Full text of Commercial and Financial Chronicle : January 22, 1916, Vol. 102, No. 2639

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firtanrtal

th?

ommercia
I N C L U D I N G
B ank

& Q u o ta tio n

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E a r n in g s

S e c tio n

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S e c tio n

B a n k e rs ’ C o n v e n tio n

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S e c tio n

S ta te

SATURDAY, JANUARY 22 1916

VOL. 102

1916.

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F ro n t, F in e an d D c p e y stc r S ts.,

New Y o r k ,___________ _

Published every Saturday morning by W IL L IA M B. D A N A C O M P A N Y ,
Jacob Seibert Jr.. President and Treasurer: George S. Dana and Arnold G . Dana.
Vlee-PresIdentB: Arnold G . Dana. 8ec. Addresses of all. Office o f the C om pany.

C L E A R IN G -H O U S E RETURN S.
The following table, made up by telegraph, &c.. Indicates that the total
bank clearings o f all the clearing houses o f the United States for the week
ending to-day have been $4,508,551*798, against $4,579,665,805 last week
and $3,112,500,494 the corresponding week last year.
Clearings— Returns by Telegraph.
Week ending J a n . 22.

P er
Cent.

1916.

1915.

New York__
Boston_____
Philadelphia Baltimore___
Chicago........
St. Louis___
New Orleans.

S2,298,030,052
185,528,094
183,310,033
34,420,005
302,756,515
88,875,706
24,372,224

51,383,062,783
118,707,330
124,972,692
28,077,245
265,951,089
73,851,373
21,558,418

+ 66.2
+ 56.3
+ 46.7
+ 2 2 .2
+ 13.8
+ 20.3
+ 13.1

Seven cities, 5 days.
Other cities, 5 days—

53,117.292,629 I 52,016,180,930
711,274,698 | 560,298.723

+ 54.6
+ 26.9

Total all cities, 5 days.
All cities, 1 day________

53,828,567,327 1 52,576,479,653
679,984,471 1 536,020,841

+ 48.0
+ 26.8

_Total all cities for week....................I 54,508,551,798
S3,112,500,494 1 +44.9
— Tho full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by tho
clearing houses at noon on Saturday, and hence in tho above tho last day
of the week has to bo in all cases estimated, as wo go to press Friday night
Wo present below detailed figures for the week ending with Saturday
noon, January 15, for four years:
Week ending Ja n u a ry 15.

Clearings at—

1916.
S

1915.
S

In c . or
Dec.

%

N ew Y o r k ______ 2,770,520,035 1,693,117,767 + 63.6
232,667,682 151,219,980 + 53.9
Philadelphia-----45,967,275 + 22.8
56,653,484
Pittsburgh______
37,120,124 + 19.7
44,418,957
B a ltim ore______
13,037,180 + 17.4
15,308,371
Buffalo__________
5,370,239 + 14.7
5,449,315
A lbany__________
7,034,713 + 6.7
9,508,2S3
Washington_____
4,702,186 + 22.9
R och e ster---------5,780,517
3,298,730 + 2.9
3,393,226
Scran ton _______
3,722,541
3,248,078 + 14.0
S yracu se_______
2,448,694 + 10.3
2,700,000
R ea d in g-......... ..
W ilm ington-------3,624,847
1,682,248 + 115.5
1,751,014
1,600,933 + 5.4
Wilkes-Barre-----2,383,244
1,771,120 + 34.0
W heeling----------2,049,623
1,599,301 + 28.1
Trenton_________
1,099,435
803,503 + 27.3
Y ork____________

M o n tc la ir ----------

1,342,204
1,065,989
682,484
836,300
605,000
1,872,587
495,358

Boston________
Providence ____
Hartford______
New Haven____
Springfield.........
Portland______
Worcester_____
Fall River_____
New Bedford__
Lowell________
Holyoke_______
Bangor________

197,134,044
11,194,000
6,810,248
4,336,578
3,820,966
2,604,685
3,455,241
1,652,828
1,474,745
1,067,546
899,003
435,938

B ingh am ton ------

1,020,839
672,230
640,000
691,400
526,285
1,273,315
470,202

+ 31.5
+ 5S.5
+ 6.6
+ 2 1 .0
+ 15.0
+ 47.0
+5.3

1914.

1913.

S
S
1,992,913,619 2,224,445,040
171,881,877 184,701,989
51,487,899
58,532,250
40,488,653
40,917,779
13,220.943
12,529,841
7,377,313
7,375,223
7,818,126
7,534,072
5,023,405
5,643,815
3,461,959
3,237,174
3,307,209
3,273,521
1,950,724
1,808,457
2,047,866
2,014,06.8
1,663,624
1,587,382
2,514,611
2,271,263
1,719,979
1,661,312
953,524
940,553
1,130,571
1,093,297
681,004
662,960
700,000
687,478
173,300
707,600
548,935
697,138
1,424,745
1,646,160
473,120
472,805

,979,430,348 + 60.0 2,3,13,563,006 2,570,447,783
147,873,678
7.923,600
5,810,038
4,050,154
2,753,910
1,963,208
2,479,402
1,184,508
1,143,992
765,362
766,234
402,492

+ 24.9
+ 41.3
+ 17.3
+ 7.1
+ 38.7
+ 32.7
+39.4
+ 39.5
+ 28.9
+ 39.5
+ 17.4
+ 8.3

181,512,501
9,323,000
5,700,230
3,784,656
3,241,237
1,998,006
2,778,179
1,335,602
1,201,846
1,020,993
757,363
413,954

204,208,918
9,756,700
5,384,500
3,825,208
2,915,117
2,049,618
2,988,846
1,307,007
1,228,322
647,019
664,812
492,086

Tot. New Eng. 234,891,822 1 8 7 ,116 ,5 7 8 1 +25.5| 213,068,1671 235,468,153
Note. —For Canadian clearings see "Commercial and Miscellaneous News."
* Owing to the consolidation the latter part of March 1915 of the First National
Bank and the Security National under the name of the First & Security Bank,
Minneapolis bank clearings are being materially reduced.




S e c tio n

NO. 2639

Clearings at-

PUBLISHED WEEKLY.

W IL L IA M

C ity

Week ending Ja n u ary 15.

IP tie C t o t t i c l j e .

Greensburg-------

and

1915.

In c . or
Dec.

1914.

1913.

Chicago________
Cincinnati______
Cleveland______
Detroit_________
Milwaukee____
Indianapolis___
Columbus______
Toledo_________
Peoria___ _____
Grand Rapids__
D a y ton ________
Evansville______
Youngstown___
Fort Wayne . . .
Springfield, 111..
Lexington______
Akron. _______
Rockford_______
Canton_________
Quincy...... .........
South Bend— .
Springfield, Ohio.
Mansfield______
Bloomington___
Decatur________
Jackson ________
Danville________
Jacksonville, 111.
L im a __________
Ann Arbor______
Owensboro____
Adrian.............
Lansing________
Tot. Mid.West

355,730,977
35,072,700
42,863,304
38,033,214
18,543,943
10,597,209
7,783,40C
9,311,063
4,200,000
5,049,562
3,402,205
2,126,147
1,935,406
1,302,463
1,428,196
1,082,683
2,834,000
1,224,537
2,136,012
799,074
884,303
1,089,293
715,260
690,436
528,143
700,000
469,993
241,580
657,669
361,320
600,000
76,816
773,040
553,244,548

S
345,980,192
33,299,900
28,343,362
30,948,285
17,584,622
8,665,719
7,315,600
7,333,360
3,660,450
4,202,339
2,747,514
1,725,474
1,635,948
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
603,613
521,759
541,241
345,173
528,012
256,985
447,176
53,148
464,710
509,407,013

S * * '
335,682,835
30,746,300
27,140,918
27,946,649
16,550,2S4
9,933,425
6,127,500
6,075,208
3,681,621
4,129,059
2,613,398
1,340,510
1,682,365
1,175,830
1,223,178
1,603,867
2,255,000
1,005,470
1,751,359
858,152
684,907
725,106
506,387
727,630
631,936
668,536
519,051
343,111
442,004
255,964
548,110
39,016
554,694
490,169,380

San Francisco-. .
Los Angeles-------

52,474,641
56,053,639
+ 6.8
54,716,645
23,871,000
23,405,320
+ 2.0
27,800,322
+ 0.9
13,924,634
12,186,807
12,299,288
12,524,418
11,029,742 — 3.8
10,610,340
+ 7.3
4,634,769
4,039,360
4,333,920
7,036,984
6,459,711 + 60.1
10,339,337
2,215,285
+5.5
1,931,265
2,038,601
3,762,474
4,352,882
3,631,735 + 19.9
2,093,658
1,987,399 H” 56.9
3,117,890
2,506,873
2,725,000
2,223,944 + 22.5
1 , 10 1,2 0 0
+ 7.C
1,119,107
1,046,695
1,055,997
1,228,079
1,013,116 + 2 1 .2
923,393
1,300,812
986,353 + 31.8
724,131
790,192 — 8.4
677,277
400,000
357,017 + 12 .0
390,000
285,591
269,162
+ 6.0
277,263
573,549
577,042 — 0.6
135,373,226 "i24,409,501
+ 8.8 ~1357641,192

60,193,578
27,430,909
12,025,534
11,779,347
4,531,195
7,087,456
2,850,023
4,138,154
2,160,815
2,870,740
1,234,683
1,413,280
923,219
750,000
364,168
269,420

San Diego______
Pasadena_______
Fresno_________
Stockton_______
San Jose ______
North Yakima .
R e n o __________
Long Beach____
Total P acific..

S
314,437,017
29,862,750
25,890,654
24,800,350
18,598,673
8.941.94C
6,404,300
6,377,944
3,269,098
3,653,963
2,294,708
1,412,718
1,537,036
1,408,055
1,292,248
1,083,365
1,863,000
974,911
1,682,205
810,492
742,790
946,146
585,570
844,847
508,473
593,916
457,759
285,432
460,177
296,452
567,018
49,141
569,367
463,502,516

%
+ 13.1
+ 17.4
+ 65.6
+ 53.4
— 0.3
+ 18.5
+ 21.5
+ 45.S
+ 28.5
+ 38.2
+ 48.3
+ 50.5
+25.9
— 7.5
+ 10.5
— 0.06
+ 52.1
+25.6
+ 27.0
— 1.4
+ 19.1
+ 15.1

+ 22.2

— 18.2
+ 3.9
+ 17.9
+ 2.7
— 15.4
+ 42.8

+ 22.0
+ 5.8

+ 56.3
+ 35.8
+ 19.4

84,734,069
28,150,111
23,500,000
18,102,334
11,314,542
6,494,974
9,516,930
5,300,095
3,623,912
4,741,059
2,583,090
1,689,121
1,700,000
1,620,031
2,005,973
2,441,122
1,262,200
733,655
482,758
503,601
2S7.362
600,000
750,000
212,137,539

80,159,486
32,959,664
20,010,620
11,775,913
9,685,457
4,157,064
8,825,228
5,067,894
3,494,139
4,112,937
2,498,884
1,544,585
1,300,247
1,675,775
1,243,222
1,525,261
1,093,249
663,689
671,352
604,347
238,189
533,002
569,565
194,409,769

+ 5.7
— 14.6
+ 17.4
+ 53.7
+ 16.8
+ 56.2
+ 7.8
+ 4.6
+ 3.7
+ 15.3
+ 3.4
+ 9.4
+ 30.8
— 3.3
+ 61.3
+ 60.1
+ 15.5
+ 10.5
— 28.2
— 1G.7

79,861,091
23,987,538
14,507,972
9,134,352
5,022,888
8,869,177
8.S80.116
15,264,838
10,400,342
5,671,494
6,779,172
4,309,849
3,805,608
1,914,817
2,429,402
2,900,000
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
906,667

+ 22.8
+ 18.6
+ 45.1
+ 9.4
— 24.3
+ 82.1
+ 18.7
+ 27.8
— 17.0

Tulsa .......... .......
Jackson -----------Vicksburg..........
Muskogee---------

98,108,042
28,443,583
21,054,540
9.996,969
3,800,000
16,149,697
10,539,765
19,508,666
8,633,092
6,107,324
8,284,796
4,892,623
3,599,323
2,096,688
2,819,434
3,600,000
2,461,421
2,516,303
1,053,110
3,254,019
3,192,097
4,834,656
5,709,592
2,690,248
1,154,944
409,258
1,177,3S4

Total Southern

276,088,174

224,156,778

Kansas City___
Minneapolis___
Omaha...... .........
St. P aul.............
Denver_________
Duluth_________
St. Joseph_____
Des Moines____
Sioux City______
Lincoln ________
Topeka — .........
Davenport_____
Cedar Rapids—

Colorado Springs
Frem ont_______
Hastings_______
Billings..............
Aberdeen_______
Tot.Oth.West.
St. L ou is..........
New Orleans___
Louisville_______
Galveston______
Richmond______
Memphis_______
Atlanta . . ____
Fort Worth____
Savannah ______
Nashville_______
N orfolk........ ......
Birmingham___
Augusta-----------Little Rock____
Jacksonville___
diaries ton_____
Mobile................
Chattanooga___
Oklahoma______

140,022,521

62,187,386
25,876,868
18,829,511
11,615,497
8,473,650
3,613,334
8,316,769
4,467,900
3,427,526
3,421,104
1,974,637
1,849,851
1,568,390
2,233,496
532,761
1,397,143
1,017,801
691,065
831,833
363,849
193,492
414,996
34S.789
163,698,859

57,421,266
26.5S0.759
17,725,040
9,45. ,664
9,465,907
4,877,514
9,984,468
4,595,505
3,081,573
3,525,590
1,735,516
2,192,046
1,385,749
1,743,796
514,180
1,663,294
953,916
685,752
891,535
269,900
.
172,051
362,096
391,829
159,671,949
91,465,225
24,703,049
16,290,725

+ 22.2
+ 13.5
— 5.4
+ 9.5
+ 16.1
+24.1
+ 43.5
+ 26.3
— 8.4
+ 30.3
+ 17.7
+ 21.5
+ 82.4
+ 95.9
+ 108.7
+ 0.8
+29.9

94,129,417
24,080,537
17,632,880
12,704,642
3,991,000
8,943,330
10,915,971
19,075,880
9,220,022
5,826,527
9,327,840
4,654,511
3,685,580
2,431,462
3,061,507
3,684,542
2,119,211
2,446,789
1,538,239
2,534,000
2,043,272
5,291,636
2,744,315
1,825,359
559,705
440,145
969,341

+23.2

255,877,620

234,421,995

+ 20.6

+ 12 .6
+ 31.8
+ 9.1

+ 7.7

4,793,000
9,043,728
9,517,326
16,408,129
9,035,233
5.S30.325
8,057,363
4,546,914
3,913,085
2,266,985
2,427,244
3,640,096
1,693,810
2,247,109
1,772,051
3,128,366
1,976,237
4,211,316
4,362,240
951,473
660,731
433,367
1,044,868

Total a ll........'4,579,665,805,3,173,031,490, +44.3 3,591,204,626 3,831,201,781
Outside N. Y . +869,145770 1,479,0137823 + 22.2 1.59lT29Tj)27 1,606.756.735

276

THE CHRONICLE

THE F IN A N C IA L SITUATION.
The sharp declines that are occurring on the Stock
Exchange from time to time in face of an expansion
in railway revenues that has few, if any, parallels
in the country's history, is inexplicable except on
the theory that liquidation on foreign account is
proceeding on an even more extensive scale than had
been supposed, or else that there are some important
developments impending in connection with the war,
of which the public as yet has no knowledge.
Returns of railway earnings are of the most grati­
fying description. We publish this week complete
tabulations for the month of November and the im­
provement recorded surpasses the fondest expecta­
tions. As compared with the corresponding month
of the preceding year, there has been an addition to
gross earnings of no less than $66,310,622, and as
this was attended by an augmentation in expenses of
only $16,307,728, there has been an addition of over
fifty million dollars— in exact figures $50,002,894—
to the net earnings. In ratio the increase in the gross
is 27.58% and in the net 73.52%.
Think what an increase of over $66,000,000 in the
gross and of over $50,000,000 in the net, all in a sin­
gle month, means! Think what an improvement of
over 73% in net earnings means as a revivifying
agency in the railroad world. Think how it has
changed the carriers' prospects and completely al­
tered the railroad outlook.
The transformation has come all of a sudden. Even
three months ago no one would have conceived that
such a wonderful metamorphosis was possible. The
improvement dates from about the middle of Septem­
ber and it has been proceeding at a progressive rate
ever since.
Up to that time the outlook for the railroads ap­
peared dismal in the extreme.
Stimulated by war
orders, a wonderful revival in the iron and steel trade
had occurred, and not a few other lines of industry
were also manifesting growing animation. Yet all
this at that time found no reflection in railway traffic
returns and accordingly the outlook appeared ex­
ceedingly discouraging.
But, about the middle of September, traffic and
revenues began all at once to increase and in a very
rapid way, too, though at first it was particular
systems rather than the railroads as a whole that gave
evidence of the fact. Having once begun, however,
the movement quickly gained increasing headway.
We may take the monthly increases as a measure
of the ascending rate of growth. For August the
gain in gross was only $5,272,843, or 1.93%; for
September it was $17,783,141, or 6.43% ; for October
the augmentation reached $37,087,941, or 13.57%;
for November now, as already stated, the gain is
$66,310,622, or 27.58%> and December is certain to
show equally striking improvement.
Next to agriculture, railway transportation is the
largest single industry in the country. It was idle
to talk of general prosperity so long as this industry
continued in the depths of gloom and depression.
By parity of reasoning it follows that now that the
railroads are doing so marvelously well, general pros­
perity is measurably advanced; a new impetus is im­
parted to it and it is invested with an element of
permanence which previously was impossible. In
other words, trade improvement may now assume
an enduring character where before it seemed a mere
figment of the brain. *



[Vol . 102.

The effect, too, is sure to be far-reaching. Indeed,
it is already exerting a marked influence upon
affairs. Railroad credit, previously impaired, is
now being restored. With revenues so much larger,
the railroads have correspondingly more to spend.
Most important of all, the railroads are once more
able to get new capital supplies, of which they have
been in such sore need for so long. That means
that they can go on with improvement and extension
work, which for a long time has been, perforce, held
in entire abeyance.
The two forces combined— that is, revenues so
ample as no longer to oblige the carriers to stint them­
selves in repair and renewal work, and access to new
supplies of capital— ensure orders on a large scale
from the railroads for a considerable time to come.
This will keep domestic industries employed after
the war orders have disappeared, and in that sense
cannot fail to act as a counterpoise to the contrac­
tion in foreign business which must come with the
close of the war.
It is evident that in all this there is nothing to pro­
voke a selling movement on the Stock Exchange, but
rather the reverse. Yet there has been selling, and
of a very large and extensive type, and the only ques­
tion is whether this has come entirely from foreign
sources or has also been supplemented by selling on
domestic account.
Liquidation for foreign account is undoubtedly
progressing on a huge scale. A statement just given
out bearing on the foreign holdings of the United
States Steel Corporation is significant as to the ex­
tent of the foreign liquidation. It appears that on
Dec. 31 1915 the foreign holdings of Steel common
stock aggregated only 696,631 shares, against 1,193,­
064 shares held abroad at the end of 1914. Thus no
less than 496,433 shares of Steel common were dis­
posed of on foreign account during the twelve
months. Foreign owners also diminished their hold­
ings of Steel preferred, the total of such holdings
Dec. 31 1915 being 274,588 shares, against 309,457
shares on Dec. 31 1914.
Altogether 531,302 shares of Steel stock were
transferred from abroad to this country during the
twelve months. As the shares have a par value of
$100 this means that no less than $53,130,200 of
Steel stock, common and preferred, was sent to this
country for foreign account. This is the result for
simply one company, though the largest of its kind.
The absorbing power of our market can be judged
by the fact that while this extensive liquidation on
foreign account was going on, the price of the common
shares steadily advanced and in December reached
893^2, as against only 38 the previous February.
The result in the Steel case has undoubtedly been
duplicated in the case of many other companies,
though on a smaller scale. And there has been large
liquidation on foreign account, too, in the case of
bonds. Disregarding altogether sales over the coun­
ters of bankers, our records show that sales of bonds
on the Stock Exchange on seller’s options, represent­
ing, presumably, sales on foreign account, (but not
counting option sales of Anglo-French bonds, which
were very heavy for a few days in December prior to
the expiration of the syndicate agreement, in an
attempt to forestall a possible decline in the bonds),
aggregated no less than $54,000,000 during the
calendar year 1915.
And the liquidating movement for foreign account
is still going on, in stocks as well as in bonds, and per-

Jan. 22 1916.]

THE CHRONICLE

277

haps on a larger scale than ever before. The mobili­
Cotton mill operatives in Northern New England
zation of American securities in both Great Britain
to the number of some 75,000 having been accorded
and in France is evidence that notwithstanding the
late in December an increase in wages reported to
previous extensive liquidation and notwithstanding
average 5% for all employees receiving $10 or less
also the placing here of the Anglo-French loan for
weekly, a movement was started at Fall River on
$500,000,000 and notwithstanding the tremendous the closing day of the old year to secure an advance
amount of gold shipped from Europe to the Uhited for the mill hands there. At the meeting of the
States, the problem of how to settle the large adverse Textile Council, at which action was taken, the
trade balance against the European countries is still secretary was instructed to request of the manu­
a very serious one.
facturers an advance of 10% in the wages of the
The extent of Europe’s adverse trade balance is textile operatives of the city, to take effect Jan. 10
not generally appreciated. We publish on a subse­ an answer to be accorded not later than Jan. 5, the
quent page the foreign trade figures for France for demand applying to the Fall River Iron Works
the eleven months ending with November. It ap­ Go., as well as to the mills affiliated with the Manupears from these statistics that as compared with the acturers Association. No immediate action was
corresponding eleven months of 1914 the exports were taken by the mill officials, however, but after
reduced in the sum of 1,871,703,000 francs, while the
conferences with representatives of the operatives
imports at the same time were increased 1,206,004,000
it was decided on Tuesday of last week, notwithstand­
francs. The two together make a change for the
ing the unsatisfactory condition of the industry the
worse in these eleven months in amount of 3 077 past year, to offer an advance of 5% to go into
707,000 francs. The imports into France for the
eitect Jan. 24, raising the wage basis from 21.63
eleven months of 1915 were no less than 7,201,315,000
cents per cut of 45 yards 28-inch 64x64 print cloths,
francs, whereas the exports from France in the same
tne ruling scale since the spring of 1912 to 22 71
eleven months were only 2,731,488,000 francs. In
cents
The accepting of the offer by the operatives
brief, the imports for these eleven months exceeded
has set at rest all fear of labor troubles in the im­
the exports in the huge sum of 4,469,827,000 francs.
mediate future and has been followed by a 5 %
Expressed in American money, France’s adverse bal­
advance at New Bedford and adjacent mill points
ance for the eleven months amounts to $893,965,000. quite generally.
W hen December shall have been added the amount
will be in the vicinity of $1,000,000,000.
Admitting that the United States Cotton Futures
This is merely for France— merely for one single
country. The result for Great Britain is even worse, has’ L h ,l b<T , e T rative on February 18 1915,
f tnh Wh° 6’ been beneficial to the cotton
though in the case of that country an adverse bal­ tr, i
trade of the country, and has already demonstrated
ance is a usual thing, while in the case of France it
its usefulness, it has been found to be defective in
is very uncommon. We published the English trade
one of its features, and detrimental, and earnest
figures in our issue of Jan. 8, page 95. These were
ellorts are to be made at the current session of
for the full calendar year, and showed an excess of
Congress to remedy the defect. The change that
imports for 1915 in the huge sum of £469,232,120
is desired to be made is the elimination from the
equal to $2,346,160,600, against an excess of imports
Act, Section II, which provides in effect that unless
for the calendar year 1914 of only £266,720,284, equal
foreign cotton exchanges revise their rules and
to $1,333,601,420. Thus Great Britain’s adverse
standards to conform to the requirements set out
trade balance in 1915 exceeded that of 1914 in the
’ “ ° rJeS,de" t of the U™ted States may
sum of over a billion dollars— to be precise, in the
f i
i
orders thereto for transactions in the
large sum of $1,012,000,000.
uture delivery of American-grown cotton without
So long as trade continues to run against these
paying an excise tax of 2 cents for each pound of the
countries in this way, not to speak of the other cotton so ordered.
European nations, continued liquidation in American
As the foreign cotton exchanges have not readjusted
securities for their account will be inevitable.
their standards of grades nor modified their rules
Whether such sales furnish an adequate explanation
to bring them into agreement with the Act, our
of the declining tendency of prices on the Stock
cotton exporters have been placed at a great dis­
Exchange is still open to question. Such sales on
advantage in not being able to hedge in Liverpool
foreign account would be chiefly of railroad securi­
the market where most of the exported cotton is
ties, as Europe owns comparatively few industrial
disposed of. It is to be noted that the Southern
secuntms listed on the Stock Exchange aside from
cotton exchanges— the bodies primarily responsible
the Steel shares. But it is in the railroad shares that
for the enactment of the Cotton Futures 'Act— are
the declines have been lightest, while in the industrial
most actively engaged in the movement to accomproperties they have been severe and pronounced.
p ish the repeal of the objectionable section, andit is
Ih e industrial shares, to be sure, were last summer
relieved that their efforts will be successful. The
boosted by most disgraceful methods to very dan­
New York Cotton Exchange, Government regulation
gerous heights, and hence are especially vulnerable
of which was one of the chief aims of the Cotton
but they had experienced a severe and extensive
Futures Act, is maintaining a strictly passive atti­
break before the latest decline set in.
tude in the matter, although as vitally interested
. The movement in these shares is, therefore, de­ as the other bodies.
cidedly obscure unless it be assumed that they have
been altogether abandoned to their fate by the reck­
Great Britain proposes to make its blockade of
less manipulators of last summer, or there is some German ports more effective than has proven possible
ultimate cause in coming developments with refer­ under the plan known as the Orders-in-Council. How
ence to the war, of which the vast mass of the this is to be accomplished has not yet been announced.
public is still in ignorance.
There are some hints of a submarine blockade. The
proposed change has a twofold purpose’ first, as an



218

THE CHRONICLE

answer to protests of neutral countries who have been
objecting to the present restraint of commerce with
Germany as a “ paper blockade” ; second, as a more
forceful method of conducting the war, and to this
extent it is clearly a response to a popular demand
that obviously is growing in England. It is under­
stood that the British Foreign Office will not come
to any definite conclusion until it has placed a com­
plete defense of the present “ Orders-in-Council” plan
before the House of Commons. Meanwhile, the
Orders-in-Council are, it is stated, being more rigidly
enforced than ever before. It is understood that
the proposed note of protest on contraband b our
own Government will be withheld until the new con­
ditions have taken practical form. Ambassador
Page at London has cabled the State Department for
its information the full text of the extended trading
with the enemy” Act. Inquiries that have been
made by British Consuls in this country into the
stock membership and directorates of American cor­
porations apparently have indicated a purpose on
the part of the British Government to prohibit peisons resident in Great Britain from trading with any
of the corporations or firms or’ individuals who are
engaged in supplying the Teutonic Powers. The
State Department is expected to object vigorously
to any such boycott if it is proposed to apply it to
American concerns regularly organized and in business
before the outbreak of the present war.

[Vol. 102.

that Montenegro had accepted these terms imposed
by the Dual Monarchy. The news was the source
of keen disappointment to the other Entente Allies.
Suggestions of absence of good faith on Montenegro s
part were heard, special emphasis being placed upon
the capture last week of M t. Lovcen, the great M on­
tenegrin stronghold frequently spoken of as the
Gibraltar of the Adriatic. It is evident, however,
that while there unquestionably were negotiations
for peace, reports of the capitulation of the Monte­
negrin army were premature. On Thursday Monte­
negro notified Italy officially that fighting between
Austrian and Montenegrin troops had been resumed,
King Nicholas and the Montenegrin Government
having rejected all terms offered by the enemy.
The Montenegrin capital has been removed to
Scutari. What assurances Montenegro’s allies were
able to give to cause this sudden reversal of decision
have not been announced. It is stated as a fact,
however, that Sir John Roper Parkington, ConsulGeneral in London for Montenegro, was advised
officially on Wednesday that King Nicholas and his
sons would remain at the head of their troops, deter­
mined to fight to the last. The King is understood
to be at Podgoritza.

The Compulsory Service Bill passed through the
Committee of the House of Commons on Thursday
night amid such enthusiasm. Walter Hume Long,
President of the Local Government Board, in a
speech closing the discussion, said he desired to re­
Presumably as a measure of reprisal against Great
move the impression that under this bill the Govern­
Britain’s blockade program, the Swedish Govern­
ment was creating a great monster in the form of a
ment has issued a decree effective yesterday (Friday)
military machine which would grab at any man
prohibiting the exportation of wood pulp. This coming within its scope. There was no intention
order is regarded primarily as a measure of reprisal that the War Office should act with undue severity.
against Great Britain for the seizure from steamships On the contrary, it was intended to maintain the
of parcel post packages destined for Sweden, and is
present system almost as it was, but it would have a
an indication of the feeling of antagonism that is
statutory position it had hitherto not occupied.
apparently growing in neutral countries against
These remarks suggest that the Government, now
Britain’s naval activities. This particular measure
that it has adequate power, will exercise the greatest
means a great increase in the price of paper in Eng­
moderation and will only use its power as a final
land, which is an influence that is not unlikely to
necessity. Every effort is being made to retain
have rather practical results cn the expressions of Arthur Henderson and other Laborites in the Minis­
opinion by the British newspaper press. A member try, their recent resignations not having been accep­
of one firm of paper makers states that about nine- ted'. Groups 2, 3, 4 and 5 of recruits who enlisted
tenths of the pulp used in the United Kingdom comes under the Earl of Derby’s plan, wete formally called
from Norway and Sweden. British factories have to the colors on Thursday, in accordance with the
considerable supplies on hand, but after they aie proclamation of Dec. 13. These groups, the first
exhausted it may be expected that great difficulties Derby recruits to be called out, are composed of
will be experienced and will probably make Britain unmarried men from 19 to 22 years of age. In order
a more active competitor with the United States for to prevent congestion at the recruiting offices and to
Canadian wood pulp. Commenting on the situation cause the smallest possible inconvenience to the
the “ Westminster Gazette” says: “ This act of the men, only the first drafts will actually begin training
Swedes is a reminder to those who have been uiging at once
The other drafts will be summoned on
a complete blockade of neutrals that these hav e a succeeding days. The men have been warned of the
power of retaliation which may be even more incon­ necessity of reporting for duty immediately, the
venient to us than the loss of our supplies. The paper Recruiting Committee having stated that any one
difficulty can probably be adjusted, but only by who is summoned and does not appear will be treated
concessions on our side. Interference with neutral as a deserter. The number of men in the fust four
trade may not prove quite such smooth sailing as groups, after subtracting exemptions and postpone­
some persons fondly imagine.”
ments of service, is estimated roughly at 100,000.
Early in the week announcement was made that
Montenegro, the smallest of the Entente Allies, had
yielded and that negotiations for a separate peace
were in progress. Official announcement to this
effect was made in the Hungarian Parliament by the
Premier, who stated that the unconditional laying
down of arms by the little kingdom was made the
basis of the inauguration of peace negotiations and




The Russian armies seem again this week to be
displaying the greatest energy in the various zones of
the European conflict. With large reinforcements
they are making violent attacks on the AustroHungarian positions along the Bessarabian frontier.
To the Northeast of Czernowitz they claim to have
captured an Austrian sector and to have repulsed

Jan . 22 1916.]

THE CHRONICLE

279

five desperate counter attacks. A Russian communi­
Government had decided that the enthronement
cation also tells of a raid on the Black Sea by their
would take place early in February, but that Yuan
torpedo boats, which sank 163 sailing craft of various
Shih-Kai had issued an order canceling the ar­
kinds along the Anatolian coast. In the Caucasus
rangements, in view of the disturbances in Yunnan
too the Russians claim to have made important ad­
Province. No intimation was given when the en­
vances against the lurks. Announcement was made thronement will take place. Government officials
in the British House of Commons on Thursday that estimate that not more than six months will be re­
the British column which is proceeding up the Tigris quired to quiet the disturbances in the south.
to the relief of Ivut-el-Amara is in close touch with
the Turks at Essin, or seven miles from the goal.
The Swiss Government is preparing to issue the
British military authorities now express confidence fourth loan of 100,000,000 francs in the form of bonds
that the relief measures will be successful. In the bearing 4J^% interest. The proceeds are to be used
West very little important progress has been made by to cover the cost of the continued mobilization of the
either side, although artillery bombardments, mining army. A news agency announces that up to Jan. 16
and counter-mining operations and aerial attacks subscriptions to the new Italian national loan have
continue along the entire line. Several attempts of been filed by the National Insurance Institution
the Austrains to approach the Italian positions on the to the amount of 27,000,000 lire. In an address de­
Tolmino sector and near Oslavia have been repulsed.
livered in Florence, Italy, on Wednesday, Antonio
Since the blowing up of the railroad bridges near the
Salandra, the Premier, said: “ We thought this
Greek frontier by the engineers of the Entente
would be a short and easy war, but it has become a
Allies there have been no important developments
long and hard one. We had thought that all the
reported. No news has been received concerning hardships would be of a military character, but we
the projected attack by the Teutonic Allies along the find it difficult even behind the front to keep on
line leading to the base of the Entente Allies at fighting. However, we are going to do it and we shall
Saloniki. But advices from Macedonian seaport persevere until victory is won.”
are to the effect that the British and French continue
to land reinforcements there in large numbers and
A further forward step has been announced by the
hope to make Saloniki a second Ypres in strength of
British Treasury this week in its plan to mobilize
resisting ability.
American securities. Thus far there has been no
Germany has notified Great Britain that as the
announcement, or in fact accurate indication, of the
lattei Government has declined to answer satis­
volume of bonds that has been secured since the
factorily Germany’s demand for the punishment of names and prices of various securities which the
the members of the crew of the patrol boat Baralong Treasury is prepared to purchase were officially pro­
foi
alleged killing of the crew of a German sub­ mulgated, about a fortnight ago. On Thursday of
marine which the Baralong sank, Germany is forced this week the Government added to the list of mobil­
to adopt adequate measures of retaliation. What ized securities the shares of fourteen American com­
these measures will be has not been announced. panies, including common and preferred. This
After a two days’ bombardment an Anglo-French action, to quote one London correspondent, is re­
squadron is reported to have silenced the forts at the garded in financial circles there as “ the death knell
Bulgarian town of Porto Lagos and landed troops on of the London market in American securities.”
Bulgarian soil. Meanwhile the allied land forces Brokers, he explained, receive a commission on the
destroyed Bulgarian gun emplacements and after a shares they sell to the Treasury; but the jobbers
brief reconnoissance withdrew. The landing was will lose their business and get nothing in return.
made on Wednesday with only slight casualties.
One of them is reported to have written the market’s
The immediate crisis in the Mexican situation
seems to have ended, the Senate Committee on
Foreign Relations having adjourned for a week
without taking action on the various resolutions
seeking to force intervention that have been pre­
sented. Meanwhile the Carranza Government is
showing commendable energy in its attempt to captuie the bandits responsible for the deaths of seven­
teen Americans who were murdered last week. In­
definite reports are current that Francisco Villa, the
outlaw military chief, has been captured at San Geronimo, Chihuahua, by the Carranza General Ca­
vazos. These reports, however, have not been con­
firmed. A dispatch received by the State Depart­
ment at Washington repeated a report from Chi­
huahua that eighteen bandits alleged to have been
among those who killed the Americans at Santa
Ysabel have been brought there and will be executed.
The coronation of President Yuan Shih-Kai as Em­
peror of China has, according to cable dispatches
irom Peking yesterday, been postponed indefinitely,
the reason officially given being the uprising in
Southern China. The Chinese Foreign Office noti­
fied the various Legations yesterday that the Chinese



epitaph, posting the following: “ Passed away after
a lingering illness.” Canadian Pacific stocks were
not included in the addition to the mobilization list,
because it was feared that such a course might en­
danger British control of the road’s securities. The
official announcement of the companies whose stocks
have been added to the list of securities which may
now be purchased or borrowed under the mobiliza­
tion scheme comprises: Atchison common and pre­
ferred, Baltimore & Ohio common and preferred,
Chicago Milwaukee & St. Paul common and pre­
ferred, Great Northern preferred, Illinois Central
common, Louisville & Nashville common, New York
Central, Norfolk & Western common, Northern Pa­
cific, Pennsylvania, Reading common, Southern
Pacific common, Union Pacific common and pre­
ferred and United States Steel preferred.
The British Government continues to encourage
the purchases of Exchequer bonds. Aided largely
by this cause, the general stock market in London has
become a particularly small affair. It is reported
that jobbers, in American securities especially, but
also in other departments of the market, are seeking
new forms of employment. A feature that has at­
tracted some attention on the London market has
been the American buying of Argentine railroads

280

THE CHRONICLE

This buying has not been of large amounts and is
not believed to have exceeded 30,000 shares but
is said to have caused advances in the price because
of the limited supply. London, it is stated, does
not fear that this buying contemplates control. Such
a result is considered impossible, since the holdings
of the Argentine railroads are so widely distributed
in small amounts. The sharp advance in rubber
shares on the London market has culminated. It
was caused primarily by covering of short commit­
ments by a large Swiss operator, who, it is under­
stood, settled by paying differences amounting to
about £200,000. The British Treasury has given
authority to Barclay’s Bank to issue new stock to
enable it to amalgamate with the United Counties
Bank. It is estimated that the amount of “ pre-mora­
torium bills” unpaid in London does not now exceed
£30,000,000, which compares with probably £100,­
000,000 at the beginning of 1915. Neither does the
Stock Exchange indebtedness to the banks, which a
year ago was estimated at £80,000,000, n o v , it is
believed, exceed £30,000,000. A new offering of
£10,000,000 French Treasury bills in London was
over-subscribed. It replaces £9,400,000 of similar
bills that are maturing.
Jobbers in American se­
curities are agitating the question of having the
daily sessions lengthened again to 4 o ’clock, arguing
that Wall Street cables in the final hour would stimu­
late interest in the market, thereby assisting the mo­
bilization plan. The proposal, it is stated, is not
generally opposed. The Home Rail market is rest­
ing, pending the announcement of dividends which
will begin on Jan. 27.

fense Bonds, 3,191,900,000 frs. ($638,380,000); 3 )^ %
Rentes used as part payment, 24,450,000 frs. ($4,­
890,000); 3% Rentes, 1,430,530,000 frs. ($286,­
106,000). Paris subscribed, in francs, 9,920,000,000
($1,984,000,000); the provinces, 4,606,000,000 ($921,­
200,000); England, 602,000,000 ($120,400,000); the
colonies, 11,500,000 ($2,300,000), and other foreign
countries, 4,000,000,000 ($800,000,000), which is
mostly included in the Paris total.

On the Paris Bourse further improvement has been
reported, a result of the favorable character of the
fortnightly settlement. The carryover was effected
at 4 % . Latest reports give the quotation for the
war loan at 88.55 frs., representing a premium of
1.30 frs. Selling on the Bourse for the account of
neutral countries has led to the imposition of new re­
strictions to prevent business being transacted for
the benefit of the enemy. A bill has been drafted
proposing to tax war profits on a sliding scale varying
from 5 % to 30% . Ordinary profits must be declared
for 1911, 1912 and 1913 in order to establish the trad­
er’s average profit. Extra profits below 5,000 frs.
($1,000) are untaxed under the bill; profits between
5.000 and 10,000 frs. ($1,000 and $2,000) pay 5% ;
between 10,000 frs. and 40,000 frs. ($2,000 and
$8,000) pay 10% ; between 40,000 and 50,000 frs.
($8,000 and $10,000) pay 15% , the rate increasing
progressively until extra profits of 1,000,000 frs. pay
30% tax. In addition to regular traders, anyone
who has received a commission as an intermediary is
liable to taxation. The bill places a departmental
commission in control of the declaration, the members
to be four retired business or industrial men and three
representatives of the Finance Administration.
Latest details of the new French “ Loan of Victory”
indicate that the total subscribed was 15,130,000,000
francs ($3,026,000,000), which, as the issue price
was 88, corresponds to an actual subscription of
13,314,000,000 francs ($2,662,800,000). This sum,
again reduced by the 15 centimes in the 100 francs
allowed to cash buyers at 88,becomes 13,243,000,000
francs ($2,648,600,000). The total subscribed is
composed as follows: Cash, 6,368,000,000 frs. ($1,~
273,600,000); National Defense short-term bonds,
2.227.900.000 frs. ($445,580,000); longer-term De­



[Vol . 102.

The German Reichstag adjourned on Tuesday un­
til March 15. Dr. Johannes Kaempf, President of
the Chamber, in his closing address, dealt with the
successes of the Germans and their allies, and the
members of the Parliament cheered the Emperor,
the people and the country. The Reichstag before
adjournment unanimously adopted a resolution fa­
voring the reduction of the age limit in the case of
old-age pensions from 70 to 65. January settlement
prices on the Hamburg Stock Exchange were cabled
yesterday (Friday). The 3% German loan is listed
at 70, compared with 73 in th settlement of July of
1914, before the beginning of the war.
Official bank rates at the leading European centers
still remain without change, being 5% in London,
Paris, Berlin, Vienna and Copenhagen; 5 )^ % in
Italy, Norway, Sweden and Portugal; 6% in Russia
and 4 )^ % in Switzerland, Holland and Spain. The
open market rate in London is 53/s% f ° r sixty
and ninety-day bills against 5J^% a week ago. A
4)4 % private bank rate is still reported from Berlin,
but no quotations so far as we have been able to learn
have been reported by cable from the other Conti­
nental centers, where the outside market rates are
regulated by the official bank figures. The Bank of
Bengal yesterday raised its rate of discount to 8%
from 7% . M oney in London remains without al­
teration from 4 }4 @ 4 )^ % .
The Bank of England reports afdecrease in its
gold item this week of £133,781, which compares
with a gain of £199,274 the week preceding. Lom­
bard Street has been quite a heavy borrower from
the Bank, the loan item (“ other securities” ) showing
an increase of £2,364,000 for the week, and now
stands at £109,724,000, which compares with £110,­
264,501 one year ago and £30,661,144 at the corres­
ponding date in 1914. The total reserve as a result
of a contraction of £428,000 in note circulation
shows an increase for the week of £295,000, and the
proportion to liabilities is now 22.28%, against
22.46% last week and 32.75% at the corresponding
date last year. Public deposits increased £5,921,000,
representing the excess of Exchequer bond sales and
of Treasury bills and taxation revenue over Govern­
ment expenditures; other deposits decreased £3,­
294,000. The total reserve stands at £35,708,000.
One year ago the total was £53,603,164, and two
years ago it was £32,136,162. The Bank reports as
of Jan. 15 the amount of currency notes outstanding
as £95,228,293, against £97,140,351 the week pre­
ceding. The amount of gold held for the redemption
of such bonds remains at £28,500,000. Our special
correspondent furnishes the following details by
cable of the gold movement into and out of the Bank
for the Bank week: Inflow, £826,000 (of which
£651,000 bar gold bought in the open market,
and £175,000 released from miscellaneous account);
outflow, £960,000 (of which £100,000 exported to the

Jan . 22 1916.]

THE CHRONICLE

U nited States, £350,000 to Spain, £60,000 to Can­
ada, £25,000 to South Am erica, £300,000 earm arked
E g y p t and £125,000 net sent to the interior o f G reat
B rita in ). W e add a tabular statem ent com paring
fo r the last fiv e years the differen t item s in the
Bank o f England return:
BANK OF ENGLAND'S COMPARATIVE STATEM ENT.
1915.
1914.
1910.
1913.
1912.
J a n . 20.
J a n . 21.
J a n . 19.
J a n . 22.
J a n . 24.
£
£
£
£
£
Circulation______ . 33,909,000 34,767,275 28,252,510 27,634,105 27,810,630
Public deposits__ . 59,474,000 37,588,425 10,174,003 13,932,729 19,657,412
Other deposits___ .100,782,000 120,284,757 45,751,533 39,329,264 39,213,929
Governm’tsecurities 32,838,000 18,068,460 11,198,974 13,035,483 15,270,184
Other securities__ .109,724,000 110,264,501 30,661,144 31,750,816 32,977,201
Reserve notes <fc coin 35,708,000 53,603,164 32,126,162 26,561,767 28,682,457
Coin and bullion.. . 51,168,053 69,920,439 41,928,672 35,775,872 38,043,087
Proportion of reserve
to liabilities___
22.28%
57.37%
32.75%
49.78%
48.75%
Bank rate________
5%
5%
4%
5%
4%

281

to offer lower figures in vie w o f the restricted char­
acter o f the general dem and. T h e chief busines
passing is th at o f replacements. T h e sharp reaction
from the speculative furore in the Stock Exchange
has also been a factor th at has been operating against
an y distinct strength in the m on ey situation as a
whole.
M ean w hile, m oney is continuing to accumulate
at N e w Y o rk . T h e Clearing House statem ent of
Satu rday showed an increase o f $18,696,110 in the
surplus in the banks and trust companies above
requirements, bringing the tota l o f the surplus re­
serves up to 81 /2,518,370, which compares w ith
$135,971,010 a t the corresponding date a year ago.
T h e aggregate reserve increased $23,113,000, but
was counteracted to the extent of $4,416,890 b y the
requirements o f the increased deposits, net dem and
deposits h aving shown an expansion of 828,673,000
to $3,352,561,000, though tim e deposits were $2,­
134,000 lower, standing a t $157,725,000. Reserves
in “ own vau lts” increased $21,523,000 to 8525,202,­
000, including $443,791,000 in specie. A reduction
o f $117,000 to $168,991,000 in the reserves in F e d ­
eral R eserve Bank is noted. Th ere was an increase
of $1,707,000 in reserves in other depositaries to
856,348,000. Loans fo r the w eek increased $1,689,­
000 and now stand at $3,263,860,000, which com­
pares w ith 82,197,408,000 the previous year. I t is
understood that loans on securities that have been
returned b y foreign holders constitute a substantial
part o f the large increase which the loan item shows
in comparison w ith the figures o f a year ago. T h e
bank statem ent in greater detail appears on a subse­
quent page o f this issue.

A further increase this week of 8,501,000 francs is
reported b y the Bank of France in its gold item . T h e
silver item is 1,173,000 francs higher, while note
circulation shows the large expansion of 122,000,000
francs. General deposits, on the other hand, were
reduced 6,300,000 francs, bills discounted were
14.500.000 francs lower, Treasu ry deposits decreased
95.643.000 francs, and Treasu ry advances were cur­
tailed 13,785,000 francs. T h e Bank now holds
5.006.200.000 francs in gold. In D ecem ber 1914 the
total reported to the French Cham ber (the publica­
tion of the w eekly statem ent h aving been suspended)
was 4,492,789,000 francs; in January 1914 the
am ount on hand was 3,520,800,000 francs. N o te
circulation aggregates 13,754,000,000 francs;
in
D ecem ber 1914 it was 9,986,041,000 francs, and at
this date in 1914 it was 5,877,298,455 francs. Gen­
eral deposits are 2,048,700,000 francs, against on ly
One o f the out-of-the-ordinary demands upon the
947,571,861 francs on Ju ly 30 o f 1914, and 638,­
090,618 francs in January at this date 1914. D is­ m arket this week has been an offerin g o f $5,000,000
counts aggregate 2,204,500,000 francs. In July 1914 6 % gold bonds o f the K in g d o m o f N o rw a y . T h e
the total was 2,454,280,425 francs, and in January bonds were offered through a N e w Y o r k bank at
1914 1,554,341,544 francs.
1 0 1 3^ and we understand have all been disposed of
to priva te investors. Since 1886, the date of the issue
T h e Im perial Bank of G erm any in its report o f of the earliest outstanding external loan, until the
Jan. 15 showed an increase in gold o f 2,490 000 outbreak o f the present w ar the net cost to the N o r ­
marks; comm ercial paper and Treasu ry bills de­ w egian G overn m ent o f its various loans ranged from
creased 28,000,000 marks to 6,360,000,000 marks* 3.099% fo r the 3 % issue o f 1896 to 4.11% fo r the
circulation and bank notes decreased 232,000 000 4 % issue o f 1911. A n oth er special demand on the
marks to 6,380,000,000 marks, and priva te deposits m oney m arket was the sale o f an offerin g o f $30,000,­
decreased 45,000,000 marks to 1,836,000,000 marks. 000 Chicago M ilw au kee & St. Pau l 4 % bonds at 96
G old reserves covering circulation and banking notes and interest. These bonds are secured b y an equal
increased from 37% to 38.4% . Paym en ts in cash on amount o f St. Paul bonds which were placed in
the third war loan reached 11,734,700,000 marks or France in francs and have been repurchased b y the
96.5% of the total subscription. M o n e y borrowed com pany.
R eferrin g to m oney rates in greater detail, demand
loans h ave this week covered a range o f 1 M @ 2 % .
In fact, these figures have been the lowest and highest
rates each d ay this week, w hile the renewal basis has
remained pegged at 1 M % * F o r fixed maturities
there have been no variations from last w eek’s figures
w hatever, six ty d a y funds closing at 2]/ £@ 2% % ,
n in ety days at 2% % , four months at 2 % @ 3 % , and
fiv e and six months at 3 % .
A year ago m oney rates
were quoted at a range o f 3 )4 @ 3 Y
A % fo r the various
Th ere is little in the form o f any really new feature to m aturities named above. Com m ercial paper is not
report in the local m oney situation. N e ith er trade nor offerin g w ith any degree o f freedom .
Buyers, how ­
industry is m aking im portant demands fo r banking
ever, are m aintaining their recent rates o f 3 @ 3 )£ %
accom m odation. Th is is rather surprising in view fo r sixty and n inety d ay endorsed bills receivable and
of the favorable reports that are being received from
fo r six months single names o f choice character.
various sections o f the country, reporting a c tiv ity Nam es n ot so fa vo ra b ly rated must p a y as high as
and more or less business enthusiasm. Lenders are
3^% .
T h e Federal R eserve banks have n ot an­
m aintaining recently-established rates. T h e y have nounced any changes this week in their discount
a pparen tly come to the conclusion that it is useless rates.
on collateral b y loan banks decreased 107 800 000
marks to 577,000,000 marks. T h e Reichsbank’s
gold holdings aggregate 2,450,200,000 marks, against
2.091.618.000 marks at the corresponding date in
1915 and 1,274,298,000 marks in 1914. N o te cir­
culation showed a tota l o f 6,380,000,000 marks,
against 4,597,893,000 marks one year avo nnri
2.051.100.000 marks in 1914.
°




THE CHRONICLE

28 2

T ra d e A ccep ta n ces—

1 to 10 days maturity------31 to 60 “
“
------61 to 90 “
“
— -

09 COM

91 days to 6 months maturity 5

C o m m o d ity P a p e r —

1 to 30 days maturity------31 to 60 “
“
------61 to 90 “
"
----­
91 days to 6 months maturity

of
of

3M
3M
3M

3M

6
3M
3M
3M

...

4
4

5

3
3
3

3M
3M
A

3M
3M
A

3
3
3

...

S an F r a n c is c o .

6

AM

6

3M
3M
3M

:::

3M
3M
3M

3M
3M
A

3
3

:::

5

D a l la s .

5

5

AM

K a n s a s C i ty .

C h ic a g o .

L o u is .

5

5

AM

3

3M
A
AM

AM

4

3
3

A
A
A

4”
4

A
A
A

...

AM

3M
A
A
A

3
4
4
4

3M
A

A
A
A

3
3
3

j St.

A t la n t a .

| R ic h m o n d .

C lev ela n d .

P h ila d e l p h ia .

3
4
4
4

c
c

j

A g r ic u l t u r a l a n d
L iv e -S to c k P a p e r —

3
4
4
4

ev
2

|

10 days maturity------- 3
30 “
“
......... 3 M
60 “
“
------- A
90 "
"
......... 4

O

CO CO CO

C o m m e r c ia l P a p e r —

1 to
11 to
31 to
61 to

N e to Y o r k .

CLASS
OF
R E D IS C O U N T S .

B o s to n .

|

FEDERAL RESERVE BANK DISCOUNT RATES.

3
3
3

3
3
3

3
3
3

3

3
3

3

3M
3M
A
AM

5

__
Authorized rate for discount of bankers' acceptances, 2 to 4% .
A rate of 3 *A to 4% on purchases of trade acceptances by the
° rlea,n9J^™;"^?
tho Atlanta Federal Reserve Bank In the open market, without the endorsement
any bank, was approved Dec. 16.

[Vol . 102.

shows an excess of exports of $46,733,036, which com­
pares w ith $53,076,501 the w eek preceding. T h e
D epartm en t announces th at inasmuch as the foreign
trade does not now show any v e ry abnormal changes
from w eek to week, these w eekly statements w ill be
discontinued after Feb. 1 next. T h e arrivals of
gold from London this w eek have aggregated
$1,000,000, all coming b y the steamer Tuscania,
which came in on Tuesday. In addition $2,000,000
in French gold came in from Cuba. Th is im p orta­
tion is in connection w ith C u ba’s new coinage plans
and was follow ed b y exports to Cuba o f new m oney,
including $500,000 gold and $200,000 silver. In
addition, $1,500,000 was exported to the A rgentin e.
This shipment, we understand, is part o f a triangular
transaction b y which London pays on account of
A rgentin e shipments o f grain, beef and other products.
Com pared w ith F rid a y o f last week, sterling ex­
change on Saturday was weak, and quotations de­

clined to 4 7 5 % @ 4 75% fo r dem and bills, 4 7 6 % @
A generally steady undertone has been displayed
4 76% for cable transfers and 4 7 2 @ 4 72 % for sixty
in the sterling exchange m arket this week, although
days, ch iefly as a result of free offerings of bills on a
in no instances have rates reached the high figures
m arket practically devoid o f buyers. On M o n d a y
of the w eek before last. H e a v y arrivals o f Am erican
a much firm er tone was evid en t, p a rtly in consequence
securities as w ell as continued im portations of gold
o f renewed demands to cover foreign sales of A m eri­
have been ch iefly responsible fo r this firmness, the
can securities and also a smaller supply o f comm er­
securities creating an active demand fo r remittances.
cial offerings than anticipated; the range fo r demand
O fferings of grain, cotton and merchandise bills
was 4 7 5 % @ 4 7 6% , cable transfers 4 7 6 % @ 4 77,
generally have not been quite as active as has re­
and sixty days 4 7 2 @ 4 73. Fu rther advances were
cen tly been the case. T h e im portations of securities,
recorded on Tu esday, demand bills m ovin g up to
as w e show in a preceding paragraph, are n ot directly
4 76 3-16@ 4 7 6% , cable transfers to 4 76 15-16@
the result of the British Trea su ry’s plan fo r m obilizing
4 77 1-16, and sixty days 4 7 3 @ 4 73% ; fresh arri­
the B ritish holdings of Am erican securities. T h e
vals of Am erican stocks and bonds from abroad,
arrivals, it is understood, have been v e ry largely of
necessitating h eavy purchases of exchange, were
shares, n ot of bonds. T h is furnishes distinct e v i­
m ainly responsible fo r the strength shown. On
dence th a t the British G overn m ent has not been
W ednesday trading, as contrasted w ith the a c tiv ity
selling the securities recently acquired, fo r it is only
o f the tw o previous days, was dull and quotations
on Th u rsday of this w eek that official announcement
m oved w ithin narrow lim its; follow in g a firm open­
was made th at the Treasu ry was prepared to acquire
ing, the m arket reacted slightly with the range prac­
shares at all, the previous authorization having been
tica lly unchanged fo r the day, at 4 7 6 % @ 4 76% for
confined to bonds. T h e explanation which not un­
dem and, 4 7 6 % @ 4 7 7 % fo r cable transfers and
natu rally suggests itself is th at there has been active
4 73 @ 4 7 3 % for sixty days. Rum ors o f possible
selling b y British holders w ho have n ot desired to
com plications concerning France’s attitu de as re­
participate in the intricacies of the m obilization plan.
gards the proposed British blockade induced some
T h e y therefore have pursued as a policy the selling
uncertainty and nervousness in sterling exchange
of their stocks direct to N e w Y o rk fo r cash rather
circles on Thursday; demand was fraction ally low er
than aw ait the announcement of the G overn m ent’s
at 4 7 5 % @ 4 7 6 % and cable transfers 4 7 6 % @
readiness to accept stocks and p ay fo r them picsum4 76 13-16, though sixty d a y s ' remained w ithout
ably in British Treasu ry obligations. W h ile the
change at 4 7 3@ 4 7 3% ; business was still in active.
official plan as prom ulgated in London gives the seller
On F rid a y the m arket ruled irregular and w ithout
of the securities the option of deciding whether he
im portan t change, w ith dem and at 4 76 1-16@
w ill accept in paym ent Treasu ry notes or cash, the
4 7 6% , cable transfers at 4 76 13-16@4 7 6% , and
opinion in foreign banking circles at this centei is
sixty days at 4 7 3@ 4 7 3% . Closing quotations
that the cash option w ill be exercised on a ve ry lim ­
were 4 7 3 % for sixty days, 4 7 6 % fo r demand and
ited scale, as there w ill necessarily be the moral pres­
4 76% fo r cable transfers. Com m ercial on banks
sure to be counted upon. I t w ill, fo r instance, be
(six ty days) closed at 4 71% , documents for paym ent
considered a m ark of greater patriotism to accept
(six ty days) finished at 4 7 1 % , and seven-day grain
Treasu ry notes, notw ithstanding th at as we have
bills at 4 7 5% . C otton for paym ent closed at
heretofore pointed out, there is no restriction against
4 7 5 % @ 4 75% and grain fo r paym en t at 4 7 5 % @
the im m ediate sale on a regular m arket of such notes
.
when th ey have been accepted in paym ent.
The 4 75% .
T h e continental exchanges h ave continued irregu­
direct sale of A m erican securities and the consequent
lar and w ithou t other n otew orth y feature. In Paris
direct exportation of the same to N e w Y o rk is not
checks on London closed yesterday at 27.98% ,
being opposed b y the British G overnm ent. I t is
which compares w ith 27.90>n Th u rsday of last week.
indeed being encouraged on the ground that it w ill
In N e w Y o r k bankers’ checks on Paris finished at
be an influence of direct aid in sustaining sterling
5 8 6 % and cable tra n sfersfa t 5 8 5% , against 5 84
exchange quotations in the N e w Y o rk m arket.
and 5 83, respectively a week ago. Bankers’ checks
T h e w eekly report b y the D epartm en t of C om ­
on Berlin closed at 74% and cables> tJ 7 4% , against
merce at W ashington of the m ovem ent o f foreign
76% and 7 6 % a week ago. Austrian kronen sight
trade through the thirteen principal customs dis­
are 12.70, again stI12.85ilast][w eek4 Swiss exchange
tricts of the country fo r the w eek ending Jan. 15



Jan . 22 1916.]

THE CHRONICLE

finished at 5 16 and 5 15 fo r sight and cables, respec­
tiv e ly , against o 13 and 5 12 a week ago. Bankers’
sight drafts on Am sterdam closed a t 4 3 % , against
4 4 % @ 4 4 % a week ago, and cable transfers at 44,
against 4 4 % @ 4 4 % , while comm ercial sight was
quoted last evening at 4 3 % , against 4 3 % @ 4 4 last
week. Ita lia n lire are 6 62 and 6 61 fo r sight and
cables, respectively, against 6 67 and 6 66 a w eek ago.
Greek exchange remains nom inally on the basis of
5 15% fo r sight drafts. Checks on Copenhagen are
also w ithout change at 27 40, as also are dem and
bills on N o rw a y and Sweden at 27 70. Russian
rubles are w ithou t alteration from 2 9 % fo r sight.

283

ligerents and as between belligerents and neutrals.
T h e events in M on ten egro, follow in g those in Serbia,
have created a feeling am ong the anti-Teutonic
Pow ers themselves, none the less b itter because suppi essed, on the question who was really responsible
fo r the failure to relieve the small Balkan A llies.
T h e outcom e o f this chagrin and disappointm ent m ay
easily be demand fo r extrem e measures, in directions
where the traditional rules o f war have hitherto been
observed. T h e B aralon g m atter em bodies a dispute
over the facts. G erm an y’s allegation, based on a ffi­
davits whose accuracy has not been determ ined, was
that after a Germ an submarine, caught in a dem on­
stration against a merchant steam er, had been sunk
o ff the Irish coast b y the British warship Baralong,
the marines o f the English vessel fired on the cap­
tain and crew o f the submarine while th ey were strug­
gling in the w ater. Some of the allegations wrere on
their face h ardly believable. B u t the British G o v ­
ernm ent m ade the mistake o f refusing G erm any's
demands, through a neutral Am bassador, fo r a courtm artial in the m atter. I t retorted w ith allegations
regarding G erm any’s conduct in her own submarine

T h e N e w Y o rk C learing House banks, in their op­
erations w ith interior banking institutions, have
gained $9,306,000 net in cash as a result of the cur­
rency m ovem ents fo r the week ending Jan. 21.
T h eir receipts from the in terior have aggregated $12,­
833,000, while the shipments h ave reached $3,527,­
000. A d d in g the Sub-Treasury operations and the
gold im ports, which together occasioned a gain o f
$1,773,000, the com bined result o f the flo w o f m oney
in to and out o f the N e w Y o rk banks fo r the week campaigns, and proposed to subm it both sets o f asser­
appears to have been a gain o f $11,079,000, as tions to a court o f Am erican n aval officers, which
follows:
G erm any refused. I t is quite possible th a t the neu­
tral observer w ill n ot be g rea tly impressed w ith the
In to
Out o f
N e t C h a n g e in
W e e k e n d in g J a n . 21.
B a n k s.
B an ks.
B a n k H o ld in g s .
public declaration b y the Germ an G overn m ent in the
Banks’ Interior movement___
$12,883,000
$3,527,000 Gain $9,306,000
Sub-Treas. oper’ns and gold Imports.
26,22S,000
24,455,000 Gain 1,773,000 m atter, to the effect th a t “ the German arm y and
T o ta l__________

n a vy m this war observe the principles of international
law and h um anity,” and that it is therefore qualified
. T h e A llo w in g table indicates the am ount o f bullion
to hold the British n a v y and G overn m ent responsi­
in the principal European banks:
ble “ fo r the crime o f d efyin g international law and
J a n . 20 1916.
hum anity.”
G erm any’s hands are h ardly so clean
J a n . 21 1915.
B anks o f
O o ld .
S ilv e r.
T o ta l.
G o ld .
j S ilv er.
as to g iv e great force to exactly this contention.
T o ta l.
£
£
£
£
£
£
Nevertheless, the question o f facts in the Baralong
England.. 51,168,053
51,168,053 69,920.439
France___ 200,249,560 14,132,760 214,382,320 170.000,000 14",000,666 69,920,439
Germany. 122,508,450 1,600,000 124,108,450 106.485,500 2,396.100 184,000,000 episode remain unsettled, and the open threats made
Russia__ 207,048,000 3.854.000 210,902,000 176,785,000 4.792.000 108,881.600
181,577,000
Aus. Hunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000
by the Germ an authorities in the Reichstag, o f re­
Spain___ 35.407.000 30.174.000 65.581.000 23.225.000 28.365.000 63.718.000
51.593.000 prisals fo r this action, leave in an atmosphere o f most
Italy____ 43.904.000 4.304.000 48.208.000 47.900.000
2.761.000 50.661.000
Netherl ’ds 36.816.000
481,400 37,297,400 18.140.000
140.700 18,280,700
Nat.Belgh 15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000 unpleasant doubt the questions w hat form such re­
Swltz’land 10.005.000
10.005.000 9,470,400
9,470,400
Sweden . .
6.920.000
6.920.000 5.809.000
5.809.000 prisals if th ey are made, w ill take, and then what
Denmark. 5.931.000
228,000 6.159.000 5.008.000
260,000 5.268.000
N orw ay.. 3.705.000
will fo llow on the other side.
3.705.000 2.246.000
2.246.000
$39,061,000

$27,982,000 Gain $11,079,000

Tot. week 790,620,063
Prey, week 769,841,204 67,514,160858,134,223701,950 339' 65 454 son' 767,405,139
67,118,760 836,959,964 701,793794 65,457.800 767,251,594
c July 30 1914 In both years, h Aug. 6 1914 In both years.

I he relations o f the A llies w ith Greece in vo lv e an
obscure but painful situation. T h e Greek K in g
was v e r y probably inclined a t the start to German
sym pathy, because o f his m arriage connections; and,
NEW QUESTIONS IN THE WAR.
m oreover, three things are certain— that Greece has
Indications are beginning to m u ltip ly that the
refused to observe her binding trea ty w ith Serbia,
European war m a y take a turn, foreshadow ing a
that Venizelos, while responsible Prem ier o f Greece,'
much m ore angry and vio len t p o licy o f conducting
in vited the Allies to occupy a part o f G reek M a ce­
the campaigns. Considering the m ilita ry situation
donia, with conditional in tim ation that the Greek
as a w hole, the im p ortan t recent developm ents have
arm y m ight co-operate, and that K in g Constantine
been the defeat o f M on ten egro b y the Austrians and
enforced his own policy o f absolute n eu trality through
Bulgarians, follow ed b y negotiations, whose purport
a virtual coup d ’etat, in which he overrode the prior
is not fu lly known, fo r the capitulation o f the M o n te ­
vote o f the Greek Parliam entary m ajority.
negrin people; the heated controversy in the so-called
N evertheless, the K in g has made in public state­
B aralon g episode, in which G erm any has accused
ments a strong case from the fa ct th at the Allies did
England of viola tin g the rules o f w ar through an
not offer the expected resistance to the advance of
English cruiser’s alleged destruction o f the helpless
the Teu ton ic and Bulgarian armies in the Balkans;
crew o f the German submarine; renewed pressure o f
for which reason were not on ly Serbia and M o n te ­
an unusual character b y the A llies on Greece, appar­
negro crushed, but Greece was threatened with possi­
en tly w ith a view to forcing her to take sides in the
ble invasion b y the Central Allies, if th ey abandoned
conflict; and, last o f all, the announcement from
n eu trality in the one direction, while threatened with
seem ingly official sources that England is to substi­
seizure or blockade o f their ports b y the A llied fleet
tute a regular blockade o f G erm any fo r the present
if they should declare fo r the Germ an side, and pos­
irregular form , conducted under last y e a r’s Orderssibly
if th ey should insist upon rem aining outside the
in-Council.
conflict. I t is impossible to deny th at the case o f
I t will be seen at a glance that each o f these d evel­
G ieece is peculiarly hard, even when one allows much
opments threatens some change in the nature o f in­
fo r the obscurity which surrounds the real wish and
ternational relations, as between the tw o sets o f bel­
attitu de o f the Greek people. T h e case is n ot w holly



284

THE CHRONICLE

analogous to th at o f D en m ark in 1801, when the
D anish fleet was attacked and v irtu a lly destroyed
o ff Copenhagen b y N elson , because D en m ark had
entered on an armed n eu trality w ith the other north­
ern European Pow ers against Englan d. Y e t the
situation of D en m ark a century ago m a y , in the course
o f events, be reproduced in Greece, w ith consequent
great em bitterm ent o f the general struggle.
A nalogies w ith the N a p o leo n ic wars have already
been m any; prolongation o f the con flict m a y repeat
others which make up the least pleasant part o f that
fam ous conflict. T h e reason is, th a t the one main
condition which existed in the French w ar between
the end o f the eighteenth century and the peace of
1815 was the sweeping v ic to ry o f France on the con­
tin en t o f E u rope, the equ ally sweeping v ic to ry of
E ngland on the sea, and the consequent continuance
o f an inconclusive war. Th is condition has been
la rg ely reproduced already as between En glan d and
G erm any, and the unpleasant possibility at least exists
th a t, when the conflict assumes the same ap­
pearance o f deadlock now as it did then, the tem p ta ­
tion to overstep bounds of international law and
precedent m a y becom e equ ally great.
T h is consideration has its bearing on England s
blockade policy in 1916, as it did on the sim ilar policy
of both England and France in 1807. Our G o vern ­
m en t’s objections to the present form o f English
blockade are based not on ly on the general fa ct that
the previously recognized status o f a legal blockade
have n ot strictly been observed, b u t on the more
specific fa ct th a t neutral ports, through which fo r­
eign merchandise m ight be carried in to G erm any b y
land, have also been included in the general opera­
tions of the blockade. A p p a ren tly, E ngland now
proposes a real blockade o f the old-tim e form , m ain­
tained b y the presence of her fleet along the whole
G erm an coast. W heth er such a decision w ould mean
th a t the number o f available vessels in the English
fleet has now been su fficiently increased to undertake
the larger task, or whether the hand o f the British
G overn m ent has been forced b y criticism from the
hom e public and from neutral Pow ers, is n ot clear. ^
T h e recent announcement th at v e r y large requisi­
tions have been made b y the B ritish A d m ira lty for
new naval personnel would certainly indicate, w hat
was probable in any case, that the British w ar fleet
has now been im m ensely reinforced. G erm any, on
the other hand, has undoubtedly been w a itin g fo r
such a new form of blockade, in the hope that dis­
persal o f the English flee t over a w ide area would give
o pportu n ity fo r effective attack on one section o f it
b y the concentrated and hitherto in active German
fleet. I t is n ot impossible th at a naval action of real
im portance m ight fo llow the introduction of this new
form of blockade— w ith w hat results, events would
have to say. B u t back of all this lies the far more
com plicated question o f controlling im portations into
G erm any through such neutral States as H ollan d and
the Scandinavian countries; in short, of the rights and
privileges o f neutral nations, here and in Europe,
under the established principles o f international law .

[Von. 102.

In 1908 the Supreme C ou rt held th a t owners of
copyrights cannot control the selling prices -of books
b y printing on the books a “ notice” th at n obody
had au th ority to sell fo r less; in deliverin g the
opinion, Justice D a y rem arked that this was n ot a
case o f patented articles, y e t the court had never
conceded any such pow er to owners o f patents; in a
subsequent case, b y Justice Hughes, such pow er
over sales was denied to owners o f proprietary
medicines but still w ithou t passing on it as to
patented goods.
In 1912 came the D ick m im eograph case, in
which the Supreme C ou rt, b y four to three, held
substantially th at connecting non-licensed or foreign
m aterials w ith the use of a patented machine con­
stitu ted a “ con tribu tory” infringem ent, thus seeming
to sustain the contention that conditions m ay, in
some w a y or other, be attached to sales and w ill be
held va lid if th ey are attached.
One yea r la ter, in the Sanatogen case, the C ou rt
apparen tly swung b y fiv e to fou r in the opposite
direction, holding th at an attem pt to control prices
b y attach in g conditions to the article sold is an
evasion; the paten t owner had sold the article, and
the paten t law g a ve him no pow er to extend his
control beyon d the sale o f it; and y e t there was in
the decision a sort o f hint that if there had been
evidence o f a qualified sale or of a transfer o f a right
fo r a lim ited use the case m ight possibly have pre­
sented a differen t appearance.
Perhaps, derivin g some encouragem ent from this,
the owners of the V icto r phonograph sent out their
machines and records w ith a v e ry long and minute
notice o f conditions attached, conveyin g a license
to use in certain w ays and declaring that the title
remains w ith the com pany during the life of the
patent h avin g the longest tim e to run and that in
case o f viola tion o f any condition the com pany m ay
retake the article, less a ratable allowance fo r elapsed
tim e. N o m ention o f “ price” is m ade in this notice,
the term “ ro y a lty ” or “ license ro y a lty ” being used
instead. T h e notice required that only the com­
p a n y’s m ake of “ needle” be used, that the record be
n ot used on any riv a l m ake o f machine, th at the
record be never separated from its envelope upon
which the m atter was printed, and named other
conditions which the public do n ot respect, or so
much as read. N o license was granted to the public
“ until the fu ll ro y a lty shall have been paid;” to
the distributor or dealer was granted a right o f use
fo r dem onstration purposes, w ith pow er to assign a
righ t o f use to the purchaser. I t was n ot supposed
th at purchasers w ould consider themselves other
than absolute owners, as in practice th ey are; all
this circum locution was devised solely as a means
of price-m aintenance and to be used against the

cut-rate dealer.
T h e chief contest arose w ith the M a c y store, which
sold under price and has been openly advertising
these goods b y name at about 10% o ff. In M arch
last Judge H an d o f the Federal D istrict C ou rt dis­
missed the case o f the com pany against M a c y . H e
saw no attem pted com bination fo r trade restraint,
and said th at if this w ere a new subject he “ m ight
ANOTHER STEP IN THE STRUGGLE FOR
feel that no sufficient reason exists for holding that
MAINTENANCE OF PRICES.
a patentee could n ot attach such lim itations to the
S till another court decision passes on w ithout future use of his patented goods as he m ight choose,
fin a lly settling the question o f the lim its o f the irrespective of whether he had received the fu ll
pow er o f the owner o f patented or trade-m ark goods ro y a lty or n ot;” but the Sanatogen decision con­
trolled him, and he had to dismiss the case.
to control the retail prices o f such goods.




Jan . 22 1916.]

THE CHRONICLE

N o w the Federal Circu it C ou rt o f Appeals, by­
Justice Lacom be, with Justices Coxe and Rodgers
concurring, sustains the V icto r Com pan y. T h e
decision remarks that the D ick m im eograph case
“ establishes the proposition that a restriction to use
on ly w ith other products o f the patentee is leg iti­
m a te / ’ and of the points at issue says :
A study o f these various documents leads to the
conclusion that com plainant has undertaken to avoid
m aking such a sale o f its machine as would per­
m anently pass it beyond any further control b y
itself. W e think it has succeeded in so doing; this is
not a sale outright, or a conditional or restricted
sale, or any sale at all.
U nder the authorities the owner of a patent who
manufactures machines under such patent can give
the right to use to whom he pleases, upon w hat
conditions he m ay choose to impose. W e do not
see w h y he m ay n ot g iv e to one person a m ore re­
stricted right to use than he does to another.
. . .
T h e documents are long and com plicated, but it
seems to us that this is w hat th ey p rovid e fo r. W e
do not know w hy, under the law and the authorities,
a patentee m ay not thus dispose tem p orarily o f the
use and u ltim ately o f the title o f a machine made
b y him and protected b y his patent.
In the Cream o f W h ea t case, Judge H ough in July
last denied an application b y a price-cutter fo r an
injunction, the com pany h aving been circulating
am ong the trade a letter requesting each recipient to
w atch his own sales and thus preven t the objection ­
able dealer from ge ttin g the articles, since, as the
letter argued, the cu tting process tends to injure
all parties u ltim ately. Th is article is unpatented,
being w hat Judge H ough called “ advertisem entbegotten ;” he perceived no possible restraint o f trade,
and in his opinion, the producer o f such an article
m a y sell or decline to sell to a n ybody he pleases.
I t must be expected that the Supreme C ou rt will
h ave the whole subject o f price-control before it at
least once more; but, as it is now, the right o f sale
at discretion stands affirm ed, and also the righ t o f
the producer o f a patented article to m ake a “ sale”
which is not a sale, keeping a hand o f control upon
the product, wherever it m ay be, during the life o f
the latest patent which applies to it. A p p a ren tly,
this m erely carries out the m on opoly intended b y
the patent system origin ally; fo r even if a sale o f the
patented article must be absolute and fin al the
patentee receives a pow er unqualified under the
term s o f the law , to grant such right o f “ use” as he
chooses or to w ithhold th at altogether.

LIFE INSURANCE AND

THE FARMER.

In the decade ending w ith 1914 the assets o f nearly
all Am erican life insurance companies nearly doubled,
standing at about 4,935)4 m illions at the end o f that
year; in the decade, the ratio o f their real estate
owned declined from 7.24% to 3.4 7% , and the
ratio o f m ortgages on real estate rose from 26.88%
to 34.58% , the am ount o f those at the end o f the
term being nearly 1,706)4 millions. In order to
reach a critical analysis o f these b y average interest
rates and b y a geographical distribution o f amounts
loaned on farm s as compared with other real prop­
erty, som ething more than the usual official returns
to State D epartm ents is required, and so the asso­
ciation o f com pany presidents procured special in­
form ation from 126 companies whose m ortgages
am ount to 97% o f all those held b y Am erican com ­
panies; adding the figures from 22 others which



285

are not divid ed according to States enabled a show­
in g to be made o f the separation between farm and
other m ortgages in case o f 9 8 )4 % o f the full tota l.
O f the 148 companies, 17 loan on ly on farm
property; 15 loan on ly on real estate in cities, towns,
or villages; and 116 loan on both farm and city
properties. T h e tota l loaned b y the 17 was $92,­
827,709; the to ta l b y the 15 was $426,260,163; the
tota l b y the 116 was $1,158,014,595. T h e tota l
m ortgages o f the 148 am ounted to $1,677,102,467,
of which $654,650,505, or 39.03% , was on farm s in
this country; $993,480,170, or 5 9.24% , was on
other real property in this country, and $28,971,792,
or 1.73% , was on p rop erty in P o rto R ico and other
foreign countries, most o f it in Canada.
Com ing to geographical distribution, it is found
that the ratio o f farm loans to tota l m ortgages is
trivia l in the East. In N e w England it is on ly
0.56% ; in the M id d le A tla n tic it is on ly 0.13% ; in
the fiv e C entral N orth ern States (O hio, M ich igan ,
Indian a, Illin ois, W isconsin) it is 49.63% ; in six
South A tla n tic, 31.70% ; in fiv e G u lf and M is ­
sissippi V a lley, 44.02% ; in seven Southwestern,
76.05% ; in seven N orth w estern , 86.05% ; in seven
Pacific, 19.72% . P er contra, m ortgages on prop­
e rty other than farm s bears a ratio to the tota l
exactly the reverse o f the ratios just given , high in
the East and M id d le and low in the chief agricultural
States.

T h e latest figures showing the ratio o f farm loans
b y life insurance companies to the tota l o f such
loans are from the last Census, on ly it should be
noted th at the enumerators did n ot report upon
rented farm s at all. A table com piled from their
w ork exhibits the interesting fa ct th at while the
total farm loans b y all lenders is reported b y the
Census in N e w England and the M id d le A tlan tic
as more than double the amounts in the South
A tlan tic and the G u lf and M ississippi V a lley com­
bined, the life insurance companies have loaned
less than a m illion in the form er group and over
40 m illions in the la tter. T h e returns o f savings
bank deposits seem to supply the explanation; those
are so h ea vy in the older and more populous sec­
tions th at th ey take care o f the com paratively ligh t
dem and fo r farm loans there, lea vin g insurance
funds to flo w w hither the demand fo r loans is great­
est and the bank deposits are smaller. Th e pro­
portion o f insurance loans to all farm loans at the
end o f 1914 to the tota l o f such loans reported b y
the Census o f 1910 was 6 4 )4 % in the N o rth w est,
59% in the Southwest, 37% in the South A tlan tic
and 3 0 % in the G u lf and M ississippi V a lley.
A nother table shows th at while o n ly a little over
30% o f the to ta l rea lty values in the country is in
farms the companies have m ade nearly 4 0 % o f their
m ortgage loans on farm s, thus indicating that any
preference which has existed has been for, rather
than against, farm property. As to the geographical
distribution of this preference (if one m a y so express
it ) the rank in am ount loaned on farms does n ot
quite follow the rank in tota l farm values. F o r
an instance or tw o o f this non-follow ing, Illinois,
am ong the highest in value per acre, is fifth in amount
o f farm loans, while Texas, third in farm values
per acre, is eighth in am ount of farm loans. N a tu ­
rally, there is a direct relation between high values
and low interest; in 18 o f the 31 States where farm
land averages $^0 or more per acre, the average
rate is 6 % or less, and in 11 of those where values

386

THE CHRONICLE

[Vol . 102.

number of failures in 1915 when surrounding con­
ditions are taken into account. The depression in
commercial and industrial lines already in evidence
before the European war started and greatly accen­
tuated by that unfortunate development, was still
existent when the late year opened, and it was not
“Other things being equal, the States in which until after the half-year had been passed that the
up-to-date enterprising farming leads to good
buildings, well-stocked farms, good crops (farming impulse of reviving trade began to make itself felt.
with profit) are those which attract capital and In the meantime, manufacturers and traders of
secure low interest rates. If other things are not limited capital were being pushed to the wall in
equal, if there are antiquated laws as to titles, great numbers along with the few of large resources.
transfers, and foreclosures, or statutes intended to It is only requisite, in fact, to glance at the record
circumvent the operation of economic law, the flow for the first six months of 1915 and note the phenom­
of capital may easily be turned aside and interest
enal increase over 1914, or of any earlier year, in
rates thereby increased.”
.
the number of bankruptcies, most of them among
The compiler of this report finds no statstics the lightly capitalized, to appreciate the unfavorable
of the amounts of farm loans made in the separate nature of the exhibit. Large failures, too, were a
States by banks, but has taken from the Comptroller’s striking feature of the first six months, reaching
report a statement of total loans on June 30 of 1914 practically the same in number as in 1914, and
by 14,512 State banks and 4,728 other banks and falling below that year in liabilities simply because
trust companies on farms and on other real prop­ the $40,000,000 Claflin disaster was then included.
But in the last half of the year, as already stated,
erty; these institutions then held a little over 542
millions on the former and a little under 2,9G6 there was marked improvement in the situation.
millions on the latter, while 148 insurance companies Still, no month of the year was free of its quota of
held about 654% millions on farms and 993% noteworthy insolvencies, and although these in the
aggregate constituted only a meager percentage of
millions on other real property.
Considering the practical certainty that half- the total of failures in 1915, they made up the
baked schemes of rural credits legislation, in which greater part of the liabilities.
Specifically, they
Federal aid will, of course, predominate, will soon aggregated 331 and covered $122,739,907 of indebted­
be brought forward in Congress and in a number ness, against 409 for $210,715,947 in 1914. In
of State legislatures, it is well to note that the life 1915, moreover, these large disasters, although only
insurance companies are now the most important 1.5% of the aggregated failures, accounted for
agency making farm loans, that they are financially 40.6% of the failed indebtedness. Of the large
equal to caring for almost any demand which is failures of the year 163 for $58,700,533 were in the
based on business conditions, and they are also manufacturing division, 111 for $38,986,288 in the
more interested in and inclined towards the farmer trading group and 57 for $25,053,086 among brokers,
transporters, &c. It is not feasable, of course, to
than ever before.
enumerate all of the insolvencies for large amounts,
but reference to some of the more important of them
FAILURES IN 1915.
A further marked expansion in the number of would seem to be essential in reviewing the year’s
business disasters in the United States in 1915 is result. In the first quarter, liabilities of some 30%
the feature of the failures compilation of Messrs. million dollars in manufacturing lines was made
R. G. Dun & Co. for the year. Very naturally, this up mainly by the M. Rumely Co., $16,000,000; a
attracts attention, especially as there is not only saw mill in Florida, $1,000,000; the American Round
a large excess over the previous year but the total Bale (Cotton) Press Co., $934,607; Libman Con­
almost establishes a new high record in the ratio struction Co., New York, $750,000; Ideal Steel
of suspensions to the aggregate in business, as well Wheel Co., Indiana, $600,000; Jay C. Wemple Co.,
asbeing actually the greatest total of insolvencies. It New York, $561,000; a brewing concern in Illinois,
is but natural that from year to year the number $500,000; two distilleries in Kentucky, $425,000;
in business in a growing country like ours should Speedwell Motor Car Co., Ohio, $465,000; a printer
steadily, and at times very materially, increase. in Boston, $452,220; a turpentine manufacturer in
Obviously then, any true comparison of results from Florida, $400,638 and a New York City publishing
year to year must take that fact into account. On company, $400,000. Among traders during the
that basis the total of failures for the late year would same period the leading casualties included a Pitts­
reveal a distinctly favorable situation as contrasted burgh hotel, $1,507,000; two chinaware houses in
with a like aggregate ten years ago with the num­ New York, $1,200,000; a New Jersey liquor dealer,
ber in business increased to the extent of say 26% $613,518; a department store at Fort Worth, Texas,
in the interim. But in 1915 the mercantile casu­ $535,000, and a Florida lumberman, $415,968; while
alties increased in much greater proportion in the brokerage, &c., class there was but one really
than did the number in business, and in consequence conspicuous disaster, that of the Idaho-Oregon
the relation of one to the other was raised to 1.29%, Light & Power Co., with debts of $4,900,000.
The second quarter witnessed a decidedly better
against 1.10% in the previous year, 0.99% in 1913,
situation
among manufacturers, the large failures
only 0.77% in 1906, and the high mark of 1.31% in
covering
less
than 11 millions of indebtedness, with
1896. It is to be stated, however, that the first
six months constituted the really unfavorable a contracting company in Pennsylvania, $1,500,000;
period of the year, improvement in the failures the Carter Iron Co., Pittsburgh, $750,000; a lumber
situation having been cotemporaneous with the concern in Washington (State) and a leather manu­
facturer of Chicago, each $600,000, and a boat com­
later revival of business activity.
There is nothing anomalous in the fact that there pany and auto body company in Michigan for
should have been a considerable }i ase in the $541,000 and $328,670, respectively, the most

run below §20 the rate rises above 6% . Upon this
fact, which once more repeats the moral that enter­
prise, energy, order and sanity of conduct and
language are profitable in respect to securing capital,
the report remarks :




J an. 22 1916.]

THE CHRONICLE

28 7

notable.
But in the trading division liabilities large in the Middle Atlantic, South Atlantic, Central
jumped to over 21 millions among the disasters for East. and South Central groups of States. As
$100,000 or over, J. B. Greenhut Co., $12,000,­ regards liabilities, however, the Middle Atlantic
000; A. D. Matthews Sons, $1,100,000; depart­ section, comprising the States of New York, New
ment stores in St. Louis, Newark and Providence, Jersey and Pennsylvania, makes a much more favor­
$1,500,000, $480,000 and $400,000, respectively, able exhibit than a year ago. In each State there was
and a Boston lumber concern, $727,176, contributing an increase in the number of insolvents, but in the
much the greater part of the total. The notable first-named the debts dropped some 48 million dollars
failures in the remaining class were the National below the 1914 total, which was inordinately swelled
Realty Co., Tacoma, $1,100,000; Butte-Duluth by the Claflin failure. Pennsylvania, moreover,
Mining Co., $750,000; a brokerage firm in New showed a diminution of over 22 millions. The feat­
York, $500,000 and another in Cincinnati, $741,736.
ure of the returns from the Central East group is the
In the third quarter of the year there was a marked marked increase in liabilities in Indiana, due pri­
drop in both the number and aggregate liabilities marily to the Rumely failure in the opening month
of large failures, reflecting within certain limits of the year.
the improving business situation. Two saw mills
As compiled by Messrs. R. G. Dun & Co., the
in Florida, for a total of $1,830,000; a lumber com number of failures in 1915 in the United States was
pany in Georgia, $700,387 and the General Brake 22,156 with liabilities of $302,286,148, this contrast­
Shoe & Supply Co. of Chicago, $600,000, constitute ing with 18,280 and $357,908,859 in the preceding
the most notable disasters in the manufacturing year, 16,037 and $272,672,288 in 1913 and 15,452
class. No specially notable insolvency is to be and $203,117,391 in 1912. The latest total of in­
mentioned among traders, but in the brokers, &c., debtedness has been exceeded not only in 1914, but
division a life insurance company for $737,000; a in 1893, when, although the number of failed firms
phosphate company in Florida for $750,000 and was very much less than in the year just closed, the
two real estate concerns in New York City for $750, volume of debts was 44% millions above that of 1915.
000 and $700,000, respectively, may be mentioned.
The failures situation, quarter by quarter, the last
The last three months’ period of 1915 witnessed two years is set forth below:
some increase in failures for comparatively important
FAILURES BY QUARTERS.
amounts as contrasted with the quarter immediately
1915.
1914.
preceding, but the exhibit, especially as regards
Average
Average
N o.
volume of debts, was much more favorable than in
L ia b ilities. Liability. N o .
L ia bilities. L ia bility
First quarter_______ 7,216 5105,703,355 $14,648 4,826 $83,221,826 $17,265
either the first or second quarters. Manufacturers Second
quarter__
5,524 82,884,200 15,004 3,717 101,877.904 27,410
quarter_______ 4,548 52,876,525 11,626 4,298 86,818,291 20,200
forced into insolvency were 37 in number, with Third
Fourth quarter______ 4,868 60,822,068 12,494 5,439 85,990,838 15,810
the Vanoscope Co., New York, for $1,007,861; a Total, year_______ 22,156 5302,286,148 $13,644 18,280 $357,908,859 $19,579
Newark daily newspaper (involved by ex-Senator
A study of the failures as segregated into branches
Smith), $1,300,000; Russell Falls Co. (paper),
of
trade reveals the fact that in all but five lines in
$464,564; Brookford Mills, North Carolina, $400,000,
the
manufacturing division the number of insolvencies
and a New York contracting firm $900,000 showing
the heaviest liabilities. The only conspicuous trad­ was greater in 1915 than in 1914. The aggregate
ing failure was the Mason Hotel & Investment Co. indebtedness of manufacturers for the twelve months,
in Florida for $1,250,000, and the notable disasters however, at $112,026,484 was 23% millions under
in the miscellaneous class were two brokerage "houses 1914, notwithstanding the Rumely failure for 16
in Buffalo for $900,000; the Realty Union, San Fran­ millions in the late year, and fell below 1913 by 11
cisco, $869,031; Henry Corn, real estate, New York, millions. In the trading group virtually every
$1,852,004; West Jersey Mortgage Co., $500,000^ branch of business reported more disasters than in
and the McGraw Coal Co., West Virginia, $1,000,­ 1914, and augmented liabilities are to be noted in
000. Segregating the large failures into classes by most instances. Dry goods and carpets, however,
months and quarters, we have the following exhibit make a very favorable comparison, the Claflin and
O’Neill-Adams insolvencies having served to ab­
for 1915:
LARGE FAILURES IN 1915.
normally swell the total indebtedness in 1914. The
aggregate of trading debts at $150,233,647, therefore,
M anufacturing.
T rading.
Brokers, & c.
while 15% millions under 1914, contrasts unfavor­
N o . L ia bilities. N o . |L ia bilities. N o . |L ia bilities.
January..
ably with earlier years. Brokerage, &c., failures
24 S22,435,849 13 $3,422,171
6 | $1,250,897
February.
16
3,885,415 17
4,449,49C
3
5,559,100 were also much more numerous than in the previous
March__
17
4,441,778 13
2,407,165
4
753,487
First quarter.
57 $30,763,042 43 $10,278,826 13 S7,563,4S4 year, but liabilities exhibit a considerable decrease.
April............ .....
$4,772,034 10 S15.622.949 12 S4,701,008 Banking disasters, on the other hand, were not only
M ay................ .
11
2,582,422 16
4,558,339
6
1,397,262 fewer than in 1914, but the liabilities, although above
June.................
3,543,0UU
7
1.190.03S
5
857,212
.Second quarter.
42 $10,897,456 33 521,371,326 23 $6,955,482 the average of recent years, were materially less.
First half-year .
99 541,660.498 76 $31,650,152 36 S14,518,966 The failed institutions in all number 133, of which
18 were national banks, 4 trust companies, 6 savings
July_____
6 SI,309,762
7 SI,702,859
4 $2,277,530
August___
12
4,658,573
8
1,362,789
banks and 105 State and private banks. There is
4
September.
9
1,682,681
6
1,072,710
2
1.187A55 no reason to regard banking suspensions in the same
Third quarter.
27 57,651,016 21 S4,138,358 10 S4,424,685
light as commercial failures, but as an essential part
October__
16 54,312,161
5 S2,004,463
9 $5,512,535 of the year’s record we include them in the sub­
November.
14
2,837,272
5
665,032
2
596,900
December.
2,239,686
7
4
528,283
joined tabulation:
TOTAL FAILURES.
_ Fourth quarter.
37 59,389,019 14 S3,197,778 11 56,109,435
r
Second half-year

r

Total year______

64 517,040,035

35

$7,336,136

163 $58,700,533 111 $38,986,288

Geographical analysis of the 1915 figures indicates
that in all but one of the sections into which the
returns are divided the number of failures this year
was greater than in 1914, the excess being especially



N um ber.

21 510,534,120
57 $25,053,086

1915. 1914. 1913.|

L ia bilities.

1915.

1914.

1913.

Manufacturing____ 5,116 4,620 4,243 $112,026,484 $135,636,279 $123,122,528
Trading___________ 16,030 12,851 11,145 150,233,647 165,S64,852 115,115,212
Other_____________
1,010
809
649 40,026,017 56,407,728 34,434,548
Total .
Banking.

22,156 18,280 16,037 $302,286,148 $357,908,859 $272,672,288
133
212
120 37,223,235 56,005.107 31,546,314
22,289 18,492 16.157 $339,509,383 S413,913,966l$304,218,602

[Vol . 102.

THE CHRONICLE

28 8

A considerable decrease in the number of failures
in 1915 is shown by the compilation for the Dominion
of Canada, but the liabilities exhibit rather marked
expansion. The insolvencies numbered 2,661 against
2,898 in the preceding year and only 1,719 in 1913,
while the indebtedness rose to $41,162,321, con­
trasting with $35,045,095 and but $16,979,406. Im­
provement in number of disasters is revealed in
British Columbia, Alberta and Saskatchewan, and
as regards liabilities a favorable comparison is to be
noted in the first-named, where the aggregate de­
clined from $11,650,670 to $9,377,601. An aug­
mentation of 4% millions occurred in Quebec, over
2 millions in Manitoba and 13^ millions in Alberta.
Among banks the insolvencies of the year numbered
but one (in British Columbia) with liabilities of
$150,000, this contrasting with a like number for
$250,000 in the same province in 1914.

LISTINGS ON THE NEW YORK STOCK
EXCHANGE FOR THE YEAR 1915.
Listings on the New York Stock Exchange during
1915 have been indicative of a gradually improving
credit situation, made manifest by a reduction in the
amount of short-term financing in favor of more
permanent flotations. These last were considerably
in excess of the total for the year 1914, which will al­
ways be remembered as a period that suffered for
several months from a complete shut-down of the
security market.
Bond issues during the year just past total 541
millions, as compared with only 488 millions in the
year previous. The greatest increase in bond issues
is noted in the item of bonds issued for new capital­
izations— i. e., for brand new capital, for funding
floating debt and for the capitalizing of enterprises
previously of a private character— thus evidencing
a greater degree of confidence on the part of the large
business interests of the country.
The total amount of stock issues listed for the en­
tire year was 939 millions, an increase of approxi­
mately 368 millions over last year’s aggregate of
571 millions. In this class of investment a total of
319 millions is recorded of stock issued for new capi­
tal, &c.
The principal note issues of the year, as compiled
at the end of this article, show a total of hardly 375
millions, as compared with 561 millions for 1914.
This total, of course, includes to a considerable fig­
ure* notes issued for the renewal or extension of ma­
turing notes. Note issues, it will be recalled, are
not only as a rule not listed themselves, but they
serve to a greater or less extent to reduce the volume
of stock and bonds that normally should be presentee
for listing on the Exchange. The decrease indicates
is therefore an excellent sign of the times.
Following is our usual ten-year listing table:
LISTINGS ON NEW YORK STOCK EXCHANGE.

Bonds.

Issues fo r N ew
C apital, & c.

Old Issues
N o w Listed.

S
451,854,514
361,770,667
447,815,200
447,676,900
397,563,800
571,526,800
712,734,963
648,869,500
246,733,914
1303,112,000

S
40,539,000
5,000,000
25,000,000

319,506,950
130,383,000
264,714,115
1913
1912............................. 463,935,140
1911...................... ....... 255,897,215
1910.................... ........ 304,681,590
1909 .................... ......... 297,253,037
1908 ............................. 123,977,900
1907 ............................. 159,106,244
1906 ............................. 237,479,600

96,127,390

1915........................... 1914_______ ________
1913............. ...............
1911........................... 1910.................. .........1909 ........................... 1908 .............................
1907 .............................
1906 ________________
Stocks.
1915 ............. - ..............

35,122,000
52,008,300
8,479,000
95,794,000
72,362,000
12,304,500

193,956,217
38,000,000
467,175,700
363,701,600
248,780,200
321,056,300
16,440,700

Replacing
Old Securities.

Total.

S
S
541,192,300
48,798,786
488,993,000
122,222,333
648,066,100
175,250,900
654,977,750
207,300,850
580,834,400
148,148,600
808.162,500
184,627,400
377,742,537 1,098,956,500
872,958,000
128,294,500
420,813,000
101,717,086
256,482,000 z571,898,500
939,326,240
523,691,900
571,796,360
441,413,360
611,993,230
347,279,115
503,139,433 1,161,030,790
643,614,830
349,717,615
467,644,255 1,239,501,545
664,571,448 1,325,526,085
513,927,450
141,169,350
576,032,050
95,869,506
662,769,450
408,849,150

N o t e .— Applications for the listing of Trust Company receipts and of securities
marked "assented" (if preparatory to reorganization), or of securities stamped
“ assumed" or "assessment paid”— the securities themselves having previously been
listed— are not Included in this table.




.
Y ear.

1915........
1914____
1913........
1912........
1911____
1910____
1909____
1908........
1907........
1900 ____

R ailroad.

STO CK S.

B O N D S.
Electric Ry.

M is cell.

R ailroad.

Electric R y .| M iscell.

S
S
S
S
$
S
431,095,370
325.655.100 23.810.000 191.727.200 367,827,670 140,403,200
175,715,160
344,983,800 14.515.000 129.494.200 346.016.100 50,065,100 357,044,580
281.291.100 183.631.000 183.144.000 242,809,650 12,139,000 915,590,790
209.752.900 177,401,500 267,823,350 136.034.100 109,405,900 297,498,680
298.003.900 34.160.000 248,670,500 204.889.550 141,226,600 868,072,585
9,763,500
444.167.700 53.679.000 310.315.800 361,665,460 14,002,500
569,015,470
770.500.700 37.339.000 291.116.800 742,508,115
311,007,250
506.160.000 65.076.000 301.722.000 200,502,600 2,417,600 408,837,850
20,443,400
267.992.000 16.072.000 136.749.000 146,750,800
305,727,500 126.231.000 al39940000 248.186.550 188,210,100 226,372,800

Railroad bonds listed for the year total 425 mil­
lions, 107 millions for the first half-year compared with
218 millions for the other 6 months. The former
period showed a degree of hesitancy regarding capi­
tal expenditures, whereas in the latter period we
note a different tone, notably the 28 million Chic.
Milw. & St. Paul Ry. Gen. Uni. M. “ A” 4
con"
vertible bonds, issued for improvements and equip­
ment, and the $4,000,000 Mich. Central 1st M. 3 ^ %
50-year bonds, issued for betterment purposes.
The miscellaneous bond listings are noted as largely
for capital purposes, particularly in the latter half
of the year. The total includes the 92 millions of
4 K % bonds of the City and State of New York, the
25 millions Consolidated Gas Co. of N. Y. converti­
ble debenture 6s, as well as the Virginia-Carolina
Chemical $5,000,000 6% convertible debentures.
The most prominent railroad bond issue of the year,
the New York Central 20-year convertible debentures,
amounting to $96,218,600, was listed in August.
This flotation was made chiefly for the purpose of
retiring 1915 note maturities. The Pennsylvania
RR. $48,351,000 4 ^ % consolidated mortgage was
issued also for the retirement of notes, as well as for
equipment.
Included in the list of railroad stock issues is the
98 millions new stock of the Wabash Railway Co.
which was issued under the reorganization plan, to
take over the properties, &c., of the Wabash Rail­
road Co. The Atchison Topeka & Santa Fe has
issued and listed preferred stock in the amount of
$9,999,970 for purposes of improvements and addi­
tions. In the early part of the year the Interborough
Consolidated Corporation issued $45,740,500 in
exchange for old preferred stock under the readjust­
ment plan, and 932,627 shares of common (no par
value) in exchange for old common stock.
In the miscellaneous stock issues, the $20,000,000
common stock listed of Sears, Roebuck & Co. was
issued in the form of a 50% stock dividend, paid
Apr. 1. Other prominent issues of miscellaneous
stock included the Chile Copper Corp., $95,000,000
capital stock, General Motors $10,675,800 6% cum.
preferred, and the Greene Cananea $48,000,600
capital stock issued to take up the stock of its con­
stituent companies. The City of New York 4 y2%
15-year corporate stock and the issue maturing ser­
ially, totaling 71 millions, is also included in the
total.
The purposes on account of which the several
blocks of bonds listed during the year were issued
are seen from the following:
RAILROAD BONDS. FIRST SIX MONTHS.
P u rp o s e o f I s s u e .
.
Buff Rocb & Pitts Ry consol 4 >*S-$1,000,000 ..Refunding 5 0 % equip, b d s .
Chic & North West Ry gen 5s......... 9,000.000 ..R etire old bonds.
Ho
do
do
—— 1,000,000 .I m p t s . & e q u ip m e n t.
do St P & East Gr Tr 1st K.u |>4sl ,120,000 .P ay old bonds.
do Des Plaines Val 1st gu 4 H s- 2,500,000 ..Construction of road.
p ts., extens. & equlpt.
Chic St Paul M & Om deb 5s.........1>7§ ? ’Xnn ..Im
Consol 6s. . .......................... - - 31,000 ..Exchange old bonds.
Galv Har & San Ant-Mcx & Pac
Extension 2d guar 5s---------------- 2,539,000 . . O l d b o n d s " s t a m p e d ” w ith
C o m p a n y a n d C la s s o f B o n ds-—

Interest re d u c e d .

III Cent-Chlc St L & New Orl—
Joint 1 st* Ref bdsser " A " . . . . . 10,000,000 .C o n s t r 'n , e x te n sio n s, & c.
Kan City Southern ref & impt 5s. . 1.000,000 .Im p r o v e m e n t s .
Kansas City Terra Ry 1st 4 s . . . . . . 3.000.000 .C o n s t r ’n , im p ts . & real est.
Morris & Essex 1st & ref g u a r 3 Hs 7, <W0.000 . . R e t i r e o ld b o n d s.
New York Central RR ref & Impt140,000,000 IR e tir e u n fu n d e d d e b t fo r
\ c a p ita l a c c o u n t.
4K s, ser " A ” ________________ 1

Jan . 22 1916.]

THE CHRONICLE

C o m p a n y a n d C la s s o f B on d s—

A m o u n t.

Pittsb Cine Chic & St Louis—
Consol guar 4s, ser “ H ” „ _____
do
do 44<jS, ser “ I ” ___
do
do 4 /is , ser “J " ___
do
do 4H s, ser “ I ” . . _
Rutland R R 1st consol 50-yr 4H sSouthern R y 1st consol 5s________
Term RR Assn of St L gen ref 5s_
Union Pac RR 1st lien & ref 4s____
Wabash R R 1st ref & ext 50-yr 4s.

P u rp o se o f Iss u e .

RAILROAD STOCKS, SECOND SIX MONTHS.
C o m p a n y and. C la s s o f Stock —
A m o u n t.
P u rp o se o f Iss u e.
Atch Top & S F R y pref stock— .$9,999,970—Additions & betterments.
Clev & Pitts R y Co betterment stk 1,222,050. .Construction & equipment.
Minn & St Louis R R pref s t o c k ...
381,7001 Exchange Des Moines &
Wabash Railway C ch— d°
2 ’ 141’5<*>/
Ft. Dodge stock.
5% profit-sharing pref “ A ” --------32,650,800] Take over properties, &c..
5% convertible pref “ B ” ----------- 35.088,000}
o f Wabash R R . C o., acCommon stock ----------------------30,752,100/
according to reorg. plan.

2,909,0001
4,000,000V Construction,
_ . real estate
3,494,000J
improvemei_______
improvements, &c.
3,000,000*.Retire Steub. & Ind. 1st M .
bonds.
800,000..Retire 1st & 2d M bonds.
7,136,000..Retire old bonds.
1,000,000_Impts, real estate, &c.
358,000—Exchange for £ bonds.
5,000,000.-Deposited under $5,000,000
i y % notes foreclosed.

T o ta l.....................................$112,236,120
Total 12 months__________ 367,827,670
ELECTRIC R A ILW A Y STOCKS, FIRST SIX MONTHS.

T o t a l....................................$107,587,000

C o m p a n y a n d C la s s o f Stock—

RAILROAD BONDS. SECOND SIX MONTHS.
C o m p a n y a n d C la s s o f B o n d s —

A m o u n t.

P u rpose o f Issu e.

Atch Top & S Fe R y M t Div 4 % .
Ser “ A ” ______________________ $3,000,000 Acquire old bonds.
Atl C L R R gen uni M “ A ” 4 J^s.. 14,480,000--Retire old bonds.
Chic M il & St Paul R y Co gen &
ref 5% conv “ B ” -------------------- 28,808,000.-Impts. & equipment.
Chic St Paul Minn & Om 5% debs,
“ stamped” ...............................
2,000,000..Extension & betterments.
Clev Cine Ch & St L g m 4% coup. 2,336,000..Retire bonds; improvem’ts.
do
do
do
do “ B ” 4,161.000..
do
do
do
Ind Union R y gen M gtd “ A " 5 s .. 4,000,000.-Construction & additions.
Kansas City So ref & imp M 5s___ 1,000,000- -Improvements.
M ich Cent R R 1st M 3J^ % 50-yr. 4,000,000--Improvements & betterm’s.
Nash Chat & St L 1st cons 5s, due
1978 _________________________ 1,500,000.-Redemption o f prior liens.
N Y Cent 20-yr conv 6% debs___ 96,218,600.-Retire 1915'notematuritiesPenna R R Co 4 H % consm tge___ 48,351,000--Retire notes & equipment.
St Louis Southwestern 1st term &
uni M “ A ” 4 ^ s ---------------------- 8,155,000.-Exten. & equipment.
Union Pac R R 1st lien & ref 4s____
58,500.-Construction & additions.
T o ta l.................. ................. $218,068,100
Total 12 months.................. 425.655.100
ELEC TR IC R A ILW A Y BONDS, FIRST SIX M ONTHS.
C o m p a n y a n d C la s s o f B o n d s —
A m o u n t.
P u rp ose o f Issu e.
B ’way & Seventh A v e R R , N Y —
$500,000/ Retire 2d M bonds due
1st consol 5 s____________________ _
July 1 1914.
Public Service Corp o f N J—
^ G e n e r a l5 0 -y e a r 5 s----------------------2 6 1 ,0 0 0 ..I m p t s , equipment. S e c .
23d St R y im pt & ref 50-yr 5s--------- 1 ,5 0 0 ,0 0 0 ..Pay Judgment entered June
8 1914 on note to M e t St

Virginia R y & Power C o 1st & ref 5s

3 2 , 0 0 0 . . Im p r o v e m e n ts ,^ c ? ’

T o t a l ..................................................$2,293,000
E L E C T R IC R A IL W A Y B O N D S , SE C O N D S IX M O N T H S .
C o m p a n y a n d C la s s o f B o n d s .

A m o u n t.

P u rp o se o f Iss u e.

B T„<^ ,y ^ R a p id T ra n slt6 ' y r 5 % l * 1 9 '7 4 5 -000/ Pur. N . Y . R y . Corp. 5 %
secured coupon notes................../
{
sinking fund bon ds?
7
N Y Railways C o 1st real estate &
refund M 30-year 4 % .................... 1 ,7 7 2 ,0 0 0 . . Refunding & acquisitions.
T o ta l - ...................... - ...................$ 2 1,517 ,000
T otal 12 m onths.......................... 23.8 1 0 .0 0 0
M I S C E L L A N E O U S B O N D S , F IR S T S I X M O N T H S .
C o m p a n y a n d C la s s o f B o n d s —

Amount.

P u r p o s e o f is s u e

Alaska Gold M ines C o—
10-year conv 6 % debentures-------$ l,5 00.000_.Im p ro v em en ts.
Am er Agric Chem conv deb 5s------- 7 ,0 0 0 ,0 0 0 ..Im pts & working capital.
Bethlehem Steel Corp 1st & ref 5 s . 4 . 3 0 0 ,0 0 0 ..Retire $ 3 ,0 0 0 ,0 0 0 notes and
Booth Fisheries Co sk fd dob 6 s . . . 1 ,4 4 2 .8 1 2 .-Redeem*old'deb6^ '

C ity o f New York—

1

capital, &c.

4 t f % corporate stock due 1 9 6 4 .3 5 ,0 0 0 ,0 0 0 ..V a r io u s munic. purooses
do
do
do
do
. 2 0 .0 0 0 .0 0 0 ..W ater supply. P ^

289

A m o u n t.

P u rp o se o f Issu e.

Interborough-Consolidated Corp 1 4 5 ,7 4 0 .5 0 0 / Exchange old pref stock
i'reierred------------------------------ J
1 under readjustment plan.
Exch. old com. stocks (no
Com m on------------------------------- 932,627
par value— treated in to­
shares
tal as $100 shares).
T o ta l..................................... $139,003,200
E L E C T R IC R A IL W A Y ST O C K S, SE C O N D S IX M O N T H S .
T > £ ? nl p? ,1V/ alXd C Ia ss o f s t °c k —
A m o u n t.
P u rp o se o f Issu e.
P h ila d e lp h ia C o m p a n y c o m s t o c k . $ l ,4 0 0 ,0 0 0 . . G e n e ra l c o r p o r a t e uses.
T o t a l ..................
$ 1 ,4 0 0 ,0 0 0
T o t a l 12 m o n t h s ____________ $ 1 4 0 ,4 0 3 ,2 0 0
M IS C E L L A N E O U S S T O C K S , F IR S T S IX M O N T H S .
C o m p a n y a n d C la s s o f Stock —
A m o u n t.
P u rp o se o f Issu e.
A m e r A g r ic C h e m C o . p r e f................ $445,5001 P u rc h
“ H e rm a n B r a n d "
1 0 0 ,0 0 0 / & A s h e p o F ertilizer C o .
C o m m o n . . . . -----------------------------A m er C oa l P rod u cts C o . co m m o n 3 3 , 5 0 0 . . Issu e d u n d e r p ro fit-s h a rin g
A m e rica n S n u ff C o , p r e f (n e w )-------

9 4 .2 0 0 — E x ch a n g e o ld s to c k u n d er

S S me l.& T e l f !0, s t o c k ---------------2 0 ,9 4 2 .9 0 0 — E x c h a n g ^ c o n v e ? tib le b d s .
A m e r T o b a c c o C o , p r e f (n e w )------1 4 4 ,8 0 0 __E x ch a n g e o ld s t o c k u n d e r
a

B o o th F is h e rie s C o 7 % c u m 1s t p f s tk
C o m m o n s t o c k . --------------------------n
j 11? l s t P re£ - ---------- - - - - —
B u tt e & S u p e rio r C o p p e r C o , L t d .
do
do
do
...........—
T\ rp,? .
. -7 — ^ - r
C a se (J I ) T h re sh in g M a c h in e CoT
p r e f stk tr ce rtfs e x t ------- ----------- /
D o m e M in e s C o , L t d . s t o c k .............

2,000.0001 A c q u ir e a s s e t s A ^ o o t h & C o
5 ,0 0 0 ,0 0 0 /
an d p r o v id e w o rk . c a p .
2 0 0 ,0 0 0 .- 4 % d iv o n c o m s tk A p r 1913
6 0 1 .2 5 0 .. S u b scrib e d b y s to c k h o ld e r s
1 ,1 2 7 ,3 9 0 .-O ld s to c k ju s t listed .
9 9 7 ,4 5 0 .. E x ch a n g e c o n v e r tib le b o n d s
/ O ld c e r tfs sta m p e d e x te n d 2 ,8 5 1 .2 0 0 1
ed t o 1918.
3 ,5 0 0 ,0 0 0 — A c q u ir e
prop
&
retire

G en eral C h e m ic a l C o . p r e f ............. j 1 .2 5 0 ,0 0 0 1 E x c h ln g e

p re ^ s to ck

Cal

^2 2 ,’f o O — E m h a n g e c o n v e r tib le b o n d s
G en eral M o t o r s C o c o m v o t e t f s . . .
4 2 .0 0 0 \ E x ch a n g e fo r s to c k s .
^
do
do
pref v o t c t f s . . .
6 4 .4 0 0 /
G u g g e n h e im E x p lo r a tio n C o s t o c k
5 0 .0 0 0 — S old f o r gen p u rp o ses.
H a ck e n s a ck W a t e r C o s t o c k ----------- 1 .0 0 0 .0 0 0 — S u b scrib e d a t j ja r .
5 5 ,1 0 0 — A c c ’ t p u rch N e w K e y s to n e
In sp ira tio n C o n s C o p C o s t o c k ------K in g s C o E l L t & P o w C o s t o c k —
M a n h a tta n Sh irt C o 7 % c u m p r e f .
C o m m o n _________________________
N a t ’l C lo a k & S u it C o 7 % c u m p f d .
C o m m o n _________________________
R a y C o n s o l C o p p e r C o s t o c k ---------

1 1 2 ,9 0 0 — E x ch a n g e c o n v e r t b o n d s .
2,377,3001 P u rch a se assets N e w J er5 .0 0 0 ,0 0 0 /
sey C o.
5,000,0001 A c q u ir e assets p r e d e c e s s o r
7 ,0 0 0 .0 0 0 /
C o.
5 3 ,2 5 0 . .E x c h a n g e R a y C e n tra l C o p ­
p e r M in in g s t o c k .
Sears, R o e b u c k & C o c o m m o n ____ 2 0 ,0 0 0 ,0 0 0 .- 5 0 % s t k d iv p d A p r 1 1915.

Tobacco Products Corp 7 % c u m
& purch stks M Melapr e f . . . . . . . . . . . . . / 6.808,500 .Cash
chrino & Co, Inc, and
United States Rubber C o 1st pref. 42,400' EjrchanRt?2dnrpf stock
Westinghouse El & M f g C o com... 1.262!!50..Exch W ^ t
C o stick.

Willys-Overland Co common------- 17,299.0001 Acquire prop o f former W ill
Preferred--------- ----------------------- 4.721.000
lys-Overland C oT
Com m on--------------------------------- 2,701,000-Sold at par.
do
--------- ----------------- 1,000,000_.5% stock dividend.
T o ta l.....................................$114,650,490
MISCELLANEOUS STOCKS, SECOND S IX MONTHS
A l a s S S e a u GCoM ^Alfnf c £ =
P u rp 0 S e 0 f I s s u e ‘
Capital stock
-------------- S13,967,330. .Capital purposes.
Amer Coal Products 7% cum pref. 2,069.7001 Provide for stock div. and
a
r?.° T ^ c « common------538,000/
retirement o f notes.
•^m
^ ®m Co cap stock. 2,397,850..Exchange outstanding ctfs.
Atlantic Nat Bank stock-------------990,900—Change o f name.
B urn s B ros 7 %

c u m p r e f e r r e d --------

1 ,8 1 3 ,9 0 0 1

C o n v e r s io n

of

c o n s titu e n t

—
.
dg.
.common ----------------- 5,500,000/
corps.’ stk. into new corp.
Bush Terminal common stock------ 5,000,000—Acquisitions of prop., &c.
Chat & Phen Nat Bk cap s t o c k ... 2,551,300—Capital increase.
Chile Copper Corp capital s t o c k ...95,000,000..General purposes.
l8 t &/„ e f 6' y^ear 6s.............................. 1 -6 7 1 ,2 7 4 ..R etire old bonds.
Comp-Tab-Rec capital stock------- 6,081,400..Acquire constit. cos.’ stk.
d0
do
--------------- 6 ,8 2 8 ,7 2 6 --A c q u is ’ns, impts & pui
Cons Gas El L & Pow, Balto--------- 4,302,300.-Capital purposes.
Crucible Steel of Amer com sto ck ..
421,600.-Return to c o .’s treasury,
MSr”& f B o „ d W o o r t N ,Y i . * “ r A « - 0 0 0 .0 0 0 - I m PB > ,’t . . ' M L 1, S c .
Dayton Power & Lt 6% cum pref. 1,269,8001 Betterments and construcdo
do
com m on ____ 1,646,400/
tion.
413,400..Exch. 6% 10-yr. conv. deb.
prS „ 3 S “ m t' “ - Diamond Match Co capital stock.
General
Motors
Co
6%
cum
pref.10,675.8001
Exchange
for voting trust
State o f N ew York 4J£ % .bo n d s
8 .0 0 0 ,0 0 0 — Erie Oswego & Champlain
c o m m o n ------13,933,800/
certificates.
,
,
,
canals.
do
do
Greene Cananea Cop capital stk—48,000,600—Take up stk. of constit. cos.
do
do
4 ,0 0 0 ,0 0 0 — Cayuga & Seneca Canal.
do
do
Inter Nickel Co 6% non cum pref. 3,317,2001 In accordance with consolido Ac. do
— 1 0,000,0 0 0 --H ig h w a y improvement.
do
do
do
do common s t o c k ... 6,005,400/
dation agreement.
d°
do . i —
5 ,0 0 0 ,0 0 0 ..Barge Canal terminals.
. . do„
do common s t o c k ... 3,803,100.-Stock dividend.
Maxwell Motors stock trust c tfs .. 12,601,000.-B y trustees for 1st 7% cum.
T ota I..................................... $168,317,000
^
preferred.
Montana Power Co, common stock
75,700--Exch. stk.-purch. warrants.
MISCELLANEOUS BONDS, SECOND SIX M ONTH S.
National Surety Co capital stock .. 1,000,000. -Capital increase.
C o m p a n y a n d C la s s o f B o n d s —
A m o u n t.
P u rp o se o f Iss u e
■ New York, City of, 4H % corp stk46,000,0001 Municipal purposes.
.
do
do
1 5 -y e a r s e r i a l - 2 5 ,0 0 0 ,0 0 0 /
Bush Term Bldgs Co 1st gtd 5% ,
Studebaker Copr, common----------- 2,068,400—Pay 5% ser gold notes.
T o ta l.................................. .$316,444,880
Total 12 months_________ 431,095,370

Va-Car Chem 10-yr 6% s f conv
d eb s--------------------------------------- 5,000,000..New working capital.
T o ta l.......................................$23,410,200
Total 12 months..................191,727.200

The several stock issues and the objects of each
are embraced in the following compilation:
r a il r o a d

s t o c k s , f ir s t

C o m p a n y a n d Class of Stock.

Amount.

s ix

m onth s.

Purpose of Issue.

oa P,e, ? y ' common $4,004,000..Exchange convertible bonds
Chic Milw & St Paul Ry, common.
506.000..Construe Seattle Port Ang
Cleveland & Pittsburgh R R —
& Western Ry.
Special guar betterm't stock------ 1,182,550—Impts & equip’t for 1913.
New York Central R R stock-----249,590,500.-Exch stocks constit cos.
Norfolk & Western R y. common. . 308,500—Exchange convertible bonds
T o ta l..................................... $255,591,550




PART-PAID AND T E M PO R A R Y CERTIFICATES, FIRST TIM E
QUOTED, BUT NOT REGULARLY LISTED, 1ST 6 M ONTS.
Chicago Milwaukee & St. Paul R y.—
Subscription receipts for Gen. Ref. M . conv. 5s, ser. B.
do
full paid 2014, 2nd installment 65% paid.
City of New York—■
Temporary certificates for 4 } i % corporate stock due 1916-30.
do
do
do
do
do
do
do
June 1 1965.
New York Central R R .—
Subscription receipts for 20-yr. conv. deb. 6s, 1935. full paid.
do
do
do
do
do
do
1st installment paid.
Pennsylvania R R .— Temporary certfs. for consol. 4J4s, full paid.
do
do
gen. 446s, due 1965, “ and int.” from June 1 1915.
Texas Co.— Subscription receipts for full paid stock.
do
do
do
do
stock 1st install. (25%) paid.
Westinghouse Electric & M fg. Co.— Guaranty Trust C o. cert, o f dep. for
conv. 5s ($12,131,000).
PART-PAID AND T E M PO R A R Y CERTIFICATES, 2D 6 M ONTHS.
American Woolen C o., Guaranty Trust C o., N. Y ., Old Colony Trust Co. •
Boston, certificates o f deposit for common and preferred stock.
’
Chic. & East. 111. Guar. Tr. Co., N. Y ., cert, of dep. gen. cons. 1st M . 5s.
Chic. R. I. & Pac., Bankers’ Tr. C o., N . Y ., cert, of dep. 20-yr. 5% debs.
International Mercantile Marine Co.—
Central Trust Co., N. Y ., cert, o f dep. 6% cum. pref. stock.
U. S. Mtge. & Tr. Co., N. Y ., cert, of dep. common stock.
Missouri Pacific Railway—
Columbia Tr. Co., N. Y ., cert, of dep. 1st coll. M . 5s, 1920.

390

[Vol . 102

THE CHRONICLE

Missouri Pacific Railway (C oncluded I)—
_
.
„
„, „
Guaranty Trust Co., N . Y ., cert, o f dep. conv. 5% 1st & ref. 50-year A.
Bankers’ Trust C o.. N. Y ., cert, o f dep. 40-yr. 4 % gold loan bonds, 190o.
Guaranty Trust C o., N. Y ., cert, o f dep. trust 5% bonds, due Jan. 1 1917.
Guaranty Trust Co., N. Y .,ce rt. o f dep. “ stamped” 1st coll. M .5s, 1920.
Central Trust Co., N . Y ., cert, o f dep. for stock.
Rumely (M .) Company, N . Y . Trust C o.. N . Y ., cert, o f dep. pref. & com­
mon stock.
„
. ,
.„
Toledo St. Louis & Western, Union Tr. C o., N . Y ., cert, o f dep. 4% gold
bonds, due 1917, series “ A .”
. .
. . .
,
Westinghouse Electric & M fg. C o. subscription receipts for conv. 5% s. f.
coupon bonds o f 1915.

The new (unlisted) notes for which a market was
sought during the late year include, with others, the
following issues, representing a total of 375 millions,
and contrasting with 561 millions, 539 millions and
368 millions in 1914, 1913 and 1912, respectively.
P R IN C IPA L NOTE ISSUES IN 1915— N OT LISTED.
M a t u r it y .
A m o u n t,
D a te.
R a ilr o a d s a n d E l . R y s .—
In t.
Arkansas & Memphis R y,
1915
1918
$5,000,000
Bridge & Terminal C o____ 6%
150,000
Auburn & Syracuse El RR__ 6% Feb 1 1915 Aug 1 1916
800,000
Aurora Elgin & Chicago R R . 6 % M ar 1 1915' *Mar 1 1918
Baltimore & Ohio R R ______ 4 V i % June 1 1915 J’no 1 ’ 17-’ 18 40,000,000
1 1915 M ay 1 1916 1,500,000
Bangor & Aroostook R R ____ 5% M ay
150,000
Baton Rouge Electric C o____ 6% April 1 1915 April 1 1918
Birm (Ala) R y Lt & P C o .. 6% May 1 1915 *May 1 1917 1,150,000
1 1915 Mar 1 1916
500,000
Boston & Lowell R R _________6% Mar
135,000
do
do
_______ 5 H % June 1 1915 June 1 1916
1 1912 *July
Brooklyn Rapid Transit_____ 5% July
_ 1 1918 20,000,000
“ ‘ 11 1916 3,675,000
Canadian Northern R y _________ July 11 1915 July
Canadian Northern R y_____5%
Sept
1 1915 Sept 1 1917 11,500,000
450.000
Charleston (W V a) Inter R R 6% M ay
1 1915 *May 1 1918
615.000
Chatt R y & Light C o______5%
June
1 1915 *June 1 1917
Cities Service Co, N Y _____7%
M ay 15 1913 *M ayl5 1918 7.000.
Columbus (O) Ry P & L Co.5+J % Jufio 1 1915 *June 1 1916 1,200,000
1 1914 June 1 1920
200.000
Concord & Montreal R R ____5% Dec
June 1 1915 June 1 1916 2.450.000
Connecticut River R R --------6%
June 1 1915 June 1 1916 5.000.
Cum berland Corporation___5%
1 1917
1 1915 Feb
250,000
Feb
Denver & Salt Lake R R ____ 6%
5 1916 M ay 5 1918 3.500.000
Detroit United R ys---------------5% Feb
1 1915 Apr
1 1916 10,000,000
Erie R R ...............................
5% Apr
200,000
1 1915 *Jan 1 1918
Lorain (O) Street R R _______ 6% Jan
Fitchburg R R .........................6% Mar 1 1915 Mar 1 1916 1,359,000
750,000
do
do
_______ 1— 6% June 1 1915 Juno 1 1916
1920*12,500,000
1915 July
Grand Trunk R y o f Canada. 5 H % July
Kanawha Trac & Elec Co------ 5% June 15 1915 June 15 1917 1,100,000
Lewiston (Me) Augusta &
Waterville Street R y ______5% June 1 1915 June 1 1918
614,000
Manchester (N II) Traction,
Light & Power C o-------------5% June 1 1915 *June 1 1918 1,000,000
Massachusetts Electric Cos. 5% April 1 1915 April 1 1918 3.000.
Memphis Street R y -------------6% Nov 1 1915 N ov 1 1917 1,500,000
600,000
do
do
-------------6% N ov 1 1915 N ov 1 1916
Michigan Central R R --------- 4 \ i % Mar 2 1915 Mar 2 1916 3.000.
Minneap St Paul Roch &
___
1918
750,000
.
1915
Dub Elec Traction C o____6%
1 1915 *May 1 1916 19,000,000
M o Kan & Texas R y------------ 6% M ay
Missouri Pacific R y -------------- 6% June 1 1915 *June 1 1916 24,485,000
Montreal Tram & Power C o . 6% April 1 1915 *April 1 1917 7,000,000
N Y N H & Hartford R R — 5% M ay 1 1915 *May 1 1916 27,000,000
500.000
1915 *July 1 15-’20
Northern Ohio Trac & Lt Co 6% July
1915
1917-1920 1.500.000
Ohio Traction C o------------------6%
___
1 1914 *Dec 1 1915 4.000.
Pacific Gas & Elec C o----------- 5% Dec
Philadelphia Co o f Pittsb. . . 5% M ay 15 1915 M ay 15 1916 2.000.
5.000.
Portland (Ore) R y L & P Co 5% M ay 1 1915 ‘ M ay 1 1917 3.000.
Dec 1 1915 *Dec 1 1918
Republic R y & Light C o------5%
246.666
San Fran-Oakland Term R y s ---317,260
San Joaquin Lt & Pow Corp. . . .
Tenn R y Lt & Power C o------- 6% June 22 1915 June 22 1916 2.500.000
750.000
1 1914 *Dec 1 ’ 16-17
Toronto Railway C o------------ 6% Dec
April 15 1915 *J’ly ’ 16-Jan’ 18 5,500,000
United Gas & Elec Corp------6%
1 1915 Jan 1 ’ 18-’20 1,500,000
United Light & R y s ----------- 6% Jan
1 1915 Man 1 *18-’20
750,000
United Light & R y s ............ 6% Jan
Vermont R R _______________ 6% June 1 1915 June 1 1916 2,300,000
1 1915 *May 1 1916 1,500,000
Washington Utilities Co____5% M ay
1 1915 June 1 1917 *1,500,000
West Va Trac & E lecC o____6% June
’ 15-’ 17 1,500,000
Winnipeg (Canada) Elec R y 6% Jan 15 1915 Jan
15 1915 *Feb 15 1918 1,000,000
Wisconsin Central R y ______ 5% Feb

RAILROAD GROSS AND NET EARNINGS FOR
NOVEMBER.
There have been few, if any, occasions in the
past when we have had such a strikingly favorable
statement of railroad earnings, both gross and net,
as it is our privilege to record to-day. The increase
in gross earnings is of very large extent, not only in
absolute amount, but in ratio. At the same time
expenses are still being kept within very moderate
limits, with the result that the gain in the net is
hardly less striking as far as absolute amount is
concerned and many times greater in ratio.
To state the results in a nutshell, as compared with
the corresponding month of the preceding year
gross has increased no less than $66,310,622, or
27.58%, and net has increased $50,002,894, or
73.52%. The ratio of improvement seems almost
000
incredible considering the magnitude of the railroad
system of the United States. Put in another way,
000
the amount of the net for November 1915 is $118,­
002,025, as against only $67,999,131 in November
1914. The gross is $306,733,317, against $240,422,695, as will be seen by the following :
November (477 Roads)—
1915.
1914.
Am ount Increase %
Miles of road............................
246,910
245,858
+1,052 0.43
Gross
earnings...........................
*306,733,317
*240,422,695
+*66,310,622 27.58
000
Operating expenses___________ 188,731,292 172,423,564
+16,307,728 9.46

000Net earnings........................*118,002,025

*67,999,131

+550,002,894 73.52

The circumstance must not, of course, be over­
looked that comparison is with diminished totals in
1914, but the fact is not as significant as might be
supposed.
There were losses in both gross and
000
000
net
in
1914,
and these losses were by no means small,
000
000
and there were also losses in gross and net alike in
1913, but the decrease for the two years combined
falls far short of the amount of the present gains.
It follows that these gains represent only in part
a recovery of previous losses, the remainder reflect­
ing an absolute forward movement of that amount.
The
falling off in gross in November 1914 was $32,­
T otal railroad and street railway notes, &c________________ $254,446,926
D a te.
M a t u r it y .
A m o u n t.
646,340 and the falling off in the net was $9,578,383;
M is c e lla n e o u s C o s .—
In t.
A etna Explosives C o ., I n c.—
Series “ A ” _________________ 5 % M ay 1 1915 ♦Dec 15 1915 $1,000,000 in 1913 the falling off was $9,143,593 in gross and
May 1 1915 Jan 15 1916 1,000,000
Series “ B ” _________________ 5 %
Series “ C ” ---------------------------5 % M ay 1 1915 Fob 15 1916 1,000,000 $15,069,894 in the net.
For the two years combined,
1 1915 ♦Feb 1 1918 2,000,000
Fob
A labam a Power C o ----------------6 %
000
A m er C otton Oil C o -------------- 5 % N ov 1 1915 ♦Nov 1 1917 5.000.
therefore,
the
contraction
in gross was less than
500.000
Am er Iron & Steel M fg C o . . —
000
July" 13 1915 July"'l3 1916 3.000.
Am er Power & Light C o ------ 6 %
$42,000,000,
as
against
the
present gain of over
1.500.000
Mar 1 1915 ♦Mar 1 1918
A m er Public U tilities C o -----6%
April 1 1915 ♦Apr l ’ 17-’20 2.500.000 $66,000,000 and the contraction in the net was less
Am er R olling M ills C o -------- 6 %
16,000,000
Mar
1
1917
1
1915
Mar
A naconda C opper M in C o__ 5 %
200.000 than $25,000,000, as against the present gain of
A rizona Power C o ___________ 8 % July 1 1915 ♦Jan 1 1919
1 1915 ♦Mar 1 1918 1.000.000
A yer M ills_____________
5Mar
%
988.000
N ov 1 1915 M ay 1 1916
Braden C opper C o .....................7 %
over $50,000,000. On the other hand, in 1912
B ’dgep ’t(C on n )H yd ra u licC o 5 % July 1 1915 ♦July 1 1920 1.500.000
600.000
1
1918
Feb
1
1915
Fob
Central M aine Power C o ___6 %
we
had very large gains in both gross and net—
250.000
Sept 1 1915 ♦Sept 1 1916
C ity Light & W ater C o -------- 6%
Nov 1 1914 ♦Nov 1 1916 1.200.000
C linchfield Coal C orp ______ 6 %
$31,968,171
in the former and $12,701,071 in the
500.000
1920
C onnecticut R iver P ow C o . . 6 %
1915
C onsol Gas El L t & Power
Going still further back we find that in
C o , B a ltim oro ____________ 5 % Mar 15 1915 ♦Mar 15 ’ 17 2.500.000 latter.
000
1 1917 7.000.
1 1915 Fob
Feb
C onsolidation C oal C o -------- 7 %
500.000 November 1911 there was a small decrease in gross,
N ov 1 1913 M ay 1 1917
Consum sers’ Power C o _____ 6 %
1 1915 ♦Feb 1 1918 2.500.000
Fob
Duquesne Light C o __________ 5 %
500.000 namely $1,767,625, and a loss of $3,018,867 in the
1 1915 ♦Dec 1 1918
Dec
Eastern Texas Electric C o . . 6 %
000
1 1925 4.000.
1 1915 Dec
Dec
E lkhorn Coal C orp __________ 6 %
General R ubber C o ----------------5 % July 1 1915 ♦Dec 1 1918 9.000. 000 net.
In November 1910 there was a trifling gain
Feb 15 1915 Feb 15 1918 20,000,000
In tem at Harvester C o o f N J 5 %
000
International Harvester Corp 5 % Aug 15 1914 Feb 15 1918 5.000.
in
gross
($994,650) but a loss in net in the sum of
000
Mar 1 1915 ♦Mar 1 1917 6.000.
Lackawanna Steel C o ______ 6 %
1 1916 5,000,000 $10,460,960 because of a large augmentation in
L ord & T a ylor_______________ 6 % July 1 1915 Jan
300.000
April
1
1918
1
1914
Oct
L ouisville Gas & E lec C o — 6 %
M erch & M iners’ Transp C o 5 % Mar 1 1915 Mar 1 1916 1.750.000 expenses.
2 1915 ♦Feb 21 1918 2.500.000
Feb
M t Ver-W oodberry M ills,In c 6 %
200.000
Feb
2 1915 ♦Feb 21918
M t V er-W ood b ’y M ills.In c. 6 %
In the following we furnish the November sum­
150.000
1 1914 ♦Dec 1 1918
Dec
N ational Fruit C o , N Y ____ 6 %
275.000 maries back to 1896.
1915 ♦May 1 1918
N orfolk C ounty W ater C o . . 6 % M ay
It is proper to state that for
P a cific Light & Power C o,
L os Angeles_______________ 6 % July 1 1915 *July 1 1917 2,338,000 1910, for 1909 and for 1908 we use the Inter-State
Pennsylvania Salt M fg C o . . 5 % June 1 1915 *June 1 1918 1,500,000
Aug 2 1915 *Aug 1 1917 3,500,000
Phila Electric C o ------------------- 5 %
110,000 Commerce totals which then were on a very com­
P ortland Un Stock Y d s C o . . 6 % July 1 1915 *July 1 1918
1915
2 years
500.000
Sheriff St M k t & Storage C o 6 %
Mar 15 1915 *Mar 15 ’20 2.000,000 prehensive basis, but for preceding years we give
Southern C alif Edison C o ___6 %
40.000
April 1 1914 *April 1 1917
Southern Counties Gas C o _6 %
1 1915 *Oct 1 1935
500,000 the results just as registered by our own tables each
Oct
Standard Gas & E lec C o ------ 6 %
_______ July 15 ’ 17-’20
400.000
Steel C o o f C anada__________ 6 %
250,000 year— a portion of the railroad mileage of the
Aug 1 1915 Aug 1 1917
U nited Coal M ining C o ------ 6 %
Mar 1 1915Sopt’ 15-Sept’ 16 160,000
U S W indow Glass C o ______ 6 %
W estern Power C o ___________ 6 % Mar 1 1915 *Mar 1 1917 1,000,000 country being always unrepresented in the totals
W orcester Gas Light C o ------ 4 H % Sept 1 1915 Sept 1 ’17-’20 1,000,000
of these earlier years owing to the refusal of some
Total miscellaneous companies___________________________ $120,211,000
Total railroads, street railways and miscellaneous................. 374,657,926 of the roads at that time^to give out monthly figures
♦ Subject to call at an earlier date at a certain price at company’s option. for publication.
See previous article, Y. 101, p. 330.




Jan . 22 191G.J

THE CHRONICLE

Gross Ea rn in g s.

Y e a r.
Y ear
Given.

Y ear
Preceding.

In c . (+ ) or
D ec. (—).

N et E a rn in g s.
Y ea r
Given.

N ov.
S
S
1896.. 55,297,917 61,137,081 —5,839,164 18,853,228
1897.. 72,815,681
.
61,978,481 +10,837,200 27,565,524
1898.. 79,0S6,654
.
76,616,617 +2,470,037 28,954,644
1899.. 73,062,397
.
65,872,002 +7,190,395 27,496,343
1900.. 91,073.64S
.
87,724.616 +3,349,032 33,744,165
1901.. 107,769,028
.
95,618,077 +12,150,951 40,629,133
1902.. 106,144,534
.
99,638,088 +6,506,446 36,051,175
1903.. 115,874,619
.
111,303,371 +4,571,248 38,380,632
1904.. 126,357,-962
.
115,108,874 +11,249,088 44,280,359
1905.. 133,104,559,120,692,062
.
+12,412,497 47,419,761
1906.. 140,697,123131,123,621
.
+9,573,502 48,065,287
1907.. 138,079,281
.
133,2S4,422 +4,794,859 39,171,387
1908.. 211,597,7921220,445,465
.
—8,847,673 74,511,332
1909.. 248,087,561211,784,357
.
+36,303,204 94,531.12S
1910.. 248.559,120
.
247,564,470
+994,650 83,922,437
1911.. 241,343,763,243,111,38S
.
— 1,767,625 79,050,299
1912.. 276,430,016
.
244,461,845‘+ 31,968,171 93,017,842
1913.. 269,220,882
.
278,304,475 — 9,143,593 78,212,966
1914..
.
n 2. ' ^ ’? f i £ I « ,?82,18,r _32’646’340l 67,989,515
1915.. ?306,733,31
i ‘240,422,695! +66,310,622lll8.002,025i

Y ear
Preceding.

In c . (+ ) or
D ec. (—).

22,275,149 —3,421,921
21,737,851 + 5,827,673
28,533,158
+421,486
24.8S2.036 + 2,614,307
33,154,551
+ 5S9.614
35,200,311 +5,428,822
36,992,904 —941,729
38,962,778 —582,146
37,588,510 + 6,691 843
42,232,243! +5,187,518
46,506,160 +1,559,127
46,113,471 —0,942,084
66,294,996 +8,216,336
74,556,970 +19,974,158
94,383,397—10,460,960
82,069,166, —3,018,867
80,316,77l[ + 12,701,071
93,282,860— 15,009,894
77,567,898, — 9,578,383
67,999,131-+ 50,002,894

•
1S96 the number of roads included for the month of November was 127:
.
134: ln 1S98> 130: ln ls" . 122: in !900, 122: in 1901, 109; in 1902, 107
in 1903, 106; in 1904, 102; in 1905, 96; in 1906, 97; in 1907, 87; ln 1908, the returns
were based on 232,577 miles of road; in 1909, 239,038: in 1910, 241,272; in
. 234,209; in 1912, 237,370; in 1913, 243,745; in 1914, 246,497; in 1915, 246,910.

29 1

w U h ° ' ' V n in the ab0Xe are.OTl the basis of the returns filed
witn tlie Inter-State Commerce Commission. Where, however these
ratoTn-,d« °rPt slJ0W tl{e t°,4aI for ,any system, we have combined the sepa­
rate roads bo as to make the results conform as nearly as possible to those
given in the statements furnished by the companies themselves
o n u s is the result for the Pennsylvania R R ., together with the PennsvIA ° WP-a”oT?nci the Pittsburgh Cincinnati Cliicago & St. Louis the
S2 0 8 sy 609 n^ nR ' rcP°rting S3,792,i21 increase, the Pennsylvania C o m p a n y
u ,,£ 88J^92,gaiIi and the P. C. C. & St. L. SI,049,394 gain. Including all
C
o
m
d controlled which make monthly returns to the Inter-State
b ^ ^ c o ‘pommission, the result is a gain of S7.865.302.
itself in c llfr i^ ?2VCr m.crely the operations of the New York Central
Michigan Cpnf^ii J ^ . , i r n r!ls auxiliary and controlled roads, like the
to form the
our • the “ Nickel Plate,” &c., the whole going
m the New York Central S y stem , the result is a gain of $7,472,657.
P R IN C IPA L CHANGES IN NET EARNINGS IN NOVEM BER.
aS ^ S C M 50
Pennsylvania_____
New
York
C e---n tr a l..." - 63 7 5 0 5 2 0
Clr>r>^ +
\T^4.l,
-----Great
Northern
2,530,532
Cliicago Milw & St’ Pau'l 2,129.987
Southern Pacific_______ 2,057,401
Erie-------------------------i 7 9 c ’coo
11 I485
/to* 366
Chic Burl & Q u in c y ..!! 1’485,366

Bessemer & Lake E rie..
Central New E ngland..
Denver & Rio Grande..
St Louis Southwestern..
Chic St P Minn & O.
Chicago & Eastern 1 1 1 . .
Delaware & Hudson.

cfcl|or\ S ;w

S f& i* S

^ t !!

A t c h I " * - —
N o r to n -5 A u a? t a l 0 - - , 7&8 Reading.
^ 8 ™ 1 hiladelphia
Pittsburgh & Lake Erie.
N Y N II & Hartford__
Louisville & Nashville..
tSSu h S A

In crea ses.

: : :

1.154,740 Chicago & A l t o n .........'
1.141,704 i Union ( P a ) .... ----------1.011.714 Nash Chatt & St L o u ii!!
982,492 : Wheeling & Lake E rie!!
978,820 |El Paso & So West____
921,218
Pacific
nno ra
c\ivWestern
____ o_ >.■
--------

$327,011
275,307
275,077
273.533
261,960
243,515
238,532
234,874
19 9 5 4 s

io
s ’^ a
198,554

198,471
196,659
196,199
IRQ’5 5 3

As far as the separate roads are concerned, when
the returns for all are so uniformly of the same
character as is the case on the present occasion, it
Delaware Lack & West
would be superfluous to single out any particular Missouri
578,814 ; Colorado & S outhern!!!
150,048
Pacific .
574.382 IChicago Great Western.
144,458
Michigan
ones for special mention. We will merely say, Wabafh Central
567,743 Tol St Louis & Western!
tral--------140,015
T)Ai,aSIsland_____
i . r ” 5 ----------------497,724
Maryland_____
.
, Western
” — Maryland.
137,050
Rock
476,9941Vandalia . . . . . . . . .
therefore, as a preliminary to the presentation of Duluth
134,938
Missabo & N or!
459,858 Central of Georgia
118,607
Elgin Joliet & Eastern..
450,559 Chic Ind & Louisv_____
our usual summary showing the changes on the Illinois
114,507
Central_________
437,383 Buffalo Roch & Pittsb ~
107,855
St Louis & San Francisco
4 35 1(5 4 1 Cin New Orl & Tex Pac
106,159
separate roads, that the east-and-west trunk lines Boston & Maine_______
4 1 7 5 3 6 Cin Ham & Dayton____
101,472
Central of New Jersey..
363!940
like the Pennsylvania, the New York Central and Lehigh
Valloy__________
350 975
Representing 6 6 roads
Atlantic Coast Line _
344*445
in our compilation..S45.552.988
the Baltimore & Ohio, the great trans-continental Grand Trunk W estern.. 335! 144
CCTCCLS&
Pore Marquette________
330,158 Missouri Kansas & T ex . D$118,759
lines like the Great N orthern. and the Northern
Pacific in the north and the Southern Pacific and
the Atchison in the south and the Union Pacific, I
ecodcand “ “ ‘ roUed W c h imake m ontSly'^ I t o the
the Chicago Burlington & Quincy and the Mil Comn?;rn
° n m.lorco Commission. the result is a gain of $5,694,751.
s
f , figures merely cover the operations of the New York Central
waukee & St. Paul in between, as also southern lines
4n£luc!lng the ^various auxiliary and controlled roads, like the
45lg Pour,” the “ Nickel Plate,” &c., the whole going
like the Louisville & Nashville, all occupy a prom to lorm the New York Central S y stem , the result is a gain of $6,478,073.
inent place in the list of increases. The Pennsyl­
Arranging the roads in groups or geographical
vania, on the lines directly
fashion
is
1/ operated,
A ------------- 7 -records
WW*
7 I divisions in customary
----- -------——J
v
vevery
» VA j
udivision
i « IOIUII AO
930,207 increase in gross and $4,930,150 increase in found to register an increase in gross and also every
net, and for the whole Pennsylvania System there is |division an increase in the net. The ratios of inan improvement of $7,865,302 in gross and of $5,­ crease in the net run all the way from 31.83% up
694,751 in net. The New York Central, including to 159.91%.
SUM MARY B Y GROUPS.
the lines recently merged in it, has $4,287,465 gain
-Gross Earn in gs ------------------Section or Group.
1915.
in gross and $3,758,520 gain in net, but adding the
1914. In c . (+ ) or D ec.t —)
November—
§
S
$
%
various auxiliary and controlled roads, the whole Group 1 (17 roads)^New England... 13,035,852 11,128,111
+1,907,741 17.14
going to form the New York Central System t h e §E2I K « 5 roads)!Eastern & Middle si.sss ,070 63,’482.’o44 + i 8 , W o 26 28 .52
result is a gam of S7,4/2,G5/ in gross and of $6 - Groups4&5 (94r°ads), southern... 36,853,431 29,216,.'554 +7,636,877
’ * 26.15
_________________
___
___ 582 + 1 7,478.300 32.28
478,073
in net.
’’ ’
3^ ^AO611^8
2~ 51 L133-i
'
I vjTOUpS
9 (92 Toads),
fihut>mmof,n
OTO r
\41,904,425
O
M
1 nni ,
_____8 __________
Southwest'n
48,072,064
+ 6,167,639~i4~67
In the following we bring together all the changes Group 10 (46 roads), Pacific Coast... 18.854,775 ” 13,868,325 “ +4,986,450 35.97
Total (477 roads)----------------------- 306,733,317 240, 422,695 + 66,310,622 27.58
for the separate roads or systems for amounts in
-----M ileage ----excess of $100,000, whether increases or decreases
—N et Earnings ---------------------1915.
1914.
1914.
/ 7tc.(+) or D ec. (—
in
- both gross and net. There is no decrease for
S
%
the amount given in the case of the gross and o n l y Gr°up no . i ........ 5.803 ~5,so3_ 4.295.992 2.770.421 +____
1,525,571 55.06
one in the case of the net, namelv the
Group No- 2- ^ i ^ 29-830—29A70 29.7i6.668“i6,298,’237'+j3,4i8,43i~82!26

K a n sa s Sr T e x a s
a _LCActO.

y

lU iS S O U n

PRINCIPAL CHANGES IN G R O S S EARNINGS IN NOVEM BER
In c r e a s e s .

Pennsylvania__________ a$6,930,207
astcrn UUnoIs. ^$362^177
Now York Central_______ 54,287,465 a !YC f i LCoast
Lino_____
3 4 7 .350
Southern Pacific_______ 3,411,192 ^{l^ntic
El Paso & South West.
339,672
Great Northern________ 2,988,874 Duluth
&
Iron
Range.
_
331.198
Chic Milw & St Paul__ 2,529,019 Delaware & H udson..
300.677
Baltimore & Ohio______ 2,354,412 Buffalo
Roch & P ittsb..
299,528
Atch Topeka & Santa Fo 1,967,659 ? X Chic.
&
St
Louis.
UL
297,771
Chicago & North W est.. 1,869,050 Soaboard Air Lino______
307 3 5 a
Union Pacific__________
1,796,887 Cine Ham & Dayton__
271
950
Northern Pacific_______ 1,682,775
B rio_________
1,605,869 PhfladBairtUAk \ y ° !tern- 266!987
Chic Burl & Quincy____ 1,506,310
UaSU.........
Norfolk & Western_____ 1,493,131
Minncap St P & S S M 1,431,025 M o w i^ & o h fo .81. ^ . 11! ! :
N Y N II & H artford.. 1,281,493 \Vostorn Pacific________
231 056
Philadelphia & Reading 1,144,193 Yazoo & Miss Valley__
216 , 4 1 5
Chasapoako & Ohio_____ 1,113,546 St Louis Southwestern..
214 7 ‘>7
Louisville & Nashville.. 1,060,201 Western Maryland_____
2 12 475
Pittsburgh & Lake Erie.
963,619 Chicago & Alton_______
210 4 4 7
Southern Railway...........
962,684 Central New England .
~
~ 200,397
Missouri P a c ific .............
930,340 San Pedro Los Ang & S L
189,994
Ulinois Contral................
904,165 Cine New Orl & Tex Pac
J
1
!0W
°
rl
&
Tex
Pac
186,286
Michigan Contral...........
825.415 Vandalia........................ ..
1179,554
7055°
Lehigh Valley__
8 1 3 1 4 1 Chicago Great Western.
173,021
Clovo Cin Chic & St £ ! !
801 !007 Texas & Pacific________
161,727
Delawaro Lack & Wost
— — Lake Erie & Western__
789,250
156,705
Central of New Jersey “
676,265 1 oledo St L & Western
153,949
Duluth Miss & N orth !!
667,714 Chicago Ind & Louisv
142,892
St Louis &. San Francisco
624,257 Hocking V alley..
141,895
Elgin Joliet & Eastern..
620 963 Colorado & Southern
135,535
Rock
”
Island----------------ATit’viw
575,718 Central o f Georgia_____
130,757
Wabash
________
562,503
110,373
Boston & Maine_____! ~
4 gJ’ rno Alabama Great Southern
& New England.
107,163
Pero Marquotte_______ !
421 321 Lehigh
Kanawha & M ichigan..
105!735
Bessemer & Lake E rie ..
406 500 Virginian...........................
105.710
105,710
Whooling & Lake E rie..
39L068 West Jersey & Seashore.
100.387
Denver & Rio Grando..
385!l81
383,874
Chic Milw & St Paul__
Representing 74 roads
in our com pilation..$61,293,535




Group No. 3 - , - - - ^ 2 3,694_23',74113;226;457~5708'8T866'- + 8:i37:591~9"91
I Hrmina
r, .. ao
r\or\ 1 1 nra 1 o or* ,
__ ■ . _t—
Groups Moo
Nos. i4 A
&5
42,030
41,676 13,251,145 7,578,105' +5,673T040_

&

Groups’ Nos. 6 7 .. 68,701
Groups Nos. 8 & 9 .. 58,034
Group No. 10.......... 18,818

68,446
57,845
18,577

32,466,721 18,609,823 _+13.856,893
16,958,954 12,855,295 +4,103.659"
8,086,088 4,798,384 +3,287,704

T otal.................... 246,910 245,858 118,002,025 67,999,131 +50,002,894

73.52

NOTE.— Group I. includes all of the New England States
. <S.0.*Pu/ / Vlncllid^s all,of N,ew York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland and
the extreme northern portion of West Virginia.
Group I I I includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV and V. combined Include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined Include the northern peninsula of Michigan all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and I X . combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of Denver, the whole of Texas and the bulk of Louisiana: and that portion of
New Mexico north of a line running from the northwest comer of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X . includes all of Washington, Oregon, Idaho, California, Nevada. Utah
and Arizona and the western part of New Mexico.

.

E X -S E N A T O R ROOT O N I M P E N D I N G D A N G E R S A N D
T H E D U T Y OF T H E BAR.

A t the annual meeting of the New York State Bar Asso­
ciation on the 14th inst. resolutions were presented in the
report of the Committee on International Arbitration recom­
mending “ an international agreement upon mutual limita­
tions of armaments,£and the establishment of a court of

arbitral justice, of which the decrees shall be enforceable by
an international police" The resolutions further urged
President Wilson to use the good offices of the United States
to bring about such an end.
A feature of the meeting of the Bar Association at its ses­
sion on the 15th was an address by ex-Senator Elihu Root,
the newly-elected President of the Association, in which he
declared that “ the whole business of government in which we
are all concerned is becoming serious, grave, threatening.”
“ No man in America,” he argued, “ has any right to rest con­
tented and easy and indifferent, for never before, not even
in the time of the Civil War, have all the energies and the
devotion of the American democracy been demanded for
the perpetuity of American institutions, for the continuance
of the American Republic against foes without and more
insidious foes within, than in this year of grace 1916.” In
depicting the dangers threatening the country and pointing
out the duty of the Bar in the premises, Mr. Root said
in part:
.. .
W e

are n o

lo n g e r is o la t e d .

The

s u r r o u n d s u s is n o lo n g e r a b a r r i e r .

e v e r -f l o w i n g

stre a m

o f ocean

I am glad to come back to the Bar in this time of its trials; I am proud of
it. I believe in it, and I have confidence in the performance of its high
duty in the future.

Justice Charles E. Hughes of the United States Supreme
Court was also a speaker at the meeting; his talk was on
“ Some Aspects of the Development of American Law,” and
we quote from his remarks the following:

w h ic h

W e h a v e grow n so g re a t, th e b o n d s th a t

u n i t e u s In t r a d e , i n in fl u e n c e , i n p o w e r , w i t h t h e r e s t o f t h e w o r l d h a v e b e ­
c o m e s o s tr o n g a n d c o m p e llin g t h a t w e c a n n o t liv e u n t o o u r s e lv e s a lo n e .
N e w q u e s tio n s lo o m u p o n t h e h o riz o n w h ic h m u s t b e m e t ; q u e s tio n s u p o n
w h ic h w e h a v e lit tle o r n o p r e c e d e n t t o g u id e u s ; q u e s tio n s u p o n t h e r ig h t
d e t e r m i n a t i o n o f w h ic h t h e p e a c e a n d p r o s p e r i t y o f o u r c o u n t r y w i ll d e p e n d .
T h o s e q u e s tio n s c a n b e m e t o n ly b y a n a tio n w o r th y t o d e a l w it h t h e m .
T h e y c a n b o m e t b y a d e m o c r a c y o n ly a s it is p r e p a r e d fo r t h e p e r fo r m a n c e
o f its d u t y .
.
.
. . . . . .
S o m e t h i n g h a s b e e n s a i d a b o u t t h e p r o p o s e d C o n s t i t u t i o n a n d it s d e r e a t .
I g iv e y o u m y w o r d t h a t t h e in s ta n t t h e n e c e s s ity o f c o n c e n tr a t io n u p o n t h e
w o rk o f th e C o n s titu tio n a l C o n v e n tio n h a d p a s s e d , m y m in d s p r a n g b a c k
t o t h e s e g r a v e a n d s e r io u s d a n g e r s t h a t t h r e a t e n e d o u r c o u n t r y s o c o m p l e t e l y
t h a t w h e n t h e C o n s t i t u t i o n w a s d e f e a t e d I t w a s a s c a r c e l y n o t e d in c i d e n t
in m y life .
H e r e in th is c o u n tr y w e h a v e e n jo y e d lib e r t y
h a v e fo r g o tte n h o w t h e y c a m e .

a n d o r d e r s o lo n g t h a t w o

O u r p e o p le a s s u m e t h a t t h e y c o m e a s th e

a ir c o m e s , t o b e b r e a t h e d ; t h e y h a v e a s s u m e d t h a t t h e y w i l l , o f t h e ir n a t u r e
a n d b y t h e ir o w n f o r c e , c o n t i n u e f o r e v e r w i t h o u t e f f o r t .

A h , no.

L ib e r ty

With Congress using widely its authority over inter-State commercial
Intercourse and the States creating new obligations and remedies, the
difficulty and importance of the work of the courts as tho interpreters o f
constitutions and laws has enormously increased. There has never been
a time when that work, in view of the intimate relation o f legislation to
commerce and industry, has been o f more vital concern to tho country
than it is to-day. It is plain that our dual system of government is being
subjected to a new and severe strain. Congress is constantly defining the
scope of its legislation by reference to the commerce clause, while on the
other hand the States with respect to almost every important activity press
their action to the constitutional limit of State power. Thus the inter­
state Commerce Act fastens upon inter-State transportation, while statutes
with similar purpose and thoroughness deal with the transportation that is
inter-State, conducted by the same carriers.
The railroad has economically but one value; but this value must in some
way be separated to determine whether laws of different jurisdictions
permit a fair return upon that value, which for legal purposes, must bo
assigned to each. Rate structures, which from tho standpoint of economic
principle and practical judgment are single, aro split up into legal divisions
for tho purpose, not o f academic discussion but of vital control. Our recent
reports abundantly show that questions of utmost nicety are constantly
being presented In the application of now statutes, and evidence the extreme
difficulty of tho work of carrying out the will of Congress over the activities
within its control, while at the same time avoiding encroachment upon the
State field.
But in the face of the difficulties already upon us, and destined to in­
crease in number and gravity, we remain convinced of tho necessity of
autonomous local governments. An overcontralizod government would
break down of its own weight. It Is almost impossible oven now for Con­
gress in well-nigh continuous session to keop up with its dutios, and we can
readily imagine what the future may havo in store in legislative concerns.
I f we did not have States we should speedily have to create them.
There are two tendencies in legislation, here and thero observable, which
I cannot but think are opposed to a proper conception of the function o f the
courts. Thero is tho tendency to assign to tho courts administrative duties
which do not belong to them, and sometimes Judges are denied appropriate

h a s a l w a y s b e e n b o r n o f s t r u g g l e ; i t h a s n o t c o m e s a v e t h r o u g h s a c r if ic e a n d
t h e b lo o d o f m a r t y r s a n d t h e d e v o tio n o f m a n k in d .

A n d i t is n o t t o b e

p r e s e r v e d e x c e p t b y je a lo u s w a tc h fu ln e s s a n d ste r n d e t e r m in a tio n a lw a y s
4 0 T h a t 1" e t e r n a l v i g i l a n c e i s t h e p r i c e o f l i b e r t y Is s u c h a t r u i s m t h a t i t h a s
l o s t I t s m e a n i n g , b u t i t is a n e t e r n a l t r u t h , a n d t h e p r i n c i p l e s o f A m e r i c a n
l i b e r t y t o - d a y s t a n d in n e e d o f a r e n e w e d d e v o t i o n o n t h e p a r t o f t h e A m e r i ­
can

p e o p le .

W e

have

fo r g o tte n

th at

in

our

vast

m a te r ia l

p r o sp e r ity .

W e h a v e g r o w n s o r i c h , w e h a v e l i v e d in e a s e a n d c o m f o r t a n d p e a c e s o
l o n g , t h a t w e h a v e fo r g o t te n t o w h a t w e o w e th o s e a g r e e a b le in c id e n ts o f
^ W e

m u s t b e p r e p a r e d t o d e fe n d o u r in d iv id u a l lib e r t y in t w o w a y s .

W e

m u s t b e p r e p a r e d t o d o i t f i r s t b y f o r c e o f a r m s a g a i n s t a ll e x t e r n a l a g g r e s ­
s io n .

[Vol . 102.

THE CHRONICLE

292

G o d k n o w s I l o v e p e a c e a n d I d e s p is e a ll f o o l i s h a n d w ic k e d w a r s ,

b u t I d o n o t w is h f o r m y c o u n t r y t h e p e a c e o f s l a v e r y , o r d i s h o n o r , o r i n ­
ju s t ic e , o r p o ltr o o n e r y .

I w a n t t o se e in m y c o u n tr y t h e s p ir it t h a t b e a t

i n t h e b r e a s t s o f t h e m e n a t C o n c o r d B r i d g e , w h o w e r e j u s t a n d G o d -f e a r i n g
m e n , b u t w h o w e r e r e a d y t o f i g h t f o r t h e ir l i b e r t y .

A n d if th e h un dred

m illio n p e o p le o f A m e r ic a h a v e t h e sp ir it a n d i t is m a d e m a n if e s t , t h e y
w o n ’t h a v e to fig h t.
B u t t h e r e is a n o t h e r w a y i n w h i c h w e m u s t b e p r e p a r e d t o d e f e n d I t ,
a n d t h i s is n e c e s s a r y t o t h e f i r s t .

W e m u s t b e p r e p a r e d t o d e fe n d i t w ith in

a s a g a i n s t a l l i n d if f e r e n c e a n d f a l s e d o c t r i n e , a g a i n s t a ll w il l i n g n e s s t o s u b ­
m i t i n d i v i d u a l in d e p e n d e n c e t o t h e c o n t r o l o f p r a c t i c a l t y r a n n y , w h e t h e r
it b e o f a m on a rch or o f a m a jo r ity .
. . . . . .
A n o t h e r c i r c u m s t a n c e w h i c h w e o u g h t n o t t o l o s e s i g h t o f is t h e f a c t
t h a t a v a s t n u m b e r o f p e o p le h a v e c o m e t o t h e U n ite d S ta t e s w it h in v e r y
r e c e n t t i m e s f r o m t h o s e c o u n t r ie s o f E u r o p e w h i c h d i f f e r s o w i d e l y i n t h e ir
fu n d a m e n t a l c o n c e p tio n s o f la w a n d p e r s o n a l fr e e d o m fr o m o u r s e lv e s .
T h e m illio n s o f im m ig r a n t s w h o h a v e c o m e f r o m t h e C o n t in e n t o f E u r o p e
h a v e c o m e fr o m c o m m u n it ie s w h ic h h a v e n o t t h e t r a d it io n s o f in d iv id u a l
lib e r t y , b u t th e t r a d itio n s o f S t a t e c o n tr o l o v e r lib e r t y ; t h e y h a v o c o m e f r o m
c o m m u n i t i e s in w h i c h t h e c o u r t s a r e p a r t o f t h e a d m i n i s t r a t i v e s y s t e m o f
t h e G o v e r n m e n t , n o t i n d e p e n d e n t t r i b u n a l s t o d o j u s t i c e b e t w e e n in d i v i d u a l
a n d t h e G o v e r n m e n t ; t h e y h a v e c o m e f r o m c o m m u n i t i e s i n w h ic h t h e la w
is c o n ta in e d

in c o d e s fr a m e d

and

im p o se d

upon

t h e p e o p le b y

su p e r io r

p o w e r , a n d n o t c o m m u n i t i e s li k e o u r s , in w h i c h t h e la w Is t h e g r o w t h o f
t h e life o f t h e p e o p le , m a d e b y t h e p e o p le t h r o u g h th e ir o w n r e c o g n itio n
o f th e ir n e e d s .
. . .
, ,
I t i s a s lo w p r o c e s s t o c h a n g e t h e a t t i t u d e o f t h e i n d i v i d u a l t o w a r d l a w ,
to w a r d p o litic a l p r in c ip le s .

I t c a n n o t b e d o n e in a m o m e n t a n d t h i s g r e a t

m a s s o f m e n , g o o d m e n , g o o d w o m e n , w ith o u t o u r tr a d itio n s , b u t w ith
e n t i r e l y d i f f e r e n t t r a d i t i o n s , w i l l c h a n g e u s u n le s s w e c h a n g e t h e m .
F i f t e e n p e r c e n t o f t h e l a w y e r s o f t h i s c i t y a r e fo r e i g n b o r n .

T h ir ty per

c e n t o f t h e la w y e r s o f t h i s c i t y a r e e it h e r f o r e ig n b o r n o r o f f o r e ig n p a r e n t s .
A n d t h e g r e a t m a s s o f t h e m h a v e i n t h e i r b l o o d — w i t h a ll t h e a b l e a n d b r ill­
i a n t a n d g o o d a n d n o b l e m e n a m o n g t h e m — h a v e i n t h e ir b l o o d n e c e s s a r i ly
t h e t r a d i t i o n s o f t h e c o u n t r ie s f r o m w h i c h t h e y c a m e .

T h e y c a n n o t h e lp i t .

T h e y w ill h o l d t h o s e t r a d i t i o n s u n t i l t h e y a r e e x p e lle d b y t h e s p i r i t o f
A m e r ic a n in s titu tio n s .
g o t t o lo o k a fte r i t .
tu t io n s v o c a l.

T h a t is a q u e s tio n o f t im e .

A n d so m e b o d y has

S o m e b o d y h a s g o t t o m a k e th e s p ir it o f t h o s e in s t i­

S o m e b o d y h a s g o t t o e x h ib it b e lie f in t h e m , t r u s t in t h e m ,

d e v o t i o n t o t h e m , l o y a l t y t o t h e m , o r y o u c a n n o t w in t h i s g r e a t b o d y f r o m
C o n t in e n t a l E u r o p e t o a tru e u n d e r s ta n d in g o f a n d lo y a l t y

to o u r in s ti­

tu tio n s .
x ,
,
H e r e Is a g r e a t n e w d u t y f o r t h e B a r ; a n d i f w e h a v o n o t b e e n h y p o c r i t e s
d u r i n g a ll t h e s e y e a r s i n w h ic h w e h a v e b e e n s t a n d i n g u p i n c o u r t a n d a p ­
p e a l i n g t o t h e p r in c ip l e s o f t h e l a w , a p p e a l i n g t o t h e p r i n c i p l e s o f o u r C o n ­
s t i t u t i o n , d e m a n d i n g j u s t i c e a c c o r d i n g t o t h e r u l e s o f t h e c o m m o n la w fo r
o u r c l i e n t s ; i f w e h a v e n o t b e e n h y p o c i r t e s , w e w ill c o m e t o t h e d e f e n s e a n d
t h e a s s e rtio n — t h e tr iu m p h a n t a s s e rtio n — o f th e s e p r in c ip le s w e h a v e b e e n
a s s e r tin g .
,,
, , ,
T h e w h o le b u s in e s s o f g o v e r n m e n t In w h ic h w e a r e a l l c o n c e r n e d is b e ­
c o m in g s e r io u s , g r a v e , th r e a te n in g .

N o m a n In A m e r i c a h a s a n y r i g h t t o

r e s t c o n t e n t e d a n d e a s y a n d i n d i f f e r e n t , f o r n e v e r b e f o r e , n o t e v e n in t h e
t i m e o f t h e C i v i l W a r . h a v e a ll t h e e n e r g ie s a n d a l l t h e d e v o t i o n o f t h e
A m e r ic a n d e m o c r a c y b e e n d e m a n d e d fo r t h e p e r p e tu ity o f A m e r ic a n in s ti­
t u t io n s , fo r th e c o n tin u a n c e o f t h e A m e r ic a n R e p u b lic a g a in s t fo e s w it h o u t
a n d m o r e in s id io u s f o e s w i t h i n , t h a n In t h i s y e a r o f g r a c e 1 9 1 6 -




Legislation of the first sort undoubtedly arises from distrust of powerful
administrative agencies; it shows a doslre to oscapo their authority and to
havo the judgment of judicial tribunals, with whose standards tho public is
familiar. In the final decision of difficult administrative problems. It
seems to me to be tho wrong way to reach the right rosult. Tho courts
cannot be substituted for administrative agencies; nor, as I believe. Is it to
the ultimate advantage o f tho community to divide between them the
responsibility for purely administrative action.
The other tendency of which I have spoken is occasionally observed in
legislation which denies to Judges the authority which would seem to be
needed for the efficient discharge of judicial duty. Thus, in some jurisdic­
tions the freedom of the Judge In instructing tho jury is very considerably
curtailed in a manner which betrays a regrottablo distrust. This, of course,
carries the losson of tho extreme importance o f such conduct on tho part
of our Judges as will commend their offico to the community they serve.
But I venture to say that no intelligent citizen has over taken part as
a juryman in a trial over which presided a thoroughly competent Judge,
who swiftly, fairly and firmly applied the law, extricating tho essentia
merits of the controversy from the confusing details of testimony and
argument without profound respect for tho expert knowledge and trained
capacity which successfully meet a tost so sovero. Thoro can bo no respect
for the law without competent administration and there can bo no competent
administration without adequate power. Wo shall novor riso to our oppor­
tunities in this country and securo a proper discharge of tho public business
until we get over our dislike of experts; and tho difficulties in tho way of
needed improvements in the administration of justice will not bo overcome
by tying tho hands of those most competent to deal with them.
And this loads mo to speak briefly, in conclusion, of tho urgent noods of
reform in judicial procedure. If I may be permitted to speak with the
liberty of a member of this association, I am very glad that at last tho time
has arrlvod when wo may reasonably expect radical changes in our proce­
dural law W e havo very unnecessary differences with respect to different
courts The essentials of procedure are simple, and they should conform to
one simple type, with only such modifications as aro necessary to adapt it
to differences in jurisdiction. Wo havo bocome accustomod to a network
of legislative rules of practico which in their complexity aro a roproach to
the State The remedy, I believe, is to replace these rules with a few statu­
tory provisions forming the basis of procedure, leaving all the dotails to bo
supplied by rules of court. The Important equity practice of the Foderal
courts of tho country is governed without difficulty by a fow rules promul­
gated by the Supremo Court. Thoro is no other way, it seems to me, to
mive the requisite simplicity and elasticity to procedure.
Justice in the minor courts— the only courts that millions of our people
^ o w __administered without favoritism by mon conspicuous for wisdom and
Drobity is tho host assuranco of respect for our institutions. Tho adminis­
tration of commercial law by recognized experts in a direct fashion appro­
priate to the subject is neoded quite as much as uniform State acts to
commend the law to practical men o f affairs.

a r r a ig n in g

t h e

in t e r

-s

t a t e

m i s s i o n

c o m m e r c e

c o m

­

.

Tho St. Louis “ Times” thinks the Inter-State Commerce
Commission ought to be abolished, and what’s more, pre­
sents weighty reasons in favor of the proposition. Here is
what it says with reference to the mattor :
With a very clear understanding that wo shall be arraigned for heresy,
we wish to draw attention to tho fact that complete repeal of the Inter­
State Commerco Act and the abolition of the Inter-State Commerce Com­
mission would be a very good thing for tho United States. It is not our
thought that there should be a repeal of such legislation as may seem to
be necessary for the proper control of excesses or that havo a deterrent
effect on railroad mismanagement, but we shall undertake to prove that
the Inter-State Commerce Commission is a burden to business, that its
maintenance Is algross extravagance, that it has. grown:soJ.big thatlit Is

J an . 22 1916.]

THE CHRONICLE

293

cumbrous, and that it represents to the vital civil business o f America i
homes in New York City— so much appropriated to raise candidates for
what militarism does to any country that is beset by a great and expensive j State’s Prison inmates.
standing army.
Poor children should be left with their surviving parents, except in ex­
When the Inter-State Commerce Commission was established in 1888 treme cases, at whatever cost. That’s the only place they can be brought
the cost o f maintaining it was 8125,000 for a year. The cost o f maintaining
up properly and turned out with even prospects of becoming valuable
the Commission for the year 1915 was $4,150,000, which comes out of the
citizens. When money is spent that way it is invested in something that
pockets o f the taxpayers.
will become a paying proposition later, and not a permanent liability.
Tho appropriation for the year 1916 shows another jump o f a half million
dollars, tho total being $4,765,000. The cost o f the Commission in the
year 1914 was S2 , 1 2 0 ,0 0 0 and at the same rate of increase tho Commission
will cost tho people o f the United States in the year 1918 in round figures,
LARGE REDUCTION
IN
F O R E I G N H O L D I N G S OF
$10,000,000.
U N IT E D S T A T E S STEEL SHARES.
Naturally, the suggestion that tho Inter-State Commerce Commission
be abolished will raise a hue and cry from tho thousands o f employees who
Figures have been given out showing the foreign holdings
now enjoy jobs in this Government Bureau. The Commission has be­
come a great and powerful machine and if it is allowed to grow at tho of the stock of the United States Steel Corporation on
present rate it will become a national menace o f great potency.
Dec. 31 1915, as compared with the corresponding date in
Forty-one thousand miles of American railroads were in the hands of
1914, and this indicates a very striking reduction in such
receivers on Oct. 1 last. In the year 1915 only 953 miles o f railroad were
built in this country. The capital of railroads in the hands o f receivers on holdings. The total amount of the Steel Corporation’s stock
Oct. 1 exceeded 81,000,000,000. When the Inter-State Commerce Com­ (common and preferred) held abroad at the end of 1915 was
mission was conceived the railroad business o f the United States was grow­
ing at a rapid speed and it continued to grow until the Inter-State Com­ 971,219 shares against 1,502,521 shares so held at the end
of 1914, stock to the amount of 531,302 shares having been
merce Commission got into complete control and then tho decline began.
Tho original purpose of tho Inter-State Commerce Commission was to
disposed of during the year. As the par value of the shares
provide somo sort o f Government control of the country’s commerce.
This control has become so complete that it has stifled competition, put is $100, this means that $53,130,200 has been sold. The
an end to individuality in railroad construction and management, put a holdings of common stock are now only 696,631 shares as
tax on thrift, provided jobs for thousands o f more or less competent Govern­ against 1,193,041 shares at the corresponding date in 1914.
ment employees and changed what was one o f our greatest private enter­
I he holdings of preferred stock at the end of 1915 amounted
prises, owned by millions of individual stockholders, to an industry that
to 274,588 shares against 309,457 shares at the end of 1914.
reflects all o f the evils and all o f tho incapacity of public ownership.
W o are inclined to think that there aro in Congress a few men big enough England shows the most notable reduction of Steel Corpora­
and brave enough and intelligent enough to grasp this situation and begin
tho long, hard, up-hill fight to wipe out the Inter-State Commerce Com­ tion stock, holding now only 355,088 shares of common stock
The pre­
mission as at present constituted. These gentlemen must be willing to against 710,621 shares at the end of 1914.
stand up against bullying, threats, ridicule, ignorance and the power of ferred stock held in that country also showed a diminution,
precedent. If, however, they can prove to people o f the United States
that a Government bureau which costs $5,000,000 a year is hurting the 147,453 shares being reported at the end of 1915 against 174,­
people, whilo their groatest industry, the railroads, are being forced into 906 shares at the end of 1914.
Canada shows a reduction
the hands o f receivers at a greater rate than ever before, their work will in common only, reporting 38,011 shares held at the end of
bocome easier. Some member o f Congress will make himself famous by
starting an investigation of tho Inter-State Commerce Commission before last year against 54,259 shares at the end of 1914. The
it is too big to be investigated.
preferred holdings, however, advanced from 34,673 shares
SENATOR

THOMPSON

ON

RICH

NEW

YORKERS.

In a recent criticism of the workings of the Public Service
Commission Senator George F. Thompson, Chairman of the
Public Service Investigating Committee, had something to
say about the cost to the taxpayer of public charities and
incidentally expressed his opinion concerning tho money­
making New Yorker too busy accumulating his wealth to
think of anything else until late in life, when he suddenly
becomes an indiscriminate scatterer of some of his posses­
sions. Mr. Thompson’s observations were made to a reporter
of the Brooklyn “ Eagle” and printed in that paper of the
9th inst. Wo quote as follows his allusions to the moneyed
New Yorkers:

on Dec. 31 1914 to 36,453 at the end of last year. Germany
has reduced its holdings of common stock from 2,664 shares
Dec. 31 1914 to 1,178 shares at the end of last year. The
preferred holdings in that country have also decreased,
3,252 shares being held on Dec. 31 1914 and only 1,330 shares
on Dec. 31 1915. Holland is another country that has de­
creased its holdings in both kinds of stock, reporting 238,617
shares of common stock holdings at the end of last year
against 342,645 shares at the same time in 1914, and 26,494
shares of preferred stock held on Dec. 31 1915, comparing
with 29,000 shares at the end of 1914. The French holdings
of common stock on Dec. 31 1915 were only 50,193 shares
against 64,537 shares at the end of 1914 and of preferred
32,524 shares were held on Dec. 31 1915 as against 36,749
at the end of 1914.

The principal troublo with New York City is the dollar sign. It isn’t
that" you have no public spirit. The trouble is that it is either confined to
those who have no monoy to do it with or to men over 67 years old, who FOREIGN HOLDINGS OF SHARES OF UNITED STATES STEEL
CORPORATION.
spend their monoy for the public any old way without any well-defined plan.
------ C o m m o n Stock ----------- P r e fe r r e d Stock -----You know when you aro introduced to a great man in England they ex­
D e c . 31 1915. D e c . 31 1914. D e c . 31 1915. D e c . 31 1914.
press his relative greatness in terms o f “ Sir” or “ Lord” , a title placed
*5
2
beforo his name. Well, in New York City the title is always after tho Africa_________ !______
55
58
Algeria_______________
150
340
name and always begins with a dollar sign.
75
75
Argentina___________
*23
8
18
11
They say: “ That’s Mr. John Jones; he’s worth 810,000,000,” or “ That’s
Australia____________
*38
3
Mrs. So-and-So. Her husband died and left her $250,000.”
403
484
532
690
That’s tho big troublo hero— monoy. There’s not enough o f it where it Austria-Hungary_____
*3,4S3
2 .0 S6
* 12 0
would do good, and too much whero it does no good. Tho public-spirited A zores__________ ____
697
2,639
3,509
341
men aro either so young they haven’t made money or so old that they Belgium_____________
aro spending it any old way.
Bermuda____________
21
95
46
25
31
7
18
Tho middle-aged, solid men are too busy making it to pay any attention Brazil________________
16
24
17
119
81
to anything olso. You know, it seems to mo that those men do nothing but British India_________
38,011
54,259
34,673
*36,453
make monoy till they are 67 and then they open their Bibles. There they Canada _____________
235
382
237
146
learn that man’s days are three-score and ten, and that it's hard for a rich Central America______
* 11
8
12
*24
man to enter heaven. They look around and say, “ Only three years left C h ile -----------------------13
42
13
57
China________________
to live and I ’m rich.”
______
C
olum
bia___________
*30
Then thoy rush out and begin spending, and with only throo years
40
*140
to do it in they scatter what thoy can as fast as thoy can, $ 1 0 hero, $ 1 0 there
40
140
a monument hore and a bust there without any idea o f perspective as to
710,621
147,453
174,906
what tho whole sum amounts to or how collectively such spendings are England_____________ 355,088
Franco_______________
50,193
64,537
32,524
36,749
working out for the city.
3,252
1,178
2,664
1,330
You know, I have come to have a very different opinion o f city plan Germany____________
10 0
committees, &c., sinco I ’ve been here. I used to think all such ventures
38
38
fads and useless, but in a big city like New York they can serve a very use­
342,645
26,494
29,000
ful purpose. You have got to do a little experimenting and you’ve got Holland______________ 238,617
1,730
3,929
2,991
4,119
to bo progressive and its a good thing to unify the general architectural Ireland_______________
280
146
*2,148
1,678
schcnio o f your city. City plan committees can help a lot if thoy aro Italy_________________
5
61
81
Japan________________
permitted.
______
L
u
x
e
m
b
u
r
g
_______________
*15
New York taxpayers spend moro and get less with what thoy put aside
75
405
75
405
for charity than anywhere else I know of. From what I have observed, M alta________________
250
300
16
235
this is anothor placo where thoy do not got their money’s worth by any M exico_______________
7
moans. It seems to mo thoy got about 9 or 10 cents worth out of every
70
27
2
0
27
N
orway_____________
dollar expended.
*3
*6
5
You havo a charity item in the city budget aggregating somewhere
190
12 0
between $5 ,0 0 0 ,0 0 0 and $6 ,0 0 0 ,0 0 0 . and a big percentage o f it goes to pay
10
33
43
salaries in institutions, homos for children, &c. Doesltlie City o f Now York R u s s i a _____________________
3,435
4,208
12,256
13,747
Scotland-------------------realize that about throo months ago, according to figures from the Prison
220
220
Department o f tho State, 90% o f the inmates in Sing Sing were brought
421
432
1,225
800
up in cliaritablo institutions— or at least had been cared for in such institu­ Spain________________
1
1,137
*13
1.130
Sweden--------------------tions during a part o f their childhood?
1,470
2
,6
17
1,267
*2,695
Switzerland---------------"Why, when you givo a dollar for charity, you give it in such a way that
16
10 0
10 0
16
Turkey_______________
you whet the appetite for two the next time.
623
788
1,0 6 8
315
Tho only proper way to caro for poor children when tho bread-winner Wales________________
1,872
863
874
1,568
in a family is gono, that I have soon, is tho scheme planned in tho Child West Indies__________
Welfare Bill or Widow’s Pension Bill. The records from Sing Sing cer­
1,193,064
274,588
T o ta l______________ 696,631
309,457
tainly knock tho theory o f children’s homes in the head. And yet, just
*Gain.
look over your city budget and see how much is appropriated for these




THE CHRONICLE

PROPOSED

TAX

O N M O T O R C A R S TO B E
MANUFACTURER.

PA ID

BY

A statement to the effect that the proposed tax on the
horsepower of motor cars refers entirely to a tax on the auto­
mobile before it loaves the factory and is to be paid by the
manufactimer, was made by Secretary of the Treasury M c Adoo on the 10th inst. M r . M cA d oo’s statement is given
below:
The suggestion that a tax on the horsepower o f automobiles and other
Internal combustion engines might be considered by the Congress seems
to be misunderstood in many parts o f the country. A circular just Issued
by the California State Automobile Association says: “ A Federal tax of
50 cents on the horsepower of motor cars and one cent per gallon on gasoline
means to you each year nearly twice as much tax as you now pay. We
now have men at Washington fighting this bill, and are badly in need of
financial support. Will you not join this club and help us defeat this un­
just measure. I f you do not feel like you can contribute $ 8 for a member­
ship, then send us $ 1 or whatever amount you will.”
The suggested tax on the horsepower o f motor cars refers entirely to a
tax on the automobile before it leaves the factory, to bo paid by the manu­
facturer, and paid once only, to the Federal Government. For Instance,
an automobile with a 2 0 horsepower engine would be taxed $ 1 0 in the hands
of the manufacturer. N o yearly taxation o f automobiles and motor cars
similar to the license taxes o f States and municipalities is contemplated,
nor has it, at any time, boen suggested that a Foderal tax be imposed on
automobiles already in use by private owners.

[Vol . 102.

CROP A N D M I N E R A L P R O D U C T I O N I N C A N A D A .

Statistics of the crop production in Canada, presented in
the January number of the monthly commercial letter issued
by the Canadian Bank of Commerce are interesting as show­
ing the magnitude of the 1915 grain harvest in the Dominion.
It appears that there was an increase of 6 4 % in the cereal
production of 1915 as compared with 1914, a total of 92 6,­
902,600 bushels having been produced against 56 2,843,500.
W e print below the following from the letter setting out the
crop and mineral production:
According to Government returns, the production of cereals in Canada in
1915 amounted to 926,902,600 bushels, of roots to 126,885,000 bushels and
of fodder to 14,806,825 tons. The increase in cereal production was 64%
and the decrease in the production of roots 17 % . The following table gives
a comparison with previous years:
_ ,,
C e re a ls .
(B u s h e ls .)

C e re a ls .

T H E F O RE IGN C O M M E R C E OF F R A N C E .
[From “ l’Economiste Francais,” Dec. 25 1915.]
In c rea se or
------------- F i r s t 11 M o n th s ------------D e c re a s e .
Im p o rts—
1915.
1914.
+684,235,OOOfr.
Articles o f food______ 2,300,686,000fr. 1,616.451,000fr.
TVfo f-pf*]o 1 Tippflpfl

fnr

manufacture______ 2,816.359.000fr. 3,363,894,OOOfr. — 547,535,OOOfr.
Manufactured articles2,084,270,OOOfr. 1,014,966,OOOfr. +1,069,304,000fr.
Totals____ _______ 7.201,315,000fr. 5,995,311,OOOfr. +l,206,004.000fr.
E x p o r ts —
Articles o f food______ 492.165,000fr. 576.612,000fr.
Material needed for
manufacture______ 585,005 .OOOfr. 1,252.363 .OOOfr.
Manufactured articles 1,498,220,000fr. 2,441,607,000fr.
Parcels post*________ 156.098,000fr. 332,609,000fr.

— 84,447,OOOfr.
— 667,358,OOOfr
— 943,387,000fr.
— 176,511,OOOfr.

T otals..................2,731,488,000fr. 4,603,191,OOOfr. — 1,871,703,000fr.
♦Of which 6,860,000 francs were for parcels post containing silk fabric
and silk floss. The corresponding figure for 1914 was 23,531,000 francs.
F R E N C H M O R A T O R I U M D E C R E E S I S S U E D I N 1915.
F e b . 25 1915— Decree postponing maturities for a now period of 60 full
days— i. e., up to M ay 1 1915.
A p r i l 15 1915— Maturities postponed for a further period o f 90 full days
— i. e., up to Aug. 1 1915.
J u n e 24 1915— Maturities postponed for a new period o f 90 full days—
i. e., up to N ov. 1 1915.
October 1915— Maturities postponed for another period o f 60 days— i. e.,
up to Jan. 1 1916.
D e c . 23 1915— Maturities postponed for still another period o f 90 full
days— i. e., up to April 1 1916.

In 1914 the dates of the decrees were as follows: Aug. 29,
Sept. 27, Oct. 27 and D ec. 15.
F IN A L

DECREE

A G A I N S T B O A R D OF
A N T I-T R U S T SU IT.

TRADE

IN

A final decree prohibiting the Chicago Board of Trade
from arbitrarily fixing the purchase price of grain “ to arrive”
was entered by Judge Landis of the U . S. District Court at
Chicago on Doc. 28 . W e learn from the Chicago “ Tribune”
that tho decree specifically enjoins the 1,500 members of
the Board and its officers from operating under the old
“ call rule” by which it was claimed the price for grain was
fixed by a committee of five after the closing of the market
for the day, such prices prevailing until trading was resumed.
The decree also operates to prevent the same rosult boing
accomplished in any other manner. Judge Landis’ ruling
was made to apply to the individual membors of tho Board
as well as to the corporation and tho officers. Tho Govern­
ment’s suit against the Board was filed on Fob. 11 1913;
it is stated that the “ call price” was abolished by the Board
after tho suit was started, and anothor rule substituted
therefor. W ith regard thereto J. C . F . Morrill, Secretary
of the Board, is quoted as saying :
The objection to the old rule was that the Government claimed It
restricted competition, notwithstanding the fact that the price was fixed
openly and at public auction. That rule was repealed two years before
the Government’s suit came to trial. There is no call at the present time,
but the new rule provides that the closing price o f the public market shall
be the price, but it may be departed from after the close o f business if the
member offers his bid to three or four prospective buyers, thus establishing
a new market. Competition is thus permitted to continue during the
hours when "change is closed.”

As indicated in these columns Sept. 18, Judge Landis
on Sept. 8 last ordered that a decree be given for the Govern­
ment against the Board and directed District A ttom oy
Charles F . Clyne to draft the same. The new rule, according
to M r . Clyne, will be studied in the light of the language
of the decree just entered.




R oots.
(B u s h e ls .)

F o d d er.
(T o n s .)

1910
.........................
450,515,402
107,211,940
14,312,609
1911 ............
.702,116.300
149.735,000
17,062,950
.743,242,200
164,901,000
15,641,200
1912
1913 ........................
— 750.233,300
145.332,000
13,861.070
1914
.
562,843,500
154,675,000
13,837.500
1 9 15
_____________
926,902,600
126,885.000
14,806,825
The value of the foregoing, as determined by the Census Department of
the Dominion Government, except grain for the year 1915, which has been
valued on the basis of mid-December prices, is as follows:
.

294

R o ots.

Fo dd er.

T o ta l.

1910
...........$232,802,400 $37,529,000 $126,303,840 $396,635,240
.......... 359,861,300 61,428,000
179,636.700
600,926,000
1911
1912..................... 347,342,100 56,253,000
153,749.000
557,344,100
1913 ...................... 354,783,300 57,061,000
140.927,200
552,771,500
1914
........... 412,353,000 60,532,000
165,695,300
638,580,300
1915 ...................... 616,251,000 52,524,000
177,099,000
845,874,000
The value of the minerals produced in Canada for tho year will be approx­
imately $140,000,000, or ten millions more than in 1914. Gold, nickel
copper and coal are largely responsible for this increase. In Ontario the
output of the nickel and gold mines has boon increased substantially, and
that of the silver mines has fallen off somewhat, owing to tho low prices
prevailing for so largo a part of tho year. On tho other hand, prices of
nickel and copper are higher. The metalliferous mines of British Columbia
are experiencing better conditions than they have hitherto done and the
impetus thus given will no doubt lay tho foundations of a steady expansion
in output.
____
E V A S I O N S OF C O M P E N S A T I O N L A W I N P E N N S Y L ­
V A N I A B Y W A G E R E D U C T I O N S TO B E P R O T E S T E D .

Indications that any attempt by omployors to meet the
cost of compensation insurance in Pennsylvania by resorting
to a reduction in wages would be opposed wero givon by the
State Workm en’s Compensation Board on tho 4th inst. A
ruling adopted by it on that day statos:
It is contrary both to tho letter and tho spirit o f tho Workmon's Compen­
sation Act of 1915 for an employer to lovy contributions upon his employees
by reducing their wages or otherwise, for the purpose of mooting his lia­
bility under the Act.

A t the same time a statement by Chairman M ackey of
the Board, setting out its purpose to deal summarily with
those seeking to evade tho spirit of the law, was issuod as
follows:
Our board up to the present timo has boen extremely gratified by the
spirit of co-operation shown £by the employers of tho State toward tho
Compensation Law. In a very few instances rumors have reached us that
some employers were preparing to meet tho expense of carrying insur­
ance, or the anticipated cost of compensation, by an enforced contribu­
tion from thoir employees, which, of course, amounts to nothing more or
less than a reduction of wages to the extent of tho contributions. An em­
ployer who does this not only violates tho spirit and tho letter of the law.
but invites labor disturbances in his establishment.
The great benefit of compensation is tho fact that the cost of injuries
or deaths incident to tho prosecution of industries is chargod to tho em­
ployer, so that ultimately that cost can be so equally shifted to the con­
sumer that no one will feel the burden. This rosult could novor bo reached
if tho employee wero compelled to boar tho cost of his own Insurance.
W o aro perfectly satisfied that only a very few would undertake to adopt
this mothod of treating this subject. Wo have adopted this rulo as a warn­
ing to that very small minority, and trust that our board will not bo called
upon to handlo tho question in any other way. I f nocossary, wo will under­
take to protect the wage earner from this imposition by very drastic meas­
ures.

A t a meeting of the W orkm en’s Compensation Board on
the 19th inst., a ruling was adopted requiring the State to
pay all compensation liabilities caused by the injury or death
of public officers in any county who are on the payroll of
the State. County officials who are paid directly or indirect­
ly by counties or by any officer thereof for services to the
county, are to be paid by the county. This ruling includes
all deputies, clerks, assessors, constables, jurymen, wit­
nesses for the State in criminal cases and like classes of em­
ployees. The underwriting of compensation insurance in
Pennsylvania covering the liability of employers subject to
the Workm en’s Compensation Act of 1915, began on Deo. 13.
J O H N J. A R N O L D ’ S A R G U M E N T A G A I N S T E S T A B ­
L I S H M E N T OF B R A N C H E S A B R O A D FOR R E S E R V E
BANKS.

John J. Arnold, Vice-Presidont of the First National Bank
of Chicago, was a spjaker at the conference on the banking
and currency situation held at Chicago on the 20th inst.

Jan . 22 1916.]

THE CHRONICLE

under the auspices of the Banking and Currency Committee
of the National Association of Credit M en . M r . Arnold’s
remarks had special reference to the question, “ Shall the
Powers of the Federal Reserve Board be amplified, so that
within its discretion it m ay establish branches in foreign coun­
tries and otherwise assist in the development and mainten­
ance of foreign trade and dollar exchange?” In answering
this question in the negative, M r . Arnold argued that “ the
principle underlying tho Act is that the Federal Reserve in­
stitutions shall always be tho servants and not the competi­
tors of the momber banks,” and he contended that “ to grant
branches of tho Federal Reserve Bank, when located in for­
eign countries, powers beyond those of the parent institution
in its operations in the home land, appears not only illogical
but inconceivable.” The following is M r . Arnold’s address
in full:
In order that we may bo in a position to properly answer the question as
to whether the powers o f the Federal Reserve Board shall be amplified, so
that within its discretion it may establish branches in foreign countries, and
otherwise assist in developing and maintaining foreign trade and dollar
exchange, it will be necessary to consider, in the first place, the conditions
which called this organization into being.
For many years leading bankers in our country advocated tho re-construc­
tion o f our banking system, inasmuch as the operations under the National
Bank Act were considered as too fixed, and at the same time too limited
by the Act itself. In times o f great commercial activity, such as that ex­
perienced in 1907, owing to the fixed reserve requirements and tho lack
o f rediscount facilities, tho banking Institutions of our land could not
respond to the enlarged demands made upon them by the commercial in­
terests.
The primary object o f the Federal Reserve System was and is to afford
greater elasticity to credit facilities, which means expanding as well as
contracting power. The question o f aiding in tho development of foreign
trade, while a secondary, was nevertheless a natural and necessary con­
sideration . However, the principle underlying the Act is that the Federal
Reserve institutions shall always bo tho servants and not the competitors
of the member banks.
In tho foreign countries, where ample local banking facilities exist, there
does not appear to bo any need for branches of American banking institu­
tions, and much less for branches o f the Federal Reserve organization.
Tho law now provides for the establishment o f agencies in foreign countries,
and tho establishment of such in tho principal financial centers of the world
is all that is likely to become necessary or advisable. In the newer coun­
tries, where local banking facilities are not ample, branches o f the Federal
Reserve institution could not supply local commercial needs, unless the
powers o f tho branches were broadened beyond those o f tho parent institu­
tion.
European banks operating in Central and South America and the Orient
aro organized for the purpose o f giving financial assistance to the commercial
interests of tho cities in which they aro domiciled, and in addition, take
care of financial operations resulting from transactions between tho country
in which they are located and tho outside world— primarily their home land.
In the performance o f these functions they must necessarily extend credit
by way of loans to their local customers, as well as by furnishing them with
letters o f credit covering tho importation o f goods from foreign lands. In
the United States of America such transactions can bo carried on only by
national or State banks. T o grant branches of the Federal Reserve Bank
when located in foreign countries powers beyond those o f the parent insti­
tution in its operations in the home land appears not only illogical but in­
conceivable. What wo need in countries liko Central and South America
and the Orient is branches o f American banks. I believe, however, that
American banks should be permitted to co-operate in the organization of
an American Bank for Foreign Trade, which Institution should establish
branches in foreign countries wherever needed.
It is quite clear, however, that the framers of the Act had in mind that
the Federal Reserve Banks should assist in the development and mainten­
ance o f foreign trade. This, however, is quite possible of accomplishment
without tho establishment o f foreign branches. One o f the greatest diffi­
culties with which the exporter is confronted is the question of credit
standing o f his foreign customer. American importers of goods in the past
have been called upon by the foreign seller to furnish what Is known as a
bankers’ commercial letter o f credit. When a house in Chicago contracts
for a shipment o f coffeo or rubbor from South America or tea from the
Orient, the usual stipulation is that they must furnish such a banker’s letter
of credit. The Chicago bank with which the house is doing business, being
acquainted with tho standing o f its customer, furnishes such a credit either
by mail or cable, as tho case may be. Tho shipper receives advice of the
Issuance of such a credit. He makes his shipment and draws his draft, not
upon his customer in Chicago, but upon the bank issuing the credit. In
this way it is not essential that tho shipper be familiar with the financial
standing o f the buyer, inasmuch as he looks to the bank issuing the credit
rather than to tho bank’s customer. Prior to tho inauguration of the
Federal Reserve System, such drafts could not be drawn upon a national
bank in our country, since the National Bank Act prohibited obligations
of this character. Whilo in certain States, State banks were not prohibited
from making such acceptances, the fact that we had no discount market in
which such acceptances could bo realized upon prevented their entering
tho field. As a result, resort was had to the use of a third party, principally
London banking institutions, who stood ready to accept such drawings
upon the request of their American correspondent. This triangular process
has now been made unnecessary, Inasmuch as member banks aro authorized
to give such acceptances, and our Federal Roservo Banks are permitted to
rediscount the same. This In itself should, and no doubt will prove of
great assistance in the development o f import business.
It would appear quite logical that what our American importers have
been called upon to furnish, American exporters should bo granted by
foreign buyers. In fact many of our exports now are financed under foreign
bankers’ letters of credit, and it is altogether likely that this form of exchange
will become more popular as our international relations progress. That
our Federal Reserve Banks will eventually become direct purchasers o f time
drafts drawn by American exporters under letters of credit issued by foreign
banks appears altogether likely. This, however, does not mean that they
will become competitors of the banks doing a foreign exchange business,
who now purchase such drawings in a much larger volume than they are
capable of carrying, and consequently rediscount the same in the foreign
discount market. When Federal Reserve institutions purchase such
drawings they will undoubtedly do so for the purpose of investing part of
their funds, and under normal conditions would hold the same for collection
and sale at maturity. Such an investment, however, would be looked upon




29 5

as liquid assets, inasmuch as the same could be rediscounted in the foreign
discount market should a sudden and unexpected domestic demand for
funds arise.
When normal conditions will have been re-established and the Federal
Reserve Act can be put into full operation, the benefits which will come to
America through our enlarged powers for the financing of international
transactions will undoubtedly go a long way toward placing us in the
position of tho world’s banker.
In this connection the question of establishing dollar exchange is worthy
of consideration. I think, however, that this subject is one which has been
very much misunderstood. In my judgment the position formerly occupied
by the pound sterling can never be attained by the United States dollar.
England has for a long time been a creditor nation, and has served the
outside world, through the extension of financial assistance and credits.
In addition to this, however, Lombard Street has rendered a service which
we will never be called upon to furnish. As already indicated, London
served the United States of America by furnishing pound sterling accep­
tances covering importations from countries foreign to herself. As a
result, importations to the United States from South America and the
Orient, and even from some of the countries of Continental Europe, were
quoted in pounds sterling. As a natural sequence, the exports from the
United States of America to those countries had to be figured in English
currency. Tho most that we can expect to accomplish is to eliminate
London as our go-between and instead create a direct exchange with the
respective countries with whom we are dealing. Just how far-reaching this
readjustment will be cannot now be foretold. But we must not lose sight
of the fact that only that nation which serves the rest of the world best
can be called the world's banker. The position to be occupied by the
United States of America is dependent upon the financial service which we
will be able to render.
It is quite evident, however, that as a result of the tremendous changes
in the currents of international exchange, made necessary by this war, the
United States of America has come to the position of a leader in world
finance. In this the inauguration of the Federal Reserve System has been
and is of incalculable service.
BEVERLY

D.

H ARRIS

ON

TRADE

ACCEPTANCES.

“ The Encouragement of Trade Acceptances as a Form
of Liquid Credit,” formed the theme of an address delivered
by Beverly D . Harris, Vice-President of the National C ity
Bank of New York at this week’s conference held at Chicago
under the auspices of the National Association of Credit
M en . In his discussion of tho subject M r . Harris said :
Under our open account system the merchant is compelled to conduct the
operations of his business involving carrying the accounts of his customers
to an unreasonable extent. He is compelled to do tliis usually solely
on his own credit and through the medium of his single name paper dis­
counted with his bankers or sold through brokers in the open market.
Owing to lack of accurate knowledge or visible means of knowing the
character of credits extended by him— and to the inconvertibility o f the
latter—it has come to be quite a settled principle that in order to have
a satisfactory credit footing his statements should show a large margin
of safety in quick assets of this character over liabilities usually in the
proportion of two for one, or more.
No matter how sound his credits, he must preserve this proportion to
float Ills single name paper successfully, whereas were these credits con­
verted into liquid double name paper through tho medium of acceptances
or notes, if all conditions were sound they would be immediately avaiable
and all this large degree of lost motion eliminated. I f they were unsound
or of inferior quality, it would become manifest, [with the result of properly
curtailing his credit accordingly. For that reason merchants would be
more careful in extending credits to customers, there would be less losses
and fewer failures; it would to a large extent correct an evil which has
come frequently under my observation, viz.: that in active competition
o f business many wholesalers and jobbers extend unreasonable lines of
credit to a certain class of small retail merchants, particularly in small
country towns, who operate principally on the credit extended them by
rival firms, and with little or no visible capital of their own. This means
slow collections and bad debts, and this class of customers invariably
assign short crops, poor collections, the European war, or any other
conceivable excuse, which may seem most plausible, for their inability
to pay, and have to be carried over.
It would strongly curb the pernicious practice of over-selling and over­
buying. Buyers, knowing that their obligations would be discounted
and their credit put to tho test, would be more alive to tho necessity of
meeting their obligations, would be themselves more prudent in selling
on credit, and more careful in taking on no larger lines of merchandise
than they could sell, collect for and pay their debts, hence the curse of
over-expansion and tho growing mass of credits in recent years which do
not liquidate at times and seasons when they should liquidate, because
of too much credit indulgence to the average individual, would have a
salutory check, diminishing the strain on the merchants and bankers
and putting the credits of the entire country on a safer and sounder footing.
Through the medium of the acceptance the correctness of the account
would be immediately established, at the same time eliminating many of
tho troubles growing out of return of goods before maturity date, counter­
claims, set-offs, &c., and tho expense and difficulty of proving up claims
in case of suit where at present tho burden of proof rests entirely on the
seller. Not only would collections be vastly improved, but the expense
of collection and carrying on business greatly reduced. The amount of
capital required proportionate to volume of business would be lessened in
the proportion that trade credits could be made available for the payment
of debts. The country’s credits would be automatically cleared, offsetting
each other, reducing the strain on merchants and banks in times of crop
movements and expanding business, and carrying on commerce and In­
dustry with a minimum of cash, credit and gold reserves. Could you
Imagine, for example, the enormous amount of cash that would be re­
quired to make the country’s daily settlements if checks were not cleared
against each other through the medium of the country’s clearing houses?
In theory the same principle applies here.
The trade discount system, and the abuses which have grown up under
it, in the keen competition of to-day, are so well know to you that even if
I had the time avaiable to discuss it in all of Its ramifications, it would
be but an Iteration of an oft-told tale, and I feel I could shed no new light
on the subject. It is a system abounding in inconsistency, unfairness,
abuse of credit terms; costly, economically unsound, and working hard­
ships in turn on sellers, buyers and the general public. I believe It owes
its origin to the bad trade and credit conditions existing at the close of
the Civil War, by reason of which merchants and manufacturers sought
to reduce their outstandings to the minimum by offering heavy trade
discounts for prompt settlement in cash. Like the National Bank Act

296

THE CHRONICLE

and other war measures, it served a tem porary purpose, b ut is incongruous
and indefensible to-d ay .
A system o f discriminating credits, fostering prom pt collections and
liquidation, checking over-selling and over-buying, is m anifestly superior
to a system o f reckless selling on a higher price basis, figured to cover
heavy losses and slow collections. From an econom ic point o f view we
have seen that the effect o f tho latter on the masses o f the people is to
m ake credit to o cheap, foster over-bu ying, extravagance and waste;
create a general laxity in m eeting just obligations, and too largo a per­
centage o f uncollectible accounts. N othing is m ore im portant to tho wel­
fare o f State and N ation as a basis o f the whole credit structure, than a
thrifty people saving som ething, paying their debts, and receiving the
benefit o f tho econom ic production and distribution o f the necessaries o f
life, engendered b y general conditions o f thrift and well regulated econom ic
processes.
I f our banking laws could be amended to give us even to a partial and
lim ited extent, tho facility o f dom estic bank acceptances which have been
fo r generations a rem arkably efficient and indispensable factor in the
beutifully working European system s, tho usefulness o f this form o f credit
extension could hardly b e exaggerated. Under this system our main
com m odities— cotton , grain and the like— could b e held in storago and
m arketed gradually, financed in a simple and expedient manner in the
m eantim e b y bank acceptances drawn against sam e, secured b y the com ­
m odities m entioned, w ith am plo margins and insurance, preventing the
forced sale o f such com m odities, w ith dem oralization o f prices at unfavor­
able seasons, thus obtaining for the com m odities which produced them ,
better average prices and m ore prosperous conditions, thereby safeguarding
all com m ercial credits and obtaining general and com plete liquidation
o f debts with the m ovem ent o f com m odities to market'. The acceptance
o f the stronger institutions w ould find a ready m arket at low rates in the
open m oney markets and the remainder w ould be absorbed b y banks
fam iliar with the credit standing o f the acceptor and in various channels
nearer hom e.
____________________

ST. L O U IS R ESERVE B A N K 'S M E T H O D OF S T A N D A R D ­
IZIN G M E M B E R B A N K S ' S T A T E M E N T S.
W illiam M c C . M a r tin , Chairm an o f the B oard of tho F ed­
eral Reserve B a n k o f S t. L ou is, speaking before the confer­
ence o f the N a tion a l Association of Credit M e n at Chicago
on “ T h e Im p rovem en t o f Credit D ep artm en t M e th o d s in
M e m b e r and R eserve B a n k s ,” entered into an explanation
o f the m ethod used b y the S t. Louis R eserve B a n k for analyz­
ing and standardizing the statem ents of m em ber banks. W e
give the follow ing from his address on this poin t:
As I have intimated before, in m y judgm ent it is necessary that tho
Federal Reserve banks themselves have established what m ay be called
m odel credit departm ents. T hey should be as nearly perfect as possible
In every detail. This department has to analyze tw o types o f statements—
first, the statements o f the makers o f tho notes, which com e through tho
local bank to the Federal Reserve ban k, and second, the statements o f
the m em ber banks, which endorse the paper offered for re-discount.
T hese credit departments havo to know tw o things about tho offerings—
first, is the paper eligible com m ercial paper under tho Federal Reserve A ct,
and second, is it safe. B efore the paper can be accepted for re-discount
b y a Federal Reserve bank, it must be both eligible and safe. T w o fac­
tors are looked for in all statements— current liabilities and quick assets,
— and any statement o f con dition, to be in satisfactory form , m ust give
sufficient inform ation to allow the credit departm ent to arrive at these tw o
item s with accuracy. Y ou gentlem en, who are familiar with credits, know
the controversies that arise in such businesses as tho lum ber business, the
m ining business, & c., as to what constitute quick assets. I f you d o not
wish to have the miner count coal in tho ground as a quick asset, you
m ust have a line in your statement so worded that ho will not include this,
or if he does, you will know it.
T he statements o f custom ers, which com e into a bank, should o f course
be standardized on form s which the bank uses, so that a statem ent o f one
year can be com pared with the statements o f other yoars. This standardiza­
tion will be m uch easier when the statements o f custom ers b ccom o m ore
uniform .
T he Federal Reserve bank also has to analyze and standardize, for com ­
parison, the reports o f condition that com e in from m em ber banks. Fed­
eral Reserve banks receive copies o f reports o f condition as called for b y
tho C om ptroller o f tho C urrency o f the United States. Since the m ethod
in use b y the Federal Reserve Bank o f St. Louis, for analyzing and stand­
ardizing the statements o f m em ber banks through one operation, is, I
believe, absolutely new and not in use in any other place in this co u n try ,
I am going to describe it somewhat in detail. This m ethod, I think, I
can say, was invented b y M r. T . C . Tupper, Vice-Chairm an and D op u ty
Federal Reserve Agent o f tho Federal Reserve Bank o f St. Louis, w ho is
in charge o f our credits. In order to put it into effect, he uses a Burroughs
standard statement m achine. T he blanks are printed in size 13 'A. inches
long and 1 0 K inches wide. T h ey contain four colum ns, so that inform a­
tion gathered from four separate reports o f condition can bo inserted.
T hese blanks contain thirty-one item s, set out under each other as follow s:
22 Total Capital and
10 Individual Deposits,
Quick Assets.
Surplus
Time
1 Cash and Exchange
11 Rediscounts
2 Loans and Discounts
I n v e s te d .
12 Bills Payable
3 Overdrafts
23 In Banking House
13 Bonds Borrowed •
4 United States Bonds
24 In Furniture & Fixtures
14 Margin in Quick
5 Bonds and Securities
25 In Other Real Estate
6 Total Quick
26 In Bonds and Securities
F ix e d A s s e t s .
27 In Loans & Disc.
1 5 Banking House
L ia b ilities.
Directors’ Liability—
16 Furniture & Fixtures
7 Circulation
28 Direct
17 Other Real Estate
8 Due to Banks
29 Indirect
18 Other Assets
9 Individual Deposits,
30 Statutory Bad Debts
19
Demand
31 Other Overdue Paper
20 Capital
21 Surplus and Profits
T he first five items under quick assets are listed on the m achine and tho
sub-total key pushed dow n , which prints the total quick assets on tho sheet.
T hen the subtracting key is set and items 7 to 13, inclusive, are printed.
T his makes the m achine deduct the liabilities from quick assets. Then
the sub-total key is pushed again, and this gives item 14, “ M argin in Q u ick.”
T hen , under fixed assets, Items 15 to 18, inclusive, aro printed and tho key
for totals pushed and the am ount printed, thus clearing the m achine.
This gives the margin in quick plus fixed assets. Then items 20 and 21
are printed, giving item 22, “ T otal Capital and Surplus,” which should be
the same as the sum o f the margin in quick plus fixed assets as given above.
This affords a m achine p roof o f tho analysis. W hen item 22, “ Total Capital
and Surplus," is printed, tho sub-total koy is pushed dow n, Aho subtracting
key is set, nad then items 23 to 26, inclusive, aro printed. Then the total
k ey is pushed dow n and tho result gives that proportion o f the capital which




[Vol. 102.

is invested in loans and discounts. This last figuro is tho am ount o f paper
that the bank has, which, even if bad, leaves the bank solvent for its debts.
This operation also clears the m achine. Then items 28 to 31 aro printed
on the m achino, no total being taken.
On the back o f these statement blanks are lines on which to insert the
names o f tho officers and directors o f tho bank, also colum ns to show for
four years the comparison o f the following items:
Earnings, after deducting Losses and Expenses;
Dividends paid during year;
N et Earnings, or Surplus after paym ent D ividends.
This gives an accurate analysis o f the bank’s condition so standardized
that it is easy to com pare the figures from year to year. T he m ethod also
saves a great deal o f tim e, sinco, as the statements com e in, the head o f the
credit department can mark them , for Instance, item 1 on the form abovo
mentioned includes items 10 to 20 on the report o f condition m ade out on
the C om ptroller’s form . This insures that the report to the Com ptroller
is carefully gone over b y someone who thoroughly understands credits,
and after these reports aro so gone over and m arked, they can be turned
over to any clerk, who can run an adding m acliine, and tho form that we
havo adopted be filled out. These, what we m ay call standardized form s
aro kept in a looseleaf binder and from them , at a glance, tho condition o f
any member bank can be obtained any instant.
I have mentioned this m ethod in detail because wo have used it for quite
a little tim e now , and have found it thoroughly effective and a great saver
o f tim e. W o believe that b y applying tho same principle, a similar machine
analysis and standardization can be made o f statements o f condition o f
all borrowers o f m oney. A s y e t, how ever, wo have not found that state­
ments o f the same borrowers aro com ing before us with sufficient regularity
to make it advisable to use this m ethod on them .

D R. V A N R I S E O N D E B T S OF E U R O P E A N N A T I O N S .
In a discussion o f “ T h e N ation a l D e b ts o f G reat B rita in ,
G erm a n y and France, and Thoir E conom ic Significance,”
D r . Charles R . V a n H ise, President o f the U n ivorsity o f
W isco nsin , advanced the opinion th at tho E uropean war
debts call for three alternatives— oxcossivo taxation , repudi­
ation or a com bination o f those tw o.
D r . V a n Iliso added
that ho was n ot asserting which o f these three things would
happen, b u t w as “ only pointing out the alternatives which
aro beforo tho nations which have assum od those gigantic
bu rd en s.”
President V a n Hise presented estim ates o f the
national dobts o f G roat B ritain, Franco and G erm a n y a t the
end of 19 1 5 , giving tho total as $ 1 0 ,4 1 9 ,0 0 0 ,0 0 0 for tho U ni tod
K in g d o m , $ 7 ,2 7 5 ,0 0 0 ,0 0 0 for G orm any and $ 1 0 ,3 1 4 ,0 0 0 ,0 0 0
for F rance. H e pointed out that thoso figures did n ot includo
tho local dobts of these nations, which a t tho beginning of
the war wore about $ 3 ,2 3 5 ,0 0 0 ,0 0 0 for G reat B rita in , $ 3 ,­
8 5 5 ,0 0 0 ,0 0 0 for G orm any and $ 1 ,1 7 9 ,0 0 0 ,0 0 0 for Franco.
H o added:
Tlio equity in tho wealth o f a nation duo to its d ebt m ight not bo regarded
b y those w ho believe in Socialism as a serious m atter, if tho certificates
were equally distributed, but while the Governm ents have a m ortgage
upon m ore than 10% o f the wealth o f the nation the beneficiaries aro the
favored m inority who are fortunate enough to possess the bonds o f the
cou ntry. T he creation o f vast national debts socializes the wealth o f the
nation so far as the Governm ent control is concerned; but does not socialize
it for the equal benefit o f all the people. T he result is that, relatively at
the end o f the war the rich will be richer and tho p oor poorer.

S T A N D A R D I Z A T I O N OF F I N A N C I A L S T A T E M E N T S
B Y C L E V E L A N D C L E A R IN G -H O U S E .
T h o standardization of financial statoinonts and assem ­
bling, tabulating and analyzing o f crodit inform ation in
banks w as discussed b y Francis Coatos J r ., Exam inor o f
tho C leveland C learing-H ouse Association a t T h u rsd a y ’s
conference in Chicago before tho B ank ing and Curroncy
C om m ittee o f tho N a tion a l Association of Crodit M o n .
In
sotting o ut w hat has boon dono in his city in tho m atter,
M r . C oatos in part said:
W o are all familiar with tho causes that havo iod up to the establishment
o f departments o f crodit and analysis in practically overy line o f mercantile
business and o f banking; o f utilizing financial statements as a basis fo r
credit and credit analysis, and predicating our risks on tho financial worth
and the successful operations evidenced thereby.
Through tho operation o f our CIcaring-IIouso in Cleveland, tho necessity
o f assembling and tabulating credit inform ation for analysis, was deeply
impressed upon each bank, and as a natural result, our efforts were
finally turned to the only logical end, the adoption o f a standard that
would be used b y all. A ccordingly, in August last wo undertook the
com piling o f a set o f financial statements that could be so used. Several
meotings o f the bankers were held, and as a result a set o f four form s was
finally decided upon: C orporation, Partnership, Individual (M anu fac­
turing and M ercantile Lines) and Individual (Farmer or L a ym a n ), which
were adopted and are now used by every bank in tho com m unity. This
action was looked upon in som e quarters as being rather an abrupt depar­
ture from conventional lines. In others it was m isconstrued as a possible
reflection on our past m ethods. One banker from one o f tho larger cities
wroto in that ho was glad to see that tho Cleveland banks had decided to use
statements, that som e o f the banks in his city had used them for some
tim e. It is needless, o f course, for m e to say " s o had w o ,” to point out
that it was only b y reason o f their advanced credit m ethods that the
bankers o f Cleveland had aspired to an ideal form to bo used as a standard
b y all, and so our action in adopting the standardized form s Is probably
m y best response t o the su b ject, “ The Im provem ent o f Credit Departm ent
M ethods in M em bor and Reserve B anks,” and further, for “ Standardizing
Financial Statements and Assembling, Tabulating and A nalyzing Credit
Inform ation in B an ks.”
T he Federal Reserve Banks have not as yot established com petent d e ­
partments o f credit. T ho Fodoral Reserve Bank o f Cleveland has takon
a long step forward in requiring its m em ber banks to establish credit files
on thoso borrowers whoso paper Is offered for rediscount; this by requiring
assigned financial statment o f the current year’s date on all loans o f $2,500

J an . 22 1916.]

THE CHRONICLE

or m ore, and has form ally accepted the Clearing-House form s as standard.
This with the result that m any banks in tho Cleveland Reserve District
outside o f tho C ity o f Cleveland, have also adopted the form s as standard.
These statem ents, originating in tho member banks, are in turn incorporated
into tho f ilos o f tho Reserve Bank as occasion requires, and so autom atically,
the credit departments in both the Reserve Bank and tho member banks
aro built up and the building is along standardized lines.
T he value o f standardized forms is m any fold . T hey are designed to
m eet tho requirements o f practically every line o f business, and are so
arranged that the bank’s analytical and com parative records, covering
years o f operation, m ay bo quickly drawn from the statements by any clerk
and intelligently tabulated for analysis b y the credit m an. Each item
and class o f assets and o f liabilities; each item in the distribution o f profit
and loss; each item in tho analysis o f surplus and undivided profits, and
each response in the questionary is in its own allotted space in every state­
m ent, and the continuing identity o f the various items is insured in each
succeeding statement from year to year.
T hey aro uniform — both in the m atter o f tabulation and in what is
requested, or required, b y every bank o f every borrow er. I say every
borrow er. I d o not say that it is furnished b y every borrower__ as yet__
but I believe, from our experience in Cleveland, the tim e is not far distant
when every com m ercial borrower will com e to the realization that he is
best serving his own interests in making a com prehensive showing o f his
con dition, and tho result o f his operations, to his banker.
In Cleveland the action among tho banks was unanimous. I m ight
almost say it was unanimous on the part both o f the bankers and the
borrowers. This with the result that im proved m ethods have inured to
our Fedoral Reserve and m ember banks (and also non-m em ber banks)
through the use and adoption o f standardized form s.

A D M I N I S T R A T I O N ’ S P L A N S FO R M O B I L I Z I N G
N A T IO N ’S IN D U STR IE S.
It was announced on the 16th in st. th at President W ilson
has begun work to p u t into operation the plan outlined in
his recent m essage to Congress for preparing tho n ation’s
m anufacturing, railroad and othor business resources for
quick m obilization in case o f em ergency.
In furtherance of
his proposal he has written to the heads o f all o f the principal
engineering organizations asking th at th ey appoint represen­
tatives to colloct data for uso in organizing business for na­
tional dofenso in tim e o f danger.
One letter which has been
m ado public has been addressed to W . L . Saunders, Presi­
dent o f the A m erican Institute o f M in in g Engineers and
V ice-C h airm an o f tho N a v a l Consulting B oa rd .
T h is letter
has been given out as follows b y M r . Saunders:
The While H ouse, Washington, Jan. 13 1916.
M y Dear Sir— Tho work which tho American Institute o f M ining E n­
gineers has dono through its members on the N aval Consulting Board
is a patriotic service which is deeply appreciated. I t has been so valuable
that I am tempted to ask that you will request the Institute to enlarge its
usefulness to tho Governm ent still further b y nom inating for tho approval
o f tho Secretary o f tho N a vy a representative from its membership for each
State in tho U nion, to act in conjunction with representatives from the
American Society o f M echanical Engineers, the American Society o f Civil
Engineers, tho American Institute o f Electrical Engineers, and the Am eri­
can Chem ical S ociety for tho purpose o f assisting the N aval Consulting
Board in tho work o f collecting data for use in organizing tho manufacturing
resources o f tho country for the public service in case o f em ergency. I am
sure that I m ay count upon your cordial co-operation. W ith sincere
regard.
Cordially yours.
W O O D R O W W IL S O N .
M r . W . L . Saunders, President, American Institute o f M ining Engineers
N ew York City.

President W ilso n has likewise addressed tho Presidents o f
tho Am erican Socioty o f M echan ical Engineers, the Am erican
Society o f C ivil Engineers, the A m erican In stitu te o f E lec­
trical Engineers and tho A m erican C hem ical S ociety.
The
work o f collecting data will bo carried on b y tho representativ : o f all the organizations m en tion ed, in conjunction w ith
th
Civilian N a v a l Consulting B o a rd .
I t is statod that
when tho plans ten tatively drawn up b y the President and
his advisers aro com p leted , m achinery will bo set going which
is oxpected to place in tho hands o f the G overn m en t com ­
plete inform ation regarding business and industrial resources
which w ould have to bo callod to tho assistance o f the a rm y
and n a v y in tim e o f w ar.
W h e n tho President addresses
tho R ailroad Business Association banquet in N e w Y o rk
next T h u rsd a y ,- ho is expected to refer to tho advis­
ability o f having tho railroads and concerns which m an ­
ufacture railroad supplies co-oporato in the general m obili­
zation plans.
T h o A r m y W a r College already has in its
possession m uch data necessary for the proper m ovem en t o f
troops over railroads in tho tim e o f w ar, b u t tho A d m inistra­
tion desires the active assistance o f railroad executives and
m anufacturers in com pleting this fund o f inform ation and
keoping it up to date.
Secrotary o f tho N a v y Daniels in a statom ont issued on
tho 16th in st. setting out tho plans as dovised b y a com ­
m ittee o f tho N a v a l Consulting B oa rd , said:
In a nutshell, the course proposed is to d o in tim e o f peace, quietly,
efficiently and thoroughly, the very things which all o f us know must be
dono to achievo true preparedness, and thus prevent tremendous losses
in lives and m oney possible if they aro postponed until the outbreak o f
hostilities. In short, it is proposed, through tho utilization o f the member­
ship o f theso socioties, to oil up the great wheels o f Industry and keep them
turning in tho interost o f tho Governm ent, prepared at any and all times to
speed up in tlmo o f need. The plan is in substance as follows:




297

These five engineering societies represent a membership o f about 36,000
technical men scattered through every State. Their service is m ainly in
industrial plants, such as mines, mills, furnaces, factories, railroads, auto­
m obile plants, & c. T ho members o f theso technical societies are peculiarly
fitted to perform this class o f work in an intelligent and disinterested m an­
ner. T hey are men whose training and intelligence have fitted them to
achieve results. As members o f these societies their standing is assured and
will inspire confidence. These m en, n ot being Governm ent em ployees—
as the service will bo rendered without salaries— will naturally act upon
their own initiative as engineers, and in a truly patriotic manner. Such a
b od y is strictly non-partisan and n ot political.
The plan involves a board o f fiv e engineers in each State o f the U nion,
one from each o f the societies. This will cover civil engineering, m ining and
metallurgical engineering, and m echanical, electrical and chem ical w ork;
which practically reaches tho entire field. E ach o f these men will be ap­
pointed at the request o f the President o f the U nited States, being first
nom inated b y tho society o f which he is a m ember. On approval b y the
Secretary o f the N a vy he will receivo his o fficia l appointm ent and becom e
an associate m ember o f the N aval Consulting B oard, working through the
com m ittee o f the B oard.
These fiv e men in each State will form the nucleus o f an organization
in each State. T hey will be asked to select members o f their societies
from all parts o f the State and will furnish them with blank form s, on which
will bo made a true inventory o f our cou n try’s producing and m anufacturing
resources, including transportation. T he inform ation given upon these
forms will be used b y the civilian consulting board and b y the G overnm ent
o f the United States in perfecting the national industrial organization
necessary to the plans for defense.
T o illustrate: The com m ittee o f the N aval Consulting Board has taken
the State o f N ew Jersoy as a sample, it being essentially an industrial S ta te .
T he official records o f N ew Jersey show that there are about eight hundred
plants there which m ight be useful in G overnm ent service in case o f w ar.
Very small plants and also factories producing goods that are not classed as
m unitions have been eliminated. T he fiv e societies m entioned have abou t
1,200 members in N ew Jersey, showing m ore than one m an to a plan t.
W hat is true o f N ew Jersey w ould be practically true o f all other States,
except that in tho W estern States tho proportion o f members to industrial
plants w ould be larger.
Once having tho data, tho purpose is to lay this before the Governm ent
and in this way bring tho officials in touch with the industries, so that
not only will the G overnm ent know the volum e and extent to which these
industries m ay render service, but it will bo able to advise and direct the
industries as to the requirements o f such service, as, for instance, it is p ro­
posed to place small orders for certain m unitions based upon conditions
existing at the tim e. These orders will perhaps bring no p rofit to the m an­
ufacturers, but they will keop them in touch and tuned up for service
in emergencies. T hey w ill, through such orders, have gauges on the
shelves and at times in the shops, blue prints, specifications and samples
on hand. T he men in each plant will have a working knowledge o f G o v ­
ernment requirements.
One o f the belligerent countries now engaged in war is utilizing about 80%
o f its industries in producing arm y and navy m aterials. In case o f war
this Governm ent w ould need to d o tho samo thing, and in order to turn the
wheels rapidly it is necessary in advance to know where to turn to obtain
supplies, not only o f munitions, but o f everything needed to equip m en in
the service. A nd this practically means everything needed for the arm ing,
clothing, transportation, sustenance and care o f the men called to the
colors. This w ould extend tho influence o f this work to all o f the industries
o f the cou ntry, large and sm all, and it is particularly desirous in the case o f
plants o f m oderate size, tho facilities o f which m ight not otherwise be know
to tho G overnm ent, that they be m aintained in condition to serve imm e­
diately. It w ould be possible, therefore, m ore generally to distribute
orders for m unitions which usually go to the big plants o f the country,
and through this organization o f all industries to include a large number
o f smaller plants as well as those o f tho largest capacity.
T he preparedness o f industrial plants is an im portant step in the p rotec­
tion o f tho cou n try against attack, and is preliminary to successful resist­
ance. It is not only tho first step, but the m ost im portant one— a step
which is less expensive than any other, and one which should excite less
antagonism. It goes to tho roots o f the m atter. W hile preparedness o f
plants to furnish supplies for war is the m ost im portant step, it is the one,
heretofore least thought o f, as shown b y the condition o f certain coun­
tries at the beginning o f the present European war.

B A N Q U E T OF A S S O C IA T E D B A N K S OF N E W YORK.
Speeches on the m ilitary preparedness o f the nation
m arked the annual banquet last M o n d a y night o f the A sso ­
ciated B an k s o f the C ity o f N e w Y o r k , com posing
G roup V I I I o f the N e w Y o rk Sta te Bankers A ssociation.
T h e banquet was held a t the H otel A sto r: M a jo r Charles
E liot W a rre n , Chairm an o f the G roup and President o f the
Lincoln N atio n a l B a n k o f N e w Y o r k , acted as toastm aster.
M a jo r W arren delivered a highly optim istic address; he con­
tended that no one could survey the present w orld’s crisis
w ithout becom ing thoroughly convinced that the U nited
States, w ith the co-operation o f its great financiers, was play­
ing her part fu lly .
One result of the great w ar, he said,
would be a closer financial co-operation between all nations.
M r . W arren stated further that it was indeed rem arkable
that values should have risen to such an extent in this coun­
try , despite the w ar; and tho liquidation o f S I ,5 0 0 ,0 0 0 ,0 0 0
o f A m erican securities held abroad, “ with an equanim ity
rivaling its m a g n itu d e ,” lie considered a trium ph for the
N e w Y o rk Stock E xchange and the banking fraternity gen­
erally. Secretary o f W a r Lindley M . Garrison and M a jo r General Leonard W o o d o f the U n ited States a rm y were those
who offered addresses on the subject of m ilitary preparedness.
A b o u t a thousand bankers were present a t the dinner, and
they accorded the speakers hearty applause. D w igh t W .
M o rro w o f J . P . M o rg a n & C o . m ade practically the only
real business address o f the evening. A ugustus T h o m a s, the
playw right, also addressed the gathering.

298

THE CHRONICLE

[Vol. 102.

T h e new call w as the sixth m ado b y C om p troller W illia m s
M r . M o rro w in presenting the question as to how the
people o f A m erica will approach the new era created b y | in 1915; in 19 14 there were also six calls, b u t it w as pointed
out while this represented the num ber in the calendar y ear,
the w a r, said:
W e hear it now stated frequently b y serious men that the war is to con­ there were b u t fiv e calls during the fiscal year ending O c t. 31
tinue until it destroys E urope, and that out o f that destruction America 19 14 ; th e dates o f the 19 14 calls were Jan. 13, M a r c h 4 ,
will emerge the com m ercial and financial leader o f a new w orld. I t is al­
m ost assumed, at tim es, if not actually stated, that such a result will be an June 3 0 , S e p t. 12, O ct. 31 and D e c . 3 1 ; the 1915 calls were
advantage to this cou ntry. It is d ifficu lt to see h ow any real advantage as fo llow s: M a r c h 4 , M a y 1, June 2 3 , S ep t. 2 , N o v . 10
could com e to this country through the destruction o f customers who pur­ and D e c . 3 1 .
T h e requirem ents under the N a tio n a l B an k
chased from us m ore than tw o billion dollars w orth o f goods in the last year
before the war. A nd what a sorry trium ph it w ould be if our prim acy were A c t are th at “ n ot less than fiv e reports during the year
t o com e b y such a rou te. F ortun ately, there is m uch in history to rem ove
the fear that this war. appallingly destructive as it is, will destroy E urope.
N ational vitality has a habit o f surviving the m ost amazing disasters.
It is haid to con ceive o f any result reached b y any war which could not
have been reached at enorm ously less cost if men themselves were only
different. The tragedy o f the hum an race has been the costliness o f pro­
gress. B ut w o m ay be perm itted to recall to ourselves in times like these
that history has furnished m any instances o f great burdens upon a nation
calling forth great pow ers. A nd when we speak o f E uropo crushed and
exhausted, are we n ot forgetting that when this w ar is over character and
capacity and skill in organization will furnish a true basis o f credit, calling
forth the dom estic supplies o f capital that remain and inviting foreign capi­
tal until dom estic supplies b y industry and econ om y have been replaced?
Should It n ot also be true that as m odern m achinery has m ade war m uch
m ore costly than heretofore, so also m od em m achinery directed b y intelli­
gence and energy should bring about a m uch m ore rapid replacem ent o f
the wasted capital than was possible In prim itive com m unities? T o these
questions tim e alone can bring the answers. B ut wo m ay bo sure that the
results to any one o f the warring people will depend in a large measure upon
the con du ct o f the people them selves. T he conduct o f those people we can
affect b ut little b y our speculations.
B ut for our own con du ct, for our own purposes, we alone must be responsi­
ble. W ith what spirit will the people o f Am erica approach the new era? Can
we keep easy prosperity from dulling the fine edge o f endeavor ? C an we
acquire, w ithout paying the great price o f tho warring p eoples, the unity
which the fires o f war are burning into the nations abroad? Can we go
into the markets o f the world with a fine co-operation o f governm ent and
business men ? Shall we be able to assume our new international burdens
free from the delusion that has done so m uch to bring abou t the European
cataclysm , the delusion that successful trade abroad necessarily means the
deprivation o f som e other nation o f that trade? C an we learn from the
European tragedy that leadership in world trade is n ot a thing to be sought
b y any nation to the exclusion o f all others? C an we base our plans fo r
foreign trade not upon the weakness o f stricken rivals b ut upon a m ore
intelligent farm ing o f our own lands, the creation o f new and hotter m achin­
ery and a m ore skillful use o f that m achinery, a greater breadth in our ex­
tensions o f credit, a better understanding o f our dom estic problem s, a fairer
adjustm ent o f our relations one to another? A n d , finally, will we have
the un ity and the courage to do our part in the great task o f bringing the
w orld a little nearer to a dependable international guaranty o f the terri­
torial and political integrity o f all nations, large or sm all?

T h e singing o f the M en delssoh n G lee C lu b was a feature
o f the affair; its m em bers, abou t sixty in n u m ber, were the
guests of the bankers. A t the guest ta b le , besides the toast­
m aster, were the follow ing: Jam es S . A lexan d er, George F .
B a k er, the R t . R e v . Charles Sum ner B u rc h , H en ry P . D a v i­
so n , C ap tain H alsted D o r e y , A . D . C . , U n ited States A r m y ,
Colonel Frederick E . F arn sw orth , Alexan der G ilbert,
W illia m J . G ilp in , Charles A . H a n n a , W illia m J . H e n ry ,
A . B arton H ep bu rn , Pierre J a y , C ap tain G ordon Johns­
to n , A . D . C . , U n ited States A r m y , John A . K lo ep fer, M a y o r
John P urroy M itc h e l, D w ig h t W . M o rro w , W illia m A . N a s h ,
E u gen e L a m b R ichards, Jacob H . Sch iff, W illia m Sherer,
R ear A d m iral Charles D . Sigsbee, U n ited States N a v y ,
B en jam in Strong J r ., A u gu stu s T h o m a s, F ran k A . V an d erlip , M a jo r-G en era l Leonard W o o d , U n ited States A r m y ,
and W . W e ste rm a n .

NEW CALL ON N A TIO N A L B A N K S REQ UIRES SPEC IF­
IC IN FORM A TION CONCERNING RA TES ON LOANS.
In a call m ad e u pon the national banks on the 6 th in st. for
a statem en t o f condition as of D ecem ber 31 Com ptroller
o f the Currency John Skelton W illia m s asked for a list o f
loan s b y all banks during 19 15 “ upon which interest was
charged or collected, either in the shape o f interest, discount,
or com m ission, a t rates which w ould a m ou n t to m ore than
the equivalent of 6 % per a n n u m .
T h e C om ptroller fur­
ther said :
Banks are cautioned to prepare this statement with care and accuracy.
W hen this report shall have been received, national bank examinors will
be instructed to verify tho reports subm itted b y som e banks, and if errors
or discrepancies should be discovered which m ay seem to m ake it neces­
sary, in order to secure accuracy, to verify the reports subm itted b y all
banks, the examiners will be given instructions accordingly.

T h e banks were also called upon to state w hether it is
their cu stom to require borrowers to carry deposits when
loans are gran ted, how m uch th ey are n ow loaning to non­
depositors, and how m u ch is 'oaned an d n ot secured b y
collateral. T h e aggregate o f am ou n ts w hich borrowers
h av e refused to p a y banks because o f alleged u su ry is asked ,
and also the total paym en ts m ade b y banks as penalties
for u su ry . T h e call asks for com plete inform ation as to
the connections o f officers and directors o f a n y ban k in
other banks or trust com panies, their salaries, liability as
payers or indorsers and guarantors o f paper, and the a m ou n t
o f overdrafts against th em .




shall be called fo r .”

DOLLAR C R ED IT S , ACCEPTAN CES AN D A N OPEN
DISCOUNT M A R K ET .
A com prehensive article on “ D ollar C redits, A cceptances
and T heir R elation to the Open D iscount M a r k e t ,” b y Jason
A . N eilso n , M a n a g er of the foreign exchange departm ent of
Brow n Brothers & C o ., appeared in the D ecem ber issue of
the “ Journal o f th e A m erican B ankers’ A sso cia tio n .”
M r.
N eilson dilates upon the reasons w hy sterling credits have
been preferred to dollars, the possibilities for developing dol­
lar exchange and acceptances, the p aym en t b y m eans o f ac­
ceptances and prim e bank acceptances, form s o f credit avail­
able and rulings o f Federal Reserve B oard w ith relation to ac­
ceptances, & c .
T h e follow ing extract is taken from his arti­
cle:
W hile un doubtedly it should be the patriotic aim o f American financiers
to transfer the center o f exchanges from L ondon to N ow Y ork , unless the
war turns o u t to be m ore disastrous econom ically than w ould appear to
be possible at present, this end will not soon be accom plished in the faco o f
the developm ent extending over m ore than a century, which has m ado
L ondon tho center o f tho exchanges. England entered tho field o f Inter­
national exchange, as she did the field o f machine p roduction, at a time
when it was almost unoccupied. Her manufacturers and bankers m ade
‘ ‘ trade follow tho fla g " because their capital went with it; whilo her firm
adherence to the gold standard, and the maintenance o f a free m arket for
gold , gave to the bill drawn in pounds sterling an empire nearly universal.
I t becam e, in fa ct, a world currency.
H ow ever, the war abroad has placed before our country an opportunity
for at least tem porary financial and com m ercial leadership, and if this o p ­
portunity is properly handled now . after tho war ends we m ay be able
to retain a fair proportion o f tho financial business taken up under those
abnorm al conditions. I f the war should be so disastrous in its effects as
to result in E urope’s forem ost financial Powers perm anently losing their
position as bankers for the w orld, and if because o f that fact tho United
States becom es tho leading creditor nation, tho boundaries o f the field which
lies open to us are far flung.
Such a state o f affairs, how ever, seems im probable. T h e long-consid­
ered revision o f our financial system has finally resulted in our Federal R e­
servo A ct, with its possibilities for financing foreign trado. This has taken
place at tho psychological m om ent. T he usual international markets for
credits have beon com pelled b y the war to use their capital for other pur­
poses. London has heretofore furnished the United States w ith m ost
o f tho international credit necessary for the proper con du ct o f our interna­
tional trade. Someone m ust tako up this w ork. Apparently we must d o
It for ourselves and our custom ers. In other w ords, tho United States must
now d o what E urope has done for m any generations for the United States;
the bank facilities o f the United States must be used for carrying our own
im ports and our exports. E urope up to now has carried the export and
im port transactions o f the United States b y means o f its acceptances and
its open discount m arket, and it would appear that wo can find no better
m ethod o f financing than b y such a m ethodjhere. I f we co-operate and use
our powers along lines that have been well tried o u t, not only will we place
our long-desired open discount market on a firm basis for the future, b ut
we will open up for our country a w ay whereby our gold stock m ay be pro tocted in time o f need, and I verily bollove it will materially help to keep our
citizens at work and prosperous after the war is over.
T h e fact is that, whether we like it or n ot, wo have enterod the financial
field o f the w orld, and for the present, at least, wo must tako up part o f the
burden heretofore borne b y L ondon , Faris and Berlin, in financing tho in­
ternational trado that touches our nation. W e shall henceforth bo com ­
pelled to be lenders. W e cannot sell whero we d o not b u y. Trade must
be reciprocal. Our old custom ers are not in a position to pay at once for
goods we give them . T h ey can, o f course, pay for quite a lo t with their
gold . W ith gold galore in our possession, we can expand and expand.
A great inflation o f prices could take placo on the basis o f E urope's gold in
our hands. In such a case, at the end o f the war, E uropo would find this
the best market in which to sell. Europo would need her gold and som e o f
ours. Under stress o f great necessity, Europo would work her shops
tw enty-four hours a day; would produco goods to the limit o f her power and
flood this high-priced m arket with them . T hat would take our gold away
and dow n would com e prices, possibly causing a panic here. I f wo were
able to refuse to b u y E urope's goods, then we would have to stop selling to
Europe. She w ould then sell to others to whom we had hoped to sell; no­
b od y would buy our high-priced goods. If, how ever, we are wise, and build
up a credit In Europo now , we shall in a large measure m odify the dangerous
position we must face after the war.
A pparently the on ly w ay to achlevo the result wo all must desire Is to
create credits in the United States in fa vor o f our foreign custom ers. I f
wo d o not provide these credits in some form ou t o f our immense available
resources, our foreign custom ers will be forced to curtail their purchasers
and our farmers, workm en, clerks and business generally will have loss fa­
vorable conditions than those we possess at present. It is quite clear that
wo have a personal and selfish interest in tho m atter o f building up tho pur­
chasing power o f all our foreign customers b y giving them such credit as
their standing warrants, and our position perm its. O f course, tho question
o f the credit and standing o f the borrower is as Important in this case as it
Is in any loan, and a short analysis o f the position o f the two leading bor­
rowers would not be ou t o f placo.
T h e A nglo-French five-year loan and the Italian loan is one form o f credit
and covers the investment field. There are numerous other form s o f credit,
which have been used, such as granting loans to foreigners against collateral
or loans on clean paper. Theso have created paper com m only known as
finance paper.
T here is yet another form o f credit com paratively unknown to Am erica
bankers o f the present d a y, m ost o f whom have been so busy serving local
business heretofore that they have had little time to becom e familiar with

Jan. 22 1916.]

THE CHRONICLE

it. This m ethod is the "acceptan ce” system , which is used extensively
abroad to finance the foreign trade o f the United States and all other na­
tions. T ho Federal Reserve A ct contem plates a wider use o f this kind o f
credit. The disposition o f the Federal Reserve Board to encourage the
use o f acceptances, even in dom estic trade, is shown b y the fact that they
have authorized a preferential rate on trade acceptances. T rade accept­
ances aro defined as drafts drawn b y sellers upon the purchasers and ac­
cepted b y tho purchasers, and these drafts are intended to represent actual
com m ercial transactions, with definite dato o f paym ent. There are two
signatures and renewal is not anticipated; therefore a lower rate o f interest
is given. This is a m ost desirable class o f paper for tho Reserve Bank as
well as for the member bank, and deserves a lower rate than the ordinary
single-namo com m ercial paper representing a lino o f credit, how ever good
tho rating o f the maker m ay be.
Tho giving o f a preferential rate for acceptances is one o f the m ost forci­
ble steps that tho Reserve Board lias taken in favor o f a change o f our busi­
ness m ethods between buyer and seller. The present m ethod o f open ac­
cou nt for a period o f sixty or ninety days renders unavailable the best basis
o f credit, while such accounts converted into accepted drafts give a proper
basis o f credit and the best kind o f assurance and evidence that tho paper
offerod represents a genuine com m ercial transaction and is therefore avail­
able for rediscount in the Federal Reserve bank.
Outside o f this class o f acceptances, and, in fa ct, in quite a different
class, are the “ Prime Bank A cceptances.” These offer an exceptionally
high-class m ethod o f financing our foreign trade. The bank acceptance
is a draft drawn upon a bank at say ninety ds|st and accepted b y tho bank.
T his, in effect, is a certification b y the bank that irrespective o f what m ay
happen to the drawer in the interim , the bank will pay the draft at m aturity.
There aro specific advantages connected with this, tho primest paper|in
Am erica. It can be discounted at any place and at any time because tho
banks in general always have need for prim e paper to build up a good second
line o f reserves, and such paper is always taken at the lowest rate o f dis­
cou nt. B y means o f a bankers’ acceptance the burden o f financing a threem onths settlement is carried b y a broad open market instead o f the single
im porter or exporter. The acceptance business is also an attractive source
o f profit to tho accepting banker because it does not decrease his actual
working capital and brings steady net profits with the greatest possible
safety. Tho banking com m unity also have an opportunity to m ake use
o f their surplus cash reserves bccauso such paper is usually considered as
liquid as funds due from banks.
T he Federal Reserve banks are bound to be an im portant fa ctor in the
open discount market. They will buy “ eligible” bankers’ acceptances
there without a member bank's endorsement.
Only through a long process o f developm ent both am ong tho old and the
Federal Reserve banks will it bo possible to establish a market for bankers’
acceptances approaching in flexibility tho markets which have grown up
b y a process o f natural evolution in L ondon, Paris. Berlin and Ham burg
T ho existence o f a strong, wide, open bill m arket is the best channel for the
tem porary em ploym ent o f banking resources, and the best protection
against over-trading and against a foreign dem and for gold. There should
be fewer b ook accounts for foreign sales and m ore acceptances in dollars
b y bankers. A start has already been made and you will now find discount
quotations for prim e bankers’ acceptances in the daily press together wth
all other f nancial news. B ut. wlxile this discount market is being estab­
lished, a short-sighted p olicy on the part o f any o f us is going to m ake it
dou b ly hard to m ake such a m arket a success. I have in mind tho fact
that tho earning power o f m oney on call in N ew Y ork is now half o f one per
cent below the quotations for tho com m on ninety-day bank acceptance.
So that when som eon e to whom wo have given the privilege o f drawing on
us presents his draft and after receiving it back from us accepted, casually
remarks, “ W here had I better go to discount th is?” d on 't say, " I ’ll be glad
to discount if for y o u ,” but send him to som e other banker. O f course, b y
discounting it yourself you m ay make the difference between the value o f
m oney and the rate at which you d o the discounting, but only b y forgeting
our selfish interests and acting for the com m on good can we soonest attain
tho desired end. A nd then you know if you send all you r acceptances ou t
in to tho open m arket, tho other follow will d o tho same and there trill event­
ually bo enough for all o f us to handle.
Y ou can readily see that If every bank takes up its own paperjthere is no
chance whatever for the establishment o f an open discount m arket here so
long as such a practice continues.
T o sum up briefly: Our bankers should avail o f the dollar acceptance
power at this tim e to finance our foreign trade for the reasons that, If
properly handled:
*
(1) I t will d o a great deal at tills tim e towards setting our export trade
free from some o f tho handicaps under which we are bound to work
(2) It is a m ost flexible system o f financing
<3> “ ls, » a ste rn that has proven its worth in the w orld’s trade outside
the United States.
(4)
It will create a high grade o f paper for the second line o f reserves
It is perfectly certain that dollar acceptances and exchange will not ha's
wide circulation in the world’s markets until we have a real ODen discoui
market hero and even then it will not be firm ly and perm anently establish
until wo havo both Im port and export trade enough in any ono nlaco 1
creato a dem and for N ew Y ork exchange In that place
Thu
that wo aro willing to givo acceptances and persuado merchants to take thoi
will not m ake thorn useful in the broadest sort o f a w av unless i h o m i«
continual dem and in foreign markets for N ow Y ork exchange
I f me
chants ow e m oney in N ew Y ork and constantly desire to rem it fu n dT i
pay their debts in N ow Y ork, or if they find it choaner
in Now Y ork or in other countries b y moans o f N e w a r k exchange
there will bo a demand for N ew Y ork exchange' a
n
d
,
m et very largely b y the discount o f dollar accept’a ncas at rates Hxtd in tt
right sort o f an open discount market.
a rates flxed ln U

TEN N E SSE E B A N K E R S I N C R IT IC ISM OF FED ERAL
RESERVE ACT.
A com m ittoe o f Tennessee bankers appointed to consider
proposed okanges in the Fedoral Rosorvo A c t recom m ends
in a report presontod last m on th to the S ta te B ank ers’
Association th at the num ber o f Federal R eserve B ank s be
reduced from tw elve to n ot m ore than fou r, and th at there
bo no districts, b u t all m em ber banks subscribe and divide
their capital and reserve equally as near as possible between
the four ban k s, each m em ber ban k to bo able to rediscount
whonovor dosired w ith tho Roserve B a n k offering the lowest
rate. A ccording to the com m ittee, “ four o f the tw elve
banks aro n ot even oarning their current oxpenses, and it is
doubtful if m ore than two or three will earn even approxi­




299

m ately their d iv id en d .”
T h e com m ittee further sets our
“ from inquiry wo have learned that m a n y m em ber banks
have found it practically im possible to do business to a ny
extent w ith the Federal R eserve ban k s.
T heir m ethods of
transacting business and their requirem ents are so exacting
and so different from w h at the public has been accustom ed
to , th at it is doubtful if th ey will ever secure a n y Sta te
banks to join the system or have any deposits m aterially in
excess o f the a m o u n t required b y la w .”
W b give the report
in full below :
T E N N E S S E E B A N K E R S ’ A S S O C IA T IO N .
N ashville, Tennessee.
N a s h v i l l e , T e n n . , D e c . 10 1915.
A t the called m eeting o f the national banks in Tennessee, held in N a sh ­
ville N o v . 23, the follow ing com m ittee was appointed to consider proposed
changes in the Federal Reserve A ct:
T . D . W e b b , N ashville.
J. L . H utton, M em phis.
J. P . H oskins, Chattanooga.
T his com m ittee has subm itted the following report, which is sent to you
for you r consideration.
Yours very truly,
D
„
F. M . M A Y F IE L D , S e c r e ta r y .
T o th e N a t i o n a l B a n k s i n

T en n essee:

T h e next session o f Congress will likely consider amendments to the
Federal Reserve A ct, and it has occurred to us that you w ould like to be
acquainted with the manner in which the new banking act has affected us,
and we believe we are in position to givo you som e inform ation as to what
remedies we believe are needed.
T ho Reserve Banks have been in operation over a year. All national
banks are com pelled to join . T h e State banks were sim ply invited to jo in ,
and out o f about seventeen thousand State banks and trust com panies in
the United States, only th irty so far have becom e members o f the system ,
though thoy were invited to join upon m uch m ore favorablo terms than th e
national banks. T o m ake the system a com plete success, we aro o f the
opinion that a m ajority, if n ot all. State banks should becom e m embers.
T ho fa ct that they have not d one so to our minds points clearly to tho fa ct
that the system as now administered a burden to the banks, and indirectly
a burden to the pu b lic.
Bank System in capital and reserve deposits to date approxim ately $2.­
462,155, and when all reserves are transferred as contem plated in the A c t ,
tho am ount will bo abou t $5,000,000. T hey have found from a p ractical
standpoint that their loaning pow er has been decreased accordingly, they
have n ot been able to increase their loans because o f tho lessening o f the
reserve requirem ents, finding it necessary to keep in their vaults about the
same am ount o f m oney they have always kep t, m aintain the same collec­
tion facilities they have always m aintained, and to keep abou t the same
balances w ith their city correspondents they have always kept.
T he only advantage o f consequence to the m em ber banks is that o f re­
discounting. N o bank likes to continually rediscount, and on ly abou t
10% o f the banks o f the U nited States have discounted w ith the Federal
Reserve banks. E ven in the height o f the cotton season only abou t
33 1-3% o f the m em ber banks o f the Sixth Federal Reserve D istrict re­
discounted with the Federal Roserve Bank o f A tlanta. T h e y have found
that In normal times banks can rediscount with their N ew Y o rk and other
city correspondents on terms quite as favorable, i f n ot m ore so, than w ith
the Federal Reserve B ank. Besides, the process o f rediscounting with
their correspondents is m uch sim pler than with the Federal Reserve banks.
So far we have found the collection facilities offered b y the Federal
Reserve banks have been o f very little value, and it seems p ractically im ­
possible fo r any fair basis to be reached that will even approxim ately be
satisfactory to the banks, and if they are forced into a clearing system
against their will it w ould never, in our judgm ent, succeed, and wo are
o f the opinion it w ould be better for tho Federal Reserve System when
the Reserve banks abandon tho idea o f clearing checks.
A com m ittee o f exports, so called, has reported to the Federal R eserve
Board a check collection plan , w hich if adopted will m ake the system oven
m ore burdensom e than at present. W e believe in the m ain it is im practical
and unw orkable.
T he paid-in capital o f all the Federal Reserve banks is, in round num bers,
$55,000,000; their total reserve deposits over $400,000,000. A t no tim e
has the aggregate o f com m ercial paper and bank acceptances discounted
b y these banks been equal to the paid-in capital stock , to say nothing o f
the reserve deposits, and in the fa ce o f theso facts the G overnor o f one o f
the Federal Reserve banks recom m ends the paym ent o f the additional sub­
scribed capital and the full roserve to be transferred at on ce, and then have
the Federal Reserve banks go into the open m arket and com pete w ith their
m em ber banks. T his w ould sim ply m oan taking the funds o f the banks o f
the cou ntry without any guarantee o f returns or without rendering a service
com m ensurate w ith the am ount o f the funds so taken and go into the open
m arket and com pete with them w ith their own m oney. C ould anything
be m ore unfair or m ore unreasonable?
I t is exceedingly difficult to change at once the system o f banking that
has prevailed w ith us for so m any generations. W e believe the num ber o f
Federal Reserve banks should be reduced from twelve to at least four, and
these sim ply administered fo r em ergency purposes. In our opinion this is
all the cou n try needs.
Under the Aldrich-Vreeland B ill for 1914, when the whole cou n try was ln
distress, there was issued $380,000,000 in em ergency currency, every dollar
o f which was returned in a few m onths w ithout the loss o f a single cen t.
T ho loaning pow er o f the Fedoral Reserve banks at present is between two
and three tim es this am ount, and w hy should it be necessary to pay in add!
tional capital or transfer additional roserve in the face o f these fa cts?
Under the old system the resorve in the vaults o f a bank, or w ith their
city reserve agents could be used tem porarily in case o f necessity. Such is
n ot possible with the roserve in the Federal Resorve bank, as no member
bank dares to encroach seriously upon its reserve with the Federal Reserve
bank.
T he earnings o f the Federal Reserve banks after one year’s operation are
only at the rate o f 1.8% on the capital stock, over their current expenses,
to say nothing o f organization expenses. F our o f the twelve banks are
n ot even earning thoir current expenses, and it is doubtful i f m ore than two
or three will earn even approxim ately their dividend. T h e total current
expenses o f the twelve banks are now m ore than $1,600,000, all o f which
the p ublic, through the m em ber banks, is p aying, w ith but little corres­
p onding benefit.
I t is claim ed the Federal Reserve banks should not seriously consider the
question o f earnings. T his is to som e extent correct, but to expect the
banks to contribute all the capital, practically all the deposits, and have no
con trol over either except in theory, w ithout adequate returns or corres­

THE CHRONICLE

300

ponding benefits, is as unreasonable as to ask the officials o f these twelve
banks to serve w ithout salary. T he current expenses o f the Federal
Reserve Bank o f A tlanta are now at the rate o f about $100,000 per annum ,
and it should be borne in m ind that they have no taxes to p a y . no interest,
no expense o f securing business, in rediscounting assume practically no
risk, and what is true o f this district is true o f all.
In view o f the foregoing w e, therefore, recom m end that you urge the
m od ification o f the Federal R eserve A ct as follows:
F i r s t .— T he am ount o f capital paid into the Federal Reserve bank should
be 1% o f the capital o f the m em ber bank, not taking in to consideration
a n y surplus, as otherwise it w ould have a tendency to keep banks from
adding to their surplus funds.
. . ^ .
. ___„
Second.— T h a t the balance o f the reserve as now required to be trans­
ferred to the Federal Reserve banks be allowod to rem ain in the vaults o f
th e m em ber banks or w ith their reserve agents in either reserve cities or
central reserve cities. T his w ould leave the R eserve banks w ith ample
funds for a loan expansion o f m ore than one billion dollars, which is about
three tim es the am ount required in 1914 under the A ldric - ree an * c ,
w hich answered every purpose up to that tim e.
. . .
, __ , , __ _
T h i r d .— T h a t the num ber o f Federal R eserve banks be reduced from
tw e lve to not m ore than fou r, and that there be no districts, but a mem ier
banks subscribe and d ivide their capital and reserve equally as near as
possible between the four banks, each m em ber bank to be able to rediscount
whenever desired w ith the Reserve bank offering the lowest rate. B y this
means the resources and deposits o f the four banks w ould be pra 1
eq u a l, and i f one bank were having a stronger dem and than the others, tnis
could be adjusted b y raising or lowering the discount rate as the case m a y b e .
F o u r t h .— T h a t no attem pt be m ade to com pete w ith the banks in the
open m arket or to attem pt the functions o f a clearing house, the Federal
R eserve banks to be sim ply operated as an em ergency proposition.
F rom inquiry we have learned that m any m em ber banks have found it
p ractically im possible to d o business to any extent w ith the Federal Reserve
banks. T h eir m ethods o f transacting business and their requirem ents are
so exacting and so different from what the public has been accustom ed to,
that it is d oubtful if they will ever secure any State banks to jo in the
system or have any deposits m aterially in excess o f tho am ount required
b y law.
W e believe these m atters should receive you r serious and urgent con­
sideration.
.
_
Respectfully subm itted,
T Q W EBB
J.
J.

L. H U TTON ,
P . H O S K IN S .

In answer to som e of the strictures of M e ssrs. W e b b ,
H u tto n and H osk ins on the Federal R eserve A c t the Federal
R eserve B oard prints tho follow ing in its January “ B u lletin ” :
T h e attention o f the Federal Reserve B oard has been called to a circular
recently sent ou t b y M essrs. T . D . W eb b , J. L . H utton, and J. P . Hoskins,
a com m ittee appointed at a m eeting o f the national banks in Tennessee,
held In N ashville on N o v . 23 (copies o f which report have been sent to
all m embers o f Congress), and investigation o f certain o f tho statements
contained in the circular referred to has been m ade.
One o f the main features o f the circular was the statement that only
abou t 33 1-3% o f the m em ber banks o f each Federal R ^ e r v e D istrict re­
discount with the Federal Reserve Bank o f A tlanta.
They
f° un
that in normal times banks can rediscount with their N ew Y ork and other
city correspondents on terms quite as favorable, if not m ore so, than with
th e Federal R eserve bank. Besides the process o f rediscounting with
these correspondents is m uch simpler than with the Federal Reserve
B an k.” T h e B oard has obtained a com m ent upon the contents o f the
circular from the Federal Reserve Banks o f St. Louis and A tlanta, the two
banks between whose districts the State o f Tennessee is divided. M r.
M . B . W ellborn, Federal Reserve A gent at A tlanta, says :
There are in that part o f Tennessee, within the Sixth Federal Reserve
D istrict, 95 m em ber banks, as follows: In G roup 1, 26; in Group 2, 28;
i n G roup 3 ,4 1 . Eighteen out o f the 26 banks in group 1 have rediscounted
w ith us; 15 out o f the 28 banks in G roup 2 have rediscounted with us;
27 out o f the 41 banks in G roup 3 have rediscounted with us; 60 banks out
o f the 95 rediscounting— in am ount $7,156,842 38.
During the period o f operation o f the Federal Reserve B ank, only 75
o f the 95 banks have been at any tim e a “ borrowing bank ; leaving only
15 banks that have not w holly or partially rediscounted with tho Federal
Reserve Bank o f A tlanta: there being 20 banks within our Tennessee
district that have n ot been "borrow ing banks” at any tim e since tho in­
auguration o f the system .
M r . W illiam M c C . M artin, Federal Reserve A gent at St. Louis, says :
F ifty per cent o f our m em ber banks in Tennessee have rediscounted
paper with this bank, and 11 out o f 20 member banks are using our clear­
in g system . In this district, from N o v . 16 1914 to D ec. 28 1915, .131
o f our different m em ber banks have rediscounted paper with us, and a
great m any m ore would have done It, had they taken the trouble to find
out how easy it it to d o business with the Federal Reserve Bank, instead
o f com ing to conclusions without evidence. Furtherm ore, with the excep­
tion o f 20% o f our m em ber banks, all o f them are in our clearing system .
M r . M artin also says o f the signers o f the report in question:
M r . H utton’s bank was borrow ing m oney in N ew Y ork and never came
to us, nor Inquired or showed any interest in this bank, until m y deputy,
M r . T . C . T upper, has a conversation with him in M em phis. He acknowl­
edged borrow ing m oney outside o f the district, did not seem to be inter­
ested in the Federal Reserve system , and knew very little about It, saying
that he cou ld get his funds easier from his correspondents. This was Ids
Idea, because he had never tried any dealings with this bank. A fter
M r . T upper talked to him he agreed to send us some paper to take up
bills payable in N ew Y ork , and on O ct. 27 1915, we received from him
an offering o f $109,974 88. On the same m orning o f the receipt o f this
paper the proceeds were put to his credit, with tho exception o f four notes
aggregating $22,500, which had m aturities a d ay or tw o longer than 90
days. These we w rote him we could not hold until their m aturities came
within the law, and would then place the proceeds to his credit.
M r. T . D . W eb b , the first o f the signers o f the circular, received in 1914-15
abou t $400,000 o f rediscounts. M r . M . B . W ellborn, under date o f
Jan. 25 1915, also said :
T o -d a y wo had a visit from M r . T . D . W eb b , Vice-President o f tho
First and Fourth N ational Bank, and we agreed to take $1,000,000 o f his
paper to retire his em ergency currency.
M r. W eb b afterwards placed this loan elsewhere, but tho Federal R e­
serve Bank o f A tlanta acted p rom ptly upon the request to discount it
fo r him .
A letter received from a Tennessee banker who had read the circular in
question, says :
Our business relations with the Federal Reserve Bank o f A tlanta have
been exceedingly pleasant, satisfactory, and free from annoying technicalities




[Vol. 102.

and since from our standpoint every detail has been handled so satis­
factorily, we fail to understand how this part o f the C om m ittee s report
could fairly represent the attitude o f a large number o f bankers.
Governor George J. Seay, Federal Reserve Bank o f R ichm ond, has
written the signers o f the report in question in part as follows .
In this report there occurs tho follow ing statement : A t no tim e as
the aggregate o f commercial paper and bank acceptances discounted b y
these banks been equal to the paid-in capital stock, to say nothing o f the
reserve deposits, and in tho face o f these facts the G overnor o f one o f the
Federal Reserve banks recomm ends the paym ent o f the additional sub­
scribed capital and the full reserve to bo transferred at once, and then have
tho Federal Reserve banks go into the open m arket and com pete with
their m em ber banks.”
I,
o f course, d o not know the name o f tho Governor to whom you refer,
or whether you are even acquainted with the name o f that G overnor,
but inasmuch as 1 have written an argument in favor o f putting into im ­
m ediate operation the com plete reserve provisions o f the Federal Reservo
A ct, I think there is a probability that you m ay have reference to tho
G overnor o f the Federal Reserve Bank o f R ichm ond. * * *
I am sending you a co p y o f the argument prepared b y m e in relation
to the transfer o f reserve. I t will bo very clear to you that the m otive
in preparing this argument was diametrically opposed to the opinion o f tho
G overnor to whom reference is m ade.
N othing in the argument alludes to the further paym ent o f capital stock
subscription. * * *
W hile it is n ot germane to this purpose, I will further stato that, while I
am fairly familiar w ith tho views upon this subject entertained b y m ost
o f the Governors o f the banks, I have never heard one o f them advocate
any such action as that indicated in that portion o f you r report to which
__
I have referred.

C L E A R IN G -H O U S E O P E R A T IO N S OF RESERVE B A N K S .
C . W . A llendoerfer,C ashier of the First N ation a l B an k of
K an sas C ity , had the follow ing to say a t the Chicago Confer­
ence o f tho N a tion a l Association of Credit iVIen regarding
the subject of “ C learing-H ouse Operations of Federal Reserve
B a n k s '' *
In recent years clearing houses have operated along four lines. Pirst,
the exchange o f checks upon each other b y member banks and tho settle­
ment o f resulting debit and credit balances; second, tho establishment o f
gold depositaries, largely to bo helpful in effecting such settlement; third,
tho audit or examination o f member banks under tho supervision o f a
clearing-house com m ittee; fourth, tho collection o f checks on out-o - own
T he Federal Reserve banks have not attem pted to take over tho function
first named— it has been im practicable becauso m any clearing banks were
State institutions which were not members o f tho Federal R escrvo System .
So largo a part o f tho gold in som e cities has been paid into tho 1*ederal
Reserve banks that the clearing-house gold depositaries have suspended
operations thero. In some cities it is the custom to a greater or lesser
extent to settle clearing-house balances b y check on tho Federal Rescrvo
bank.
Thus they have com e to have a part in tho clearing o f tho local
checks. T hey have b y no means, how ever, taken over this function o f the
clearing house, and are, in fa ct, glad to avail themselves o f its convenience
b y becom ing m embers.
T he Federal Reserve Board has power to fix m aximum exchango rates
to be paid the drawee bank; to fix proper service and settlement charges
between Federal Reserve banks; to fix tim e schedules for making "deferred
credits” ; to fix the charge to be m ade the endorser depositing tho check.
N on-m em ber banks would be forced b y com petition to m eet tho rates so
m ade, b oth on checks deposited and checks paid. Such a schedulo, based
in absoluto fairness on what the collecting bank charged and on service and
interest cost, w ould let the public know exactly who received every cent
o f what they paid as exchange and collection charges. C ountry clearing
houses in Reserve cities for both member and non-m em ber items wou d
actually handle the volum e o f business in concentrated letters and in
uniform manner, the Federal Reserve Bank controlling rates b y standing
ready to perform service at scheduled prices if desired. Such cou ntry
clearing houses have existed for m ore than ten years in Kansas C ity and
elsewhere, and the principles have been so thoroughly proven that even
N ew Y ork and St. Louis have recently adopted them.
M y arguments then are: First, individual checks in their own districts
should be par; outside that district they need not be par. Socond, ex­
change charges should not be abolished but regulated. T hird, tho public
should know from published schedules tho proper chargo on each item
and who gets tho chargo. F ourth, an additional option should bo given
on tho last 3 % reserve requirement, perm itting it to bo kept with banks in
R escrvo cities. Fifth, cou ntry clearing houses should handle tho clearing
o f checks on m em ber and non-mem ber banks in concentrated letters,
uniform manner and with minimum expense. Sixth, tho 1 ederal Reservo
Bank should control exchango rates and clearings b y standing ready t«
perform the service if desired at the rates scheduled b y themselves.

PROPOSAL O F B A N K S I N C A L I F O R N I A FOR D I R E C T
BO RROW IN G FROM

RESERVE B A N K S .

A letter criticising a recom m endation m ade b y tho Orange
C o u n ty (C a l.) B ank ers’ Association urging an am ondm ont
to tho Federal R eserve A c t which would perm it m om bor
banks to borrow m onoy diroct, rather than bo forced to
rediscount paper, has been addressed to tho Secrotary o f tho
Association b y John Porrin, Chairm an o f tho B oard o f tho
Federal R eserve B an k of San Francisco.
In sotting out tho
objections to tho proposal, M r . Porrin states that
your
resolution seems to us to advocate n ot o nly a continuance
of the evils o f tho old sy ste m , b u t in advocating loans o f
indifferent liquidity out o f diminished roserves, urgos a
further w eak ening.”
M r . Perrin further says, tho develop­
m ent o f liquid com m ercial paper is a fundam ental essential
o f banking progress.
In lowering reserve requiromonts
the Fedoral Rosorve A c t contem plates that a bank s paper
eligiblo for rediscount w ith Fedoral Resorvo B oard will
constitute an im portant part o f its real resorvo. T h is
fortification your resolution w ould sweep aside, though it
should be clear that while tho Fedoral Resorvo B a n k m ay

Jan . 22 1916.]

convert shortly maturing liquid paper into means of pay­
ment it has no power to convert a non-liquid loan into one
which will speedily convert itself into money reserve.”
Below is M r . Perrin’s lotter :
F E D E R A L R E S E R V E B A N K OF SA N F R A N C IS C O .
J a n u a r y 7 th

J.

H .

T u r n e r , E s q ., S e c r e ta r y , O r a n g e C o u n ty
S a n ta

A na,

1916.

B a n k ers’ A s so cia tio n ,

C a lifo r n ia .

M y D e a r S i r : — Please accept our thanks for your courtesy in sending
to this bank a cop y o f the pream ble and resoultion adopted b y your Asso­
ciation, Decem ber 21st 1915, reading as follows :
“ The resolution printed below was duly passed b y the Orange C ounty
Bankers’ Association at its regular bi-m onthly m eeting, held at Santa
A na, C al., on the date above m entioned, and a cop y was ordered mailed
to each and every bank in the State o f California. All the banks in the
cou n ty, nineteen in num ber, are members o f the association, and as we
b elieve'this is a stop in the right direction, we respectfully ask for your
“ W h e r e a s , The associated banks o f Orange C ounty find it extreme y
difficult to change the present rule o f banking and
W h e r e a s , W e find it equally as difficult to obtain paper eligible tor re­
discount with the Federal Reserve Bank, and
, . inIT
W h e r e a s , W o feel that the Federal Reserve Bank would not be taking
any m ore, or even as m uch risk,, b y loaning the mem
.
with first-class collateral, and
tn
hanks
W h e r e a s It will be m ore convenient and satisfactory to member ban s
to b orrow 'the m oney (always giving good collateral) than it will be to re­
discount some o f their paper; therefore, be it
...
R e s o le d
B y the Orange C ounty Bankers’ Association that we request
our o w n Congressmen and Senators, together with all other Congressmen
and Senators, to urge an amendment to the present Federal Reservo Law,
perm itting m ember banks to borrow m oney direct, b y putting up firstclass collateral, rather than be forced to rediscount paper.
From our view point this expression seems based upon a com plete mis­
conception o f both the character and purposo o f a Federal Reserve ban k.
I f a Federal Reserve bank were an aggregation o f new capita seeking only
profitable em ploym ent, the plan suggested in your resolution would be
proper- but a Federal Reserve bank is not an aggregation o f new capital.
Its establishment has not added a dollar o f new capital. Its m oney Is
sim ply that part o f the reserves, previously in the custody o f m ember
banks, which, for their com m on protection and support, they have pooled,
according to the provisions o f the Federal Reserve A ct, in the I-cdcral
Reserve Bank as a co-operative agency.
This is well illustrated b y the following statement sh ovin g m oney in
vaults o f m ember banks o f this district just prior to the establishment o f
the Federal Reserve system and, at the latest date for which the C om p­
troller’s summary is available, the m oney which they had both in vault
and with Federal Reserve bank ; also the gross deposits o f member banks
on the respective dates :
1914.
1915.
O c t o b e r 31.
S e p te m b e r 2 .
M on ey in va u lt___________________________________ $64,024,178 $43,932,162
............ 12,503,688
Deposits with Federal Reserve bank.......................Capital with Federal Reservo ban k.......................- ..........
3,931,083

$64,024,178 $60,366,933
Gross deposits.....................- .......... - .............................. 576,098,000 621.586,000
W ith $45,000,000 greater deposits at the later date it is seen that m em­
ber banks' total both o f m oney in vault and with Federal Reserve bank
was $3,657,000 less than the m oney they had in vault alone prior to the
establishment o f tho Federal Reserve system .
Hank reserves under requirements o f tno old system were at times found
Inadequate and financial panic resulted. Y ou r resolution seems to us
to advocato not only a continuance o f the evils o f the old system , but,
in advocating loans o f indifferent liquidity out o f diminished reserves,
urges a further weakening. It would seem to us that no policy could bo
m ore suicidal and none m ore certain to involve both the banks and their
customers in disaster. T ho reasons set forth in connection with your
resolution d o not seem to address themselves to a serious purposo o f a
beneficial change in the previous unscientific and unsound m ethods but
urge in fact their continuance with an added measure o f unsoundness. It
seems wholly inadequate justification for the perilous course advocated
that it is “ . . difficult to change the present rule o f banking. . ” or
“ . . . equally as difficult to secure paper eligible for rediscount. . ”
or that it would bo “ . . • m ore convenient and satisfactory to member
banks. . .
and tho repeated reference to tho quality o f collateral
seems to overlook tho facts that the risk o f loss now incurred b y tho Fed­
eral Reservo bank in dealing with its members is almost negligible, and
that there is a vital difference between security and liquidity.
As wo understand it, the prim ary purposo o f the Federal Reserve A ct
is to stabilize com m erce, eliminating the hazards o f such panics as had
developed in spite o f a reserve strength which the course pointed in your
resolution would weaken. T ho principles are those acsertaincd to bo
tho foundation o f the banking systems which in other countries have
proved their excellence and strength. Systems based upon these prin­
ciples have not broken down even under the extreme stresses o f tho present
war situation. N o instance can be cited o f a successful system based
on other principles.
T ho developm ent o f liquid com m ercial paper is a fundam ental essential
o f banking progress. In lowering reserve requirements the Federal Reservo
A ct contem plates that a bank’s paper eligible for rediscount with Federal
Reserve bank will constitute an im portant part o f its real reserve. This
fortification your resolution would sweep aside, though it should be clear
that while tho Federal Reserve bank m ay convert shortly maturing liquid
paper into means o f paym ent it has no power to convert a non-liquid loan
into one which will speedily convert itself into m oney reserve.
T ho opportunities offered m ember banks under tho Federal Reserve
A ct to servo m oro broadly in building up tho com m erce and industry o f
their com m unities, with inevitable increased benefits to themselves, are
great enough to justify vastly m oro inconvenience and labor than are
necessary in making adjustm ent to tho requirements o f tho 1-edcral Re­
serve A ct. In view o f the fact that this bank has accepted 89 H % o f paper
offered for rediscount b y 169 banks, the conditions are obviously not
d ifficult to m eet.
It is our hope that, instead o f seeking to perpetuate and accentuate the
unsound conditions hitherto obtaining, your members will vigorously
set about giving their com m unities tho greater advantages offered under
tho Fodcral Reservo A ct, and that, at a futuro meeting o f your Association,
somo representative o f this bank m ay be perm itted to bo present.
R espectfully,
JO H N P E R R IN ,
Chairman o f the Board.




301

THE CHRONICLE

S T A T E M E N T OF O P E R A T IO N S OF F E D E R A L RESERVE
B A N K OF P H I L A D E L P H I A .

The gross earnings of the Federal Reserve Bank of Phila­
delphia for the period from N o v . 16 1914 to D ec. 31 1915
are shown to have been $136,015 in tho report just presented
by Governor C . J. Rhoads. The entire sum has been ab­
sorbed by current expenses, the assessment for the period
from June 30 to Dec. 30 1915, the cost of Federal Reserve
notes and in the reduction of organization expense. In
presenting his report Governor Rhoads says:
Owing to tho financial conditions prevailing during the past year in this
Fedoral Reservo D istrict, there has been little occasion for our m ember
banks to discount. This bank has, therefore, found it im possible, under
the limitations fixed b y the Reserve A ct, to em ploy sufficient o f its resources
to earn both its operating expenses and a dividend on the paid-in capital.
The statement shows current operating expenses, as defined b y the Federal
Reserve B oard, to have been earned, also the cost o f all Federal R eserve
notes actually issued.
T he greater part o f the earnings have been derived from investm ents
m ade in the open m arket in bankers’ acceptances, m unicipal warrants and
U nited States bonds.
T he expenses incident to organizing and equipping the institution are
to be charged o f f over a period o f m onths, as recom m ended b y the Federal
Reserve Board.

Below we give the statement and summary of transactions
as submitted to the member banks by M r . Rhoads:
P R O F IT A N D LOSS A C C O U N T .
Gross earnings— N o v . 16 1914 to D ec. 31 1915-------------------------$136,015 28
Current expenses, N o v . 16 1914 to D oc. 31 1915.-$112,708
Federal Reserve B oard assessment, June 30 to
D ec. 31 1915..................................................................
10.523
C ost o f Federal Reserve notes_____________________ *12,600
Balance applied to reduction o f organization expense
183

10
50
00
68

* B y order o f the board o f directors, $50,000,000 in Federal Reserve notes
have been prepared, at a total cost o f $55,772 04. T he $12,600 referred to
above as charged o f f represents cost o f $9,800,000 Federal Reserve notes
issued to date.
S U M M A R Y OF T R A N S A C T IO N S F R O M N O V . 16 1914 T O D E O . 31
1915.
B ills D iscounted— M em bers:
425 applications for rediscount approved from 70 banks,
as follow s:
Pennsylvania, 48 banks------------------- $4,991,771 93
N ew Jersey, 19 banks------------------1,767,276 97
Delaware,
3 banks--------------------80,625 40
$6,839,674 30
Bills D iscounted— B ought:
364 bankers’ acceptances: bills purchased in the open
m arket which have been drawn and accepted in con ­
7,565,968 39
nection with the im port or export o f good s----------------U . S. Governm ent Bonds:
1,993,750 00
$2,000,000 U . S. 2 % Consols o f 1930.................. ...............
Investm ents:
Bonds and warrants o f 48 m unicipalities, maturities rang­
ing from 30 days to 6 m onths, pm-chased in the open
7,394,149 17
m a rk e t________________________________________________
Transit Departm ent:
851,610 items have been handled as follow s:
Philadelphia banks: 142,205 items
am ounting t o _______________________ $223,673,971 00
Othor banks in district: 709,405 items
amounting t o _______________________
55,441,050 00
------------------------- 279,115,021 00

REPORT

OF

O P E R A T IO N S OF F E D E R A L
B A N K OF D A L L A S .

RESERVE

In presenting the report of the Federal Reserve Bank of
Dallas covering its operations from the date of its organiza­
tion to Dec. 31, Governor R . L . Van Zandt states that “ our
most important function, that of rediscounting for member
banks, has been usod by them extensively, 366 banks having
boen served to an aggregate amount of nearly $2 8,00 0,0 00.”
M r. Van Zandt also says:
An effort to bring the trade acceptance into com m ercial usage m ore
extensively, b y establishing preferential discount rates on that class o f
paper, has resulted in a start In the right direction within the district, and
an aggregate o f $160,795 19 has boen rediscounted. Such paper forms an
adm irable secondary reserve, and it is hoped that its use will be freely
advocated b y m em ber banks.

The report further sets out that “ the good results of our
recommendations and tho labors of bankers’ associations and
other organizations in tho cotton-producing sections have
been manifested by tho papor secured by warehouse receipts
for cotton proporly stored and insured which has been offered
for discount.” The aggregate amount of this paper accepted
has boen $244,443, and while it is stated that the total is
negligible comparod with normal requirements, it is added
that “ the effect of the past campaign for the moro economical
marketing of that staple is everywhere in evidence,” con­
cerning the purchase of deficiency warrants, Governor Van
Zandt says:
A lthough some o f the other Federal Reserve banks have invested substan­
tial amounts in purchasing State, cou n ty, m unicipal and other warrants
which aro eligible, this bank has been restricted in this function for the
reason that few o f the warrants issued in this district can be bought under
the regulations o f the Federal Reserve B oard. A recent issue o f the State
o f G eorgia which had been issued under laws amended with a view o f
m aking them eligible for purchase b y Federal Reserve banks, was particl-

302

THE CHRONICLE

pated in to the extent o f $75,711 19. T h is bank recently prepared and for­
warded to all interested officials as well as m em ber banks in the district a
pam phlet— “ D eficiency W arrants” — w hich gives in detail the necessary
p oints to b e considered b y p olitical bodies in preparing their issues for
eligib ility, and all possible influence should be brought to bear in an effor
to accom plish that end, w hich will m ean an immense econom y for those
com m onw ealths w hich are a part o f D istrict N o . 11.

The report also points out that the bank has recently been
accepting for immediate crodit, subject to final paymont,
drafts with bills of lading attached, for which a rate of 4 %
is charged for the actual time outstanding. The following
with regard to the equalization of exchange rates is taken
from the report:
B y offsetting the supply o f one section o f the district against the dem and
o f another, we have reduced the arbitrary rates heretofore fixed on N orthern
and Eastern exchange. A central m arket has been created here for those
com m odities and ou t-of-d istrict exchange purchased and sold. I f we can
b y this means adjust the trade balance, in fa vor o f or against the district
a t the different seasons, w ith the m inimum transfer o f actual funds neces­
sarily in volved , our labors will result in a large saving to the district at large.
Our operations in exchange are not for p rofit and the supply and dem and
govern the rates entirely.

As indicated last week, the Dallas Reserve Bank declared
on the 7th inst. a semi-annual dividend of 3 % ; in tho roport
Govornor Van Zandt points out that “ the payment of divi­
dends should always be a secondary consideration to the
management of the Federal Reserve banks, but the opera­
tions of this bank for the first year indicate that in normal
times the earnings should bo sufficient to cover all ordinary
expenses, pay the member banks tho dividend provided in
the Act and set aside the surplus fund contemplated. After
deducting organization and current expenses, our not profits,
including unearned interest, at the close of business for this
year were $107,365 71, which we feel is a very creditable
showing, all things considered.” .
The following is taken from tho report:
F E D E R A L R E S E R V E N O T E S ISS U E D .
N otes issued to bank b y Federal Reserve
agent....... - ............................................... .............$16,180,000 00
R eduction o f liability b y deposit o f gold with
Federal R eserve agent____________________ 11,440.000 00
N otes presented for redem ption_____________
1 ,035.000 00
------------------- -— $12,475,000 00
N e tlia b ility o f bank on Federal Reserve notes outstanding
D e c . 31 1 9 1 5 -......................... ............ .......................................$3,705,000 00
R E D IS C O U N T IN G O P E R A T IO N S .
Aggregate am ount o f rediscounts since opening bank,
N o v . 16 1914__________ __________________________________ $27,795,797 00
244,443 40
A ggregate am ount o f com m od ity paper rediscounted______
A ggregate am ount o f trade acceptances rediscounted______
160,795 19
N um ber o f banks a ccom m od ated_____________________
366
N um ber o f notes and bills discounted________________ 21,648
D IS C O U N T R A T E S .
C om m ercial p a p er: 4 % 90 days: 4 H % 90 days to 6 m onths.
Agricultural paper: 4 % 90 days: 4>S% 90 days to 6 m onths.
Industrial paper: 4 % 90 days; 4>4% 90 days to 6 m ouths.
T rade acceptances: 3>*% 60 days; 4 % 90 days.
C om m od ity paper: 3 % 90 days.
P R O F IT A N D LOSS A C C O U N T .
Gross earnings, N o v . 16 1914 to D ec. 31 1915............................. $244,665 85

[Vol . 102.

ments with the cloaring houses of Galveston, Houston, San
Antonio, W aco, Fort W orth and Dallas.
O F F I C I A L C H A N G E S I N F E D E R A L RESER V E B A N K OF
PH IL A D E L P H IA .

George W . Norris of Philadelphia, formorly Director of
Wharves, Docks and Ferries, has been designated by tho Fed­
eral Resorve Board at Washington as Vice-Chairman and
D eputy Fodoral Rosorvo Agent of the Philadelphia Fedoral
Resorve Bank, succeeding Georgo M . La M onto of Bound
Brook, N . J. Vance C . McCormick of Harrisburg takos the
place of M r. La M onte as Class C director of tho bank.
M r . La M on te’s connection with tho bank automatically
dissolved as a result of the transfor of tho Northern New
Jersey banks from the Philadelphia to tho New York Federal
Reserve District. M r. La Monto is Commissioner of Bank­
ing for tho State of Now Jersey. Thomas Gamon Jr. has
been olectod Assistant Cashior of tho Federal Reserve Bank
of Philadelphia.
E LE C T IO N S

IN

F E D E R A L RESERVE B A N K
CLEVELAND.

OF

W.
S. Rowe of Cincinnati has been elected by tho directors
of the Federal Reserve Bank of Cleveland as a momber of
the Advisory Council of the Federal Reservo Board. M . J.
Fleming has been made Assistant Cashier of tho Cleveland
Fedoral Reserve Bank; L . W . Manning has been chosen
Assistant Secretary and W . F . Taylor has been made Auditor.
O F F IC IA L

CHANGES

IN

FEDERAL

RESERVE

BANK

OF K A N S A S C IT Y .

J. Z . Miller has been elected Governor of tho Fodoral
Reserve Bank of Kansas C ity. M r. Millor, who has boon
Chairman and Fedoral Roservo Agont of tho bank is succeeded
in the latter post by Charlos M . Sawyor, who had heretofore
boon Govornor of tho Kansas Roservo Bank. M r . Sawyor
and F . W . Floming of Kansas City have boon made Class C
directors of tho bank. R . II. Malono has boon roappointod
a Class C director.
N E W D E P U T Y RESERVE A G E N T OF S A N
RESERVE B A N K .

FR A N CISCO

W alton N . Moore of San Francisco has been appointed
Vico-Chairman and Deputy Reserve Agont of tho Fedoral
Reserve Bank of San Francisco. He has also been mado a
Class C director. M r . Moore is Prosidont of tho San Fran­
cisco Chamber of Commerce. Herbert Floishhackor, Presi­
dent of tho Anglo & London Paris National Bank of San
Francisco, has been elected a momber of tho Advisory Council.

Less—
Current expensos, N o v . 16 1914 to D ec. 31 1 91 5 --.$ 1 2 0 ,1 2 6 90
Federal Reserve B oard assessments. N o v . 16 1914
to D ec. 31 1915............................................................
15,675 12
Organization expenses, incurred prior to N o v . 16
1 9 1 4 -....................................................— .....................
14,556 13
C ost o f Federal R eserve notes issued_____________
18,919 70
------------------ $169,277 85

PROTEST

BY

A U S T R IA A G A IN S T
CORFU.

O C C U P A T IO N

OF

The following note, embodying a protest by the AustroHungarian Government against tho occupation by tho Allies
of Corfu (one of tho Ionian Islands of Greece), was mado
public at London under date of tho 18th inst., its text being
credited by Reuter’s Amsterdam correspondent to the
German newspapers. The noto is addressed by the AustroHungarian Foreign Office to the American Ambassador,
Frederick C . Penfield.

N et undivided p rofits____ _____________
$75,388 00
O P E R A T IO N S O F C O L L E C T IO N S Y S T E M .
N um ber o f m embers June 11915__________________________ 74
A d d i t i o n ___________________________________________________
36
W ithdraw als_______________________________________________
35
A verage am ount clear per d a y ______________________________________$605,761 00
T h o island o f C orfu has boon occupied b y a detachm ent o f tho A ngloA verage num ber o f item s cleared on m embers local clearing
Fronch Oriental A rm y. This procedure Is not only a serious attack on the
h o u s e _____________________________________________________ 304
sovereignty and neutrality o f Greoco, but is also a flagrant violation o f the
A verage number item s clear on others_______________________ 898
agreements concluded in London on N o v . 14 1863 and on M arch 29 1864,
according to which C orfu enjoys tho privilege o f perpetual neutrality.
T ho Austro-Hungarian Governm ent enters a m ost rosoluto protost
Tho Dallas “ N ew s” states that approximately $70,000 wil*
against this procedure, whereby Franco and Great Britain once m oro mani­
bo paid to members of tho Dallas Rosorvo Bank in tho divi­ fest their disregard o f tho duties which result from tho general principles
dend to bo distributed among tho 668 members, covering tho o f international law and from tho obligations solomnly determined in inter­
national agreements. T ho Austro-IIungarlan Foreign O ffico, thoroforo,
period from N o v . 2 1914 to June 30 1915.
bogs the American Ambassador to bring this to tho knowledge o f tho G o v ­
ernments o f France and Great Britain.

The Dallas Reservo Bank began on Dec. 27 tho handling of
the combinod clearings daily of member banks of tho Dallas
district, settlements being effected under this arrangement
through the Dallas Reservo Bank instead of through New
York as had previously been tho practice. It is stated that
tho now plan will be tried for a period of thirty days to tost
its practicability. Arrangements to tost tho now plan wore
perfected at an informal conference of bankers hold at Dallas
on Dec. 21.
As explained in tho Dallas “ N ow s,” Tho
volumo of exchange will ebb and flow to the various banks
the same as under tho old method, but, to insure more
prompt settlements than by the handling of N ew York ex­
change, as at present, the Federal Reserve Bank takes the
differences between the Reservo banks and effects settle­




It is stated that a similar protest was at tho same time sont
by the Austro-Hungarian Foreign Office to the other neutral
countries.
M E X IC A N

A F F A IR S .

W hile tho Mexican affairs, following last wook’s massacro
of Americans at Santa Ysabel, have continued to bo tho
loading factor beforo Congress this woek, action on tho reso­
lutions and proposals which have been submitted has been
stayed. The issuo in tho Sonate was transforrod on Wodnosday from the floor to tho Committee on Foroign Relations,
and, despite tho efforts of the Republican Senators of tho
committee to force action, tho Democrats have succeeded
in proventing legislative stops. On tho 15th inst., at tho

Jan . 22 1916.7

303

THE CHRONICLE

roquest of Sonator Stone, Chairman of the Foreign Relations
Committeo, Secretary Lansing agreed to keep tho Senate
constantly and promptly informed 'regarding Mexican devel­
opments, and also to hasten preparation of information re­
garding the Carranza government in answer to Senator
Fall’s resolution. The importance of tho United States
having a diplomatic representative attached to tho Carranza
government in the present crisis was impressed upon Secre­
tary Lansing, who was advised that the Republican Senators
will not .consider the nomination of Henry P . Fletchor as
Ambassador to the Carranza government until the Presi­
dent’s answer to Senator Fall’s resolution, requesting the
reasons for the recognition of Carranza, havo been received.
On Wednesday a resolution was introduced by Sonator Sher­
m an, Republican, calling on the President for information
as to whether the United States had entered into any rela­
tions with South American or Central American republics
which would require the United States to consult them
before using the army or navy to protect American citizens
in M exico. N o action was taken on the resolution.
Another resolution, offered on M onday by Senator
Gore, directs the establishment of a neutral zone along the
Mexican boundary to be policed jointly by United States
and Mexican soldiers; it was referred to the Committee on
Foreign Relations. On the 18th inst. Senator Lippitt of
Rhodo Island introduced a resolution authorizing and in­
structing the President to use the army and navy of the
Unitod States for tho protection of American lives and prop­
erty in M exico. This resolution was sent to tho Committee
on Foreign Relations, as was likewise the resolution of
Senator Lowis (introduced on the 13th and allowed to lie
over without action), directing the President to send armod
forces to Moxico to co-oporate with Carranza’s troops in
protecting the citizens and property of tho United States.
According to announcements from Washington on the
17th, dofinito advices that tho seventeen Americans killed
at Santa Ysabel on tho 10th inst. were given every reason to
beliovo by tho Carranza authorities that they would be safe
from attack, was received at the State Department in a
lengthy report from Collector of Customs Cobb at El Paso.
A dispatch from Consul Silliman to the State Department
dated at Quoretaro on tho 16th stated that Gen. Carranza
had personally assured M r . Silliman in reply to the Depart­
ment’s demand that tho murdorers bo run down, that he
“ had issuod ordors for the immediate pursuit, capture and
punishment of thoso responsible for the atrocity.” The
dispatch said:

and setting forth the proofs "o f the identity o f th e ’ ou tIa w s> n d the p ro o f
o f the execution.”

Reports on Jan. 20 that Gen. Villa hadjbeen captured
were later denied. Dispatches from El Paso yesterday
reported the execution of eighteen alleged participants in
the Santa Ysabel massacre.
M A Y O R 'S

C O M M IT T E E ON T A X A T IO N
STATE IN C O M E T A X .

ADVOCATES

A final report has been handed the M ayor by the Com ­
mittee on Taxation which he appointed in April 1914 to study
taxation methods and suggest new ways of raising revenue.
One of the important recommendations of the committee is
that a tax bo levied by the State upon incomes. In the event
that such a tax should not prove feasible, the committee
recommends an abilities tax composed of a habitation tax,
an occupation tax and a salaries tax. The committee dis­
approves the principle of untaxing buildings, gradually or
otherwise, and also recommends against a low rate tax upon
intangibles or tangible personal property, and against a super­
tax on land values. The principle of a tax upon the incre­
ments of land values is endorsed by the committee. The
recommendations made by the committee as a^result of its
deliberations are as follows:
(1) T he com m ittee recomm ends against the adoption o f the principle of
untaxing buildings, gradually or otherwise.
(2) Tho com m itteo recomm ends a State incom e tax as a partial means of
securing tho additional revenue required in the immediate future.
(3) T ho com m ittee recomm ends that in the e v e n tlo f the’ adoption o f a
State incom e tax not proving feasible an abilities tax com posed o f a habi­
tation tax, an occupation tax and a salaries tax for the C ity o f N ew Y ork
bo adoptod as a partial means o f securing the additional revenue required
in tho imm ediate future.
T ho adoption o f either o f tho recom m endations, numbers 2 and 3, w ou ld J
In tho opinion o f the com m ittee, require the abolition o f superseding o f the
personal property tax as it exists at present as a part o f thejgeneral property
tax, a result which this com m ittee w ould regard as in every w ay highly d e ­
sirable.
(4) T he com m ittee recom m ends against tho adoption o f a low rate tax on
Intangible or tangible personal property as a means o f securing additional
revenue required in the im m ediate future.
(5) T he com m ittee recom m ends the adoption o f tho principle o f a tax
upon the increments o f land value as a partial means o f securing tho a d d i­
tional revenue required in the imm ediate future.
(6) Tho com m ittee recomm ends against a supertax on land values as a
means o f raising tho additional revenue required in the imm ediate future.
The com m ittee recommends certain changes in the existing tax laws cal­
culated to sim plify and im prove their administration and at the same tim e
m oderately to increaso the revenue.
T he com m ittee finally recomm ends that the M a yor appoint a com m ittee
to report upon tho question o f raising additional revenue from Special as­
sessments and o f possible im provem ents in the laws relating to special as­
sessments.
_ _

The report also says: “ There is great diversity of opinion
among the members of the committee with respect to most of the
D opartm ont's telegram o f Jan. 13 upon the massacre o f Americans at foregoing recommendations. W hile each of them represents the
Santa Ysabel. received and im m ediately placed beforo G en. Carranza b y
viewsof a substantial majority of the committee, those favor­
mo in person. Gen. Carranza said that he had already issued orders for
tho Immediate pursuit, capture and punishment o f thoso responsible fo r ing one recommendation were in several cases not those voting
the a trocity. Ho stated that he believed this outrage was com m itted b y in favor of another.
The recommendations adopted by the
men associated diroctly with V illa and that it was done specially to provoke
International troubles at this tim e. Ho said he had declared those respon­ committee are therefore set forth above without discussion.
sible outside the law, to be punished with death if caught.
Appended to the report is a separate statement with respect
He appeals to tho Secretary o f State and to the pu blic o f the United
to each recommendation requiring any further discussion,
States to consider the wide strip o f the Central R ailw ay, the great d ifficu lty
o f guarding the entire distance, and tho com paratively easy task o f destroy­ signed by the majority favoring it, stating their reasons
ing a train or attacking a small place. He says that n ob od y can lament therefor, followed by a statement of the views of those mem­
m oro than he such an atrocity or bo m ore concerned about it, but that bers of the committee who dissent or who concur only in
protection is relative and that oven in tho best regulated States outbursts
o f disorders and lawlessness m ay cause destruction o f property and loss o f part or with qualifications.”
The members of the M ayor’s Committee were as follows:
life.
Ho says ho is expecting fu ll reports from G en. Trevino and that all Alfred E . Marling, Chairman; Professor Edwin R . A . Seligefforts will bo m ado to protect Americans and any other foreigners who m ay
bo in tho district. His belief is that tho massacre was m ade prem editatodly man of Columbia University, Chairman Executive Com ­
b y a band, who fled at once after the raid.
mittee; Robert S. Binkerd, Frank Harvey Field, Joseph N .
On tho 19th inst. Gon. Carranza notified the Mexican Francolini, John J. Halleran, Hamilton H olt, Frederic C .
Embassy at Washington that ho had formally proclaimed Howe, Jeremiah W . Jenks, Ardolph L . Kline, Frederic C .
Francisco Villa, Rafael Castro and Pablo Lopez outlaws, Leubuscher, W alter Lindner, Cyrus C . M iller, George V .
bocauso of tho massacro of American citizens at Santa Ysabel. M ullan, Louis Heaton Pink, Lawson Purdy, David Rumsey,
Undor tho decree any citizon of the republic is authorized to Oscar R . Seitz, Frederic B . Shipley, Robert E . Simon, F . S.
oxocuto the outlaws without formality. The advices to Tomlin, Charles T . W hite, Delos F . Wilcox and Collin H .
tho Moxican Embassy said:
Woodward. Senator George Cromwell was originally a
In view o f tho frequency with which outrageous crimes are being com ­ member of the committee, but resigned in January, 1915,
m itted b y bands o f outlaws scattered in various parts o f tho R epublic, even
on beginning his term in the Senate.
after tho annihilation o f the armies o f the reactionaries b y the C onstitu­
tionalist forcos, I beliovo that tho situation thus crcatod calls for the ex­
trem ity o f energetic measures o f suppression in order that such crim es shall
bo m ot b y tho severest punishment to thoso w ho are responsible for them .
In view o f tho recent attack on a railway train at a point distant eight
kilometers from Santa Y sabel, in tho State o f Chihuahua, b y bandits led
b y Rafaol Castro and Pablo Lopez, members o f the forces com m anded by
Francisco V illa, under whose orders they were operating, and in accordance
with tho precedent established b y tho C onstitutionalist Governm ent in
sim ilar cases occurring in the past, I have seen fit to issue the following
decree:
“ A rticlo I . T he reactionary leader and ox-Gcneral Francisco Villa is here­
b y doclarod to bo outside tho palo o f the law.
“ A rticle I I . T he reactionary leaders ex-General Rafael Castro and ex­
C olonel Pablo Lopez aro hereby declared to bo outside the pale o f tho law.
“ A rticlo I I I . A ny citizen o f M oxico is em powered hereby to arrest the
loaders, Francisco V illa, Rafaol Castro and Pablo Lopez, and to execute
them w ithout any form ality o f tho law. B ut the citizen perform ing such
fu n ction shall make a record in writing describing in detail the occurrence




COTTON

FUTURES

BILL

R E -IN T R O D U C E D .

A bill designed to re-enact the Cotton Futures Law, was
introduced in the House by Representative Lever on the
6th inst.
The bill is practically indentical with the measure
which became a law on August 18 1914 and went into effect
on Feb. 18 1915. The A ct was declared unconstitutional
in an opinion rendered by Judge Hough of the U . S. District
Court of this city on October 13 1915. In re-introducing
the bill Chairman Lever of the House Committee on Agri­
culture, pointed out that tho Act was held to be uncon­
stitutional on the ground that the measure in the form in
which it was finally enacted had originated in the Senate,

304

THE CHRONICLE

whereas the Constitution provides that all measures for
increasing or raising revenue shall have their origin in the
House. One of the essential particulars in which the new
measure differs from the old,lies in the addition of the fol­
lowing two sections to the law:
Sec. 22. That the A ct entitled, " A n A ct to tax the privilege o f dealing
on exchanges, boards o f trade and similar places in contracts o f sale o f
cotton for future delivery, and for other p urposes," approved August 18
1914 (38th stats, at large, page 693), is hereby repealed, effective on and
after the first d a y o f the calendar m onth next succeeding the date o f the
passage o f this A ct : P rovided, that nothing in this A ct shall be construed
to affect any right or privilege accrued, any penalty, or liability incurred,
or any proceeding com m enced under said A ct o f August 18 1914, or to
diminish any authority conferred b y said A ct on any official o f the United
States, necessary to enable him to carry ou t any duties remaining to be
perform ed b y him under the said A ct, or to impair the effect o f the findings
o f the Secretary o f A griculture upon any dispute referred to him under
said A ct, or to a ffect any right in respect to, or arising out o f any contract
m entioned in Section 3 o f said A ct, m ade, or subsequent to February 18
1915 and prior to the first d ay o f the calendar m onth next succeeding the
date o f the passage o f this A ct, but, so far as concerns any such contract,
said A ct o f August 18 1914 shall remain in force, -with the same effect as if
this A ct had not been passed.
Sec. 23. T hat, if any clause, sentence, paragraph, or part o f this A ct
shall, for any reason, be adjudged b y any court o f com petent jurisdiction
to be invalid, such judgm ent shall not affect, impair, or invalidate the
remainder thereof, but shall bo confined in its operation to the clause,
sentence, paragraph, or part thereof d irectly involved in the controversy in
which such judgm ent shall have been rendered.

Further differences between the law as it now stands and
the pending measure are indicated below, the old matter
omitted in the new bill being shown in brackets and the new
matter in italics:
Sec. 19. That there is hereby appropriated, out o f any m oneys in the
Treasury not otherwise appropriated, for the fiscal year ending Juno 30
[1915] 1916 [the sum o f $50,000], t h e u n e x p e n d e d b a l a n c e o f t h e s u m a p p r o ­
p r i a t e d b y th e A c t o f M a r c h A lh 1915 ( T h i r t y - e i g h t h S t a t u t e s a t L a r g e , p a g e
1017) f o r ' ' c o l l e c t i n g t h e c o t t o n - f u t u r e s t a x , " or so m uch thereof as m ay bo
necessary to enable the Secretary o f the Treasury to carry out the provi­
sions o f this A ct, a n d a n y d u t i e s r e m a i n i n g t o b e p e r f o r m e d b y h i m u n d e r t h e
U n i t e d S t a t e s c o t t o n - f u t u r e s A c t o f A u g u s t 18th 1914 ( T h i r t y - e i g h t h S t a t u t e s
a t L a r g e , p a g e 693).
Sec. 20. That there is hereby appropriated, out o f any m oneys in the
Treasury not otherwise appropriated, available until expended, the u n e x ­
p e n d e d b a l a n c e o f t h e sum o f $150,000 a p p r o p r i a t e d b y s e c t i o n 20 o f t h e s a i d
A c t o f A u g u s t 18t h 1914 a n d f o r t h e f i s c a l y e a r e n d i n g J u n e 3 0 t h 1916, tho
u n e x p e n d e d b a l a n c e o f t h e s u m o f $75,000 a p p r o p r i a t e d f o r t h e ' ' e n f o r c e m e n t
o f th e U n i t e d S ta te s c o t t o n - f u t u r e s A c t " b y th e

A c t m a k in g a p p r o p r ia tio n s f o r

30 th 1916 ( T h i r t y 1086), or som uc h [thereof] o f e a c h o f s a i d u n exm
p e n d e d b a l a n c e s as m ay be necessary, [to enable the Secretary o f Agricul­
ture to make such investigations, to collect such data, and to use such meth­
ods and moans as he m ay deem necessary to determine and designate what
are bona fido spot markets within the meaning o f this A ct, to prescribe
rules and regulations pursuant to Sections 5, 6 .and 8 hereof, to establish
and prom ulgate standards for cotton and to furnish practical form s thereof
as authorized b y Section 9 hereof, to publish the results o f his investigations,
to pay rent and to em ploy such persons as he m ay deem necessary, in tho
city o f W ashington and olsewhere.] t o b e u s e d b y t h e S e c r e t a r y o f A g r i c u l t u r e
th e D e p a r tm e n t o f A g r ic u ltu r e f o r th e f i s c a l y e a r e n d in g J u n e

e ig h th S ta tu te s a t L a r g e , p a g e

f o r th e s a m e p u r p o s e s , i n c a r r y in g o u t th e p r o v i s i o n s o f th is
w h ic h

s a id

su m s,

r e sp ectiv ely ,

w ere

o r ig in a lly

A c t ; a s th o s e f o r

a p p ro p ria te d ,

and

to

en a b le

th e S e c r e ta r y o f A g r i c u l t u r e to c a r r y o u t a n y d u tie s r e m a in in g to be p e r fo r m e d
u n d e r t h e s a i d A c t o f A u g u s t 18 th 1914.
Tho Secretary o f Agri­
culture is hereby directed to publish from tim e to time the results o f inves­
tigations m ade in pursuance o f this A ct. A ll sums collected b y the Secre­
tary o f Agriculture as costs under [Section (5) or for furnishing practical
form s under] Section 9 o f this A ct, shall bo deposited and covered into
the Treasury as miscellaneous receipts.
Sec. 21. That Sections 9, 19 and 20 o f this A ct and all provisions o f this
A ct authorizing rules and regulations to be prescribed shall bo effective
im m ediately. A ll other sections o f this A ct shall becom e and bo effective
o n and after [six m onths from ] t h e f i r s t d a y o f t h e c a l e n d a r m o n t h n e x t s u c ­
c e e d i n g the date o f the passage o f this A ct: P r o v i d e d , T hat nothing in this
A ct shall be construed to a pply to any contract o f sale o f any cotton for
future delivery m entioned in Section 3 o f this A ct which shall have been
m ade prior to tho [date when Section 3 becom es effective.] f i r s t d a y o f t h e
b y h im

c a le n d a r m o n th n e x t s u c c e e d in g th e d a te o f th e p a s s a g e o f th is A c t .

The motion to advance the appeal of the Government in
the Cotton Futures A ct case and set it for an early argument
was denied by the U . S. Supreme Court on the 10th inst.
Amendments to tho regulations governing “ replacement
disputes” under the Cotton Futures A ct, were announced
by Secretary of Agriculture David F . Houston, on D ec. 20,
effective January 1, as follows :

[VOL. 102.

Sec. 25. Im m ediately after an examiner reaches a conclusion upon a
dispute heard before him in the C ity o f W ashington, and as nearly simul­
taneously as practicable, the Office o f M arkets and Rural Organization
m ay, b y letter or telegram , com m unicate such conclusion to each p arty,
and shall submit all papers, samples and evidence in the dispute, together
with proposed findings, to tho Secretary o f Agriculture. Im m ediately
after an examiner reaches a conclusion upon a dispute heard before him
outside the city o f W ashington, and as nearly simultaneously as practicable,
he shall deliver a signed m em orandum o f such conclusion to each p arty,
and transmit all papers, samples and evidence in the dispute, together
with proposed findings to tho Secretary o f Agriculture.
Strike out the first five lines in Paragraph 1, Section 31 o f Regulation 2,
as amended b y A m endm ent N o. 2 to Circular N o. 46, and, in liou thereof,
insert the following: Tho minimum cost o f a dispute shall be $5.

C O N T E N T I O N S OF G E R M A N Y A N D G R E A T B R I T A I N
I N BAR ALONG CASE.

The offer of Sir Edward Grey to submit the charges in­
volving the Baralong (a British patrol boat which sank a
German submarine) to an impartial tribunal of officers of
tho United Statos N a v y , along with three incidents in con­
nection with naval warfare in which German officers are
alleged to have committed atrocities in violation of inter­
national law, has been rejected by tho German Government.
Germany’s decision is made known in a note delivered to
Great Britain through the American Embassy, mado public
this week. Charges that marines from the Baralong had
killed tho captain and members of the crew of a Gorman
submarine after tho latter had been sunk off Lundy on A u g .19
were reported to have been made by several muleteers of
tho British steamer Nicosian with tho arrival of that vessel
at Now Orleans in October. The Nicosian, according to the
accounts credited to the muleteers by tho daily papers,
was being shelled by the submarine when tho Baralong,
which the muleteers alleged was flying tho Amorican flag,
arrivod on the scene. On Oct. 17 Count von Bornstorff,
tho Gorman Ambassador at Washington, announced that he
had forwarded to tho Stato Department sovoral affidavits
signed by Nicosian muleteers, formally repeating these
chargos. Dispatchos from London on tho 10th inst., in
announcing a denial of these charges, said:
T he “ D ally N ew s” to-day prints stories o f tw o American members o f tho
crew o f tho steamer N icosian at the tim e when a German submarine was
shelling the Nicosian and the British patrol boat Baralong cam o up and
sank tho submarine. These m en, who since tho incident havo joined the
British arm y, are T . Carson and W . E . Dem psey, both o f Nashville, Tenn.
Carson and D em psey both deny absolutely that tho Germans o f the sub­
marine were shot either in the water or on board the N icosian. T hey are
uncertain as to what flag the Baralong flew on arriving on tho scene.
Carson is quoted as being absolutely sure that tho Baralong's captain,
when ho ordered a search o f tho N icosian, said nothing about not taking
prisoners or abou t shooting Germans found aboard. l i e supposes the
report o f such shooting arose from the fact that shots were heard, which
were fired b y tho muleteers on board the Nicosian to put wounded mules
out o f their misery.
D em psey is quoted as saying that tw o o f the Americans on board tho
N icosian, who testified that they witnessed the killing o f eleven helpless
Germans b y British marines— Charles G . Hightower and R . II. C rosby,
both o f Crystal C ity, T ex.— had a grudge against tho English members o f
the N icosian’s crew.

Tho circumstances attending the destruction of tho sub­
marine have been the subject of direct correspondence betwien the United Statos and Great Britain. Tho proposal
of Sir Edward Grey referred to above was sot out in an official
statement issued at London on the 5th inst. as follows:
Sir Edward Grey (Secretary for Foreign Affairs) has answered tho com ­
plaint by tho Germans through the American Embassies regarding the de­
struction o ff the coast o f Ireland o f a German submarine and crow by the
British auxiliary Baralong, b y referring to various German outrages. Sir
Edward Grey offers to submit such incidents, including tho Baralong case
to an impartial tribunal com posed say, o f officers o f tho United States N a vy.
T ho Foreign O ffice has presented to the Houso o f Com m ons the full cor­
respondence between Ambassador Pago and Sir Edward Grey concerning
tho case. A m emorandum from Germany concerning tho sinking o f the
submarine includes affidavits from six Americans— J. M . Garrett o f K lin,
M iss.; Charles G . Hightower o f Crystal C ity, T e x .; Bud Emerson I’ alen
o f D etroit, M ich .; Edward Clark o f D etroit: R . II. C rosby o f Crystal C ity,
T e x ., and James J. Currean, C hicago. The above wero all muleteers
aboard tho steamer Nicosian and witnessed tho Baralong’s destruction o f
the submarine.
A further affidavit from Larimore H olland o f C hattanooga, T en n ., who
was a m ember o f tho crew o f the Nicosian, was subm itted. Ail the affi­
davits speak o f tho Baralong as disguised and flying tho American flag.

A com plaint or stipulation m ay be filed on or prior to the tenth business
d ay succeeding the d ay on which the person making a tender shall givo
to the person receiving the same written notice o f the date o f delivery o f tho
cotton involved. I f any cotton tendered pursuant to such notice be
rejected because undeliverable on a section 5 con tract, and the contract
In indicating that little liopo was ontortainod that Germany
p rovid e for tendering, in advance o f its final settlement, other cotton in
place o f that rejected, a com plaint or stipulation m ay be filed on or prior would meot Sir Edward Groy’s suggestion for a noutral
to the fifth business day succeeding the day on which the cotton involved is board to consider tho Baralong case in conjunction with the
tendered in replacement o f any cotton so rejected. U pon written or tele­ charges against German submarines, advices from London
graphic application showing good cause tho Secretary o f Agriculture m ay
extend the tim e for tho filing o f a com plaint or stipulation, subject to dis­ on tho 5th stated that if tho controversy was carried further
missal if it should later appear to his satisfaction that the evidence is not Groat Britain would very likely tako tho stand that tho affi­
available to enable him to determine the dispute on its merits.
davits of tho muleteers provide insufficient and unraliable
Insert tho following paragraph in Sections 3 and 6 o f Regulation 2 :
Advicos from Wash­
(i)
I f the cotton involved was tendered in replacement o f other cotton evidence concerning tho charges made.
tendered on the same contract and rejected b y the person receiving tho ington on tho 5th stated that it was authoritatively announced
tender, stato the number o f bales rejected as undellverablo, on the con­
on that date that the Unitod States Government would not
tra ct, with the date o f such rejection, the number o f bales tenderod in
replacem ent thereof, with tho date o f such tender, and if the same con­ agroo to the suggestion by Sir Edward Groy to Germany
tract has been involved in a previous dispute referred to tho Secretary o f that a tribunal of American naval officers investigate b jlAgriculture, the number o f such previous disputes.
Strike out all o f Section 25, Regulation 2, and, in lieu thereof, insert a ligoront charges and countor charges of inhuman conduct
new Section bearing the same num ber, as follows :
by naval officers. Tho German Government’s statement




Jan . 22 1916.]

THE CHRONICLE

embodying the rejection of the proposal was printed in the
New York “ Times” of the 16th inst. as follows:
T ho British Governm ent answered the Germ an m em orandum in the
Baralong case b y expressing doubts, on the one hand, o f the correctness o f
the facts com m unicated b y the German Governm ent and b y m aking an
accusation, on tho other hand, against Gorman m ilitary and naval forces
o f having deliberately com m itted countless crimes against international law
and humanity which had been unpunished, and com pared with which the
alleged offense o f the captain and crew o f tho Baralong fades into insignifi­
cance. The British Governm ent has contented itself with m entioning,
without any evidence, three incidents in connection with naval warfaro in
which German officers are alleged to have com m itted atrocities in violation
o f international law.
T ho British Governm ent proposes an investigation o f these cases b y a
court com posed o f American naval officers, and under this condition is
roady to submit the Baralong case to the same cou rt.
The German Governm ent protests m ost sharply against the unprece­
dented and unprovoked accusations o f the British Governm ent in regard
to the German arm y and n a vy , and the im putation that the German
authorities have not dealt w ith any such crimes as have com e to their
attention. T he German arm y and na vy in this war observe the principles
o f international law and hum anity, and the higher authorities insist that in
tho ovont offenses are com m itted they shall be investigated m ost closely
and punished sternly.
T he three cases m entioned b y the British Governm ent were investigated
thoroughly at tho tim e b y com petent German authorities.
First, in the case o f the sinking o f the A rabic b y a German submarine,
the investigation showed that the submarine com m ander was forced from
circum stances to draw the conclusion that the steamer was attem pting to
ram his craft. l i e therefore believed him self to be acting in justifiable
self-defense when he attacked the ship.
The second case m entioned— the attack o f a German destroyer upon a
British submarine— occurred in this manner: A figh t developed in those
(sic) waters between tw o ships, in which tho submarine defended itself by
gunfire. The British Governm ent can have little ground for advancing
th e charge that Danish neutrality was violated b y the German attack, in
view o f the fa ct that British naval forces in a series o f cases attacked
German ships in neutral waters.
Finally, in tho case o f the destruction o f the British steamer R uel, the
Gorman submarine m erely applied measures o f reprisal announced by
Germ any in February 1915. These measures are in harm ony with inter­
national law, because England is endeavoring b y illegal means to tie up
the legitimate m aritim o com m erce between Germany and neutral countries,
to cut o f f Germany from all imports and thereby starvo tho German
peoplo. Appropriate reprisals are permissible against measures in violation
o f international law.
In all threo cases the German naval forcos intended on ly to destroy hostile
ships, and in no w ay to slay helpless persons who were attem pting to save
their lives. Tho assertions to the contrary o f the British Governm ent
must b o repudiated with all decisiveness as untrue.
Tho German Governm ent is o f the opinion that it must reject as unac­
ceptable tho British proposal t o submit these three cases, together with the
Baralong caso, to investigation b y a court o f American naval officers. It
takes the standpoint that charges against members o f the German forces
must bo investigated by its own com petent authorities, and that the persons
accused bo given every surety o f an unprejudiced verdict, with just punish­
ment where necessary. In tho Baralong case it has advanced to the
British Governm ent no request other than this, not doubting for a moment
that a court-m artial com posed o f British naval officers would inflict suitable
punishment for the cow ardly and perfidious m urder. This request was
the m oro justifiable because o f the fa ct that tho guilt o f the com m ander
and crow o f tho Baralong was established practically beyond d ou b t by
affidavits mado b y Americans, who are neutral witnesses, and subm itted to
tho British Governm ent.
Tho manner in which the British Governm ent has answered tho German
memorandum docs n ot correspond in form and contents writh tho gravity
o f tho situation, and makes it impossible for tho German G overnm ent to
negotiate further with tho British Governm ent in regard to this m atter.
T ho German G overnm ent, therefore, takes the ground, as tho final result
o f the negotiations, that the British Governm ent, under em pty pretexts,
has left unfulfilled the justified demands for an investigation o f the Baralong
case, and thereby has m ade itself responsible for tho crim e o f defying inter­
national law and hum anity, showing that it desires no longer to observe, in
respect to German submarines, one o f the first rules o f war, nam ely to spare
enemies incapacitated for further action, in order to prevent them from
conducting warfare at sea in accordance with established international law.
Inasmuch as the B iitish Governm ent has declined to m ake amends for
this outrageous incident, the Gorman Governm ent feels itself com pelled to
take into its own hands punishment for this unatoned crim e, and to adopt
measures o f reprisal corresponding with the provocation.

The British official viow on the German note regarding the
Baralong was given out on the 19th inst. as follows:
The Germans claim that their arm y and navy have observed during the
present war tho principles o f international law and humanity and that the
German authorities take care that all violations will bo carefully investi­
gated and punished.
Some surprise is expressed that the nation whose armed forces have been
responsible for tho sack o f Louvain, the murder o f hundreds o f unoffending
men, wom en and children on the Lusitania and other ships, the execution
o f E dith Cavoll, tho introduction o f poisonous gases, the poisoning o f wells,
attem pted torpedoing o f hospital ships and countless other atrocities,
should describe their m ethods o f warfaro as humane.
It is further pointed out that it would be interesting to know how many
German subjects, if any, have been punished for these atrocities. T he Ger­
mans claim that the Arabic was torpedoed because the com m ander o f the
submarine had the conviction that the A rabic was about to ram the subma­
rine. The true facts aro that the A rabic was deliberately sunk b y a Ger­
man submarine without warning, and that she neither attem pted to attack
the submarine nor escape from It.
W ith regard to the destruction o f tho British submarine E-13 in Danish
waters by a German torpedo boat destroyer, it is claimed that it cam e to a
fight between tho war vessels and that the submarine defended itself with
gunfire. The true facts are as follows: The Germans found tho submarine
stranded in neutral waters and incapable o f either offense or defense The
German destroyer fired a torpedo at the E-13. Tho torpedo exploded close
to her. A t the same m om ent the German destroyer fired with all her guns,
and the com m ander o f the E -13, whose submarine was afire fore and aft
and w ho was unable to defend himself, owing to being argound, gave orders
to the crew to abandon her. W hile the men were in the water they were
fired on b y m achine guns and with shrapnel.
The Gormans defend their action in tho case o f the Ruel on the ground that
it was a measure o f reprisal in accordance with measures announced b y the
German Governm ent in February 1915. I t is claimed that these reprisals




305

are legitim ate ow ing to the action o f Great Britain in attem pting to cut o ff
from Germ any all im ports and starve tho German people. T h e Germans
thus m aintain their submarine p olicy in consequence o f the British measures
against German trade.
This is, o f course, quite untrue, the exact opposite being the case. As far
back as D ecem ber, 1914, Admiral von T irpitz foreshadowed the submarine
blockade o f Great Britain, and submarine attacks were m ade on a merchant
ship and a hospital ship on Jan. 30 and F eb. 1, respectively. M oreover,
as far back as Septem ber 1914, a D u tch ship with a cargo o f grain for
Dublin and B elfast, was sunk b y the Karlsruhe, and the Am erican ship
W . P . Frye similarly was sunk on Jan. 28.
Further, on F eb. 4 the German Governm ent declared their intention o f
instituting a general submarine blockade o f Great Britain and Ireland, with
the avow ed purpose o f cutting o ff all supplies from these islands, and this
blockade was put into effect on F eb. 18.
I t was only on M arch 11 that the British G overnm ent put into force, as a
means o f reprisals, measures against German trade, which the German G o v ­
ernment now try to m aintain were the cause o f their submarine p olicy.
T he Germans m aintain that in the cases o f the A rabic, the E-13 and the
Ruel they were on ly aiming at the destruction o f hostile ships, and in no
wise the destruction o f helpless persons. T he death roll o f the A rabic,
the shelling o f British sailors as they were swimm ing ashore after abandon­
ing tho E -13, and the firing on the crew o f the Ruel who were attem pting
to save themselves in the b oats, sufficiently answer this claim .
W ith regard to the German refusal to subm it the Baralong case and the
three cases put forward b y the British Governm ent for investigation b y an
impartial neutral tribunal, this action seems hard to explain if the Germans are
really so convinced as they say o f the guilt o f the British com m ander and
the innocence o f the perpetrators o f the three outrages cited b y the Gritish
Governm ent.
So far as Great Britain is concerned, it is entirely untrue to state that
the British G overnm ent have left unfilled a just dem and for investigation.
T hey have proposed it, and it is the Germans who have rejected it, doubtless
because they know full well that the cases in which they are defendants
would be decided against them b y any impartial tribunal.

IN C O M E T A X R U L IN G A U T H O R IZ IN G USE OF F A C ­
S I M I L E SIG N A TU RES ON O W N E R S H IP C E R T IF IC A TES

Under a ruling issued by the Commissioner of Internal
Revenue on N o v . 1 banks and trust companies having
a largo number of income tax ownership certificates to exe­
cute, may sign the same with facsimile stamps. The fol­
lowing is the ruling:
E X E C U T IO N O F INCOM E T A X O W N E R S H IP C E R T IF IC A T E S B Y
BA N K S AN D T R U S T COM PANIES.

TREASURY DEPARTM EN T,
O ffice o f the Com m issioner o f Internal Revenue.
W a s h in g to n , D . C ., N o v .

1 1915.

T o C o lle c to r s o f I n t e r n a l R e v e n u e :

Y o u are advised that as a convenience to banks and trust com panies
having a large number o f ownership certificates to execute in the collection
o f interest on bonds, it is hereby provided that the name o f the bank or
trust com pany m ay be printed or stam ped, and the facsim ile o f the signa­
ture o f tho person authorized to sign for the bank or trust com pany in exe­
cuting the said ownership certificates m ay be printed or stam ped on the
certificates; P r o v i d e d , T h a t in all cases the bank or trust com pany shall first
ile with tho Commissioner o f Internal Revenue a certificate o f its authori­
zation in substantially the follow ing form :
................................................... (C ity)
...................................................(D ate)
T h e C o m m is s io n e r o f I n te r n a l R ev e n u e ,

W a s h in g to n , D . C .

“ T ho undersigned hereby authorizes the use o f the facsimile signature
shown below upon all incom e tax ownership certificates issued in its name
until this authorization is revoked b y written notice to you .
(N am e o f bank or trust com pany)
B y .............. ........ .......... ........................
(Signature o f person authorized)
(O fficial position)
Facsimile signature o f person authorized to sign.)”
G. E. FLETCH ER,
A c t in g C o m m is s io n e r o f In te r n a l R ev en u e.

A pproved:
W . G . M cA D O O ,

S e c r e ta r y o f th e T r e a s u r y .

D E D U C T I O N S B Y F I D U C I A R I E S FOR D E P R E C I A T I O N .

A Treasury ruling bearing on the income tax denies to
fiduciaries the right to claim a deduction for depreciation
from the gross income of beneficiaries when no depreciation
reserve is maintained, but the amount so claimed is actually
paid to the beneficiary as income. W e quote the ruling
below :
(T . D . 2267.)
INCOME T A X .

Depreciation n ot allowed fiduciaries as a deduction from gross incom e in
cases where no depreciation reserve is m aintained, but the am ount
claim ed as a deduction for depreciation is paid to the beneficiary
as incom e.
TREASURY D EPARTM EN T.
O ffice o f the Comm issioner o f Internal Revenue.
W a s h i n g t o n , D . C . , N o v e m b e r 5 1915.
T o C o llecto r s o f I n te r n a l R e v e n u e :

In the case o f a trust estate where tho terms o f the will or trust or the
decree o f a court o f com petent jurisdiction provide for keeping the corpus
o f the estate intact and where physical property form ing a part o f the
corpus o f such estate has suffered depreciation through its em ploym ent in
business this o ffice will perm it a deduction from gross incom e for the
purpose o f caring for this depreciation, where the deduction is applied
or held b y the fiduciary for m aking good such depreciation. N o de­
preciation deduction will be perm itted b y fiduciaries otherwise than as
here provided. Fiduciaries should set forth in connection w ith their
returns the provision o f the will or trust or decree requiring such depre­
ciation deduction where any exists, or that actual depreciation occurs,
the am ount thereof, and that the same has been or will be preserved and
applied as such.

The Intent and purpose o f this regulation is to deny to fiduciaries the
right o f claiming a deduction for depreciation in return for the income tax
of beneficiaries when, in fact, no depreciation reserve is established nor is
authorized to be established, but the amount claimed as a deduction for
depreciation is actually paid to the beneficiary as income.
All amounts paid by fiduciaries to beneficiaries o f trust estates from the
income o f such trust estates are held to be distributions o f income and
will be treated for income-tax purposes in accordance with the provisions
o f the law and regulations applicable to the incomo o f such beneficiaries.
Nothing in this regulation shall bo construed to deny the right o f trustees
to make deductions from gross income for expenses actually incurred for
repairs and such other necessary expenses other than betterments as
may be required to preserve the corpus o f the estate in accordance with
the facts, actual application, or reservation o f the necessary amounts or
proper provisions o f the trust, the requirements o f law, or the order of a
court of competent jurisdiction.
____
G. E. FLETC H E R ,
A c t in g C o m m is sio n er o f I n t e r n a l R e v e n u e.

Approved, December 6 1915 :
W . G. M cADOO,
S e c reta ry

[Vol. 102.

THE CHRONICLE

306

o f the

T reasury.

IN C O M E T A X — R U LIN G S A N D D E C ISIO N S .
B A D DEBTS— W H E N D E D U C TIB LE .

A ruling governing deductions from income for bad debts
on account of unpaid wages, salaries, rents, & c ., has been
issued by tho Treasury Department under date of July
13, this regulation revising one on the samo subject given
out by the Department on April 28. Debts arising from
unpaid wages, salaries, rents and items of similar taxable
incomo due and payable on or after March 1 1913 will not bo
allowed as deductions unless the incomo they represent has
beon included in a gross return of incomo for the year in which
the deduction as a bad debt is sought to be mado, or in a
previous year, and tho debts havo been actually ascertained
to be worthless and charged off.
The following is the text of the new ruling:
[T. D. 2224.]
I NC O M E T A X .

D IV ID E N D S

TO B E P A I D I N C O M E FOR
W H I C H R E C E IV E D .

YEAR

IN

Cash dividends declared and paid after March 1 1913
constitute taxable income in the hands of shareholders or
beneficiaries when received, and must be returned when the
total net income of any individual is in excess of $20,00 0,
inclusive of such dividends,and the additional tax should be
paid thereon as on income for the year in which such divi­
dends are received without regard to the period in which the
profits or surplus out of which they are paid were earned.
This is the substance of a decision made known by the
Treasury Department on Dec. 22, which we print below:
Revision o f T. D. 2163 o f Feb. 18 1915 defining the taxable status of
stock dividends paid on the capital stock from the current net earnings or
established surplus created from the net earnings o f corporations, joint
stock companies or associations and insurance companies taxable upon
their net income.
TREASU RY D E P A RT M E N T,
Office o f Commissioner o f Internal Revenue.
W a sh in g to n , D . C ., D e c . 22 1915.

Revising T. D . 2201 of April 28 1915 relative to bad debts as an allowablo
deduction under paragraph B of tho Act of October 3 1913.
TREASURY D E PARTM EN T.
Office of Commissioner of Internal Revenue.
W a sh in g to n , D . C ., J u l y 13 1915.
T o C ollectors o f I n t e r n a l R even u e:

Debts arising from unpaid wages, salaries, rents and items of similar
taxable income due and payable on or after March 1 1913 will not be
allowed as general deductions under paragraph B of tho income tax law
unless the income which they represent has been included in a return of
gross incomo for. the year in which the deduction as a bad dobt is sought
to be made or in a previous year, and the debts themselves havo been
actually ascertained to bo worthless and charged off.
All debts representing amounts that became due and payable prior to
March 1 1913 and not ascertained to bo worthless prior to that date whether
representing income or a return of capital, are held to be allowablo deduc­
tions under paragraph B of the law in a return of incomo for tho yoar in
which thoy are actually ascertained to be worthless and are charged off.
T . D. 2201 and all other regulations! inconsistent herewith aro hereby
suspended.
DAVID A. GATES,
A c t in g C o m m is sio n er o f In t e r n a l R e v e n u e.

Approved:
BYRON R. NEW TON, A c t in g S ecreta ry o f the T r e a s u r y .

T o C ollectors o f I n t e r n a l R even u e:

Cash dividends or their equivalent paid from the not earnings or the
established surplus or undivided profits o f corporations, joint stock com­
panies or associations, and insurance companies, if declared and paid on
or after March 1 1913, constitute taxable income in the hands o f sharehold­
ers or beneficiaries when received, and should be returned when tho total
ne tincome o f any individual is in excess o f 820,000, inclusive o f such divi­
dends, and the additional tax should be paid thereon as on incomo for tho
year in which such dividends were received, without regard to the period
in which the profits or surplus were earned or the period during which they
were carried as surplus or undivided profits in the treasury or on the books
o f the corporations, &c.
_
Stock dividends paid from the net earnings or the established surplus or
undivided profits o f corporations, joint stock companies or associations,
and insurance companies, are held to bo the equivalent o f cash, and to con­
stitute taxable income under the samo conditions as cash dividends.
T . D. 2163 o f Feb. 18 1915 is hereby revised, and all rulings or parts of
rulings heretofore made which are in conflict herewith are hereby revoked.
W . H. OSBORN, C o m m is sio n er o f I n t e r n a l R ev e n u e.
Approved: W . G. M cADOO, S ecreta ry o f the T r e a s u r y .

IN D IC T M E N T S

UNDER IN C O M E

TAX

LAW.

George Silva, Secretary, Treasurer and General Manager
of Sciama & C o ., feather importers, was sentenced by Judge
Hough of the U . S. Distrist Court on D ec. 21 to thirty days
in the Tombs for defrauding the Government of customs and
internal revenue taxes. His firm was also ordered to pay a
fine of $5,000, while he himself was fined $6,003. Silva was
named on D ec. 8 as a defendant in what is said to bo the
first indictments ever returned by the Federal Grand Jury
for an alleged failure to make proper returns under the in­
come tax law. Of the two indictments against him, one is said
to have charged him with violating Section 11, paragraph F ,
of tho income tax law of Oct. 3 1913 b y swearing to rotums
misrepresenting the income of Sciama & C o .; in the other
indictment he and Henry Blumenfeld-Sciama wero charged
with participation in a conspiracy under which the Govern­
ment was defrauded of about $4,000 in internal revenue
taxes. Henry Blumenfeld-Sciama is President of the
Societe Anonyme Sciama of Paris, the parent concern of
Sciama & C o. On Dee. 13 a settlement was effected of a
suit brought by the Government against Sciama & C o.
charging them with having defrauded tho United States of
duties on more than $2,250,000 worth of merchandise dur­
ing the last ten years; with the consent of the Treasury D e­
partment, Assistant District Attorney Carstarphen agreed
to accept the compromise offered by the firm’s counsel call­
ing for the payment by it of $111,000. It was stated that
the shortage in duty for tho period covered by the suit
amounted to $39,000. The additional $72,000 was imposed
as a penalty. W hen pleading guilty on D ec. 15 to the
indictments against him, Silva pointed out that the com­
pany had made good its debt to the Government and had
promised to mako good the corporation taxes.




IN C O M E

T A X R E G U LA T IO N S A P P L Y IN G
TR U STE E S OF E S T A T E S .

TO

Guardians, trustees, executors and othors acting in a fidu­
ciary capacity aro designated the “ source” for tho purpose of
collecting the incomo tax derived from estates hold in trust,
under a ruling of the Treasury Department mado public on
July 26, in a lettor of instruction to Intomal Revenue
Collectors. The following is tho regulation:
[T. D. 2231.]
AMENDMENT OF R E G UL AT ION S REQUIRING RETURN AND
PA YM E NT OF T A X B Y FIDUCIARIES UNDER T R U S T ESTATES.

TREASURY D E PARTM EN T.
Office of Commissioner of Internal Revenue.
W a sh in g to n , D . C ., J u l y 26 1915.
T o C o llec o rs o f I n t e r n a l R even u e :

Guardians, trustees, executors, administrators, agents, receivers, con­
servators and all persons, corporations or associations acting in any fiduciary
capacity hereinafter referred to as fiduciary agents, who hold in trust an
estate of another person or persons, shall be designated tho "source” for the
purpose of collecting the incomo tax, and by filing notico with other debtors
or withholding agents said fiduciary shall bo oxempt from having any
incomo, duo to them as such, withheld for any incomo tax by any other
debtor or withholding agent. Other debtors or withholding agents, upon
receipt of such notice, shall not withhold any part of such incomo from said
fiduciary and will not in such case bo held liable for normal tax of l% d u o
thereon. Tho form of notice to bo filed with tho debtor or withholding
agent by fiduciary will be on Form 1015. Where such exemption is not
claimed notice thereof on Form 1019 should bo filed with tho withholding
agent: provided, that Form 1019 cannot bo used when the incomo affected
is payablo by the fiduciary to a beneficiary who would not bo liablo under
tho statute for income tax, if such incomo were payable to such beneficiary
directly.
Fiduciaries shall, on or boforo March 1 of each year, mako and render
a return, in form prescribed by tho Commissioner o f Internal Revenue,
of tho incomo coming into their custody or control and management from
each trust estate when tho annual interest of any beneficiary in tho Incomo
of said trust estate subject to tho normal tax is In excess of $3,000, and
also when tho undistributed incomo of tho estate (as an entity or beneficiary
in and of itself for tax purposes), consisting of Incomo from dividends o f
corporations and other incomo (or of dividends alono), shall excood $20,000.
In such cases tho estato shall be reported as a beneficiary for tho undis­
tributed incomo.
Notico of failure to file a return as roquired shall bo served upon tho
fiduciary (see Article 18.)
The entries on tho first pago of Form 1041 in column 3, headed "Benefi­
ciaries’ interest in amount reported on lino 5, whether distributed or not,
should not include their respective shares of incomo derived from dividends
on the stock or from tho net earnings of corporations. Joint stock com ­
panies, &c., subject to like tax, or the incomo on which tho normal tax has
been deducted and withheld at tho source by tho debtor or prior withholding
agent. These two items should be treated as deductions In determining the
amount of incomo subject to tho normal tax and for which tho fiduciary as
withholding agent is to account.
The income of trust estates, as any other Incomo, is subject to tho Income
tax. When such income Is received annually by a beneficiary of an ostate
tho fiduciary will withhold the normal tax duo and subject to withholding
by him. Any part of tho annual incomo of trust estates not distributed
becomes an entity and, as such, is liablo for tho normal and additional tax.
which must bo paid by tho fiduciary. When tho beneficiary Is not i n esse
and tho incomo of the ostate is retained by tho fiduciary, such income
will bo taxable to the estato as for an individual and tho fiduciary will pay
the tax. both normal and additional. When tho beneficiary roceivos a
part only of the income to which ho is entitled from tho ostate, and the

Jan . 22 1916.]

THE CHRONICLE

307

balance Is retained by the fiduciary, the normal tax will be withheld on
Section 3176 R . S., as amended, provides that:
the Income paid to the beneficiary and the amount o f such income retained
“ * * * The Commissioner of Internal Revenue shall assess all
by tho fiduciary will be treated as income taxable to the estate for both the taxes not paid by stamp * * * and in case of any return of a false or
normal and additional tax, which tax will be paid by the fiduciary. When fraudulent list or valuation intentionally ho shall add one hundred per
the gross net Income not distributed and remaining in the hands o f a fidu­ centum to such tax * *
ciary is less than $20,000 the estate will be listed as a beneficiary and only
Tho penalty thus imposod is for tho offense committed. I f a party lia­
the normal income tax will be assessable, and such tax will be paid by the ble to tax for the entire yoar falsely states in this return that he is liable for
fiduciary. When the gross net income not distributed and remaining in a portion only of that yoar, the return so made is false, not only as to that
the hands of a fiduciary exceods $20,000 such income is subject to both the portion of tho year omitted, but as to tho remaining portion falsely repre­
normal and additional tax and tho estate will be listed as a beneficiary
sented as the actual period o f liability. In all such cases this office holds
and both tho normal and additional tax will be paid by tho fiduciary.
that the 100 per cent penalty applies to tho full amount of tax involved;
In all cases whore fiduciaries act for minors or other incompetents, thoy and so much of Treasury decision 21517 of Aug. 12 1899 as states that this
are held, for the purpose of the income tax, to bo acting as the agents of penalty is always computed upon the amount actually due over and above
such minors or other incompetents, and must pay all tax (normal and addi­ that shown to be due by the false return, is hereby revoked.
tional) chargeable on such income in their hands as though the persons for
whom thoy act were acting for themselves.
T. D. 1906 and T. D. 1943 and Articles 70, 71, 74 and 75 of Regulations
A R R E S T S FO R S A L E O F I N C O M E T A X L I S T S .
33, and all other regulations so far as inconsistent herewith are hereby
John V . Diofenthaler, First Deputy Collector of Internal
suspended.
W. H. OSBORN,
Revenue in Newark, and M iss Alary A . D uley, a temporary
Approved,
Commissioner o f Internal Revenue.
clerk in the Internal Revenue office, were arrested on Dec. 1
BYRON R . NEW TON,
on a charge of having sold a list of income tax payers in vio­
Acting Secretary o f the Treasury.
A L I E N S E M P L O Y E D I N U . S. B U T R E S I D I N G
W H E R E S U B J E C T TO T A X .

ELSE­

Under a decision of the Treasury Department of Sept. 17
an alien permanently occupied or employed in the United
States, even though his domicile may be located outside
the country, is subject to the income tax law. The ruling
is set out as follows:
(T. D. 2242.)

♦

INCOME T A X .

Non-resident aliens— Definition o f residence in subdivision 1, para­
graph A, and T . D. 2109 o f Dec. 28 1914:
TREASURY D E PARTM EN T.
Office of Commissioner o f Internal Revenue.
W a sh in g ton , D . C ., S e p t. 17 1915.
T o Collectors o f I n t e r n a l R even u e:

lation of a Federal statute. Thoy were arraigned before
Unitod States Commissioner Somple and released under
S I ,000 bail. A t tho time of the arrest Collector CharlesV.
Duffy of Newark said:
The lists offered for sale contained no information as to income or the
source o f income of taxpayers, but merely gave the names and addresses.
They succeeded in disposing of one complete list f which has been recovered.
S T O C K G I V E N A S C O N S I D E R A T I O N FO R R E A L E S T A T E
T A X A B LE UNDER W AR REVENUE ACT.

That stock in a corporation is a valuable consideration
for the transfer of real property and a d eed conveying rea
estate to a corporation for such consideration is taxable is
the substance of a ruling of the Treasury Department,
which we give below:

“ Residence," as usod in subdivision 1 o f paragraph A o f the Act o f Oct. 3
TR EA SU R Y D E PA RTM E N T.
1913, and T. D. 2109, is held to bo:
Office of Commissioner of Internal Revenue,
“ That place whore a man has his true, fixed and permanent home and
W a s h in g to n , D . C . , J a n u a r y 7 1916.
principal establishment, and to which, whenever ho is absent, he has tho
Sir.— In response to your conmunication of the 30th ultimo, you are
intention o f returning, and indicates permanency o f occupation as distinct advised that stock in a corporation is a valuablo considera ion for the trans­
from lodging or boarding, or temporary occupation.”
fer of real property and a deed conveying real estate to a corporation for
For the purposes o f the income tax it is hold that where for business pur
such consideration is taxable under the Act of October 22 1914.
poses or othorwisa an alien is permanently located in the United States,
The tax should bo computed on the value of the interest in the proporty
has thero his principal business establishment and is there permanently conveyed, as outlined in T . D. 2115 and T. D. 2123.
occupiod or employed, oven though his domicile may bo without the United
Respectfully,
States, ho will be held to be within tho definition of “ every person residing
G. E. FLETCHER,
n tho United States though not a citizen thereof,” * * * while aliens
Acting Commissioner of Internal Revenue.
Collector Internal Revenue, San Francisco, Calif.
who are physically present in the United States but only temporarily
resident or employed therein (as for a season or other similarly definite
term and with the expectation or intention o f leaving the United States
W A R R E V E N U E A C T — R U LIN G ON A F F IX IN G S T A M P S
upon the termination of employment or accomplishment of tho purpose
ON STOCK TRANSFERS.
which necessitated presence in tho United States) are within the class o f
"persons residing elsewhero.” * * *
A ruling regarding the proper method of affixing document­
Aliens coming to tho United States with the intention o f becoming resi­
dents thereof within tho meaning and intent o f tho income tax statute ary stamps upon the transfer of certificates of stock was
may establish that fact and have tho privilege o f resident aliens under tho issued on December 30 as folloAvs :
statute by filing with withholding agents a certificate in the following
TREASURY D E PA RTM E N T.
form, under oath, and which certificate shall be filed by said withholding
Office of Commissioner of Internal Revenue.
agents with collectors ot intornal revenue as justification for withholding
W a sh in g to n , D . C ., D ecem b er 30 1915.
on the basis o f "residence” in tho United States:
G en tlem en . — Answering your communication o f the 21st instant, in
CERTIFICATE.
which you request to bo advisod as to the proper method of affixing docu­
C ertifica te o f resid en ce— C la im by a lie n s .
mentary stamps upon certificates of stock transferred, you are informed
F o r m — T rea s u ry D ep a rtm en t In t e r n a l R even u e— In c o m e T a x .
that under Schedule A , Act of October 22 1914, in case o f a sale of certi­
(To bo filed by aliens with withholding agents when residence in the United ficates of stock where tho evidence of transfer is shown only by the books of
States is a fact, for the purpose of claiming the benefit of residence for the company, the requisite stamps should bo affixed to the books; where
income-tax purposes, where otherwise status would be that of a non­ tho change of ownership Is evidenced by tho indorsement of tho certificate
resident alien.)
of stock from the seller to the purchaser, the requisite stamps should be
I hereby declaro that I am a citizen or subjoct o f___________ ; that I
affixed upon the certificate indorsed, and not upon the new certificate
arrived in tho United States on or about__________ , and that "it is my
Lssuod to tho purchaser by tho transfer agent in exchange for the old cer­
intention to establish and maintain a residence in tho United States; that tificate, and in case of an agreement to sell certificates of stock, or where
tho address in tho United States where any and all notices and communi­ tho transfer is by delivery of the certificates indorsed in blank, there is
cations relative to my liability for any income tax may bo sent or mailed required to bo made and delivered by the seller to the buyer a bill or memo­
to me is
randum of such sale, to which the requisite stamps shall be affixed.
Respectfully,
(Street and number.)
(City.)
(State.)
DAVID A . GATES,
(Signed)................ ......................... ..................... ..
Acting Commissioner o f Internal Revenue.
Sworn to and subscribod before mo this__________ day o f . . 1!
(Official capacity.)
Said certificate shall bo in size 8 by 3]^ inches and shall bo printed to
read from left to right along the 8-inch dimension. It shall bo printed on
blue paper corresponding in weight and texture to white writing paper
21 by 32, about 40 pounds to tho ream o f 500 sheets, and will be provided
by the Government and furnished without cost to the user thereof.
DAVID A. GATES,
Approved:
W M . P. M ALBURN,
A c t in g

S ecreta ry

A c t in g C o m m is sio n er o f In t e r n a l R even u e.

o f the T r e a s u r y .

I N C R E A S E D P E N A L T Y FOR F A L S E R E T U R N S O F
TAXES.

Notice that a penalty of 1 0 0 % will bo imposed on tho total
assessment of taxes for false or fraudulent returns is contained
in a regulation issued by tho Commissioner of Intornal Reve­
nue on Doc. 7. Tho 1 0 0 % ponalty had previously been made
to apply only on that portion of the tax over and above that
shown to be duo by tho false return. The ruling says:
Soction 3172 R. S., as amendod provides: “ That it shall bo the duty of
any person, partnership, firm, association or corporation, made liable to
any duty, special tax, or other taxes imposed by law * * * to make a
list or return, verified by oath or affirmation, to the collector or a deputy
collector o f tho district where located * * *.”




W A R R EVE N U E T A X R U L IN G C O N C E R N IN G T A X A B IL ­
I T Y OF BONDS G IV E N I N C O N N E C T IO N W I T H
A MORTGAGE.

Under a ruling of the Treasury Department issued under
date of the 7th inst. a bond executed by a corporation for
the payment of a specific sum of money is taxable at the
rate of 5 cents for each S I00 of face value or fraction thereof.
Under the same ruling it is held that a bond executed by a
corporation for a penal amount and containing certain penal
conditions is taxable at the rate of 50 cents, unless such
bond is executed with a surety transacting the business of
fidelity insurance, &c. W e quote the ruling below :
TREASURY D E PARTM EN T.
Office of Commissioner of Intornal Revenue,
W a sh in g to n , D . C ., J a n u a r y 7 1916.
G e n tle m e n . — In response to your communication of the 24th ultimo,

you are advised that a bond executed by a corporation for tho payment
of a specific sum of money, such as a bond given in connection with a mort­
gage on roal proporty, is taxable under the first paragraph of Schedule A
at the rate o f 5 cents for each $100 o f face value or fraction thereof.
A bond, however, executed by a corporation in a penal sum, such as
doublo tho amount of indebtedness, and given in connection with a mort­
gage as security for a loan, or an indemnity bond given by a corporation
to secure payment of interest, insurance, and tax assessments, or for
the performance of some duty, as that o f receiver, is taxable under the
seventh paragraph of Schedule A at the rate of 50 cents, unless such bond

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THE CHRONICLE

308

Is executed with “ a person, association, company, or corporation transact­ | or fraction thereof. The decision as announced as follows
ing the business o f fidelity, employer’s liability * * * or other branch I by the office of the Commissioner of Internal Revenue :
of insurance" as surety, in which case it is taxable under the sixteenth
(T . D. 2,257.)
paragraph o f schedule A at the rate o f
o f 1 cent on each $1 or fractional
EM ERGENCY REVENUE L A W .— BONDS,
DEBENTURES AND
part thereof upon the amount o f the premiun charged.
CERTIFICATES OF INDEBTEDNESS.
Respectfully.
G. E. FLETCHER,
"G old coupon notes" issued in series by a corporation under the terms
Acting Commissioner o f Internal Revenue.
and conditions of an indenture of trust are taxable under the first para­
graph of Schedule A and not as promissory notes.
R U L IN G C O N C E R N IN G W A R T A X ON D E E D S E X E C U T ­
E D A F T E R D E C . 1914 C O N V E Y I N G P R O P E R T Y P R I O R
THERETO.

Still another ruling of the 7th inst. sets out that deeds
executed and delivered on or after D ec. 1 1914, conveying
property in pursuance of a contract made prior to that time
are taxable. This decision is as follows :
TREASU RY D E P A R T M E N T.
Office o f Commissioner o f Internal Revenue.
W a s h in g to n , D . C . , J a n u a r y 7 1916.
S i r . — In response to your communication o f the 1st instant, you are

advised that a deed executed and delivered on or after December 1 1914,
conveying property in pursuance o f a contract made prior to that time,
the consideration for which was paid in installments, is taxable under
the Act o f October 22 1914, and the tax should be computed upon the
actual consideration given or the value o f the interest in the property
conveyed, as stated in T . D. 2115 and T . D. 2123.
The tax is imposed upon the deed and not upon the contract o f sale.
Respectfully,
G E FLETCHER,
Acting Commissioner o f Internal Revenue.

L I A B I L I T Y A S BROKER U N D E R W A R R E V E N U E A C T .

Bearing on the special tax liability as broker under the
W ar Revenue A ct, the Treasury Department, in a ruling
ssued under date of O ct. 6, held that if a person is engaged
in the business of purchasing stocks, bonds, notes, & c.,
solely for himself and for investment purposes, ho incurs
liability as a broker. This ruling was rescinded on N o v . 15,
when the Department reversed its edict of the previous month
and decided that the special tax liability as brokor is not in­
curred on account of a person negotiating purchases of stocks,
bonds, & c ., solely for himself. W e give below both the latest
and earlier decisions in the matter.
(T. D . 2263.)
EMERGENCY REVENUE LAW.
Revoking T . D . 2249, regarding special tax liability as brokers by deal­
ers in notes and other securities.
TR EA SU R Y D E P A R T M E N T.
Office o f Commissioner o f Internal Revenue.
W a sh in g to n , D . C . , N o v em b e r 15 1915.
T o C ollectors o f I n t e r n a l R e v e n u e, R ev en u e A g e n ts a n d Others C o n cern ed :

Upon further consideration, this office has decided to revoke the ruling
laid down in T . D . 2249. Accordingly, special-tac liability as broker is
not incurred on account o f a person negotiating purchases of stocks, bonds,
&c., solely for himself.
W . II. OSBORN,
C o m m is sio n er o f I n t e r n a l R ev e n u e.

Approved:
BYR O N R . N EW TON ,
A c t in g Secreta ry o f the T r e a s u r y .

(T. D. 2249.)
EM ERG ENCY REVENUE L A W .

Ruling as to special tax liability as brokers by dealers in notes and other

TREASURY D E P A RT M E N T.
Office of Commissioner of Internal Revenue,
W a sh in g to n , D . C ., October 30 1915.
G en tlem en — Receipt is acknowledged of your communication of the

27th inst., in which there is submitted a copy of a form of “ gold note”
executed by a corporation in series under an indenture of trust, and you
request to be advised if such notes are taxable under the first paragraph
of Schedule A , as bonds, debentures and certificates of Indebtedness, or
under the fourth paragraph as promissory notes.
This instrument, issued in the amount of $1,000, with interest coupons
attached, is a written promise made by a corporation to pay a certain
sum of money to the holder thereof under certain terms and conditions
prescribed by the indenture of trust.
It appears from copies of similar notes and indentures of trust sub­
mitted to this office for examination that such notes are issued in series;
they may at any time upon notice be called for payment at the face valuo
and accrued interest: registration is provided for upon transfer or assign­
ment; and a trustee’s certificate is attached to each instrument.
In reply you are advised that under the first paragraph of Schedule A
of the Act of October 22 1914, Congress imposed a tax of 5 cents for each
$100, face value or fraction thereof, upon bonds, debentures, or certificates
of indebtedness issued by any association, company or corporation, and in
the opinion o f this office, the above described instrument appears to be
more in the nature of tho instrument specified in that section than of a
simple promissory note.
This “ gold note” therefore, should be taxed at tho rate of 5 cents for
each $100, face value, or fraction thereof.
Respectfully.
q . E . FLETCHER.
Acting Commissioner of Internal Revenue.
Messrs. ________ __________
P R O M I S S O R Y N O T E S I S S U E D P R I O R TO D E C . 1 1914
A N D R E N E W E D A R E S U B J E C T TO R E V E N U E T A X .

Promissory notes issued prior to Doc. 1 1914 and ronewod
or extended after that date are taxable under tho W ar Reve­
nue A ct, according to a decision of tho Treasury Depart­
ment promulgated on N o v . 22. W o give tho ruling below:
(T. D . 2265.)
TREASURY D E P A RT M E N T.
Office of Commissioners of Internal Rovcnuc.
W a sh i gton , D . C ., N o v . 22 1915.
S i r — In responso to your communication of tho 16th inst., you are ad­

vised that a promissory note issued prior to Dec. 1 1914 and renowod or
extended after that dato would be taxable under the Act of Oct. 22 1914 .
(See T. D . 2170.)
With respect to what constitutes a renewal of a promissory note, this
office has made tho following ruling:
A written agreement, either attached or unattached to a promissory
note, or in the form of an endorsement on the note, such as "Renewed”
or “ Extended” to a certain date, evidencing payment and acceptance of
interest in advance to a time certain, subsequent to maturity, constitutes
a renewal of the note and is subject to tax as such under tho abovo Act.
On tho other hand, part payment of a note after it has becomo due, or
payment of accrued interest after maturity, the note being allowed to run,
and tho holder neither losing nor postponing his right of action, is mcroly
in the nature of a forebearance, and is not taxable undor said Act as a re­
newal.
.
Respectfully,
DAVID A. GATES,
A c t in g C o m m is sio n er o f I n t e r n a l R ev e n u e.

M r..............................................................
TREASU RY D E P A RT M E N T.
Office o f Commissioner o f Internal Revenue,
W a sh in g to n , D . C ., October 6 1915.
S i r . — This office is in receipt o f your communication o f the 2d instant,
regarding a client o f yours who has paid special tax as broker under the
provisions o f the second subdivision o f Section 3, Act o f October 22 1914.
You state that your client is engaged in the business o f buying notes and
other securities, but that such purchases are made solely for the purpose
o f investment and not for negotiation, you request to be advised as to
whether or not special tax liability as broker is incurred.
Replying, you are informed that under the second subdivision o f Section 3,
Act aforesaid, a broker is defined as "every person, firm or company whose
business it is to negotiate purchases or sales o f stocks, bonds, exchange,
bullion, coined money, bank notes, promissory notes, or other securities
f o r them selves o r o th e rs .”
Therefore, if a person is engaged in b u s in e s s in
purchasing stocks, bonds, notes. S ee., solely for himself and for investment
purposes, he incurs liability as a broker.
In the case o f Warren et al vs. Shook (91 U. S. 704), the Court used
the following language:
“ It is only when making sales and purchases in his business, his trade,
his profession, his means of getting his living, or making his fortune that he
becomes a broker within the meaning o f the statute.”
Respectfully,
W . H. OSBORN.
C o m m is sio n er o f I n t e r n a l R ev e n u e.

T A X A B IL IT Y

OF “GOLDJ CO U PO N N O T E S ”
W AR REVENUE ACT.

UNDER

It has been decided that “ gold coupon notes” issued in
series by a corporation under the torms and conditions
of an indenture of trust are taxable under the W ar Revenue
Act the same as bonds, debentures, or certificates of in­
debtedness, and not as promissory notes; in the former
case the tax is five cents for each $100, face value, or fraction
thereof; in the latter case the tax is two cents for each $100,




IN T E R E ST NOT D E D U C TIB LE BEYO N D FACE V ALU E
O F C A P I T A L FOR C O R P O R A T I O N T A X .

In an opinion handed down on N o v . 8 by the Unitod States
Supreme Court in tho action brought by the Forty-two Broad­
way C o ., a realty corporation, it is held that interest paid
on bonded indebtedness is not deductible beyond the face
value of the capital in arriving at tho amount of tax a cor­
poration shall pay under tho Corporation Tax A ct of 1909.
The company owns and rents the office building at 42
Broadway on land owned and purchased by it. It has a
nominal capital of $600 in $100 shares, and had claimed
credit deductions for interest paid on its bonded debt of
$4 ,750 ,00 0. Suit was brought by the company in tho Now
York Courts to recover $1,700 tax paid undor the A ct. The
District Court held that tho interest payments upon the
mortgage indebtedness were deductible from gross income
and gave judgment against the collector for a refund of the
entire tax. This decision was sustained by tho Circuit
Court of Appeals. The Government contended that under
the wording of the Act the credit deduction could not ex­
ceed the amount of the capital of tho corporation. The
provisions of tho second paragraph of section 38 are sot
out as follows:
Such net income shall bo ascertained by deducting from tho gross amount
of tho income of such corporation, joint stock company or association or
insurance company received within tho year from all sourcos; first, all tho
ordinary and nccossary expenses actually paid within tho yoar out of
Income in tho maintenance and operation of Its businoss and proport las.

Jan . 22 1916.]

THE CHRONICLE

309

including all charges, such as rentals or franchise payments, required to be
made as a condition to tho continued use or possession o f property; third,
interest actually paid within the year on its bonded or other indebtedness
to an amount o f such bonded and other indebtedness not exceeding the
paid-up capital stock o f such corporation, joint stock company, &c.

Rapids & Indiana R y . against Emanuel J. D oyle, Collector
of Internal Revenue. The Court finds that the payment for
labor and materials which go into the actual operating of the
road and the property are deductible. Maintenance means,
In expressing the views of the Court, Justice Pitney said: according to the opinion, the upkeep or preserving of the con­
“ There was error, it seems to us, in seeking a theoretically dition of the property to be operated. It does not mean ad­
accurate definition of the ‘net income’ instead of adopting ditions to the equipment, additions to the property or im­
the meaning which is so clearly defined in the A ct itself.” provements of former condition of the road; where old rails
The opinion furthermore said:
aro replaced with new and heavier rails, wooden bridges and
Congress evidently had in view tho fact that some corporations (other
than banks and like institutions, which for obvious reasons are separately culverts with concrete and steel bridges and culverts, the
considered) carry a current indebtedness exceeding the amount of the rule is that tho cost of renewals with like kind and quality
paid-up capital stock, and with respect to such corporations intended to is allowable, but excess cost is not allowable as a deduction.
limit the interest deductions to so much o f the indebtedness as did not
In the view of the Court, amounts expended for improving
exceed tho capital.
It is not necessary to attribute to Congress a purpose to discourage or and adding to the property, such as building new stations
impose an extra burden upon corporations carrying on their operations and new shops, installing new machinery and making addi­
with a nominal capital stock or with an indebtedness largely exceeding
tho amount o f the capital. It is more reasonable to say that Congress tions to equipment, must be considered income subject to the
deemed that where tho indebtedness does exceed the capital it should tax. The opinion says in part:
no longer bo troated as an incident, but that the carrying o f the indebtedness
should be considered as a principal object o f the corporative activities,
and that the operations o f such a corporation are conducted more for the
benefit o f tho creditors than o f the stockholders, and that the contribution
of tho corporation to tho expenses o f the Government should be ad­
measured with this fact in view.
There is no question o f the power o f Congress to adopt such a basis o f
distinction, and since tho line must bo drawn somewhere it was certainly
not arbitrary to draw it at the precise point where the pecuniary interest
o f tho creditors overbalanced that o f the stockholders.

CORPORATION T A X — S T A T E T A X E S N O T
D E D U C T IB L E I N C E R T A IN CASES.

A decision of the United States Circuit Court of Appeals,
Eighth Circuit, affirming the findings of the United States
District Court for tho Eastern District of Missouri in an
action brought by tho National Bank of Commerce in St.
Louis against the United States Collector of Internal Reve­
nue for the First District of Missouri, to recover the sum of
$5,305 paid under protest as taxes assessed under the A ct
of 1909 imposing an excise tax on corporations, was recently
published in “ Treasury Decisions,” issued by the Treasury
Department at Washington. The Lower Court had rendered
judgment against the bank. It appears that the bank had
mado returns of its gross and net income to the Commis­
sioner of Internal Revenue, deducting from its gross income
for 1909, $193,230 98; for the year 1910, $187,042 99; for
tho year 1911, $150,204 31 , which sums it had paid in tho
years named for taxes imposed by the State of Missouri; the
Commissioner assessed against the bank on its return of
net income for tho year 1909, $9,848 57; for the year 1910,
$7,824 61; for tho yoar 1911, $6,257 76, which the bank
duly paid. In April 1912 tho Commissioner decided that
the roturns of net income made by the bank for the years
1909, 1910 and 1911 were incorrect, in that tho bank was
not entitled to deduct the taxes imposed by the State for
those years. Tho Commissioner thereupon amended the
returns of the bank for the years mentioned by adding to
the roported net income tho several amounts deducted by the
bank and assessed against it on said additional net income
a special tax for the year 1909 of $1,932 10; for 1910 $1,870 43,
and for 1911 $1,502 04. These wero the amounts which the
bank paid under protest and sought to recover. There was
no claim that tho returns as mado by the bank wore intended
to defraud; it was conceded that they were made in good
faith, under the belief that the bank had a right to deduct
from its gross income the taxos referred to. The decision
says:

The items making up the deductions originally mado by the plaintiff from
its gross income and determined to have been improper by the Commis­
sioner of Internal Revenue cover various expenditures, but all, in reality,
of like or similar character. Those expenditures are for additions and bet­
terments to the property of the railway corporation and include expendi­
tures for sidings and spur tracks. In each instance the siding or spur track
which was constructed was either a new siding or spur track or a new exten­
sion of an old siding or spur track. In other words, it was an addition in
each instance.
The precise question to be determined is this: Under the statute, in ac­
cordance with which the excise tax was levied, are those so-called additions
and betterments a part of the ordinary and necessary expenses of the main­
tenance and operation o f the railway company’s business and property?
In my judgment they are not. Banking corporations buy office furniture
and build bank buildings out of tho surplus account which has been derived
from the income, but it Is none the less an addition to the value and the capi­
tal and the property of the bank. Manufacturing institutions make addi­
tions to their factories, install new machinery, increase their equipment, and
do all this out of their income, but it is none the less income, and it none the
less adds to the value and the capital and the money invested in the plant.
Other industrial institutions take the money that is income and invest It
in additions to the plants and declare stock dividends.
If the contention of the plaintiff in this case be correct, a manufacturing
company or a railway company. If prosperous, could add to it plant an
equipment and property and increase it tenfold and still not be required
to pay the excise tax imposed by this statute. I do not think that was the
intention of Congress. I do not think that such an Intention can fairly
be inferred from the language of the statute itself.
Everyone knows what is usually meant by the operating expenses of a
railroad—the payment for labor and materials which go into the actual
operating of tho road and the property. The difference comes, if there be a
difference, in the interpretation of what is meant by maintenance. I t
fairly means the upkeep or preserving of the condition of the property to
be operated, and does not mean additions to the equipment, additions to
the property or improvements of former condition of the road.
It follows that the deductions originally made by this plaintiff in its
return of its gross income were improperly made, and that the excess tax
assessed by the Commissioner of Internal Revenue upon the amount rep­
resented by these additions and betterments was properly assessed, and the
plaintiff is not entitled to recover back the taxes so paid.

U N IT E D

STATES EXPRESS C O M P A N Y SUBJECT
CO R PO R ATIO N T A X L A W .

TO

The U . S. Circuit Court of Appeals, 2d Circuit, some
time ago handed down a decision affirming the judgment of
the United States District Court for the Southern District
of New York, which held that the United States Express C o .
was subject to tax under the Federal Corporation Tax Law.
The action which was brought by the Express Company
against Charles W . Anderson as Collector of Internal Reve­
nue for the Southern District of New York sought to recover
corporation excise taxes paid for the years 1909 and 1910.
The amount of the tax paid for 1909 was $5,613, and for
1910, $8,354. The plaintiff asked for judgment for $13,967
and interest from the date of the respective payments. The
case came before the Circuit Court of Appeals on a writ of
Tho important questions to bo considered are as followserror to review the judgment of the lower court dismissing
First. Wero tho taxes paid to tho State by tho bank on the shares of its
The
capital stock such taxos as tho corporation oxciso tax law authorized it to tho complaint, which judgment was filed on March 8.
deduct from its gross income.
express company contended that it is an unincorporated
Second. Was tho Commissioner o f Internal Revenue authorized by law in
association or partnership; that it is not organized and has
April 1912 to make tho additional assessment on the amounts so deducted
never existed under any law of the United States or any State
by the bank?
Undor tho decision it is maintained that under the State and that all its operations and activities have been carried
law, whore tho banks pay tho State tax imposed on share­ on without a franchise. For these reasons the company
holders, but have a lion until reimbursed on the shares of held that it was not subject to the Corporation Tax Law.
stock and all dividends, the tax is not imposed on tho banks. The Court of Appeals maintains that under the constitution
It is held that State taxos so paid cannot bo legally deducted and laws of New York the United States Express Co. is, for
from gross incomo in returns made by banks undor the cor­ all practical purposes, a corporation. In its decision it
says: “ The conclusion we have reached is that while the
poration tax.
United States Express C o. is without a special charter, and
has not been organized under any statute, but is a joint stock
D E D U C T IO N S A C C O U N T OF A D D I T I O N S A N D BET­
company created under articles of association or agreement,
T E R M E N T S N O T PE R M ISSIB LE .
it nevertheless is in the enjoyment of valuable privileges
Deductions undor tho Corporation Tax Law on account of which such a company did not possess at common law but
additions and bottormonts to property such as expenditures obtains by virtue of the statutes of N ew Y o rk .” The
for sidings or spur tracks, aro not permissible, according to Court concludes “ that the company belongs to that class
a decision of the U . S. District Court for tho Western D is- i of joint stock companies which it was the intention of Con­
triot of Michigan, Southern Division, in the case of the Grand ! gress to tax under the Corporation Tax Act of 1909.”




THE CHRONICLE

310

[Vol . 102.

warfare, and who was suspectod in this country of having
been engaged secretly in attempts to thwart the German
Government’s intentions to modify its submarine policy) was
In p u b lish in g on J a n . 8 our review o f th e calen d a r ill from overwork and exhaustion and would tako a holiday
y e a r 1 9 1 5 , w e p rin ted th e m o n t h ly n a rra tiv e s o n ly extending over several weeks.: “ W ith reference to our con­
versation of this morning I beg to inform you that m y in­
fo r th e first fo u r m o n t h s .
In th e issu e fo r J a n . 15 structions concerning our answer to your last Lusitania note
w e g a v e th e n a rra tiv e s fo r th ree m o n th s m o r e , a n d contain the following passage: ‘ Liners will not bo sunk by
our submarines without warning and without safety of the
t o -d a y w e a d d a fu rth er tw o m o n th s .
lives of non-combatants, provided that tho liners do not try
M ONTH OF AUGUST.
to escape or offer resistance.’ Although I know that you do
Current Events .— The sinking of the White Star Liner not wish to discuss the Lusitania question till tho Arabic inci­
Arabic by a Gorman submarine for a time threatened to dent has been definitely and satisfactorily settlod, I desire to
invest the submarine controversy with new menaco. Ger­ inform you of the above, becauso this policy of m y Govern­
m any’s course, however, with regard to the act was such as ment was decided on before the Arabic incident occurred.”
Another important evont of the month growing out of the
to givo the affair a most dramatic ending. After the lapse
of a few days the Kaiser’s Government unreservedly ex­ European conflict was tho declaration of cotton as contra­
pressed its intention to accord full satisfaction to the United band of war by tho British and the Allied Governments. The
States should investigation establish that the act was the United States was notified in advanco of the intention to
work of a German submarine. It went further and yielded take this step, and for some time previous an insistent—
completely to this country as regards the requost for the pro­ almost uncontrollable— public domand seemed to bo de­
tection of the lives of Americans traveling m ocean steam­ veloping in England to forco tho British Government to such
ships. The Arabic was bound from Liverpool for N ew York action. A t a meeting held at Queens Ilall in London reso­
and was torpedoed by a submarine on Thursday morning, lutions were adopted urging it upon the Government. A t
Aug 19 about 60 miles off Fastnet on the south coast ot this meeting Sir William Ramsay, the eminent British sci­
Ireland. All accounts agreed that the vessel had been at­ entist, declared that cotton was tho only substance required
tacked without warning. She sank in about ten minutes. for tho manufacture of munitions with which tho Germans
She carried 423 persons, 180 passengers and 243 members could not supply themselves. N o chemical products, he
of the crew; of this number 44 remained unaccounted for, asserted, could tako the place of cotton in propulsive am­
25 boing mombers of tho crew. It was understood that be­ munition, and that ammunition made from used cotton was
sides 29 American passengers thoro were also somo Americans not as effective as that mado from unused cotton. Sir
among the crew. It was definitely established that two Charles M acara, President of tho Master Cotton Spinners’
Americans lost their lives— M rs. Josephine S. Bruguioro of Association of Great Britain, declared that Groat Britain
Now York and D r. Edmund F . W oods of Janesville, W is. must utilize its command of the highways of the seas, both
The survivors, who loft tho liner in tho ship’s boats, were practically and diplomatically, to prevent cotton reaching
picked up by passing vessels and arrived at Queenstown on enemy countries. A letter was also read at the meeting from
Thursday night, Aug. 19. Just before tho shot was fired at Lord Beresford, saying that had cotton been declared contra­
tho Arabic the British freight steamer Dunsley had boon band the previous February tho war would now bo ap­
torpedoed, and it was whilo tho Arabic’s passengers wero proaching its final scenes. On Aug. 19 the British Embassy
observing the Dunsley sink that thoir own boat was torpe­ at Washington authorized the statement that “ tho Allied
doed. Tho British Admiralty Aug. 23 authorized a denial Governments have agreed in principle that cotton is contra­
that the Dunsley was an armed patrol acting as a convoy band of war.” It was then stated, however, that tho oxact
to tho Arabic or that tho Arabic was undor naval convoy of date when an announcement to that effect would bo made
any kind and so liable to attack without warning. On the was “ still under consideration, as well as other details con­
voyage across from this sido to Groat Britain the Arabic had nected with the proclamation.” The official proclamation
been heavily loaded with ammunition, but being on her re­ making cotton absolute contraband of war was signed by
turn trip she carried, of courso, no munitions of war. Sug­ King George on Friday, Aug. 20, and officially published
gestions that tho Arabic had attempted to ram the submarmo in tho “ London G azette,” in a supplement issued on Satur­
were likewise refuted. The Arabic had 2,813 bags of rnail day night, Aug. 21. On this latter date tho British Foreign
on board, mostly for tho United States. First accounts that Office made tho following announcement regarding the
she carried a considerable amount of gold were later denied, matter: “ His M a jesty ’s Government have declared cotton
but she seems to have had an extensive quantity of securities absolute contraband. W hile tho circumstancos might have
on board. As the last note of tho United States to Germany justified such action at an earlier poriod, lus M ajosty’s
had mado it plain that a repetition of submarine attacks in­ Govommont aro glad to tliink that tho local conditions of
volving loss of American life would bo regarded by our Gov­ American interests likely to be affected are moro favorable
ernment as a “ deliberately unfriendly a ct,” tho Adminis­ for such a step than they were a year ago, and, moreover,
tration at Washington was confronted with a gravo situation, his M ajesty’s Government contemplate initiation of meas­
and the feeling in official circles was exceedingly tense and ures to relieve as far as possible any abnormal depression
pessimistic. A rift in the clouds appeared, quite unexpect­ which might temporarily disturb market conditions.
edly. This was tho presentation on Aug. 24 to our State Nothing definite developed as to the nature of the plans
Department by the German Ambassador, Count von B om - which tho British Government had under consideration for
storff, of very friendly instructions just rocoived by him, the “ initiation of measures to relieve as far as possible any
asking suspension of judgment until Germany could make an abnormal depression” in tho staple. On Aug. 24 a statement
investigation, and declaring unqualifiedly that “ if Americans was given out by the British Embassy at Washington, in­
should actually have lost thoir lives, this would naturally bo dicating that it was not proposed to rostrict consignments of
contrary to our (Germany’s) intentions.” The state­ cotton to neutral countrios that were provod to bo oxclusivoly
ment was as follows: “ So far no official information destined for the normal consumption of those countries. Tho
is available concerning the sinking of the Arabic. The Ger­ offect of the contraband proclamation on tho price of cot­
man Government trusts that the American Government will ton was practically nil. As a matter of fact, the market
not take a definite stand after hearing only tho reports of one valuo tho latter part of the month actually improved.
Tho Treasury Department at Washington took occasion
side, which, in the opinion of the Imperial Government, can­
not correspond with the facts, but that a chanco will be given to stato that tho Government was prepared to soo that there
to Germany to be heard equally. Although tho Imporial should be no lack of monetary accomodation for financing
Government does not doubt the good faith of the witnesses cotton planters because of the closing of tho German market
whose statements are reported by tho newspapers in Europo, for tho staple. On Aug. 23 Sec. of the Troas. McAdoo
it should be bomo in mind that these statements are naturally announced that the Treasury Department would, if nocesmade under excitoment which might easily produco wrong sary, in view of Groat Britain’s action, deposit $30,000,000
impressions. If Americans should actually havo lost thoir in gold in the Federal Reserve banks of Richmond, Atlanta
lives this would naturally be contrary to our intentions. Tho and Dallas. He statod that in tho exercise of the discretion
German Government would deeply regret the fact and begs given to him by law he would for the time being charge no
to tender its sincorest sympathies to the American Govern­ interest on such deposits in the Federal Rosorve banks; that
m ent.” This was followed the next day (Aug. 25) by the such action was justified by tho unusual situation respecting
issuance by the Imperial Chancellor at Berlin of an even more cotton caused by the European war; that it was a mattor
emphatic statement to the same effect, and saying that if the of economic importance to tho entiro nation that those who
commander of the German submarine had gono “ beyond his havo produced tho cotton crop should havo a fair oppor­
instructions” the German Government “ would not hesitate tunity to dispose of it gradually and in an orderly manner
so that they might not bo forced to sell at sacrifice pricos.
to give complete satisfaction to the United States.”
The outlook grew steadily more assuring after that, and a M r . M cAdoo said that one of his chief objects was to creato
cablegram on Aug. 30 stated that the pacific intentions as a basis for such enlarged credit in tho South that tho banks
declared by D r. von Bethmann-Hollweg, the German Im ­ would havo amplo resources to extend to producers such
perial Chancellor, had been approved at a conference with accomodations that they would be able to carry the cotton
the German Kaiser at tho latter’s headquarters on tho East­ in warehouses for a reasonable length of time until it could
ern front, attended by Admiral von Tirpitz and others. On bo marketed advantageously. He assertod that tho banks
Sept. 1, following an oral statement to Sec. of State Lansing could woll afford to carry cotton for producers at 6 % ,
that Germany had accepted the declarations of the United especially if they are able to rediscount cotton paper at the
States in the submarine controversy, Count von Bernstorff Federal Reserve banks at a much lower rate. H e also
wrote to M r . Lansing as follows, apparently closing the announced that should it appoar that the object in viow
matter. Almost simultaneously there came cablegram re­ could bo accomplished with greater efficiency by depositing
ports that Admiral von Tirpitz (the German Minister of Government funds in the national banks direct, instoad of
Marino and author and instigator of Germany’s submarine in tho Federal Reserve banks, he would take that course
RETROSPECT OF




1915.

J an 22 1916.]

THE CHRONICLE

31 1

and make deposits in such national banks as would give commercial papor drawn by firms and institutions of the
him the assurance that the money so deposited, or the credit highest character in Europe on correspondingly strong firms
based theroon. would bo loaned on cotton insured or ware­ and institutions in this country, which should discount at
housed and at a rate of interest not to exceed 6 % .
In a the finest rates. The first special shipment of gold arrived
statement as to the c mdition and resources of the national here Aug. 11. It consisted of 1,050,000 ounces of U . S. gold
banks Comptroller of the Currency John Skelton Williams coin worth 818.604 per ounce, and having an aggregate value
made the assertion that the national banks and the 12 of 819,534,200. There were also about 830,000,000 of se­
Federal Reserve banks “ have at this time an unemployed curities. Tho shipment was consigned to J. P . Morgan &
loaning capacity sufficient to enable them if need be to carry C o., who were acting as the fiscal and commercial agents for
for our own people at market value the entire cotton crop the British Government in this country. Tho shipment was
and half, if not the whole, of th9 wheat crop and tobacco crop, convoyed from England to Halifax on a British battleship
and also finance until the purchasers can pay us in gold or and was shipped from the latter place to this city by special
its equivalent a thousand million dollars or so of exports tram. On Sunday, Aug. 29, there was a second arrival here
of food stuffs or manufactured products to be shipped to the of Sold and securities froin Halifax, where tho consignment
rest of tho world.”
had been delivered by a British cruiser. The shipment con­
In the steel trade further advances in prices occurred, sisted of 819,500,000 gold, together with securities of an esti­
the main features of the steel situation as reported by the mated value of 835,000,000, though no precise information
“ Iron A g e,” being the large amount of new war business as to tho latter was vouchsafed. The consignment was from
offered, particularly in bars and wire. The “ Age” roported the Bank of England to J. P . Morgan & C o ., and the under­
that “ with oaeh month the war is taking a larger part of the standing was that tho securities would be used as collateral
country’s steel production;” also there “ seems no end to the for loans to help pay for Great Britain’s enormous purchases
barb wiro demand from Europe.” The same authority of m unitim s of war in the United States. Besides these
also stated: “ The heavy demand for large steel rounds is special shipments, largo amounts of gold wero received by
still easily the leading feature. France has placed a good the United States in the ordinary course. In connection with
part of the 100,000 tons recently pending, paying 2.35 cents French financing J. P . Morgan & C o., representing the Roth­
to two important companies. Probably 200,000 tons more schilds, closed a contract with Kuhn, Loeb & C o. for the
is involved in estimates now before the trade.” Inquiries sale by the Morgan firm of between 140,000,000 and 150,­
from tho railroads still continued meager and it was stated 000,000 francs of Pennsylvania Company 3 % % bonds,
that “ tho possibility that war orders for large bars may pledged as part security for the loan to the ^Rothschilds,
fill up certain rail mills for the early months of 1916 has negotiated by tho Morgan firm the latter part of June. The
startod no rail buying as yet and steel makers are not solicit­ effect of this transaction was to make available immediately
ing rail business.” There was a sharp break in spelter, the to tho French banks tho equity in the loan, and it also had
price at St. Louis at one time getting down to 1 1 % cents the effect of transferring these bonds to the United States,
por pound, but there was a quick recovery and tho quota­ with the result that a loan maturing the following July was
tion at tho close was 16 conts. Copper also sharply declinod. paid off now, and hence did not need, to bo refinanced. B y
Lake coppor was only 18 cts. at the close; electrolytic copper agreement with tho Pennsylvania Company the latter ar­
at one timo was down to 16 cts. but closed at 1 7 % cts. ranged _ to pay off the loan in francs (the operation being
Crop reports in this country continued very favorable. attractive, since francs were ruling at such a large discount,
After the closo of business Aug. 12 thero were rumors that and to reissue the obligation in 4 % % bonds in regular dol­
largo contracts for shipments of wheat to Europe had been lar form.
suddonly canceled, owing to peace talk or a prospect of
Both the English and French Governments furthered
forcing tho Dardanelles and opening up supplies of Russian movements intended to draw gold from internal circulation
wheat. This precipitated a sharp declino in prices the and from private hoards. The British Treasury early in the
next day. The latter part of the month continued favor­ month instructed the Post Office and all public departments
able crop advices and tho unsettled political situation growing making cash payments to use notes instead of gold whenever
out of the sinking of the Arabic wore depressing influences. possible. The public was earnestly requested, in the inter­
Sopt. wheat in Chicago after touching SI 12 Aug. 12 dropped est of tho nation, to co-oporato with the Treasury in this
to 9 2 % cts. Aug. 31. Sopt. corn at Chicago declinod from policy by paying all available gold to the Post Office and the
7 6 % cts. Aug. 20 to 7 1 % cts. Aug. 31. Sept, oats at banks, and in making general payments whenever possible
Chicago fell from 4 2 % cts. Aug. 4 to 3 5 % cts. Aug. 31. in checks and notes instead of gold. The Bank of France
Cotton fluctuated within a narrow compass. On Aug. 21 continued to gain gold through its appeal to the patriotism
middling upland grade of Now York got down to 9.20 cts.; of tho people, asking them to bring gold to the Bank and take
tho close Aug. 31 was at 9.85 cts. Tlio Brazilian Congress notes instead. It was stated on Aug. 25 that tho amount
passed a law for the valorization of coffee; coffee prices de­ of the precious metal deposited in the Bank of France in
clined nevertheless. The Federal Commission on Industrial response to this appeal had passed 500,000,000 francs. The
Relations concluded its labors and furnished abstracts of
I / ^ nc lr1f ' ovcrnmoat issu°d a decree placing on sale at post
its reports. These showod that the members were divided oltices
Treasury bonds (bonds of national defense) in denomi­
in their viows, as had been expected. Thero wero three nations of 20 francs and 5 francs (at 5 % interest), exchange­
soparate reports, a minority headed by Chairman Frank able for bonds of larger amounts when desired. On Aug. 9
P . Walsh making very radical findings and recommen­ the Bank of England, in order to stimulate tho demand&for
dations.
Treasury bills and in recognition of the fact that the new
To relievo tho disturbing situation caused by the renewed British war loan was competing with these bills, raised the
demoralization of foreign exchange, enormous special ship­ fixed rate for the bills to 4 % % for all dates, this comparing
ments of gold and of foreign-owned American securities wero with tho previous rates of 2 % % for 3 mos. bills, 3 % % for
made to this country. Sterling bills, as set out further 6 mos. and 3 % % for 9 and 12 mos.
below in our review of tho foreign exchange market, several
In tho European Avar field the German and Austrotimes during tho month foil to new low lovels, and on tho Hungarian troops continued their drive against the Russians
last day (Aug. 31) sight bills on London droppod to 84 5 5 % , and gained further striking successes, pushing the Russians
the par of oxchango boing 84.8665. There wore roports all back everywhere along an enormous front. As noted in our
through the month of possible negotiations for tho establish­ revioAv of July, WarsaAv definitely capitulated to the Gorman
ment of a huge credit, or yet again tho floating of a British besieging forces on the night of Aug. 4-5, the Bavarians, com­
loan horo for a largo amount, and it was known that depu­ manded by Prince Leopold, being the first to enter the city.
tations of financial representatives from both tho British But that was simply tho beginning of a A\rhole series of suc­
and French Governments wore on the way to the United cesses AAdiich kept developing daily for th9 rest of the month.
States for the purpose of taking up the grave problem with In three weeks no less than nine Russian fortresses, including
American bankers. Brown Bros. & Co. announced on Aug. throe of the most powerful— Kovno, Novogeorgievsk and
24 that arrangements had beon concluded for a 820,000 000 Brest-Litovsk— Avero captured. The Russian fortress of
French commercial credit. This credit was independent of Ivangorod, 55 miles southeast of Warsaw, w&s captured by
tho Morgan-Rothschilds loan arranged for tho French Gov­ tho Austro-German army commanded by Archduko Joseph
ernment tho previous June, and part of tho collateral for Ferdinand, these troops beginning to enter the fortress
which consisted of bonds of tho Pennsylvania Co. Messrs. Aug. 4. The Polish city of Siedlce, 55 miles southwest of
Brown Bros, explained that the purposo of this commercial WarsaAv, Avas captured by the Germans on Aug. 13. K oatio
credit was to onablo American exporters to bo paid in dollars Avas captured Aug. 17 togother Avith many prisoners and sev­
in tho United States, eliminating any risk of exchange and eral hundred guns. Aug. 19-20 Field Marshal von Hindenthus facilitating our exports. It Avould also enable French burg took Novogeorgievsk, together Avith an enormous num­
buyers of Amorican merchandise and other commodities, ber of cannon and guns and 90,000 prisoners. Aug. 23 Ber­
who had found it difficult to do so owing to the extraordinary lin announced that the fortress at Ossowetz had been evacu­
conditions prevailing, to obtain exchango with which to settle ated by the Russians and occupied by the Germans. On
thoir accounts with Amorican merchants. The credit was Aug. 26 came the most important nows of all, the capture
for a period of one year and was to bo availed of by drafts by the Teutonic forces of Brest-Litovsk. German and Aus­
at ninoty days’ sight. Care had been taken, it was stated, tro-Hungarian troops, it was stated, stormed the works on
to comply with tho requirements of our banking laws relat­ the Avestern and northAvestern front, and on the night of
ing to commercial acceptances. In addition to tho respon­ Aug. 25 succeeded in entering the center of the fortress and
sibility of tho French drawers of the bills, the credit was se­ the Russians then gave it up. This fortress Avas considered
cured by the guaranty of the Bank of France of payment at ono of the strongest in all Europe, and Avas the southern base
maturity in gold, if necessray. Collateral was also deposited of the second Russian line of defenses to which the armies of
in New York as additional protection of the credit. As the Grand Duke Nicholas retreated after the fall of Warsaw.
drafts came forward and were discounted in the open mar- The citadel Avas situated on the Bug River and at the junc­
kot, an opportunity would bo offered for the first timo, it was tion of several railways, 131 miles south of Grodno and 120
declared, to Amorican institutions and investors of buying miles east of tho Polish capital. The town, though haAdng a




31 3

THE CHRONICLE

[Vol . 102.

population of only about 50,000, was a very important dis­ steamship Neches, and Great Britain’s roply to this protest.
tributing point for military supplies and considered of The British noto of July 24 was received by the State De­
greater consequence from a strategic point than Warsaw. On partment on July 26, but its publication was withhold by
Aug. 27 the announcement came that tho Russian fortress of request of Sir Edward Grey, British Minister for Foreign
The
Olita, 30 miles south of Kovno on the Niemen River, had Affairs, pending tho arrival of a supplementary note.
been evacuated by tho Russians. It was the ninth important first of the British notes attempted to defend tho British
Russian fortress to fall before the invaders in three weeks. Order-in-Council, declaring a blockade, and pointed out that
The fortress of Grodno remained as the one strongly defended in view of the atrocious methods of warfare adopted by the
position in the hands of the Russians in all the wide stretch Germans Great Britain felt justified in enforcing tho Orderof Russian territory south of the Baltic provinces covered in-Council. Tho note argued that inasmuch as England had
b y the Austro-German forward movement. The end of the tho right to exercise a blockade of German ports, it had tho
month found the German forces steadily advancing on that right to intercept and stop trade between Ger nany and a
fortified position. The capture by storm of Lipsk about neutral country conducted through a noutral country con­
20 miles west of Grodno, was announced by the W ar Office tiguous to Germany. In brief the British Government
at Berlin on Aug. 30, and on Aug. 31 the German troops had merely reiterated previous arguments and reaffirmed its
reached the outer forts of Grodno. There were a senes of previous a ttitu d ,.
The reply of Germany to tho American note regarding the
naval encounters in the Gulf of Riga from Aug. 16 to Aug.
21 between portions of tho German and part of the Russian sinking of tho W m . P. Frye was also published. In this
fleet, in which the Germans seem to have got badly worsted, Germany rejected tho contention of tho United Statos that
though Berlin denied the statement of the President of the the sinking of this sailing ship by tho Gorman auxiliary cruiser
Duma that the Germans had lost some largo ships. A t tho Prinz Eitel Friedrich was a violation of tho Prussian-Amoriclose of the month a renewed offensive by tho Austrians can treaties despite the fact that tho vessel was carrying con­
against a very small section of Galicia where the Russians traband. Tho point at issuo between tho two Governments
still retained a foothold was reported; dispatches from Vienna was simply whether the quostion of reparation which was
under date of Aug. 29 stat ,d that Austrian successes east of domanded by the United States was ono for tho considera­
Vladimir-Vilynsky and on the Zlota Lipa had broken Russian tion of German prizo courts, or whether it involv id a disputed
resistance on a front of 200 kilometers (125 milos). On interpretation of treaty provisions and theroforo was one to
Aug. 31 the Austrians took the Russian fortress of Lutsk, bo settled by direct negotiations between tho two Govern­
just north of the Galician frontier. All through tho month ments. Tho Ger nan noto informed our Government that
largo captures of Russians by all the various army groups of the case had been settled in tho Hamburg Prize Court except
as to tho determination of tho amount of indemnity to be
tho Germans and the Austrians were reported.
According to a statement from German army headquar­ paid; as to tliis Germany proposed that each of the tw > Gov­
ters given out Sept. 1, the number )f Russian prisoners taken ernments designate an export for tho purposo of jointly
by Ger nan troops in the eastern and southeastern theatres of fixing the amount, tho payment to bo on condition that it was
war during August totaled more than 2,000 officers and 269,­ not to bo considered as “ satisfaction for tho violation of
839 men, along with 2,300 cannon and 560 machine guns. American treaty rights but a duty or policy of this Govern­
In a
It was stated that of these, 20,000 prisoners and 827 cannon ment founded on tho existing treaty stipulations.”
were taken at Kovno, while about 90,000 prisoners, including new noto the United States replied that a paymont mado on
15 Generals and more than 1,000 other officers, togother this understanding would be agreeable “ provided that the
with 1 ,200 cannon and 150 machine guns wero taken at N ovo- acceptance of such payment should likowise be understood
georgievsk, though it was asserted that as tho counting up to bo without prejudice to tho contention of tho Government
of cannon and guns had not been completed at either placo, of tho United States that the sinking of tho Fryo was without
these numbers were certain to be considerably increased. legal justification, and provided also that an arrangement
Tho Austrians reported the capture during August of 190 could be agreed upon for the immediate submission to arbi­
officers and 53,290 men together with 34 guns and 121 ma­ tration of tho question of legal justification in so far as it
chine guns. The German statement also reportod that, with involved tho interpretation of existing treaty stipulations.”
the additional captures in August, the number of Russian Germany acceded to this the next month. The reply of the
prisoners taken by German and Austro-Hungarian troops U . S. Government to the Austro-Hungarian note protesting
since M a y 2 (when the spring campaign in Galicia began) hacl against the export of war supplies from this country to Eng­
land and the other enemies of Austria-Hungary was also
increased to considerably more than 1,000,000.
In the operations in the Dardanelles, renewed activity on published. Our Stato Department took tho ground that
the part of the Entente countries was reported. The British “ the principles of international law, tho practico of nations,
surprised the Turks by landing troops at an entirely new point tho national safety of tho United Statos and other nations
in the vicinity of Suvla B ay, but did not obtain thoir objec­ without great military and naval establishments, the preven­
tive, which was to cut off or outflank the Turkish forces at tion of increased armies and navies, tho adoption of poaceful
the lower end of the Gallipoli Peninsula. As soon as the methods for the adjustment of international differences,
Turks were able to collect troops at the now point of attack, and, finally, neutrality itself, are opposed to tho prohibition
desperate encounters ensued, in which the British sufferod by a neutral nation of tho exportation of arms, ammunition
exceedingly heavy losses. Advices from usually trustworthy or other munitions of war to belligerent Powers during the
sources indicated that the losses of the Entente forces in the progress of tho war.”
A speech delivered by ox-Prosidont Thoodoro Roosovolt
att£ ck simultaneous with the Anafarta (Suvla Bay) landing
amounted to about 5,000 in killed alone. rl ho now Greek Cab­ on Aug. 25 at tho Plattsburg (N . Y .) military training cam])
inet headed by Eleutherios Vonizelos as Promier and Minister for business and professional mon, in which ho oxcoriated
of Foreign Affairs was definitely formed on Aug. 24 and took President W ilson’s Administration for its leniont treatment
the oath of office amid great popular enthusiasm.
I lio of Germany, resulted in tho administration of a robuko to
change in Cabinet was interpreted as marking the ascendoncy Major-General Leonard W ood in cliargo of tho camp by
of the war party in Greece, but the new Ministry was des­ Sec. of W ar Lindloy M . Garrison. M r. Roosevelt in tho
tined to have a short-lived existence. Italy, which had de­ courso of his remarks had said: “ For thirteen months Amorica
layed declaring war on Turkey, notwithstanding active hos­ has played an ignoblo part among tho nations. W o have
tilities were being waged against Austria-Hungary, formally tamely submitted to soeing tho weak, whom we had cove­
severed relations with the Ottoman Empire Aug. 21. On nanted to protect, wronged. W o have seen our men, women
Aug. 30 Secretary Lansing made public a cablegram from and children murdorod on the high seas without action on our
Ambassador Sharp at Paris to tho effect that tho French part. * * * As for tho professional pacificists and tho pol­
Government had given formal notification of tho establish­ troons and college sissies who organizo poaco-at-any-price
ment of a blockade of the entire Turkish coast of Asia Minor societies and tho more monoy-gotters and mere money-spend­
extending from tho Island of Samos (opposite tho port of ers, they should bo mado to understand that thoy have got
Smyrna) to the Egyptian frontier. Accordingly, it was stated to render whatever service tho country domands.” Sec.
that the blockade would operate against Smyrna as well as of W ar Garrison, however, stated that tho robuko was not
against tho ports of Alexandrotta, Boirut, Tyre, Acre, Jaffa duo to what had beon said by M r. Roosovolt, but that tho
censure had been administered bocauso of tho opportunity
and Gaza.
_
.
...
The seizure of the American steamer Dacia, captured tne which had beon given to any ono to prosont to tho men “ any
previous February by a French cruiser in the English Chan­ matter excepting that which was essential to tho nocossary
nel and taken to Brest, was confirmed by a French prize court training they wore there to receive.” Sec. of Stato Lansing hold
Aug. 4. The Court held that the vessel could not bo con­ several conferences with diplomatic representatives from
sidered as belonging to a neutral, since it had boon purchased Argentina, Brazil, Chile, Bolivia, Uruguay and Guatemala
from German owners during the courso of the war.^ The with a viow to taking concerted action for onding tho dis­
vessel was then sold and the name changed by tho French turbing situation in Moxico. The outcomo of those confer­
owner to the Yser. Tho State Department at Washington ences was the making of a joint appoal to tho Moxican mili­
on Aug. 3 made public five diplomatic communications ex­ tary and revolutionary leaders, asking thorn to come togother
changed between the United States and Great Britain relat­ “ far from tho sound of cannon” and roach some common
ing to the interferences with American trado in connection understanding for onding tho dostructivo warfare which had
with the British Order-in-Council, by which trade with Ger­ been in progress so long.
The Intor-State Commorce Commission handod down uemany and Austria was cut off. Tho five notes comprised ap
answer by Great Britain, under date of July 24, to tho Ameri­ cisions in two very important casos ponding boforo it. They
can protest of M a r. 30, taking exception to the British Ordor- both proved deeply disappointing to tho railroads. The
in-Council, virtually declaring a blockado against commorce first decision was announced Aug. 11 and was on tho appli­
to and from Germany; the caveat which was sent by this cation of 41 roads in Western Classification Territory for
country to Great Britain on July 17; Great Britain s answer increases in rates on a limited numbor of articlos. M ostjof
to the caveat, under date of July 31; the United Statos pro­ the advances wero donied. Two of tho membors of the
test against the detention and unloading of tho Amorican Board, namely Commissioner Harlan and Commissioner




J an . 22 1916.]

THE CHRONICLE

313

Stock Fluctuations.
A u g . 1.
Daniels, dissented from tlio decision of the majority, whose
A u g . 31.
Range fo r M o n th .
conclusions were summarized under twelve heads and cannot
Industrial, &c.—
Low
H igh
therefore be enumerated hero. As indicating what a mere Allis-Chalmera Mfg__
34
3054 Aug 23 4654 Aug 12
3754
Preferred_________
71
68
64 Aug 23 76 Aug 12
pittance was granted, Commissioner Daniels estimated that Amer
Agrlc Chemical555*
54 Aug 23 65 Aug 30
6154
the aggregate increase of revenuo permitted would hardy American Beet Sugar.
5654
65
5454 Aug 7 6654 Aug 25
Can______
5754
5954
5254 Aug 23 6454 Aug 16
exceed $1,600,000. As the majority roport statod that ag­ American
Amer Coal Products..
14854
150
139 Aug 11 159 Aug 30
gregate freight revenues in tho fiscal year 1914 for the 41 roads American Locomotive.
5454
48 Aug 23 5854 Aug 17
5354
79
involvod in the proceeding had been approximately $641,­ Amer Smelt & Refining
78054
7654 Aug 23 8454 Aug 10
American Woolen___ *2354 2654
34
2654 Aug 4 3854 Aug 17
000,000, it accordingly appeared that tho Commission had AnacondaCop (parS50)
$6954
$66 Aug 14 $7454 Aug 30
$7254
79
granted relief to the extent of % of 1 % . Tho second deci­ Baldwin Locomotive..
70 Aug 23 8354 Aug 10
8254
Bethlehem Steel Corp
255
291
250 Aug 2 311 Aug 6
sion camo the next day, Aug. 12, and under it tho Commission Central Leather_____
4154
4154 Aug 2 46 Aug 19
4354
39
ordered a largo and general reduction in the rates on antlira- Colorado Fuel & Iron
37 Aug 23 4454 Aug 16
4254
Can____
75
75 Aug 2 9454 Aug 16
8554
cite coal from Pennsylvania coal fields to tidewater. This Continental
Cuban-Amer Sugar...
110
117
103 Aug 11 125 Aug 25
decision was tho outcome of a general investigation initiated General Chemical___ *275 290
a295
28754 Aug 6 300 Aug 26
General Motors_____
181
181 Aug
21954
224 Aug 12
by tho Commission on Juno 10 1912. Tho Commission’s Goodrich
(B F)_____
5154
5154 Aug
6154
6454 Aug 17
conclusion was that prevailing rates were unreasonable, as Insp Con Cop (par $20)
$35
$3354
$3154 Aug 23 $3654 Aug 30
Lackawanna Steel__
50
7054
50 Aug 2 72 Aug 30
yielding too great a profit on the operating cost, and it Maxwell
Motor_____
34
31
Aug
9
4254
49 Aug 17
ordered a reduction from the producing distrists in the W h i n ­ Pressed Steel Car____
50
50 Aug 2 67 Aug 16
5954
36
ing, Lehigh and Schuylkill regions of Pennsylvania to tide­ Railway Steel Spring..
3854
3554 Aug 2 4454 Aug 18
Republic Iron & Steel.
43
4354
3854 Aug 23 4754 Aug 17
water and to certain interior points of from 5 to 80 cents per Studebaker Corp (The)
8454
710854
8254 Aug 3 120 Aug 16
13354
ton. The new rates were to go into effect Oct. 1, but the Texas Co (The)_____
15254
13354 Aug 2 157 Aug 30
U S Industrial Alcohol
57
57 Aug 2 7654 Aug 25
7154
dato was later postponed. It was pointed out that this de­ U S Rubber________
4554
4954
4554 Aug 2 5454 Aug 18
cision did not rescind tho 25 cents advance in anthracite United States Steel__
75
6654
6654 Aug 2 7754 Aug IS
Western
Union
Teleg.
6854
68 Aug 2 7554 Aug 31
7454
freight rates to Chicago and Buffalo put into effect some
weeks earlier.
a Less than 100 shares. 7 Quoted ex-dividend during the month and prior to
R ailroad E vents an d Stock E xch an ge M a tte r s . — On the Stock tills (late, x Ex-dividend. * Bid and asked price; no sales.
Exchange the speculative furore of the previous month made
The M o n e y M a r k e t — In the money market there was no
further spectacular progr sss. The market was, however, change from tho condition of extreme ease previously prevail­
subjected to wide and sonsational fluctuations, under the in­ ing. On call loans the month’s range was 1 % @ 2 . Time
fluence of the momentous events that markod the course of loans Aug. 31 were 2 % for 60 days, 2 % for 90 days, 3 for 4
tho month. A t the beginning there was rapid recovery from m os. and 3 % for 5 and 6 m os. Commercial paper was 3 % @
the setback experienced at the close of July, and many new 3 % for choice double and prime single names and 4 % forgood
high records wore established. Tho industrial issues were single names. M oney holdings of the Clearing House banks
again very prominent and advances of 5 to 15 points or more after decreasing from $449,003,000 July 31 to $445,288,000
wero common. But railway shares wore also taken in hand, Aug. 7 rose to $488,554,000 Aug. 28. Gold on deposit with
and though the advances in them were much more moderate,
the Federal Reservo Bank was $141,358,000 Aug. 28, against
they were, nevertheless, substantial. The movement was
$133,737,000 July 31. Surplus reserves, after falling from
inaugurated on the theory that tho Inter-State Commerce
$180,384,050 July 31 to $166,058,340 Aug. 7, rose to $204,­
Commission would grant tho advances in rates requested by
799,580 Aug. 28. Loans ran up from $2,577,944,000 July 31
Western railroads. Can. Pac. enjoyed an exceptional rise
to $2,655,374,000 Aug. 28 and deposits increased from $2,­
when it appeared that there would be no reduction in the
695,302,000 to $2 ,809,622,000.
dividend rate. When the decision of th* Commission was
F or eig n E xch a n g e, S ilver , & c .— In foreign exchange there
announced on Aug. 11, it proved very disappointing, a mere
was, as already indicated, renewed demoralization, and more
pittance of an incroaso being allowed. This was followed by
utterly so than before. Rates again and again touched fig­
another decision tho next day in the case of the anthracite
ures never previously reached under the present method of
coal roads, and here the Commission ordered a reduction in quoting sterling. On more than one occasion breaks of sev­
rates. These two decisions caused a sharp break in the eral cents a day were registered. And curiously enough, the
railroad shares and gave the entire market a black t ye for tho heaviest declines were istablished at the times of tho large
time being. The cliques and pools in the war stocks, how­ special importations of gold and securities noted above. The
ever, wero not discouraged, and had resumed their manipula­ first special shipment arrived here on Aug. 11. Bankers’
tive tactics (as one instance, Studebaker com. was on Aug. 16 sight bills were thon in the neighborhood of 4 75. B y the
jumped up from 1 0 2 % to 120), whon news came on Thursday, 16th they had got down to 4 64.
Recovery occurred, and for
Aug. 19, that the White Star steamship Arabic had been tor- a time sight bills stood in the neighborhood of 4 67. Then
podoed that morning and that somo Americans had lost their rates gradually fell off again and a new low level at 4 63 % was
lives. Tlio market immediately suffered a severe setback and
' 27'
Aug. 28 rates held steady at a range of
tho downward plunge assumed large proportions the next two
4 03 % (gA 63 % . _ The second large special importation of
days. The collapse reached its culmination on M onday,
gold and securities was received here on Sunday, Aug. 29.
Aug. 23, under further startling declines. B y the end of that
So far from this haying a steadying influence upon exchange,
day, however, a considerable upward reaction was established
the result was precisely the reverse, the same as before. On
on rumors that Germany was not at all inclined to stand by
M o n d a y, Aug. 30, there was a drop to 4 6 0 % , while on Aug.
tho action of tho commander of the submarine. W hen these
31 the exchange market went all to pieces, and at the close of
rumors wore replaced by definite advices to tho same effect,
the day transactions as low as 4 5 5 % were reported, while it
tho Stock Exchange continued its response, and the next few
was quite apparent that the bottom had not even then been
days the bulk of the largo losses was recovered. As it became
reached. On the opening business day of the month (Aug. 2)
day by day plainer that Germany was in a conciliatory mood,
tho range for sight sterling was 4 7 6 @ 4 7 6 % , and the decline
the market gavo evidences of great resiliency, prices rebound­
from those figures to 4 5 5 % , therefore, represented a drop of
ing to thoir former high levels, and manipulation carrying 2 0 % cents. This occurred in face of gold importations into
special stocks to now heights. Railroad shares wero also tho U nited States of $61,641,191— th ire having been other
again taken in hand, this time on the theory that they must gold imports both on the Atlantic and on the Pacific besides
soon share in tho rovival in business which the European war the two special importations aggregating, roughly, $39,500,­
ordors wero gradually bringing about, and New Haven stock 000, mado on consignments to J. P . Morgan & Co. Exchange
was made the object of spocial attention. On the appli­ on tho Continental centers was also depressed, though the
cation of a creditor President Benjamin F . Bush was mado lowest figures were not in all cases reached on tho closing day
receiver of M o . Pac. R y . and its subsidiary St. L . Ir. M t . &
of the month. French checks on Aug. 17, whon sight ster­
So. A banking syndicate, headed by J. P . Morgan & C o.,
ling got down to 4 64, were quoted at 6 04, meaning that it
offored $12,935,000 2-yr. 5 % col. gold notes of Chic. & W est.
required over six francs to make a dollar, where, under nor­
Ind. at 99. This issuo was mado to take up $10,000,000 notes
mal conditions, only about 5 .2 francs are required for the
maturing Sopt. 1 and for other purposes. A leading invest­
purpose. In this case there was considerable recovery with a
ment house placed at 9 8 % to net about 5 % % $11,500,000
renewed break at the close, the closing quotation Aug. 31
2-yr. 5 % col. tr. notes of Can. N or. R y . Stockholders of
boing 6 01. German reichsmarks on Aug. 31 reached the new
W est. Elec. & M fg . C o. subscribed for $18,237,000 new conv.
low record of 8 0 % . The reason why the large special impor­
bonds out of $18,695,000 offered at 105. The next month the
tations of gold did not serve to arrest the downward course of
company increased its quar. div. on com. from 1 % to 1 % % .
rates was found in tho circumstance that the gold was used
Rep. Iron & Steel resumed on prof, by paying 1 % % quar.
directly in the settlement of debts owing in this country, and
and % % on account of arrears.
that exchange was not purchased to cover the gold importa­
tion as is generally the custom when normal conditions exist.
A ug. 2.
A u g . 31.
Stock Fluctuations.
Range fo r M onth.
The understanding was that J. P . Morgan & Co. used the gold
to pay for purchases of munitions of war and other things on
Railroads—
Low .
H igh.
1005*
Atch Top & Santa Fe.
1015*
100 Aug 23 1045* Aug 11 British account, thereby avoiding the discount which would
795*
Baltimore & Ohio___
815*
785* Aug 23 845* Aug 11
144
7151
Canadian Pacific____
144 Aug 2 1585* Aug 11 have to bo borne if payment were made with bills of exchange
405*
Chesapeake & Ohio...
475*
405* Aug 2 475* Aug 31 commanding 20 to 30 cts. less per pound sterling than the
783
Chic Milw & St Paul..
815*
780 Aug 21 865* Aug 11 gold valuo of the pound. The downward plunge of rates was
Erie______
265*
285*
265* Aug 23 305* Aug 11
118
Great Northern, pref
118
116 Aug 23 1205* Aug 11 accentuated by the action of large buyers of exchange in re­
Louisville* Nashville
*115 117
112
110 Aug 5 116 Aug 30 fraining from purchasing bills on the idea that by waiting they
N Y Cent & Hud River
015*
88 Aug 23 925* Aug 11
885*
N Y N II A Hartford.
67
62
61 Aug 23 675* Aug 31 could buy at still lower figures. Thus, one of the papers in its
Norfolk A Western__
106
*1065*
1045* Aug 23 1095* Aug 10 report of the exchange market for Aug. 31, stated that the
Northern Pacific___
1075*
1005*
1045* Aug 23 1105* Aug 11
Pennsylvania_______
1085*
*1065*
1065* Aug 2 1105* Aug 11 “ chief feature of the market was the absence of buyers, and
Reading Company__
1485*
1485*
1445* Aug 23 1545* Aug 11 this absenco was most pronounced in tho market for cotton
Southern Pacific........■
*885*
855* Aug 23 915* Aug 11
875*
W ith heavy off jrings of 60 and 90-day bills, “ bankers
Southem Railway___
14
155*
135* Aug 2 165* Aug 11 bills.”
Union Ihwifio.............
1315*
1»«5*
1255* Aug 23 1345* Aug 11 would not buy even at these concessions. Business in ster-




314

THE CHRONICLE

[Vol . 102.

for a loan to the British and the French Governments, to
be issued in this country on a broad and popular basis. The
proceeds were to be employed exclusively in America for the
purpose of making the rate of exchange more stable, thereby
helping to maintain the volume of American exports.
I ho
$500,000,000 loan was to consist of 5 % five-year bonds, these
to be a direct joint and several obligation of the British and
French Governments as regards both capital Mid interest.
It was pointed out that no other external loan had been is­
sued by either of the two Governments apart trom notes^ of
the French Treasury for a limited amount maturing during
the next six months. The bonds would be repayable at the
end of five years or convertible at the option of tho holder
into 4 ^ % 'bonds of the two Governments, repayable not
M O N T H OF SEPTEMBER.
earlier than 15 years and not later than 25 years Irom the
Current Events .— In this month the financial arrangements
present time by the two Governments jointly and severally.
of the countries at war overshadowed the military devel­ It was added that the bonds would be issued to the public
opments, though these latter were of great importance and at 98 , yielding approximately 5 % % . The syndicate con­
included the launching of a powerful drive against the Ger­ tracted to purchase the loan from the two Governments at
mans by the British and French troops over a front of 300 90. Tho loan was made free from all present or future Eng­
to 400 miles in Belgium and France, and also the imposition lish and French income or other taxes. To attract small in­
of somewhat of a check to the Germans in their campaign vestors, the bonds were issued in denominations as low as
against Russia. Foremost among the financial arrange­ $100 and subscribers allowed to make payments in install­
ments, was the placing of a huge loan in this country by ments. It was also announced that J. P . Morgan & Co. and
Great Britain and France. Tho negotiations for tho float­ the many banking and financial houses to be associated with
ing of this British-French loan were brought to a speedier them would act as managers without compensation. Com­
conclusion than had generally been deemod possiblo, consid­ mittees were formed at Boston, Philadelphia, Chicago, St.
ering the magnitude of tho sum involved. Tho proposition Louis, Denver, San Francisco and atother centers to organ­
met with some opposition, as expected, on tho part of Gor- ize groups of banks and investors within the district allotted
man-Americans in active sympathy with tho German cause.
to them, these different groups comprising all the loading
In tho M iddle W e st, rumor had it, certain depositors had in­ bond distributing houses. Apart from this loan to rehabili­
timated an intontion to withdraw their deposits in caso the tate the exchanges, the English authorities were grappling
institutions undertook to assist in floating tho now obliga­
all through the month with various financial problems grow­
tions. B ut it was everywhere recognized, and particularly
in financial circles, that tho granting of a credit to the foreign ing out of the war.
A statement was issued by the Comptroller of the Currency
purchasers of our goods, through tho placing of a largo amount
saying that inquiries had been received (this evidently hav­
of British and French obligations, was absolutely necossary
ing reference to investments in the Anglo-1 rench loan)
to tho correction of the dislocation of the foreign exchanges.
asking as to whether national banks would bo limited in
Tho only alternative was to discontinue trade altogether with
taking Government loans by the provisions of Section 5200
the Entonte countries, but as trade with tho Teutonic coun­
of tho Revised Statutes which restrict the total liabilities
tries was already cut off by Great Britain’s command of tho
to any national bank of “ any person or any company, cor­
seas, this would have meant almost complete cessation of all
poration or firm for money borrowed” to one-tenth ot the
foreign commerce and have led to utter demoralization of
capital and surplus of tho bank, but in no ovent to exceed
our external trade, and not unlikely have involved disastor
3 0 % of the capital stock of the bank. In a reply tho Comp­
to the country’s industrial and agricultural interests as a
troller stated that he had been advised by counsel that Gov­
whole. As tho proposition was a broad ono for tho protec­
ernments are not “ corporations” or “ persons” within the
tion of the whole country, and had to be considered entirely
meaning of Section 5200, and that investments mado by na­
apart from tho question as to whother such a loan would be of
tional banking associations in Government securities such
financial advantage to Great Britain and Franco in tho prose­
as Government bonds in excess of 1 0 % of the unimpaired
cution of the war, J. P . Morgan & C o ., as tho representatives capital and surplus of the association would not bo in viola­
of American banking interests, acted in a broadminded way
0
and invited participation on the part of all, whatever their tion of that section.
The British Parliament reconvened Sept. 14, and on Sept.
svmpathies or affiliations or connections. In like mannor
15 the Premier, M r. Asquith, in tho House of Commons, and
the Anglo-French Commission, which had boon charged with
Earl Kitchener, Secretary for W ar, in the House of Lords,
the duty of conducting tho negotiations, discussed tho matter
explained very frankly the financial and military situation
with members of all the different banking groups, not ex­
cepting those known to havo very intimate German connec­ preparatory to a request for another vote of
course was duly authorized. The credit was for £2o0 ,000 ,tions. The terms upon which tho loan should bo offered
000 and was the seventh vote of credit that had boon adopted
seemed to give the Commission the most trouble, tho British
Commissioners naturally contending for a low rato of return since the outbreak of the war. Tho now vote brought tho
total up to £1,262,000,000 ($ 0,310,000,000). The Premier
in view of England’s financial prestige. It was pointed out
warned his hearers that, although tho war oxponditure was
to them, however, that tho condition which confronted them
now averaging more than £3,500,000 a d ay, there was more
was ono of world-wide war, that banking and investment in­
likelihood of an increase than a decrease in the near future,
terests in this country had not yet become accustomed to
owing to advances by Great Britain to her Allios and Domin­
foreign Government loans— indeed, had on some recent oc­
ions These had alreadv reached £250,000,000. Tho Promier
casions taken rather unkindly to them and that it was ab­
estimated, however, that the weekly gross expenditure would
solutely necessary to the success of the proposal that a very
not exceed £35,000,000. Since the war began, ho said, nearly
tempting rate of return be offered. In tho end, the members
3,000,0 00 men had enlisted in the army and navy. Besides,
of the Commission accepted this view, though apparently 800,000 persons were now engaged in tho manufactureofmumwith considerable reluctance.
. . ,
,
tions
But both totals would havo to bo increased, and he
The Commission was composed of four British and two
appealed to the women of the country to give their assistance,
French representatives. In addition to Baion Reading,
behoving that they would in this way mako a gigantic
Lord Chief Justice of England, the English members con­
stride toward the solution of one of their most pressing prob­
sisted of Sir Edward Hopkinson Holden, Chairman of tho
lem s.” Lord Kitchener was inclined to bo optimistic. “ Tho
London City & Midland Bank; Sir Edward Babington
Germans,” he said, “ appear almost to havo shot their bolt.
Smith, President of the National Bank of Turkey, and Basil
Their advance in Russia, which at ono time averaged five
P . Blackett, an expert from the British Treasury. The
milos a day, now has diminished to less than ono mile a d a y.”
French representatives were M . Ernest M allett, Regent of
On Sept. 21 Reginald M cKenna, Chancellor of the British
the Bank of France, and M . Octave Homberg, who repre­
Exchequer, introduced in the House of Commons the new
sented the French Foreign Office. The Commission ar­
W ar Budget which had been so eagerly awaited. Ho pro­
rived in New York on tho steamship Lapland on Friday morn­
posed an addition of 4 0 % to the existing income tax and a
ing, Sept. 10, and went to the Hotel Biltmoro, which tlioy
reduction in the maximum of exemption from £100 to ild u .
made their headquarters. Lord Reading, in response to tho
On sugar ho provided an increase in the duty trom Is. lUcl.
queries of newspaper reporters, gave out a statement saying:
to 9s. 4d. per hundredweight. A heavy tax on tho profits
“ The joint Anglo-French mission has come to the United
of manufacturers of war supplies also was announced, 1 itty
States in connection with the question of exchange between
per cent of all war profits above tho amount assessed tor the
N ew York, London and Paris. The object of tho visit is to
income tax the previous year was made subject to a special
consult with American bankers and other interested persons
tax which works out at G 0% of the profits. M r . M cKenna
as to the best means to be adopted for regulating the ex­
estimated the revenue from this particular source in a full
changes between the cities named, in order that the com­
year at £30,000,000. A n all-around increase of o 0 % in the
merce of the three countries may suffer as little as possiblo
duty on tea, coffee, cocoa, chicory, tobacco, dnod fruits and
during the course of the war.” Lord Reading also said that
other articles was suggested, and also an increase of 1 0 0 / 0 on
he and his associates had come over without final plans. They
patent medicines. Another source of revenue was to be an
were open minded and exceedingly anxious fora full and frank
increase in postal rates, which was expected to bring in £ 4 ,­
interchange of views. The Commission at first talked of
975 000. The Chancellor planned to abolish tho half-penny
borrowing a full $1 ,000,000,000, but eventually yielded to
postage and to impose additional charges on telephones
American banking opinion and limited the loan to $500,000,­
telegraph messages. A tax of 33 1 -3 % ad valorem on all
000. On Sept. 28 definite announcement was made hero and
imported motor cars and bicycles, moving-picturo films,
at Chicago, whither four of the Commission had gone to en­
clocks, watches, musical instruments, plate glass and hats
list support in the W est, of the completion of the negotiations.
was also included in the plan. The Chancellor estimated
The announcement said a definite plan had been agreed upon i

ling "was small becauso of this lack of buyers, and exchange on
other financial cent' rs simply held to parity with demand
sterling, but with declines in rates, also without any material
amount of business.” The $25,000,000 Russian acceptances,
arranged the previous January, became duo Aug. 5 and were
paid off, but new credit extended. The Bank of England’ s
gold holdings were heavily increased throughout the month.
Open market discounts for GO to 90 days bank bills at London
Aug. 31 were 4 % @ 5 . From Berlin an open market rato of
3 % was reported. A t the other Continental centors there
were no quotations. Silver in London ranged between 2 2 %
and 23 1-16d ., with the close 23d.




J a n . 22 1916.]

THE CHRONICLE

that the increase in the income tax would bring in £11,274,000
for the rest of the fiscal year and for a full fiscal year £ 3 7 ,­
400,000. The supertax was to be increased on incomes of
£8,000 and over, the new rates running from 34d. to 42d.
per pound. A man with an income of £2 0,000, he pointed
out, would pay £6,029 income tax, or over 3 0 % . A pos­
sessor of an income of £100,000 would have to pay £34,000
income tax. It was arranged that simultaneously with the
increase in the sugar duty to 9s. 4d. per hundredweight
the Royal Commission on Sugar Supplies, which Avas sup­
plying all the sugar to consumers, should reduce by
30d. to 36d. the prices to refineries, the net effect being an
increase of 5s. per hundredweight, or y d . per pound. The
new sugar tax, M r . M cKenna estimated, would produce
additional revenues of £5 ,360,000 the current fiscal year and
£11,700,000 in a full year. The new revenues, it was esti­
mated, would amount to £102,155,000 ($510,775,000).
Germany also carried its financing a step further. A third
Avar loan Avas offered for public subscription and proved a
great success. The loan carried the same rate of interest
as the two previous loans, namely 5 % , but Avas offered at
99, Avhereas tho second loan had been offered at 98 H an d the
first at only 9 7 y .
The loan Avas in the shape of bonds Avhich
cannot bo called before 1924 and subscriptions were paAable
in Berlin, 3 0 % Oct. 18 1915, 2 0 % N o v . 24, 2 5 % Dec. 29
and tho final 2 5 % on Jan. 22 1916. On Sept. 24 it was of­
ficially announced by D r. Karl Holfferich, Secretary of the
German Imperial Treasury, that the'subscription aggregated
over 12 billion marks (S 3,000,000,000)— 12,100,100,000
marks tho final figures proved to be. D r. Holfferich con­
tended that the success surpassed that attained by Great
Britain with her last loan and Avliich had been “ hailed through­
out tho AArorld as an unbeatable performance.” “ The third
loan theroby,” ho said, “ is tho greatest financial operation
m the world’s history.” He also declared that the achieve­
ment sliowod that “ Germany can hold out financially and
mako Avar indefinitely.” Ho statod that Avith the amount
obtainod by the tAvo previous Gorman loans, tho German pooplo had furnished altogether $6,250,000,000 in tho form of a
consolidated loan for carrying on tho war. He also said:
“ In long-time loans England, up to tho present, has raised
$4,062,000,000 and Germany $6 ,250,000,000. England’s
Avar oxpenses havo beon little less than Germany’s thus far,
and soon will bo bigger, sinco to-day England pays out for
Avar nearly $25,000,000 daily, and Germany not much more
than $15,000,000. That makes the daily per capita cost
of war 25 cents in Geripany and in England 55 conts. x
doubt very much if tho English financiers to-day still aro
confident that thoy’ll havo tho longer Avind. Germany has
put out her tlireo Avar loans at the same rate of interest,at
rising prices, namely, 97 y , , 9 8 y and 99 for the third loan,
whereas England has had to raise tho rate of interest from
3 y to d y , and in all probability will noAv bo compelled to
make it 5 % for tho now Avar loan, Avhether floated in England
or America. Our succoss must open the Avorld’s eyes and
shoAv how great is Germany’s financial strength hoAv strnnoher will to win. Germany finds the sinews of war at homo
and neods no outside help.” Zimmermann & Forshav of­
fered somo of the now German bonds for salo in this countrv
pointing out that on account of tho low rate of exchange pre­
vailing the bonds could bo bought on tho basis of $210 for
each 1,000 marks, making the purchase price 84
In the French Parliament M . Ribot, Minister’of Finance
introduced a bill on Sept. 16 in the Chamber of Deputies
a p p r o p r ia t in g 6 2 0 0 ,0 0 0 ,0 0 0 fr a n c s ( $ 1 ,2 4 0 ,0 0 0 ,^ 0 ) f o r t h e

expenses of the last quarter of tho year. According to a re­
port of the French Budget Commission, France’s Avar exponditurestotdio beginning of 1916 were expected to aggre­
gate 30,500,000,000 francs ($6,100,000,000). The average
monthly expenditures, tho report said, had increased from
1,300,000,000 francs to 2,0 70,000,000 f r a n c s ! ^ h H w h
people continued to turn in private hoards of gold at the Bank
of * ranee in exchange for notes
The effort of French bank^
French investors to sell their holdings of Ameri­
can securities for the purpose of improving tho status of
foreign exchange Avas continued. Ono notable transaction
mentioned as tho result of this campaign Was tlfe sale
100,000 shares of Utah Copper Co stock
f
In the war arena of Europe the tide o f battle seemed at
r S\ f t i W a r *
th° Entent0 countries. The
first half of the month the German and Austrian armies con­
tinued their successes m Russia and on Sept. 16 Gen. von
Mackensen s forces occupied the Russian City of Pinsk, while
on Sept. 19 Gen. yon Hmdenburg’s army occupied Vilna, the
Germans theroby firmly establishing themselves on thenorthand-soutli line of railway running for some 500 miles from
Riga on the Baltic to Tarnopol and Lemberg in the southern
part of tlio battlefield.
Pile Germans were engaged in a
great enveloping movement and for a time it appeared as if
a largo part of tho Russian forces could not escape capture
y F11® .end the latter managed to extricate themselves from
their difficult position as many times before. The German
?nn6C M6 seem,ed to 6e the railway center of Dvinsk, about
100 milos northeast of Vilna on tho railroad line already retorrod to, and except toAvards tho close of tho month they
woro making considerable progress in that direction. But
white tho Gormans continued to advance slowly in the north
and center, the Russians in the south gained important suc­
cesses against the Austrians, retaking from the latter some
important positions previously captured by them and also




315

taking large numbers of Austrian prisoners. It Avas apparent
that the Germans could not spare additional men to help
the Austro-German forces in the southeast, and indeed the
neAv offensive begun in France by the Anglo-French armies
made it necessary for the Germans to transfer considerable
men from the battle front in Russia to that in France.
Early in the month, that is on Sept. 7, Emperor Nicholas of
Russia announced that he had placed himself in personal
command of all the Russian armies. This was taken as an
indication of dissatisfaction with the campaign of Grand
Duke Nicholas, Avho, however, was referred to in eulogistic
terms by the Czar when he relieved him of his command.
1 he Grand Duke was transferred and placed in command of
the Russian army in the Caucasus. On Sept. 11 the Rus­
sian Cabinet resigned and was replaced by a coalition M in ­
istry • On kept. 16 the Russian. Dum a was prorogued by the
Czar until the middle of November. The act met with con­
siderable public disapprobation, and as a matter of fact the
legislative body aauis not alloAved to meet at all for the rest
of the year. The new drive undertaken by the English and
French armies in Belgium and France was referred to as the
most important offensive movement inaugurated in the W est­
ern theater of the Avar since the battle of the Marne of the
previous year. The attack, Avhich appeared to take the Ger­
mans by surprise, Avas preceded by a 70-hour bombardment
in which everything in the Avay Avas annihilated. The at­
tack began Saturday morning, Sept. 25. The battle line
extended along 300 miles from the North Sea to the Vosges.
Before long Souchez Avas entirely in French hands, while
Loos, about 12 miles from Lille, AAras captured by the British.
In the Champagne district, the French claimed by the end
of the month, according to the report of General Joffre the
French commander, to have Avon a footing in the second line
of the German defenses. Fighting of a most desperate char­
acter was carried on all along the line. A statement given
out by the French on Sept. 29 stated that up to that time the
number of prisoners taken exceeded 23,000 men and that 79
German cannon had beon brought to the rear. On the other
hand, the Germans claimed that 7,000 French and British
prisoners had fallen into their hands.
n
. In tlJe Balkan regions important developments Avere brewa general mobilization order was issued Sept. 22 bv
the Bulgarian Government. The Bulgarian Premier in a
formal statement, declared that the object of the step Avas to
provide armed neutrality.” He at the same time announced
tne delunite signing of the convention Avith Turkey, under
Avnich the Ottoman Government made important territorial
and railway concessions to Bulgaria. Indications appeared
to multiply that Bulgaria Avas getting ready to range itself
on the side of the Teutonic countries, though the Bulgarian
Government took pains to deny that it had any such inten­
tion. It was plain that Bulgaria Avas playing a deep game
lor the recovery of that portion of Macedonia which it A\*as
obliged to cede to Serbia under the Bucharest Treaty after
the second Balkan war. It had hoped that the Entente
countries would succeed in prevailing upon Serbia to return
this slice of Macedonia voluntarily. Having failed in this
it Avas apparent that Bulgaria contemplated pouncing upon
Serbia at an opportune moment, and take A\diatit wanted bv
lorce. In vioav of the mobilization of the Bulgarian army
Greece and Rumania became apprehensive and also ordered
partial mobilization. On Sept. 28 Sir Edward Grey Brit­
ish Foreign Secretary, felt called upon to issue a AA-arn’ing to
Bulgaria in a speech he made in the House of Commons. He
said his official information from the Bulgarian Government
Avas that they had no aggressive intentions whatever, but
should Bulgaria nevertheless assume an aggressive attitude
on the side of tho Teutonic countries, Great Britain AA'as
prepared to give its friends in the Balkans all the support in
its poAver, in a manner that Avould be most Avelcome to them
in concert Avith its Allies, Avithout reserve and Avithout quali­
fication.
A formal note was received from the German Government
Avith reference to the torpedoing of tho W hite Star liner Arabic
and this made tho attitude of that Government appear less
assuring than it did Avhen Germany first communicated with
our State Department through Count von Bem storff the
Gorman Ambassador. Concerning tho matter Germanv
declared that tho submarine commander acted in supposed
self-defenso, as ho feared from the actions of the vessol that
an attempt was to be mado to ram tho submarine. In its
note tho German Government expressed regret at the death
of American citizens, but said it Avas unable “ to acknowledge
any obligation to grant indemnity in the matter even if the
commander should have been mistaken as to tho aggressive
intentions of the Arabic.” Germany offered to submit this
point to Tho Haguo Tribunal for arbitration if the two Gov­
ernments could not reach an agreement, but on the under­
standing that “ the arbitral decision shall not bo admitted
to have tho importance of a general decision on the permissi­
bility or the converso under international law of German sub­
marine Avarfaro.” The submarine situation was further
complicated by tho fact that the Allen Liner Hesperian
bound for Montreal from Liverpool, became tho victim, ap­
parently, of a German submarine on the evening of Sept. 4
Avhilo off tho Irish coast and sank early M onday morning,
Sept. 6, after an attempt had been made to toAv the vessel
into QueonstoAvn. The vessel carried 350 passengers and a
crow of 300. There Avas an unconfirmed roport that one of
the missing sailors was an American citizen. Apparently

316

THE CHRONICLE

[Vol. 102.

on S e p t. 3 0 .
T h o French G overn m en t prohibited tho expor­
tation as well as tho ro-exportation o f silver coin.
In A ugust
a decree had been issued requiring that every traveler tlionceforth leaving France m ust declare the am ount o f funds in
coin in his possession. I f he had m ore than 5 0 francs ($10)
ho m u st exchange tho excess for paper m on e y. Previously
tho exportation o f gold except b y the B an k o f France had
been prohibited.
Business activity continued to widen under the influence
Hef f i nS n d l y a ttitu d e , how ever, o f the G erm an G overn­
m ent w as again in evidence in a new n ote regarding^ tho sink­ of war orders, but dom estic trade also now began to m anifest
ing o f the W m . P . F ry e , in which it announced th at it “ agrees indications of revival. T h e surplus of idle cars on tho rail­
w ith tho proposal of the A m erican G overn m en t to separate roads during the m on th was reduced from 1 9 1 ,3 0 9 to; 8 8 ,3 5 1
tho question of in dem n ity from the question of interpretation cars. M erchandise exports increased still further, exceeding
o f tho Prussian-Am erican treaties o f 1 7 85 , 1799 and 1 8 2 8 .” for the first tim e $ 3 0 0 ,0 0 0 ,0 0 0 , and as the im ports were only
T h e new n ote, which w as received on S ep t. 2 2 , wont further slightly m ore than $ 1 5 1 ,0 0 0 ,0 0 0 , left a trade balance of
In the steel trade, the “ Iron A g e ” re­
and said th a t, while from the standpoint o f law and eq u ity, over $ 1 4 9 ,0 0 0 ,0 0 0 .
G erm a n y was n ot in its opinion prevented from proceeding ported th at signs of increasing hom e consum ption were
against A m erican ships carrying contraband according to its plainer and that railroad buying was becom ing a real factor.
interpretation until the question was settled b y arbitration, Y e t the “ A g e ” also reported that export business was more
“ nevertheless the G erm an G overn m en t in order to furnish distinctly the dom inant factor in the steel trade than in any
to the A m erican G overn m en t evidence o f its conciliatory previous m onth of the w ar. Further advances occurred in
attitu d e has issued orders to the G erm an n aval forces not finished products of iron and steel. Spelter again see-sawed
to destroy A m erican m erchantm en which have loaded con­ a great deal, and the price a t S t. Louis from 16c. a pound
Copper at
ditional contraband even when tho conditions o f international dropped to 1 3 c ., b u t w ith a recovery to 1 4 ^ c .
law are present, b u t to perm it them to continuo their voyago N e w Y o rk at the close of the m onth was 18c. for both Lake
and electrolytic.
Grain prices fluctuated rather w idely. A
unhindered if it is n ot possible to take them into port.
V ienn a was inform ed th at D r . C on stan tin D u m b a , tho squeeze in S ep t, w heat sent this option at Chicago up 11 M e •
A u stro-H u n garian A m b assa d o r, “ is no longer acceptable to Sept. 3 0 to $1 1 5 M ; this com pared with 91 M e . Sept. 7 .
the G overn m en t o f the U n ited States,
and his recall re­ T h e D e c . option was 8 9 M e- Sept. 7 and 9 7 M e . Sep t. 11,
D e c . corn at Chicago de­
quested “ on account o f im proper c o n d u c t /’ T h is action w ith the close S ep t. 3 0 9 5 M eD e e . oats
was taken b y our State D ep artm en t after D r . D u m b a had clined from 61 M e- Sep t. 1 to 5 4 M c . Sept. 3 0 .
“ ad m itted th at he proposed to his G overn m en t plans to were 3 5 M e . Sep t. 7 , 3 6 M e- Sept. 11 and closed Sopt. 3 0
at 36 M e
In cotton there was an advance of over 2c. a
instigate strikes in Am orican m anufacturing plants engaged
pound under tho influence of unfavorable crop reports and
in the production o f m unitions o f w a r .”
D r . D u m b a in turn
asked his Foreign Office to recall him on leave o f absence in (the latter part of the m onth) fears regarding the effects
ordor th at he m igh t m ak e a personal report.
T h is, how ever, o f a tropical storm in the Caribbean Sea which was headed
w as n ot satisfactory to the U n ited States, and ho was finally west and northwest and struck the G u lf C oast w ith great
Rainfalls occurred of 6 to 6 M inches in M issis­
definitely recalled b y his G overn m en t and ho sailed for Europe violence.
sippi, A la b a m a and even G eorgia. T h o v elocity of the wind
on O ct. 5 .
B y a unanim ous v ote 6 1 0 delegates to a British T rade at tim es reached 120 and 130 m iles an hour. T h o storm
U n ion Congress held in Bristol and representing 3 ,0 0 0 ,0 0 0 struck N e w Orleans on W e d . afternoon, S ep t. 2 9 , and tor
workers on S e p t. 9 registered their opposition to conscription m oro than 7 hours swept over the city at a rate exceeding 60
or com pulsory enlistm ent.
L lo yd G eorge, tho M in istor of miles an hour. T h e barom eter fell to 2 8 .1 1 ,som ething un­
M u n itio n s, in a speech before the Congress declared that heard o f, and tho N o w Orleans C otton E xchange was closed
“ tho G overn m en t cannot equip the a rm y a t this timo unless for three d a ys, owing to the interruption to wiro sorvice iso­
tho U n ion suspend during tho war all restrictions barring lating that city . M id d lin g uplands spot cotton in N e w
unskilled labor and all restrictions tonding to prevent a Y o rk advanced from 9 .7 5 c . Sept. 1 to 1 2 .4 0 c . Sep t. 2 8 , and
m axim u m o u tp u t.”
H e quoted from a T rad e U n ion circular closed S ep t. 3 0 at 12c. Print cloths at F all R iver wore
issued in C ov en try in which the m en wero counselled in effect m arked up Sep t. 16 from 3 M e . to 3 M e.
T h e details of the plan of Secretary M c A d o o for depositing
n ot to w ork a t their full c a p a city . T h e attitu d e o f tho Labor
U nion s also appeared in the course o f a dobate m tho H ouse public m oneys in the banks w ith a view to helping cotton
'Ih o Secretary ar­
o f C om m o n s on S e p t. 16, when Jam es H en ry T h o m a s, a planters were announced on S ep t. 3 .
L aborite m em ber and A ssistan t General Secretary o f tho ranged to deposit im m ediately $ 5 ,0 0 0 ,0 0 0 in each o f the three
A m a lga m ated Society o f R ailw ay Servants, declared that Federal R eserve banks in the S ou th , n am e ly, R ichm ond,
every lodge o f the R ailw ay U nion had informed his executive A tla n ta and D allas. A t tho sam e tim e the Federal Reserve
com m itteo th at on the introduction o f conscription tho m on B oard announced that it had adopted regulations authoriz­
w ould stop w ork— bringing railw ay transportation to a stand­ ing the Federal Reserve banks to give special rates for tho
still, o f courso. H o added: “ I f the conscriptionists w ant an re-discount of “ com m od ity p a p er,” which was to cover notes
T h e ar­
industrial revolution let them proceed w ith their a gita tio n .” secured b y warehouse receipts based on cotton .
A noth er strike of the South W a le s coal miners was threatened rangem ent provided that m em ber banks should be charged
a t the beginning o f the m o n th , b u t was averted b y tho m aking 3 % for re-discounting such paper provided they agreed not to
of further concessions to the m en .
T h o British Prizo C ourt charge the borrowers on such paper a rate in excess of 6 % ,
handed down a decision on S e p t. 16 adverse to tho A m erican including all com m issions and expenses. A branch of the
beef packers and confiscating to tho Crow n tho cargoes of A tla n ta Federal Reserve B an k was opened Sept. 10 a t N e w
various ships laden w ith beef products th at had been seized Orleans, this being the first branch established under the
on the ground th at their cargoes wero on tho w a y to G er­ Federal’ R eserve sy ste m . A third largo consignm ent of
m an y
A ll the shipm ents were destined to neutral countries, gold and securities was received b y J . P . M o rg a n & C o . as
b u t it was held th at the am ou n t o f the goods w as m an y times noted under “ Foreign E x ch an ge .”
Stock Exchange.— On the Stock E xchange tho pace con­
w hat under n orm al circum stances w ould have gone to those
tinued fast and furious.
In the early part of the m onth
countries, and hence it m u st be assum ed th at they were on
there w as, at tim es, som e hesitancy, the sinking o f the H es­
their w a y to G orm an y . T h o decision related to four steam ­
perian and renewed doubts as to G orm any s submarine policy
ships the m eat products o f which were valued a t abo u t $ 2 ,­
5 0 0 ,0 0 0 . Besides tho cargoes involved in these particular playing some part in this. T h e latter part of the m on th ,
however there was a renewed m anifestation of the specu­
cases, there wero additional shipm ents o f packing houso
products valued a t m ore than $ 1 2 ,0 0 0 ,0 0 0 n ot y o t brought lative fever on a scale surpassing oven tho unexam pled dar­
before the Prize C o u r t. T h e A u stro-H u n garian G overnm ent ing and recklessness previously w itnessed. T h o so-called
forwarded another note to the U n ited Statos regarding ex­ war stocks wero, as before, tho m ost prominent foatures, but
ports o f war supplies from this country to E n glan d and her the m ovem ent was b y no m eans confinod to the m anufactur­
A llies. In this it w as affirm ed th at A u stria-H u n gary nover ing shares. T h e success attending tho negotiation of the
intended to im p ly th at it expected the U n ited States to forbid A nglo-F rench credit was m ade to do d u ty in prom oting the
A m erican citizens from carrying on a norm al traffic in war speculation and so w as the forward m ovom ont of tho A n g lo m aterial w ith the enemies of tho D u a l M o n a rc h y , b u t m eroly French arm ies. L ittle consideration, howovor, was as a rule
Instead all sorts of rumors re­
protested against the econom ic life o f the U n itod Statos being given to general conditions.
garding possiblo profits and regarding contests for control ol
m ade subservient to the production o f war m aterial on tho
to ­
greatest possible scale so th at tho U n itod States becam e this property or that property found favor and boliof.
“ m ilitarized.” T h o U . S . Consul-G eneral a t M u n ic h , T h o m a s wards tho very close the m arket assum ed a perfectly runaway
S t. John G a ffn e y , w as asked b y the State D ep artm en t to appearance, and it seemed to bo utterly im possible to keep
resign because of m an y com plaints o f partisan attitude it within control. A s one illustration B aldw in Locom otive
tow ards G erm an y assum ed b y M r . G affn ey in relation to tho com m on on one d ay (S ep t. 28) jum ped from up 1 1 9 t o lo O M ,
w ar. M r . G a ffn e y , like other Am erican Consuls, was also w ith the close that day 128; for tho m on th of Sopt. the range
in charge o f British affairs. G u sta v S tah l, a G erm an reserv­ of this stock was from 78 M2 to 150 M . with, the close Sept 3 0
C rucible Steel sold up from 7 3 M Sept. 1 to 1 0 9 M
ist w ho had been indicted for perjury in swearing to a false 1 3 1 M .
affid avit th at the Lusitania carried guns concealed bolow her Sep t. 2 9 , w ith tho close Sep t. 3 0 105. I h o reorganization
decks, and w ho had finally pleadod g u ilty , was sentenced under new interests o f tho executive m anagem ent of the M id ­
to sorro 1 y r. and 6 m o s. in the Federal penitentiary a t A t ­ vale Steel C o . and the election of W illiam E C orey , form er
lanta and to p ay a fine o f $ 1 .
T h o Russian G overnm ent head of the U . S . Steel Corporation, as President, furnished
granted a m oratorium for 6 m o s. to tho inhabitants o f the a plausible basis for suggestions of all sorts of com binations
Provinces o f V iln a , G ro d n o , K o v n o , C ourland, L ivonia and of m anufacturing concerns, and intensified tho speculative
Transactions were on an enormous scale.
1 he rail­
M in s k . Settlem ents of balances on tho Paris B ou rse,w h ich fever
had rem ained open since the outbreak o f the w ar, were m ade r o a d shares were neglected m ost of the tim e, but nevertheless

six second-cabin passengers, six third-cabin passengers and
13 o f the crew rem ained unaccounted for, besides one w om an
o f S t. Johns, N ew fou n d lan d , whose b od y was taken to
Q ueenstow n. A n ote from G erm an y declared th at its infor­
m ation seemed “ to exclude a lm ost absolu tely the possibility
th at a G erm an submarine could under a n y circumstances
have been concerned in sinking the British passenger steamer




Jan. 22 1916.]

THE CHRONICLE

were carried upw ard in the general swing, and enjoyed sub­
stantial im provem en t. A t the close, how ever, while the
industrial list was still m aking sensational advances, the
railroad shares showed a decidedly reactionary tendency.
On the application of a creditor, Pres. Charles E . Schaff was
appointed receiver o f M o . K a n . & T e x .
D e l. & H u d . share­
holders were offered a t par $ 1 4 ,4 5 1 ,0 0 0 5 % 2 0 -y r . con v.
bonds. Bankers offered a t 9 9 H $ 5 ,0 0 0 ,0 0 0 2 -y r . 5 % notes
o f A m o r. C o t. Oil C o ., the proceeds to be used to rotire an
equal am ou n t o f 4 J ^ % debentures m aturing N o v . 1.
D env.
& N o rth w . R y . om itted divs. altogether after having previ­
ously roduced th em . A la . & Vicksburg m ade an annual d iv .
o f 5 % against the previous 7 % , and V ick sb . Shrev. & P a c.
om itted altogether on pref. T h e E . I . duP ont do N em ou rs
Powder C o ., W ilm in gto n , which had been paying a num ber
o f extra d iv s ,. declared 2 0 0 % on c o m ., payable in com . stock
o f E . I . duP ont de N em ou rs & C o ., in accordance w ith a plan
previously agreed u p on . G e n . M o to rs C o . declared a cash
d iv . o f 5 0 % on co m . Sloss-Sheffield Steel & Iron declared
1 /4 % quar. on p r e f., payable in scrip, this being the first div.
since th at o f the previous J a n ., which was also in scrip
W e s t. U n . T e l. increased its quar. d iv . from 1 % to 1 3 4 % .
Continental C an m ade an initial quar. d iv . o f 134 on com .
N e w Jersey Zinc C o . m ade an extra d iv . o f 2 % (besides reg.
q u ar. 2 3 4 % ) on the $ 3 5 ,0 0 0 ,0 0 0 stock as increased b y a 2 5 0 %
stock d iv . paid in J u ly . S t. Joseph Lead C o . paid 1 % extra
in addition to 1 34 quar. Sw ift & C o . increased its quar. d iv .
from 134 to 2 % .
R u bber G oods M f g . C o . om itted divs. on
com .
Som e m ore copper companies either increased or re­
sumed d iv s ., including C a l. & A r iz ., W o lv erin e , B u tte & Su­
perior and N o . B u tte . T on op ah M in . reduced from 2 5 %
quar. to 1 5 % quar.
S tock F lu c t u a t i o n s .

1.

S e p t.

S e p t.

30.

R a il r o a d s —

Canadian Pacific__ !
Chesapeake & Ohio..
Krle.
Louisville* Nashville
Norfolk & Western..
Northern Pacific___
Pennsylvania______
Southern Pacific Co..
Southern Railway___
Union Pacific_______
Industrial, &c—
Allls-Chalmers M fg ...
Preferred_________
Amer Agrlc Chemical
American Beet Sugar.
American Can.......... .
Amer Coal Products. .
American Locomotive.
Amer Smelt * R efln..
American Woolen___
AnacondaCop (par$50)
Baldwin Locomotive..
Bethlehem Steel Corp.
Central Leather_____
Colorado Fuel & Iron
Continental Can____
Cuban-Amer Sugar__
General Chemical___
General Motors.
Goodrich (B F).
InspCon Cop (parS20)
Lackawanna Steel___
Maxwell Motor______
Pressed Steel Car____
Railway Steel Spring..
Republic Iron & Steel.
Studebaker Corp (The)
Texas Co (The)..........
U S Industrial Alcohol
U S Rubber_________
United States Steel__
Western Union Teleg.

101
81)4
150
4654
82)4
2S«
118)4
*112

117

9154
66)4
106)4
107
108
148
88)4
15)4
zl28)4
37)4
6854
61H
64)4
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54
80)4
3354
$71)4
82)4
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4354
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83 J4
1
*290 298
219)4
6 0^
$35

R ange f o r M o n th .
Low .

103)4
8854
15954
50)4
87
32)4
>120
*120
122)4
9654
69
114
11054
113
153)4
93 H
1854
132)4
46)4
75
>6354
66)4
64)4
>82
>152)4
69)4
85)4
51)4
S73)4
13154
364
5254
61
J119
118
*285 290
2315
77)4
$43)4
89
5254
73
52)4
53)4
14054
167)4
92
53)4
79)4
j 77

100)4 Sept
81)4 Sept
150 Sept
46 Sept
8154 Sept
28 Sept
11754 Sept
11554 Sept
91
Sept
65)4 Sept
106 Sept
106 Sept
108 Sept
14754 Sept
87)4 Sept
15)4 Sept
z 127)4 Sept

H ig h .

1 105)4 Sept 27
1 8954 Sept 27
1 163)4 Sept 25
2 51)4 Sept 27
2 89 Sept 27
2 3354 Sept 27
1 >12254 Sept 27
7 122 Sept 25
3 98)4 Sept 27
7 7054 Sept 29
1 115)4 Sept 25
2 112 Sept 27
1 114)4 Sept 27
3 154)4 Sept 27
2 95 Sept 27
2 19)4 Sept 27
1 134)4 Sept 27

36 )4 Sept 1 48)4
67 Sept 7 77)4
61 Sept 20 64)4
63)4 Sept 1 68 'A
55)4 Sept 11 65)4
>66)4 Sept 11 85
14854 Sept 11 156
51)4 Sept 11 7254
7954 Sept 1 8854
3354 Sept 1 57
$69)4 Sept 11 S74)4
78)4 Sept 11 150)4
283)4 Sept 7 369
43 Sept 7 5354
4154 Sept 1 66)4
82 Sept 7 >120)4
113 Sept 17 123)4
2S8 Sept 27 29854
219)4 Sept 1 375
60)4 Sept 1 74)4
$34)4 Sept 23 $4354
67)4 Sept 11 9454
42 )4 Sept 1 57)4
5854 Sept 3 75)4
37)4 Sept 13 53
41)4 Sept 1 55)4
106 Sept 1 145)4
151 Sept 3 173)4
70)4 Sept 3 98
49 Sept 11 54)4
7354 Sept 1 7954
74 Sept 3 >7754

Sept 28
Sept 28
Sept 30
Sept 22
Sept 27
Sept 29
Sept 23
Sept 29
Sept 27
Sept 23
Sept 28
Sept 28
Sept 28
Sept 29
Sept 29
Sept 30
Sept 23
Sept 2
Sept 28
Sept 29
Sept 30
Sept 29
Sept 22
Sept 29
Sept 30
Sept 29
Sept 28
Sept 27
Sept 28
Sept 30
Sept 27
Sept 28

317

tim e the proposed visit to this country o f the Anglo-F rench
Com m ission was still veiled in considerable m y stery , and b y
the 8 th sterling dem and bills had suffered a downward re­
action again to 4 6 2 3 4 T h e C om m ission, as already stated ,
arrived here on the m orning o f S e p t. 10, and on th at d a y the
quotation recovered to 4 6 9 34 - A fte r th at the m arket see­
sawed a good deal, b u t gradually developed firm ness. T h e
high figure for the m on th was 4 73 on the 17th , w ith the quo­
tation Sep t. 3 0 4 7 2 @ 4 7 2 3 4 . A nother v ery largo consign­
m ent o f gold to J . P . M o rg a n & C o ., the third one, reached
here S e p t. 8 from G reat B ritain via H alifax .
I t consisted
of A m erican gold coin valued a t $ 7 ,8 5 0 ,0 0 0 and British sov­
ereigns to the am o u n t o f £ 2 ,3 9 0 ,0 0 0 , valued a t approxi­
m ately $ 1 1 ,6 1 5 ,0 0 0 , m aking together $ 1 9 ,4 6 5 ,0 0 0 .
In the
consignm ent there were also included $ 1 5 ,0 0 0 ,0 0 0 to $ 3 0 ,­
0 0 0 ,0 0 0 01 securities, b u t no announcem ent as to these was
3P,%te. _ Aggregate gold im ports into the U n ited States were
$ 4 ^ ,0 6 ^ ,4 4 9 .
T h e B a n k o f E n g lan d , because o f liberal ex­
ports o f g old , suffered a m aterial reduction o f its gold hold­
ings.
O pen m arket discounts a t London S e p t. 3 0 were
4 3 4 for 6 0 -d a y bank bills and 4 1 1 -1 6 @ 4 3 4 for 9 0 -d a y bills.
F rom Berlin an open m arket rate o f 3 3 4 was reported. Sil­
ver in L ondon m oved higher and S e p t. 3 0 w as 23 % d .

B A N K IN G , L E G IS L A T IV E AN D F IN A N C IA L NEW S.
T h e public sales o f bank stocks this w eek aggregate 8 7
shares and were all m ade a t the Stock E xch an ge. F ifty
shares o f Bankers T ru st C o . stock were sold a t auction a t
463.
T h e last previous public sale o f the stock was m ade in
July 1914 a t 40 0.
S h a res. B A N K — N e w Y o rk .
87
Com m erce, National Bank
50

Law .

of_ 175

TRUST COM PAN Y— N e w Y o rk .
Bankers Trust C o____________ 463

H ig h .

C lo s e .

177

175

Jan. 1916— 178

L a st p r e v io u s s a le .

4G3

463

July 1914— 400

Secretary F enton o f the In vestm en t B ank ers’ Association
of Am erica has issued the fourth annual proceedings o f the
A ssociation. T h e b ook is bound in three-quarters leather,
on antique paper, w ith photogravure pictures o f all officers.
Asido from the value o f the b oo k , so far as typ ography and
its general m ake-up is concerned, the contents o f the volum e
m ake it o f value to investm ent bankers and students o f
finance. I t contains the addresses delivered before the
D en ver convention, reports o f com m ittees, list o f m em ­
bers, & c.
T ho A m erican Bankers A ssociation m ade public last week
tho follow ing list o f the State and Territorial Vice-Presidents
nam ed for the N ation a l B a n k Section o f the A ssociation:
A labam a E . J. B uck, President N ational C ity Bank, M obile.
Alaska Gaston H ardy, Vice-President T he Harriman N ational B ank,
eward.

Arizona— M orris G oldwater, Vice-President T he P rescott N ational
sank, P rescott.
Arkansas Stuart W ilson, Cashier State N ational Bank, Texarkana
California— Alden A nderson, President T he Capital N ational Bank
acram ento.
Colorado— J. C . Burger, Cashier H amilton N ational Bank, Denver.
C onnecticut H . V . W hipple, President M erchants’ N ational Bank
43
few H aven.
6 9^
Delaware— John B. Smith, Cashier First National Bank, M ilford.
3854
District o f Colum bia— M ilton E . Ailes, Vice-President Riggs National
42)4
lank, W ashington.
107
132 )4
Florida— A . F . Thom asson, President Central N ational Bank, St. Peters71
urg.
50
74)4
Georgia— J. K . O ttley, Vice-President Fourth N ational Bank, Atlanta.
75
Hawaii— L . T . P eck, President First N ational Bank o f Hawaii, H onolulu.
Idaho— AVilliam Thom son, President Lewiston National B ank, Lewiston.
Illinois—
J. J. D oherty, Cashier First N ational B ank, D w ight.
* Bid and asked price; no sale.
anQ prlor t0 tMa date- * d i v i d e
Indiana— C . II. Church, Cashier Delaware C ounty N ational B ank,
The Money Market.— T h e A n glo-F ren ch negotiations had M uncie.
no influence w hatever upon the m on ey m arket which re­
Iowa— J. L. Edwards, President M erchants’ N ational Bank, Burlington.
m ained in a condition o f extreme easo. T h e raruro for call
Kansas— W . J. Bailey, Vice-President Exchange N ational Bank .Atchison.
Kentucky— J. W . Stoll. President First & C ity National Bank, Lexington.
m °n o y w as 1 H ® 2
R atos on tim o S ep t. A
S
K
Louisiana— E . K . Smith, President Comm ercial N ational Bank, Shreve­
for 6 0 d a ys, 234 for 9 0 d a ys, 2 3 4 © 3 for 4 m os. and 3 for 5 and
port.
papeL Was 3 @ 3 ^ for the best names
M aine— Charles G. Allen, Cashier Portland N ational Bank, Portland.
and 3 34 @ 4 for others
M o n e y holdings o f the Clearing
M aryland— A . D . Graham , Vice-President and Cashier Citizens’ N a ­
“
nn
kts increased from $ 4 8 8 ,5 5 4 ,0 0 0 A u g . 2 8 to $ 5 2 6 ,­ tional Bank, Baltimore.
7 6 3 ,0 0 0 Sept. 18, and then fell to $ 5 0 3 ,3 7 2 ,0 0 0 O ct. 2 .
G old
Massachusetts— E . B . Brown, President M echanics’ N ational B ank.
on deposR w ith Federal R eserve banks was $ 1 4 6 ,7 0 5 ,0 0 0 N ow Bedford.
M ichigan— John W . Staley, Vice-President First & Old National Bank.
O ct. 2 against $ 1 4 1 ,3 o 8 ,0 0 0 A u g 2 8 .
Surplus reserves in­
creased from $ 2 0 4 ,7 9 9 ,5 8 0 A u g . 2 8 to $ 2 2 4 ,1 2 2 ,9 9 0 S ep t. 11, Detroit.
M innesota— J. R . M itchell, President Capital N ational Bank, St. Paul.
a t which figuro they reached the m axim u m for tho year but
Mississippi— T . W . M c C o y , Vice-President M erchants’ N ational Bank.
b y Oct 2 w e r e down to $ 1 9 6 ,3 7 2 ,1 3 0 . Loans further in­ Vicksburg.
creased from $ 2 ,6 o o ,3 7 4 ,0 0 0 A u g . 2 8 to $ 2 ,7 8 0 ,4 5 0 0 0 0
Missouri— J. G . Schneider, Vice-President German-Am erican National
O ct. 2 , and deposits increased from $ 2 ,8 0 9 ,6 2 2 0 0 0 to $ 2 - Bank, St. Joseph.
9 6 0 ,5 6 0 ,0 0 0 .
M on tana— Frank S. Lusk, President First National Bank, M issoula.
Nebraska— P. L . Hall, President Central N ational Bank, Lincoln.
Foreign Exchange, Silver, &c .— In foreign exchange the
N evada— George W ingfield, President Reno N ational Bank, Reno.
dom inant influence was tho A n glo-F ren ch new loan negotaiN ew Hampshire— F. AV. Sawyer, Vice-President and Cashier Souhegan
tions.
On Sep t. 1 the m arket reached its extremo of dem or­
N ational Bank, M ilford.
alization w ith sterling dem and bills down to the extraordi­
N ew Jersey— R obert D . F oote, ATice-Presldent N ational Iron B ank,
narily low figuro o f $ 4 5 0 . Short sales as well as panicky M orristown.
lears appeared to havo played a part in this precipitate deN ew M exico— D . T . Hoskins. Cashier San M iguel National B ank;
clm o, and during the next two d a ys, under covering o f short Las Vegas.
N ew Y ork— Rollin P. Grant, President Irving N ational Bank, N ew Y ork?
sales and a feeling th at tho situation had reached a point
N orth Carolina— J . G . Brown, President Citizens’iN ational Bank,Raleigh
wiiero defm ito stops for the establishm ent o f a large credit
N
orth D akota— James E . Phelan, President First N ational Bank,
hero would have to be pressed to an early conclusion, a re­ Bowm
an.
covery o f no loss than 2 2 cts. to $ 4 7 2 occurred. A t that
Ohio— J. J. Sullivan, President Central N ational Bank, Cleveland.




318

THE CHRONICLE

[Vol. 102.

form erly V ice-P resid en t, was elected President. Jam es D o d d
was prom oted from Treasurer to a V ice-P residency. Charles
E . H ay d o ck was appointed Treasurer, H arry lo r s y t h A s ­
sistant Treasurer and Joseph A . F ly n n an A ssistan t Secre­
ta ry . M r . B annard’s action in declining re-election is said
to have been prom pted b y a desire to reduce his business
activities. Previous to his connection w ith the N e w Y o rk
T ru st C o ., M r . B annard was President o f the old C onti­
nental T ru st C o . T h e latter was consolidated w ith the N e w
t a Texas-_N athan A dam s, Cashier Am erican Exchange N ational B ank,
Y o rk Security & T ru st C o . in 1904 (which changed its nam e
H&llcLS•
the next year to the N e w Y o rk T ru st C o .) .
M r . Bannard
U tah __c . S. B urton, Vice-President U tah State N ational B ank, Salt
was elected President of the consolidated institution. M r .
^ V e r m o n t— Frank M . C orry, President First N ational Bank, M on tpelier. B uckner, the new President, was also associated w ith th e
Virginia— John M . M iller J r., Vice-President First N ational B ank,
Continental T ru st C o ., having held the office of T h ird V ice­
W ashington— R alph S. S tacy, President N ational Bank o f T a com a, President; a t the tim e of the merger ho was chosen as Treas­
urer of the N e w Y o rk Security & T ru st C o .
H e w as elected
‘ y p c s t Virginia— W . B . Irvine, Vice-President N ational Bank o f W est
a V ice-P resident of the N e w Y o rk T ru st in 19 08 .

Oklahoma— Thom as P . M artin J r., President Oklahom a Stock Yards
N ational B ank, Oklahoma C ity.
Oregon— Edgar S. Sensenich, Cashier N orthwestern N ational Bank,
Portland.
Pennsylvania— L . T . M cF ad d en , Cashier First N ational B ank. C anton.
R hode Island— H . L . W ilcox, Cashier N ational Bank o f Com m erce,
P roviden ce.
. „ , ,
_
,,
South Carolina— Arthur L . M ills, Vice-President and Cashier F ourth
N ational B ank, Greenville.
South D akota— N .F ..F ra n klin ,P resid en tF irstN a tion a lB a n k, D ea d w ood .
Tennessee— T . R . Preston, President Ham ilton N ational B ank, C hat-

V lW iscon ^n — E* J T Iu gh es, Vice-President F irstN ational Bank, M ilw aukee.
W yom in g— A . H . M arble, President Stock Growers’ N ational B ank,
Cheyenne.

F rom the standpoint o f grow th and achievem ent the year
1915 was the best one which the A m erican In stitute of
B an k in g has experienced (according to a statem ent just

A t the organization m eeting this week of the directors of the
C orn Exchange B an k of this city , W illia m A . N a sh was re­
elected Chairm an of the board and D u n h a m B . Sherer, an
A ssistant Cashier, was appointed a V ice-P resident. M r .
N a sh ,w h o is 76 years of age, has been w ith the C orn E x ­
change B an k since abou t 1855 (barring three years spent
w ith the Oriental B a n k ); he was appointed Cashier in 1872
and President in 1 8 83 .
H e held that post for tw enty-eight
years till 19 1 1 , when ho declined re-election and becam e
Chairm an of the board. M r . N a sh has served as Secretary
and also as President of the Clearing H ouse Association
and as Chairm an of the Clearing H ouse C om m ittee.

issued) during the decade and a half of its existence. M o re
than 1 ,8 0 0 new m em bers were added, m ak ing a total m em ­
bership n ow exceeding 1 6 ,0 0 0 .
T w elv e new chapters have
been added during the year, located in the follow ing cities:
L os A n geles, C a l.; N e w H a v e n , C o n n .; M a c o n , G a .; Sa­
van n ah , G a .; D es M o in e s, l a .; Springfield, M a s s .; G reat
F a lls, M o n t .; R aleigh , N . C .; C h arleston , S . C .; C olu m b ia,
S . C .; M e m p h is, T e n n .; and E l P a so, T ex a s.
In the C or­
A lbe rt B reton , Vice-President of the C anal B an k & T ru st
respondence C h ap ter there are now 1 ,5 1 2 m em bers, and the
C o . of N e w Orleans, has becom e associated w ith the G uaranty
total num ber of graduates of the In stitu te now exceeds 1 ,5 0 0 ,
T ru st C o . of N e w Y o r k , and will be the special foreign repre­
which includes new graduates during 1915 to the num ber
sentative o f that institution. M r . B reton began his banking
of 373.
career in 1892 w ith the C om p toir N a tion a l d ’ Escom pto in
Paris and was connected in various official capacities with
A booklet giving the history of P e a b o d y , H oughteling &
their foreign branches in L on d on , C alcutta and B o m b a y .
C o . of C h icago, covering the period of fifty years it has
H e also has had business experience in Japan, China and
been in business, has lately been issued b y the firm .
It is
B razil.
In 1905 ho organized the G erm an-A m erican N a ­
stated th at the firm , w ith one exception, is the oldest private
tional B a n k of N e w Orleans and also the G erm an-Am erican
banking house in C hicago.
I t was established in 18 6 5 , ju st
T ru st & Savings B a n k , b oth of which in 1914 wore consoli­
after C ivil W a r tim es, and has been doing business continu­
dated w ith the C anal-L ouisiana B a n k & T ru st C o . undor the
ously ever since. T h e founder, the late Francis B . P e ab od y,
nam e of the C anal B a n k & T ru st C o ., of which M r . Breton
was a law yer b y profession, having studied for the bar in
becam e First V ice-P resident and a directoi.
D uring the
C on cord , N . H . , in the office o f Franklin Pierce, afterward
past three years he has m ade a special study of Central and
President o f the U n ited S ta tes.
In 18 37 M r . P eabod y loca­
South A m erican banking business, and in 1913 organized
ted in C h icago, where during the continuance of his law
the B anco A tla n tid a , which has branches in the principal
practice he was frequently com m issioned b y friends and
com m ercial centers of Spanish H on d u ras, C . A .
clients in the E a st to invest m on ey for them in Chicago real
A t a m eeting of the stockholders of the G u aran ty T ru st
estate m ortgages. T h is dem and grew to such an extent
C o . on the 19th in s t., the follow ing directors were elected to
that after the close of the war in 1865 his law firm , which
serve for three years: Charles H . A llen , C aleb C . D u la , R o b ­
was then G allup & P e ab od y, form ally abandoned practice
ert W . G oelet, W illia m A . H arrim an, G ates W . M c G a r r a h ,
and entered the business of m ortgage ban k in g. U p o n M r .
G . M . - P . M u r p h y , T h o m a s F . R y a n , Charles H . Sabin,
G allu p ’ s retirement in 18 7 5 , the business was continued under
John A . Spoor and A lbe rt Strauss.
O f those, all aro former
the firm nam e o f Francis B . P eab od y & C o .; in 1885 James
directors and were re-elected, w ith the exception of M r . D u la ,
L . H ou gh telin g, son-in-law of the founder, entered t 1 e firm
w ho is President of the L iggett & M y e r s T obacco C o ., and
and the present nam e was a d op ted .
T h e history of the
M r . Strauss, of the firm of J . & W . Seligm an, who were
firm ’s business has been one o f gradual evolu tion, although
elected to fill vacancies.
dividing itself into fairly distinct steps first, the m ortgage
business; second, the real estate bon d business, and third,
Jam es F . M c N a m a r a , T ru st Officer of the M etropolitan
industrial bonds of iron and steel plan ts.
In the conduct of
T
ru
st C o . of this c ity , has been elected Third Vico-Presidont
the m ortgage business the firm states, “ records of all trans
H e retains his duties as T ru st O fficer.
actions, appraisals and credit investigations were carefully of the com p an y.
kept and all useful inform ation and experience conscientiously T ho creation o f the additional Vice-Presidency was necessi­
assim ilated; these records, com posing an analysis of land
values in different parts of Chicago through half a century,
form to -d a y an asset of considerable v a lu e .”
In the field
of real estate financing the firm has confined itself to the
m ost substantial and fundam ental types of im provem ents.
In the field of industrial finance its operations have been
confined principally to first m ortgage obligations, and prefer­
a b ly to industries dealing w ith the necessities of life.
1 lie
firm believes its work has been constructive both from the
standpoint o f the borrower and the investor.
T h e booklet
sa ys:
On the one hand it points to a long list o f profitable well-financed indus­
tries, those independent private businesses which are the backbone o f the
cou n try’s prosperity: on the other, to thousands o f investors, largo and
m all, who have sought freedom from market fluctuations, coupled with
safety and a remunerative interest return, and to whom it has been the
firm ’s good fortune to be o f service.

A t a m eeting of the board of trustees of the N e w Y o rk
T ru st C om p an y on W e d n e sd a y , O tto T . Bannard declined
re-election as President and was m ade C hairm an of the board
and of the executive com m ittee. M o rtim er N . B uckner,




tated b y the grow th in tho b an k ’s business. M r . M c N a m a r a
was associated w ith the A tlan tic T ru st C o . previous to its
consolidation w ith tho M etrop olitan T ru st C o . in 19 03 . H o
entered it about 1887, advancing b y successive steps to head
o f the trust departm ent the post ho hold at tho tim e of the
m erger. H e has been T rust Officor of the M etropolitan
T ru st since 1906.
T h e follow ing cable advices have been receivod b y W a d e
G ard ’ner of 3 6 W a ll Street, agent for the H ongkong & Shang­
hai B anking Corporation, from tho head offices of tho bank:
Subject to audit, the final bank dividend for the year ended D ec. 31 1915
will probably be forty-three shillings per share, and in addition, bonus o f
five shillings per share, b oth subject to deduction o f incom e tax, making a
total dividend for the year o f four pounds eleven shillings. Written o ff
bank premises account, S500.000. H ongkong currency. Carried forward
to next half-year, $3,000,000, H ongkong currency.

Including the a b o ve , the capital and reserve funds of the
bank now stand as follow s: P aid -up capital, H ongkong
currency, $ 1 5 ,0 0 0 ,0 0 0 .
R eserve funds: Sterling rosorvo,
£ 1 ,5 0 0 ,0 0 0 ® 2 — $ 1 5 ,0 0 0 ,0 0 0 ; silver reservo, $ 1 8 ,0 0 0 ,0 0 0 ;
carried forward to next half-year, $ 3 ,0 0 0 ,0 0 0 ; in addition

Jak . 22 1916.)

THE CHRONICLE

there is a reserve liability o f proprietors o f $ 1 5 ,0 0 0 ,0 0 0 ,
H on g k o n g currency.
F ou r new directors h ave been elected to the board o f the
Pacific B a n k of this c ity , increasing th at b o d y from fourteen
to eighteen m em bers. T h e new directors are: Lew is L .
C lark e, President o f the A m erican Exch an ge N ation a l B a n k ;
Frederic C . B u sw ell, John T . T erry and Francis R . M a ste r s.
W . H . B en n ett was last week elected a director, as we stated
in our issue o f last Saturday.
G u y T . S cott has been elected to the board o f the H udson
T ru st C o . o f this city , succeeding W illia m O . A llison , re­
signed. M r . S cott is Vice-P residen t and Treasurer o f the
C ontinental T ru st C o . of W a sh in g to n , D . C .
Stephen L . y ie le , A ssistan t Secretary o f the F id elity
T ru st C o . o f this c ity , has been elected a director to fill a
vacan cy.
A lfred E . M a rlin g has been added to the board o f the C o ­
lu m bia T ru st C o . o f this city .
A rth u r A . M ille r , for m a n y years head of the loan depart­
m en t o f the E qu itab le T ru st C o . o f this c ity , has been elected
A ssistan t Treasurer.
T h e Public B an k o f N e w Y o r k C ity resumed dividends, b y
payin g 1 M % J an . 15 to holders o f record Jan. 13 .
T h e last
dividend paid b y the institution was on Jan. 2 1 9 1 4 , 5 % .
W ith regard to the omission o f the usual sem i-annual dis­
tribution o f 3 % a t this tim e o f the year, an official o f the
N a tio n a l B u tch ers’ & D ro vers’ B a n k o f N e w Y o r k advises
us th a t, although the dividend was m ore than earned, it w as
deem ed best to increase the surplus. Therefore, instead o f
paying o u t a 3 % dividend calling for $ 9 ,0 0 0 , $ 1 5 ,0 0 0 (or
the equivalent o f 5 % ) was added to the surplus, malnnc? th.a,t
item now $ 8 0 ,0 0 0 .

S li)

T h e new issue is to be disposed o f a t $ 3 2 0 , o f which $ 1 0 0 will
go to capital stock and the rem ainder to surplus and undi­
vided profits o f the c om p an y .
T h e P eop le’s B a n k was
organized in 1 8 90 a n d , according to the last statem en t, has
a capital o f $ 1 0 0 ,0 0 0 , surplus o f $ 1 1 6 ,8 4 8 and deposits of
$ 1 ,5 6 2 ,3 9 6 .
T h e trust com p an y w as organized in 1892
and has a capital o f $ 1 0 0 ,0 0 0 and surplus of $ 2 0 0 ,0 0 0 and
its deposits aggregate a b o u t $ 2 ,7 0 0 ,0 0 0 .
T h e Presidency
o f the P eop le’s B a n k has been v acan t since the recent death
o f W illiam M . F ranklin.
H u gh H . H ilson o f T renton was elected V ice-P resident
of the B urlington C ity Loan & T ru st C o . o f B urlington,
N . J ., a t the annual m eeting o f the directors on the 11th in st!
M r . H ilson had been appointed T ru st Officer o f tho institu­
tion on January 1 and prior to that had been connected w ith
the N e w Jersey D ep artm en t o f B an k ing and Insurance.
D aniel S . W h ite has been elected President o f the G uaran­
tee T ru st C o . o f A tla n tic C ity , succeeding C arlton G od frey ,
wno retired both from the presidency a n d the directorate
a t the annual m eeting on the 11th in st.
M r . G od frey had
ionn
k ea(l o f the institution since its organization in
18 99 .
H is successor, M r . W h ite , is President o f the H otel
T raym oro C o m p a n y .
A t the annual m eeting o f the directors o f the Second
N a tio n a l B a n k of C ooperstow n, N . Y . , on the 12th in s t.,
H arry H . W illse y , T eller, w as elected an A ssistan t C ashier!

Daniel C. Webster, manager of the bond department of
the City Bank of Syracuse, was elected Second Vice-President
on Jan. 11 to succeed Evans S. Kellogg, resigned. M r .
Kellogg, who was formerly Second Vice-President and
Cashier, relinquished the Cashiership last M a y . M r .
Webster, the new Second Vice-President, has also been
elected a director, succeeding Louis W . Emerson. H e will
continue in charge of the bond department.

J . Tow nsend L ansing, a senior director o f the N e w Y o rk
T h e stockholders o f the N o r th Side B a n k of B ro o k ly n , a t
their annual m eeting on the 11 th , elected H e n r y B illm a n , the S tate N a tio n a l B a n k o f A lb a n y , has been elected First
b a n k ’s C ash ier, and W illia m M . T obias to the board o f Vice-President o f that institution to succeed H en ry M . Sage,
directors. T h e directors, a t a subsequent m eeting, elected who has retired from th at office, owing the the pressure o f
public and private business.
M r . B illm an as V ice-President to succeed the late C ulver
Fergu son . M r . B illm an entered the bank in 18 91 ; in 19 0 4
A t a m eeting o f the directors o f the B ev erly T ru st C o . of
he was appointed A ssistan t Cashier and w as elected Cashier
in 19 0 6 .
M r . B illm an is a m em ber o f the B oard o f G o v ­ B ev erly , M a s s ., Caleb B . H oo d was chosen Treasurer o f
ernors o f the N e w Y o rk C h ap ter, A m erican In stitu te of the com p an y . M r . H o o d was form erly A ssistan t Secretary
o f the Federal T ru st C o . o f B o sto n .
B an k in g , and was a t one tim e President o f the C hapter.

Emil G. Raoder, formerly Second Vice-President of the
Ridgewood National Bank of the Borough of Queens, has
been elected First Vice-President, succeeding the late A. W .
Neumann; Frederick Sprower, a director, has been elected
Second Vice-President. The board of directors has been
reduced by one, the vacancy caused by Mr. Neumann’s
death not having been filled.
A t the annual m eeting o f the N e w Jersey T itle G uarantee
& T ru st C o . o f Jersoy C ity , N . J ., C . K . Corbin o f the law
firm o f C ollins & C orbin and J . H . Scherm erhorn, Treasurer
o f the D ix o n Crucible C o ., were elected to the board, filling
the vacancies caused b y the deaths of Jam es B . V red enburgh and Vico-President George F . Perkins J r ., N o succes­
sor to M r . Perkins as a Vice-President was chosen.
A merger o f the Peop le’s B an k w ith the Savings In vest­
m en t & T ru st C o ., both o f E a st O range, N . J ., was ratified
b y tho stockholders o f the P eop le’s B a n k on the 18th inst.
A s a result th at institution will go ou t o f business on M a rch
1 8 . T h e two institutions for the p ast tw en ty-th ree years
havo been closely allied; b oth occu p y tho same building,
and D a v id B in gh am , V ice-President and the active head
o f the P eop le’s B a n k , is also President o f the trust com p an y .
Thoro aro few m em bers o f the directorate o f tho Peop le’s
B a n k w ho do n ot hold similar positions w ith the trust com ­
pany.
T h e business o f the trust com p an y has been con finod alm ost exclusively to savings accounts and th at o f the
Peop le’s B a n k to check accou n ts. T h e m ajority o f the stock
o f tho latter ban k is held b y the trust com p an y, and the
outstanding certificates will be bou g h t, $ 2 5 0 a share being
paid for the stock .
T h e stockholders o f the trust com p any
havo authorized an extra issue o f 1 ,0 0 0 shares o f stock.




A u stin C . D u n h a m , w h o, as stated in our issue o f last
w eek, had com pleted his fiftieth year o f service as a director
of the N a tio n a l Exchange B a n k of H artfo rd , retired from
the directorate a t the annual m eeting on the 11th in st., owing
to the fact that he is out o f the city the greater part of each
year.
H . M . Sperry, Cashier o f the N ation a l Exchange B an k
o f H artford , has been chosen to the office o f V ice-President,
which position had been vacant since tho death in October
o f Sylvester C . D u n h a m . M r . Sperry has been associated
w ith the N ation al Exchange B an k since 1 8 9 3 .
H e has held
the post o f Cashier since 19 08 , after having previously served
successively as discount clerk, teller and A ssistan t Cashier.
T h e N ation a l Exchange B an k on January 3 reported capital
o f $ 5 0 0 ,0 0 0 ; surplus fund of $ 3 0 0 ,0 0 0 ; undivided profits of
$ 1 1 0 ,9 7 9 ; deposits o f $ 3 ,0 2 4 ,8 2 8 , and aggregate resources
of $ 4 ,4 7 2 ,4 4 6 .
T h e total net earnings o f the bank since its
organization in 1834 have am ounted to $ 3 ,1 3 1 ,2 5 2 , these
figures including its present surplus and profits and total
dividend paym ents o f $ 2 ,7 2 0 ,2 7 2 ; during its operation as
a State bank from 1834 to 1864 the institution paid dividends
o f $ 7 8 0 ,2 7 2 ; as a national ban k , from 18 64 to July 1915
the dividend distributions have aggregated $ 1 ,9 2 2 ,5 0 0 ,
these am ounts being further augm ented b y the latest dis­
tribution on Jan. 3 o f $ 1 7 ,5 0 0 .
E . C . Johnson is President
o f the bank and S . G . Pierce is A ssistant Cashier.
A t a recent m eeting o f the directors of the Savings B a n k o f
A n son ia, a t A n so n ia , C o n n ., the resignation o f President
Frederick A . L ines, tendered because of his ill-health , was
regretfully accepted. M r . Lines had been an incorporator
and a director o f the bank for tw en ty -fiv e years or m ore.
W illiam A . N elso n , who was Secretary and Treasurer, has

320

[Vol. 102.

THE CHRONICLE

been elected to succeed M r . Lines in the presidency.
The
local paper in com m enting upon M r . N e lso n ’s election, says:
M r. N elson’s connection with the bank, and particularly duringIt e ^
few m onths, is generally too well know n to need m uch further com m ent
at this tim e. T he troublesom e days at this institution i a s t S ^ t e m e r ar
also too recent to need m uch recounting at this tim e. W itti d e b i t o r s
storming the bank and clamoring for their savings. M r. N elson, alth ough
the youngest m em ber o f the board b oth in p oint o f years and service,
jum ped into the breach and publicly guaranteed to
’s0" a“ y the “ neaS
depositors to the extent o f §100,000. This did m uch to allay the uneasi­
ness caused b y the defalcation. D ue to his a ctivity in a U ^ p t i n g to save
the bank as m uch as possible from its tem porary ^
s e ^ c tlr y
son was im m ediately placed at the helm o f affairs and was m ade Secreta y
and Treasurer o f the institution, which he however accepted only as a
tem porary makeshift that he might assist the bank durinD “
t o
T
selection o f M r. N elson for the Presidency com es as a natural sequence in
the course of present events at the bank.

Frederick T . R o lf has been chosen to fill the

w ealth T ru st C o . on F e b . 1 and will then take up his new
official duties.
W . 0 . Phillips, A ssistant Cashier of the D ia m on d N ation al
B a n k of P ittsburgh, has been elected Cashier, succeeding
D . C . W ills , who resigned som e tim e ago to becom e Federal
R eserve A g en t of the Cleveland Federal R eserve 1 an .
W . E . Scheibler has been elected A ssistan t Cashier.

ottice ot

Secretary and Treasurer, succeeding M r . N elso n .
A t a m eeting o f the U n ion N atio n a l B a n k of Philadelphia
on Jan. 13, President W . H . Carpenter retired and was
elected Chairm an of the board . M r . C arpenter has been w ith
the ban k abo u t th irty-tw o years. J . S . M c C u llo c h , pre­
viously V ice-P resid en t, w as elected P resident, and Louis M .
Spielberger w as elected V ice-P residen t, although retaining
his duties as Cashier. T h eodore H . C on d erm an w as re­
elected a V ice-P residen t. Sam uel C am p bell, form erly
Cashier o f the M an u factu rers’ N atio n a l B a n k , w as elected
A ssistan t Cashier.
„ .
„
Form al action on the appoin tm en t of N a th a n T . 1 d w e ll,
Sam uel E . L an d is, H . H . B arton Jr. and E dw ard W o lf
as directors o f the U n ion N atio n a l B a n k w as taken a t th o
m eeting o f the stockholders on the 11 th . T h ese m en were
form erly on the board of the M an u factu rers N a tio n a l B a n k ,
w hich, as w e recently reported, was absorbed b y the U n io n

W . T . D av id son has been elected an A ssistant Cashier
o f the C olum bia N a tion a l B an k o f P ittsburgh.
Charles L . M o sh e r, Second Vice-President of the G uardian
Savings & T ru st C o . of C leveland, resigned on the 13th inst.
on account o f ill-health. A resolution expressing apprecia­
tion for the services rendered b y him was passed b y the
directors. T h e T h ird , F ourth and F ifth Vice-Presidents
advance as a result of M r . M o sh er’s resignation, H . C .
R obinson becom ing Second V ice-P resident, George F . H a r t,
T h ird V ice-P resident, and J . A . M a th e w s, F ourth V ice­
President. W . R . G reen, A ssistant Treasurer, has been
m ad e A ssistan t Secretary: he also serves as A u d itor. A . G .
S tu ck y , A ssistant Secretary; was m ade A ssistant Treasurer;
A . R . Fraser was appointed an A ssistant Secretary and L . E .
H olm d en A ssistan t Treasurer. C . L . F . W iebor has been
elected to the directorate to succeed George H . W o rth in g to n .
A n advisory board of about tw enty m em bers has been estab­
lished b y the b an k . A n y vacancies occurring on the board
o f directors because of the C layton A c t will be filled b y
representative m en designated b y this b o d y .

N a tio n a l.
_
T h e board o f the M an u factu rers’ N a tion a l B an k w as re­
elected and no successor to the late President, W illia m A .
H eisler, w as n am e d , as the board serves only until liquida­
tion plans have been com pleted.
T h e Clearing H ou se C om m ittee of the Philadelphia
C learing H ou se Association m et for organization on the
14th in st. J . R . M c A lliste r, President of the Franklin
N a tio n a l B a n k of Philadelphia, was chosen as C h airm an,

F rank L . Stein, Cashier o f the Ohio N ation a l B an k of
C olu m b u s, O hio, and H en ry D eeg , M a n ag er of the bond
departm ent o f that in stitu tio n ,in addition to continuing m
these cap acities,h ave been given tho titles of Vico-P rosident.
S . B . H artm a n , President of the M a rk e t Exchango B a n k
of C olu m bu s, O hio, has resigned,in furtherance, it is statod ,
of his desire to retire from active business. W . V . B ak er
has been elected M r . H a rtm a n ’s successor.

succeeding L evi L . R u e , w h o , as w e stated last w eek, was

T h o office o f Second Vice-President has boon croatod in
the Toledo Savings B an k & T rust C o . of T o led o, and C . A .

elected President of the A ssociation on the 10 th .
E.
.
Shanbacker, President of the F ou rth Street N atio n a l B a n k ,

Russell has been chosen to that position.

was re-elected Secretary of the C om m ittee .
A . A sh ton W o r k , Secretary and Treasurer of the N orth ern
T ru st C o . of Philadelphia, com m itted suicide on the 14th
inst. According to President W . Frederick Sn yder, the
affairs o f the ank had nothing to do w ith M r . W o r k ’ s death.
A statem ent as follow s w as issued b y M r . Snyder.
W e all very greatly regret the fact o f M r. W ork ’s suicide. It has resulted
in no way from any shortage or deficiency in his accounts with the com pany,
not one dollar o f its m oney having been lost through or b y him . his accounts
b6It"so'h ap p en s that as late as D ecem ber, in the ordinary conrae o f his
exam ination, the bank examiner examined tho accounts and fo u n d t h e m m
all respects correct. In addition to this, we know from our own annual
exam ination, made in January, that the accounts are correct and that M r
W ork’s suicide is not because o f any shortage in his accounts with t
com p any, for none such existed.
.

M r . W o r k had been w ith the com p an y abou t tw enty-six

R.

J . N e a l, Cashier o f the D rexel State B a n k o f C h icago,

has been elected President to succeed M . B . C o t t r e ll,w h o
retired because of ill-health. A ndrew J . K o la r, A ssistant
Cashier, has been elected Cashier, and Claronco 1 offonberger has been m ade A ssistant Cashier.
J.
C . H anson, Vice-P resident, has been elected President
o f the Second Security B an k of C h ica g o , succeeding Jam es B .
Forgan J r ., w ho, as we stated last w eok, is now w ith the
First N a tion a l B an k as A ssistant Cashier. R . L . Rodhoffor
has been olocted Vice-Prosidont to succood M r . Ila n sen .
M r . Redheffer has also boon eleetod V ice-President of the
Security B a n k , succeeding M r . F organ.
M a rtin J . G rau
has been chosen to the office o f Cashier o f the Security,
which was m ade vacant b y M r . Rodhoffor’s advancem ent.

years.
A . J . C o u n ty , Special A ssistan t to tho President o f tho
Pennsylvania R R ., has been addod to the board of tho
Girard N a tion a l B an k o f P hiladelphia.
T h e directorate

C C . C ollins, form erly Cashior of tho Pioneer Stato S av­
ings B an k o f C hicago, was oloctod A ssistant Cashior of
tho Garfield Park State Savings B an k on Jan. 15.

is thereby increased from 19 to 2 0 m om bors.
B en jam in R ush and A rth u r H . L ea h ave been elected to
the board of the Philadelphia T ru st C o . of Philadelphia.
A t a m eeting of the directors o f tho Safe D oposit & T iust
C o . o f P ittsburgh on Jan . 1 3 , J . D en n iston L y on resigned
from the Presidency because of tho pressure o f other business
and Alexander C . R obinson was elected to succeed h im . M r .
L y on had been President since January 1 9 13 , and previously
w as V ice-P residen t. H e retains his place on tho board of
directors. T h e new President, M r . R obin son , is V ice-P resi­
dent o f the C om m onw ealth T ru st C o .
H o w as form erly
associated w ith the private banking firm of R obinson B r o s.,
and w ith its volu n tary dissolution in 1910 was elected First
Vice-President o f the C om m onw ealth T ru st C o .
M r. Rob­
inson has also been elected Vice-President and a director of
the Peoples Savings B a n k , an institution affiliated w ith the
Safe D ep o sit & T ru st C o .
H e will resign from tho C om m o




T w o new directors woro addod to tho board of tho N o r th
W e s t State B a n k o f Chicago on tho 10th in st.; thoy are
J . F . F ish , President of tho N orthw estern Businoss C ollego,
and D r . Francis E . T hornton.
T h o officers oloctod for the
ensuing year are Joseph R . N o o l, Prosidont; Jam es D a v is ,
Vice-President; Frank W . H ausm ann, Cashior, and H erm an
Schw erdtfeger, A ssistant Cashier.
T ho stockholders o f the Franklin T ru st & Savings B an k
o f Chicago have approved the establishm ent of a bond depart­
m en t.

Irvin J . Rich will bo managor.

N orm an 0 . Goyor has boon elected an A ssistant Cashier
of the Peoples'Stockyards Stato B an k o f Chicago. T ho b an k ’s
surplus was increased
$ 2 0 0 ,0 0 0 .

during the

year from

$ 5 0 ,0 0 0

to

J an . 22 1916.]

th e

c h r o n ic l e

F . w . H ow es lias been elected First Vice-P resident o f the
Chicago C ity B an k & T ru st C o . o f C hicago.
M . Lorig has been elected Cashier o f the L iberty T ru st
& Savings B an k o f Chicago.
H e is also Vice-P resident.
A . G . Costello has been elected an A ssistan t Cashier.

321

post was announced b y us last w eek.
W . S . M arshall has
been elected to the board o f the M arshall & Ilsley to succeed
his brother, S . H . M a rsh a ll, who has becom e a resident of
Virginia.
R . L . Stone, Cashier, and E . J . K ea rn ey, a director o f the

r T Can^ ank ° f M ilw au k ee, have been elected
T h e roport o f the Chicago T itle & T ru st C o . for the year Vice-Presidents.
Chester R a n ey has been elected C ashier.
ending D e c . 31 1915 shows the n et profits o f that bank to be
$ 9 8 6 ,5 9 5 , or 1 7 .6 % on the $ 5 ,6 0 0 ,0 0 0 capital, against $ 9 0 5 ,­
4 8 5 , or 1 6 .1 % , for 1914.
T h e usual dividends o f 1 0 % , or B a n k ^ f o C
’ A^ Staf Cf shler 0 f the W ilk in -H a le State
$ 5 6 0 ,0 0 0 , were paid.
Gross earnings o f the com p any were "
n
° m a C y ’ IiaS been elected Cashier to succeed
$ 2 ,2 1 9 ,8 7 6 , from which the m aintenance charges, operation w th f t w e Mm S’ p 0
i
™ r - Spencer bas been connected
the W ilk m -H a la State B a n k for several years, and prior
and taxes, am ounting to $ 1 ,0 6 1 ,5 7 2 , were deducted, leaving
to
that
was
associated
w
ith
the F arm ers’ N ation a l B a n k .
a balance o f $ 1 ,1 5 8 ,3 0 3 .
T h e reserves and depreciation for
the year am ou n ted to $ 1 7 1 ,7 0 8 . J . M . D a li, form erly Sec­
retary, has been elected Vice-President o f the com p any, and
R ae k eJ n anCy in the Presidency o f the H am ilton N ation al
R . W . Boddinghouse has been elected Secretary.
B an k o f D en ver caused b y the death in O ctober o f T h o m a s
. C osgriff, was filled b y the election on the 11th o f J . B
John J . C u n n ea, Cashier o f tho Calu m et N ation a l B an k
o f Chicago, has been m ade a Vice-President and O . M . C lark,
A ssistan t Cashier, has been advanced to tho Cashiership.

\\ . C . Spurgin, heretofore Cashier o f the M ichigan A venue
T ru st C o . o f Chicago has been elected Vice-President and
J . A . Conrad, A ssistan t Cashier, has been advanced to the
Cashiership.
M arcu s A . A urelius, previously Cashier of the P ullm an
T ru st & Savings B a n k o f C hicago, has been elected V ic e Prosidont, and D on ald R . B ry a n t, form erly A ssistant C ashier
has been elected Cashior.
T h e b an k ’s surplus has been
increased from $ 200,000 to $ 3 0 0 ,0 0 0 .

John E . K a van agh has been elected President of the Sheri­
dan Trust & Savings B a n k o f C h icago.

A* d° rson has

b.een elected Vice-President o f the
United State B an k o f Chicago.

it

R <°bie o ,

fo™ e r l y Chairm an o f the board . T h e latter office
has been abolished. George T . A tchison has been elected
an additional A ssistan t Cashier.

At

a recent m eeting o f

the stockholders o f the First

FirsI01N r ank; ° i D,enVf ’
P a rk s’ President o f the
M rst N ation a l B a n k o f G lenw ood Springs, C o lo ., was
elected director and V ice-P resident.
C . S . H aughw out
heretofore Cashior was also elected Vice-P resident, and
J . C . H o u ston , previously A ssistan t Cashier, was m ade
Cashier.
T hese changes were occasioned b y the resignations
o f T h om as K e e ly and F . G . M o ff a t , Vice-Presidents.

B F . Jam es, Treasurer o f the Colorado & Southern R R .,
has been elected to the board o f the C ity B a n k & T ru st Co
o f D en ve r, succeeding tho late D r . E d m u n d C Rivers
T h e stockholders o f tho H ibernia B a n k & T ru st C o . o f
D en ver, C o lo ., have voted to increase the capital from
$ 1 0 0 ,0 0 0 to $ 2 5 0 ,0 0 0 .

1 homas J. Harper was elected Cashier of the W e st T ow n
State B an k o f Chicago on January 8 .

O . P . Sowles has been elected Vice-President o f the M e r ­
chants B a n k o f Salt L ake C ity , U ta h , succeeding C E
K aiser, resigned.

^ H orace L ow ry, Vice-Presidont o f the T w in C ity Rapid
Transit C o . was olectod a director o f the N orth w estern N a ­
tional B an k o f M in n eapolis a t the annual m eeting January
1 1 , succeeding tho late C alvin G . G oodrich .

M u rra y C arle to n , w ho resigned in N ov em b er as a C lass B
director o f the S t. Louis Federal R eserve B a n k , has been
elec ed to the directorate o f the B o a tm e n ’s B an k o f that city .

A t tho annual m eeting o f the M in n eapolis T ru st C o . o f
M inneapolis three departm ent heads were prom oted to official
positions: J . L . R o ot has been m ad e B on d Officer- E J
e X X ™ ? ™
LOr “ o tflw k r d A - C - D ^ e n b a u m , Roai
E sta te Officer
C C . W e b b e r and H . R . W eesner are
new ly elected directors.

A t tho annual m eeting o f the State Savings B a n k o f St
P au l on the 1 1 th in s t., Frank Schlick, Vice-President of
Field,^ Schlick & C o . was elected Vice-President o f the bank
and Frank J. O ttis was m ade a m em ber o f the finance com m it t o o .

R obert Lindoko has been elected A ssistant
M erch an ts N ation al B a n k o f S t. Paul

rn

B ™ v m a? T 01,n! m e? t i n 19 14 as a director o f the Reserve
B a n k , M r . Carleton had resigned from tho board o f both the
B oa tm en s B an k and the M ississippi V a lle y T ru st C o
\s
wo stated in our issue o f D e c . 18, D a v id C . B iggs succeeds
A*-*”. C aileton as a director o f the Reserve B an k .

R . H . Broaddus and R . S . Rossell have been appointed
A ssistant Cashiers o f the M erch an ts N ation al B an k o f R ich­
m on d , V a .
T h e former had previously been A u d itor and the
latter had served in the credit departm ent. N e w directors
on the b a n k ’s board are George W . Stevens, President o f the
Chesapeake & Ohio R y . C o ., and E . A ddison R ennolds,
1 resident o f tho R ichm ond Stove C o m p an y .

W arren M . G oddard has been elected an Assistant Cashier
o f tho Planters N ation al B an k o f R ichm ond, V a
Mr
G oddard form erly served the old N ation al B a n k o f V ir­
ginia, tho f i r s t N ation al B an k (which absorbed the former
bank) and the R ichm ond Federal Reserve B an k , w ith which
latter ho becamo connected some m onths ago. President
Richard I I . Sm ith stated in tho annual report that the bank
had experienced a very prosperous year. In part the report
according to the R ichm ond “ T im e s-D isp a tc h ,” said:

Charles W M in esin ger, form erly D e p u ty C ou n ty Treasm-er and lately elected V ice-President o f'"th o Continental
N ation al B an k o f Indianapolis, was m ad e President o f tho
bank a t the annual mooting on the 11th inst
A s head of
tho institution M r . M inesinger succeeds George W Quick
who was elected President o f the A etn a T ru st & Savings
S 0 ' Vr° , WCr“ “
fo rtu n a te in r e c o v e r in g a lo ss in J u ly a m o u n tin g t o S 4 2 .C o . on D ec. 4 .
M r . M inesinger replaces W . D Allison 893 54. w h ich h ad b e e n ch a rged o f f m a n y years a g o . In v ie w o f this y o u r
on tho board of the Continental N ation a l B an k and Carl
rfg i1^ th a f y ° U sh o u ld share ^ this an d h e n c e d eclared
th e e xtra d iv id e n d o f 5 % .
In a d d itio n th e regu lar d iv id e n d o f 2 0 % w as
yon H ak e takes the place o f E . H . W o lc o tt as a director
den d r<fd n ° ^ th ° J c.a r ' T h e so d iv id e n d s , w ith an a m o u n t e qu a l t o a d lv iA rthu r II T a y lo r, heretofore Cashier o f the ban k , has been d e n d o f 11 % p a id fo r ta x e s , m a k e a to ta l o f 3 6 % p a id y o u and fo r y o u o u t
eloctod Vice-President and Cashier.
SSO o
L
19 ° ’ b X.U?eS an a d d itio n t o th e u n d iv id e d p r o fits o f
§8 0 ,9 4 4

ATH ‘ / ' „ ? rf,hor was re‘ eIected an A ssistan t Cashier o f the
M arshall & Ilsi0y B an k o f M ilw au k ee a t a m eeting on Jan. 1 1 .
M r . Broker w ill, how ever, leave the M ilw au k ee bank on
4 o b ; 1 to tako up tho duties o f an A ssistan t Cashier o f the
N ation al C ity B an k o f this c ity .
H is election to the latter




55,

R. B.
T rusts o f
office o f
A ssistant

a fte r ch a rg in g o f f losses ag g re g a tin g $ 2 3 ,0 6 0 23.

C am p bell, Cashier o f the B an k o f Com m erce &
R ich m on d , V a ., has been elected to the additional
Vice-P resident.
W . A . Roper has been elected
Cashier.

THE

332

C le a r in g H o u s e S e c t io n o f t h o A m e r ic a n B a n k o r s ’ A s s o c ia ­

T en ch . F . T ilg h m a n , w h o h a d h e r e to fo r e b e e n V ic e -P r e s i­
d e n t a n d C a s h ie r o f th e C it iz e n s

[Vol. 102.

C H R O N IC L E
t io n .

B a n k o f N o r fo ik .h a s b e o n

e le c te d P r e s id e n t o f th a t in s tit u t io n t o s u c c e e d th e la to M c D .
L

W ren n .

W illia m

A t th o a n n u a l m e e tin g o f th o M e r c a n t ile N a tio n a l B a n k o f

L e ig h W illia m s h a s b e e n m a d e V ic e ­

S a n F r a n c is c o o n th e

P r e s id e n t a n d N o r m a n B e ll J r ., A s s is ta n t C a s h ie r , h a s b e a n

re -e le c te d .

p r o m o t e d t o th e C a s h ie r s h ip .

The

1 1 th , a ll d ir e c to r s a n d o ffic e r s w o r e

re p o rts p re s e n te d in d ic a te d th a t th o b a n k

h a d e n jo y e d a p ro s p e ro u s y e a r .

T h o r e g u la r q u a r t e r ly d iv i­

d e n d s , a g g r e g a t i n g $ 2 0 0 ,0 0 0 , w e r e p a i d d u r i n g 1 9 1 5 .
I he
S.
C . D o b b s , J a m e s L . D i c k e y a n d H e n r y R . D u r a n dM e r c a n t i l e N a t i o n a l B a n k h a s c a p i t a l a n d s u r p l u s o f $ 3 ,0 U U ,h a v e b e e n e le c t e d a d d it io n a l m e m b e r s o f t h e b o a r d o f th e
000.
T h e c a p i t a l o f t h o M e r c a n t i l e T r u s t C o . ( w h i c h is
A tla n ta N a tio n a l B a n k o f A tla n ta , G a .

o w n e d b y th e s to c k h o ld e r s o f th e M e r c a n t ile N a tio n a l B a n k )
is $ 1 , 0 0 0 , 0 0 0 .

N a tio n a l B a n k

of M a con

s in c e i t w a s o r g a n i z e d m

H e n r y T . S c o t t is C h a i r m a n o f t h o b o a r d o f

t h e M e r c a n t i l e N a t i o n a l B a n k a n d J o h n D . M c K e e is P r e s i ­

C h a r le s B . L e w is , w h o h a s b e e n a ffilia t e d w it h t h e F o u r t h

d en t.

190b,

_

h a s b e e n e l e c t e d P r e s i d e n t o f t h a t i n s t i t u t i o n t o s u c c e e d J . 1 ;.
H e a r d , w h o h a s r e t i r e d o n a c c o u n t o f ill h e a l t h .

R.

M r . L e w is

P.

H illm a n ,

C a s h ie r a n d

S ecreta ry o f

th o

G erm an-

h a s s e r v e d t h e b a n k in t h e c a p a c it y o f b o t h C a s h ie r a n d V ic e ­

A m e r ic a n T r u s t & S a v in g s B a n k o f L o s A n g e lo s h a s b e e n

P r e s id e n t , h a v in g a s s u m e d t h e fir s t-n a m e d o ffic e a t th e t im e

e le c te d t o th e b o a r d o f d ir e c to r s .

of

th e

o r g a n iz a t io n

p o s itio n

u n til

P r e s id e n t.

of

1910,

th e

s in c e

bank,

and

w h ic h

c o n tin u in g

t im e

he

had

m

th a t

been

V ic e ­

T h o a p p lic a t io n t o o r g a n iz e th e S a n J o a q u in V a lle y N a ­

I n t h e l a t t e r p o s t h e is s u c c e e d e d b y J o h n C .

t i o n a l B a n k o f S t o c k t o n , C a l . , w i t h a c a p i t a l o f $ 5 0 0 ,0 0 0 ,

W a lk e r - F r a n c is E . W illia m s , C a s h ie r , h a s a ls o b e e n m a d e a
V ic e -P r e s id e n t ; R . C . D u n la p , A s s is t a n t C a s h ie r
e le c te d

C a s h ie r

to

r e p la c e

M r.

W illia m s ;

and

has

has been
Jam os

Iv.

A s s is ta n t

C a s h ie r

to

su cceed

M r.

D u n la p .

C.

$ 1 2 5 ,0 0 0

to

on

$ 2 5 0 ,0 0 0 , a n n o u n c e d

in

o u r is s u o

of Jan.

1 0 0 % , p a y a b le in f o u r in s ta lm e n t s o f 2 5 %

th o

C u rren cy.

1 2 th

tow a rd s

in c r e a s in g

$ 2 0 0 ,0 0 0 .

Tho

th e

banks

c a p ita l

fio m

s ta te m e n t o f th e b a n k u n d er

d a t e o f t h e la s t c a ll, D e c e m b o r 3 1 , s h o w e d s u r p lu s a n d p r o f it s

8,

o f $ 1 5 4 ,2 6 3 a n d g r o s s d o p o s i t s o f $ 2 , 1 8 3 , 9 4 7 .

e a c h in t h ir t y ,

s ix ty , n in e t y a n d o n e h u n d r e d a n d t w e n t y d a y s .

P o r r y B . T r u a x , m a n a g e r o f th o cr o d it d o p a rtm o n t o f th o
S e a ttle N a t io n a l B a n k o f S e a t t le , W a s h ., h a s b o o n e le c t e d
a V ic e -P r e s id e n t o f t h e in s t it u t io n .
H o w ill c o n t in u e in

V ic o -P r e s id e n t o f th e F lo r id a

c lia r g o o f t h o c r e d it d o p a r t m o n t .

N a tio n a l B a n k , G a in e s v ille , F la ., h a s ju s t b e e n e le c te d a n
th e H e a rd

th e

$100 000 to

fr o m

th e d ir e c to r s o n th e 1 2 th in s t. d e c la r e d a s p e c ia l d iv id e n d o f

a c t iv e V ic e -P r e s id e n t o f

of

c a lle d u p o n t o fo r m a lly r a t ify th e p r e lim in a r y a c t io n ta k e n

T r u st C o . o f S a v a n n a h , G a .,

C h a r le s A . F a ir c lo t h , n o w

C o m p tr o lle r

A t a s p e c ia l m e e tin g t o b o h o ld o n M a r c h 2 9 , th e s t o c k ­

I n fu r th e r a n c e o f t h e p la n s t o in c r e a s e t h e c a p it a l o f th e
S a v in g s &

th e

h o ld e r s o f t h e M e t r o p o lit a n B a n k o f S e a t t lo , W a s h ., w ill b o

_

O g le th o r p e

by

C.

W e s t , P a y in g T e lle r , h a s lik e w is e b e e n c h o s e n a n A s s is t a n t
C a s h ie r .

app roved

S a n J o a q u in V a lle y B a n k .

H o g a n , w h o h a s b e e n in ch a r g e o f th e d is c o u n ts , h a s b e e n
m ade

been

T h o n o w b a n k w ill s u c c e e d th e c o m m e r c ia l d e p a r t m e n t o f th e

N a tio n a l B a n k , J a c k ­

s o n v ille , F la ., to ta k e e ffe c t F e b . 1.

H . C . C o x , P r e s id e n t o f th e C a n a d a L ife A s s u r a n c o C o .,
h a s b e o n e le c to d a d ir e c to r o f th e C a n a d ia n B a n k o f C o m ­

W

C . S te rre tt h a s b e e n p r o m o te d fr o m

th e p o s itio n

m e r c e (h e a d o ffic e a t T o r o n t o ) t o s u c c e e d th o la te A lo x a n d o r

of

A s s is t a n t C a s h ie r t o th e C a s h ie r s h ip o f th e J e ffe r s o n C o u n t y

L a ird .

B a n k o f B ir m in g h a m , A la .

m a n y y e a rs P r e s id e n t o f th e b a n k .

o f A u (r

A s s ta te d m

th e

C h r o n ic le

M r . C o x ’ s fa t h e r , t h o la te G e o r g e A . C o x , w a s fo r

s u s p e n d e d o n J a n . 2 8 1 9 1 5 , w a s r e o r g a n iz e d a n d o p e n e d fo r

d o a th

b u s in e s s A u g . 2 a s t h e J e f f e r s o n C o u n t y B a n k , w i t h a c a p i t a l

u n fille d .

of

$ 5 0 0 ,0 0 0 .

M r.

S te rre tt

w as

m ade

A s s is ta n t

T h e d ir e c to r a te o f th e

b a n k h a s b e e n r e d u c e d b y o n e , th o p la c o lo ft v a c a n t b y th e

1 4 1 9 1 5 , t h e J e ffe r s o n C o u n t y S a v in g s B a n k w h ic h

on

th o

1 0 th

in s t.

of

G ard n er

S te v o n s

r e m a in in g

C a s h ie r
T h o 8 4 t h a n n u a l r e p o r t o f t h o B a n k o f N o v a S c o t i a (h a a d

a t th e t im e o f r e o r g a n iz a t io n .

o ffic e

H a lifa x ), ju s t p u b lis h e d , sh o w s

th e y e a r e n d in g D o e . 31 1 9 1 5 w

A t th e a n n u a l m e e tin g o f th e N e w F a r le y N a tio n a l B a n k

o

th a t n o t p r o fits

lo r

* 1 ,2 2 0 ,0 5 7 , o r 1 8 .7 7 % o n

w ere

t h o a v e r a g e p a id - u p e a p it a l f o r t h o y e a r
T h e p a .d -u p c a p it i l is n o w $ 6 , 5 0 0 , 0 0 0 , o n w h i c h d i v i d e n d s a t t h o r a t e o t 1 4 /0

e le c te d t o th e d ir e c to r a te : T e r r y T . G r e il, W . D . K e s s le r ,
J
M . B a ld w in a n d M . A . V in c e n t e lli.
M r . V in c e n t o lli,

p e r a n n u m a r e p a i d , a n d t h e r e s e r v e f u n d is $ 1 2 , 0 0 0 ,0 0 0 — t h e
h ig h e s t

p r o p o r tio n

w h o h a d p r e v io u s ly b e e n C a s h ie r o f t h e b a n k , w a s r e c e n t ly

hank

C ash on

of

M o n tg o m e ry ,

e le c te d

A la .,

V ic e -P r e s id e n t.

th e

fo llo w in g

M r.

new

B a ld w in ,

m em bers

fo r m e r ly

A s s is ta n t

of

reservo

to

c a p ita l o f

h a n d , b a n k b a la n c e s a n d

a n y C a n a d ia n
d o p o s its m

th o

C o n t r a l G o ld R o s e r v o s a m o u n t t o $ 2 9 ,5 3 2 ,3 0 5 , o r 3 4 . 7 5 % o f

C a s h ie r o f t h e A la b a m a B a n k & T r u s t C o . , h a s la t e ly b e e n

H a b h it ie s t o

m a d e C a s h ie r o f t h e N o w

bonds and

F a r le y N a tio n a l B a n k .

th e

p u b l i c , w h ile

th e a d d it io n

s e c u r e d c a ll lo a n s m a k e s

o f m a r k e ta b le

t o t a l liq u id

a ssets o f

© 59 9 9 0 4 6 1 , o r 7 0 . 5 9 % o f t h o l i a b i l i t i e s t o t h o p u b l i c .
l l

A n n o u n c e m e n t is m a d e o f t h e i n t e n t i o n o f t h o D a l l a s T r u s t

T o­

f s e i s h a v e in c r e a s e d f r o m $ 9 5 ,7 3 3 6 7 0 t o $ 1 0 4 2 4 4 ,4 6 7 ,

& S a v in g s B a n k o f D a lla s t o im m e d ia te ly in cr e a s e its c a p ita l

m a k i n g t h i s b a n k i n p o i n t o f s iz e t h o f o u r t h l a r g e s t b a n k in

f r o m $ 3 0 0 ,0 0 0 t o $ 1 ,0 0 0 ,0 0 0 .

C anada

A s to c k d iv id e n d o f 1 0 0 % , w ill

T lio b a n k n o w h a s 185 b ra n ch e s th r o u g h o u t C a n ­

b e i s s u e d , i n c r e a s i n g t h o s t o c k t o $ 6 0 0 ,0 0 0 , a n d i n a d d i t i o n

a d a * N e w f o u n d l a n d , J a m a i c a , C u b a a n d P o r t o R i c o , a n d in

$ 4 0 0 0 0 0 o f n e w c a p ita l w ill b e d is p o s e d o f a t p a r .

B o s t o n a n d C h i c a g o , a s w e ll a s a n a g e n c y in N e w Y o r k C i t y .

th e n e w c a p ita l w ill b e o ffe r e d o n th e m a r k e t.

b<ono or

Tho

T h e in s titu ­

e x e c u tiv e

o ffic e s

of

th o

bank

a re

in

roron to,

O n t.

t io n , w h ic h c la im s t o b e t h e “ o ld e s t s a v in g s b a n k in D a lla s ,

H . A . R i c h a r d s o n is G o n o r a l M a n a g e r a n d D - W a t e r s , A s ­

r e p o r t e d a s u r p l u s o n D e c . 3 1 o f $ 1 5 0 ,0 0 0 ; u n d i v i d e d p r o f i t s

s is t a n t G o n e r a l M a n a g e r .

o f $ 7 5 ,8 1 8 ; d e p o s it s o f $ 1 ,1 7 9 ,7 4 6 , a n d

is t h o N e w Y o r k a g o n t o f t h e i n s t i t u t i o n .

$1 7 0 5 5 6 4 .

It

is

under

th e

to ta l resou rces o f

m anagem ent

of

H enry

L in d s le y , C h a ir m a n o f th e b o a r d ; S . J . H a y , P r e s id e n t
V ic e -P r e s id e n ts ;

H.

D .

A rd rey,

V ic e -P r e s id e n t

G.
and

R e a l E s ta te O ffic e r ; E r n e s t R . T e n n a n t, S e c r e ta r y ; It. I t .
B a llin g e r

and

R.

A.

R it c h ie ,

A s s is ta n t

S e c r e ta r ie s .

W a ll S t .,

•

and

T r u s t O ffic e r ; A le x . S a n g e r , H . A . K a h le r a n d W illia m
B reg,

i

H . F . P a tto rso n , 48

In

a d d it io n t o th e d ir e c to r s r e -e le c te d a t th e a n n u a l m e e tin g ,
C . H . M u n g e r w as ch osen a m em b er o f th e b o a rd .

T h e d ir e c to r s o f th o L o n d o n C it y & M id la n d B an k ^ L t d ,
L o n d o n , r e p o r t t h a t t h e p r o f it s f o r t h o y e a r o n d in g D o e . 31
la s t, in c lu d in g £ 4 2 1 ,2 8 5
b ro u g h t fo rw a rd
am ount
£ 1 ,5 5 2 ,2 6 2 .
T h o y r o c o m m o n d a d iv id e n d f o r t h o la s t

to

m o n t h s a t t h o r a te o f 1 8 % p o r a n n u m , p a y a b le o n F o b 1 ,
w h ic h , w it h th o in t e r im d iv id e n d , a t t h e s a m e r a t e P a id m
J u l y l a s t , a m o u n t s , lo s s t a x , t o £ 7 4 5 , 8 0 4 ; a p p l y i n g £ 0 4 2 , 8 0 0
t o w r it in g d o w n in v e s t m e n t s , £ 3 0 ,0 0 0 t o b u ild in g r e d e m p t io n

A t th e e le c tio n o f o ffic e r s o f th e S e c u r ity N a tio n a l B a n k o f

f u n d , a n d £ 2 0 , 0 0 0 t o o f f i c e r s ’ p e n s i o n f u n d , l e a v i n g £ 1 1 3 ,.> 1 8

D a lla s o n t h o 1 1 t h , E d w in H o b b y w a s e le c t e d V ic e -P r e s id e n t

to

in a d d it io n

w a s a t th o s a m e r a t e , £ 2 0 ,0 0 0 w a s a p p lie d t o o ffic e r s p e n s io n

t o h is o f f i c e a s C a s h ie r .

M r.

H obby, who

C h a ir m a n o f t h e F ift h D is t r ic t o f t h o T e x a s B a n k e r s

is

A sso­

c ia tio n , h a s b e e n a p p o in te d th e T e x a s r e p r e s e n ta tiv e o f th o




bo

fu n d

c a r r ie d
and

fo n v a n l.

£ 4 2 1 ,2 8 5

The

c a r r io d

d iv id e n d

fo rw a r d .

fo r

th o

year

1914

J an. 22 1916.1

THE

C H R O N IC L E

EN G LISH F IN A N C IA L M A R K ET S—PER CABLE

G ° v e r n m e n t r e c e i p t s a n d d i s b u r s e m e n t s f o r D e c e m b e r 1915

T h e d a ily c lo s in g q u o t a t io n s f o r s e c u r itie s , & c ., a t L o n d o n
a s r o p o r te d b y c a b lo , h a v e b e e n a s fo llo w s th e p a s t w e e k
’
London.
W
eek ending Jan.

* N o quotations.

26%

26%
58%
96 %

58%
97
63.10

26%
58%
97

1 9 1 4 - 1 5 d f ° r t h ° S1X m o n t h s o f t h e f i s c a l y e a r s 19 1 5 -1 6

aSd

Jan lb. Jan. 17. Jan. 18. Jan. 19. Jan. 20. Jan 21
Mon.
Tues.
Wed.
Thurs.
Fri
'

21—
. at.
S
Silver, per o z . . ......... .......... d . 27
C onsols, 2% per cents______ 59
British 4% per cents_________97
French rentes (In Paris), fr._ 63.40

333

-Dec. 1915.

OmnarJ^~

26 15-16 27
59
59
97%
97%

Dec.

1914.

6 Months 1915.

6 Months 1914

afgsgg
igsSss issss
00 2 53 3 ol 3 4 ® 9 6 6 47

Miscellaneous.:::.*:::j j i 8 4 ^ 3 9 5 J lS

-

tI

M

,S i

T ° t a l .........................- 55.425,654 16 51,013,S05 01 323,712,236 35 316,042,509 97

New York City Banks and Trust Companies
B a n k s.

B id

B anks.
Manhattan
Mark & Fult
Mech & Met
Merchants' _
M etropolis*.
M etropol’n *
M u t u a l____
New N eth *.
New York Co
New Y o r k ..
Pacific *____
Park_______
People’s * ___
Prod Exch*.
Public *___
S e a b o a rd ..
Second_____
Sherm an___
State ____
23d W ard*.
Union Exch.
Unit States
Wash H 'ts*.
Westch Av*
West Side*.
Y ork v llle * ..

A ik

N e w Y ork

Am erica*___ 535
545
212
Amer Exch. 207
180
Atlantic____ 175
Battery Park 145
165
Bowery *___ 400
Bronx Boro
140
Bronx N a t .. 160
175
BryantPark
135
145
Butch & D r . 100
115
Chas8______ 625
640
Chat * Phen 200
204
Cheslsea Ex* 124
135
Chem ical__ 395
400
CItizensCent 180
C it y _______ 465
475
Coal & Iron. 165
170
Colonial*__ 450
C olum bia*.. 300
325
C om m erce.. tl7 5 tl7 7
Corn Exch*. 327
332
Cosmopol'n
100
East R iv e r..
70
80
Fidelity * ._ . 158
165
Fifth Ave
4400 4800
Fifth____
250
300
First............. 890
905
Brooklyn
G arfield____ 190
200
Coney Isl’d*
Germ-Amcr* 130
140
First_______
German Ex* 350
390
F latbush__
Germania *. 375
450
G reen poln t.
G oth am ____ 190
Hillside
Greenwich*. 265
280 ' Homestead
H a n o v e r __ 610
615
M echanics*.
Harrlman . . 340
Montauk _
Imp A Trad. 490
500 " Nassau_____
I r v in g _____ 175
179
Natlon'ICIty
Liberty ___
700
750
North Side*.
L in c o ln __
310
330
P eople's___

Bid

T r u s t C o 's.
Public Debt—
New York
B
id
Al*
Sale o f Pan. C an. bonds .
A s to r ______ 390
400
Sale o f Post. Sav. bonds
Bankers T r . t403
865,500*00
D eposits for retirement
B ’way Trust 147
1*6*5*'
o f national bank notes
Centra ITrust 1140 1155
(A
ct
o
f
July
14
1890).
735,600
00
1,049,950
00
11,194,710
00
Colum bia___ 535
6,965,972 50
545
Com m ercial. 110
T
o
t
a
l
...........................
735,600
00
1,049,950
00
12,060,210
00
6,965,972 50
225
Empire_____ 290
2*9*7**
825
Equitable Tr 445
455
Grand total receipts.56,175,783 27 52,479,312 41 337,809,300 11 324*.053.131 23
385
Farm L & Tr 1220
Fidelity .
208
2*1*5**
D isbu rsem en ts—
1
====^ ===
430*' F u lto n _____ 280
300
Ordinary—
235
Guaranty Tr 415
419
Checks & warrants paid
H u d s o n ____ 135
(lessbals.repaid,A c.).59,810,755 82 61,080,977 37 360 255 641 94 361 367 565 73
176*' Law Tit A Tr 122
1*2*7*'
Int. on public debt paid
448,774 68 _^ 446,283 96 11,457,637 30 1 M 3 M 6 1 91
440
LincolnTrust 118
425
Metropolitan 420
43*0*'
...........................
60,259,530
50 61,527,261 33 371,713,279 24 372,803,627 64
T
o
t
a
l
135
M ut'l (W est­
135
chester) . .
130
135
Panam
a Canal—
_
“ :==
=
—
135
N Y Life Ins
Checks paid (less bal­
140
& T r u s t.. 990 1010
ances repaid, & c .) ...^ L 2 9 R 3 9 3 3 7 1,722,820 18
9,612,418 27 12,659,062 26
N Y T r u s t.. 595
605
Title G u & T r 390
400
Public Debt—
175
Transatlan 'c
155
Bonds, interest-bearing
450
Union Trust 375 ' 385
notes & cert ifs. retired.
11,530 00
6,960 00
18 190 00
34,565 00
550
U S M t g A T r 390
...
400
National bank notes re’
UnltedStates [1040
tired (Act July 14 ’ 9 0 ).
669,852 50 1,126,892 50
3,925.220 00
6,916,428 00
140
Westchester
140
265
T o t a l ...........................
681,382 50 1,133,852 50
3,943,410 00
6,950,993 00
142
Brooklyn
130
115
BrooklynT r. 495
g s s s
: : r
2'232' " 37 64-383' 934 0 1 385,269,1 0 7 5 1 3 ^ 1 5 ^ 1 5
510
90
F ra n k lin __ 250
260
over total r e c e ip ts ... 6,056,523 10 11,904,621 60 47,459,807 40 68.360.551 67
145
H am ilton__ 265
275
110 Kings C o . . . 630
650
205
M anufact’ rs
2S0
Citizens . . 140
145
D E P ^ fT F D T D O M n ? A ? G E w N T 0 T A L S O F , A N D IN
185
People’s ____ 280
287
140
Queens C o . .
ohow
II I k
& c *— W e g i v e b e l o w t a b l e s w h i c h
85

295
235
272
175
290
170
325

305
245
276
182
305
177

210
725
370
274
420

220
210
125
415
395
125

110
100
134
500
275
160
400
475
255
134
115

100
130 '
85
195
270
170
130

•Banks marked with a (*) aro State banks,
ohange this week
v Ex rights.

Panam
a Canal

Tolls, A c

Ask

s h o w a ll th e m o n t h ly c h a n g e s in b a n k n o t e s a n d in b o n d s
a n d le g a l te n d e r s o n d e p o s it .
u

tSale at auction or at Stock Ex-

© n m m e rcta l a ntIBX iscclU tuco u s it e m s

Bonds and Legal Tenders
on Depositfor—

1914-15.

Circulation Afloat Under—

Legal

B on d s.

. S T O C K O F M O N E Y I N T H E C O U N T R Y .— T h e fo llo w - ,
i n g t a b l e s h o w s t h e g e n e r a l s t o c k o f m o n e y in t h e c o u n t r v
D ec- 31 i 9i 5 . .
N o v . 30 1915
a s w e l l a s t h e h o l d i n g s b y t h e T r e a s u r y a n d t h e a m o u n t in
N° v ’ 30 10,fi
O ct. 30 1915.
c ir c u la tio n o n th e d a te s g iv e n :
Sept. 30 191 5..
-StockofMoney Jan. 1 '16.-------- Money in Circulation
in U. S. Held in Treat.a Jan. 1 1916
Jan.T°i 15.

9

S

G ol coin and bullion__
2,312,444,489 216,382,509
6 1 2 ,56 1,0 38
G ol certificates.*______
- - 1 ,2 8 1 ,1 4 9 ,2 2 9
Standard
dollars___
iaru silver dollars-----008,2/1,030 13,706,346
66V,ss ooo
Silver certificates.6............................................
4S? 7 n o c ^
S u b sid ia ry silv er....................

169 0 7 0 9 ? ?

1 89 ,12 8,9 69 19,14*9,756

Treasury notes of 1890.6......................
United States notes.............. 3 4 6 ,68 1,0 16 '*6*,*164*584
6 ,1 6 4 ,5 8 4
Federal Reserve notes_____ 214,125,000 in1 0 ,3 92 ,02 0
National bank notes........... 771,337^208 2 4 ,6 5 7 .2 3 8

■ J S S S ’K a ”

" “ i*1 * “ •»

n o t B S f f C S i r t S S B »o “ £

W

“

pS

a s

M

6 31 ,60 7,5 99
9 20 ,7 1 7 ,7 4 9
6 9,3 2 1 ,1 0 3
4 55 ,2 0 0 ,7 0 8
1 63 ,86 2,9 46
2 ,3 4 1,2 41
3 10 ,41 3,0 16
17,1 99 ,22 5
9 7 4 ,50 2,5 29

1 o ib o s o ?
340

k i r ' I go

340,516,432

2 0 3 ,7 3 2 ,9 8 0
7 4 6 ,67 9,9 70

Aug.
July
June
M ay
April
M ar.
Feb.
Jan.
D ec.
e

K

S :" 1

r s ? , 0' ‘ ™ ° »

$

S

7 30,337,740] 5 1 ,7 6 5 .4 5 0
731 ,55 2,0 32 ; 5 5 ,6 7 7 ,1 0 0

L eg a l
T en d ers.

719 ,57 1,7 58

a720 ,68 8.5 53

T o ta l.

5 1 ,7 6 5 ,4 5 0
5 5,6 7 7 ,1 0 0

7 71 ,33 7,2 08
776 ,36 5,6 51

735,146,743 56,991,554 1 7 2 2,9 26 ,12 7 5 6 ,9 9 1 ,5 5 4 779,917,683
735,793,393 63,794,876 0722,941,584 63,794,876 7 86 .7 3 6 .4 6 1
735,698,808 70,626.198 n723,160,609 70,626,198 7 9 3 ,7 8 6 .8 0 0
735,682,530 80.798.814 m723,802,559 80,798,814 8 0 4 ,6 0 1 ,3 7 7
736,743,751 93,240,891
1726,032,702 93,240,891 8 19 ,27 3,5 93
738,666,230 112,101,038 *728,186,909 112,101,038 8 4 0 ,2 8 7 ,9 4 0
742,687,871 139,016,678 *728,776,389 139,016,678 8 67 .79 3,0 61
751.289.635 165,409,147 0734,1.38,83.3 165,409,147 8 99 ,54 7,9 86
770,139,524 190,078,639 /7 4 7 ,951,802j190,078,639 9 38 ,0 3 0 .4 4 3
810,508,055 191,724,115 e790,482,018} 191,724,115 9 82 .2 0 6 ,1 3 3
897,146,922 168,541,616 d 8 7 1 ,1 6 9 ,4 0 5 il6 8 ,541,61611,039,711,027

which

0 Of which

h Of which
* Of which
1 Of which
mOf which
n Of which
o Of which
x Of which
a Of which

1 “ ¥ » « ' « » Government doe.

V S S 7

Of

191 5..
191 5..
191 5..
191 5..
1915..
191 5 ..
191 5..
1915..
191 4..

B onds.

miscellaneous securities, A ct of M ay 30 1908.

/ Of wh ch S 3 l’?33 734
aneOUS securities, A ct of M a y 30 1903.
1
Of which *31,133,734 miscellaneous securities. A ct of M ay 30 1908.

m

T

31
31
30
31
30
31
27
30
31

S

T enders.

««*
I ,

miscellaneous securities. A ct o f M ay 30 1908.
§6,582,581 miscellaneous securities. A ct of M ay 30 1908
$2,508,940 miscellaneous securities. A ct of M ay 30 1908"
S719.561 miscellaneous securities, A ct o f M ay 30 1908*
S185.245 miscellaneous securities, A ct of M ay 30 1908*
$181,778 miscellaneous securities, A ct of M ay 30 1908!
$172,203 miscellaneous securities. Act o f M ay 30 190S."
$171,203 miscellaneous securities. A ct o f M ay 30 1908.
$55,492 miscellaneous securities, A ct of M ay 30 1908.

f o llo w in g s h o w s t h e a m o u n t o f e a c h c la s s o f b o n d s

t°S,8eCUre PUbU°
R T C U R R E N ? Y H O L D I N O S . - T h e fo llo w in g
m « n ? « o{i°n ’ a l Si ° m a d e UP f r o m t h e d a i l y G o v e r n m e n t s t a t e K n n , - n 5 ° ^ 8 Kth e - c u r r o n c y h o l d i n g s o f t h e T r e a s u r y a t t h e
S S H

K

fo i^ a n T ja n u a ^ lS fg

Holdings in Sub-Tfeasuries__

° C<'

Net silver co?n and bullion........ 225

N et
N et
Mot
N et

United States Trcas n o te i:
legal-tender notes
nutlnnnl
_I “ “ -----'
national bank notes

’

l

1915

° '

Nov' L

0 4 4 ’8 04

3,8401

a non
O
.WU"O 535/

3 i3 82s 003*

1915 Dec- 1 1915

21 9 W)ft’ 9 5 fl 22l-663.793
5 ,9 4 1 ,9 7 8

n io o aa

055

2 ,5 3 2 .0 9 9

1®'325 '9 3?

Jan-

1 1916.
2% ,
3% ,
4% ,
2% ,
2% ,

2 i 6 .3 f 2 .5 O8

18,951.521

5 ,8 7 6 ,8 9 0

6|l64[584

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

3 5 ,0 49 ,25 8
1 9,149,756
2 ,027,241

U.
U.
U.
U.
U.

8.
S.
S.
S.
S.

31 fo

O
n deposit to O
n deposit to
secure Federal
secure
Reserve Bank National Bank
Notes.
Notes.

° et0b<>r' N ° V M a b ° r '

...........; KlSSS i f f i g

M inor coin, A c ........................ 2 ,’642.’i

U. S. Bonds Held Dec.
Bonds on Deposit
Dec. 31 1915.

$

Consols of 1930____
Loan o f 1908-1918.
Loan o f 1925......... ..
Panama of 1936____
Panama o f 1938____

720 ,00 0

Total

H e ld .

S

597,282,700
20,254,820
31,304,800
52,736,440
28,758,980

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

770,000 I 730,337,740

7 31 ,10 7,7 40

50,0 00

Total .

$

Secure—

Less gold r c s e r v e ^ n d ^ ^ 1! ! : i l ^ o i a j o s 1 5 2 o I I ’ i i ^ i M w o o i s * ? w o ? 4,868 I pi^ , 0 f o ] i ° Y * n g s h o w s t h e a m o u n t o f n a t i o n a l b a n k n o t e s
- . . ,
.
t „
.
-----------------------------. '979,015 i52.979.02i a f l o a t a n d t h e a m o u n t o f l e g a l - t e n d e r d e D o s it s D e e
1 in H
ca“ h \ S n i r b r ^ aaur,ea 167’755' 060 146'809’« 07 147,465,603 i l ^
T o credit Treasurer of U. 8 . . c55,639,471 c58 600 roq
„„„
T o credit disbursing office rs..

5.289:728
s iffill
----------------------------------- ---„ T o ta l............................................ 60,929.189 6 4 .2 6 1 ,2 4 4
Cash lu Philippine Islands_____
4,849,893
6 ,3 3 8 ,1 9 9

V s lfw

*

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

^

J a n . 1 a n d th e ir in c r e a s e o r d e c r e a s e
D ecem b er.

^

National B
Bank Notes—Total Afloat—

Amount
flrvr.4- D ec. 1 1915..................
Am
ount n
afloat
N et amount retired during Decem ber........... I—

58,678,624
6,344,306

N et cash In banks, Sub-Treas 2 3 3 ,53 5,0 52 2 1 7 .4 0 9 050 217 0 9 7 a -jo onn t o
D educt current liabilities........... 1 33,557,733 9 5 ,1 5 9 ,9 5 4 W O . S s e
OO.OSMoI
99,086,804 I
N a t fo n a fb a n k red em D tion 'ftin d

laml’lll

- A v a ila b le cash balance............

40.898.895 122,249.096 116.738.496 HO,681,973

e i i ^

a n

^

a ^

°

K

1 22' 2 4 9 '0 9 8 H 6 .7 3 8 .4 9 6 1 10,681,973

SSSS?Sin
______________




^

th e

m on th o f
<.77fi oR- R. ,
51028,’445

Am ount of bank notes afloat Jan. 1 1916

*77. n 7 9na
*771,337,208
fleposit t ° redeem national bank notes D ec. 1 1915............. $55,677,100
N et amount of bank notes retired in D ecem ber______ ____ ____
3 911 650
Legal-Tender Notes—

Am ount on deposit to redeem national bank notes D ec. 1 1915_____ $51,765,450

I

G O V E R N M E N T R E V E N U E S A N D E X P E N D IT U R E S
riir o u g h th e c o u rte s y o f th e S e cre ta ry o f th e T re a s u rv w e
a r o o n a b lo d t o p la c e b o fo r e o u r r e a d e r s t o - d a y th e d e ta ils o f

d

foi ! o w in # , i n f o r m a t i o n ^ r e g a r d in g
C ^ r o ^ y ^ T r e a s u i y ^ e p a ^ t m o n t : ‘ h e C o m p t r o llO T o f t h e
A P P L IC A T IO N T O C O N V E R T A P P R O V E D J A N . 6 T O J A N . 8.
Mona? B a n k /5,1, Capital?"saO.OOo'?0510''’ S ‘ D a k " lnt° “ The AIcester N a ‘
o f ARldnU'V O a p 1 ?a M lM ?0 M a n k ' A itld n ’ M ln n - int0 the “ N ational Bank

THE

324

[Vol . 102.

C H R O N IC L E
d iv id e n d s

C a n a d ia n B a n k C l e a r i n g s — T h e clearings for th e w e e k
ending Jan. 15 a t C an adian cities, in e? m P ^ s° “
of
sam e week in 19 15 , show an increase m the aggregate ot
4 0 .8 % .

__________________ _______________
W eek

ending

Clearings a l-

Dividends announced this week are printed in ita ics.

15.

Jan.

I n c . or
D ec .

1915.

1916.

Canada—
Montreal------Toronto-------Winnipeg------Vancouver----Ottawa---------Quebec______
Halifax---------Hamilton-----St. John-------Calgary.........
London -----------Victoria.........
Edmonton —
Regina--------B randon-----Lethbridge -Saskatooon —
Brantford —
Moose Jaw—
Fort William----New Westminster
Medicine H a t-.
Peterborough . .

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
552,806
437,903
1,134,518
608,773
931,648
403,227
217,666
293,025
502,267

S
43,810,979
34,714,866
24,345,052
5,220,839
3,479,512
2,944,488
1,969,815
2,522,254
1,628,817
2,867,873
1,616,963
1,645,013
2,033,903
1,284,251
399,238
334,613
753,060
484,515
672,518
347,412
262,636
219,699
407,935

Total Canada-

188,702,216

133,966,221

N am e o f Com pany.

$

+ 61.1
+ 32.8
+ 4 4 .4

— 1.1
+ 10.6
+ 17.9
+ 42.0
+ 29.9

— 2.2
+ 32.3
+ 23.8
— 17.1
+ 5.9
+ 81.1
+ 38.3
+ 3 0 .8
+ 50.6
+ 2 5 .6
+ 38.5
+ 16.1
— 17.1
+ 33.7
+ 23.3
+ 40.81

59,567,196
44,696,061
30,561,935
12,017,023
4,394,072
3,209,261
2,168,423
3,786,4S2
1,680,816
4,688,995
1,896,973
4,028,536
3,874,988
3,332,733
642,052
499,445
1,957,888
608,093
1,355,919
718.779
597.779

155,318,851

186,283,463

Nashville Chattanooga & St. Louis...........
New York Central RR. (quar.)------ ------Norfolk & Western, preferred (quar.)-----N orth Carolina RR ------ - — .................... ..
Northern Pacific (quar.) — --------- - - - - Pittsb. Cln. Chic. & St. Louis, com m on-

preferred----------------- -----------------------Pittsburgh & Lake Erie------ --------------------Reading Company, common (quar.)-----U tica Clinton & B in gh a m ton .. . . ------------S treet and E le ctric R ailw ays.
A m erican Railways, preferred (guar.) j - - - - Bangor Ry. & E lectric, com.(g u a r.)(N o . 8 )
Bay State Street R y.. 1st pref

A u c t io n S a le s . — A m o n g other securities, the follow ing,
^ i recently sold
B y M e ssrs. A d n a n H . M u ller & Son s, New

lo r

Per
Cent.

R a ilroad s (Steam ).
Alabama Great Southern, preferred-------Atch. Topeka & Santa Fe, com. (quar.) —
Atch. Top. & Santa Fe. pref. (No. 35) —
Baltimore & Ohio, common-------------------Preferred--------------------------------------------Bangor & A r o o s to o k .- ...................................
Beliefonte Central (annual ) ..........................
Canada Southern------------------ ----------------Central RR. o f N . J. (g u a r.) ..........................
Cuba Railroad, preferred.............................
Great Northern (quar.)...............................
Louisville & Nashville...................................
Mahoning Coal R R ., common----------------

48,815,460
38,360,891
27,140,263
9,218,134
3,821,509
2,967,982
1,951,175
2,857,877
1,373,799
3,830,747
1,782,043
2,504,474
3,591,297
2,015,273
483,857
450,246
1,278,425
546,521
862,458
704,567
387,440
374,413

u a y 8 tA U i

t o n a lly dealt in at the Stock Exchange

g m

Tr^ c l .J & p . , Lt^-[^i lna'TP-'

^ , . pre

Preferred B (quar.) (No. 8 )
Commonwealth Pow. R y. & L ., com. (qu.)
Preferred (quar.)
Cumberland Co. P o w e r & I
t
^ («““ r•>*
Duquesne Light, pref .(quar.) (No. 4 ) - —

.

Shares. Stocks.
^403^'
Stocks.
P e r c e n t.
50 Bankers Trust Co. —- - -,----463
100 High Stand.SteelCo.,com. j
142.86 Tonopah Extension MinL ouis &
C o ., p f. (QU.)(N o - 8)
35,000 High Standard Steel Co.
lng Co., SI each --$ 4 Per share (jrand R a p m RtJ > pTcf (?w ) (N o . 6 1 ) - Interim Bond Certfs—
500 Goldfield Consol. Mines Co.,
Jacksonville T ra c., p r ef. (jhar.) (No. 2U)1 2 ,5 0 0 Esmeralda Mining Co.,
Augusta & Waterv., pref. qu.)
$10 each..................-SI per share
$ 1 each---------------------- ­
5 Stuyvesant Insurance C o - - 12j
Consolldaed R ys., pref .(gu.)
20 Caswell-Massey Co. .pref. I
1 0 Warren Foundry & MachlnMilwaukee El. Ry. & Lt. (qu.) (No. 6 o )-.
10 Caswell-Massey Co., com.
ery Co., 325 each—$90 per share M onongahela Valley T ract., p ref. (g u a r .).42 Livingston Glass Jar Co.,
1 0 Warren Foundry & MachlnMontreal Tramways (quar.) — — — — — pref_______________- - - ­
ery C o ., $25 each..355 per share
Philadelphia Co., com. (quar.) (No. 137)
39 Livingston Glass Jar Co.,
------- C
- o., 5% preferred
-----50 O'Rourke Engineering Con> Philadelphia
common------V X "
struction Co-------- $31 per share
Public Service In v.. pref. (qu.)(No. 27) —
28 Livingston Glass Jar Co., I
2 Greek Govt. Emprunt 5s,
Railway & Light Securities, com . (N o . 13).
founders shares. - - - - - IS125 lot
1924, £99 5s. each----------- $80o
P referred (N o .2 2 ) ------------------------------110 Candelaria Gold & Silver
1.000 Colorado Anthracite Coal
U n ion Street R y., N ew Bedford (g u a r.) -----Min. Co., com., $5 each
Co., $1 each____ 39c. per share
West Penn Rys., pref. (quar.)----------------110 Candelaria Gold & Silver
1 WhltePlalnsConst.Co.,com.\$7 lot Y ork Railways, preferred --------------- ---------Min. Co., pref., * 5 each|
B anks.
15 White Plains Const. Co., Pf-J
2 000 Cripple Creek Gold Min.
50 Crescent Impt. C o. — - - - - - $ 1 ° lot Bowery (g u a r.) -----------------------------------------C o.,51 each.— - - - - - E x t r a ------------------ ------------------------------56,314 Bankers' Mining & hD o v ' \ , 1 7 5 Iot
10 Plnebay Hotel, Land &l
Co., Com. $5 each------ )$l 7 o lot
Corn Exchange (g u a r.) ...................................
Improvement Co------ G erman A m erica n --------------------------- -------17 463 Bankers’ Mining & Dev.
40 Oneonta Cooperstown &
Pacific (quar.)................................................
’
Co., pref., $5 each
' p # cent.
Richfield Spgs. R y . Co P u blic ................................ ...............................
1 0 0 Machuca Gold Mining
$ 5 0 0 Durland Co. 2d 5s, 1 9 2 5 - - - 55
Twenty-third W a rd ---------------------------------Co., $5 e a c h ...- - - - - - W estchester A venue ( g u a r . ) . . ........... ..........
$170,170 Seaboard Fisheries Co.,
25 Spok. & Inland Emp. RR-1
T r u s t C om panies.
Inc., non-int. bearing bond - $1,500 lot
Co., common......... - - - - luu $151,000 West Coast Smelt. & Ref.
Astor (quar.)..................................................
100 Spok. & Inland Emp. RRCo. coll, trust 6 s------------------ S400 lot
Broadway ( q u a r . ) . - - - - - - - - - ................"
Co., preferred......... — 1
Farmers' Loan & Trust (g u a r.) ---------------H am ilton , Brooklyn (g u a r.) ..........................
B y M e ssrs. Francis H enshaw & C o ., B osto n :
Miscellaneous.
J
---------* Pf l f
$ per sh. S h a res. S to c k s .
Shares. Stocks.
4 Edison Elec. 111. of Brockton.. 184
Ajax Rubber (quar.) (No. 1).........
140
55 Farr Alpaca Co. — - —
“ Corp
~
200 Pneumatic Scale
. com.,
A m erican Brass (g u a r.) ....................
16 Mass. Cotton ^ S - - - - - - 1 4 0
$ 1 0 each--------------------------- 40 Blgclow-IIart .Carpet ,pf. 11154-111
30 Beacon Chambers Trust, pref- 80
American Cigar, common (quar-).
38 Ludlow M fg. Associates-......... 124
25 HeywoodBros. & Wakef., com.116
10 Lowell Bleachery r ig h t s ------ 9
78 Art Metals Constr. Co., $25 ea. 8)4
100 Turner Tanning Mach., $ 1 0 ea. 14
2-3 Appleton C o - - -------------------- 61)4
1 Boston Atheneum, $300 par.—3bb
Amor! Light & Traction, common (quar,
Shares.

East St.

Massachusetts

B v M e ssrs. R . L . D a y & C o ., B oston
-

a

,

$ per
sh.
Stocks.
.rt_ 7y
joa
10 First National Bank 42S+-426
1 Second National Bank
-3 1 4 +
6 Farr Alpaca CO-........... .. 139-140
60 Bigelow-Hart. Carpet, com -- 84
8 Laurel Lake Mills.......................9 9 ^
5 Contoocook Mills, com.........
°
1 wamsutta Mills— - ...............124)4
K Nashua Manufacturing......... 37b
50 Lowell Bleachery rights.........
9
12 U . S. Worsted, 1st pref......... 62 +
1 Nashua M fg.. $500 par......... 752
40 Arlington M ills ---.........
50 Smith & Dove M fg., pref— -105
1- 3 Appleton Co.........
10 Naumkeag Steam Cotton— l°o
2 Border City M f g - - - - - ............ }13 ^
10 Mass. Mills in Georgia.......... 100)4
2- 3 Appleton Co.............- .............
1 Chicopee Manufacturing------ 6 4 +

Shares.

$ per sh.
e
Stocks.
I
1*CentwdV ermont R y ........ *
0 Collateral Loan P ? . - , : : n i l
10 Heywood Bros. & Wakef.. pf.100)4
50 Somerset Hotel Trust-------3 Springfield F. & M . Insur— 201 +
5 Boston Storage Warehouse-. 11-1
6,300 Alvarado M g. & M111' ' * 5„ e* 2 5 rf lot
1.000 West. Utah Copper $5 ea.$25o ot
3.000 El Refugio M g., $ 5 each.$155 lot
200 N . E . Storage Warehouse— - 3 o
10 Merrlmac Chemical, $50 ea-M )
10 Union Twist Drill, pref-95 & int.
8 American Brass Co......... - - - - M
3 Great Falls M fg.................190" 1?2|5
10 Waltham Watch, com--------- i<>i

-- —
Shares.

Per cent.

Bonds.

•SI 000 Greenfield Elec. Lt. & Pow.
1st 5s, 1923....................................... 101 +

B y M e ssrs. Barnes & L o fla n d , Philadelphia:
Shares.

Slocks.

v , * Pel n h '

133 Media Title & Tr $25 each - 40
24 Fire Assn, of Philadelphia, $50

'

pnph

73

9 Bank ot’ North Am erica- 250-250)4
30 Corn Exchange Nat. Bank------JOi
5 Belmont Driving Club. — ------ 62 A
18 Frank. & So'wark Pass. R y ---3 4 o
10 Franklin Tr. Co., $50 ea— 60-60)4
40 People's Trust Co., *60 each
38
65 Central Tr. & Sav., $ 5 0 ea.60-60 +
60 People’s Nat. Fire Ins., $2o ea. 16 +
16 Phila. Bourse, com., $50 each 16 +
20 Colgate Co. (Okla.), pref— \$110 lot
20 Colgate Co. (Okla.), com--<
108 Insur. Co. of No. Amer^, $10 ea. 25)4
8 Farmers' &Mech. Nat. B k . 126-126 +
2 Girard National Bank--------- - 3 4 0
5 Contlnental-Equit. Tr. Co.,
$50 e a c h -- — ............................. 9 9
1 Fidelity Trust Co................- - - - 7 20
13 Girard Trust Co — — - - — 930-934
10 Integrity T . I. & T . Co., $50 ea.220
27 People's Trust Co., SoO each— 40
2 Provident Life & Trust.............. 849 +
5 Robert Morris Trust.....................65
10 Wayne Title & Trust..................126)4
5 Ins. Co. of State of Pa— ........... 100
6 Phil. Life In s. M 0 each
— 10)4
0 2d & 3d Sts., Pass. R y ..237)4-238
3 13th & 15th Sts. Pass. R y------235 +




Slocks.
* Pv > n ii
4 Green & Coates Sts. 1 as®u
9 John B . Stetson Co., com .400+-403 +
5 John B. Stetson Co., pref......... lbo
10 American Dredging....................9» .
60 Reading Iron Ore C o .- - — ------ 5 4 lot,

Shares.

15 Giant Portland Cement C o—

4+

25 German Theatre Realty C o—
3+
50 Newlln Haines Co. (Atlantic
City), pref...............- - ........ - ­ 22
500 Equit. Loan Soc. of Phil., prer.,
$1 ea. with 125 com. bon u s- 50c

*0^

.

T h e follow ing shows all the dividends announced for the
f u t u r e b y la rg e or im portant corporations:

lc,lneTrustC0.................. 7

^

.

$1,000 NorthSpring.Wat.Co.5s/28 85
5.000 N . Y . & Queens Co. Ry.
cons. 4s, 1946------ - — - - 60
300 Sun. Hay. & W .-B . Ry. 2d
6 s, 19 3 8 --.................... — U 2 +
5.000 Berwyn W at. Co. 1st 6 s, ’20 101 +
3.000 Springf. W at. Co. 5s, 1926- 8 5 +
4 .0 0 0 Wilmington Gas 1st & ref.
5 s, 1949________________
3 000 Lehigh Val. Coal 1st 4s, 1933 94 +
3.000 N . Y . Interurban Water
1st 5s, 1931........................... 7 5 +
1.000 Erie R R. Equip. Tr 4s, ;16-100 +
2.000 Mfrs.' WaterCo. Ist5s, 3 9.101 /4
7.000 Phila. City 3 + s , 1921—97/4-93
62,500 Bitter Root Val. Irrlg.Co.
1st 6 s, 1919................$2,000 lot

Sub.

Books Closed.
D ays Inclu sive.

W hen
Payable.

Feb. 23
Mar. 1
F'eb. 1
Mar. 1
Mar. 1
Jan.
Jan. 17
Feb.
Feb. 15
Feb. 1
F’eb. 1
Feb. 1
3
Feb. 1
1+
Feb. 10
2+
Feb. 1
$5
Jan. 29
2
13 to Feb.
Feb. 2
3
to Jan.
Feb. 1 Jan. 6
1+
Feb. 19 Holders of rec. Jan.
1
3 + F'eb. 1 Jan. 22 to Jan.
Feb. 1 Holders of rec. Jan.
1+
Jan. 25 Holders of rec. Jan.
2
Jan. 25 Holders of rec. Jan
4
$2.50 F’eb. 1 Holders of rec. Jan.
F’eb. 10 Holders of rec. Jan.
2
F'eb. 10 Jan. 20 to Feb.
IK
3

1+
2+
2+
2
1
1
1+
2

18
14

7a
2
26
31a
31
7a
15a
15a
22a
24a
9

F’eb. 15 Holders of rec. Jan. 31
F’eb. 1 Holders of rec. Jan. 20
F’eb. 1 Holders of rec. Jan. 15
Mar 1 Holders of rec. Jan. 31
1
+ F’eb. 1 Holders of rec. Jan. 15a
F’eb. 1 Holders of rec. Jan. 12
1+
Feb. 1 Holders of rec. Jan. 12
1+
Feb. 1 Holders of rec. Jan. 14a
1
Holders of rec. Jan. 14a
1+ Feb.
Holders of rec. Jan. 15a
1+ Feb.
Holders of rec. Jan. 1
1 + Feb.
Holders of rec. Jan. 22
Y\ Feb.
Holders
of rec. Jan. 20
Feb.
1+
Holders of rec. Jan. 26a
75c. Feb.
Holders of rec. Jan. 15
1+ Feb.
Holders of rec. Jan. ‘29a
1+ Feb.
1+ Jan. 31 Holders of rec. Jan. 20a
Holders
of rec. Jan. 2oa
Feb.
1
IK
of rec. Jan. 15
2 + Feb. 1 jHolders
..........m
Holders
of rec. Jan. 3a
Feb. 1 ........
IK
Holders
of rec. Feb. 10a
Mar.
$1 50 Feb. 1 Holders of rec. Jan. loa
Feb. 1 Holders of rec. Jan. 18a
3
Feb. 1 Holders of rec. Jan. 18a
3
Fob. 1 Holders of rec. Jan. 20a
2
to
Feb. 17
Feb. 1 Jan. 23
1+
$1 25 Jan. 31 Holders of rec. Jan. 20
IK

3

+

3
1

4
3
2
1+

3
1

4
1+
12 +

3

28 to
Jan.
Feb. 1 Jan.
28 to
Jan.
F’eb. 1 Jan.
Feb. 1 Holders of rec. Jan.
F'eb. 1 Holders of rec. Jan.
21 to
Jan.
F’eb. 1 Jan.
Jan. 15 Holders of rec. Jan.
28 to
Jan.
F'eb. 1 Jan.
F’eb. 1 Holders of rec. Jan.

31
31
31a
26a
31
13
31
29a

Holders of rec. Jan.
Jan. 22 to
Jan.
Holders of rec. Jan.
Holders of rec. Jan.

27a
31
22a
25a

F'eb.
F’eb.
Feb.
Feb.

1
1
1
1

Jan. 25 Holders of rec. Jan. 20
Mar. 15 Holders of rec. Feb. 28
F’eb. l Holders of reo. Jan. 19
Feb. 1 Holders of rec. Jan. 19
F’eb. 1 Holders of rec. Jan. 15a
F’eb. 1 Holders of reo. Jan. 20a
F’eb. 15 Holders of rec. Feb. 1
Jan.
31 Holders of rec. Dec. 18a
1+
Jan. 16
to
Jan. 31
2 + Feb.
Jan. 16 to
Jan. 31
Feb.
2
+
Common (payable In common stock).Jan.
16
to
Jan. 31
Feb.
1+
Preferred (quar.)
Jan. 16
to
Feb. 3
50c. Feb.
Holders of rec. Jan. 20
Feb.
4
Holders
of
rec.
Jan.
20
Feb.
10
5
/
^
A Mill.
n i V 13com.(pay .in. com. stk.)
Am. n
Rolling
to
Feb. 1
3 + Feb. 1 Jan. 21
A m erican Sumatra T obacco, p r ef. (N o . 7)
Jan. 21
to
Feb. 1
3 + Feb.
Preferred ( N o . 8 ) ------ - — - — ■ :-------$1 50 Feb. 28 Holders of reo. Jan. 22a
Anaconda Copper Mining (auar.).........
1 + Feb. 1 Jan. 22 to Feb. 1
Atlas Powder, preferred ( q u a r .) .-----7 K k April 1 Holders of rec. Mar. 15
Bethlehem Steel C orporation, com . (guar.)
1+ * April 1 Holders of rec. Mar. 15
to Feb. 15
Feb. 15 Feb. 2
4
Borden's Condensed M ilk , com . (N o . 41) —
to
Jan. 31
Feb. 1 Jan. 25
1
Brill (J. G.) Co., pref. (quar.)....................
26
Holders
of
reo. Deo. 31a
Jan.
3
Brooklyn Borough GaS -- — —
1 Holders of reo. Jan. 22a
Feb
I
K
Brown Shoe. Inc., preferred (quar.)-----I K Feb. 15 Holders of rec. Feb. la
Burns Bros., common (quae)....... ............
I K Feb. 1 Holders of rec. Jan. 17a
Preferred (quar.) (No. !2 ) - - - - - - - Feb. 16 Holders of rec. Jan. 31
3
Canada Cem ent, L td ., com m on (N o . D — I K Feb. 16 Holders of rec. Jan. 31
Preferred (guar.) (N o . 2 i ) . - - - - - - - - - - Jan. 31 Holders of reo. Deo. 31a
1
Canadian Explosives. LUl; , com. (quar.) Jan. 25 Jan. 16 to
Jan. 25
1
Chicago Pneumatic Tool (quar.)................
Jan. 25'Jan. 16 to
Jan. 25
2
+
Cleveland-Cliffs Iro n (g u a r.) ........................
Jan. 25!Jan. 16 to
Jan. 25
50e
Holders
of
rec.
Jan. 21a
Feb.
1
IK
duett* Peabody & C o . c o n i , (quar .)
Holders of rec. Jan. 15a
Feb.
1
2
Commonwealth Edison (quar.)--------------Holders
of
rec.
Jan. 22a
Jan.
31
1+
Consolidation Coal (guar.) - - - - - ­
of rec. Dec. 31
1 + Jan. 15 Holders
C rocker-W heeler, com m on (guar.)
Jan. 15 Holders of reo. Dec. 31
1
+
Preferred ( g u a r . ) . . . ------ - — r
v ,. .1 Holders of reo. Jan. 24
Feb.
1
D e Long Hook & Eye (guar.) (N o . 6 2 )-----15 Holders of rec. Feb. 29a
1 + Mar.
D iam on d M a tch (g u a r.) --------------------------Mar. 15 Holders of rec. Feb. 29a
1
Jan. 29 Holders of rec. Jan. 8 a
+ Feb. 1 5 Holders of rcc. Jan. 31
Dlst/mng C o.' of America. pref. (quar.)..
2
D om in ion Bridge (g u a r.) ------------- ----------Feb. 1 5 Holders of rec. Jan. 31
3
1 Holders of rec. Jan. 15a
3 + Feb
Dominion Coal, Ltd., preferred. - — - - - 18 to
Feb. 1
F’eb. 1 Jan.
1
+
Dominion Steel Corp., Ltd. ’ pre4•
'
I Jan.
23 to
F'eb. 1
I
-’eb.
1+
du Pont (E.I.) de Nem. Powd., com.(qu.)
23 to
Feb. 1
F’eb. llJan.
1
+
Preferred (quar.)............— - - - - - - - - - Feb. I IHolders of rec. Jan. 15
3
Edison Elec. 111. of Boston (qu.) (No. 107)
Feb. 1 Holders of rec. Jan. 20a
Edison Elec. III. of Brockton (quar.) — - $2
1 + Feb. 1 Holders of rec. Jan. 26a
Electrical Securities, preferred (quar.)- —
Feb. 1 Holders of rec. Jan. 20
1
+
Elec. Bond & Share, pref. (qu.) (No. 43)F’eb. 1 Holders of rec. Jan. 15
6
Eureka Pipe Line (quar.)-----------------------2 + Feb. 1 Holders of rec. Jan. 10
Fajardo Sugar.......... .......
,
.
Jan. 31 Holders of rec. Jan. 2 8 a
1
+
Federal Sugar R efin in g, pref.
■ )■ ---1+ F’eb. 1 Holders of rec. Jan. 20
Ft. Worth Power & Light, pref. (uuar.) —
Feb. 1 Holders of reo. Dec. 31a
5/
Gen. Chem.. com.(extra) (pay. in com .).
Holders of reo. Dec. 31a
Feb.
10/
Com. special (payable in com stock) . . .
Feb. 15 Holders of rec. Jan. 25a
10
General Motors, common
.
Holders of rec. Jan. 14a
Feb.
1
+
Granby Cons. Mln.,Sm.<fc Pow.,Ltd.(qu.)
Feb. 15 Holders of rec. Jan. ba
Gulf States Steel, first preferred - - - - - - - - 115 1-6 Feb. 1 Jan. 27
to
Feb. 1
1
+
Harrison Bros. & Co., m e., Pref •
'
65c. Jan. 25 Holders of rec. Jan. 20a
Homestake Mining (monthly) (No. 496).
F'eb. 1 Jan. 22
to
F’eb. 20
3
Houston Oil, preferred....................
1+
$1 25
1+
3+
1+
1+
1+

Jan. 22 1916.]

THE
P er
C e n t.

N a m e o f C om pany.

W h en
P a y a b le ■

C H R O N IC L E

B o o k s C lo s e d .
D a y s In clu siv e.

Miscellaneous (Continued).
Feb.
Jan. 21 to Jan, 31
Feb. L Holders of rec. Jan. 31
$2 Feb. 1; Holders of rec. Jan. 25
Indiana Pipe Line.
Mar.
I X
Holders of rec. Feb. 10a
Mar.
I X
Holders of rec. Feb. 10a
Feb.
I X
Jan. 9 to Jan. IS
Island Creek Coal, common (quar.).
50c Feb. : Holders of rec. Jan. 22
Feb.
)
I X
Holders of rec. Jan. 20a
.
3
Jan. 3: Holders of rec. Jan. 27
3
Feb. ; Holders of rec. Jan. 15
25c Mar. 15 Holders of rec. Mar. la
i) $lft
Feb. ] Holders of rec. Jan. 20a
2
Feb. ] Holders of rec. Jan. 22a
1
M a r y l a n d C o a l o f W e s t V ir g in ia ------Feb. ] Jan. 22 to Jan. 31
Massachusetts Gas Coe., common (q
) $1.25 Feb. ] Holders of rec. Jan. 15
Miami Copper Co. (quar.) (No. 14).
- $1.25 Feb. 15 Holders of rec. Feb. la
Feb. ] Holders of rec. Jan. 15a
I X
Feb. is Holders of rec. Jan. 31
2 X
M u n i c i p a l S e r v ic e , c o m m o n ___
1
Jan. 27 Holders of rec. Jan. 19
P r e fe r r e d (q u a r .)----------------Feb. 1 Holders of rec. Jan. 25
I X
N a t i o n a l C a r b o n , p r e f . ( g u a r .) .
Feb. 15 Feb. 2 to Feb. 20
I X
New Jersey Zinc (quar.)--------4
Feb. 10 Holders of rec. Feb. la
d 2 X Feb. ] Holders of rec. Jan. 20a
S3 Jan. 31 Holders of rec. Dec. 27
Teb. 1 Jan. 29 to Feb. 1
I X
S e c o n d p r e fe r r e d ( g u a r .) .
1
Feb. 1 Jan. 29 to Feb. 1
) I X Feb. 1 Holders of rec. Jan. 22
Packard Motor Car, common_____
Feb. 1 Holders of rec. Jan. 15a
I X
Common (payable In common stoi
Feb. 1 Holders of rec. Jan. 15a
10/
Penmans Limited, common (quar.).
1
Feb. 15 Holders of rec. Feb. 5
Feb. 1 Holders of rec. Jan. 21
Preferred (quar.)...........................
I X
Penn Traffic................ .......................
.
5c. Feb. 1 Holders of rec. Jan. 15
People’s Gas Light & Coke (quar.)..
Feb. 25 Jan. 21 to Feb. 10
2
Jan. 25 Holders of rec. Jan. 20a
- 2
Jan. 25 Holders ot rec. Jan. 15a
I X
3 X k Jan. 31 Holders of rec. Jan. 20a
Feb. 1 Holders of rec. Jan. 22
I X
Pralrlc Oil & Gas.............. .............
Jan. 3] Holders of rec. Dec. 31a
3
Prairie Pipe Line_______________
Jan. 3i Holders of rec. Dec. 31a
5
P r o c te r <fc G a m b le , c o m m o n ( g u a r .) .
4
Feb. 15 Holders of rec. Jan. 31a
1 I X Feb. 1 Holders of rec. Jan. 15a
Holders of rec. Jan. 15a
Preferred (quar.)...-____________
Feb.
I X
2
Feb. 15 Holders of rec. Jan. 31a
P u llm a n C o m p a n y (g u a r .) ( N o . 196).
Quaker Oats, pref. (quar.)...... .........
1 X Feb. 29 Holders of rec. Feb. la
Feb. 1 Holders of rec. Jan. 22a
I X
1
Feb. 1 Jan. 21| to Feb. 1
P r e fe r r e d (g u a r .) ( N o . 3).
Feb. 1 Jan. 21 to Feb. 1
2 X
Savoy Oil (monthly)..........
1
Jan. 25 Holders of rec. Jan. 15
E xtra..................... .........
1
Jan. 25 Holders of rec. Jan. 16
Feb. 15 Holders of rec. Jan. 31a
I X
SI
Feb. 1 Holders of rec. Jan. 19a
S ta n d a rd O il ( C a lifo r n ia ) ( g u a r .) .
Mar. 15 Holders of rec. Feb. 9
2 X
S lock d iv id e n d _______________
50e
Apr. 15 Holders of rec. Mar. 4
S ta n d a rd O il ( I n d i a n a ) (g u a r .) —
3
Feb. 29 Holders of rec. Jan. 31
Feb. 1 Holders of rec. Jan. 15
I X
Pref. (on acct. of accumulated dlvs.)..
3 X h Feb. 1 Holders of rec. Jan. 15
S le ic a r t-W a r n c r S p e e d o m e ter , c o m . ( g u a r .) .
Feb. 1 Jan. 23 to Jan. 31
I X
P r e fe r r e d ( g u a r .) ______________
Feb. 1 Jan. 23 to Jan. 31
l x
T e x a s P o w e r A- L ig h t, p r e f . (g u a r .) ( N o . 15)
Feb. 1 Holders of rec. Jan. 25
I X
Torrlngton Co., common______________
4
Feb. 1 Holders of rec. Jan. 15
T r e n to n P o tt e r ie s , n o n - c u m . p r e f . ( q u a r . ) . .
1
Jan. 25 Holders of rec. Jan. 20a
Union OU of California..................
Jan. 25 Jan. 15 to Jan. 25
I X
U n i o n P r o v id e n t C o ...... ................... ...........
Jan. 25 Jan. 15 ' to Jan. 25
IX
United Cigar Mfrs., common (quar.)___
1
Feb. 1 Holders of rec. Jan. 25a
U n ite d C ig a r M f r s . , p r e fe r r e d ( g u a r .) ___
Mar. 1 Feb. 16 to Mar. 2
I X
United Cigar Stores of Amer., com. (qu.)
Feb. 15 Holders of rec. Jan. 28a
I X
U n ite d P e t r o l e u m ________________
Jan. 25 Jan. 15 to Jan. 25
I X
U. S. Bobbin & Shuttle, common.
1
Feb. 1 Fan. 21 to Jan. 31
Preferred (q u a r .)...................... .........
Feb. 1 Fan. 21 to Jan. 31
I X
U . S . C ast I r o n P ip e & F o u n d ry ( g u a r .) ..
Feb. 15 Holders of rec. Feb. 4
XI
U. S. Rubber, 1st pref. (quar.)___
2
fan. 31 Holders of rec. Jan. 15a
2d preferred (quar.)...... ......... .
ran. 31 Holders of rec. Jan. 15a
I X
Warner (Chas.) Co. of Del., 1st & 2d
pref. (quar.) (No. 52)............................
ran.
27 Holders of rec. Dec. 31
I X
Washington Gas (quar.).................. ......... $1.20 •'eb. 1 Holders of rec. Jan. 15
4)
-

I X
I X

325

N a m e o f C om pany.

P er
C e n t.

Miscellaneous (Concluded).
westlnghouse Elec. & M fg., com. (quar.)
W illy s -O v e r la n d , c o m m o n ( g u a r .) _______
Woolworth (F. W .), com.(quar.) (No. 15)

IX
IX
IX

W hen
P a y a b le .

B o o k s C lo s e d .
D a y s In clu siv e.

1
Jan. 31 Holders of rec. Dec. 31a
Feb. 1 Holders of rec. Jan. 22a
Mar. 1 Holders of rec. Feb. 10a

a Transfer books not closed for this dividend, b Less British Income tax.
d Cor­
rection. e Payable In stock. / Payable In common stock, g Payable In scrip.
On account of accumulated dividends. 1 Being dividends accumulated to Jan. 1
1916.
* Declared 30% on the common and 7% on the pref., payable In quarterly in­
stallments of 7 X % and 154%. respectively.
I Declared 2% payable in quarterly installments.
h

I m p o r ts a n d E x p o r ts fo r t h e W e e k .— T h e follow ing are
the reported im ports a t N e w Y o rk for the week ending
January 15 and since the first week o f January:
FOREIGN IMPORTS AT NEW YORK.
F o r W e e k e n d in g J a n .

15.

1916.

1915.

1914.

Dry goods.............. ............ 1
General merchandise_____ /

$21,652,000 / $2,737,213
\ 15,159,752

Total . .......................... .....
S in c e J a n u a r y 1.
Dry goods........ ................ .1
General merchandise........./

$46,210,000 / $6,066,500
\ 29,194,656

Total 2 weeks........ ...........

|

$3,548,653
13,785,938

1913.
$3,598,445
13,045,504

$21,652,000 $17,896,965 $17,334,591 $16,643,949
$8,644,4741 $6,608,355
27,764,202 ( 29,762,835

$46,210,000 $35,261,156 $36,408,676 $36,371,190

EXPORTS FROM NEW YORK.
W e e k e n d in g J a n .

15.

For the week.......... ...............
Previously reported________

1916.

1915.

1914.

|

1913.

$58,443,008 S30.168.854 $22,162,995 $21,989,565
57,371,445 23,272,618
17,773,584 24,499,338

Total 2 weeks................... $115,814,453' $53,441,472 $39,936,579 $46,488,903
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
W e e k en d in g J a n .

15.

E x p o rts.

Gold.
W eek.

Im p o r ts.

S in c e
J a n . 1.

S in c e
Jan . 1.

W eek.

$919,535 $2,572,529
$221,500

$221,500

526,000
509,052

540,000
509,052

3,407
7,061
241,306
8,393

1,064,407
7,061
241,306
8,393

Total 1916...................................... $1,256,552 $1,270,552 $1,179,702
225,000
Total 1915................................
226,000
139,465
2,558,304 2,563,102
118,449
Total 1914........ .......................
Silver.
$913,358
$935,184

,893,687
,279,043
887,925

£

1,080

V.080

81,505

1,894

1

$995,943
540,959
747,072

Total 1916Total 1915Total 1914.

$9,593
909,350
56,461
41,752

$9,593
909,350
56,461
41,752

$938,158 $1,017,156 $1,017,156
1,883,702
194,183
273,139
1,475,398
171,854
561,609

Of the above exports for the week In 1916, $1,250,552 were American gold coin.

T h e F e d e r a l R ese rve B a n k s .— Following is the weekly statem ent issued b y the Federal R eserve B oard on Jan. 15:
£ ederal Reserve Bank statement as at the close of business on Jan. 14 Indicates a decrease for the week of 6.7 million dollars in
M1® ,^g?^>egaim£oltlj ref®£vf s’ and °£ 5.3 millions in total reserve. The New York bank reports net withdrawals of 11.2 millions in goldand of
,"1lc h 1,?ro offsot In part by considerable gains in the gold and cash reserves of the Boston, Philadelphia .Chicago
a®d . t a
l
„T
total gold resources of the system, including amounts of gold held by the Federal Reserve Agents both in their o m
JhAlvn
stan£ „ at present at 551.9 million dollars, as against 423 millions reported about three months ago, and 338.9 millions
period
dUrlDg the P ^ t six months was 86.5 millions, compared with I gain during th H S S S

ho h J n w T th .
J
l
t-z minions, credited largely to the New York and Boston banks. The amount of discounted paper held by
wm ifhrfnro1 nr thnA » , f it^ n 'vei?^.,shows a. decline of about 1 million dollars, all the banks except St. Louis reporting smaller figures than the
5 llls held. acceptances constitute at present 4 7 .1 % , the largest proportion ever shown. About 3 7.1% of all the paper
on hand maturesi within 30 days and 30.4% after 30 but within 60 days.
».in nf
™
of United States bonds were bought during the past week by six banks. The holdings of municipal warrants show a
Doutt~.4 millions, each or the four Eastern banks reporting considerable purchases for the week. Government deposits increased about
and Cleveland Panics wee^*
deposits of member banks increased about 6.5 millions, the largest gains being shown for the Boston, Philadelphia
Federal Reserve Agents report a total of 219 millions of notes issued to the banks against the deposit of 204.2 millions of gold and of 15.6
millions or paper. The amount of notes outstanding shows a net increase of 3.5 millions during the week, the New York and San PVancisco Agents
reporting fresh issues of notes, while the Atlanta and Dallas Agents report the redemption by them of $755,000 of notes returned by the banks,
m e hanks aggregate note circulation is shown as 186.2 millions and their net liability upon their outstanding circulation as 11.9 million dollars.

T h e figures o f the consolidated statem ent for the system as a whole are given in the follow ing table, and in addition
we present the results for each o f the eight preceding w eeks, thus furnishing a useful com parison.
In the second table we
snow the resources and liabilities separately for each o f the twelve Federal R eserve bank s. T h e statem ent of Federal
Reserve A gen ts A ccounts (the third tablo follow ing) gives details regarding the transactions in Federal Reserve notea
between the Com ptroller and the Reserve A g en ts and between the latter and the Federal Reserve b an k s.
C

o m b in e d

R

esources and

L

ia b il it ie s o f t h e
Jan.

F

ederal

14 1916.*/an. 7 1916.

D ec.

R eserve B

30

1 9 1 5 )D ee.

a n k s a t t h e c lo se o f b u s in e s s

23 1915.

D ec.

171915. Dec. 101915.

D ec.

3 1915.

J a n u a r y 14 19 16 .
N ov.

26 1915. Nor. 19 1915.

RESOURCES.

Gold coin and certificates In vault.................... $260,855,000 $272,018,000 $266,546,000 $276,197,000 $257,373,000 $251,810,000 $244,229,000
$245,986,000 $245,400,000
Gold settlement fund..........................................
85,630,0001 81,150,000 77,293,000; 69,960,000 76,330.000 68,060,000 79,700,000 73,830,000 69,345,000
Gold redemption fund with U. 8. Treasurer..
1,215,0001 1,250,000
1,184,000
1,292,000
1,124,0001 1,224,000
1,252,000
1,252,000
1,232,000
Total gold reserve........................................ $347,700,000 $354,418,000 $344,963,000 $347,381,000 $334,887,000 $321,162,000 $325,181,000 $321,068,000 $315,977,000
Legal tender notes, silver, &c............................
14,283,000, 12,888,000
13,525,000|
9,673,000 26,978,000 28,441,000 32,681,000 37,212,000 32,173,000
Total reserve................................................. $361,983,000 $367,306,000 $358,488,000 $357,054,000 $361,865,000 $349,603,000 $357,862,000 $358,280,000 $348,150,000
Bills discounted and bought—
Maturities within 10 days.................... - - ­
Maturities from 11 to 30 days....................
Maturities from 31 to 60 days....................
Maturities from 61 to 90 days....................
Maturities over 90 days..............................

$7,399,000!
13.291.000,
16,961,000
14.195.000,
3,910,000,

$6,605,000
14,074,000
17,715,000
13,247,000
3,938,000

$6,467,000
14.278.000
16.859.000
13.696.000
4,081,000

$6,133,000
13.524.000
17.861.000
12.830.000
4,073,000

$6,742,000
12.379.000
18.190.000
11.494.000
3,891,000

$5,874,000
13.313.000
18.270.000
11.468.000
3,752,000

$6,784,000
11.740.000
18.610.000
10,766,000
3,456,000

$6,164,000
11.129.000
18.325.000
9.524.000
3.831.000

$4,603,000
12.320.000
15.835.000
9.018.000
3.373.000

Total......................................................

$55,756,000 $55,579,000 $55,381,000 $54,421,000 $52,696,000 $52,677,000 $51,356,000 $48,973,000 $45,149,000

♦Acceptances (included in above).................... -

$26,258,000 $25,048,000 $23,013,000 $21,769,000 $19,684,000 $19,108,000 $18,306,000 $16,179,000 $13,510,000

Investments: U. 8. bonds
Municipal warrants...................

$17,613,000 $16,734,000 $15,797,000 $15,060,000 $14,523,000 $14,401,000 $13,875,000 $12,919,000 $12,674,000
19,484,000 17,097,000
12,220.000
14,094,000
13,600,000 18,053,000
17,821,000 27,308,000 27,519,000

Total earning assets____________________

$92,853,000 $89,410,0001 $83,398,000 $83,575,000 $80,819,000 $85,131,000 $83,052,000 $89,200,000 $75,342,000




THE

326

C H R O N IC L E

[Voi. 102.

Dec. 3 1915. Nov. 26 1915. Nov. 19 1915.
Ja n . 14 1916. Ja n . 7 1916. Dec. 30 1915. Dec. 23 1915. Dec. 17 1915. Dec. 10 1915.
R E S O U R C E S (Concluded ).
$440,914,000 $447,480,000 $433,492,000 $407,205,000
Brought forw ard (total reserve & earn’g assets) $456,716,000 $441,886,000 $440,629,000 $442,084,000 $434,734,000

Due from Federal Reserve banks—Net----------

$19,176,000 $18,792,000
S29,943,000 S24,156,000 $21,910,000 S21,008,000 $20,939,000 $22,286,000 $18,118,000
15,827,000
12,995,000 11,137,000 20,767,000 24,977,000 21,331,000 19,718,000 19,775,000
3,662,000
4,633,000
6,552,000
5,335,000
6,547,000
4,194,000
4,322,000
7,078,000
9,805,000
$471,773,000
$485,342,000
$485,359,000
$507,579,000 S499,087,000 $491,110,000 $490,808,000 $489,276,000 S482.073.000

$54,846,000 $54,854,000
854,899,000 $54,895,000 554.915.000 $54,901,000 $54,900,000 $54,902,000 $54,859,000
15,000,000 15,000,000 15,000,000
26,879,000 23,841,000 115.101.000 15,000,000 15,000,000 15,000,000 392,966,000
384,997,000
397,879,000
390,249,000
398,603,000
400,012,000
12,923,000
Reserve deposits—Net-------- ---------------------- 413,719,000 407,244,000
11,948,000 12,982,000 13,486,000 14,670,000 14,461,000 14,686,000 13,969,000 13,385,000
3,999,000
8,565,000
7,634,000
7,036,000
7,236,000
7,596,000
125,000
134,000
$471,773,000
8507,579,000 $499,087,000 $491,110,000 $490,808',000 $489,276,000 $482,073,000 $485,359,000 $485,342,000
79.6%
77.9%
82.5%
80.2%
80.9%
86.1%
84.6%
81.9%
79.1%
87.7%
86.9%
89.1%
87.4%
89.0%
88.5%
87.9%
84.8%
82.4%
Cash reserve against liabilities after setting aside
40% gold reserve against net amount of
89.3%
88.5%
90.9%
89.2%
90.7%
90.4%
89.6%
86.2%
83.5%
Federal Reserve notes in circulation (a)__
L IA B IL IT IE S .

(a) Less Items in transit between Federal Re-

$15,827,000
$12,995,000 $11,137,000 $20,767,000 $24,977,000 $21,331,000 $19,718,000 $19,775,000 $14,053,000

S200,265,000 $190,985,000 S187.815.000 $183,275,000
$219,030,000 8215,525,000 $214,125,000 $211,735,000 S205,205,000
22,511,000 22,389,000
32,866,000 27,009,000 25,099,000 23,673,000 23,843,000
$160,886,000
S165.304.000
$169,998,000
$175,312,000
$181,362,000
$188,062,000
$189,026,000
In circulation------------------------------------- 8186,164,000 $188,516,000
$182,912,000 $174,147,000 $171,095,000 $166,755,000
$187,840,000
$194,400,000
$197,450,000
$199,690,000
Gold and lawful money with Agent................. $204,159,000 12,982,000 13,486,000 14.670.000 14.461.000 14,686,000 13,969,000 13.385.000 12.923.000
11,948,000
19.176.000 18.792.000
29,943,000 24,156,000 21,910,000 21.008.000 20.939.000

Federal Reserve Notes —

$263,640,000 $260,460,000 $256,480,000 $252,680,000 $249,440,000 $242,9S0,000
1,275,000
Received from the Comptroller------------ $275,420,000 $267,640,000 $263,640,000
1,355,000
1,355,000
1,495,000
1,531,000
1,631,000
1,631,000
1,631,000
1,671,000
$248,085,000 $241,705,000
$251,325,000
$254,985,000
$258,929,000
$262,009,000
$262,009,000
Amount chargeable to Agent----------- $273,749,000 $266,009,000 47,884,000 50,274,000 53,724,000 54,720,000 60,340,000 60,270,000 58,430,000
54,719,000 50,484,000
$183,275,000
$211,735,000 $205,205,000 $200,265,000 $190,985,000 $187,815,000
Issued to Federal Reserve banks----- $219,030,000 $215,525,000 $214,125,000
$132,695,000
H ow Secured —
$137,040,000 $136,860,000 $139,902,000 $135,177,000 $136,535,000
100,000
100,000
By gold coin and certificates----------------- $145,029,000 $142,580,000 $139,940,000
16.720.000 16,520,000
16.838.000
By lawful money-------------------------------17,353,000
17.365.000
17,335,000
580,000
14,871,000 15,835,000 16,675,000
580,000
590,000
650,000
650,000
650,000
650,000
650,000
Credit balances In'gold redemption fund..
50.330.000 42,380,000 38.380.000 33.880.000 33,380,000
Credit balances with Federal Reserve B'd 58.4SO.OOO 56,460,000 56,860,000 50,710,000
$183,275,000
$205,205,000 $200,265,000 $190,985,000 $187,815,000
Total............................- .......... ......... $219,030,000 $215,525,000 $214,125,000 $2 1 1 ,735,000
$17,240,000
$17,583,000
$18,328,000
$18,752,000
Commercial paper delivered to F. R. Agent.. $15,572,000 $16,190,000 $16,740,000 $17,451,000 $17,935,000

Federal Reserve Notes (Agents’ Accounts )—

♦Including bankers' and trade acceptances bought In the open market,

tAmended figures.

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JAN. 14 1916.
Boston.

New York.

Philadel’a. Cleveland.

Richm
ond.

Atlanta.

| Chicago.

S

I

<£

S
$
$
$
$
RESOURCES.
10,027,000 9,683,000 5,601,000 5.230.000 30,788,000
G old coin &ctfs. in vault 16,591,000 159,451,000 8,092,000 12,013,000 10,574,000 3.526.000 10,164,000
7,253,000
2,087,000
G old settlement f u n d . ..
-------312,000 318.000;

St. Louis,

j Mlnneap.

Kan. City:

Dallas.

San

Fran.

Total.

$
S
s
$
I
S
1
s
3.167.000 3,088,000 8,595,000 4.009.000 4,625,0001160,855,000
6.197.000 3,901,000 2,784,000 9.506.000 9,533,000 85,630,000
1,215,000
24,000;
30,000; 107,000 256,000
9,388,000 7,019.00011,486,000 13,771,000 14,158,000 147,700,000
7,000 14,283,000
176,000
141,000
177,000 464,000

162.000!
6,000
166,866,000 18,119.00021,696,000 16,487,000 9,074,000 40,952,000
18,684,000
Total gold r e s e r v e -.-.
240.000J 1,005,000
1 327,000 4 478.000! 4.684,000 1,420,000! 164,000
14,235,000 14,165,000 361,983,000
9,314,000 11,957,000 9,564,000 7,160,000: 11,663,000
23,116,00016,651,000
171,344,000
22,803,000
20 ,0 11,0 0 0

401.000 29.498.000
3.929.000 1,241,000 1,140,000 3,206,000 4,301,000
793.000 26.258.000
411.000 7,106,000 7,208,000
893,000 523,000; 470,000
150,000 200,000 2.399.000
940.000
55,756,000
1,194,000
4,301,000
7,256,000 7,408,000 6,328,000 2,134,000 1,663,0001 3,676,000
T otal bills on h a n d - ­ 7,378,000 10,472,000 2,595,000 1,351,000
17.613.000
1,000,000
1,295.000
2,182,000
25,000 4,246,000 1,091,000 1,393,000
2.991.000 2.404.000
986,000
76,000 335,000 19.484.000
Investments: U. S. b d s .
330,000 1,173,000; 332,000, 880,000 253,000
158,666
M unlcipal warrants. - 3,332,000 7,238",666 2.457.000 2.920.000
5,672,000 2.529,000 92,853,000
7,414,000 7,763,000 11,747,000', 3,557,OOo| 3,936,000 6,111,000
T otal earning assets 11,696,000 17,710,000 8,043,000 6,675,000
2.641.000 29,943,000
1.209.000
1,666,000 740,000
675,000 612,000
901,000 21,499,000
Fed. R es’ve notes— N et2.931.000 al2,995,000
1,158,000
5.007.000
2,022,000
D ue from other Federal
6,725,000
119,000
830.000 949.000
108,000 9,805,000
103,000 868,000 1,17b",666
Reserve Banks— N e t. 1,477,000
134.000 2,209,000 226,000 2,522,000
650.000
927.666
442,666
446,000
22,374,000 507,579,000
21,077,000
19,800,000
17,415,000
18,405,000
62,321,000
19,405,000
210.995.00032,448,000 31,883,000 25,148,000
Total resources---------- 34 531.000
3,942,000 54.899.000
LIABILITIES.
6,645,000 2,783,000 2,548,000 3.026.000 2.754.000
807,000 26.879.000
5,270,000 5,938,000 3.357.000 2.420.000
601,000 222,000 502,000 5.094.000 17,625,000
Capital paid In------------- 5,158,000 11,058,000
5.733.000 5.919.000 963,000
413,719,000
14,645,000 15,018,000 9.875.000
862,000 5,507,000 303,000 366,000 10,991,000
15,021,000
54,713,000
Government deposits—
8.326.000
_____ 11.948.000
25,579,000
3.021.000
26,471,000
1.254.000
186,944,000
28,511,000
Reserve deposits— N e t. .
5.038.000 2.635.000
. . . __
333,000
Fed. R es've notes— N et.
134,000
7,486",666 40’4",666
D ue to F.R.banks— Net
105,000
29,000
All other liabilities-------507,579,000
22,374,000
21,077,000
19,800,000
18,405,000 17,415,000
31,883,000 25,148,000 19,405,000 62,321,000
T otal liabilities........... 34 531,000 210,995,000 32,448,000
219,030,000
8,950,000 14,000,000 11,000,000 14,610,000 8.310.000
Federal Reserve N otes —
149,000 2.641.000 32,866,000
9.160.00C 11,200,000 15,030,00C 18,130,000 4.380.000
746,000
740,000 1,209,000
Issued to banks--------- 1 0 ,0 20 ,00 c 94.240.00C
1,295,000 1.666.000
682,00C
612,000
675,00C
21,550.00C
9 0 1 ,00 c
In hands of banks-----8,210,000 12.791,000 10.254.00C 14,461,000 5,609,000
8.485.00C 10,588,000 14,348,00C 16.835.00C 2.714.00C
F .R . notes in clrculatloi 9,119,00C 72.690.00C
8,950,000 14.000.00C 9,000,00011,440,00 8,310,0011204,159,000
G old and lawful monel
11,948,000
9,160.00C ll,2OO,O0C 9.310.001 14,200.00C 4,380,001
___
1,254,000! 3,021,00 )
with agent--------------- 10,020,00( 94,189,00(
........
5.038.001 2.635.00C
..........1 ------- 2,641,00 ) 29,943,000
740,000i 1.209.00C
Carried to net liabilities
1,666,00
........
612,001
675,001
901.00C 21,499,001

Bills: Discounted
for
m em b ers---------------

—
206,000| 149,000
200,000
7,178,000 10.266,000 2,446,000

Carried to net assets—

a Items In transit, I. e.. total amounts due from less total amounts due to other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS JAN. 14 1916.
Boston.

N ew York. Philadel’a . Cleveland.

Richmond.

Atlanta.

.
$
Federal Reserve Notes—
,
17,000,000 20,400,000
Rec’d from Comptrol’r 19,380,000 108,240,000 15,480,000 13,000,000
120,000
640,000
Returned to Comptr'r 500,000
17,000,000 20,400,000
Chargeable to Agent. 18,880,000 108,240,000 14,840,000 12,880,000
1,970,000 2,270,000
1,680,000
5,680,000
14,000,000
In hands of F.R.agent 8,860,000
11,200,000 15,030,000 18.130,000
9,160,000
94,240,000
10,020,000
Issued to F. R. bank..
Held by F. R. agent—
500,000
10,670,000
Gold coin & certfs— 10,020,000 94,189,000 4,160,000
Credit balances:
530,000
In gold redemption V
9.310.000 13,700,666
5 ,000’,666
With F. R. Board----Notes secured by com
5.720.000 3,930,000
51,000
mercial paper----------15,030,000 18,130,000
11,200,000
9,160,000
94,240,000
T ota l.................... 10,020,000
Amount commer’l paper--------5.778,000 3,930,000
51,000
delivered to F.R .agent
—




Chicago.

St. Lou is. M in n ea p . K a n .C ity .

D a lla s.

Sun F ran

Total.

$
I
S
$
S
11,360,000 275,420,000
9,380,000 9,600,000 19,000,000 13,000.000 19,580,000
61,000 230,000 1,671,000
120,000! . . .
19,519,000 11,130,000 273,749,000
9.260.000 9,600,00019,000,000 13,000,000
4,909,000 2,820,000 54,719,000
2,000,000
5,000,000
650,000
4.880.000
8,31*,000 219,030,000
14,610.000
4,380,000 8,950,000 14,000,000 11,000,000
145,029.000
9.540.000
2,000,000
3,950,000 10,000,000
650,000
120,000
1 , 960,666 8,310,000 58.580.000
4,260,000 5,000,666 4 ,066,666 7 ,066,666
14,871,000
2,000,000 3.170.000
8.310.000 210,030.009
4,380,000 8,950.000 14,000,000 11,000,000 14,010,000
15,572,000
2,003,000 3,810,000i

Jan . 22 1916.]

THE

separate banks are the averages of the daily results
S

r

t

h

e

^

^

X

^

K

^

^

^

C H R O N IC L E

3 3 7

In the c ase of the totals, a e ta a lf i g ^ s a tt h e end oT t h e ' S arTalso
S

^

tlw to W s of

« » ® G f for 3

S

S

&

S

N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .
CLEARING HOUSE
MEMBERS.
Week Ending
January 15 1916
(00* omitted.)

Members o f Federal
Reserve Bank.
Bank ol N. Y..N.B.A
Merchants’ Nat. Bank.
Mech. & Metals Nat—
National City Bank__
Chemical Nat. Bank__
Atlantic National Bank
Nat. Butchers' A Drov.
Amer. Exch. Nat. Bank
National Bank of Com
Chatham A Phenlx Nat.
Hanover National Bank
Citizens’ Central Nat..
Market A Fulton Nat..
Importers’ A Traders’ . .
National Park Bank__
EastRlver Nat. Bank..
Second National Bank.
First National Bank__
Irving National Bank..
N. Y. County Nat. Bk.
Chase National Bank..
Lincoln National Bank
Garfield National Bank
Fifth National Bank__
Seaboard Nat. Bank__
Liberty National Bank.
Coal Sc. Iron Nat,Bank.
Union Exchange Nat..
Nassau Nat. Bank___
Broadway Trust Co__
Totals, avgo. for week
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
State Banks.

Not Members of
Federal Reserve Bank.

Bank of Manhattan Co
Bank of America
Greenwich Bank
Pacific Bank____
People’s Bank _____
Metropolitan Bank___
Corn Exchange Bank..
Bowery Bank________
German-Amerlcan Bank
Fifth Avenue Bank___
German Exchange Bank
Germania Bank
Bank of Metropolis_
West Side Bank
N. Y. Produce Exch.Bk
State Bank__________
Totals, avge. for week.
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition
Trust Companies
Not Members of
Federal Reserve Bank.

Brooklyn Trust Co___
Bankers Trust Co
U. 8. Mtg. A Trust Co.
Astor Trust Co______
Title Guar. & Trust Co
Guaranty Trust Co___
Fidelity Trust Co____
Lawyers Title A Trust
Columbia Trust Co___
People’s Trust Co____
New York Trust Co...
Franklin Trust Co
Lincoln Trust Co
Metropolitan Trust Co
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Members Federal
Reserve Bank..
State Banks*____
Trust Companies*!

«
,977,000 387,561,080
,980,000 57,406,320
,134,000131,887,500

S

I

s

i

s

+ 3,584,600 354,149,000168,991,000
. —3,969,740 52,895,000 12,460,000
>+20,272.700 118,158,000 43.888,000
Total Jan. i s . .
,091,000 576,854,900 160,236,100 +19,887,560 525,202,000225,339,000
Total Jan. 8
,629,000571,280,460 140,348,540 —3,251,440 503,679,000223,749,000
Total Dec. 31__
.099,000 568,499,020 143,599.980 ---,UUA,UUU
Total Dec. 2 4 .!!
14.914,230 lit
490,049,000227,302,000
,0<U
,757,000564,242,790 158,514,210 -5,253,040 485,263,000222,203,000707,466
-------- —-------------------------------------------------------------------------*1T>
hin]eTh>erS ° f Federal Reserve Bank.
Includes also the amount of'reserve rcm ilr^^ N etT im e Dennsit*0whi°hStat° B^n,^a andTru®*LCompanies, but In the case of Members of the Federal Reserve Banks
b This is the reserve reoulrcdonNetnem andni^iH , P0^*®’ Whlch.
fo,lows: Jan- 15. $962,300; Jan. 8, $1,120,500; Dec. 31, $976 000-Dec 24 $995 TOO
Includes - s . « c amount of reserve reaulred on Net t C D e ^ . ^ c h w
S u t ™




THE

3 3 8

(Vol . 102

C H R O N IC L E

In addition to the returns of “ State banks and trust com
The State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City n ot in the C lea rin g House” furnished
in New York City n ot in the C lea rin g H o u s e , and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER in the whole State. The figures are compiled so as to distin­
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
guish between the results for New York City (Greater New
(.F igu res F u r n is h e d b y S tale B a n k in g D e p a r t m e n t.) D iff e r e n c e s f r o m
p r—
e v io u s w ee k .
York) and those for the rest of the State, as per the following:
J a n u a r y 15.
—'
Inc. $8,085,000
Loans and Investments............................................
For definitions and rules under which the various items
141,200
G old ________________________________________ 55,oUo,bUU Inc.
253,000
Dec.
Currency"and bank notes--------------------------- ------54,400 are made up, see “ Chronicle,” V. 98, p. 1661.
Dec.
plkTotal deposits_______________________
oo5,«J87,oUU
The provisions of the law governing the reserve require­
Deposits, eliminating amounts due from reserve deposltarles and from other banks and trust comments of State banking institutions were published in the
panics in New York City, and exchanges-------------681,064,700
Inc.8,442,100
Reserve on deposits-------------------------- ------- --------- 236,689,800
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula­
Percentage of reserve, 33.5%.
RESERVE.
tions relating to calculating the amount of deposits and what
----- T ru st C o m p a n ie s -------------S tate B a n k s ------deductions are permitted in the computation of the reserves
$53,509,700
8.88%
Cash in vaults..........- ................. .511,741,300 11.46%
151,104.200 25.10% were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
Deposits in banks and trust co s... 20,334,600 19.85%
Total.......................................... $32,075,900

$204,613,900 33.98%

31.31%

STATE BANKS AND TRUST COMPANIES.

The averages of the New York City Clearing-House banks
and trust companies, com bin ed with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

[W e e k en d ed J a n .

Capital aa of Sept. 25-----

W e o m it c i p h e r s i n a ll th e se f i g u r e s .

ended —

Loans and
Investments

Dem and
D eposits.

Specie.

$

$

$

3.691.886.2
3.725.985.5
3.735.488.3
3.753.798.0
3.750.386.9
3.769.648.5
3.799.286.4
3.834.525.9
3.885.457.0
3.894.605.2
3.919.527.2

3.803.046.8
3.839.752.9
3.858.135.4
3.858.048.5
3.863.672.1
3.870.658.9
3.887.606.2
3.922.901.2
3,965,801,4
3.983.842.6
4.027.009.7

520.920.8
526.271.3
517.556.8
516.027.9
515.147.8
500,809.0
485.603.5
467.747.8
470.414.4
487.114.6

Oct. 23........ 3,608,520,3 3,709.084,9 502,300.9
513.565.6
Oct. 30........ 3,642,474.6 3.748.805.7 519.525.7

Nov. 6........
Nov. 13........
Nov. 20........
Nov. 27........
Dec. 4........
Dec. 11........
Dec. 18........
Dec. 24........
Dec. 31........
Jan. 8------Jan. 15------

Other
M oney.

E n tire
Total
Reserve on
M oney
H oldings. DeposUs.

$
77.013.0
71,853,9
68.166.0
65.231.7
69.244.8
61.646.4
63,834,0
67,232,6
67.010.8
75.464.5
81.615.6
84.860.4
90.946.4

$
579.313.9
585.419.5
587.691.7
586.152.5
595.516.1
579.203.2
579.861.9
582.380.4
567.819.8
561,068,0
549.363.4
555.274.8
578,061,0

S ta te B a n k s
in
O r ea ter N . Y

15.

$
931.772.5
957.399.9
970.813.4
980.387.6
981.478.5
970.216.8
970.710.8
976.899.9
955.474.5
952.051.3
954.094.4
957,546,1
973,780,8

S late B a n k s
o u ts id e o f
G rea ter N . Y

T ru st C os.
in
G rea ter N . Y

T ru st C os.
o u ts id e o f
u r e a te r N . Y

23,050,000

65,550,000

*10,863,000

38,209,100

S
*13,400,000

155.738.300

*13,863,600

*11,358,400

Loans and Investments..
Change from last week.

368,432,600 1,560,524,300
+ 7,219,800 + 11,658,000

146,975,700
+ 1,159,800

210,128,200
+ 214,600

Gold...........................
Change from last week.

42,608,200
—2,842,700

512,156,300 1,932,427,500
Deposits.................... .
Change from last week. — 17,550,000 —3,529,400
Reserve on deposit-------- 124,487,700 441.465.300
Change from last week. —2,881,700 + 12,931,400

158,673,700
—578,700

224,896,200
—732,300

29,578,100
—61,500

33,113,900
—334,300

28.3%
27.7%

21.6%
21.6%

18.0%
18.0%

Surplus as of Sept. 25-----

Currency and bank notes.
Change from last week.

136,828,500
+ 6,659,400

33,524,500
24,609,800
—872,600 + 15,381,700

p. c. of reserve to deposits
Percentage last week..

29.9%
31.1%

+ Increase over last week. — Decrease from last week,

* As of June 23.

Non-Member Banks and Trust Companies.-Followlng is the report made to the Clearing-House by clearing non­
member institutions which are not included in the “ Clearing-House return on the preceding page.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
CLEARING
NON-MEMBERS.
Week Ending
Jan. 15 1916.

C a p ita l.

N et
P r o f U s.

(Nat b’ks Nov. 171
\State b'ks Oct. 2;

Members of
Fed'l Reserve Bank
Battery Park N a t...
First Nat., Brooklyn
National Clty.Bklyn
First Nat., Jers. City
Hudson Co. N., J. C.
First Nat., Hoboken
Second Nat.,Hobok.

L oan s.
D is c o u n ts ,
In v est­
m e n t s , < tc

G o ld .

L eg a l
T en d ers.

A vera ge

A vera ge.

A vera ge.

t

N a t . B a n k N a t . B a n k F ed e ra l
N o t e s lR e­ N o tes\ N o l R eserv e
Bank
C o u n ted
serv e f o r
N o t e s lN o t
as
S tate I n stU u tio n s] R e ser v e], R eserv e ].
A vera ge.

$
40.000
138.000
109.000
92.000
71.000
61,000
123.000

A v era ge.

$

A vera ge.

$
4.000
12,000
13.000
21.000
. 84,000
16,000
9.000

A vera ge.

N et
D em a n d
D e p o s its .

N et
T im e
D e p o s its .

N a t io n a l
B ank
C ircu ­
la t io n .

A vera ge.

A vera ge.

A vera ge.

A vera ge.

A vera ge.

S
$
$
$
$
49,000 190.000
229.000 2.560.000
307.000
293.000
278.000 4.522.000
‘ 7.666 576.000
119.000
263.000 5.282.000
14.000 664.000
395.000
1,000 733.000 2.867.000 6.115.000
196.000
6,000 354.000 1.564.000 2.950.000
716.000 2.502.000 2.819.000 216.000
12.000 394.000
98,000
640.000 2.265.000 1.937.000
272.000
1,507,000
4,805,000
26,196,000
40,000 3,300,000 6,557,000

$
113.000
147.000
170.000
221.000
121,000
146,000
49,000

38.000
31.000
57.000
349,000
10.000
20,000
50,000

1.937.000
8.176.000
7.066.000
1.260.000
5.311.000
3.496.000
4.400.000
16,8irrf»9
3,262$ 10

88,000
424.000
639.000
102.000
657.000
167.000
443.000
842.000
203.000

76.000
6,000
104.000 480.000
57.000 283.000
24.000
10.000
147.000 154.000
45.000 160.000
115.000 209.000
150.000 799.000
63.000 135.000

16,000
48.000
124.000
10.000
95.000
39.000
87.000
193.000
26.000

500.000 1,085,900 7.238.000
279,000 4.393.000
200.000
700,000 1,364,900 11,631,000

427.000
107.000

9,000
25,000

11,000
86,000

41.000
46.000

5,000

3,000
20,000

534,000

34,000

97,000

87,000

5,000

23,000

Total................... 1,795,000 4,319,700

E xcess
D u e fro m
R eserv e
D e p o s i­
t a r ie s .

$

S
2.653.000
4.839.000
5.260.000
4.668.000
3.816.000
5.743.000
4.353.000

$
$
163,200
200,000
668.300
300.000
575.300
300.000
400.000 1,249,800
757.900
250.000
623.300
220.000
281.900
125,000

R eserv e
w ith
L eg a l
D e p o s i­
t a r ie s .

State Banks.

A’of 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 .

Bank of Wash. Hgts. 100,000
Colonial Bank-------- 400.000
Columbia Bank----- 300.000
Fidelity Bank-------- 200.000
Mutual Bank-------- 200,000
New Netherland___ 200,000
100,000
Yorkvllle Bank-----Mechanics’ Bklyn.. 1,600,000
North Side, Bklyn.. 200,000

393,600
813,500
645,100
184.900
460,300
243.700
552.900
772,400
193.700

135,000

191,000

93,000 1.484.000
88,000
533.000 8.753.000
525.000
927.000 7.769.000
466.000
337.000 1.147.000
69,000
406.000 1.259.000 5.516.000
690.000 3.406.000
9,000 204.000
612.000 5.877.000
353.000
1,099,000 2.988.000 18,314,000
344,000 3.487.000
209.000

385.000
243.000

3,419,000 7,783,000 55,753,000

711,000

71.000
12.000

Total...................
Trust Companies.
N o t M e m b e r s o f th e
F e d e r a l R eserv e B a n k .

HamlltonTrust.Bkln
Mechanics, Bayonne
Total...................

Grand aggregate----- 5,795,000 9,944,700 95,681
+ 876
Comparison, prevwk
Excess reserve. $233,670 decrease
Grand aggr’te Jan 8 5.795.000 10.038.300 94,805,
Gran d aggr’te Dec 31 5.795.000 10.038.300 95,657,
Grand aggr’te Dec 24 5.795.000 10.038.300 95,626,
Grand aggr’te Deo 18 5.795.000 10.038.300 94,623
5.795.000 9,953,000 94,090
Gran

239,000 2,162,000 4.806.000 1.571.000
865,000 1.020.000 2.388.000
96,000
335,000 3,027,000 6,726,000 3,959,000

5,066,000 ,286,000 3,051,000
+ 69,000 + 6,000 —219,000

Boston Clearing-House Banks— We give below a
Philadelphia Banka.—Summary of weekly totajls of summary showing the totals for all the items in the Boston
Clearing-Hou»e baDks and trust companies of Philadelphia.
.
se weekly statement for a series of weeks:
W e om U tw o c ip h e r s

CapU al
and U 'v lu

(00) In a ll

th ese fi g u r e s .

D ep osU s.
.

C ircu la ­
t io n .

C lea r in g s

$
i
$
$
$
204.079,7
103.684.3 460.898.0 127.471.0 678.456.0 11,022,0
198,336,5
10,958.0
572.590.0
122.851.0
463.773.0
103.684.3
218,995,4
103.684.3 465.396.0 114.763.0 569.632.0 10.688,0
176,161.2
103.684.3 466.584.0 104.188.0 558.545.0 10,507,0
27..
244,w26,3
10
511,0
559.694.0
102.034.0
103.684.3 469.137.0
4 ..
220,831.6
10|536,0
103.684.3 470.812.0 102.326.0 554.778.0 10.519.0 240.192.4
11­
103.684.3 472.704.0 99.030.0 558.687.0 10.518.0 188.429.4
18­
103.684.3 475.715.0 91.042.0 556.534.0 10.517.0 219,124,2
24­
103.684.3 474.890.0 95.802.0 565.845.0 10[589,0 319,992,0
31 —
103.684.3 472.705.0 115.972.0 588.453.0 11,043,0 1232,607,7
8­
103.684.3 471.990.0 123.009.0 593.907.0
15..
a Includes Government deposits and the Item “ due to ^ h e r banks” (Jan. 15^
$168 328,000); also "Exchanges for Clearing House (Jan. 15, $22,455,000). Due
from banks Jan. 15, $80,566,000,




15
1916.

Jan.

C h a n g e fr o m
p r e v io u s w ee k .

Circulation...... ...............—- $8,200,000 Inc.
Loans, dlsc’ts & Investments. 387.792.000 Inc.
Inc.
Individual deposits, lncl. U.S. 323.931.000 Dec.
rtuo to hanks. ...................... 128.008.000 Inc.
15.701.000
Time deposits—. ———----Exchanges for Clearing House 17.268.000 Dec.
Inc.
Due from other banks-------- 38,088,000
Dec.
Cash reserve.........———— 26.750.000
Inc.
16.752.000
Reserve In Fed. Res’ve Bank 55.147.000 Inc.
Reserve with other banks—
Dec.
4,622,000
Reserve excess In bank-------- 36,707,000 Inc.
Excess with reserve agent...
Excess with Fed. Res’ve B’k. 2,000,000 Inc.

8
1916.

Jan.

$51,000 $8,149,000
509,000 387.283.000
7,401,000 316.530.000
437,000 128.445.000
i f; Q.911,uuu
n/ift
379,000 lO,.’
764,000 18.032.000
2,212,000 35.876.000
92,000 26.842.000
488,000 16.264.000
4,753,000 50.304.000
149,000 4,771,000
4,708,000 31,999,000
452.000 1,548,000

31
1915.

D ec.

124.000
425.000
030.000
249.000
273.000
548.000
,304,000
,255,000
,788,000
,071,000
,142,000
,640,000
.048,000

Imports and Exports for the Week.— See third page
preceding.

J an. 22 1916.)

Stow T ijets

THE

C H R O N IC L E

(fa jr c x t e

3 2 9

i ^^UToad and Miscellaneous Stocks.—The shares markot has been loss active than last week and prices have, until
to-day, contmued the tendency to decline which has been
conspicuous for somo time past. The reason for this tendoncy, under present conditions, is not clear, but perhaps
will be better understood a little later on. Thero was prac­
tically no change in the tone of the market from day to day
including Thursday, nothing having occurred to attract pubcre^te enthusiasm with tho professional eleHiGnt on tho floor of tho Exchango.
To-day’s market, on the other hand, was .firm from the
ponmg. Kailway shares advanced fractionally in most
cases, but a few covered a full point. Canadian Pacific
howover under the mfiuenco which controlled earlier in the
week, added % to its previous decline of 4 points.
the shares of munitions manufacturing concerns led, as
usual, the forward movement to-day, as wJl as the decline
earlier m the week. Beth. Steel, m a class by itself, sold on
luesday 41 points above last week’s closing price, and later
declined 33 points on tho announcement of its first dividend,
the latter, at 30%, was disappointing to those who had
^nearly
i ^19 rpoints
u d ibe,
largeri
,U - So30 Ill(L
advanced
to-day
and closes
pointsAlcohol
above its
quoted
PfKi o?/ Monday. International Nickel has covered a range
« l } 9 d P°.mi s - United Fruit 1 1 % , Am. Coal Products 12
and
other industrials from 5 to 10.
F o r d a ily volu m e o f b u s in ess see p a g e 338.
Tho following salos have occurred this week of shares not
represented in our detailed list on the pages which follow:

21 1916.
—Disin­
terestedness on the part of the outside public and general
apathy in Stock Exchange circles has resulted in unusual
dulness and lower prices in the security markets this week.
General conditions are practically the same as a few months
ago, when the daily transactions were from two to three times
as large as now and prices steadily advancing. Perhaps the
difference noted above is due to the composite state of mind.
From whatever cause, the proverbial “January rise” in
security values has not occurred and the market is in a
waiting attitude.
These conditions are the more perplexing because reports
of railway earnings in many cases show a largely increased
traffic, even when compared with years previous to the war,
and industrial activity is generally limited only by capacity
or facilities. Moreover, the export movement continues to
fill all available trans-Atlantic carrying space and, if con­
tinued through the month in the same volume as was shown
in the first half, will insure us a credit balance of $200,000,­
000.
The first statistical information as to the amount of
American securities bought back from Europe is found in the
U.S.Steel Corporation’s report of the amount of its common
stock held abroad at the end of 1914 and 1915. This report
shows that the amount so held was reduced over 40% during
the year. Notwithstanding this heavy movement, amount­
ing to half a million shares, they more than doubled in value Week STOCKS.
ending Ja n . 21.
in this market—that is, they advanced from 38 to 89%.
With these facts in hand, there is practically unlimited room
Par
for research on play of the imagination as to the total amount Adams Express____ 100
Amer Coal Products pref
of our securities returned since the war began.
sub rects full paid___
The kaleidoscopic changes of military affairs in Southeast­ American
Ejcpress__ 100
ern Europo may be more significant than appears on the sur­ Amer
Teleg & Cable. 100
Writing Pap pref 100
face. News from that theatre of the war has in the past Am
Oil______100
had little, if any, direct effect upon financial, matters here, Associated
Mining___ 20
Brown Shoe________ 100
but if, as some believe, the future map of Europe and the Batopilas
destiny of its peoples aro to be determined by the warring Preferred________100
Terminal .100
factions in that region, every turn of events there, is of Brunswick
Canada Southern__ 100
Case (J I ) , pref____ 100
course, of far-reaching importance.
Cluett, Peabody & Co 100
Preferred________100
Foreign E x ch an ge.— The market for sterling exchange Computing-Tab-Rec
100
has ruled steady during the week, though otherwise quiet Cons
Gas E I. & Pow
(Balt).....................100
and without particular feature of interest
Deere & Co, pref___ 100
W a ll S treet, F r id a y N ig h t, J a n .

Th e ?doney M arket a n d F in a n c ia l S itu a tio n .

T o -d a y s (Friday s) actual rates for sterling exchange were 4 73 @ 4 7314
for sixty days, 4 76 1 -16 @ 4 7 6 )4 for checks and 4 76 1 3-16@ 4 7 6 14 for
cables. Comm ercial on banks (sixty days) 4 7 1 )4 ® 4 7 1 )4 and docum ents
for p aym ent (sixty days) 4 71 )4 @ 4 71 % . C otton for paym ent
4 7 5 1 i and gram for paym ent 4 7 5 )4 @ 4 7 5 1 4 .
Thero were no rates posted for sterling b y prom inent bankers this week.
« T o-day s ( b riday s) actual rates for Paris bankers’ francs woro nominal
lo r long and o 87 for short. Germ any bankers’ marks were nominal
Amsterdam bankers’ guilders were 43 % for short.
Exchango at Paris on L ondon , 27.98)4 fr.; week’s rango, 27.96 fr. high
and 27.98)4 fr. low.
Exchange at Berlin on London n ot quotable.
T he range for foreign exchange for the week follows:

S te rlin g A c tu a l — S ix ty D a y s .
High for tho week__ 4 73M
Low for the week
4 71
P a r i s B a n k e rs' F r a n c s —
High for the week
______
Low for the week
______
G e rm a n y B a n k e r s' M a r k s —
High for the week__ _______
Low for the week__ _______
A m s te rd a m B a n k e r s ’ G u ild e rs —
High for the week__ _______
Low for the week__ _______

C h ecks.

4 75%
4 75)4

C a b les.

4 77)4
4 76)4

5 84)4
5 86)4

5 83)4
5 85)4

76)4
74)4

74)4

76)4

44)4
43 14

44)4
44
D o m e s tic E x ch a n g e.— C hicago, 10c. per S I,000 discount. B oston mo­
Louis, 10c. per S i ,000 discount bid and 5c. discount asked
San F r ? n r
cisco, 30c. per 81,000 prem ium . M on treal, $2 81)4 per 81,000 premium"
M inneapolis, 10c. per $1,000 prem ium . Cincinnati, par
Now O r lp -^ ’
sight, 50c. per $1,000 discount, and brokers, 50c. prem ium .
cans.

st.

State and R ailroad B o n d s.— Sales of State bonds at tho
Board this weok aro limited to
Virginia funded
at
and'
Now York Canal
at
to
%.

$5,000
debt
1991, 88%,
$3,000
4%s, 1965,
106)42 107
Salos of railway and industrial bonds at tho Stock Exchange
havo fallen off considerably this week, whilo prices generally
in sympathy with shares, havo declined. Despite r mewed
activity and romarkablo increases shown in earnings" state
monts, in somo cases moro than 100%, railroad issues ‘fol­
io™1^ the general trond of securities, havo also declined
Chicago Rock Island & Pacific ref. 4s and Chicago Milwaukee
& St. I aul conv. 4%s being most conspicuous with losses of
1% and 1% points, respectively. On tho other hand Den
vor & Rio Grande 1st ref. 5s wero the only ones from a list
of 15 most activo issues to show moro than a fractional ad­
vance. Reversing tho movoment of a week ago, Lackawn o n
Stool 5s doclinod 2 % points. Bothlohem Steel 1st ref 5s
and Unitod States Steel s. f. 5s, however, gained slightly
Reacting from thoir recont sharp advance, Inspiration Coo­
per 6s, 1922, foil off from 190)42 to 180, this in tho face of
now high marks reached in tho prico of tho metal.
Salos of Anglo-French 5s have continued largo, with values
fluctuating between 95)4 and 95%. The amount of bonds
sold on a s-20-f basis this week, and presumably indicating
sales on foroign account, havo decreased, being $1,059 500
against $1,131,000 a week ago.
U n ited S tates B o n d s. —Sales of Government bonds at the
?110%t to n111;5$1,000
? Panama
3s> eouP-i
102%;
$3,000and
4s, $10,000
reg., at
3s,atrog.,
at 102%
Panama 3s, coup., at 102%. F o r to -d a y 's p r ic e s o f all the
d iffe ren t issu e s an d f o r y ea rly ra n g e see th ird p a g e fo llo w in g .




Detroit Edison____ 100
Diamond Match___ 100
Duluth Sup Traction 100
Granby Cons M S P 100
Ilomestake Mining..100
Intcrboro-Met v t c.100
Int Harvester Corp.100
Int Nickel pref tr ctf. 100
Kayser (Julius) & Co 100
Keok & Des Moines. 100
Kings Co El L & P ..100
Laclede Gas________ 100
Manhat Shirt, pref.. 100
May Dept Stores__ 100
Preferred________ 100
M St P&S S M leased .100
Nat Cloak & Suit---100
Preferred________ 100
N Y Chic & St Louis. 100
Norfolk Southern__ 100
Ontario Silver Min’g. 100
Pettibone-Mulliken .100
Pitts Steel, pref____ 100
Southern Pacific tr ctfs.
Underw T ’writer, pf.100
United Dry G oods.. 100
Preferred________ 100
U S Reduc & Refg__ 100
Preferred ............... 100
Virginia R y P ow .. 100
Wells Fargo Express. 100 1,600131

&

&

O u tsid e Secu rities. As was tho caso in other security
markets, sales of shares on tho Broad Street “curb” were consicierably less than a weok ago, with declines in value the
general rule. Canadian Car & Foundry com. and pref. ad­
vanced from 70 to 75 and from 88 to 92, respectively, falling
off to-day, howover, to 72 and 90. Chevrolet and Chandler
Motors showed considerable activity, advancing steadily
from 118 and 82% to 132 and 91. Cuban Cano Sugar, sold
for the first time last week, was very steady during the week
but fell off a fraction at tho close to 45%, while Curtiss Aeropiano Co. advanced from 55 to 58, the final quotation show­
ing a decline of 2% points from that figure. Driggs-Seabury
declined steadily during tho week, losing 14 points from the
high figure o f 149. From 20% and 80 International Mer­
cantile Marino com. and pref. advanced to 23% and 85
falling away at tho close to-night to 21 and 82, while Maxim
Munitions and Midvalo Steel lost 1% and 3% points “re­
spectively, during the week, low and closing prices for the
issues being 7 %-8% and 68 %-70. Declines wero prominent
m the Standard Oil securities, Illinois Pipe Line advancing
from 179 to 181, but closing at 179, whilo Standard Oil of
Indiana covered a rango of 20 points, closing at 510, the low
figure. Prairie Pipe Lino advanced from 229 to 235, but the
final quotation showed a loss of 7 points from tho high figure
Ohio Oil, however, advanced steadily during the week from
189 to 200, the last quotation being 198.
Among the bonds traded in on the “curb” wero $190 000
Cerro do Pasco Copper 6s at 120 to 119%, $805,000 Balt &
Ohio now 5s at 102% to 101% and $612,000 Erie conv 4s
w. i., at 90% to 90.
’
Outside quotations will bo found on page 338.

330

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O CC U PYIN Q TW O P A G E S.
For record of sales during the week of stocks usually inactive, see preceding page.

H IG H A N D LO W S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .
Saturday
Ja n . 15

M onday
J a n . 17

Tuesday
J a n . 18

Wednesday
J a n . 19

Thursday
Ja n . 20.

Friday
J a n . 21.

Sales/or
the
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH A RE.
Range fo r Y ear 1915
On basis o f 100-share lots
Lowest

Highest

PER C EN T.
Range fo r Previous
Y ear 1914
Lowest

H ighest

_

_

%
%
$ per share
Railroads
P a r $ per share
per share $ per share
89% July 100*8 Jan
Nov 4
S per share $ per share $ per share $ per share $106%
10634 106% 106% 8,400 Atch Topeka & Santa F a..100 92 % Feb 24 111%
x96% Doc 101*4 June
1007, 107
107 107% 10634 107% 106% 107%
102%
Nov26
100
96
Jan
5
Do
pref_____________
4,330
99% 99% 99% 99%
Dec 126 Jan
99% 98% 99
99% 99% 99% 99% 99
400 Atlantic Coast Line RR___ 100 98 Mar 1 116 Nov 1 §99%
113 113
113 113
98*8 Jan
67 Deo
•113 114% *113 11434 *113 11434 113 113
96 Dec 31
Baltimore & Ohio________ 100 6334 Feb 25
83% Jan
69
Dec
94% 9434 94% 94% 94% 94% 93% 94% 93% 9434 17,125
79*4
Nov27
94»4 95
Do
pref..............
100
67
Feb
23
79*4 7934 4,050
94% Mar
79
July
7934 79% 79% 79% 79% 79% 79% 80
797g 80
93 Apr 21
86% 86% 2,200 Brooklyn Rapid Transit..100 83% Aug 13 194
86 % 8634
87% 8734 86*4 87
153 Dec 220% Feb
Nov
1
87% 87% 8734 88
Canadian
Pacific_________
100
138
July23
9,250
175% 177% 175% 176
310
Jan
177% 179
300
July
325
Jan
22
17934 179% 17834 179% 17734 178% >290
Central of New Jersey___ 100 §250 Sep 1
320 *290 320 *290 320
68 Jan
40 Deo
•290 320 *290 320 290 320
63*4 64% 9.200 Chesapeake* Ohio_______ 100 35% July 9 64*4 Novl9
15% June
6434 65% 64% 6434 63% 64% 63% 64
9%
July
6434 65
17%
Nov
3
100
10%
Jan
4
900
Chicago
Great
Western___
14
14% 14% 14% 14% 14% 14% 14
15
25 July 41% June
*14
15% 15
38% 38% 2.400 Do pref........................ 100 25%Mayl4 41% Nov 3
39
39
39% 38% 3834 38% 3834 38%
84*4 Deo 107% Feb
39
39
8,025 Chicago Milw & St Paul..100 77*4 July26 101% Dec 31
100% 100% 99% 1003g 99% 100
10034 101
126
Deo 143 Feb
10078 101% 10034 101
135
Dec
31
2,206
Do
pref.........................
100
120%
Sep
2
134% 134%
134% 134% 134% 135
134% 134% 135 135
122
Dec 136% Feb
135 135
250 Chicago & Northwestern.. 100 118% JulylO 135% Novl6
131% 131% 131% 131% 131% 133
13234 133
170 Jan 180 Jan
•132 133 §133 133
§180
N
ovll
Do
pref_____________
100
163
July
9
*172
180
175
*170
173 180 *170 175
33 June 33 June
•173 180 ♦173 180
18,945 Chicago Rock Isl * Pao— 100 10% July23 38*g Apr 15
17% 16*g 18
16% 17% 17% 17% 17
125 May 131% July
12 5 Chic St Paul M inn* Om—100 §114 Apr 8 123 N ovll
18
18% 17% 18
120 125
120 120 * 12 0 125
132
May 132 May
•120 125 *120 125 *120 125
135
Dec
8
Do
pref______________100
124
Sep
17
*136
141
136 141 *136 141 *136 141
22 July 40 Jan
*135 142 *135 142
ClevCln Chic* St Louis.. 100 §21 Jan 18 52 Oct 22
*43
46
*43% 44 •*43% 46
*43% 50
40 July 70 Feb
*43% 49S4 *43% 50
77 Oct 20
100
53%
Feb
17
200
Do
pref_____________
*74
*74
76
75
75
*74
77
20 Mar 28% Jan
76
*76
76% 76
600 Colorado & Southern--------100 24 Marl5 38% Nov 3
30% 30% 29% 29% 29
30
30
31
31
37% July 62 Jon
*31
33
Do 1st pref___________100 45 Jan 18 60 Novl8
*50
*52
56
*53
56
35 Mar
*53
56
*53
56
29 Dec
52 Nov20
*54
56
Do
2d
pref...................
100
35
Sep
*40
50
*40
*40
50
*40 - 50
154% Nov 4 138*4 Dec 159% Feb
*42
48
*42
48
153% 153*4 1,410 Delaware & Hudson_____ 100 138% Aug 31 238
153%
153*4
154
154%
406*4
June
15334
15334
*153
15334
388
Jan
Nov23
•153% 154
140 Delaware Lack & Western. . 50 199% Jan 6
223% *223 226 *222 231%
4 July 19% Jan
*223 227 *223 227 *223% 23134 223%
4 Jan 12 16% Novl6
Denver & Rio Grande____ 100
14
* 12
15 *12
14
31% Feb
*11
14% *11
8
July
29%
Novl7
*11
14
*11
14
200
Do
pref.........................100
6%
Jan
22% 20*4 20%
23% *21
20% July 32% Jan
*21 23% *21
45% Novl9
*21
23
*21
22
40% 39% 40 62,450 Erie...................................100 19% Feb 24 59% Novl9
32 July 49*4 Jan
41% 42% 41% 41% 40% 41% 40% 41% 39
Do 1st pref...................100 3 2 % Feb 24
56
56% 5534 56% 55% 56% 7,000
26% July 40% Jan
54%
Dec
31
57% 56% 57
67% 5734 57
500 Do 2d pref...................100
27 Feb 25
50% 50%
50
51% 51% 50
*50
52
128% Nov 5 111*8 Dec 134*4 Feb
53
5234 5234 *51
6.200
Great
Northern
pref______100
112*4
Jan
1233g
124
123%
123%
22% July 39% Jan
54 Oct 22
124% 1247g 124% 124% 124 12434 124 124% 46*4 4734 46% 47% 15.500 Iron Ore properties----------25%
Jan
2
4834 49% 4834 49% 48% 48% 47% 48%
1,018 Illinois Central...................100 99 July 7 113 Apr 19 103% Deo 116 Jan
106% 107
107
25% Nov 4
107% 107% 107 107% 107 107% >106% 107% 106%
11,300
Interboro
Cons
Corp,
vto----18%
JulylO
19%
20
19% 18*4 19% 18% 187g
19% 19% 19
19% 20
JO JulylO 82 Nov 5
5,550 Do pref........................ 100
76% 74% 7614 73% 74% 74 75% 6.850 Kansas City Southern----- 100 20% Feb 24 35% Nov 1 20% July 28% July
76% 76% 75
•76 77
2834
28
28% 29
62 Jan
30
30% 29
49% Deo
30
30% 31
31
31
1,230
Do
pref_____________
100
54%
Feb 24 65% Nov 5
62
62
62
62
9 Jan
62
63
5% July
*62
64
64
*6334 6334 *62
..........Lake Erie & Western........... 100
5 Jan 6 16% Deo 31
15
*13%
*13
15
21% Jan
*13
15
17
Apr
15
*13
*13
15
*12
15
~
100 Do pref........................ 100
19 May27 41% Dec 31
37
37
*37
40
*37 40
41
*37
83% Novl9 118 July 156% Jan
*37 41
*35 41
11.500
Lehigh
Valley.....................50
64%
Feb
24
36 Feb
78*4 7934 78*4 79%
28 Jan
80% 80% 79% 80% 79% 80
8034 81
400 Long Island-------------------- 50 15 Jan 11 27% Oct 11
24
*21
*21
24
*21
24
Deo 141% Jan
24
22
22% *21
21
21
700 Louisville & Nashville----- 100 104% July 8 130% Nov 4 125
133 Fob
125 128% 126 126%
128
Jan
132
Deo
18
129% 129% 129 129
130 130
*128% 131
212 Manhattan Elevated..........100 125 June25
16% Jan
129 132
130% 130*8
9% July
19*g Feb 15
§130% 130% 131% 131% >130 132
8 Sep 15
73g 8 % 4,720 Minneapolis & St Louis...100
7*4 8
27% June 35% Jan
7% 9% -914 9*4
9
12
'i 2 ‘ *13
24 Sep 15 49 Feb 15
2,010 Do pref_____________ 100
20
20
20
20
137 Feb
21% 22
101
Deo
21
21
126%
Nov
1
21% 24
23 23
900 Minn St Paul &S S M ------- 100 106 Jan 4
123 124% 124 124
145 Feb
1247g 1247g 124% 124% 12412 124% *124 125
200 Do pref........................100 123 June 8 136 Deo 31 130 June 24 Jan
*137 140
8% Deo
137 137 *136 138% *135 138% >137 140 •137 139
1.100 Missouri Kansas * Texas. 100
4 Sep 28 15% Apr 19
6
%
6
%
6
%
60 Jan
6
%
6%
6%
6*4
63
4
6%
6%
26
Dec
6% 6%
800 Do pref_______ - ___ 100 lO^ Sep 25 40 Apr 5
15
15
15
15
30 Jan
16
*15
16% 15% 15% *15
*15% 17
7 Dec
1«4 July27 18% Apr 19
5% 5%
5% 5% 6.100 Missouri Pacific-------------100
5% 5%
5% 6 %
6%
6% 6% .6
7%
N
ovll
5.100 Trust co certlfs of deposit..
3 Deo 15
5%
5%
5%
5%
34
Feb
5%
5%
5%
534
5*4
6
%
6% 6%
30 Jan
200 Nat Rys of Mex, 1st pref..100 14% Aug 31 28% Oct 30
*24
23% 23%
27
14 Jan
*23% 27
*23% 27
*23
27
5 Deo
9*4 Oct 21
7% 8%
7% 7% 1.500 Do 2d pref.................. 100 4*4July28
8% 8%
96*8
Jan
8% 8%
8% 9
77
July
Dec 31
110% 111% 109% 110% 1 0 9 3 4 1 1 0 % 56.400 N Y Central & Hud River. 100 81% Mar 1 110%
Jan
1 0 9 3 4 1 1 0 % 109% 110% 10934 111
49*8 July 78
6,940 N Y N H & Hartford........100 43 Feb 25 89 Oct 11
74% 74% 72% 74% 73 74
31*8 Jan
75% 73% 75
75% 75% 75
18*4 Deo
28% 28% 28% 1.800 N Y Ontario & Western...100 21*4 Jan 6 35 Apr 20
28% 28% 28
105%
July
29% 29% 28% 29
30
30
96% Dec
Dec 14
119 119% 119 119% 119% 119% 7.500 Norfolk * Western............100 99% Jan 4 122%
00 Apr
120 120% 119% 12034 119% 120
85 Jan
300 Do adjustment pref.-lOO 80% Sep 2 90 Junel5
*8634 90
88
88
*88
90
*88
90
118%
Feb
*88 90
•88 90
90*8
Deo
118%
Deo
31
8.300
Northern
Pacific...............
100
99%
Feb
24
114% 115% 114% 115
116 116% 115% 11534 115% 115*4 115% 115% 57% 58% 58% 5834 23,280 Pennsylvania-------------------50 51% Feb 24 61%Nov 3 102% Deo 115% Jan
58*4
58% 58
64% July 91 Fob
86 NOV 5
58% 5S«4 58% 58% 58
200
Pitts
Cln
Ohio*
St
Louis—100
65
Mayl7
___
85
1
85
*
___________ 85
80
80 *
95 June 101 Mar
80
80
* . . . 85
100
Do pref.......................100 90 Junel9 98% June 5
*88
95
*88 95
Jan
*88
95
*92
95
85% Nov 3 137 July 172%
94% 94% *92 95
Reading...............................50 693g MaylO
81% 82% 81% 8134 81% 81% 12,700
87 July 89*8 Juno
45
Junel2
82
82% 81% 82% 81% 82
50
40%
Sep
20
500
1st
preferred___________
43%
43%
43% 43%
03 Jano
*43% 45
*43% 45
*80
Deo
44
Apr
29
43% 43% *43% 45
111
2d
preferred____________
50 40 Feb 23
44%
*43 44% *43
16*8 Jan
43
*8 Deo
44% §43
1% Apr 9
*43 44% *43
44
44
% JulylS
%
% 2.700 Rock Island Company----- 100
25 Jan
%
*%
i
1 Deo
2% Apr 9
%
%
%
*%
%
%June21
»4
34 1,950 Do pref.........................100
5*8 Jan
84
i
34
*4
2
Apr
8
Nov
1
34
%
*1
*4
•
*4
1»4 Mar22
*•1
6»4 534 1,600 St Louis & San Francisco.. 100
5% 534
5% 5%
8 May 17% Jan
6
6
*5% 6% *512 6%
_____
Do 1st preferred______100
7 Aug 17 14% Nov 8
*884 10
*884 10
9*4 Jan
*834 1 1
•8*4 10
2% Deo
11
*9
10*4
Nov
8
*884 10
400
Do
2d
preferred---------100
3
Jan
18
7% 7%
7% 7%
17% July 26*4 Jan
734 734 *7% 8
23 Novl7
7% 7% *7% 8
19
19
* 19%
___________
20300 St Louis Southwestern----- 100 11 Sep 9
36 July 65% Jan
19 *___ 20 *
45%
Deo
18
19
20
_______100
29
Sep
29
Do
pref_____
*___ 50 ►
___
22*8 Feb
___________
50 60
*___ 50 *___ 50 *
10% Dec
20% Nov 5
575 Seaboard Air Lino...............100 11% Ju!y31
17% 17% 17
17%
58 Feb
18
18% §18
45*4 Jan
43*4 Nov 4
518% 18% *17% 18% *17
39% 39i2 1,400 Do pref.........................100 30% July24 104%
g9% Jan
40 40% 39% 4034 3812 39
81
Deo
*39 41
Dec
31
41
41
22,235
Southern
Pacific
Co______
100 81% Feb 5
101% 10034 101%
28% Feb
14
Deo
102% 102% 102% 102% 102 102% 101% 102% 101
26
Nov
1
22% 2234 6.900 Southern Railway...............100 12% July23
85% Feb
23% 2234 23% 22% 23
23% 23
58 Deo
23
2314 23
65
Nov
3
1.900
Do
pref_______
100
42
July23
63
63
63
63% 63
17*4 Apr
63
64
11%
Deo
6434 64% 64% 6434 64
.17%
Apr
19
4,200
Texas
&
Pacific..................
100
8%
July23
7%
8%
8
8
45*4 Jan
9
*
8
%
8%
8%
9
9
33 Dec
8% 9
64% Oct 14
61
*60% 61% 2,000 Third Avenue (New York).100 35 Jan
61*8 61
2 July 12% Jan
6134 62% 6 IS4 6134 61*4 6 IS4 61
8%
Nov30
..........Toledo
St
Louis*
West—.100
1
Jan
6
*5
8
*5
8
23 Jan
8
*5
*5
8
*5
8
4*4 Deo
*5
8
__
Do pref______________100
5% May25 14% Nov30
*10
15
15
15 •10
*10
15 * 1 0
•10 14
•10
14
94% July 108% Jan
100 Twin City Rapid Transit—100 90 July 9 100 Apr 19
164*8 Jan
*96 96i2 *95% 96% *96 96% 96% 96% 21,565
112
July
•96 96% *96 97
141%
Novl8
Pacific.................... 100 115*4 Jan
86 Feb
137% 137*4 136% 137% 136 136% 135% 136% 2,025 Union
137% 138% 137% 138
77% Deo
Do p ref................ ...1 00 r79 Mar 1 84% Nov22
23*4 Feb
83 83% *82% 83% 83% 83% 83% 83*4 2.300 United
83
83 I 83
83
7% Deo
27% Oct
Railways Invest.—100
8 Jan
*17% 20
18
18
49% Mar
22
July
19
19% 19% 20% 19% 19% 19% 20
47*4
Oct
34t4 35
34% 34% 1.700 Do pref.........................100 21% Marls
37
37
36
36
37
38
36
36
17% Nov 1
780
Wabash
Co
when
Issued____
12%
Oct
16
1534
16
15%
15*4
49% Nov 1
16% 16% 16% 16% 16% 161* 15% 16% 47% 47*4 47% 47% 10,600 Do pref A do
do
____
43%
Oct
16
48% 47*4 48% 47*8 48
48% 48*4 48
do ........ 25% Oct 16 32% Nov 1
30% 3034 26.800 Do pref B do
35 Jan
31*8 30% 31
31% 31*4 31
10*4 Deo
32 32% 31% 32
9% Jan 4 35% Oct 11
28 30% 1.700 Western Maryland............100
31
30 July 58 Jan
31% 31% 31% 30% 31% 30% 30*8 *28
31
Do
pref.................
...1 0 0
25 Jan 5 60% Oct 11
*40
*40
49
0*8 Jan
49
*41
2%
July
49
6%
Nov
4
•41
*41
46
46
*42
% July2S
700 Wheeling * Lake Erie___ 100
3
3
2*8
8% July 21 Jan
2*4 3
3% 3%
4
3*8 3*8
*3
2 Aug 2 19*4 Nov24
500 Do 1st preferred_____ 100
*10
12
11 Jan
12*4 *9
3
Deo
11
13
8%
NOV23
13
•13
16
16
*13
Do
2d
preferred_____
100
%
Aug
10
1,100
3% 3% *3
48 Feb
3% 3%
3% 4
4% 4%
5%
*4
300 Wisconsin Central______ 100 28 July 14 45 Nov 1 29*4 July
37% 37%
*38 40
38
•37*4 39*4 *3734 38*4 *37% 39
38
Industrial & Miscellaneous
319%July 328% May
40%
Apr
22
Alaska
Gold
Mines..........1
0
21%
Deo
9
23% 24% 23% 24lg 15,500
25% 24% 25
25% 25% 25% 25% 25
9*4 Deo 9 13% Nov 4
9% 934 4.000 Alaska Juneau Gold Mining.
1414' Feb*
9% 9*8
9%
‘ 6 "ju iy
9*8 9*4
9*4
9% 10
9% 9%
7% Jan 12 49% Oct 4
26% 273g 26% 27% 7.500 Allls-Chalmers Mfg v t O..100
32% July 49 Jan
28% 29
28% 29
27% 28% 27% 28
Do preferred v t c------- 100 33 Feb 10 85% Dec 30
2,750
78
79
78
79%
69%
Mar
80
79
74% Nov 8
47*4 Jan
79% 80
80
7934 8012 80
68
70% 68 % 70% 5.500 Amer Agricultural Chem—100 48 Jan 4 101%Novl9
97% Jan
71% 70% 71
90% Deo
69% 69% 6934 71% 71
600 Do pref........................ 100 90 Mar27
*98
99
98
93
33%
Deo
98
98
98
98
19
July
72%
Deo
•97
99
•97 99
7.000 American Beet Sugar........100 33% Jan 6 95 Nov24
66 % 67%
66*4
6612 68 % 66
67% 69
66 May 80 Deo
67% 68 % 67% 68
350 Do pref........................100 83 Feb 1 109*4 Aug
94
94
*92
94
94
97% Feb
94
93
80 Apr
*93 94% 947g 94% §93
100 Amer Brake Sh & F ctfs dep— 87% Feb25 219*4 Oct 28 129%
102%
102%
*
10
2
106%
106%
*
10
2
*
10
2
105
Jan 146% Feb
*102 104% ♦102 104%
Do
pref
ctfs
deposit.——
132%Mar25
*183
192
*183
192
35% Jan
19%
July
68%
Oct
*183 194 *183 194 *183 194 *188 192
American
Can...................
100
25
Feb
24
84,600
62
63
80 July 90 Jan
6234 64% 63% 6434 623* 63% 62% 64% 61*4 63
1,800 Do pref........- ............ 100 91%Jan 6 113% Nov30
63% Feb
42% Deo
112% 112% 112% 113% 1125* 112*8 1 1 2 % 1 1 2 % 1 1 2 % 1 1 2 % *112% 113% 24,100
98
Oct
'
American
C
ar*
Foundry.
100
40
Feb
23
6734 69%
07&8 6 8 * 4
681* 71% 68 % 70
71
72
112 July 118% July
70% 72
Do pref.......................100 lll%May25 118 Aug
*117%
119
*117%
119
§80%
Mar
*117*8
119%
*117**
119%
*117%
119%
§82
Jan
July 12
*117% 119
169% 175% 32,200 American Coal Products—100 82 Jan 20 170%
171% 175% 169 174
170 174% 169 173
164% 172
Sep 11 §102 Jan 107 July
600 Do pref___ _____....1 0 0 §105 Jan 7 120
115 115%
115 115
46%
Feb
115% 1157g *115% 116
32
July
*115 117 *115% 116
64
Oct
23
2,600 American Cotton OH-------100 39 Jan 4
55% 55*4 •55
56
93*8 June 97*s Mar
56
5712 56% 56% *55*4 57
55% 56
Nov 6
100 Do pref.........................100 91 June25 102%
*98% 100
*99 10 0
5 % Feb
*99 10 0
3% July
*98 10 0
9934 9934 *96 100
4% Feb 19 14% Oct 22
3,610 American Hide & Leather.100
10% 11
11
11%
17 July 25*4 Feb
59%
Oct
22
11% 11% 1134 11% 11*8 1 1 % 1 1 % 1 1 % 54
Do
pref_____
__
_
_100
19*4
Jan
5
9.800
65%
53%
55
32*4
Feb
56
54%
19% July
56% 55% 57
54% 56% 55
Apr 30
25
25% 25% 25% 2,200 American Ice Securities—.100 20% Jan 4 35
26
7% July 11*8 Jan
2512 25% 25% 25% *25
26
26
31% Oot 25
3.800 American Linseed--------- .100 7% Jan 2
2 2 % 22% 23
31*4
Jan
2 2 % 23% 22
24
Deo
23 24% *23*4 24
2284 23%
50% Oct 25
41% 1,600 Do pref______________100 24 Jan 6
41% 41% 41
41
20% July 37% Jan
42% 42% 41
43
43
43% 41
74*4 Oct 23
6434 6334 65% 19,300 American Locomotive___ 100 19 Mar 2 105
96 Jan 102% Mar
66% 64*1 66 % 63% 65*4 63
Nov22
66 % 67% 66
Do pref.........................100 75 Mar 6
1,400
101%
101%
1
0
1
%
1
0
1
%
9% Jan
*
1
0
1
%
1
0
2
%
4% Deo
10
2
10
2
10134
102
101 101%
3% Apr 14 1 3 % Oot 28
9% 9%
60% Jan
8*4 8*4 6,200 American Malt Corp____ 100
10
30 Deo
*9
8 % 9%
*7
9
37%
Deo
9
Do
pref.......................100
21%May27
1,100
32% 34
34
*32
34% *32
79% July 85 Jan
32% 34
*31
33
88%
May
5
200 Amer Smelters Sec pref B.100 78 Jan 19 92 Deo 31
*86 % 87% *86 % 87
87
*86%5 8Y% 86% 86% *86 % 87% 87
92% 92% *92% 93
400 Do pref Ser A stamped.. 86 Oct 6 1087g Deo 31
93
*92
93
§93
60% July 71%"Feb*
93 93
593 i 93
10238 105% 103 104% 64,150 Amer Smelting * Refining.100 66 Jan
97% Apr 105 Jan
113 Novl7
105% 107% 105% 106% 104% 106% 104% 106% 1127g
410 Do pref.........................100 100 Jan
1
1
2
%
§113%
113%
11334 113% 113 113 *112% 114
*112 113
165 Apr 22 148 Dec 172 Jan
American
Snuff.................
100
144
Jan
16
99% Jan 100*4 July
110
*8
Nov
6
•140 150 •149 150 *140 150 *130 150 •130 150 *130 150
100 Do pref.........................100 103 Jan 19
27% July 37% Feb
74% Oct 19
108 108 *104 110 *104 110 *104 110 *104 110
•104 110
67
57% 6,400 Amer Steel Foundry..........100 24% Mar 5 119% NOV 5
56% 57
59%1 67% 58
97 Mar 109% Jan
58 r 58% 57*4 58*4 58
American Sugar Refining—100 99% Feb 24 119% Nov30 107%
115 Deo
114*8 115*81 1143g 115*8 113*8 114% 113% 114% 6,591
114% 115 *114 115
431 Do pref.........................100 109 Feb 6 130% Nov 4 114 Mar
118% 118% 118% 118%! 117% 117% *117 119 *117 119
July 124% Jan
•117 119
6,954
Amer
Telephone
*Teleg—100
116
Jan
127% 127*8 127% 12734
256
127*8 127%1 127*8 128
127*4^128% 127% 128
215
Apr
252%
Apr
22
G20 American Tobacco___ __ 100 195J* Deo 21 111 Nov23 101*4 Jan 109 Mar
June
202% 202% 202*8 202*8, 202*4 202*4l 202*8 203 *202% 205
•2 0 2 j205
100 Do pref (new)............ 100 103% Jan
107 107 *106 108
12 July 20% Jan
*106 1108 *106 107% •100 107%•*106 108 , *___
100 American Woolen..........—100 15*4 Mar 6 67% Oct 20
48% 48% 48%
48%
83
Jan
48%! *40
*___ 48% *
72%
Mar
100
Oot
pref........" - ——100 77% Feb 27
97 ' *93% 97
•92
95%1 *93
*92 96
• Bid and asked prices: no salee on this day. 3 Ex-rlghts. 3 Le
per ibare. * First Installment paid, s Ex-dlvldend. * Full-paid.




New York Stock Record— Concluded— Page 2

331

F or re c o rd o f sales d u r in g t h e w eek o f s to c k s u s u a lly In a ctiv e , see s e c o n d pane p r e c e d in g .
HIOH A N D L O W
Saturday
Jan.

15

S A L E P R IC E S — P E R

M on day
J a n . 17

SHARE, N OT

PER

CENT.

STOCKS
NEW YORK STOCK
EXCH ANGE

PER SH ARE.
R a n g e f o r Y t a r 1915
O n b a s is o f 1 0 0 -s h a r e lo ts
L ow est

H ig h e s t

PER C EN T.
R a n g e f o r P r e v io u s
Y e a r 1914
L ow est

H ig h e st

$ p e r sh a r e S p e r s h a r e
IndustrIal&M Isc.(Con). P a r 3 p e r s h a r e
$ p e r sh a r e
*4412 4612 45*4 4534
8,300 .Am Woolen certifs of deposit.
46 NovlO 56 Oct 20
*92
94
3.400
Do pref certifs of deposlt.
95 Dec 28 98% Nov24
67%
6712 6712 "67
6,000 .Amer Zinc Lead & S ______25
67% Dec 29 71% Dec 24
891* 89% 8884 89%
56,020 .Anaconda Copper________ 50 c24*4 Feb 24 91%
N ovl7 c $24% Dec c $38% Feb
11112 114
1 10 1 1 2 %
76,150 Baldwin Locom otive_____ioo
26% M ar 3 154% Oct 23
38% Jan
*10712 109
10778 108
52% Mar
500
Do p r e f......................10 0
92 M ar 9 114 Sep 29 102% Jan
455 479
110 Juns
470 488
7,690 :Bethlehem Steel_________ 100
46% Jan
600
Oct
22
29%
Jan
*138 160 *135 160*
46% Deo
500 Do pref...................... 1100
91
Jan
184
Oct
22
68 Jan
*13U2 13212 131% 131%
91% Deo
100 Brooklyn Union Gas______100 118 Jan
138*4 Oct 14 118 Dec 130 Jan
8312 83l2 83% 83%
1,615 :Burns Brothers__________ 100
79% Dec 10 94% Oct 19
75% 76'2 75% 77%
9,250 :Butte & Superior Copper__ 10
56%
Aug
23
79% June 4
34
34i2 36% 32
34,840 1California Petroleum, vtc 100
8 July26 38% Dec 31
15% Dec
30% Feb
6612 6912 64% 67%
9.200 Do pref......................... 100
30 July23 81 Dec 30
50 July 68 Mar
53
5334 5334 55%
33,200 Central Leather_________ 100
32%
Feb
20
61% N ov 1
25% Jan
38% Deo
•109 109i2 109% 109%
860 Do pref--------------------- 100 100% Jan
110% N ovl8
94% Jan 104 July
2334 24% 2378 24%
8.200 1Chile Copper_____________ 25
23% Dec 13 26% Nov 24
54% 5478
6412 55
16,100 1Chino Copper_____________ 5
32*4 Jan
57% N ovl7 $31% Dec $44 Feb
4834 4912 48% 49%
10,650 1Colorado Fuel & Iron.........100
21*4 Jan
66% Sep 29
20% July
14234 144
143 143
34% Feb
3,900 1Consolidated Gas (N Y )..1 0 0 113*4 Jan
150% Oct 15 112% Dec 139% Jan
84
8412 84
84
900 Continental Can_________ 100
40% Jan
127 Oct
37% June 45% July
*106 109
55 Do pref......................... 100 88% Jan
109% Dec 10
84 July
*22% 24ls 22% 23%
91*4 July
93,275 1Corn Products R efin ing... 100
8 Jan
21% Oct 25
9834 101
7 July
13% Jan
99% 9978
4.400
Do pref______________100 65 Jan
96*4 Dec 30
58%
July
72
Jan
67i2 705s 68
70
64
65*4
117,635 1Crucible Steel of America. 100 18% MaylO 109% Sep 29
1105s 110% 110% 11078
110 110%
2,640 D o
pref_____________
100
84 MaylO 112% Sep 29
172 172
170% 174
174 181%
179 184
7,800 'Cuban-American Sugar. .. 1 0 0
38 Jan 25 177 Dec
•102 106 *10 2 106 *102 106
*102 106
Do
pref.........................100 93 M arl7 110 Sep 14
Dec
90 Deo
46
47U 46% 4658 46
47%
Distillers' Securities C orp .100
5% Mar
50% Oct 22
July
28
20%Mar
28
28
28% 2734 2S%
Dome Mines, Ltd_________ 10 116 June25 30% Dec 6
64
64
*62% 65
*63
65%
65%
Electric
Storage
B
attery
..100
63 Nov20
78*4 Sep 25
*26
33
30% 31
*28
34%
35
Federal Mining & S m elt... 100
8 Mar24 60 Junel2
7% May
54
5414
15 Jan
55% 5578 55
55
54
Do
pref........................ 100 20 M arl3
65 June12
5290 290 5290 290 §300 300
28% Dec
43 Jan
300
General Chemical________ 100 165 Jan 26 360 Oct 8 160 Apr 180 Jan
*113 11512 *113% 115% *113% 115%
114
Do
pref_____________ 100 106 Mar
17234 176
§1 16 % Nov30 107% Feb 110 June
17578 178% 174 176%
176%
General E le c tr ic ..............100 138 Mar
185% Oct 4 137% Dec 150% Feb
*460 475
475 475
475 489
487
General Motors vot tr ctfs.100 82 Jan
558 Dec 9
*11334 11412 114 114% 114 114
37% Jan
99 May
Do
pref vot tr ctfs___ 100
90% Jan
136 Dec 9
72U 7234 72% 74
70 July
95 Feb
72% 74
Goodrich
Co
(B
F
)________
100
24%
Jan
80% Oct 14
19% Jan
28% Apr
•112 113
112 112 *110 113
Do
pref_____________ 100 95 Jan 14 114% Oct 27
79% Jan
487g 49
95 Deo
48% 48% 4734 47*4
Greene Cananea C opper.. 100 37 Oct 25 52% Dec 27
233S 23% 23% 23% 23% 23%
Guggenheim Exploration__ 25 x22 Dec 31 83 Dec 30 $40% July $57% Apr
47U 475s 46% 47% 46
46%
Inspiration Cons Copper__ 20
16% Jan
47% Oct 7 $14% July $19% July
23
2312 23
23% 23% 2434
Internat Agrlcul Corp___ 100
5% Mar31
2934 N ov 1
4 Jan
10% July
6134 62i2 62% 65
63
66%
D o pref_____________ 100
8 M arl5
71*4 Dec 31
13 May
*110i2 111
36 Jan
1 1 0 % 110 1­ 110 110%
Intern Harvester of N J__ 100
90 MaylO 114 June 4
82 July 113% Jan
*112 11912 119% 119% *112 117%
Do
pref______________100
110
Julyl3
120
N
ov
4
113% Jan 118% July
20U 21
21% 22% 2134 23%
Int Merc Marine ctfs of dep.
18 Dec 24 20% Dec 27
79% 82t4 81% 85% 82% 84%
Do
pref ctfs of dep_____
55% N o v ll
77% Dec 15
215 219
220 227% 215 220
Intern
Nickel
(The)
v
t
C..100
179*4
Dec
223% Oct 5
l l l 2 11»4 *11
11*4 11% 11%
International Paper______100
8 Jan
49
4934 49
12% Dec 27
49% 49
6*4 July
49
10% Feb
D o pref.........................100 33 Feb 24 50*4 Dec 24
82% 84
82
83% 81% 82%
30 Dec
41 Jan
Lackawanna
Steel________
100
28 Jan
•252 260 *257 260
94*4 Sep 29
259*4 25934 *252
26% July 40 Jan
Liggett & Myers Tobacco. 100 207 Jan
119*4 11934 ♦119% 121
*11912 120
260 Dec 9 207% Dec 231 Mar
120
Do pref--------- -------- ..10 0 113*4 Jan _ 120 Dec 8 111% Jan 118% July
*21
25
*21
25
21
21
20
Loose-Wiles Blsc tr co ctfs. 100 16 Feb 17 31 Jan 11
*90
95
*91
95
♦90
95
*90
38 Jan
26 Dec
Do
1st preferred____ 100
60
86 Feb 20 105% Jan 13 101 Apr 105 Mar
------ 60
------ 60
*175* 180
Do 2d preferred______100
------ 180
55 Dec 22 67 Oct 18
180 180
89 Jan
95% June
Lorillard Co (P )........... ...1 0 0 165% Jan 6 189 N o vlo 160 July 190 Apr
*116 116% 116% 116% *1 16 % ___
*78
Do pref..................... .. 1 0 0 112 Sep 14 118 Jan 19 110 Jan 117% July
80
*79
80
79
79
667g 6678
Mackay Companies______100
72% Jan 11 84 N ov 5
07
67
61 July 87% Feb
*66
67
Do pref......................... 100 64*4 Oct 28 69*4 Jan 19
68% 6934
66% 6S34 65% 67%
65% Jan
70 Jan
Maxwell Motor Inc tr ctfs.100
15% Jan
89% 89%
92 Oct 26
14% Dec
89
89% 88*4 89
15% Deo
D o 1st pref stk tr ctfs. 100 43% Jan
5434 55%
103*4 Dec 28
41% Dec
44 Deo
54% 54%
53% 54
Do 2d pref stk tr ctfs.100 18 Jan
68% Oct 26
114% 116% 113% 116% 113% 115%
17% Deo
17 Deo
Mexican
Petroleum______
100
51 Jan 9 124% Dec 31
101 101
46% Jan
73% Feb
10 1 102
99
99
D o pref_____________ 100 67 Jan 15 104% Dec 31
38% 38% 38
67 May 87 Feb
38% 3734 38%
Miami Copper_____________ 5 17% Jan 6 36% Dec 31 $16% Dec $24% Feb
77
77% 76% 77% 77
77
Montana Power_________ 100
42 Jan 4 79*4 Dec 4
1 10 110
41 Deo
52% June
111 111
109% 113
D o pref_____________ 100 99 Jan 29 120 Dec
*120 124% §124% 124% 120% 124%
101 Apr 103% June
National Biscuit_________ 100 116 Apr 3 132 Jan
120 July 139 Feb
*126% 128 *120 % 128
127 127
D
o
pref_____________
100
119 May25 127% Dec
27% 28% 28
119% Jan 128 June
28% *27
28%
Nat Enam'g & Stamp’g___100
9% Jan 4 36% Oct
*92
95
92% 92% *92% 95%
9 July
14 Feb
D o pref......................... 100 79 Apr 1 97 Dec
69% 70% 69% 71*4 70% 72
80 June 86% Mar
National
Lead_______
100
44 Jan 4 70*4 May
113% 113% 114 114 *113% 114
40 July
52 Jan
*15% 15*4 15% 155g 15% 15%
D ° , pref....................... 1100 104*4 Jan 4 115 N ovl5 105 Jan 109 Feb
Nevada Consol Copper
5
149 153% 150% 153
148 151%
11»4 Feb 24
17 N ovl7 $10% July $16% Jan
New York Air Brake.........100
72% 73
72% 72% 72% 72%
56% Feb 26 164*4 Sep 23
58 July 69 Jan
North American Co____ 100
12
12
12
12
12
12 .
64 Jan 19 81 Apr 21
64% July
79% Mar
Pacific
Mall______
ioo
42
44
42% 42% *42
44
*8% Dec 3 38 Aug
17% July 29 Jan
*40
43
110 1 1 0 % 109 110% 109% 109%
„ „ „ „ Pacific Telep & T e l e g l l l l'i o o
26% Feb 11 49% Oct
20 July
31 Jan
10734 108
43% 45% 45% 46
44% 45%
i o ' ^ S eopIe’s G L * C (Chic) . .10 0 106% Dec 21 123% Apr
4234 44
106 July 125 Jan
36
36% 35% 36«4 34% 35%
f 2 |PhUadelph,a Co (Plttsb)___50 35% Apr 7 49 Sep 30
33% 34% 1M
9,150 Pittsburgh C o a l_________ 100
111 111
108 1 10
107% 108%
15% Jan
42% Oct 14
15 Dec
23% Feb
106% 107
2.400 Do pref-------- ----------IlOO
61% 6178 61
61% 59
60%
81% Jan
114 Oct 14
93% Feb
79 Dec
57% 59
4,900 Pressed Steel Car________ 100 25
*103% 104% ■10312 104% 104 104
M ar
78% Oct
26*4 Jan
46 Feb
*103% 105
100 Do p r e f ..................... 100
*116 117«4 116 11734 *116 117*4
86
MarlO
106
Oct
26
97*4 Jan 105% Mar
*115 117*4
167 168% 167 171% 168% 171
Public Serv Corp of N J ...1 0 0
165% 167
6,790 Pullman Company_______ 100 100% Aug 24 120 Dec 16 107 Jan 114 Apr
4% 5%
4% 4*4
6
6% 16,565 Quicksilver Mining_____ 100 150% M arl2 170% Oct 23 150 Dec 159 Jan
534 6
5%
6%
5*4 N ov
% M arl5
2% Jan
% June
7
7% 7,550 Do pref.............. ....... '10 0
40% 41% *40
39
39%
42
*4 Mar29
6% N ov
4 Jan
1% June
38% 42
3,100 Railway Steel Spring_____100
99% 99% *99 100
*99 100
19 M ar
54 Oct
19*4 July 34% Feb
*99
100
100
24% 25
Do
pref.........................
100
24% 25% 24% 24%
87 Mar
102 Nov29
88 Dec 101 Feb
24% 25
15,600 Ray Consolidated Copper. .10
52% 53
6134 52% 51% 52
15% Jan
27% N ovl7 $15 Dec $22% Apr
50% 51% 9.400 Republic Iron & Steel___ 100
109 109 *108 110
108% 108%
19 Feb
57% Dec
*108
27 Jan
18 Dec
108
108
1.0S6
*12
14
D o pref.............
ioo
*12% 14
*12
14
72 Jan 30 112% Dec 14
*11
91% Mar
75 Dec
12
12
100 Rumely Co (M)ctfs of deposit
•24
27
24% 24%
*24% 28
‘
3% NovlO
14*4 Dec
24
24
200
*180 185
Do
pref
certifs
of
deposit.
185 185
184
184 184
183"
7% Oct 23 29 Nov24
183
183
800
*126
Sears, Roebuck & Co___ 100 *131*4 M arl7 209% Feb
*126
126 . . .
126
126 ___
170% July 197% July
.
61
61% 61
Do
pref.......................IlOO 121% Jan
01
59
60% 61
60% 57% 59% *126
126 Dec 10 120 Dec 124*4 June
*57% 58
2 .400 Sloss-Sheffleld Steel & Ir__100
•140 150
150 152
150 153% 150 150
24 Jan
66% Dec
148 149
19% July 35 Jan
150
152
2,571 South Porto Rico Sugar.. 100 40 Feb 16 164 Dec
*103 108 §107% 107% *105 108 *107 112
107 107 *103 107
*92
155 Do
96% *92% 96% *90
95
pref.................. ...1 0 0
*90
95
89% Feb
*90
95
110 Oct 14
*91
95
*85
90
*85
90
Standard M illing_______ ioo
86
87
*86
90
43% Feb 23 96 Dec 31
86% 87
32 Jan
45 Deo
*86
88
157 158% 155% 157
’ 700 Do
pref.................. I I I io o
152% 156
153% 155%
66 Feb 17 85 Nov29
59% Dec
67% Deo
*110% 113% 1 1 0 % 1 1 1 *110% 113% *111 113% 150% 1541, 151 155% 39,100 Studebaker Corp (T he).-.100
35*4 Jan
195 Oct 22
20 Jan
I 111 *110 113
36% Mar
59% 60% 5834 60% 59% 61% 58% 60% H58%
400
Do
pref........................ ioo
593,
119% Oct 27
70 Jan
92 May
58*4 60% 26,050 Tennessee Copper_________ 25 91 Jan
222% 223% 223 225
222 223
212 22934 205 216%
25%
Feb
24
70
Sep
30
206 2 1 1
25,700 Texas Company (T h e ).IIIio o 120 Mayl4 237 Dec 20 $24*4 July $36*4 Feb
7% 8
*734 8
*7% 8
7*4 7*4
112
July
149%
M ar
7*2
7%
7%
7%
1.700
29% 29«4 *28% 30% *28% 30
Union Bag & Paper_____100
*28% 30
4% Jan
9% Dec 15
28% 28% *28% 29%
3% June
8*4 Feb
400 Do pref......................... ioo 22%
*62
64
62% 63
*62
64
*62% 64
July 13 31% Dec 16
63*4 63% *62% 64
18% July
32% Feb
600
*108 110 *106 1 10 ♦105 110
United Cigar Mfrs______100 42 Jan 25 6 6 * 4 Oct 27
106 1 10
106 n o
39 Deo
50% Feb
106 110
9% 9%
9% 9%
9% 9%
Do pref...............
ioo
§9% 9%
99 June 103% Feb
9% 9%
9% 9% 8,355 United Cigar Stores______ 10 100 Junel9 110 Oct
*11% 1178 *11% 11% *11*4 1 1 % 11»4 1134
9 Dec 22
10% Oct 20
*11*4
11%
*11*4
11%
100
140 148
146% 149% tl40 142% 138 140% 138% 139%
D o pref_______________io
11% Oct 14 12% NovlO
138% 140% 12,990 United Fruit____________ ioo
*22% 24
22% 22% 22% 22*4 *21
23
139 NovlO 163 N ovl7
21% 22
21
22
1.700 U S Cast I Pipe & Fdy.IIIlOO
*50
51
*47% 51
50
50
51
51
8 Jan
31% Oct 29
*50
51% 51
7*4 June 13% Jan
51
200 Do pref......................... ioo 32% Mar 3 55%
*45
48
•45
46
*45
48
*45
48
N ov 8
30 July
*45
48
49 Feb
48
U S Express_____________ ioo
135% 138% 136 138% 136% 145% 145% 152% 148% 1513. *45
43% Dec 2 73% Mar 9
40 Jan
87 Mar
148%
169
167,050
•109 1 1 2
112% 112% 111% 112% 111% 113
U S Industrial Alcohol____ 100 15 Jan 27 131*4 Dec 24
112 112
15
Dec
20 Apr
112
112
1,100 Do pref......................... ioo 70 Jan 26 107 N ov 1
55% 56
55*8 5634 55% 56
55
55*4 54% 55% 54% 55%
75 Dec
85% Jan
13,050
108 108
107%
108
United
States
Rubber____
100
107%
107%
108 108
44 July24
74*4 Apr 14
44% July
107% 107% 107% 107*4
63
Mar
920
8434 8534 83% 85
80
86*4 85% 86% 85% 86
Do
1st preferred_____ 100 101% Feb 24 110 Apr 9
95% July 104% Jan
117*4 117% 117% 11734 117% 117*4 117% 117% 117% 117% 83% 84% 323,700 United States Steel_______ 100 38 Feb
89% Dec 27
48 Dec
67% Jan
117%
117*4
5,412
791* 7934 79
Do
pref_____
_______
ioo
78% 78*4 77% 78%
79% 78% 79
77% 79*4 19,420 Utah Copper_____________ io *102 Feb 1 117 Oct 30 103% Dec 112*4 Jan
48
48% 48*4 51
49% 50*4 48*4 50% 47*4 49
48% Jan 6 81*4 Dec 28 $45% Dec $59% June
48*4 48% 18,970 Virglnla-Carolina C hem ...IoO
•108 112 §112 112 *103 1 12
108 1 1 2
15 Jan 4 52 Oct 26
108 112
17 Dec
34% Mar
1
10
112
50 Do
*60
62
pref........................ ioo 80 Jan 6 113% Dec 3
*60
63
63
*60
60% *60
*58
62
90 May 107% M ar
*55
60
90
92
Virginia Iron Coal * Coke. 100 36 June 9 74 Oct 26
91
92
91
91% 90% 91%
35 July
52 Mar
90% 91
15,605 Western Union Telegraph.100 57
67% 67% 67% 68% 66% 67% 67% 68% 89% 91
Jan 2 90 N ov 4
53% July
67
68% 67% 68*4 109,300
66% Feb
*76% 78
*76
79
Westlnghouse Elec A M fg ..5 0
♦76
78
*75% 78
32 Feb 24 74% Oct 26
*76% 78
64 Jan
79% July
78
76
100 Do 1st preferred_________ 50 58% M arl2
223% 228 t224 225 *220 228 *218 225
85 Oct 21 115% Jan 124% June
219% 220 *218 220
1,300 Wlllys-Overland (The)____ 100 87 Feb 23 268
N ov 1
121 121*8 *120 123"
Do
pref_____ _______ ioo
121 121*4 120 120
90 Feb 13 115 Dec 9
120 120"
119% 119%
*123% 124%l 123% 123% 124% 124% 123% 124% *123%
Woolworth (F W )............... 100 90% Jan 6 120% Dec 23
124% *123% 124% ’ "700
89 July 103% Feb
430
Do
*
115 Jan 8 124 Aug 14 112*4 Jan ll8% M sr
__ . “ a Malasked prices: no sales on this day. % Less than lOOshama « w —
Der sh a re . * Ex-etock d iv id e n d , x E x - d lv ld o n d .
are3,
* E x - r lg h t s . a E x - d lv . and rights. 0 New etock. • Par $25 per share. < Quoted dollars




332

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan.

1909

th e E x c h a n g e m eth od o f Q u oting b o n d s w a s c h a n g e d , a n d p r ic e s a r e n o w a ll— “ a n d i n t e r e s t " — e x c e p t f o r i n c o m e a n d d e fa u lt e d b o n d s .

P r ic e
F r id a y
J a n . 21.

BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 21.

W e e k 's
R a n ge or
L a st S a le

R ange
Y ea r

1915.

BONDS
Y . STOCK EXCHANGE
Week Ending Jan. 21.

S3

P r ic e
F r id a y
J a n . 21.

W e e k ’s
R ange or
L a st S a le

Range
Y ea r

1915.

L ou
H ig h
H ig h
Lou
Chic Burl A Q (Cob.)—
H ig h
U. S. Governm ent.
/*** L o it
Joint bends. S ee Great North
96*4 99*2
9978
94*4 97%
U 8 2a consol registered__ <11930 Q - J 99% 99% 99%
97%
98*2
s98%
Sale
_
1927
Nebraska
Extension
4a_
M
-N
97*4
99
95
95
0 S 2a consol coupon------- <11930 Q - J 99
-- 97% Oct '15
96 Jan '16
96*4
Registered____________ 1927 M -N
98 101*4
0 8 3s registered-------------- *1918 Q - F 1 0 1* 4 ----- 101*4 Dec '15
99% 99%
99*8 June'15
Southwestern Dlv 4s_____1921 M- S 99%
100*2 102
102*4
88
95
y 0 3a coupon___________ 41918 Q - F 101 ------ 102*4
93 Sale 92*4
93%
General
4s______________
1958
MS
109
H
07
8
111
15
29
0 9 4s registered...................1926 Q - F 111 Sale 110
25*2 Jan '16
25
26
109*2 111*2 Chic & E II! ref & Imp 4s g—1955 J - i
91 104%
0 8 4a coupod____________ 1925 y - F 110
--- 110*4 Jan '16
104% Jan '16
1st consol gold 6s________1934 A -O 105
97*2 98*4
0 B Pan Canal 10-30-yr 2s.*1936 Q - F 98 ------ 98*4 Oct '15
61% 84
82
82%
82
82*4
General
consol
1st
6s____
1937
MN
97 July‘ 15
62% 71
0 8 P nCanal 10-30-yr 2a.. 1938 Q -N
71 June’ 15
82
Registered____________ 1937 M - N —
100*4 102
1025s
0 9 Panama Canal 3s g------1961 Q -M 101*2 - - - ­ 102
97*4 Feb '13
Pur money 1st coal 6s___ 1942 r - a
100 100
100 Feb '15
20%
0 9 Philippine Island 4a-1914-34 Q - F ------ 100
24
24
Chic & Ind C Ry 1st 5 s ... 1930 3 - J 10
74%
72%
Cblo Great West 1st 4s_____1959 M- S 72% Salo 72*2
117
Fsralan GoTtrnsitnt
112
111%
112
Sale
Cblo
Ind
A
Loulsv—
Ref
0s.
1947
2352
J
J
937
8
98'4
95*4
95*4 Sale 95%
101
Anglo-French 5-year 5s (wh lss)
____
101
June'15
101%
Refunding
gold
6s_______1947
J - J
6 80
99*4
95%
Argentine— Internal 5s ol 1909-- M- S t 95% Sale 95% July'14
95
95% Apr '11
Refunding 4s Series O___ 1917 J - J
88
70
55
Chlnsae (Hukuang R y)— 5s ol ' l l J -D t
55
55 Dec '15
Ind A Loulsv 1st gu 4a__ 1950 J - J 55
93% 98
96%
Cuba— External debt 5s ol 1904- M- S 96% Sale 90%
85*2 86
90
90
96% Ohio Ind A Sou 50-year 4s-.19.56 J - J 88
90
94%
94%
94*8
95*2
Extcr dt 5s ol '14 sor A — 1949 F - A
90*2 —
96% Dec '15
92*4 96%
Chic
t, 8 A East 1st 4 X s ___ 1969 J -D
86*2
80
83*2
83
Sale
83
External lo a n iX * _______1949 F - A
H
73% 84*2 Chicago Milwaukee A St Paul—
84%
84*4 84%
93 Sale 93
93%
93
85
Japanese Govt— £ loan 4X-t|1925 F - A t 83
Gen'l gold 4s Series A___ el989 J
72*2 82
80*2
89% Apr '15
Second series 4 X s _______1925 J - J t 80*2 Sale 80%
89*2
89*2
Registered___________
<1989
Q
72*4
70
74
:s73% Sale 73
94% 94
94%
Do do “ German stamp"- - ­
95%
87
Gen A ref Ser A 4 X s ___ a2014 A - O 94
78*4 June’ 15
69
110
Sterling loan 4s_________ 1931 J - J :
100% 108%
Gen ref conv ser B ,5s__ a2014 F - A 109*2 Sale 109%
79
79% Apr '14
80*2 81
80*2
80%
76
82%
Mexico— Exter loan £ 5s ol 1899 y - J t 40
J
J
Gen'l
gold
3X
*
Ser
B___
<1989
July'14
65
85
97 103%
Gold debt 4e ol 1904.........1954 J - D
General 4 h e Ser O...........<1989 J - J 102*4 103 102*4 103*4
95*2 95*2
95% Jan '15
93*8
84*2 93's
Prov ol Alberta— deb 4XS--1924 F - A t
* 5-year deben 4s________1934 J - 3 93% Sale 92%
76% 82
74
74
103*2
93% 103%
Tokyo City— 5s loan ol 1912----- M- S : 74 Sale
Convertible 4 X s ...............1932 J -D 103 Sale 102
102% 103%
t T h e s e a r e p r i c e s o n th e b a s is o f S5(o£
Chic A L Sup Dlv g 58___ 1921 J - J 103%____ 103% Dee '15
105*4
.
.
.
105
Dec
'15
103
105
Cblo A Mo Rlv Dlv 6s___ 1926 J - i
103%
101*4 103%
Stat* and City Securities.
Ohio A P W 1st g 6s.......... 1021 J - J 103*2 103*4 103*2
10134 54 97*4 102
101*4 1013s
90
91*4
91%
Jan
'16
85%
91%
a Y City— 4US.....................1980 « - 8 101*2
O M A Puget Sd 1st gu 4s. 1949 J
97*4 102
10158 101%
101%
100 Dec '15
100 100*2
4Xe Corporate stock___ 1961 M - S 1067s Sale 101*2
Dak A Grt Sou gold 5s__ 1916 J
101%107
10678
107%____
107%
107%
100
107%
4X»Corporate stock ____1965 J -D 106*2 Sale 106*2
J
J
Dubuque
Dlv
1st
a
f
6s__
1020
10 1 % 106*2
106%
106*2
4 X s Corporate stock___ 1903 M -S
Fargo A Sou assum g 6S..1924 J - J 111*8____ 110 June'13
94
99
98*2
98*2 Sale 98*2
102*2____ 103 Nov'15
102% 103
4% Corporate stock------1959 M -N
La Crosse A D 1st 5s_____1919 J 94% 98*4
98*8
101% 103%
4% Corporate stock____1958 M- N 98*4 985s 98*2
Wls A Minn Dlv g 5s.........1921 J - J 103%____ 103% Jan '16
94
98*4
98=s
98*4 93% 98%
107 109 107 Dec '15
106% 107
4% Corporate stock____1957 M -N
Wla Vail Dlv 1st 6s.......... 1020 J 94
90*2
97*4 Jan '16
97*4
93
100%____ 100% N ov’ 15
99 101
4% Corporate stock____1956 M -N
J
-D
1934
Mil
A
No
1st
ext
4
X
s___
1 0 1% 106*2
103*2
Sale 100
100*4____ 100 Oct '15
100 100%
New 4MS............................1857 M- N IO6I2
Cons extended 4 X » ___ 1934 J -D
100*2 101*8
101 102 10138 Dec '15
95*4____ 91 Sep '15
92% 94*4
New 4 M3 ........................... 1917 M -N IO6I2
F
A
Ohlc
A
Nor
West
Ext
4sl8S6-1926
1
0
1%
106%
106*2
Sale 106*4
94*2 94%
4 X % Corporate stock_1957 M -N
Registered.............1886-1920 F - A 95*4____ 94% N o v ’ 15
100% Dec ’ 15
100% 1 0 1 %
82*2 83
78
83%
82%
83
£ X % Assessment bond3-.1917 M -N 101 101*2 8778 Dec ’ 15
M -N
________
1987
General
gold
3
X
s
84
89
87*4 87*4
82
78% Jan '14
8 H % Corporate stock_1954 M -N
Q
F
Registered__________
V
1987
99% 102*2
102*2
60 89% 90*4
’
95"
Sale
95
95
a Y State—4s____________ 1981 M- 8 102*4 10234 102*2
M
-N
General 4a______________ 1987
997* 102*2
102 Jan ’ 16
96
90
89
96
Canal Improvement 4s__ 1961 J - J ____ 10234 102*4
Stamped 4s___________ 1987 M- N ------ 90
Jan ’ 1 6 ------ 100 101*8
109 114%
110% 116
116
Canal Improvement 48-..1962 J - J 102*2____
General 5s stamped______1987 M- N 116
995
s
101*4
101*4
N
ov’
lo
j-----112
____
112%
112%
108 109%
Canal Improvement 4s__ 1960 J - i
Sinking fund 6s___ 1879-1929 A - O
113
Jan
'16
—
112*2
113
108*4
II3
Canal Improvement 4 Xs_ 1964 J - J
Registered.............1879-1029 A - O 110%____ 105*5 Deo '13
10 1 106
103% 104%
Can3l Improvement 4%a.l965 J - J 107U Sale 106*2 107*4
Sinking fund 5s.........1879-1929 A -O 105 105*2 104*4 Jan '16
108 112*4
112*2
102 Oct '13
Highway Improv't 4XS..1903 M - S 112*2 113 112*2
Registered— ___ 1879-1929 A - O
105*2
N
o
v
'15
106*2____
104%
105*2
100% 104%
103 104 103
Highway Improv't 4118-. 1965 M - S
103
A
O
Debenture
5s___________
1921
81
88*2
88*4
88*4 89*2 88*4
Virginia funded debt 2-3a__ 1991 J - J
Registered____________ 1921 A - O 103% 108 101 Dec '12
52
61%
54*2 5878 56 Jan '16
101 104%
8s deferred Brown Bros etts__
Sinking fund deb 5s______1933 M -N 104% 105 104*2 Jan '16
99 101%
101% May’ 15
Registered____________ 1933 M -N
Rallread.
117 119%
66*2
A - O 119%____ 117 Aug '15
6534 Jan *16
Frem
Elk
A
Mo
V
1st
6S..1933
60
6
65
Q
J
Asa Arbor 1st g 4a______A. 1985
75 ____ 90% Sep '09
J
•
J
95*4
Man
G
B
A
N
W
1st
3X8-1941
89*2
94*8
94=8
94*2
Sale
Aiah Top * S Fa gen g 4s__ 1995 A -O
93 Jan '16
93*2
Mllw A S L 1st gu 3XS...1941 J - J
89
--­
Registered_____________ 1995 A - O 92*2
105 103%
Mil L S A West 1st g 6S...1921 PA- S 108*4 109 109 Jan '16
87*2
8734
80*4 88*2
87% 89
Adjustment gold 4s_____*1995 Nov
SO2% 104%
Ext A Imp s f gold 5s__ 1929 F A 106%____ 106% Jan '16
85
.
.
.
86*2
86*2
Registered__________ S1995 Nov
111% 111%
Ashland Dlv 1st g 6s__ 1925 M- 8 112%____ 111% Deo '15
87*2
87*4
80*8
8 8 *4
875s
Sale
M
-N
111%____
Stamped____________ S1995
111*2 Aug '15
111% 111%
Mich Dlv 1st gold 0a__ 1924 J - J
106*4
106*4 10634 106*2
92*8 n o
94
89% 03
Conv gold 4s_________ --.1955 1 -D
Mil Spar A N W 1st gu 4s. 1947 M- S 92% Sale 92%
99*2 May’ 13
Oonv 4s Issue ol 1909_____1955 J -D 106*4 Sale 106
Nortbw Union 1st 7s g__ 1917 M - 8 103%____ 107% M ay'14
106*4
92% 110*4
i
-D
108*2
Sale
102*4 106*8
108
108*4
Conv 4s Issue ol 1910___ 1960
St L Peo A N W 1st gu fis. 1948 J - J
100%
102
101*2
101*4
101*2
Sale
102*2 103%
10-year 5s_______________ 1917 J -D
Winona A St P 1st ext 78.1916 J -D 102*2 103 102*2 Dec '15
96
92
96
96*4 96
101*2
101% 102*4
East Ofcla Dlv 1st g 4s____1928 SI - S 96
Chicago Rock Isl A Pao 0 s..1917 J - t 101*2 Sale 101%
84*4 89
90*4
93*8 90
101% 102*8
J - J 101 . . . 101*2 Jan '16
Trans Con Short i. 1st 4s_195S J - J 90
Registered____________
1917
93
90
98*4
98*4
98*4 98*2
84*2 Sale 84*4
79
86%
84*4
J
OaJ-Ar!» 1st & rel 4 Hs " A” 1962 HI- S 102
R
y
general
gold
4
s
..______1988
103 103*2
. . . 103*2 Sep '15
83
83*2
84
83
Jan
'16
MS
3 Fe Pres A Pb 1st g 6s__ 1942
Registered____________ 1988 J
85
94
9384 Sale 93*4
94*8
64*4 Sale 63*4
71%
65% 257
At! Coast L 1st gold 4s____*1952 M- S 9178 92*4 92
Refunding gold 4s_______1934 A - O
91%
92
92
30
43
45*2 4212
67
43
Gen unllled 4*29________ 1964 J - D 106*8 . . . 106*4 Jan '16
J
20-year
debenture
5s____
1932
105 106
79
94*4 June'll
Ala Mid 1st gu gold 5a------1928 M -N
Coll trust Series P 4a__ -..1918 M -N
95
Jan
'16
89
98
94*8
95
00 Sale 60
60
Bruns A W 1st gu gold 4 s.1938 J
n
s
R
1
Ark
A
Loula
1st
4
X
s
.
.
1934
129% 129%
133 135 1297s Aug '15
99 101%
100
Charles A Sav 1st gold 7a. 1936 J Bur C R A N— 1st g 5 s . . . 1934 A - O 100 Sale 100
89
86*4 32 80
S6I2 Sale 86*4
100% M ar’ 14
L A N coll gold 4s.............01952 M -N
O P. IF A N W 1st gu 5s.—1921 A •O 99
122 Jan '16
118 119%
3av P A W 1st gold 6s____ 1934 A -O 122 __
J
-D
M A St L 1st gu g 7a_____1927
105 105
July’ 15
97% 98
1st gold 6s.......................1634 A -O 10738 . . . 105
Choo Okla A G gen g 68.01919 J - J 0S% ____ 98*8 Jan '16
98 June’ 15
97% 98
97*2 97%
311 Sp Oca A G gu g i s ___ 1918 J - J 99*8 —
Consol gold 6a________ 1952 PJJ-N 00 ____ 97% July’ 15
94*4
88*4 93%
68
____
49*4 84
50%
Deo
'15
Balt A Ohio prior 3 X 9_____ 1625 J - J 93*2 Sale 93*4
Kook A Des Moines lat 5a 1923 A - O
92*2 Dec '15
88*2 92*2
65
65
62% 71
71 Jan '16
Registered____________*1925 Q - J 92
F
A
151
St
Paul
A
K
C
Sh
L
1st
4X8
'41
92*4
85
92*2
9238 Sale 92*8
114%
117*4
118%
Jan
'16
1st 50-year gold 4s____ *1948 A -O
118%____
J
-D
1 85
Ohio St P M A O con 6a___ 1930
90
89*2
89*2
89*2 . .
90
90
Registered__________ *1948 Q 87% ____ 90 Jan '15
1124 82% 07*4
Cona 0a reduced to 3*4 a. .1930 J -D
98
98=8
983s
Sale
99% 103
102*2 102*4 102*4 102*4
SO-yr conv 4 X » _________ 1933
Debenture 5s___________ 1930 M
112 Jan '12
117*4____
Pitta Juno let gold 8s____ 1922 i “- j 105 .
115
110%
110
Deo
'15
M
-N
Ch St P A Minn lat g 6a. .1918
8412 90%
92
92*2 91*4 Jan '15
P Juno A M Dlv let g 3 >4a 1925 M-N
North Wisconsin 1st 6a__ 1030 i - J 117*4____ 129% May'09
8934 89*2
90
77*4 89%
P L E A W Va 8ya rsl 4S--1941 M- M 89*2
105%
104% 105*4
St P A S City lat g 0s___ 1919 A - O 105*4 105% 105%
92*4
92*2
Sale 92*s
80
Southw Dlv 1st gold 3X8.1925 J - J 92*4
Superior Short L 1st 6a g.pl930 M
100
Apr
'13
95
____
M
S
85 Jan '14
Cent Ohio R 1st c s 4XS..1930
Cblo T H A So-eaat 1st 5a__ 1960 J - D ____ 80
103%
104%
104*2
Apr
'15
103*4____
106*4
Ol Lor A W con 1st g 6 s . .1933 A - O
105 100*4
Chlo A West Ind gen g 6a..<1032 Q -M 106*4 107*8 106*4
10 1 10 1
1 0 1* 2 ____ 101 Deo '15
80% 81
80
81
74% 83*4
Monon River 1st gu g 5S..1919 F
'
Consol 50-year 4a________1952 J
Oct '15
102*2 102*2
86*2 Jan '16
Ohio River RR 1st g 5s__ 1938 J -D 10478 ____ 102*2
J - J 85 . . .
Cin
H
A
D
2d
gold
4
X
8
____
1937
98%
98*4
98*4
N
o
v
'15
73
85
General gold 5s________ 1937 A - O 101*2____ 113*2 Feb '12
J
lat
A
refunding
4s___
___1959
-------87
80% June’ 12
Fitts Clev A Tol 1st g 6S--1922 A - O 105 ____ 99 Dec '15
1st guaranteed 4s________1959 J
99
99
99*4____
25 July'15
27*2 . . .
Pitts A west 1st e 4s.........1917 J Cln D A 1 1st gu g 5a____ 194' M -N
91*2____ 91 June’ 12
88 M a r 'll
D
Stat Is] Ry 1st gu g & H a . . l 9 4 3
MN
C Find A Ft VV lat gu 4s g. 1923
65 J’ly '14
Bali via Ry 1st 5s__________ 1927 J - J
J - J
Cln
I
A
W
1st
gu
g
4a___
1953
102**
106%
IO8S
4
109*8
94% Deo '14
Buffalo R A P gsn g 6s____ 1937 M- 5 109*8 Safe"
J
Day
A
Mich
1st
cona
4
X
e
.1931
99% 103
102
65 J'ly '14
Consol 444 s......................... 1957 M -N 102 103 102
J
Ind Dec A W 1st g 5a_____1935
90
94%
92*2____ 92 Nov'15
107% Dec '02
All A West 1st g 4s gu__ ,1998 A -O
J
1st
guar
gold
6s_______1935
112 Apr '14
68
83
80
Sale
J 100*8 —
80
81
Clear A Mab 1st gu g 6a. .1943
J
-D
100*8 107*2 Clove Cln C A St L gen 4a__ 1993 J 79*8 87*a
85*2 86% 87
87
Roch A Pitts 1st gold 68.-1921 F - A 107*2____ 107*2 Deo '15
20-yr dob 4 X s .................. 1931
107 10978
110*8
80
86%
85*4 86
87 Jan '16
Consol 1st g 6s________ 1922 J - O 110*4____ 110*8
J
Cairo
Dlv
1st
gold
4a------1939
100 105*4
104*4
70
78
77
80*2 78 N ov’ 15
Canada Sou eons gu A Ss___1982 A- O 104*4 Sale 104*4
ClU W A M Dlv 1st g 4S..1991 J 1067s Apr '14
75% 85
70
82
79
79
Registered____________ 1962 A -O
MN
St
L
Dlv
1st
coll
tr
k
4s_
_
1990
"94'
"97*4
97*2
Dec
'15
94*2 95
____ 80
82% M a r'14
Car Clinch 4 Ohio 1st 30-yr 5s '38 J -D
M
­
Registered___
________
1990
103% 107*
77” *85“
8 4 % ____ 85 Dec '15
Central of Ga 1 st gold 5s___p l945 F - A 107*2____ 107*2 Jan '16
Spr A Col Dlv 1st g 4a___ 1940 M90 102*
101*2
84*4____ 84*4
8434
Consol gold 63. . ________ 1945 M -N 101 102 101
W W Val Dlv lat g 4a___ 1940 J 80
83
8312 83 N ov’ 15 __ - 83
105*4
104%____
105
N
ov’
15
Chatt Dlv pur money g i n 1951 J -D
M
-N
O I St L A C conaol 68____ 1920
—
101 101*4
91
Mao A Nor Dlv lat g 5S..1946 J - J 10 1= 8 ------ 101*4 N ov’ 15 —
9 2% ____ 91 N ov’ 15
1st gold 48....................41936 Q F
100% 100%
J 100*8____ 100% Mar'15
88%
Mid Ga A At! Dlv 5s......... 1947
90% ____ 88% Muy’ 15
y-F
Registered_________
41936
—
103*4
103»i
101
Mobile Dlv 1st g 6s______ 1946 J - J 10178 ____ 103*4 Mav'15
101
June'15
20, 80% 97%
Cln s A Cl con 1st g 6 a ... 1923 j - j
97
95
96*4 96
109%____ 105*4 July’ 14
oen R R 4 B of Ga col g 5S.-1037 M -N
3
j
14
C
C
C
A
I
gen
con
g
6s_
_
1934
118
116%
111*4
C*nt of N J gen'l gold 5s____ 1987 - J 1165s 11634 116%
j
1 110% 115
R egistered___________ 1934
115%
80 ____ 94 July'08
Registered__________ *1987 Q - J *115*2____ 115%
le d Si A W lat pref. 4s__ 1940 A - O
103% Jab '16 —
102*4 104
J 103*2 104
Am Dock 4 Imp gu 6s___1921
q
j
O
Ind
A
W
lat
pref
5
s
.
..<11938
____ 100 June’ 13
J 102
59
7212
Let 4 Hud Rlv gen gu g 5sl920
70 Sale 68*2
70
A
O
Fso A East lat con 4a___ 1940
20
38
S Y 4 Long Br gen g 4s..l941 M - 5 98*8 100 100*i Jan '13 ___
35
36
36 Jan '16
Income 4a_____________1990 Apr
83
83 Jan '16
68
91 101%
Cent Vermont 1st gu g 4s . . <1920 Q - F 80*4 84
100%
100%
100%
100%
A
O
___
99% Cleve Short I. 1st gu 4 X s __ 1961
98 Jan '16
83
98
SlO
17
Chesa 4 O fund 4 Impt 53..1929 J - J 96
9
10
9
9
3 1 0 1 % 100% Col Midland 1st g 4s_______1947 J - J
105*2
14% 15
8 Jan '16
1st consol gold 5s________ 1939 M -N 105*2 106 105%
8
10
___ 101 105
Trust Co ccrtfa of deposit
85
03*4
Registered___________ 1939 M -N 103 ____ 105 Dec '15
91*2
92
91%
917
8
F
A
67 82
95*8 Colorado A Sou 1st g 4s___ 1929
93
78% 90
General gold 4X *________ 1992 Pd- S 93 Sale 91%
86%
86*4
86*4 87
Refund A Ext 4 X » ........... 1935 M -N 105%____
90%
90*4 Nov'15 ___ 84
100 106*8
Registered____________ 1992 M- S ____ 90*2
105%
105%
312 70
Ft W A Den O 1st B 6 s . .. 1921 j - n
90
89
Convertible 444 s_____. __1930 F - A 88*4 Sale 88%
A
O
83% Conn A Pas Rlvs 1st g 4a— 1943
83*2 Dec '15 ___ 80
Big Sandy 1st 4s________ 1944 J -D ____ 85
'9 4 " 100 May’ 10
Cuba R R 1st 50 yr 5s g___ 1952 J - 3
83 Dec '15 ___ 81 S83
Coal River Ry 1st gu 4s..l945 J -D
. . . 95
98*2 Del Lack A Western—
84
80*2
Craig Valley 1st g 5a____ 1940 J - J 96*2 "98 ’ S98% Dec '15 .___
80%
86%
86%
Sale
_.
Morris A Es 1st gu 3XS--2000 J -D
84% Jan ’ 13
107 109
Potts Creek Br 1st 4s___ 1946 J - J
108*2
N Y Lack A W 1st 6s------1921 J - J 108*2 Sale 108%
80% 84*4
101*2 101*4
B A A Dlv 1st con g 4s__ 1989 J - J 85% 85% 84% Jan '16
101*4
May’
15
103%
____
F
A
Construction 5s_______ 1923
80
82 Jan '16 —
77
84
95% 90 ,;j
2d consol gold 4s______1989 J - J 83
96% ____ 95% Sep '15
Term A Improve 4s------1923 M -N
90 Apr '14
81*s . . .
Feb '03
Greenbrier Ry 1st gu g 48.1940 M -N
Warren 1st ref gu g 3XS..2C00 F - A 84 . . . 102*8
113% Feb '15
104%
105%
Wftrm Springs V 1st g 5s . . 1941 M- S 95
104%
Dee
'15
104%____
M
S
2 52
00*2 Del A Hud 1st Pa Dlv 7a . . . 1917
57*4
57*2 *58% 57*4
Ohio & Alton R R ref g 3s__ 1949 A -O
149 Aug '01
4 38
Registered___________ 1917 M- S
47*2
45
43
43% 44
H d U trar 1st lien 3Hs_____1950 J - J
100%
100*2
99
100*4
100*2
Sale
J
-D
1 08% 100
10-yr conv deb 4s------------- 1916
99%
99%
99 100%
Cblo B 4 Q Denver Dlv 48—1922 F - A QQ
100%
11 81*4 87*4
1st Hen equip g 4 X s ------- 1922 J - J 100% 101*2 100%
87
80*3 97*8
Illinois Dlv 314s................. 1949 J - J 87 Sale’ 86*4
97*8
97% 97% 97%
3 91% 96%
1st A ref 4a______________1943 M -N
94%
95*4
____ 96
101*4
108%
Illinois Dlv 4s___________ 1949 J
107%
108
107*4
Sale
Conv 5a sub recta__________ 94
97% Deo '15 ___
97*2
80% 87*8
Registered____________ 1949 J
80%
A - O 86% Sale 86*4
___
Alb
A
Sua
conv
3
X
s
------1940
102*2
Jan
'1C
101*2
102*4
A
-O
102%____
113% 113*8
lows Dlv sink fund Ss___ 1919
111%------ 113% Jan '15
M
-N
Rena
A
Saratoga
lat
7a—
1021
Jan '16
A v
O 99*8 99*2 99%
Sinking
fund
K inxm g iu
n u 4s............
« s ------------ 1919 a
== --------------------— 96*4
■« 99*2
«_____ —— “ --------------- ------- Wr,_
. r ,... n ._
. o n t ln n salo
• No price Friday;latest mis woe*, d Due April. « Duo May. g Due June. *D u eJu iy . * Due Au«. 0 Due Oot. p Due N or
<
eo.
p
Lou

H ig h

II”

sviv -




I n te r e s t
P e r io d

BONDS
Y . STOCK EXCHANC
Week Ending Jan. 21.

P r ic e
F r id a y
J a n . 21.
B id

W eek’s
R ange or
L a st S a le

A il Low

Mahon Val g 53. .

M S
M &
a a
J D
M S
J - J
J - J
J - J

1 F-A
3 A- O
3 A- O
6 J -D
2 M -N
SJ - J
5 A- O
2 M -N
3J - J

1 J -

J

98% 100

98%

5 A - 0 *____ 92
) J -D ____ 94
J - J _______
66*4 67
B l- 1
1 J 1 QJ 1J 3J -

93
93% 55
92 Aug TO ___
0
66%
66%

J 98% Sale
J *98% 98%
J 99*4 Sale
J
96*2____
J
J 120 % ____

3 J - J 103

7 J -D

96

98%
98%
99%

98% 558
98% 28
100% 26

86 .
85% Nov'15
0J - J
8 9 % ____ S9% June'15
S A -O
J - J 109%____ 109 N ov’ 15
7 J - J 12234 ____ 120% Dec -15
J - J 109%____
1 1 1 ____
74*2 80
13% 13%
85-% 88*2

Middle Dlv reg 5 s..
1921 F - A
Omaha Dlv 1st gold 3s~ "l951 F - A
St Louis Dlv & Term g 3s. 1951 J - J
Gold 3% s__________ 1951 J - J
Registered........ . 1
1951 J - J
Springf Dlv 1st g 3 Hs__ 1951 J - J
Western lines 1st g 4s___ 1951 F - A
Registered____ ________1951 F - A
Bellev * Car 1st 6s______1923 J -D
Carb & Shaw 1st gold 4 s.. 1932 M- S
Chic St L & N O gold 5s_. 1951 i -D
Registered____________ 1951 J -I)
Gold 3Hs....................... 1951 J -D
Registered__________ 1951 J -D
Joint 1st ref 5s series A . 1963 J - D
Memph Dlv 1st g 4s__ 1951 J - D
Registered__________ 1951 J - D
St Louis Sou 1st gu g 4a .. 1931 M- S
Ind III <fc Iowa 1st g 4s_____ 1950 J - J
Int * Great Nor 1st g 6s___ 1919 M- N
James Fran & Clear 1st 4 s .. 1959 J -D
Kansas City Sou 1st gold 3s. 1950 A - O
Registered_______________1950 A -O
Ref <fe lmpt 5s__ ..A p r 1950 j - j
Kansas City Term 1st 4s . . . I960 j - j
Lake Erie A West 1st g 5 s.. 1937 j - j
2d gold 5s....................... 1941 j - j
North Ohio 1st guar g 5s. . 1945 A -O
Leh Vail N Y 1 st gu g 4 >4s 1910 J - J
Registered-..........
1940 J - J
Lehigh Vail (Pa) cons g 4s . . 2003 M-N
General cons 4t£s-_ . 2003 M-N
Leh V Term Ry 1st gu g 5s . . 1941 A - O
Registered_____________ 1941 A - O
Leh Val Coal Co 1st gu g 5s 1933 J - J
Registered.....................
1933 J - J
1st lnt reduced to 4 s ... 1933 J - J
V

Due Nov.

« Option sale

100
87
$5
95
105%
103*2

10 1%
99%
10 2 %
94
109
87%
80
77

80
88%
73*4
59
03*2 86%
102% 103
101*2 105%
101 1 0 *
11934 12 2 %
100% 100%
102% 103%
90

99

67% 88
79

86

81

97

86% 95
50

70

94% 98*2
94% 98%
94 10 1

108% Deo' T5 —

93*4

81% ____
8 3 % ____

84 N ov ’ 15
86 N ov’ 15
93*2 Feb T5
------ 97% 97% Jan '16
92 Aug '15
83 . . . . 82 Nov'15
S3 Nov'15
80^2____ 83 Oot '15
____
88*2 89
---- ----89
897s
------ 83
86
86%

___ 85*2
. . . . 89%
. . . . 109
. . . . 118%

85%
89%
109
12 1

105% 108%

IO934 Dec '15 ___ 107% 10934
30 70
75
75
77
70 10*2 14%
13%
14
85 Jan '16 __ _ 82
88

93*8 9334 93_%

90

100
98%
100
93
108%
77
79%
65

80
65*2

95% Dec T5 ____ 93% 95%
119 Deo T5 ___ 116% 120%
118*4 Apr T5 . . . . 118 118*4
9 99% 103
105 103
103
IOO34 Apr *15
5 91*2 96*8
____ 90
96%

2

J -D
Feb
Feb
J - J
J - J
J - i
J - J
A-O
F- A
J - J
J - J
J - J
i - J
J - J
A -O
A- O
M- 8
M- S
A -O
A -O
M- N
J - J
M- N
M- N
J -D
Lltchfleld Dlv 1st g 3s___ 1951
“ J
J - j

1

98*2

85
87
88 Dec '15 ___
1003*
102 Jan ’ 14
104 ____ 111** May'12
8 5% ____ 89 Jan TO ___
100 May'12
9 0 's ____ 90 Jan '16 ___
5 9 % ____ 99% Dec' 13

3 J 3 J - J




82*4
85%
85%
63

90 100
103 105
106% 1 1 1

2 J -D

Will * s Plat gold 53 ..1
ir B <fc W del) etfs “ A” ($1001
Deben ctfs " B " ($100 par)-

H ig h

7J - J
1 M -N
0 M- S

7J - J

Great Northern—

Low

loo'
80
78
89%
101%
98%

0F- A

Mt Vernon 1st gold 6s . . .

1915

45 68
78%
79
85 Jan 'ie
73%
16 60
80%
81
5534
68% 147 38
109 Dec 'l l
61% Apr T
35 N ov’ 15
12 09
Sale 77%
78%
10 68
62
Sale 62

100 MarT5
6
90
90
80 Nov'15
9334
94
9
10434 Dec '15
103% Jan '16
106 Mar'OS
104 Feb ’ l l
92
94% 95 Jan T 6
3
103
103%____ 103
0
11034
110% 111*4 110%
9434
1 0 1 % ____ 101% May’ 15
98% ------ 98% June’ 15
10 2% ____ 102 Dec '15 . . . .
94% ____ 94 Nov'15 —
110 1 1 1 % 109 Oct TS
41
85 % Sale 85*2
86
80 Oct '15 . . . .
____ - . . 98
77
76% Sale 70%
1
7534 ____ 76*2
76%
1
8834
8834
8334 89
72% 46
72 Sale 72
82
82% 216
81
82
101 103% 102*4 June’ 16 . . . .
2
106*4
tOo’s 108*2 106%
103%____ 101 Feb ’ 15 . . . .
2
1 2 1 % ____ 1 2 1 % 1 2 1 %
99% 103 100% Oct '15 . . . .
102% ____ 102% Jan T 6 - . —

80

3
___
___
__ __ ___
___
___

87% 96*4
83%
86
93
91%
92
78*4
82
83

85*2
86
93%
97%
92
SI
83
83

90%

J'ly ’On

88*2

89

21

81 ‘

89*2
83
85%

90
83
86

61
5
21

S3* 92
79
84
79% 87%

Sale

1

80% ____

....

76% 77%

....
__ _
___

68
68*2
78
81

90
90
74 Feb -14
76% June'15
83 A u g-12
*100 .
123 May'99
6'J34 71
73 Mar'15
69 ____ 68% Sep '15
*81 ___ 81% Jan '16
81 Nov'15
78*4 Jan '16
88 ____ 88 Dec '15
10 1% ..
117*2 May’ 10
86 ____ 94% J-ly -12
108
109
114 Feb ■11
90 Oot '09

981.
90% 92 %
97*2 98
91% 92%
7034 71
- - - . ____
9334 Sale
8734 Sale
99 Sale
83*2 . . . .

86

89%

73
68%
80
81
84*2 88%

4 1041. 109%

102% 10234 10 2% 10 2 % 33
87*8____ 867s Dec '15 —

98% 103%
86
87%

98_ J'ly -08
1 82
90
90
90
1 96 100
97%
97*.
90*2 Dec T5
84-% 92
70*8
70*2 34 66% 72
63 Oct '00
31 S87
93%
94
96
85*4
88*2 32 83*2 93
7 89*4 98%
98*2
99
83*2 Jan T 6 ___ 74
88
98 Mar’ 14
3 98 101%
101%
101*4
00 Dec '15
99 100%
4 80*4 91*4
91*4
92*8
3 97% 101%
01%
101*4
10 Jan '16
10534 109*2

101*4 101%
100 ____
92% ____
1 0 1* 2 ____
1 10 112*2
109% 111
105*2____ 05*2
105*2
102% ____ 05 Oct '13
oD u eJan.

BONDS
W. Y . STOCK EXCHANGE
Week Ending Jan. 21.

R ange
Y ea r

78
9j - j
62
9 A -O
7A- C
7 M- N 99% ____
90 Sale
5 J -D
85
90
5 J -D
93% 94
1 M -N
104%
105*4
I J - «
7 A - Q 103 104%

9
3
0
s
0
6
0
6

&

No

H ig t

78
78*4
s i- ;
84
84%
6J - .
79% 81%
8 J -r
5 F - A S58 Sale
90
9 J - D 85
0 J - J 34 ____

Clev

B onds
S old

New York Bond Record—Continued—Page 2

Jan. 22 1916.1

1 101% 105%

.... . ...
0 Due Feb. d Due

Ir

333

P r ic e
F r id a »
Jan . 21.
B id

W ee k ’i
R ange or
L o t t S a le

A ik L ow

« Due May.

a

Du June

A Due July,

k

Due Auz.

Y ea r

1915

H ig h

Leh A N Y 1st guar g 4s___ 1945 M- S 8912____ 89 Dec '15
Registered.............. ........... 1945 M- S
Long Isld 1st cons gold 5s. . A1931 Q - J io'4% 10558 103% N o v ’15
1st consol gold 4s_______ 51931 Q - J 94 ____ s94 Oct ’ 15
General gold 4s__________ 1938 J -D
87 ____ 87
87
Ferry gold 4 ^ s _________ 1922 M- S 9512____ 95% May’ 14
Gold 4s________________ 1932 J -D
99U Oot ’06
Unified gold 4s__________ 1949 M - S 85l2 90
85%
85*2
Debenture gold 5s_______1934 J -D ------ 97
97
97
Guar refunding gold 4s__ 1949 M - S 87l2 8734 87%
87%
Registered____________ 1949 rw- s
95 Jan ' l l
N Y B A M B 1st con g 5s. 1935 A - O 10U2 ____ 101%
101%
N Y A R B 1st gold 5s__ 1927 M- S ------ 102
100 Nov'15
Nor Sh B 1st con g gu 5s.ol932 Q - J 100i2 102 101 Aug ’ 15
Louisiana A Ark 1st g 5s____1927 M- S ____ 96l2 97*2 Jan ’ 16
Loutsv A Nashv gen 6s____ 1930 J -D 112i2 Sale 112%
112%
Gold 5s......................... ...1 9 3 7 M -N 10SU____ 108% Jan '16
Unified gold 4s__________ 1940 J - J 94% Sale 94%
95
94
Registered.................... 1940 J - J 92
94 June’ 14
Collateral trust gold 5s__ 1931 M- N 104% 107% 105 Jan T 6
E H A Nash 1st g 6s_____1919 J -D 107i2 ____ 107% Deo '15
L Cln A Lex gold 4 4 s ___ 1931 M - N IOD4 ____ 100*4 Jan TO
N O A M 1st gold 6s____ 1930 J - J 115 ____ 115% Nov'15
2d gold 6 s..................... 1930 J - J 108l2 ____ 1097s May'15
Paducah A Mem Dlv 4 s.. 1946 F - A 8834 ____ 86% Oct T
St Louis Dlv 1st gold 6S..1921 IYI- S 107*2____ 107*8 Dec '15
2d gold 3s...................... 1980 M- S 60*2 . .
61*4 Jan TO
Atl Knox A Cln Dlv 4 s . . . 1955 M -N
88*4 8884 877g
88*4
Atl Knox A Nor 1st g 5 s.. 1946 J -D 103*4 . . . 111 Jan '13
Render Bdge 1st s f g 6s. .1931 M - S 105*2 . . . 105 June'15
Kentucky Central gold 4s. 1987 J - J 88*4 89
88 D ec '15
L A N A M A M 1st g 4)$s 1945 M - S 99*2 10U2 98*4 Dec '15
L A N-South M Joint 4s. .1952 J - J 80 ____ 82 Jan '16
Registered............ ....... 51952 Q - J
95 Feb '05
N Fla A S 1st gu g 5s___ 1937 F - A 105%____ 104% Dec '15
96 ____ 97 Dec T4
N A C Bdge gen gu g 4>4 s. 1945 J - J
Pens A Atl 1st gu g 6s___ 1921 F - A 108% 109*8 108% Deo '15
S A N Ala cons gu g 5s__ 1936 F - A 105*2____ 105*2 Jan '16
Gen eons gu 50-year 5s. 1963 A - O 10234 103 10234
103
L A Jeff Bdge Co gu g 4s__ 1945 M - S 82% ____ 82% Nov'15
Manila R R —Sou lines 4s__ 1936 M -N
Mex Internat 1st cons g 4 s.. 1977 M- S
77 Mar’ 10
Stamped guaranteed____ 1977 M- S
79 Nov'10
Midland Term— 1st s f 5s g . 1925 J - D
101 Oct '09
Minn A St L 1st gold 7s___ 1927 J -D 108*2 114 105 Sep '15
Pacific Ext 1st gold 6s__ 1921 A - O *101%____ 102% Nov'15
1st consol gold 5s________ 1934 M -N
88*2 90
88%
89*2
1st A refundlnggold I s . . . 1949 M- S 54*2 Sale 54
56*2
Des M A Ft D 1st gu 4 s.. 1935 J - J
60 Feb '15
87
87% 8934 Jan '16
Iowa Central 1st gold 5 s.. 1938 J -D
Refunding gold Is.........1951 M - 8 52 Sale 51%
54
M StPASSM cong 4s lnt gu 1938 J J 93% Sale 93%
93%
1st Chic Term s f 4s.......... 1941 M- N
97*4 June’ 12
M S S A A 1st g 4s Int gu. 1926 J - J ‘ 97% ~98
9734
98
92
Mississippi Central 1st 5d...1949 J - J 91
91 Jan '16
78% Sale 78%
7834
Mo Kan A Tex 1st gold 4 s.. 1990 J -D
2d gold 4s........ ................ol990 F - A 50 Sale 50
60%
1st ext gold 5s................... 1944 M- N ____ 00
65 Dec *15
53% 52%
1st A refund 4s__________ 2004 M- S 52
53%
42*2
____1936 J - J 42*4 Sale 42
Gen sinking fund
51 Deo '15
St Louis Dlv Is ref g 4s ..2001 AAO ____ 51
Dal A Waco 1st gu g 5s__ 1940 M - N 70 ____ 9934 Dec '13
78 J’ly' 14
Kan C A Pac 1st g 4s____ 1990 F - A
Mo K A E 1st gu g 5s___ 1942 A - O 89
88*2
88*2
66
66
66
M K A Ok 1st guar 5s___ 1942 M -N
M K A T o f T 1st g u g 5 s ..1942 M- S 66 Sale 66
66
Sher Sh A So 1st gu g 5s_1942 J - D 51
96 May'13
69
Texas A Okla 1st gu g 5 s.. 1943 M- S 66
69 Nov'15
Missouri Pae 1st cons g 6s__ 1920 M- N 100% Sale 00
100%
Trust gold 5s stamped__ al917 M- 3 89% 91% 90 Jan '16
Registered__________ al917 M- 8
Oct '15
1st collateral gold 5s____ 1920 F - A
85 ____ 83*4 Jan '16
Registered___________ 1920 F - A
<0 year gold loan 4s...........1945 M- S 43% 45*2 44*2
45*2
IstA ref conv 5s__________1959 M- S 45
45% 45
45*2
3d 7s extended at 4 % ____ 1938 M N 81% 85
82 Jan '16
Boonv St L A S 1st 5s gu.1951 F - A 36 ____ 100 Feo '13
Cent Br Ry 1st gu g 4 s . .. 1919 F - A
01% Dec T5
Cent Br U P 1st g 4s____ 1948 J -D
48
60
77% Dec '13
36 ____ 110 Mar'05
Leroy A C V A L 1st g 5 s.. 1926 J - J
Pac R of Mo 1st ext g 4s. .1938 F - A 90
90% 89 Jan '16
2d extended gold 5s___ 1938 J - J 100%____ 100 Jan '16
St L Ir M A S gen con g 5s 1931 A - O 102 105 102
102*8
Gen con stamp gu g 5s. . 1931 A - O
102 J’ly *14
Unified A ref gold 4s__ 1929 J - J
79 Sale 77*2
79
Registered_________ 1929 J - J
80% Oct T2
72% 74
Rlv A G Dlv 1st g 4s__ 1933 M -N
72
73
Verdi V I A W 1st g 5s___ 1926 M- S 77% ____ 87 Sep '15
4ob A Ohio new gold 6s___ 1927 J - D 112%____ 112%
112%
1st extension gold 6s___ 51927 Q - J 107 108 107 D e c '15
General gold 4s__________ 1938 M- S 73 ____ 75 Dee '15
Montgom Dlv 1st g 5s___ 1947 F - A *100 ____ 100 June'15
St Louis Dlv 5s__________ 1927 J - D 89 ____ 89 Dec '15
St L A Cairo guar g 4s___ 1931 J - J 8834 ____ 88% Dec '15
107
A - O 107 ____ 107
Tashvllle Ch A St L 1st 5s__
Jasper Branch 1st g 6s___ 1923 J - J 109% 113 111 Jan '13
McM M W A A1 1st 6s . . . 1917 J - J 101% ____ 103*4 Jan '14
T A P Branch 1st 6s______1917 J - J 100% ____ 113 J’l y '04
Tat Rys of Mex pr lien 4)Ss.l957 J - J ____ 52*4 52*4 Dee '15
68 Oct '15
Guaranteed general 4s___ 1977 A - O
Tat of Mex prior lien 4>^s..l926 J - J "50*8 m i 967* Feb '13
1st consol 4s____________ 1951 A -O
30 Aug '15
f O Mob A Chic 1st ref 5 s .. 1960 J - J
40 May' 15
101 June’ 14
A -O
J - J ____ 75
72 Dee '15
11678
Sale
115%
117% 2122
4 Y Cen RR deb 6s wh 18 3 ..19 35 M -N
94% 207
Ref A Imp 4V£a “ A " ____ 2013 A - O 94% Sale 94%
83*2 Sale 83
57
4 Y Central A H R g 3^8.-1997 J - J
83*2
81% 83% 81% Deo '15
Registered____ ______ 1997 J - J
93%
Debenture gold 4s_______ 1934 M- N 93% Sale 92*4
9178 Deo '15
Registered___________ 1934 M- N
Lake Shore coll g 35^8____199s F - A 78% Sale 78%
78*4
Registered___________ 1998 F - A 77*2 78% 78
78
8434 Sale 84*2
84%
J P M A Co ctfs of dep__
77
77% 77
Mich Cent coll gold 3H8..199S
78*2
75 ____ 76
76
Registered___________ 1998
Battle Cr A Stur 1st gu 3s. 1989
96% 96% 96% Dee '15
Beech Creek 1st gu g 4s__ 1936
Registered___________ 1936 J - J
99 M a y 'll
99
2d guar gold 5s________ 1936 J - J
Registered_________ 1936 J - J
Beech Cr Ext 1st g 3 t i s ..61951 A -O
9 8 % ____
87 ____ 88% Nov'15
Cart A Ad 1st gu g 4s____ 1981 J - D
Gouv A Oswe 1st gu g 5s. .1942 J -D 10134 ____
Moh A Mai 1st gu g 4s__ 1991 M- S 92% ____ 92% Dee '15
N J June R guar 1st 4s__ 1986 F - A 86 ____ 86 Jan '15
81 ____ 85 June'15
N Y A Harlem g 3tSs___ 2000 M -N
N Y A Northern 1st g 5 s.. 1927 A - O 104%____ 101% Mar'15
90% Jan '16
N Y A Pu 1st cons gu g 4s. 1993 A - O 89% 90
99 ____
Nor A Mont lstgu g 5s__ 1916 A - O
Pine Creek reg guar 6s___ 1932 J - D 114%____ 113 May’ 15
R W A O eon 1st ext 5S..A1922 A - O 103%____ 103% Dec '15
R W A O T R lstgu g 5a..1918 M -N 1**1 ____ 104 June'10
Rutland 1st con g 4K s__ 1941 J - J 81*4____ 81*4 Dec '15
Og A L Cham 1st gu 4s gl948 J - J ____ 76
75 Dec '15
Rut-Canada 1st gu g 48.1949 J - J
92 June'09
8 ' LawrAAdlr 1st g 5 s ...1996 J - J
98 100 100 Oct T5
2d gold 6s....................... 1996 A - O 103 ____ 119% Mar'12

A p r il.

Range

fl

0

High

Low

89

84

IOI84 104%
s94 S 94
85
87%
82% 89*4
95% 9978
82s4 88%
100 100%
100 100
1007S 101
9434 95%
110 115
105% 108
89% 95
99% 105%
107% 107%
98% 101
113% 115%
108 109%
86
86%
105% 107%
58% 65
83
90
105

105

86

88*4

98 101
75*2 81

104*8 104%
107% 109%
105 105%
99% 104%
74
82%

105 111%
102 102%
92%
81
60
40
60
60
90
80
60
35
861S 93%
'93% 98%
83
03
89
56%
74
60%

72%
49%
65
40
42
61

82
96*2
8512 88
65% 89
68
92%
78%
80
72

69%
101%
96%
88%
92%

29
29
78

5334
E*9%
80

60

85

84
93
g3

90
99%
102

61

78

73
87
11434
114
76
101%
89
86% 88%
10234 106%

52*4 67*4
68
68
30
30
31% 41
72
99%
86
76
75%
84
91
71
71
77

72
114
94%
84
82%
93%
91%
80%
78%
87
68*4 79%
76%
67
92% 96%

88% 88%
87
88
85
101%
s83

92%
86
85
101%
92

113 113
101*4 1037*

100

101

Due Oot.

334

New York Bond Record—Continued—Page 3

BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 21.

S ’®

P ric e
F r id a y
J a n . 21.
S id

J - J
J -D
J -D
25-year gold 4a________1931
Ka A A G R ist gu c 5a__ 1938

M-N

W eek’s
X a a g e or
L a s t S a le

A t k L ow

H i oh

^2

R ange
Y ear

aj

1915

N0.\ L e w

9834 ____ 9Gi4 N ov’ 15
8434 S5l4 8 434
85*4 22
8 3 % ____ 8134 Oct ’ 15 - - 10 1
____

94i2 94 “ Jan ’ 16

J - J 105t2 .......
A -O 100 ____
115 ____
1123* . . . .
10 1 ____
M- S 1045s____
Q-M 1043a____
J - J 89*2____

104*2 Dec ’ 15
103 Jan ’ 15

H ig h

96
81
81

97
86*3
82

91

91

104*2 104*9
103 103

123*4 Mar* 12
104% Dec T5
102*8 104*2
104 Dec T5 ___ I 104 104
98 Apt *12

Registered .......... ..... 1940
8H4 ____
1st gold 3H s.................. 1952 M -N
20-year debenture 4s. . -1929 A - O
N Y Chic & St L 1st g 43- . 1937 A - O 9334 95*2
94 ____
A -O
83*4 833s
M -N
West Shore 1st 4s guar__ 2301
1 - J 8912 8934
M- N 1003s____
100 ____
F - A 9838 9912
M- S
fts- e
A -O
J - J
M -N
J - J

815s____
72 ____
72 _
807S 817S
81
81%
73 Sale
76

____

85

85

2

6
93*8
933s
9234 J’ iy '14
83*2 Jan ’ 16 ___

795a 83%
78
88%
88
91*2
75

83%

3 8578 90
89*s
8934
100 M a r'15 ___ 100 100
98 J’ly ’ 14
1 94i2 98
98*2
98*2
78 Oct '15 ___ 78
03 Feb ’ 15
63
72 Jan '16 ___ fi3
5 71
8H2
81*2
81*4 Jan ’ 16 ___
70
7 61*2
73
73
23 10 1
115*8 116

78
63
72
80
82*4
73
11734

91% Jan *12

J - J

85

____

81

84

Houaatonlc It cona g 5a__ 193 . M-N 100 ____
91*2 ____
M-N
A -O
81
8 134
J - i
M- N 100*4____
A -O
J - J 100 ____
J - J _ - _ _62*2____
Providence Secur deb 4e__1957 M-N
J - J
N Y O & W r e f lat g 4a___ i?t992 M- S
M- £J -D
F-A
IY1FAAAJ -

A
A
O
O
O
J

M- S
*. ocah C & C Joint 4s— 1941

J - J
Sclo V A N E 1st gu g 4a.. 1989 M- N
General lien gold 3a_____c2047
Registered___________ a2047
St Paul-Duluth Dlv g 4s. _ 1906

Q - J
Q- J
Q - F
Q - F
J - D

M- S
St P & N P gen gold 6a.. _ 1923 F - A
Registered certificates.. 1923 Q - A
St Paul & Duluth 1st 5s 1931 F - F
J -D

Nor Pao Term Co 'lat g 6s"" 1933 J - J
Oregon-Waah 1st A re! 4 s . ..1961 J - J
J -D

Pennsylvania UR lat g 4a. .1923 ■M-N
M- S
Consol gold 4s.................. 1943 M -N
Consol gold 4 s .............. 1948 M -N
General 4Hs when Issued 1965

85 ____
8112 Sale

99*4 N ov’ 12
813^

82

105i2 May’ 15
87 J’ ly ’ ll
88 Aug *13
81*2
82
107 Aug ’09

35

Digitized


« Due Jan

do

Stamped..

A -O
Refunding gold 4s------- 195! J - J
Registered. .......... — 1951 J - i
Trust Co ctfs of deposit.. - - . .
K C Ft 3 & M cons g Gs.. 1928
- K C Ft 3 A M Ry ref g 4s. 1936
K C A M It A B lat eu 53.1929
St L S W 1st g 4s bond c tfs .. 19S9
2d g 4s Income bond ctfs.plOnO
Consol gold 4s.................. 1932
S A A A Pass 1st gu g 4s___ 1943
S F A N P lstsk fd g 5s.........1919
Seaboard Air I-ino g 4s_____1950
Gold 4s stamped________1950

M -N
A-O
A-O
M- N
J - J
J -D
J -U
J - J
J - J
A -O
A -O
A - ()
F- A
A-C
M- 8
J - J
J - J
J - J

Jan ’03

104 Dec ’ 15
91*4 Feb ’ 12
90*8 Oct ’ 12
8334 June’ K
86*4 May’ 14
90*8 J’ly ’ 12
98*2
98*2 . . i
93 May’ 14
9812 Oct ’ 15
93*3 Jan ’ 16
101*2
101*2
101*a Jan '16
97«4 July’ 15
95
95
91 Oct ’ 15
95*4 Jan ’ 14
92*8 Aug T5
104 N ov’ I5
102 N ov’ 15
85 Dec T5
40
75

D ecT 3
Deo ’ 15

ft Due Feb

P r ic e
F r id a y
J a n . 21.
B id

58*2

S3
i

74*2 82%

A sk Low

73'
79

80
83
102
115 120
11634 119
119 119%
86*4 9412
93*4 93*4
85*2 92
10 1 122*2
86% 91%
84-vj
88*4
88*4
62
6l*r
90*3

92*8
94*8
93
6678
65%
0034
100*4
109*4 111*8
109*2 109*2
102 102
88

90

110
79*i
93 *2
96
102
95
96*2

113
1)0
98*4
99*2
1037*
99l2

J - J
Rich A Dan deb 5astmpd_1927 A -O
Rich A Meek 1st g 4s___ 1948 M N
M-N
rvj- 8
M- 8
M- S
M- 8
General 5s____________ 1936 M -N
Va A So’ w’ n 1st gu 5a..2003 J - J
9934 10212
1st cons 50-year 5 s..1958 A -O
99*2 101
W 0 A W 1st cy gu 4a___ 1921 F - A
8512 85%
84
Spokane Internat 1st g 5s— 1955 J - J
80
99
99*4 Ter A of St L 1st g 4 Ha___ 1939 A - O
1st con gold 5a— 1894-1944 F - A
83
83
81
Gen refund a f g 4a---------- 1953 J - J
81
St h M Bridge Ter gu g 5a 1930 A - O
8913 04%
J -D
2d gold Inc 5s--------------- (f2000 M ar
89*2 90
J - J
F-A
104 104
Tol A O C 1st g 5a................ 1935 J - J
A- O
J-D
8334 8334
Kan A M 1st gu g 4s........ 1990 A - O
J - J
Tol P A W 1st gold 4s.......... 1917 J - J
Tol St L A W pr lien g 3^8-1925 J - J
95 100
A- O
F-A
96*4 98% Tor nara A Buff 1st g 4s._M946 J - D
J -1)
98U 98*4
A-O
98 1013t Union Pacific 1st g 4a_____ 1947 J - J
J - J
07% 10178
20-year conv 4a................ 1927 J - J
97*4 101*2
1st A ref 4s........ ..............?2QOS M- 8
02*8 94
Ore RR A Nav con g 4 s .._ 1946 J -D
90
91%
F-A
1st consol g 58________1946 J - J
92*2 93*4
104 104
Guar refund 4s________192fl J - D
Utah & Nor gold 5a___ 192G J - J
101*8 102
85
85
1st extended 4a____ 1933 J - J
1 Us n>i
97 101*4
93*8 9634

72

75

« Due M ay.

•a2
I®
N o.

Dec ’ 15 —
2
74
July’ 15

R ange
Y ear

1915
Low m o

00 10 1
65*2 73
65
68
105

ft

105%

41 91
95%
2 90
04
4, 90% 95%
60
73
41 I057S 1 1 0
4 98% 103%
4

47

4934 48*4 Jan *16 ___ 32% 66%
90 N ov’ 15
90
90
------ 75
72*4
72*4
6 63% 73
. . — . . . . 80*i M ar’ l l
------ 73
72 Nov ’ 15
60*8 72
35
10934 Sale 10934
no
3 100 1 1 0
76*4 Sale 76*4
76% 27 66*4 80*8
91*2 Dec ’ 15
91 % Oil*
S787S Sale 78*i
79
42 67% 8 1"
l>2 . . . . 6273
62 78
1 52 8 65
65*2 Sale 65*4
8 517a 08
65 34
98s4 Jan ’ 14
69 Sale 69
69%
10 65
80
1 0 1 % ____ 101*4 Jan ’ ll) ___ 99*4 101%
82*2 8378 85 N ov’ 15
i’S3
85
82 >8 83% 82*2
83
17 78
84%

87% Sale
____ 8534
89 Sale
M- 8
J -D 107 Sale
F- A
F- A
Mort guar gold 3V$s__il929 J - D 89*2 89%

H A T C tat g 5s int gu__ 1937 J - J
Gen gold 4s Int guar.-.1921 A - O
M -N
A A N W 1st gu g 5s____ 1941 J - J
Louisiana West 1st 6s___ 1921 J - J
Morgan’s La A T 1st 7a..1918 A - O
1st gold 6s____________ 1920 J - J
No of ca l guar g 5s______1938 A - O
Ore A Cal 1st guar g 5s__ 1927 J - J
M- N
J - J
— ■San Fran Terral 1st 4a__ 1950 A - O
J - J
So Pac RR 1st ref 4s........ 1955 J - J
Southern— 1st cons g 5s___ 1994 J - J
J - J
A -O
Mob A Ohio coll tr g 4b. . . 1938 M- S
Mom Dlv 1st g 4H 5s___ 1996 J - J
St Louis dlv 1st g 4s.........1951 J - J
J - J
Ala Gt Sou 1st cons A 5a.. 1943 J - D
Atl A Char A L 1st A 4 Hsl944 J - J
Atl A Danv 1st g 4s______1948 J - J
J - J
A- O
J - J
E T Va A Ga Dlv g 5s___ 1930 J - J
Con 1st gold 5s________1956 M- N
E Ten roor lion g 5s______193S M- 8
Ga Midland 1st 3s............ 1946 A -O
Ga Pac R y 1st g Gs.......... 1922 J - J
Knox A Ohio 1st g 6a___ 1925 J - J

H ig h

____ 55
106*8 108*4 105 Dec ’ 15
113*4 N ov’ l l
95% Sale 95%
95*4
94 Sale 94
94
94*8 95
95
95*4
94 ____
------ 61
no _
109
1 10
102*1 1037a 102% 10 2 %
70 ___
75 J’ly ’ 14
____ 50

69^4 Sale
s70% Sale
-------87*2
8 3% ____
100*4____
100 ___
J - J 102% ____
Ga A Ala Ry 1st con 5n..ol945 J - J 103*4 104%
J - J
Seab A Roa 1st 5s____
1926 J - J 10 0 % ____

Hous E A W T Istg 5a. . 11933 M-N

W eek’s
R anoe or
L a st S a le

103 105 101
74 ____ 74
____ 62 r8 68

101

92*8 .
99*8 9934 99% Dec T5
m- a
Pennsylvania Co—
1013s
3
Guar 1st gold 4H s............ 1921 j - j 101*2 10134 1013s
Registered..................... 1921 j - j 101 ____ 100*a Dec ’ 15 __
Guar 3 y , s col! trust reg A . 1937 M- S 85 ____ 86*j Jan ’ 16 ___
F - A 85 ____ 85 Jan ’ 16
100%
5
Trust Co ctfsgu g 3 1 4 s... 1916 M- N 9934 ____ 100’s
85 ____ 83 Feb ’ 15
Guar 3 ^ s trust ctfs C___ 1942 J - D
Quar31$s trust c t l s D ... 1941 J - D 85 ____ 85 Jan ’ 16
943i Sale 94l2
95
5
Guar 15-25-year gold 4s 1931 A -O
,Y1- N 92*2____ 92*8 M a y'll
Clo Leb 4 Nor gu 4s g__ 1942 M - N 89*s____ 90 Dec '15

• No price Friday;latest bid and &sk«l.
sale.
for*Option
FRASER

66*2 84

65

106*8 Sale
230
102
J - D 102 Sale 101
97*4 96*2 Dec ’ 15
M- S 96
94*4____ 91 M ar’ 14

1033a____
103*8____
84*2.......
84*2____
Series D 3>>js..........
1950 F - A 84*2____
J - J 86 ?8-----J - J 867S ____
Gr R & le x Ist gu g 4*$a__1941 J - J 98% ____
M- S 9 2U ____
102*2____
Tol W V A O gu 4Ms A_”_ 1931 J - J 99 ____
J - J 09 ____
M- 5 93 -----P C C A St L gu 4Hs A_1940 A - O Si013s Sale
10138 ____
Series C gu ar_________1942 iM- N 1013a____
95 ____
Series D 4a guar____
1915 M N
Series E 3 H a guar gold. 1949 F - A 9H4 ____
95 ____
Series G 4s guar_____ 1957 M- N 95 -----C f l t L i P 1st eons g 5 s.. 1932 A O 10434 -----Peoria A Pekin On 1st g 6 s .. 1921 Q - F
2d gold 4 « s ...... ............. 61921 M-N ____ _____
13 ____
13 -----80*4___
Chic A West Mich 5s.........1921 J - D

Pere Marquette (C o n .)
Flint & P M gold 63. . . 1920 A - O
1st consol gold 5s---------1939 M -N
Ft Huron Div 1st g 53..1939 A - U
F-A
J - J
Pitts Sh -fe L E 1st g 53.........1940 A -O
J - J
Reading Co gen gold 4s------1997 J . J
Registered____________ 1997 J - J
A-O
J - J
St Jon & Gr Isi 1st g 4a____ 1947 J - J
St Louis A San Fran gen 6a. 1931 J - J
General go*d 5s_________ 1931 J - J
St L A 3 F R R cons g 43. . 1990 J - J
M -N

835» Feb ’ 14

81
81*2
8
9212 June’ l 78
7934 80 N ov’ 15 ___
80
84
83 Dec ’ 15 ___
97 ____
11934 ____ 119
119*4
17
12 1
1
1 2 1 *2____ 12 1
120 ____ 120
120
11
9312 94
93*2
9334 81
93*4 94
93*4 Dec ’ 15
90
91
10
90
90
118 120 118*2 Jan ’ 15
118 120 119*2
1
119*2
119 Sale 11878
120*4 69
89% 90
89*2
90*s 29
163% 104% 103*2 10312
1
93 ____ 92
93
8
9334 Sale 933s
94
133
92*4 Dec ’ 15
s6534 Sale 65*2
66
196
64 ____ 64*2 Dec ’ 15
9034 ____ 90*8 N ov’ 15
100*8____ 100*3 Jan ’ 16
10934 110*2 110 Jan ’ 16
109*2 Oct *15
105*4____ 102 Feb ’ 15
101*8____ 102 Dec *15
____ 90
90 N ov’ 15
88
90*2 91*2 N ov’ 15
111*8 Stile 111*2
1
111*8
87*4 88
87
88
8
____ 91
94 Jail '16
98
09*2 98 Dec ’ 15
103% ____ 103 Oct ’ 15
98
99*2 99*2 Deo ’ 15 —

1942 A -O

81
105*2

HI
I I

J - D

19

99% Mar* 12
50 Apr *15 ___

102

Series B _________

71
105

BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 21.

[Vol. 102.

693S
70
81
70%
71?s
19
89% Dec ’ 15
85*4 M ar’ 15
9934 Sep *15
101 Dec *15
102 Dee ‘ 15
10334
103*i
1
103 Jan ’ 16
99U Aug ’15 ------1
87
90
89
107
89*4

87% 28
Feb ’ 14
89% 585
10778 353
126
90

20

105 ”

100*4 . . .

102 Jan TO

102*4 __
106*8 Dec T5
9G*s____ 9434
95*8
100 ____ 103 N ov’ 15
------ 109 June’ 14
101% July’ 15
105 Jan T 6
105 Oct T5
iui% 10 2% 102
102
101*2 N ov’ l.''.
92 ___ 91% Sep T 2
85
85% 85
85%
------ 97
96 Apr ’ l l
91 Sale 90%
91
102^4 Sale 102*2
103%
100 103*2 98 June’ 15
572% Sale 71%
7234
75
78
75 Jan T6
102*8 102% 101'a Dec T5
81>2 8-l?s 83
83

60 ' 74%
81
90 "
84% 85%
99*4 100%
101 10 1
10()78 102
100*2 104*2
100*? 103
90% 1 0 1 %
79>t 87*.
79%
95*4
83%
80%
84%

90%
108
91%
86%
90%

100

104

100

103

102% 107
2 nn
05%
___

100 “ 16 3%

104%
. . . . 104%
___ 105
3 99*4

104%
104%
105
103

75

77*4 86*4

177
31

9078
103%
93
72%
77%
103%
85%

83%
96%
98
230 58%
68
S98%
1 80%

98
98*2 99 Dec T5 __
------ 98
90*4 N ov’ 15
827g S4% 84 Dec T6 __
75*2 Aug T5
75
81
7534 Dec '1 4

98
93
83*8
75%

99
96%
85*4
75%

103% Jan TO
105*2
105*2 1 1
100
101
3
57 Jan TO ___
107*4 Jan T6 ___
108*8____ 108 Jan T6 —

102%
100*4
977g
60
105
105%

102*4
lo sij
100
60
10778
105%

68
72
79 M ar’ 13
102%____ 101*2 Dec T5 ___
73 Sep T2
100% Nov'15 ___

101*2 102*4

103% 103*2
105*2 Sale
98*a 101
------ 59

100 103
100*4 100%
____ 10334 N ovT2
102 D e c ’ 13
102*8____ 101 M ar’ 13
104 ____ 103% Jan TO
162 103%
1021j 103 10234 Nov'15
100 102*4
90*2
90*o
b
81
90%
93 . . . . 93 Dec T5 . . . . 91
93
93
95
88
92
03 Jan '16
99*2 Sale 09%
7 93% 99%
g9%
10334 104 103*2
103%
1 100*2 104%
87*4 . . . . 88
88
3 79*4 87%
98 101>2 99 N ov’ 15
*9878 100
95lj 97
11 91% 99
95*8
35
35 Sale 35
36%
95% 14 29
89*4 90
89*2 00
____ 95
1027s____ 103
1 99*4 103%
103
3 100 103
102% . . .
102*2
102*2
____ 97
101*2 Apr T4
86%
1 86
83
80
84
84
99
7 92
98*4 Sale 98*4
98%
1 62*2 68
____ 64
61
61
72% 87
____ 82% 83 Jan T6 ___
9 42lj 68
59*2 60
69
59*2
18% ____
8734 N ov’ 15 —
84
85
82*2 87*4
100'8 102 101 Dec T5
98*2 102
74 MarT5 ___
74
74
90 92*2 98
97*2 Sale 97*2
98
94*i Oct ’ 15 . . . . S92
95%
93% 94
124 88
93*2
94
94
91 Sale 90* 1
91
106 84*8 02%
Ol’ i 92
91»4
92
3 87
93%
108*4 108*2 108*4
108*2
2 107*2 109%
106*4 Sale 100*4
100*4
1 100% 100%
93*2 Sale 93*8
93*4 69 87% 94*2
102*1____ 102 Dec T5
102 103%
____ 99
93% Oct T5
03% 93%
90 ____ 93 Apr *i;
90
93
80
86
80 Sep T5
42% A p g’ 15
42% 42*2
Vera Crus A P 1st gu 4^a__1934 J - J ____ 87
09*8
98% Sale 98*4
Virginian 1st BsflerlesA___ 1U82 M N
98*2 82 1 92
June, ft Due July, ft Due Aug. 0 Due Oct. » Due Nov. t Duo Deo.
100

Jan . 22 1916.
BONDS
N . Y. STOCK EXCHANGE
Week Ending Jan. 21.

New York Bond Record—Concluded—Page 4
■32
F r iia g
J a n . 21.

r
*

03

R ange
Y ea r

1915

BONDS
N . Y . STOCK EXCHANGE
Week Ending Jan. 21.

.a I

F r it*
F riia t
J a n . 21.

335
W e e k ’t
R an ge or
L o t t S a le

n

R ange
Y ea r

1915
righ N o L o w
Bid
Ast L o w
H ig h
B it
A ik L o w
H ig h
L ow H ig h
)4*g 4
Wsbash let gold 5s...............1939 M -N 10418 Sale 104
97 104*8 Trenton G A El 1st g 5s
1049 !fl- S IOOI4 ____ 1011* June'14
9^8 5
99U 9934 99i4
86 100
Sd gold 5a--------- --------...1 9 3 9 F - A
Union Elec Lt A P lst g 6aIIl932 M - S
100 Sep '15
97i2 101
’ 1 2 ___
90 .
Debenture Series B ...........1939 J - J
Refunding A extension 5s. 1933 M -N
89 Mar'15
89
90
•15----9312
8'97g 93*2 Utica Elec Lt A P lst g 5 s .. 1950 J - J 1 G2U ___
l e t Hen equip a fd g 53
1921 M- S 93*g - ­
102U M ar’ 15
90 IO2I4
T 5 ----- 65
65
1st lien 5 0 - y r g term 4a
1954 J - J 70 ____ 65
Utica Gas A Elec ref 5s.
1957 J - J 98i2 ___
98 Aug *15
98
98
22
1
’
1
5
----12
34
1st rel and ext g 4a_______1956 J - J
Westchester Ltg gold 5 s ...I i9 5 0 J D 103*2___ 1033s N o v ’ 15
101 10312
102 :
’ 1 5 ----- 99*4 103*4
Cent Tr ctfs asst paid
Miscellaneous
Do aast part p a id __
Adams Ex coll tr g 4s______194S f<f - 8 85 Sale 8434 85
13 70
84l2
'1
5
----10212
102*2
1021s
N
ov’
15
Cent Tr stpd ctfs asat paid .
Alaska Gold M deb 6s A ____1925
H 4I4 Sale 11414
11 112lg 150
11618
Do asat part paid. .
Armour A Co lst real est 44*a '39 i " - D
94t8 Sale 94
94l2 76 90i2 93i2
107
T O ----- 93*2 109
Eqult Tr ctfs asat paid
Bush Terminal lst 4s...........1952 A - O
87
87i2 88
4 84
SSl2
8834
46i2 Jan T 6 ----- 32*2 50
Do asat part paid__
Consol 5s__ _____
1955 J - J 87
90
1 84i2 90
88
88
T 6 ----- 91 107*4
Eqult Tr atpd ctfs asat paid
Bidgs 5s guar tax ex__ I I I 1960 A - O 8812 Sale 87l2
SSl2 12 83
S8
T 6 ----- 31l2 4834 Chile Copper 10-year conv 7s 1923 M
Do asst part paid.
-N 13234 Sale
133i2 81 111 141
T 6 ----- 99 101*2 Computing Tab-Ree s f 6s 1941 J - J 83 Sale 132
Det i t Cb Ext 1st g 53____1941 J- J 103 ____ 103
83
53 817g 835s
84
80 . . .
80
DeaM olnDlv 1st g 4a____ 1939 J- J
GranbyCons M SAP con 6s A '28 M -N 107i2 Sale 107
55 98 111
108
'1 5 ----- 55
Om Dlv latg 31*8_______1911 A -O -------7612
76*2
Stam ped------------------------ 192s M -N
Sale 107
IO8I4 113 IO2I4 105
7234 Great Falls Pow lst s f 5 s ..1940 M -N 107i2
Tol & Ch Dlv 1st g 4s____1941 M- S 80 ____
T o ----- 68
9934 100
095g
997S
5 97 100
3
5
4U 175
33S
1
834 Insplr Cons Cop lst conv 6s. 1922 M- S 178i2 185l2 180
Wflb Pitts Term 1st g 4s____1951 J-D
19034 21 97 190
33.1 502
2% Sale
Cent and Old Col Tr Co certs
3g 9i2
2*8
5-year conv deb 6s_______19 19 J - J
191
13 94«4 189
Columbia Tr Co certfs
3 >8 3i2 3>4
3g 8*2 Int Mercan Marine 4J*s___ 1922 A - O 10138 Sale 18U2
3 *2 19
10034
10134 63 30U 9712
37g 259
2 i2 314 3
Col Tr ctfs for Cent Tr ctfs .
*8 8
Certificates of deposit
10114 Sale 9934
1017g 2545 33l« 973g
2d gold 4s.......................... 1954 J -D
% Sale
*2 94
*4 1*2 Int Navigation lst s f 5 s ...1 1929 F - A
96i2 99
95l2
99
6 36
93
*8 I 5
Trust Co certfs..............
>8
%
*8 1*4 Montana Power lst 53 A __ 1943 J - J 9678 Sale 9634
97
SI 8S«4 957g
83
8334
83
i
2
S
3*2
1
80*8
85
Wash Terml 1st gu 3}*s___ 1945 F - A
Morris A Co lst s f 4J*s_. 1.1939 J - J
89 Nov'15
89
89
93i2 ____ 91*2 Aug 1 5 ------ 9112 9U2 Mtge Bond (N Y) 4s ser 2__ 1966 A - O
1st 40-yr guar 4s ______1945 F - A
83
Apr
'14
22 54
72
70
West Maryland 1st g 4a___ 1952 A - O 72 Sale 7U2
10-20-yr 5s series 3_______ 1932 J - J 94 Sale 94
94
West N Y A Pa lst g 5s____ 1937 J - J 104 ____ 10378 10 37g 14 1007g 104
N Y Dock 50-yr 1st g 4s___ 1951 F - A
75i2 Jan '16
71
75
8 1*2
1 74*2 82*2 Nlag Falls Pow lst 5s__
8112 82i2 8U2
Gen gold 4s____________ 1943 A -O
1932 J - J 101 Sale 101
101
100 101
25
20 Dec 1 5 ------ 17*8 20
Income 5s_________
,d l 943 Nov
Ref A gen 6 s ............I I a l9 3 2 A - O 1045s .
9Si2
S
S*2
1 96 101
Wheeling A L E 1st g 5s___ 1926 A - O 98 f0U2
Nlag Lock A O Pow lst 5s. .1954 M -N
yo N ov’ 15
891| 91U
9914 Jan 1 6 -----Wheel Dlv 1st gold 5s___ 1928
J 9212 99
Ontario Power N F lst 5s . 1943 F - A
93i2 9514 94i2
94
92>2 95^8
96 Dec 1 5 ------ 92
9634 Ontario Transmission 5s___ 1945 M
94?s . . .
Exten A Impt gold 5s___ 1930 F - A
80
.
.
.
-N
89 Dec T5
89
90
71 Jan 1 6 ------ 49
68
70
73
RR 1st consol 4s________ 1949 M'
Pub Serv Corp N J gen 5s. . . 1959 A - O 9018 Sale 90 ig
90l2
88U 91
90 Apr 1 4 -----20-year equip s f 5s__ HZ 1922 J - J
Ray Cons Cop 1st conv 6S..1921 J - J
127 Dec ’15
103
140
88
Dee
1
5
-----82
89
86l2
88
Winston-Salem 8 B 1st 4 s . . . i960 J - J
Sierra A S F Power lst 5s__ 1949 F - A
92U Feb ’ 14
5 81
8 7*4
88
Wla Cent 50-yr 1st gen 4 s ... 1919 J - J 87U Sale 87i4
Tennessee Cop lst conv 6 s..1925 M -N 121 Sale 1205g
122
H i ' 136 '
8912 8934 89 Jan 1 6 ----- 8 2 12 S934 Wash Water Pow 1st 5 s .. 1939 J - J
Sup A Dul dlv A term 1st 4s '36 M -N
103i2 Jan ’ 14
S t m t Hallway
M anufacturing & Industrial
7 100*8 10338 Am Ag Chem lst c 5s______1928 A -O 10214 Sale 10214
103i8 ____ 103ig 1C 3%,
Brooklyn Rapid Tran g 5S..1945 A
103
99*4 105
79?s 8034 797g Dec 1 5 ------ 7934 85*2
1st refund conv gold 4s__ 2002 J - J
Conv deben 5s__________ 1924 F - A 977g Sale 9734
98
92
97*8
42 98*g 101
1C l
6-year secured notes 5s__ 1918 J - J 100?8 101 10034
Am Cot OH debenture 5s__ 1931 M -N
9634 sale 96U
9634
91
98
4 100*4 102
1C 178
Bk City 1st con 53. . 1916-1941 J - J 102 ____ 1017g
1033g Sal6 10338
10312
MS
10012
104ts
1
4
-----98
Apr
9H4
____
M
-N
Bk Q Co A 8 con gu g 5a.. 1941
88
88*2 88i2 Jan "16
A -O
80
89l2
101 Mas 1 3 ___
Bklyn Q Co A 8 1st 5s___ 1941 J - J
F - A 110i2 115 112
11478:
103*s 11512
1C 3^2
Bklyn Un El 1st g 4-5S...1950 F - A IOOI4 Sale 100i4
98*4 101*2
S98ig Sale 98ig
J - J
9814i
92l2
98U
2 98 101*4
Stamped guar 4-Ss____ 1950 F - A 100 ig ____ 100i2 1C 3*2
118
A
119>2 Deo ’ 1 5 ------ 115 121*8
S
84 ____ S378
1 1 79
Kings County El 1st g 4a. 1949 F - A
83*2
Registered________
"""19 4 4 A 12134 May’ 14
8312 8412 83 Jan 1 6 ------ 79
Stamped guar 4s______1949 F - A
82l2
Gold 4s...................... H U 1951 F ------- 94
94 N ov’
7 *'2
94
98*8
Nassau Elec guar gold 4s. 1951 J - J 75i2 8ale 75l2
2 73
78
Registered___________ 19 51 F 98 June’14
S 734 39 923* 97*g
97*g Sale 97U
Cslcago Rys 1st 5s________ 1927 F - A
J 71 Sale 68ig
71
617s '7 0 "
9 )^2
Conn Ry A E lot A ref g 4Hs 1951 J - J 99?8 ____ 99l2
^
M-------IO6I4 106 Dec ’ 15
100*4 106i2
Stamped guar 44*8........... 1951 J - J 9912 ____ 96i4 June 1 4 -----IO314 Sale 10314
J 103i2
76i4 Sale 75i2
98*2 103
7 3*2
Det United 1st cons g 44*e--1032 J 4 6534 79
lst A ref 5s uar A___ H I 1942 M
1023g sale 10214
10234
85*s 102*8
Ft Smith Lt A Tr 1at g 5s. . . 1930 M - 8
84 Jan 1 4 ----lOltg Sale 101 ig
10134
A 967S 1017g
Grand Rapids Ry lst’g 5 s...1910 J - D 100 ____ 100 June 1 4 ___
F------ 9Si2 97s4 Jan T6
8634 90
97*4 97*4
Havana Eleo consol g 5s___ 1952 F - A
87 Jan 1 0 ------ 87
87
99
M­
99 100ig 99
94*4 98**
find A Manhat 5s 8er A __ 1957 F - A
74 Sale 73i2
73 70
7
797g
96
9634 9634
lst 25-year s f 5s ___ H I 1934 M
92
97
Adjust Income 5s__
1957
3058 Sale 30i2
169 24*2 33*4
3
102<g Sale 102
10214
A95 1017*
N Y A Jersey 1st 5s___ IIl932 F - a ____ 102
00i4 Dec 1 5 ------ 100 100*4
717g Sale 70
72
A401* 75
75'4 Sale 75i4
82 73*4 79*2
Interboro-Metrop coll 44*s.l950 A -O
7
1027g Sale 102]2 1027g
J 84 104!**
g J*2 213 96*4 9934
Interboro Rap Tran 1st 5s ,.i906 J - J 9938 Sale 993s
-------85
87l2 July'14
J L.snbat Ry (N Y) eons g 48.1990 A - O
91
92
91 Jan 1 0 ------ 82
92*g
79
79 Sale 79
F74* *79*
9
Stamped tax-exempt___ 1990 A -O
92lg 9212 92
1 85
93
1043g
Debenture 5s___________ 1952 M ­ SI0414 Sale 10334
101 100
Metropolitan Street Ry—
9II4 913g 91 *2
A 92
827*
921*
Bway A 7th Av 1st 0 g 58.1943 J - D 100U ___
99i2 Jan 1 0 ------ 97*2 101
1 0 15g
M -N 1 0 1 og gale 1 0 1 12
99 102*8
Col A 9th Av 1st gu g 6s. .1993 M- S ____ 100
100
10
1 94 100
*103
100 Oct T3
J 9934 Jan 16------ 98*2 997g
Lex Av A P F 1st gu g 58.1993 M- S ____ 100
it Paper Co 1st con g 63__ 1918 F 102 Sale 102
102
99*4 1021*
80 Mar 14-----W S El (Ohio) 1st g 4 s ..1938 F - A
Consol conv s f g 5s______193, J 82
81
82
8312
78*4 84
MIlw Eleo Ry A Lt cons g 6a 1920 F - A lOUs . . . 101 Jan 1 6 ------ 101*8 101*8 i
M75 Jan T 6
70
1 5 ------ 92*g 925s
Refunding A exten 44*8.-1031 J - J ____ 94
Certfs of deposit.
*77” ~ f f i - 77
77i2
77
1 5 ------ 100*2 100*2 I
MlnneapSt 1st cons g 6s___ 1919 J - J 100 ____
98l4 9S3, 98U
A983g
9S*s
Montreal Tramways 1 st A ref
lst con5s Series A _ .111111950 M 95 Sale 94>2
973g
97
____
95
15-----90
94*4
I
80-year 6s 8er A_________ 1941 J - J
Iggett A Myers Tobac 7sIIl944 A -O 125 Sale 125
126
121*4 126
85
78 :
5 ----- 78
78
Wew o n Ry A Lt gen 4 4*s__ 1935 J - J 79
inr. I F 0 3 ------------------10134
102
102
99** 102l2
152 68
W Y Rys 1st R E A ref 4s 1942 J - J 7478 Sale 74l2
74*8 ILorillard Co (P) 7sIIIIIIIIl9 44 A - O 125 Sale
125
Sale
126
119
125
5912 Sale 57's
\9 643
30-year adl Inc 6s_______nl942 A -O
97
57*2
5s---------------------------1951 F - A 101
101
1 0 1 lg
9S*4 102
S434 ]
N Y State Rys 1st cons 44*8.1962 M- N 8584 86
5 ------ 84
83
J texlcan Petrol Ltd con 6a A 1921 A - C 112 Sale
116
Sale 112
95** 123
Portland Ry 1st A ref 6s
1930 M- N 94i2 99
95 ]
5 ------ 95
99*8
lst lien A ref 6s series C__ 1921 A - O 112 Sale 112
112
95 124
Portld Ry Lt A P 1st ref 5s. 1942 F - A ------ 80
80 1
5 ------ 80
80
f
9614 9734 9734
J -D
9734
97
Portland Gen Elec 1st 5s. 1935 J - J
100 ]
5 ------ 100 100
*
84
83 June’ 15
J - J
90
85
St Jos R y. L, IIA P 1st g 5s. 1937 M - N
98 ;
) 8 ____
1003g 10 1 100%
M -N
100*8
102
8t Paul City Cab cons g 5a.. 1937 J - J 10 1 . .
100 8ep 5 —
100 100
J
105
10514
1053s
M
N
10oi2
104
25 78
83
Thi'!?.^ V0 lstref 48------ .-..I9 6 0 •» - J 8278 Sale 8238
85*8 S
AdJ Inc 5s_........................al960 A - O 8178 Sale 8012
8177g 137! 7 5
82
997g sale 997*
Latrobe Plant 1st s f 5s. 1921 J 100
0 514 100
P M . Avf RF 1 st g 5s.............1937 J - J 106 107 106
5 10412 107*2
106
9414 9434 94l2
Interocean P lst 8 f 5s ...1 93 1 A -O
94l2
90
95*2
Tri-City Ry A Lt 1st s f 5 s.. 1923 A -O
9912 Sale 987s
12 19 9434 9914 F
97U
Sale
A
96>2
17S
9714
90*i 97*4
Undergr of London 4 4*s___ 1933 J - J
4 ____
95i2
97 Sale 9678
M -N
97
89
97
Income 68__
1948
69 Sale 69
101 70
69
7014 T
105 Sale 105
J 10514
971* 106
84
8 ____
RnJ?^Ewev (Chlo) YstVs's” 1949 A
78 . . .
J 80 Dee ’ 15
76
80
74 *
5 —
fr ^ £ ya Inv 58 p Rts las. 1926 M -N ------ 76
05
75
*78 . . .
Stamped.........................I I 1930 J 91U Jan ’ 13
United Rys 8t L 1st g 4s___ 1934 J - J ------ G4
64
5—
60
64
L
7U2 73
J
711
2
721
8
65
77*2
583s 59
St Louis Transit gu 5 s ... 1924 A -O
?8
4, 59»s 59*2 l
5978
------ 20l2
23 Deo '15
J
20
30*2
United RRs San Fr a f 4s
1927 A -O
45 Sale 45
40
55*8 1
J - D 10314 Sale 103's
103U
101** 103*8
va Ry A Pow 1st A ref 5 s ... 1934 J - J 91
2 44 82
91>2 91
91*2 U S Steel Corp— /c o u p ___ dl963 M - N IO4I4 Sale 10418
104i2
997* 105
Ga« and Electric Light
8 f 10-60-yr 5 s lr e g ____ <11963 M - N
104ig
105
99*4 105
Atlanta Q L Co 1st g 5s___ 1947 J -D 103 ___ 103 Sep 5 ------ 103 103
V »-Car Chem 1st 15-yr 5s. 1923 J -D
99>4 Sale 99
9914
89
99
0 ------ 103 105
Bklyn Un Gas 1st cons g 5s. 1945 M -N 105is ___ 105
Conv deb 6s......................el924 A - O 103 Sale 102'2
10314
95*4 1037g
Buffalo City Gas 1st g 5s___ 1947 A -O
64 J une 3 ____
est Electric 1st 5s D ec.I" 1922 J
102U
Sale
102
102U
100*4 102*4
Columbus Qas 1st gold 5s
1932 J
90 ___
97 Feb 5 —
97
97
w estlnghouse E A M s f 5 s Il931 J - J
105 Dec '15
897* 105*4
Consol Gas conv d eb 6s _.Il920 Q - F 125i2 Sale 125U
12 2 62 109*8 127
Conv s f 5s (las of 1915) .1931
136 138 13434
1363g
109*8 1491*
3 ------ 99*2 101
Detroit City Gas gold 5 s.H I 1923 J - J 102U 103 10U4 Jan
10-year coll tr notes 5s___ 1917 A - O 101U . . . 101i2 Jan T6
98*4 101**
99
Detroit Gas Co cons 1st g 5sl 1918
9Si, N ov 5 ------ 98*2 98*2
C o a l & Iro n
Detroit Edison 1st coll tr 5a. 1933 J - J 103i4 Sale 103 >4 10 1
2 IOU4 103*2 B
92
93
J -D
92 July’14
Eq G L N Y 1st cons g 5s. . . 1932 M - S
lOOij May 5 ------ LOOij 100if
Debenture 5s________IIal928 M- 8 92 Sale 92
92
88
Gas A Eleo Berg Co c g 6s 1949 J -D 100
100 Feb 3 ----9212 94
95
95
F -A
95
Hudson Co Gas 1st g 5s___ 1949 M -N 102 ____
5 ------ 01 103*2 C
F - A 75
76
76
76
80
Kan City (Mo) Gas 1 st g 5s 1922 A - O
91 . .
2 ............... c
18 ____ 73 M ar’ 14
J -D
Kings Co El L A P g 5s..........1937 A - O 1025s 104
5—
02 104*4 C
97
J - D 93
93
93
88*4 92*8
Purchase money 6s______ 1997 A -O 115 1157 .
5—
13 115
C
F -A
99>8 Feb T4
Convertible deb 6s___
1922 M - 8 117
A - O ____ 9434 1025* Apr ’06
Convertible deb 6s______ Zl925 M - 8 125*2 128
—
15 120
K
90 July 15
J - J
90
90
Ed El 111 Bkn 1st con g 48.1939 J - J 87i2
86*4 88
P(
89
8914 89'4
J - J
89U
85*4 89*4
Lao Gas L of St L 1st g 5s..«1919 Q - F 102 Sale* 1017g
id 00*4 101*2 St
88i2
Sale
J
J
88
!2
881
2
82
84*2
Ref and ext 1st g 5s............1934 A - O 10Ua 10 134 101
2 97 101*2 T<
J - J 10212 Sale 102*4 10234
100 103*8
Milwaukee Gas L 1st 4s____ 1927 M -N 917g 923g
90
92*4
Blrm Dlv lst consol 6 s ...1917 J - J 10134 Sale 101*8
101*4
997* 102*4
Newark Con Gas g 5s______ 1948 J - D 103*2
—
1 03 1033g
Tenn Dlv 1st g 6s______a!917 A - O 101*8____ 101*4 Jan '15
100*4 102
N Y G E L H A P g 5s............194,8 J - D 104l2 Sale' 104i2
3 ] 01*8 105
Cah C M Co lst gu 6s___ 1922 J - D
101
Dec
’
14
Purchase money g 4s______1949 F - a 85i2 86
85i2
9 80
857g VI
73 Apr '14
J - J ____ 75
Ed El III 1st cons g 5s_____1995 J - J 107 ____ 107 1
—
j 06*4 107*2 Ve
89*2
M- 8 89>2 Sale 89*2
82
0OI4
NYAQ E! L A P 1st con g 5s. 1930 F - A 101 *4 10U2
99 101*2
Telegraph & Telephon
N Y A Rich Gas 1st g 50__________1921M -N
____.
1 Telep A Tel coll tr 4 s ... 1929 J - J
92i8
Sale
91,2
92i4
86*2
91*2
Paclflo G A El Co Cal G A E
Convertible 4s_________ 1930 M - 8 100i2 ____ 100*2 Jan ’ 16
91*4 101
Corp unifying A ref 5s___ 1937 M- N
98 Sale
983g 62 91
97*2
20-yr convertible 4 > * s .H '1933 M
107 Sale 107
108
96 109*4
Pao Pow A Lt 1st A ref 20-yr
Ce
J -D 10U2 ____ 102
102
98**
102*8
5s Intornat Series
1930F - A
-- -.
J8*i 91
Co
88*4 June'14
Q - t ------ 80
Pat A Passaic a A El 5s____ 1949 M- S 100
—
>9*2 9934
Registered____________ 12397 Q - 1 ___ 74
79 Apr ’ 14
* e 2 p C l a a A C 1st cons g 6s .. 1943 A -O 115's
114
------1 10 1 15
Cu
J - J 9914 9934 99*4
99*2
95
09*2
Refunding gold 5 s . ..
1947 M- S 101*8 ioi34 102 Jan
—
9978 1025a Kc
95i2 ____ 95 N ov’ 15
J - J
95
95
Registered................ I l l 1947 M- S
99
10U2 ___ 101*2 N ov’ 15
M -N
100
101*3
G*1
Gke lst gu g 5sZl937 J - J 102*8 103 1023g
i 1 91 103
M
F - A 100 Sale 100
100*4
97*4 100
Go? G C$Lof Chl l8t *** * 5s 1930 J - D 101 102*2 101 Jan '16 —
)97g 101*2 N Y A N J Teleohone 5s g__1920 M - N IOII4 ___ 101*2 June'15
101*2 101*2
Ind Nat Gas A Oil 30-yr 5sI93H M- N
93 Mar'12
Y Telep 1st A gens f 41*8-1939 M- N 987g Sale 98*8
9S78
94
99
lst 8U * 6 a ..1947 M- N 1003s lODs 100ig N ov’ 15 —
99*2 100*8 Pa
100*4
J - J 100*8 Sale 100*8
94*4 100
Philadelphia Co conv 5s____ 19 19 F - A 90i2
96>4 Jan '16 —
15 890
80
J - J lOOU Sale 100*8
100*8
96*4 100
Conv deben gold 5s______*1922 M- N 90 “ 92 " 91 Dee '15
1
91
W<
J - J 5101*8 Sale 101*8
101*4
95 101*2
S ’and Gas A El conv s f 6S..1926 J - D 99*4 Sale 993s
10U2 46 i<“ *2 98*2
96
95*8 Sale 947g
M -N
88** 95*2
Syracuse Lighting 1st g 6 a ..1951 J -D 1001s 100** 9934 Jan '16 —
19*2 100
M -N
104 June’ l l
Syracuse Light A Power 6s. .1954 J - J 84
“ 85i2 June'12
92 ig ___
J - J
90*i M ar’ 16
90*2 90*a
• No prloo Friday; latest bid and asked. aD ueJan. d Due April. « Due May. dDueJune. ADueJuly. tD u eA u g . « Due Oct. r Due Nov. 1 Due Dec. tO p tloi ,ale.




BOSTON STOCK EXCHANGE— Stock Record

336

SHARE PRICES—NOT PER CENTUM PRICES.
M onday
J a n . 17.

S a tu r d a y
J a n . 15.

*106%
•99*2
191
85*2
*130
38
*230
*434
*40
*5
*

1
|

T u esd a y
J a n . 18.

W ed n e s d a y
J a n . 19.

T h u rsd a y
J a n . 20.

Friday
J a n . 21.

S a les
o f th e
W eek
S h a res.

106% 106% *106% 107 *106% 107 *106% 107
L a s t S ale 99*4 Jan’ 16
99*2 *98% 99
99% *99
*99
192 192*2 192 192
191 192
191% 192
191 192
8734 8734
88
88
86*2
88*2
87
85*2 86*2 86%
130 130*2
130% 130% *130 134
*130
*36% 3*6"%
37
36
37
37% 36
37*2 37% 36
230 230
233 233 *230 235
*230
434 434
*134 5
*434
5
*4%
5
*40 ___
40
40
*40
*40
Jan’ 16
L a s t S a le 5*2
__
*5
*5
*5
__
*
45
45
44
44 *
45 *
45
L a st S a le 160 Sept’ 15
154%
15478 *
154% *
154% *
105% 105% 105% *105 105121 *105 105*2 105 105
If,6" 160 ~
160 *154 160 *155 163 *158 165 *156 160
79
78*2 79
77*2 78
77*2 77% 78
77
77
77
125 125%
___ *124 —
124% 12434 *124
125 *124 125
87
87
89
*86
89
*86
87
87
89
*86
89
101% 101*2
102 102
102
102 102 *101*2 102 *10 1 102
Dec’ 15
L a s t Sate 6
*6*2 7*2
*6*® 8
*6*2 8
35
35
35
35% 35
35
35
35
35
35
35
74% 7234 74
74*2 73
74
75
76
75
75% 74
___ *98 —
*98
97% *97
98
98
153 153
156 156
156 156
152*2 153 153
30
*26
29
30
*26
*28
29
30
*28
138% *13738 138
137*8 137% *136% 137 *136 136*2
L a s t S ale 83*4 Jan’ 16
120 120
120 120
120
118*8 118*8 *119 120
66*2
67*2 66*2 66*2 66
66% 66*4 66% 66*4 66*2 66
82*2 84
82
82
82
82
82
82
83
81
81

107%
99%
192
85*2
133
38
232
5

*

105%
*153
77
*124
*85
*1 0 1 %
*6%
35
75%
*97
152*2
29
*138
*118
66*4
•81

68*2 69
70
70*2 70*2 70
97*2 98
97% 98
97*2 98
2%
*2
2% *2
2
2
14
14
14
14
13% 13l2 *13*2 14
114 114*2 114 114
114l2 115% 115 115
117 117*2 117% 117*2
117*2 118
117*2 118
127*4 127% 127*2 127%
127% 128*8 127% 128
47% *52% 52%
45*4 45% *44% 45*2 46
97
*97% 97*2
9334 94
94
94*2 94
67
67
67
67
67
67
*98% 100*2 *98*2 100*2 99% 99% 166 100
30
31% 30
30*2 2934 30*8
44% 45%
44*2 45
46
45
47% 45
11
11
11*2 13% 12*2 13% 12% 13
244 244% 244 244
244 245
244 245
174% 177
175*8 175% 173 174
*100 101% 166" 101
100 100 ■100
85
85*2
85*4 86*2 *85*4 86**4 85*4 86
*86
87
86
87
86
86
87
86
172 172
170 172
172 172
"169 171
*1% 2% *1*2 2% *1% 2%
*15
16
*15
16
15
15
L a st Sale 40
Dec’ 15
*43
*43 . . .
L a s t S ale 36
Jan’ 16
___
30
►
____________
30 30"
L a s t Sale 58
Jan’ 16
___
55
►
____________
55 55
132% 133
132% 13234 132*4 13212 *132 133
165*2 166
167 167
170 170 '168 169
*1534 16
*15% 16
*15*4 16
126 127
126*4 126*2
126 127
126*2 127
38
38
38
38
37*4 38*8
*29*2 30
*29%
30
30
L a s t Sale 1
Jan’ 16
*1
1%
13834 140
138* 14034 138 139
146*2 149*2 140*4 141
54% 55
54*2 55*4
5534 56
55% 56% 55*2 56
29
29
29
29
29
29
29
29
29
29
83% 84*2
85*2 83% 85
85% 86*4 85*8 85*4 85
117% 117*2 '117% 117% 117*2 117% 117*2 117% |
118 118
10% 11 |
11
11*4 1034 11
11%
11*8 11*2 11

7012 70
71
99
98*s 9834
2 l2
2*4 2*4
14
13*2 13l2
115 *1141® 115
117*2 117*2 118
128*2 128 12814
46
45*4 *45
9334 9312 94
67
67
67
*9812 100
29
3134
*28" "30"
42
42
43
47
11
10*2 11% 11
244 244
244 244*2
17534 178
17212 175
*99 100
100 100
86
86
85*4 85*4
*86
87
87
87
170 171
•170 172
*1*2 2%
2*4 2*4
*15
16*2
16
16
*43 -----*43 . . .
■ 30
*
■ 55
•
132 133
132 132
167 167
167 171
•15*4 16*4 1578 15%
125*2 126*2 126*2 127
35*2 35*2 36% 36%
2934 2934 1___
30
_ _

*69
*98
*2*4
*13%
11434
117*2
128*8
*44
9334
67

146*2
5512
29
86*8
*117*2
11*4

14734
5534
29
8684
118
11%

70*2 70%
97% 98

2*4
*2
2*4
2%
97%'
9534 97% 96
2512
25% 25*8 25% 1 25
25
1*2
1%
1%
1%
1%
1%
65
65
6534 66
65% 66
66% 6734 66% 67% 66% 68*2
9
9%
9% 9*2
9*4 9*4
3
3%
3
3*8 *234 3
76
77
77% 74% 76
76
69%
69
69% 70
6914 70
555 558
557 560
556 558
1734 1734 17*2 17*®
*17% 18*4
54
*54% 54% 54*2 54% 54
63% 63*2 62*2 63*2 62% 63%
*3% 3%
3*4 3*4
3*4 31®
15*4 1534
IS*® 15% 15*8 15%
10
10
9% 10
*9% 10
86
86*4
85
86
85% 86
49
48
47*2 47%
49
48
*18
*17*2 IS
18*® 17*2 18
*26% 27*8 *26% 27*8 *26% 27*8
5% *5
5*2
5*2
47
47*2 47
*47
48
*47
89% 90
90
*89
90
*89
29
29
28% 29
28*8 29
4% 4%
4*2 4% *4% 4%
3% 3*4
*3
3*2
3*2 *3
18*4 19
18*2 18% 18*2 19
5
5
5*4
5*4 5*4 *5
3% 3%
3% 3%
3*2 3*2
13
*12% 13*4 13
12*4 12%
*334
4
4
334 4
4
38
*38
38*2 38
38*2 *38
*134 2
2
2
*17g 2
91*2
91
92
91*2 91
91
*15% 1534 15*4 15*4 *15*2 15%
9
9% 10
9% 934
9*4
23
19
1634 17*2 193i
14
7%
*7*2 7%
T'As 7 A t
7 At
29% 29*2 29% 29% 29*2 29%
2*®
*2
2% 21* *2
2*2
2
2%
1*2 1 %
1*4
1%
4
3*2 3*2
3*2 3*2 *3*i
65*2
65% 65*2 6534 65^4 64
85
86
85
*85
86 ♦
14*2 1434 14% 14*2
*14*2 15
88
88*4
87*2 88
*88*2 89
24% 24% *2434 25% 2434 25
64
62
*63
64
63*2 64
3% 3%
3*2 3*®
3*2 3*2
9% 9*4
9*8 9*4
9% 934
33% 34
32% 33*4 33*8 34
7% 7*?
7% 7%
7% 7%
*25% 26
27
26
26% *26
1% 2 A ,
1% 1%
1*4 1%
53*2 53*2
54 % 55
54
55
11
11
11
11*4 10% 11
.1?
.16
.25
.20 .27
.20
59*® 58*2 59%
58*4 58% 58
50*8
50*2 50
50*8 50% 50
3% 31?
3% 3 A t
3% 3%
13*2
13
12*2 12% 12*2 13
*79% 79% 78% 79*2 78*2 79*a
*3
3%
3
3
3% 3*
4% 5
4*2 5
4*2 4%
61% 61% 60*2 61*1
61
61
2*2 2*
2% 2*2
2% 2%
2%

2*2

• Bid and asked pries,




a

Railroads
70 Atch Topeka & Santa Fe--100
Do pref_____________ 100
245 Boston & Albany________ 100
513 Boston Elevated_________ 100
56 Boston & Lowell_________ 100
372 Boston & M aine_________ 100
23 Boston & Providence_____ 100
100 Boston Suburban Elec Cos__
10 Do prel________________
Boston & Wore Electric C os..
16 Do pref_____________
Chic June Ry & U 8 Y __ 100
20 Do pref_____________
14 Connecticut River_______ 100
158 Fitchburg pref___________ 100
345 Georgia Ry & Elec stainpdlOO
35 Do pref_____________ 100
47 Maine Central___________ 100
Mass Electric Cos-------------100
137 Do pref stamped____ 100
1,244 N Y N H & Hartford.........100
7 Northern New Hampshire. 100
109 Old Colony______________100
6 Rutland, pref___________ 100
20 Union Pacific____________ 100
Do
pref_____________ 100
132 Vermont & Massachusetts. 100
351 West End Street_________ 50
pref______________ 50
75 Do

Range for Year 1915.
Highest.

[V o l . 102
Range for Previous
Year 1914.
Lowest.

92% Feb 23
97 Jan 15
M ar 5
Junel6
Feb 26
Feb 13
Jan 5
Dec 31
Sep 21
Nov24
Jan 20
. Feb 13
101*2 July 9
140 Feb 25
51 Feb 9
114 Apr 20
84 Aug 10
92 Mar 4
4% June 7
33 July21
43 Feb 25
89 Oct 1
140 Aug 3
15 M arl7
116*2 Jan 4
79% M a rll
105 Feb 9
61 M ayl5
80 July 1

88% N ov
109% N ov 1
97% Jan
101% N ovl9
198 Jan 12 175 Nov
77 May
96 Jan 5
138% Oct 27 150 Dec
30*2 July
37% Oct 11
240 June26 225 May
7 Mar
10 Mar24
50 July
56 Mar23
9 Sep 1
35 July
47 Julyl5
160 Sep 9 160 Mar
110 Apr 21 103 Dec
165 Jan 12 162 N ov
75 July
76 N ov 5
120 Feb 6 115% Dec
83 Jan
_M ar 3
88
90% Jan
103*2 N ovl6
9 Apr
10 Sep 24
56 Jan 6
54 Dec
49% July
87% Oct 11
98 Apr 29 100 May
157 Apr 9 140 July
30 Nov23
19 May
141% N ovl9 110% Nov
82 Apr
81% Oct 26
125 Apr 20 115 Jan
65 Nov
72% Jan 25
93% Feb 4
82 Dec

Miscellaneous
Amer Agricul Chemical— 100 48 Jan 5
Do
pref_____________ 100 87*2 Mar25
1% M arl 7
Amer Pneumatic Service.. 50
Do
pref______________ 50 13 Dec 20
Amer Sugar Refining------- 100 100 Feb 24
Do
pref_____________ 100 109 Feb 5
Amer Telep & Teleg--------- 100 116 Jan 4
16*2 Apr 6
American Woolen tr c t f s -----77 Feb 5
Do preferredtr ctfs .
59% Jan 20
Amoskeag Manufacturing-----97*2 May25
Do pref-------------------4 Feb 24
Atl Gulf & W I S S Lines. 100
9% Marl2
Do
pref_____________ 100
8*2 Dec 2
East Boston Land________ 10
Edison Electric Ilium_____100 230 MaylO
General Electric_________ 100 138% Feb 26
McElwaln (W H) 1st pref. 100 96% Aug 25
78 Apr 8
Massachusetts Gas Cos__ 100
Do
pref_____________ 100 81 N o v l6
Mergenthaler Linotype__ 100 154 Feb 8
% Apr 20
Mexican Telephone______10
Mlsslaslppl River P ow er..100 10 June 4
Do pref_____________ 100 35 Feb 23
20 Apr 15
New Eng Cotton Yarn___ 100
Do pref________
100 25 July 1
160 New England Telephone.. 100 zl27% Juncl6
369 Pullman Company______ 100 150 Feb 24
5 Reece Button-Hole________ 10 15 Sep 27
566 Swift & C o...........................100 104% Jan
721 Torrlngton_______________ 25 28 Mar 8
Do pref______________ 25 26 Mar25
40
.95 Jan 18
Union Copper L A M ______ 25
2,649 United F ru it____________ 100 110 Feb 25
6,209 United Shoe Mach C o rp .. 25 48 Aug 17
Do pref______________ 25 28 Mar27
836
38 Feb
2,149 U S Steel Corporation___ 100
Do pref_____________ 100 102% Jan 27
251
7,399 Ventura Consol Oil Fields. 5 10% Dec 29

73% N ov 8
47% Jan
89 Dec
101*2 Nov20
2 Dec
4% Oct 25
19% Jan 9
17 Jan
97% Mar
119% N ov 5
119 Dec 8 108 Mar
130*2 Nov 4 112 Nov
14 Mar
57*4 Oct 20
72% Mar
99% Oct 4
57% Dec
67 Apr 23
97% June
101 Feb 6
5 Feb
36 N ov 4
13% May
49 N ov 4
13% Apr 5
9*2 Dec
260 Jan 22 234 Nov
184% Oct 4 137 Dec
98*2 Nov
104 Mar29
76*4 Nov
94 Aug 5
85 Nov
92*2 Jan 28
200 Jan 4 200 Dec
2% May
3 Sep 10
18 July
10% Dec 21
55 June
46*2 Jan 26
20 Apr
30 Nov26
38 Dec
65 Dec 2
143 Jan 29 128 Nov
170 Oct 23 148 Dec
16 Jan
18% Jan
128 N ovl6 101% Nov
27 Feb
36*2 Dec 28
27 Mar
30*4 Sep 8
.95 Dec
1% Apr 21
163 N ovl7 xll3 Dec
52% Dec
65 May 24
28 Jan
30 Aug 31
48 Dec
89% Dec 27
117% Oct 30 103% Dec
14% N ovl7

210
326
130
235
310
225
3,402
50
340
672
200
5,598
7,469
9,345
419
392
147
399
253
35
5
107

Highest
100 July
101% Feb
195 Jan
101% July
179 Feb
55 Jan
255 Jan
7*2 Feb
60 Jan
40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
88% Apr
99 Mar
14 Jan
66% Jan
77% Jan
112 Feb
165 Jan
30 Jan
163% Jan
85 Jan
130 Feb
75 Jan
95 Mar

Mining
1 Apr
4% Apr 22
1 Jan 22
25 Adventure Con___________ 25
*2
238
703 Ahmeek__________________25 92% Dec 13 103 Aug 27 239% Apr
97*®
96
19 July
40% Apr 22
2334 243s 5,585 Alaska Gold_____________ 10 21*2 Dec
% Dec
4% Apr 22
45 Feb 10
205 Algomah Mining__________ 25
1^8
34% Jan
66 Dec 28
66
68*2 2,945 Allouez___________________25 35% Jan
12% Nov
72% Nov26
16% Jan
6734 69*8 15,936 Amer Zinc, Lead & Smelt- 25
2% Nov
9*2 Apr 22
3% Jan
8% 9*4 5,895 Arizona Commercial______ 5
1 Nov
4% Apr 22
2 Jan 16
3*4 3*4 2,380 Butte-Balaklava Copper.. 10
24 N ov
80 June 4
35% Jan
7434 75*4 10,860 Butte & Sup Cop (Ltd)__ 10
53 Dec
6834 70% 3,369 Calumet* Arizona_______ 10 51% Feb 23 78% Apr 26
157 Calumet & Hecla_________ 25 350 Jan ' 630 Apr 22 350 Dec
558 562
14 Jan
15 Jan 12 25 Apr 22
35 Centennial_______________ 25
*17% 18*8
57 N ovl7
30% Dec
248 Chino Copper___________ 5 32% Jan
53*8 53%
29 Dec
30 Jan 13 65 Dec 28
2,384 Copper Range Cons C o__ 100
62*4 64
5% Apr 22
1% Nov
1% Jan 21
640 Daly-West.............................20
*3*2 4
8 Dec
8*2 Jan 5 16*2 Dec
15*4 3,880 East Butte Copper Min__ 10
15
2 Nov
4*2 Feb 5 14*4 Apr 22
713 Franklin__________________25
9*2 10*4
60 Deo
58 Jan 7 94*2 Apr 27
84*2 8534 2,045 Granby Consolidated____ 100
21% Apr
060 Greene Cananea_________ 100 23% Feb 1 52% Dec 28
47
47*2
11 Dec
11 Jan 18 24*2 Apr 29
464 Hancock Consolidated------25
17*2 17%
28 July
29%Jan
19
26*2
Oct
27
50 Hedley G o ld --------------------- 10
26% 27
3 Apr
10% Apr 22
2% Jan 21
140 Indiana Mining___________ 25
512 5*2
44*2 Dec
160 Island Creek Coal________ 1 41 M a rl8 52 Aug 17
47*2 48
81
June
91%
Apr
27
85*2
Jan
5
‘
80 Do pref-----------------90
*89
16 Dec
17% Jan 11 34 Apr 26
730 Isle Royale Copper-------------25
29
29
3% Mar
5*8
Apr
20
3
Aug
3
545
Kerr
L
ake______________
5
4*2 4*2
4*2 Apr 26
2*8 May
1*2 Aug 23
425 Keweenaw Copper-------------25
3
3*8
4% Nov
5%Jan 27 19% Dec 2b
18
18*4 1,141 Lake Copper C o----------------25
3
lX ,T ) e c
9
Apr
23
3%
Jan
7
215 La Salle Copper.............. - 25
*5
5*2
5 Dec 27
1*4 Dec
1 M a rll
3,520 Mason Valley Mine--------- 5
4
4
2
Mar
17
Apr
22
3
Jan
11
Mass
Consol_____________
25
760
12 % 13
3% June
8 Apr 22
3 Aug 16
450 Mayflower________________25
*3% 4
16% Dec
613 Miami Copper----------------- 5 16% Jan 2 38% Dec 31
3738 38
.50 July
3 Apr 22
.60 Mar 1
178 1,000 Michigan_________________25
1'8
39 Apr
1,288 Mohawk__________________25 46%Jan 15 98 Dec 20
90
91*4
10
Dec
17
Apr
27
11%
Feb
24
Nevada
Consolidated____
5
76
153*
*15%
1% Jan
14*4 June 7
4*2 Feb 24
590 New Arcadian Copper___ 25
9*4 934
4 June
4 July 10 13% Aug 7
32,507 New Idrla Quicksilver___ 5
18*2 22
5 July
8% Nov29
5% Aug 9
255 Nlplsslng Mines_________ 5
*7% 734
19% Dec
22% Jan 25 38% Apr 20
28% 2938 3,076 North Butte____________ 15
.95 Apr
4% Apr 23
1 Jan 28
85 North Lake_____________ 25
2*4 2*4
% Apr
3*2 Apr 29
.50 Mar 4
*2
2*2 3.070 OJlbway Mining___ _______25
258 Nov
7% Apr 22
2% Nov29
500 Old C olony______________ 25
♦3
3*2
44 Deo
6334 65*2 1,115 Old Dominion Co_________ 25 38% Mar 8 64 Dec 21
64 Dec
387 Osceola___________________ 25 64 Jan 28 93*2 Apr 22
85
83
12% Deo
350 Pond Creek Coal__________ 10 12 Jan 7 19% Aug 13
14% 14%
617g Dec
95
Apr
22
50
Jan
16
Quincy___________________
25
247
90
87
15 Deo
27%
N
ovl7
590 Ray Consolidated Copper. 10 15% Jan
24%
24
28 Dec
65*2 Dec 28
325 St Mary’s Mineral L and.. 25 28 Jan
65
64
1 Jan
5
Oct
22
1
M
arl7
Santa
Fe
Gold
&
Copper—
10
1,790
3*4 33s
4 Nov
4 Jan 15 11% Apr 26
9
9*2 3,730 Shannon________________ 10
18 Dec
38 N ovl7
32% 33*4 7,920 Shattuck-Arlzona________ 10 18% Jan
7% July27
5% N ov 3
620 South Lake______________ 25
7*4 7*4
22 Nov
41*2 Apr 26
230 Superior__________________25 22*2 Jan
25
26
1% Nov
4*2 Apr 29
1
Mar
3
Superior
&
Boston
Copper.
10
5,248
2*8 2*4
24*2 Dec
58%
Aug
18
53*2 6334 1,276 Tamarack________________25 25 Jan 4
2% Nov
15% Oct 13
2% Feb 11
1 1 % 5.070 Trinity___________________ 25
11
.63 Apr 14
.23 Dec
.20 Jan 2
.19 22,150 Tuolumne Copper________ 1
.16
24% Dec
57% 59*4 23,107 U S Smelt, Refln & M in .. 50 20 Feb 25 54 Dec 21
40% Apr
Do pref______________ 50 28 Jan 15 50*2 Dec 28
50
50*2 2,111
5% June 16
1*4 Nov
2 Jan 2
3*2 3*8 3,840 Utah-Apex Mining_______ 5
16% Junell
8% Jan
9*4 Feb 26
14*2 2,013 Utah Consolidated_______ 5
14
45% Nov
500 Utah Copper Co__________ 10 48% Jan 6 81% Dec 28
78*2 79*2
1 Mar
4% Apr 22
1 Feb 26
340 Victoria__________________25
3
3
1% Dec
5*8 May 1
1% Jan 18
410 W inona___________ _— . 25
4% 5
30
Dec
70
Apr
26
32
Jan
6
490
62
W
olverine_______
25
61
30 June
2% Apr 23
.50 Mar 3
28
*2*4 238 1,680 W yandot t __ - ____
6 Ex-stock dividend. < Assessment paid, h Ex-rights. e Unstamped * 2s paid, it Half-paid.

23s
*2
2% *2
96*4
96% 97*2 95
23% 25 I
24% 26
1% 1% * ll2 134
65
65
66*4 65
6714 68*4
67% 69
8% 8%
8% 9*8
3*4
3*2 3*2 *3
75
74% 75% 74
69
69*2 68*2 69*2
550 555
555 555
*1734 18*4 1734 1734
5312
5312 54is 53
62% 02*4 62*2
62
3*4 3*2
3% 3%
15
15*8
15
15
9% 9%
9% 9%
8412 85% 84% 85
46
47*2
47*2 48
17*2 17*2 17*2 17*2
*26% 27% *26% 28%
*5
5
5*4
5
47*4 *4712 48
47
89
89% 89% 89
29
27*2 28*4
29
4*2 434
4% 4%
3*2
3*2 3*2 *3
17
18*4 17% 18*4
5
5
5
5
3^4 334
3% 4*4
12% 12% 12*4 12*2
4
4
4
4
37% 38
37% 38
1% 2
1% 2
91
91*2 90*s 90*2
15*4 15*4 *15*4 15*2
9*2 9*2
9*4 9*4
2434 18% 21%
22
7*4 7*2
7*2 7*2
29% 28*2 29
29
2
2
2*4 2*4
2
2%
2*4 2%
3
3*4
*3*4 4
64
64% 64
64
84
82
85
84
14*2 14% 14% 1434
87
83
88
88
24% 2434 24*8 2434
62% 62*2 62*2 62*2
3*8 3*2
3*2 3*2
9
9*4
9*8 9*2
33*8 33% 3234 33%
7
7
*6*2 7
2434 25*2
*25*2 26
2
2
2
2*4
53*2 54
54
53
11*2
11
12*8 11
.17
.16
.IS
.16
58*4 59*4 57*4 58*2
503s
50*2 50
50
3A,
3%| 3% 3%
13*2 13*2I 13*2 14
783a
78*2 78% 1 78
3*j
3 1 *3
3
4*® 4*! ]
4% 4%
61% 61% 60*2 60*2
2*2 2*2
2*2 2*2

Ex-dlvldend and rights

STOCKS
BOSTON STOCK
EXCHANGE

S h Next Pax*

59% Mar
98 June
4 Jan
22 Jan
110% Jan
115 Deo
124 Jan
15 Mar
83 Jan
67 Feb
100*2 June
9 Jan
16% Jan
14*2 Feb
265 Mar
150% Feb
102 Jan
94% Feb
96 Mar
216% Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20% July
107% Mar
31 May
29*2 Jan
2 Feb
173 Feb
61% June
30% July
67% Jan
112% Jan

2 Jan
300 Mar
28% May
1% Jan
43% Feb
2 Jan
6»^,Mar
4*8 Feb
40% May
70% Mar
460 Feb
19 Feb
43*2 Feb
40% Feb
3 Feb
13 Jan
7% Apr
91 Feb
42% Feb
22 Feb
30 Ma
0*2 Feb
50*4 Juno
89*2 June
24 Feb
6*8 July
4 % Feb
10*2 Jan
5*2 Feb
4 Jan
e5% May
9 Jan
24% Feb
1% Feb
49*2 Deo
16% Deo
7*2 Jan
4 June
8*s Feb
30% Feb
2% Jan
2 Jan
5 % Feb
54 Feb
84 Feb
20% Jan
68 Feb
22*2 Apr
40 Feb
2% Jan
7*2 Feb
29% Feb
32 Feb
2%Jan
43 Feb
5*2 Jan
.85 Mar
43*2 Feb
48?8 Feb
2% Feb
14 Feb
59 June
c2% M a y
47s Feb
47*4 Feb
1% Jan

Jan . 22 1916.]

THE CHRONICLE

Outside Exchanges— Record Transactions
B o sto n B on d R ecord.— Transactions in bonds at Bos-

Stocks— (C o n .)

3 3 7
F rid a i
S a les
L a st
W e e k 's R a n g e
fo r
S a le
o f P r ic e s .
W eek.
’ . P r ic e . L o w .
H i g h . S h a r es.

R ange fo r Y ea r
L ow .

1915.

H ig h .

Welsbach Co_________ 1000 ______
4 3 M 43M
0 35
Mar
45
Oct
West Jersey & Sea Shore 500 50M
50
50 %
2 47
Aug
5 0 % Nov
Westmoreland Coal__ 50 ) ...........
67%
68
9
58
Jan
Dec
6
7
%
R a n g e f o r Y e a r 1915.
Wm Cramp & Sons.
0 81
81
83
Sept
0 18M Jan 91
York Railways pref___ 501 ______
35
35
8 28M Julj
35
Dec
Low .
H ig h .
Scrip—
Cambria Steel scrip.. 1916[>........
98
98
Feb 102 % Oct
5 95
98
98
98
$7,000 91
Nov
Apr 9 7
____
May
1917
Scrip___
7 ........... 10 1
10 1
Feb 102
5 95
Dec
102
5 s ...........................1928
102
1,000
99M Jan 102M Dec Philadelphia Co scrip. 19163 .......... 100
100
90
Feb 109
Aug
92M 91M 92M 40,000 86 % Jan 91M Nov
Am Tel & Tel 4s____ 1929
S c r ip ...................... 1918 ______
98
98
Feb 98 % Nov
80
Anglo-French 5s___
95M
95M 95 %
8,500 94
Dec
95
Bonds—
74
Atl G i W I SS L 5s. . 1959 76M
77
63,500 60
Nov Allegheny Vail gen 4s. 1942 ...........
Jan 79
96 % 9 7
95 % Nov
Dec
97
82
Central Vermont 4s. .1920
Dec Amer Gas & Elec 5 s ..2007 92
83 M 15,700 68
June 80
90
92
85
Jan 90
Dec
99
99
Cumberland Tel 5s__ 1937
2,000
95M Jan 98M Dec
Sm all.......................2007 92
90
92
1
85
Jan
Dec
90
98
%
Gt Nor-C B & Q 4s__ 1921
98M
9SM
2,000 95
Jan 98M Nov Baldwin Locom 1st 58.19401 ___
104M
ioom Mar 107M Nov
97%
Mass Gas 4Ms_____ 1929
98 M 8,000 95
Jan 97M Nov Beth Steel p m 6s___ 1998 ______ 104M
120
120
Dec
115M Jan 120
95%
4 M s _____ _______ 1931
Nov Consol Trac N J 1st 5s 1932
95 M 4,000 91
Aug 95
101M
101M
101M
100 % Oct 102M Nov
Miss River Power 53.1951
80
80
80 M 31,000 70
July 81H Dec Elec & Peop tr ctfs 4 s.1945 81M
81
81M
73
Aug 83
Nov
N E Cotton Yarn 5 s.. 1929
76
77
Jan
Apr 76
4,000 70
Small ......................1945
82
83
73
July 8 2 % Nov
102
N E Telephone 5s___ 1932
102
Nov Harrison Bros & Co 5s
22,000
99M Jan 102
94
94
...........
Pond Creek Coal 6s .. 1923 92M
92 M 92 M 3,000 91
Nov
98M Aug Harwood Electric 6s. .1942 103
101 % 103
9 1 % Sept 1 0 0 %
Dec
Seattle Electric 5s___ 1930 100 % 100 % 100 %
2,000 98M Feb 99 % Mar Inter-State Rys coll 4s 1943 ______
57 M 57 M
57
July 60
Apr
Sw ift* Co 5s________ 1944 99 %
98%
99%
81,000 94M Feb 9 8 % Nov Keystone Tel 1st 5 s.. 1935
98 M 96 M 98M
90
Jan 97
Nov
United Fruit 4Ms___ 1925
97
97
Jan 96 % Dec Lake Superior Corp 5s 1924
8,000 90
22
25 M
Jan
25 M Aug 45
Western Tel & Tel 5s. 1932 166
99M 100
20,000 94 % Mar 99M Nov Leh C *Ngen4M sreg.l924 ........... 102 % 1 0 2 %
10 2 M Dec 102 % Dec
Funding & impt 4s. 1948 ..........
97
97 M
96
a Ex 50% stock dividend, x Ex-dividend.
June 9 7
Jan
Consol 4H s_______ 1954
10 1 % 102 M
97 X Jan 102
Dec
P ittsb u r g h S tock E x ch an ge.— The complete record of Lehigh & New Eng 5s
103
103 %
___
Vail cons 4Ms. 1923
101M 101M
10 0 M Mar 101M June
transactions at the Pittsburgh Stock Exchange from Jan. 15 Lehigh
Annuity 6s______
135 135
Apr
133M Jan 136
to Jan. 21, both inclusive, compiled from the official sales
Gen consol 4s.......... 2003
92%
92 % 92 %
86 % Aug 92
Nov
Gen consol 4Ms___ 2003
1 0 1 K 102
Feb 102M Dec
97
lists, is given below. Prices for stocks are all dollars per Lehigh
Val Coal 1st 5s 1933
105M 106
Jan 105M Dec
103
share, not per cent. For bonds the quotations are per cent Lehigh Valley Transit—
Ref & Impt 5s____ 1960
91%
of par value.
4.000 86
91M 91M
May
Nov
90
1st 4s....................... 1935
91
91
1.000 88 M June 91
Dec
F r id a y
S a les 1
Market St El 1st 4s. . . 1955 95
95
95
1,000 91
Aug 93M Jan
R a n g e f o r Y e a r 1915.
L a st
e
fo r
N Y Chic & St L 4 s.. . 1937
94 M 94 M 100,000
S a le.
o f P r ic e s .
W eek.
Penn RR consol 4MS.1960
105 M 106M 76.000 102M Aug 106M Nov
H ig h .
Stocks—
Par
Low .
P r ic e . L o w .
H igh . S h a res
General 4 Ms...........1965 102
10 1 M 102
92.000 97
May 1 0 1 M Nov
P W & B ctfs 4s___ 1921
1,000 97
Janl 99 M Dec
99M 99 M
24
Apr
Nov
Amer Sewer Pipe_____ 100
1
5
%
17
16
415
102
102
10.000 100
Jan 101M Dec
Dec
AmWIndowGlassMachlOO
11,987
48
15M July 35
43*4
104
104
3.000 9 8
Jan 104 M Dec
Dec
94C 75M May 139
Preferred__________100 140
134 143
83
83 M 2.000
Jan
83
76 M Oct
Jan
33C S9M Oct 123
Am Window Glass pref. 100 105
105 105
10 1 % 101M 1 0 1 M 2,000 95
Mar 101M Dec
23
July 40M Dec
1,648
Caney River G as........... 25
41M 39M 42
Cons & coll tr 5s___1951
92 M 91M 92 M 37.000
70
Mar 90
Dec
Jan
8%
3,250
1 6 % Nov
Columbia Gas & E lec.. 100 15 %
15
’hil Electric tr ctfs 5s. 1948 104M 104
104M
7.000 100M Jan 105
Dec
140
Dec
Mar
3%
6
Consolidated Ice com__ 50
4
4%
S m all...............
1948
103
104
900 101
Jan
M Dec
24 34
Nov
40
Feb
Preferred___________ 50
34M
Trust certfs 4s_____ 1950 83 M 8 2 % 83 M 30.000 7 7 % Jan 105
86 % Dec
200
Crucible Steel com___ 100
Sept
70
12M Feb 100
Sm all__________ 1950
1.000 79
82 M 82 M
Jan 8 4 % Nov
23 75
Jan 1 1 1 M Dec
Preferred____ _____ 100
110 110
111
111
111
1,000 109 M Jan 1 1 0 % Oc
10
45
Ilarb-Walker Refract.. 100
75
75
Feb
71
Dec
90 % 90 %
1,000 86 M Aug
9 0 M Nov
100 100
225 97M Mar 100
Preferred----------------100
Dec
95%
95
95 % 46.000 91
Aug 95 % Nov
Independent Brewing...5 0
3%
10
3%
2%
Aug
Apr
6
J-C collat 4s regls..l951
94
94
1,000
91
July 91
July
19
18%
Preferred___________ 50
300
13%
Aug
22 M Jan
102
102
10.000 10 0 M Juir 102 % Dec
50
La Belle Iron W orks...100
260 27
51M
Jan 59 M Nov
10 0 M 1 0 1 M 66,500 88 % Apr 96
Dec
123 123
Preferred...................100
110 103
June 124
Nov
75
74
75
10,000 72M Aug 75
Nov
51
Mfrs’ Light & Heat----- 50
51M
51M
740 46
May
53 M Nov
73
73
11
10,000 55
Mar 75 ’ Oct
Nat Fireproofing com ..50
10%
720
11K
4M Feb
13M Oct
72
72
72
2,000 72 M Nov
23
Preferred___________ 50
23
23 M
72 M Nov
510 16
Feb
26
Nov
96M 97
21,800 89
Jan 9 5 % Dec
Ohio Fuel Oil..................... 1
17M 17M
265 12
May
18M Dec
82 %
81M 82 M 6,000 7 4 % Oct 83
Ohio Fuel Supply---------25
Dec
38M 39
210
38
Nov
45
May
94
94
95
11,000 90
Nov 93
Oklahoma Nat Gas___ 100
May
71
60 57
73 H
Feb
75
Dec
Osage & Oklahoma C o. 100 106
106
106
95 6 7 % Feb 108
Dec
Plttsb Brewing com___ 50
B altim ore S to ck E x ch an ge.— Complete record of the
163
5M
3
5K
Feb
8 % Nov
Preferred ....................50
19
19
25 12
24%
Jan
July
34^
Pittsburgh Coal com..100
34
36 H
475
16M Jan 42M Oct
Pittsburgh Oil & G as.. 100
8
8%
255
4M Aug
Dec
8%
Pittsburgh Plate Glass. 100 115
115 115
78 104
Apr 119
Nov
F r id a y
Sales
Pure Oil common............ 5
19%
18 % 19K 11,964
19
Dec
L a st
W e e k 's R a n g e
fo r
13M May
R a n g e f o r Y e a r 1915.
San Toy Mining............... 1 23c.
18c. 23c.
6,200
8c. Apr
S a le.
o f P r ic e s .
24c. June
W eek.
Union Natural Gas___ 100 143
143 145
162 128M Aug 150
P r ic e . L o w .
Dec
H ig h . Shares
L ow .
H ig h .
Union Storage..............
22
22
20
19
Oct Oct
19
122
122 122
Union Switch & Signal.
20 92
Apr 130 M Oct
19
19
20
5
Sept
15
Dec
U S Glass.____ ______ 100
34 M
31
1,200
13
Aug 31
Dec
37M 38
50 35
Dec 67
Dec
84
480 38
Feb 89M Dec t
U S Steel Corp com___ 100
86 M
118 119
176 107
Sept 122
N ov
139
130 110M Mar 144
West’house Air B rake..50 137H 137
Sept 1
44M 44 M
5
42
Sept
4
5
%
Dec
1,000 32 M Feb
68 M
Wcst'house Elec & Mfg.50 68 M 67
74 M Oct 1
70
68
496
71M
78
78
10 58
78
Feb 85
Preferred__________
Oct
84
84
254
84 M
West Penn Tr & W P ..100
200
10
17K 17K
Oct 20
Nov C
141
143
143
200 136
July 145
Oct
Bonds—
c
30
30
80 25M May 102 M Apr
575* 58
Independent Brew 6s. 1955
$5,000 49
Aug 62
Nov c
115
115
20
102
% May 116
Dec
Monon Rlv C C & C 6s '49 113M 113M 113M
1,000 113
Sept 114M Nov
Preferred........ ......... 100
114M 115M
43 106M Jan 116M Dec
67
67
Plttsb Brewing 6s___ 1949
8,000 50 % Apr 67
Dec ( Consolidation Coal____100 100M 100M 102
67 92
Jan 100
Nov
100
100
West Penn Rys 5s___ 1931
5,000 9 6 % July 100
Dec C
17 %
I5M 18 M 20,242
5
Jan 16
Dec
69 %
69 % 71
8,454
P h iladelph ia S to ck E x ch an ge.— Record of transactions Elkhorn Fuel.......... ...... 100
18
19
255
16 May 22
June
So & Fla 1st pf. 100
85
85
50 67M July 77
Dec
at the Philadelphia Stock Exchange from Jan. 15 to Jan. 21, Georgia
Houston Oil trust ctfs.. 100
2 1 K 22
1,255
10
Mar 25
Nov
Preferred trust ctfs.. 100
65
68
95 54
Jan 68
Dec
M t Vernon Mills v t . .
16
16
100
9
Oct
18 Nov
F rid a y
S a les
Preferred _________
53
54
8 52
Dec 55
Oct
L a st
W eek ’s Range
fo r
R a n g e f o r Y e a r 1915.
Northern Central........ .50
89
89 %
374 82
Aug
90
Dec
S a le.
o f P r ic e s .
W eek.
Pennsyl Wat & Pow__ 100
72%
72M 73
370 6 3 % Aug 75
Dec
. P r ic e . L o w .
H ig h
S h a r es.
Low .
H ig h .
Sapulpa Products, w 1
4
3%
12
Preferred........ ........
5
5
97
) .......... 1 22
12254
40 100
Jan 123M Dec Sapulpa Refining____
9%
10%
1.3C0
2
July
9M Dec
) _____
8
7%
80
5
Apr
Preferred_________
7
Dec
9%
673
10
4M Oct
9M Dec
1 . ...
American Railways .
28M 29
488 24
Sept
36
Jan Seaboard Air Line pref. 100
41
41
32
10
Feb 32K Mar
) 96
95%
96
175 93 % Dec 101
Jan United Ity & Elec_____ 50
26M
1,358 20M June 27
26M 26M
Mar
I .......... 108 108
10 90
Mar 115
Sept W aylandOil* Gas_____ 5
5
5
1,165
5%
2M May
6
Dec
1 ..........
35
Buff&Susq v t c .
38M 39
11
May
Preferred___________
4
43 M Dec
4
2
4M May
4M May
1 _____
56%
203
Preferred v t c .
57 M
36
May
Bonds—
5954 Dec
1 ...........
44
45
32 41
May
58
58
45 M Nov Alabama Co gen 6s small
$200
50
Dec 50
Dec
75
70 M 7 5 % 26,915 41
Feb
3.000 97M Oct 100M Apr
98M 99
79 M Dec Anacostla & Potom 5s 1949
71
71
71
100 70
July 74
Apr Atl Coast L con deb 4s 1939
92%
93
155,000 82 % Aug 92M Nov
64%
1,921
63M 6 4 %
47 % Jan 78M Sept Balt Elec stamped 5s. 1947
99 M 99 M 2.000 9 6 % Jan 9 9 % June
70%
70
70%
745 60
Mar 74 H Nov CharlesConRyG&E5sl999
93
93
1,000 93
Jan 95
Jan
25 M 25 % 26
321
21
Jan 25 M Dec C & P Tel of Va 5s small
96
96
500 94
Feb 96
Nov
39
39
J G Brill C o.
4<>M
340 29
July 72>$ Oct Chicago Ry 1st 5s___ 1927
97
%
10,000
93
June
97M
97
Jan
14M
14M 1 4 %
139
13
Aug
94
Consol
Gas
gen
4MS..1954
16
Apr
94
1,000 92
Aug 95
June
..........
69
69
20 61
Jan 69
90
Apr Cons Gas E L & P 4Msl935
90
7.000 85M Sept 90M Dec
9
8%
9%
3,177
5
.
Apr
13M June Consol Coal ref 4Ms._ 1934
92M 92 % 15.000 90
Jan 94
Mar
78%
78
78%
434 71 % May
1950
Refunding
5s_.........
81
Dec
93
11.000 86 % Sept 92
92 H
Dec
79%
79
81
446 65
Jan
Convertible
6s____
1923
82
%
Dec
8.000
104
M
104
M
99
%
Jan
104
Dec
19
18M HIM 2,383
Cosden & Co 6s, w 1__
13M June
19>4 Dec
102 M 101% 1 0 2 % 45.000
38 %
38M 39
762 26 % Mar 39 % Nov Elkhorn Corporation 6s__
98M
98 M 98M 18.000 97 % Dec 9 7 % Dec
19M
19M 19 M
100
19 May
1 0 0 % 100M 59.000
92%
19M Feb Elkhorn Fuel 5s______1918
Jan 100M Dec
54
54
2 52
July 55
Small bonds________
Nov
1,000 9 3 % Jan 100
100M 100M
Dec
56 % 56 %
17
54>4 July 57
100
100
Oct Fair & Clarks Trac 5s. 1938
1,000 9SM July 100
Feb
89
89
89%
225
82
Sept 90 % Dec Fairmont Coal 5s___ 1931
3.000 94
96M 96M
Jan 9 6 % Jan
93
94
15
90
Feb 93 % Dec Georgia & Ala eons 5s. 1945
103M 103 M 3.000 100M Aug 1 0 2 % Apr
99
%
98
%
100
171
Penn Salt Mfg.
80
Mar 108
103M 103M
Oct Ga Car & Nor 1st 5 s.. 1929
7.000 10 1
Jan 103 M Dec
59
58 M 58
3,939 51 % Feb 61M Nov Ga Sou & Fla 5s_____ 1945
102% 102%
5.000 100
Aug 103M Dec
81
81
81 M
155 49 M May 98
Pennsyl Steel pref..
81%
81M
Oct Houst Oil div ctfs. 1923-25 81M
6.000 7 2 % Apr 82 M Dec
43
45 M
Philadelphia Co (Pitts).50
133 29 % Mar 48 % Oct Md Elec Ry 1st 5s__ 1931
97
3.000 94
97H
97%
July 98% Jan
43 M 43 %
Pref (cumulative 6 % )-50
95 32
Mar 46
Sept M t Vernon Mills notes.
Nov
98 M 98 M 5.000 98
99
Nov
27%
28%
3,681
Philadelphia Electric. 22 M 28
23 % Jan 29
51M 51M
Dec N O Mobile & C 1st 5s 1960
5.000 33
Feb 55
Dec
19%
19%
Phila Rapid Transit___ 50
10
7
May 2 1 % Dec Norf & Ports Trac 5s. 1936
81M SIM
2.000 75
Aug
Jan
84
M
18
19%
Voting trust recta___ 50
18M
7,766
714 May
2 1 % Dec Norfolk St Ry 5s......... 1944 103 % 103 M 103M
3.000 101M July 103
Jan
79
79%
Philadelphia Traction..50
79
255 70
July 80
Nov Pennsy W & P 5s____ 1940 90M
90
90M 20.000 88
Jan 92
Apr
Reading...........................50 81 %
82%
81
441
70
May 85 M Nov Seab Air L 4s stpd__ 1950
83
83
15.000 77 M Jan 84
Nov
1st preferred________ 50 4 2 %
4251 4 2 %
13 41M May 42 M Jan United E L & P 4Ms. _ 1929
93%
93%
2.000 90 M July 93
Nov
Tono-Bclmont Devel___ 1
4%
4%
3,754
4% .
United Ry & El 4 s.. . 1949 83 M 83M 83 % 29.000 79% June 83
3 M July
5 ‘X s Nov
Nov
Tonopah Mining________ 1
7
6%
435
6%
5
July
Income 4s_________ 1949 61M
7K Jan
61M 6 1 % 17.000 55
June 64
Nov
Union Traction.......... .. s o
43%
971
44
44M
30
Funding 5s________ 1936
May
47 % Dec
7.000 81
84M 85
June 87
Jan
United Cos of N J ____ 100
30 220
226M 226M
Mar 225
S m all........ .......... 1936
85
85 %
Feb
4,500 80 .M July S7M Jan
United Gas Impt.............50 89 %
88 % 9 2 %
8,633
Notes 5s................... 1916
100
1 00
3.000 100
S0 K Jan 89 % Nov
Jan 100% Apr
U S Steel Corporation. 100 84 %
86
H
14,622
83 5s
38
Feb 89 M Dec Va Ry & Power 5s___ 1934
91
91
1.000 S2
July 91
Dec
Preferred................... 100
117W 117M
10 103
Jan 116K Dec Wash B & A 5s______ 1941 86K
51.000 73 M Oct 83 % Dec
S6M 87
Warwick Iron * Steel__ 10 ...........
10M 1 0 %
308
9K July
85
85
10.000 80 % Nov
11K Aug West Penn Trac 5s___1960
80 % Nov




F r id a y
L a st
W eek ’s R ange
S a le.
o f P r ic e s .
P r ic e . L o w .
H ig h .

S a les
fo r
W eek.
S h a r es.

Chicago Stock Exchange.— C om p lete record of transac­
tions a t Chicago S to ck E xch an ge from Jan . 15 to J an . 2 1 , both
inclusive, com piled from the official sales lists, is as follow s:
S a les
fo r
W eek.
S h a r es.

F r id a y
W e e k 's R a n g e
L a st
o f P r ic e s .
S a le.
H ig h .
P a r. P ric e. L o w .

Stocks—

391
35
76
27M

American Radiator___ 100
Amer Shipbuilding___ 100
Booth Fisheries com__ 100
Cal A Chic Canal & D.100
Chic City & C Ry pt sh pref

75

Chicago Title & Trust. 100

143
107
79
8M
10

Illinois B rick .............100
Lindsay Light-----------------

175
Pacific Gas A Elec C o. 100

108
107M
102
363

184
Stew Warn Speedo com 100 88 M
Swift & C o. _________100 127
Union Carbide C o------- 100 176M
113M

Armour A Co 4Ms— 1939
Chicago City Ry 5s__ 1927
ChicPneu Tool 1st 5s. 1921

94 M
99 M
97 M
97 M
91
36 M
102 M 101M
102M 102 M
101M
73 M 72 M
91
89 M
98 M
95 M
102
94 M
99
99M

Chic Rys 5s___ Ser “ A "
f Chic Ry Ad Inc 4s_. 1927
Chicago Telephone 5s. 1923
Commonw-Edison 5s. 1943
Cudahy Pack 1st M 5s 1924
Metr W Side El 1st 4s. 1938
Morris & Co 4Ms___ 1939
Nor Sh El 1st A ref g 53.1940
Peo Gas L A C ref g 5s. 1947
PubServColstrefg5s.l956
Swift A Co 1st g 5s. . . 1944

E x 5 0% stock dividend,

x

94 M
99 M
97 M
97M
91
36 M
102 M
102M
101M
73 M
91
98 M
95 M
102
94 M
99 M

1915.

R ange fo r Y ea r.
L ow .

H ig h .

June
Apr
Apr
Feb
Mar
Nov
Dec
Feb
Oct
Feb
Aug
June
Feb
Jan
Mar
Feb
Feb
Apr
May
Jan
Mar
July
Dec
Jan
May
Sept
Apr
Mar
Jan
Jan
Jan
Feb
Jan

390
48M
84
44
81
51
32
93 M
31M
3
235
146 M
14M
99
121M
85
7
9%
125
166
125
61M
123M
110
102
330
108
215
92 H
128
181
89 H
115

Jan
Aug
Dec
Aug
Aug
Sept
Apr
Aug
Jan
Jan
Nov
Nov
Apr
Sept
Nov
Dec
Dec
Dec
Feb
Dec
Sept
Nov
Apr
Nov
Nov
Nov
Oct
Jan
Nov
Dec
Dec
Dec
Dec

Jan
$7,000 91
June
18,000 96
Feb
1,000 94
Juno
26,000 93
Sept
2,000 86
July
1,000 35
16,000 99 M Jan
Jan
27,000 100
3,000 99
June
9,000 70 M Oct
21,000 86 M Jan
500 95 M Mar
3,000 92
3,000 99M Jan
8,000 87 X Jan
23,000 94M Jan

93 X
99 H
98
97M
90M
48
102 M
102M
102
77
90
96M
95 M
102 M
95
98 M

Nov
Dec
Mar
Dec
Nov
Dec
Nov
Nov
De
Feb
Dec
Oct
Dec
Dec
Nov
Nov

45
359
120
940
190
100
856
1,555
66
25
15
434
100
115
427
115
1,497
50
20
50
20
11
640
55
123
297
55
639
5,981
452
457
100
305

390 393
36 X
33
76
76
25 M 27 M
68
68
50
50
17 M 18
75
70
17M 18M
1M
1M
230 230
144
143
23M 23 M
96
96M
106 108
79
79
7
8M
10
10
125 125
175
175
122
122
63 M 63 M
107M 111
107M*108M
zlOlM 102
325 363
107 M 108
182 M 185
873/, 90 H
125M 127
175 176M
84 M 84M
114
113

Ward, Mongt A Co, p ref..

a

[Vol . 102

THE CHRONICLE

338

345
26
67M
30
68 M
49
15
45 M
16
1
204
132%
9M
88
90
60
3M
8M
119M
119M
H 8K
41
, 107 M
75
93M
225
103
al31M
48 M
104 X
144M
38 M
110M

Ex-dividend.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, W EEKLY AND YEARLY.
R a ilr o a d ,
& c ..
B onds.

S to ck s.

W e e k e n d in g
J a n . 21 1916.

P a r V a lu e .

S h a r es.

S ta te, M u n .
& F o r e ig n
B onds.

U . S.
B onds.

$495,000
400,000
653,500
362,000
692,000
343,000

$13,666
1,000
10,000
10,000
2,000

3,273,510 $296,374,425 $23,473,000 S2,945,500

$36,000

$3,944,000
3,730,000
3,702,500
4,295,000
4,010,500
3,791,000

405,017 $37,504,325
564,291 51,960,600
545,371 49,832,450
581,239 52,080,350
616,879 55,080,900
560,713 49,915,800

W e e k e n d in g J a n .

S a les at
N e w Y o r k S tock
E xch an ge.

21.

Jan.

1 to

B onds.

; Total bonds______

21.

1915.

1916.

11,427,517
3,273,510!
1,771,222
Stocks— No. shares__
Par value_________ $296,374,425 $153,739,105 $1,015,714,380
SI1,800
57,200
Bank shares, par____
Government bonds__
State, Mun.,Ac., bonds
R R . and misc. bonds

Jan.

3,444,589
$295,954,975
S3,600

$37,000
597,500
18,736,500

$41,000
11,988,000
72,850,500

$44,500
1,407,000
40,341,500

$26,454,500 $19,371,000

$84,879,500

S41,793,000

336,000
2,945,500
23,473,000

) \ILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
P h ila d e lp h ia .

B o s to n .
W e e k e n d in g
J a n . 21 1916.

S h ares.

B on d Sa les.

S h a r es.

B o n d S a les.

B a ltim o r e .
B o n d S a les.

S h a r es.

Saturday________
M onday...............
T uesday________
Wednesday_____
Thursday............
Friday............ .

27,730
47,482
54,926
49,184
44,993
44,686

$33,000
52.500
74.500
91,700
45,100
36.500

6,074
14,159
13,725
14,389
20,244
19,456

$130,000
172,400
139,487
147,152
126,321
182,600

2,300
5,104
5,952
8,488
10,383
6,733

$131,500
39,000
146,900
69,100
77,400
107,400

T o ta l_________

269,001

$333,300

88,047

$897,960

38,960

$571,300

Inactive and Unlisted Securities
All bond prices are "an d Interest”
Standard Oil Stocks

P e r Share
P a r B id .

-100
-100
Buckeye Pipe Line C o .. ..5 0
Chesebrough Mfg Cons. .100
Colonial OH...... ............. .100
Continental Oil______ .100
Crescent Pipe Line C o .. ..5 0
Cumberland Pipe Line. .100
Eureka Pipe Line Co__ .100
Galena-Signal Oil com .. .100
Preferred.......... ......... .100
Illinois Pipe Line_____ .100
Indiana Pipe Line C o .. ..5 0
Intcrnat Petroleum___ ..£ 1
National Transit C o__ -.2 5
.100
Northern Pipe Line C o. .100
Ohio Oil C o - . . .............. -.2 5
Penn-Mex Fuel Co_____ -.2 5




excep t

where marked
Par

Pierce Oil Corp________ ..2 5
•17
17% Prairie OH & Gas.......... 100
100
640 650
100
275 285
•103 106 Southern Pipe Line Co. .100
725 740 South Penn Oil________ .100
160 180 Southwest Pa Pipe Lines .100
Standard OI1 (California) 100
270 275
•45
43
Standard OH (Indiana). .100
50
55
Standard Oil (Kansas) . .100
Standard OH of Kentucky 100
245 250
158 162 Standard Oil of NebraskalOO
135 140 Standard Oil of New Jer.100
177 179 Standard OH of New Y ’rklOO
•107 110 Standard Oil of Ohio__ .100
*13% 13% Swan A Finch_________ .100
34
Union Tank Line Co__ .100
•32
100
208 212
Washington OH_______ ..1 0
103 106
Bonds.
*198 200
Pierce OH Corp eonv 6s. 1924
•65
70
A sk.

“ t.'
P e r sh a r e .
A sk.
B id .

•14i2 15
422 427
228 230
305 315
215 220
360 365
120 125
370 372
525 530
445 455
340 345
340 350
503 507
216 219
552 557
130 135
85 87
220 223
*50 53
83

86

T ob a cco Stocks —

P e r Sha
Par

B id .

A sk.

American Cigar commonlOO 110 115
Preferred_____________100 98 101
95
Amer Machine A Fdry__100 90
Brltlsh-Amer Tobac o rd ..£ l *1510 10%
16%
*15%
Ordinary, bearer--------- £lj
350 400
150 175
135 150
98 101
Preferred____________ 100
210 220
465 4S0
120 122
33
Tobacco Products co m .. 100 30
98
United Cigar Stores com . 100 94
110 120
155 170
105 110
h a re.

75
Aetna Explosives com— 100 67
Preferred_____________100 82 92
Amer & British M fg------100, 28 35
70
Preferred_____________ICO 60
Atlas Powder com m on..100 253 260
100 103
118 125
*340 360
83
Preferred_____________ 50 *73
218 219
73
Canadian Car & Fdry— 100 66
93
Preferred____________ 100 88
360 390
100 110
75
Carbon Steel common___100 65
1st preferred_________ 100 74 80
55
65
2d preferred_________ 100
Colt’s Patent Fire Arms
855 875
Drlggs-Seabury Ord CorplOO 130 140
duPont (E I) de Nemours
Powder com (new)__ 100 370 380
Preferred____________ 100 102 105
Electric Boat__________ 100 370 380
Preferred____________ 100 370 380
Hercules Powder com— 100 388 398
Preferred____________ 100 114 120
65
Hopkins & Allen A rm s.. 100 55
90
Preferred_____________100 80
22
20
13
Lake Torpedo Boat co m .. 10 *11
36
*34
83
79
P re fe rre d .._________ 100
Midvale Steel* Ordnance ..! ♦70% 70%
183 186
100 110
495 ____
ScovlU Mfg .................. 100, 460 475
Submarine B oat__________ I •37 38.
Winchester Repeat Arms 10024°0 2550
Short Term Notes. P e r C ’e n ^
Amer Locom 5s July 1916 J-J
5s, July 1917................ J-J IOOJ2 IOII4
Am T & T Sub Cos 5 s.. 1916 1003*100%
100i2 10014
4Ms 1918
Anaconda Copper 5s ’ 17 M-S 100U 100i2
Balt & Ohio 4Ka 1917.J&D 101%101%
4Ms, 1918________ J&D 101% 101%
Canadian Pac 6s 1924.M&S2 102%: 103%
9912' 9914
Ches & Ohio 5s 1919.. . J - D
Chic Elev Ry 5s 1916___ J-J 9514! 96
C h ic* West Ind 5s ’ 17-M&S 100% 100*4
Consum Pow 6s 1917. .MAN 9934100%
Erie UR5s, April 1916. A&O 100% 100%
5Ks April 1 1917___ A-O 10114 102
General Rubber 5s 1918 J&D 100% 100%
Hocking Valley 5s 1917.M-N 1011*101%
Int Harv 5s Feb 15 '18.F-A 101*41102
Lackawanna Steel 6s’ 17 M-S; 101%- 101%
Minn Gen El 6s 1 9 1 7 ...J&D *01% 101%
New Eng Nav 6s 1917.M-N 100 J00%
N Y N II & H 5s.M ay 11916 }00% }00%
Pub Ser Corp N J 5s T6 M&S }°0 '« }00%
Schwarz & Sulzb 6s T 6. .J-D 100% 100%
Seaboard A L 5s 1916..-M-S }00% 100%
Southern Ry 5s 191 6 ...F-A 100 100%
5s Mar 2 1917.........M-S2 J01 J01%
Sulz&SonsCoOsJ’no 1 T6M-S 1°°% 100%
United Frult6sMay 1T7M-N 101*4 102
Gold notes 5s 1918..M-N 100% 101%
Utah Co 6s 1917_______ A-O 100%101%
UtahSecurCorp 6s ’22 M-S 15 94 | 95
New York City Notei
102 1102 is
6s Sept 1916__________
103% 0 3 %
6s Sept 1 1917.................
Canadian G ovt. Notes—
5sAug 11916................. F&A 100%'- 101
5s Aug 1 1917................. F&A 101'« 1°1%
P e r C t .B a s U

Railroads—
West Pac 1st 5s 1 9 3 3 ...M-S
Street Railways—
Par
Com’w’lth Pow R y & L ..10 0
Preferred____________ 100
Federal Light & Traction 100
Preferred____________ 100
Republic R y & Light___ 100
Preferred____________ 100
Tennessee Ry L & P com 100
Preferred____________ 100
United Lt & Rys com__ 100
1st preferred_________ 100
Wash Ry & El C o ......... 100
Preferred____________ 100
4s 1951................... ...J - D

27

As*.
30

62
85
8
40
20
68
10
44
45%
73
87%
83
80%

63
86%
10
43
22
71
11
45
48
75
92
83%
81

B id .
f

Elec. Gas & Power Cos—
Am Gas & Elec com______50 ►133 135
Preferred_____________ 50 ►z49% 51
Am Lt & Trac com m on.. 100 383 386
Preferred____________ 100 110 116
68
Amer Power & Lt com__ 100 67
Preferred____________ 100 86% 87
44
Amer Public Utilities comlOO 40
74
Preferred____________ 100 71
Cities Service Co com__ 100 115 120
78
Preferred____________ 100 76
Consumers Power (Minn)
1st & ref 5s 1929...M&N 102 104
Elec Bond * Share prcf..l00 100
87
Great West Pow 5s 1946.J&J 85
Indiana Lighting Co___ 100 85
76% 79
4s 1958 optional___ F-A
North’ n States Pow com. 100 45 46
93
Preferred____________ 100 91
64
Pacific Gas & Elec c o m .. 100 63
92
1st preferred_________ 100 90
92
2d pref (old pref)____100 90
94
South Calif Edison com. 100 92
Preferred____________ 100 103 106
Southwest Pow & L pref 100 97% 100
Standard Gas & El (Del). 50 *8% 10
32
Preferred____ ________ 50 *31
23
United Gas & Elec Corp. 100 19
75
1st preferred_________ 100 72
24
2d preferred_________ 100 20
20
Utah Securities Corp____100 19
6% notes— See Short-Term Motes
18
Western Power common. 100J 17
59
Preferred____________ 100 58
Industrial
and Miscellaneous
Adams Exp col tr g 4s’47 -D
Alliance R ealty________ 100
Amer Bank Note com__ 50
Preferred____________ 50
American Brass________ 100
American Chicle c o m __ 100
Preferred____________ 100
Am Graphophone co m .. 100
Preferred____________ 100
American Hardware____100
American Surety________ 50
Amer Typefounders com. 100
Preferred____________ 100
Bond & Mtge Guar____ 100
Borden's Corn! Milk com.100
Preferred____________ 100
Canada Copper__________ 5
Casualty Co of America. 100
City Investing Co______100
Preferred____________ 100
Cramp Ship A E Bldg__ 100
Emerson-Brantlngham ..100
Preferred____________ 100
Goldfield Consol Mines__ 10
Havana Tobacco Co----- 100
Preferred................. ..10 0
1st g 5s June 1 1922.. J-D
Intercontlnen Rub com ..100
Intcrnat Banking C o___ 100
Internet Merc Marine__ 100
Preferred____________ 100
International Salt______100
1st g 5s 1951-----------A-O
International Silver pref. 100
1st 6s 1948...................J-D
Deb 6s 1933................. J-J
Kelly-Sprtngfleld Tire__ 100
1st preferred_________ 100
New stock when Iss______
Kennecott Copper_________
Lanston Monotype_____ 100
La Rose Consol Mines____ 5
Lawyers’ Mortgage C o ..100
Lehigh Valley Coal Sales.50
Marconi Wireless of Amer.5
Mortgage Bona Co------- 100
National Surety________ 100
N Y Mtge A Security__ 100
N Y Title Insurance C o .100
Nlplsslng Mines__________ 5
Otis Elevator com_____ 100
Preferred.......................100
Realty Assoc (Brooklyn).i00
Remington Typewriter—
Common_____________100
1st preferred_________ 100
2d preferred_________ 100
Rlker A Hege’n(Corp for stk)
Royal Baking Powd com .100
Preferred____________ 100
Safety Car Heat A Light. 100
Singer Mfg C o.......... ...... 100
Standard Coupler com ..100
Preferred____________ 100
Sterling Gum____________ 5
Texas A Pacific Coal----- 100
Triangle Filin____________ 5
United Profit Sharing...........
U S Casualty....................100
U 8 Envelope com---------100
Preferred------------------- 100
U 8 Finishing................... 100
Preferred------------------- 100
1st g 5s 1919.-----------J-J
Cons g 5s 1929-----------J-J
U S Title Gu A Indem— 100
Westchester A Bronx Title
A Mortgage Guar------- 100
World Film
Worthington (II R) Com
pany pref------------------- 100
Yukon G o l d ------------------- 5

B id . \ A s k .
R R . Equipments—
4.30 4.20
Baltimore & Ohio 4M 3-Buff Roch * Pittsburgh 4Mf> 4.35 4.20
4 .3 5 4 .2 0
Equipment 4s__________
4 .5 0
Canadian Pacific 4 Ms_____
4 .7 5 4 .50
Caro Clinchf & Ohio 5s____
4 .5 5 1.35
Central of Georgia 5s______
4 .5 5 4 .35
Equipment 4Ms________
6 .2 5 5 .2 5
Chicago & Alton 4s_______
5 .8 0 5.30
Chicago & Eastern 111 5s---5 .8 0 5 .3 0
Equipment 4Ms________
4.60, 4 .4 0
Chic Ind & Loulsv 444*___
4 35 4 .2 0
Chic St L & N O 5s..............
4.25! 4 .12
Chicago & N W 4 Ms...........
5 .5 0 5 .0 0
Chicago R I & Pac 4Ma----4 .6 0 4 .4 0
Colorado & Southern 5s__
4.50. 4 .3 0
Erie 5s___________________
4 50 4 .3 0
Equipment 4 Ms________
4 .5 0 4 .3 0
Equipment 4s__________
4 .5 0 4 .30
Hocking Valley 4s________
4 .5 0 4 .30
Equipment 5s__________
4 .3 0 4 .1 5
Illinois Central 5s________
4 .3 0 4 .15
4M s..................................
Kanawha & Michigan 4M *-- 4 .5 5 4 .3 0
4 .2 5 4 .12
Loulsvllle A Nashville 5s___
4.30; 4 .1 0
Minn S tP A S S M 4 Ms___
Missouri Kansas A Texas 5s. 5 .7 5 ! 5 .0 0
6 .2 5 5 .2 5
Missouri Pacific 5s______
4 .6 0 4 .4 0
Mobile A Ohio 5s_______
4.60! 4 .40
Equipment 4Ms_____
New York Central Lines 5 s.. 4.45, 4 30
4.45, 4 .3 0
Equipment 4 Ms________
4 .4 5 4 .3 0
N Y Ontario A West 4 M s..
4.2 5 ' 4 .1 2
Norfolk & Western 4Ms__
4.25! 4 .1 2
Equipment 4s__________
4.20! 4 .1 0
Penasylvanla RR 4Ms___
4 .2 0 4 .1 0
Equipment 4s........ .........
St Louis Iron Mt A Sou 5 s.. 5.50J 4 .9 0
St Louis A San Francisco 58- 6 .2 5 1 5 .2 5
Seaboard Air Line 5s_______ 4.60, 4 .4 0
Equipment 4Ma_________ 4 .6 0 4 .4 0
Southern Pacific Co 4 Ms__
Southern Railway 4 Ms____
Toledo A Ohio Central 4s__
•Per share. 6 Basis, d Purchaser also pays accrued dividend.
/F la t price, n Nominal. z Ex-dlvidend. V Ex-rights.

82
/81
80
70
•45 48
51
*49
269 272
74
89
80
120 123
124 128
123 126
115 122
40
42
93
90
292 297
115% 116%
107 108
*1% 2
90
149 152
16
19
70
80
77
82
18
21
57
59
*1
1%
2
4
0
8
/52
55
14
15
160 103
21
21%
81
83
36
40
(72% 74
101 103
108% 109%
292 295
95
97
73
74
*541* 54%
73
74%
%
%
177 182
*78
80
4
4%
114 119
217 222
97 102
35 45
♦7% 7*«
62
65
93
95
96 100
17% 18%
75
77
40 42
5*8 5%
140
100
110 112%
219 222
35
25
100
2
3%
140 160
*5% 6%
*1% 1%
185 200
130 137
107 108
11
15
40
45
95
79
85*
45
55

100 105
*2% 2%

« New stoo

J an . 22 1916.]

THE CHRONICLE

339

Imrcstmeut ami gtaxlroaxt
R

A

I L

R

O

A

D

G

R

O

S S

E

A

R

N

I N

G

S

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return*
oan be obtained. ^ The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. T h e r e t u r n s o f th e e le c t r ic r a i lw a y s a r e b r o u g h t to g e th e r s e p a r a t e l y o n a s u b s e q u e n t p a g e .
L a tes t G ro ss E a r n in g s .
ROADS.

W eek or
M o n th .

C u rren t
Y ea r.

P r e v io u s
Y ea r.

July 1

to L a te s t D a te ,

C u rren t
Y ea r.

L a tes t G ross E a r n in g s .

P r e v io u s
Y ea r.

Ala N O & Tex P a c$
S
^ N O & N or E ast. Decem ber
343,695 295,920 1,917,038 1,796,106
A la & V icksburg. Decem ber
135,740
160,909
850,627
806,660
Vicks Shrev & P . December
158,264 119,036
847,548
762,314
41,383 1,370,212 1,255,987
A nn A rbor_________1st wk Jan
42,012
A tch T op & San F e . N ovem ber 12069676 10102017 55,576,592 51,399,418
Atlanta 13irm & A tl N ovem ber
269,230 202,890 1,254,643 1,131,517
A tlanta & AVest P t . N ovem ber
96,813
118,830
549,649
507,183
A tlantic Coast Line N ovem ber 2,888,845 2,541,495 12,015,534 11,933,646
Chariest & W Car N ovem ber
154.182
166,866
719,453
744,385
L ou II end & St L N ovem ber
106,903
136,530
644,730
624,532
aBaltim oro & O h io. December 9,164,762 6,674,075 56,040,304 47,138,435
119,731
B & O Ch Ter R R N ovem ber
161.516
731,037
710.257
Bangor & A roostook N ovem ber
285,421 316,791 1,368,640 1,429,423
Bessemer & L E rie. N ovem ber
952,142 545,552 5,804,485 4,917,108
59,753
77,799
Birmingham S outh. Novem ber
367,854
383,167
B oston & M a in e___N ovem ber 4,210,042 3,745,848 21.374,211 21,014,709
B u ff R och & P it t s .. 2d wk Jan 245,975
165,441 6,511,178 5,449,390
B uffalo & Susa R R . N ovem ber
162,756
122,181
682,705
638,454
Canadain N orthern 2d wk Jan 469,300 349,300 16,073,300 12,352,800
Canadian P a c ific .. 2d wk Jan 1,863,000 1,321,000 70,081,490 58,452,163
Central o f G eorgia. N ovem ber 1,132.769 1.002,012 5.297,629 5,230,919
C ent o f Now Jersey N ovem ber 3,213,437 2,524,180 15,042,894 13,926,000
Cent N ew E ngland. N ovem ber
510,452 310.055 2,087,654 1,590,303
Central V e rm o n t.. N ovem ber
347,198 303,094 1,735,102 1,696,321
Ches & Ohio L ines. 2d wk Jan 844,972 673,605 25,161,113 20,766,858
Chicago & A lton ___1st wk Jan
280,692 250,827 8,427,432 7,797,446
C hic Burl & Quincy N ovem ber 9,409,594 7,903,284 43,332,160 42,065,065
b C hicago & East 111 N ovem ber 1,505,675 1,143,498 7,045,225 6,365,015
e C hic Groat W e s t .. 2d wk Jan 305,331
289,417 8,135,216 7,912,611
C hic Ind & L ou isv. 2d wk Jan
106,196 4,078,070 3,612,125
128,718
C hic M ilw & St P _ l N ovem ber 9,908,928 7,379,909 45,190.596 41,507,824
C hic M il & Pug S J
dC h ic& N orth West N ovem ber 8,172,671 6,336,140 40,322,864 38,059,447
C hic Peoria & St L . Novem ber
149.988
130,605
742,927
747,436
dC hic St P M & Om N ovem ber 1,889,106 1,493,061 8.400.982 8,255,130
Chic Terre H & S E N ovem ber
215,508 174.257
971,903
968,224
Cin Ham & D ayton N ovem ber 1,045,622 773,672 5,067,806 4,516,978
C olorado M id lan d . N ovem ber
145,481
166,623
716,952
918,028
e Colorado & S outh. 2d wk Jan
283,521 289,252 8,789,402 8,266,073
C o rn w a ll__________N ovem ber
14,767
10,845
56,161
57,123
Cornwall & Lebanon N ovem ber
34,987
19,850
183,467
135,542
C uba R ailroad____ N ovem ber
387,174
285,226 2,026,929 1,603,081
Dolawaro & Hudson N ovem ber 2,188,072 1,887,395 10,712,064 10,112,775
D el Lack & Western N ovem ber 4,543,150 3,753,900 20,184,214 19,101,978
D en v & R io Grande 2d wk Jan 385,400 340,700 14,198,344 12,808,975
Western P a c ific .. N ovem ber
664,035 432,979 3,456,898 2,699,187
D enver & Salt Lake 1st wk Jan
34,600
30,785 1,112,337
984.258
D etrojt T ol & Iront N ovem ber
199,685
180,806
904.682
915,582
D etroit & M ackinac 2d wk Jan
19,157
16,440
603,955
587,829
D et & T ol Shore L . N ovem ber
143,152
127,440
610,179
600,166
D ul & Iron R a n g e .. N ovem ber
416,980
85,782 3,773,662 2,663,010
D u lu th So Sh & A tl 1st wk Jan
54,159
46,492 1,832,774 1.544,184
D uluth W inn & Pac N ovem ber
110,677
95,558
560,729
457,313
E lgin Joliet & E a s t. N ovem ber 1,131,115 510,152 5.154.982 3,743,812
E l Paso & Sou AVest N ovem ber
911,416 571,743 4,131,715 3,167,605
E r i e -----------------------N ovem ber 6,321.085 4,715,216 30,760,588 26,668,456
Florida East C oa st. N ovem ber
468.685 370,415 1.907,476 1,663,323
l o n d a J o h n s * G lov N ovem ber
73,600
65,592
396,336
396,430
Georgia Railroad . . N ovem ber
293,847 248,953 1,289.627 1.268,100
Grand Trunk l ’ac__ 4th wk D ec
164,916
74,798 3,448,680 2,329,857
Grand Trunk S yst. 2d wk Jan 966,301
779,745 29.212,557 28,035,375
Grand Trunk lty 4th wk D ec 1,456,480 1,226,781 21.292,885 21,367,551
Grand Trk W est. 4th w k D ec 194,611 212,316 4,392,857 3,748,438
D et G r II & M ilw 4th wk D ec
92,155
72,456 1,669,603 1,388,425
Great North System D ecem b er. 7,302,728 4,595,679 45,216,732 40,280,076
G u lf & Ship Island. N ovem bor
168,942 124,509
804,305
704,922
H ocking V alley____ N ovem ber
669,049
527,154 3,240,595 3,124,859
Illinois Central____D ecem ber 5,990,299 5,255,472 34,229,836 32,623,834
Internat & Grt N or N ovem ber
874,386 879,379 3,924,810 4,015,491
Kanawha & M i c h .. N ovem ber
312,844 207,109 1,516,666 1,380,567
Kansas C ity S outh. D ecem b er. 887,468 839,412 5,328,850 5,288,576
Lehigh V a lle y .. . . N ovem ber 4,340,536 3,527,394 20,436,891 18,906,153
Lehigh & Hud R iv . N ovem ber
225,654 143,398
917.780
769,249
Lehigh & N ew E n g . N ovem ber
315,988 208,825 1,499,381 1,183,989
Louisiana & A r k . . . N ovem bor
160,247
130,104
750,093
728,475
Louisiana R y & N a v N ovem ber
233,247
163,457
999,024
820,035
/L ou isvillo & N asliv 1st wk Jan 1.093,245 907,815 30,257,860 27,752,093
M a con & Birm ’ham N ovem ber
14,267
12,490
63,657
66,080
Maine Central------- November
958,169
934,006 5,060,765 5,113,389
M aryland* Penna. November
41,234
44,543
213,509
243,382
M idland V alley------ N ovem ber
169,846
132,294
743,258
639,622
M ineral R ange____1st wk Jan
15,971
11,792
562,442
406,828
M inn & St L ou is..\ 2d w k Jan 207,900 223,529 5,922,463 5,730,952
IniV'i
’
1
i
Iow
a Central___i
M inn St P & S S M . 2d wk Jan 605.402 418,330 19,710,165 16,238,530
Mississippi Central. N ovem ber
74,506
62,677
345,428
346,034
a M o Kan & T exas. 2d wk Jan
540,280 653,565 17,813,744 18,415,435
h M issouri P a c ific .. N ovem ber 5,919,474 4,989,135 26,727,106126,487,516
N ashv Chatt & St L N ovem ber 1,135,359 895,099 5.179,183 4.820,495
N evada-Cal -Oregon 1st wk Jan
2,854
3,193
228,501
226,661
/N ow York Central N ovem ber 16023134 12094114 75,826,817 66,490,896
B oston & A lbany N ovem ber 1,645,401 1.287,016 7,912,036 7,148,014
n Lake Erie * W . N ovem bor
579,261
422,557 2,859,862 2,521,462
M ichigan Central N ovem bor 3,351,511 2,526,096 16,451,380 14,546,089
Cleve C C & St L N ovem ber 3,561,167 2,759,200 17,553,876 15,880,673
Cincinnati N orth. N ovem ber
165,351
130.198
•766,015
719,136
Pitts & Lake Erie N ovem ber 1.967,731 1.004,112 9,336,454
N Y C h i c * St L . N ovem ber 1,230,289 932,518 5,623,464 6,667,026
4,771,954
T ol & Ohio C en t. N ovem ber
485,374 454,678 2.216,118 2.512,292
T o t ail lines above N ovem ber 29009279 21610489 138546022 121257541

l

ROADS.

W eek or
M o n th .

C u rren t
Y ea r.

P r e v io u s
Y ea r.

J u ly 1

to L a te s t D a t e .
P r e v io u s
Y ea r.

C u rren t
Y ea r.

S
$
S
S
N ew Orl Great N o r . N ovem ber
144,313
689,711
117.660
721,088
N O M ob ile & C h ic . N ovem ber
180,544
807,852
774,536
136,191
N Y N II & Ila r tf. _ N ovem ber 6.407,273 5,125.780
,765,061 28,080,221
N Y Ont & W estern N ovem ber
720.849 694,958
.087,419 4,266,533
N Y Susq & AVest.. N ovem ber
374,671
287.606
,726,657 1,547,697
N orfolk S o u th e rn .. N ovem ber
394,764 300,209
,815.794 1.634,625
N orfolk & AVestern. N ovem ber 4,572.794 3,079,663
,447,385 18,454,606
N orthern P a cific___Decem ber
6,544,000 4,680,000
.236,200 35,580,085
N orthwestern P a c . N ovem ber
345,271
274.820
,101,616 1.819,440
P acific Coast C o ___N ovem ber
653.032 518,044
,258,768 3,014,424
p Pennsylvania R R . N ovem ber 18617404 14825283
,297,489 81,145,946
B alt Ches & A t l . . N ovem ber
84.481
86,204
587,239
666,062
Cum berland Vail. N ovem ber
280,720 240,346
,406,111 1,308,042
L ong Island_____ N ovem ber 1,043,597 965,233
.505,298 6,365,197
M a ry l’d Del & Va N ovem ber
67,770
71,076
451,469
481,751
N Y Phila & N o rf N ovem ber
361,919 281,269
,934.845 1,682,189
Phil B alt & AVash N ovem ber 1.907,985 1,641,491
,615,292 8,954,680
AV Jersey & Seash N ovem ber
494,084 393,697
,673,963 3,372,363
Pennsylvania C o ___N ovem ber
6,145,936 4,057,245
,243,402 24,885,401
Grand R ap & Ind N ovem ber
468,972 417,636
,381,866 2,453,400
Pitts C C & St L . N ovem ber 3,923,628 2,874,234
,021,455 17,116,266
V a n d a lia _______ N ovem ber
1,073,290 893,736
125,529 4,890,421
T otal lines—
East Pitts & Erie N ovem ber 23329 935 8971347 117232641 106729878
AVest Pitts & Erie N ovem ber 11762235 8.360,721 57,501,953 50,024.346
A ll East & AVest. N ovem ber 35092170 27332068 174734595 156754227
Pere M arquette___N ovem ber
1,905,742 1,484,421 8,654,271 7.929,009
Reading C o—
Phila & R ead ing. N ovem ber 5,083,491 3,984,042 23,088,941 20,479,648
Coal & Iron C o . . N ovem ber 3,616,595 2.954,468 13,131,854 13.004,028
T otal both co s ___N ovem ber 8,700,086,6,938,510 36,220,795 33,483,676
R ich Fred & Potom N ovem ber
239,771 218,747 1,148,505 1.121,028
R io Grande June___O ctob er____
111,418 126,422
382,576
438,314
R io Grande S o u t h .. 2d w k Jan
10,238!
9,155
321,329
317,622
R o ck Island L in e s .. N ovem ber 6.659,533 6,083,815 31,910,146 32,346,351
R u tla n d ___________ N ovem ber
310,345 289,724 1,641,524 1,592,236
St Jos & Grand Is l. [N ovem ber
169.257
119,799
727,746
734.435
St L B rownsv & M . |November
210,024
170,211 1,161,726
990,426
St L Iron M tn & So N ovem ber 3,129,883 2,555.914 13,509,013 13,311.419
St Louis & San Fran N ovem ber 4,275.541 3,651,284 '19,702,825 18,942,876
St Louis Southw est. 2d wk Jan 208,000
199.000 6,686,749 6,015,227
San Pod L A * S L . N ovem ber
894,700
704,706 4.605.542 3,954,902
Seaboard A ir L i n e .. N ovem ber 2,011,155 1,713,798 8,806,770 8,525,040
Southern P a cific___N ovem ber
13 752948 10 246764 67,339,089 57.497.887
Southern R a ilw a y .. 2d w k Jan 1,180,714 1,058,674 36,585,333 34.826.503
M o b i l e * O h io___2d wk Jan
204,343
188,219 6.215.587 6,010,641
Cin N O & T ex P . 2d wk Jan 208,550
170,248 5,577,158 5,102,100
A la Great S ou th . 2d w k Jan 101,679
77,709 2,894,104 2,534,635
Georgia Sou & Fla 2d wk Jan
44,639
40,159 1,309,108 1.272,523
Va & So AVest___2d wk Jan
36,882
33,640 1.051,452 1,042,576
Spok P ort & Seattle N ovem ber
419,329 355.904 2,262,262 2,188,653
Tenn A la & Georgia 2d wk Jan
2,211
966
46,687
39,408
Tennessee C entral. N ovem ber
130.801
109,595
681,631
655,885
Texas & P a cific____ 2d wk Jan
352,843 350.628 10.738,678 10.215.888
T oled o Peor & AVest 2d wk Jan
19,556
24,399
677,574
675,901
T oled o St L & AVest 2d wk Jan
108,838
95,232 2.960.543 2.470.503
T rinity & Brazos V . N ovem ber
94,603
99,826
394,908
496,874
Union P acific S y s t. N ovem ber 9,389,069 7,592,182 45,109,951 41,984,379
V irgin ian __________ N ovem ber
561,572 451.629 2,981,434 2,618,755
AVabash----------------- 2d wk Jan
634,000 517.000 18,163,907 16,267,948
AVestern M a rylan d- 2d wk Jan
191,391
156,314 5,733,511 4,490,298
AVestern R y o f A la . N ovem ber
121,945
96,557
546,071
531.722
W heel * Lake E rie. N ovem ber
787,384 396,317 3.629,295 2,545,943
AVrightsville & Tenn Novem ber
26,862
25,762
123.675
116,175
Y a zoo & M iss V a il. D ecem ber 1,327,675 1,164,459 7,011,573 6,052,331
V a r io u s F is c a l Y e a r s .

P er io d .

B uffalo & Susquehanna R R ____ Jan
Delaware & H udson_____
Jan
E r ie ______________________
Jan
N ow Y ork C entraij_______
Jan
B oston & A lb a n y______
Jan
Lake Erie & AVestern _n
Jan
M ichigan C e n tr a l_____
Jan
C leve Cine C hic & St L o u is .. Jan
Cincinnati N orthern___
Jan
Pittsburgh & Lake E r i e ____ Jan
N ew Y ork C hicago & St Louis Jan
T oled o & Ohio Central______ Jan
T otal all linos_____________ Jan
N Y Susquehanna & AVestern.. Jan
p Pennsylvania R a i l r o a d _______ Jan
Baltim ore Chesap & A tlantic Jan
Cum berland V alley__________ Jan
Long Island_________________ Jan
M aryland Delaw & V irgin ia .. Jan
N Y Philadelphia & N o rfo lk . Jan
Phila Baltim ore & AVashing’n Jan
AVest Jersey & Seashore_____ Jan
Pennsylvania C o m p a n y _________ Jan
Grand Rapids & Indiana____ Jan
Pitts Cine C hic & St L ouis___ Jan
V an d alia _____________________ Jan
T otal lines— East Pitts & Erie Jan
— AVest Pitts & Erie Jan
— A ll Lines E & AV Jan
R io Grande Junction___________ D oc
R u t la n d _______________________ Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
1 to
1 to
1 to

C u rren t
Y ea r.

P re v io u s
Y ea r.

N o v 30 S I,357,230 51,314,277
N o v 30 21,493,364 20,860,819
N o v 30 60,374,627 55,111,972
N ov
151379800 139643199
N ov
16,031,542 15,206,462
N ov
5,626,003 5,206.724
N ov
33,009,435 30,808,377
N ov
34,596,137 32,464,518
N ov
1,473,494 1,356,737
N ov
16,374,398 14,662.603
N ov
11.305,170 10.334,857
N ov
4,288,181 4,568,241
N ov
274084160 254251718
N ov
3.729,688 3,533.763
N ov
178456493 172932495
N ov
1,073,996 1.167,405
N ov
2,798,099 3,016,504
N ov
12,558,299 12,383,045
N ov
874,127
830,144
N ov
3,801,095 3,475,251
N ov
19,331.909 18,773,606
N ov
6,452,184 6,088,694
N ov
55,459,624 51,147,019
N ov
4,848,397 4,992,069
N ov
37,461,066 36,283,247
N ov
10,282,527 10,088,733
N ov
230006 160 223407664
N ov
109519931 103978777
N ov
339526 091 327386441
O ct
845.351
923,294
N ov
3,274,869 3.272,293

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
• W ee k ly S u m m a r ie s .

C u rren t
Y ea r.

P r e v io u s
Y ea r.

In crea se or
D ecrease.

%

•

M o n th ly S u m m a r ie s .

C u rren t
Y ea r.

P r e v io u s
Y ea r.

In crea se or
D ecrea se.

%
$
$
M ile a g e .
C u r. Y r. P rev. Y r
*
(36 road s)____ 14.911.501 12,010,570 +2,900.931 24.15
M a r c h _____ 246,848 243,598 238,157.881 253.352.099 — 15.194,218 5.99
(36 roads)------ 15,219,672 12,176,733 + 3.042,939 25.07
A p r i l ............247,701
245.170 237,696.378 241,090.842 — 3.394,464 1.41
(37 roads)------ 15,124,179 11,801,719 + 3,3 22 ,4 6 0 28.16
M a y ...............247.747 245.207 244.692.738 243.367.953 + 1.324.785 0.54
(35 roads)____ 17,801,984 12,888,457 + 4,913,527 38.05
Ju n e________ 240,219 235,828 248.849,716 247,535,879 + 1,313.837 0.53
(38 roads)____ 13.980,658 10,797,962 +3,182,696 29.48
J u l y ............. 243.042 241,796 262,948,115 260,624,000 + 2,324,115 0.8S
(38 roa d s)____ 14.254.799 10.679,744 +3,575,055 33.48
A ugu st_____ 247,809 245.751 279.891,224 274,618.381 + 5,272,843] 1.93
(37 roa d s)____ 13,822,654 10,351,984 + 3,4 70 ,6 7 0 34.34
September . .245,132 243.463 294,241,340 276,458,199 +17.783,141 6.43
(39 roa d s)____ 21.419,603 16,177,341 + 5,2 42 ,2 6 2 32.41
O c to b e r ____ 248,072 247,009 311,179,375 274.091,434 +37,087,941 13.57
<38 road s)____ 11,492,211
9,197,838 +2,294,373 24.94
N ovem b er_246,910 245,858 306,733,317 240,422,695 +66.310,622 27.58
(31 road s)____ 10.169,141
8,547.863 + 1,621,278 18.95
Decem ber ._ 91,878
90.037 84,094.552! 63,315,598 + 2 0 ’, 778;95432!81
a Includes Cleveland Lorain & AVheeling R y .
b Includes Evansville & Terre Haute and Evansville & Indiana R R .
c Includes M ason C ity & F ort
D od ge and thoi W
isconsin
M
innesota
&
P
a
cific,
d
w, —
v. —
„ - Includes not only operating revenue, but also all other receipts, e Does not include earnings o f C oloii Cripple Creek District R y . / Includes Louisville & Atlantic and tho Frankfort & Cincinnati, g Includes the Texas Central and the
v nS ? r v ,i.a f i. » t Sl. ^ Includes tho St. Louis Iron M ountain & Southern, j The com parisons here given are with the results o f operation o f the New
York cen tra l & Hudson R iver R R . , Lake Shore & M ichigan Southern R y ., C hicago Indiana & Southern I4R. and Dunkirk Allegheny Valley & Pittsburgh
" , ’ which have been com bined for such com parative purposes o n ly , n Includes the N orthern Ohio R R . p Includes the N orthern C entral. *We
no longer include the M exican roads in any o f our totals.

1st
2d
3d
4th
1st
2d
3d
4th
ls t j
2dl

week N ov
week N ov
week N ov
week N ov
week D ec
week Dec
week D ec
week D oc
weok Jan
weok Jan




[Vol . 102

THE CHRONICLE

340

Latest Gross Earnings by Weeks.— In the table which
follows we sum up separately the earnings for the second week
of January. The table covers 31 roads and shows 1 8 .9 5 %
increaso in the aggregate over the same week last year.
1915.

1916.

S econ d W eek o f J a n u a ry .

A labam a Great Southern______
B uffalo R ochester & Pittsburgh
Canadian N orthern____________
Canadian P a cific_______________
Chesapeake & O h io____________
Chicago Ind & Louisville______
C hicago Great W estern_______
Cine N ew Orl & Texas P a cific. _
C olorado & Southern__________
D enver & R io Grande__________
D etroit & M a ck in a c___________
Georgia Southern & Florida-----Grand Trunk o f Canada______
Grand Trunk W estern-------D etroit Grand H aven & M il
C anada A tla n tic___________
M inneapolis & St Louis______ 1
Iow a C entral________________ J
M inneapolis St Paul & S S M —
M issouri Kansas & T exas---------M o b ile & O h io_________________
R io Grande Southern__________
St Louis Southwestern_________
Southern R ailw a y______________
Tennessee A la & Georgia______
Texas & P a cific________________
T o le d o Peoria & W estern---------T oled o St Louis & W estern____
Virginia & Southwestern______
W abash________________________
W estern M a ry lan d ____________

S
77.709
165,441
349,300
1,321,000
673,605
106,196
289,417
170,248
289,252
340,700
16,440
40,159

$
23,970
80,534
120,000
542,000
171,367
22,522
15,914
38,302

966.301

779,745

186,556

207,900

223.529

605,402
540,280
204,343
10,238
208,000
1 ,180,714
2,211
352,843
19,556
108,838
36,882
634,000
191,391

418,330
653,565
188,219
9,155
199.000
1,058,674
966
350,628
24,399
95,232
33.640
517.000
156,314

10,169,141

T otal (31 road s)____
N et increase (18.95% )

In crea se.

S
101,679
245,975
469.300
1 ,863,000
844,972
128,718
305,331
208,550
283,521
385,400
19,157
44,639

44,700
2,717
4,480

187,072
16.124
1,083
9,000
122,040
1,245
2,215
13,606
3,242
117,000
35.077

8,547,863 1,760,766
1,621,278

D ecrea se.

1915.

x

95,428
3,414

642,382
21,572

597,303
17,700

T otal operating revenues.
Operating oxpensos_________

112,855
89,790

98,842
87.595

663,955
455,781

615.004
463,750

N et operating revenue____
U ncollectible rev. from trans.
Express taxes_______________

23,065
21
5,000

11,246
10
5,000

208,174
509
25.000

151,253
63
25,000

Operating incom e_________

18,043

6,236

182,664

126,190

4,843

139,488

339

------- N

e t E a r n i n g s ------C u rren t
P r e v io u s
Y ea r.
Y ea r.

IN D U S T R IA L C O M P A N IE S .
E a r n i n g s ------P r e v io u s
Y ea r.

$
Cities Service C o ................D ec 532,195
Jan 1 to D ec 31............ 4,479.800
D etroit E d is o n .a _______ D ec 881,856
Jan 1 to D ec 31........... 7,759,932
N ew England C o Syst a D ec
152,126
Jan 1 to D oc 31______ 1,489,452
N ew Y ork D ock C o .b .- D e c
243,024
July 1 to D ec 31............ 1,501,636
P ac T el & T el C o System—
Oct 1 to D ec 31______ 5,192,830
U nited States Pub S erv a N ov
86,820
D ec 1 to N o v 30...........
911,557

------- N

e t E a r n i n g s ------C u rren t
P r e v io u s
Y ea r.
Y e a r ..
$
$

$
404,807
3,934,453
714,422
6,495,815
96,984
982,529
204,194
1,150,291

514,407
392.763
4,306,944 3,817,545,
410,553
322,466
2,948.713 2,301,064
103,722
31,511
509,741
957,899
101,023
98,036
564,478
736,520

4,896,569
76,620
844,592

1,121,920
41,641
390,115

1,118.048
33,168
321,600

a N et earnings here given are after deducting taxes,
earnings hero given are before deducting taxes.

b N et

Interst Charges and Surplus.
— I n t.,

R e n t a l s , A c . --------- D a l . o f N e t E a r n s .—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
$
$
$
$

R oa d s.

Bellefonte C entral______ D ec
Jan 1 to D ec 3 1 ...........

269
3,228

235
2,820

840
11,735

684
14,282

I N D U S T R IA L C O M P A N IE S .
— I n t . , R e n t a l s , A c . -------- D a l .
C o m p a n ie s .

Cities Service C o _______ D ec
Jan 1 to D ec 31--------




C u rren t
Y ea r.

40,833
490.000

P r e v io u s
Y ea r.

40,833
420,000

o f N e t E a r n s .—
C u rren t
P r e v io u s
Y ea r.
Y ea r.

§

473,573
3,816,944

30—
1914.
$
1,296,475
699,172

N ov.

108,557
4,297

$
$
$
$
Baltim ore & O h io .b ___D ec 9,164,762
6,674,075 2,626,426 1,821,571
July 1 to D ec 31............ 56,040,304 47,138,435 18,201,902 13,027,127
1,109
918
Bellefonte C e n tra l.b ____ D ec
7,369
7,023
14,963
17,102
Jan 1 to D ec 31______
83,662
90,797
304
834
Fairchild & Northeast b N o v
3,257
4,398
def3,411
d ef 1,678
July 1 to N ov 30............
13,082
16,213
344,187
285,757
Kansas C ity Southern.b D ec
887,468
839,412
July 1 to D ec 31............ 5,328,850 5.288.576 2,209,148 1,896,008

C u rren t
Y ear

1 to
1915.
$
1,393,918
751,535

Revenue from transport’n .
Oper’ns other than transp’n .

In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the “ Railway Earnings” Section is
devoted. W e also add the roturns of the industrial com­
panies received this week.

------- G r o s s

1914.
$
207,873
112,445

113,285

Net Earnings Monthly to Latest Dates.— I n o u r “ R a il­
w a y E a r n i n g s ” S e c tio n o r S u p p l e m e n t , w h ic h a c c o m p a n i e s
t o - d a y 's i s s u e o f th e " C h r o n i c l e , ” w e g iv e th e N o v e m b e r f i g u r e s o f
e a r n i n g s o f a ll s te a m r a i lr o a d s w h ic h m a k e it a p r a c t i c e to i s s u e
m o n th ly r e t u r n s o r a r e r e q u ir e d to d o s o b y th e I n t e r -S t a t e
C o m m erce C o m m is s io n .
T h e r e a d e r i s r e f e r r e d to th a t S u p p l e ­
m e n t f o r f u l l d e ta ils r e g a r d in g th e N o v e m b e r r e s u lt s f o r a ll th e
s ep a ra te c o m p a n ie s .

C o m p a n ie s .

528,989
20,780
178,408

T otal from transportation___
Express privileges— D r . . .

5.296

E a r n i n g s ------P r e v io u s
Y ea r.

507,955
28.719
235,991

15,629

9,197,838 2,299,669
.............. 2,294,373

C u rren t
Y ea r.

589,059
12,388
143,192

1915.
$
239,241
130,683

$
4,957

------- G r o s s

S
240,718
1,418,751
1.286
149,978
18,988
89,075

— M o n t h o f N o v e m b e r -------- J u l y

%
S
P reviously reported (31 r o a d s). 10,887.383 8,659,193 2,233,147
A nn A r b o r ______ ______________
42,012
629
41,383
280,692
29,865
250,827
Chicago & A lton _______________
54,159
D uluth South Shoro & A tlantic
46,492
7,667
11,792
15,971
4,179
M ineral R yn g e-------------------------2,854
3,193
N evada-C alifom ia-O regon_____
184.000
23,000
207,000
St Louis Southwestern_________
1,182
2,140
958
Tennessee A labam a & G eorgia.

R oa d s.

$
310,391
1,848.658
57,595
445,072
20,289
250,927

After allowing for other incom e received.

N o r t h e r n E x p r e s s C o .—

D ecrease.

T otal (38 roa d s)______________ 11,492,211
N et increase (2 4 .9 4 % )--------------

$
81.748
882,313
30,225
359,762
79.048
475,403

E X P R E S S C O M P A N IE S .

In crea se.

1916.

S
D etroit E dison__________D ec
100,162
Jan 1 to D ec 3 1 ______ 1,100,055
N ew England C o S y s t ..D e c
46,127
Jan 1 to D ec 3 1 _____
512,827
N ew Y o rk D ock C o ____ D ec
80,733
July 1 to D ec 31______
485,592
Pac T el Sc T el C o System —
O ct 1 to D ec 3 1 ____
613,965
United States Pub S e rv .N o v
12,922
D ec 1 to N o v 30_____
154,124

5.731

For the first week of January our final statement
covers 38 roads and shows 2 4 .9 4 % increaso in the aggregate
over the same week last year.
F ir s t W ee k o f J a n u a ry .

R e n t a l s , A c . -------- D a l . o f N e t E a r n s .—
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.

— I n t.,
C o m p a n ie s.

351,930
3,397.545

ELECTRIC RAILWAY AND TRACTION COMPANIES.
L a tes t G ro ss E a r n in g s .
N am e of
R oad.

Am orican R ys C o —
A tlantic Shoro R y —
cAur Elgin & C hic R y
Bangor R y & E lectric
Baton R ouge E lec Co
B eltL ItyC orp (N Y C )
Berkshire Street R y .
Brazilian T rac, L & P
Brock & Plym St R y .
Bklyn R ap Tran Syst
Cape Breton E lec C o
Chattanooga R y & Lt
C leve Painesv & East
C leve Southw & C o l.
Columbus (Ga) El Co
Coium (O) R y P & L .
g C om 'w ’ th P R y & L
C onnecticut C o ____
Consum P ow (M ich)
C um b C o (M e) P & L
Dallas E lectric C o ___
D etroit U nited Lines
D D E B & B at (Rec)
Duluth-Superior Trac
East St L ouis & S ub.
Eastern Texas E lec_
El Paso Electric C o . .
42d St M & St N A ve
g Georgia R y & P o w .
G alv-H ous Elec C o _
Grand Rapids R y C o
Harrisburg Railways
H avana El R y L & P .
Honolulu R T & Land
H oughton C o T r C o .
b Hudson & M a n h at.
Illinois T ra ction ____
Interboro R ap T ra n .
Jacksonville T ra c C o
Keokuk E lectric____
Key W est E lec______
Lake Shore E lec R y .
Lehigh Valley Transit
Lewist A ug & W aterv
Long Island E lectric.
Louisville R a ilw a y ..
M ilw El R y & L t C o .
M llw L t H t & T r C o .
N ashville R y & Light
N Y C ity I n te rb o ro ..
N Y & Long I sla n d ..
N Y & N orth Shore.
N Y & Queens C o . .
New Y ork Railways
N Y & Stam ford R y
N Y W estches & Bost
N ortham pton T r a c ..
N or Ohio T rac & L t .
N orth Texas Electric
N orthw Pennsyl R y .
Ocean E lectric (L I ) .
Paducah T r & L t C o .
Pensacola Electric Co
I’ hila Rapid T ransit.
Phila & W estern____
P ort (Ore) R y ,L & P G o
Puget Sd T r L & P . . .
^Republic R y & L t_
R hode Island C o ____
R ichm ond Lt & R R .
St Jos R y L t II & P Co
Santiago El Lt & T r .
Savannah Electric Co
Second Avenue (Roc)
Southern B oulevard.
Staten Isl M id la n d ..
T am pa Electric C o __
Third A venue_____
T oron to Street R y .
T w in C ity Rap Tran
Union R y C o o f N Y C
Virginia R y & Pow er.
Wash Balt & A nnap.
W estchester E lectric.
W estchester St R R . .
Yonkers R ailroad___
Y ork R ailw ays___
Youngstown & O hio.
Youngstow n & South

W eek or
M o n th .

C u rren t
Y ea r.

P r e v io u s
Y ear

Jan.

1

C u rren t
Y ea r.

to la te s t

d a te .

P r e v io u s
Y ea r.

$
$
S
508,830 480,710 5,436, 895 5.559.534
December
23,721
349, 864
Decem ber
22,659
360,138
Decem ber
154,561 152,658 1,909, 544 2,073,271
64,570
721 ,527
N ovem ber
65.711
712,243
172 ,794
15,704
17.671
N ovem ber
161,695
642 ,289
67,146
70,477
618,531
O ctob er___
852 ,814
72.066
900.514
72,855
N ovem ber
N ovem ber /6336000 /5929730 /70586 ,110 /67340.988
113.682
107 ,053
8,056
7,872
N ovem ber
O ctob er___ 2326,827 2273,180 22,961 ,084 23,049,377
320 ,946
30,045
320,100
33,012
N ovem ber
982 ,001
84.896
98.812
996.085
N ovem ber
29,191
373 ,319
31,862
378.012
N ovem ber
104,834 100,183 1,134 ,929 1.158,384
N ovem ber
63,274
650, ,989
67,290
N ovem ber
621,667
N ovem ber
277.008 261.656 2,812 ,861 2.787,734
N ovem ber 1323,673 1185,318 12,979, 439 12,665,099
N ovem ber
679,901 601.801 6,516 ,305 7,364,810
N ovem ber
377,190 303,693 3,472, ,993 3,079,903
N ovem ber
213,206 196.249 2,412 ,111 2,310,108
N ovem ber
161,526 180,303 1,660 ,323 2,022,463
N ovem ber 1145.361 949,244 12.041 ,366 11,260,114
428,008
43,464
402 ,295
O ctober___
42,705
N ovem ber
105.257 103,564 1,053 ,121 1,188,805
N ovem ber
219,595 207,713 2,228 .301 2,409,829
617,439
56,868
653 ,637
71,406
N ovem ber
953,400
91.713
880 ,418
93,482
N ovem ber
O ctober___ 175,351 173,800 1,624 ,249 1,556,382
N ovem ber
608,324 646.656 5.868 ,466 6,762,392
N ovem ber
168,261 195,389 1,773 ,018 2,231,984
98,208 1,064 ,440 1,160.653
N ovem ber
99,020
979,122
87.682
Decem ber
941, 930
87,142
N ovem ber 482,315 461,788 5.054, ,635 4,939,430
551.501
N ovem ber
48,912
532, ,509
49,107
255,148
N ovem ber
19,590
249, 774
22.846
N ovem ber
477,688 458,574 5.014. 932 5,067,030
N ovem ber
987,178 920,741 9,958, 601 9,875,125
Decem ber 3237,023 3000,364 33,996. 073 33,786,644
N ovem ber
49,250
52,880
659,110
557, 951
N ovem ber
21.276
228,628
211, 523
20,125
Novem ber
10,023
10,616
103 334
122,224
N ovem ber
112,682 105,143 1,263 331 1,317.847
N ovem ber
190,557 152,398 1,908 123 1,715,273
N ovem oer
57,229
679 ,922
49,437
626.850
O ctober___
18,640
18,989
219 606
212,864
N ovem ber
239,721 244,752 2,684 ,686 2,906,655
N ovem ber
538.660 501,273 5.383 ,561 5.470,399
N ovem ber
121,226 114,833 1.354 .831 1.379,153
185,260 184,099 1,952 .271 2,053,091
N ovem ber
652,251
59,225
578 ,815
63,292
O ctob er___
351,264
37,224
364 ,983
36,016
O ctober___
14,562
143,317
14,85-1
140 ,150
O ctober___
O ctober___ 121,341 116,513 1,159 ,641 1,148,054
N ovem ber 1134,595 1061,863 12.383 .957 12,365,915
25,093
23,967
351,671
N ovem ber
347 .935
37.849
439 .093
N ovem ber
44,265
382.566
16,104
13,690
Decom ber
183,624
180 .400
N ovem ber
341.974 286,732 3,510 ,934 3,319,704
145,692 157,568 1.556 .272 1.908.535
N ovem ber
N ovem ber
29,122
27,320
328 ,784
330,739
6,829
O ctober___
7,151
150,041
139 ,943
N ovem ber
25,032
24,839
274,054
260 .212
N ovem ber
23,516
18.860
244,734
234 .107
December 2213,472 2074,523 24,315 .452 23,961,395
Decem ber
40.057
383,477
32,510
463 ,901
N ovem ber
455,165 494,626 5.028 ,408 5.758,679
N ovem ber
643,823 686,820 6,859 ,878 7,733,423
Novem ber
289,151 241,625 2,800 .428 2.741,626
N ovem ber
417.449 397.016 4,611 ,718 4.921.895
336,703
O ctober___
340 .114
31,242
31,492
N ovem ber
108,819 108,481 1,150 ,706 1.174,232
423,593
N ovem ber
431 .883
37.117
43,239
770,961
725 .311
Novem ber
69.870
66.448
780,859
740 ,690
82,893
O ctober___
79,545
188,685
191 ,546
19.713
O ctober___
20,181
280,987
293 ,959
24,026
O ctober___
25,876
895,498
895 .278
80.922
N ovem ber
83.696
O ctober___ 340.076 334,044 3.215 ,784 3,302,502
September 489,573 625.254 4.173 .872 4,583,860
180 ,386
170,200
1st wk Jan 180,386 170,200
O ctober___ 242,219 237,162 2.341 ,872 2.428,194
503.449 443,651 5,262 878 5,169,630
Decem ber
780 .636
64.169
754.505
96,474
N ovem ber
492 ,538
49,662
514,804
48,224
O ctober___
19,752
232 ,537
238,562
19.847
N ovem ber
611 .490
63.461
66,492
602.566
O ctober___
65,547
725,035
757 ,709
79,436
N ovem ber
23.603
254,176
263 .889
24,992
N ovem ber
14,764
150.630
144 .055
15,859
O c t o b e r ...

b Represents incom e from all sources,
c Those figures are for consoli­
dated com pany. / Earnings now givon In milrols. g Includos constituent
com panies.

Jan. 22 1916.]

THE CHRONICLE

Electric Railway Net Earnings.— The following table
gives the returns of ELECTRIC railway gross and not
earnings reported this week:

—

Tross E arnings
Current
P revious
Y ear.
Y ea r .

R oads.

S
23,721
A tlantic Shore R y . b — D ec
22,659
Jan 1 to D ec 31______
349,864
360,138
Aurora Elgin & C h ic .b -D e c
154,561
152,658
July 1 to D ec 31______ 1,024,321 1,097,375
Brooklyn Rapid Transit— b
, Oct 1 to D ec 31______ 6,747,126 6,367,973
July 1 to D ec 31______ 14,048,444 13,607,760
Harrisburg R y s ------------- D ec
87,142
87,682
Jan 1 to D ec 31---------94i,93 0
979,122
Intorboro R ap Tran a .- D e c 3,237.023 3,000,364
16,270,705
Northwestern Penna b . .N o v
29,122
27,320
Jan 1 to N o v 30______
328,784
330,739
P a cific Gas & E l C o a .- D e c 1,622,941
1,549,457
Jan 1 to D ec 31______ 18,530,301 16,912,688
Phila R ap T ransit____ D ec 2,213,472
2,074,523
July 1 to D ec 31______ 12,416,973 11,945,123
Phila W estern R y b ____ D ec
40,057
32,510
Jan 1 to D ec 31______
463,901
383,477
Puget Sound T ra c L t & Pow
and subsid cos a ____ N o v
643,823
686,820
Jan 1 to N o v 30______ 6,859,878 7,733,423
Virginia R y & Pow er b .D e c
503,449
443,651
July 1 to D e c 3 1 ______ 2,785,966 2,632,706

a
b

--

--

N et E a rn in g s
Current
P revious
Y ea r .
Y ea r.

$
3,214
64,306
53,857
374,331

$
1,480
70,903
49,409
412,313

2,892,684
6,331,835
21,759
136,178
1,804,590
9,014,266
7,149
98,725
696,892
7,944,708
975,804
5,457,036
17,918
238,811

2,683,905
6.085,826
19,041
152,213
1,635,168
8,866,527
7,247
81,580
659,648
6,998,766
871,869
5,046,402
15,556
176,697

240,719
2,520,116
280,143
1,478,014

284,937
3,142,191
231.346
1.370,685

N et earnings here given are after deducting taxes,
N et earnings here given are before deducting taxes.

Interest Charges and Surplus.

—
■
A

R oads.

B rooklyn R apid Transit—
O ct 1 to D ec. 3 1 . ..........
July 1 to D ec. 31______
Interboro R ap T r a n s it..D e c
July 1 to D e c 31_______
P acific Gas & El C o ____ D ec
Jan 1 to D ec 31______
Phila R apid Trans_____ D ec
July 1 to D ec 31_______
Phila & W estern R y ____ D ec
Jan 1 to D ec 3 1 . . . . . .
Puget Sound T rac L t & Pow
and subsidiary c o s ___N o v
Jan 1 to N o v 3 0 _______
Virginia R y & P ow er___D ec
July 1 to D ec 31_______

--

.—

Dal. o f N e t E a rn s
C urrent
Previous
Y ea r.
Y ea r.

I n t ., Rentals, & c.
C urrent
P revious
Y ea r.
Y ea r .

$

S

S

$

1,633,191
3,227,484
919,868
5,509,151
321,193
3,982,419
815,497
4,895,793
12,550
147,476

1,613,114
3,210,519
913,035
5,459,819
273,553
3,890,341
807,016
4,847,955
12,498
149.637

x l ,367,140
x3,341,533
X941.953
x3,799,971
x4.34.112
x4,376,168
160,307
561,244
5,368
91,334

x l , 176,769
x3 ,096,992
X776.416
x3,689,955
X402.931
x3,416,241
64,853
198,447
3,058
27,060

154,190
1,725,111
142,041
857,548

156,384
1.704,456
132.638
810,563

86,529
795,005
X145.669
x670,957

128,553
1.437,735
X105.007
1600,877

x A fter allowing for other incom e received.

N e w Y o r k Street Railways.
- - Gross E arnings - - - C urrent
P revious

341

New Orleans Great Northern RR.

(6th Annual Report— Fiscal Year ended June

3 0 1 9 1 5 .)

P res. W a lte r P . C oo k e , N o v . 1, w rote in substance:
C o m p a r i s o n w i t h 1913-14.— Operating revenues decreased $274,987, or
1 4.6 7% ; net operating revenues decreased S193.264, or 2 6 .0 4 % ; taxes
increased $1,966, or 5 .8 5 % . T he balance d eficit in 1914-15 was $14,064
against a surplus o f $154,321 in 1913-14, a decrease o f $168,385.
T he decreases in freight and passenger revenues were due to the general
business depression. Since the com m encem ent o f the European war, wnich
is the chief cause o f this depression, there has been very little lum ber or
other products o f the forest exported, causing the m ajority o f the small
sawmills to shut dow n for practically the entire year. T he total tons o f
revenue freight handled was 1,038,386, a decrease o f 2 .6 7 % , and the total
number o f tons handled one m ile was 79,855.686, a decrease o f 5 .5 9 % .
Contributing to this was a decrease o f 2.38 m iles, or 3 % , in the average
length o f haul per ton o f freight.
eo Iln o 0per^ti<ln
the St. T am m any branch in 1914-15 resulted in a loss o f
$8,402, against a loss o f $10,432 in 1913-14.
D e v e l o p m e n t o f T e r r i t o r y .— T h e sale o f cu t-over land to settlers along the
railroad and i„s cultivation has shown som e progress during the year. O f
this, 2,781 acres were sold, making a total o f 14,781 acres sold to date, o f
which o ,2 o l acres have been fenced, 880 acres cleared for cultivation, 764
SSr - ™ ultlvatocJ’ and on which 63 new houses have been built. A tract o f
23,500 acres sold to a land com pany last year is being developed, o f which
1 1,0 0 0 acres have been resold to settlers, including a large dem onstration
farm equipped with m odern implem ents and facilities.
A large dem onstration live-stock farm has been started on cut-over land
at Isabel, La. R em oving stum ps, fencing and erecting farm buildings was
started on April 1 1915. A t present there are 2.600 acres under fence, o f
which 100 acres are cleared. It was not possible to plant until June 28.
F r u i t s , & c . — The shipments o f fruits and vegetables from local territory
shows continued growth. T he total carloads forwarded in 1914-15 was
249, against 154 cars in 1913-14 and 83 in 1912-13. This traffic should
increase in proportion to the sale and developm ent o f cut-over land.
F i n a n c i a l . — Equip, bonds, Series “ A ,” were reduced $50,000 to $225,000.
P h y s i c a l C o n d i t i o n s . — T he rail June 30 1915 on the 243.04 miles o f main
track, included: 80-lb ., 185.59 miles: 70-lb., 41.12 miles; 60-lb.. 16.33 m .
Cross-tie renewals were 13,062 heart pine and 45,692 treated, m aking
58.754. One pile trestle, o f 88 ft ., was rebuilt with heart pine, and 64
trestles, total length 8 ,10 0 ft ., with treated material and ballast deck.
2,366 ft. o f pile trestle were filled, m aking permanent roadway. A t the
close o f the year 1,075 ft. o f pile trestles were partially filled but not co m ­
pleted. Repairs were m ade to 2,462 ft. o f pile trestle.
I m p r o v e m e n t s a n d B e t t e r m e n t s . — On account o f decrease in earnings,
caused b y the general business depression, the work o f renewing bridges
with treated material was discontinued on Sept. 16 1914 and resum ed
M a y 17 1915. The original program authorized an expenditure o f $570 000
$219,000 o f which is to be properly charged for additions and betterm ents
and $351,000 to operating expenses. T otal am ount expended to June 30
1915 was $36 2 ,6 .3 , o f which $59,667 was for additions and betterm ents
and $303,005 for operating expenses at rate o f $35,100 a year.
’
E Q U IP M E N T O W N E D

ON JU N E

30

-----L o c o m o t i v e s ------ P a s s e n g e r — F r ’ t

N o.
1914-15......................25
191 3 14--------- 25

C L A S S IF IC A T IO N
Y ear—

A g r ic u l.

1914- 15.........45,316
1913-14------- 46,822

T r a c t.P o w e r .

E q u ip .

N o.

569,100 lbs.
569,100 lbs.

30
30

2,048
2,048

E q u i p .—
C a p .(to n s )

50,830
51,565

W ork .
E q u ip .

104
108

O F F R E I G H T — P R O D U C T S O F (.T O N S )

A n im a ls .

6,740
8,777

M in es.

168,719
87.098

F o res ts.

746,591
852.847

M a n u fa c .

M is c e ll.

63,320
60,377

7,700
10,911

T R A F F IC S T A T IS T IC S

-

N e t E arnings
C urrent
Previous
Y ea r .
Y ea r .

1913-14.
1912-13.
1911-12.
282.77
282.77
282.77
598,334
565,957
449,702
$
S
$
19,462,931 18,009,901 16,094,717
317,986
C189.046
C176.718
2.003 cts.
2.017
cts.
2.117 cts.
3,105,349 1,622.644 1.687,286
$6,631
$6,370
S5.783
276.77
1,560,722 1.060,190 1,026.930
276.77
276.77
14,728,233
1,066,832
9,028,372 9.297,644
1,021,394
935,305
84.583,706 78,418,479 69.507.703
1,375,495
691,686
664,706
1.571 cts.
1.658 cts.
13,224,136 5,930,980 6,241,192
1.691 cts.
308.89
281.57
285.55
2,936,217 1,751,876 1,691,638
27.952,368 14,959,353 15,538,836
IN C O M E A C C O U N T .
2,273,180
804,124
808,342
Revenues—
1914-15.
1913-14.
23,049,377 7,949,019 8,305,765
1912-13.
1911-12.
F r e ig h t ................................$1,173,546 $1,329,083 $1,300,519 $1,175,308
1,204,395
401,030
371,432 Passenger - ................ —
280,117
389,774
363,230
11,304,051
340,778
3,305,490 3,084,132 M ail, express & m iscell.
50.392
56,8871
*137,595
*119,197
67,146
95,944
99,242/
27,215
9,802 Incidental, & c-------------618,531
144,422
112.968
T otal oper. revenues. $1,600,000 $1,874,986 *$1,801,344 *$1,635,283
82,893
25,198
23,033
780,859
206.975
182,107
E xp en ses
M
aint.
o f way & s tru ct.
334,044
111,917
S206.453
$254,037
118,922
*$265,124
*$234,046
3,302,502 1,146.128 1,252,050 M aintenance o f e q u ip ..
255,899
225,515
*165.602
*219,611
T
ra
ffic
expenses_______
31,283
30,955
29,789
43,464
30,232
10,756
5,295 Transportation expenses
479,089
537,471
*531,906
*520,905
428,008
59,268
40,845 General expenses______
76,319
82.0761
*80,904
*80,174
173,800
74,711
82,770 M iscell. o p e ra tio n s ____
2.096
2 ,8 0 7 /
1,556,382
679,110
608,389
T otal expenses______ $1,051,139
59,225
$1,132,862 *$1,073,325 *$1,084,967
22,874
21,744
$548,861
552,251
$742,124
*$728,019
*$550,316
186,776
164,933 N et oper. revenue_____
Outside op er.— net(def.)
______
............
*721
*860
19.701
7,003
6.615
188,685
63,403
48,265
T otal net revenue____.
$548,861
$742,124
*$727,298
*$549,455
237,162
55,288
.
35.869
33,583
32,465 Taxes accrued, &c
26,757
21,423
2,428,194
598,914
453,013
Operating incom e____.
$512,992
$708,541
*$700,541
*$528,032
49,662
2.781
8,203 Hire
f equipment
19,315
514,804
1,569
93,616
86,374 Joint ofacilities,&
c._____s
2,279
2,457
2,186
3,033
63,461
18,128
15,933 In t. on securities, & c___.
1,066
1.115
715
1,031
602,566
106,016
107,301
Gross corp. incom e___.
18.989
$516,337
500
$712,113
38
*$722,757
*$533,665
212,864
30,927
12,528
D ed u ct
.
$1,523
37,224
7,441
$32,598
8.615 Hire o f equipment
.351,264
82,180
78.910
80,692
$78,765
65,216 Joint facilities rents____.
$87,615
Int. on funded debt, & c.
424,863
427,180
428,477
397.241
14,562
5,235
4,310 Other interest__________ .
24,446
143,317
40,739
36.214
D isct. on secur. issu e d ..
21,835
19.104
19,104
19,104
116,513
7.837
4,518
1,148,054
def5,529
T otal deductions____
85,899
$530,401
$557,792
$526,346
$528,406
7,151
.def .$ 14,064sur .$154.321 sr. *$ 196,41 1 *sur.$5,259
d e fl9 6
def4,846
150,041
65,932
67,834
* Com parison with 1914-15 and 1913-14 is slightly inaccurate.
31,492
4,219
269
336.703
8 6 .2 12
4,312
G E N E R A L B A L A N C E S H E E T J U N E 30.
24,026
2,228
5,133
1915.
1914.
280,987
1915.
36,665
1914.
66,753
A ssets—
S
S
L ia b ilit ie s —
S
S
a N ot earnings here given are after deducting taxes,
Road & equipm’t.15 ,978,861115,971,313 Capital stock___ 7.500.000 7.500.000
c Other incom e am ounted to 582.582 in O ct. 1915, agst. 586,635 in 1914. Other Invest., &c.
5,040/
Mortgage bonds..
8.248.000
Cash____________
223,4391
239,551 Equip, tr. obllg’ns 8.473.000
275,000
Special deposits..
3,475/
Plain bonds, de­
Traffic, &c., bals.
10,916
3,546
bentures, &c__
35,000
Agents & conduc’rs
20,056
25,615 Traffic, &c., bals.
16,309
15,082
Miscell. accounts.
102,849 Acc’ts & wages__
68,478
113,580
118,899
Materials & supp.
112,254 Miscell. accounts.
97,611
4,378
9,707
Annual Reports.— An index to annual reports of steam Unexting. discount
Unmat’d int., <tc.
176,521
178,431
on funded debt.
811,385
833,220 Taxes accrued___
22,675
railroads, stroet railways and miscellaneous companies which
19,680
&c.,
Oper. reserves___
45,572
47,208
have been published during the preceding month will be Unadjusted,
accounts______
210,817
186,810 Accr'd deprecia'n.
615,372
564,221
Other unadjusted,
given on the last Saturday of each month. This index will
<fcc., accounts_
34,883
28,239
n ot include reports in the issue of the “Chronicle” in which
Profit and loss___
420,419
443,061
R oads.

Y ea r .

S
H udson & M anhattan a O ct
330,002
Jan 1 to O ct 31______ 3,040,465
Intorboro It T ( S u b ).a ..O c t 1,657,907
Jan 1 to O ct 3 1 ______ 14,776,083
Interboro R T (E le v ).a .O c t 1,413,384
Jan 1 to O ct 31...........12.932,059
T otal Interboro R T a O ct 3,071,291
Jan 1 to O ct 31---------- 27,708,144
B rooklyn R ap T r a n s .a ..O c t 2,326,827
Jan 1 to O ct 31______ 22,961.084
N ew Y ork R a ilw a y s .a .-O c t 1,221.592
Jan 1 to Oct 3 1 ----------11,249,362
-O c t
70,477
Jan 1 to O ct 31.
642.289
and A v e n u e .a _____ .O c t
79,545
Jan 1 to O ct 31.
740,690
340,076
Jan 1 to O ct 31.
3,215.784
) E B & B a t t .a ___ .O c t
42,705
Jan 1 to O ct 31.
402,295
.O ct
175.351
Jan 1 to O ct 31. —
1,624,249
.O ct
63,292
578,815
.O ct
20,181
Jan 1 to O ct 31191,546
Union R y o f N Y C . a . .O ct
242,219
Jan 1 to Oct 3 1 .
2,341,872
W estchester E lectric.a .O c t
48,224
Jan 1 to Oct 3 1 .
492,538
Yonkers . a ____________
66,492
Jan 1 to O ct 3 1 .
611,490
Long Island E lectric, a .O ct
18,640
Jan 1 to O ct 3 1 .
219,606
N Y & L ong Isl T r a c .j .O ct
36,016
Jan 1 to O ct 3 1 ..
364,983
.O ct
14,854
140,150
Oct
121,341
1.159,641
Oct
6,829
139,943
Oct
31.242
Jan 1
340,114
Oct
ben Islai
25,876
Jan 1
293,959

Y ea r.

1914-15.
Average miles pass. serv.
282.77
432,705
Passengers carried-------Pass, carried one m ile .. 14.792,073
R ate per pass, per m ile.
1.894 cts.
Gross earnings per m ile.
$5,658
A ver, miles freight s e rv .
276.77
R ev. tons carried ( N o .) . 1,038,386
R ev. tons carried 1 m ile. 79,855.686
R ato per ton per m i l e . . . 1 .4 7 0 cts.
A ver. rev. tr. load (tons)
346.49

—

—

ANNUAL REPORTS

R is published. The latest index will be found in the issue
of Deo. 25. The next will appear in that of Jan. 29.



T o ta d -...........^17^422,709 17.482,528

T o ta l................. 17.422,709 17,482,528

THE CHRONICLE

342

Hudson Companies, New York.

(Report for Fiscal Year ending Dec.
P R O F IT

A N D

LOSS

E A R N IN G S

C O M P A N IE S

In t. received on Greeley Sq. R ealty C o. 5 % bonds
$146,701
$143,850; other in t., $1,713; m iscel., $1,138; tot.
$90,000
D ed u ct — Interest on 6 % n o t e s ____________________
P ay-roll, $2,854; gen’l, & c., $3,854; taxes, $6 ,­
13,691
634; m iscel., $350__________________________
327
N et adjust. applic.to const.under H.& M . contracts

BA LA N C E

Assets

1915.

—

SH EET D EC.

1914.

S

$

H .& M .R R .(par)—
1st M . scrip-----130
130
Preferred stock- 2,307,614 2,307,614
Common stock *25,171,209*25,171,209
Gr.Sq.Rty.Co.(par) a—
. B o n d s ............... *2,877,000 *2,877,000
; Preferred stock.*1,000,000 *1,000,000
' Common stock.*1,000,000 *1,000,000
Real estate........... bl82,008 bl82,008
105,361
62,618
Cash.................
Suspense account500
500
Accrued Interest..
36,046
36,046
Accts. receivable480
487
Mtge. investment
10,000
10,000
Total —............ 32,690,348 32,647,611

$145,161
$90,000
13,712
324
$41,125

$42,682

Balance (profit) carried d ow n --------------------------------

1915.
1914.
L ia b ilit ie s —
S
S
Preferred s to c k ...16,000,000 16,000,000
Common stock__ 5,000,000 5,000,000
6% gold notes due
Aug. 1 1918____ 1,500,000 1,500,000
Accrued interest—
37,500
37,500
50
Accounts payableRental of fence,
collected In ad­
104
vance _________
Balance, on basis
of par of securi­
ties owned.........10,152,743 10,110,061

T o ta l................ 32,690,348 32,647,611

GREELEY SQUARE REALTY CO. CAPITAL, &C., DEC. 31 191 5.
Preferred s to c k . — ........... $1,000,0001First R ef. M . bonds^ 5 % -$ 3 ,648,000
C om m on stock___________ 1,000,000 [Accrued int. payable-------199,966
First m ortgage___________ 6,202,000|Balance, surplus_________
270,984
Offsets: Prop erty account, $12,107,280; cash, $65,670; com p a n y’s 5 %
bonds in treasury, $148,000; tota l, $12,320,950.
P rofit and loss statem ent o f Greeley Square R ealty C o. for calendar
year 1915. I n c o m e — Rent o f Gim bel B ld g ., $624,167: Interest, $781;
tota l, $624,948. D ed u ct, interest on m ortgage, $314,308; int. on bonds
(V . 91, p . 1772), $175,000; taxes, $3,267; general and m isc. expenses, $687;
balance, surplus fo r year, $131,686. See also V . 100, p . 229.

Armour & Co. (Meat Packers), Chicago.

(Report for Fiscal Year ending Oct.

3 0 1 9 1 5 .)

President J . O gden A rm ou r is quoted as saying:
T h e business in the United States has been but norm al, in fa ct. In
slightly diminished volum e, due to the general business depression during
the greater part o f the year. Our foreign business, as was expected, has
been in increased volum e and im proved m ethods and facilities In the
m arketing o f our by-p rod u cts and the broader dem and for the same also
contributed largely to the increase in earnings over the Preceding year.
T h e average p rofit on the total volum e o f sales is about 2 % % and the
net return on the capital em ployed abou t 1 0 % . T h e volum e o f business
fo r the year is over $425,000,000.

INCOME ACCOUNT.
Oct. 30 ’ 15. Oct. 31 ’ 14. N ov. 1 ’ 13.

$

Ypnr endinn—

N tu ?4 °ln d sal ™-a. — a- 1 5 ,6 5 3 .9 7 2
N et fro m allied co s ., & c . 2 ,3 1 9 ,5 2 8
M iscellaneous__________
7 5 ,1 9 4

$

$

N ov. 2 ’ 12.

$

375,000,000 350,000,000 285,000,000
9 ,2 3 6 ,7 8 2
1 ,9 2 2 ,2 9 3
197 ,018

8 ,6 5 5 ,8 7 3
1 ,3 5 3 ,0 7 7
121 ,357

13,707,631

11,356.093

10,130,307

2,608,069
1,346,301
1,745,192
1,349,132

2,213,066
1,346,301
1,578,361
1,059,996

1,538,747
1,346,301
1,419,234
1,023,615

916,969
1,346,301
1,410,169
755,221

Surplus for the yea rs. 11,000,000

7,509,907

6,028,196

5,701.647

T otal net incom e____ 18,048,694
E xpenditures

1 1 ,1 4 8 ,6 5 4
2 ,4 5 5 ,0 4 6
103,931

—

In t. on borrow ed m oney.
Interest on bonds______
Adm inistrative expenses
Taxes, insurance, & c___

T o ta l incom e_____________________ $13,351,405 $13,114,842 $13,520,705

11,385,830

11,272,136

N e t incom e____________ __
$2,337,462
B o n d , & c., interest_______________ _
$1,735
D e p re cia tio n ---------------------------- _ .
242,465
Prem ium on preferred stock___
x l9 ,7 0 5
R eserve fo r contingencies_____
Preferred dividends___________
(7 % )53 2 333
C om m on dividends_________(4 % )72 0 000

$1,729,012
$15,281
222,583

$2,248,569
$29,768
208,107

. $1,516,238
.
$821,224
1.874,232

$1,477,201
$251,811
1,622,421

$705,292
$1,543,277
79,144

- $2,695,456
. 1,019,705

$1,874,232

$1,622,421

Assets

—

1915.
S

Lands, bldgs., ma.
chinery, &c----- 51,302,558
Refrig. &oth. cars 10,085,922
Inv. in allied cos—20,350,501
Mat’ls & supplles. 45,881,050
Misc. mark, lnv— 10,411,811
Bills receivable-- . 8,197,461
Accts. receivable- 46,685,592
8.401,470
Cash___ '--

SH EET

1914.
S
49,916,729
10,872,298
20,344,640
44,672,448
9,830,640
5,745,334
37,770,199
7,085,581

T o ta l...............201.316,365186,237,869

OCT.

Liabilities—

$

1914.
$
20 ,000,000
30 ,000,000
40 ,913,600
5 ,023,413

Capital stock ____ 20,000,000
B on d s................... 30,000,000
Bills payable_____ 38,865,000
Accts. payable— 13,154,207
Reserve for .bond
567,739
interest_______
564,041
Profit and lo s s ...*98,733,117*89 ,733,117

T o ta l..............201,316,365186,237,869

♦Before deducting div. paid Jan. following ($2,000,000).— V . 102, p. 253.

Assets

—

$

$

Liabilities

T o ta l................ 27,759,912 27,936,638

President F. F. Peabody, Troy, N . Y., wrote in substance:
S a l e s . — The sales for the first half o f 1915 reflected the unsatisfactory
business conditions o f the country— improving toward the end— but show­
ing a decrease o f $553,000. The last six months, however, showed a grati­
fying increase, sales being nearly $800,000 more than for the last half o f
1914, and being the largest second half-year in our history.
P r e f . S t o c k . — The company bought in 1915 out o f surplus profits 10,000
shares o f its 7% pref. stock and will ask authority to cancel them. The
amortization o f $1,000.000 o f the pref. stock will add $70,000 annually to
the amount available for common stock dividends.
Dividends.— In view of the substantial surplus and the generally favorable
conditions, the directors felt warranted in increasing the dividend on the
com. stock payable Feb. 1 to 1 M % . thus placing the stock on a 5% basis

^destruction !— T he enlargement o f tho main plant by the addition o f a
fireproof six-story building. 175x100 ft., is now under way, and should be
completed by Oct. 1 1916.
O u t l o o k . — The improvement shown in the sales o f the last six months of
1915 we believe will continue and that the new year will show a larger
growth. All departments are running full and some overtime. The shirt
business booked in advance for spring delivery is more than 50% in excess
o f that o f last year. The handkerchief department added last year is pro­
gressing favorably and will contribute a substantial addition to sales.
General business conditions in Canada are improving and our sales in that
country are showing a gratifying increase.




—

$

s

T o ta l.................27,759,912 27,936,638

* Includes real estate, buildings, m achinery, vehicles and equipm ent at
T ro y , R ochester, W aterford and C orinth, N . Y .; South N orw alk, C on n .,
L eom inster, M a ss., and St. Johns, Quebec, together with furniture and
fixtures at sales room s, a 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 1916.— V . 102, p . 156.

Childs Company, New York.

(Report for Fiscal Year Ending Nov.
Gross p rofits.....................
D ividends p a id ______

1914-15.
$778,459
307,090

Surplus for yea r..........
P revious surplus*----------

$471,369
17,765

T o ta l su rp lu s.............

$489,134

1913-14.
$731,049
693,091

3 0 1 9 1 5 .)

1912-13.
$863,606
657,782

1911-12.
881.103
609,436

$137,958
188,721

$205,824
263,006

$271,667
239.719

$326,679

$468,830

$511,387

♦After amounts transferred to reserve and depreciation accounts and
also, in 1911-12, com m on stock dividends o f 33 1 -3% .
D ividend Record (P er C ent) o f C om m on Stock— Calendar Y e a r s .

1902 1903-04 1905 1906 1907 1908 1909 1910 1911 to 1913 1914 1915
3
3H
4 5 X
6
7H
8 'A
10 yearly
7 )4
0
A lso 33 1-3% paid in stock D ec. 1911. V . 93, p . 1728, 1791.
B A L A N C E S H E E T N O V . 30.
1913.
1914.
1912.
A s sets
1915.
E stab.
plants, lease­
holds, & c................ ...... x$7,942,686 $7,934,851 $7,657,408 $6,823,049
R es. fun d, real estate
541,564
472,109
607.984
652,545
and cash on d e p o s it ..
445,945
454,204
507.236
475,744
Cash on hand & in banks
730.100
730,100
730,100
745,100
Stocks ow n ed__________
423,477
414,181
316,256
304,020
N otes rec.,open accts.,&c.
73,805
86,914
83,466
82,561
M erchandise in v en tory.
107,500
105,000
207,500
207,500
R eal estate, less m tg e s ..

—

T o t a l ............................. $10,410,156 $10,334,361 $10,044,903
L ia b ilities-

$9,073,485

$3,999,755
3,916.900
1,117,854
541,564
468,830

$3,999,755
3,000,000
1,090,235
472,108
511.387

T o t a l ............................. $10,410,156 $10,334,361 $10,044,903

$9,073,485

stock_______ $3,999,755
P ref. (7 % cum . s t o c k ) .. 4,387,100
—
- accts. p a ya-b-le.
881,622
N otes &
652,545
R eserve a ccou nt________
489,134
S u rp lu s ________________
C om m on

$3,999,755
4,374.200
1,025,743
607.984
326,679

x A fter deducting depreciation, $1,524,988.— V . 100, p . 2088

Morris & Co. (Packers), Chicago, 111.

(Report for the Year ending Oct.
Y ea r en d.
Oct. 30 ’ 15.

Y ea r end.

3 0 1 9 1 5 .)
Y ea r en d .

Ocf. 31 ’ 14. N o v . 1 ’ 13.

Y ea r en d.
N o v . 2 ’ 12.

N t u ? « ° I n d s a t o a n — C-‘ $4,710,974
M iscellaneous earnings358,343

$4,289,347
345,238

$3,983,398
396,566

$3,873,160
207,811

T o ta l Income_________ $5,069,317

$4,634,585

$4,379,964

$4,080,971

$523,500
924.518
980,894

$532,500
951,855
|542,733
\435,879

$541,500
957,496
306,556
402,766

D educt

—

Interest on bonds---------Adm inistrative expenses.
Int.on borrowed m oney 1
T axes, insurance, & c— /

$514,500
1,058.078
1,175,324

T o t a l __________ _____ $2,747,902 $2,428,912 $2,462,967 $2,268,318
N et earnings_____ _____ $2,321,415 82,205,673 $1,916,997 $1,812,653
(25)750.000 (15)450,000 (12)360,000 (6)180,000
D ividends —
Balance,
_____
surplus
$1,571,415

31 1 9 1 5 .)

$1,622,421

R ’l est.,plants,&c_*3,108,727 *3,190,383 Common stock-..18,000,000 18,000,000
Good-will, pat.,&c. 18,000,000 18,000,000 Preferred s to c k ... 7,000,000 8,000,000
Work in proc., &c. 2,075,620 1,492,522 Accounts payable43,285
42,647
Cash......................
584,258
531,112 Reserve for taxes,
Manufac’d goods. 1,838,235 2,530,339
21,171
19,759
&c.......... ...........
aAccts. receivable. 1,864,429 1,890,020 Special surplus— 1,019,705
...........
M fg. supplies, &c- b277,238
286,144 Surplus................ 1,675,751 1,874,232
Bills receivable—
11,405
16,118

Cluett, Peabody & Co., Inc. (Collars, &c.), Troy, N. Y.

(Third Annual Report— Year ended Dec.

$1,874,232

x Denotes premium paid on 10,000 shares o f pref. stock bought and
awaiting cancellation.
B A L A N C E S H E E T D E C E M B E R 31.
1915.
1914.
1915.
1914.

30.
1915.

Cr.40,663
47,417
(7) 560,000 (5 }£ ) 420,000
(4)720,000
............

T o ta l surplus— ---------- --------------------$1,675,751

Out o f the surplus earnings yearly there was paid $2,000,000 (1 0 % )
yearly dividends.
B ALAN C E

YEARS.

Operating, &c., expenses__________ 11,013,942

31.

* Securities deposited as collateral for $1,500,000 6 % notes due A ug. 1
1918: 250,000 shares Hudson & M anhattan R R . com m on stock and 10,000
shares com m on stock, 10,000 shares pref. stock and 24.500 first refunding
m ortgage bonds o f Greeley Square R ealty C o. a B onded d eb t, $ 9 ,­
850,000. b Real estate at 6th A v e ., cor. 9th S t., at cost.

Gross business (ov er)— 425,000,000

C ALE N D AR

FOR

1914.

1915.

FOR

1915.
1914.
1913.
N e t s a le s -------------------------------------------$13,346,005 $13,109,442 $13,515,305
5,400
5,400
5,400
Other incom e________________________

31 1 9 1 5 .)

ST A T E M E N T OF H U D SO N
CALE N D AR YEARS.

[Vol. 102

GENERAL

Oct. 30 ’ 15.
Assets— ’
S
Pack, h’se, real est. 652,127
do bldgs.,mach.,&cl2,760,16S
Br.mkts.,bldgs.,&c 3,047,127
Car equipment--- 2,488,720
Cash____________ 3,353,906
Products & supp--21,187,109
Marketable Invest. 5,690,949
Accts. & bills rec. 9,666,483

$1,755,673

B ALAN CE

Oct. 31 ’ 14.

$
650,489
12,234,736
2,880,656
2,354,568
3,476,217
19.297,166
7,336,918
10,217,750

T o ta l............ -.58,846,589 58,448,500
— V . 100. p . 306.

$1,556,997

$1,632,653

SHEET.

Liabilities

—

Oct. 30 ’ 15. Oct. 31 ’ 14.

$

S

Capital stock___ 3,000,000 3,000,000
B on d s...................11,300,000 11,500,000
Bills payable_____ 8,647,777 10,133,851
Accts. payable__ 1,621,686 1,838,895
Bond int. accrued
169,500
172,500
Res. for depr., &c. 4,597,356 3,864,398
Sur. to Oct. 31 ’08 20,228,588 20,228,588
Sur.slnceOct.31’08 9,281,682 7,710,268
T o ta l.................58,846,589 58,448,500

Belding Bros. & Co., N. Y. City and Rockville, Conn.

(Balance Sheet Dec.

31 1 9 1 5 .)

1915.
1914.
1915.
1914.
L ia b ilit ie s —
S
S
S
$
Real est., equip., &c.l,625,203 1,615,782 Preferred stock..........2,500,000 2,500,000
83,811
83,772 Common stock..........3,000,000 3,000,000
Supplies....................
Cash............ - ........... 291,036 550,844 Reserve..................... 259,105 345,724
Bills & accts. receiv.l,198,724 784,865 Bills&accts .payable. 177,098 718,478
7,785
5,181
Inventories...............2,638,236 2,747,376 Pay-roll....................
Invests, in other cos. 1,913,417 1,827,623 Surplus..................... 1,806,440 1,040,878
Assets—

T o ta l.................... 7,750,427 7.610,261
— V. 100, p. 640.

T o ta l.................... 7,750,427 7,610,261

Jan. 22 1916.]

THE CHRONICLE

Southwestern Power & Light Co. and Subsidiaries.

{Financial Report as of Oct.

31 19 1 5 .)
Pros. F . G . Sykes, N . Y . , D o c . 1, reports in substance:
(Com pare m ap, etc., pages 167 and 168 o f “ R ailw ay & Industrial Sec.” )
C o n t r o l l e d , C o m p a n i e s . — These include: Texas Pow er & Light C o ., F ort
W orth Power & Light C o ., El Paso Gas C o ., Galveston Gas C o ., W ichita
Falls Electric. C o ., W ichita Falls W ater C o ., W est Texas Electric C o .,
Sweetwater Ice & C old Storage C o .. Paris Transit C o ., International
E lectric C o ., Eagle Pass W ater C o.
A c q u i s i t i o n . — During the last few m onths you r com pany has acquired
control o f the Galveston Gas C o. (V . 101, p. 617) and other im portant
properties, and has made extensive additions to properties already owned,
as well as important changes o f a financial character through the acquisition
and extension o f plants.
.
.
.
G r o w t h . — Y ou r com pany has had a remarkable growth since its organiza­
tion, July 30 1912. The properties then controlled had annual gross eam ings’o f only $580,867, com paring with $3,241,961 for the 12 m onths ended
O ct. 31 1915: communities served, 7: com bined population, 84,000, against
85 communities now served, population about 500,000: customers served,
11,739, as com pared w ith 66,495 on O ct. 31 1915. The construction o f
our 700 miles (33 miles additional nearing com pletion) o f high-voltage
transmission lines, a largo part o f which is steel tower, double circuit, has
been a m ost im portant factor in the growth o f the extensive territory,
urban and rural, supplied w ith electrical energy for power and lighting
purposes, and has made possible rates m uch less than w ould otherwise be
practicable. T he diversification o f industries served, which is becom ing
m ore m arked each year, means steadily increasing prosperity for the terri­
tory served and greater stability o f earnings. W e have abounding faith
in the developm ent o f the vast area and great natural resources o f Texas,
and the prosperity to com e to your com pany from aiding therein.

Southw estern Power & Light Com pany.
Incorporated-July 30 1912 under the laws o f M aine. I t is an investment
com pany and does not operate any properties. It controls the Texas Power
& Light C o. through ownership o f all its com m on stock, except directors’
shares; Fort W orth Power & Light C o. through ownership o f m ore than 93%
o f its com m on stock; E l Paso Gas C o ., Galveston Gas C o ., W ichita Falls
Electric C o ., W ichita Falls W ater C o ., W est Texas E lectric C o ., Sweet­
water Ice & C old Storage C o ., Paris Transit C o ., International E lectric
C o. and Eagle Pass W ater C o. through ownership o f all their outstanding
securities, except directors’ shares o f stock. A ll the com panies controlled
operate as separate units.
25

1910; A l s o E s t i m a t e i n 1915
(Including unincorporated limits served.)
1910. 1915 est
Artificial Gas: El Paso, T ex ., 39,279; Galveston, 36,981;
_
„
Juarez, M ex . (e s t.). 10,000______________________________ 86,260 112,500
E lectric Light and Pow er (all in Texas): Fort AVorth,
73,312; Sherman, 12,412; Tem ple, 10,993; Palestine,
10,482; T yler, 10,400; Corsicana (at wholesale), 9,749;
Gainesville, 7,624; W axahachie, 6,205; Hillsboro, 6.115;
Ennis, 5,669; T aylor, 5,314; B onham , 4,844; B elton,
4,164; Big Spring, 4,102___________________ __________ -.1 7 1 ,3 8 5 205,600
Also ico and fuel. Sweetwater (4 ,1 7 6)_________________
4,176
4,700
A lso Natural Gas: W aco, 26,425; Denison, 13,632;
Paris, 11.269 (also 5-milo railw ay)___________________ 51.326 64,500
Also Artificial Gas: Cleburne, 10,364; B row nw ood, 6,967 17,331 20,000
Also W ater: W ichita Falls, 8,200; Piedras Negras,
M exico (at wholseale) (est.) 9,000_____________________ 17,200 24,000
P r in c ip a l C itie s S erved a n d P o p u la tio n in

T otal population o f 25 principal cities served___________347,678 431,300
T otal population o f all other com m unities served______ 52,814 68,700
T otal population o f all com m unities served___________ 400,492 500.000
N u m b e r o f C u s t o m e r s , C a p a c i t y , & c . , o f C o m p a n ie s C o n tr o lle d b y th e
S o u th w e s te r n P o w e r A L ig h t C o .
O c t . 31 T 5 . D e c . 31 T 4 . D e c . 31 T 3 .
E lectric custom ers___________________
43,563
38,875
34,672
Artificial gas custom ers______________
14,779
12,152
10,764
N atural gas custom ers_______________
4,712
985
1,075
W ater custom ers______________________
3,441
3,211
2,930
T otal custom ers_____________________
66,495
55,223
49,441
K ilow att generating ca p a city________
37,300
31,900
26,100
do
do
output for 12 m o s_ . 85.237,169 79,567,100 55.840,600
Electric pole lines (6,600 volts or less)miles
93l
816
697
Underground conduit, m iles__________
4
4
4
H igh voltage lines, m iles_____________
678
380
219
do
do
under construction___
*55
23
83
Gas holder (cubic fe e t)________________ 1,646,500
1,146,500 1,091,500
Gas output 12 m onths—
Artificial gas, cubic feet____________ 476,856,000 327,656,000 276,630,000
Natural gas, cubic feet....................... 128,502,000
72,109,000 32,660,000
Gas mains, m iles______________________
291
200
179
Street railway, m iles__________________
5
5
5
•prater mains, m iles___________________
47
45
45
* A ll to bo com pleted, it is expectod, b y D ec. 31 1915.
N one o f the franchises under which the controlled com panies operate
expires prior to 1935, while m ost o f them do not expire until 1950 or later,
and some o f them are unlimited as to tim e. All are ample in their provisions
and are free from burdensom e restrictions.
E a r n i n g s .— T he gross earnings o f the Southwestern Pow er & Light C o.
for the 12 m onths ending O ct. 31 1915, as shown below , were derived as
follow s: Electric light and pow er, $2,475,525; artificial gas, $579,098;
natural gas, $47,310: w ater, $82,856; railway, $29,565; and miscellaneous,
$27,607; total, $3,241,961.
E A R N IN G S S O U T H W E S T E R N P O W E R A

LT. CO.

( H O L D I N G C O .)

Y E A R E N D I N G O C T O B E R 31.
„
1915.
1914.
Gross earnings o f all subsidiaries_____________________$3,241,961 $2,991,357
Balance o f sub. com panies' earnings, after deducting
all charges and expenses, applicable to Southwest­
ern Power & Light C o ............................... ..................... $826,359
$764,318
Expenses o f Southwestern Power & Light C o ______ _
$59,969
$60,710
Interest on Southwestern Pow er & L t. C o. bonds____
93,796
59,752
Other interest______________________
55 1 3 0
5(5 994
D ividends on preferred stock ____I I I I I I
115 019
109 550

Balance, surp lu s.......................... ................................
$502,445
$477,312
N o t e .— The a bove staetment shows the earnings o f all properties now
owned b y the sub. cos., irrespective o f the dates o f their acquisition.
S O U T H W E S T E R N P O W E R A L T . C O . (H O L D IN G C O ) B A L A N C E
S H E E T O C T O B E R 31 1915.
A s s e t s ( T o t a l $23,651,364)—
Securities o f other cos— $22,273,851
Current assets--------------612,660
Treasury bonds-------------402,000
Suspense________________
B ond diset. and expense.
356,085

L i a b i l i t i e s ( T o t a l $23,651,364)—
First pref. stock __________ $1,940,000
Second pref. stock _______ 2,447,000
C om m on s tock __________ 15,125,000
First Lien 5 % bonds ____ 2,655,000
Current liabilities_______a l , 349,635
S u rp lu s__________ _______
134,729
a O f tho current liabilities, $572,057 is due Southwestern U tilities C or­
poration and $671,827 is due Am erican Pow er & Light C o.
T e x a s P o w e r A L i g h t Co.— C om m on stock owned b y Southwestern Power
& Light C o. D oes the entire com m ercial electric light and pow er business
}n 67 com m unities, including W aco, Denison, Sherman, Paris, Tem ple,
Palestine, T yler, Cleburne, Gainesville, B row nw ood, W axahachie, Hills­
b oro, Ennis, T a ylor, B onham , B elton, Com m erce and H oney G rove, and
also a gas business in W a co, Denison, Paris, Cleburne and Brownwood.
Also supplies at wholesale electric light and power service for Corsicana,
Pow ell, Kerens and Cem ent. Population served, estim ated at 245,000.
F o r t W o r t h P o w e r A L i g h t C o .— Southwestern Pow er & Light C o. owns
m ore than 9 3% o f its com m on stock. C om pany supplies the entire elec­
tric light and power service in Fort W orth and furnishes under contract
current to the city for lighting the streets and a large part o f the current
necessary for pum ping the c it y ’s water. Owns and operates one o f the
largest and m ost modern electric generating stations in the Southwest,
ultimate capacity o f 30,000 k . w ., o f which 13,000 k . w. is now in operation .




343
— T e x a s P o w . A L t . C o .— —F t .
O c t . 31 D e c . 31 D e c . 31 O c t .

C u s to m e r s , O u tp u t,
P r o p e r t i e s , A c .—

1915.
28,557
2,329
4,712
35,598
20,530

1914.
24,911
5,466
985
31,392
15,950

IF. P o w . A L . C o 13 D e c . 31 D e c . 31
1913.
1915. 1914. 1913.
22,033 10.757 10,291 9,474
4,816
1.075
27.924 10,757 10,291 9,474
10,400 13,000 13.000 13,000

..
A rtificial gas cu stom ers....
..
.
do
output, 1 2 m os.,
1,0 0 0 k. w. h __________. 58,696 52,931 21,549 55,621 61,348 29.578
E lectric pole lines, m iles___613
516
202
488
198
135
:s
1
Underground conduit,m iles
1
1
3
3
3
H igh voltage lines, m iles. _.
551
295
198
30
30
4
do
under construc’n .
*55
21
10
26
Gas holder capacity (cu .ft. )396,500 396.500 341,500
____
____
O u t p u t , 12 M o s . —
A rtif. gas (1,000 cu. f t . ) . . .1 02,947 133,498 101,045
Natural gas (1,000 cu. f t . ) . 128,502 72,109 32,660
""
134
112
104
Gas mains (m iles)_________
* All to be com pleted, it is expected, b y D e c. 31 1915.
O C T . 31 L E A D I N G O P E R A T I N G C O S .
A L i g h t C o . --------- F t . W . P . A L . C o —
1913-14. 1912-13. 1914-15 1913-14 1912-13
S
S
St
^
1,577,383 1,137,004 862,874 876^696 63L 630
1,023,744 701,950 361,702 405,813 264,005

E A R N IN G S Y E A R S E N D IN G
— T ern s

P ow er

1914-15.
S
Gross ea rnings..*1,716,243
Expenses & t a x e s .l,057,413
N et e a rn in g s..
Interest ch a rg e s ..
Preferred d i v s . . .
2d pref. d ivs____

658,830
307,701
128,033
69,750

553,639
245,524
111,384
23,425

435,054 501,172 470,883 367,625
184,608 114,111 102,587 79,305
109,550 66,732 66,732 49,020
______
______
______
______

Balance, surplus. 153,346
173,306
140,896 320,329 301.564 239,300
N o t e .— T he above statement shows tho earnings o f all properties now
owned, irrespective o f the dates o f their acquisition.
* Includes in 1914-15: E lectric light and pow er, $1,562,876; artificial
gas, $106,057, and natural gas, $47,310.
B A L. SH EETS OCT.

31 1915

L E A D IN G

O P E R A T IN G

T e z .P .& L .C O .F I .W .P .& L .
A ssets—

S
P la n ts______
.18,849,042
Current assets
724,079
Improv'tfund &c .
8,000
129,062
Suspense____
Bond diset. & exp.
768,948

S
6,282,630
293,521
1,10 0
511
85,451

C O M P A N IE S .

T e x .P .& L .C o P 't .W .P .& L .

L ia b ilitie s —

S
S
Preferred stock__ 2,075,000 1,100,000
2d pref. stock___
925,000
______
Common stock__ 10,000,000 2,760,005
1st mtge. 5% bds. 6,330,000 2,412,000
Current liabllities-xl ,031,604
133,265
37,481
161,439
Reserves...............
Surplus.................
80,046
96,509

T o ta l______
20,479,131 6,663,213
x O f the current liabilities, $267,044 is due Southwestern P ow er & Light
C o. and $396,887 is due Am erican Power & Light C o .— V . 102 p.158,72

British-American Tobacco Co,, Ltd., London, Eng.

{Report for Fiscal Year ending Sept.

3 0 1 9 1 5 .)

D irectors Joseph H o o d and Lawrence H ig n e tt, w ith A . M .
R ickard s, Secretary, L o n d on , D e c . 2 3 , report in substance:
R e s u l t s .— T he net profits for the year, after deducting all charges and
expenses for m anagem ent, & c., are £1,850,059. D educting preference
dividend for the year o f 5 % , £225,000, and adding am ount brought for­
ward per last balance sheet, £1,399,393, less final dividend o f 7 H % for the
year ended Sept. 30 1914 paid Jan. 12 1915, £469,074, there remained
available £2,555,379. Four interim dividends on ordinary shares (aggre­
gating 1 5 % , v iz ., 2 ) 4 % Jan. 12 1915; 2 ) 4 % M ar. 31; 5 % June 30, and 5 %
Sept. 30) called for £938,148, leaving now available a balance o f £1,617,231,
ou t o f which the directors recom m end the distribution on Jan. 18 1916 o f a
final dividend (free o f British incom e tax) on the ordinary shares o f 7 ) 4 % ,
amounting to £469,074 and to carry forw ard £1,148,157. T he earnings
justify a larger final dividend, but the directors prefer to continue their
conservative p olicy, and the carry forw ard, after deducting the final divi­
d e n d , will be £1,148,157, against £930,320 in 1913-14.
T he above figures d o not include the com p any’s proportion o f the un­
divided profits o f the associated com panies, and which they have not
thought fit to declare as dividends. It was not anticipated that the losses
arising out o f the war, and t o m eet which they had set aside the sum o f
£1,500,000 to a general reserve, would am ount to m ore than one-half o f
the sum set aside, and p rob a bly w ould n ot reach that figure. N otw ith­
standing increasing difficulties duo to the war, the business o f the com ­
pany continues satisfactory.
I N C O M E A C C O U N T S E P T E M B E R 30.
■kt *
1914-15.
1913-14.
1912-13.
N et profit after charges....................
£1,850,059
*£2,177,022 £2,151,836
Preferred dividends ( 5 % ) ------------------225,000
188,297 116,680
Ordinary d ividend............................. (2 2 ^ )1 .4 0 7 ,2 2 2 (24i2) 1532309 (2712)1719937

Previous surplus.
Transferred to gen. reserve________

£217,837
930,320

£456,416
1.973.904

£315.219
1.658,685

£1,148,157

£2,430.320
1,500,000

£1,973,904

P rofit and loss surplus------------------- £1,148,157
£930,320 £1,973,904
T ho dividends on the ordinary shares in 1914-15 include the four interim
paym ents o f 2 ) 4 % on Jan. 12, 2 ) 4 % on M arch 3 1 ,5 % on June 30 and 5 %
on Sept. 30 1915, and the final paym ent o f (7 lA % ) £469,074 to be made
Jan. 18 1916, reducing the am ount to be carried forward from £1,617,231,
as shown in the balance sheet below, to £1,148,157, as given above.
♦Includes £211,262 p rofit on sale o f certain shares.
B ALA N C E
A ssets—

1915.
£
601,960
441,111

Real est. & b ld g ..
Plant, mach’y,& c.
Good-will, trade­
marks, &c____
879,065
Invest. In assoc, cos.5,591,784
Loans,assoc.cos.,&c 3,118,393
Materials&supplies 3,707,777
Debtors & deb. bal 448,824
Cash...................... 1,203,560

SH EET.

1914.
1915.
£
L ia b ilit ie s —
£
508,638 Preferred stock__ 4,500,000
407,6S4 Ordinary stock__ 6,254,320
Cred. & cred. bals. 1,604,054
879,064 Bills payable____
32,500
5,987,066 Reserves________
226,555
Prem. on ord. sh’s 224,864
3,493,349 Redemp. of coups.
32,950
4,043,336 General reserve__ 1,500,000
1,528,548 Profit and loss___ 1,617,230

1914.
£
4.500.000
6,254,320
2,304,206
445,567
198,414
224.S64
20,920
1.500.000
1,399,394

T o ta l................ 15,992,475 16,847,685
T o ta l................. 15,992,475 16,847,685
There is a contingent liability on shares not fu lly paid, £158.090, and also
for premiums payable on redem ption o f shares in associated companies
allocated to em ployees.— V . 101, p . 2147, 695.

Naumkeag Steam Cotton Co., Salem, Mass.

{Report for Fiscal Year ending Nov.

2 7 1 9 1 5 .)

1914-15.
1913-14.
1912-13.
1911-12.
1910-11.
P rodu ction (yds-) 6,975,500 11,575,578 17,844,679 17,312,040 16,988 787
Sales ( y a r d s ) ... 7,446,910 12,067,311 18,221,404 19,153,008 16,296,268
R e c’ts from sales $1,447,942 $2,188,288 $3,252,545 S3,182,097 S2,706,034
B A L A N C E S H E E T N O V . 27.
1915.
1914.
1915.
1914.
A ssets—
S
$
L ia b ilit ie s —
S
S
Real est. & construe. 2,987,955 533,583 Capital...................... 2,235,100 1,500,000
Danvers bleachery.. 250,000 250,000 Guaranty account.. 100,000 100,000
Cash______________ 126,346 268,959 Depreciation account ______
105,000
Bills receivable......... 318,476
195,892 Improvement acc’t . ______
100,000
Notes receivable____ ______ 2,838,154 Notes payable--------- 100,000(1,243,932
Manufactured goods 79,739 102,702 Accounts payable__
79,327/
Stock in process____
46,416
25,125 New office________
27,464
______
Cotton...................... 941,953
107,310 New tenements____
66,013
__ I
Mlscell. supplies___
27,681
31,476 Profit and loss........ 2,170,663 1,304,269
T o ta l.................... 4,778,567 4,353,201
— V. 101, P. 927.

T o ta l............. ....... 4,778,567 4,353,201

344

THE CHRONICLE
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

A m e r ic a n R a ilw a y s (o f N . J .) , P h ila .—

ROADS.

Capital Stock.—

T ho Phila. Stock Exchange on D ec. 31 1915 listed 82,746,850 additional
com m on stock and 82,000,000 additional 7 % p ref. stock, making the
total am ount o f stocks o f the Am erican Railways C o. o f N . J. listed at
this date 89,460,000 com m on and $4,000,000 preferred.
T he additional stock, represented b y 54,937 com m on shares o f 850 each,
and 20,000 pref. shares o f 8100 each, was issued (a) 81,500,000 pref. stock
and $2,560,000 com m on in paym ent o f the subscription o f the com pany
m ade F eb. 17 1913, to a like am ount o f pref. and com m on stock o f the
Am erican Railw ays C o. o f Delaware; (b) $500,000 p ref. stock sold and
paid for in cash, the proceeds, $500,000, to be applied to the general cor­
porate purposes o f the com pany; (c) $186,850 com m on stock issued to
bankers. This last block was given in paym ent for services rendered in
the m atter o f a contract with the N ational Properties C o. under which
that com pany agrees to purchase and p ay for in cash at par $500,000 o f
the 7 % pref. stock o f the Am erican Railways C o. (of N . J .), and also to
sell and transfer to American Railways C o. o f Delaware, a subsidiary
com p any o f the Am erican Railways C o. (of N . J .), the entire outstanding
$4,060,000 com m on stock o f W ilm ington & Philadelphia Traction C o .,
and also offered to purchase from the holders all tho outstanding com m on
capital stock o f the Am erican Railways C o. (o f N . J .), not exceeding
$7,000,000 at 850 per share, payable in the collateral trust bonds o f the
N ational Properties C o. Under this offer, up to the present tim e (D ec. 22
1915, date o f application to list) holders o f com m on capital stock, am ount­
ing to about $6 ,0 0 0 ,00 0 , have accepted this offer.
[The Am erican Railways C o. o f Delaware was incorporated in Feb. 1913
and issued $1,000 stock, which is now increased to $1,500,000 prof, and
$2,560,000 com m on b y tho aforesaid subscription.] C om pare V . 101, p. 1972.

A t c h is o n T o p e k a & S a n t a F e R y .— Bonds.— B odell &
C o ., Providence and B o sto n , b y a d v . on another p a g e ,a re
offering a t 8 8 ^ and in t ., to yield abou t 4 . 6 0 % , the unsold
portion o f their block of $ 5 0 0 ,0 0 0 R o ck y M o u n ta in D iv .
F irst M t g e . 4 % G old B o n d s, dated Jan . 1 19 1 5 , and due Jan.
1 19 6 5 , being part o f the $ 3 ,0 0 0 ,0 0 0 listed on tho N e w Y o rk
S tock E xch an ge.
These bonds are a first m ortgago on tho
R o ck y M o u n ta in D iv ision , 106 m iles o f standard-gauge rail­
roa d , which n ot only connects tho A tch ison w ith tho Colorado
& Southern R y . and the E l Paso & Southw estern S y stem ,
b u t also traverses valuable and extensive coal properties.—
V . 102, p . 2 5 0 .
A t l a n t i c C o a s t L in e R R .—

Inter-State Comm.Decision.—

See Central o f Georgia R y . below .— V . 101, p. 1369.

A t l a n t a B ir m in g h a m & A t l a n t i c R R .—

Joint Notes.—

See A tlanta & Birmingham Construction C o. under “ Industrials” below.

Notice to Depositors of ls( M. 5 s .— T h e General P rotective
C om m ittee under deposit agreem ent dated M a y 1 1909 has
issued a circu'ar saying in substance:
T he properties having been sold under foreclosure have been acquired
b y the new com pany, the A tlanta Birmingham & A tlantic Railway C o.
(subject to com pletion o f paym ent o f the purchase price), subject to the
$4,090,000 1st M . 5 % bonds o f the A tlantic & Birmingham R y . C o. on
about 300 miles. Tho new com pany will also acquire all equipment, and
it is proposed shall retire or otherwise provide for tho outstanding obliga­
tions against such equipment. The new com pany is authorized (see plan
V 101, p- 2143) to issue 15-ycar 5 % incom e bonds, $5,200,000; com m on
stock (in $100 shares), $30,000,000, and m ay hereafter issue not exceeding
$15,000,000 First & R efunding M tge. bonds ranking ahead o f the incom e
bonds, to refund at or before m aturity said $4,090,000 1st M . 5 % bonds
and provide for im provem ents and additions. T he incom e bonds, except
abou t $50,486 thereof, will be distributed to tho holders o f receiver’s cer­
tificates at par for the principal and interest thereon.
T o raise the m oney required, an underwriting syndicate has been form ed
for the sale o f the entire capital stock ($30,000,000) o f the new com pany,
and you r com m ittee has secured for tho holders o f its certificates o f deposit
fo r the bonds above named the right to purchase pro rata $24,006,700 o f
the new capital stock at $12 per share (par $100) on or before Jan. 28 1916,
applications to be addressed to Edwin S. M arston, 20 W illiam S t., Chair­
man o f this com m ittee, accom panied b y the certificate o f deposit for the
bonds, endorsed in blank, and a certified check or bank draft, payable to
H ayden, Stone & C o.
That all bondholders o f the several properties m ay have an op p ortunity
to participate in the purchase o f the stock o f tho new com pany, the General
C om m ittee has extended the tim e within which said bonds m ay bo deposited
in exchange for its certificates o f deposit, which certificates will then enable
the holders to participate in the purchase o f stock.
.
T he bonds deposited are as follows: A tlanta Birmingham & A tlantic R R .
bonds, including $5,005,000 pledged as part collateral under the join t notes,
$13,661,572; Georgia Term inal C o. bonds, $3,000,000; Alabam a Terminal
R R . C o. bonds, $2,445,000: total deposited, $19,106,572; A tlanta Birming.
& A tlantic R R . bonds, not deposited, $781,427; total bonds, $19,888,000.
T ho pro rata share o f tho aforesaid $14,883,000 o f bonds (other than those
pledged under the Joint N otes) aggregates at face value $17,965,200in
the stock o f the new com pany offered for sale. The pro rata sharo o f each
$1,000 o f bonds in such stock is at face value $1,207 09. Holders o f cer­
tificates o f deposit for said bonds m ay purchase tho same or a less amount
at $ 1 2 per share, in full shares, up to the nearest round $ 10 0 face value o f
their holdings. Opportunity is also given to the holders o f Joint Notes
(see A tlantic & Birmingham Construction C o. under “ Industrials” below)
to purchase their proportionate amounts o f the 60,415 new shares appor­
tioned to the $5,005,000 A . B . & A . bonds held as collateral to tho issue o f
Joint N otes at the price o f $12 per share.
T ho members o f the General Com m ittee have waived any claim to com ­
pensation and their expenses and obligations have been provided for.—
V . 101. p. 2143; V . 102, p. 152.

B r a z ilia n T r a c t io n , L i g h t & P o w e r C o ., L t d .—

Div.Inc.

A quarterly dividend o f 1% on tho ordinary stock has been doclared,
payable M arch 1 to holders o f record Jan. 31. Owing to the unsettled
conditions brought about b y tho war, tho dividend was reducod in Sept.
1915 to H o f 1 % , previous to which 1 H % had beon paid each quarter.
D ividend record, ordinary stock: 1st d iv ., 1 H % . N o v . 15 1912; 1913 and
1914, 6 % ; 1915. 4 % .— V . 101, p . 1013.

B r it is h C o lu m b ia E le c tr ic R y .—
J u n e 30
Y ear.

N et
P r o fit.

Earnings.—

D e b e n . P r e f . S tk .
P re f. O rd .
D e fe r r e d
P a l..
In te rest.
D iv id e n d .
D iv id e n d .
O rd . D iv .D e f i c i t .

1914-15.£180,661 £132,879 (5)£72,000 (2H )£3 6 ,0 0 0
£60,218
1913-14. 393,956
132,991 (5) 72,000 (6 % ) 86,400 (8)£115,200
12,635
A fter crediting £60,000 taken from reserve, tho am ount carried forw ard
June 30 1915 was £6,667.— V . 101, p . 845.

B u t t e C o u n t y R R .—

Absorbed.—

See Southern Pacific R R . below .— V . 94, p. 1565.

C e n t r a l o f G e o r g ia R y .—

Inter-State Commerce Decisions.—

T he Inter-State Com m erce Commission on Jan. 15 granted the com pany
permission to hold and continue operation o f the Ocean Steamship C o.on
the ground that the water carrier com petes with tho railroad. On Jan. 16
the Commission granted the Florida & East Coast R y . permission to con­
tinue ownership o f the Peninsula & Occidental SS. C o ., and tho A tlantic
Coast Line R R . C o. to continue ownership o f the boat H . B . Plant through
the St. Petersburg Transportation C o ., Fla.— V . 101, p . 1547.

C h ic a g o & E a s te r n I ll in o is R R .— Petition.— Rocoivor
W . J . Jackson has filed a petition in the U . S . D istrict C ourt
a t Chicago asking the separation from tho system o f the
Chicago & Indiana C oal R y .
T h e M e trop olitan T ru st C o .,
m ortgage trustee, opposed tho step .
(C om pare V . 100,
p . 8 4 5 .)— V . 10 1, p . 2 1 4 3 .




[Vol. 102.

C h ic a g o C it y & C o n n e c t in g R y s . C o lla t e r a l T r u s t .—
— R e p o r t fo r y e a r s e n d in g D e c . 3 1 .—
1915.
1914.
1913.
Dividends received__________
$1,704,352 $1,964,771 $2,228,050
Interest received, & c________________
il0 ,8 1 1
87,255
73,776
Gross incom e...........................................$1,815,163
B on d in terest...............................................$1,094,750
Bond redem ption___________________
105,000
General expenso, & c_________
58,114
D ivs. on pref. participation s h a r e s ...
a500,000

$2,052,026
$ 1 ,10 0 ,0 0 0
______
61,114
b875,000

$2,301,826
$1,099,488
_____ 59,158
c l , 125,000

T otal deductions____________________$1,757,864 $2,036,114 $2,283,646
Baiance, surplus.....................
$57,299
$15,912
$18,180
a $2 . b $ 3 H . c $ 4 H .
,
_____F i n a n c i a l S t a t e m e n t D e c . 31 1915.
Sinking fund 5 % gold bonds outstanding, $21,895,000 (seo list o f securii ea; pledged, page 27 "E le c. R y. S ec.” ) , pref. participation shares, 250,000,
and com m on participation shares, 150,000, having no par value.
A s s e t s (a ll p le d g e d to s e c u r e b o n d s )— S to c k s ( p a r ) .

T o ta l I s s u e . P o n d s ( p a r ) .

C hicago C ity R y
.......
S16.971.900 $18,000,000
N one
Calum et & South Chicago R y ------------ 10,000,000 10,000,000
N one
Southern Street R y _ - - - - - .
-----2,400,000
2,400,000
N one
H am m ond W hiting & East Chic. R y .
1,000,000
1 ,000,000(all) 1000,000
C hicago & W e s t e r n ..........- - - - - - - - 72,000
72,000 (all)74,000
T h e current assets were: Cash, $442,615; bills receivable, $372,000; other
(;Y c o s t), $219 050; accrued int. receivable, $36,804: total.
$1,070,469. Current liabilities: D iv. pref. part. sh. Jan 1916 (80 751
$187,500; bills payable, $479,000; accrued int. payable, $28 5 ,8 5 3 -reserves’
$9,261; excess current assets over current liabilities, $108,855.— V. 1 0 2 , p!
152.
C h ic a g o M ilw a u k e e

&

S t. P a u l R y

.—

D o lla r

B on d s

S e­

.— N e g o t i a t i o n s
f o r t h o a c q u is it io n o f a la r g o a m o u n t o f t h o C h ic a g o M ilw a u ­
k e e & S t. P a u l R y . C o . 4 % F r e n c h fr a n c b o n d s h a v in g b o o n
co n s u m m a te d , K u h n , L o e b & C o . a n d th o N a tio n a l C it y
B a n k o ffe r e d o n J a n . 2 0 a t 9 6 a n d in t. th o F o u r P e r C e n t
G o l d (d o lla r b o n d s ) o f 1 9 2 5 , s e c u r e d b y t h o p le d g o o f t h o
F ren ch F ran c L oa n b on d s.
S u b s c r ip t io n lis t o p o n o d T h u r s ­
d a y a . m . a n d c lo s o d a lm o s t im m e d ia t e ly , s u b s c r ip t io n s b o i n g l a r g e l y in o x c e s s o f a m o u n t o f f o r o d .
T h o b o n d s a ro a u ­
t h o r it a t iv e ly d e s c r ib e d a s fo llo w s ;
Four per cont gold bonds o f 1925, duo Juno 1 1925 but subject to redem p­
tion as a wholo on ly , at par and accrued interest on any interest date on
or after Juno 1 1922, on 60 days’ notice. Denom . $1,000 (c* ). In t.J . & D .
T he aggregate amount o f the above bonds at any tim o outstanding is
limited to S48,176,650, and they aro to be secured b y tho deposit w ith tho
trustee o f an equal face am ount (fcs. 5 00= $96.3533) o f tho C hic. M ilw . &
St. Paul R y . C o .’s 4 % European Loan o f 1910, stam ped as payablo only in
N ow Y ork in U. S. gold coin . T ho pledged bonds woro originally issued as
debentures, but b y its terms aro now secured under tho Gonoral & R efund­
ing M ortgago o f tho com pany equally and proportionately with every bond
issued under said m ortgage.
. ..
. .
,
, .
„
[Although the exact amount o f bonds that has been socurod for tho pur­
pose o f oxchango could not bo ascertained, it is understood to have beon
approxim ately $30,000,000. E ventually it is hoped to obtain a largo part
if not all o f tho $48,000,000, or 250,000,000 frs. outstanding.
T he l ’ ennsylvania bonds wero sold som o m onths ago, and with tho salo
o f the St. Paul bonds, tho banks which participated in tho loan aro to sur­
render their participation receipts and receive paym ont on Jan. 24.— E d .)—
V. 102, p. 250.
C h ic a g o
R a i l w a y s . — B o n d s — E a r n i n g s .— I n c o n n e c t i o n
w i t h t h e o f f e r i n g o f 8 1 , 5 0 0 ,0 0 0 1 s t M . 5 s n o t e d l a s t w o o k ,
P r o s . H e n r y A . B la ir a t C h ic a g o , J a n . 1 0 , r o p o r t o d in s u b s t .:
S t a t e m e n t o f O p e r a t i o n f o r Y e a r E n d e d N o v . 30 1915.
Gross earnings— Chicago surface lines— ......... - ........... - — ----$ 3 1 ,4 0 5 ,1 9 0
N et earns.— Chicago surface linos (after op . exp., tax .& m ain t.) 10,873,922
Chicago Railways C o .’s share— 5 9 % ....... ..................................... .. $6 415,614
Annual int. charge on $54,455,000 1st 5s now outstanding------ 2,722,750
cu red

by

F ren ch

B on d s

L a r g e ly

O v e r -S u b s c r ib e d

Balance over present 1st M . bon d s............................. ................. $3,692,864
^ ^ ^ .1 9 9 7 over 9 1% o f tho com p any’s present miloago has been either
rehabilitated or newly constructed. T he valuation o f tho property, as
fixed under franchise ordinance, was $85,402,647 as o f N o v . 30 1915, against
which are now outstanding $54,455,000 1 st M . bonds (and $41,093,911
junior bonds in hands o f pu b lic). On the basis o f the provisions o f the fran­
chise ordinance there is a continuing equity over and above these 1 st M .
bonds o f at least $ 3 0 ,//.),8 7 5 .
Ih o com pany owns a com prehensive and
well-maintained street railway system , which includes 515 miles o f single­
track equivalent. During tho eight years o f rehabilitation 473 miles o f
track have been laid with grooved rails weighing 129 lbs. to the yard, and
our right o f w ay on tho streots occupied lias been repaved with tho best
grade o f granite or creosoted blocks. Wo now own 1,907 cars o f tho m ost
im proved double-truck “ pay-enter cars.— V . 102, p. 250.
C h ic a g o R o c k I s la n d & P a c ific R y .— D e fa u lt — D e p o s it s
.— D e f a u l t h a v i n g b e o n m a d e in t h o p a y m o n t o f t h o
in te r e s t d u o J a n . 15 1 9 1 6 o n t h o 8 2 0 ,0 0 0 ,0 0 0 2 0 -y o a r 5 %
d e b e n t u r e s , t h o p r o t e c t i v e c o m m it t e e f o r t h is is s u e , S e w a r d
P r e s s o r , C h a ir m a n , u r g e s th o im m o d ia to d o p o s it o f th e s o
d e b e n tu r e s u n d e r th e d e p o s it a g r o o m o n t o f J u ly 19 1 9 1 5 .
(S e o a d v . p a g e s )
D e b e n t u r e s t o a la r g o a m o u n t h a v e a l­
r e a d y b e e n d e p o s ite d a n d th o c o m m it t e e h a s o x te n d o d th o
t im e w it h in w h ic h d o p o s it s m a y b o m a d e u n t il F o b . 15 1 9 1 6 ,
a fto r w h ic h d a t e d o p o s it s w ill o n ly b o a c c o p t o d o n s u c h te r m s
a s t h o c o m m it t e e m a y d o t e r m in o .
T he com m itteo has arranged to advance at any time prior to Feb. 15 1916
to any holder o f its certificates o f deposit, desiring tho samo as a loan bear­
ing 5 % interest, tho am ount o f the interest payable Jan. 15 1916.
A sk ed

R e c e i v e r ' s C e r t i f i c a t e s .— J u d g o H o u g h i n t h o U . S . D i s t r i c t
C o u r t a t C h ic a g o o n J a n . 19 a u th o r iz e d R o c o iv o r D ic k in s o n
t o p a y t h o i n t e r e s t o n 8 2 , 5 0 0 ,0 0 0 o f r e c e i v e r ’ s c e r t i f i c a t e s ,
w h i c h m a t u r e d o n J a n . 3 , a n d t o s e ll 8 2 , 5 0 0 , 0 0 0 n o w 5 %
c e r t ific a t e s d u e in J u l y in o r d o r t o r e fu n d t h o o l d is s u o .
S ta te m e n ts
by
S to c k h o ld ers '
C o m m itt e e .— N .
L . A m stor,
C h a ir m a n o f t h o e x e c u t iv e c o m m it t e o o f t h e c o m p a n y a n d
a ls o t h e h e a d o f t h e s t o c k h o ld e r s ’ c o m m it t e e , is q u o t e d :
There Is nothing unexpected in tho failure to meet p rom ptly tho $500,000
interest due Jan. 15 on its $20,000,000 debenture bonds. Last July tho
receiver took advantage o f tho 60 days’ grace for tho paym ent o f this inter­
est. A t that tim e tho C ourt ruled that tho debenture interest should be
paid if earned. I d o not believo there is a d ou b t that tho aforosaid install­
m ent will bo paid on or before M ar. 15, as R ock Island to-day is earning all
its fixed charges with som ething to sparo for its stock. But tho necessary
cash must bo accum ulated before the debenture interest can bo paid.
T ho position o f affairs is not helped b y tho fact that tho trustee o f tho R e­
funding M ortgage has not reloasod som o $3,500,000 R ef. bonds to reim ­
burse tho road for $1,500,000 used to pay o ff C hoctaw notos and $3,500,000
spent for retirement o f equipment notos and for betterm ents.
T ho fact that I was not present at tho conference hold botwoen our finance
com m itteo and a member o f tho firm o f J. 1*. M organ & C o. doos not indi­
cate that I would be opposed to M organ & C o. undertaking tho rehabili­
tation o f the R ock Island s credit and its financos, nor that tho financo com ­
m itteo is antagonistic to mo or to tho stockholders’ p rotective com m itteo.
R ock Island’s credit has beon ruined, and It cannot m arket upwards o f
$28,000,000 o f m ortgago bonds which It has pledged. Stockholders there­
fore m ay find it to their advantage to buy from tho com pany $2 0 ,000,000

•Jan . 22 1916.]

THE CHRONICLE

or $25,000,000 preferred stock, collateral bonds or convertible incom e bonds.
A ,responsible banking house could be o f assistance to the stockholders in
underwriting such issue.
E xtra ct from C ir cu la r S en t t o S to c k h o ld e rs b y A m ster C o m m itte e .
It is the opinion o f counsel, as it is o f your com m ittee, that no foreclosure
o f the R efunding M ortgage is, under existing circum stances, possible, yet
if suit is filed your com m ittee will have to defend it. These facts emphasize
the necessity o f stockholders getting together for the preservation o f their
equity in the property. (Compare V . 101, p. 2070; V . 102, p . 250.)

C itie s S e rv ice C o ., N . Y . — Annual
holding com p an y reports as follows:

Earnings.—

This

— 12 M o n t h s E n d i n g --------------- M o n t h o f ----------D ec.31 T 5 . D ec.31 '14. Dec. 1915. Dec. 1914.
Gross earnings______________$4,479,800 $3,934,453
$532,195 $404,808
$172,856
$116,908
$17,789
$12,045
D e d u c t — E xp en ses__________
Interest on notes_________
490,000
420,000
40,833
40,833
P ref. stock d iv. paid & accr’d 1,570,005
1,635,993
130,842
130,833
N et to com m on___________ $2,246,939 $1,761,552
D ivs. on com m on stock ____
______
471,048

$342,731
______

$221,097
______

N et to surplus and reservo $2,246,939 $1,290,504 $342,731
$221,097
As o f D oc. 31 1915 tho contingent fund was $296,344; surplus reserve,
$539,782; surplus, $3,820,121; and the total contingent fu n d, surplus and
reserve, $4,656,247.
Stock outstanding: Preferred, $26,168,426; com m on, $14,718,380.
Gross earnings o f subsidiary properties for 12 m onths ending N o v . 30 1915
was $22,082,178. M on th ly cash dividend at the rate o f 6 % p . a. will be
resumed Feb. 1. See V . 102, p . 250.

D u l u t h M is s a b e & N o r th e r n R y .—

Called Bonds.—

One hundred and twenty-seven ($127,000) first consolidated m tge. bonds
dated Jan. 1 1893 for paym ent Feb. 1 at Central Trust C o ., N ew Y ork , at
105 and interest— say $1,055 per b ond.— V . 101, p . 1272.

E rie R R .— To Ratify Convertible Issue.— T h e shareholders
will voto F e b . 18 on authorizing (com pare offering o f $ 1 9 ,
6 2 7 ,1 3 0 convertible 4s in V . 102, p. 6 6 ):
(1) That bonds to the am ount o f $18,000,000. secured b y the General
M ortgage dated A pr. 1 1903 (b oin gp a rtof tho total o f $50,000,000 heretofore
““ S tv ?„ i a ,m a *>0 issued undor such m ortgage, being in addition to the
[$10,000,000] Series A bonds and [$11,015,000] Series 13 bonds now held b y
the public, and to [$985,000] Series B and [$10,000,000] Series C bonds now
owned by tho com pany); and the directors m ay confer on the holder
o f any such bonds the right to convert the principal thereof into com m on
stock within such period o f tim e and at such price as m ay be authorized
b y law; and specifically at least $9,627,130 o f such bonds m ay bo m ade
convertible at par into com m on stock at not less than $50 per share aftor
April 1 1918. and before O ct. 1 1927.
(2) That tho $10,000,000 Series C bonds now ownod b y the com pany
shall bo amended to bear such date and such serial designation as shall be
fixed b y tho board and tho directors m ay confer on tho holders tho same
right o f conversion .as above described.
(3) That tho M ortgage be amonded as to tho issuing o f bonds in series.
(4) Tho contract for underwriting tho $19,637,130 convertible 4s. C om ­
pare V . 102, p . 6 6 .

F lo r id a & E a s t C o a s t R y .—

Inter-State Comm. Decision.—

See Central o f Georgia R y . above.— V . 101, p . 1711.

I ll in o is C e n tr a l R R .— Equipment Trusts.— K u lin , Loob
& C o . havo purchased and resold privately $ 1 ,9 0 0 ,0 0 0 4 ^ %
equipm ent trust certificates, tho proceeds to be used in p ay­
m ent for 50 locom otives and 1 ,0 00 refrigerator cars, costing
$ 2 ,4 0 9 ,0 0 0 , o f which 2 0 % has been paid in cash.— V . 10 1,
p . 1277, 1265.

Interborough Rapid Transit Co.— Construction, &c . . —

See R apid Transit in N ew York below .— V . 102, p. 251.

International & Great Northern Ry.— Conditions.—
Cecil L y o n , one of the receivers, is quoted as saying:
W hilo tho reorganization is not in sight, plans to this end have been
discussed, and 1 liavo always recomm ended that there m ust be $800,000
annually to pay the prospective d eficit and interest charges for tw o years
B y that time tho groat war will have probably ended, and the situation
in M exico m aterially im provod. The com p any’s indebtedness in stocks
and bonds is on ly $27,300 por m ile. A n increase o f freight rates is abso­
lutely necessary to lift distressed railroads out o f the slough into which they
have fallen.— V . 101, p. 1088.

Kansas City Railway & Light Co.— Sale Ordered.—
Judge H oo k at K an sas C ity on Jan. 11 signed the decree for
the sale of the properties of the K an sas C ity R y . & L igh t C o .,
the M etrop olitan Street R y . C o . and the K a n sas C ity E lec.
L igh t C o . under the reorganization plan .
T h e sale o f the
property of the K an sas C ity R y .a n d L igh t C o ., will be held
on F e b . 4 , and the sale of the M e tro p o lita n S t. R y . C o . and
the K an sas C ity E l. L t . C o . on F e b . 11.
T ho railway properties aro to bo taken over b y the Kansas C ity R ailw ays
whoso franchise is declared b y the present decree to constitute “ a valid
and existing contract between the city and said com p a n y.” T he Kansas
P ity Light & Power C o. was incorporated in M issouri on or about Jan. 9
with nominal ($2 ,000) capital stock to take over tho lighting properties in
Kansas C ity , M o . The now railway franchise and tho plan o f reorganiza­
tion were rocontly approved b y tho Missouri P . S. Comm ission. Judge
H ook on Jan. 10 sot aside tho order o f D oc. 17 1915 allowing tho K . C . T er­
minal R y . C o. to sue outside tho Federal C ourt on its viaduct claims o f
$1,180,997, with right to appeal if not satisfied with its treatment b y the
new commissioners under tho reorganization. See plan, & c., V . 101, p.
614, 689, 773.— V . 101, p . 1807.

Leroy & Caney Valley Air Line RR.— Default— Com­

mittee Withdraw.—

Tho intorost duo Jan. 1 1916 on the
$ 5 2 0 ,0 0 0 1st M . 5 % bonds, duo 1926, remains unpaid.
Tlio
protective com m ittee, in circular of D e c . 2 8 , says in su b st.:
Since our last meeting tho officers o f tho Franklin Trust C o have SDent
considerable tim e in studying tho situation in relation to vour issue and that
known as tho Missouri Pacific R y . C o. First & R efunding C onvertible 5s
the m ortgago securing which is now being foreclosed.
W o aro now convinced that your m ortgago will actually bo foreclosed
and that the guaranty on your bonds will bo canceled as a result. N otw ith­
standing the fact that your bonds are a first lien at only $ 1 0 000 per mile
wo aro o f tho opinion that after foreclosure we should bo unable to persuade
tho reorganization com m ittee to m ake better terms, since the road is not
necossary for through traffic and is merely o f advantage as a small local
feeder, paralleling tho main lino. W o have, therefore, decided that there
is no advantage in continuing our efforts. Tho depository undor tho pro­
posed plan is, as heretofore, willing to roceive those bonds for deposit sub­
je ct to acceptance b y the com m ittee. As we were unable to obtain better
terms, tho Franklin Trust C o. has assumed tho expenses incidental to the
work (see M issouri Pacific R y ., V . 101, p . 1371).

L o n g I s la n d R R .—

Suit.—

T he suit brought b y D ick Bros. & C o ., charging mismanagement b y tho
Pennsylvania interests, is set for Jan. 26, all testim ony having been filed.
Experts em ployed b y tho plaintiffs allege that tho funds o f the com pany to
a large total have been applied for tho benefit o f the Pennsylvania road
rather than to the good o f tho Long Island. See V .1 0 0 ,p .l8 3 2 ; V .101,p.l465.

M in n e a p o lis & S t . L o u is R R .— Financial Plan.— T h e
“ Chroniclo” was officially informed yesterday th at there was
nothing to bo said in regard to any plan for financing this
com p an y , and th at tho outlino o f a ten tative plan published
b y tho daily papers early in the week was n ot to be accepted




345

as authoritative.
T h is presum ably m eans th at the plan has
n ot been definitely decided upon and is subject to more or
less radical change.
Stockholders’ com m ittee for furtherance o f readjustm ent: Chairman,
Chas. H . Sabin, President o f G uaranty Trust C o ., N . Y .; E . V . R . Thayer
^athrop Am es o f B oston; Gates W . M cG arrah, President o f M echanics
& M etals N at. Bank, and Thom as Cochran J r., Pres, o f Liberty N at. Bank.
T y p e w r itt e n S ta te m e n t Issu ed a t C o m p a n y ’ s O ffic e J a n . 18 1916.
in dealing with the retirem ent o f the com p a n y’s serial note obligations,
aggregating $2,500,000, due F eb. 1 , it has been concluded to be the part
o f wisdom to provide the means therefor through the assistance o f the com us s,
’ placing thejr stock in a position where it m ay receive
re.i?enu***■,°*
increased earnings without continued necessary diversion
o f the surplus earnings to m eet the com p a n y’s needs.
l o r the six m onths ended D ec. 31 1915 the net surplus revenue o f the
’ a# £ r I)aym ent ? f all charges and taxes, was (D ec. estimated)
$416,000. 1 he retirement o f the notes ivould have added to the surplus
the accrued interest for tho period— $75,000— or a total surplus revenue o f
$491,000, a sum equal to approxim ately 8 % on the outstanding preferred
stock o f the com pany, increasing the fa cto r o f safety with respect to the
com pany s bond issues.
W ith the extinguishment o f the serial notes there will be released and made
available to the treasury approxim ately $4,000,000 o f R efunding and E x­
tension m ortgage 5 % bonds, while the com pany's surplus revenue for the
year can be applied to the further extinguishment o f other obligations o f
tho com pany, further reducing its interest charges and placing the com pany
in exceptional condition for future financing when necessary.
The plan, which will be underwritten, contem plates that the surplus
revenuo over and above fixed charges and taxes, will be so largely increased
that stability "will be given to all o f the com p any’s security issues and greatly
added value to its stock, both preferred and com m on.
T he steps to be taken to carry out the plan and to meet legal require­
ments involve the consent o f the holders o f 75% o f the outstanding capital
stock o f the com pany.
T ho plan provides that the preferred shareholders will receive at the rate
o f 13 shares o f preferred stock for every 20 shares now held, with the right
to acquire tho additional seven shares o f new stock for the sum o f $240.
T ho holders o f the com m on stock will receive at the rate o f nine shares o f
new com m on stock for each tw enty shares now held b y them , and the right
to subscribe for eleven shares o f now stock fo r the sum o f $240.
T he larger shareholders, aggregating a largo percentage o f the total, have
already given their approval o f the plan.
The interest bearing obligations
will be reduced, while the am ount o f the capital stock as now outstanding
remains unchanged.
T he plan provides for the retirement o f the notes, but this to becom e ef­
fective, as stated, requires the approval o f the holders o f 75% o f the out­
standing capital stock, b oth preferred and com m on. T he tim e required
to com ply with tho necessary form alities will bring the period when the funds
will be available beyond the m aturity date. F eb. 1. T o give ample tim e
for carrying out the plan, the com pany will request the holders o f the note
to^extend the same, payable on or before A ug. 1 1916.— V . 101, p . 1891,

Missouri Kansas & Texas Ry.— Deposits Asked.— Inter­
est due N o v . 1 1915 not having been paid on the $ 3 ,2 5 3 ,0 0 0
I irst M t g e . E xtension 5 % F ifty -Y e a r G old B on d s o f 1 9 44 ,
the protective com m ittee , John P la tte n , C hairm an (V . 101,
p . 1 2 7 2 ), deem s it essential th a t holders should forthw ith
deposit their bonds w ith the U n ited States M o r tg a g e & T rust
C o ., 5 5 C edar S t ., N . Y . , as provided in the deposit agree­
m ent d ated Jan. 10 1 9 1 6 . See a d v . on another p a ge.— V .
10 2, p . 2 5 1 .
f s
Montreal Tramways Co.— Power.—

M ontreal advices state that the com p any’s steam plant will be enlarged
h.p . to 60,000 h .p . at a cost o f between $2 ,000,000 and $3 ,000,000.— V . 101, p . 527.

Nevada Short Line RR.— Receiver's Certificates.—

..T h i s com pany, incorporated in M a y 1914 w ith S100.000 capital to serve
tho Rochester mines as ore carrier, was recently placed in receiver's hands
at the request o f the mining com pany. Frank M . M anson, receiver, has
obtained permission from the court to issue $16,000 receiver’s certificates,
ch iefly for purchase o f now equipm ent, which, he says, will enable the road
to operate at a m onthly p ro fit o f $1,500.

New York Central RR.— Equipment Trust Certificates.—

^las *?cen asked o f tho Ohio P . S. Comm ission to issue $11,­
730,000
equipm ent trust certificates at 96, the proceeds to be used
to purchase 3,000 h o x cars, 4,000 gondola cars, 100 passenger coaches,
50 baggago cars and 100 locom otives. T he G uaranty Trust C o . is to be
trustee for the issue.— V . 101, p . 2145.

N. Y. N. H. & Hartford RR.— Cases Dismissed, &c.—

Judge W m . H . H unt in the Federal D istrict C ourt at N ew Y ork on
Jan. 18 dismissed the Sherman law indictm ents against George F . Baker
Alexander Cochrane, Thom as do W itt C uyler, T heod ore N . V ail, Edward
M illigan and Francis T . M axw ell, who were granted separate trial from the
main defendants, because their part in the alleged conspiracy was m inor.
Prosecutor Swacker announced that the G overnm ent w ould be ready b y
late spring to retry those defendants upon whose cases the ju ry disagreed
on Jan. 10. See V . 102, p . 251.

Northampton Traction Co., Easton, Pa.— Merger.—

This com pany confirm s the reported absorption o f the Bangor & Portland
T raction C o .’s railroad, Bangor to Portland, 8 M miles, b y legal merger,
and tho issue o f $137,000 additional consols, presum ably to effect the pur­
chase, but pronounces as " o n ly a rum or having nothing to d o with our road”
the published statement that as a result o f the present merger a new line
will be run from W ing Gap to the Delaware W ater G ap, including the
Stroudsburg Passenger R y ., to be absorbed.— V . 91, p. 589.

Philadelphia Co.— Scrip Called.—

*

T he com pany gives notice that it will on Feb. 2 p ay at par and int. to
F eb. 1 through the N ew Y ork Trust C o ., N . Y ., b oth series o f scrip issued
in 1914 duo M a y 2 1916 and F eb. 1 1918.— V . 102, p . 251. 6 8 .

Philadelphia & Western (Electric) Ry.— Earnings .—
Earns, from all sources.
Operating expenses____

— M o n t h o f D e c e m b e r ------------- 12 M o s . E n d i n g -----1915.
1914.
D e c . 31 T 5 . D e c . 31 ’ 14.

$40,056
22,138

$32,509
16,953

$463,901
225.090

$383,476
206,780

N et earnings____
Interest, taxes, &c_

S17.918
12,550

$15,556
12,498

$238,810
147,476

$176,696
149.637

B a la n ce_________
— V . 101, p . 1093.

$5,368

$3,057

$91,334

$27,059

R a p id T r a n s it i n N e w Y o r k .— Operations, &c.— T he
Interborougli R apid T ransit C o . opened for traffic the new
third-track express service on the Second, Third and N in th
A ven u e lines on M o n d a y , J an . 17 , adding greatly to the
facilities o f the C om p an y for handling traffic.
Subway work on the dual system is em ploying a daily average o f abou t
18,000 m en. T he total construction work com pleted and con tracted jfor
D ec. 1 1915 is said to be upwards o f $182,000,000. O f the 89 contract sec­
tions, 72 have been awarded.
T he extension o f the Fourth A ve. subway to 86th S t., B ay R idge, was
opened Jan. 15, providing an 18-minute service from the terminus to Cham ­
bers S t., N ew Y ork .
Bids and proposals for new construction, am ong others, include Pros­
pect Park, B rooklyn, to connect with the Brighton Beach R R . at M a l>one St.; the reconstruction o f the Brighton Beach line to connect with the
subw ay, to cost $ 1 ,000,000.
T he Fourteenth St.-Eastern R apid Transit R R ., underground from a
point n carA v . B t o a point near B od ford iA v ., underiNorth 7th St.JB klyn.
T he P . S. Comm ission has approved award b y the Interborough for ex­
tensions in the B ronx. W ebster A ve. extension o f the Third A ve. Elevated

346

THE

[Vol . 102.

C H R O N IC L E

R R . t o M . J . L e a h y fo r $ 8 3 1 ,1 1 0 : E ig h t h A v e . a n d 162d S t. c o n n e c tio n
b etw een th e N in th A v e . R R . an d th e J e r o m e A v e . e x te n sio n o f th e L exin g­
t o n A v e . s u b w a y , t o th e B a tte r y E n gin e e rin g & C o n s tr u c tio n C o . , $44 6 ,7 8 4 ;
c o n n e c tio n b etw een th e T h ir d A v e . E le v a te d near 143d S t. a n d W e s t F a rm s
b r a n c h o f o ld s u b w a y , near 149th S t ., t o A . L . G uid on© & S o n , $ 1 0 5 ,7 9 1 .
A lfr e d C r a v e n , C h ie f E n gin eer o f th e P . S. C o m m is s io n , o n Jan . 2 1 , in
h is r e p o r t o n th o p rogress o f th e L e x in g to n A v e . r o u te c o n s tr u c tio n , referred
t o th e fa c t th a t it c o u ld b e fin is h e d in e ig h t m o n th s .
,
n.
C o n tr a c t fo r a 3 -tra ck “ L ” r o a d fro m W h it lo c k A v e ., B r o n x , t o I elh am
B a v P a rk , w as a w a rd ed t o L a u r e n c e C . M a n u e ll fo r $ 2 ,0 6 4 ,8 /7 , L>ayiy
H ip k in s w ill b u ild th e steel c o n s tr u c tio n , s ta tio n s, & c ., fo r th e a d d itio n a l
tr a c k s o n th e M y r t le A v e . lin e , B r o o k ly n , b e tw e e n W illo u g h b y A v e . an d
P a lm e t t o S t ., a n d o n P a lm e tto S t. t o b e tw e e n M y r t le an d C y p re ss A v e . —
V . 101, p . 1974.

tio n a l d e v e lo p m e n t w as v ig o r o u s ly u n d e rta k e n fo r th o p u rp o s o o f o p en in g
u p a larger n u m b e r o f w o rk in g areas s o th a t p r o p e r o r e m ix tu re s c o u ld be
d e riv e d fro m m a n y in ste a d o f a fe w p la ce s . 1 h is d e v e lo p m e n t w o rk is p r o ­
gressin g r a p id ly an d has a lre a d y re su lte d In a m ark ed im p ro v e m e n t in th o
g ra d e o f o re an d in th e fa c ilitie s fo r e sta b lish in g an d m a in ta in in g increased
to n n a g e . T h o o u t p u t n o w is a b o u t 4 ,0 0 0 to n s p e r d a y an d th e g ra d o o f tho
oro is ra p id ly a p p ro a ch in g th o a v e ra g e in d ica te d b y e stim a te s ba sed on
___ .
earlier m in e d e v e lo p m e n ts an d m ill te s ts.
„ . _
A s t o o p e ra tin g c o s ts , it has be e n d e m o n s tra te d o n all to n n a g e s u p t o
6 ,0 0 0 to n s per d a y th a t those are 1 0 % t o 2 0 % lo w e r th an w as e stim a ted
an d th o p e r fe ct su ccess o f o u r s y s te m o f m e ta llu r g y has been sh o w n th rou gh
th e u n ifo rm ly s a tisfa cto ry r e co v e rie s fro m m o r e th an a m illio n to n s ororo
th a t w ere trea ted th ro u gh th e new m ill d u rin g 191 5.— V. 100, p . 1 1 /5 , 1 6 /4 .

R ic h m o n d F red erick sbu rg & Potom ac R R .— To Act on
5 0 % D ividend.— The stockholders will vote Feb. 10 on au­
thorizing $1 ,555,600 dividend obligations with which to pay
the proposed 5 0 % dividend on the $1,316,900 capital stock
and $1 ,794,300 div. ogligations outstanding.— V . 102, p. 68.
S a va n n ah & A tla n ta R y — Proposed E x ten sio n — This
company was chartered in Georgia Doc. 8 191o with $500,000
capital stock ($250,000 to be non-cum. prof.) as an ally or
subsidiary of tho Savannah & Northwestern R R . Tho now
line will be an extension of the Savannah & Northwestern
R R . now extending from Savannah to St. Clair, continued
60 miles to Washington, G a ., where connection will be made
with the Georgia R R .
T , .
T , TT

A n e xtra d iv id e n d o f 3 H % h as be e n d e c la r e d o n th o s to c k a lo n g w ith th e
regu lar q u a rte r ly l'A% p a y a b le F e b . 1 t o h o ld e rs o f r e c o rd J a n . 19.
I n is
c o m p a r e s w ith 1 % e x tra in A u g . an d N o v . a n d 5 % ex tra in D o c .
See
V . 101. p . 1887.

pi T h e in c o rp o ra to r s in c lu d e , w ith o th e rs: Jam es I m b r ic , N . l ., J o h n i t .
H u n te r H e n r y D . S tev e n s, E d w in M . F ra n k , T h o m a s P . G o o d b o d y ,
C h arles’ E . G a y J r ., R o b e r t M . H it c h , R e m e r L . D e n m a r k , J . E . G ra in ger
a n d W . P . T illin g h a s t, a ll o f S a v a n n a h .

S avan n ah & N orth w estern R R .— Extension.—
S ee S a v a n n a h & A t la n t a R R . a b o v e .— V . 100, p . 1593.

American Brass Co.— 3

Extra Dividend .—

A %

American Coal Products Co., N. Y .— N ew N a m e .—
T h e s to ck h o ld e rs w ill v o t e Jan . 25 o n ch a n gin g th e n a m e o f th e c o r p o r a ­
t io n t o “ T h o B a rr e tt C o m p a n y ” and t o a u th o rize th o n ecessary step s to
e ffe c t said ch a n g e o f n a m e . See V . 100, p . 1595, 2 01 2; V . 101, P- 371 ,
1191, 146 6, 1554.

American Hide & Leather Co., N. Y . — P ref.S tock. — The
committee named below, in circular dated Jan. 12, says:
S in co t h e b e g in n in g o f th o E u ro p e a n W a r th o c o m p a n y has e n jo y e d a
re m a rk a b le g r o w th in earnings.
F o r th o first tim e sin co its in c o rp o ra tio n
in 1899 th o c o m p a n y is a b le t o d o so m e th in g fo r th o ($ 1 2 ,5 4 8 ,3 0 0 7 % ] p ref.
s t o c k . O n ly 3 % has e v e r been p a id o n th is s to c k an d th o a ccru e d d iv id e n d s
a ggre ga te a b o u t 1 1 0 % . T h e c o m p a n y is n o w m a k in g p r o fit s w h ic h , a fter
a llo w in g fo r all in terest an d sin k in g fu n d req u irem en ts, w ill equal an d p r o b ­
a b ly ex ce e d 1 5 % o n th e p re f. s t o c k fo r th o cu rren t fisca l y e a r. T h e re is
a lso a su rplu s o f $ 5 ,0 0 0 ,0 0 0 o n w h ich th o p r e f. shareh olders h a v o th o first
Cla/n 'v i e w o f th ese fa c ts w e b e iio v o steps sh o u ld b o ta k e n lo o k in g t o som e
d e fin ito a rran gem en t w ith th o c o m p a n y . T h o cla im o f th o p re f. s t o c k is
s o largo th a t it m ig h t b o h a rd ly ju d icio u s t o d e m a n d fu ll s e ttle m e n t; a n d it
m ig h t p o s s ib ly b o b etter t o w a iv e a p a rt o f th o cla im if th e rem ain der w ere
a d ju s te d . A ls o , it m ig h t b e b e tte r t o a c c e p t p a r t p a y m e n t in n ow s to c k
rath er th a n all in cash .
S ha reh olders aro in v ite d t o c o -o p e r a te w ith us in
th is m o v e m e n t t o c o n s e r v e their in terests. A r e p ly (address H ans P .
F r e o co , 35 W a ll S t ., N . Y . C it y ,) is u rge n tly re q u e ste d .
,
C o m m itte e : J o s e p h C . H arris, A n d e rso n P rice , H ans P . F ro e co , I-rederic
D re w B o n d a n d J o h n F . D ix o n . C o m p a re V . 101, p . 1372.

Seaboard A ir L ine R y .— Syndicate Dissolved.— Tho $1 4,­
500,000 first and consol, mtge. bonds offered by the Guaranty
Trust C o. and the National City Bank, both of Now York,
have all been sold and the syndicate dissolved. Compare
American Locomotive Co., N. Y .— Sem i-Annual Report.
V . 101, p. 1974. .
— Chairman S. L. Schoonmaker, N . Y . , Jan. 20, reports:
S o u th e rn Pacific R R .— Acquisition.—
T h is c o m p a n y has ta k e n o v e r th e p r o p e r t y fo rm e r ly k n o w n as th o B u tt e
C o u n t y R R . (V . 9 4 , p. 1565) a n d o p e ra te s it as p a r t o f its S a cra m e n to
d iv is io n .— V . 101, p . 1974.

S o u th ern R y .— Payment o f N otes. — The company has
arranged for tho payment of the $5,000,000 5 % Debenture
Gold N otes, dated 1913, which mature on Fob. 1. N o now
securities, it is understood, will be issued at this time.—
V . 101, p. 2146, 2072.
S o u th w estern T ra c tio n C o ., Tem ple, T ex.— Receiver.
S u p erin ten d en t W . G . H a a g o f T e m p le , T e x ., o n Ja n . 14 w as a p p o in te d
rftociver b v th e F ed era l Oourfc a t W a c o , T e x .
T h e Susq u eh an n a T r u s t & S afe D e p o s it C o . o f W illia m s p o rt, P a ., o n
Tin 1 5 file d a su it in e q u it y in U . S. D is t. C o u r t a t W a c o , T e x ., asking fo r
th e fo re c lo s u r e '()f th e m o r tg a g e o f 1911, th e in terest o n s o m e $ 1 3 0,00 0 1st
5 s /b e in g in d e fa u lt . T h e re ce iv e r w as a p p o in te d b y F e d e ra l J u d g e T . S.
M a x e y a t A u s tin o n J a n . 14.— V . 9 7 , p . 11 lb .

W h e e lin g & Lake Erie R R .— Sale M arch 8 .—
T h e fo re c lo s u r e sale u n d e r th e general m o r tg a g e o f 1*^05 h a s Ur*
been
p o s t p o n e d ! th is t im e till M a r c h &
U p se t p r ic e , $18 5 0 0 ,0 0 0 , N o b id d e rs
a p p ea red o n J a n . 2 0 .
C o m p a re V . 101 , p . 2 1 4 6 , 1887.

INDUSTRIAL AND MISCELLANEOUS.
Advance Rumely Co.— N ew Securities Ready .—
Seo R u m e ly C o . b e lo w .— V . 101, p . 214 6.

In crea se.

M f g . , m a i n t ., a d m in , e x p . & d e p r e c .

M * R e a f e sta te "and "plant b a s e d o n a pp ra isal b y A m o rica n A p p ra isa l C o .
as o f J u ly 20 1915. in clu d e la n d , $ 3 8 ,5 0 0 : b u ild in g s, $ 1 2 4 ,8 7 1 : m a ch in e ry
an d en n in m e n t. $ i 7 8 ,9 5 7 , an d m o ld s $ 4 5 ,5 5 5 . a Inclu des patents-, $1
fu rn itu re a n d fix tu res a t h o m e o ffic e s a n d b ra n ch e s, S I 9 ,6 6 4 ; deferred
ch a rges, $ 5 ,6 3 9 , a n d in v e s tm e n t (1 share M o t o r D e a le rs A s s n .), $10 0.
V . 102, p . 2 5 2 , 6 8 .

Alaska Gold Mines Co., N. Y .— Convertible Debentures.—
In view of the expenditures rendered necessary in connection
with tho power installation and other improvements, includ­
ing the completion of tho mill and the enlarged mmo develop­
ment, the directors have decided to issue another series ot
$1 500,000 10-year 6 % convertible debentures, maturing
March 1 1926/k n ow n as “ Series B .” to bo dated March 1
1916 and convertible at any time prior to maturity into stock
at $30 per share and redeemable, at company’s option, on
any interest day on or after three years from their date at
1 1 0 % of par plus accrued interest. Tho issue has been under­
written by Hayden, Stone & Co. Donom. $100, $500, $1,000.
All of said issue will be offered for subscription pro rata to
all stockholders of record at tho close of business on Feb. 1
1916. Each shareholder will have tho right to subsenbo to
$2 of debentures for each sharo of stock.
S u b scrip tion s w ill b o p a y a b le : 5 0 % o n o r b e fo r e F e b . 15 1916. 5 0 % o n
o r b e fo r e M a r c h 15 1916. . S u b s cr ip tio n w arra n ts a n d fu ll in s tru ctio n s w ith
r eferen ce t o r em itta n ces w ill b e m a ile d s h o r tly a fte r I*eb. 1 1J16.

Extract from Letter from V.-Pres. D. C. Jackling, Sa n Fran.. Jan. 12.

D u r in g th e y ear th e new m illin g p la n t w as e n tire ly co m p le te d and
th r o u g h th e o p e r a tio n o f a p o r t io n o f it fo r o v e r te n m o n th s a n d at a ra te
a b o v e 6 ,0 0 0 to n s p e r d a y fo r a tim e , it has been w e ll d e m o n s tra te d th a t th e
en tire p la n t w ill, in its p re se n t s ta te , e c o n o m ic a lly h a n d le 10,000 to n s p er
d a y . T h e S a lm on C ree k p o w e r d e v e lo p m e n t a n d p e rm a n e n t tran sm ission
lin es w ere also c o m p le t e d an d h a v e p r o v e n c a p a b le o f d e liv e rin g 6,0 0 0 h . p .
co n tin u o u s ly t o th e m ill a n d m in e b e in g e q u iv a le n t t o th e requ irem en ts
w h en o p e r a tin g o n a basis so m e w h a t a b o v e 6 ,0 0 0 to n s p e r d a y . T o p r o v id e
a d d itio n a l p o w e r it w as d e c id e d t o d e v e lo p an d e q u ip o th e r so u rce s o f
p o w e r on A n n ex C reek a n d C a rls o n C r e e k .
Tho fir s t s ta g e o f this d e v e lo p ­
m en t con sists o f a 4 ,0 0 0 h . p . in s ta lla tio n , p a r tia lly in s o rv ice b e fo ro th o
en d o f t h e y e a r . T h is in itial p la n t , to g e th e r w ith th e S a lm o n C re e k d e v e l­
o p m e n t w ill p r o v id e p o w e r f o r s o m e th in g o v e r 10,000 to n s p er d a y o r
a b o u t th e fu ll c a p a c it y o f th e p re se n t m ill.
D u rin g th e la tte r p a rt o f th e y e a r it w as fo u n d im p ra ctic a b le t o increaso
to n n a g e as r a p id ly as h a d be e n e x p e c te d an d a t th e sa m e tim e m a in ta in a
s a tisfa c to r y g ra d e o f o r o . A s s o o n as th is s itu a tio n b e c a m o a p p a re n t, a d d i­




» 5 ™ & 2 9
5 ,8 4 9 ,9 9 7

1 2 8 ,6 6 /
8 7 5 ,0 0 0

1 9 0 ,0 /6
8 /o ,0 0 0

In te r e s t, & c ., o n b o n d s o f co n s titu e n t
c o m p a n i e s , n o t e s , & c — -------------------P r e f . d i v i d e n d s f o r 6 m o n t h s ----------------

$ 9 ,0 3 9 ,6 3 0
5 ,5 9 2 ,4 5 5
d o c .61,409
-------------------

B a l a n c e f o r s ix m o n t h s ____________s u r . $ l 952 7 4 0 d e ^ l M 5 , 8 4 4
$ 3 ,5 0 8 ,5 8 4
U n fille d ord ers o n Ja n . 1 1 9 1 6 a m o u n te d t o $ 5 2 . 2 4 0 , 0 0 0 . — V . 1 0 1 , p . 1 8 8 8 .

American Malt Corporation.— Sub. Co. Stock.—
S e o A m e r i c a n M a l t i n g C o . b e l o w .— V . 1 0 1 , p . 2 0 7 3 , 1 3 6 8 .

American Malting Co., N. Y . — Stock Reduced .—
S e c r e t a r y W . A . M c C a r t h y , in c ir c u la r m a i l e d J a n . 1 2 t o t h e m i n o r i t y
s t o c k h o l d e r s o f t h e A m e r i c a n M a l t i n g C o . (t h o h o l d i n g s o f s a id s h a r e h o ld e r s
a g g r e g a tin g o n ly a b o u t 1 H % o f t h o t o t a l c a p ita l s t o c k , t h e b a la n c e b e in g
h e l d b y t h e A m e r i c a n M a l t C o r p o r a t i o n ) , s a y s in s u b s t a n c e : 'I 'h e c a p i t a l
s to c k o f th o A m e ric a n M a lt in g C o . h a s b ee n red u ce d fr o m $ 3 0 ,0 0 0 ,0 0 0 ,
c o n s is tin g o f $ 1 5 ,0 0 0 ,0 0 0 o f p r o f, s to c k a n d $ 1 5 ,0 0 0 ,0 0 0 o f c o m m o n s t o c k ,
t o $ 1 5 0 0 0 ,0 0 0 , c o n s is tin g o f $ 9 ,0 0 0 ,0 0 0 o f p r e f. s to c k a n d $ 6 ,0 0 0 ,0 0 0
o f c o m m o n s t o c k , a ll s t i ll in s h a r e s o f $ 1 0 0 e a c h .
S to c k h o ld e r s aro r e q u e ste d
t o p r e s e n t t h e ir s t o c k c e r t i fi c a t e s t o t h o G u a r a n t y T r u s t C o . o f N e w Y o r k ,
1 4 0 B r o a d w a y N . Y . C i t y , in o r d e r t h a t t h o r e d u c t i o n in t h o n u m b e r o f
sh a re s o f c a p ita l s to c k e v id e n c e d t h e r e b y m a y b o s t a m p e d th e ro o n .
No
t r a n s f e r o f s t o c k w ill b e m a d e u n le s s a n d u n t il e a c h c e r t i fi c a t e r e p r e s e n t in g
t h e s t o c k t o b e t r a n s fe r r e d s h a ll b o s o s t a m p e d .
A l l c e r t i fi c a t e s o f s t o c k
is s u e d a f t e r J a n . 1 1 9 1 6 w ill r e p r e s e n t s h a r e s o f t h e r e d u c e d c a p i t al s t o c k .
[ T h e r e is n o p r e s e n t i n t e n t i o n , w o l e a r n , o f o x c h a n g i n g t h o s t o c k o f t h is
o p e r a tin g c o m p a n y fo r t h e s to c k o f th o h o ld in g c o m p a n y , a n d t h u s d o in g
a w a y w it h t h o l a t t e r c o r p o r a t i o n .— E d . ] — V . 1 0 1 , p . 2 0 7 .3 , 1 J 7 5 .

Aiax Rubber Co., Inc., New York.— Report.—
R u b b e r C o . . I n c . (i n c l . S u b . S e l l i n g C o . ) B a l . S h e e t A u g . 31 1915.
[G iv in g e ffe c t as a t A u g . 31 1915 t o a c q u is itio n o f A ja x -G r ie b p ro p e rtie s
a n d retirem en t o f o ld preferred s to c k .]
L i a b i l i t i e s ( T o t a l $ 3 ,1 9 0 ,1 0 3 ).
A s s e t s ( T o t a l $ 3 ,1 9 0 ,1 0 3 ).
G o o d -w ill & tr a d e -m a rk s - $93 0 ,9 6 6 C a p ita l s t o c k _____________ $ 3 ,0 0 0 ,0 0 0
115,399
R e a l esta te & p la n t _______ * 387 ,883 S u n d ry a c c ’ts p a y a b le —
6 ,3 0 6
In v e n t o r ie s ________________
7 5 6 ,6 4 6 P a y -r o lls a c c r u e d ___
4 9 ,2 1 0
O p en a c c ’ ts less re s e r v e - .
594 ,3 8 0 B on u ses a c c r u e d —
15,187
102 ,136 D iv id e n d s u n p a id - B u is re c e iv a b le ------------------4 ,0 0 0
T a x e s a c c r u e d (e st.)
C a sh (ex cl. ca sh t o retire
p referred s t o c k ) ------------3 9 2 ,6 8 8
A ia x

1 1 ,4 4 2 ,4 5 2

American Pipe & Construction
C a le n d a r Y e a r s .

1915.

1914.

19^3.

C o . — Earnings.—
19^2.
1911.
1910.
^jP9-

G ro ss p r o fits
5 4 1 * 9 1 7 4 7 8 ,7 6 9 5 2 2 ,0 5 9 (G r o s s n o t sh o w n th e se 4 y e a rs)
N e t w ir n t a g s
1 5 1 ,1 0 2 2 5 4 ,9 0 7 3 6 4 ,5 0 0 6 0 5 .3 9 2 6 5 2 ,8 9 0 4 7 3 ,7 5 2 5 0 6 .4 8 2
D iv id e n d s p a i d '-. N o n e
1 5 0 ,0 0 0 2 5 0 ,0 0 0 4 0 0 ,0 0 0 4 0 0 ,0 0 0 4 0 0 ,0 0 0 4 0 0 ,0 0 0
B a la n c e
1 5 1 , 1 0 2 1 0 4 ,9 0 7
— V . 1 0 0 .p . 2169.

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

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

American Steamship Co., Buffalo.— Capital Increased.
A c e r t i fi c a t e w a s f i le d a t A l b a n y J a n . 7 , in c r e a s in g t h o c a p i t a l s t o c k f r o m
$ 1 ,1 0 0 ,0 0 0 t o $ 2 ,2 0 0 ,0 0 0 .

American Sugar Refining Co.— W in s Suit.—
F e d e r a l J u d g e s W a lk e r , F o s te r a n d N e w m a n a t N e w O r le a n s o n J a n . 17
h a n d e d d o w n a d e c r e e in t h o U . S . D i s t . C o u r t , d e c i d i n g a g a i n s t t h e c o n ­
s t it u t io n a lit y o f t h e s t a t u t e o f L o u is ia n a d e c la r in g s u g a r r e fin in g a p u b lic
u t i l i t y , a n d r e q u ir in g t h i s c o m p a n y t o p a y in L o u i s i a n a a s h ig h a pricei f o r
s u g a r a s a t a n y o t h e r p o i n t in t h o U . S . , t h e l a w n o t a p p l y i n g t o o t h e r
n fin e r s
p la n te r s a n d b u y e r s o f s u g a r .
V . 101, p. 215.
C o m p a r e a ls o
V .

99,

p.

1 9 1 2 ;V . 1 0 0 , p . 1 8 3 4 .

American Sumatra Tobacco Co — D iv. — Bonds Sold.—
A r liv o f 7 % h a s b e e n d e c la r e d o n t h o p r e f . s t o c k , r e p r e s e n t i n g d e f e r r e d
a m n i m t s ilu e S e n t 1 1 9 1 3 a n d M a r c h 1 1 9 1 4 , t h o p a y m e n t o f w h ic h w a s
d e fe r r e d , o w in g to th e d e m a n d fo r c a p it a l.
D i v i d o n d is p a y a b l e F e b . 1
to h o ld e r s o f r e c o r d J a n . 2 0 .
Dividend Record of the $ 1 , 0 0 0 , 0 0 0 I'ref. Stock incl. Full 3 5 %

w

“ S 15- « ? •

%%■
T h a lm a n n & C o . , N . Y

J •fwjnnhurg

to Date.

Ff%16'

%%■
. , a n n o u n c o t h a t th o S t ,2 5 0 ,0 0 0

5 % n o te s r e c e n tly p u r c h a s e d b y t h e m h a v o a ll b e e n s o ld .

3 -y e a r
S eo V . 1 0 2 ,p . 2 5 2 .

American Telephone & Telegraph Co.— N ew N otes. —
Tho $50 000,000 \ X
A % Tw o-Year notes purchased last week
•

▼ .. ?

» *

..

C. /^ / a

r*

o i l .In 4 <wl Tom

OH K k lR o m l /I n n

«9fi nnn nnn
N o te s o f A m e rica n T e le p h o n e & T e le g ra p h C o .
% : 0 0 0 : 0 00 4 W % N o r th^ ^ e t e p h o n e E oX C ^ g e 8C o . n o t e ., en d orsed
5 .0 0 0 .

000 4 y3% S ou th w estern T e io p -a p h ’ & T e le p h o n e C o . n o te s , en d orsed
b y A m o r. l e i . & T e l. C o . ( v . a n , P ­
V
i % N o te s eith er o f A m e rica n T e le p h o n e & T elegraph G o . o r .
/o « Ja t i t 8 o p t io n u p t o A p ril 1 1916, n o te s o f s u b s id ia r y
co m p a n ie s en d orsed b y it.
„
... T w o Y e a r 5 % N o t e s f o r $ 2 6 ,4 2 5 ,0 0 0 . D u e i n 1916, s o P r o v i d e d f o r .
$ 6 ,0 0 0 ,0 0 0 C u m b e rla n d T e le p h o n e & T e le g r a p h C o . n o te s , d u o A p r . 1.
2 500.000 Io w a T e le p h o n e C o . n o te s , d u e A p ril t .
,
,
2 635 000 N o rth w e s te rn T e le p h o n e E x ch a n g e n o te s, d u o A p ril 1
71500.000 M isso u ri & K a n sas T e le p h o n e C o . n o te s , d u e A p ril 15.
4 .0 0 0 . 000 N e b ra s k a T e le p h o n o n o te s , d u o A p ril l o .
3 .7 9 0 .0 0 0 C le v e la n d T e le p h o n e C o . n o te s , d u o M a y 15.

20 000 000 4
2U.UUU.UUU

The following was officially revised for the “ Chronicle” :
T h e c o m p a n y has d o n e n o fin a n cin g d u rin g th o p a s t y e a r . C o n s tr u c tio n
b y th e c o m p a n y an d its a sso cia te d c o m p a n ie s a m o u n tin g t o a b o u t 6 0 % o f
th o n orm al w as ta k en ca re o f o u t o f existin g resou rces.
In 1916 th e c o m ­
p a n y e x p e cts t o resum e c o n s tr u c tio n o n n orm al lines e stablish ed b y th o
exp e rie n ce p r e v io u s t o th e E u ro p e a n w a r.

Jan . 22 1916.]

THE

C H R O N IC L E

To finance the associate companies this year will require about $25,000,­
000 of new money. In addition there are over $26,000,000 of notes of the
associate companies maturing betwoen April 1 and M ay 15 next. To meet
these requirements $50,000,000 4J4% two-year notes have been placed,
of which at least $30,000,000 will bo the obligations of associate companies
with the endorsement of the parent company, the Amer. Tel. & Tel. Co.
guaranteeing principal and interest.
►--When the American Telephone management sold in April and M ay 1914
some $31,300,000 of subsidiary notes, it was stated that this would provide
for all financial necessities for two years to come. That promise has been
most scrupulously observed. There has been no further financing and the
system has consistently maintained a strong cash position.
K At present it is understood that the Bell System has on hand some $45,­
000,000 cash. (See also official statement, V. 102, p. 253.)

American Woolen C o . — Deposits — Acquisition .—
More than 95% of the com. and pref. stock has assented to the plan for
reincorporating in Massachusetts.
►» The company has purchased for S250.000 the Globe Woolen Mills of
Utica, N . Y .. manufacturers of fine woolens and worsteds.— V . 102, p. 253.
Assets Realization Co., N. Y . — Report— Time Extension.
Tho creditors’ committeo, Albert 11. Wiggin, Chairman, as of Dec. 28
submit a report made to them by G. M . P. Murphy, their representa­
tive in the administration of tho affairs of the company, and strongly adviso
the creditors to grant the company an additional extension for six months,
which, at the option of this committee, may be continued until Jan. 1 1917
Data from Circular Signed by G. M. P. Murphy, Sec’y to Committee
Since Dec. 11 1913 the company’s liabilities have been reduced 87,170,­
701, as follows: Bills and accounts payable, $3,949,052: contract obliga­
tions, Gage Park Development, $169,015; due for claims, &c., Swenson
Land Co. matter, $146,276: Gage Park Realty Trust 6 % gold notes paid
or provided for from proceeds from sales of lots, $696,211; contingent lia­
bilities, $2,210,146. Of the remaining debts, the completion of the sale
of the lots constituting the Gage Park property, and the largo payments
heretofore and continuously being made by the purchasers, practically
relievo the Assets Company from liability under its guarantee of the 6%
gold notes issued against that property, and, in my opinion, such liability
may now be considered wholly nominal.
$2,124,914 P r o p e r t y I n c l u d e s A l l o f t h e C o m p a n y ’ s R e m a i n i n g O b l i g a t i o n s .
6 % gold notes Issued at original extension and subsequentlv____ $1,012,925
Collateral notes, $625,809; accounts payable, definite claims
not adjusted, $195,664________________________________________
821,473
Contingent obligations, a large portion not becoming actual__
110,981
Subordinated notes representing claims of directors for moneys
advanced_______________________________________________________
179,535
Tho abovo figures do not include interest accrued since Jan. 1 1915,
about $212,000. Material savings have been effected in the cost of operat­
ing, and tho rapid liquidation during tho past six months will, in the imme­
diate future, make possible further savings.
.
Tho great reduction in the company’s obligations has occasioned lively
interest among some of tho large stockholders in plans for reorganizing the
business. Such plans are now under discussion, and I have been informed
that there is a fair prospect that, during the next few weeks, they will be
submitted to creditors and to stockholders.
In time and with proper care tho remaining assets will realize large sums.
If pressed for sale, however, a largo part of their intrinsic value will be sacri­
ficed. If the liquidation shall bo continued through court proceedings,
no courso will bo opened except to dispose of the remaining properties at
forced sales which, in my judgment, will not only removo the chance of
any recovery for tho stockholders, but will result in large losses to the un­
secured creditors. (Compare Bitter Root Valley Irrigation Co. below).
See V. 101. p. 445, 450. 1274. 1715.

347

$87,500. The earnings for December, were $90,000 and for the last three
months of 1915 averaged $70,000 per month.
(Unofficially it is reported that tho $600,000 old common stock was
exchanged for $900,000 now common, the $210,000 old pref. for $210,000
new pref. and $157,500 new common; the $550,000 1st M . bonds for $550,­
000 new pref. and $412,500 new common; the holders of pref. stock and
bonds also having the option of receiving par in cash with 25% bonus in
common stock. Herbert M . Wagner is President.— Ed.]

Bethlehem Steel Corp.— Common D iv. 3 0 % B asis .—
An initial dividend of 30% (7H % Q.-J.) has been declared on the $14,­
862,000 common stock, along with the regular 7 % ( l 3A % Q.-J.) on tho
pref., both payable April 1, July 1, Oct. 2 1916 and Jan. 2 1917 to holders
of record March, Juno, Sept, and Dec. 15 1916, respectively.— V .102,p .l56.

Bitter Root Valley Irrigation Co.— Bondholders' Com m .

The bondholders representing more than half of the $976,000 1st M . 6 %
bonds at a meeting recently held in Chicago appointed a protective com­
mitteo, consisting of M . A . Iloyt of Milwaukee, A . M . McLanahan of
Baltimore, W . S. Grubbs of St. Paul, E. K . Boisot of Chicago, Henry T .
Tudor of Boston, W . R. Burt of Saginaw, M ich., and James P. Feeley,
Chicago, who is Secretary. It is expected a committee will be formed
representing the general creditors, to co-operate with the bondholders’
committee in working out a reorganization.
The Company filed a voluntary petition in bankruptcy in the Federal
Dist. Court at Helena, M ont., being unable to meet the principal of $150,­
000 due on its mortgage. See Assets Realization Co.. V. 100, p. 476:
V. 101, p. 445; and also V. 99, p. 1301.— V. 102, p. 253.

Buffalo Potash & Cement Corporation.— Pref. Stock.—
Allard, Kinnear & Co. aro offering at par (5100 per share)
with a bonus of in common stock, the unsold portion
of the issue of 5350,000 7 % cumulative preferred stock.
A circular reports :

C a p i t a l i z a t i o n .— Authorized and to be issued (No bonds):
Preferred
stock, 7% cumulative in $100 shares, $350,000. Common. $1,050,000.
The $350,000 7% cumulative pref. stock is issued for the funds required
for lands, plant, equipment and working capital. No cash is being ex­
pended for patent rights or licenses. At least 50% of the net profits, it is
provided, shall be applied pro rata to the retirement of the pref. stock
and no dividends shall be paid on common until all the pref. is retired.
Incorporated in New \ork State and will extract potash from feldspar
rock and manufacture high-grade cement as a by-product by the process
devised by II. E. Brown, chemical engineer, and fully protected by broad
patents. In this process the feldspar is fused in an ordinary metallurgical
furnace with calcium chloride and coke, forming potassium chloride and
a clinker, the latter, when ground, making a perfect cement. The value
of the cement, it is believed, will under normal conditions cover the entire
cost of operation. The plant, located at Buffalo, is expected to be com­
pleted and in operation.in April 1916. A deposit of about 1.190.000 tons
of feldspar (10% potassium oxide) has been acquired on the Great Lakes.
Potash is not only an essential ingredient of all commercial fertilizers, but
it is extensively used in the manufacture of matches, chemicals, dyestuffs
pottery, soaps, photography, glass, drugs, and many other important
products. All the potash used in the United States has, in the past, been
obtained from Germany, the imports of potash salts in 1913 having had
a total value of $15,241,152. Over 600,000 tons of fertilizers have also
been imported annually.
Directors : (all of N . Y . City)— W m . B . Ruggles, Pres. Ruggles-Coles
Engineering Co.; M . S. Orth, AV. R . Warren, Edward L . Hearn, Lee B.
Durstine (Vice-Pros. The White Investing C o.), E. W . Haslup. G. M .
Cumming, President, 49 Wall St., New York.
Atlantic & Birmingham Construction ' Co.— Join1
Data from Pres. G . M. Cumming, 49 W all S t., Dec. 30 1915.
Tho company has acquired the rights to manufacture potash and comen
N otes .— Tho protective committeo of holders of tho joint under
certain patents recently issued. Prior to the war muriate of potash
notes of this company and the Atlanta Birmingham & A t­ sold at about $40 per ton; recently sales were made at over $500 per ton.
plan calls for the construction of a plant with a capacity of 20 tons
lantic R R ., Geo. C . Clark, Chairman, in circular Doc. 15 say: of Our
potassium salts per day and a simultaneous daily production of 750
Every ono of tho ($5,761,000) notes having been deposited under tno barrels
of cement. The first unit, producing ten tons of potassium salts
protective agreement of April 1 1915, the committee has caused the Note­ daily, will be in operation April 1916. Based upon present prices and
holder Liquidation Co. to bo incorporated in Delaware, with a capital stock upon extensive practical operations recently carried on for several months
of $720,125 (par of sharos $25), and has transferred to that company all under tho direction of experts and duly vouched for by them in reports in
the securities and cash held by the committee as the result of the purchase our possession, our net earnings for the first year aro estimated as follows:
at foreclosure sale, except the 40,000 sharos of stock of tho Woodward
D a ily .
Y e a r ly
Iron Co., viz.: (a) $59,000 cash, no charge for services having been made by E s t i m a t e d A v e r a g e P r o d u c t i o n —
$540
$135 000
600 barrels of cement, at 90c______________________
tho committeo; ( b ) $ i, 100,000 capital stock and also $700,000 1st M . 5%
6,300
1 575 000
bonds of the Brunswick SS. Co. (V. 100. p. 1260). the bonds being payable 14 tons of potassium salts at $450_________________
in equal installments of $50,000 yearly on July 1 from 1915 to 1929, incl.;
(c) $5,005,000 First & Ref. 5 % M . bonds of Atlanta Birmingham & Atlan­ Total * *
$6,840 $1,710,000
tic RR. Co. Your committoo, including its Secretary, constitute the Cost not to e x c e e d ... ...-------- ------------------ -----------1,0 0 0
250,000
board of directors of tho now company, of which George C. Clark is Presi­
Butterworth-Judson Corp., N. Y . — N ew Co .—
dent, R. G. Fessenden, Vico-Pres., and George C. Clark Jr., Sec.-Treas.
The 40.000 shares of Woodward Iron stock (V. 100, p. 1263; V. 94, p.
Chadbourne & Shores, attorneys, 14 W all S t., Jan. 14 stated:
1060, 1253) and all the stock of tho Noteholders’ Liquidation Co. will now be
The Butterworth-Judson Corporation of New York, with an auth. capital
distributed among tho noteholders through the Equitablo Trust Co., 37 of pref. stock $2,500,000, of which $2,000,000 only will bo immediately out­
Wall St. For each $1,000 notes represented by trust receipts, the holder standing (the remaining $500,000 being reserved in the treasury for future
will roccive: (a) 6 shares of tho full paid capital stock of Woodward Iron uses), and common stock, non par value, 75,000 shares, has taken over ail
Co., par $100 each, and cash at the rate of $50 per share for the $94 32 of the capital stock of the Butterworth-Judson Co. of New Jersey.
stock scrip of that company to which ho is entitled; also (6) 5 shares of the
Tho company has no bonds or mortgages. The pref. stock is 7 % cum.,
full-paid capital stock of tho Noteholders’ Liquidation Co.
having voting power, and is convertible into common, share for sharo, for
The property of tho Atlanta Birmingham & Atlantic RR . Co. has been which purpose $2,500,000 is provided. There will be no public offering.
sold under foreclosure. Horn that sale nothing was realized for tho capi­
Officers and directors: AV. B. Thompson, Everly M . David, Joseph A .
tal stock: and, as tho stock was thus deprived of all value, the committee Durkin (V .-P .), Albert II. AViggin, Stephen B. Fleming, L. Chadbourno Jr.,
concluded not to incur the expense of transfer taxes in transferring this John J. AVatson Jr., AV. A . Bradford. AV. V . N . Powelson (Pres.), C . E .
stock to the new company.
Mitchell and Guy E . Tripp. M . AV. Runnlon is Sec. & Treas.
Committee: George C . Clark, Sylvanus L. Schoonmaker, Percy R. Pyne
and Russell G. Fessenden, with George C. Clark Jr. as Sec. and Shearman
Canada Cement Co., Ltd.— Initial Common Dividend .—
& Sterling counsel.
An initial dividend of 3 % has been declared on the common stock, along
Circular to Depositors from Noteholders’ Liquidation Co. Jan. 14. with tho regular 1 M % on the pref., both payable Feb. 16 to holders of
record Jan. 31.— V . 101, p. 844.
As owner of certificate of deposit representing $5,005,000 First & Ref. 5s
of Atlanta Birmingham & Atlantic RR . Co., this company is entitled to
Cincinnati (O.) Breweries, Ltd.— Interest Postponement.
subscribe for 60,415 shares of the capital stock of the new Atlanta Birming­
A meeting of the debenture holders was to have been held in London
ham & Atlantic Ry. Co. (see that company above). This right is all that Jan. 10 to consider postponement of interest payable Jan. 1 and July 1 1916,
is of value accruing from the ownership of tho “ First & Refunding Bonds.” to Jan. 1 1917 . — \ . 99, p. 1751.
This company being without funds to subscribe for tho shares allotted to it,
Cleveland-Akron Bag Co.— Dividends Resumed .—
its stockholders will bo permitted to subscribe for their pro rata proportion
of tho 60,415 shares under the terms of the subscription agreement. As a
A dividend of \ % % has been declared on the $2,500,000 stock,payable
stockholder, you aro entitled to subscribe for your proportionate shares of April 1 to holders of record March 21. This is the first payment since
said Railway stock at $12 per share at office of Hayden, Stono & Co., 25 Sept. 1914, when the same amount was paid.— V. 99, p. 1751.
Broad St., N . Y . City with payment in full on or before Jan. 28 1916.
Continental Zinc Co., Boston.— Stock Reduction .—
See Atl. Birm. & Atl. RR. under "I i ll's ” above.— ]V. 100. p. 2169, 1260.
The stockholders will vote Jan. 24 1916 on reducing the capital stock from
Baltimore Tube Co., Inc.— Subscribed.— Thompson, $550,000 to $110,000 by reducing the par from $25 to $5 per share. Pres.
Shonnard & C o ., New York, and Equitable Trust C o ., Balti­ Jere A. Downs says: “ This will require no change in the number of shares,
and will make the capital conform more nearly to the real value of its prop­
more, M d ., announce that their offering of -51,093,100 7 % erties. The actual value of the property and equipment is considerably
cumulative pref. stock and 51,093,100 common stock on less than $344,717. In fact, the property is fast approaching the condition
its only value will be that of vacant land. There has been accumu­
the basis of 5140 for ono share each of pref. and common where
lated from the earnings the sum of $2,126. From this sum has] been paid
the dividend of $10 per share heretofore declared."
has all been subscribed. A circular shows:
Incorporated in Virginia in Jan. 1916; has ample working capital.
Cosden & Co. (Oil Refineries), Oklahoma and Balti­
C a p i t a l i z a t i o n ( N o M o r t g a g e D e b t )—
A u th o r iz e d .
Issu ed .
more.— N ew Bonds .— The Equitablo Trust Co. of Baltimore,
Pref. (p. & d.) stock, 7 % cum., callable after threo
years at 115 and dividends.............. .......... ................. $2,500,000 $1,250,000
as sole syndicate managers, having sold a large proportion
Common stock . . . ............- — ............., - - - - - .............. 2,500,000
2,250,000
No bonded dobt or mortgage can bo placod upon the present property of tho now issue of bonds, are offering, at 101 and in t., yield­
without tho consent of 75% of the outstanding pref. stock.
ing about 6 % , the unsold portion of the total authorized issue
P l a n t , O r d e r s , & c .— The plant is now operating at capacity, producing
1.000. 000 lbs. of tubing per month. New machinery, in course of construc­ of $2,000,000 1st M . 6 % 10-year sinking fund convertible
tion, will bo installed in March 1916, practically doubling this capacity. coupon bonds of $1,000 each, dated March 1 1916 and due
Tho demand for seamless brass and copper tubing Is increasing rapidly for
Int. M . & S. A circular shows:
hot-water piping, gas water heaters, pneumatic tube systems, steamship March 1 1926.
The bonds are convertible into the common stock of the company at S20
and warship construction, sugar-mill purposes, &c. At the present time
thero is an enormous demand for copper bands used on all projectiles which per sharo (par $5) and aro redeemable at 102 H and int. on any int. date on
aro being manufactured for the European Governments, and these are being not less than 90 days’ previous notice, the holder having the right of con­
made in largo quantities by the company under orders by simply cutting version up toand incl, elate of redemption. Equitable Tr. Co., Bait., trus.
C a p ita liz a tio n —
O u ts ta n d in g .
standard tubing of the sizo required into bands. Tho machinery used in
tho manufacture of these bands can be used in the regular business, except Common stock, authorized, $4,000,000-------------------------------------$3,222,720
14,100
a few second-hand lathes. Of the orders in hand, amounting to about Pref. stock, auth., $14,100 (balance of issue retired)___________
7.000. 000 lbs., only 50% aro for munition purposes, it having been the policy 1st M . 6 % convertible gold bonds, authorized and outstanding.. 2,000,000
first of all to take caro of the domestic business. The management has for
Data from a Letter of President J. S. Cosden.
three yoars developed tho plant and business without regard to immediate
(1) An absolute first mtge. on the complete and modern refining plants
profit. Tho estimated not earnings available for dividends aro at least of the company located at AVest Tulsa, Cushing and Bigheart, Okla., the
$600,000 for 1916 against tho charge for 7 % dividend on pref. stock of Inola Pipo Line and various other valuable properties.




348

THE

C H R O N IC L E

(2) During the calendar year 1914, when the company was operating a
much smaller plant, the net earnings were four times the interest charges on
the present mortgage. For the year 1915, which included but two months’
earnings from the enlarged plant, the net earnings were eight times the int.
charges on the present mtge. The estimated earnings for the year 1916
show 25 times the interest charges.
The value of tangible property owned by the company is over 234 times
the amount of this mortgage.
Sinking fund, $202,000 per annum, is payable in equal monthly install­
ments, beginning April 1 1916. This means that at least 16 bonds will be
purchased every month by the trustee and canceled. See also V . 102, p . 70.

Detroit & Clev. Navigation Co.— 2 5 % S tk . D i v . P r o p o s e d
The shareholders will vote Feb. 1 on increasing the authorized capital
stock from $4,000,000 ($3,862,750 said to bo outstanding) to $5,000,000,
with a view to paying a 25% stock dividend to represent a portion of the
expenditures from earnings of recent years applied to additions and im­
provements. Such expenditures have included the cost of constructing
the City of Detroit I I I., newest and largest of the company’s fleet of nine
passenger and package freight steamships.— V . 88, p. 379.
Diamond Match Co.— 1 % E x t r a D i v i d e n d .—
An extra dividend of 1% has been declared on the $16,090,600 stock,
along with the regular quarterly 1 34% , both payable M ar. 15 to holders
of record Feb. 29. The same amount was paid last year.— V . 101, p. 2074.
Driggs-Seabury Ordnance Co . — M e r g e r — B u s i n e s s .—
More than 95% of the stock of the Savage Arms Co. has been turned into
the company, the holders having accepted the company’s offer of $500 per
sharo. Orders on the Savage Co.'s books are understood to total $20,000,­
000 with profits upwards of $10,000,000- Company is building add tions
In order to produce 100 machine guns per day to fill a recently awarded con­
tract with the British Government for 10,000 Lewis guns (see V . 101, p.
1888) at $750 each. The orders taken by the Driggs-Seabury Co. aro said
to exceed $20,000,000, making a total for the combined companies of more
than $40,000,000. The directors have decided to apply for listing the stock
on the New York Stock Exchange.— V . 102, p. 70.
(E. I.) du Pont de Nemours & Co.— P r o x i e s .—
In consequence of the dispute regarding the disposition of the holdings
of the du Pont Securities Co. and the resulting suits brought by Alfred I.
du Pont and Francis G. du Pont against the directors of the two powder
companies (old and new) for alleged violations of duties, the first-named
gentleman has been retired as Vice-President and General Manager, and
it is proposed that both he and Francis G. du Pont shall be retired from the
board of directors. To this end the holders of 55% of the stock of the
company aro asking for proxies in the names of Pierre S. du Pont, Alexis I.
du Pont and John J. Raskob, to be used at the annual meeting on March 13.
On the other hand, proxies are also sought by the Alfred I. du Pont inter­
ests with a view to preventing such retirement. The directors have had
printed for distribution the bill of complaint and answer in the suit of P. S.
du Pont.— V . 101, p. 2074, 1888.
Electro Bleaching Gas Co. of N. Y . — G u a r a n t y .—
See Niagara Alkali C o ., New York.
Elk Horn Coal Corporation, Fairmont, W. Va.— Sale
o f N otes .— The initial block of 84,000,000 10-year Sinking
Fund Mortgage Convertible 6 % Gold N otes, offered at 9 7 ^
and int. b y the Mercantile Trust & Deposit C o. and the
Fidelity Trust C o ., both of Baltimore, were sold out on the
first day of the offering. A circular shows:
Authorized issue, $9,500,000: reserved for retirement of Elk Horn Fuel
Co. 5-year 5 % notes, due M ay 1 1918, $4,000,000: reserved for futuro de­
velopment and other corporate purposes, $1,500,000: issued, $4,000,000.
Digest of Statem ent by Chairman C. W . W atson , Fairmont, W . Va.,
December 10 1915.
T h e s e N o t e s — T i n t e d Dec. 1 1915, due Dec. 1 1925, but subject to re­
demption at option of company, in whole or in part, by lot, at any interest
dav upon 30 days’ notice at 105 and int. Denom. $1,000. Interest pay­
able J\ & D . at Guaranty Trust Co. of New York (the trustee), without
deduction, so far as may bo lawful, for any tax which the company may pay
thereon or deduct therefrom. All State, county and municipal taxes
assessed on these notes in the hands of individuals in Maryland will bo re­
funded by this company on application. Sinking fund, two cents per ton
on all coal mined, commencing April 1 1916, and three cents per ton after
April 1 1919, to purchase and retire notes at not exceeding 105 and int.
A t the option of holders, notes may be converted at their face value into
common stock at par.
, ,
. , ..
Organization.— Incorporated in IV. Va. and has acquired the properties
of the Elk Horn Fuel Co., the Elk Horn Mining Corporation and the Min­
eral Fuel Co. (per plan in V . 101, p. 1716).
C a p ita liz a tio n —
A u t h o r iz e d .O u ts ta n d in g .
6 % non-cumulative profit-sharing preferred sto c k ..$6,600,000 $6,600,000
Common stock______________________________________ 22,000,000 12,000,000
Elk Horn Fuel Co. 5-yr. 5 % convertible notes,
due M ay 1 1918_______________________ _______closed issue
3,970,000
Mineral Fuel Co. 5 % 30-yr. sinking fund bonds, due
M ay 1 1943__________ _________ _______________ closed issue
475,000
10-year sinkingfund mtge. 6% conv. gold notes_____ 9,500,000 4,000,000
Out of the proceeds of these notes $2,475,000 outstanding Elk Horn Min­
ing Corporation notes will be paid off. Of the remaining $5,500,000 notes
authorized but not issued, $4,000,000 are reserved to retire the Elk Horn
Fuel Co. 5-year 5 % notes, due M ay 1 1918, and $1,500,000 for extensions
and betterments and corporate purposes.
Security for New Notes.— (1) A first mortgage on all the property for­
merly owned by the Elk Horn Mining Corporation, and (2) a mortgage on
all the property formerly owned by the Elk Horn Fuel Co. and the Mineral
Fuel C o., subject only to $3,970,000 of notes of the Elk Horn Fuel Co. and
$475,000 of bonds of the Mineral Fuel Co. The $3,970,000 Elk Horn
Fuel Co. 5 % notes are additionally secured by the deposit of $4,371,500
capital stock of the Consolidation Coal Co., on which dividends are being
paid at the rate of 6% per annum.
. .,
. ... ...
Properties.— The Elk Horn Coal Corporation owns: (a) About 200,000
acres of valuable coal lands (fee, surface or mineral rights, of which some
45,000 acres are in fee, the balance is owned outright and subject to no
royalties), lying in Pike, Floyd, Knott, Magoffin, Johnson and Letcher
counties, Kentucky, and in the counties of Upshur and Randolph, West
Virginia. The coal mined from these Kentucky lands is of exceptional
quality, especially for coking purposes, and its superiority for this purpose
is generally recognized. (6) $787,900 capital stock (out of $2,757,500)
of Beaver Creek Consolidated Coal Co., and an option till April 30 1918
at $60 per acre on the entire property of that company, boing about 50,000
acres of valuable coal land (fee, surface or mineral rights free of royalty)’
situated in the same region in the State of Kentucky, and of the same
quality, (c) $180,000 capital stock (out of $193,600) of Tennis Coal Co.,
which owns approximately 50,000 acres of coal and timber lands (fee, sur­
face and mineral rights free of royalty), (d) $50,000 capital stock (outof $100,000) of York Coal & Coke Co., which owns about 3,026 acres of
coal lands, (e) Approximately 4,800 acres of coal lands (fee, surface or
mineral rights free of royalty) formerly owned by Mineral Fuel Co. This
company has outstanding $475,000 5% 30-year sinking fund gold bonds.
(/) $4,371,500 stock of the Consolidation Coal Co.
.
Fourteen mines have been opened and the output for the year 1916 is
estimated at 1,650,000 tons. This output is being increased as rapidly as
labor can be secured and other conditions will warrant. The mines are
developed for a production of 3,000,000 tons in 1917 and annually there­
after. Office buildings, hotels and various other buildings have been
erected; also 12 tipples. A high-tension line has been completed from Jen­
kins, K y ., to Beaver Creek, 2034 miles, at a cost of about $90,000, in order
to operate the mines electrically. The towns of Wayland and Garrett
are the principal settlements of the Beaver Creek region, Fleming, Haymond and Hemphill in the Boone Fork region. Here are located the of­
fices, stores, miscellaneous buildings, essential to coal mining, together
with miners’ dwellings.
.
. . .
Appraisals.— Edward V . d’lnvilliers, reporting only on a portion of the
property, placed a valuation, prior to development, of $10,000,000 upon
115,633 acres of the land, and mineral rights now owned by the Elk Horn
Coal Corporation in the Elk Horn coking coal field, and 14,750 acres (rep­
resented by its stock ownership in the Beaver Creek Consolidated Coal Co.)
in the same field. Messrs. Haas, M ayo and Fleming in their report placed
a realizable value at forced sale in excess of $15,000,000 on all of tho property
of the Elk Horn Fuel Co. (exclusive of the stock of the Consolidation Coal
C o .), all of which has now been acquired by the Elk Horn Coal Corporation.




[Vol . 102

In my opinion as a coal operator of long experience, the value of tho prop­
erties prior to development largely exceeded the above figures. With the
addition of the $3,000,000 which has been actually expended upon the prop­
erty for improvements, and its development by trunk-line railways now in
and accessible to the proporty, its valuo has been very greatly enhanced.
Tho property is now accessible to the Louisvillo & Nashville R R ., the
Ches. & Ohio R y., the B. & O. and tho Carolina Clinchfield & Ohio Co.
The recent completion by tho latter company of its connection between
Dante, Va., and the Chas. & Ohio Ry. at Elkhorn City, provides an ad­
ditional important outlet to Atlantic ports.
Estimated Annual Earnings (1) Recent Rate, (2) Estimate for Year 1916.
[“ (1)” Based on $178,000, net partly e s t . , for 3 mo. end.Nov. 301915.
Recent Rate. Year 1916.1
Recent Rate. Year 1916.
Net earn ings...$712,000 $1,153,000 Int. this issue..$240,000
$240,000
---------------------------------Underlying int.
I
and sink, fund 225,850
240,2501Balance, surplus$246,150
$672,750

Officers and Directors o f N ew Corporation Elected .—

.

Chairman of the Board, Clarence W . Watson: President, George W . Flem­
ing; Vice-Presidents, Johnson N . Camden, George A . Baird and A . E. Nusbaum; Secretary, J. W . M . Stewart.
The above mentioned, together with the following, constitute the board
of directors: Edward Cornell, S. D. Camden, John E. Buckingham, D . A .
Langhorno, C . H . Slemp, James C. Fenhagen, George T . Watson and
Walton Miller. The executive committee consists of: Clarence W . W at­
son. George T . Watson, J. N . Camden, S. D. Camden and G. W . Fleming.
J. F. Caulfield was elected Treas. and Asst. Sec.— V. 101, p. 1888, 1716.

General Vehicle Co.— M erger.—
See Peerless Truck & Motor Corp., annual report, on a preceding page.
— V. 83, p. 15$.

Goldsboro (N. C.) Gas Co.— Receiver.—

A press dispatch from Goldsboro, N . C ., Jan. 17, says that N . W . Wood
of Nowbern has been appointed receiver for this company and the Newbem
Gas Co. The control of these companies was taken over some months ago
by the International Gas & Electric Co. of Phila., but having failed to
make good they were recently, it is said, turned back to the W . M . Crane
Co. from which they had been acquired.

Haskell & Barker Car Co., N. Y .— Incorporation —
Status.— This company was in corporatedatA lban y.N .Y., on
Jan. 12, with 250,000 shares of authorized capital stock of
no par value to succeed to the successful freight-car manufact­
uring business of the Haskell & Barker Car C o ., of Michigan
C ity, In d ., a company organized in 1852. The small por­
tion of the 220,000 shares constituting the new company’s
outstanding capital stock, which were recently offered for
subscription at 850 a share by Potter, Choate & Prentice and
F . B . Keech & C o ., were heavily oversubscribed, the allot­
ments on regular applications being only 2 0 % . The new
company starts business with $4,500,000 working capital,
with no pref. stock, no bonds, notes or floating indebtedness
of any kind and with 30,000 shares of available treasury
stock. Annual capacity of the plants is between 15,000 and
20,000 freight cars of all descriptions, both wood and steel.
A s stated before, E . F . Carry, former First Vice-Pres. &
Gen. M g r. of the American Car & Foundry C o ., is Pres, of
the new company. (As for other information see V . 101,
p. 2148).— V . 102, p. 71.
Home (Fire) Insurance C o ., N. Y . — Bal. Sheet Jan. 1.—
1915.
1914.
1915.
1914.
LiaWittes—
$
%
Assets—
3
$
Cash in banks, &o. 2,190,911 2,161,180 Cash capital......... 6,000,000 6,000,000
U . S. bonds............
155,000
158,000 Res’ve prem. fund 15,878,826 14,268,024
State & city bonds 4,220,917 4,578,5/3 Reserve for losses. 1,736,205 1,554,385
Railroad b o n d s .-.10,425,640 9,470,540 Funds held under
relnsur. treaties 431,535
437,656
M iscell. b o n d s ... 3,227,850 2,740,200
250,000
Railroad s to ck s.. . 12,040,540 11,341,890 Reserve for taxes. 250,000
M iscell. s t o c k s ... 1,813,000 1,361,000 Res. for mlsc. ac’ts
150,000
100,000
due and u npaid.
Bk. & tr. co. stks.
360,310
388,175
Res. as a confla­
Bonds and mtges.
gration surplus. 2,000,000 2,000,000
(first liens)_____
5,500
5,500
Premiums * ........... 3,167,5/4 2,857,846 Balance, s u rp lu s ..11,536,177 10,703,474
Accrued in terest..
269,786
250,635
Other assets.........
105,716
............

Total................ 37,982,744 35,313,539
Total................37,982,743 35,313,539
* Premiums as above denote premiums uncollected In course or trans­
mission and in hands of agents.
...
__.
The surplus as regards to policy holders In 1915 was $19,536,177, against
$18,703,474 in 1914.
,
,, ,
„_
.,
See also advertising page in last week’s Issue of the Chronicle.

Imperial Oil Co., Ltd., Canada.— S to ck D i v i d e n d .—
This company, which on Nov. 15 1915 filed with the Secretary of State
of Canada a certificate of increase of auth. capital stock from $15,000,000
($11,000,000 outstanding) to $50,000,000 (par $100), has this week dis­
tributed a stock dividend of 100% , thus increasing the outstanding stock
to $22,000,000. The Standard Oil Co. of N . J. is said to own an 8 0% Int.
The “ Financial Times” of Montreal on N ov. 27 said:
Tho Imperial Oil Co. is one of the most progressive and promising of the
subsidiaries of the Standard Oil Co. of New Jersey. In 1907 the company s
outstanding capital stock amounted to only $1,000,000. [Practically all
additional sums up to $11,000,000 are said to have been for extensions etc.)
Within tho last few years the marketing business of the company has
shown remarkable growth, and despite increased capacity of its plans the
company has been obliged to call on concerns in the United States to supply
It with refined products. It has more than 2,500 employees, of whom about
1 000 are employod at the two up-to-date refineries at Sarnia, Ont., and
Vancouver B C.; about 1,500 at tho marketing stations, and 100 on its
steamships’. At Fort William there aro tankage facilities for 123,000
50-gal. bbls., and at Westfort for 210,000 bbls. A number of tank steamers
are engaged In distributing its products to the various Lake ports and along
tho St. Lawrenco, while the Peruvian crude oil is transported to the Van­
couver plant by steamers.
Tho International Petroleum Co., a subsidiary of tho Imperial Oil C o.,
was organized to take over the production, refining and marketing business
of the London & Pacific Petroleum Co. and the Lagunites Oil Co., both
English companies operating in Peru. Tho International Petroleum Go. is
understood to bo negotiating for tho purchase of the Lobltos OU Fields, also
of Peru and it is believed that the transaction will be closed shortly.—
V . 1 0 0 ,’p. 1441.
International Mercantile Marine Co.— ,R e v e n u e s .—
V.-Pres P A S . Franklin is quoted as saying that earnings during 1915
were about $40,000,000, e x clu s iv e of'deductions, including a war tax, de­
preciation, int., &c.— V. 102, p. 256.
IntflrTifltiftnfll Nickol Co,» N# Y
PlO/Tt» ■
i ? i S 5 ? £ ? e p o r \ s thM the company will build a ^ a n t to Canada for
the purpose of refining ore mined In tho Dominion, we understand that the
company has not gone into this matter in any detail;as^yet but that Possibly
it will do so at some future date in o rd e r to comply with the dosiros of the
Canadian Government for local treatment of Canadian ore.
— R e d u c ed to $25 .— Stockholders on Jan. 18 voted to reduce
the common shares from $100 to $25. See V. 102, p. 71.
Intern. Steam Pump Co.— N e w R e c e i v e r i n N e w J e r s e y —
Former Judge W m . I. Lewis of Paterson. N . J .. on Jan. 14 was appointed
receiver by the N . J. court to succeed former Justice Gilbert S. Collins, who
resigned. Justice Collins was mado receiver for the New Jersey property
on Jan. 8 1915, at the instance of the pref. stockholders, who aro fighting
the foreclosure proceedings in the course of which proceedings, Messrs.
Murphy and Coleman were mado general receivers In Aug. 1914 for the
holding company and are still acting as such.— V. 101, p. 2148.

Jan . 22 1916.]

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C H R O N IC L E

349

Internat. Typesetting Machine Co.— Sale Adjourned.

Ine receiver s sale has been adjourned till Jan. 24.— V . 101, p. 2075.

$ W & rep r ^ s^ c o n sen rin g nd iSSUed With° Ut 66 2*3% ° f the present

Jewel Tea Co., Inc.— Incorporated .—

DroductfSkTmhh^ ephrie b'f achl.ng powder, liquid chlorine, organic chlorine
potash ^ind
chlor-bensol and tetra-chloride of carbon and caustic
bleaching a etn th v thl
chlorine is acknowledged as the standard
I n t h n i w t f i s t t the textile trade, and it is also used by over 200 cities
aml sewaie rfn.m nf
da ° r, t e sterilization of city water supplied
fcal t t u d S ? an i to k rS?cmtic ? ? tash Is us.ed “ ainly in the soap and chern1 1 %aaes, a m to a considerable extent in metal cleaning
( W o are the
soap i “ d rtextiS atrad^tUir?r of,,-his matcrial.) Caustic soda is used in the
chtoflyln paper makVni?’ bl9 achmK powder, also in the textile mills, but
soda or 7PR(?n
.. T-he n?rmal yearly output is 5,600 tons of caustic

This company was incorporated in Albany on Jan. 14 with $16,000 000
v*Pvm ’
wbicb $4,000,000 is preferred stock, as shown In prospectus in
V • 101, p. 1811.

Kennecott Copper Corporation.— Exchange .—
Over 9 8% of the Guggenheim Exploration Co. stockholders have taken
Kennecott stock for their interest in the Utah Copper stock sold to the
Kennecott Corporation.
The syndicate which underwrote the plan has been dissolved having sold
the 65,000 shs. of stock which they received as commission.— V. 101 ,p. 2075.

(S. S.) Kresge Co., Detroit.— Pref. Stock to Be Paid
A p ril 1.— Notice is given that the company will redeem all of
its ($1,800,000) preferred stock outstanding on April 1 1916
a t 1 1 0 % and divs. at the Equitable Trust C o ., 37 W all St
on Apr. 1 1916. On Apr. 1 1916 all dividends on all the pref.
stock will cease. [It is understood that a new issue of pref
stock will shortly be made by the Kresge Stores Co. See
V . 101, p. 1 5 5 5 ,1 8 8 9 .— Ed.]— V . 102, p .2 5 6 .

in e x ^ t ofnth L ?1f c e s Tlle Det earnlngS for 1915 wil1 show considerably

Northwestern Electric Co., Portland, Ore.— L is te d __

®an Francisco Stock & Bond Exchange on Jan 5 listed the «in non
000 common and 82,000,000 pref. stock. pa?| 100 - V . ’ 1 0 1 ^ 1 9 7 7 $ , 0,“

Northwestern Telephone Exchange Co.— N otes —
^

° leS '

Ocean Steamship C o .— Inter-State Commerce Decision

Kresge C o. above.— V . 101, p. 1889.

Lincoln (Neb.) Telephone & Telegraph Co. (Sub£ lce ? see of American Tel. & Tel. Co.)— Bonds Offered.—
N W . H a m s & Co. and Merrill, Oldham & C o ., Boston, are
ottering at 9 9 ^ and int. a block of 1st M . 5 % gold bonds
dated Jan. 1 1916 and due Jan. 1 1946, but redeemable at
option of company at 103 and int. on Jan. 1 1921. Int. pay­
able J. & J. 1 m New York. Denom. $500 and $1,000 c*.
T S v e’95^ L T/ - &
Chicago. A circular shows:

phono Co ° f ^ l l svstemim? £ ? y S Pre(-;stoCu ls owned by the Nebraska Tele6f t h l American
f3rJ he transcontinental telephone line
thJT i n m K ! , Te ept on0 & Telegraph Co., which carries no local business,
distance
h?ts acqui^0)1 a11 of the Boll exchanges, toll and long-

Tefephone feV e^S ^o.18°peKlted“ asuWicenseeof tbe

Frank H- W oods, Lincoln, Neb., Jan. 12 1916.
exch£n»!f a«H7lVTiiC?IVpitny °Pcrates a comprehensive, physically connected
south cff t,hfidpi2iLten ph0ne %y f tS m ln 22 counties in Nebraska, located
pJatte River and lying east of the west line of Adkms and
p l t a T r i inmiWnl? g a. totaf of 88 central office exchanges, serving
tnc „
Lincoln, Hastings, Beatrice, York, Nebraska Citv, Fairburv
and a large number of other small cities and towns; also a total system
covering approximately 12,500 sq. miles, and reaching 213 separate com­
munities and a great many so-called farmers’ exchanges.
PreC^specfaV stock 5 % cum. (see below)................ ^ 5 0 0 000 °$ 3 9 1 8 2 &
0 ’ ™ ’^
i ’ s t o a ii
Common (paying 7 % ) .............................

?

to Ja°n° 191 7 .°f ChlorIne-

See American Tel. & Tel. Co. above.— V . 98, p. 1248.

Kresge Stores Co., Detroit.— Pref. Stock.— S ee (S. S.)

b ° n d s m a y b e issu ed fo r 66 2 -3 % o f

ThTheninc?e°U-tPUd ° f & h departmtntk S i d

B _o a t s t ts s &

tw ice th e an n u id in terest ch a rg e , in c lu d in g b o n d s p ro p o s e d .
•— F ran ch ises v e r y s a tis fa c to r y , b e in g w ith b u t fe w u n im ? 0 i e a n N^X<9 ? ),t p n24ei thCr unllm lte d in tim e o r expire su b seq u en t t o Jan . 1

See Central of Georgia R y. above.— V. 82, p. 755.

—

I W # & * ° 7 eT C9rp*>Los Angeles.— Bonds— Stk.
$4 nnn n o n '
on Jan- 4 authorized the company to issue
$4,000,000 6% Gen. M . serial convertible gold bonds, and $4,120,000 7
Pni°«iRbe^r 8Joci5’ lnto which the bonds will be convertible, $100 of bonds
for $103 of stock, from M ay 15 1916 to Jan. 16 1918, inclusive, and at protej ®<55,e^ « bonds aro in five series. maturing
$400,000 Jan. 15 1917 and $900,000 yearly thereafter to Jan. 15 1921.
S S E S * * 0 ® £«? s~j5 are to bo used to pay notes due, and to provide for
hc^crments. The 7% prior pref. stock authorized may be issued any time
uP t ? Jan. 15 1921 in exchange for gen. M . conv. bonds.
The corporation is to file with the Commission a copy of its amended
IncorPoration authorizing $14,440,500 par value of prior pref.
before any bonds are issued under this authority. The auth. cap.
1 1 nCnnn nnn0 m nM?'tS2ni000,00° ’ lst pSef’ 6<% cum” $5,000,000: 2d pref .
9H0^ 2 r ’02n’ o^9<)i?nandT1i1? common, $10,559,500; lst pref., $5,000,000;
i«dnn9fin i 9,975i'000, .it is the $14,440,500 unissued common stock that
is now to be prior preferred stock.
For latest earnings see Earnings Department.— V . 101, p . 1812
T
P? inu £ re®£ (W- Va<) Collieries Co.— Sale o f Property.—
DecUdf ?
^ u i eL ln^ he U,‘ s - District Court at Charleston, W Va , on
8 m k to n T ^ t f W
w ® ? ]6 of the property, upon the petition of the
*La y th«® mortgage trustee, the interest on
$o,uuo,000 lst M . 5 % gold bonds being in default. See V. 100, p. 1758.

Pittsburgh (Pa.) Steel Co.— Official Statement.— Pres.
Wallace H . Rowe reports in substance:
/i'i*0 company at present has a steel capacity of about 400 000 gross tons
cons^ructinff two admtionkl o p W e ^ h
lumaces similar to those now in operation. It is exnected that, thasn now
approximate
t y June 30 next’ w£ on thieoutput of steel should
af Pof t
h
toni peEannum. The company is able to finish
sunnlvnf
bV?h-grad^ of product in its own finishing mills. A
8h of t h
/I1teri aJ isa^nred for a great many years through the owner<b p
° re O p - ’ which holds a favorable leasehold on
0^?iSr upert? ln the Cujmna Range, M inn., containing several million
tons of high-grade ore.
eiThe c °mpanv has an authorized and issued capital of $17,500,000, in
$100
pref. stock
91,
T « sbar
i u^ , , o fdwMch
w , $10,500,000
u u u
is 7t %
v o cum. prei.
slock (see V.
v. y
i, p.
n.
1451) and $7,000,000 is common stock. There are also outstanding
?nioi0* 2 % n ^ m gOT?«nOiteSi,oonUe f 5^ ' 9?.0 Jan. 1 1918 $1,500,000 Jan. 1
1919, $2,000,000 Jan. 1 1920. A further $1,000,000 Series “ A ” , due
)[a" - 1 1918, has been purchased or redeemed out of surplus earnings and
canceled. The Pittsburgh Steel Ore Co. on Feb. 1 1915 sold S m n ftcz
no bonded dkbt 5 ’000 h

b

redeemed by the sinking fund.

There is

National Steel Car Co., Ltd., Montreal.— To Defer
Action on Proposed Pref. Dividend

Distribution.— An official

circular dated Jan. 8 says in substance:

its i&sue) to J u n ^ r i ^14

N e t E a rn in g s fo r

d e a lt w ith .
[I t w a s V e n o rte d in N o v
^ v id Fa d s m a y b e ta k en u p an d
a s to c k d iv id e n d o f 1 4 * % o n th e m e f
th e d ir e cto r s h ad d e cla re d
to g e th e r w ith a 7 % casfi d i v i n g ^ SKOCk’ -^a y a b le in s to c k ° n Jan . 1,
a d d itio n t o th e r e g u la ^ 7 % ” ] ^ V . i o i . p f 1890. q u a rte r ly d u rin g 1 9 1 6 • ln

National Transit Co.— Increased Rate.—
bbk to go ?ntoy effect

24

hay®JLnt5 ^ ] , lts gathering rate 5 cents per

Air Brake Co.— Sales— Contracts.— After the
monthly meeting Jan. 19 Pres. C . A . Starbuck issuedn a H ^ n ft h

Kf

c o m P a n y fo r D o cc m b o r w o re $ 2 ,1 4 5 118

T h e air b rak e

b u ^ t h e ^ m p ^ n ^ h a s 's o v e S ^ o n t r a c t ^ u n d ^ n C4 f d f » “ « e
la s t?e p o rV .
w ill ru n b e y o n d tlie c o n tr a c ts S o w ru n n in g w h ^ S 10? ’ ^ b i0 h ’ !f c lo s e d O u r w o rk on a m m u n itio n has beon v e r y I k r is f a c i o r ^
in S e p te m b e r n e x t,
c a rtrid g e cases, fu ses o r sh ells h as b ^ f r e j e c t ^ ^ V . f m 7 ° l0 t ° f

New York Dock Co.— Agreement with fV /,,__
m r a t ° b ^ w ^ n ^ th e c ify ^ a n c ? t h e c o m i m n y T l ) ° f c / t h e

P

aiPpr? V?h ‘ i16 agree'

(2) fo r th e b u ild in g b y th e c o m p a n y o f t w o W t a M ^ ^ I « ’ w «w»uaIl!5
t h e im p ro v e m e n t o f th e E a st R iv e r w ater-frd k e Kk.C0 4 % .* l ’ 5 0 0 ’P 00> an d
s treets, B r o o k ly n , b y th e c o n s tr u c tio n o f e f g h t ^ i e 'r e f r o m 8 ^ ^
9 A n T fe

long. (As late as yesterday the lease had not L i m i L h
i ^ b90oftV. 101, p. 1632; V. 102, p. 158.
not actually been signed.) See

Niagara Alkali Co., Niagara Falla, N. Y .— Pref Stock
C on n grl r &
•».Boston , and Goodrich & C o ., New Haven!
C onn., are offering the 7 % cumulative pref stock with
divs. guaranteed by the Electro Bloaching Gas Co. of N . Y .
FuArti\ie,r v at? from Pres. E. D. Kingsley, New York

“ rc ^ £ z h!cb

t

rw

17

iqik

“bout 10

power with common^stcfc^and8[s^'r^e^ab ?^at ontio^' flaS equaI voilng




St- ^ k I rom Dec- 1 1910 (tbe date of

Y e a r s e n d . J u n e ZO a ft e r C h a r g in g O f f O p e r . E x p . a n d M a i n t .

l W BUt
“ a T 1**100 » I n ^ h ^ T
$lri69,859 $1,592,495 $1,284,594 $1,321,573 S618 271
$1 °8 ‘> 137
^he fiscal year 1914 and for the first half of the fiscal year 19157
KtepMnd’nJ he 0? % pany s Products were abnormally low and the iron and
steel Industry of the country as a whole was in an unsettled condition.
R e s u l t s f o r t h e F i v e M o n t h s e n d e d N o v . 30 1915.
W
$7,859^16 $3.655?405 $4 ^ 03 ^ 1 1
Earnin«leSf f ----------T t
Nor^nrgdi™fteFfmaHnHena" C0 & deprec-$ l,4 4 7 ,926
$235,893 $1,212,032
N o^
^
h ter deduc. int. onnotes.$l,335,288
$147,660 $1,187,628
o r *>w!°D>,^.n^ .c? nt.racts ^or our products are at this date largely in excess
«if™*ko*amPunfc
year. and the outlook gives assurance of very promis­
ing net returns for the balance of this fiscal year.— V . 102, p. 256.

Remington Arms-Union Metallic Cartridge Corp.
RemhincrC
fnrnPOAr™0n^ aA
S incorPorated Jan. 15 in Connecticut to take over the
£ 0mln*ton Arms & Ammunition Co of N . Y . and the Union Metallic
S1 C° . of Conn. The authorized capital stock is $60,000,000 in
ftockh Prof°incSloVngmf $20,000,000 7 % cum. pref. and $40,000,000 com.
St ciff'i^oL.re9.,iS rptirable at 110% and accrued divs. on any dividend date.
Pr?n9 $ L an? directors: Pres., M . Hartly Dodge: V.-Pres., Samuel F .
t5 Tr0i>s*’T><
Bingham, and William F. Lawrence, of
Jlridgeport, James R. Banks Jr., Reginald Roome, Chauncey B. Garver,
U n f yth^ fimanm' Frederick W . Jackson and C. L. Reierson, all of N . Y .
Of the 600,000 shares President Dodga holds 599,940.

Riker & Hegeman C o.— M erger .—
See United Drug Co. below.— V. 101, p. 2149.

Roanoke (Va.) Water-Works Co.— Bonds.— Liggett,
Hichbom & C o., Inc., have sold the 8800,000 lst M . gold
6s recently offored at par and int.
See advertisement for
record on another page. A circular shows:
H„^U
TtkOr!Z^ l 1(,50.0 '0R°’K,outstanding' $800,000. Dated Jan. 1 1916 and
duo Jan. 1 1936, but callable at 102 on any interest date on 40 days’ notice.
Int. J. & J. in Philadelphia. Denom. $500 and $1,000 (c*). Trustee.
Cmnmercial Trust Co., Phil a. Additional bonds cannot be issued prior to
1 1917, and then only for 80% of the cash cost of permanent improve° r ;9c^e'?):?lons.Vani1 when the annual net earnings are l f i times int.
charges, including the bonds proposed to bo issued.
company secures its water, which is exceedingly clear and well adapnmwsvr1 Pur^.osos- fr«m: (a) Crystal Spring, 4.000.000gals, every 24 houra
River Spring and Muse Springs, 2,000,000 gals, every24 hours,
fjljm the springs the water flows by gravity into a storage basin of 3,000,000
h^, v) A CaPt)cit^; (r? ? 1 which it is pumped into force mains connecting with
2 ^nnnnnC
<inn«n1Stributlv g systA r)}1arld a reserve distributing reservoir of
2,000,000 gallons capacity on Mill Mountain at an elevation of 1 122 ft
£ ? ap®ct®d services, meters, 7,550; flat rate, 270. Property, now in ex­
cellent Physical condition, was appraised in 1913 at $1,139,038. All subse­
quent additions, & c., charged to operating expenses. Franchises perpetual.
i,aIw 1,s'SU0d; com:: $250,000; 6 % pref. ,$550,000.
„ Al10Y!nt” " : Koan1Oke Water Co. supplies water to the Village of Vinton—
J
R °an°ko. The two companies occupy the same streets only
for a short distance. Practically the entire residential and business section
of Roanoke is covered by the Roanoke Water Co.; the Vinton Co. ob­
taining only small territory near the manufacturing center.

THE

350

United States Reduction & Refining Co.

E a rn in g s fo r y e a r en d ed N o v . 30 1915: G ro s s , $ 1 2 1 ,4 4 4 ; n e t, a fte r ta x e s,
$ 8 6 ,4 5 4 ; in terest ch a rges, $ 4 8 ,0 0 0 ; s u tp lu s , $ 3 8 ,4 5 4 .
T h e c o m p a n y h as in crea sed its a u th o riz e d c a p ita l s t o c k fr o m SSOO.OOO
t o $ 1 ,0 0 0 ,0 0 0 .— V . 99, p . 542 .
.
.

Rumely Co — N ew Securities Ready.— Notice is given that
the securities of the Advance Rumely C o. (V . 101, p.
;*
as provided in the plan of reorganization, are now ready tor
delivery as follows: (a) To participating stockholders at the
N ew York Trust C o ., 26 Broad S t.; (b) to holders of assent­
ing notes and claims at U . S. M tg e . & 1 rust C o ., oo Cedar
S t., N . Y . Compare V . 101, p. 2078, 1978.

Of Mfliirirp Pongr Co.* Ltd., Montreal*

Bonds.

U. S. Bobbin & Shuttle C o — Common Stock Dividend.—
A d iv id e n d o f 1 % o n th e c o m m o n s t o c k has b e e n d e c la r e d , p a y a b le h e b . 1
t o h o ld e rs o f re c o rd J a n . 20. T h is is t h e f irst d i v . o n th is s tk . sin ce A u g . 14.
Dividend Record Common Stock.

1901 t o 1904.

6 % p .a .( l H Q - - F . )

a

e x c e p t th e u n d e v d o p e d w a te r

1905. 1906. 1907. 1908. 1909. 191 0. 1911. 1914. 1915
4%
5%
5%
2 % N one 2 %
2%
2 % N ono

—Jc-jhhP- 1218'_ __ - ____
__ _____________ __________
"u lS .C a s t Iron P ip e & F ou n d ry C o .— D ivs. Resum ed,& c.

"

h t v e r e c e n tly p la c e d $ 1 ,2 5 0 ,0 0 0 1st M . 6 % b o n d s o f th is

s i

-p ® /® ^ .

T h is c o m p a n y has d e fa u lte d in in terest p a y m e n t o n its S 1 ,5 1 0 ,0 0 0 b o n d s
d u e Ja n . 1 1916. T h o in terest w as p a id J u ly 1915. J . A r th u r C o n n ell
w as a p p o in te d r e ce iv e r in A p ril 1915.— V . 101. P* *>*•
#

* Rockland Light & Pow. Co., Nyack, N. T — Stock.—

M dred & C o

[Vol . 102.

C H R O N IC L E

i r. ss

T h e c o m p a n y h a s resum ed its d iv id e n d s o n th e p re fe rre d s t o c k , h a v in g
d e cla re d a d iv id e n d o f 2 % o u t o f th e earnings o f th e seven
D e c . 31 1915, p a y a b le in q u a rte rly in stallm en ts o f lA% e a c h , begin n in g
Feb. 15 1 9 1 6 , tlio first to stockholders o f record on Feb. 4.
T h e earnings o ffic ia lly r e p o rte d co m p a r e as fo llo w s : 7 m o n th s t o u o c . o i
1915, $30 5 ,7 8 9 ; fisca l ye a r en ded M a y 31 1915, $ 7 5 ,5 9 9 .T h e a b o v e earn­
in gs are m a d e w ith o u t ch an ge in the in v e n to rie s o f raw an d fin ish e d m a te r ­
ia ls, w h ich are carried co n sid e ra b ly b e lo w c o s t. T h e c o m p a n y h a s a g o o d
s t o c k of iron an d is w ell fortified initsfuturorequirem entsforraw m atenais.
T h o c o m p a n y ’s fis c a l y e a r n ow ends w ith D e ce m b e r in stea d o f M a y .
-V. 101, p . 218 .

U. S. Steel C orporation. — Large Reduction in Foreign
Holdings of Com pany's Stock — -Unfilled Orders .—

8C o ^ L M ^ h a s b e e n s u ffic ie n t-

(a ) See e d ito ria l p a g e s,
p . 2 5 7 , 159.

(b )

See

“ C h r o n .” Ja n . 15, p. 2 2 9 .— V . 102,

W illvs-O v erla n d C o., T oledo, O .— Stock Increase .—
s tn e k lio ld crs o n Ja n . 14 v o t e d t o incroa so th o au th o riz e d c o m m o n s t o c k
$ 2 5 4)00.000 t o $ 5 0 ,0 0 0 ,0 0 0 . a n d also au th o riz e d $ 2 5 ,0 0 0 ,0 0 0 now p re fe rred ,
as p er p la n o f N o v . 1915. See V . 101, P- 1633, V . 102, p . 2 o 7 .
rta h S Ia n 1 1916 d u o Ja n . 1 194 6, a n d are s u b je c t t o ca ll a t 105. SinkUM
fu n d 2 % a n n u a lly o n o u ts ta n d in g a m o u n t c o m m e n cin g Jan 1 1919
D enom
S 1 000
In te r e s t p a y a b le M o n t r e a l a n d N e w Y o * v J ^ J ;
tr u s te e . M o n t r e a l T r u s t C o .
j
^ ' J o f f i c e 524ri5oard o f T r a d e
1 ' S S ' B w T g o m V ™ V . 102. P.

Savage Arms Co., Utica, N.

flurineM.—

See D rig g s -S e a b u ry O rd n a n ce C o . a b o v e .— V . 101, P- 1»9U.

(

Savannah Sugar Refining Corporation.— N ew £< n -g n ^
T h is c o r p o r a t io n w as in c o rp o ra te d in N e w \ ork Ja n . 19 1915

a

“

k

O e n . M g r .. B . A . O xn a rd , o f N e w O rleans; M ills B . LanT° H it c h an d J . H . H u n te r, S a v an n ah ; H e n r y T . O x n a rd an d
n ard o f N . Y . ; R o b e rt O xn a rd , o f San F r a n cis c o , a n d Ja m e s I m b r io ,
C h a irm a n o f d ir e cto r s o f th e S a v an n ah & N o rth w e s te r n K R . , o f W illia m
M o r r is Im b r ie & C o . , N e w Y o r k .

Simpson Realty Co., N. Y — Protective Agreement

—

T h e c o m m itte e n a m ed b e lo w g iv e n o tice t o h o ld e rs o f
of
d e n o s it o f t h e E q u ita b le T r u s t C o . o f N . Y „ fo r R e fu n d in g M o r tg a g e 20v e a r sin k in g fu n d g o ld b o n d s, issu ed u n d e r th o p r o t e c tiv e agreem en t d a te d
tu ] v 9 1915 th a t th o said agreem en t has b e e n am e n d e d s o as t o c o n fe r u p o n
t iw .r d rem ittee th e p ow er t o sell th o b o n d s and c o u p o n s d e p o s ite d fo r

w ith in 15 d a y s fr o m J a n . 14.

Fi r

ac(!o m pa n ie d b y a cash p a y m o n t

o f s i * 50 per* b o n d ^as0p ro v fd e d d n t ^ ^ t S ^ r o e m e ^ t . w h ich p a y m e n t
w ill b e r e fu n d e d i f th e salei is c o n s u m m a te d .
B o w m a n a n d J o se p h

N

w i r i . v i ! ^ r r g i S ' S d LEdIg r M . * » - . m

J u ly 1 1915.

C o m p a re V . 9 4 , p . 1452; V . 9S, p . 7 6 .

Southwestern Telegraph & Telephone Co.

A otes.

See A m e r ic a n T e l. & T e l. C o . a b o v e .— V . 101. P- 136.

Sperry & Hutchinson Co., N. Y .— B u s in e s s —

D e c is io n .

__ This companv during 1915 added 28 cities to its list and
redeemed 9 4 V2% of tho trading stamps issued, the highest
percentage in the company’s history. George B . C aldwell
on Dec. 15 1915 was re-elected Pres, and Gen. M g r. of the
8 & II Co and tho Hamilton Corporation. See V . 100, p.
1816
Annual report of both companies shows gross business
for the year (Dec. estimated) at 86,000,000. Company
maintains 1 0 0 % reserve on aU coupons and stomps issued
The U . S. District Court at Portland, Ore., m Oct. l.Ji >
made a ruling nullifying the Oregon law imposing a o % tax
T b u sta S
merchants or trading stomp compan.es where
stamps are redeemed in merchandise. V .
>1 •w

Standard Gas & Electric Co.,

T h c P h ila d elp h ia T r u s t C o . , trustee

h a v in g s o ld

-

.0 0 0 ^ f c o h a te

W o o d w a rd Iro n C o. — Stock to be Distributed .—
See A tla n ta & B irm in gh a m C o n s tr u c tio n C o .— V . 100, p . 1263.

CURRENT

NOTICE.

-T h o J a n u a ry 1916 issue o f th e " H a n d B o o k o f S e cu ritie s,” c o m p ile d
b y th e pu b lish e rs o f th e "C o m m e r c ia l a n d F in an cial C h r o n ic lo ,” w ill b e
re a d y J a n . 15. T h e b o o k co n ta in s 192 p a g e s , an d giv e s v e r y f u ll in ­
fo rm a tio n co n c e r n in g th e v a riou s railro a d s a n d th o lea d in g in d u stria ls
w ™ s c .“ u S S araBa o , l t in o n th o N o w Y o r k B o s t o n . A i k * * * . . .
C h ic a g o an d P itts b u r g h exch an g es. I t sh o w s th o ir oa rn m gs, d iv id e n d s
&c
fo r a series o f y e a rs, presen t fix e d ch a rge s, an d th o a m o u n t o f th e
d iffe r e n t issues o f b o n d s o u ts ta n d in g , th o rates o f in terest, & c. T h e r e is
a lso g iv ^ n t h o m o n th ly ran ge o f s to ck s a n d b o n d s t o J a n . 1 191 0. to g e th e r
w ith a y e a r ly ra n ge fo r fo u r yea rs. P r ic e , o n o d o lla r, o r t o C h ro n ic le
su b scrib e rs 75 c e n ts . C o p io s m a y also b e h a d a t th o C h ro n ic lo o f f c e .
39 S. L a Salle S t ., C h ic a g o , o r fr o m E d w a r d s & S m ith , 1 D ra p e rs G a r ­
dens. L on d on .
__ B o d e ll & C o . , o f P r o v id e n c e an d B o s t o n , are o ffe r in g a b lo c k o f $500,­
00 0 , p ar v a lu e , o f t h o A tc h is o n T o p e k a & San ta F e ., R o c k y M o u n t a in D i v . ,
1st M . 4s, 1965, a t 8814 And in t .. y ie ld in g 4 . 6 0 % . T h o so b o n d s are listed
o n th o N o w Y o r k S to c k E x ch a n g o a n d aro a le ga l in v e s tm e n t lo r in su ran ce
c o m p a n ie s a n d fo r s a v in g s ban k s in a n u m ber o f S tates. T h o c o m p a n y
r e c e n tly s o ld $ 1 0 ,0 0 0 ,0 0 0 , p a r v a lu e , o f its 5 % p r e f. s to c k o n a b o u t a 5 %
basis, an d B o d e ll & C o . , in th oir cir c u la r , ca ll a tte n tio n t o th o fa c t th a t th o
secu rities w h ic h fo llo w th o m o r tg a g e b o n d s o f th e A t c h is o n T o p e k a & San ta
F o R y . h a v e a p resen t m a rk e t v a lu o o f o v e r $ 3 3 5 ,0 0 0 ,0 0 0 .
— T lio B o s to n fir m o f P a in e , W e b b e r & C o . h as establish ed a N e w Y o r k
b r a n c h an d has leased a large g ro u n d flo o r su ite o f o ffic e s at 25 B ro a d S t.
T h o N e w Y o r k business w ill lie in ch arge o f H e rb e rt I . 1'e ste r, w h o w ill b e
resid en t p a rtn e r. T h o fir m will tra n sa ct a gen eral b r o k e r a g e business in
s to c k s a n d b o n d s. W ith th o esta b lish m e n t o f th o N o w Y o r k b ra n ch this
firm w ill h a v e p r iv a te w ire c o n n e c tio n s a n d o ffic e s in t
h
e
r c itO T
N e w Y o r k , B o s t o n , C h ic a g o , D e tr o it , M ilw a u k e e , D u lu th , W o r c e ste r
( M a s s .), H o u g h to n ( M i c h .) , C a lu m e t (M ic h .) a n d B u tte (M o n ta n a ).
— T h e 124th ann ual sta te m e n t o f th o In su ra n ce C o . o f N o r t h A m e r ic a o f
P h ila d e lp h ia , P a ., E u g o n o L . E llis o n , P re sid e n t, is p u b lis h e d in o u r a d v e r ­
tising co lu m n s t o -d a y .
T h o c o m p a n y m a k e s a v e r y c r e d ita b le s h o w in g ,
w ith to ta l assets o f $ 2 0 ,8 3 8 ,4 5 0 21.
Surplus t o p o lic y h o d ors. $ 10 -0 8 ° ;
043 4 0 . and losses p a id sin ce o rg a n iz a tio n , $ 1 7 6 ,2 0 8 ,8 4 0 l o .
Its ca p ita l
s t o c k is $ 4 ,0 0 0 ,0 0 0 . R e s e r v e fo r re -in su ra n co , $ 8 ,1 7 1 ,0 4 6 58; rese rv e fo r
losses, $ 2 ,2 1 6 ,1 4 0 , an d surplus o v e r all liab ilitie s, $ 5 ,0 0 0 ,0 0 0 .
__ A . H . M a rte n s & C o . , 61 B r o a d w a y , aro o ffe r in g o n a n o th e r p a g o th o
u n so ld p o r tio n o f S 500.000 U n ite d C ig a r S to re s, L t d ., o f C a n a d a , 7 % p re­
ferred s to c k a t p a r , w h ich also carries w ith it a 2 5 % c o m m o n s t o c k b o n u s.
A fu ll d e s c r ip tiv e circu la r w ill be m a ile d u p o n re q u e st t o th e fir m 's o ffic e s
in N e w Y o r k , C h ic a g o o r T o r o n t o , C a n a d a .
— H e rb e rt G re e n & C o . , 137 S o u th L a Salle S t ., C h ic a g o , a n d F ra n k H .
C o llin s F irst N a tio n a l B a n k B u ild in g , a n n o u n ce d o n J a n u a ry 1. th e
co n s o lid a tio n o f th eir business u n d er th o n a m e o f G re e n , C o llin s & C o . .
In c
T h e now fir m is lo ca te d at 137 S o u th L a Salle S t ., a n d w ill c o n d u c t
a

sb osn?d s.
. M T en id ers
i aw ills b eu r e c! e iv
. eij»
d up

«t a p r ice non
to F eb. T
17r 5
l Jilo
b ‘a
e x ce e d 105 an d in te re s t.— V . 101, p . 1978.

Standard Oil of California.— 5 0 % Stock Dividend.—
a e fo ck d iv id e n d o f 5 0 % h a s b e e n d e cla re d o n th e $ 4 9 .6 8 6 ,6 o 5 s t o c k ,
n a v ih lp \nril 1 t o h old ers o f re co rd M a r c h 4 , alo n g w ith th e regu lar Q uar? e d y 2 ^ 1 c a s h d i s t f f i t o n p a y a b le M a r c h 15 t o h o ld e rs o f r e c o rd
F e b . 9 .— V . 100 , p . 896 .

ts w

m tg e . 5s, m a k in g $ 2 9 ,9 5 0 ,0 0 0 l i s t e d — V . 102, p . 2 5 0 , 158.

$2'950'000 -

Texas Co. (Oil).— 2 0 % N ew Stock to Be Offered fo r Subscriution at Par.— 'T he following official statement is issued:

T h e CprescT it'stock issue ^8*370^)00
*Tho^i>^>i^sotl nxivv
fo re w ill bo 7 4 ,0 0 0 shares, m a k in g th o to t a l s to c k th e n o u ts ta n d in g w . « «
shares
T h e d ire cto rs w ill co n sid e r th e r e c o m m e n d a tio n s o f th e e x e c u tiv e
c o m m itte e an d if a c te d u p o n fa v o r a b ly w ill s u b m it th e q u e s tio n t o th e
s to c k h o ld e r s a t a sp ecia l m e e tin g t o b e c a lle d a t an ea rly d a te .
V. 1 . P ­
1482, 769.
„
, ^

_ Union Bag & Paper Co.— Controlled^Company.

gen eral b a n k in g bu sin ess.
__ a .itr o B ros & C o . . 44 P in o S t ., th is c it y , m o m b o rs o f th o N e w Y o r k
S to c k E x ch a n g e a rc o ffe r in g fo r in v e s tm e n t several issues o f C it y o f N e w
Y o r k P e n n s y lv a n ia R R „ N e w Y o r k C en tral & H u d s o n R iv e r and C h ic a g o
M ilw a u k e e & S t. P a u l to y ie ld a b o u t 4 .1 6 t o 4 . 4 2 % .
See t o -d a y 's a d v e r ­
tise m e n t fo r d e ta ils .
,
, ,
,
n i m c h & C o o f N e w Y o r k , C h ic a g o , B o s t o n , P h ila d e lp h ia ,
iinff-Vio arid B a ltim o re , arc ad v e rtisin g a p a g o list, o f m u n icip a l a n d c o r p o r a ­
tio n bond's in thte
o f th e “ C h r o n ic le .”
T h e in c o m e o n th e m u n icip a l
b o n d s ra n ge fr o m 3 .9 0 t o 4 .7 5 % an d th o c o r p o r a tio n b o n d s fr o m 4 .2 0 t o
5 .0 5 % . a 7
<
■
+
* ■ - ■■■ > -* - -1______ ■■ ^ _____ _
______ __ — .
Announcem eniTEs m a d e o f th e d isso lu tio n o f th e fir m o f T e r r y . Ilriggs
o f T o le d o b y th o w ith d ra w a l o f \V. L . S la y to n fro m th o fir m ,
w m ia r n K T e r r y a n d C la re n ce D . B riggs w ill co n tin u e th e b u s i n g s at
th e sam e address, O h io B u ild in g , u nd er th o fir m n a m e o f 1 e rry , B riggs & . .
__ G e o

M

B e c h te l & C o . , in v e s tm e n t b a n k e rs, o f ^ ijy ® nnIl ° o t1V. pTLct-

N atJonal^B ank B u U d ^ ^ ^ u n ^ r 't h ^ n r a n a ^ e ^ w n t ^ ^ J o h n R it c h ie K im b a ll,
fo rm e rly w ith tlio N a tio n a l C ity B a n k ot C h ic a g o .
-O s c a r
L . G u b e lm a n o f th e fir m ^ hf n g t o n
^ ertrta oE !
has
r e c e n tly been
e le cte d d ir e cto r in t h o W t
^
By
the Potomac
E l e c t r i c Power Co., tho City ASuouroa.i
j-. o f W a sh in „g ton
an d th o G e o rg e to w n & T e n a lly to w n le y .

*

U,S H o te l S f .
lio?I<lln“ 3 « i 'o w d l S i r e d , l a b o d e v o t e d o x c lu .lv e ly
t o dea lin g in h ig h -g ra d e b o n d s.
ir
fo rm e r ly o f B ig e lo w & C o ., h a v o fo rm e d
a c ^ a r i n c ? s h C a r C h a s e & Falk.’ t o deal in In v e stm e n t s e cu ritie s. 60 W a ll
S t ., this c it y .
,
rv . .
O ren tico 55 W a ll S t ., w ill m o v e t o -d a y t o larger
panies* w il 1 b e h e ld F e b . 4 t o v o t e o n th e agreem en t en te re d in to b y b o t h | o fft o is a t f, N assau V - . this c it y . T h e firm o rig in a lly b egan business
c o n c e r n s .— V . 101, p . 1812.
1
a t its n ew ad d ress.
,
,
_ ,
. , , t im pb o f M e r r ill. L y n c h & C o . , in v e s tm e n t b a n k ers,
’" ’United Fruit Co.— Capital Increased.—
N o ^ Y o r k a n d b e t r o i t ! iias been e le cte d a m e m b e r o f th o N o w Y o r k S to c k
T h e shareh olders h a v in g v o t e d o n J a n . 14 t o in crea se th e ca p ita l s t o c k
fr o m $ 4 5 ,0 0 0 ,0 0 0 t o $ 7 5 ,0 0 0 ,0 0 0 (V . 101, p . 2078)'. havei thei rig h t to^su E x ch a n g e .
•
s crib e a t $120 fo r 121.981 n ew shares o f s t o c k as s ta te d in V. 101, p . 2UoU.
See S t. M a u r ic e P a p er C o . a b o v e .— V . 102 , p . 72.




Ja N. 22 1916.]

THE CHRONICLE

351

TOBACCO.—Cigar manufacturers are very busy, but just
now they are not buying either leaf or binder except very
moderately. Still, it is believed that manufacturers are
COMMERCIAL EPITOME
carrying very small stocks and will have to re-enter the mar­
ket before long. The better grades of binder are scarce, as
F rid a y N ig h t, J a n . 21 1916.
Cold weather has helped retail business in heavy goods. muen ot the last crop was poor. Packers are now doing
It is noted, too, that the spring trade is beginning earlier little in Pennsylvania, Ohio and Wisconsin. New business
than usual. Many industries still find it hard to keep up in Sumatra tobacco is rather small, partly owing to adverse
rates, but deliveries on old orders are of fair size.
with their orders. The great textile trades lead in the present exchange
activity of business. Most commodities are very high, Cuban leaf is m fair demand and steady,
whether from monetary inflation or scarcity, or the pros­ n
Lake 24>£@25c.; electrolytic 243^@25c.
perity of the times, all three factors probably contributing On Thursday London advanced £ 2 . The London price
to the result. Stocks of general merchandise in the United was equal to 243^c. Boston reports an urgent demand,
States are believed to have become depleted by a long period with manufacturers by no means well supplied and in some
of very conservative trading. And now comes a period of cases asking for prompt or oven anticipated deliveries.
great activity, due partly at least to the war. Farmers are Railroad embargoes hold up shipments of copper to Con­
getting splendid prices for their crops. Wheat has reached necticut, much to the annoyance of brass manufacturers
a new high record for this season and cotton is high. Labor 9 olo , > menc‘-n .eo£nroonir^ 1 9 1 5 were 270,704 tons of
is busy at rising wages; 22,000 cotton operatives of Rhode
^ 9nStm-60’22?- m 1914’ 382,810 in 1913 and
Island have just had their wages increased 5%. Metal­ a? 5 > « 6 5 tU ia912'
Tin Singapore
active andprices
higheradvanced.
on the spot
and
Totaat
working industries complain of an inability to get enough steel. afloat forLondon
this country 5,715 tons. Arrivals in the United
Some brass manufacturers cannot obtain sufficient supplies
of copper and zinc. Railroad gross earnings are large. Ship­ States thus far this month 3,100 tons. Spelter active and
on the spot a,t 18 Me. Lead active and firm on the
yards are very busy and some are contracted ahead for all higher
they can do for three years. The demand for leather is spot at 5.90c.; London higher. Pig iron in good demand
N ° - . 2 P h ia- S1975@$20 25; No. 2 Southern,
sharp. Collections are good and money is easy. On the a?d
50 Birmingham. The demand for steel con­
other hand, the pace in some directions may be a little too $15@$15
tinues large. Eastern steel works, it is said, have been
fast. The high price of steel may cause a curtailment of compelled
refuse orders for thousands of tons, being
building this spring. There has been an enormous exten­ already soldto well
There has bean an advance in
sion of credits in the United States for home and foreign wire rods from $42ahead.
$45 a ton, and in tank plates at New
account in the last six months, and it is well to keep this York from $2 42 pertocwt.
to
$2 51. It is hard everywhere
fact in mind. The stock market has declined. The scarcity to get anything like prompt deliveries.
The New England
and dearness of ocean freights seriously curtail our exports railroad
continues, causing manufacturers no little
of cotton, always heretofore a very large item in our foreign anxiety embargo
as
their
supplies
are
steadily
decreasing. High
trade. Still, the note of optimism is still dominant through­ prices seem likely to restrict building this
spring. Bars
out the United States.
sbaPes
at
Pittsburgh
are
1.85
to
1.90c.
for
the second
LARD in good demand; prime Western, 10.80e.; refined half of
the year.
to the Continent, 11.35c.; South America, 11.50c.; Brazil,
12.50c. Futures advanced and then reacted on profit-tak­
COTTON
ing. An oxport demand has prevailed for cash lard, but
ocean freights have continued scarce and high. To-day
prices advanced.
THE MOVEMENT OF THE C R O pfasfndi'ito^byW
D A IL Y GLOSING PRICES OF LARD FUTURES IN CHICAGO
telegrams from the South to-night, is given below. For the
,
, „
S a tM on.
T u es.
W ed .
T h u rs.
F ri
^bls GVenmg the total receipts have reached
January delivery. _cts_ 10.55 10.95
10.80
10.67J* 10.45
10 45
10o,789 bales, against 173,647 bales last week and 152,983
M ay d elivery .............1 0.85
11.22}* 11.07}* 10.95
10.70
10 75
July delivery.............-.10.971* 11.35
11.221* 11.121* 10.871* 10.95
bales the previous week, making total receipts since Aug. 1 1915
PORK dull; mess $20@$20 50, clear $19 50®$23. Beef, 4,532,162
bales, against 5,864,807
bales for same
period of 1914IK
filinwilKT Q rliuirnncD
A nr* 1 1H1
1 9 9 0 n ar 1. ~ 1 _ _
mess,- $18@$18
50; extra
India mess $27@$28. Cut meats
- ,-.v-y.r-----1
-----------—
bams> 1 0 t 0 2 0 lbs-> 14@15^c.; pickled bellies,
12@12%c. Butter, creamery, 23@34c. Cheese, State,
14@18lie. Eggs, fresh, 26@36c.
G alveston ______
4,225
7,301 14,597
4,695
4,791
7,015 42,624
C ity _____
4,488
3,240
4,710 12,438
COFFEE quiet; Rio No. 7, 8 c.; No. 4 Santos, 9M@9Mc.; PTexas
ort A rthur____
7,143
7,143
fair to good Cucuta, 10^i@10Jic. Futures advanced in A ransasPass.& c. 6J513
Q.17
Qi
2!678
7', 943
rosponso to higher markets in Brazil. Rio exchange has MN ewo b Orleans____
3",828
6!444
5,267
32,673
e _________
259
196
557
457
332
490
2,291
advanced with larger shipments to Europe. Receipts at P en sai lcola
______
—
—
—
—
& c.
Brazilian ports have fallen off. The crop movement up to Jacksonville,
1,984
1,984
______
3',485
3',305
3,335
2,368
date, however, of Rio and Santos is 11,749,000 bags, against BSavannah
l",597
2,615 16,705
ru n sw ick ____ _
5,000
5,000
rleston ____
8,358,000 for the same time last season, and 11,047,000 two C hoarge
'5 8 1
'5 7 9
'6 4 0
'1 5 5
'6 1 8
787
3,360
to w n ____
years ago. To-day prices closed unchanged to 2 points WG eilm
in g to n ____
'8 7 9
'8 9 0
*540
'4 0 0
'8 4 8
'5 0 6
4,063
higher, with sales of 24,500 bags. Closing prices as follows- NN ew
o r fo lk . _ ,
1,958
2,461
1,521
1,651
1.538
1,597 10.726
p’t N ews, &c
%

he

< & o m m z v tw l

Q im z s .

S a t.

M on.

T u es.

W ed.

T h u rs.

F r i.

T o ta l .

*7

January. cts.6.84@6.86
February___6.92@6.94
March---------6 99@7.00
A pril............7.02 @7.04

M ay------cts.7.05@7.07 Sept........ cts.7.26@7.28
June ............ 7.11 @7.13 October------- 7.31 (»i>7.33
July.............. 7.17(^7.19 November . . 7.36@7.38
______________
___________________
7.21 (a»7.23
August____
December
7,42@ 7 4 4

N ew Y o r k ______
B oston ................
B altim ore______
P h ila d e lp h ia !!!!

'2 9 4
1,919

"6 9
334

'1 6 6
2,139

'3 1 0
991

177
367

7,482
49
1,083
492

7,482
999
6,833
492
29

.!!!
..!!
"l7
____
SUGAR in better demand and higher; centrifugal, 96degrees test, 4.64@4.77c.; molasses, 89-degrees test, 3.87 T otals this w eek . 24,601 28,196 31,384 14,872 16,712 40,024 155,789
@4c.; granulated 5.85c. Futures have been more active " , “y.tuiai receipts, totaismc
at an advance, despite large receipts at Cuban ports. The Aug.
1
1915
and
stocks
to-night,
compared
withlast year:
bracing factors were the strength of raw sugar on the spot
1915.
1914.
S to ck .
advance in refined on a good demand. Receipts
at Cuban ports for the week were 99,500 tons, against 45,­ JaR ecn ue aiprtsy 21to WT heek.
is S in c e A u g
T h is S in c e A u g
1
1915.
W
eek.
1
1914.
1916.
000 last year; exports, 75,500 tons, against 38,500 last year;
1915.
stock, 105,500 tons, against 70,000 last year; number of Texas
Galveston_______ I 42,624 ,560,293 160,472 2 ,469,225 * 375,676
580,890
City______ I 12,438 231,305 34,768 309,912
centrals grinding, 157, against 133 a year ago. To-day Port Arthur_____
43,64^ 136,545
36,354
198
12,894
were irregular and without marked change; sales Aransas Pass, &c. 7,143
947
59,688 8,742
35,590
" 3~,847
' 6*950
New Orleans___ 32.673 872,501 70,186 897,593
ll,4o0 tons. Prices wore as follows:
447.317 371,580
M ob ile _________
2,291
71,857 6,355

January- cts.3.77@3.83
February . . . 3.69@3.71
March-------- 3.06@3.67
A pril............ 3.71 @3.73
nT T O
t • ,

M ay------cts.3.77@3.78
J u n e ---------- 3.81 @3.88
July.............. 3.86(o>3.87
AUKU8t - - - - 3 -89® 3-91

Sept _._.cts.3.93@3.95
O c to b e r ------3.95@3.97
Novt-mbor . . 3 97@3.99
Decem—
ber..
J 9@44.0.0I1
-~ a.3.».<
»W

OILS.—Linseed, active demand and again higher- citv
^ American seed, 73@76c.; city boiled, American’seed,
74@/7c.; Calcutta 90c. Lard, prime, 94®9Gc. Cocoanut, Cochin, 14@15c.; Ceylon, 13@14c. Corn 8 05<a
8 . 1 0 c. Palm,
Lagos, 1 0 K@ llc._ Cottonseed, winter,
9.50c.; summer white 9.50c. Spirits of turpentine 58c
Strained rosin, common to good, $ 5 85.
PETROLEUM active and highor; refined in barrels SS 90
@$9 90, bulk $5 25@$6 25, cases $ 1 1 25@$12 25. Naph­
tha, 73 to 76 degrees, in 100-gallon drums and over 39Me
Gasoline, 8 6 dogrees, 35c.; 73 to 76 degrees, 30@33c’.; 6 8 to
70 degrees, 27@30c. Pittsburgh advices say that interest
in development Avork in the Eastern fields is lagging, as no
important discoveries have been made. Tho Standard Oil
bulletin says that the production in 1915 was 14 100 000
barrols loss than that of 1914. Most of tho loss was in’the
Midway-Sunsot fiold, which produced 10,700,000 barrels
less than in 1914. Closing prices follow:
Pennsylvania dark $ 2 25

Cabell_____________ x 78
Mercer black_____I 7 5
New Castle______ 1 7 5
Corning---------------- 1 7 5
W ooster___________ 1 60




North Lima______$1 43 Illinois, above 30
South Lima______1 43
degrees............... $ 1 5 7
Indiana ............... 128 Kansas and Okla­
Princeton________ 1 57
homa _________ 1 25
Somerset, 32 d e g -. 163 Caddo La, lig h t ... 1 20
Ragland_________ 75c.

Pensacola-...........
Jacksonville, & c.
Savannah_______
Brunswick______
Charleston______
Georgetown_____
Wilmington_____
Norfolk_________
N ’port News, &c_
New York______
B oston_________
Baltimore_______
Philadelphia____

" 1 2

l",984
16,705
5,000
3,360
4",063
10,726
7,482
999
6,833
492
29

27,407
32,892
720,116
62,700
202,901
728
116,001
383,132
55,400
12,712
31,465
23,180
1,530

l',430
75,032
12,000
13,160
7,956
25,313
3,587
274
2,717
2,897

104,422
9,337
27,368
,061,761
108,308
254,746
145
125,688
294,617
87,379
3,134
18,718
42,263
1.70

24,195

57,884

' 3 ,986
226,158
19,000
96,769

*“ 640
328,957
44,500
148,886

47,203
129,706

53,990
70,619

331.581
11,589
3,167
3.554

lb'2'778
9,173
2,721
2,312
T o ta ls ..--------- 155,789 4,532,162 425,164 5.864.807 1,767,395 1,918,425

In order that comparison may be made with other years,

R ec eip ts at —

1916.

1914.

1913.

1912.

1911.

Galveston__
TexasCity,&c
New OrleansM obile______
Savannah . . .
Brunswick__
Charleston,&c
Wilmington. _
Norfolk _____
N ’port N..&C.
All others____

42,624
20,528
32,673
2,291
16,705
5,000
3,360
4,063
10,726
7,482
10,337

160,472
43,708
70.186
6,355
75,032
12,000
13,160
7,956
25,313
3,587
7,395

108,417
23.531
56,402
3,971
26,160
4,500
2,176
5,452
10,962
4,307
2,736

52,375
26,801
29,528
3,031
19,288
2,500
1,567
1.727
6,307
10,078
6,788

111,935
24,919
63.308
12,663
56,405
8.750
6,494
10,557
16,417
1,035
7,043

48,317
44,541
45,082
7,657
31.092
4.698
2,655
6,644
10,086

Total this wk.

155,789

425.164

248,614

159,990

1 1915.

' 7,028

319,5261 207.800

Since Aug. 1. 4.532,162 5.864.807 7,927,056 7.783.034:8,601,979 7,110.456

The exports for the week ending this evening reach a total
of 85,848 bales, of which 50,646 were to Great Britain,
5,723 to France and 29,479 to the rest of the Continent.
Exports for the week and since Aug. 1 1915 are as follows.
W e e k e n d in g J a n . 21
E x p o r te d to —
E x p o rts
fr o m —

[Vol . 102.

THE CHRONICLE

35 3

1916.

C o n t i­
G re a t
B r ita in . F r a n c e . n e n t, & c

G alveston.. 21,445
Texas C ity.
7,143
P t. Arthur.
Ar.Pass.&c.
NewOrleans 13,903
200
M o b ile ____
P en sacola..
Savannah..
____
Brunswick .
____
Charleston.
____
W ilm ington
N orfolk-----1,932
1,000
New Y ork .
23
B o s t o n ____
B a ltim ore..
Phlladel’a . .
____
Portl’d, Me.
San F ra n ..
Tacom a —
Los Angeles
Pem bina___

____
____
5,440
____
____
____
____
____
____
____
283
____
____
____
____

—

T ota l____ 50,646
T otal’ 14-T5 161,087
T o ta lT 3 -’ P 74,764

Great
Brilain.

18,629 40,074 498,405
128,111
—
____
25,849
7,143
____
—
____
4,005 28,348 236",831
17,990
200
____
19,745
—
____
81,343
—
____
22,320
—
—
40,397
—
—
—
—
" i, 782
____
32,666
6,793i
5,510
8,392
23
—
53,836
—
—
5,500
—
—
243
—
—
—
____

1,100

____
____
—

T o ta l.

From Aug.

235
—
—

1 1915 to Jan.
Exported to—

France,

100,127
44,162
13,873
69,682
7,000
46,581
4,800
52,226
50,128
21,609

1,100
235
—
—

85,848|1,176,410
5,723 29,479 85,848

21 1916.

Continent, &
c.

Total.

887,987
179,595
25,849
23,595
9,722
181,109 487,622
17,990
28,083
1,338
89,795 217.719
27,120
57,447
17,050
67,912 120,138
4,782
193,925 276.719
11,600
3,208
75,945
500
6,300
800
243
56,663 56,663
85,757
85,757
49,340
49,340
50
50
1,761
1,761

289,455
7,322

one donies that the export question is tho crux of the situ­
ation. To-day prices advanced on largo buying by spot
interests and Liverpool, covering of shorts, rumors of small
ginning, increased world’s spinners’ takings, decreasing
Liverpool’s stocks which are now much smaller than two
years ago, and a better technical position. Tho ginning for
tho latest period, Doc. 31 to Jan. 15, is said to have been
only 107,000 bales, against 108,032 in 1910-11. This, if
true—the rumor refers to the National Ginners’ Association
report, about which nothing is definitely known—would
make the total up to Jan. 15 only 10,751,000 bales, against
11,253,147 for a like period of 1910-11. Spot cotton closed
at 12.30c. for middling uplands, showing a decline for tho
week of 2 0 points.
.
The official quotation for middling upiand cotton m the
New York market each day for the past week has been:
J a n . 15 to J a n . 21—
Sat.
Middling uplan ds................ ..12.50

NEW YORK QUOTATIONS FOR 32 YEARS.

1916.c _____ 12.30
1915________ 8.70
1914_______ 13.05
1913............ 12.90
1912............... 9.50
1911.............14.90
1910_______ 14.45
1909-........... 10.00

1,622,162;3,349,202
2,934,1806,051,855

Note.—

New Y ork exports since Aug. 1 Include 1,048 bales Peruvian and 285
W est Indian to Liverpool and 1,010 bales Peruvian to Genoa.
_

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add simLar figures tor
New York.

1908.C— ..12.10
1907____ ...1 0 .8 0
1906___ ...1 2 .2 5
1905___ . . . 7.15
1904___ ...1 4 .6 0
1903___ . . . 8.95
1902___ . . . 8.31
1901----- . . . 9.94

1900.c . . . . .
1899------- . .
1S98......... . .
1897------- „
1896____ . .
1S95------- . .
1894------- . .
1893......... . .

J a n . 21 at —

New Orleans.
Galveston__
Savannah __
C harleston_
M obile--------N orfo lk _____
New Y ork__
Other ports. .
Total 1916.
Total 1915.
Total 1914.

G reat
G e rB r it a in . F r a n c e , m a n y .

9,632
64.981
9,800

6,860
6,411

4,970
4,500
500
5.000

800

99,383 14,071
155,668 22,762
85,262 29.268

C oast­
w is e .

1892.c ........... 7.62
18 91-............ 9.38
1890........... .10.81
1889............. 9.94
1888_______ 10.62
1887________ 9.50
1886............. 9.31
1885..............11-00

Saturday__
M on d a y __
Tuesday__
Wednesday .
Thursday . .
Friday_____

SALES.

S p o t la r k e t
C lo se d .

F u tu r e s
M a rk e t
C lo se d .

Quiet_____________
Quiet_____________
Quiot_____________
Quiet, 10 pts. d e c ..
Quiet, 20 pts. d e c ..
Steady, lO p ts.a d v.

Barely steady. .
Steady________
Steady________
Barely steady..
Steady-----------Steady------------

S p o t.
—

1,100
1,000
2,100

On S h ip b o a r d , N o t C lea re d f o r —
Other
C o n t.

7.88
6.44
5.88
7.31
8.31
5.75
7.94
9.62

MARKET AND SALES AT NEW YORK.

410,188 1,055,7072,642,305

556 103,970 265,613
9,775 58,274 143,263

Mon. T ues. Wed. T hu rs. Fri.
12.50 12.50 12.40 12.20 12.30

T o ta l.

L e a v in g
Sto ck.

1,263 28,232 419,085
10,477
35,728 16.799 123,919 251,757
1,500 11,300 214,858
93,769
3.000
3,000
18,275
850 5,920
100
762 5,262 124,444
4,300 327,281
3.000
7.000 128,993
2.000
100 54,205 21,174 188,933 1,578,462
7,892 213,356 30,669!430,347 1,488,078
102,807: 49,602. 27,609,294,548^ 816,052

C o n tr’ct

T o ta l.

"300
300
1.100
1,700
1,000

"300
300
1,700
—

4,400

2,300

FUTURES.—The highest, lowost and closing prices at
New York for the past week have been as follows:________
uesday, Wed’day, Thursd'y, Friday,
Saturday, Monday, T
Jan. 15 Jan. 17 Jan. 18 Jan. 19 Jan. 20 Jan. 21 Week.
January—

Range—
C losin g..
February—
R a n g e ...
C losing..
March—

12.30-.38 12.32-.38 12.31-.39 12.1912.29-.31 12.36-.37 12.33-.36 12.19|

12.05-.19
12.07-.16 12.05-.39
.28
12.16 —
12.08-.09
.20

—
12.38 — 12.41-.44 12.39 — 12.24 — 12.13 — 12.21 —
12.18-.33
12.16-.32
12.16-.59
12.35.46
12.49.55
12.50-.57
12.47.59
12.31-.32
12.21-.22
12.35.37
12.50.51
12.52-.53
12.47.48

Speculation in cotton for future delivery has been quiet ril—
and latterly prices have declined rather sharply. Iireu A pRange-------12.57 — 12.63 — 12.61 — 12.45 — 12.32 — 12.42 —
bulls sold out. Both in and out of Wall Street there was a Closing-----—
good deal of such selling. Some long operators at the South Range.........
12.42-.57 12.41-.80
12.41-.55
.70
12.71-.78 12.5812.69.80
12.55-.56
12.46-.47
.60
12.74-.75 12.58also sold with more or less freedom. Liverpool has been Closing------ 12.69- 12.72-.79
12.75-.76
.70
e —covering straddles less freely. But the smallness of the ex­ Ju nRange-------ports and reports that Great Britain is about to tighten the Closing------ 12.75 — 12.81 — 12.83 — 12.65 — 12.53 — 12.62 —
blockade have been the chief factors, after all, in the decline. Ju lyRange.........
—
12.57-.69 12.53-.92
12.53-.69
.83
12.83-.92 12.7112.85-.90
12.81.92
Supplies are liberal in this country and exports certainly make Closing------ 12.8112.68-.69
12.59-.60
.73
12.89-.90 12.7112.87-.88
.82
a very poor showing as compared even with last year, to say Range.........
—
12.64-.65 12.64-.82
12.74 —
12.82 —
nothing of normal years. On rallies the South, moreover, Closing------ 12.73-.75 12.79-.81
12.82-.84 12.66-.68 12.53-.55 12.63-.64
seems more disposed to make hedging sales here. More or
—
12.61-.79
12.65 — 12.61 —
12.78-.79
.78
12.73-.75 12.75less disturbing relations with Mexico have counted for some­ Range-------12.65-.66 12.50-.53 12.62-.64
12.80-.81
.77
12.69-.70 12.76thing. So have downward reactions in the stock market Closing____
—
12.52-.69 12.52-.86
12.53-.67
.78
'l2.71-.77 12.74- .80 12.78-.86 12.70from time to time. Latterly, too, the spot sales in Liverpool Range-------12.67-.68
12.55-.56
.71
12.71-.72 12.73-.79 12.84-.85 12.70have fallen to six or eight thousand bales a day, in sharp con­ Closing-----—
12.58 — 12.58 —
trast with those of 12,000 bales earlier in the week. A good Range-------many people believe that the acreage will be increased ma­ Closing-----—
12.87—89 12.85-.92 12.94-.99 12.86-.90 12.66-.81 12.67-.84 12.66-.99
terially this spring if prices remain at anything like their
present level. It is said that these prices pay many of the Closing------ 12.81-.82 12.91-.92 12.97-.98 12.83-.85 12.08-.69h2.81-.82
farmers 50 to 100%. In such circumstances speculation Has NEW ORLEANS CONTRACT MARKET.—The high­
fallen to a low stage. About the only buyers have been trade est lowest and closing quotations for loading contracts in tho
interests and shorts. Certainly the general public lias paid New Orleans cotton market for tho past week havo boon as
little attention to cotton for some time past. Ocean freights
continue scarce and abnormally high. A good many have follows:
sold cotton on the idea that the price is too high with the
!S a tu rd a y ,' M o n d a y , T u e s d a y j W c d 'd a y , T h u r s d ’ y, F r id a y ,
export trade crippled by the high rates for ocean tonnage.
!J a n . 15. J a n . 17. J a n . 18.jJ a n . 19. J a n . 20. J a n . 2i.
This aggravates conditions already bad enough from the
loss of a market for something like 3 ,0 0 0 , 0 0 0 bales on the Ja nRuaanr yg—e ........... 12.12-17 12.08 — -------------12.05—07 ll.90-.92 11.82-.86
11.92 —
Continent of Europe by the war and the blockade. On the
--------- 12.11--13 12.08-.12 12.07-10 11.97-99 11.80-83
other hand, the South as a rule has remained pretty firm, M aCRr lcaohns—gi neg--------12.01-19 12.03-16
.38 12.21-.32
12.34-.40 12.33-.40 12.33favored by cheap money and encouraged by the fact that C l o s i n g --------- 12.33-.34 12.35-.36 12.34— 35 12.21-.22
12.04-.05 12.15-16
recently prices in Liverpool have been 3 ^ 2 to 4 cents above M aRange
y—
12.29-.47 12.3l-.46
12.40-.60
12.00-.06
12.62-.68
12.61-.68
those at New York. Also, it is supposed that the English C l o s i n g--------12.63-.64 12.62-.03 12.48-.49 12.32-.33 12.44-.45
Government will do something to ease the freight situation. J u l y — --------- 12.61-.62
12.49-.64
12.45-63
12.67.79
12.78-.84
.85
12.79-.85 12.7912.63—04
London dispatches say that the Government is already re­ RC laons gi neg--------12.49-51
12.67.68
12.81-.82
12.80.81
arranging its handling of ships for the transportation of food S eptem b er—--------- 12.78-.79
12.54 —
and munitions with the object of releasing a good many ol CR laons ge--------12.61 — 12.55 — 12.36 — 12.49 —
these ships from such occupation. It is inferred that the October—i n g --------- 12.47-.49 12.54
12.45—
12.43—
57 58
70
12.67-.78 12.5812.63-.69
12.61.67
design is to increase the supply of tonnage and thus augment CR laons gi ne--------12.4460 .45 12.56-.57
12.74-.75 12.59.62
England’s imports of cotton. Also, France, it seems, wants D ecem b er—g --------- 12.61- 12.67-.68
65 12.70 —
12.74-.78 12.80-.82 12.83-.92 12.75-.80 12.61—
an entente with the United States, and it is rumored, may CR laons gi neg...........
12.57-.59 12.70-.71
object to England’s increasing the severity of the blockade T o n e — --------- 12.72 — 12.82-.83 12.87-.88 12.72-73
Quiet.
Steady.
Quiet. Steady.
lest the American interests suffer seriously. It is hoped, too, SOppotiot --------------Quiet. S te a d y .
Steady. S te a d y . Steady. Steady. Steady. Steady.
ns
that under ordinary commercial conditions high freights will
attract an increased tonnage to the export trade in cotton and THE VISIBLE SUPPLY UP U u r i u i N io-ingni, as m a u u
result sooner or later in a lowering of rates. Possibly a de­ up by cable and telegraph, is as follows. Foreign stocks,
cline in ocean freights in Argentina may be a straw pointing as well as tho afloat, are this week’s returns and consequently
in that direction. Also, on the late declines spinners have all foreign figures are brought down to ^Thursday ovoning.
been good buyers. Spot houses in some cases bought freely. But to make tho total tho completo figures for to-night
So have Waif Street shorts. It is felt that the future of the
market depends largely on whether the South maintains a (Friday) wo add the item of exports from tho Umtod States,
firm attitude or concludes to sell. At the same time, no



—

May

—

August

Septem
ber

O
ctober

N
ovem
ber

Decem
ber

Jan . 22 1916.]

THE CHRONICLE

21—
Stock at Liverpool..............bales.
Stock at London________________
Stock at Manchester____________

jgig
767,000
60,000
84,000

Total ^reat
Great Britata
Britain stock-----stock____
............—
at Bremen..............
t j 9 ? £ a£ H a v r e ............- .............
Stock at Marseilles........................
Stock at Barcelona-------------------aJ S e,n o a ......................
Stock at Trieste........................

911,000 1,037,000 1,180,000 1,579,000
*6.000
19.000
j o ’. m o
*1,000
*90,000
442.000
546.000
290,000
218,000
439.000
474.000
4,000
2,000
2,000
2,000
49,000
34,000
25.000
26.000
167,000
130,000
42.000
49,000
*1,000
*4,000
16.000

J an u ary

1915.
1914.
1913.
915,000 1,073,000 1,462,000
31.000
5,000
6,000
91.000
102.000
111,000

35 3

L jtebeen
/° Q37,250
e| :o^ngvSl}0WS
th-e week's
overland
has
bales, against
44,130netbales
for themovement
week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 102,619 bales.
In

1915-

S ig h t a n d S p in n e r s '
T a k in g s.

Receipts at ports to Jan. 2 1 ..
1 5 5 789
Net overland to Jan. 2 1 ......... 37,250
southern consumption to Jan. 2 1 . 78,000

985,000 1,097,000

Total marketed-------------------------271 039
Interior stocks in excess_____ - * 2 7 , 9 1 4

t Jytal European stocks.............1,424,000
1,521,000 2,165,000 2,676 000
India cotton afloat for Europe—
51,000 132,000
170,000
75 000
Amer. cotton afloat for Europe..
432,982 871,367 686,264
‘ ’
679.372
Egypt,Brazil,&c.,afloat for Eur’po
39,000
59,000
74,000
76,000
: in Alexandria, Egypt.;____ 232,000 *295,000
374:666
329.000
Stock in Bombay, India_________ 714,000
619.000
Stock in in
U . US.. S.
p orts...........1 ,767,395 l,9 li;7 2 5 1,11(L660
909.373
Stock
in U . S.
interior towns-------------- 1,346,998 1,313,646 967,200
798,941
U. S. exports to-day...................... ..
..........
53.344
18.451
100

North- spinners’ takings to Jan.2 1 ~9 6 . 2 7 5

Total Continental stocks______

513,000

484,000

Totalvteiblesupply..
6.007,375 6.615,782 6.235,575 6.162,786
^ A m e r i c a n — ^ ' tota s of American and other descriptions are as follows:

T S E S g W . ; “ l ; « w“ k ; ; : 2« : |2=

503,000

650,000

U ^ ! n no?faftn?£ f° r Europe-------- 432,982
H
£ V --------------- ------------- 1,767,395
....... ........... -1 .3 4 6 ,9 9 8
U. S. exports to-day----------------- -----------------

w

i n e &

843,000 1,288,000

» i ®

i orJ'Soo

871,367
686,264
1,918,425 1,110,660
1,313,646 967,200
53,344
18,451

'6 7 9 ,3 7 2

909,373
798,941
100

r d i : - - - - - 4 '541'375 5 ’298’782 4 -629-575 4 ’825-786

Liverpool stock__________
London stock___________ ________
Manchester stock_______________
Continental stock_____________ ” ”

India afloat for Europe___ ” I " ”

264 000
gn 000

“ *ga ’ooo
’ooo
51 000

39'000
Egypt, Brazil, &c., afloat___ I I I "
Stock in Alexandria, Egypt_ 232,000
Stock in Bombay, India_ 714,000

265.000
31.000
23.000
*60,000
132.000
59.000

*295,000
452.000

230.000
5,000
37.000
46.000
170.000
74.000
374.000
670.000

174.000

6,000

40.000
18.000
75.000
76.000
329.000
619.000

EA ^ i I-ndia’ &c--------------- 1.466,000 1.317,000 1,606,000 1,337,000
Total American-----------------------4,541.375 5,298.782 4,629,575 4,825,786

Peruvian, Rough Good, Liverpool
Broach, Fine, Liverpool
Tinnevelly, Good, Liverpool
♦Estimated.

1 1

7
7

.'

S in ce

1,710.000

425,164
44,130
60,000

A u g . 1.
5,864,807
684,075
1.470,000

7,028,856
901,036

529,294
*1,218

8,018,882
1,193,507

W eek .

“ M i,694

i m

^076

m

___________

________

9,212,389

1,692,253

87.360

1.549.203

♦Decrease during week.

Movement into sight in previous years:

1914^-Jan. 23
1913— Jan. 2 4 - ” :
1912

.............. -bales.

o „ S S 5 l S : : : : ; : : : ; : : ; : : . 4| f:g§3 -411:888

-1914S in ce

A u g . 1.
4,532,162

W eek

3 3 8 *0 5 5

1
232 056 i q i i ‘ i 3

S e? L

B a le s -

’Jan. as----- :-:::::W3»liS12:lS=5S:

o a

~

............ 11.134,115

MARKPTS10^NS FOR MIDDLING COTTON AT OTHER
'T ? ° a5 e tke closing quotations of middling
S e h U olThe week”4 °tter principal cotton markets for
W e ek e n d in g
J a n u a r y 21.

Galveston . . .
New Orleans___
M o b ile ..............
Savannah______
Charleston_____
Wilmington____
Norfolk_______
Baltimore_____
Philadelphia . . .
Augusta_______
Memphis______
St. Louis______
Houston_______
Little Rock____

C lo s in g
S a tu r d a y .

12.50
12.19

11.88

II*
12.00
12*

12.50
12.19

11.88
12*
12
12
12.00
12*

12.75
12.06
12.38

12.75
12.06
12.38

12.50
12.38

12.50
12.38

12 *

Q u o ta tio n s f o r

M on d ay.

T u esd ay,

12.50
12.13

ii*

Holiday
Holiday
Holiday
Holiday

12.75
12.06
12.38

12.65
12.06
12.38

12.50
12.38

12.40
12.38

11.88

12
12.00
12*

12*

12*

C o tto n

on—

e d ’d a y . T h u rsd ’y.

12.50
12.13

11.88

12*

M id d lin g

jW

12*

12.35
12.13
11.75

J2 *
12

11.81

12*

F r id a y .

12.40
12.13
11.75

12*
12
12
11.88
12*

12.45

12.55

12.25

12.25

12.00
12*

12.35
12.38

12.00

12*

12.40
12.38

1

1

W EATHER

REPORTS

BY

T E L E G R A P H .-A d v ic e s

Continental impm-ts for past week have been 26,000 bales t o u s b y te le g r a p h f r o m t h e S o u t h th is e v e n in g in d ic a t e t h a t
Tbe above figures for 1915 show a decrease from last week r a in h a s b e e n q u it e g e n e r a l d u r in g t h e w e e k , w it h t h e p r e ­
of 57,709 bales, a decline of 608,407 bales from 1915 a lns<? c ip it a t io n lig h t o r m o d e r a t e a s a r u le . T e m p e r a t u r e h a s
from819l°30
ft° m 1 9 1 4 and a d e ^ ^ l S i l l b J S rc eo sntrt inicuteedd. lo w . T h e m o v e m e n t o f t h e c r o p c o n t in u e s
INTERIOR TOWNS the movement—that is, G a lv e s to n , T e x .— The movement of cotton from the interior
the receipts for the week and since Aug. l,the shipments for has been gradually declining. The export situation seems
be slightly relieved, several additional sailings for the
andyear—is
the same items for the to
United Kingdom being announced. Freight rates continue
corresponding the
period of J°-night,
the previous
high, Liverpool and Havre being quoted at $3 and S3 40
There has been rain on one day of the week, the rainfall aggre^
Movement to J a n . 21 1916.
Movement to J a n . 22 1915.
gating fourteen hundredths of an inch. The thermometer has
Towns.
Receipts.
S h ip ­ Stocks
Receipts.
S h ip ­ Stocks
averaged 49, the highest being 6 and the lowest 30
ments. Ja n .
ments. J a n .
Week. | Season. Week.
21.
Week. | Season. Week.
A b i l e n e , T e x .— We have had rain on three days during the
22.
Ala., Eufaula..
week,
the rainfall being eighteen hundredths of an inch
208 15,510
54 12,193
552,
22,080
1,070
11,493
Montgomery . 1,383 95,915 3,379 75,888 4,701 162,578 1,809
85,286 Lowest thermometer 16, highest 5 4 .
Selma___
324 61,196
922 31,121 2,220 107,374

Ark., Helena..
Little Rock..
Ga., Albany__
Athens__
Atlanta__
Augusta ..
Columbus___
Macon . . .
Rome___
La., Shreveport
Miss.,Columbus
Greenville . . .
Greenwood__
Meridian___
Natchez . .
Vicksburg___
Yazoo City..
Mo., St. Louis.
N. C., Raleigh.
O. , Cincinnati.
Okla., Hugo...
S.C., Greenw’d
Tenn.,Memphis
Nashville___
Tex., Brenham
Clarksville__
Dallas___
Honey Grove.
Houston...
Paris_____

589 46,828
3,428 120,495
106 20,338
1,168 96,452
2,785 92,670
5,801 319,162
2,937 52,532
554 39,664
1,314 52,144
676 103,434
278 13,190
834 61,020
866 91,871
1,014 27,747
150 22,649
324 24,121
230 29,334
25,989 378,519
462
9,307
4,932 142,179
195
11,427
112
17,579
18,867 708,544
126
6,187
112
16,910
342 24,962
2,782
72,032
449 25,740
48,2271,563,038
1,361: 74,194

4,720 48,473
1,711 22,553 1,769' 51,579 2,401
3,635 40,287 10,696: 147,219 7,137 21,018
63,665
484 8,386
29,8 30,064 1,112 17,700
1,650 46,149 4,464 91,136 3,800 29,591
2,163 29,326 5,911| 137,053 5,980! 20,533
8,214 195,808 10,710 342,252 10,721,150.578
1,700 54,173 2,858 86,532 2,755 54,162
961 12,577
701 34,111 1,748 19,585
1,039 17,420 1,736 50,082 2.399
9,945
2,393 48,454 3,116 122,800 5,306 78,728
490 7,622
656 25,014 1,325 9,126
3,540 25,294 1,004 66,642 3,369 28,605
2,521 29,815 2,197 112,636 6,328 33,369
899 14,319 1,082 32,237 1,244 19,838
350 12,800
900
18,285 2.400 11,000
1,246 10,804
756 26,443
16,330
1,055 14,625 1,029 36,961 2,377
1,704
25,328 18,625; 21,334 337,257 19,343 20,401
39,478
425
372
554
5,815
550
450
6,499 17,597 9,923 148,877 8,603
10,598
533 1.255
168 15,695
326
896
624 12,806
730
14,970,
612 11,618
29,056332,115 28,530 720,433 31,869 257,800
2,709
343
3,719
41 1,532
163 3,435) 1,099
13,555 1,406 1.616
325 7,752i 1,857 34,091 2,720 5,288
2,441 10,656 5,925
95,213 4,831
109 3.1341 817 22,434! 1,081 9,073
3,110
142’771 2>256:°48139-3i9 213:880
2,586| 5,046, 6,805 92,741) 5.494] 8,881

o

t

t n

a& sar

Jn d \£T w ° 5 t W
aVeraE6d 39' the hi^
* * * * 60
F ort W o r th , T e x .
Rain has fallen on three days of the week
the precipitation reaching one inch and nineteen hundredths’
Average thermometer 38, highest 60, lowest 16.
*
P a l e s t i n e , T e x . -There has been rain on two days during
tfle week, the precipitation reaching one inch and sixty-foi r
hundredths. Average thermometer 4 1, highest 62, lowest2 0
6 n A n t o n i o , Ter.—Rain has fallen on three days during
the week, the precipitation reaching one inch and thirty-six
hundredths.
averaging 45. The thermometer has ranged from 24 to 6 6
T a y l o r , T e x . —Rain has fallen on two days during the week
the precipitation reaching one inch and twenty-nine hun­
dredths. Minimum thermometer 2 2 .
N e w O r le a n s , L a .— Rain has fallen on two days during the
week, the precipitation reaching two inches and thirty-eight
hundredths. The thermometer has averaged 50.
V ic k s b u r g M i s s . — We have had rain on three days during
the week, the precipitation being forty-five hundredths of an
Total, 33 towns 128,9254,426,890156,8391346998285.2125,463,926286,430
inch. Lowest thermometer 36, highest 70, average 22.
Note—Memphis stock Includes llnters in both years.
----------~
M o b i l e , A l a .— There has been rain on two days during
m o v e m e n t f o r t h e w e e k a n d the week, to the extent of one inch and forty-four hundredths
blJSICE AUG. 1.—Wo give below a statement showing the Minimum thermometer 25, highest 67, average 46.
overland movement for the week and since Aug 1 as made S elm a A l a . — We have had rain on two days of the past
up from to egraphic reports Friday night. The results for the week, the precipitation being forty hundredths of an inch.
week and since Aug. 1 in the last two
years
are as follows: Minimum thermometer 19, highest 58, average 41.
1
------M a d i s o n , F l a .— Rain has fallen on one day during the
1914--------21—
week,
the rainfall reaching forty hundredths of an inch The
1.
1.
-2 5 ,3 2 8
390,278
19,343
314,904 thermometer has ranged from 31 to 74, averaging 4 7 .
-1 3 ,7 5 5
241,876
10,020
175,272
S avannah, G a.
There has been rain on three days during
203
4,430
30
2,329
- 3,774
76,439
4,823
81,815 the week, to the extent of seventy-two hundredths o f an inch
. . 4.000
74.123
3,521
53,675 Average thermometer 48, highest 70, lowest-30.
. . 1,364
56.267
4,103
78,962
. . 8,213
200.072
C h a r le s t o n , S . C . —There has been rain on two days during
13,207
203,534
the past week, the rainfall being seventy-six hundredths of
- ^ Rt uoa UVUI
..56,637 1,043,485
55,047
910,491
—
an inch. The thermometer has averaged 46, the highest
. . 8,353
68,887
____ being 63 and the lowest 28.
5,965
65,822
. . 7,624
80,672
4,016
92.415
fii’ 1 7 9 A C h a r lo tte , N . C .— It has rained on one day of the week,
.. 3,410
107,232
936
68,179
——
{ to the extent of fifteen hundredths of an inch. The therTotal to be deducted..................19,387
.19,387
256,791
10.917
226,416
H f” mometer has averaged 36, ranging from 18 to 5 4 .
.37,250
786,694
44 i 130
M e m p h i s , T e n n . —The river is 39.7 feet on the gauge, or
684,075
t Canada.
4.9 feet above the flood stage and rising. It has rained’ on
J an u ary

W eek .

D e d u c t S h ip m en ts




.v io S in ce
A u g .

W eek .

S in ce
A u g .

[Vol . 102.

THE CHRONICLE

3 :4

SHIPPING NEWS.—Shipments in detail:

two days of the week, with rainfall to the extent of fifty-four
hundredths of an inch. The thermometer has ranged from
14 to 63, averaging 30.
DOMESTIC EXPORTS OF COTTON MANUFAC­
TURES.—We give below a statement showing the exports ot
domestic cotton manufactures for October and for the ten
months ended Oct. 31 1915, and, for purposes of companson
like figures for the corresponding periods of the previous

T o Manchester— Jan. 18

277,263-,639
819,784,140
2,806,050
6,906,572
3,405,377
650,988
5,263,836

43,642,459 28,161,913 431,355,267
Piece goods— - ....................
83,350,817 82,195,057 S31.596.525
878,431 13,527,833
Clothing, &c., knit goods----- value 1,346,449
535,214 10,641,459
909,685
Clothing, &c., all other-------- value
316,603 2,760.152
301,590
81,858 2,825,188
388,833
Yarn ______ ______- .........--value 1,855.702
720,392 11,868,986
All other
...................... value
84,727,555’879,220,143 838,816,663
F Total manufactures of----- value 88,153,076

***

W eek.

6,319.276
3,176",816
Visible supply Jan. 14-------------- 6.065,084 4,633",210
Visible supply Aug. 1 - - - - - ------ 243,125 7,929,892 528',076 9,212,389
American in sight to Jan. 21-----503.000
89.000
1,166,000
595.000
Bombay receipts to Jan. 2 U ---113.000
9.000
116,000
6 6 ,00 0
Other India ship’ts to Jan. 2 0 ..
525.000
32.000
505,000
625.000
Alexandria receipts to Jan. 19-75,000
2
.0
0
0
67,000
65,000
Other supply to Jan. 19 *--------14.417,102 6,979,352 13,605,205
6,439,209
Total supply...........- ................
D educt —
„„
6.615,782 6.615.782
Visible supply Jan. 21-------------- 6,007,375 6,007,375
363.570 6.989.423
Total takings to Jan. 21 a --------- 431.834 8.409.727
277.570 5.593.423
Of which American-------------- 318.834 6.611.727
8 6 ,0 0 0 1,396,000
1,798,000
113,000
Of which other-------------------

88^00

r °Of which "American — - ...........
Total imports of the week---------

588.000
88,000

^ t ^ i o i r ^ : : : : : : : : : :

«

Market, (i
12:15 \
P. M. 1

Since
A u g . 1.

Week.

Week.

907,000 57,000

Bombay— -------- ------------ 91,000

1913.

1914.
Since
A u g . 1.

Week.

275,000 95,000

72,000
6,000
6,000
54.000
22.000
93.000
829.000
556.000
84.000
49.000
240.000
190.000

50,000
3.000
2.000
36.000
2,000
100,000
829.000
547.000
103.000
73.000
254.000
214.000

14.000
88.000
767.000
503.000
39.000
27.000

nverpooi 6 !^^^^Tor”spots and futures
each day of tho past week and the daily closing prices of
spot cotton have been as follows:

6 Estimated.

1915.

35,000
11,000
5.000
^5 ,uou

Forwardo< ? ° r *1--------- ZZIIIIIII

INDIA COTTON MOVEMENT FROM ALL PORTS
December 30
Receipts at—

1

____ 85,848

Sales of the week.........- - - -------Of which speculators took------Of which exporters t o o k ...........
Sales, American...................

Spot.

727 bales and 4.123,423 bales American.

x i9 3 2
23
1,100

LIVERPOOL.—Sales, stocks,
&c.,J afor
past
week: J a n . 21.
Dec. 30.
n . 7.
J a n . 14.

S eason .

W eek .

Season.

*

1
4

200

terdam
BMubayT2 Z50c Z ’ Vladivostock, 2 .5 0 c .

1914.

1915.

5,440

COTTON FREIGHTS.— Current rates for cotton from

WORLD’S SUPPLY AND TAKINGS OF COTTON
C otton T akings.
W eek and Season.

Oranlan, / ; 2 z u -------

T o Gothenburg— Jan. 19— Texas, 4 ,0 0 0 ---.................................
T o Oporto— Jan. 20— Bark Porto, 1_----------------- ---------------To Savanilla— Jan. 19— Parismina, 4 . — _- - - - - - - .............—
MOBILE— T o Glasgow— Jam 20 : -Kyleamhor, 200-...................
NORFOLK— T o Liverpool—Jan. 13 Max ton, 1,932----------------BOSTON— T o Manchester— Jan. 13—-Memphian, 2 3 -----------------SEATTLE— To Vladivostock—Jan. 14— Seward. 1,100------- -

1914.

1915.

1914.

1915.

1,000
^

10^
T<?BottOTdain— Jan.” i ® A m s t e r d a m .'iB -t" - ............... T o Bergen—Jan. 1 9 — Oraminensfjord 5 0 - - - - - - - — - T o Vladivostock—Jan. 17— Indrawadi,
.
5 ,2 9 6
Ferngarth,T4o8Liverpool—Jan.
9 .---------■,---T-'""T17—
'7 _"fnrtorp"2i”445"’
GALVESTON—
Indore, t l . M O - "Z_____21,445
___ 5 7 8 1
T o Genoa— Jan. 18—Andrea, 5 , 7 8 1 - - - - - - - - - - - .............*
12,848
T o Japan— Jan. 19—TenpaisenMaru, 12,848...........- - - _ 7 143
PORT ARTH U R— T o L ive^ ool—J a n l& — - - ^ - - - - - - - ‘ - 5 5 3 9 .
NEW ORLEANS— T o Liverpool—Jan. 17— Merchant, o,
, 1 1 ( ,g3

10 M o s. ending Oct. 31.

M onth end. Oct. 31.

M anufactures o
Colton Exported.

roftrf M cs

NEW Y O R K — T o Liverpool—Jan. 14— Orduna. L 0 0 0 - - ; g" V r d T o Bordeaux— Jan. 15— Lafayette. 258— Jan. 18--A rd

Mld.Upl'ds

Since
A u g . 1.

916,000

Saturday.

M onday.

Tuesday.

Quiet.

Good
demand.

Good
demand.

8.12

Moderate
demand.

F rid ay .

Quiet.

Quiet.

8.24

8.27

8.28

8.12

8.09

12,000
1,500

12,000
3,000

8,000
1,500

7,000
1,500

6,000
1,000

Steady
1@2 pts.
advance.

Quiet,
1@3 pts.
decline.

6,000
1,500
Irregular
Steady
Futures.
Market 1 4@5 pts. 1 * @ 2 pts.
opened 1 advance. advance.
Quiet
Market, 1 Firm
6 @ 8 * Pts. 8© 10*
advance.
advance.
P. M.

Sales __
Spec.&exp.

Wednesday. Thursday.

Steady
Firm
3 * @6 pts. 1 * @ 2 *
advance. advance.
Weak
Barely st’y
3 * @9 pts. 9@ 10*
decline.
advance.

Very st’d’y
Quiet
5@7 pts. 3@6 pts.
decline. 1 advance.

•rices OI lUburwa jjivoipuui
— * -­
below. Prices are on tho basis of upland, good ordinary
clause’, unloss otherwise stated.
F rid ay.
Saturday.
M o n d a y . Tuesday. W ed ’ d ay. T h ursd ay .|
Jan. 15
4
to
1
2*
4
112*4
4 1 2 *|
Jan. 21. 12*1 1 2 * 1 2 * ; 4 12*| p.m.
p.m. p .m . p .m . p .m . p .m . p .m .
p.m.j p -m . |p .m .p . m . p .m .
d.
d.
d. | d.
d.
d.
d.
d . \ d.
| d . 1 d.
d.
89* 88 * 95*
. 7 9 2 * 02 0 1 * 0 5 * 05 06 9 4 * 90
January..
9
5 1\
8
8
*
90
8
9
*
9
4
*
7 9 2 * 02 0 1 * 0 5 * 05 06
Jan.-Feb83 8 9 *
8 9 * 84 * '8 4
01
Mar.-Apr. " " 7 8 8 ,97 |96* 0 0 * 00
75
77
176
8
2
*
93
92
7 80 -8 8 * 8 8
92*
May-June
7 5 * 70 6 8 * 6 7 * f i 8
7 7 0 * 79 179 8 4 * 8 4 * 86
July-Aug.
4 9 * 5 0 * 4 0 * 35 134 3 3 * 37
Oct.-Nov. ----Z 7 30 ! 10 '4 0 * 4 8

BREADSTUFFS

F rid a y N ig h t, J a n . 21 1916.
Flour has been quiet, with railroad conditions still bad.
Some railroads refuse to accept flour here under any circum­
stances Others will accept it only if sent to their own pier
stations and if it does not involvo lighterage. Under such
circumstances flour for immediate delivery is at something
of aTemium. Arrivals will be of flour already on the track.

ALEXANDRIA RECEIPTS AND SHIPMENTS
Alexandria, Egypt.
December 29.
Receipts (cantars)—

This week______________
Since Aug. 1----------------- '

1915.

1914.

1913.

156,986
3,308,956

381,375
3,118,075

225,000
5,749,684

Since
This
Week. A u g . 1.

Exports (bales)—

Since
This
Week. A u g . 1.

L iverp ool---------------- 4,139 120,235 7,550
M anchester------------ 9,834 65,948 3",187
731 71.137
Continent & India. - A m e rica ----------------- 3,662 94.944 6.187
Total exports------------ 18,366 352,264 16,924

To
To
To
To

This I Since
W e e k . !A u g . 1.

“---- “| - "
63.639 4,7501124,148
58,737 8,500 116,091
85.805 18,000 207,855
52,741 l,000j 19,493
260,922 32,250,467.587

„ .h o c k o n n o w o r d e r s .
M o a n t im o th o re is q u ite
d o m a M f o r o x ^ , r t , b u t h ig h o c e a n fr e ig h t s r e s tr ic t
b u s in e s s . P r ic e s , h o w e v e r , h a v e b e e n g e n e r a lly fir m in
Dusines
w h e a t , a n d b o c a u s o o f th e o m b a r g o
D o m S t o buyers a re t a k in g a s lit t le a s
ocTiLLt naTmmnllv a s n rice s a r e s t r o n g e r , a s w o h a v e soon
fS v v r r !p - h t * c o n ir e s t i o i / o n th o r a ilr o a d s a n d th o d iffic u lt y o f
fliil I X
N ew Y ork .
T h e t o t a l p r o d u c t io n la st
w e e k a t f D u lu t h ! M in n e a p o lis a n d M ilw a u k e e w a s 4 6 0 ,7 2 0

a

MANCHESTER M ARKET—Our roport received by
cable to-night from Manchester states that yarns are quiet
£& S M
S bS
sU i K S M f f t S f l
with medium counts a shade easier and coarso strong. £output
atT he above points, was 9,916 000 barrels, against
Cloths are dull. We give prices for to-day below and
leave those for previous weeks of this and last year for
jsssasr r : S S S
* *
comparison:
_______________ ___________________ 7«
8 * 16s. Shirt­ Cot’n
in gs, common
to fin est.

32s Cop
T w in .

Dec
3
10
17
24
31
Jan
7
14
21

s.
6
6
6
6
6

d.
11*
11*
11*
11*
12

@
•
9
@
@

d
12*
12*
12*
12*
12*

13*
12*
12*

&
m

13* 7 9
13* 7 9
13* 7 9




d.

6
9
9
9
9

h i

1914-15.

1915-16.

@8
@8
@8
@8
@8

s. d.

7
10
10
10
10

@9 10
@9 10
«i9 10

M id .
U p l’ s

32s Cop
T w ist.

8 * lbs. Shirt­

Cot’ n

in gs, common
to Jin est.

Mid.

d. s. d.
quo tatlons
quo tatlons
quo tations
quo tatlons
quo tatlons

d. d .
7.50
7.66
7.47
7.63
7.92

No
No
No
No
No

8.22
8.06
8.09

No quo tatlons
No quo tatlons
No quo tatlons

9. d.

b ru y e r s ° a t ^ C h i c S ^ '

reach ed

A ^ ^ o ? t> m a n d T a s

t h e h ig h e s t
p?evaU°e°d.

Upl’t

d.
4.36
4.28
4.41
4.53
4.58
4.71
4.80
5.10

Cash prLTu°msTtVcTdm go\ni°the NorthwesUiave been
very finnly maintained. The indications point to a re­
duction in tho visible supply next Monday. In
supplies are very moderate, to put it mildly. There were
report? at one time that the Canadian Government was

Jan . 22 1916.]

THE CHRONICLE

355

buying wheat, but this was denied. Formal complaint has seaboard. M a y and July have sold at the highest price53
been made by the Liverpool Corn Trade Association to the of the season. Many look for a sharp decrease in the
American Ambassador at London concerning the quality American
stock before long. The spread on May corn
of the winter wheat received from this country. It is
oats has narrowed noticeably. Yet the available
claimed that the wheat did not grade No. 2 hard when it and
week 463,000 bushels in rather sharp
left Chicago. It appeared that some of it was graded siipply increased, a,last
decreaso in the same week last year of
and rejected on arrival at New York. It is said that the 8.1,042,000 bushels.
Still, the stock is smaller than at this
wheat was quite wet when it left Chicago. This incident timo in the last two years.
total is 42,740,000 bushels,
is certainly to be regretted. Later in the week came a against 44,286,000 bushels The
year ago, and 48,480,000
sharp reaction on profit-taking. Liverpool prices were bushels at this time in 1914.a The
outstanding feature of
rather disappointing to the bulls. The demand at Liver­ the week has been the big export demand.
To-dav prices
pool fell off to a moderate volume as prospects point to larger advanced,
with those for other grains. Country offerings
Argentine and Australian shipments. Ocean freights in were smaller.
Export sales were 500,000 bushels.
Argentina declined to 150s. 9d. and there was increased
D A IL Y CLOSING PRICES OF OATS IN N EW Y O R K .
loading of wheat and oats. In Argentina wheat is moving
freely and has latterly been freely offered at lower prices. No
Standards
^ t o n - T u e s . W ed. T h u r s . F r i .
w h ite----------------- " ------ cts.Norn. Nora. Nora. Nora. Nora. Nora.
The Argentine clearances are larger, while the supply of ocean . „2 unite-------------------------------Nom. Norn. Norn. Norn. Norn. Nora.
tonnage is increasing and is likely to be still larger in the D A IL Y CLOSING PRICES OP OATS FUTURES IN C H IC A G O .
near future. In Australia the weather has been good and M ay
delivery in elevator____ cts 50% *5™ ’ A3% 53%
the offerings liberal. In the United Kingdom the weather
delivery in elevator-------------- 48% 4 9 % 50% 50% 4 9 % 4 9 $
is better and native supplies are now liberal, while the quality JulyThe
following are closing quotations:
is excellent. Good weather has prevailed in France. It is
said that the crop outlook in Ge many is favorable, and that Wheat, per bushel—f. o. b. GRATN.
per bushel—
supplies have been increased by receipts from the Balkans, N. Spring, No. 1, new____SI 52 Corn,
No. 2 m ixed............ f. o. b. nom.
N. Spring, No. 2________
though it is true that the bread ration in Germany is still Red
N o. 2 yellow .......... c . 1. f.
89
winter.
No.
2,
n
e
w
..I
1~
4
5
N o. 3 yellow_____
£5
limited. Potatoes are said to be plentiful. The crop out­ Hard winter, No. 2 ______ I 1 42
Argentina
in
ba
gs..
look in Russia is considered satisfactory. The acreage in the Oats, per bushel, new— ~ Norn
cts
Rye, per bushel—
Balkan States is said to have been increased, and it is added Standard__________
New York------- c. i. f . . . $ 1 07%
N o. 2, white--------------------- Nom!
estern-----------c. i. f . . . ] 06
that the crops there started well. The weather is better in No. 3, white__________
57% M W
a lt
........... ......................90 @ 92c.
N
o.
4,
white--------------------56@57
Italy and the crop outlook is reported fairly satisfactory.
In India beneficial rains have fallen, and the outlook is Winter, low grades___ $4 80@$5FLOUR.
considered good on an increased acreage. Warmer weather Winter patents------------ 6 60© 10680Kansas
straights. sacks.SO 0 0 © 8 6 25
Kansas clears, sacks__ 5 60© 6 25
has latterly increased the movement in our Northwestern Winter straights--------- 6 00© 6 25 City
patents_____
Winter
clears---------------5
65©
6
00
States. Last week, too, the world’s visible supply increased Spring patents............. 6 60© 690Rye Hour ................. 5 4Cf@‘ 5'85
2 ,200,000 bushels against a decrease in the same week last Spring straights----------- 6 40 @ 6 60 Buckwheat flour______
year of 5,900,000 bushels, a difference of over 8,000,000 bush­ Spring clea rs............. 5 90© 625Graham flour------------ 1 4 75’©~5"50
els. So that now the world’s supply has mounted to 253,­
224,000 bushels, or 01,000,000 bushels more than a year ago
0F BREADSTUFFS, PROVISIONS, COT­
and 41,' 00,000 bushels more than at this time in 1914. Yet TON AND PETROLEUM.—The exports of these articles
the fact is unmistakable that prices are higher than they were during the month of November and the eleven months for
last week. Of late there has been further buying of May at the past three years have been as follows;
Chicago for seaboard account. Besides, there has been Exports,
1915.
1914.
steady buying at Winnipeg by exporters. Also, there have from
1913.
U . S.
been reports of liberal export sales of domestic spring and
November, jll Months. November, ill Months. November. 11 M onths.
winter wheat. Some Chicago operators who sold out early Quantities.
in tiie week have latterly taken hold again. The idea is that Wheat, bu 13,499,048192,713,870 19,181,602 144,371,088 3,850,392 93,636,251
Europe has got to buy heavily in this country, even though Flour, bbls 1,254,293] 13,685,110 1,485,024] 10,806,818 1,273,123 11,137,275
supplies in Argentina and Australia are more accessible by Wheat *bu 19,143,366254,296,865 25,864,210193,001,769 9,579,445 143,753,988
reason or lower freights and liberal offerings. To-day prices Corn__ bu 1,483.974 42,804,039 2,121,769, 10,525,404 421,878 43,960,830
advanced-sharply in response to a quick rise in Liverpool, Total bush 29,627,340 297,100,904 27,985,979203,527,173 10.001,323187,714,818
where spot prices were l j -2 to 3d. higher. Europe, it is be­ Values.
3
$
$
'
*
S
:
$
lieved more firmly than ever, must buy heavily in the United Breadstffs
30,492,529 477,423,790 40,232,862 244,449,341
Provisions 18,210,669 226,008.55S 13,776,728116,073,104 10,107,167(180,327,686
States. To-day the export sales were 1,500,000 bushels, Cat.&hogs
11,494,773
126,920,556
37,952} 2,633,401
25,515;
871,091
chiefly hard winter, northern spring and Manitoba.
60,7971 815,031
Cotton__ 31.934,015 381,909,919 31,923,314 294,547.364 103,324,638
493,134,066
ino

D A IL Y CLOSING PRICES OP W HEAT FUTURES IN NOW Y O R K .
..
,,
,
S a t. M o n . T u e s. W ed. T h u r s . F r i .
N o. 2 r e d” .
...........cts--------- 141
141
143
143
145
M ay delivery In elevator--------------135% 136% 139% 1 3 8 % 1 3 7 % 1 4 0 %
D A IL Y CLOSING PRICES OP W HEAT FUTURES IN C H IC A G O .
,
S a t. M o n . T u e s . W ed. T h u r s . F r i
M ay delivery m elevator------- cts.127% 128% 131% 130% 129% 132%
July delivery in elevator-------------- 121
122
124% 123% 122% 125%

Petrol. ,&c. 12,4S0,736 129,045,463
Cot’s’d oil 1,521,965i 22,906,064

9,549,134 128,944,584 11,671,338133,431,721
1,682,487] 12,303,477 1,743,924] 15,902,778

* Includes flour reduced to bushels.

"

——

—

_

• J he statement of tho movement of breadstuffs to market
indicated beiovv^aro prepared by us from figures collected by
Indian corn advanced in spito of rather less encouraging the New York Produce Exchange. The receipts at Western
and river ports for the week ending lats Saturday and
foreign news. As a matter of fact corn prices have been lake
sustained largely by the firmness of wheat and oats. There since Aug. 1 for each of tho last three vears h a v e b e e n *
has beon only a moderate business. The available supply, Receipts at— F lo u r. Wheat.
Oats.
B arley.
Rye.
however, is undoiibtedly a bullish factor. It increased last
.im b s . bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bush ,5616s.
week only 1,373,000 bushels, against an increase in the same Chicago___ b b ls258,000
1.714.000 2,592,000 3,242,000; 1,105,000; 153,000
week last year of 3,615,000 bushols. So that the total avail­ Minneapolis
1.744.000
159,000
451,000; 549,000}
87.000
able stock or American cornis only14,195,000 b u sh e ls against Duluth____
1.355.000
39,000,
69,000
18.000
Milwaukee .
33,000
158,000,
196.000
836.000' 477,000!
28,400,000 last year, and 18,130,000 in ioi4 In L iv fZ o i Toledo____
70,000
153.000
82,000
65,000)
prices have been firm. But on the other hand beneficial Cleveland
Detroit____
7,000
73.000
232.000
142,000!
..
12,000j
24,000,
158,000'
134.000
rains havo fallen in Argentina, and ocean freights there are St. Louis___
50,000!
840.000
202,000!
398.000
58,000,
76.000
easier. Indications too point to a larger crop movement in Peoria__
53,000
43.000
640.000
142.000
4S.000:
16.000
Kansas City.
this country, as cars aro becoming more plentiful. The sen­ Omaha___
1,179,000!
644.000
66,000
532.000
670.000
130.000
timent at Chicago has been generally bearish with a lartre
wk. '16 413.000 7.815.000 5,575,000 5.645.000 2,306.000 420.000
incroaso in tho country offerings. To-day prices advanced Total
Same wk. ’ 15 435.000 5,834,000! 11,S64,000 5.731.000 1,727,000: 423.000
tho ,tally
wk. ’ 14 315.000 4.326.000 5,054,000 4,049,000] 1,473,000} 191.000
grade No. 5 or lower. °YSf
I ho50%
cash ofdemand
was roeetp™there
light. Liver­ Same
Aug. 1—
pool prices on tho spot were 1 to 2d. lower But hit* mi- Since1915-16..
10.066.000 332,404,000 95,910,000 149,472,000 69,546,000 16,226,000
erators at Chicago who sold lately were buying again to-day, 1914-15...
282,779,000 131,255,000 163,732,000 57,335,00014,970,000
10.235.000 192,483,000 113,287,000 123,927,000 57,790,000 9,044,000
apparently owing to tho rise in wheat.
•y ’ 1913-14.. 10.271.000
DAILV CLOSING PRICES OP NO. 2 M IX E D CORN IN N EW Y O R K .
Total roceipts of flour and grain at tho seaboard ports for
tho week ended Jan. 15 1916 follow:
No- 2 y e llo w .........................cts. s i " ' 88@89 89** 89%™ 89% *80 #
DAILV CLOSING PRICES OP CORN FUTURES IN C H IC A G O
M ay delivery In elevator...........cts. 78% ^79%
July delivery in elevator.............
79 8 79%

80^

7 9 % ? 78%’

79%

78%

79%

Oats advanced, partly on a largo export demand. The
salos havo been tho largest seen for months past. Last
I uosday there woro rumors that they had reached 2,500,000
bushels, partly made, however, on the previous day. With­
in tho last few days further largo sales havo been reported.
I herei may have been some exaggeration in those roports,
but this much is clear—tho foreign demand has certainly
increased sharply. Also, the receipts have been compara­
tively small. And they havo told on prices. Moreover,
the domestic demand has increased. Finally, the specula­
tion has broadened. Last Tuesday one firm alone in
Chicago bought 2,000,000 bushels of May. This, according
to somo roports, was against the export business at tho



Receipts at—

7 9 1V

Boston_____
Portland, Me
Philadelphia.
Baltimore__
N’port News.
Norfolk____
Mobile_____
New Orleans*
Galveston__
Montreal___
St. John____

F lo ur.

Wheat.

Corn.

Oats.

Barley.

Rye.

Barrels.

Bushels.

Bushels.

Bushels.

Bushels.

Bushels.

305,000 3,134,000
45,000l
512,000
14.000
257.000
65,000!
842.000
37.000
858.000
58.000
120.000
1,000
7,000
136,000
871.000
400.000
152,000
183.000
5,000
264.000

Total wk. '16
825.000 7.441.000
Since Jan.1'16 1.586.000 14.823.000
Week 1915...
536.000 7.145.000
Since Jan.1’ 15 1.193.000 12.721.000

19,000
4,000

68,000
741,000
23.000
311,000
17.000
8,000
1.191.000
2.290.000
1.173.000
2.878.000

621,000
77,000
328.000
422.000
316.000
672.000

158,000
25,000
327.000
4,000
341.000

1,000
1,000
84,000
158,000

3,000
72,000
68,000
85,000

28,000

2.664.000 883,000
4.728.000 2,298.000
1,775,000' 789,000
2.550.000 1,498,000

244.000
659.000
294.000
688.000

* Receipts do not include grain passing through New Orleans for foreign ports on
hrough bills.of lading, j
^
^

THE CHRONICLE

356

The exports from the several seaboard ports for the week
ending Jan. 15 are shown in the annexed statement:

[Vol . 102.

THE DRY GOODS TRADE

N ew York, Friday N ight, Jan. 21 1916.
Increasing activity and advancing prices have been the
11 . 758
209,642 425,498 59,359 342,992 8,198
New Y o r k ............3,322,023
features in the drygoods trado during the past week. In
’ ---- 14,000
14,000 328,000
327,000
..
Portland, M e ____ 257,000
109,349
51,644
67,546
---------cotton goods departments higher quotations have been
B o s t o n __________ 528,413
43 000
460,000
125,000 50,000
.....................
P h iladelph ia____1,088,000
5191661
38,521 287,856 102,857 63,959
---------------general throughout the list and have not checked the de­
Baltim ore_______ 836,855
1,000
N o rfo lk ...................................
......
mand. In view of conditions in raw material markets and
672,000
N ewport N e w s ..
120,000
---- 58,000
______
______
----­
Pensacola..............
increased cost of operations there is little opposition to the
3.000
M o b i l e . . ___________ ..........
23,000
7,000
6.000
N ew Orleans____ 423,000
32,000 23,000
marking up of prices and buyers are satisfied to cover their
G alveston_______ 466,000
86,000
9,000
85,000
requirements well into the future at prevailing levels. New
St. John, N . B . . . 264,000
............
5,000 _____________________________
8,198
Tntal wpok
7 305 291
715 419 474,512 2,318,998 287,216 851,497
England manufacturers are reported to be experiencing
1,449
W eek 1915-- I I --6,536,773 1,341,397 275,031
825,015 225,319 409,463
difficulty in reaching an adjustment of wage schedules.
The destination of these exports for the week and since Despite the fact that they have generally agreed to a 5 %
July 1 1915 is as below:
increase there is a disposition on the part of several labor
-Corn_______ Flour----------- -------------Wheat------------W
eek
Since
Week
Since
Week
Since
factions to hold out for greater concessions. This not only
Exports for week
Jan. 15
July 1
Jan. 15
July 1
Jan. 15
July 1
and since
1916.
1915.
delays operations but makes it difficult for mills to name
1916.
1915.
1916.
1915.
July 1 to—
b
u
s
h
.
b
u
s
h
.
bbls.
bbls.
bush.
bush.
deliveries on new business. Mills in all sections of the
146,143 1,631,487
..102
,27
8
2,769,211
2,780,267
73,035,387
United K lngdom .
509,595 3,589,787
C o n t i n e n t - ::...:::2 7 5 :5 6 3 2,228,369 4,503,976 101.265,311
country are receiving urgent requests for the prompt ful­
13,044 1,640,249
So. & Cent. Amer.. 35,094 1,439,126
970
2,590,585
44,813 1,586,733
W est Indies.............. 54,967
990,183
38
37,483
filment of contracts and where they are not behind on de­
............
7,858
170
Brit. N or. A m . Cols.
600
34,071
-----­
1,824
16,598
602,564
liveries thoy are asked to advance shipping datos. There
182,187
20,040
Other Countries____ 2,510
474 512 7,643,147 7,305,291 177,531,500
715,419 8,472,714
has been a pronounced improvement in retail sales and
Total 19 14 U 5 I I I I I I 275.0 31 7 ,6 0 3 ,5 3 5 6 ,5 3 6 ,7 7 3 185 ,24 8,1 01 1 ,3 4 1,3 97 9 ,8 7 1,0 41
jobbing distribution with the result that mill stocks have
The world’s shipments of wheat and corn for the week reached a very low level. Manufacturers of colored goods
ending Jan. 15 1916 and since July 1 1915 and 1914 are are in a difficult position. Few are in a position to guaran­
shown in the following:
tee deliveries and several have had to curtail operations
Corn.
to such an extent that their linos aro temporarily withdrawn
Wheal.
1915-16.
| 1914-15.
from the market. Were it not for manufacturing troubles
1915-16.
| 1914-15.
Exports.
the outlook for colored cottons would be the best in several
Since
Since
Week.
Since
Since
W
eek
July 1.
July 1.
Jan. 15.
July 1.
July 1.
Jan. 15.
years. In addition to a steadily increasing export demand
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
a larger domestic field is created by the scarcity and high
9.466.000
9,808,000
N orthA m er* 11499000 260,413,000 246,416,000 483,000
4.813.000
4,386,000 12.074.000
price of linens. A hotter export inquiry' has beon reported
Russia
9.431.000
2.347.000
D an u be____
during the week. It is stated that quite a volume of busi­
4.675.000 2,703,000 116,931,000 96,997,000
376.000 10.046.000
Argentina - ­
8.996.000
2.996.000
ness in shootings could bo done with the Far East if it were
Australia___ 1,136,000
11.668.000 16.752.000
India
not for prohibitive shipping and insurance rates. In­
3,345,000
4.817.000 298,000
7.510.000
376.000
................
quiries are in the market both from China and Keel t>oa
130,084,000
120,707,000
2
9
6
,0
7
7
,000l
3
,4
8
4
,0
0
0
13387000
297,019,000
T otal .
buyers, but manufacturers aro unable to guarantee smpmont or name prices covering the cost of freight ratos at the
* North America.— The Canadian Government has officially prohibited the
issuance of both manifests and exports until after ten days. This Is effective
time shipment is due. Red Sea advices state that supplies
during the continuance o f the war.
aro badly needed owing to the absenco of Austrian and
The quantity of wheat and corn afloat for Europe on dates Italian goods. In normal times Austrian and Italian lines
aro much cheaper than American and as prices havo had
mentioned was as follows
such a rise here and shipping costs are so high, the demand
Corn.
will have to become urgent before contracts aro closed.
Wheat.
D O M E S T IC C O T T O N G O O D S .— Numerous advances
United
United
Total.
have taken placo during the past week on standard lines of
Kingdom. Continent.
Total.
Kingdom. Continent.
cotton goods. Strength is most pronounced in colored
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
17.238.000
goods, with many of the darker shades up nearly a full cent
41.104.000
16.329.000
38.296.000
per yard. Standard prints are strong, being quoted on
Jan. 8 1 9 1 6 ..
26,725,009
36.728.000
Jan. 16 1915-an “ at value” basis. Standard ginghams which last week
s'.b’o b .o o o 14.366.000
Jan. 17 1 9 1 4 .. 16 ,b ob ’,666 16,680,000 33.480.000 5,466,000
were held “ at valuo” are now quoted at 7J^c. Sheetings,
The visible supply of grain, comprising the stocks in gray goods and print cloths aro held on an average of an
granary at principal points of accumulation at lake and eighth cent higher, compared with a week ago. Standard
brown drills have been advancod a l/i a . and eight-ounce
seaboard ports Jan. 15 1916 was as follows:
tickings a J^c. The advances have not hindored buyers
G R A IN ST O C K S.
B
a
r
le
y
,
R
y
e
,
O
a
t
s
,
from placing orders running well into the future. In fact,
Wheat,
Corn,
bush.
bush.
bush.
conservatism
rests mostly with soiling agents, as they are
U
n
ited
S
ta
te
s
—
b
u
lh
'„
2 35 .00 0
98.000
New Y ork........................... 2,629,000 464,000 1,605,000
doubtful of their ability to deliver goods very far ahead
108,000
••
afloat-------------------98,666
'4',666
154.000
Boston
........................
500,000
2,000
102.000 at current prices. They have in mind not only the high
73.000
521.000
Philadelphia........................ 825,000
71,000
cost of dyes as affecting colored goods, but the firmness
931 ,00 0
971,000
490.000
Baltimore__ ____________ 1,272,000 1,104,000
2,000
of the staple. Gray goods, 38-inch standard, aro quoted
Newoort News ____- - - - - - 126,000
— 626.000
130,000
New Orleans....................... 2,482,000
573,000
at 5 c .
Galveston
................... 1,755,000
354,000
W O O L E N G O O D S .— An active fall business is being
Buffalo -I I ......................... 3,651,000
118,000 1.713.000 141.000 794.000
135.000
229.000
277.000
“
afloat________ 9,895,000
-------dono in woolens and worsteds in both dress goods and men’s
3,000
336.000
Toledo
............ 1,274,000
310,000
103.000
346.000
wear departments. Selling agents aro very careful in
Detroit III III.....................
336,000
198,000
161,000
82,000
Chicago - ............- ............ - 6,670,000 3,277,000 6.521.000
accepting businoss and aro warning buyers that deliveries
'*
afloat_________
_____
68,000
174.000
149,000
889.000
will bo entirely dependent upon the ability of manufacturers
Milwaukee_______________ 181,000
38,000
779.000
40.000
380.000
Duluth__________________ 10,833,000
to securo dye-stuffs. It is understood that much business
'*
afloat_________ 758,000
-------472,000
588,666
has been closed on which sellers aro not obliged to make
Minneapolis . . . . . . . ____ 14,273,000
59,000 3,386",666
46,000
7,000
592.000
St iT u is ..:....................... 2,307,000
343,000
deliveries unless thoy aro in a position to produce the goods.
41.000
837.000
Kansas City_____ - ______ 8,545,000 3,310,000
416.000
Broadcloths havo become so heavily sold that it is now
Peoria
—————
—— . . . . . .
300,000
485.000
Indianapolis_____________
212,000
379,000
difficult to make further bookings of these, particularly
22,000
Omaha...... ......................... 7,373,000
924,000 1,251,000 107,000
_______ ___________
in dark plain colors. Now heavy weight lines of men’s wear
Total Jan 15 1916......... 69,897,00011,892,000 21,065,000 2,638,000 3,949,000
aro being opened up slowly as many mills aro holding back
Total Jan' 8 1916.........69,826,00010,495,000 20,703,000 2,864,000 4.132,000
in naming fall prices. A good demand is roported, winch
Total Jan. 16 1915......... 66,337,00025,842,000 32,167,000 1.187,000 4,769,000
Total Jan. 17 1914.........62,491,000 15.2S0.000 25,235,000 2,261,000 5,147,000 is expected to push prices to higher lovols.
Later dupli­
Ar0te —Bonded grain not included above: Wheat, 1,995,000 bushels at New York,
cating orders for spring fabrics aro still coming to hand on
368 000 Baltimore, 387,000 Philadelphia, 772,000 Boston, 273,000 Duluth, 3,352,000
Buffalo 10 548,000 Buffalo afloat; total, 17,695,000 bushels, against 3,308,000 both dress goods and men’s wear but thero is little stock
bushels in 1915 Oats: 477,000 bushels at Buffalo, 863,000 New York, 40,000 Bos­ from which to meet the demand.
ton 14 000 Philadelphia, 40,000 Duluth: total, 1,434,000 bushels, against 286,000
F O R E IG N D R Y G O O D S .— Thero is little change in the
In 1915-’ and barley, 1,000 bushels at Philadelphia, 68,000 Buffalo, 1,000 New York,
39,000 Duluth; total, 109,000, against 172,000 in 1915.
linen goods situation excopt for a growing scarcity ot im­
Canada—
ported lines. Prices are tending higher and thero is no
23,000
64,000
8,000 1,888,000
M o n tre a l__________________ 1,446,000
7.395.000
telling what levels tho better grades of linens will reach it
F t. William & P t. A rthur..20,637,000
824,000
“
afloat___________ 1,447,000
the scarcity continues. Importers and jobbers are having
5.917.000
Other C a n ad ian ___________ 6,539,000
difficulty in filling their presont contracts so far as deliveries
64.000
23.000
8.000 16,024,000
Total Jan. 151916...........30,069,000
are concerned and are not giving much attention to now
23.000
54.000
8.000 15,781,000
Total Jan.
81916........... 28,772,000
302.000
13.000
business. Buyers who havo goods which aro long ovorduo
117,000 6,562,000
Total Jan. 161915______ 14,394,000
464.000
24.000
19,000 17,157,000
Total Jan. 171914...........26,046,000
aro urging prompt shipments and as soon as goods arrive
from abroad they are distributed for immediate consumption.
American*^
____ 69,897,000 11,892,000 21,065,000 2,638,000 3,949,000
Business in substitute linos is steadily expanding ami such
Canadian I I I I I I I I ............... 30,069,000
8,000 16,024,000
23,000
64,000
goods are generally proving to be satisfactory. Burlaps
Total Jan
151916
99,966,000 11,900,000 27,089,000 2,661,000 4,013,000
aro fairly active, with the undertone firm. Lightwoights
Total Jan
81916
...9 8 ,5 9 8 ,0 0 0 10,503,000 36,484,000 2,887,000 4,186,000
Total Jan
161 9 1 5 _____ 80,731,000 25,959,000 38,693,000 1,200,000 5,071,000
aro quoted at 7.25c. and heavyweights at 11.30c.
Total Jan
171914............88,537,000 15,299,000 42,392,000 2,285,000 5,611,000
Exports from—

Wheat.
bushels.




Corn,
bushels,

Flour,
barrels.

Oats,
Rye, Barley,
Peas,
bushels, bushels,bushels, bushels.

J an 22 1916.]

THE CHRONICLE
P age.

6 T7ITE a n d

C it y

j) £ f A f m y r £ N T .

N am e.

36 l..G regory County, So. Dak.

R a te.

- 4/4
. 5
- 4/4

M U N IC IP A L BOND SA LES I N DECEMBER.
W e present herewith our detailed list of the municipal bond
issues put out during the month of December, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month’s sales was given on page 171 of
the “ Chronicle” of Jan. 8. Since then several belated D e­
cember returns have been received, changing the total for
the month to 833,042,105. The amount of permanent bond
sales for the entire year now stands at $492,578,199. The
number of municipalities issuing bonds in December was
348 and the number of separate issues 470.

357

36i_.Harrison, Ark.

.
_
3)

6
5
4/4
4/4

- 6
85. . Hopkinsville K y .
2 0 8 9 ..Hughes Coui _ .
268..H um boldt, Kan

- 4/4

1945
1917-1933
al921
1935
1916-1938
1945
01921
al919
1925
1931
1940

- 4/4

268-.Jackson, Miss

M a t u r it y .

- 6

al921
1917-1921
01921
1928
1917-1922

A m o u n t.

$12,000
15,000
1,500
18,000
9,400
5,000
65,000
22,000
26,400
16.400
1,200
7,500
7,500
75,000
100,000
100,000
10,000
8,000
50,355
5,500
50,000
28,127
36,000
250,000
3,000
11,863
25.000
75.000
6,800
50.000
100,000
14.000
2,000
20.000
12,646
225,0001
250,000/
55.000
8,000
16.340
27,869
6.500
130.000
35.000
7.500
16.000
10,000
4,346
31,871
100.000
2,000
24.000
7.000
4.000
100,000
95.000

P ric e .

104.233
100.20
102.212
102.52
104.87
102.329
xlOO
100.666
105.16
100.666
103.17
102.577
103.925
102.375
101.045
103.572
100

. 5
1946
111.319
a 1922
101.683
BOND SALES.
268-.Jasper County, Ind. (2 issues). _
100
2161 ..Jefferson County, N. Y ____ 4 14
P a ge.
N am e.
R a te.
M a t u r it y .
A m o u n t.
P r ic e .
a 1930
105.208
2161 ..Jefferson County, N . Y ____ ■4 14
4H
a 1925
-- 5>4 dl921-1936
$15,000 1/100.50
103.389
8 5 .-Johnson County, Ind_________. 4*4
4 14
360-.Agosta Sch. Dist., Ohio.
2 8 .5 0 0
al921
102.264
01928
400,000 102.168 2089--Johnstown, Pa______________ 4/4' ' dl920-1935
-- 4 y2
102.25
2089--Johnstown, P a____________
01926
4/4
1935
125,000 103.79
-- 4/4
104.20
2161-.JudithGap, M ont. (2 issues)
6
dl925-1935
.. 6
1936
10,000 ylOO
98
6
al928
.. 5
1936
35,000 100.25
107.352
4%
360.
1926
- 5
1916-1935
25,000
100
ft
- 5
1945
200,000 106.375
100
1935
01929
.. 5
40,000 106.395 2089.-Kansas City, M o. (2 issues). 11 4
102.669
1935
■ 4/4
01925
22,000 102.465
-- 414
5
dl926-1946
1933
25,000 102.85
-- 414
514
1944
50,000 104.23
- 414
102.31-2
4*4
45,000 104.14
1943
-- 414
2161. . Knoxville,
5
1920
30,000 104.18
1944
- 414
ToT.492
4/4
al922
1944
64,000 104.23
100
-- 414
6
1916
100,000 104.29
1945
102.473
-- 414
_
2161..Lake
Worth,
Fla.
(2
issues)_
6
al932
135,000
1945
104.29
100.291
- 414
4 .3 5 _________
29,941 103.479
01926
- 414
100.016
4/4
al921
01949
50,000 102.18
. 4
103.171
2161
..Lawrence
C
o.,
Ind.
2087.-Aurora Twp., Ohio_________ . 5
4/4
01921
1,000 100
102.175
6
2087-_Austlntown Twp. S. D ., Ohi< ). 5
1925
01925
4,000 103.925
100
2159.. Barberton, Ohio
6
__
_ . 5
1925
01921
10,000 102.80
100.25
8
5
..
Lexington,
Ivy.
20S7--Barnesville Vil. S. D .. Ohio.. . 5
ft
01929
01918
2,400 101.083
106.49
86. .
Lisbon, Ol
2159--Bartlesville, Okla. (3 issues). - 514 dl925-1940
ft
1926
50,000 104.164
102.25
2159__Bedford, Ohio (4 issues)____ . 5
5
4,165 100.24
dl920-1955
100
2159.-Bedford Sch. Dist., Ohio___ - 5
01919
5
5,000
1935
108.314
174.-Lodi, W is.
2159--Bellaire, O h io _____________ - 6
01922
4,354 105.742
266__BelIefontaine, Ohio_________ - 5
5
10,000 100
dl926-1956
lb b '.3 6'
01921
7,687 101.256
4
al926
102.581
. 4
8 6 . -Magnetic Springs Vil. S. D .,
1917-1936
50,000 103.73
O h io _____________________ 5.95 1922-1924
- 414
01921
9,560 102.107
2,600 102.50
1995-.Bergen County, N. J_
Mahoning County, Ohio (2 5
is.)
- 414
76,000 101.837 2162. .
10.000 101.65
174. .
Mansfield, Ohio________ 5
1920
80,000 101.767
01921
110,000
173..B ig Creek Dr. Dist., Miss
- 6
8
6
.
-Maricopa
H.
S.
D
.,
Calif_____
1917-1935
6
25.000
1916-1930
15.000 104.666
2087.-B ig Stone Co. S. D. No. 24
2 1 6 2 ..
Marion Sch. City, Ind__ 4
1918-1939
147,500 102.055
2162.-Marshall C o., Ind. (3 iss.)___ 4 /4
1930
10,000 103.45
a 1926
11,722 102.738
1 7 4 ..
M art, Texas___________ 5
01925
30,000 100
dl936-1956
18.000 100
1 7 3 ..Bolivar Spec. R. D ., M ol
269-.M edford, Mass___ _________ 4
25,000 101.232
r.OOO xlOO
1916-1920
1997_.Media,
Pa
______
4/4
- 6
1935
al938
47,000 105.09
5,000 2/101.94
8 6 --Menominee, M ich_____________4/4
1935
285.000 102.124
35,000
174-.M iam i, Fla. (3 issues)________ 5
- 5
450.000 101.63
80,000
91.75
174. .M iam i County, Ind__________ 5
1920
1.983 100.756
1 7 4 ..
Miami County, Ohio (2 issues) 5
1941
9.500
100,000 108.32
a 1928
. 4
4,900 lOfUji"
1917-1935
190,000 104.421 2090--Miamisburg, Ohio___________ 5
2 6 6 ..
Buckner, 111
8 6 -.M iddleport, O h io___________ 5
a 1922
3.500 101.67
. 5
4,000
2 6 6 ..
Buffalo, N. 1
2162-.M ilford , Conn_______________4/4 __________
114,200 103.329
1940
57,5001x100
266.Buffalo, N. Y ....... . . . I 4
2162-.M ingo Rural S. D ., Ohio_____5/4
al927
20,000 104.875
1916-1935
66,600/
8 4 ..
Butler Tw p., O h io_____ 5
2090--M in nesota___________________ 4
191S
al918
75.000 100.05
20,500 101.02
2087.-Butte, M o n t _________________ 5
1921-1922
1920-1935
725,000 g 100.068 2090 ..M in n e s o ta __________________ 414
50.000 102.20
173.. Caldwell Sch. Dist., K a n ___ 4/4
2 6 9 .-Minnesota (23 issues)________ 4
1930
50,000 101.312
71,900 100
2 6 7 .. Calodonia, O h io ____________ 6
8 6 . -Monongalia C o., W . Va__________
al921
3,000 103.533
300,000 101.601
1995.-Cambridge, Mass___________4
269. .
Montana (9 issues)_____ 6
al921
50.000 102.17
9,500 100
2 6 7 .-Canal Winchester, Ohio_____ 5
a 1925
12.000 102.844 2090-.M ontville, N. J ______________ 5
1945
14,500 102
8 4 .-Canton, Ohio________________ 414
1925
32,100 102.163 2090--Morehead City, No. Caro____5 / 4
1945
16.000
100.218
8 4 ..
Canton, Ohio_________5
174-.M organ County, Ind________ 4 14
1921
28,800 103.787
a 1922
2,900 101.62
84 Canton, Ohio_______________ 5
3 6 3 ._Mt. Olivo Sch. Dist., 111..
1921
13,500 103.658
20,000
101
267.Centerburg, Ohio (2 issues)_____ 5
3 6 3 ..
M t. Vernon, 111.,...
5'
23,550 101.436
* "a 1 9 2 1 "
30.000 103.20
26 7--Centerville, U tah___________ ____
8 6 --M uncie Sch. City, Ind_______ 5
15,000
1916
35.000 101.642
2160--Central Sch. Dist., Cal_______ ____
8 6 - -Musselshell Co. S. D. N o. 13,
2 0 ,0 0 0
102.625
1995.-Champaign C o., Ohio________ 5 U
M o n t ____________________ 6
al918
1,056 1 0 0
d l920 -19 30
1.000
267--Charleroi Sch. Dist., Pa_____ 4 U 1944-1946
174--Musselshell Co. S. D . No. 44,
26,000
1 7 3 .. Chehalis, Wash.............. ..........5
M ont______________________ 6
59,680 101.512
<11919-1922
1,200 100
2087-Chester Sch. Twp., Ind________
4 /4
174.-Musselshell Co. S. D . No. 49,
10,000 1/102.70
19 95..
Chicago, 111 ................. ........................................
M o n t _____________________ 6
1919-1935 1 ,41 2 1 , 0 0 0 1 0 0
d l926 -19 36
3.000 100
1995--Chicago Sanitary Dist., Ill____ 4
2162-.Nashua, N. H _______________ 4
01926
2 ,0 0 0 ,0 0 0
99.78
1935
76.000 103.65
173.-Clarksville, Tenn____________ 5
270-.Nebraska (3 issues)_____________
dl926-1936
30,000 101.753
24,800
8 4 .-Clear Creek Twp. S. D ., Ohio. 514
01919
000-_Neosha Sch. Dist., M o_______ 6
2 ,2 0 0
d T 926-l936
101.136
48.000 1 0 8 ” '
267--Cleveland, Ohio_______________ 414 1917-1946
2162-.Newark, N. J ________________ 414
150,000 10 0
1945
500.000 107.573
2 6 7 .. Cleveland, Ohio____________... 414
1917-1941
2090--New Boston, Ohio____________ 5
75,000
1931
2.000 102.10
8 4 ..
Coal Grove, Ohio______5
1925
2090-.New Brighton S. D ., Pa______ 4/4
1 ,0 0 0
1916-1945
10 0 .10
150.000 102.935
2160-.Cohoes, N. Y .............................414
01926
49,328 103.388 2090-.New Orleans, La_____________ 5
1918-1927 1,334,000 100.382
360-.Coleridge, Neb________________ 5
dl920-1935
1 0 ,0 0 0
5
al933
10 0
25,000
173-.Columbia, So. Car. (2 issues).. 4 14
500,000 104.111
157,000 102.991
) 4/4
Various
5,000)
(4
- 4/4 1916-1935
85,000 100
36 0.-Columbus, Ohio_____________ 15
do
3
5,000 xlOO
1936
112,500 xlOO
do
1414
8 6 . -Niagara Falls,
ft
1917
102,500
8,000 100.125
8 4 .-Covington, K y ______________ 414
al931
363-.N orfolk, N eb.
6
165.000 102.70
dl920-1935
15,000 101.664
173.-Crittenden Co. Dr. Dist. No. 7,
, 6
dl916-1925
27.128
101.10
514 1921-1941
A r k ...............
. 4
270.
193,000
20,400 100
98.52
2160-.Crowley, La_________________ 5
1916-1931
4
al919
35,000
12,000 101.77
267-_Cuba, N. Y . ............................. 5
1917-1919
175.-North Platte, N eb.
ft
3,000 1 0 0
1921-1926
12,000 101.05
360--Cygnot, Ohio_________________ 5
1997,-North Vernon, Ind.
6
5,000 10 0
3,000 100.033
267--Danube, Minn________________ 5
1930
. ft
2,500 10 0
6.768
2160-.Darien, Conn_________________ 414
01917
4/4
a
1929
30,000
45,000
103.07
100.968
2088-D ecaturC o., Ind. (2 issues)_____ 414
01922
4*4 1916-1925
13,280 101.615
7,500 101.716
1995.-DeiawaroCo., Ohio___________ 5
01921
9S)_.
4/4
52,400 10 2 .6 8
72,600 101.597
1995-.Dolawaro County, Ohio______ 5
01918
17,000 101.385 2162--Oimstead Twp. R. S . £>.,Ohio- 5
1917-1946
65.000 1/103.71
2088--Delaware County, Ind________ 414
01922
11.800 1 0 2 . 1 1
1935
4k
100,000 104.633
2088,-Dorm ont, I’ a _________________ 414
1935
ft
1918-1936
30,000
275,000
100
361..
Durham County, No.
Caro_______
4 J£
270_.Ottawa,
5
1916-1925
11,500 100.25
ro—
.................
225,000
1995_.Egg Harbor City,’ N. Jt_______
5
1916-1925
.............-__.....................—
5,500 103.30
6,000 100.25
85--EFdora Ind. S. D ., Iowa______5
8 6 - -Painesvillo, Ohio (9 issues)__ 5
93,000 104.732
74,500
2160,-Erle, Pa. (2 issues)..................... 414 <11935^1945
150.000 103.893 2091-.Palmyra Twp. S. £>., Ohio___ 5
1917-1937
30,000 103.13
2160,-Essex County, Mass-------------- 4
al921
2162--Peapack-Gladstone, N. J ____ 5
al934
50.000 103.03
55,000 105.60
al917
8 5 .-Essex County, Mass-------------- 4
a 1922
10.000
6,000 102.766
ft/4
R160--Essex County, N. J ----------------4/4
19 4 6
4
1946
5,360,000 102.3
127.000 ■
106.193
267--Essox County, N. J----------------4
19 2 7
270--Pinellas Pk. Dr. Dist., Fla__ 6
al935
108,000
20.000 xlOO
95
-------------361.-Evanston, 111---------------------------4/4 / 01934
2,500,000 102.59
9.000 100
21 60.-Farwell, M ich______________ 5
_____
11917-1921
500,000 xlOO
4,800 102.104
2088-.Fonton (T .), N. Y __________ 5
a l9 2 T "
36 3.-Pittsfield, Mass. (2 issues).
5
4.500 101.82
3,027
361__Fentross County, Tenn--------- 5
1956
01928
34,000 102.737
150.000 100
4/4
173..
Florence, Ala__________ 5
1935
6
1935
210.000
3,500 100.285
2160.. Floyd County, Ind__________ 4/4 __________
ft
16.000 102.107
dl925-1935
400,000
99.975
2088..
Floyd County, Ind______ 4/4 ---------------6
1926
/75,000 106.27
13,200 102.007
3 6 1 ..
Forreston Sch. Dist., Ill________ ___________ 20,000
___________
122,429 xlOO
97
2088-.Fort Meade, Fla. (2 issues)__ 5 ft
_______
01922
4/4
33.000
13,580 101.875
85—Fortuna High S. D ., Calif___ 5 5
al921
ft
1935
49,9221 103.828
24.000 104.166
5
1916-1925
5
01918
1.750 100
26,917/
5X
270--Rector Water & Sewer Dist.,
1945
10,000
5
Ark. (2 issues)____________ 6
56,000 100
71,500 103.141
2 1 6 1 ..Garfield Sch. D.T n . J _ " '
5
1917-1939
01935
90,000 106.637
31,234 106.124 2091,-R ed Bluff Un. H. S. D ., Cal__ ft
5
87--R cdw ood City Gram. S. D .,
1954
18,000 100
5
C a lif_________ ____________ 5/4
1945
01924
100,000 104.201
48.000 105.439
al928
87 --Richfield Twp. S. D ., O h io ... 5
5/4
40,000 103.56
350,000 105.742
175.-Richland Co. S. D. N o. 5,
a 1924
4/4
15,000 101.34
5 0 8 9 ..Greenville, Miss'
5
M ont_____________________ 6
'dl920-1925
5,000 101.14
65,000 1/102.238
2 1 6 3 ..Ripley Sch. Dist., Ohio______ ft
5
(21930-1935
dl936-1956
2,500 102.08
25,000
361--Gregory County, So. D a k " " 5
175.-River Forest Park D ., Ill_____ 4/4 1917-1936
1935
30,000
80,000




P age.

[Vol. 102

THE CHRONICLE

358
N am e.

R a te .

M a t u r it y .

A m o u n t.

P r ic e .

P age.

N am e.

R ate

M a t u r it y .

A m o u n t.

P r ic e .

2159-.Big Horn Co. S. D . N o. 7,
W yo. (Sept.)--------------------- 6
1930
$1,300
8 4 .-Birmingham, Ala. (Sept.)____5)4 dl917-1925
54,500 100
2087-.Blanco County. Tex--------------5
dl925-1955
97.25
30.000
173-.Bliss Highway Dist., Ida.(July) 6
_________
30.000
173_-Bradgate Cons. Ind. S. D ., la . 5
35.000 10Tl9l
360--Branch Twp., M ich_________ 5
10.000
al921
2087_Bratenahl, Ohio______________ 5
39,918 100.284
al926
360_.Breen Tp. S. D .,M ich . (July). 6
4.000 100
1917-1924
2087_Brevard County, Fla________ 6
150,000 104
01931
2087--Bridgewater Twp., M inn_____5
_____ 3.000
1916-1918
360--Brockton, Mass_____________ 4
11,700 zlOO
2159-Brown Twp. S. D ., Ohio (July) 5
35.000 100
173.-Burley H. S. D ., Ida. (O ct.)-- 6
75.000
______
dl925-1935
2160-Caddo, Okla. (Aug.)____ 6
20.000 100
267-_Calvert Count /, M d. (June).. 6
25.000 108.31
267.-Cambridge, Mass. (M arch ).. 4
65.000 100.4045
1916-1935
2087--Chouteau Co. Sch. Dist. No.
100
28, M ont_________________ 6
5,000
<11930-1945
95.25
25,000
6
1925
4)4 1916-1932
17,0001 zlOO
4)4 1926-1935
10,000/
267 - -Cold water,
5
26,000 101.927
1930-1940
5
10,000
1925
Various
{4)4
53,500 zlOO
15
do
do
16,000
36 0.-Columbus, Ohio (Feb.) —
do
do
14)4
34,000
do
do
1,000
l
5
do
360--Columbus, Ohio (March).
(4)4
do
60,500
15
do
do
1,000
do
do
88,500
(4)4
do
do
\5
1,000
do
do
268,000
4)4
do
do
189,500
(4)4
do
do
5
6,500
do
do
4)4
278,000
do
do
u
10,000
360--Columbus,
do
15
do
750
do
(5
do
9,000
do
do
14)4
236,000
do
do
360--Columbus,
259,500
(4)4
do
do
1,500
5
do
do
10,000
4
do
5
do
750
360do
do
234,500
4)4
do
do
259,500
4)4
125,000 102.94
1955
5
2088--Corsicana, Tex. (3 issues) —
173--Crittenden Co. D . D. No. 2,
470.000 100
1935
Ark. (A u g .)_______________6
100.000
1921-1937
2088--Dado County, Fla----------------- 6
25,000
al931
361.-East Tawas, Mich. (O ct.)------5
3,791 100
1918-1926
2088--East View, Ohio------------------- 6
13,591 100
361 ..E a s t View, Ohio (4 iss., June). 6
20.000 1/101.887
' 0 1 9 3 9 ''
361-.E dgecom beC o.,N o.C ar.(July) 5
11.000 100
<11940-1955
2088. -Elgin, T e x __________________ 5
2088--Elk Point Ind. Consol. Sch.
10,000
1930
Dist., Iowa________________ 5)4
4,400
361__Everett, Mass. (F eb.)________4)4 1916-1919
5.000
1916-1920
361--Everett, Mass. (M arcn)____ 4)4
2.000
3 6 1 .-Everett, Mass. (Aug.)________ 4)4 1916-1919
5,000
361.Everett, Mass.
(Aug.)_4)41916-1920
85--Fallon Co. S. D. No. 7. Mont.
1,000 100
(Aug.) . . . . ---------------------- 6 6
<11919-1930
5,000 102.1
2088--Fltchvillo Tw p., Ohio (Sept.). 5)4
al922
al931
225,000 1 0 0 .:
2088--Floyd County, Ga____________ 4)4
173-.F o r t Atkinson Ind. S. D .,
5,000
Iowa (F eb.)_______________5 5
17,500 1 0 0
<11930-1935
2161-.Fromberg, M ont. (Sept.)_____6 6
2161--Gallatin Co. S. D. No. 15,
1,000 1 0 0
<11923-1925
M ont_____________________ 6 6
12,000 100.1
2 0 8 5 ..
Gaston Sch. D ., Oro. (J u ly6).. d 1925-1935
10,000 10 0
5)4 1917-1935
2161-.Germania, Iowa (Aug.)______ 5)4
20,000 10 0
2089.
-Gilbert, La_____________5 5
133,500
1945
268--Greenville, S. C. (3 iss., June). 5
"
173.
-Greenwood Co. S. D. N o. 18,
28,000 t/102.1
1935
So. Caro__________________ 5 5
12,000
1916-1925
3 6 2 ..
Hazard, K y ___________ 6 6
1920,'25&“ 10 20,000
268-.Heavener, Okla. (O ct.)--------- 6 6
23,022
268.Hendricks C o., Ind. (3 issues)
4)4
4)4
250,000
1945
8 5 .-Hernando C o., Fla. (M ar.)— 5
1,120 100
26 8.-Howard County, Ind. (J u ly ).. 4)4
12,700 1 0 1 .:
2 0 8 9 ..
Hudson, N. Y. (Sept.)____ 4)4 1927-1928
120,000 t/100
1 7 4 ..
1.asca County, Minn. (O c5t .).. 1921-1935
5,000
1927
6
2 1 6 1 ..
Jacksonville, No. Caro. (Oct.)
7,500
<11925-1935
1 7 4 ..
Kanosh, Utah (M ay)__ 6 6
150.000 1 0 0
<11925-1955
2101-_K aufm anCo.,Tex. (M ay)------5
19,500
4)4 1923-1935
3 6 2 ..
Kewaunee, Wis. (2 issues)----------4)4
10,400 1 0 0 .
al921
2089. .Knox County, Ind------------------- 5
105,000
1919-1955
8 5 ..
Lafourche Parish, La---- 5
32,700
362__Lake Village, Ark. (2 issues).. 5)4 1917-1933
7.200
1916-1920
2 1 6 1 ..
Lansing, Mich. (Sept.)------ 5
8 5 ..
Latah Co. S. D . No. 35, Idaho
1917-1919
1,500
(Aug.)-------------------------------6 6
1916-1935
40,000 zlOO
36 2.-Lawrence, Mass. (M arch)------4 4
1916-1935
zlOO
4
362.Lawrenco, Mass. (Juno)---------------------------- 30,000
- 4
1916-1920
12,000 ZlOO
362. .
Lawrence, Mass. (O ct.)-4 4
1916-1935
40,000 zlOO
362.-Lawrence, Mass. (Aug.)------- 4‘
48,000
4^
al937
269-Leonia S. D ., N. J. (July)--------Total bond sales for December 1915 (348 munici­
3,000
2090.
-Letcher County, K y ------ 6
palities, covering 470 separate issues)----------------.iuo
2161--Linn Co. Sch. D. No. 32, Ore.
2,500 100
( O c t .)__________________ ' 7 J 1916-1918
a Average date o f maturity, d Subject to call in and ^ te r th e ^ rlie r
<11925-1955
15,500
362.-Livingston, Tex. (Aug.)...........5 5
year and mature in the later year, k N ot including $11,138,996 of^em
25,000
6
174..
Lynn Haven, Fla. (Sept.)----------61946
porary loans reported, and which do not belong in the list, z laken by
2090. .
Marion Co. Com. S. D. No. 7,
sinking fund as an investment, y And other considerations.
' 5
28,000 100
<11930-1945
T e x a s ______________________5
174.
-Mathews T w p., N o. Caro.
REVISED TOTALS FOR PREVIOUS MONTHS.
' 5
50,000
(June).............................
5 1955
The following items, included in our totals for previous 36 29,400
_McBain, Mich. ( O c t .)..-5- — - 1930-1938
5
a 1932
2 6 9 - -Mecklenburg C o., Va. (July). 5
30,000
months, should be eliminated from the same. We give the 2 6 9 - -M edford, Mass. ( S e p t .)--- --. 4
6,000 zlOO
1916-1920
1,900 100
edford, Mass. (2 iss. Sept.). 4
1916-1920
page number of the issue of our paper in which the roasons 269--M
269--M edford, Mass. (4 issu es)-.-- 4
10,700 100.
1916-1925
8 6 --MIU 0 Lacs Co. S. D. No. 13.
for these eliminations may be found:
25,000 101.
1930
M inn______________- - - - - - ! 5)4
P age.
N am e.
.
A fa n 'n n n
350,000 100.
174.-Mississippi C o., Ark. (O ct.). . 5)4
2 6 6 --Bandon, Ore. (2 t e ., N ov. list) - - ......................................... fn o ’nnn
_________
25,665 100
269_Montana (18 Issues, July) — . 6
3 6 0 - -Blount County, Tenn. (April list)--------- ------------------------- 100.000
28,040 100
269--M ontana (17 issues, August). 6
3 6 0 .-Clinton, 111. (October list)....................................................... 15,500
21,980 100
269.
-Montana (17 issues. S e p t.)... 6
36 0.-Columbus, Ohio (April list)-------------------------------------------- 'lO.oOO
11,600 100
269--Montana (10 issues, October). 6
8 5 .-D over, N . J. (October l i s t ) - - - - - - .............- .......................... 20,000
8,550 100
6
269-Montana
(8
Issues)-----6
3 5 9 ..Fort Benton, Mont. (January list) ....................................... 17.000 2 0 9 0 . -Montgomery C o.. Tex. (Aug.) 5)4
75.000
2 0 8 8 ..Franklin County, Ala (October list)- - - - - - - - - - - - - ............. 20,000
10.000 100
270.
-M oore C o., No. Caro. (June).
6
601923
85 Jackson School Township, Ind. (November l i s t ) .................
5.3J0
12,000
270-Mullins S. D ., So. Car. (Aug.)
6
6 1935
174 Mississippi County, Ark. (October list)----------------------------- 325,000
10,000
363-NatchitochesParish,La. (July)
1916-1935
5
5
2 0 9 1 --N iland School Dist., Calif. (May list).....................................
15,000
186.000 107.16
4)4 <11935-1955
15,0001 100.10
01934
6
We have also learned of the following a d d itio n a l sales for
5,000]
ol930
6
10,000 101
1926
2701-North Adams, Mass. (Sept.j. 4
previous months:
3,500
100
1916-1925
2
7
0
.
-North
Adams,
Mass.
(August)
4
A m o u n t.
P r ic e
M a t u r it y .
P age.
N am e.
R ate.
16,800 100
4
38.000
1917-1945
3 6 0 - -Acadia Parish Dr Dist., L a .. 5
10,000 100
1916-1925
4)4
$17,500
360--Ahmeek, M ich- - - - - - -------------5.000 106.16
1927
6
12.000 100
2 6 6 --Albany, Calif. (April)-----------5
2 0 9 1 - -Okanogan Co. S. D. N o. 44,
150.000
172 Alexander County, No. C a ro .. 5
2.000 100
1916-1925
Wash.
(Sept.)____________
5
100
150.000
1916-1945
2 1 5 9 --Allen Parish, La. (O ct.)--------- 5
4.000
01924
2091-.Olive Sch. Dist., Calif________ 6
52.000 zlOO
1945
360_Atlants, Ga. (Sept.)....................4)4
35.000 100
1925-1933
5
3
6
3
--Oskaloosa,
Iowa____________
15.000
100.888
1935
8 4 - -Atwood, Kan------------------------ 5
20.000
3
6
3
,-O
xford
Sch.
Dist.,
Pa________
78.000
100.75
19161924
2 1 5 9 - -Aurora, Minn. (Aug.)------------ 6
80,000
1920-1926
6
360--Back Swamp & Jacob Swamp
30.000
270. . Perry, N. Y . (October)______
15.000
1925
Drainage Dist., N o. C a ro .. 6
<11918-1935
20.000
6
2
0
9
1
--Phllippo,
W
.
Va.
(Aug.)--------12.000 101
1945
2 0 8 7 --Baconton, Ga. (2 issues).........6
13,600 100.551 2 1 0 2 --Pim a Co. S. D. No. 8, Ariz.
1930
2087.-Bagley, Minn. (Sept.)-----------6
1935
3.000 101
6
5,000
100
19171926
2087--Becker, M in n -------------- - - - - - 9
1916-1945 300,000 100
270 .Pittsburgh, Pa. (January)------4 4)4
)4 1916-1945
2.248 100
2159_Bedford, Ohio (Aug.) (2 Iss.). 5
4)4 ---------------363.-Pittsfield, Mass. (July)--------- 4)4
6,500
12,532
1919-1935
3 6 0 - -Belknap Dr D ., 111. (O ct.)------6
25,500
3 6 3 ..Pittsfield, Mass. (2 iss., Aug.)
10,000
2087--Berwyn, 111--------------------------5

2 1 6 3 ..
Rockford, Ohio (4 Issues)__5
• ol924
322,963 100.705
175.-Roseau County, M inn________ 6
1922-1936 335,000
2 0 9 1 ..
5t. John Levee & Drainage
_______
D ist., M o _________________ 6
1918-1935
150,000
2092..
5t. Joseph, M o ____________4)4 <11920-1935
85,000 101.147
2092-.St. Joseph C o., Ind. (3 ssues). 4)4
al921
56,000 102.172
2092..
5t. Joseph S. D ., M o. (^issues) 4)4
350,000 103.12
400.000 107.42
1945
19 98..
5t. Paul, M inn__________ 4 )4
6,710
--------271 ..Salem , Ore__________________ 6
120.0001 103.333
1916-1945
2 1 6 3 .. 5alem, Mass_____ ,•----------------- 4
20,000)
1916-1955
1163..
5alem, Mass____________ 4
75,000]
1916-1945
2163.-Salem, Mass--------------------------4
200,000 100
176..
5alisbury, No. Caro. (3 issues) 5 1956
20,000 106.285
al927
8 7 ..
5an Bruno Park S. D ., C a lif.. 5J4
5,500 100.181
1917
1 9 9 8 ..
5andusky, Ohio-------------- 4 )4
6,000
al920
2 7 1 ..
5andusky County, Ohio-5
103.88
100,000
8 7 ..
5an Leandro S. £>., Calif------------- 5
96.50
150,000
dl930rl956
176--Santa Cruz C o., Ariz------------ 5
26,200 zlOO
1 7 6 .. 5chenectady, N . Y . (3 issues). 4
45,000
103.135
"
a
l
9
2
8
"
2092.-Scioto Twp. Rural S. D ., Ohio 5
75.000 100.01
1921-1925
2163..
5eattle, W a sh ---------------- 5
80,871 100
271 ..Seattle, Wash. (6 issues)---------6
100
15.000
_
1919-1928
.
19 98..
5econd Creek Dr. D ., N o.C ar. 6
_______
Z61.000
------- 4U
2092..
5heboygan, W isyl01.35
al920
"30.000
"
1998.-Sheffield Sch. T w p., Ind-------- 4)4
9,400 102.297
al922
8 7 ..
5helby County, I n d ......................
4)4
9,000
1917-1925
3 6 4 ..
510cum Dr. Dist., Ill-------6
25.000 102.54
1935
87. .
50uth Bend, I n d .------ -4
45.000 101.736
al929
1998.-South Bend Sch. City, I n d . . . . 4
2092 .South San Joaquin Irr. Dist.,
80.75’
50.000
C a lif_____________________ 5
65.000 106.041
1919-1935
1 7 6 ..
5parta Twp. S. D ., Ill---5
7,000 102.071
1916-1922
2092.-Springfield, Ohio------- ----------- 5
4,340 100.51
1916-1925
209211Springfield, Ohio
- ----- 5
45,480
271 Steuben County, Ind. (4 iss.)_ 4 )4
10.000
a
1922
-------onq 000 101.42
1 7 6 . -Stevens; Point, W is----------------4)4
2163..Stone Harbor, N . J .
.......................... ............
, o ’^nn
2 1 6 3 -.Stone Harbor S . D . . N . J ------- . . .
-------------i n ’ono
30.000
—
20921 ISullivan County, Ind...............4)4
20.000
zlOO
1945
271..Sum m it, N . J ......... ....................4)4
------ 100
"T a com a!
Wash!'(8~
27,781
2 7 1 --Tacom
a, Wash.
(8 issues)------6
issues)------b
--------1 9 9 9 ..T a te County, Miss----------------5
dl920-1940
1,500 101.12
<*1921
2092 .Taylor Sch. Dist.. Ind-----------4)4
10,000 102.35
1999--Tennant Sch. D ., Iowa---------5
1935
1,200 109
364--Teton Co. S. D. N o. 48, M ont- 6
<11923-1930
49.000
364 .-T ex as----------------------------------5 & 5 )4
----108.112
40.000
8 8 --T iffin, Ohio.......... - .......... ........5
al934
_____
8,800 102.068
2092--Tippecanoe C o., Ind-------------- 4)4
al922
262,800 106.789
4)4 ____I ____
2093--Trenton, N. J. (5 issues).
58,200 102.534
2093.-T r o y , Ohio (7 issues)------------ 5
1,300 100.846
1908--Twin Township, Ohio------------ 5)4
7,500 102.48
al922
2163--Union City, Ind_______________ 4)4
12,330
1 9 0 8 --UnionC ounty, Ohio (2 issues). 5
28,857 103.67
al927
2163--Union Township, N. J -----------5
1,000 100
dl925-1935
88--Valley Co. S. D . N o. 18,M ont. 6
9,000 101.766
1908--Vanderburgh C o., Ind-------------4)4
4,100 101
2163--Vestal, N. Y --------------------------5
2 1 6 3 . -Wacousta Twp. Consol. S. D .,
1922-1936
45,000 103.457
I o w a _____________________ 5
3 6 4 -. Waha Tammany Highway
50.000 j/103.274
al930
Dist., Idaho---------------------- 6
8,000
______
dl931-1936
272 Wakonda, So. Dak----------------5
1925
272-Walter, Okla----------- ---------------- ---------------5 7,500
15.000 103.60
2 7 3 - -W altz School T w p., I n d .-- -_ 4)4
21.500
1917-1927
2093 Wapakoneta, Ohio (2 issues).. 5
15.000 105.87
2 1 6 3 ..
Wappinger’s Falls, N . Y
— 5 1920-1934
15,760 101.748
2093.
-Warren Co., Ind. (3 issues)
4)401921
177..W arroad Ind. S. D . N o. 12,
12,000 100
1930
M inn------------------- - - ----------j?
20,000 104.91
01926
177.-Washington C. H ., Ohio------- 5
10,500 102.90
01921
177.-Washington C. H .,O h io ..........5
5,800 102.56
01921
177 .W ashingtonC. H ., O h io .;------5
100.502
35.000
2093-Washington, Ind------ ---- 4 . .
300.000
1945
2 1 6 3 ..
Waterbury, Conn
-4)4
102.844
625.000
1908_Watervliet, N . Y . (2 issues)— 4 )415,600 100.276
"a 1924
1 9 0 8 --W eedsport, N . Y --------------------- 4.45
18.000 105.85
1936
2094-Wesson, M iss---------------- 0
14.000 101.94
01919
2094. -W estfield, M a s s -----..... 4
80.000 102.389
a 1920
2163 Westchester County, N. Y — 4)4
101.51
15,000
2 1 6 4 -.W est Orange, N . J ----------------4J4 dl920-1930
35,000 1/102.55
01928
8 9 .-Wheaton, 111_________________ 4)4
"
100,000 100.77
1955
2 0 0 0 . -W ildwood, N . J ---------------------5
140.000 107.35
01942
2 0 9 4 . -Wilkes-Barre, P a ----------------- 4)4
150.000 103.583
01945
8 9 . -Wilmington S. D ., Dela--------- 4)4
50.000 100.52
01921
89-.W inn Parish, La------------------- 5
70.000
01923
2000-.W inthrop, Mass-------------- . . . 4
2 0 0 0 - -Withrow’s Creek Dr. D ., No.
1919- 1928 23.000 100
C a r o _____________________ 6
6,500 100
dl935-1949
2094,-Woodsdale, W . Y a__________ 5
15,519
89-_Wooster, Ohio (4 Issues)--------- 5
3,000
<11916-1935
366--Wormleysburg, Pa----------------5
11,116
01922
89 -W orth Co. Dr. D . N o. 19, Ia._ 6
17.000 1/102.088
2164-.W right County, Minn. (4 iss.) 5
15.000 103.110
1916-1925
2 1 6 4 . -W yandot County, Ohio--------- 5
550,000 100
19201945
2 0 9 4 . .W yom ing County, W . V a — 5
2,500 100-42
01917
366 Zane Twp. Sch. Dist., O h io.. 5)4




P age.

N am e.

R a te. M a t u r it y .

A m o u n t.

P r ic e .

2091-. Pinellas Co. Spec. Sch. Tax
$12,000,
Dist. No. 10, F l a . . . ............. - 6
1940
103
2091-. Pinellas Co. Spec. Sch. Tax
5.000
Dist. No. 11, Fla____________ 6
1935
5,550
363.. Pittsfield, Mass. (O ct.)----------- 4 lA --------------10,000
363.. Pittsfield, Mass------- ------------ j ' A , - - - - - - - - 17.000
d 1920-1955
2091.. Port Lavaca, Tex-------------- ■-- 5
20.000 100
1916-1935
175­ Postvillo, Iowa (Jan.)__________ 5
14.000 100
270­ Quarryville Sch. Dist., P a - - - - 4 A -------------2091­ Ramsey County Sch. Dist. No.
1.000 100
17, Minn. (O ct.)_____- - - - - 5
1925
10.000
1945
363. Randleman Twp., N. C. (Oct.) 6
40.000
Redwood
County,
M
inn----------4H
1921
1925
2091­
97
20.000
1945
270. Rehoboth Beach, Del. (Sept.). 6
4,000 103.25
1925
2091. Rice County, Minn. (O ct.)— 5
1501000
xlOO
A
1923-1925
363. Richmond, Va. (July)-----------4 X
11.000 101.363
1951
270­ Ridgefield, Wash------------------- 6
15.000
— ----- 175. Riverside, Iowa (J ly )-------------5,500 100
1922
175. .RockFalls, 111. (Sept.)- - - - - 5
5,750 104.156
....... ..........
363.. Rockford S. D ., Calif. (April). 6
Rosebud
Co.
S.
D
.
N
o.
36,
176­
1,300 100
Mont. (Sept.)____________6
dl923-1925
4,033 100
1917-1920
363 _ Roseville Sch. Dist., Ohio---- 5
11,000
100
al927
2091. Rouseville, Pa. (O ct