 101.21
8 7 - - E d g a r , W ise ________________________ - - -P ortage C ou n ty, O h io-- o
20.000 105.60■ 2260 dl926-1936
2 2 5 8 .-E l D orado Springs, M o ........... 5
180,000 105.17
1918-1956
2448- -P o rt Arthur, T ex. (2 issues). - - 5
155.000
1 8 0 --E lk o C ounty, N ev. (2 issues). . fa
3,054 *100
1926
1 8 2-P ortlan d. O re__________b
20,000
' a l9 3 6 ' ”
1 8 0 --E uclid Village S. D ., O hio------ 5
100.090 100
dl937-1947
8 9--P rin eville, O re....... .......... .......... <
>
15.000 104.38
1947
87 .E u fa u la .A la ----------------------------5
500,000 103.179
1947
2 3 6 0 --P rovidence, R . I ---------------------4
10,200 101.137
8 7 . -Fairview, Ohio (2 Lssues)-------- 5
12,500
-Quanah, T e x a s -..- .......... 6
"1936-1946
54.000 101.064 2 26 1 8 8 ..F a irv iew S. D ., N . .1--------------- 5
100,000 lO i'2 7 7
" a 1927"
25.000 101.819 2 448--K ad nor T w p ., P a -------------------4
1917-1931
150,000
9959 Fall R iver, M ass---------------------4
2 8 2 --R avalli C ounty. M o n t----------- - 195.000 101.16
15.000 107.23
24461Fannin C ounty, T ex. (3 issues) dl926-1956
5
1917-1936
2 3 6 0 .-R e d B lu ff Sch. D ., C alif......... - 5
15.000 102.62
1936
2,200
2358. - Farmville, Va - .............................o
2 S 2 -- Rock C o s I) N o 9, M in n ., fa
50.000 103 50
75.000
183-R o ck y River VII. Sch. D - - - - - - 4Yi
17,200 101.709
2 8 7 " U o y d C o u n t y , Ind. ( 2 issues). 4
2 4 4 8 --R o m o (C .) Un. Free Sch. D .
10.000 100.53
74,200 100.77
1924-1938
2 3 5 8 -.Framingham, M a s s . . - - ........... ‘
N o. 1, N . Y ....... ...............- - - 4
40.000 101 63
1937
12,000
|2 8 0 ..Franklin, Va (.tissues)---------- 5
1 8 3 ..R u sk Ind. S. D .. T e x ................—
6,470 103.448
al922
75.000 100.20“
" a 1932 "
2174. .
Franklin C ounty, In d ------- 4
1 8 3 --S t. Landry Parish, L a ------------- o
75.000
1,000,000 103.077
1937
2447-Franklin C ounty, Texas---8 9 --S t. Louis Sch. D ist., M o ............4
8.000 102_
.68‘
al922
45.000 105.78
1918-1940
2358. .
Franklin T w p ., Ohio--------- •
>
8 9 - -S t. M arys, O h io_______________5
2,800 100,714
30.000 104.91
al920
1941
2 1 7 4 ..
Frem ont, O h io__________ VQ
4
_
5,400 100.962 2 4 4 8 --S aco, M a in e .------------1920-1944 1.750,000 105.402
2447-.F r e m o n t, Ohio (2 i s s u e s )----- 4' A
2 3 6 0 .-Sacram ento C ou n ty, C alif------ 4)4
20.000 104.275
200.000 71101.165
2 3 5 8 --Genesee C o ., M ich. (2 issues). 445 ..................
2 8 2-Sam pson C ounty. N o C aro— 5
15.000 102.53
80.000 103.29
2 3 5 8 --G ila C o. 8 . I). N o . 3, A riz------ 5
--------3 .-Scotland N eck, N o . Caro - - 5
al93b
32.000 106.265 2 1 8 1 --S co tt C o.Ind.S .D .N o.38,M inn-. 4'A } 9?4-1933
5,000 100.44
2259_.G len Itidge, N . J . ........... .............445 1917-1950
26
30.000 101.583
28,000 100.27
Ik8 7 ..G r a n d M ound Ind. S. D ., l a . . 445 1923-1937
48
....................
1917-1930
250.000 104.851 2 489 ---Schenectady, N . Y .....................4 A
175,000 100
180--G ran d ltapids 8. D ., M ich ------ 445
-S eattle. W ash.........
4
1937
16.000 100.55
60,000 5103.013
2 1 7 4 -.G rea t Barrington Fire D.,Mass. 445 ” a l9 2 1 " "
8 9 - -S eattle, W ash_________________ 4 ) i
1923-19^<
9,000
al922
90,073 100
2 3 6 8 --Greene C ounty, In d ___________ 445
-Seattle,
issues)-------------6
50.000 101.254 2283---Sedgwick C ou nWasti a(9----------4
112,000
al931
2358--G reensburg, Pa
_____ 4
360
ty, K n
dl92<-193/
99
130.000
15,000 101.50
a 1920
fci8 7 - -Grlnnell, Iowa (2 issu es)...........5
183--Shakopee, M inn
------ --------4)4
---------------l i 140 101.334
25.000 101
8 7 --G rin nell, Iowa (2 Issues)________445
2261--Sh elby C o .. Ind. (2 issues)------ 4
........
180--G rosso Point T w p . 8 . D . N o. 1,
2 4 4 8 .-Shelby C ounty, I n d - - - - --------4 )4
..................
1 2 0 0 0.) 103.688
25.000 104.63
1932
9a
M i c h ______ ______ _________ 445
2 8 3 --S heloy C ounty. T ex (4 issues) 5
--------------205.000
438.000 105:125
1 2 8 0 --G u eyd a n D r Dist , l a
5
2 3 6 0 --Shreveport, L a - - - ....... .............. \ A
V o b V io ift
25.000
15.000 104.833
1937
L 8 7 -.H a rd in C ounty, Iow a ____
445
2 4 4 8 --Sikeston, M o . (2 issues)---------- 5
1922-1936
10.000 107 75
1935-1936
21.000 105.271
1 2 8 0 - -Harris Bayou D r D . M iss. . 6
al921-193b
2261--SiIverton, Ore----------------------- 6
20,000 103.39
100.000 100
2858 Harrison C ounty, In d ......... ..
4
..................
2261-.S nohom ish C ounty, IVash------ 4 )4
d l9 3 W ,?3b
40.000
40.000 104.655
k l 80 Havelock S . D . , N eb ----------------------------------------- 5 dl922-1937 100.375 2 44 8 --Somerset Village S. D ., O h io .. 5
a 1929
20.000 103.944 2 1 7 6 .-Spencer, I o w a ............................. 4)4
50.000 100.92
k 8 7 "H a w th orn e, N . J ---------------------5
1917-1926
1936
11,640 100.66
15,500 102.193
2174 Henry C ounty, Ohio (3 Issues). 4 45
a l920
2 176-.S pringfield, O h io........................ 4)4
30.000 100.087 2448 --Stani>laus C ounty, C a l ............ 4)4
1,482,000 103.11
k 18 0 " Hiawatha, K ans-------------------- 4
1937
“al'937
______
11,047 100.452
80.000 102.83
► 87
ckaliala Creek Dr. D .,M ls s . 545 dl922-1937
01922
n
200,000 5104 525 2 3 6 0 --S ta rkeC,ou n ty, I(4 d - .................. 5
4,895
1921
f 280l I Highland Park _8 c\ £ ;
^
1931
183 .T a com a W ash.
issues)-------- fa
2S!000 105.072
9 7 :6 5 '
30.000
1942
2 2 5 9 " Hollandalo Consol.S.D., M i s s .. 5>
283 - - Tahlequah, O kla.........................5
40.000 103.38
43.000 100
2 3 5 8 .-H om estead, Fla. (5 issues)------ fa
2 3 6 0 --Texas (21 issues)......................... 5
50.000 *100
45.000 103.666
1917-1936
t 2 8 0 .-H ouston , T e x . - - ------------------- £
2261 - -T iffin ,’ Ohio (4 Lssues)................ 5
40.000 100
2 3 5 8 ..n o w e , Okla. (2 issues)..............0
VIU H UCU v v * * --v ------
278
THE CHRONICLE
23^l'_ .T o le d o , Ohio1/ '
1
M aturity.
RT
2 J ! 9 : : o M * o di lS ° y ° .N V j --------------- i H
I f : : K S » . § S S S 'f f i s H
Am ounl.
$605,000
28,000
37,000
2S
!
i? S J ::g E ;
8- D - p* - } «
2 4 4 9 .-Verm illion County’,~Ind..........' 4 U
j g f f - | i|
a l922
2 2 « ; : w a l 't e w 5 i ! t C S y ’ W “ h —
w
W 19-1923
J
2 3 6 1 .. V arren C ounty. Ohio
1
5
------ 4
2 1 7 7 ..
W aukesha, W fa.
24 s o - - w f S { ns i on c ou,,t y . 'M f a i : : : : i
o o § ? - - ^ as? ingt 0n C ° unty. V a _____ 6
2 3 6 1 ..
W ashington C . H ., Ohio..5
2 4 4 9 ..
W ellesley, M ass_
4
9 0 ..W elsh . La
................ t
2 4 4 9 ..
W estchester C ounty,’ N .' ¥ " !
4
2177— W estfield, M a ss_____
2 3 6 1 ..
W est Park, Ohio
i
2 1 7 7 ..
W hitley C ounty, K y .......... 5
40,000
M
4.500
3.500
120,000
338.000
250.000
Price.
101.216
100
102.585
102.207
100.
106
100.405
103.70
100.53
100
[Vol.
jQw*.
Name.
Rate.
2 3 6 0 --N o w R ichm ond S. D . N o . 1,
■
’ 5)4
>4
Maturity.
Am ount.
1921-1932
1917-1946
$40,000
60,000
15,000
1922-1931
100.000
1931
55,000
dl926-1936
11,500
1921
*25.000
1917-1938
60,000
1919-1923
200,000
6 1926/36 & ’45 50.000
4 H 1921-1935
43.000
5
1929
22,0 0 0
5
5
(M a rch )_____ 4
8 9 .-Pittsburgh, Pa.
4
4^
“ v r o iif "
jn8,1 L
!
a m i 36
1950
«1922
19 1 7 - iq iq
T0 T7 lo^o
4 19497955
IQ17 -IQ 91
loan
220,000 100
2 8 2 .. R ichw ood Ind. S. I)'., w ' v V
950.000 104.242
(A p ril)________
5
(H921-1931
18,000 105.80
2 3 6 0 ..R iverdalo, 111 . (August)
' _
18.500 103.661
2 g g -.S lia ro n aQ D 0U? / y ’ C olo -Jer). 5 .
g q "S h ?r™
R
u ly
1918-1941
6,000 100.51
S. ., Kan. (O ctob
.
14.500 100.751
8 9 ..S h e b o y g a n , W is.......................
41'
9ft?? finnhnmh.l,
nr---i. /
~ .,
122.000
15.000
20.000
1946
100,000 105.25
9 Q c n " l ° ‘ S.ng,1Lsh In d - S. D . 1, Iow a ____
80,000 104.50
236 0 - S o u t h Porks S. D .. Cal. (O ct.) 6
i l « h : w i f d i o o J . T ‘l : . T “ : : ; : : : : : L
42.000 101.378
Smith Union T w p ., P a . .
\}A
0 } § 4 -.W ils ° n N o. C aro______________5
__
1943-1946
250,000 102.707
183 _S tan berry, M o . ( J u l y ) . ..
5
2 1 7 7 .-W oodland S. D ., N o. C aro. 11 6
1922-1929
1930-1935
10.000 105.76
2448__Staunton, 111 . ( O c t o b e r ) . . : ! ''
2 2 6 llI Ycmkers^N' W s issues)-------- V A
1927-1942
50,000 MOO.122 4 4 8 ..S tella, N eb 2
2 8 3 ..T a u n ton , M ass.’ ’(A u g .)_
104.201
on '-p ali'.,ilt^ n ' M ass. (September) .
2 1 7 7 -.Z o lfo Spec. D r. D . N o. 1 0 , F la . 6
1926
18|(K)0
96.166
a 1925
T ^ f i 1i ^ ond sale? for D ecem ber 1916 (302 m unici1946
palities, covering 471 separate issues) _ . t ............*$30,363,734.
1921
1926-1946
2361__Vassar, M ich ____! ............ ....
2361..W a w a rsin g, N . Y ______ TyU
ifllK in o n
(June) 5
1917-1926
considerations.
O O .-W etum ka, Ol<Ia. ( S e p t . ) . . - . : 6
1941
Hn' ' W isconsin (3 iss. M a rc h )I! ! ! ! 4 'A 191&4923
R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .
90W scons n (2 Iss., J u n o )..................5& 4K
9 0 . . Wisconsin (2 iss.. Aug )
5 n
following items, included in our totals for previous
9 0 .-W isconsin ( S e p t .) ..
............ 5
" T o 27”
months, should be eliminated from the samo. W e give the 2d o i - - w oods,t oclst M in n . f o c t j : : : : ¥>a
92
o o ? f - - ^ S m lng C o -- w - v a . (J u ly ). 5
(*1928-1946
...
f i T T r 1 -°f J
'
-he lssue ° f our PaP°r in which the reason 23 } . . Yakim a C o . 8 . D . N o . 54.W a sh . 5
tor these eliminations m ay be found
9 1 - -Y ork tow n , Iow a (July)............ 5
193'6”
Page. _
N am e.
1 8 0 -.D oddridge C ounty W Va (June lu n
Am ount.
A l l t n e a b o v e s a le s ( e x c e p t
§ ^ - ’ &owe’J k!S- A
----------------------
23I§ ::!!0S S ;.T
oSfo (August
*100
100
*10 0
100
100
104.909
40,000 100
6,000
96,000
13 ono 100
A - uuu
14.000
250.000 100
200.000 100
35.000 100.829
8,000
2,000 105.512
30.000
11,500
3,500
8.000
2 5 tnoo 100.29
1,700 10 0
18,000 104
15,000 * 10 0
3,500 * 10 0
13,000 * 10 0
8,568
9 ~25,000
on
20,000 101.685
50 i
50,000 102.64
40.!
40,000 100.281
30,000 100
7,000 100
16,500
7,500 10 0
8,000 102.50
au ijihi 100
30,000
3,750 100.506
2,000 100
These additional November issues will make the total sales
for that month $17,676,889
D E B E N T U R E S SO LD B Y C A N A D IA N M U N IC IP A L IT IE S IN
p
DECEM BER.
P rice.
( „ is a a ^ fr
4 ” °“ '
$16,300
Am ount.
Price.
4,420 100.429
$50,000 _________
2,000
bO.OOO
— III
2262— Cam pbell ford, O n t _ _ 5 J 4
1 9 1 7 I 1936
30.000 100.10
40.000 102.91
?§d -U hat' lam T w p ., O nt............. ’ 6
1917-1926
34.131
170
72.066
......
2 8 4 - D a r m outh, i f . 8 . . . ................. - 5
“ Y m S26
5,0001 9V.03'
2 8 4 --D artm outh, N . S - . . I ! ........... .. ,
17.000 103.533
1947
4.500/
2 8 4 ..D o v e r T w p ., O nt____ " ”
ft
5,000
1931
15,649
103.11
2 2 6 2 --F o rt Frances, Ont
f\
45.000
...
1931
9,900
40.000
.
1947
25.000
95.13"
2 17 8 : : H E S ? V s r k’
o
25.000 *100'
1951
265.000
98.596
100,000
...
1917-1936
30.000
iMCnSEfeSSSS17' ° “tV;:-v ;: m 1917-1921
2,275,000
2,000
2 2 6 2 .. 11espeler, O nt____
cU
3,950 *100’
1917-1930
7.000
2 3 6 2 .-M o u n t Forest. Ont
10,000
1917-1946
9.000
99.90
„ 9 1 --O a k villo, O n t . . . ....................... r.D 1917-1926
17.000 100
16,300
2262..
0 n tario ( P r o v i n c e o f ) - " " " :
5,000 *i0 0
1926
2,000.0(0
99! 596
2362.-P reston. O n t . ..
cu
25.000 *100
1921
10.000)
2 36 2 ..
Preston, O n t . ..
.......
2.000 *100
1936
34.500 f 100.362
2 3 6 2 ..
Preston, O nt. .................. 5 1 I
10,000 *100
1946
18,206)
9 f - - Q uJm pcr Sell. DIst., S a s k " " . .
13,400
____
1,200
............
91— R edcllffe, A lta .........
0
10.821
1936 ’ ’
15.000
___
2 4 5 0 --R en frew , O n t ..
‘ ()
20,000 101.933
22.500 103.46
2450— Ridgetown, O nt.....
............ft
1,328
2 2 6 2 ..
Riga Sch. D ist., M a n — " " ” 7
5,000 104.97
1,300
9 Rivierre St. Pierre, Quo______ 6
55.000 101.89
35.000
3l ' 5nn Tm
. S ^katehew an (Province of)
5
101.349
500.000
96.25
2 18 0 0 0 J o n
2 3 6 2 ..
5askatchewan (8 issues). . . _ _
18,400
2 1 8 3 5 0 *inn
2 4 5 0 .-Saskatchewan (6 issues)_________
8,900
*JQQ
~ is s u e s )-.:::: "
72,800
sates tor
S ffc .A .b io n
2 4 4 5 .. ,Arkansas C ity, K a n . — .
™ ...................
2 3 5 7 --A u b u rn , N . Y _________
” 4U,
1917-1926
2 3 5 7 .. Austin, T e x ______
" 4 1I
1917-1933
9 t § 7 - - n arrj7 T1V (A u g u s t — : : : : : : 1
1919-1936
o 9 = ? - - S f a.r Creek Tow nship, III_____
2 3 5 7 .-B igheart Tow nship. Okla______6
" " m i"
2 7 9 --P n in g sS p ('C .U .D .,M o. (A pr.) 5
1917-1931
179— Bingham ton, N . Y .
4
86 . -B reathitt C ounty. K y
5
1927-1946
..................
2d ^ --S ucklln 8 ch - D hit " K a n " I "
279— Burnsville, W . Va. ( J u l y ) . .! 5 * dl926-1950
§ 6 — Cam den, N . J. ( J a n .) - - - ,
4
1926
C«” n am1 e n ' N . J . (2 iss., M a rc h ). 4
1917-1918
86 . . Cam den, N . J. (June)
4
1946
86.C am den , N . J
i
1946
2 4 4 6 .-C enter School D istrict,’ M o l —
2446— Chanute, K an. (2 Issues)
”
1918-1922
2«8::8ES5mS? » • S: k : ; y r
gJSfcJgg
f Z — Cozad School D istrict, N eb ___5
d l9 °l-1 9 3 6
8 7 - C o umbus, Ohio (20 Iss., O ct.) 4 A
- f Z — Colum bus, Ohio (17 is s u e s )... \\\ ..................
357„C orDU s Christ!. Tex
k”
"I
5
85.000
1.500
7.500
5,000
17.000
100,000
o q k o ' t^®.?1^ 8 - D " Iowa (O ctob er). 5
o l d R tAT°?unty,' M Ich....... .......... 5
24u v " S e?
Iowa (O c to b e r ).. 4 K
8 7 -.D e tr o lt, M ich . (J u ly)_____ _
4
2 8 0 .-Duluth. Minn. (Septem ber)" 5
8 7 . . Duncan Tow nship, M ich
8 7 .-L a st Grand Plains D r. D ist.
„
Price.
101.25
98
......... : : : : : : : : : : : : : : i .’ s3S:888 (not including temporary to
loans)
45,000
list)-------------------------- I I " " " "
p re^ o u ^ m o n th s1™ ™ 611 ° f “ “ ,oUowin«
„„„
104.
1936
1929
1946
1919
"
M ex_____
ft
Zo’i - . Lisinore,
2 89--L Isin ore, Cal
(Anrin
( A p r i l ) .f t
180-Elizabetii. N. 1. (Ju^e).......... 4
180.. Essex, Iowa..
k
2358-.FaIrbanks School DtetllTowa!
7,000
100.000
135.000
15.000
193.000
10.000
81.000
1930
1917-1921
39 ,00°
3.500
o.ouo
8.500
6-500
2 o;ooo
2d o()-_b ort Spring S .D‘ .,W-- Iow a ____ ^
2 !n ” Earnhamvllle 8 D .V a fM av)
98.43
99".§I"
90
100.10
T otal debentures sold in Decem ber........................... $3,281,834
100.50
100
100.16
N e w s Ite m s .
A u str ia .— S u b s c r i p t i o n s to F i f t h W a r L o a n .— On pago 119
or last week s issue of the “ Chronicle” reference was made
to the subscriptions received to the fifth Austrian war loan.
100
103.875
106.228
xuu
1•
100
- ........
"
Britis£ Government. N e w L o a n .— W e refer this week
in our editorial columns to the new $250,000,000 5 ^ % 1 and
f year collateral secured convertible gold loan to bo offered
2358..Gibson. 111! (2 i s ^ ) . . . - ! ^ g (11926 1916
I f S m.817 j h^ad^d* by8J^P^M ^rgan^
by * Syndi°ate ‘ ° b >
<
Iu- (June)............
2358.-Greenfield Twp. S. D . No. 8
Mich. (J u ly)______
'
16 5 000
0 000
I P i N e W oL} st ° L
U n d e r Great. B r i t a i n 's M o b i l i z a t i o n
liO-.Hallettsvhle, Tex____ I I " " 6*
n'nnn
I P la n S c h e m e A
W i t h d r a w n .— Details of the list of Amori180.. Henryotta s! D.’.’ okla............ " T 94'2 "
dt'nnn 19d
I Can anc^ Canadian securities which the British Treasury is
i
280"Houston’
1917-1921
3?;^ 5 100" "
V ™ * ™ * *p Purchase under the mobilization plan, were given
| g i :I ? S ? ;? S :
g
- lW n m
I ln our edltorial columns last week, (pages 122 and 123)
2 8 0 - I d a h o ( 1 1 issues O ctober)" ! " g
Jydl
*7,500 *100
Cam pbell C ou n ty (P. O. R u stb u rg ), V a . — R o a d B o n d s
2 8 1 . . Indian Creek D r .D . N o . 1,
■ *'>~90 100
9iKQ t ,M lss ( O c t o b e r ) . . . : : : : . * . ’. . 5 h
D e c la r e d V a lid .
W o are advised that a final decree has been
1936
10.000 102.21
p ,°.lE f
c
Appeals of Virginia declaring valid
1936
20 900 ioo” ’ ’ I ^ o f 20 0-000 4 K % Brookvillo Magisterial D ist. coupon
II: :| ^ m (9 ib
SSSS!
::: : : : 1
............
26J27 ioo
r?a i n°nds awarded on Juno 17 last to tho Peoplo’s National
i l l l & x f u e ^ p ^ i t . (O D bNo’ 5
sC
1920-1926
10.500
-------- Jiank of Lynchburg together with an issuo of $40,000 4 1 4 %
08, 111. (July)..
_
r
.
g 0QQ 100
nfiTlfiPfl. IV n ff i o f o n o 1 T«r»n rl
T
TT 1AO _ rrO
' *
^ o o " ! ^ 0 MU,S1 Iow a _________I
4K
8 8 ._ L a Porte C ity S.D .’ .ia:(A u*g'.): 5
88„LawtoS?e k la !? ::::
d
..........4^
2 8 1 .-Llndstrom , M in n ___
z o o ? - - J j? n^in on t, C ol° ______ : : : : : :
T
9? § i - - N c Oowell C o ., W , V a. (S ept.)
2 3 5 9 -.M arshalltown, Iow a ___
9 4 ^ - - ^ inert 1 w o u s - t o x .
.
.
2 £ - - « ^ oreharl(l' o k l a - (A pril)____
§ g - -N ebraska (4 issues).
8 8 ..N ew ark , N . J. ( J a n . ) : : : : : : ”
8 8 .-N e w b ie , N J . (3 Iss.. June). . .
ff- - N e w a r k . N . J. (O c t.)_____
8 8 .-N ew ark, N . J ..........
4
5
XU
z.
4u
4$
4 y.
4>|
1 936'
.
1925
191*
7-1926
iM fu fn ? ?
1917-1945
19 2 7 - 10 21’
1027- 1931
1945
1946-1961
1917-1946
1917-1946
2i;ooo
2 1 ,300
-L360
80.000
290,000
en'nnn
50.000
23.000
10.000
29,000
*45.000
*400,000
*160,000
*100.000
, ______________ .
loi*.187 I
C a n a d a (Dominion of).— O f fe r i n g o f W a r S a v in g s C e r t i f i -------- I ca tes A n n o u n c e d — D e b e n t u r e S tock S o l d .— See reference this
.’
-------.......... I we0k m our editorial columns.
99!74
100
101.126
to
100
100
100
100
100
on
Lcmstitution referred to in these columns last week (page
178) and approved by the Senate on tho 11th pro
viding for a constitutional amendment granting full suf
frage to women and another providing for limited suffrage.
North Dakota.
H o u se A p p r o v e s P rop osed A m en d m en ts
C o n s t it u ti o n P r o v id in g f o r E q u a l S u f f r a g e .— Tho House
Jan. l b passed tho two proposed amendments to the
Ja n .
THE CHRONICLE
20 1917.]
South Dakota.— S ta te S en a te
S u ffr a q e A m e n d m e n t . — The State
V o te s
to
R e -S u b m it
Equal
Senate on Jan. 1 1 adopted
a bill providing for the re-submission at the next genoial
election of the proposed Amendment to Section 1 of Article
7 of the constitution, extending tho right of suttrage to
women, which was defeated at the polls on N ov . I last.
United States.
-W e b b -K e n y o n
L iq u o r B ill
U p h e ld b y
U.
-See reference this week in our editorial
columns.
'
S e c r e ta r y o f T r e a s u r y o n P r o s p e c t iv e B o n d I s s u e s .
-See our
issue of Jan. G (page 22) for a statement issued on D ec. dl
last by Secretary of tho Treasury, William G . M cAdoo,
concerning prospective bond issues by the U . S. (aovernment.
_______ __________
S . S u p r e m e C o u rt.
C A P E M A Y C O U N T Y (P . O . C a p e M a y C o u r t H o u s e ), N . 3 .— B OAI)
OFFERING .— Proposals will be received until 12 m . F eb. 6 )br an issue of
5% cou p , (with prlv. o f reg.) bridge bonds not to exceed $118,000. D enom .
S i,000. D ato F eb. 1 1917. Prin. and semi-ann. int.— * . & A .— payablo
at office o f C ounty C ollector, or on request, o f registered holder, \iill be
remitted in N . Y . exchange. Due $8,000 yearly on Feb. 1 from 1921 to
1934, inch, and $6,000 Feb. 1 1935. C ert, check for 2 % o f bonds bid for,
payable to Jos. I. Scull, C ounty C ollector, required. Bids must be made
on form s furnished b y the above Clerk. Bonds to bo delivered on F eb. 14.
Purchaser to pay accrued interest. T he legality o f these bonds will be
approved b y Caldwell & M asslich o f N ew Y o rk , whose favorable opinion
will be furnished purchaser. B onded debt, including tbis issue, $800,o i l .
Sinking funds, S55.079. Assessed valuation: real estate, 1916, $37,7 J 8 ,o is,
average assessed valuation for last three years, $36,603,861.
BOND S A L E .— T he above bonds are part o f the $134,000 recently
authorized— V . 103, p. 2357— o f which $16,000 has been purchased b y th e
C ounty Sinking Fund. D ue $8,000 Feb. 1 1918 and 1919.
C A R E Y V I L L A G E S C H O O L D I S T R I C T (P . O . C a r e y ) , W y a n d o t
C o u n t y , O h i o . — BOND OFFERING.— Further details are at hand rela
tive to tho offering on Feb. 2 o f tho $70,000 5% cou p, school bonds—
V 104, p. 179. Bids for these bonds will be received until 12 m. on that
dav b y l. L. Culler. Clerk o f Board o f E ducation, A uth. Secs. 7630-1,
7625, 7626 and 7627, Gen. C ode. D en om . $500. D ate Jan. 1 1917.
Int. A . & O. Duo $500 yearly on O ct. 1 from 1918 to 1927 incl. and each
B o n d P r o p o s a l s a n d N e g o t i a t i o n s th is w e e k
six months as follows: $500 April 1 and $1,000 O ct. 1 from April 1 1928 to
O ct. 1 1933 inch, $1,000 April 1 1934 to O ct. 1 1938 inch , $1,000 April 1
and $1,500 O ct. 1 from April 1 1939 to April 1 1942 in cl., $1,500 O ct. 1
h a v e b e e n as fo llo w s :
1942 to O ct. 1 1945 inch, $1,500 April 1 and $2,000 O ct. 1 from April 1 1946
A C A D IA P A R IS H F IR S T W A R D D R A IN A G E D I S T R IC T ^ P ^ O .
to O ct. 1 1948 inch . $2,000 April 1 1949 to April 1 1952 incl. and $2,500
Oct. 1 1952. Certified check for $500, payable to the above Clerk, re
quired. Bonds to be delivered and paid for within 10 days from time o f
award. Purchaser to pay accrued interest.
C A S S C O U N T Y (P . O . L o g a n s p o r t ), I n d .—-BOND SA LE.— On Jan. 15
ANTH O N . W ood bu ry
the tw o issues o f 4 M % 6-year aver, highway-im pt. bonds, aggregating $23,000— V. 104, p. 179— wero awarded to J. F. W ild & C o. o f Indianapolis
for $23,874 60, equal to 103.802. T ho other bidders were:
It. L. Dollings C o .................... $ 2 3 , 8 0 0 1Union T r. C o ., Indpls-------$23,791 60
C H A T T A N O O G A , T e r m . — BOND SA LE.— On D ec. 9 last $3,668 64
including this issuo, $8,619 09. Assessed valuation 1915, $506,324. Paving D ist. N o. 199 and $701 72 Paving D ist. N o. 3 6 % 1-4-yr. serial
T otal tax rate (per $1,000). $10.
bonds were awarded to the First N at. Bank o f Cleveland. Date N o v . 1
A PP A N O O SE C O U N T Y (P. O . C e n te rv ille ), Io w a .— BOND SALIC —
1916. Int. annually in N ovem ber.
On J a n . 3 $31,000 funding bonds were awarded, reports state, to G oo. M .
C H E N E Y , S p o k a n e C o u n t y , W a sh .— BONDS VOTED.—-The question
Bechtel & C o ., o f D avenport, for 331,540 (101.741) as 4 H s . D ate Jan. 1 o f issuing the S10,000 coupon municipal water-system -ext. k °h ds earned
1917. Due 1929.
at the election held D ec. 5 last. D enom . $1,000. In t. rate not to exceiB
A R K A N S A S C IT Y S C H O O L D I S T R I C T N O . 2 (P . O . A rk a n sa s 6 % . l ’ rin. and semi-ann. int. payable at tho C ity rreas. office, or at the
.
C itv ) C o w le y C o u n t y , K a n s .— BONDS V O T E D — A vote o f 1,009 to Stato fiscal agency in N . Y . C ity, at the option o f
,
226 wks cast at tho election held Jan. 9, In favor o f the question o f issuing yrly. from 11 to 20 yrs. after date incl. Bonded debt, incl. this issue, 5>bU
300 . Floating debt, $4.607 30. Sinking fund S10.190. A & s««. va l.,
the $70,000 junior high-school bonds, it is stated. V . 103, p . 23o7.
$573,824. T otal tax rate (per $1,000), $44 50. J. 1 . Lasher is C ity Clerk.
A S H L A N D , B o y d C o u n t y , K y .— BOND SA LE .— On D ec. 18 the
C H E S T E R , C h e s t e r C o u n t y , S o . C a r o . — BOARDS PROPOSED — This
4ft
l-io -v e a r serial street-im pt. bonds, Series E -E — V . 103,
p . 2258— were awarded to the M erchants’ Bank & Trust C o. o f Ashland at city lias under contem plation the issuance o f about S81.000 bonds for
street im provem ents, it is stated.
par and interest.
C L A L L A M C O U N T Y (P . O . P o r t A n g e l e s ) , W a s h .— BONDS OF
A U D U B O N IN D E PE N D E N T S C H O O L D I S T R IC T (P. O . A iid u b o n ),
FERED B Y B AN K E R S .— Carstens & Earles, In c., o f Seattle are offering
A u d u b o n C o u n t y , Io w a .— BOND S A L E .— On D ec. 21 last an Issue
$15,000 4 M % building bonds was purchased b y Schanko & C o - o i S K ? . to investors $300,000 4 'A % refunding bonds. D enom . $1,000. D ate
1 ----- * “ “ “
*•
C ity
D enom . $1,000. D ate Jan. 1 1917. Int. M . & N . Duo l<eb. 1 Feb. 1 1917.
1936.
__ .
i from 1922 to 1927 inci. ro ta i inueoieuiiess, mo*, wua
o™ ,
000. Assess, val. 1916, $14,131,679; actual value o f all property (cs t.),
$30,000,000.
•
to issue tho $ 110 ,0 0 0 highway bonds. It Is said. V . 1UJ, I»- m o i .
C L A R K S D A L E , C o a h o m a C o u n t y , M is s .— BONDS N O T SOLD.— N o
sale has been m ade o f the $100,000 5% cou pon tax-free m unicipal railroad
e^^n^ere^twl'inio^recei vcd V n t U'jan!* 23 'by '1v1°. Voetsch? ^CountyT 3lerk .'
building bonds offered on D ec. 12. D en om . $1,000. D a te D ec. 1 1916.
D . O TI r c v i l I E S C H O O L D I S T R IC T (P . O . B a r tle s v ille ), W a sh Int. J. & D . D ue 85,000 yearly D ec. 1 from 1917 to 1936 incl. B onded
• B,A ^ r o u n Y v O k la .— /WJVD OFFERING.— Dispatches state that P . E . debt, including this issue, $505,100.
Tlfunnan CIer^’ o f the B o r ....... .
wil1 mnnivn sealed Lids until
C L A Y C O U N T Y (P . O . B r a z i l ) , I n d . — BONDS TO BE OFFERED
8 p. in. Jan. 24 for $100,006
SHORTLY.— Local newspaper reports state that this county will shortly
1916. D enom . $1,000. I
offer for salo an Issue o f $144,000 ditch bonds.
check for $1,000, required.
BEI M O N T S C H O O L D I S T R IC T (P . O . B e lm o n t ), S an M a teo
r , tv C a l i f __BOND E LEC TIO N .— Dispatches state that an election
will be held Jan. 23 to vote on the question o f issuing $18,000 site-purchase
and school-construction bonds.
m i i l i u r q q P F C IA L R O A D D IS T R IC T (P. O . B illin g s ), C h ris tia n
C L E V E L A N D , O h io .— BOND SALE.— On Jan. 15 the $600,000 4 \6%
ru u n tv
Mo — BONDS OFFERED B Y B AN K E R S.— T ne M ercantile
2544-vr aver, grade-crossing-elimination bonds— V . 103, p . 2357— were
Trust C o $ s't Louis is offering to investors $14,000 o f an issue o f $40,000 awarded to J S Bache & C o and Farson, Son & C o. o f N Y . on their join t
^
1 - 1 -f-vear serial coupon road-im pt. bonds. D enom . $500. Date April bid o f 109.057— a basis o f about 3 .9 3 5 % . r e other bidders were.
Ih
1 iQifi ' prln and semi-ann. int. (A . & O.) payable at tho above com pany.
Estabrook & C o ------------- $652,680 00 C . E . Denison & C o ___\$645.937 00
Bonded debt.' this issue, $40,000. Assess, val. 1914. $870,007.
It. M . Grant & C o ----------649,428 00 T illotson & W olcott C o ./
B IN G H A M T O N , N. Y .— BOND OFFERING.— Reports state that C ity
Harris, Forbes & C o ____ 649,326 00 A . B . Leach & C o _____ I 644,412 00
R . W . Pressprich & C o . I
Com ptroller II. H . Evans will receive bids until 10 a. m . Jan. 22 for $50,000 Field, Richards & C o . . ] ___
_ _
_
4 % semi-annual 1-20-year serial polico bonds. Cert, check for 2 % required. Adams & C o ___________ (• 649,200 00 Otis & C o _____________ )
H ayden, M iller & C o . . [ 644,250 00
B IR M IN G H A M , O a k la n d C o u n t y , M ich .— BOND SA L E .— John F . H ornblower & W eeks.-J
W eil, ltoth & C o _______ 648,900 00 Curtis & Sanger-------- . . I
M cLean & C o. o f D etroit were awarded at par on D ec. 21 an issue o f
R em ick, H odges & C o .\ 643,278 00
$7,788 11 4M % 20-year water-works bonds. D enom . $1,000. Date E . II. Rollins & S o n s ... 646,020 00 T he N a t. C ity C o .
1
Jan. 2 1917. Int. J. & J. D uo Jan. 2 1937.
C L E V E L A N D H E I G H T S (P . O . C l e v e l a n d ) , C u y a h o g a C o u n t y ,
Using newspaper reports wo stated in V . 104, p. 179, that an issue or
O h i o . — BOND SALE.— On Jan. 15 the tw o issues o f 5 % coup, bonds
$13,300 water bonds had been sold; this sale was erroneous.
a c 2 rp£ratine $15 000— V . 103, p. 2357— wero awarded, reports state, to the
R D v n C O U N T Y ( P O C a t le t ts b u r g ), K y .— BOND OFFERING.—
First "National Bank o f Cleveland for $15,662 80— equal to 104.4i8.
q n a lodb id s will lie received"until 1 l». m . F e b . 6 by the Board o f C ounty
S
S
iu1 7 .
f f s
a
1M r s a a a j a s f tonds- J- 1
1
p r in . ana s e im -a m i. m u . \ v . oo
iy .j
|)dji«uiu uv vuu v/m j n v ,« a . o u t w .
D u o $500 yearly Feb. 28 from 1920 to 1953 inch J. A . Harris is C ity Clerk.
B R I S T O W , B o y d C o u n t y , N e b . — BOND OFFERING.— Sealed bids
will bo received until 8 p. m . Jan. 30 b y Frank Talich, Village Clerk, for
$4 000 5% 10 - 20 -year (opt.) gold coupon tax-free water-ext. bonds. De
nom . $500. Date Jan. 30 1917. Int. aim. on Jan. 30 at tho Stato Treas
office. N o deposit required. Bonded debt, including this issuo, $12,000
Floating debt, $3,000.
B R O C K T O N , P l y m o u t h C o u n t y , M a s s . — BOND SA LE.— T he Sinking
Fund Commissioners purchased at par during 1916 an issuo o f $3,950
4% bonds.
BROOKLAN D SCHOOL
D IS T R IC T
(P . O . C o l u m b i a ) , R i c h l a n d
C o u n t y , S o . C a ro .— DE SC R IPTIO N OF BONDS.— Tho $8,500 6% build
ing bonds recently sold to H . F . Hendrix— V . 104, p . 179— aro in the
denom . o f $500 and dated July 1 1916. Int. J. & J. D uo July 1 1936.
B U R L I N G T O N , B u r l i n g t o n C o u n t y , N . J .— BOND OFFERING.
Proposals will be received until 7:30 p. m . F ob. (> b y W alter \ . ATarrs,
\
C ity C lerk, for an issue o f 4 'A% 1-20-year serial water bonds not to exceed
$20,000, it is stated. Int. semi-ann. C ert, check for 2% required.
B U R N S V I L L E , B r a x t o n C o u n t y , W . V a .— BOND S A L E .— The $17,
000 5% 10-34-year op t. coupon paving and sower bonds offered on July 11
1916— V. 103, p. 78— were awarded at par on July 17 to tho Stato o f
W est Virginia.
vest Virginia.
C A L H O U N C O U N T Y (P . O . M a r s h a ll) , M ic h .— BOND OFFERING.
iKAitAualu will hn rppolvml nnt.il A ti m li’nh 1 \w Will A HnilV. OnilB
.
r
2357. A utn. acu
r u o u c Acts iyuu. u en om . i$l,UUU. u a io A pr. 1
1017
Prin. and semi-ann. int.— A. & O .— payable at National Park Bank,
T i Y* Due yearly on Apr. 1 as follows: $40,000 1918 to 1922 incl., $45,000
\
1923 to 1927 inch, $50,000 1928 to 1931 incl. and $175,000 1932. C ert,
check for $1 000 required. Official circular states that there is no contro
versy or litigation pending or threatened affecting tho corporate existence or
tho boundaries o f said municipality or tho title o f its present officials to their
respective offices, or tho validity o f these bonds, that no previous issue has
ever been contested, and that tho principal and interest o f previous bonds
has been paid at maturity. Total bonded debt, this issuo; no floating debt.
Assess, val. 1915, $76,327,395: actual value (cs t.), $100,000,000.
C A N T O N S ta rk C o u n t y , O h i o . — BOND SA LE.— A local newspaper
states that the Sinking Fund recently purchased an issuo o f $5,500 Yale
Avenue assessment bonds.
CLEVELAND
T O W N S H IP , J o h n so n
C ou n ty ,
N o.
C a r o .— B O N D
OFFERI NO.— Proposals will be received until 12 m . Feb. 5 b y D . B . Oliver,
Chairman B d. or C o . Com m rs. (P . O . Sm ithfield), for $25,000 5% 30-yr.
coupon road-building bonds. A uth. C hap. 122, Public Laws, N . C .,
Session 1913. D en om . S I,000. D ato Jan. 1 1 91 /. Int. J. & J. at N . Y .
Cert, check for 2 % , payable to the above Chairman, required. T he tow n
ship has no indebtedness. Assess, val. 1916, 8415,336.
C L I F T O N F O R G E , A l l e g h e n y C o u n t y , V a .- B O N D OFFERING.—
Sealed bids will be received until 2 p. m . F eb. 1 b y T . I . Halloran, Chairman
Finance Com m ittee, for $80,000 15-30-year (op t.) bridge, school and fire
equipment bonds. Bids arc requested at 416 or o / e interest. Date F eb. 1
1917. Interest semi-annual. Certified check for 2 H % required.
C L I F T O N H E I G H T S , D e la w a r e C o u n t y , P a .— B O N D S A L E . — O n
T a n ,t t h o $ 7 0 0 0 0 4 Y % s e w e r a n d h i g h w a y b o n d s v o t e d N o v . 7 19 1 b—
i
V i03 p. 1809— w e r e a w a r d e d t o t h e F i r s t N a t . B a n k o f C l i f t o n H e ig h t s
f o r $70,575 (100.821) p l u s c o s t o f p r i n t i n g b o n d s a n d a t t o r n e y s fe e s . It
is s a id .
C L O V E R D A L E S C H O O L D I S T R I C T (P . O . C l o v e r d a l e ) , S o n o m a
C o u n t y , C a l i f . — BOND E L E C T IO N — An election will be held Jan. 22, It is
stated, t o vote on the proposition to issue $29,000 school bonds.
C O L U M B I A , R i c h l a n d C o u n t y , S o . C a ro .— BONDS PROPOSED —
A local paper states that on Jan. 9 the C ity Council adopted a resolution
providing for the circulation o f petitions to issue $320,000 bonds, o f which
$260,000.will be for street im provem ents, $15,000 abattoir, $20,000 park
and $25,000 city market.
C O L U M B U S G R O V E V I L L A G E S C H O O L D I S T R I C T (P . O . C o l u m
b u s G r o v e ) P u t n a m C o u n t y , O h i o . — BOND OFFERING.— Proposals
will be received until 12 m . Jan. 26 by J. H . Barnett, Clerk Board of
E ducation, for $1,400 5 % 3 2 H -year average coupon s^iool bonds. D enom .
8700
D ate Feb. 1 1917. Interest semi-annual. Due 8 /0 0 Feb. 1 1949
and 1950. Certified check on a local bank for $100, payable [J *be D istrict
^
Treasurer, required. Bonds to be delivered and paid for within ten days
from date o f sale.
C O O K C O U N T Y (P . O . C h i c a g o ) , 111.— BOND SALE.— Reports state
tliat the Merchants Loan & Trust C o . o f Chicago recently purchased an
Issue o f $1,000,000 4% road bonds for $7,383 premium— equal to 100.738.
C O P I A H C O U N T Y (P . O . H a z l e h u r s t ) , Mis3.— BOND OFFERING.—
Proposals will be received until Feb. 5 b y the Clerk Board o f C ounty Super
visors, it is stated, for $8,500 D ist. N o. 5 road im pt. bonds.
BONDS TO BE OFFERED S H O R TL Y— T h e Board o f Supervisors wih
offer for sale at their M arch meeting $50,000 5 % 25-year bridge bonds
C R A W F O R D C O U N T Y (P . O . D e n i s o n ) , I o w a .— BOND SALE. O n
Tan 10 the 8153 000 10-20-yr. (op t.) funding bonds (V . 104, p. 87) were
awarded to the First N aG Bank o f Charter Oak at par and int. for 4s. less-
280
THE CHRONICLE
weretford4Ma% ftonds°f printing and legaI expenses. The following bids
I ir?$ ^ a t• Bank, Denison.$154,000
E. II. Hollins & Sons, Chic. 153,850
Harris Trust & Savings
Bank, Chicago.............. 153,716
Miss. Valley Tr. Co., St. L. 153,705
Jan USthe^ 1 <W
8
°nnn TnTo(P' ° ’ ChalUs), Idaho.— B O N D S A L E .— On
ooi*A\ ... 5100,000 10-19-year serial coupon road-impt. bonds (V. 103, p.
BoIger.Mosser&Will'n, S S ifcW j& S
Chic 156,090
Kissel, Kinnicutt&Co., Chic 154,408
Geo. M. Bechtel & Co., Dav 154,050
Crawford Co. State Bk.,Den 154,001
S . % S 7 o n b o M d ,9°0J mC’ N - " ' rls" ‘ 4 0 o - of U “ ‘ VOr **
4
%
*
’ ■ 162»
r
•Mor?a.u C °unty.’ A*a.— N O A C T IO N T A K E N —The
of tho cko nm
uI ha no action has been taken towards the offering
rfino i W r ° / v -o 20 -year electric-hght-plant construction bonds voted
E W 1'boOier is City’ (?lerk^62 ° n account of pcmlinK le" al Proceedings
p
X LAVYA R o , O U N .T Y , (P - O . D e la w a r e ) , O h i o . — B O N D O F F E R I N G
C
ru d ito^ aforV r nooC ^ l llnQ ‘ ,p- m- Feb- 12 by W. V. Aldrich, County
«
ei
Ul
Sees
k a l e .£u
°k
% 3 1-3-year average funding bonds. Auth.,
oecs. ofono, 0608 and 5659, Gen. Code. Denoni. $500. Date Feh 1 10 17
Treasurer1 n.Dife ^^nn'^nch0six1months from March at office to County
'^
£ —payable 1 1918 of Sent 1
inooS j C a < 110 $l*o00 each 1 '—
r.‘
Davah/e to^h'Xno,^e ieHuheck 0n- a DelaWflre County bank for $500,
frtlA
Far
o ywUhln°fiv| d A y s ^ o m d a t e b
f
n ° m ' S to be dellvcred and pald
S S g ? ^thH ^ i b & w & r r ekS ° f N ' Y ' &t 108‘752- a ^
e
d
e
* *555
C. E. Denison & Co____ $81,382 50 E._A. Burke & C o .......... $80,107 50
Geo. S. Fox & Son---------- 81,093 00 Spitzer, Rorick & Co___ 79,106 25
M. M. Freeman & Co___ 80,779 50 A. B. Leach & Co............ 78,802 50
Olyphant Bank------------- 80,550 00 Lyon, Singer & Co______ 78,627 75
E. H. Rollins & Sons........ 80,115 00 Brook & Co..................... 78,000 00
CtV
e,?k County. Okla.— B O N D S A L E .— C. Edgar
i c mndf f Oklahoma City has been awarded the $43,000 water-works-ext.
wVf£°P«wi'^e?ar^ en.fcbonds voted Dec. 30.city-hall and 180).
water-sewer and culvert ^ qui,pmont,?4 6 ’000 (V. 104, p. $25,000 storm
DULUTH, Minn.— B O N D S A L E . —N. J. Upham Co. of Duluth was
5%
- ' “ 'al ^ S m . r t n ’ E
[Vol . 104.
brie^^^Xmit^^W^^af^^OlV^^^ILE.^^’h^'statXofS^st'vfrgini^was
5% 10-3°-year (opt-) h K c h ^ U
w
a
s
®
1 je s
s
Powell? ® ^ V o o 6. W
S ,S t l o M 03' P' 20° 6) W r° aWardCd 40
O
T > r^S?i-C vnBH
iR? ’
Ohio .— B O
F F E R $2,500
f. k TR Cramer, Vil. Clerk, W,?,yno County, until 12 m. N D O 29 for IN G .—
,,
will receive bids
Jan.
Pel! 1 i°‘ i oia7 e rnf C gStlp ann construction bonds. Denom. $125. ^Date
y
p
I eD- 1 1 ' • lnt- 1 . & A. Purchaser to pay accrued interest.
No C ^
G
ROVD°s°U F ISXRIP
INo. Caro. N B O N D S A L E .—On Jan.iPi- an•Garland), Sampson County,
1 ° issuo of $20,000 5% buildlnz
bonds was awarded to Sidney Spitzer & Co. of Toledo.
' ouiiamg
r GASTON COUNTY (P. O. Gastonia), No. C a r o .— B O N D O F F E R blds ^ 1H bo received until 12 m. Fob. 16 by O. B. Carpenter,
G
Pd. of Co Commrs , for $100,000 coupon bridge building bonds
vL rX S f f e 5
mt-sonii-ann. Due $4,000 yearly from 5 to 29
j ears incl. Cert, check for 2% of amt. of bid required.
*t r J 7
m
X O F F E R IN G . —Sealed bids will be received
until 12 m. Jan. 24 by N. E. Harris, Governor, at the Capitoi in Atlanta
for the purchase of $1,500,000 warrants to be drawn by the Governor on
i
, app.roprlatecJ by the Legislature for the public schools for the vear
’.Ail0 walrants to be drawn at the end of each month as needed and for
,
as are then d u e the teachers. The warrants to bo disposed
of the the bidder offering the lowest rate of discount. The warrants wil
taxes for the year 191/ ™and will 1?0 purp? s,0 of Mtlcipating the collection of
the ve^XVoi- 0^ 01^ lie payable on Feb. i 1918.
r
taxes tor
s G,.VCS/E? J ®°NbOLIDATED SCHOOL DISTRICT (P. O. GilDn •’n
C ° lo .— B O N D S V O T E D — At an election held
buhding bomlif 'It is’ sai™’ CaSt ln favor of the Proposition to Issue $16,500
II n
Pa^Vh^La^^BOND1^ ^ ! ^ — ^bi^ie^bf ^ioS^OO^^^rb-d'lstrfct'No0”
?A
W l l S T c ™ o?P
New°Od
rleansbeen purchased' * sta^ '. '»y Watson,
HAMILTON, Butler County, Ohio .— B O N D S A L E .—On Jan. 16 tho
103 p 2358)b°ndS' aggregat,ng 5(6.128 70. were awarded a,s follows (V.
$15,000 00 4)4% street bonds to Seasongood & Mayer of Cincinnati for
i 100 ~n tr,
*15,t/6, equal to 105.173.
1,128 /0 6 % street bonds to the HamUton Dime Savings Bank Co. for
, . SI. 142 70. equal to 101.24.
There were 14 other bidders.
orf^flSi f ^ f e ^ ^ « .- ? ^ ^ v S 5 £ .'f i S S 3 f 8 2 a ^
f 5-^ieI^SS „ HANFORD, King,; County, Calif .— B O N D E L E C T IO N .—1 ho question
£
T
awarded at par on July 17 to the State of West Virginia.
°*
344,000 fire mains aiid fire alarm system ext, bonds (V. 104
’
EAST BATON ROUGE PARISH, La.— B O N D O F F E R IN G .—Sealed p. 180) will be submitted to a vote, it is stated, on Jan. 25.
bids will bo received until Feb. 15 by R. T. Gibbens, Pres. Bd. of Supervis n n ^ R?!l? f AX P UrPRAJN
,AGE DISTRICT (P. O. Clarksdale), Miaa.
ors ( P . O. Baker), for $130,000 5% Road Dist No. 2 road-construction B O N D S A L E .— On Dec. 5 last S10.000 6 % gold coupon improvement
wore awarded to
of Commerce & Trust Co.
Memphis
bonds, Series “ O.” Denom. $1,000. Prin. and seml-ann. int. (J. & D.) at 10 7 -7 6 andigterest. tho Bank$1,000. Date Nov. 1 1916. ofInt. M. &
Denom.
payable at the Dist. Treas. office or at the Nat. City Bank, N. Y ., at the iirLv
1 1^35 and 1936. These bonds are tax-exempt.
option of the holder. Due serially from Dec. 31 1917 to 1946. Cert, check 700*ded dcbt’ deluding this Issue, $136,000. Assessment benefits, $252,for 55,000 required. Any bid predicated upon the favorable opinion of any
attorney to be rendered after the bid has been mado will borojected. All P n w n TFn RDt C<?HNTiX a ^ . ■!?*, Hartf°rd), C o n n .— B O N D S P R O
P*
investigations as to legality to be made before dato of sale of bonds and P O S E D .— Reports state that a bill lias boon introduced in the House of
Reprasontatives at Hartford authorizing this county to Issue coupon jail •
necessary data will bo furnished for that purpose.
e. /J!!lrcli?se aru,1 construction bonds
T h e o ffic ia l notice o f this bond offerin g w ill be fo u n d am ong the advertise $1,000. Duo at least $20,000 yearly. not to exceed $700,000. Donom.
m eats elsewhere in this D epartm ent.
HASTINGS SCHOOL DISTRICT (P. O. Hastings). Adams Countv
^ °t' Cl>.v?land)’ Cuyahoga County, Ohio.— B O N D ^ . — D E S C R IP T IO N OF B O N D S .—th e $200,000 coupon X-purchalse’
P*
?
9 E £ Ev n N 9li —Proposals will be received until 12 m. Feb. 9 by Clias. J. building and equipment bonds authorized by voto of 038 to 567 at tho
amount '* 4 j eg«9 for 7 issues of 6 % coup, street assess, bonds. Of this dated° AnrU ? C 17 19 I®|(V* 1 ' p' 1
iqi
a„°u
,530) ar,° !n tho denom. of $ 1,000 and
S n lr ftlm u i
sewer and $13,105 for sidewalk improvements.
Treas. o C .1 Duo? as fo llo w s f semi-ann» al b>t.. payable at the State
a ™ 1 ?oto
.Payable at office of Vil. Treas. Due beginning
thn Vil t L , C , S hfSk f n 1 0 % of amount of bonds bid for, payable to
<^
$1nn nnn 1 ?I?o'yr'
. ontl3 at not exceeding 4K % Interest.
b
the Vil. Treas., required. Bonds to bo delivered and paid for within 10
an’nnn 'M °'y
bonds at not exceeding 5%
interast.
^dO.OOO 1-5-yr (opt.)
bonds at not exceeding B H % interast.
days from time of award. Purchaser to pay accrued interest.
,?nd«o.d ebt. includingthis issue, $248,000. Assass. vat. of Dist. 1916,
ELIZABETH, Union County, N. J .— B O N D O F F E R IN G .—Proposals r,“ ’ 1S6.964. Actual assess, val.. $10,934,820. Henry E. Davidson is
will be received until 11 a. m. Jan. 30 by Dennis F. Collins, City Compt., the Secretary Board of Education.
for an issue of W x % coupon or reg. (purchaser's option) street grading
HAYS COUNTY (P. O. San Marcos), Tex.— B O N D O F F E R IN G .—
bonds not exceeding $25,000. Denom. $1,000. Dato Jan. 1 1917. Prin. 1 roposals will bo received until Feb. 1 by J. It. Wilhelm Countv Judge it
and semi-ann. int.—J. & J.—payable at Nat. State Bank, Elizabeth. Due b n K tL°r T
the * 75 - °« 0 5% 40-year ^ I s t r i c t ^
C VOt£^ n o n b- . Denom. $1,000. Interest semi-annual. Certified
51,000 yearly on Jan. 1 from 1918 to 1942, inclusive. Cert, check on an J?un !S e $ 1,000 'required.
check for
incorporated bank or trust company for 2 % of bonds bid for, payable to
,
.u?,erno
OND SA E
W “ City of Elizabeth,” required. Purchaser to pay accrued interest. « .* !A ? LET0 £ ’ L Sons ofCounty, Pa .— BpurchasedLan.—Reports state
ho
that Geo. S. Fox &
Phila. recently
issuo of $60,000
The
S. Mtge. & Tr. Co. will certify as to the genuineness of the signatures street and sewer bonds for $61,600, equal to 102.606.
.
of the city officials signing the bonds and the seal impressed thereon and
HIGHLAND PARK SCHOOL DISTRICT (P. O. Highland Park),
their legality will bo approved by Hawkins, Dolafield & Longfellow of Wayne County, Mich.— B O N D S A L E .—Tho Highland Park State Bank
was awarded on Dec. 1 the $200,000 15-year school bonds at 104.525 (less
N. Y., whose opinion will be furnished purchaser.
The following financial statement is furnished in connection with tho expenses) for 4>4s.— V. 103, p. 2006.
above offering:
HOLYOKE, Hampd en County, Mass.— T E M P O R A R Y L O A N S I S
Assessed valuation of real property, 1916.____ __________$62,749 207 00 S U E D D U R IN G Y E A R 1916.— Below wo give a list of tho temporary loans
1 ersonal property____ ________________________________ ' 8,010,451 00
negotiated by this city during tho calendar year ending Dec. 31 1916:
U.
A m o u n t.
Bonded debt, including present issue_______
^4l 456 1 0 00
*5
F taxes8 debt’ exclusive of loans in anticipation of'current
’
U
IJ
Funds In hand and sinking funds held for the paymont of the
190 99
above debt...... ............................- .............- - ...................... 1,446,763 57
l he offic ia l notice o f this bond offering w ill be fo u n d am ong the advertise
m ents elsewhere in this D epartm ent.
EL PASO, El P a s o County, Tex.— B O N D O F F E R IN G —Scaled bids
wM
,,ntH 10 a. m. to-day (Jan. 20) bv J. F. Dawson Citv Clerk
tor $ 100,000 septic tank installation, $75 ,000’ drainage system ‘$40 noo
voted L)ec. 19 last (V. in’n 00 oaim lmProveraent 4)4%'20-40-year1bonds
Q°?ast\d 103, p. 2416). Denom. .81,000. Date Jan
v'?
voted
1917
Interest semi-annual. Certified check for $5,000 required.
‘ ’
- A ^ d N O R E , R i v e r s id e C o u n t y , C a l i f . — B O N D S A L E .— An issue of
nX,£ o L »\ ,r 14 ' iL ?e^lal bridge bonds was some time ago purchased by
ean
lorrance, Marshall & Co. of Los Angeles for $3,718, equal to 106.228.
EVERETT SCHOOL DISTRICT NO. 24 (P. O. Everett), Snohomish
and ^ ? # ) ? fundmg 20 -year bonds Jan’ 8 awarded, it building-addition
$150 m
were the $,50-000 is stated, to tho
State of Washington at par for 4)Ss; the bonds are optional after one year
71D VAf ! ^
F
E n T ° ^ N S H I P <P - O* G a l a t i a ) , B a r t o n C o u n t y , K a n s . ^
i6 i is stated, at the election issuinK railway-aid-construction .
i?
carried, it! X ^ £ ‘T T 1ie.£ ue!?tl< ofrecently held by a voto of 109 to 2bonds
F A Y E T T E C O U N T Y (P. O . C o n n e r s v il l e ) , I n d . — B O N D O F F E R IN G .
T^eI?P°foa $
r
e
llntU 2 p’ m
A.Jan A by Clyde Masters, Co.
27
18,787 20
% 6-year aver. Chas. A. Ryman et al. road bonds
> bosey Twp. Denom. $939 36. Date Jan. 15 1917. Int M & N
'>
Due $939 36 each she months from May 15 1918 to Nov. 15 1927 inch ^
F E L L S M E R F ., S t . L u c i e C o u n t y , F la .— B O N D S A L E __Rpnnrts atnin
Dee 9oe S 5 0 ’°,Q° 6 % street, sidewalk and surfaco drainage bonds vofed
Dec. 29 were disposed of at private salo on Dec. 30 at 103.50.
F IN D L A Y , H a n c o c k C o u n t y , O h io .—
B O N D O F F E R IN G . __ P roD osals
w be received until 12 m. Feb. 15 by A. E. RLsser, City Aud!, for OTsues
JH
f t ' w an'J sower bonds aggregating $36,313. Int. somf-ann. Cert
? b b o n d s bid for, payable to tho City Treas., required. Bonds
to pay accru^dImerast. f° r WRh‘n 10 days frora time of award. Purchaser
..
lVAI
HEAD CO U N T Y SCHOOL D ISTR ICT NO. 44 (P.
o
W hite-
fish), M o n t .— B O N D O F F E R IN G . —Sealed bids will be received" until 11
?h-9n-t°’ da^ ^ a? ‘ 2q) by Harry L. Hayden, Dist. Clerk, for $ 8 ,2 5 0 544%
JI^b-year (opt.) coupon gold building bonds. Denoms. 8 for $ 1,000
1 for $ 25 0. Date Dec. 1 1916. Int. J. & D. In N . Y . exchange
B onded
•debt, including this issue, $ 3 5 ,2 5 0 . Assess, val. 1916, $ 1 ,1 7 8 ,7 0 0 .
R ate.
3200,000 2)4%
M a tu rity .
P urchaser.
D ale Sold
Nov. 7 1916 I I . C. Grafton Jr....................... ..Feb. 2
Nov. 7 1916 Blake Bros. & Co______________Mar. 22
100.000 2.71% Nov. 7 1916 Goldman, Sachs & C o ..
May 24
Mechanics' Savings Bank. H I ’ ’ May 26
Mechanics' Savings Bank............ Tune 28
Holyoke Water Power Co............ July 18
„ - ------------ Mechanics’ Savings Bank_______July 22
HOUSTON, Tex. B O N D S A L E S .—Tlio City Sinking Fund has nur
chased at par tho following 5 % bondsK
as pur
$525,000 wharf bonds purchased on Mar. 31 1916. Date Feb 15 191(5
, ,o rnn ? u? serial*y Feb. 15 from 1917 to 1930 lncl.
112,500 drainago sewer bonds purchased on Mar. 31. Date Feb 15 1916
07 m o Di*e serktUv Feb. 15 from 1917 to 1925 lncl.
37,500 wharf bonds purchased on Aug. 15. Dato Fob. 15 1916. Due
i'Ob. 15 1931.
50.000 sower bonds purchased on Dec. 1 . Dato Sent. 1 1916. Due
serially Sept. 1 from 1917 to 1936 lncl.
P
B O N D S A L E .— iOn Jan. 10 the $50,000 5% 2t-40-year serial sanitary
'o 5360.000 o% 5-40-year serial sanitary sewage disposal and
$825,000 4)4 % 8-40-year serial wharf bonds (V. 103. p. 2259) wereawarded.
it is stated, to Estabrook & Co., E. II. Rollins & Sons and tho Harris Trust
& Savings Bank, all of Chicago, for $1,285,750 (104.101) and lnt.
B O N D S A U T H O R IZ E D .—The City Council passed an ordinance on Jan .
3 providing for the Issuance of $ 100,000 bonds, of which $75 000 is for watersystem development and $25,000 for street improvements.’
IDAHO.— B O N D S P U R C H A S E D B Y S T A T E .—During tho months of
October and December the State Board of Land Commissioners purchased
at par the following 5 % bonds:
Eleven Issues, Aggregating $17,200, Purchased in October.
a .
„ . , _. ,
D ote
D a te lp f
A m t.
School D istric t.
P urch.
B onds.
D ue.
O ption.
$1,500 Ada County No. 2 3 ...Oct. 2 Oct. 1 1916 Oct. 1 1931 5 years
700 Boise County No. 55.-Oct. 2 July 1 1916 July 1 1930 5 years
2.000 Bonneville Co. No. 33.Oct. 2 July 1 1916 July 1 1936 5 years
700 Cassia Co. No. 43____ Oct. 2 Oct. 2 1916 Oct. 2 1926 6 years
„
2.000 Custer Co. No. 19........ Oct. 2 July 1 1916 July 1 1936 10 years
3.000 Franklin Co. No. 9___ Oct. 2 July 1 1916 July 1 1936 10 years
4.000 Bingham Co. No. 49. - -Oct'.
"Srn
— X11
'
Oct.17 1916 Sept. 16 ’26 5 years
450 Cassia Co. No. 44........Oct.
25 Oct.23 1916Nov. 1 1926 5 years
1
Canyon Co. No. 5 ........Oct. 25 July 10 T 6 July 10 ’36 10 years
Elmore Co. No. 13----- Oct.
25 Sept. 23 T 6 July 1 1936 10 years
1,100 Nez Perce Co. No. 5 6 ..Oct. 25 Oct. 17 1916 Oct. 1 1926’ 17 t o ’26
„ ~ p ou r Hsues, Aggregating $6,200, Purchased in December.
$1,800 BonnovlUo Co. No. 29.Dec.
1Sept. 29 TOJuly 22 ’35 5 years
1,800 Bonneville Co. No. 36.Dec.
9 July 1 1916 July 1 1930 10 years
1.600 Nez Perce Co. No. 28..Dec. 11 Nov. 25 T 6Nov. 17 ’26 4 yearn
1,000 Boise Co. No. 19........-Dec. 19 Oct. 15 1916 Oct. 15 1926 5 years
INDIANAPOLIS. Ind.— T E M P O R A R Y L O A N . —On Jan. 13 a loan of
S300 000 maturing May 28 1917. was negotiated with the Fletcher American
Nat.’ Bank of Indianapolis at 1H % Int..
Of this loan $200,000 will bo dated Jan. 15 and $100,000 Feb. 15 1J17.
o f e S . B u sin g Director, for the following
381
THE CHRONICLE
J an. 20 1917.]
3 'A % coupon tax-free school
KealC
^°ateala n d to p v « n e n ? Z n J r
DueKS.OOO July 1 1947.
Denom a$LOOO.’ ’° Date '/eb . 1°l\fl7. Prin. and semi-ann. int.—J. & J.—
payable at Indiana Trust Co.. Indianapolis. Cert, check on a responsible
Sank or trust company for at least 3 % of bonds bid for, payable to the
Board of School Directors, required. Bonds to bo delivered on Feb. 14.
No bids will bo considered except those made on special forms and enclosed
in printed envelopes furnished by the above Director.
INDIAN CREEK DRAINAGE DISTRICT NO. 1 (P- O. Falcon),
Panola, Quitman and Tunica Counties, Miss.— B O N D S O F F E R E D B Y
H A N K E R S . —The Mcrcantilo Trust Co. and Smith, Moore & Co., of St.
Louis, aro offering to investors $250,000 5 M% coupon drainage-system
improvement bonds. Denom. $500 and $1,000. Date Nov. 1 1916.
Principal and semi-annual interest (M. & N.) payable at the Mercantile
Trust Co. Due on May 1 as follows: $10,000 19 2 2 , $ 10,500 1923, $11,000
1924, $11,500 1925, $12,500 1926, $13,500 19 2 7 , $14,500 1928 and 192.1,
$15,500 1930, $16,500 1931, $17,500 1932, $18,500 1933, $19,500 1934,
$20,500 1935, $21,500 1936, $22,500 1937. . Assessed benefits. $846,
The sale of $225,000 of these bonds was reported in V. 103, P- i»ro.
IRVINE, Estill County, Ky . — B O N D
On Jan. 1 5^hed|12,000
S ^ S T w . ' & c S S M i M s i ’j.M o! c„„al to 101.680.
JACK ^ A M T ^ H O O L ^ I I T B ^ P ^ H . ^ ^ C o p l g
wm o ffe for sale in Mm-cli an issue of $2,500 building bonds.
lAj-’ fc'QON $PHOOL DISTRICT (P. O. Jackson), Jackson County ,
Miih C— /SO N D O F F E R IN G . — Bids for an Issue ofJS185,000 4)4% ] 1
-ivor "school bonds will be received until 7 p. m. Feb. 2, it is said, by Geo.
\V. Scotford, Sec. Board of Education. Int. semi-ann. Cert, check for
2 % , required.
^
JACKSON TOWNSHIP. Northampton County, No. C a ro .— B O N D
O F F E R IN G . —Scaled bids will be received until 10 a. m. Feb. 15 by G. A.
Moore, See. Board of Road Commrs. (P. O. Jackson) for $8,000 road bonds.
1 FFFFRSON COUNTY (P. O. Fairfield), Iowa.— B O N D S A L E . Local papers state that an issue of $85,000 funding bonds has been purchased
by Geo. M. Bechtel & Co. of Davenport.
touimqon COUNTY (P. O. Iowa City), Iowa.— D E S C R IP J IO I\ OF
O
TjAv/it._c 17 Q Q 41,' % funding bonds awarded on Jan. 2 to Chas. S.
0
S i S& C ^ ? o 7 8 & o 1 f . l 0 4 l . p V ) * « e t a t ^ d a n o ^ o f « A M ^ d '
dated Jan. 1 1917. Int. J. & J. Due $10,000 Jan. 1 193o ana $/,uuu
Jan. 1 1936.
KENDALL (P. O. Tulsa), Tulsa County, O h io .— B O N D S A L v ’Trut"
Jan. 8 tho four issues of h% 25-yr. bonds, aggregating $125,000, (V. 104
p . 87 ), woro awarded to Geo. W. & J. E. Piersol of Oklahoma City, at
101.424. Other bids were:
Union Nat. Bank, T u lsa ...$126,776 |W. A. Brooks , Okla. City. $126,750
As soon as tho bonds aro signed by tho trustees of Kendall, the town will
bo made a part of tho city of Tulsa. The city will automatically assume
tho bonded indebtedness.
KITTITAS RECLAMATION DISTRICT (P. O. Ellensburg), Wash.
- O P T I O N G R A N T E D TO P U R C H A S E B O N D S . The District Secretary
advises us, under date of Jan. 11. that an option to'Purchase.the $.,,000,000
hiffh lino canal construction bonds voted Dec. 16 1011 (V. 9.5, P- ISUo;. ana
ennstruct tho canal, has been granted to a syndicate of contractors and
tankers lleLSl by Twohy Bros'! C. W. Johnsono is Secretary.
KNOX COUNTY (P. O. Vincennes), Ind.— B O N D S A L E . On
Tin 10 -in issuo of $7.903 38 6 % 5 M-year average levee-construction
bonds was awarded, reports state, to Miller & Co., of Indianapolis or
cq 01 k ooual to 103.816. Denom. 1 for $703,38, 9 lor $$UU. Date
Tvpril 1 1916 Int. J. & D. Duo $703 38 June 1 1917 and $800 yearly on
Juno 1 from 1918 to 1926. inclusive.
KNOVV1LLE Knox County, Tenn.— B O N D S A L E . —On Jan. 16 tho
•a® 000 30-ycT r\ S -w orks bonds (V. 103, p. 2359) were awarded it is
stated to Seasongood & Mayer of Cincinnati lot ^238,o -- (103.,8,) as
4Ms. ’
LAFAYETTE SCHOOL DISTRICT NO. 6 (P. O. Lafayette), Lafay
ette Paris!, La._B O N D S A L E .— O n Jan. 3 $30,000 5% 1-15-year serial
building bonds were awarded to tho Bank of Lafayette at 102. Denom
$500. Date Jan. 1 1917. Int. aim, on July 1.
LAFOURCHE BASIN LEVEE DISTRICT (P.O. Donaldsville), La.
__b o n d S A L E . —On Jan. 11 tho $250,000 5% 11-20-year serial coupon
drainage and levco bonds (V. 103. p. 2447) were awarded to tlio Whitney
Central 1
Trust & Savings Bank of New Orleans for $261,877 (104.75) and
interest; district to receive 3% on daily balances, credited monthly.
LAKE COUNTY (P. O. Crown Point), Ind.— B O N D S A L E .— On
Jan. 16 tho $7,800 5% 5-year ditch bonds ( V . 104. p,.181) were awarded
to Breed, Elliott & Harrison of Indianapolis for $7,866 50, equal to 100-853
100.571—as 4 % s . Denoms. (17) $1,000, (1) $500.
Int. annual on March 1.
Date March 1 1917.
L I N C O L N S C H O O L D I S T R I C T , S a n L u is O b i s p o C o u n t y , C a li f .—
B O N D O F F E R IN G .—Proposals will bo received until 10 a. m. Feb b by
F. J. Rodrigues, Clerk Board of County Supervisors (P. O. Sm Luis
Obispo). for tho $2,700 6 % gold building bonds voted Dec. 2 last. Denom.
$300. Date Feb. 6 1917. Principal and semi-annual interest (F . & AJ
payable at tho County Treasurer’s office. Due $300 yearly I cb-. 6 from
1918 to 1926, inclusive. Bonds to be delivered and paid for within A°
days after award. Certified check on a reliable bank for 10% of bid,
payable to the County Treasurer, required. Tho district has no bonded
debt. Assessed valuation, $114,596.
L I N D S T R O M , C h i c a g o C o u n t y , M in n . —-B O N D S A L E . -The First
State Bank of Lindstrom has been awarded the $3,000 5% park-site-pur
chase bonds voted Sept. 19 1916.—V. 103, p. 1058.
LOGAN
COUNTY
(P . O . B e l i e f o n t a i n e ) , O h i o . —
B O N D S A L E .-—
On Jan. 15 the $15,500 6 % 2 M-year average ditch bonds (V. 104, P- 181)
were awarded to Seasongood & Mayer of Cincinnati for $16,168, equal
to 104.309.
The other bidders were:
. , „
„ ,
„„
Snitzer Rorick & Co___ $16,092 00 Commercial Sav. Bank. .$15,946 30
Security S. B. & Tr. C o .. 16,070 40 |
Bellefontaine Nat. Bank. lo,860 00
L O R A I N , L o r a i n C o u n t y , O h i o . — B O N D S A L E .—The following bids
were received for the $50,000 4 A % 14 M-yr. aver. coup, water-works bonds
offered on Jan. 16—V. 103, p. 2359:
Prov.iSav. Bk. & Tr. Co. .$51,885 00
A. E. Aub & Co..................... $52,70000
Davies-Bertram Co_____ 51,710 00
Otis & Co............................... 52,56300
Seasongood & Mayer___ 52,550 00 Breed, Elliott & Harrison. 51,705 00
Field, Richards & Co___ 52,520 00 W. L. Slayton & Co-------- 51,635 00
Stacy & Braun................. 51,586 00
F irst Nat. Bank___________ 52,29560
O. E . Denison & Co_____ 52,230 00 F. L. Fuller & Co_______ 51,537 50
Tillotson & Wolcott Co___ .52,220 00 Channer & Sawyer.......... 51,415 00
Harris, Forbes & Co____ 52,142 00 Security Sav. B. & Tr. Co 51,405 00
Rud. Kleybolte Co-------- 51,263 00
Feibel-Elischak___________ 52,13750
Sidney Spitzcr & Co____ 52,012 00 Spitzer, Rorick & Co____ 51,210 00
LUCAS C O U N T Y (P. O. T oledo), O hio.— B O N D O F F E R IN G .r Pro
posals will be received until 11:30 a. m. Jan. 30 by Gabo Cooper, County
Auditor, for $4,200 5% Local Sanitary Sower No. 31 bonds. Auth.
Secs. 6602-5 and 6602-6, Gen. Code. Denom. 1 for $200, 4 for $1,000.
Dato Feb. 9 1916. Prin. and semi-ann. int.— F. & A.—payablo at office
of County Treasurer. Due $200 Feb. 9 19i 8 and $1,000 Ineb..9 1919 to
1922 inch Certified check on a Toledo bank (or cash) for $100 required.
Bonds to bo delivered on Feb. 9.
LYO N S W ayne C ounty, N. Y — B O N D O F F E R IN G . —Newspaper
reports state that this village is offering for sale an issue of $115,000 water
bonds.
McCRACKEN, Rush County. Kans..- B O N D S VO TED -The propo
sition to issuo $30,000 water and light-plant bonds carried, it is stated, at
the election held Jan. 9 by a vote of 181 to 44.
McDOWELL COUNTY (P. O.W elsh), W. Va.— B O N D S' S O L D The
Stato of West Virginia was awarded at par on Sept. 25 1916 an issue or
$290,000 5% Sandy River District ^ d - t a p t . bonds, lhe bonds are
dated May 1 1916. Due serially from 1917 to 1945.
M ..XFFSPO R T Allegheny C ounty, Pa.— B O N D O F F E R IN G . It te
stated that bids wifi bo considered by H. S. Jaycox, *
s
juPfc: of
ann
2 n m. Jan. 29 for $90,000 4% 15M-yr. aver, water bonds. Int. semi-ann.
Cert, check for $1,000, required.
M ADISON, Rockingham C ounty, No.
C a r o .— E O N D
Sealed bids will be received until Feb. 15 by T. D. Meador for $8,000 6 %
30-year bonds dated 1908. Denom. $1,000. Int. semi-ann j Cert, check
for $500, payable to the “ Town of Madison,” required.
MADISON CO U N TY (P. O. Anderson), Ind.— B O N D
O F F E R IN G .—
Proposals will bo received until 10 a. m. Feb. 1 by Geo. T. Beebe, County
Treasurer, for twelve issues of 4 A % 6-year average road bonds, aggregating
$169 820. Tho issues cons'st of tho following: $2,860, $2,460, $3,200.
$2:900, $8,300, $9,500, $23,600, $20,000. $17,500, $25,000, $20,000 and
$24 500. Denom. 20 bonds of equal amounts to each Issue. Date Feb. 1
1917 Int M . & N. Due one bond of each issuo each six months from
Mav 15 1918 to Nov. 15 1927, inclusive. Bids must bo made on forms
furnished by the county. To enable immediate delivery of bonds on day
of sale, each transcript will have attached to it a written op mon of Smith
Remster Hornbrook & Smith, attorneys, cast of same to be paid by the
purchaser in addition to the amount of his bid.
t
1? OOO^JuTicial"IMtclT^IM
59lt$lo^OOOnjudkial
$57 000 JudVc'iapDitchVo.^O anil $6,000 County Ditch No 9 construction
in 1/ war avwasr'honds (V. 103. P. 2447) were awarded to Geo. M.
Bechtel & Co.! of Davenport, for $88,402 (100.456) as 4 Ms. Denom.
$1,000. Date Feb. 1 1917. Int. M. & N.
MELROSE, Middlesex County, Mass.— N O T E O F F E R IN G .— Proposals will bo received until 12 m. Jan. 23 by m. R. Lavender, City Auditor,
for the following 4% coupon notes:
%7 900 surface drainage notes. Denom. 1 for S700, 13 for
' ’
$700 Jan. 1 1918 and $500 yearly on Jan. 1 from 1919 to 1931. ind.
6 600 park notes. Denom. 1 for $600. 12 for $500. Duo $600 Jan. 1
’
1918 and $500 yearly on Jan. 1 from 1919 to 1930, inclusive.
Date Ian 1 1917. Principal and semi-annual interest—J. & J.—-payable
at the National Shawmut Bank, Boston. These issues will be certified as
Peoples Bankfc'rown Point. .$7,8661
Commercial Bank, Crown P t.$7,810 to their:genuineness by tho Old Colony Trust Co. and this trust company
will further certify that legality of these Issues lias been approved by
Rones Gray Boyden & Perkins of Boston, a cony of whose opinion will
L A M O U R I E S C H O O L D I S T R I C T N O . 3 2 , R a p id e s P a r i s h , L a .—
B O N D O F F E R IN G . —Proposals will bo received until 12 m. Jan. 30 by D. B. accompany the bonds when delivered without charge to the purchaser.
Showalter Hupt.-Treas. Parish School Board (P. O. Alexandria), for $20,- Total debt Dec. 26 1916. $994,695; amount within limit, $264,065; sinking
nno 6% sito-Durcliaso building and equipment bonds authorized by voto of funds (within limit), $10,308; net valuation 1916, $19,645,loO.
26^to 1 at an oloctlon held Nov* 29 1916. Date Feb. 15 1917. Int. a.in on
MEMPHIS, T e n n . — B O N D S P R O P O SE D .— Local papers state that this
Uph i ^ at tho School Trcas. office. Due on hob. 15 as follows. $400 1918,
1919 1920 and 1921; $500 1922 and 1923; $600 1924, 1925, 1926 and 1927* city will soon ask the Legislature for authority to issue $500,000 refunding
*700’ l928 and 1929; 3800 1930. 1931. 1932 and 1933; $900 1934 and 1935.
11 000 1936 and 1937; $1,200 1938. 1939 and 1940; $1,500 1941 and 1942. ' MIDDLEPORT SCHOOL D IST R ICT (P. O . M iddleport), Meigs
Cert check for $200 required. This district has no indebtedness. Assess. C ounty, O hio.— B O N D S A L E .— On Dec. 30 tho 35.000 5% 1 1 -year selloo
bonds—V. 103, p. 2359—weroawarded to I illotson & Wolcott Co. of'Cleve
val.ioiO $425,000.
LA SALLE, Weld County, Colo.— B O N D S A L E .- —Reports state that land at 104.41 and int. Davies-Bertram Co. bid $5,201, equal to 104.02.
M ID D LESEX CO U N T Y (P. O. Cambridge), Mass.— L O A N O F F E R
Kppler Bros of Denver have purchased the $25,000 10-15-year (opt.) water
works construction bonds authorized by voto of 35 to 20 at an election held IN G . __Bids for a loan of $200,000, dated Jan. 24 and maturing Nov. 7
1017*, will be received until 10 a. m. Jan. 23 by the County Ireasurer, it is
Jan. 9.
I AWRFNCE. Douglas County, Kan.— B O N D S A L E . —The $21,- said.
M INNEAPOLIS, M inn .— B O N D S A L E .— On Jan. 10 the $10,000 4%
■X 7 1 life/ street-paving bonds authorized on Oct. 24 1916 (V. 103, p.
1 0
f v l o ^ h l ^ A W o f . Denom $534. Date July 1 1916. Int. coupon appraisal bonds (V. 103, p. 2359) were awarded to the Minnesota
Loan & Trust Co. of Minneapolis at 100.05 and int.; bonds to mature N o t. 1
J. & J. Due one-tenth yearly for 10 years.
I FRANON SCHOOL DISTRICT (P. O. Lebanon), Warren County, 1919. Other bids were:
„
0. 7
O h io — BOND S A L E — O n Jan. 12 tho $60,000 5% coup, school bonds— Wells & Dickey1Co., Minneapolis: 1 1917, 99.57. or *9.957.
Dated Nov. 1916. payable Nov.
v Y r v T n ■ere awarded to Cummings, Prudden & Co. of Toledo
w
Dated Nov. 1 1916. payable Nov. 1 1918, 99.67, or $9,967.
at 1 0 1 ’0 0 lino IU».
.
at, 107. .33 and int. Other bids were:R. L. Dollings C o . . . ............$63,600
Dated Nov. 1 1916, payable Nov. 1 1921, par and prem. of $17, or
F. C. Iloehlor........ ............ r i'o ii Rudolph Kleybolte Co_____ 63,333
Breed, Elliott & Harrison... 64.344 \V. L. Slayton & Co_______
Dated'nov . 1 1916, payable Nov. 1 1926. par and prem. of $27. or
63,330
Fifth-Third Nat. Bank------- 64,098
Seasongood & Mayer--------- ol.uzi Tillotson & Wolcott Co___ 63,324
Dated’^Nov. 1 1916, payable Nov. 1 1936, par and prem. of $57, or
Field, Richards & Co______ 63,193
Lebanon National Bank and!
S10 057.
Citizens' National Bank----/ 63,810 Stacy & Braun___________ 60,960
Well, Roth & Co_________ 63.798 Terry, Briggs & Co.............. 60,828 K Dated N ovl'rioto^payable Nov’.' 1 1946, par and prem. of $150, or
Feibel-Elischak Co_______ 63,735
......
,
, _u ,
S10 150
* This bid appears to bo higher than that of tho purchasers, but it is so
MONROE CO U N T Y (P. O. Bloom ington), Ind .— B O N D O F F E R IN G .
furnished us by tho Clerk of the Board of Education.
__i> i,i Walkcr County Treasurer, will receive bids until 2 p. m. Jan. 30
I I B E R T Y S P E C I A L S C H O O L D I S T R I C T (P . O . D e la w a r e ) , D e ln for $16*000 Hunter road and $14,300 Cooter road 4
_6-year aver. road
C o u n t y , O h i o . — B O N D O F F E R IN G .— Proposals will bo received bonds of Bloomington Twp. Denoms. $800 and $665, respectively.
until I d m Jan. 27 by W. D. Poole, Clerk Bd. of Ed., for $2,500 5% coup. Date Jan. 2 1917. Int. M. & N. Due one bond of each Issue each six
cMinnl bonds. Autli. Secs. 7629 and 7630, Gen. Code. Denom. 2 for months from May 15 1918 to Nov. 15 19-7 incl.
school.DOnus^
t„ „ 07 10 17
|>rin. and semi-ann. int.—M. & S.
MONTPELIER, W illiam s C ounty, O hio. — B O N D S R E F U S E D ^— 'The
$12 000 5% 20-vear street bonds offered on Dec. 11 were awarded on that
day to Dm-feeV Niles & Co. of Toledo, but were subsequently refused —
w ir e C on n tv bank (or casn) tor »zou. payaoio ro aoove uierK, required.
Bonds to bo ileli vered and paid for within 10 days from dato of sale. Bonds V . 103 . D. 19 12 .
__
M YR TLE PO IN T. Coos C ounty, Ore.— B O N D S A L E . On Jan. 8
will bo sold under a transcript approved by Peck, Shaffer & Peck of Cincin.
$19 834 79 6% 1 - 10 -year (opt.) street-impt. bonds were awarded to the
L IN C O L N C O U N T Y S C H O O L D I S T R I C T N O . 72, W a s h .— B O N D
v a t f __On Dec 9 last $17,500 1-20-year opt. school-system-maintenance Lui^ermen’s Trust Co of Portland for $13,309 79 (103.70) and int. Other
b o n d s 'w e r e awarded to the Exchange Nat. Bank of Spokane for $17,600-
THE CHRONICLE
2 8 2
: ° r£ ! y r He £ oln,l’ 513.026 06 and int. for $12,834 79 .
t
& Co., I oledo, $12,999 79, biftnk bonds & int for ^ o cq4 70
si
I?nrri? t 1 Ce ^>92;’ 8 <
? '
ia*',H ,’ 512,856 79, blank bonds & int. for S12'618 29*
2
Morris Bros., J ortland, $12,849 79, blank bonds & int. for $12,618 29.
C. H. Coffin, Chicago, par, less $400 for attorneys’ fees, &c., for $12,618 29
N E M A H A C O U N T Y D R A I N A G E D I S T R I C T N O . 3 (P . O . S o u t h
A u b u r n ) , N e b . — B O N D S A L E . — On Jan. 10 the S48.656 5% 7-vear drain
age system bonds (V. 104, p. 88 ) were awarded to the Carson National Bank
J & J.
par and int’ Denom. $1,000. Date Jan l 1917 int
[Vol . 104.
f,EpF?H’l’CN TOWNSHIP, Stevens County, Minn.— B I D S All
C. W^Audertfls TowfcieFk6% b° ndS ° ffered on Dec' 30 were rc^ct^d
Dinwiddie County, Va.— B O N D S A T 7T T T O P T 7F D __
issuance^of°$250 000*’43^%rt4 nta* paSm.d an orchnance providing for the
;o’
ssuance of $250,000 4ri/f 7 40-year public improvement bonds.
PIEDMONT, Oakland County, Calif.— B O N D O F F E R IN G __TU win
d=
w
rfontn» l 8i'30p’ P1’
1 hy P. B. Howard, City Clerk, for $25,000
o/o r n™V
fire-dept. equipment and impt. bonds authorized by vote of 995 to 292
at an election held Nov. 7 1916. Denom. $250. Date Jan. 1 loi?. Prin
and seml-ann. int. (J. A J.) payable at the City Treasurer’s office or at the
GVt7 ai diBan{
n
8^V’ ’i
Duo $1,250 yearly Jan" 1 from 1918 to
'.nc!.- Cert, check for 5% of amount of bonds required. Bonded
d®ht, including this issue, $111,000. Assess, value of real estate and per®°na* Property, $6,924,946. Official circular states that there is at present
enrnnr^fo^fr- ^ ° r 1
S
‘fixation of any kind pending or threatened affecting the
n?n,.kfu?LC uS 0nc0 or ^ho boundaries of tho city or the title of Its present
,
X
officials to their respective offices, or as to the legality of any bonds.
hi
N- J -— B O N D S P R O P O SE D .— Tho Common Council has
Fowfne 4 C ^ a?n,m°nrS C I\ rea{!lng providing for the issuance of tho folrn O d
s i f i n , C U or reg. (purchaser’s option) bonds:
0 P$160,000 (not exceeding this amount) of police-building bonds. Dcnom.
and bond number 30 for remaining amount. Duo
M a r^ ^1947^ ° n A4ar' 4 Irom 1918 to 1946 incl. and remainder on
15,000 (not exceeding this amount) of city-hospital bonds. Denom.
i and bond number 5 for remaining amount. Due
anioun/onJlarl1 D1922? fr° m 1918 ‘ ° 19 2 1 incL and remaining BONDE
SVtT?’WN\
SHI^i (P; ° ’ SPr*nsf*eId), Clark County, Ohio.—
b u n d S A L E .—According to reports, tho State Industrial Commission
Int. on above bonds to be paid semi-annually.
has purchased at par an issue of $15,000 school bonds.
PORT HURON, St. Clair County, Mich.— B O N D S V O T E D __At tho
SrC 10°0.000 4>t% »too™£„°<i', 357 to U 5 w“ cast ln ra' r ” r “ >»
S
or
*to « « » « ■ « » •
gmwinn funding bonds recently Hamilton),by tho BoardNof County ComP*
$150,000 r,LIi^ '°V NTiY ^ 9 ’ authorized Mont.— B O D S A L E .—Tho
Mtaneapolte.er8 awarded on Dec’ 9 last to VVells & Dickey Co. of
$43,000 00 sevver bonds dated Dec 1 1916. Duo $2,000 yearly 1917 to
40 40 * nA 1929’ inclusive, and $1,000 yearly 1930 to 1946, inclusive.
49,405 04 sewer bonds. Date Jan. 1 1917. Due $2,405 04 Jan. 1 1918.
o i ^ yeaJly °P ^an* 1 from 1919 to 1936, inclusive, and $1,000
yearly on Jan. 1 from 1937 to 1947, inclusive.
N I C H O L A S C O U N T Y ( P . O . C a r l i s le ) , K y. — B O N D S A L F __On
Ma% 2 9&ac o a o f c “ nc”L $ati’00° 5% fUndlHg b° nds W awarded to'J- «•
r
28
Cro
REED CITY, Osceola County, Mich.— B O N D O F F E R IN G . __Bids will
L? ^ ‘ veci until Jan. 25 by Stuart C. Hammond, Vil. Clerk, for an issue of
3
$1,500 5% sewer bonds, reports state. Due from 1 to 4 years.
RENSSELAER, Rensselaer County, N. Y.— B O N D O F F E R IN G __
Proposals will be received until 12 m. Feb. 2 by Raymond A. Blakeman Jr.
City lreas., for $114,400 4H% reg. school bonds. Dato Feb. 15 1917’
Irin. and semi-ann. int.-—J. A J.—payablo at office of Citv Treas., or on
request will be remitted by mail in N. Y. exchange. Due $4,000 yrly. on
incorno^ted bank 194,8- T " and $ 2 (or Ja"- 1946. of bonds bid an
mcorporatea19^ 8 ° or trust *company -409 cash) 1for 2 % Cert. checlf onfor
tl*°rp lt?r '^rCv " r%|"ired• Ronds will bo delivered on Feb. 15
aW A Tr^lt.Vr^ 311 n N ’iY ’ ? ‘ds milst be mado on forms furnished by tho
this
o P o haser
oq
pay accrued interest. Bonded dobt, oxcl.
i £ 8 E H f i t y sv h tw
D
f
temporary loans issued during tho calendar year ending Dec 31 1916-
A m o u n t.
$ 10,000
5.000
65.000
In te r e s t .
4%
4%
B onds.
P urchaser
First National lhank, Boston.
North Adams Savings Bank.
Chandler, Wilbor & Co., Boston.
T em
A m o u n t. R ate. ,, P urcha ser. porarym L o ans. R ate.
| o u n t.
A
$40,000 2.85%
P urchaser
8 S ^ * M t n & e & S 8 . S 8 w- 55-072-110' ® “ “
PirstNat.Bk. Bost.lSSO.OOO 3.16% Blake Bros. & Co.
30.000 2.61% Estabrook & Co.
30.000 3.64% II. O GraftnnTr
50.000 2.90% I'irstNat.Bk..Bost.l 20,000 4%
No. Adams Sav. Bk.
^ ^ mRT/ ! T AK;,01 \ - ~ n O N D S P U R C H A S E D B Y S T A T E .— During the
s i 07*01 'o f December the following eleven issues of 4% bonds, aggregating
84ri ' n V k Z e ^ r
7
n M
at ftar by i,1 statc of North Dakota:
?®
22*600 00 Divide County...................Refund. Dec. 11910 Dec. 11936
oo’SVo yV 9 1V >? Countv’ N° ’ 16” - r»I!]dK', ?ept. 30 1916 ^ept. 30 1936
K
S J E L VA E’ . 9 aa ° " County, Wise.— B O N D S A L E . — Kalman,
w
r5
iviattoson A Wood of St. Paul, were awarded on Nov. 27 tho $22,000 5%
* 23ynsn ^m,aitV^> o^eo ^ IlstrA bonds (V- 103. P- 2008). The price was
r
A A o ’ equal t0 101-909- Denom. $2,000. Date April 1 1917. Int.
m
RL9H^ 9 ° P i n d e p e n d e n t s c h o o l d i s t r i c t (P. o . Rich.
^ ° od)> N'cho ^ County, W Va.— B O N D S A L E .—An Issue of $40,000
\wh'5c^.00. b dg’ bonds was awarded at par on April 11
1916 to the Stato of West Virginia. Tho bonds are dated June 1 1910.
r,e 9 9 CfdES.TER> N- Y.— B ID S .—The other bids received for the 5 issues
«1 Oli Jn°inon abrogating $1 875.000, awarded to Haligarten A Co for
$1,945,491 89. equal to 103.759 were as follows— V. 104, p. 183:
«| oqq oqo no
Georgo H. Gibbons & Co___________
Estabrook A Co., Remick, Hodges A Co” HarVis.'Forbos A
i Qoa oto nn
Co.—jointly________________
J. S. Bacho A Co., Farson Son A Co.—jointly________ I ” ” 1,935 579 00
i ,934 887 50
National City Co., Redmond A Co.—jointly__________
HKseLKinnfcutt A Co William R. Compton A Co., EquitoV
■ n aw ° T
\rust c.°;. D. H. Rollins A Son—jointly___
1 931 g.14 00
’ ‘ U
U
R - w - Pressprich A Co.. A. B. Leach A Co.. H. A. Kahler A ’
o Co.. Hornblower A Weeks—jointly____ ________
j 931 951 00
B MB
Grenf A C^CUmmlngS’ Prudden * Co.—jointly-----” l ’,927’,726 00
nemphill White ACo'.'.s'idnev Spftzer A Co .".Stacy"ABraunI 1 '926’ 15° °°
*888S S S M Z S. D.lNo. 44Bldg -S S K Sept. 25 1936
S
r
T & 25 1916
Sept.
14,000 00
Larimore
July 1 1916 July 1 1936
5,000 00 Parshall S. D. No. 3
Bldg
Nov. 15 1916 Nov. 15 1936
1.200 00 Rural S. D. No. 2 . .......... Bldg Nov. 15 1916 Nov. 15 1926
47 non no School District No. 6 5 ... Refund, jnov. 15 iy 1(j Nov. . 15 1 _
Nov. it, 1916 nov 15 1926
41 000 uu Wheeler°sni? 'N n "61------- Bldg. Nov. 15 1916Nov.l5T7-’26
I.uuu 00 wheeler 8. D. No. r i -----Drainage Apr. 10 1916 Apr. 10 1931
t?A r r ^ A ? °
I f * ° - . M a n k a t o ) , B l u e E a r t h C o u n t y , M in n .—
S A L E .— O n Jan. 3 an issue of $5,000 bridge bonds was awarded
iv,!?C staS?’ *° the Capital Trust A Savings Bank of St Paul at 100 53
iriz’
for 4^ s. Denom. $1,000. Due $1,000 yearly from 11 to 15 years, incl
N Y S S A - A R C A D I A D R A I N A G E D I S T R I C T , I d a h o . __B O N D SA T F —
Improvement*bonds'^3 d‘StrlCt haS dlsposed of S70-000 clralnage-^ysfemS i? Ann ” I LL’ J.a. ks° n C o u n t y , O h i o . — B O N D S A L E .—On Jan. 10 tho
c
for $ri°S73 ^ !n ad-r,9
°^n^ iW rf° aT
-R
rar5oC to Davies-Bertram Co. of Cincin.,
.1
^
* " % , 3 635 00
™ a m J . iC eaad A
R
&Co°; fo\\r^suos: 1 1 1 ZZ1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 \ $ U '* 3 0 55
J
Robert Winthrop A Co., sewage disposal__________________ 360,500 00
ROCHESTER SCHOOL TOWNSHIP (P. O. Rochester), Fulton
O F F E R IN G .—Proposals will be received until 2
3 S 5 W K 5 5 ? ::: I S i
“ 2 ; ® : ;° b .
by Wm. K Stevenson, Twp. Trustee, for $18,000 4K%
I Oak Hill____________ 13,774 25 school bonds. Denom. 26 for $600: 2 for $1 ,200 . Date Feb, 3 1917
_ O A K L A N D C O U N T Y (P. O . P o n t i a c ) . M ich __ 7?OA/T) q a t r e _ n n
_
n 7,!!'5 (',nnS ZaVn' ,nt’—J’p& J-—Payablo at First Nat. Bank of Rochester."
?Itl
19Tl "ndn
tJanfriT93J2!y 1 19 18 *° Jan’ 1 1931 ’ ill0lusivo and
U
DSrl lT” dS~ V- 103- p' * 9 5 - ™ »™r<icd to & 0 f JulyTh
o
w,ul9 CKA^ Y ’ F o County. N. 3 .— B O N D O F F E R IN G .— Proposals
VA.
!I?,'ria
go"
8 p’ m’ Jan- 26 by -lames B. May, Boro. Clerk, for
I oh’°?°
av<ir- C
0l.,p- refunding bonds. Denom.
Date
a M m .0 ! !
on Mhe Question of issuing $650,000 school bonds. leb . 1 io? 7 1 0 4>'yr- and semi-ann. int.— F. A A.—payable $1,250. Nat
1917. I nn.
at First
O M A H A , N e b . — B O N D S P R O P O S E D .—This citv Is contemnlatimr tho
r w C ,Ko^kaway- Due $1,250 yrly. on Feb. 1 from 1918 to 19:57 incl.
’
S R
nanAM^|10^^2,° h'tcrsection aftd $200,000 sewer bonds, ^
sm ed
Cert, check on an incorporated bank or trust company for 2% of bonds bid
tteUvere^onFeb.?atIfbovebauk. Roro‘ Treas’
Bonds w il.^e
ROCK COUNTY SCHOOL DISTRICT NO. 9 (P. O Luvcrne)
scho^l bonds'voted^Jan/l^i^statatf" ’ Secretary’ for an lssuo ^ $ 1 2,00 0
H ^ F f“ .n 3An; 9 nn»{1' rhe 82-,29.° 6% building bonds offered on Dec. 2
'
at?par ' 103’ P’ 2008^ wero awarded on that day to A. B. Jargo of St. Paul
s
i r
e
*> c m s a i,^ :
»
win CCKFORD, Mercer County, Ohio.— B O N D O F F E R IN G .— Proposals
First Nat. Bank, GaIlipoils.$3,617 00 Stacy & Braun__________ $3 535 in $3 848 28?am1t9 7 W
' 10 ^ 9 , ° - lMxIcr- V l1 Clerk, for $4.173 75.
4-13-yp. serial street assess, bonds. Auth. Secs.
W. L. Slayton A Co.......... 3,607 80 New First Nat. Bank____ *3,578 75 ok ? j nr a
95 and 95a, Municipal Code. Denoms. $418, $349 and $276, respectively
Davlcs-Bertram Co__
3,60100 Tillotson A Wolcott Co.
3 572 45 Date Sept. 1 1916. Int. M. A S. Cert, check for 5% of bonds bid for
Prov. Sav. Bank A Tr. Co. 3,595 00 Otis A Co........ .................. 3,570 00
payabio to the Vil. Treas.. required. Bonds to bo delivered and paid for
Seasongood A Mayor____ 3,591 00
within 10 days from time of award. Purchaser to pay accrued interest
G U W 7T » SHf 5 ,
b 8 ° . Cou? ty> W‘ 8.— B O N D S TO B E SO L D O V E R It Is provided that if any of tho owners of property*shall nay their totai
Local papers state that an issue of $85 000 4% water-works assessment In cash, as provided in said Assessing Ordinanco9 or before the
improvement and extension bonds will bo sold "over the counter^ at the
m
O
& rodu.ced ,to
e
Denonl’ SI'999. $600 and $200 .
&t th° garedsua eof tLSiondTfn H Ild Sh‘' }"after deducting one-tenth of the aggrog D, o S
issued
such payments.
thiw^o^l
9*• P\ Spencer), Ind .— B O N D O F F E R IN G . __Fur- H.^«oSnonCE9 mTi (P’ ,° - Rushville),
Y
S A L .—On Jan. 16
ro/r
are at hand relative to tho offering on Feb. 3 of the ‘526*774 «« iw>rnl’,00T° 4 %.h< hway-impt bonds— V.Ind.—BOND wereEawarded to tho
4
8
104, p. 183—
®%,dra‘n h°nds (V. 104 p.182). Bids fdr these honds wiil bo receivod 1 eopio s Loan A Trust Co. of Bushville at 101.873. The other bidders were:
Rush County Nat. Bank..$9.147 60 Miller A Co____________ $9,102 00
Rushville Nat. Bank____ 9,139 20 Fletcher-Amer. Nat. Bank. 9,091 50
J. F. Wild A Co.................. 9.125 00 R. L. Dollings Co----------- 9.055 00
Union Trust C o ................. 9,108 00 Breed, Elliott A Harrison.. 9,01.3 50
„
s s » r' » 6 ? s ; 2 K S f a 00' "‘n"
J A M E S P A R I S H ( P . O . L a u d e r d a l e ) , L a .—
B O N D O F F E R IN G . —
Proposals will bo received until 11 a. m. Feb. 20 by F. M. Bcrtaut Sec of
8500° J J : Tor S? 2 0i’ o? 7 b\ foad a,nd highway impt. bonds. Denom.
rir
tlm°i[iiwni, JA V1 ’V 9 7•A PrInAa,nd semi-anil. int. (J A J.) payablo at
T
T
tho Hibernia Nat. Bank, Now Orleans, or at tho Parish T r e a s . offico.
Convent, at the option of holder. Due serially from Jan. 15 1918 to 1937
mcl. Cert, check for 2)^% of face value of bonds payablo to tho Parish
Treas., required.
, 3 T - J O S E P H C O U N T V (P . O . S o u t h B e n d ) , I n d . — BOND O FFER i, ds f°r the following 4H% road bonds will bo rccolvcil by Ed. F.
Nellor County Treas., until 10 a. m. Jan. 23:
$1,240 bonds of Olive Twp. Denom. $62.
1,800 bonds of Portage Twp. Denom. $90.
720 bonds of Warren Twp. Denom. $36.
240 bonds of German Twp. Denom. $12.
Date Jan. 1 1917. Int. M. Sc N. Duo one bond of each issue each six
months from May 15 1917 to Nov. i5 1926, inclusive.
SALINAS RECLAMATION DISTRICT (P. O. Salinas), Monterey
County, Calif.—BOARDS P R O P O SE D . —A local paper states tills district
has decided to Issue $80,000 10-28-year optional reclamation bonds In
denominations of $ 1 ,000 .
bidders were? 118 rrUSt ° ° ' ° f 1>aterson- at 101.132 and int. The other
Curtis A Sanger - - - - - - -$251,782 501
Cummings.Prudden A Co$252.425 00
J. S. Rippel A Co. and
Parkinson A Burr.......... 252 587 50
Redmond A Co_____ 252.125 00 Ppanrloll Ql,e.>„„ ... I A Co
Sheppard ff.
00
Geo. B. Gibbons A C o .. 251,537 50 Crandell,Bros................... 252,745 00
Kountzo
252,725
Harris, Forbes A Co___ 252 105 00 Blodget A Co
--------^phr* D Everitt A C o ... 252,600 00 Blake Bros. A Co. and 252,200 00
N^ionat City Co............ 251,267 50
Stacy
251.67500
R. M Grant A Co-------- 251,055 00 Remick, A BraunA C ------ 250,675 77
Hodges
o ...
Hornblower A Weeks and
W. A. Read A Co........ . 251,692 00
t daS s u
First Nat. Bk., Pater’n ..
J. ^S. Bachec 9 -v ;- ........ 252,095 00 Sidney Spitzer A Co., and 252,330 00
Sc Co. and
Farson Son A Co........ 251,493 00
Hemphill, White A
p fn w t n
l,
,
Chamberlain .............. 250.703 20
t ***^ *t
^ ?f (Borough), Westmoreland County, Pa.— B O N D S A T P __
recontly purchased an issue of $25 000
9 9 . UNJ ) f o (L * r 9 / c , i n t o n ) . N o . C a r o .— B O N D S A L E .—
4 H % tax-free improvement bonds. Denom. $1,000. Date Tan 1 10 17
wv?’ 11o1
?5^ th0 820,000 5% 20-year coupon road-construction bonds
anc^ semi-annual interest—J. & J.—payablo at Manor N a tion a l
Bank, Manor. Due on Jan. 1 as follows* $2 000
nnn 1097 o 4i Toledo at 1067d75Were awarded t0 tho Security Sav. Bank A Trust Co. of
SAN
AN G E LO , Tom
G reen
C o u n t y , T e x a s .—
B O N D S V O T E D .—
Recordirig to reports, this city voted on Jan. 9, In favor of the issuanco'of
$25,000 street bonds.
283
SAN JUAN CpUNTY f
5 $ VSundln/ibonds awarded on
B O N 1 .— 'T to Keeler 1 ros
par and acjuly D S1916 he prico paid for of n|„vcr—-v /lO l, p. 183—was & J. Duo
Denver v
I n t . J.
crued lnt. Denom. $ 1 ,000. Dacca u *
$4,000 yearly July 1 from 1918 to UH
Sardinia)
SARDINIA V I L L A G E S C H O O ^ p ^ J R I ^ } 5 *th0 ‘ S2 0,000 5%
Brown County, O h io .— BON
—y 103
2448— were awarded to
t h f % ” Nat"’ Bang'of Sardlnla for $20,817 75-CQual to 104.088. The
other bidders were:
Tillotson & Wolcott Co-$20,664 00
W. L. Slayton & Co........ ^
ataev & Braun.................. 20.656 05
Ohio National B ank----' • . qq Soitzcr Roriclc & Co___ 20,632 00
. 1,0 following 5 % c>>»JVy ^ S S ™ s ! h l T b U . ; l o . ,
A m o u n t.
$1,500
2.000
2.000
2 500
Seasongood & M a y e r I I I 20’,680 00 Bolger.’Mosser&Willaman 20,205 00
1.500
c r n T T rOUNTY (P. O. Forest), Miss.— B O N D S A L E .—-On Jan. 1
1.500
$30 000 Beat 3 road bonds were awarded, it is stated, to J . M . Vardaman,
1,100
1.000
\ A m o u n t.
D istrict.
D istrict.
$1 000 Gonzales County No. 30.
Dawson County No. 21.
8.000 Hale County No. 9.
Dawspn County No. 22.
2.000 Hamilton County No. 48.
Dawson County No. 25.
500 Madison County No. 18.
Denton County No. 23.
2 000 McCulloch & Concho Coun
Erath County No. 11.
ties No. 34.
Fannin County No. 27.
1 400 Morris County No. 4.
Fannin County No. 131.
1,500 Wise County No. 72.
Gonzales County eNo. d e n t School District
29
In d pen
election. M. O. Sohn is City Clerk.
$ TUCKER COUNTY ( P . ^ ^ 'X n t l j^ h e l d 't a ^
c m T T i p WncVi__ B O N D S A L E .-—During the month of Noventber
«
M
«
b
^
^
- n ja n g t h e $ io o ^
the following 6 % special improvement bonds, aggregating S90.07. 1, ^
were sold by this city at par:
D ue.
D ate.
.N o .
' P urpose.
A m o u n t l5 is T 2951 '
Dec. 7 1928
Dec. 7 1916
Planking
$9,125 98
Dec. 9 1928
Dec. 9 1916
Condemnation
of ilU U T.’toi /o • Other »,rvi 7 7
2996
4.257 98
l Ut
Dec. 18 1928 O about 4.487%. ^ JT, . bids were:A Internat. Trust C o ., Denv.$103,757
Dec. 18 1916
Water Mains
2992
2,196 77
Dec. 26 1928 John Nuvcen & Co., Chic..$101,770 Cummins, Prudden & Co.,
Dec. 26 1916
_
Paving
2968
Dec. 26 1928 l’rov S II. & Tr. Co., Cm. 101,910
16,471 88
Dec. 26 1916
Toledo........ 103.783
Water Mains
2972
Dec. 26 1928 J.TsSiherlin&Co.. K’an.C. 102.373 C. H. Coffin (no bidding
21,610 79
Dec. 26 1916
Grading
Sidney Spitzer & Co., T o l.. 102,490
2980
Dec. 28 1928
4,233 10
Dec. 28 1916
check en closed )--------- }04,uuy
Paving
2942
Dec. 28 1928 Union Nat. Bank. Tulsa.. . 102,840 R. J. Edwards, Okla. City. 104,011
9,252 92
Dec. 28 1916
Paving
2964
Dec. 30 1928 'Perry, Briggs & Co., Tol - . 103,080 Tillotson & Wolcott Co., Cm. 104,040
Dec. 30 1916
20,666 43
W. L. Slayton & Co., T ol-- 103,090 A. J. McMahon, Okla. City 104,0o0
2993
2.257 26 o above'bonds aTo'subJect'o call part yearly^
S fth
-On Well, Roth & Co., Cin-------103,110 Wm. U. Compton Co., St. L. 104,128
G. W. & J- E. Piersol,
SHELBY COUNTY (P. O .
Oklahoma City................ 103,301 Producers’ State Bank, Tulsa 104,160
Geo.
Ok a. City. 104,753
FwC1 0 3 , T 2 m W r ^ a r d 5e l t § C o K * Richardson and H. V . Blond of Channer & S aw yer...------ 103,530 E. D.I. Gilbert, Okla. City.*105,280
Edwards,
E. II. Rollins & Son, Deny. 103,619
T\lfsr bidnaEpeamkto b^ f f i r t k a n that of the purchaser, but is so
C
SHREVEPORT, Caddo Parish La -BOWD O F F E R I N G , - ^ ^ C-*E
will be received until 12 m. Jan 29 by R- * Collector, fertile $186,000 given by the City Auditor.
Finance, and Geo. O. Lllley.Sec.-1 reas. a m
Dat0 Jan j 1917.
TWIN PAT I S Twin Falls County, Idalio .— B O N D S A L E .— This
—
^fiwipal and semUaimuS°lnter^t^payiSf^a™tho Seaboard National Bank city ^has*dlspo^ecPof atprivate sale an issue of $8,568 6 % sewer bonds.
N. Y , City Due on Jan. 1 as follows:
. . _ City.
$18,000.. 1950
1926
$4,000.-1918 « 7 ‘ rmh' 1927 $9 000 1934 $13,000.-1942 20.000.
-1951
*7
4.000.
.1919000 III 928 10000"1936 13.000 -.1943 20.000.
-1952
tiated the following
7 *000
10!000--1936 14,000--1944 22,000 -.1953 sold during tho calen(^r y ^ rcn d i^ Dec^.n L)l ,
5.000.
-1920
in tlicse columns from time to itime, tnu u u a
«.
s'ooo" 1929 10 000 1937 14,000.-1945 23.000.
5.000.1921
-1954
sliort-term loans aggregating $775,OOU.
8000 1930 11.000::i938 15.000..1946 24.000.
Price P a id .
5.000.
. 1922
P urchaser.
-1955
o’nno 1931 11 000-.1939 16,000-.1947
*
A
D ale f oan.
2.75% int. premium $3 25
6.000.1923
.1956 m o u n t. Jan. o31L 1916 Bond & Goodwin
9B00II1932 12;000lll940 }0.000--1948 25.000^
$75,000
2.90% int. premium 3 00
6.000.
-1924
Bond & Goodwin
26.000.1957 50,000
14
2.70% int. premium 7 50
6.000.
-1925
i’000--1925 9,000..1933 , 2 ’®P9- ' A: in Louisiana"for $2076o6, payable 125.000 Jan. 29 1916 Bond & Goodwin
1
Certified ch.eck on some fttlve^ Tress required. The bonds arc being 100.000 Mar. 28 1916 Geo. II. Burr & Co. 2.70% int. premium 10 00
Apr.
1916
2.75% int. premium 1 50
to tho order of Geo. O. Luley,
n,.jneness by a trust company 100,000 May 29 1916 Bond & Goodwin
prepared and will bo certified asi to their g .
1)y tj10 Secretary of State
Burr & Co. 3.75% int. premium 5 00
and will be registered in accordance with
^ t^e purchaser as soon as 125.000 Juno 28 1916 Geo. II. Goodwin
3.70 mt.
m
Bond &
iu.uuu July
of Louisiana.andwill beready for de ver^
ghreveport, or any other 200.000 j u*y 27 1916 by Sept. oFioTa
All loans were retired
oU lyio.
practicable after Feb. 1 1917 at; the Gity * t 't0 tlic cityi at W
hich time
place the purchaser maybidder i i i ' be required to make paymentJohnand
f
and place tho successful <S K will bo^equwc
,on of M r. for G .
accept delivery of bonds, l ho aIjjjrg 0 f,„.njS C the purchaser.
i1 d
Jan. 30 to vote on the proposition to issue $25,000 scnooi d c ^
o f l h J Z n d offein o w ill be fo u n d am ong the advertise
m ents c“
‘ ‘ n/ ' ’ ^ y ' ' p " o Everett), Wash.— B O N D S A L E S —
We*tire‘advised^that^$45(L000^ 4V/% 5-20 -year opt. road-impt. bonds have
been disposed of at par as follows:
, , j „ jv t to State of Washington.
*200*000 bonds dated Aug. 1 1916*. awaked on Aug. 1 to tho First National
election held recently in the Goshen Precinct.
WALTHAM, Middlesex County, Ma?s • B^NDSA LE.—OnJan lO
—
of $1,813,800 road bonds voted Dec. 2 » u io . o
tho above issues) has been sold.
B O N D O F F E R IN G —
SPENCER COUNTY (p fo T iX b ctw ^ n 10 a .m .
James A. Haines, Sr., County Tre<o’ «00 4 X % coup. Chas. F. Niles et al.
A
and 4bonds. onDenom. *320. Int. M . « N Due $640 cacli six months
Feb. 5
issue tie
& ^
road p. m.
from May 15 1918 to Nov. 15 1927, inclusive.
VOTED — A t
their joint bid of 102.169.
California National Bank, Sacramento, bid 9-.o0 and int.
Henry J. Kaiser Co. of Portland bid 92.
nr ad d c m rn iiN T Y
O Vicksburg), Miss*— T E A fP O R A P Y
LOAN •
11918 ” !8
SPRINGFIELD, ^ ^ t m ^ v o t e d ^ ^ T o T l n favor of the issuance of
n.n Alprfcion held Jan. 6 this town voccu l i v
$33,000 filtration system installation bonds, it is said.
cnoiMr* I \KF TOWNSHIP (P. O. Spring Lake), Ottawa County,
Mich!—BOND O F F E R IN G .—-Proposals will be received not
than 7.30 " V Z S t S S Z ? ? . T r u . Dallas), 0 „ r l » ™ s a l e - O .
I? tn Tan 25 bv William D Spencer, Twp. Clerk, for an issue of $8,000
Eonds W
« K
r Date Jan. lb 1?17 Int. J. & J. at Spring Lake
State Bank. Duo $500 yearly on Jan. 10 from 1918 to 1933, inclusive. int for 4 'A s. Purchaser to furnish blank bonds.
Cert, check for $100, payable to tho "Township Board, required.
WASHINGTON TOWNSHIP ^ ^ ^ ^ O ^ ^ m G . - P r o p ^ . B s
STEVENS AND PEND OREILLE COUNTIES SCHOOL DISTRICTS
hv*Olaf House Clerk Bd. of Ed., for
MOS 6 AND 152, Wash .— B O N D S A L E .—On Jan. 6 81,250 1-10-yi. Lewistown), Logan ^ ou,^2^
/ A,?i niricr bonds were awarded to the State of Washington at par for
IT s Denom $250. Int. annually in January.
QTIIRCFON BAY, Door County, Wis.— B O N D O FFER I N O .- Sealed
M ^a f
Cert?check’ for ,f%CkfS
aniounttof
STURGEON I !" » . „ .
b f o . Langmak, City Clerk, it Is stated,
nir'S
$'Vr noor\vater-works-extcnsion bonds. These bonds were offered on boiuls hkl for .payablet o the above Clerk. required. Bonds to be delivered
and paid for by Mar. 1.
Sept*3Iff 1916, butTtho sale was postponed.
_
Wc c T WARWICK, R. I .— B O N D S P R O P O SE D .—Reports state that
c . im t r r c „ m, , r County. So. C a r o .— B O N D S V O T E D .—Tho questlonU ^ ^ d n g S$75,000 i)avingy(ionds carried at tho election licld Jan. 9 by
o
a vote of 81 to 6 , it is said.
WHEATLAND S C H O O L . D I S T R I C T S " l 5
q iip FRIOR Nuckolls County, Neb.— B O N D S A U T H O R IZ E D — An
*3 5 ’000 b,llB bo,,<1>
51-000' ° * , 3 -000 ■'car,y
D~
!500' D” 3500
Principal*and^semi-annual in t-_J . & J . - payabl° at tho State Treasurer’s
offico. Lincoln L. Carpenter is City oicrit.
SWAINSBORO, Emanuel Co u ? o “been°hcld Jmu^^to'vohfon
J.
(V. 103, p. 2361) were awarded to Other ------------b.
ier bids were:
U A nw
1U
n in . /-V
and lnterest^
plant instaUat,on bonds ( v - 104’ ii5.611 (104.073) Co.^Ch.$15,538 00 ♦Guardian Tr. Co.. Denv $15,340 40
♦Halsey, Stuart &
p. 89) was called off by the City Council.
v o tf u — sa t
Seasongood & Mayer, Cin. 15.351 00 First N. Bk., Wichita Falls 15.326 00
*Powell, Garard Sc Co.,Ch.
50
TAHLEQUAH, Cherokee County,
'Pcrrv.Briggs & Co.. T o l.. 15,496 50 *C. H. Coffin. Chicago.-- 15.301 00
15,301
By a vote of 261 to 19 tho question oM«u, ng: tho *j0k000 ^
^
>
ICnauth.Nachod & Kuhne. 15.487 50
50
Templo State Bk., Temple 15,475 00 Sis' 8 SBB & Tr. Co., Tol. 15,253 50
& Tr. Co.. Cin. 15.244
W
(’rh^o^ionds'vvero re^e’mly^soUl at197.05 to G. I. Gilbert of Oklahoma C.E.Denison Sc Co..Cleve. 15,454 50 Prov
Spitzer, Rorick Sc]Co.,Tol. 15.207 50
City, subject to tho result of tho above election.
E. L. Twing & Co..San An. 15,450 00 *J.R.Sutherlin&Co.,K.C. 15.178 00
TAUNTON, Bristol County, Mass.—BOiVDS AND BO^UVS ^SUED ♦Intern’l Tr. Co., Denver. 15,427 00
D U R IN G Y E A R 1916.— We give herewith a list of bon is ania u emporary O. F. Benwell & Co., Den. 15.393 50 Meyer-Kiser Bank, Ind Is 15,153 00
* And blank bonds.
♦Bosworth.Chanute & Co. 15.380 00
r^ n
,
loans issued by this city during tho calendar year ending uec. 31 lJlb.
Bonds.
W IL D W O O D ,
A m o u n t.
D ate Sold. P rice.
P urpose.
*35 000 Sower and water-----------Mar. 20 101.58
25!000 Street Improvement----- Aug. 16 100.29
1.700 Playground.................... Sept. 16 100
101.849
07 Q Various--- ------------- --N ov. 211 w v 11
*,r.
,1
3Tho street and playground bonds are dated June
Temporary Loans.
A m o u n t. D ate Sold.
$100,000
100,000
l 150,000
. 50,000
60,000
.50,000
Feb.
Mar.
May
Aug.
Nov.
Dec.
8
27
23
14
21
22
M a tu rity .
N ov. 6
N ov. 8
Nov. 4
N ov. 15
May 29
April 4
D iscou nt.
/1 2.60%
4 .0 0 /0
)$1
1916 1 $ prem.
2.94%
1916
------2.74*
1916
3.27%
1916
3%
1917
3.56%
1917
I n t.
P urchaser.
Curtis & Sanger
Blodget & Co
Various
49? H .L.D ay&Co.
1 1916.
4%
4%
P urchaser.
II. O. Grafton Jr.
R. L. Day Sc Co.
Salomon Bros. & Ilutzler
Blake Bros. & Co.
Sinking Fund Commissioners
F. S. Moseley & Co.
SSM E* r pr
e o“
W I L L O W C R E E K S C H O O L D I S T R I C T ,_ M a d e r a C o u n t y ^ C a l H . -
bonds^V. 103, P- 2449) were awarded to tho First Nat. Bank of Barnesville.
AT------ 5— 7 u
Ohio, for $1,207, equal to 100.583.
_ ---- ----uMMiuciri n crH flO I DISTRICT (P. O. Winnfield), Winn Parish,
i WI nn,v ) S A /^ —On Jan. 6 the $35,000 5% reg. building and equip.
E
bonteTw 7
103^P 2261) were awarded to the Hibernia Bank & Trust Co.
284
THE CHRONICLE
[Vol. 104.
There were eleven other
bidfreceTved1118 f°r $35>363 U01-371) and int‘
o r » b o u U ^ ^ ? 'dThe“ oU otfe^ S ^ »h eS i;o?b Id 5 S ?0 * ‘ 105'06' * 1 li
”“
jio .
me.
s - I S M
a
. & O.
Due in 40 yrs. subject to call $1,250 yrly.
-.V T iii ° C
S-
2 T -
D «om . * S : ‘ & ?
f S 61i 5
S '? :
F«h i^ i a * C re«eries right to call any bonds for payment on or afto?
lt^
COUNTY (P. O. Warsaw), N. Y.— B O N D
OFFFRTNC
............................» H s s
Harris, Forbes & Co.. Now York
..............3-599 29
Stacy & Braun. Toledo_______ ______ ______*........................ 3-510 75
JpKft-Third National Bank, Cincinnati.!....................................u’ono 99
hiekl, Richards & Co.. Cincinnati........
..................................3 on l on
Otis & Co., Cleveland
3,202 50
......................... 3,190 99
Spitzer, Iiorick & Co.VToledo..................
Tiiiotson & woicott co ., C l e v e l a n d ! : :: : : : : : : : : : .........................3’232 2 d
Curnnnngs, Prudden & Co., Toledo
---------------------3-239 99
Wed. ? ° ? b & Co., Cincinnati..
......................................... 3’232 9®
............ 3’Q??
A. E. Aul) & Co., Cincinnati....
Security Savings Bank & Trust Co.7 Toledo................................3oo® 22
Provident Savings Bank & Trust Co., Cincinnati......................... o ’aor 22
Feibel-Elischak Co., Cincinnati____ •v-incinnati.......... ...............§,827 50
Sidney, Spitzer & Co., Toledo............ ........................................ oror on
Ohio National Bank, Columbus..............- - - I ! ! : : : : ' " : ...............
75
C a n a d a . Its P r o v i n c e s a n d M u n i c i n a l i t i e s .
CAMPBELLTON, N. B.— D E B E N T U R E O F F E R IN G __Prnnn«il • „m
22/rt? o lVU untll 6 P- “ -.Jan- 22 by John T. Reid, Towi Clerk
d
noo
5 ^ 30-year water and light debentures Donom S O and
l'iO
nnn f
i?
purchaser. Prin. and semi-ann. I n C ^ I b T f t ’ office of T o w H ^ 8. it
u
2450
' W 3 3 1 ■ 130 92•a,ld not $31,430 92, as reported in V.103. p!
aS
7*% 12 -hisUUIment schw^ieb^n^^Et ^ ^ ° ^ ^ ,^ r^ a^ ^ ^^te™'eo?$l jloo
*
!
)U
NEW
N OTICE
LO A N S
OF
NEW
$ 4 8 6 ,0 0 0 .0 0
SALE
of
$9 15,000
5 %
Refunding
and
CITY
Improvement
LOANS.
Bonds
of the
Municipality of San Juan, Porto Rico
by the Board of Award of toe MunlcipaHtv consist!™ Z $ alJ heator of gan Juan, and considered
Council and tho Municipal S e c re ta ry for’the^undrae o f ' w f / n n ^ n 0 r re1 dont ° £ tho Municipal
P
Bonds of said City, bearing interest at tho rate of nvo nc? c
e
2
t
2
, <1 Improvement
n
on tho first day of January and July. Said bonds will bn
semi-annually,
on January 1st in the yeare and in the amounts £ foUowa ? d d January lst’ 1919. and will mature
lo ? 3 ..................*£2*882
1930.................. $64,000
— -------- 50,000
1931__________ 67,000
1924................ 50,000
1932
----- 70,000
192o.......
50,000
1933
74.000
1926.................. 52,000
1934
67,000
1927................. 55.000
}935.................. 72,000
1928............... 58,000
1936..............
75,000
1929.................. 61,000
OF SH R E VEPO R T, LA.
SERIAL GOLD BONDS
.uN
^Llce ‘i? bercby given that the City Council of
the C ty of Shreveport, in the Council Chamber of
too City Hall, will receive bids for tho sale of Four
nn2(2 ^ 2 5ighty'S.1 « T?°.uSand ($386,000) Dollars
Shreveport Serial Gold Bonds until 12 M.
MONDAY, JANUARY 29TH, 1917. Said
Serial Bonds were ratified and approved bv the
electors ot said State on November 7th, 19i6 In
pursuance of joint resolution of the General
Assembly of Louisiana by Act No. 110, approved
July 5th, 1916; the said bonds will bo dated
-I®nuary 1st, 1917, of par value of One Thousand
($1,000) Dollars each, bearing interest at the rate
2 C^2 moant (.mc-half(4PS %) per cent per annum,
payablo semi-annually, and tho bonds offered for
sale are to mature as follows:
N u m b e r.
D ue.
. -
A m o u n t.
1 to 4.
Jan. 1 , 1918
$4,000
5 to 8 ____
1919
4.000
9 to 13........
1920
5.000
14 to 18____
1921
5.000
19 to 23........
1922
5.000
24 to 29........
1923
6.000
30 to 35........
1924
6,000
36 to 41........
of the Munlctpality^ K e r T e ^ t of thekpTr^aiueon’ said & ? “ bJoct tG red,°“ ptlon at tho °Ption
1925
6,000
thereafter. In case of such redemption noUco thermf 2
° r ° V ny fo r e s t P^ymont date
42 to 48........
1926
7.000
deemed and the date of redemption shall ho nnhiishSi »stating the numbers of the bonds to bo re49 to 55____
1927
7.000
(60) days prior to to ” d a t e t h e » c S &
2 £5? A W
e<flS duringa perloci of sixty
56 to 62........
1928
7.000
63 to 70........
1929
8.000
71 to 78........
1030
8.000
79 to 86 ........
1931
8,000
87 to 95........
1932
9.000
Schall & Co., 45 WUU^ St” New York City. ^ S
America at tho banking firm of Muller,
00 to 104..........
1933
0,000
The bonds will be delivered at such banking houso in
105 to 113..........
1934
9.000
114 to 123..........
Washington, D. O., or
1935
10,000
124 to 133_____
1936
10,000
designate in his bid. The purchaser must Dav in add 1Hon i h S 1 Vorl5 ,c i ty, as the purchaser may
'
131 to 113..........
1937
10,000
to the dato of delivery of tho bonds
P y addltIon t0 tho amount bid by hhn accrued intorest
144 to 154..........
1938
11,000
155 to 165___ __
1939
11,000
166 to 177___
1940
12,000
178 to 189..........
1941
12,000
190 to 202 .
1942
13.000
203 to 2 1 5 ..’ . ' .
1943
13.000
s n s s is :
216 to 229___ __
1944
M,000
230 to 243.........
1945
14.000
244 to 258..........
sufficjcnt^oU
pay^Pho iLercst and'principal'upm^thCTeabondsPanV ^0 ,n
/i
b,udf?et a" amount
1946
15.000
259 to 271..........
16.000
1947
275 to 290......
16,000
1948
291 to 308..
18,000
1949
309 to 326___ !
1950
18,000
327 to 346_____
1051
20,000
^ . ,» ,< issg se : fstsr*
sg
? ^ ^ > s s s .is y f* s 5 s a .oj /^ s :
347 to 366_____
1952
20,000
367 to 388........ ..
1953
22,000
389 to 411..........
1954
23.000
412 to 435..........
“* »“>
•
"A n y
s s s a *?**
24.000
1955
436 to 460_____
25.000
1956
461 to 486..........
20.000
1957
T h o u S BonSS
a l l s 1™ * I S
!
™
f or,ln“ * chock ror T ™ t y
princlpal and semi-annual Interest aro
Banks doing business in Porto Rico payabloto the Mayor or
a °rr upon ? ny otl° of tho
amount, as a guarantee of good faiH i^ if h.a t „ 2.9,„ ayi°r or.,¥? Clty of San Juan or by cash in said payable at the Seaboard National Bank, Now
bidder are not complied with he shall forfeit his do^asht^o^h^^vV^H,^ i bo P ° r
t
o i°Sn1 K tho successful ,„,,j v ^Aty. I he bonds aro being prepared and
0f
the completion of tlio contract Tho H„r,r.oifis,S®pos*“’ » r, , s,°, Ibo deposit shall bo returned upon will be certified as to genuineness by a trust com
after tho awarding of the bonds’.
doposIts of unsuccessful bidders will bo Immediately returned pany, and will be registered in accordance with
tho law with the Secretary of Stato of Louisiana
Bids niust* boeonclos«l° fi2™ ?akB ^vcS
,?itbor ,n Person or by agont or attorney. and will bo ready for delivery to tho purchaser
t-,
Rico.” and such envelope must be plalSly m a f f l f r , n * . i
Sa» Juan, San Juan. Porto as soon as practicable after February 1 s io i 7
of San Juan, Porto Rico ”
mairny marked I roposal for tho purchaso of bonds of the City at the City Hall, in the City of Shreveport, or
any other place which the purchaser may desig
at no cost
City of Shreveport, at which
r o p M ^ ftiC h o wVolo'ls'suo!1
iUhe'sanZis l^enclIlto^Muat^oku^n^0 ?0 wlU be g,ven nate, and placeto toosuccessful bidder will be re
'0 0
time
the
half hoim a°fter°tho bids°aro°op“ n^l^ar' w
h
*
h
bW4 f K 5 1 . h oarded on for one quired to mako payment for and accept dolivery
U
take part in such verbal bidding^ if thoyaro^ot^reJ^^nn^ier
offe/ l?d tbe sald bost bIds may of bonds. 1ho approving legal opinion of Mr.
Jo,1" O . Thomson, of Now York, will be ifur1
nished tho purchaser.
Each bid must bo accompanied by certified?
check on somo solvent bank in the Stato o
of tho Board of Award is held
Uf
h° purposo ou tbo same day on which the said meeting Louisiana, for $20 ,000. payable to the order of
I^dl^y.^WccreJary-Troasuror and Tax
<uillector of the City of Shreveport, as evidence
of good faith by the purchaser, said chock to Iio
retained by the City until the successful bidder
has fulfilled his contract. Tho City Council
reserve tho right to reject any and nil bids.
For any further information, address It. if.
Council of San Juan adopted In compli^cd with law
f rce and of ord,nances of the Municipal
Ward, Commissioner of Finance, or Geo. O
Dated at San Juan, Porto Rico, December 20, i916.
IJHev. Secretary-Treasuror and Tax Collector of
,,
R. H. TODD.
the City of Shreveport.
Mayor of the Municipality
GEO. O. LILLEY,
of San Juan
Secretary-Treasurer and Tax Collector.
J ar . 20 1917.]
1,200 Sunny Brook District 10-year debentures to
nAR TM OUTH N S.— D E B E N T U R E S A L E .— T he Eastern Securities
C < ^ ^ ? I ^ W a ? p u r c h ^ e d at 97^03 ^urtag D u m b e r $5,000 water and
$1,500 sidewalk 5 % debentures. Due in 1946 and 1J17, respectively.
required. These debentures were voted Jan. 4 1911 .
SASK ATCH EW AN SCHOOL D IST R IC T S. — B O N D
S A L E S — On
T
m
7 tho Local Governm ent Board sold the follow ing 5 issues o f 7%
school d istrictd eb en tu re?a g greg a tin g $6,500 (see V . 104. p. 91):
$ 1,600 Ilarrisland District 15-year debentures to H . O H a ra & C o . at 103-5o
NEW
LOAN S.
1,600 Sturgeon3VaUey District 10-year debentures to W . L . M cK innon
600 Bladsworth3iftetrict 4-year debentures to W . L . M cK innon & C o.
at 101.658.
T he following bids were received:
$1,200
$600
$1,500
$1,600
Ila r r is
la n d .
NOTICE.
The N ational Bank o f W alden, loeated'at W al
d en, in tho State o f N ew Y ork , is closing up its
affaire, its corporate existence having expired at
close o f business on the 25th day o f N ovem ber
1916. All noto holders and others, creditors or
■aid Association, are therefore hereby notified to
present the notes and other claims against the
Association for paym ent.
K
AM°
r “ A . D E M A R E S T , O ashlor.-g
D ated N ovem ber 27, 1916.________
N O T IC E 39 m
The Second N ational B an ktof Bangor, located
at Bangor, in the State o f M aine, is closing its
affairs. A ll noto holders and other creditors o f
the association are therefore heroby notified to
present the notes and other claims for paym ent.
G E O . A. O R O S R Y , Cashier.
Dated, January 12. 1917.jri.ia/au
in
m
NEW
LOANS
103.03
the fo l
$.*,100,
LOAN S.
c o m
M orrison
C ou n ty ,
M in nesota
REFUNDING BONDS
N otice is hereby given that sealed bids will be
received b y tho board o f cou nty commissioners o f
M orrison C ounty, M innesota, up to the hour o f
2 o ’clock p. in ., F E B R U A R Y 6 , 1917, for a bond
issuo in the sum o f $70,000 00 to be used in re
funding outstanding warrants drawn on the road
and bridge fund o f said cou n ty, said bonds to
mature in tw enty years. Denomination o f said
bonds to suit the purchaser. T ho said board o f
county commissioners will m eet In tho com m is
sioners' room in the court house in the city o f
Little Falls in the C ounty o f M orrison, State o f
M innesota, on tho 6 th day o f February, A . D .
1917, at the hour o f two o clock in the afternoon
o f said day for tho purpose o f opening and con
sidering said bids. A certified check in a sum
equal to one per cent o f $70,000 00 must accom
pany each bid as a guaranty o f good faith. The
said board o f cou nty commissioners reserve the
right to reject any or all bids. A ll bids should
be addressod and delivered to tlie undersigned
county auditor, court house. Little Falls, M inne
sota, and must bo marked bid for bonds.
Dated at Little Falls, M innesota, this 4th day
o f January, 1917.
B . Y . M cN A IR Y ,
C ounty A uditor,
M orrison C ounty, M innesota.
$ 7 5 0 ,0 0 0
C it y
o f
N
e w
O r l e a n s ,
L a .
PAVING CERTIFICATES
D E P A R T M E N T OF P U B L IC F IN A N C E S ,
A C C O U N T IN G D IV IS IO N .
N EW ORLEANS, LA .
C ity n a il, February 5th, 1917.
P U B L IC N O T IC E
T he C ity o f N ew Orleans will sell b y alternate
sealed proposals at 11 o ’clock A . M ., M on d a y .
F E B R U A R Y 5T H , 1917, seven hundred and
fifty thousand ($750,000 00) dollars o f Paving
............... „
, , ,
Certificates.
.
A ll particulars and inform ation will be furnished
upon application to A . G . R icks, Commissioner
o f Public Finances, R oom 1, C ity H all, N ew
Orleans, La.
A . G . R IC K S ,
Commissioner o f P ublic Finances.
b o u g h t
4%
to
6%
f i n a n c e d .
( { T h e i r
i t i e s
t o
103.525
103". 550
$ 7 0 ,0 0 0
U t i l i t i e s
u n it ie s
B rook.
600 Turn Hill debentures to Goldm an & C o . o f Regina.
^ r o w in il
a n d
w orth.
T R E N T O N , N. S .— D E B E N T U R E S A L E .— The Eastern Securities C o .,
o f H alifax, purchased during Decem ber at 90 an issue o f So,000 5 % water
debentures. D ate Jan. 2 1915. D ue Jan. 2 194o.
VAN COUVER, B. C .— L O A N A U T H O R IZ E D .— It is reported that th e
C ity Council has passed a by-law authorizing the negotiation o f a loan o
$1,000,000 at 6 Y i % interest.
W ELLAND CO U N T Y (P. O. W ellan d), O n t.— D E B E N T U R E S A L E .
— During Decem ber Aemilius Jarvis & C o ., o f T oron to, purchased at pri
vate sale an issue o f $100,000 6 % 20-installment road debentures. D ate
July 1 1916.
W O LVERINE SCHOOL D IST R IC T , Man .— D E B E N T U R E S A L E .—
A n issue o f $1,500 7 % 15-installment school debentures has been sold to
II. O ’Hara & C o. o f T oron to, it is said.
■
Scaled bids will be received b y the President
o f tho Board o f Supervisors o f R oad District
Num ber T w o (2) o f tho Parish o f East Baton
Rouge State o f Louisiana, up to tho 15th day o f
F P B R ’lJA R Y .1 9 1 7 . for $130,000 00 five per cent
thirty (30) years G ood Roads Serial Bonds, Series
" C ” o f Road District Num ber T w o ( 2 ) o f the
Parish o f East Baton Rougo, State o f Louisiana,
embracing tho entire Third W ard as now consti
tuted, Issued b y said Road District N o . 2 upon
unanimous vote o f tho legally qualified property
tax payers, under provisions o f Article 281 o f the
Constitution o f Louisiana o f 1898, and amend
ments thereto, and A ct N o. 199 o f the Louisiana
Legislature o f 1916. Issued solely for construc
tion, Improvement and maintenance o f Gravel
Roads in said R oad District under supervision o f
tho Louisiana State Highway Department.
Denomination o f bonds, $1,000 00, maturing
serially from December 31, 1917. to December
31, 1946. Interest payable semi-annually, D e
.............
„
cember 31, and Juno 30.
Principal and interest payable at the Office or
tho Treasurer o f said R oad District in the C ity o f
Baton R ouge, Louisiana, or at tho National C ity
Bank o f New Y ork, Now York C ity . N . Y ., at
tho option o f tho holder.
Full faith and credit o f R oad District Number
Tw o pledged to paym ent.
_
Tax will bo levied b y Police Jury to meet pay
ment due in 1917.
. ,
Purchaser or purchasers o f bonds m ay designate
depository o f funds, provided it meets with ap
proval o f Board and ample security bo given for
their safe kooping.
Certified check for $5,000 00 required with each
bid, as evidence o f good faith.
A ny bid prodecatcd upon the favorable opinion
o f any A ttorney to bo rendered after the bid has
been made will bo.rejectcd, all investigations as to
legality to bo made before dato o f sale o f bonds,
and necossary data will bo furnished for that
purpose.
.
For further inform ation address R . T . Gibbens,
President Board o f Supervisors, Baker, L a ., or
F. A . W oods, Secretary, Police Jury, Baton
R ougo, Louisiana.
P u b l i c
Sunny
B la d s -
S tu rg eo n
V a lley
$T,500a
Kirby District debentures to the Sterlin Bank of Regina.
C IT Y OF E L IZ A B E T H , N. J . Road District No. 2, Parish of
STREET GRADING BONDS.
East Baton Rouge, Louisiana
Sealed proposals will be received b y the C om p
5% ROAD BONDS.
troller o f the C ity o f Elizabeth at his office in the
C ity Hall, Elizabeth, New Jersey, on JA N U A R Y
30. 1917, at 11:00 o ’clock a. in., for the purchase
o f Street Grading Bonds o f tho C ity o f Elizabeth,
in an aggregate amount not exceeding $25,000 00.
An issuo o f $25,000 00 o f bonds has been au
thorized. o f which $1,000 00 o f bonds will mature
■on tho 1st d ay o f January in each of tho years
1918 to 1942, inclusive, b ut no m ore bonds o f the
issue will be sold than will produce a sum equal to
$25,000 00. and an additional sum o f less than
$1,000 00, and if all aro not sold, tho bonds sold
will bo thoso o f tho earlier maturities. 1 he
bonds will bo o f tho denomination o f $1,000 00
each, will be dated January 1, 1917, and will bear
interest at tho rate o f four and one-quarter per
centum (4 H % ) per annum, payable semi
annually oil tho 1st days o f January and July
in each vear. The principal and interest will bo
navablc at the National State Bank, Elizabeth,
Sr i
The bonds will bo coupon bonds, regisinrabio at the option o f tho holder as to principal
•done or as to both principal and interest.
rp|,o sum o f $25,000 00 is required to be obtained
by tho sale o f said bonds. Unless all bids are
rejected, the bonds will be sold to the bidder or
bidders com plying with the terms o f salo and offert o pay not less than said sum and to take therefor
tho least amount o f bonds (stated in a multiple
o f $1,000 00) com m encing with tho first m aturity,
and if two or m ore bidders offer to take tho same
•imount o f bonds, then to the bidder or bidders
offoring to pay therefor tho highest additional
price (such additional sum being less than $1,000).
In addition to tho prico bid the purchaser must
nay accrued interest from the date o f tho bonds
to tho dato o f delivery. T ho right is reserved to
reject all bids, and any bid not com plying with the
provisions o f this notice will be rejected.
Proposals should be addressed to
"
■
Collins, C ity Comptroller, C ity
N ow Jersey, and enclosed in a scaled envelope,
marked oil tho outside:
I roposai for Street
Grading B onds.” Bidders must, at the tim e o f
making their bids, deposit a certified check for
T w o per cent (2 % ) o f the face amount o f the bonus
bid for drawn upon an incorporated bank or trust
com p any, to tho order o f tho C ity o f Elizabeth,
to socuro tlie C ity against any loss arising from
the failure o f the bidder to com ply with the terms
o f his bid. Checks o f unsuccessful bidders will
bo returned upon the award o f tho bonds. N o
interest will be allowed on tho amount o f the check
.if n successful bidder.
Tlie successful bidder or bidders will be fur
nished with tho opinion o f Messrs. Hawkins,
Delafield & Longfellow, A ttorneys, o f Now York
C it y , that tho bonds are binding and legal obliga
tions o f the C ity o f Elizabeth.
T h e bonds will bo prepared under the super
vision o f the United Statra M or gage & Trust
C om pany, which will certify to tlio genuineness
o f tho signatures o f tho C ity officials and tho seal
impressed thereon.
„
, .,
B y order o f the C ity Council o f the C ity or
Elizabeth.
D ated January 16th, 1917.
„
D E N N IS F . C O L L IN S , Comptroller
B u ffa lo
Ilu m p .
96.666
100
100
C . M . G ripton...................... 100
101.166
Sterling B ank______________ 101.166
A . II. Iloa re............- ..........- . v . - s t *
100.61
100.61
100.61
C . II. Burgess & C o ------------ 101.61
II. O ’Hara & C o ___________ 103.550 103.667 103.667 100.800
101
W ood , G undy & C o ------------- - - - - -
103.361 103.261 100.10
Kerr, Fleming
C
I ‘■ Iif A ICUUUg & v o ---------- 103.361
L
-/
</-if) Q O
Q
W . L . M cK innon & C o -----------------103.823 103.823 101.658
T ho Local Governm ent Board, according to reports, d e p osed o f
lowing tw o issues o f 7 % school district debentures, aggregating
$ 1 3 0 ,0 0 0 .0 0
$ 2 5 ,0 0 0
H .O ’ Hara & C o . at
1,500 B uffaio5H um p District 10-year debentures to W . L. M cK innon &
n n v F R T O W N SH IP . O n t. — D E B E N T U R E S A L E .— During D ecem ■
A
,\T
.10o «r ( > 0 f T oron to, purchased at 103.11 an issue o f $15j649
0
(not S15i0O(), as fir s t ’reported) 6 % drainage debentures (V . 104, p. 91).
D ate D ec. 3 1916. D uo in 1931.
F T flR ir O K E T O W N SH IP, O n t.— D E B E N T U R E S A L E . On Jan. 8
an Ksuo o f $0 000 6 % 25-year installment school debentures was awarded,
rop ortssta to? to O . A . S ttoson & C o. o f T oron to.
.
w iiim f f r F O R D
T O W N SH IP , O nt. — D E B E N T U R E S
A U T IIO R IZE D .— The Council passed a by-law on Dec. 16, providing for the issuanco
o f $ l ,i 0 0 school debentures, it is said.
FREDERICTON, N. B — D E B E N T U R E S PROPOSED.— Newspaper
reports sU te that an issue o f $20,000 school debentures is under contem
plation.
MniMTRFAL ROMAN CATHOLIC SCHOOL D ISTR ICT (P. O.
M ^ r e l l L Q a o ^ D E B E N T U B E S A L E . - O n Jan. 16 an l ^ o f Sl.SOO..OOO 5% 30-year school debentures was purchased b y the Credit-Canada,
Lim ited.
N IAG AR A FALLS O n t.— D E B E N T U R E S V O T E D — T h o proposition
t o ™ uo $ 2o!o00fire-h all she purchase and construction debentures carried
at tho election Jan. 1, reports state.
d iv if r r F
PIFRRE Oue.— D E B E N T U R E S A L E . — A . E . Ames
& C o ., o f T oron to, purchased during[December^an issuei o f^$35,000 6 %
school debentures dated D ec. 20 1916 <ind m atm ing in u « ) .
o -r u v i r i N T H F O n e __ D E B E N T U R E O F F E R I N G .— Proposals will
ST . H Y A C IN T H E .Q u e . D a i i g i y .M essier, C ity Clerk, for $500,000
NEW
285
THE CHRONICLE
s e c u r
o f f e r e d
in v e s t o r s .
M
i d d l e
U t i l i t i e s
W
e s t
Our booklet N o . 18,
“ B on ds Secured
by
C om m u n ity
N eed s,”
containing 12 issues of
carefully chosen Publio
Utility Bonds, should be
of interest to every in
vestor— large or small.
W rite for your copy.
Free upon request.
G o .
72 W est Adam St.
CHICAGO. ILLINOIS
Mississippi Valley Trust Co.
Fouth
and Pino
S T / LOUIS
28(5
THE CHRONICLE
[Vol. 104.
HJntfurance
A T L A N T I C
M
U T U A L
Jfln a iu la l
I N S U R A N C E
C O M
F ren ch
P A N Y
The Trustees, in conformity with the Charter of the Company, submit the followiny statemm^ojlts^ffeirson'the
~
, _ ,
,
31st of December, 1915.
i busiliiss
been confined to marine and inland transportation insurance.
S^ i rl3ka f.rora the 1st January, 1915, to the 31st December, 1916__________ $6,153,866 43
t ‘
Premiums on Policies not marked off 1st January, 19 15 ........................................................... -• 993.965 13
5s
Ita lia n 5 s
R u s s ia n 4 s
Total Premiums................................................................................................................................. *7.147.831 56
Premiums marked off from January 1st, 1915, to December 31st, 1915................ _................... *6.244,127 90
R u s s ia n
Interest on the Investments of the Company received during the year $328,970 78
Interest on Deposits In Banks and Trust Companies, etc__________ 75,237 08
R e n t receiv ed les3 T a x e s a n d E x p en ses_________ ______ _______________
9 7 ,8 3 6 ,2 3
B o u g h t— S o ld — Q u o te d
Losses paid during the year.......... 1......................................................................... $2,233,703 62
Less- Salvages....................................$205,247 59
Re-Insurances........................... 448,002 85* 653,850 44
W e speoialize in Foreign Government and
Municipal Bonds and effeot purchases
on the pnnoipal European markets.
$1,579,853 18
Re-Insurance Premiums and Returns of Premiums................ ............
$1 076 516 36
Expenses, including compensation of officers and clerks, taxes, stationery"
’
advertisements, etc.....................................................................
' ’5 717 114 89
Descriptive Circular D - 20 on request.
. , A dividend of Interest of Six per cent on the outstanding certificates of profits will be nalrl to the
holders thereof, or their legal representatives, on and after Tuesday the first of February next
... . 1 he outstanding certificates of the Issue of 1610 will bo redeemed and paid to the h old ersl'w eof or
S & K S at the tlma’ot
.7.
l
' Lil<lu vo oarucipate in divide:
win c Issued on and after .i.
u P O n T p p U ^ l^ ^ ^
will be
Tuesday the second of Ala next
By order o f the Board,
G. STANTON FLOYD-JONES, Secretary
„
TRUSTEES.
EDMUND L. BAYLIES,
ANSON W. HALID,
DALLAS B. PRATT,
JOHN N. BEACH,
SAMUEL T. HUBBARD.
ANTON A RAVEN.
NICHOLAS BIDDLE,
LEWIS CASS LED YARD,
JOHN J R IKER,
ERNEST C. BLISS,
WILLIAM H. LEFFERTS.
DOUGLAS ROBINSON,
JAMES BROWN,
CHARLES D. LEVERICH.
WILLIAM JAY SCHIEFFELIN.
JOHN CLAFL1N,
GEORGE H. MACY,
SAMUEL SLOAN.
GEORGE C .C L A R K ,
NICHOLA8 F. PALMER,
WILLIAM SLOANE,
CLEVELAND II. DODGE,
HENRY PARISH.
LOUIS STERN,
CORNELIUS EI.DERT,
WILLIAM A. STREET,
RICHARD H. EW . . . .
.................................ART.
? i% O T a »
’
t *,W P n s pp
GEORGE E. TURNURK,
O. 8TANTON FLOYD-JONES, CHARLES A. PEABODY.
GEORGE C. VAN TUYL, Jr.
PHILIP A. 8. FRANKLIN.
JAMES II. POST,
RICHARD H. WILLIAMS.
HERBERT L. GRIGGS.
CHARLES M . PRATT,
A. A. RAVEN. Chairman or the Board.
CORNELIUS ELDER P, President
WALr-ER VOOD PARSONS. Vice-President.
CHARLES E. PAY, 2a Vice-President.
A S8ETS.
United States and State of New York
B onds___ _______ _______________$
New York City, New Y >rk Trust
Companies and Bank Stocks____
Stocks and Bonds of Railroads
Other Securities___________
Special Deposits la Banks md Trust
Companies _______________
Real Estate cor. Wall and William
Streets and Exchange Plaee, con
taining offices___________________
Real Estate on Staten Island (held
under provisions of Chapter 481,
Laws of 1887)........ .........................
Premium Notes___________________
Bills Reoelvaole____ . ___________
Cash In hands of European Bankers
to pay losses under poltcios payable
In foreign countries..........................
Cash In Bank______________________
Loans ...................................................
5 /4 s
*5 02 ,04 3 09
LIABILITIES.
Estimated Losses, and Losses Unset
tled In prooess of Adjustment____ $ 3,117,101 00
Premiums on Unterminated Risks_
_
903.703 66
1,733,760 00 Certificates of Profits and Interest
2,832.463 05
U n p a id ......................... _ ...............
•
273.130 05
3S6,183 09 Return Premiums Unpaid__________
10S 696 58
Reserve for Taxes..............................
76.949 12
2,000,000 00 Re-Insurance Premiums on Termi
A
.
A
.
H o u s m a n
nated Risks..................
215,595 72
C o .
20
B roa d
S tre e t
N ew
Y ork
Amsterdam
Berlin
<SE0o Bo K D W A R D S
BROKER
Tribune Building, NEW YORK, N. Y .
rOR SALE.— Timber, Coal, Iron, Ranch co L
sx
other properties.
C^ssfldcntlal Negotiations, Investigations.'
Settlements, Purchases of Property, d
G w 8s**®*,, W«Ti IndJea.
'raM d
W«ntea
G E iig tn e e rg
670.000 00
Claims not Settled, including Com
pensation,cto...................
113,375 72
Certificates of Profits Ordered Re
learned, Withheld for Unpaid Pre
75,600 00
m iu m s ........................
22,557 84
660.314 03 Income Tax Withheld at the Source..
1,230 3a
788,575 31 Suspense Account............
5,899 75
Certificates of Profits Outstanding... 7,187,370 00
2,50,610 85
1,695,488 03
135,000 00
&
[Now York Stock Exchange
Members I Now York Cotton Exchange
IN. Y . Coffee & Sugar Exchange
THE
J -G -W H IT E C O M P A N IE S
4,299,420 04
815.582,763 48
$12,025,609 80
Thus leaving a balanee o f . . . ........................................................... ....................................
$3 557 163 68
Accrued Interest on the 81st day of December, 19 15 , amounted to______________
"5 ’ 40 6"8 08
Rents due and accrued on the 3lst day of December. 1015, amounted to____________
*
25 568 11
Re-Insurance due or accrued, in oorapaniei authorized In Now York, on the 31st day of
December. 1915 amounted to___________________ ______ ___________
« 172 389 50
Note: The Insurance Department has estimated the value or the Real Estate corner Wall and
’
William Streets and Exehanza Place In excess of the Book Value given above at
$ 450 573 96
And the property at Staten Island In excess of the Book Value, at
" s
63 700 00
The Insurance Department's valuation of Stocks, Bonds and other Securities exceeds" the
Company’3 valuation b y ............................................... ............. ............... ............................. $1,727,337 26
On the basis of these increased valuations the balance would be__________ _____. . . . . . . ____ $6,037
250
Financiers
Engineers
Operators
of Public Utility and Industrial
Properties
REPORTS— VALUATIONS— ESTIMATES
43 EXCHANGE PLACE, NEW YO R E
LONDON
SAN FRANCISCO
CHICAGO
WILLARD CASE & COMPANY
CONSULTING
59
T h e U nion T ru st C om pany o f New Y ork will act as T rustee o f
perm anent ch aritable, edu cation al or religious trusts, cre
ated either under a will or a trust indenture, and gives special
attention to trusts of this character. The Company also acts in
the capacity of Treasurer, Assistant Treasurer, Financial Agent or
Depositary for such institutions, and is qualified and equipped to
render expert and attentive service in all such relations.
T he U nion T ru st C om pany’s record of fifty years in the con
tinuous administration of all the usual forms of trusts invites con
fidence in the permanent maintenance of a high standard of ability
as trustee.
Purchasers
Contractors
Managers
ENGINEERS
• CONSTRUCTION
OF INDUSTRIAL PLANTS
REPORTS
ON OPERATING CONDITIONS
VALUATIONS
OF MANUFACTURING PROPERTIES
17 BATTERY PLACE
W IL L IA M
E .
NEW YORK
W IL L IA M S
CONSULTING ENGINEER
EXPERT IN PATENT CAUSES
Special work In originating and
developing new machinery, methods
of manufacture and (nvantions.
Raports on the commercial valua of
inventions and patents.
UNION TRUST CO., 80 Broadway
CAPITAL AND SURPLUS - $8 ,900,000
28 East Jackson Boulevard
Phone Harrison 5717
CHICAGO
M E L L O N
N A T I O N A L
P I T T S B U R G H , PA.
B A N K
Alex. O. Humphreys
STATEMENT OF CONDITION AT THE CLOSE OF BUSINESS DEC. 27, 1916
RESOURCES
Loan s, B on d s and In vestm en t S ecu rities_________$79,250,289 80
O v e rd ra fts __________________________________________
1188
C a s h --------------------------------------------------------------------------7,394,685 58
D ue from B a n k s------------------------------------------------------ 16,605,824 22
LIABILITIES
$103,250,811 48
C a p i t a l----------------------------------------------------------------------Su rplu s and U ndivided P rofits_________________
Reserved for D epreciation, & c _________________
C ircu la tin g N o te s--------------------------------------------------D e p o s its ----------------------------------------
$6,000,000
3,753,693
467,106
3,446,600
89,583,411
00
56
16
00
76
$103,250,811 48
Alien 8. Mlllot
H U M P H R E Y S * MI L L E R , In c,
ENGINEERS
P o w e r —
1S
6
BROADWAY
L ig h t —
G as
NEW YORK
DANIEL W. MEAD
l Consulting
.W.SCHEIDENHELM - E n g i n e e r s
IN VESTIG ATIO N S.
REPORTS.
AN D CONSTRUCTION
DESIGNS
Hydraulic and elactric developments, water
supply, flood control and reclamation
works.
1 0 BROADWAY,
2
NEW YOR.fi
@FedFRASER