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B ank

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C L U

D I N

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Q u o ta tio n
(V

S e c t io n

R a ilw a y &

E a r n in g s

S e c t io n

B an k ers*

R a ilw a y

I n d u s t r ia l S e c t io n

C o n v e n tio n

S e c t io n

' ,

C to tiit X e .

,

C le a r in g s at —

PUBLISHED WEEKLY.

T e r m s o f S u b s c r ip tio n — P a y a b le

in Advance^

.$ 1 0
6
13
7
£2
£1
.$ ii

F or One Year .......................................................
F or S is M onths......................................................
European Subscription (including postage)..
European Subscription sis months (including postage)----An nu al Subscription in London (including p ostage)..........
Six Months Subscription in London (including postage).
Canadian Subscription (including postage)
— • ........

T w o Mouths
) Til

00
00
00
50
14s.
1 1 S.
50

(' times) . . . . . 2.2 0 0
. .

C T w . l.v e.M o.n t h . (52 7times)
e
. s .8 0 0
S o u t h L a Salle Street, T e l e p h o n e R a n d o l p h 7396.
E d w a r d s Smith, D r a p e r s ’
Gardens, E.

C le a r in g s — R e tu r n s b y T e le g r a p h .
W e e k e n d in g J a n . 29.

P er
C e n t.

1916.

Total all cities, five days.......... .......

All cities, one day...................... ...........

82,161,01/,171
144,267,562
163,234,484
35,318,835
307,530,273
77,122,408
23,010,202

$1,385,038,083
109,581,592
121,455,667
26.724,503
244,587,464
64,363,700
19,443,549

+ 56.0
+ 31.7
+ 34.4
+ 32.2
+25.7
+ 19.8
+ 18.3

82,911,500,935
665,918,204

Philadelphia......... .......... ...........................

1915.

$1,971,194,558
51’ ,484,718

+ 47.7
+ 30.2

83,577,419,139
675,442,273

82,482,679,276
492,050,727

+44.1
+ 37.3

Total all cities for week................. . . ^ $4,252,861,412 J_ 82,974.730,003 J_ + 43.0
T he full details for the week covered b y the above will bo given next
Saturday. AVo cannot furnish them to-d ay , clearings being m ade up b y the
clearing houses at noon on Saturday, and hence in the above the last day
o f tho week has to bo in all cases estim ated, as we go to press Friday night.
W o present below detailed figures for tho week ending with Saturday
______
noon, January 22, for four years:______
W e e k e n d in g J a n .

22.

C le a r in g s at —

1916.

M o n tc la ir ............
T o t a l M id d le .

N e w H a v e n ..........
S p r in g fi e ld ..........
P o r t la n d ...............
W o r c e s t e r _______
F all R i v e r .......... ..
N ew B e d f o r d ___
H o ly o k e — ..........
L o w e l l ................. ..
B a n g o r....................

1915.

I n c . or
D ec.

1914.

1913.

$
S
S
8
%
2,764.636,369 1,698.84S,970 + 02.7 2,196,779,696 1,972,294,710
222,527,047 150,965,140 + 47.4 108,330,683 160,091,019
59,032 ,S06
53,436,877
49,730,582 + 26.8
63,048,732
41,595,918
36,819,318
33,156,925 + 27.7
42,358,210
12,023,627
11,169,414
+ 7.3
13,464,003
12,543,981
6,115,381
6,902,764
0,193,041 — 10.7
5.530.S65
7,543,251
7,644,200
7,565,833 + 14.5
8,604,566
4,682,077
4,807,200
4,102,583 + 31.4
5,389,820
3,308,446
3,221,368
2,991,669
4,695,501 — 36.3
2,769,552
2,535,484 + 27.4
2,442,971
3,228,091
1,508,395 + 47.0
1,710,948
2,217,900
1,602,305
1,611,084 + 53.7
2,476,722
1,776,862
1,681,357
+ 1.9
1,789,126
1,637,670
1,823,787
1,597,548
1,693,846 + 44.3
2,443,045
2,043,910
2,122,140
2,100,770
1,681,937 +24.9
1,795,944
1,569,999
998,700
896,998 + 11.4
846,103
878,502
1,150,026
1,074,348
893,108 + 20.3
1,034,323
541,015 + 99.2
1,078,647
632,788
654,540
718,000
660,300
648,700 + 10.8
649,400
540,000 + 14.0
600,000
618.678
612,050
603,248 — 1.2
637,651
595,718
608,070
1,205,224 + 37.9
637,651
1,744,543
1,479,756
403,850
442,037 — 17.0
307,543
392,902
3,150.097,791 1,984,453,364
218,182,097
10,362,200
6,752,905
4,525,241
3,715,132
2,400,000
3,440,622
1,701,851
1,520,384
1.009,595
1,145,259
480,976

142,615,265
7,528,400
5,535,381
3,531,843
2,642,390
1,891,521
2,488,655
1,103,751
991,455
833,455
765,428
383,669

+ 58.7 2,507,186,753 2,284,051,749
+
+
+
+
+
+
+
+
+
+
+
+

53.0
37.6
22.0
28.1
40.6
26.9
34.2
54.2
54.0
2 1 .1
49.7
25.4

164,445,320
8, 30,200
5,245,866
3,930,855
2,754,604
1,974,921
2,544,337
1.422,021
1,181,316
647,450
754,649
564,778

174,419,754
9,307,000
4,727,778
3,123,640
3,102.860
1,803,593
2,563,291
1,127,061
1,008,304
704,387
492,070
538,643

Total New Eng. 255,242,862 170,311,213 + 49.9 194,196,317 202,918,387
N o t e .— 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 elearings are being materially reduced.




C it y

S e c t io n

N O . 2640
W e e k e n d in g J a n . 2 2 .

S
356,897,157
33,589,700
37,848,000
38,556,769
18,034,608
10,150,000
7,466,000
8,202,850
3,900,000
3,816,065
3,173,191
1,770,419
1,213,437
-1,703,146
1,297,700
975,365
3,177,000
977,529
773,735
2,259,076
933,343
1,005,205
712,901
669,067
664,574
650,000
322,591
405,212
659,614
866,040
455,178
219,869
................
Adrian
102,467
Tot. Mid .West. 543,44S,468

■ T h e following table, m a d e u p b y telegraph, &c., indicates that the total
b a n k clearings of all the clearing houses or the Un i t e d States for the w e e k
ending to-day h a v e b een $4,252,861,412 against $4,541,072,660 last w e e k
a n d $2,974,730,003 tho corresponding w e e k last year.

E rie ................... ..

and

__________________ .______________________
|I n c . or
1916.
1915.
\ D ec. j
1914.

Chicago________
Cincinnati..........
Cleveland______
D e tro it___ . .
Milwaukee____
Indianapolis___
Columbus_ __
_
T oledo_________
S u b s c r ip tio n in c lu d e s fo llo w in g S u p p lem en ts—
P eoria___
__
B ' n s a n d Q uotation ' ( monthly) I BAii.tra y a n d I n d u s t r ia l (3 times yearly) ( Grand Rapids__
■
Electric r a il w a y (3 tim es yearly)
Dayton
_____
R a il w a y i : iuvings (monthly) '
Evansville___
STATE and CITY (sumi-auKualiy) B a n k e r s ’ C on v e n tio n (yearly)
Springfield, 111._
Terms of Advertising— Per inch Space
Youngstown___
Transient matter per inch space (11 agate lin es)...................................... $4 2 0 Fort W ayne___
h spar
Lexington______
( T\v
_____ , Three Months (13 tim es)............................ 29 00 A k ro n _________
.
Standing L umiu . . Cards
v
s ix Months
(20 tim es).............................. 50 00 Rockford_______
South Bend____
C an ton ________
Chicago O ffice—39
Quincy_________
L ondon o ffice —
&
1
C.
Springfield, O —
Bloomington___
W I L L I A M B . I> A N A C O M P A N Y , P u b lis h e r s ,
Mansfield______
F r o n t , 1’ lu e a n d O c p e y s t e r S t s ., N e w Y o r k .
Decatur________
Jackson ________
Published every Saturday morning by WILLIAM B. DANA COMPANY, Jacksonville, 111.
acob Seibert Jr., President und Treasurer: George S. Dana and Arnold O. Dana, D anville_______
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all. Office of the Company.
L im a ........ .........
Lansing________
CLEARING-HOUSE RETURN S.
Owensboro____

N ew Y o r k .............
P h ila d e lp h ia ____
P ittsb u rg h _______
B a lt i m o r e .............
B u f f a l o _________
A lb a n y . ________
W a sh in gton . . .
R o c h e s t e r _______
Scran ton . ---------S y r a c u s e ...............
R e a d in g .................
W ilm in g to n -------W ilk es-B a rre —

S ta te

S A T U R D A Y ^ J A N U A R Y _ 2 9 '1916

V O L 7 102

■

E le c t r ic R a ilw a y S e c t io n

S
1 %
310,198,470 + 15.2
26,764,200 + 25.5
24,160,3G3 + 56.7
23,276,237 -j-65.6
16,655,595
+ 8.2
8,486,477 + 19.0
6,419,900 + 16.3
7,190,640 + 14.1
3,118,997 + 25.0
3,224,012 + 18.4
2,016,788 + 57.4
1,102,206 + 60.0
1,251,273 — 3.0
1,224,614 + 39.1
1,299,410 —O.l
+ 1.4
962,459
2,065,000 + 53.8
826,882 + 18.3
555,028 + 39.3
1,567,322 + 44.2
8S6.823
+ 5.3
879,314 + 14.3
731,770 — 25.7
496,381 + 34.9
39S.152 + 66.8
524,230 + 24.0
230,658 + 40.0
398,061
+ 1.8
407,750 + 61 .S
529,648 + 63.6
+ 0.4
453,531
181,047 + 21.4
55,602 + 84.3
44S.538.840 + 21.2

!

1913.

S
S
326,170,674 314,686,409
32,448,800 ; 28,976,S50
26,039,115 ' 25,459,761
2S.448.682 1 25.172.816
16.659.010:
15.238.029
7,561,036
8,756,913
7,590,900
6,232,200
6,817,836
6,281,328
3,540,014
3,383,820
3,425,531
3,481,077
2,712,083
2,467,922
1,276,514
1,032,781
1,256,097
1,015,204
1,447,742
1,644,071
1,273,432
1,285,606
1,199,956
1,509,699
1,793,000
2,371,000
950,720
996,352
640,885
655,289
1,457,561
1,311,449
687,724
934,955
887,772
797,548
625,853
547,996
494,931
492,347
561,940
485,502
544,376
523,100
239,237
366,625
451,461
481,886
470,962
542,142
536,476
582,496
565,022
396,516
157,046
165,110
49,124
115,163
458,170,016
479,228,428

San Francisco__
Los Angeles____
Seattle- ............
Portland_______
Spokane
—
Salt Lake C ity ..
Tacoma________
Oakland________
Sacramento____
San Diego_____
Stockton _______
1 resno_________
'
Pasadena_______
San Jose________
North Yakima..
R e n o _________
Long Beach .•
___
Total Pacific..

55,504,828
22,186,0S0
12,453,404
9,057,783
4,108,132
8,233,575
1,841,270
3,849,262
2,254,916
1,617,891
2,304,414
1,050,021
934,198
•579,019
350,000
285,597
416,715
127,627,105

47,831,333
20,772,2S8
11,110,OSO
10,500,000
3,471,239
5,732,720
1,745,438
3,380,443
1,919,256
2,270,410
903,352
913,040
863,467
700,000
303,544
302,723
494,115
113,213,448

+ 16.0
+ 6.8
+ 12.1
— 8.0
+ 18.4
+ 43.6
+ 5.5
+ 13.9
+ 17.5
— 28.8
+ 155.1
+ 15.0
+ 8.2
— 17.3
+ 15.5
— 5.6
— 15.8
+ 12.7

46,247,892
24,294,037
10,806,936
11,123,691
4,296,046
6,260,731
2,052,293
3,400,629
1,868,151
2,572,479
815,485
833,658
997,206
606,956
375,000
248,738

48,205,366
24,464,185
10,359,279
10,294,072
3,627,907
6,419,590
2,462,121
3,535,912
1,665,521
3,011,533
S72.228
998,157
1,041,335
650,000
345,044
225,339

116,799,928

118,1777589

Kansas City___
Minneapolis___
Omaha_________
St. Paul________
D en ver........ —
St. Joseph______
Duluth_________
Des Moines____
Sioux City..........
Wichita________
Lincoln________
D avenport____
T op ek a ________
Cedar Rapids__
Colorado Springs
Pueblo_________
Fargo__________
Frem ont_______
Waterloo_______
Helena........ .......
Billings ..............
Hastings_______
Aberdeen_______
Tot. oth. West.

83,045,044
*26,396,849
21,678,509
16,104,947
11,696,201
10,178,729
4,873,675
5,513,657
3,400,000
4,453,952
2,636,122
1,736,473
1,717,649
1,432,267
748,494
439,660
2,157,607
448,392
2,322,024
1,113,431
502,641
220,931
807,707
203,684,961

77,095,166
28,177,270
17,507,348
11,402,851
7,788,740
9,001,292
4,455,617
4,595,560
3,085,000
3,915,309
2,077,500
1,219,306
1,546,013
1,530,490
568,878
631,645
1,244,008
522,593
1,470,615
1.134,163
400,655
176,720
45.,636
180,004,375

+ 7.7
— 6.3
+ 22.7
+ 41.2
+ 50.2
+ 13.1
+ 9.4
+ 20.2
+ 10.2
+ 13.7
+ 26.9
+ 42.4
+ 1LL
—6.4
+ 31.7
— 30.4
+ 73.4
— 14.1
+ 57.9
— 1.8
+ 40.4
+ 24.9
+ 6.5
+ 13.1

58,118,691
22,408,341
18,015,130
10,738,376
8,653,298
8,983,703
3,452,359
5,093,369
3,281,460
3,513,657
1,9S5,497
1,606,733
1,674,606
1,832,083
622,404
727,397
449,73S
395,876
1,310,906
959,475
478,776
140,141
270,215
154,712,231

58,541,191
24,635,493
17,685,139
9,001,293
9,527,268
7,985,859
4,391,014
4,424,014
2,844,167
3,460,896
1,582,662
1,540,419
1,643,980
1,486,915
576,187
745,653
383,455
293,874
1,458,211
798,695
496,271
196,147
313,962
154,012,765

St. Louis_______
New Orleans___
Louisville______

103,011.567
24,577,568
18,234,398
9,832,331
4,650,000
15.644,340
9,040,700
8,868,705
15,997,310
5,396,566
8,184,129
4,109,048
2,880,847.
2,101,283
2,785,288
3,000,000
2,230,493
1,050,730
2,021,049
2,517,984
3,148,052
3,0S0,825
3,800,000
269,974
620,S04
2,80.8,092
1,469,390

83,883,914
20,960,235
13,529,221
9,167,917
4,513,202
8,764,630
8,072,304
9,846,089
13,570,880
5,434,534
6,132,200
4,112,856
2,594,527
1,875,899
2,219,187
2,400,000
1,801,580
950,000
2,455,932
1,820,106
2,865,700
2,925,641
2,338,892
249,497
736,434
1,458,680
789,594

+ 28.6
+ 17.3
+ 34.8
+ 7.3
+ 3.0
+ 78.8
+ 12.0
— 9.9
+ 17.9
—0.7
+ 33.5
—0.9
+ 11.0
+ 12.0
+ 25.5
+ 25.0
+ 23.8
+ 10.6
— 17.7
+ 18.5
+ 9.9
+ 5.3
+ 62.5
+ 8.2
— 15.8
+ 92.6
+ 86.1

88,332,832
23,301,129
16,357,916
11,827,385
3,598,000
S,554,345
9,693,909
8,893,423
16,807,159
5,309,335
8,403,460
4,398,241
3,537,305
2,190,452
2,670,048
3,241,610
1,892,202
1,566,911
2,427,124
2,574,780
2,402,177
4,293,805
1,864,711
331,456
497,962
1,672,736
984,933

85,013,910
23,122,251
16,344,239

Galveston--------Richmond______
M em phis..........
Fort Worth------Atlanta ..............
Savannah --------Nashville............
N orfolk________
Birmingham___
Augusta________
Little Rock........
Jacksonville-----K noxville--------M o b ile .............
Chattanooga----Charleston____
Oklahoma..........
M acon........ .......
Austin-------------Vicksburg --------Jackson ________
Tulsa.............. .
Muskogee---------

3,994,500
8,351,634
9,709,711
8.404,905
14,413,557
5,074,983
7.612,032
3,962,212
4,595,795
2,364,902
2,255,353
3,238,984
1,581,376
1,529,383
2,609,564
2,025,966
1,836,119
3,524,402
3,230,611
355,382
382,993
855,417
777,813

Total Southern 260,971,473 215,469,663 + 2 1 .1 237,675,346 217,168,589
Total all.......... 4,541,072,660 3,1117990,903 +45.9 3,6S9,749,0b3 3.434,499,100
outside N. V 1 ,771-1,i:m,2"l T il T1 iT '.m
7 1.492.06<i:307 1.46:1.204.334

THE CHRONICLE

368

[Vol. 102.

what a dividend check looks like. Many of the engi­
neers are higher paid than bank presidents in the
The lot of the railroad manager seems always beset smaller communities through which they run.”
with difficulties. During the last three months There is fear that the employees in the event that
there has been a sudden and wonderful expansion their demands are not speedily complied with will
in the revenues of the roads, the increases as com­ resort to a general tie-up of the railroads.
It is our view that there is full ground for solicitude
pared with the low totals of the previous year being
of really phenomenal proportions. For the month in that respect. There is a national law which pro­
of November as indicated by our special compila­ vides the machinery for the settlement of wage dis­
tions given last week the gain in gross earnings was putes by arbitration, but we recall that in April last
$66,000,000, or over 27%, and the gain in net earn­ year in the case of the demands of the locomotive
ings $50,000,000, or over 73%. This suggested engineers and firemen on Western roads for increased
pleasing reflections. At last the long-oppressed pay, where an arbitration board had been appointed
rail carriers were getting on Easy Street— so it to pass upon the demands, the award proved un­
seemed. And the whole land was to feel the benefi­ satisfactory to the men and the two representatives
cial effects. With earnings so very much larger, the of labor declined to sign the award. What is more,
railroads would have correspondingly more to spend they announced that they would never again agree
and with their credit improved as a result of these to refer any of their demands to one of these arbi­
better earnings they would find it easier to borrow tration boards. So the outlook does not look alto­
money and obtain new capital and thus be able to gether bright for a peacable settlement of the con­
plan for extension work and improvements in ac­ troversy to be precipitated on this new issue, though
cordance with the country’s needs and on a scale of course it is always possible that public sentiment
may force the recalcitrant labor leaders to their senses
not previously possible for many a long day.
This apparently bright picture is already being at the last moment, as has happened so many times
obscured. Announcement has come that a country­ in the past.
What is, however, in the highest degree disturb­
wide demand for an eight hour day and a further
increase in wages is to be made by certain classes of ing—nay, alarming—is that on this occasion the
employees. A statement put out on behalf of the demand for increased pay is not to be confined to
Eastern roads and which we print in full on a subse­ any one section of the country or any single group
quent page, tells us that “engineers, firemen, con­ of roads, but is to embrace the whole railroad sys­
ductors and train men, from Maine to California, on tem of the country. The employees are pooling
every mile of railroad in the country, are now voting their issues. They are entering into a huge combi­
authority to their leaders to bargain with the roads nation with a view to coercing the roads into com­
for more pay. The result of the vote will be known plying with their demands. By thus combining,
in March and if it is favorable, as the leaders con­ they expect that railroad managers can more readily
fidently expect, a simultaneous demand will be made be brought to terms than would otherwise be the
on all the roads to adopt the new rates.” Should case. The threat of tying up every railroad in the
the movement succeed, that is, should the 400,000 country from one end to the other they think will be
men in the train service force the carriers to grant the sufficient to make the managers yield, no matter
.
higher scale of wages “millions of dollars will be how extreme their demands.
Unfortunately, too, railroad executives are making
added to the railroad payrolls.”
As to the general merits of these perennial demands not the slightest effort to resist this movement at an
of railroad employees for increased wages, the sta­ all-embracing demand from which no railroad in the
tistics tell an interesting tale. The railroad pay­ country would be exempt. Instead of protesting
roll, so the statement reads, now approaches $1,500,­ against this move of the labor unions in forming a
000,000 a year for the great army of nearly 1,800,000 gigantic combination— an illegal and forbidden com­
men. The 1910 pay-roll was $1,140,000,000 for bination—they are getting ready to form a combina­
1,700,000 men; for the same number of men in 1914 tion of their own. The papers yesterday morning
the pay-roll was $1,400,000,000, or a quarter of a reported that a plan was under consideration to
billion dollars more because of wage increases. The organize a General Conference Committee of Rail­
proportion of the gross receipts of the railroads paid way Managers in the United States to enter into
out in wages is steadily rising. Out of every dollar negotiations with representatives of the four brother­
now received by the roads for carrying freight and hoods on the proposed demands. The attitude of
passengers, the employees get 45 cents. In the last the managers is incomprehensible, for they are thus
few years the employees’ share of the total receipts playing directly into the hands of the labor leaders.
has risen from 40 to 45%. While the employees get We are told that the plan has “the endorsement
45 cents out of every dollar of gross earnings, the of labor officials.” Of course it has. They are
shareholders on the other hand receive less than 2%. laughing in their sleeves over the probable success
In other words, for every dollar paid the stockholders of their scheme.
Up to a very few years ago it was the practice, in
$25 is paid the employees.
As for the particular class of employees that is matters of wages and conditions of labor, for each
making the demand on this occasion, they are the railroad to deal with its own employees. Each large
“ aristocrats of the rail.” Wages earned by the men system would take up the question as a separate
on the trains vary all the way from $800 a year paid proposition, the New York Central, say, for itself,
the “green” brakeman to the $2,500 to $4,000 a year the Lackawanna for itself and the Lehigh Valley for
piled up by the engineers on the best passenger runs. itself. Moreover, the demands were not made
The managers in their statement add: “ Thousands simultaneously on all the roads in any group or
of the men at the throttle earn upwards of $2,000 a territory. The Central might have a demand to-day
year, and monthly pay checks of $200 to $250 are or this year and the Erie or the Lackawanna not
common on roads whose stockholders have forgotten until next month or next year. Each, too, would
THE FIN A N C IA L SITUATION.




•an. 29 1916.]
J

THE CHRONICLE

369

consider the proposition upon its own merits, irre­
embracing different classes of employees who are
spective of the situation on other roads. Under this
going to work together towards the same end and
method, in the case of a strike, public inconvenience
they are all going to extend their operations so as to
was reduced to a minimum. One line or system
cover the entire country from ocean to ocean and
might be tied up, but competing lines would still
fiom the Canadian frontier to the Mexican border.
remain open.
If ever there was a combination in conflict with the
Then the labor unions conceived the idea of mak­
law, this is one. Yet railroad managers instead of
ing collective demands in each given territory.
invoking the law against the offenders are proposing
They reasoned that by threatening to bring railway
to fall in with the idea. They are thus conniving
transportation to a standstill on all the lines in the
at a violation of the law and they will themselves
territory involved, they would have an effective
be guilty of violating the law if they act in conjunc­
weapon for enforcing their demands. They reck­
tion with the managers of other roads or those
oned wisely. Their assumption was not at fault.
in other sections of the country for the purpose
Strange to say, the carriers did not oppose the move.
of taking collective action for dealing with the
It was suggested to the officials of the roads that by men.
grouping all the roads together in a certain territory,
Do these managers propose to fall victims to
uniformity in pay and in standards and grades of
the snares and wiles of the labor leaders? D o they
work would be brought about, and they fell into the
actually intend to help these leaders to carry out
trap. Since then the labor unions have had pretty
their nefarious schemes in defiance of the law? D o
much their own way. About once every eighteen
the managers mean to abdicate their functions and
months a new demand for wage increases is made and
leave the labor leaders in undisputed control? D o
some increase is invariably granted, either by direct they intend to make abject surrender? D o they not
action or through arbitration. Almost any demanc
owe a duty to the public as well as to the roads, and
is acceded to rather than risk having all railway
does not that duty require that they shall not pla­
transportation brought to a complete standstill over
cidly permit the carrying-out of unlawful designs on
a huge territory.
the part of these railway labor organizations which
We have more than once pointed out that for labor
w ould put this country in the same helpless situation
unions to combine in this way for the purpose of
as regards railway transportation facilities as is
forcing up the price of labor is a violation of the
to-day the experience of Great Britain, where the
Anti-Trust Law, albeit a violation that it seems safe
railway labor organizations recently threatened to
enough to incur in view of the fact that no Govern­
tie up all the railways of the Kingdom if a measure
ment official is to be found fearless enough to under­
which was not to their liking should be
take the prosecution of the labor unions guilty of the
allowed to become a law— this at a time when their
offense. Such combinations we believe are still a country is engaged with a powerful foe in a struggle
violation of the Anti-Trust Law, notwithstanding the for existence in one of the greatest wars of all history.
amendment of last year intended to relieve labor
Railroad officials cannot afford to encourage vio­
unions of liability in that respect. But it is equaly
lation of the law. They cannot afford to violate the
a violation of the Anti-Trust Law for the managers
law themselves. They should firmly decline to deal
of one road to join together with the managers of
collectively with a joint demand from four different
other roads for the purpose of fixing prices of labor or
labor unions made simultaneously upon all the rail­
of forcing employees to be contented with their
roads of the country. They should insist that
present rates of pay. The law demands free and
obedience to the law is a prerequisite to the consider­
unrestricted competition between one system and
ation of wage propositions of any kind. Instead of
another system in all respects. Combination and
planning a huge combination of their own, these
monopoly are alike forbidden. Yet both sides
managers should insist on getting back to first prin­
have been proceeding undeterred and have ignored
ciples. They should refuse to treat with the unions
the provisions of the statute.
except on condition that each large system be allowed
The matter, however, becomes grave and serious
to take up the wage question for itself, reach its own
now that an attempt is to be made to carry the
conclusions as to the best way of deciding the issue
movement a step further and combine all the roads in
irrespective of and uninfluenced by the course that
the country so that the roads of the East will be
other roads may pursue. There is no reason in the
joined with those of the South, the West and the
world why the Union Pacific or the Southern Pacific
Pacific Coast with a view to enforcing higher rates of
or the Atchison should consult with or be influenced
pay. That is plainly not in the interest of the public
by the course that the Lehigh Valley or the Erie
and is in conflict with the anti-trust law. The
officials may take. In the Southwest nearly all the
danger it threatens should not be minimized. Are
roads are in receivers’ hands. The list includes the
railroad managers justified in allowing the move­
Missouri Pacific, the Rock Island, the St. Louis &
ment to pioceed and in doing nothing to avert the
San Francisco, the Missouri Kansas & Texas. Why
serious consequences threatened ?
should these roads be placed on the same plane, in
It is time for plain speaking. Railroad managers
the consideration of wage questions, with the Penn­
are certainly not unaware of the serious import of the
sylvania and New York Central, simply because it hap­
movement. For we find them saying (in the state­
pens to suit the plans of the labor leaders to make the
ment already referred to): “ This is the first country­
preposterous suggestion? Have railroad officials lost
wide demand by railroad workers for more wages.
their stamina, their self assertiveness, and their power
The battleground for bigger pay checks has never
of independent thinking and independent action?
before extended beyond the boundaries of one section
of the country— the East, the West, or the South—
The British Parliament was prorogued on Thurs­
and even in these territorial struggles the four brother­ day. The next session will be opened by the King
hoods have never made joint demands.” Thus it is
on Feb. 15. The Compulsory Military Service bill
plain that there are four distinct labor organizations and the “ Trading with the Enemy” Act received the




370

THE CHRONICLE

Royal assent, as also did the new law providing for
“ dilution” of labor by the scattering of unskilled
labor in munition plants. The “ Trading with the
Enemy” Act empowers the Board of Trade to dis­
continue any businesses of foreign connections within
Great Britain, doing business either within Great
Britain or abroad, judged to be inimical to the inter­
ests of Great Britain and her Allies and in favor of
the enemy. The “ dilution of labor Act permits the
Government to remove skilled union workers from
the less difficult tasks in the manufacture of supplies
essential to the carrying out of the war and replace
them with “ unskilled labor.” The Parliamentary
session, which began N ov. 11 1914, thus continuing
through fourteen months of war, has witnessed
repeated Ministerial crises, all of which have been
surmounted. The prorogation speech of the King
was read by Baron Buckmaster of Cheddingdon, the
Lord High Chancellor, in the House of Lords be­
fore the assembled members of both Houses. The
King declared that the war must continue until vic­
tory is won. The speech was a short one. It
follows:
My Lords and Gentlemen: — F or eighteen m on th s m y n av y
and a rm y have been engaged in concert w ith brave and stead­
fa st allies, in defending our com m on liberties and the public
law of E urope against unprovoked encroachm ents b y the
en e m y .
I am sustained b y the determ ination of m y people
a t hom e and overseas to carry our flag to a final and decisive

[Vol. 102.

being done. We are unable to do more than attempt
to stop all goods entering or leaving Germany, and
that is being done.
.
We are applying the doctrine of continuous voyage.
We quite agree that we want common action with
our Allies, and that is what we had with France when
the Order-in-Council was issued.
I would say to neutrals that we cannot abandon
our rights of interference with enemy trade and
cannot exercise that right without considerable in­
convenience to their trade. They must answer the
one main question:
“ D o they admit our right to apply to the full the
principles applied by the American Government in
the Civil War according to the order of conditions
and to do our best to prevent trade reaching the
enemy through neutrals?”
,
If they answer “ Yes,” as they are bound in fair­
ness to do, then I would say let them do their best to
make it easy for us to distinguish.
If they answer that we are not entitled to prevent
trade with the enemy, and if the neutral countries
take that line, it would be a departure from neu­
trality. I do not understand that they will take
that line. It is quite true there were things in the
last American note which if conceded would have
rendered it impossible for Great Britain to prevent
goods, even contraband, going wholesale to the
enemy, but I don’t understand that that is the atti­
tude of the United States or any other govern­
ment.

The various theatres of war are showing renewed
activity without however indicating substantial net
results so far as responsible reports indicate. Along
vision for the h eavy dem ands of w ar.
the entire French front a number of severe engage­
M y L ords and gentlem en, in this struggle forced upon us
ments have taken place. Berlin asserts that between
b y those who hold in light esteem the liberties and covenants
500 and 600 yards of French trenches were stormed
w hich we regard as sacred, w e will n ot lay dow n our arm s
until w e have vindicated the cause which carries w ith it the by the Germans in the vicinity of Neuville and that
French counterattacks were without result. On
uture o f civilization.
I rely w ith confidence upon the loyal and united efforts the other hand the French report that in this region
o f all of m y su bjects, which have never failed m e , and I
the Germans were driven from mine craters they
pray th at A lm ig h ty G o d m a y give us H is blessing.
had occupied and were repulsed in trying to recapture
When Parliament reassembles it will be engaged
them. The British report the progressive occupation
for some weeks almost exclusively in financial con­
by their men of mine craters and German observation
siderations. A new war credit will be necessary and posts in the Neuville region. While considerable
the Budget which will be submitted at the earliest fighting has been going on along the Russian front at
possible moment w ill,it is to be expected, contain various places from the region of Riga down into
taxation proposals of a particularly drastic char­ East Galicia the results attained by either side have
acter. The British Government, respecting the been unimportant. The same seems to be true as to
wishes of the neutral countries, has decided that the the Austro-Italian front, the Caucasus region and
proposed tightening of the blockade of Germany the Balkans. The British report that the Turks
shall not take place, and will adhere to its present have evacuated their trenches on the land side of the
policy. The question was debated amidst some Kut-El-Amara defenses to about a mile from the
excitement in the House of Commons on Wednesday, entrenchments occupied by the besieged British
being introduced in the form of a resolution by a force. The report, which was dated Thursday, says
Unionist member to the effect that the entire over­ that there is no change in the situation of the British
oceanic traffic with Germany should be prevented force which is marching up the Tigris river to the
by a blockade. The resolution, to quote press dis­ relief of Kut-El-Amara. Early in the week there
patches, was “ talked out and the subject dropped, were reports that in an engagement with the Turks
thus leaving the position exactly as before the de­ in this region the British relief forces had met with
bate except that Parliament seemed more converted
severe disaster.
to the Government policy.” Sir Edward Grey,
The east coast of Kent, England, was raided early
Foreign Secretary, repudiated the suggestion that on Sunday morning by an enemy aeroplane which
the Foreign Office was hampering the Navy. He dropped nine bombs.
One person was killed and
said it was time that these attacks ceased for they six were injured. Another raid by seaplanes took
must have a disspiriting effect on the Navy because place in the afternoon of the same day. No damage
they led the Navy to suppose its work was being was reported. The Austrians now admit that
undone by another department. Continuing he hostilities in Montenegro have been resumed. In
said:
their progress southward across the Albanian frontier,
If we are to establish a line of blockade we must the Austrians have taken Albania’s principal trade
do it consistently with the right of neutrals and we city, Scutari, and in addition have occupied Podmust let through bona fide vessels for neutral ports.
goritza, Dailovgrad and Niksic in Montenegro.
That is the intention of the supporters of the I
blockade resolution, and that is what is actually I

v icto ry .
G en tlem en o f the H ou se of C o m m o n s, I thank y o u for
the ungrudging liberality w ith which y o u have m ad e pro­




Jan . 29 1916.]

THE CHRONICLE

S o m e r e s p o n s ib le r e p o r t s a re n o w
a b le

c o n c e r n in g

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to

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D a r d a n e lle s — K ille d , 2 8 ,­

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w ill
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p r ic e .

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fo r F e b ru a ry .

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768.

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o f a ll s u c h

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o ffic ia l s ta t e m e n t b y P r e m ie r A s q u it h , t h e t o t a l b e in g
d iv id e d

37 1

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in

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&

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h a d b e e n a b le t o m a in ta in d iv id e n d s a t th e s a m e r a te
g o ld

reserv e,

w h ic h t o t a le d n e a r ly £ 8 0 ,0 0 0 ,0 0 0 , in c lu d in g

as

a

year

reserv es

h e ld

ago.

a g a in s t

T he

p o s itio n

cu rren cy

W h ile th e b a n k s h a d
g o ld

at

th e

d is p o s a l

t h e y s till h e ld

n otes,

p la c e d
o f th e

of

th e

a ls o

w as

s a tis fa c to r y .

c o n s id e r a b le a m o u n t s o f
T reasu ry,

he

a fa ir ly im p o r ta n t s t o c k

c o n tin u e d ,

o f th e m e ta l.

I m p e r ia l G o v e r n m e n t , a n d a s th e r e p u b lic m e a n w h ile

I n r e g a r d t o in d u s t r ia l c o n d it io n s , S ir F e lix s a id , t h e

w o u ld h a v e d is a p p e a r e d , C h in a c o u ld c la im

le a d in g in d u s tr y c o u ld h a r d ly b e d e s c r ib e d a s h a v in g

s e n ta tio n
th e

w a r,

in

th e

and

C h in a w o u ld
ran ge
of

fo r

p ea ce

c o n fe re n ce s

w ith o u t

a

v o ic e

in

n o t b e in a p o s it io n

t h e r e -c e s s io n o f

K ia u -C h a u ,

w h ic h

w h ic h

th e

Japan

a re t o

pea ce

w rested

end

c o u n c ils

to d em an d

th e im p o r ta n t

u n d e r a c o n d itio n a l p le d g e t o

n o rep re­

a n d ar­

p o s s e s s io n

fro m

G erm an y

r e s to r e it t o

C h in a .

been

a ffe c te d

la r ly

prosp erou s.

p r ic e s ,
no

w ages

L ondon

m a r k e t fo r s e c u r it ie s w h ile

s h o w n a s u b s t a n t ia l u n d e r t o n e .
s ig n e d q u it e lib e r a lly b y
on

th e

th e

rem oval or

ta tio n s

grou n d

as

are

th a t

in

no

lo n g e r
o f su ch

o p e r a tio n .

23,

p e t it io n h a s b e e n

E x c h a n g e m e m b e r s s e e k in g ,

th ey

m o d ific a tio n
yet

A

q u ie t h a s

on

T uesday,

N ov.

d id

n ot m ean

a c o m p le te s w e e p

a b o lis h in g

a re

n ecessary,

m in im u m

T he

quo­

ord er

is s u e d

m in im u m

p r ic e s

o f th ese q u o ta tio n s .

I t le f t t h e m in im a s till e f f e c t iv e in a la r g e n u m b e r o f

W o o le n

F a rm ers

w ere

u n e m p lo y m e n t;

la b o r .

T he

ch an ge
T he

a d v e r s e ly .

m a n u fa ctu re r s ,

s h ip o w n e r s a n d t h e e n g in e e r in g t r a d e s w e r e p a r t ic u ­

had

h ig h ,
in

fa ct,

s p e a k e r s a id
been

p oor,

w ere

and

o b ta in in g

th ere

th ere

w as

w as

b u s in e s s o n

th ou g h

th ere

if

th e

p u b lic

s h o u ld

g iv e

a

ready

a g a in s t

th e

p rop osal

to

a b o lis h

o b ta in s

a ll m in i m a , a n d t h e

S t o c k E x c h a n g e C o m m i t t e e is e n d e a v o r in g t o e n f o r c e




T h e next

resp on se

to

th e

I f th e fin a n c ia l

stre n g th

m a in ta in e d ,

of

c o n s id e r e d
H e

hoped

redu ced

th e

cou n try

w as

to

be

th e
by

b r e a k -d o w n

t a x a tio n
on

he

it e s s e n tia l r ig o r o u s ly t o r e s t r ic t im p o r t s .
im p o r ta tio n

th e

la r g e

o f a m m u n itio n

d o m e s tic

as

lu x u r ie s .

w o u ld

p r o d u c tio n .

be

If

a

o f e x c h a n g e w a s t o b e a v o id e d , S ir F e lix

o n a ll im p o r t s n o t a b s o lu t e ly e s s e n t ia l.

s till

of

E x­

p r e s e n t is s u e s o f E x c h e q u e r b o n d s .

c o n tin u e d , it c o u ld

o p p o s itio n

S to ck

w a r lo a n , h e c o n t in u e d , m ig h t b e d e la y e d f o r a t im e

p r e fe r e n c e

Som e

s c a r c ity

w a s a fa ir a n d

in c r e a s in g a m o u n t o f in v e s tm e n t b u y in g .

C o lo n ia l G o v e r n m e n t a n d B r itis h r a ilw a y b o n d s a n d
sh ares.

a
th e

good

p r a c t ic a lly

th e

b e o n ly th ro u g h

best

E ven

ch eck ,
if

th e

w ith

cost

of

a

p u t t in g a c h e c k
H e regarded

p r o h ib itiv e
liv in g

s h o u ld

ta x
be

in c r e a s e d , h e s a id , it w o u ld
a

s e r io u s

m ovem ent

E n g la n d .
d en ce
on

It

in

w as,

th e

in

be

th e

he

s a id ,

m a in te n a n c e

com p a red to

8 4 5 ,0 0 0

ra te

n o th in g

exch an ge

618

im p o r ta n t

of

th e

a g a in s t

th a t

v a r io u s

c o n fi­

exch an ges

a g o ld b a s is s h o u ld n o t b e s h a k e n b e c a u s e in t h a t

w ay

o n ly

c o u ld

G r e a t B r ita in

w o r ld ’s b a n k in g
t a in ly

[Vol . 102.

THE CHRONICLE

372

ce n te r,

th rea ten ed ,

U n ite d

I

S t a t e s .”

r e t a in

w h ic h

tru st

its p la c e

p o s itio n

o n ly

as th e

“ is n o w

he

1914.

£ 1 0 8 ,8 3 6 ,5 7 0
T he

B ank

ren cy

h e ld

b e lie v e d

1915

th e fo llo w in g

22

p r e c e d in g .

Our

of

th e

d e ta ils b y

am ount
n otes

of

o f th e g o ld

£ 2 ,2 6 4 ,0 0 0

ow n

open

not

on

th e

e n e m y ’s

w eakn ess.

t io n

of L ondon

a s fin a n c ia l

ce n te r o f th e

w o r ld

w as

In flo w ,

( o f w h ic h £ 9 8 7 ,0 0 0 b a r g o l d b o u g h t in t h e

m a rk et,

accou n t and
of

at

m ovem ent

w e r e c e r t a in s ig n s t h a t t h e G e r m a n p o w e r w a s w e a k e n ­

and

g o ld

fu r n is h e s

in g , b u t h e u r g e d t h a t t h e c o u n t r y m u s t r e ly u p o n its
stre n g th

cu r­
£ 9 5 ,­

r e m a in s

in to a n d o u t o f th e B a n k fo r th e B a n k w e e k :

T h e s u g g e s t io n t h a t t h e w a r m ig h t a ffe c t t h e p o s i­

1914.

of

a g a in s t

corresp on den t

c a b le

a g a in s t
in

am ount

T he
su ch

s p e c ia l

£ 3 3 ,8 8 3 ,­

£ 3 4 ,1 5 8 ,9 6 6

£ 9 4 ,1 8 1 ,4 7 0

r e d e m p tio n

£ 2 8 ,5 0 0 ,0 0 0 .

and

£ 1 1 2 ,2 0 4 ,0 0 0

as o f J a n .

w eek

th e

th e

by

in

a re

o u ts ta n d in g

th e

fo r

lo a n s

re p orts

n otes

2 2 8 ,2 9 3

£ 5 2 ,9 1 1 ,6 7 7

T he

one year ago and

th ere

t e m p o r a r ily ,

E c o n o m ic a lly

cer­

a g a in s t

in

G reat

£ 1 ,0 0 0 ,0 0 0

£ 2 7 7 ,0 0 0

B r ita in );

o u tflo w ,

£ 1 ,2 0 7 ,0 0 0

he

s a id ,

r in g

“ but

to

th e

w e

m ent and
p la c e d

and

s h a ll g r e a t ly

flo ta tio n

A n g lo -F r e n c h

fo r

C it y

M id la n d

B ank,

on

in

im p r o v e

th e

U n ite d

l o a n , S ir E d w a r d

p e o p le

o f th e

U n ite d

m a g n ific e n t

s p ir it

R e fe r ­

S ta te s

s a id :

“ The

K in g d o m

u n d e r a g r e a t o b lig a tio n

th e

it .”

of

th e

G overn ­

have

th ey

sh ow ed

in
The

as c o n c lu s iv e e v id e n c e th a t G e r m a n y ’s im p o r ts fr o m
S c a n d in a v ia a n d H o lla n d h a v e b e e n la r g e ly in e x c e s s
her

e x p o rts.

s it u a t io n

m ig h t

c u r itie s ,
her

it

g o ld

a fte r

H e

not

h ow ever,

th a t

d ra w n ;

th a t,

be

b e to k e n

w as

in

th e

s a id ,

s h o u ld

p o s s ib le

e x h a u s tio n
th a t

of

p re m a tu re
w h ile

th e

G erm an

G erm an y

w as

P a r is ,

to

pay

fo r

im p o r ts

im m e d ia te ly

w a r.

la s t

B e r lin ,

q u oted ,

V ie n n a

n a m e ly

and

5 %

in

open

in S w it z e r la n d , H o l l a n d

m ark et

ra te

in

b e in g

L ondon

is

p r iv a te

bank

ra te

5 %

is s t ill

fo r

rep orted

been

ce n te rs,

r e p o r te d b y c a b le fr o m

a ll

o u t s id e

m ark et

fr o m

e a s ie r ,

A

and
4

a b le t o

but

le a r n ,

C o n t in e n t a l

a p p a r e n t ly

r e g u la te d b y t h e fig u r e s o f t h e o ffic ia l B a n k s .

b e in g
M oney

in L o n d o n is s o m e w h a t f i r m e r , b e i n g q u o t e d a t 4 3 4 @
4 % %

fo r d a y -to -d a y

B ank

B ank

of

s c a r c ity
th e

fu n d s , c o m p a r in g w ith

nue

a w eek

E n g la n d
of

heavy

o f E n g la n d

ago.

cost

fu n d s .

W e e k ly

5 }^ % ,

T h is

to

a ran ge

lo a n s f r o m

th e

ex ten t

is

s a le s o f E x c h e q u e r b ills ; a ls o t o

due

to

th e re v e ­

y e a r s th e d iffe r e n t ite m s

£

£

£

of

E n g la n d

in

its

w e e k ly

s ta te m e n t

r e p o r t e d a g a in o f £ 1 ,0 5 6 ,5 1 4 in it s g o l d i t e m .
a

d ecrease

of

£ 8 1 ,0 0 0

th u s a n e x p a n s io n
P u b lic
s a le s

d e p o s its

of

a re

b ills

h ig h e r .

m o n e y is i n d i c a t e d
L om ba rd

S tre e t

s e c u r itie s ”

c ir c u la tio n

r e p r e s e n tin g

in c r e a s e d

£ 1 7 9 ,0 0 0

n ote

W ith

th e re

w as

o f £ 1 ,1 3 7 ,0 0 0 in t h e t o t a l r e s e r v e .

T reasu ry

p e n d itu r e s ,

in

by

of

and

la r g e ly
oth er

£ 3 ,4 0 1 ,0 0 0 ;
T he

th e

excess

reven u e

over

“ oth er”

in c r e a s e d

of
ex­

d e p o s its

dem and

fo r

a n e x p a n s io n o f b o r r o w in g b y

£ 2 ,4 8 0 ,0 0 0 ,

th e

ite m

of

“ oth er

h a v in g s h o w n t h a t s p e c ific in c r e a s e .

The

p r o p o r t io n o f r e s e r v e t o lia b ilit ie s w a s 2 2 .4 9 % a g a in s t
2 2 .2 8 %
n e e d le
year

la s t w e e k
S tre e t

ago

th e

£ 4 3 ,6 3 4 .7 2 3 .

now

a n d 3 2 .1 3 %
h o ld s

am ount
T he




a year ago.

£ 5 2 ,2 2 4 ,5 6 7

w as

B a n k ’s

in

£ 6 9 ,1 6 6 ,1 7 7
reserve

£

£

28,201,105
9,823,560
51,344,905
11,198,974
34,158,966
33,883,618
43,634,723

27,777,360
16,483,193
40,585,487
13,035,483
35,043,838
27,074,505
36,401,865

28,257,495
17,983,571
41,412,704
15,270,184
33,615,335
28,526,295
38,333,790

61%
3%

47.38%
6%

48%
4%

T h e B a n k o f F r a n c e r e p o r t s a s till fu r t h e r in c r e a s e
— 5 ,3 7 5 ,0 0 0

fr a n c s — in

its

to o ,

of

fra n c s

ite m

show

to

3 .0 2 0 .0 0 0
n ote

4 2 6 ,0 0 0

g o ld

h o ld in g s
in

and

s ilv e r .

an

T he

a d e c r e a s e is g e n e r a l d e p o s i t s .

fra n c s

lo w e r

cir c u la tio n

fo r

th e

in c r e a s e d

w eek.

in ­

o n ly

T h i s is

M e a n w h ile

1 0 ,1 9 8 ,0 0 0

fra n c s ,

d is ­

c o u n t s 3 ,9 2 8 ,0 0 0 f r a n c s , T r e a s u r y d e p o s it s 7 3 ,8 4 2 ,0 0 0
fra n c s

and

T he B ank

th e

B a n k ’s

has on

a d van ces

7 1 ,3 1 4 ,0 0 0

fr a n c s .

h a n d 5 ,0 1 1 ,5 7 5 ,0 0 0 fr a n c s in g o l d .

I t s o o n w ill b e p o s s ib le t o g iv e t h e u s u a l c o m p a r is o n s

w as

su spen ded

F eb . 4 1915.

on

J u ly

30

1914,

w as

resu m ed

T h e n e a re s t c o m p a r is o n n o w

is t h a t o f D e c e m b e r

1914, w h en

on

a v a ila b le

t h e B a n k fu r n is h e d

a s p e c ia l r e p o r t t o th e C h a m b e r o f D e p u t ie s s h o w in g
th e

to ta l

g o ld

Jan u ary

h o ld in g

1914

fr a n c s .

th e

S im ila r

of

n ote

of

4 ,4 9 2 ,7 8 9 ,0 0 0

am ount

h e ld

c o m p a r is o n s

c ir c u la tio n ,

w as

a re

w h ic h

1 3 .7 6 4 .1 9 8 .0 0 0

fr a n c s .

In

9 ,9 8 6 ,0 4 1 ,0 0 0 ,

w h ile

Jan. 29

9 2 2 ,3 8 5

fra n c s .
ite m s

on

fr a n c s .

In

3 ,5 3 2 ,9 5 0 ,0 0 0

a v a ila b le
th is

in

w eek

D ecem ber

O th e r w is e

can

o n ly

be

th e

T h read-

g o ld .
and

sta n d s

in
at

One
1914
£ 3 6 ,-

s ilv e r

is

3 5 3 ,7 2 6 ,0 0 0

6 2 5 .3 2 5 .0 0 0

fr a n c s ,

fr a n c s

t w o p e r io d s n a m e d
2 .0 4 5 .6 8 0 .0 0 0

1914

th e

to ta ls

and

1914

it

it w a s

w ith

J u ly

w as

5 ,8 9 3 ,­

c o m p a r is o n s

m ade

a n d J a n . 29 o f th e sam e y e a r.
B ank

£ 2 0 0 ,0 0 0
s ta te m e n t

retu rn :

Circulation............... 33,828,000 34,704,540
Public deposits____ 62,875,000 47,393,479
Other deposits_____ 100,961,000 117,593,838
Govern’t securities. 32,838,000 21,324,358
Other securities___ 112,204,000 108,836,570
Reserve notes & coin 36,845,000 52,911,577
Coin and bullion__ 52,224,567 69,166,117
Proportion of reserve
to liabilities..........
22 49%
32.13%
Bank rate_________
6%
5%

v a r io u s

co lle c tio n s .

T he

ta b u la r

th e

in d ic a te s

w h ic h

som e

A m e r ic a ,

a

BANK OF ENGLAND’S COMPARATIVE STATEMENT.
1916.
1915.
1914.
1913.
1912.
J a n . 26.
J a n . 27.
J a n . 28.
J a n . 29.
J a n . 31.

ite m
of 4J4@ 43^ %

add

to

w it h a y e a r a g o , a s t h e fo r m a l B a n k s t a t e m e n t , w h ic h

} 4 %

B e r lin ,

oth er

ra tes

The

s ix ty

a w eek ago.

%

in

in R u s s ia ,

fr a c t io n a lly

n o q u o ta tio n s , s o fa r as w e h a v e b e e n
have

5 ^ %

a n d S p a in .

in d is c r im in a te ly

n in e t y - d a y b ills a g a in s t

L ondon,

C openhagen;

I t a ly , N o r w a y , S w e d e n a n d P o r tu g a l; 6 %
and 43^%

S ou th

crease,

ord er

as

to
W e

£ 1 9 0 ,0 0 0

se­

k e e p in g

O ffic ia l b a n k ra te s a t th e le a d in g E u r o p e a n ce n te r s
c o n tin u e

£ 1 0 5 ,0 0 0
E g y p t).

c o m p a r in g f o r t h e la s t f i v e
in t h e

t o A m e r ic a n b a n k e r s

w h ic h

fa ll o f t h e G e r m a n m a r k w a s r e g a r d e d b y t h e s p e a k e r

c o n c lu s io n s

C anada,

earm ark ed

been

b u y in g s tr a ig h t o u t a lo a n o f s u c h m a g n it u d e .”

of

to

S ta te s,

w h ic h

m e e tin g

L ondon

U n ite d

(o f

S p a in , £ 5 7 5 ,0 0 0 t o o t h e r C o n t in e n t a l p o i n t s , £ 3 8 ,0 0 0

“ N o t o n l y s h a ll w e n o t lo s e t h a t p o s i t i o n ,”

th e

E g y p tia n
t h e in t e r io r

£ 9 9 ,0 0 0

o f th e

to

fr o m
fr o m

r e fe r r e d t o a ls o b y S ir E d w a r d H o l d e n , a t t h e a n n u a l

F r id a y .

ex p o rte d

r e le a s e d

n e t r e c e iv e d

of

30

th e
1914

T h e p resen t sto ck
w h ic h

com p a res

6 4 1 ,1 2 5 ,0 0 0

of

w ith

fra n c s

in

th e

r e s p e c tiv e ly ; g e n e ra l d e p o s its a re

fra n c s

a g a in s t 9 4 7 ,5 7 1 ,8 6 1

fra n c s

and

7 5 6 ,0 3 2 ,4 4 8 f r a n c s ; d is c o u n t s a r e 2 ,2 0 8 ,4 2 8 ,0 0 0 fr a n c s
a g a in s t

2 ,4 5 4 ,2 8 0 ,4 2 5

T reasu ry

d e p o s its

3 8 2 ,5 6 1 ,8 1 7
B a n k ’s

a re

fr a n c s

1 ,6 3 0 ,3 0 6 ,3 3 9

9 9 ,5 4 2 ,0 0 0

fra n c s a n d

a d va n ces

7 4 3 ,7 7 2 ,8 5 4

and

a re

fra n c s

fra n c s;
a g a in s t

1 9 3 ,7 2 9 ,4 0 9 fr a n c s , w h ile t h e
1 ,1 9 5 ,4 1 5 ,0 0 0

and

fr a n c s

7 5 1 ,6 2 3 ,8 1 4

a g a in s t

fr a n c s .

The

d e t a ile d r e p o r t o f th e B a n k a s o f D e c . 2 3 , r e c e iv e d b y
m a il, e x p la in s s o m e p a r t ic u la r ly in t e r e s tin g r e a d ju s t ­
m en ts

of

F ren ch

fin a n c e .

T h is

show s

th a t

d u r in g

th e p r e c e d in g w e e k th e B a n k ’s t o ta l a c c o u n t o f
van ces
fro m

to

th e

S ta te

7 ,4 0 0 ,0 0 0 ,0 0 0

fo r

th e

fra n c s

w ar”
to

had

been

ad­

redu ced

5 ,0 0 0 ,0 0 0 ,0 0 0 .

T h is

• an. 29 1916.]
J
la r g e

r e d u c tio n

THE CHRONICLE

on

th e

c r e d it

s id e

of

th e

B a n k 's

im p o r ta n t s p e c ia l d e m a n d

le d g e r w a s o f fs e t b y d e c r e a s e o f 1 ,8 7 3 ,0 0 0 ,0 0 0 fr a n c s
in

th e

T rea su ry

b ilit ie s

s id e .

d e p o s it a c c o u n t cu rre n t
T hat

2 ,0 8 0 ,9 0 0 ,0 0 0

accou n t

tr a n s a c tio n

p a y in g

o ff

B ank

of

rep resen ted

$ 4 8 0 ,0 0 0 ,0 0 0

o f F ra n ce , th ro u g h
p u b lic

on

been

lo a n

as

th e

lo a n s

t h e lia ­

hot

to

it

o f t h e $ 2 5 ,0 0 0 ,0 0 0 N e w

The

b y

to

th e

ta k e

been

exceeded

m arket has sh ow n

h e ld

on

T h u rsd ay.

in c r e a s e
o f th e

in

th e

of

w ar

c a p it a l in

is

d e c is io n

th a t

b e in g

o f th e

year

of

F ran ce

sh ow ed

a

c o m m e r c ia l

w as

fo r

dem and

s till u n s e a s o n a b ly

of

gen eral

g r a d u a lly
to

began

th e

r e m e d ie d ,

re fr a in

fo llo w in g

rom

th e b a n k s

m ak ers

of

has

th e

com m erce

been

v o lu n t a r ily

paper

to

$ 3 6 7 ,6 0 0 ,0 0 0 .

i t is d e c l a r e d

A m e r ic a n

fir m s

th a t th e

to

cease

In

d e c is io n

fo r e ig n

o f c e r ta in

d e m a n d in g

paym ent

M on ey

cou n try .

sto ck

c o n d itio n s

easy,

The

an

$ 2 ,9 9 7 ,0 0 0
la tte r

v a u lts

3 9 5 ,0 0 0

h ow ever,

bank

in c r e a s e

in
up

t im e
to

in cr e a s e d

as
in

a
a ll

s ta te m e n t

of

la s t

$ 2 2 ,3 8 9 ,0 0 0

d e p o s its ,

to

b r in g in g

$ 1 6 0 ,7 2 2 ,0 0 0 .

$ 1 1 ,1 6 5 ,0 0 0

$ 4 5 1 ,3 8 3 ,0 0 0

and

reserve

in

in

$ 1 6 0 ,0 0 0

h o ld in g $ 6 9 5 ,­

th e

The

th e

R eserve

to

in

$ 5 3 6 ,3 6 7 ,0 0 0

s p e c ie ;

reserve

in

F e d e r a l R e s e r v e b a n k s in c r e a s e d $ 1 ,4 0 4 ,0 0 0 t o $ 1 7 0 ,­

th e

by

o f th e

in c lu d in g

of

W h ile ,

red u ced

of

ow n

ta k in g a d v a n ­

fo r cu rren t a ccou n ts.

w ith

too,

th e

ou tb rea k

lo a n s .

in d ic a te d

to ta l

The

is i m p r o v i n g , a n d

th e

years.

$ 3 ,3 7 4 ,9 5 0 ,0 0 0 in d e m a n d d e p o s it s a n d a n e x p a n s io n ,

a c t iv itie s

o f p a p e r u n c o lle c tib le u n d e r t h e m o r a t o r iu m

am ount

la r g e

rep ort
and

F ra n ce

banks

1915

6 0 0 ,0 0 0
th is

B ank

a c c o m p a n ie d

t a g e o f t h e m o r a to r iu m
th e

th e

o v e r th e fir s t y e a r o f th e w a r .

d e m o r a liz a tio n
th e

Its

fin a n c ia l

cou n try

s it u a t io n

of

severa l

a re

s e c t io n s

m e e tin g

fo r

s o m e im p r o v e m e n t in its r e q u ir e ­

w h o le

S a tu rd a y
annual

Y o r k S t a t e b o n d is s u e w h ic h

m en ts

up

o t h e r t e m p o r a r y lo a n s .

T he

m o n e y s u p p lie s th is

t h e v e r y s a t is fa c t o r y p r ic e o f 1 0 3 .2 7 , a fig u r e t h a t h a s
not

p ro ce e d s o f th e

d e s ig n e d

upon

o f in v e s t m e n t s i f w e e x c e p t t h e s a le

w a s d is p o s e d o f o n T h u r s d a y la s t a n d w h ic h b r o u g h t

G o v e r n m e n t 's

m ade

u s in g s u c h

w ere

w e e k in t h e fo r m

in c r e a s e d

fr a n c s d u r in g th e p r e c e d in g w e e k .

e n tir e

new

had

373

to

in c r e a s e d

$ 1 2 ,4 0 9 ,0 0 0 ,

$ 7 6 2 ,9 5 0 ,0 0 0 ;
r

th e r e q u ir e d
w eek

of

oth er

$ 5 6 ,1 8 8 ,0 0 0 .

b u t in

b r in g in g

v ie w

serv e w as o n ly

and

a

th e

th e

d ecrea sed

to ta l

reserve

am ount

T he

in

bank

e ls e w h e r e in

up

to

d e p o s its

n e t e x p a n s io n
in c r e a s e

$ 8 ,3 9 6 ,2 4 0 .

g r e a te r d e ta il a p p e a r s

th e

o f th e in cr e a s e d

reserve sh ow ed

$ 4 ,0 1 2 ,7 6 0

d e p o s ita r ie s

Thus

fo r th e

s u r p lu s

re­

s ta t e m e n t in

th is is s u e

o f th e

“ C h r o n ic le ."

in a d v a n c e h a s b e e n a g r e a t h e lp .

T he

w e e k ly

sta te m e n t

of

th e

Im p e r ia l

B ank

m a r k s in t h e g o ld
in

th e

ca sh

0 0 0 ,0 0 0

ite m ,

m arks

creased

h o ld in g s a n d
w h ile

and

cir c u la tio n

th e

3 0 6 ,0 0 0 ,0 0 0

sta n d s

m arks

decreased

R e ic h s b a n k ’s

m ark s.

a t 2 ,4 5 1 ,9 0 0 ,0 0 0

o f 8 8 ,0 0 0 ,0 0 0

T he

g o ld

m a r k s w h ic h

1 0 6 ,­

d e p o s its
ite m

in ­
now

c o m p a r e s w ith

2 ,1 0 6 ,9 5 8 ,0 0 0 m a r k s in 1 9 1 5 a n d 1 ,2 8 6 ,4 5 8 ,0 0 0 m a r k s
in

1914.

O u ts t a n d in g

6 .2 7 4 .0 0 0 . 0 0 0
one

year

m arks

ago

C o m m e r c ia l

and

n ote

cir c u la tio n

a g a in s t

1 ,9 2 5 ,0 6 2 ,0 0 0

paper

and

a g g reg a tes

4 ,4 8 9 ,6 8 8 ,0 0 0
m arks

trea su ry

m arks

in

b ills

R e fe r r in g

of

G e r m a n y , a s o f J a n . 2 2 s h o w s a n in c r e a s e o f 1 ,7 5 0 ,0 0 0

1914.

a g g reg a te

to

m oney

r a t e s in

d e ta il, th e

ra n ge

d e m a n d lo a n s th is w e e k h a s b e e n
1 % @ 2 %

la s t w e e k .

T h e m in im u m

fig u r e , h o w e v e r ,

w a s to u ch e d o n o n e d a y o n ly — o n W e d n e s d a y .
w is e

w as

th e

lo w e s t

h ig h e r r a t e , 2 % , h a s b e e n

fig u r e

ea ch

record ed

la tte r

to

fig u r e

n in e ty

at 2

th e

%

w h ile

M on day.

r e m a in d e r
n ote

fu n d s

%

The

day

in

of

th e

w eek.

ra te s fo r fix e d

c lo s in g

at

m a­

2 ^ @ 2 % % ,

fo u r m o n th s a t 2 % @ 3 %

,

It

T u e s d a y , r e m a in in g a t t h e

ch an ges to

s ix ty -d a y

days

on

d u r in g

T h e re a re n o
tu r itie s ,

1 ^ %

O th er­

day.

every

t h a t fig u r e a ls o w a s t h e r u lin g r a t e o n
w as red u ced

fo r

a g a in s t

and

fiv e a n d s ix m o n t h s a t 3 % .
A y e a r a g o m o n e y ra tes
5 .4 4 9 .0 0 0 .
000
m arks,
in c r e a s e
8 8 ,0 0 0 ,0 0 0
m ark s;
w e r e q u o t e d w ith in a r a n g e o f 2 ^ @ 3 ^ %
fo r th e
p r iv a te
d e p o s its ,
2 ,1 4 3 ,0 0 0 ,0 0 0
m ark s,
in c r e a s e
v a r io u s m a t u r it ie s n a m e d .
B a n k a cce p ta n ce s fo r
3 0 6 .0 0 0 . 0 0 0 m a r k s.
s ix ty a n d n in e t y d a y s a re in d is c r im in a te ly 2 @ 2 ^ % .
T h e lo c a l m o n e y s it u a t io n h a s n o t c h a n g e d in a n y

sh ape

of

fo r m e r

T h ere

seem s

a

a m o u n ts o f c o lla te r a l

B r itis h -o w n e d

w id e s p r e a d

b a n k in g

th a t

A m e r ic a n

th is c o u n t r y .

im p r e s s io n

in t e r e s ts

a
a ll

in c r e a s e , r e p r e s e n tin g

s e c u r it ie s w h ic h h a v e b e e n r e t u r n e d t o

s e n ta tiv e

and

n e a r ly

am ong

th e

fo r

s c a le .

It

is

th e N e w

Y ork

s ig n ific a n t

banks on

how ever

d o e s n o t s h o w its e lf in th e fo r m

th is

H ouse

m em b ers

th ere

o f th e

p o s s ib ly

has

b e e n a c o n te m p o r a n e o u s c u r ta ilm e n t o f o th e r b o r r o w ­
in g s .
ite m

A c c o r d in g
show ed

to

la s t

S a t u r d a y ’s

sta te m e n t

a n in c r e a s e o f $ 1 5 ,4 6 2 ,0 0 0 ;

c e d in g w e e k t h e g a in w a s o n l y $ 1 ,6 8 9 ,0 0 0 .

in

th a t

th e p re­

T h is se e m s

t o s u g g e s t t h a t t h e v o l u m e o f s e c u r it ie s t h a t is b e i n g
retu rn ed

is b e i n g e x a g g e r a t e d o r e ls e t h a t t h e s e c u r ­

itie s

fin d in g

are

p e r m a n e n t lo d g m e n t h e r e .

th e le s s th e lo a n ite m
c o m p a r e s w ith
p e r io d

a

year

ago.




N ever­

s t a n d s a t $ 3 ,2 7 9 ,3 2 2 ,0 0 0 w h ic h

$ 2 ,2 1 2 ,2 1 3 ,0 0 0
T h ere

at

seem ed

th e
to

c o r r e s p o n d in g
have

m a in ­

en d orsed

b ills

r e c e iv a b le

R eserve

banks
in

have

not

V / 2 %

a n n ou n ced

.

any

t h e ir d is c o u n t r a te s .

FEDERAL RESERVE BANK DISCOUNT RATES.

fro m

o f a g r e a t e r in c r e a s e

th ou g h

n in e ty d a y

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

fe a tu r e

t h a n h a s a c t u a lly t a k e n p la c e in t h e lo a n it e m
C le a r in g

and

c h a n g e s th is w e e k

q u it e a la r g e

th a t

are

N a m e s le s s f a v o r a b l y r a t e d s till p a y a s h ig h a s
F ed eral

a b r o a d o f A m e r ic a n s e c u r itie s a re fin d in g t h e ir w a y a s
c o lla te r a l in t o

ra tes

a n d f o r s ix m o n t h s ' s in g le n a m e s o f c h o ic e c h a r a c t e r .

rep re­

a r r iv a ls

s ix ty

w h ile

been

no j

C o m m er cia l P a p e r —

1 to
11 to
31 to
61 to

10 days maturity........ 3
3
30 “
•
•
____ 3H 4
60 ”
“
........ 4
4
90 "
•
•
____ 4
4

A g r ic u ltu r a l a n d

L iv e -S to ck P a p e r —
91 days to 6 months maturity 5

5

.
3
4
4
4

3J4
4
4
4
4
4H 4

4H 5

6

l
■:
s

K a n s a s C ity .

to

in

s u p p ly ,

•

th e

v o lu m e

a c t iv e

S t. L o u i s .

c o n tin u e

so m e e x te n t th e a u g m e n te d

in

fa ir

in

b u y e r s a t t h e ir r e c e n t fig u r e s o f 3 @ 3 ^ %

M in n ea p o lis.

in

apparen t

not
by

C h ic a g o .

is

s till

ta in e d

C lev e la n d .

L oans

banks

ease

have

R ic h m o n d .

th e

of

p a y m en ts

Y ork .

q u a rters.
to

to

fe e lin g

Y ear

| P h i la d e l p h ia .

retu rn ed

gen era l

N ew

1 N ew

now

p a r t ic u la r .

B o s to n .

im p o r ta n t

C o m m e r c ia l p a p e r is m o v i n g w it h m o r e f r e e d o m , b u t
is

1
I
l

4"
4
4

Zyi 3
4
4
4
4
4H 4

3M
4 " 4
4
4
4
4
4H 4
4

5

5

5

5

5

I
3
3H
4
4H

4M 6

T r a d e A c c e p ta n c e s —

1 to 10 days maturity____
31 to 60 “
"
____
61 to 90 “
“
____

3H 3H 3
3
3H
Z \ i 3H 3

C o m m o d ity P a p e r —
_
1 to 30 days maturity____ 3H _ 3
31 to 60 “
“
........ 3H _ 3
_
61 to 90 "
“
........ 3>S — 3
91 days to 6 months maturity

3H 3M 3H
ZVt 3M 3
3H
_
3 ^ 3H 3H _ 3M
3M 3M 3
4
4 3H . . . 3M . . . Z h 4 3M
_ 3
_
__ 3
— 3

3
3
3

3
3
... 3

3
3
3

3
3
3

3

3
3

3H

4

4*
6

late iui uiacuuui ui uaiiKers acceptances, z to 4% .
A rate of 3 % to 4% on purchases of trade acceptances by the New Orleans'branch
of the Atlanta Federal Reserve Bank In the open market, without the endorsement
of any bank, was approved Dec. 16.

T he

s te r lin g

exch an ge

ir r e g u la r a p p e a r a n c e .
m ay

be

s a id

u s u a lly

to

la r g e

s id e r a b le

a re

W h ite

Sunday,

of

about

has

p resen ted

a le f o r a f i r m e r f e e l i n g ;

an

e x tr e m e ly

a lto g e th e r, q u o ta tio n s

been
of

m a in ta in e d .

s e c u r itie s

of

U n­

have

of

gu essw ork

of

th e

b r in g in g .

on

v a r io u s

board

in

A m e r ic a n

$ 2 6 ,2 5 0 ,0 0 0 .

it

c ir c u m s ta n c e s

la te d

th e

dem and

a

w h ic h

la r g e

to

v a lu e d

under

am ount

p r e s u m a b ly

m a in ly

o r d i­

have

A s

4 72% @ 4

in

a

an

in fo r m a tio n
c u r itie s

is

e a s ie r
on

p o s itio n .

th e

not

at

v o lu m e

a ll

A bsen ce

of

of

ant

of

m y s te r io u s .

As

a

of

r u le

Thus

c o m p a n ie s
edge.

o n ly

and

th e

th e

s h ip p e r s ,

r e c ip ie n t s

th e

have

s ix ty

se­

w hom

as

a

m a tter

of

p r o fe s s io n a l

c o n s is te n tly

r e fu s e d .

h ow ev er, th a t
a re b e in g

th e

T h ere

to ta l v a lu e

retu rn ed

is v e r y

can

be

o f th e

no

la r g e , r e g a r d le s s

new s

O ffic e

a g a in s t

G erm an y
n ess
th e

of

in

th e

g rea ter

th e

m a rk e t’s
of

b ills r e s u lt in g

fo r

th e

in

its

in

it

to

sary

ta k e

im p o r ta tio n s

e n tir e ly
m ake
p orts

of

o p p o s ite

its e lf fe lt

ch a ra cte r

in

a re g o in g

lu x u r ie s

th e

b ill

fo r w a r d

on

to
is

and

On

u n n eces­
o f an

e v e n tu a lly

s c a le , t h e

ex­

rep ort

o f th e D e p a r t m e n t o f C o m m e r c e fo r th e w e e k e n d in g
J a n . 2 2 in d ic a t in g a n e x p o r t b a la n c e o f $ 3 8 ,1 5 1 ,7 0 2 .
T h is c o m p a r e s w it h $ 4 6 ,7 3 3 ,0 3 6 t h e p r e c e d in g w e e k ,
a c o n s id e r a b le
th e

r e s u lt

to ta le d

p a rt o f th e r e d u c tio n

of

an

in c r e a s e

fo r th e s e v e n -d a y

$ 3 7 ,4 2 8 ,3 0 6

th e w eek

have

in c lu d e d ,

r e fe r r e d

to

Sunday,

as

to

th e

S a t u r d a y , c a r r ie d
C om p ared
ch an ge

th e

has

T he

on

to

a g a in s t

$ 3 8 ,6 4 9 ,0 5 2

$ 4 0 0 ,0 0 0

on

th e

ste a m e r

been

SS.

fo r

a lr e a d y

C y m r ic

N ew

w ith d r a w n

$ 2 5 0 ,0 0 0

g o ld

V o lt a ir e ,

on

Y ork
th is

w h ic h

fo r

on

w eek

s h ip m e n t

s a ile d

la s t

$ 1 ,5 0 0 ,0 0 0 g o ld f o r t h e A r g e n t in e .

w ith

F r id a y

S a tu rd a y

w as

of

la s t

w eek,

fr a c t io n a lly

d em an d q u oted at 4 7 6 3 4 @ A
at 4 7 6 % @ 4

th e

a r r iv e d

on

S u b -T re a s u r y

C anada.

$ 4 2 ,6 6 1 ,3 8 2
and

w h ic h

T h e a r r iv a ls o f g o ld th is w e e k

h a v in g

T h ere

b e in g , h o w e v e r ,

im p o r ta tio n s

p e r io d

a d d it io n

$ 6 0 0 ,0 0 0

S a tu rd a y .
fro m

in

in

p r e c e d in g

th e w e e k b e fo r e th a t.

s te r lin g
h ig h e r ,

ex­
w ith

7 6 3 -1 6 , c a b le tra n s fe rs

7 6 1 5 -1 6 a n d s ix t y d a y s 4 7 3 j ^ @ 4

7334-

O n M o n d a y t r a d in g w a s d u ll a n d in a c t iv e , a n d e a s ie r
in

ton e;

q u o ta tio n s

a t 4 7 6 1 -1 6 f o r

w ere

w ith o u t

e s s e n tia l

ch an ge,

d e m a n d , 4 76 1 3 -1 6 @ 4 77 fo r

tr a n s fe r s a n d 4 7 3 @ 4

7 3 3 4 fo r s ix ty d a y s .

c a b le

B u s in e s s

c o n tin u e d o f a r e s tr ic te d c h a r a c te r o n T u e s d a y , t r a d ­
in g a t t im e s b e in g a t a c o m p le t e s ta n d s till;
ket

r u le d

4 7 6@ 4
fo r

c a b le

4 7 3@ 4

ste a d y ,

7 6 3 -1 6

fo r

tr a n s fe r s ;

73J4

On

a lth o u g h
dem and
s ix ty

ra tes
and

days

W edn esday

th e m a r­

d e c lin e d

4 7 6 % @ 4
w as

s till

ren ew ed

1 -1 6

to

7 6 1 5 -1 6

q u oted
s e llin g

at
of

A m e r ic a n s e c u r itie s f o r fo r e ig n a c c o u n t w a s r e s p o n s i-




C o m m e r c ia l
fo r

and

q u o ta tio n s

s ix ty

w ere

days

4 73

fo r

a n d 4 7 6 1 5 -1 6 fo r

on

paym ent

banks

c lo s e d

fin is h e d

at

at

4 71%

76;

g r a in

paym ent

at

76.

th e

.

C o n t in e n t a l
c a lc u la te d

exch an ges

to

has

a d o p te d

u n d er th e
s e llin g

m ov em en ts

s ta b iliz e m a r k s

A d v ic e s fr o m

and

fo r e ig n

and

a re

in

r u b le s a s

B e r lin s ta t e t h a t th e

a

m easure

a u s p ic e s

B e r lin , F r a n k fo r t

th e

of
th e

M e a n w h ile

a la r g e

4 76 3 -1 6 @ 4 7634>

o f th e

c r e a tin g

exchange.

and

a

R e ic h s b a n k

fo r

T w e n ty -fiv e

H am bu rg

banks

w ill,

s p e c u la tio n a n d t o c o n tr o l th e e x c h a n g e m a r k e t fr o m

s u p p ly

s h o u ld

B r ita in ’s

of

in flu e n c e

m a rk et.

a ttr ib u te d

G reat

o f e a s i­

p reven t
an

>

at

it is s t a t e d , p a r t i c i p a t e , t h e p u r p o s e b e i n g t o s u p p r e s s

c u r ta ilm e n t o f e x p o r ts .

p r a c tic a l m e a su re s

at

fo r d e m a n d

le a d in g

su g g ested

th e

days

C o tto n fo r p a y ­

m o n o p o ly

o t h e r h a n d , t h e d e t e r m in a t io n o f t h e E n g lis h a u t h o r i­
tie s

C lo s in g

at 4 7 5 % @ 4

B u n d e sra th

th a t

b lo c k a d e

s in c e

w as

of

4 76 1 5 -1 6 @ 4 77

w e ll a s g u ild e r s .

F o r e ig n

m easu re

r e s t r ic t io n s

s ix ty

fo r

p rogress

of w hat

B r itis h

som e

u n d e rto n e ,

c e r ta in
fro m

th e

s tr in g e n c y

w a s r e s p o n s ib le

absen ce

of

very

4 7 6 3 d }@ 4 7 6 3 4

and

ten d en cy

b u y in g

d e c is io n

at

77

dem and

at

733 4

c lo s e d

In

t h e e x a c t fig u r e s m a y b e .
T he

w ith

d ocu m en ts

4 7 5 % @ 4

q u e s tio n ,

s e c u r itie s

w ere

m ent

p u b lic a t io n o f n e w s o f t h e t r a n s a c t io n s o f th e ir c lie n ts
is

days

p r e v io u s

a n d s e v e n - d a y g r a in b ills a t 4 7 5 3 4 -

k n o w l­

p o lic y

e a s ie r

tr a n s fe r s .

4 6934,

T h e c o n s ig n e e s a s a r u le a r e t h e la r g e b a n k e r s

w ith

ra n ged

d a y s , 4 7 6 3 -1 6

c a b le

th ese

in s u r a n c e

d e fin ite

th e

exchange

a n n ou n cem en t

tr a n s fe r s

at 4 7 3 @ 4

s e c u r itie s c o m e b y r e g is te r e d m a il a n d a re s p e c ific a lly
in s u re d .

ch an ge,

c a b le

o ffic ia l

im p o r ta tio n s

fo r

76%

s ix ty

ra te s s h o w e d fr a c tio n a l d e ­

4 7 6 % @ 4

th e

th e

a ran ge

O n F r id a y t h e m a r k e t r u le d d u ll a n d w it h o u t i m p o r t ­

f a c t , M o n d a y ’s o p e r a t io n s in s te r lin g e x c h a n g e c ir c le s
su g g ested

73;

to

As

s te r lin g

b ills
at

1 5 -1 6 @ 4 77;

733 4

in

covered

at 4 76 3 -1 6 @ 4

d e t e r m in a t io n n o t t o m o r e c lo s e ly p re s s t h e b lo c k a d e .

s tim u ­

m a tter

at 4 76

T h u rsday, and

tr a n s fe r s

o n ly

q u oted

4 7 3@ 4

dem and

c a b le

to ta l

b e in g

tr a n s a c tio n s

c lin e s ;

th a t

a

at

t r a d in g , h o w e v e r , w a s a g a in

q u o ta tio n s

tr a n s fe r s

s m a ll o n

h ere on

at

dem and

c a b le

days,

th e

§ 4 0 0 ,0 0 0

d u ll a n d

r e m a in e d

p a r t ic u la r

a r r iv e d

r e m itta n c e s .

in

rep orted

a d d it io n

w o u ld

fo r

th a t

w as

s e c u r itie s

S u ch

n ary

c o n ta in e d

a m ou n ts

Thus

S ta r lin e r C y m r ic ,

had

is

1 -1 6 ,

and

ta k en

i t is n o t i m p r o b a b l e t h a t a n o t i n c o n ­

e s tim a te s

ste a m e rs

g o ld ,

have

am ount

v a r io u s

s it u a t io n

T aken

im p o r ta tio n s

p la c e , th o u g h

th e

[Vol . 102.

THE CHRONICLE

374

s ta n d p o in t

s e m i-o ffic ia l

of

G erm an

s ta te m e n t

b u s in e s s

is s u e d

in

in t e r e s t.

c o n n e c tio n

A

w ith

t h e m o v e m e n t e x p l a i n s t h a t t h e p u r p o s e is t o r e s t r i c t
G erm an

p u rc h a se s a b r o a d t o c o m m o d it ie s a b s o lu te ly

needed

in

cu rren cy

ord er

to

th rou gh

p reven t

d e p r e c ia t io n

a r b itr a g e

of

o p e r a t io n s .

G erm an

T he

p la n

is t o e s t a b lis h a d a il y q u o t a t i o n o n t h e B e r lin B o u r s e .
In

ord er

to

R e ic h s b a n k

e x c lu d e

is

s p e c u la tiv e

em p ow ered

to

o p e r a t io n s

dem and

of

th e

bu yers

of

e x c h a n g e p r o o f t h a t i t is w a n t e d in p a y m e n t o f g o o d s
a c tu a lly b o u g h t o r s o o n t o b e im p o r t e d .

T h e new sys­

t e m w a s p la c e d in o p e r a t io n y e s t e r d a y

(F r id a y ).

F o l­

l o w i n g is a t r a n s la t i o n o f t h e o r d e r o f t h e B u n d e s r a t h ,
g iv in g b a n k e r s th e p o w e r t o c h e c k im p o r t s ;
c o in s ,
b ills

n otes,

on

p a y m en ts

fo r e ig n

by

ch eck s

in d u s tr ie s

m ay

and

be

1 o r e ig n
s h o r t-te r m

bought

and

ex­

c h a n g e d o n ly b y fir m s n a m e d b y t h e I m p e r ia l C h a n ­
c e llo r

every

day.

T hese

fir m s

w ill

be

under

th e

c o n t r o l o f t h e R e ic h s b a n k , w h ic h w ill fix t h e r a t e o f
e x c h a n g e fo r N e w Y o r k , H o lla n d , D e n m a r k , S w e d e n ,
N orw ay,
g a r ia .”

S w itz e r la n d ,
In

fo r e ig n

A u s tr ia ,

exch an ge

R u m a n ia
c ir c le s

in

and

B u l­

N ew

Y ork

t h e im p r e s s io n p r e v a ils t h a t th e r e h a s , a s id e fr o m
m ov em en t,

been

rea ch ed

G erm an

v a lu e
been

b y

of

th e

cu rren t

a

u n d e r s ta n d in g

r e c e n t ly

banks

to

e x tern a l

R e ic h s m a r k .
th a t

th e

s u s ta in

R ep orts

I m p e r ia l

th e
have

B ank

has

le a s in g g o ld e s p e c ia lly t o A m s t e r d a m .
th e L o n d o n

“ D a ily T e le g r a p h ” fr o m

la s t T u e s d a y
bank

w ho

ban k ers
v a lu e

of

p rom pt
H o lla n d

s ta te d

had

th e

fo r

m ark

d is p a tc h
c o u ld

th a t

rea ch ed

m e th o d s

th e

an

to

th e

in fo r m e d

2 5 0 ,0 0 0 ,0 0 0
D u tch

of

th e

R e ic h s ­

w ith

D u tch

d e c lin e

in

th e

o n ly

th a t

by

th e

in

g o ld

m arks

m ark et

re­

th e la tte r c e n te r

d is c u s s

a r r e s t in g

r e c e n t ly
been

A d is p a tc h to

e m is a r y

th ere

w as

of

th is

t a c it

be

c le a r e d

of

to
a ll

p a p e r in c ir c u la t io n t h e r e .
A dded

in te re s t

is

g iv e n

s im u lt a n e o u s

m ovem ent

fu n d

Y ork .

in

N ew

It

to

to

th is

new s

e s ta b lis h

is s t a t e d

th a t

a

ite m
D u tch

th e

by

a

g o ld

N a tio n a l

Jan . 29 1916.]

THE CHRONICLE

375

B a n k o f C o m m e r c e a n d th e B a n k o f th e N e th e r la n d s

in s t a llm e n t s , e a c h o f $ 5 ,0 0 0 ,0 0 0 , a n d w ill b e p a r c e le d

have

o u t in t h e f o l l o w i n g m a n n e r : D r a f t s w ill b e d r a w n a t

rea ch ed

fu n d

fo r th e

an

a greem en t

pu rp ose

to

e s ta b lis h

o f s t a b iliz in g

a

exch an ge,

th ree

m on th s’

t h e fu n d s till t o b e c o u n t e d

as a p a rt o f th e B a n k o f

th re e

m on th s, to

N e th e r la n d s

th is

reserve.

T o

D u tch

su ch

e x ten t

th e

D u tch

d ra w er

on

B a n k is f o l l o w i n g v e r y c l o s e ly t h e a c t i o n o f t h e B a n k

w ill b e

th e

s y n d ic a te .

o f F ran ce
a N ew
to

w h ic h

Y ork

be

e a r ly la s t y e a r s e g r e g a te d

bank.

e s ta b lis h e d

e x p e cte d
p la n

th a t

h e r e 'h a s

it

fu n d s

T h e a m o u n t o f th e D u tc h

w ill

n ot been

be

very

s t a t e d , b u t i t is

c o n s id e r a b le .

c o n te m p la te s fo r in s ta n c e th e g r a n tin g

itie s f o r h o ld e r s
a v o id

o f A m e r ic a n

cou p on s

in

cou pon s

tu rn

ta k e

w ith

th em

th e ir

to

th e

ow n

bank

B ank

of

o f fa c il­
to

d e p o s itin g

w h ic h

th e

The

H o lla n d

th e e x c h a n g e m a r k e t a lto g e th e r b y

th e ir

in

fu n d

w ill

v a lu e

ch arge.

at

th e

T he

cou p on s

par

of

exch an ge

N e th e r la n d s

as so m u ch

g o ld

B ank
and

be

g o ld

c o lle c te d

fu n d

at 4 2%

h ere.

fo r

th e

g u ild e r s

s ig h t in

a w eek a go.

fin is h e d

at 4 2 %

s ig h t w a s q u o t e d

n o m in a l

th en

trea t

th e

th is s id e w h e r e t h e y

p roceed s

D u tch

ban k ers

a g a in s t 4 3 %
dam

and

ca n

a

is s u e its n o t e s a g a in s t

th e m , r e m ittin g th e c o u p o n s t o
w ill

le s s

passed
c lo s e d

th e

N ew

in to

la s t

Y ork

th e

n ig h t

m arket

B a n k e r s c a b le s o n A m s t e r ­

a g a in s t

at 4 2 %

44,

w h ile

several

d ra w n

upon

c r e d it

is

not

is m a d e w i t h

been

recen t

c a b le

to

be

c o m m e r c ia l

N ew

in

Y ork.

p rog ress fo r
It

does

p ort

w h ic h
be

One

su g g ests

d e p o s ite d

o b je c t io n

is t h a t s u c h
A m e r ic a n

is

at

R u s s ia n

In

P a r is

a g a in s t

N ew

at

s ig h t ,

P etrog ra d

n ecessary

F ren ch

in

th e

N ew

Y ork

R u s s ia n

Y ork

m arket

ago.

c lo s e d

yesterd a y

2 9 .7 0

on

ban k ers’
c a b le

a t 2 8 .0 1

F r id a y o f la s t

ch eck s

on

tra n s fe rs

at

A m e r ic a n

a p p lie d
fo r

to

h is r e s p e c t iv e

th e

to

t h e fir s t $ 1 5 ,0 0 0 ,0 0 0 .

F ren ch

G ov ern m en t,

and

c lo s e d

and 74%
12 55

a w eek ago.

a g a in s t

fin is h e d

at 7 4%

A u s tr ia n

12 7 0 .a

a re

5 18

w eek

6 73

and

fo r

5

ago.
fo r

lir e

at

ago.

c a b le s

5 16

G overn m en t of

T he

N ew

g a in e d

Y ork
w ith

C le a r in g

in te r io r

$ 3 ,9 6 5 ,0 0 0

n e t in

ren cy

m ov em en ts

T h e ir

r e c e ip t s

$ 1 3 ,0 2 9 ,0 0 0 ,
0 6 4 ,0 0 0 .

fo r

fro m

w h ile

ca sh
th e

th e

th e

A d d in g

th e

H ouse

in

th e ir

in s titu tio n s ,

b a n k in g

ban ks,

have

a s a r e s u lt o f t h e c u r ­

w eek

e n d in g

in te r io r

have

s h ip m e n ts

have

Jan.

n o m in a l o n

C h eck s

rea ch ed

$ 9 ,­

o p e r a t io n s

S u b -T re a s u r y

and

t h e g o ld e x p o r t s , w h ic h t o g e t h e r o c c a s io n e d a lo s s o f
$ 7 ,4 7 5 ,0 0 0 , t h e c o m b in e d r e s u lt o f t h e flo w

of m oney

in to

th e

and

out

of

th e

N ew

Y ork

banks

fo r

on

s ig h t

th e

In to
B an ks. .

28.

Out o f
B an ks.

N et C hange in
B a n k H o ld i n g s .

Sub-Treas. opcr’ns and gold exports.

513.029,000
18,296,000

59.064.000 Gain S3,965,000
25.771.000 Loss 7,475,000

T o ta l__________________________

S31,325,000

S34.S35.000 Loss S3.510.000

T h e fo llo w in g t a b le in d ic a te s th e a m o u n t o f b u llio n
in t h e p r i n c ip a l E u r o p e a n b a n k s :

and

6 72

G reek ex­

b a s is

Jan.

28 1915.

Jan.

G o ld .

S ilv e r .'

T o ta l.

G o ld .

S ilv e r.

T o ta l.

£

£

£

£

£

£

52,224,567 69,166,117
69,166,117
England.. 52,224,567
France_ 200,464,600 14,149,800 214,614,400 169,351,920 14,633,200 183,985,120
_
Germany. 122,595,950 1.500.000 124,095,950 107,252,500 2,584,600 109,837,100
Russia__ 226,119,000 3.937.000 230,056,000 176,785,000 4.792.000 181,577,000
Aus.-Hunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
Spain___ 35.407.000 30.174.000 65.581.000 23.241.000 28.519.000 51.760.000
Italy____ 43.507.000 4.234.000 47.741.000 47.900.000 2.761.000 50.661.000
Netherl'ds 36.816.000
151,700 19,994,700
481,400 37,297,400 19.843.000
Nat.Belgh 15.380.000
600,000 15.980.000 15.350.000
600,000 15.980.000
Switz'land 10,000,300
9.418.000
10,000,300 9.418.000
Sweden . .
6.942.000
6.030.000
6.942.000 6.030.000
Denmark. 5.931.000
228,000 6.159.000 5.008.000
260,000 5.268.000
N orw ay.. 3.644.000
3.644.000 2.287.000
2.257.000
Tot. week 810,609,417 67,444,200 878,053,617 703,240,537 66,441,500 769,682,037
Prev. week 790,620,063 67,514,160 858,134,223 701,950,339 65,454,800 767,405,139
c July 30 1914 In both years,

h Aug. 6 1914 In both years.

R E C O N S T R U C T I N G

T w o

in c id e n ts

n e g o tia t io n s
sode

and

fe r e n c e

w ith

th e

I N

th e

T E R N

past

G erm an y

p u b lic a tio n ,

d e le g a te s

fr o m

A T I O N

A L

w eek — th e

over
by

th e

L A W

L u s ita n ia

th e W a s h in g to n

tw e n ty -o n e

27 45

a g a in s t

h a v e a s ig n ific a n t b e a r in g o n

pean

tra cted

27 70.

A n e w F r e n c h c r e d it , f o r $ 1 5 ,0 0 0 ,0 0 0 , h a s b e e n a n ­
th is

w eek

by

W m .

P .

B o n b r ig h t

&

C o .,

I n c ., w h o h a v e o r g a n iz e d a s y n d ic a t e fo r t h e a b s o r p ­
t io n

of

th e

t ic ip a t in g

a ccep ta n ces.

in

th e n ew

T he

lo a n

group

is w i t h f e w

of

banks

pa r­

e x c e p tio n s th e

w ar.
to

N o

great

th e

p u b lic

d e c la r a tio n

a tte n tio n

above

and

In s titu te

a s little

c is io n

by

of

A m e r ic a n

has

re fe r r e d

I n te r n a tio n a l

in te r e s t a s t h e y w o u ld

th e

H ague

T r ib u n a l,

been
to,

N e v e r th e le s s ,

a ll

h is to r y

goes

and

ru n

fo r

one

year,

and

th e

p r e v io u s

w ill c o s t t h e

o n e , w ill

borrow er

6 % % .

te n d e n c ie s

c o n s o lid a te

S o f a r is i t f r o m
and

v io la tio n

and

a ccep ted

t im e

of w ar, h ave

w ho

have

T h is

b a n k in g

p a r tic ip a te d

secon d

in

$ 1 5 ,0 0 0 ,0 0 0




in s tit u t io n s
th e

w ill

h a n d lin g
be

on
of

d iv id e d

th is

s id e

have

M ost

as m u ch

rea d
or

a de­

ig n o r e d

to

prove

th a t

it

is

th e m s e lv e s w h ic h

a re t o ­

a s in t e r n a t io n a l la w .

t h e t r u t h t h a t a tr o c itie s , b a r b a r itie s

A c c e p t a n c e s w ill b e d r a w n b y t h e b o r r o w e r s in F r a n c e
by

Law .

d is p u te d

a t­

o f th e

d u r in g t h e p r o g r e s s o f g r e a t w a r s t h a t t h e p r in c ip le s

d a y e m b o d ie d in w h a t w e k n o w

lik e

re­

b y o n e o r a n o t h e r o f t h e p r e s e n t b e llig e r e n t S ta t e s .

N ovem b er.

cr e d it,

e p i­
con ­

th e p re se n t a n d fu tu r e

s a m e t h a t w a s c o n c e r n e d in a s im ila r t r a n s a c t io n la s t
T h is

.

c o n tin u in g

s ta tu s o f in te r n a t io n a l la w , a s a ffe c t e d b y th is E u r o ­

of 5 15%
27 15

of

of

p u b lic s , o f its D e c la r a t io n o f t h e R ig h t s o f N a t io n s —

a re

C openhagen

27 1916.

Banks o f

A m e r ic a n

n ou n ced

w eek

a p p e a r s t o h a v e b e e n a l o s s o f $ 3 , 5 1 0 , 0 0 0 , a s f o l l o w 's :

p e o p le p r o b a b ly re a d th e a c c o u n t o f it w ith

a re

28.

a g g reg a ted

a g a in s t 2 7 4 0 a w e e k a g o , w h ile d e m a n d b ills o n N o r ­
Sw eden

but

I t is s e c u r e d

w ay

and

par­

o f d i s c o u n t s a r r a n g e d is t h e

5 86%

17

d r a ft.

th e

P a r is

B e r lin

s till r e m a in s

s ig h t

s p e c ia l
is b e i n g

w eek

I ta lia n

th e

R e p u b lic .

o p e r a t io n s

a d v ic e s

a

f o r c a b le s a g a in s t 6 6 2 a n d 6 61 la s t w e e k .
ch an ge

fu n d s .

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exchange

s ig h t a n d

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A m e r ic a n

P e t r o g r a d .”

w eek

and

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k ron en ,

la s t

a

Y ork

5 8 7%

5 86%

at 74%

in

in

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now

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In

fin is h e d

to

by

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T h is c o m p a r e s w ith

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of

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p o s s ib le

ce n te r

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have

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to

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seem

s e c u r ity

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th e

ea ch

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t ic ip a t io n .

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w ith

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in

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T h e la tt e r in s t it u t io n t h e n w ill c a s h t h e m , p a y in g t h e
fa ce

s ig h t ,

of

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th e

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d e v e lo p m e n t

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th e

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hu m ane m od ern

in to

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c o d e o f in t e r n a t io n a l r e la tio n s , t h a t

376

THE CHRONICLE

and absolute cause for the subsequent agreem ent of
nations on the rules which should thereafter underlie
the conduct of war and the attitude of belligerent
governm ents and armies towards non-com batants.
The great Grotius, founder of modern international
law, was him self inspired to his epoch-m aking work
by the excesses and barbarities of the Thirty Years’
W ar, which were then going on before his eyes. It
was because of the real feeling of governm ents and
peoples toward the performances of the armies of that
period, and because of their weariness and disgust
at the consequences, that the teachings of Grotius
found so ready acceptance throughout Europe when
the war was over. One can easily imagine that the
publication of the “Jure Belli et Pacis” of Grotius in
1625, when the T hirty Y ears’ War itself really ended
only in 1648, m ust have excited a contem ptuous
sm ile among the leaders of that memorable conflict.
Y et it is Grotius, and not the m ilitary commanders or
governm ent officials of his day, who shaped in­
ternational law as all the world now recognizes it.
W hatever of violations in the international code as
framed in more recent years have occurred in the
present war, no one has dreamed of intim ating that
the status of the Thirty Years’ War had even ap­
proxim ately been restored.
The declarations of the Institute of International
Law are extrem ely simple; two years ago they m ight
have been called self-evident. They m ay be sum ­
marized as follows:
“I. Every nation has the right to exist, to protect
and to conserve its existence; but this right neither
implies the right nor justifies the act of the State to
protect itself or to conserve its existence by the com­
mission of unlawful acts against innocent and un­
offending States.
“II. Every nation has the right to independence
in the sense th at it has a right to the pursuit of hap­
piness and is free to develop itself w ithout interference
or control from other States, provided that in so do­
ing it does not interfere w ith or violate the just rights
of other States.
“III. Every nation is in law and before law the
equal of every other State com posing the society of
nations.
“IV. Every nation has the right to territory within
defined boundaries and to exercise exclusive jurisdic­
tion over this territory, and all persons, whether
native or foreign, found therein.
“ V. Every nation entitled to a right by the law of
nations is entitled to have th at right respected and
protected by all other nations, for right and duty
are correlative, and the right of one is the duty of all
to observe.”
Being a declaration by American republics, it
m ight possibly be assumed th at these statem ents
apply primarily to international affairs in this hem issphere. If incorporated in the legislation of the as­
senting American States, the declarations m ight lead
to the extension of the M onroe D octrine, whereby
American republics would m utually and formally
guarantee one another in the assertion of these rights.
B ut the m atter has a larger scope than this. The
fifth paragraph, as above cited, points with the ut­
m ost plainness to Belgium , and is at least a possible
indication of the formal attitude, with larger m utual
guarantees, which Europe itself m ay very probably
have to take after this war, unless the larger lessons
of the epoch-making conflict are to be wholly w asted.
N othing has been more persistently misrepresented
than the attitude of the U nited States regarding
Germ any’s violation of Belgium ’s rights. There
has been in this country, especially during recent



[Vol . 102.

m onths, a constant effort to represent the United
States as having been in honor required, because of
its signature to the Hague declaration against inva­
sion of neutral territory, to intervene in the European
conflict, or at any rate to lodge a formal public pro­
test on the part of our Governm ent against the Ger­
m an invasion. But this w holly confuses the Hague
agreement on the general question with the special
treaty regarding Belgium , which directly and sol­
em nly bound England, France and Germany in the
guarantee of Belgium against exactly such violation
of its rights as occurred at the end of July, 1914.
England at once assumed that she, at least, was
required by formal treaty to intervene by force of
arms. B ut so far from the United States being thus
bound, our Governm ent’s signature to the provisions
of the Hague Conference of 1899 was distinctly
qualified by the declaration that “nothing contained
in this convention shall be so construed as to require
the United States of America to depart from its tra­
ditional policy of not intruding upon, interfering with
or entangling itself in the political question of policy
or internal administration of any foreign State.”
This reservation was repeated at each of the subse­
quent Hague conventions.
This certainly removes the argument that we were
bound in honor to take action in the m atter of Bel­
gium . B ut that argument also ignores the further
question as to what service a protest by the United
States could possibly have rendered in the m atter.
The German army was in Belgium before the world
knew positively that it even intended to invade that
country; even Sir Edward Grey’s preliminary pro­
test came really after the thing was done. Therefore
a protest by the Governm ent at W ashington, if it
had any meaning, m ust have m eant that the United
States was ordering Germany out of Belgium . And
if this notification was to be anything more than a
means of making the United States ridiculous in its
diplom atic status, the ultim ate purpose m ust have
been to apply force in case the protest were disre­
garded by Germany— as of course it would have been.
N othing, as we see it, could well be more futile than
the argument that the U nited States should as a Gov­
ernment have uttered vain words with no purpose
or possibility of following them up by acts. All the
“exchange of notes” over the submarine affair, which
is nowadays often denounced so angrily, is not com­
parable to the situation which would thereby have
been created.
But this is far from meaning that no formal and
binding agreement over enforcem ent of treaties of
civilized nations is likely to follow the events of this
war. It is still far too early to say w hat exact form
any such future international agreements and pledges
will take. B ut there remains, first, the fact that
every great war has been followed by a long forward
step in such regulation of international relations, and
it is also difficult to conceive of any outcom e to this
war— unless through the overwhelming triumph of
Germany over all its antagonists, and the absolute
triumph of the m ilitary cabal over public opinion
which would not render inevitable the recasting and
strengthening of the machinery of international con­
ferences and international pledges, on lines, perhaps
as yet undiscovered, which would prevent the repe­
tition of the events of July and August, 1914.
B ut positive and unequivocal declaration of what
m ust not and shall not be done in the ordinary prac­
tices of war m ust naturally come first, and of this

THE CHRONICLE

Jan 29 1916.]

the declaration by the delegates from the American
republics is an interesting first indication. So, we
m ay say, of the present Lusitania negotiations.
Germany has now gone so far as to express w hat
am ounts to formal regret at the Lusitania episode,
to offer indem nity for American citizens lost (thereby
confessing that a wrong was done), and to pledge her­
self against the recurrence of the episode. Our Ad­
m inistration, however— "with entire right, as we be­
lieve— has firm ly refused to accept any reparation
or apology except such as positively and officially
disavows on the part of the German Empire the action
of the guilty commander of the German submarine.
This, from the German point of view , is doubtless
asking much; for the commander acted under orders
of the German Adm iralty, the orders of the Admiralty
were undoubtedly approved by the Government,
and even the sinking of the Lusitania was applauded
at the tim e by the German press and people. All
this can, however, m ake no difference in our own Gov­
ernm ent’s point of view , or in that of any other civil­
ized neutral Power. W hat Germany wrongfully
did, Germany m ust undo as far as it now lies in the
power of a Governm ent to undo it. The United
States cannot compound with w hat it justly regards
as international felony. If we have not taken up
arms against the perpetrators of that wicked and
lawless action, it is because we propose to place the
action itself, by confession of the very Government
responsible for it, in the category of wrongful acts
of war which will never be repeated, and which will
stand absolutely repudiated when this war is over,
even by the Governm ent which asserted the right to
com m it them when the war began. How vastly
more valuable as a precedent for the future such vol­
untary affirm ation of the principle involved would be,
as compared with a disavowal possibly extorted un­
willingly from a nation negotiating for terms of
peace, it hardly need be argued.
THE

SUPREME

COURT

VACANCY.

President W ilson suddenly sent to the Senate,
yesterday afternoon, the name of M r. L. H . Brandeis
of Boston for the vacancy in the Supreme Court made
by the recent death of Justice Lamar. M r. Brandeis
has figured som ewhat in M assachusetts as one of the
sponsors of the quite ineffective scheme of life in­
surance per the savings banks. H e has been called,
presumably with his own approval, “the people’s
law yer,” and his pose has resembled that of the Mr.
F. P . W alsh of the late Commission on Industrial
R elations. H e has been m ost conspicuous as special
counsel to the Inter-State Commerce Com m ission,
and as such was busy with zealous opposition to the
railroads in the rate cases, his attitude and activity
being so partisan that some of the newspapers char­
acterized his relationship to the Commission as al­
m ost scandalous.
It is impossible not to perceive, and it would be a
remissness in duty not to say, that this appointm ent
is unfit. It is negatively so, because M r. Brandeis
is w ithout judicial experience and has given no evi­
dence of possessing ability which measures up to the
requirements of the position; his positive unfitness
lies in the association he has already had in the very
gravest m atters which are still far from being finally
settled and m ust come again before the Court, and
also in the bias under which he lies. M en do not
suddenly change their habits of m ental process; and
whatever else be said of Mr. Brandeis, he has been



377

too long and too fiercely an advocate to make an
open mind possible for him now. The sam e im m ov­
able objection lies against him as a candidate for
the highest tribunal as always lies against entrusting
causes to an “interested” party.
This appointm ent is reported to have amazed and
startled W ashington, and naturally so. The am aze­
m ent is, or well m ight be, the greater because
M r. Taft has been earnestly m entioned of
late for the position. Of M r. T aft’s em inent
fitness in legal learning and in experience both as
practitioner and as judge, of the breadth of his mind
and the substantiality of his adherence to funda­
m ental principle, as well as his fam iliarity with great
public and international questions, on which he is
further equipped by travel and by a personal knowl­
edge of the Orient— of this it is superfluous to speak.
Very few men in the American Bar of to-day can
justly be rated with him in respect to natural and
acquired fitness for that high place.
Some ex-Presidents of the American Bar Asso­
ciation and other widely-known lawyers lately
sent to M r. W ilson a joint letter urging his appoint­
m ent, among the signers being Joseph H . Choate,
Alton B . Parker, Eliliu R oot, J. M . Dickinson and
Everett P . Wheeler; they cite his training in the law
and in public affairs, also “his great intellectual
qualities and the confidence reposed in him by the
people” as being pre-eminent qualifications. It was
also reported from W ashington that “the strongest
kind of pressure from Dem ocratic sources is being
brought,” and that M r. W ilson was particularly sur­
prised because “much of this pressure has come from
Southern Dem ocrats;” for instance, that a leading
Dem ocrat of South Carolina told him that expressions
heard on business trips through the Carolinas and
Georgia indicate an overwhelming sentim ent for
M r. T aft’s appointm ent.
The W ashington correspondent of the “Evening
P ost” said yesterday that “the nom ination fell like a
bombshell on W ashington and it is the unanimous
prediction among both Dem ocratic and Republican
Senators that the nom ination will not be confirmed
w ithout a long and bitter struggle.” Other W ash­
ington dispatches were of a similar tenor. W hether
M r. W ilson’s type of mind is incapable of accurately
judging the im portance of the position and the
qualifications requisite for it, or whether he has
acted w ithout enough reflection, or whether he has
followed a personal liking or has determined to push
anti-corporation and anti-wealth radicalism to the
bitter end, it is im possible to know. Y et the pro­
test ought to be general and it is to be hoped that he
will be induced to attem pt a fitter selection.
This city is now waiting to learn whether the
present Postm aster, holding over from the previous
Administration and obviously the one fittest man
for the place, is to be reappointed. M r. W ilson’s
rhetoric is always good, and his frequent disquisi­
tions on public and private m orality are open only
to criticism as platitudinous and unnecessary; but
there is considerable suspicion that he does not square
his official conduct by his brave words, since it is
generally expected that this appointm ent will go to
a henchman of the senior Senator from this State.
The deciding consideration, it is supposed, is whether
it were better on the whole to risk a break with Tam ­
m any or with the ancient Senatorial prerogative of
office-broking. At least, the appointm ent hangs
undetermined.

378

THE CHRONICLE

[Vol . 102.

In a private letter which found its w ay into print, j Belgium and Great Britain, and a more or less marked
M r. W ilson lately gave vent to his em otions about decline in the arrivals of goods from other sections of
heroism, a quality whose exhibition has some power Europe, the im ports for the year exhibit only a mod­
to m ove even the m ost brutish m an. M oral courage erate decrease from 1914 or 1913, or from the high
is still quite as high as physical; at least, there is still record total of 1912, and are heavily in excess of 1911.
opportunity for men in high public station to win This outcom e is due in largest measure to the greater
honor by not seeking it but by following public duty absorption of sugar from Cuba, hides, flaxseed, wool,
and never thinking of possible personal conse­ &c., from Argentina, hides and India rubber from
Brazil, India rubber and tin from E ast India, and the
quences.
Straits Settlem ents, and wool from Australia. There­
fore, with the gain in exports phenom enally heavy,
O U R F O R E I G N T R A D E I N 1915.
the aggregate foreign trade of the country (inflow
The phenom enal expansion in our foreign export and outflow of merchandise combined) for the year
trade in the calendar year 1915 marks an epoch was very much greater than for any earlier similar
in the commercial history of the U nited States. period, reaching $5,329,521,248, against $3,902,900,­
In 1914 the war in Europe was responsible for an 051 in 1914 and $4,276,614,772 in 1913.
im portant contraction in the outflow of our com­ The total merchandise exports in 1915 reached a
m odities. In 1915 it furnished, directly or indirectly, value of no less than $3,550,915,393, against only
the dem and th at took from us m erchandise covering $2,113,624,050 the previous year, $2,484,018,292 in
a value of such m agnitude th at under normal con­ 1913 and $2,399,217,993 in 1912. The shipm ents of
ditions of trade developm ent it would take a long breadstuffs covered a very much greater value in
term of years to reach. To no small extent, of course, the late year than in 1914— in fact, not very far from
the increase in the value of our exports in the late double ($525,000,000 against $310,280,873)— this
year was due to the higher prices secured for com­ being chiefly due to a very largely increased outflow
m odities— this was especially true of various supplies of w heat, oats and flour to the Entente countries
for the European armies, such as horses, m ules, auto­ and to several of the neutral countries of Europe as
m obiles, gunpowder, horseshoes, boots and shoes, w ell, but higher prices were also an im portant ele­
and some foodstuffs— but this itself was the con­ m ent in the situation. The average export price of
w heat for the year w as, for exam ple, close to $1 40,
com itant of the war.
It was inevitable, with the Entente Powers in full against $1 08 in 1914, and the comparison as regards
control of the w aterw ays of the world as regards mer­ flour is between about $6 30 and $4 89. Here alone
chant shipping, th at commerce between the Central enhanced prices have given an added value of not
Powers and the U nited States would be practically very far from 100 m illion dollars. Horses for mili­
extinguished. Y et merchandise exports attained tary purposes were also in very great dem and, with
unexam pled dim ensions in face of th at fact. To the result that exports advanced in value nearly
w hat extent th at condition obtained in 1915 is indi­ tw enty fold and the average price per unit rose from
cated by the fact that whereas our shipm nets of $188 to about $214. M ules, too, have been shipped
goods definitely destined to Germany in 1913 reached upon a com paratively enormous scale, thirty tim es
a value of 352 million dollars and in 1914 about 158% as m any as in the preceding year, and with the price
millions (only 2% millions of this in the concluding marked up from $128 to $194, the value ratio is as
five m onths), the 1915 total was barely 12 millions; 50 to 1. C otton exports, likewise, were much heav­
and from 22 millions in 1913 (half of this represented ier in quantity, due to im provem ent in demand and
by copper and cotton), there was a drop to a merely better shipping facilities. Here, however, in con­
negligible am ount in the outflow to Austria-H ungary. sequence of the com paratively low prices prevailing
These are certainly serious losses considered by them ­ during the first seven m onths of the year, the increase
selves, but they bear no im portant relation to the in value is not so decided. In other words, the value
gains in other directions. It would ordinarily seem of the 8,358,945 bales sent out in 1915 was $417,­
incredible that our exports to Great Britain should 007,482, whereas the 6,320,485 bales shipped in
double in a single year; but that is just w hat the ex­ 1914 covered $343,904,905, the average prices hav­
igencies of the situation brought about in 1915, the ing been 9% c. and 10)4c. per pound, respectively.
jum p being from 600 million dollars to about 1,200 The increase in q u an tity, it will be observed, was
millions. In the French total, moreover, there was 33% , and in value only 21)4% .
an advance from 170 m illions to over 450 m illions, Petroleum shipm ents were upon a little more lib­
and these indicate how essential to trading conven­ eral scale, but at lower prices, and, consequently,
ience was the establishing of the Anglo-French credit the increase in value in 1915 was merely nom inal.
An increase of some 113 m illion dollars in the exports
here.
B ut the expansion in our foreign export trade goes of provisions is in no material sense to be ascribed to
much further than this. Ita ly ’s call upon us for advancing prices, nor is the gain of about 18 million
merchandise in the late year having been about three dollars in cottonseed oil. B ut, aside from those
tim es the 98 million total of 1914, H olland, Denm ark, instances already referred to, there arc a number of
Sweden and N orw ay collectively having become our articles in which a marked appreciation in prices
debtors for goods in the am ount of some 300 m illions, contributed m aterially to swell the value of the 1915
against less than 200 m illions, and Russia nearly exports. Autom obiles, commercial in particular,
150 millions against 28 millions— with the W est were shipped much more freely, and averaged $1,530
Indies, too, as well as with South America, M exico, per unit, against $1,103 in 1914, this explaining a
Oceania and Africa a very satisfactory augm entation goodly portion of the 70 m illion dollar gain. W ith
copper at 16)4 cents per pound, instead of 13% cents,
in our outward trade is to be noted in 1915.
Concurrent with the increase in exports of com ­ the quantitative decline in exports was considerably
m odities in 1915, and in the face of a very decided offset and higher prices for fertilizers were sim ilarly
contraction in the inflow from Germ any, France, effective. Gunpowder, never heretofore an impor


Jan 29 1916.]

THE CHRONICLE

379

tant article of export, loomed up largely in 1915, and the following com pilation, which covers the results
at 74 cents per pound, against 33)^ cents in the pre­ for the last six years:
vious year, a gain of some 40 m illion dollars is not EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS.
surprising. R ye at SI 19 per bushel, against 99c.;
| 1915.
1914.
1913.
1912.
1911.
1910.
cattle S170 per head against S59; horseshoes 8c. per
S
$
1
s
S
I
S
•
s
575,495,653
lb. against 5 ^ c .; sole leather 334c. against 2% c.; Cotton . . . '417,000,000 343,904,905 203,391,856 623,077,439 517,053,575 530,824,222
Breadstlfs 525,000,000 310,280,873
161,672,348135,860,349 109,093,689
zinc 9c. against 6.6c., and boots and shoes $2 27 Pro vns ,&c 274,000,000 161,474,241 160,606,568 148,116,068160,316,842 129,522,085
Cat'Ie.sh'pi
& hogs.l 2,675,000
990,406 1,580,346 4,404,042 15,071,057 9,714,743
per pair against $1 69, were also, through the higher Petrol. ,&c 142,000,000 139,900,587149,316,409 124,310,282jl05,922,S48 94,107,022
price and larger shipm ents, leading contributors to Total Il360675000 956,551,0124090390832 1061580179^934,224,671 S73,261,761
the year’s gain in value of exports. In fact, in All other i2190240393 1157073 03s'l393627460 1337367 814 115S302 075|992,997,143
articles-.
these com paratively few articles and in wheat and Total - . 3550915393 2113624 050l2484018 292 2399217 99320925267461866258 904
flour, the added value arising out of higher prices
The foregoing, being self-explanatory, requires no
approximates 150 m illion dollars.
W ithout pursuing the subject of prices any further, extended com m ent. B u t a more detailed statem ent
except to say that in practically all cases where the would show that of foodstuffs as a whole the exports
war has stim ulated demand increasing value has re­ for 1915 were practically double those of the preced­
sulted, we would note expansion in the shipm ents of ing year, an outcom e due m ost largely, if not entirely,
brass m anufactures of about 40 million dollars, to conditions existing in Europe. The sam e, more­
chemicals 45 m illions, cotton manufactures 50 m il­ over, m ay be said of our m anufactures ready for
lions, iron and steel m anufactures as a whole 145 consum ption, and, furthermore, it is to be noted that
m illions, leather and m anufactures, including sole there was a fair measure of increase in the shipm ents
leather and boots and shoes, already referred to, of crude materials for use in m anufacturing, and in
100 m illions, wool manufactures 37 m illions, sugar partly m anufactured articles, and a very considerable
25 millions, explosives other than gunpowder 70 gain in goods classed as m iscellaneous. All divisions,
millions, and smaller gains in bitum inous coal, therefore, if not all articles, shared in the expanded
electrical machinery, fish, fruits and nuts, glassware, foreign export trade of the late year.
The m ovem ent of gold in 1915 was in direct and
India rubber m anufactures, fiber m anufactures,
oil cake and meal, paraffin and paraffin wax, vege­ striking contrast w ith that of the previous year.
table oils, tobacco, &c. Contraction is to be noted Then it was outward upon a m uch more extensive
in some com m odities and generally as a direct result scale than in any previous year in the history of the
of the conflict in Europe. Am ong them m ay be U nited States, while the 1915 result has been ex­
m entioned agricultural im plem ents, the shipm ents of actly the reverse, the inflow establishing a new record.
which were barely half the restricted total of 1914, M uch the larger part of the year’s inflow came for
furs and skins, household and personal effects, naval the account of Great Britain, either directly or by
steam er to Halifax and thence into the United States
stores and wood and m anufactures.
via Vanceboro, M aine, or from the depository of the
Im ports of merchandise for the year 1915 at $1,­
778,605,855 were, as already stated, m oderately less Bank of England at O ttawa, reaching this country
than in 1914, comparing with $1,789,276,001 in through Ogdensburg, N . Y . In all, Great Britain
that year and $1,818,073,055 in 1912— the high sent to us nearly 320 million dollars, or fully 70% of
record. It does not, of course, follow that the de­ the year’s aggregate im ports, of which 221 millions
crease from last year has been generally shared in by via Canada or from the Canadian depository. Ar­
the various com m odities in the schedule. On the rivals from France were about 12 m illions, South
contrary, there are a few that exhibit im portant in­ America 15 m illions, Australia 30 m illions, Japan
creases over the previous year and am ong them sugar, 25 m illions, and W est Indies, M exico, &c., 20 m il­
in which an augm entation of som e 45 m illion dollars lions. Briefly, the inflow of gold for the year reached
is to be reported; raw wool, 30 millions; India rubber, $451,954,590, and the efflux (m ainly to the W est
30 m illions, and hides and skins and coffee, each 10 Indies) $31,425,918, leaving an im port balance of
m illions. B ut losses naturally predom inate, and the $420,528,672, against a net outflow of $165,228,415
m ost conspicuous among them are in woolen m anu­ in 1914 and of $28,093,778 in 1913, and a net import
factures, 30 millions; cotton m anufactures, 20 m il­ of $19,123,930 in 1912. The inward m ovem ent of
lions; m eat and dairy products, 22 millions; fibers silver in 1915 was above the average of recent years,
and m anufactures, 26 millions; fertilizers, 13 millions; with M exico the main contributor, while exports
fruits and nuts, 12 millions; raw silk, breadstuffs and were of about normal proportions, with Great Britain
art works, each 10 m illions, and such articles as glass­ the chief absorber. The net exports were $19,114,­
ware, leather and m anufactures, iron and steel m an­ 920, against $25,643,873 in the previous year.
ufactures, oils, paper and m anufactures, silk m anu­ Bringing together the various balances, we have the
factures, wines and liquors, toys, tobacco and m anu­ appended com parative summary of the net trade
factures, and wood and m anufactures, in am ounts balances for a series of years:
ranging from 3 to 9 m illions.
YEARLY TRADE BALANCE.
The favorable merchandise balance (excess of ex­
1911.
—
1914.
1913.
1912.
1910.'
1915.
ports over imports) for 1915, needless to say, was
S
S
S
S
S
S
by a stupendous am ount the greatest in our history, M dse.exp. 1772309 538 324,348,049 691,421,812 581,144,63s 560.167.5S6 303,354,753
Silver exp. 19,114,920 25,643,873 26,908,812 23,560,669 21,198,075 11,482,805
falling very little short of equaling the total of the Total . . 1791424 458 349,991,922 718,330,624 604,705,307 582,085,661 314,837,558
country’s im ports. Specifically, it reached $1,772,­ G old imps. 420,528,072 *165228415 *28,093,778 19,123,930 20,262,110 *447,696
309,538, against only $324,348,049 in 1914 and $691,­ G r’d total 1370895786 515,220,337 746,424,402 585,581,377 561,823,551 314.389.S62
421,812 in 1913, this latter having been the calendar * N et exports.
year record up to now. As indicating the changes
W ith all item s included, the net export balance for
from year to year in some of the leading staples of 1915, it will be observed, reached no less than
export and the relation those principal item s bear to $1,370,895,786, or some 85534 m illions more than in
the full outward m ovem ent of merchandise, we give 1914 and 624)4 m illions in excess of 1913.



Exp o rts.

Excess of

[Vol . 102

THE CHRONICLE

380

CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1915.

Continuing the practice begun by us eleven years ago, we furnish below a record of the highest and lowest
prices for each m onth of 1915 for all the leading stocks and bonds dealt in on the Chicago Stock Exchange.
In the com pilation of the figures, which are based entirely on sale transactions, we have used the reports of
the dealings as given in the Chicago Stock Exchange official list each day, and in our range we m ake no dis­
tinction between sales in sm all lots and sales in large lots.
For record o f previous years, see “ Chronicle” of Jan. 30 1915, page 349; Jan. 31 1914, page 347; Jan. 25 1913, page 244; Jan. 27 1912, page 256

Jan. 28 1911, page 234; Jan. 29 1910, page 276; F eb. 6 1909, page 348; Jan. 25 1908, page 205; Jan. 19 1907, page 138; Jan. 20 1906, page 135, and
Jan. 21 1905, page 1 9 8 .
November December
Ju n e
A p r il
May
J u ly
F ebru ary
M a rc h
J a n u a ry
A u g u st
October
September
L o w H ig h Low H ig h Low H ig h Low H ig h L o w H ig h Low H ig h Low H ig h Low H ig h L o w H ig h Low H ig h Low H ig h Low H ig h

BONDS

RAILROAD AND MISCEL­
LANEOUS BONDS
92
------------ 1939 91
Armour & Co
B ooth Fisheries S F D 6 s..1926
Calumet & So Chicago 5 s..1927
975s 99

92i2 91
9134 9134
88
90U 90U
983s 9834 97% 98% 97%
70
70
73

92

9534 9534

92
87

92

92

9134 91% 91% 92

98% 97% 98
72

97% 96

97

96% 97% 96% 97% 9634 97% 97

9534

98
98
98
98
96
94% 963
8
90
90
7534 7634
75% 78
64% 65
41
43%
407 43
8
10034 101 10034 100%
9912101
9534 9534
100 102 10134 102 10134 102 100 101%
100% 100% 100% 100%
9934 101
100% 100% 100U 100% 100% 100% 10038 1003s
102 102 10112 102 10134 102 102 102

C hic Pneum T ool 1st 5s— 1921
Do
Do
Do
Do

92% 92% 92% 92
87
88
87
88

955s
8912
75
66
42

4s, Series “ B” .

967
8
90
77%
67
44

94
95
963s 97
90
90
74
75i2
6512 6512
415s 43
10058 1007
s

96

95%
93% 95% 93
90
90
74
74
65% 65%
37
39
37% 39
100% 100% 100% 10034

MISCELLANEOUS STOCKS
American C an___
Do
preferred.

73% 72

72

72

94

94

94

94
9434 94
94
94%
95
95% 95%
10034 1007 lOOJs'lOUs 10034 101 100% 10034 100% 10034 99% 100%
s
................. 1017 1017s 10158 1015s 101%102 101 101% 100% 101 101%102
s
.................
.................
99% 99%
100% 100%
8734 8834 89>8 897 89% 90% 90 91 89% 90%
8
8884 90 88% 88% 88 89 88 89
88
8Si8 8834 89
89
89
9412 94% 94>2 96>2 96
96% 96 96% 96
96% 96
96% 95% 96%
75
75
1005s 10058 100%101
i 10H2 101*2

Do
preferred,
.merlcan Shlpbul
Do
preferred.

5

0

0 132 132 *130% 132 132
0
. ___
70
0 .................
65

B ooth Fisheries com m on.
Do
preferred________
Do Preferred.
C hicago City R y.
C hic Rys
Do
Do
Do

Part C tf Series I .
Part C tf Series 2.
Part C tf Series 3.
Part C tf Series 4.
Chicago Title & T ru st___
Commonwealth Edison_
_
Deere & Co pref.
Do

preferred.

Inland Steel.

Do c e r t f_________
Do preferred____
Do preferred C tf.
Lindsay L ight_______
Do preferred____
Maxwell Motors com .

.

0

71

Do
preferred.
Quaker Oats C o ..
Do
preferred.

Do
preferred,
tewart Warner S|
Do preferred..
Studebaker, common .
Do preferred________
Swift & Company______
Union Carbide C o ______
Union Carbide r ig h t s ..
Union Switch & Signal.
U S Steel com m on_ . . .
_
do
pref____________




70

373 380
132 135
26
34%
67% 71

96% 97% 98
97% 96% 97%
90% 90% 90%
71
71
76
60 65
68
35 36
48
102% 102 102%

53
35% 42% 38
357% 375
138 138
30
36
71% 72

50
50
72% 73
71% 70% 75
67% 70
65
87% 87% 89% 89% 90
96%
89
89
99 100
94
9534 95 95%
93% 94

53
46

90% 90
87
95% 95% 95% 96% 96%
60
89

10134 354

46% 50
101»4
345 357% 350 350
136 138 137 137
30 40
30
41
70 75
70
75

94

100 100% 100% 100% 100% 101% 102 102% 102% 102%
10134 IOIS4 101% 101% 100% 101% 101%103 102% 102%
1013s 101%
100 100
9934 99%

’ 37 "
74

95%
95% 94
92% 94
87% 89
88
88
87
97
96% 98% 98% 98%
60

60% 6534
105 105
111 111
350 360 356 360 360 375 369% 390
*134 136 135 135
135 135
48% 36 40% *33% 43* 34% 4234 35% 38
80
78 82% 80 84
74% 72
79% 73

358

65
51
30
70
50
7

55
41 39
39
80
75
78
50%
8

40
35% 35%
74% 75% 75
73% 76

44
81

38
39
79
79
49% 51

75
51

35
78% 73
49
51

37
75
50

30
70
50%
3
15

35
74%
50%
3%
18

25
25
99 100
115 115 115 115
75% 87% 75 81
78% 88
4
71
93% 75% 90
55
90
47
5234 52
5934 50
61% 54S 60
0 5058 5312 4512 50
77 80
70
74
87% 89% 86% 90
83
86 78 84 78% 80 70 74%
88 88
. 90
93
88 88
16% 18«4 17% 19%
1734 23% 18
20 *16* 19
28% 20% 24
23% 19
25% 28
23
26 *22
. 25*8 3114 25U 27
4
5
4
4
3
3
4% 434 4
4
4% 334 334 334 334 4
4
4%
434 5l2
1
1% 1% 1% 1
2
3
1% 1% 1% 2% 1 % 184
1
2>
8 1% 1% 1% 1% 1% 1% 1 % 1% 1
204 207 204% 208 210 212 210 235 229 235
0 205 206U 205 207 207 213 209% 212% 208 210 208 210 206 210
0 136 139 136 139 137 139% 135% 140% 133 135% 13234 135% 134 *136 134 136% 136 138 136 143 143 146% 143 145%
14% 14%
93s 93s
26
26
92
95% 92% 99
95% 96% *95
97
91% 92
95% 97%
0 88
88
88% 885s
96 98
95 103 100% 103% 102 121% 104% 119%
95% 95 98
95
95% *94
90
96
92
96
96
98
0 9212 98
75
63% 63% 77% 75
51% 53
42% 51% 40% 52% 443i 53% 50
35
43
0 24% 3U2 3212 33U
102 102
. 105 107 IO8I4 107% 107% 112 110 110% 109 109% 109 110 109 111 109% 111 111%113 112 112% 113% 116 *114 116%
70
83 82 85
61% 65% 65% 72
64
66
66
64
67% 64
60
6234 61
63
63
65% 62%
0 *61
65
199% 210 207 210 274 274 279% 298% *318 335 340 389
16412 164%

65*4

0

25^2

25^4

96
2034
20«4
45
45
3U

96
25~
30 *25
3012
45
45
52
57
3U 3% 3%
61

0 .................

7534 80
31
36

120%123%
122 123
130 136
0 120 124 11958 12014 118% 120
44% 45
42
. 4U2 4214 42
0 1167g 121 117 11912 118 123
81
86
. 75
7912 77
81
. 95
98
96
98l2 9558 100
0 230 232 230 235 230 235
0 10312 10412 10314 10414 103% 10334
4*8 41)
0 124
0 121

Do
preferred_______
P acific Gas & Elec, com .

384
132

30
30
3012 30
68% 70
7312 6912 72

60
Second preferred.

32% 41

98% 98% 99%
72
72%

72% 70%
65
87% 87% 87%
86% 8734 87% 87% 87% 87%
96
73% 73% 72

9912 9912
9212 92
92l2 92% 94% 94% 95

0 26% 3034 277s 2778
0 375 390 384 387i2 376
89
9558
0

9434

95% 94% 95 96%
943s 95 95%
88%
86
87
87
70 69
71% 69
60
61%
35
36
36
36
100% 100% 100% 100

93%

ioi%las'’

9914101

Swift & Co 1st S F G 5 s ...

96
95

92% 93% 93

100 [100% 100 100% 100% 100% 100% 100% 100% 1013s 100% 1013s 101% 102% 102% 102%
100 100
101% 102%
99% 99% 99% 99%
100% 100% 100% 100%
102 102
100% 100% 99% 100 100 100
101% 101% 1023s 102% 102% 115 105% 116
102 102
102 103 102 102
102% 102%
101 101

50
50
74
75% 73% 75
75
76
75
76
75i2 77
73
73
87
8638 86% 8634 87% 8734 8734 8734 88% 87
953s 953s
92

95
94

95
94
86
72
72
70% 72
69
61%
36
35
37
100% 10034 166% 100% 100
93% 95

91% 92

125
123

120
120

125
125

0 *11934140 120 135

0 184 199 198 215
0 121 12134 123 125
0 ................. 4812 52
0
0
0
0

38
41
94
94
10434 109 103
144l2 1587 151
8

109 112
24
25% 26% 28 25 25
24% 27
25
25 2484 26
54*4 56
55
58 55% 57
41
55
60
52
55
42
3% 5% 5% 6% 5% 7
9
9%
68
08
38
93
88
92% 93
99% 09% 103% 103%
39*4 3934 45
47 64
64
54*4 5484
31
95% 96
118 118 *119 119 120 122 120 120 *122 129 126 130 125 125 127% 127%
121 121 120% 122 125 125
119% 119% 125 125 123 124
160
131 135 134 142% 135% 140 i36% 149’ 139 153 155 165 150 160
120%122 12034 125 120 123, 120 121% 120 122
119% 120 119% 120
61% 56
53
54% 54
57%
45
44
44% 45
41* 41
113" 121 114 116% 115 117% 114% 117% 115% 118% 117 121 116% 120 107% 118%
94
99% 100 110 105 108%
86% 95
82
86
82
82 *81
80
83% 80
97 100 99 102 100% 102
97
94
95
93% 95% 95
94
95
93% 97
270 270 246 260 250 262 238 247% 225 257 255 310 305 330 300 315
105 *107 105% 107 105% 107 104 107 103 105 105 108 *105% 06% 100% 110
5
5
4% 13
121» 16
132 139 134% 13934 139 149 146 " 158 153% 157% 153 158% 155%172 172 188
123 124% 125 125 124 124 123 124% 124% 125 124% 125% 126 126 126 126
91
60% 7034 64% 69% *61% 69% 62% 67% 6334 78% 72% 77% 74% 92% 84
*107 107
103% 1033.1
106% 106% 106 106
2
2%
141% 141% 168% 184
77*4 7734
67% 67% 73% 74

111 111
101% 101%
24 " 19
22
23
24% 23
20
20«4
20
22
41
41
41
37% 37%
40
42
42
3% 3%
3 % 4%
8% 8%
37
8412 84%
31
40 40
38
38

.............

121

125%

134% 140%
120 120%
45% 49%
119% 123«4
84
87
95% 9934
240 265
103 106
4
4
9
9
aI31%20534 136 14034
*125 126 123% 125
57% *71%
48% 60
*103 103
2
2%

106% 109
2434 27
24
24

934 9*4

15934

110% 107% 109»4 108% 110% 110% 115% 113% 121
165 149 162% 150 157 148 152% 149% 166%
4% 5% 4% 53s 4% 538
99% 100
95
95
99
99
0 98% *99%
8
0 40
53
48% 56% 56% 6034 58% 67% 71% 773s
38i4 43i2 433 49% 49% 60

U H

25
30%
51
51

4534 4534

95
97
10834 1107 110% 109
165 153 159 158

. 110 112lg 2 1 2 3 14 IIIS4 114 111%113»4 110% 112
* Ex-divld end. a Ex 50% stock dividend

25
20
50
49

111% 113% 111

117%120% 117% 120 118*4 127*4 12434 123
157 161
159% 167% 166 181
112% 119 130
76% 77% 80

130
88

129
87

130 129 129
8734 80% 89%

112% 110% 112% 110% 112% 111% 112% 11134 114% 111% 115

Ja n . 29 1916.]

THE CHRONICLE

381

b e in g lim it e d o n ly b y c a p a c it y , th e n u m b e r o f a v a il­
B A N K IN G

C O N D IT IO N S

I N

C H IC A G O

a b le w o r k m e n a n d s u p p lie s o f r a w m a te r ia ls .

1915.

D U R IN G

C o m p a r a tiv e

[B y G E O R G E M . R E Y N O L D S , President Continental & Comm ercial
N ational Bank, Chicago.]

D u r in g

th e

a n o m a lo u s
ra tes

in

of

s u s ta in e d

banks

a b n o r m a lly

upw ard

fin a n c ia l c e n te r s

of

lo a n a b le

c o n tin u o u s

th em
a

C h ic a g o

fa ce d

lo w

m ovem ent

in

fu n d s

as

to

th is

has

b r in g

so

dow n

a ll c o m ­
th e

p le ­

p ron ou n ced

ra tes

and

keep

a t a p o in t w h e r e t h e la r g e b a n k s h a v e n o t h a d

p r o p o r tio n a te

s h a r e in

th e

b ig

p r o fit s r e a liz e d

in

im p o r ta tio n s

of

o t h e r lin e s .
N o tw ith s ta n d in g
g o ld , th e s u p p ly
so

b u rd en som e

u n p reced en ted

of m oney
if

we

w o u ld

had

been

n ot have becom e
p r o v id e d

w ith

th e

n e c e s s a ry m a c h in e r y fo r c o n tr a c tio n o f th e c u r r e n c y
w hen

needed.

know

can

W e

a ll k n o w ,

r e a d ily

le a r n

by

o r th o se

r e fe r e n c e

h is to r y ,

th a t a su p era b u n d a n ce

c u la tin g

m e d iu m

try ,

it

fo r

c o n s titu te s

b eg ets

of

who
to

s p e c u la tio n

do

any

cu rren cy

a m en ace

not

c ir ­

to

th e c o u n ­
in fla tio n .

W h i l e t h e R e s e r v e A c t is a g r e a t i m p r o v e m e n t o v e r
w h a t w e h a d b e fo r e it w e n t in t o e ffe c t , it s h o u ld b e
a m e n d e d s till fu r t h e r , o r o t h e r C o n g r e s s io n a l a c t io n
s h o u ld

be

ta k e n

to

p r o v id e

d e m p t io n o f n o t e is s u e s .

fo r

and

en cou ra ge

re­

T h i s is n o t r e c o m m e n d e d

fo r t h e p u r p o s e o f a ffe c t in g in t e r e s t r a t e s , b u t a s a
s a fe g u a rd

a g a in s t o v e r e x p a n s io n

w h ic h

m ig h t g o

fa r as t o c a u s e d e p r e s s io n a n d w id e -s p r e a d lo s s .

so
W e

c a n n o t a ffo r d to ta k e th e c h a n c e .
I f th e r e a re m a n y m o r e s u c h p e r io d s o f le a n e a r n ­
in g s o n c a p it a l in v e s t e d in b a n k in g , it m a y b e n e c e s ­
s a r y t o a d o p t a d if f e r e n t b a s is o f o p e r a t io n s a n d p u t
every

accou n t

on

its

ow n

m e r it s

by

c h a r g in g

fo r

s e r v ice s re n d e re d t o c u s to m e r s , o r o n th e “ t u r n o v e r ”
a s t h e E n g lis h b a n k e r s c a ll it , a n d
terest

p a id

to

flu c tu a tio n s

th e

on

b oth

in d iv id u a l
in

th e

b y a d ju s t in g in ­

and

bank

b a la n c e s

m a rk e t;

m oney

t h a t is ,

w h e n ra te s o n c o m m e r c ia l p a p e r a n d c u s to m e r s ’ n o te s
a re lo w , in te r e s t p a id o n b a la n c e s s h o u ld b e r e d u c e d
c o r r e s p o n d in g ly .

It

cou n ts

h a n d le d

have

s u ffic ie n t
is i n
and

been

m a r g in

vogue

in

soon er

w h ose

s a fe

o f p r o fit.

E u rope,

to

th e

say

th a t

m any

The

m e th o d

is e n t i r e l y

ac­

on

past y ea r

in ­

to

lo g ic a l

and

b u s in e s s

d e p o s ito r s

has

and

h e r e to fo r e

fa ir ,

I t w o u ld

b a n k s h a re s a n d w o u ld

th ose

an

in d ic a te d

o r la te r it m u s t p r e v a il h e r e .

s t e a d y e a r n in g s o n
e q u ita b le

is

be m ore

corresp on d en ts

y ie ld e d

th e

la r g e s t

p r o fits t o th e b a n k s.
T h e v o lu m e a n d

num ber o f

tr a n s a c tio n s

p a s s in g

t h r o u g h t h e b a n k s , a s s h o w n b y r e p e a t e d in c r e a s e s in
c le a r in g s , v e r i f y t h e s t a t e m e n t s m a d e in v a r io u s q u a r ­
te rs t o t h e e ffe c t t h a t th e r e h a s b e e n a d e c id e d r e v iv a l
in

general

b u s in e s s

c o u n tr y fr o m
b a la n c e s ;

th rou g h ou t

th e

vast

s e c tio n

of

w h ic h t h is c i t y d r a w s t r a d e a n d b a n k

a n d c lo s e o b s e r v a t io n le a d s t o t h e c o n c lu ­

s i o n t h a t a l t h o u g h s o m e o f t h i s b u s in e s s is d u e t o w a r
o r d e r s , b y f a r t h e g r e a t e r p o r t i o n o f i t is o f a d o m e s t i c
c h a r a c t e r , w h ic h , w h ile n o t s h o w in g e n o r m o u s p r o f ­
its ,

is

n a tu r a lly

m ore

d e s ir a b le

becau se

m ore

p er­

m a n e n t.
T h e a g r ic u ltu r a l c o m m u n itie s h a v e b e e n u n u s u a lly
p rosp erou s;

b ig c r o p s h a v e b e e n s o ld a t h ig h p r ic e s

th u s r e n e w in g th e p u r c h a s in g p o w e r ;
b r is k d e m a n d fo r fa r m
P r a c tic a lly
M is s is s ip p i

a ll

V a lle y




are

a n d t h e r e is a

p r o d u c t s a n d liv e s t o c k .

m a n u fa c tu r in g

in d u s tr ie s

e x c e p tio n a lly

bu sy,

m any

com ­

th e g lo o m ,

and

now

t h e r e is a n

in s is t e n t c a ll f o r m e r c h a n d is e in b o t h w h o le s a le a n d
r e ta il c h a n n e ls .

in

T h e r e h a s b e e n r e m a r k a b le r e c o v e r y in

con stru c­

t io n w o r k s in c e la s t s p r in g a n d s u m m e r , a n d d e s p it e
t h e f a c t t h a t t h is is n o t t h e b u i l d i n g s e a s o n in t h is
c l i m a t e , t h e r e is m o r e t h a n t h e u s u a l a c t i v i t y a n d a n
e n la r g e d in q u ir y fo r c o n s t r u c t io n m a te r ia ls .
A

great

m any

le a d in g

a u th o r itie s

have

u ttered

w a r n in g s a g a in s t u n w a r r a n t e d o p t i m i s m , t h u s t a k in g
a w is e p r e c a u t io n , b u t a t p r e s e n t t h e r e a r e n o s ig n s
o f t h e a p p e a r a n c e o f a c t u a l w e a k s p o t s in in d u s t r ia l
o r fin a n c ia l a ffa ir s in t h e W e s t , n o i n d ic a t io n t h a t t h e
fa v o r a b le t r e n d o f b u s in e s s w ill c h a n g e u n til w e a p ­
p r o a c h t h e r e a d ju s tm e n t s t h a t a r e e x p e c t e d t o fo llo w
t h e c e s s a t io n o f h o s t ilit ie s in E u r o p e .

good

or

undue

and

g r a d u a lly d is p e lle d

oversh ad ow ed

th e y e a r , b u t im p r o v e m e n t

gen era]

co u n try ;

been

th e

in t e r e s t

in

T h e s a m e w a s t r u e o f b a n k s in

p e titiv e

and

1915

s itu a tio n

a

b u s in e s s .

th ora

year

d u ln e s s

m u n it ie s u n til w e ll i n t o

th e

ou tp u t

THE

YEAR

IN

THE

M U N IC IP A L

BOND

[B y W . W . S P E E R , Vice-President H . O . Speer

&

MARKET.

Sons C o.]

Commencing with a moderate business in January, when
capital was just beginning to recover from the first shock of
war, 1915 developed into one of the greatest and in some
respects the most remarkable municipal bond year the coun­
try has yet seen. It was great not only in point of volume
of new issues and sales, but in remunerative returns to
investors, reasonable rates to borrowing municipalities and
satisfactory profits to the investment banking houses who
specialize in the preparation and marketing of this par­
ticular class of security. The most remarkable feature of
the market, however, has been the conspicuous demand for
county, city and school issues from the ranks of investors
to whom municipal securities have never successfully ap­
pealed before. Whatever m ay be the cause, whether the
foreign situation, the unfavorable predicament of several
railroads, the freedom from operation of the Federal Income
T ax, or a combination of these influences with others bring­
ing about a marked era of conservatism, the result has been
a much broader market for municipals than they have ever
enjoyed before. Especially has this been true in the W est
where these securities are now perhaps at the height of their
popularity.
Like 1914, the total of new issues has exceeded the high
point reached in any previous year, this time, however, the
increase being only about 4 % ($19,000,000) a total of
approximately $493,000,000 in permanent loans having been
placed in 1915 against $474,000,000 in 1914. This sum
does not by any means represent the total of the year’s
transactions, for it will be recalled that the latter half of 1914
was extremely dull so far as actual absorption of bonds by
investors was concerned, and the larger part of new issues
reported during that time went to swell the dealings of the
past twelve months. This, together with the large sum of
United States municipal obligations resold to this country
by foreign holders, of which there is no means of determining
the exact amount, indicates the enormous burden under­
taken by American investors and banking houses in handling
our own bonds.
Added to this, with England at war and unable to give its
support, the financing of our neighboring municipalities in
Canada has had also to be reckoned with. Where as re­
cently as five years ago Canada’s total public borrowings
approximated less than 50 million dollars annually, practi­
cally all of w hich was taken at home and in England, her
r
issues last year aggregated $267,000,000— an increase of
something over 5 0 0 % . Nearly all of this huge sum was
placed in the United States, in competition with our own
bonds— a large part of it in Chicago. Canada has been a
liberal borrower in recent years and its municipalities being
practically unrestricted in debt making powers have gone to
lengths in piling up bond issues which in some cases at least
have the appearance of becoming alarmingly top-heavy.
Especially is this true in the newly settled Western Provinces
where the subsidence of the “ boom” seems to have increased
rather than diminished the mania for municipal ownership
not only of vital public utilities but of all sorts of business
enterprises. Y e t, notwithstanding many of this year’s

382

THE CHRONICLE

[Vol . 102.

investors, and at the end of the year a fear on the part of
investment houses that they would not be able to secure
enough standard securities to take care of the actual demand
from their customers.
Our sorrows are soon forgotten, and we do not care to con­
template for long the situation of twelve months ago, but
there is one aspect of this situation which should be soriously considered— is this remarkable change of sentiment
the result of improvement in fundamental conditions or is
it the result of a tremendous speculative wave which has
spread over the country? There can be but one answer
to this question— our present demand for investment securities
is founded on strong underlying conditions which will tend,
for some time to come at least, to give a healthy and active
tone to the market for issues of standard corporation bonds.
It is a sad thing to be reminded of, but this European
war is fortifying the financial and commercial institutions
of our country against any number of unfavorable years
that m ay follow. The huge profits accruing to us aro enab­
ling our corporations to place their treasures in the most
enviable shape, fortified against possible future depressions.
Despite the clamor for large dividends from speculators,
from stock brokers and from others, we do not find the
executives of our corporations paying out their profits in
dividends, but rather conserving them against contingencies.
It is true that a violent wave of speculation has overrun
the country, but such a condition is always attendant upon
prosperity. Every age of wealth has brought about such a
state of affairs, which is but the surface indication of tromendous resources. The era of financial conservation, of
financial preparedness, is with us. W e are laying a founda­
tion that will hold up the superstructure for many years to
come, and conditions such as this can rosult only in an
intrinsically stronger position for preferred securities of
American corporations. The tremendous wealth thrown
at us, accumulated in our banks, is bound to produce a de­
mand for standard bonds, irrespective of the attendant
speculative wave, a demand which will continue at least
through 1916, and possibly beyond.
The situation in Chicago cannot be considered separately
generally realized.
.
from that of the whole country, except to say that the
In prior seasons of great demand the supply of satis­
wealth of the M iddle W est, dependent upon the natural
factory bonds has never been sufficient, thus causing ex­
productiveness of the land, is a wealth which seeks a normal
tremely high prices and consequent yields so low as to be
and sane outlet through the channels of investment, and is
almost prohibitive to most investors. The extra amounts
not so eager for huge profits as the capital in other sections.
available this year with the normal supply augmented by
This whole part of the country from the Alleghenies to the
the carry-over from Nineteen Fourteen, foreign selling and
Rockies, is naturally tributary to Chicago as its financial
Canada’s contributions have had an equalizing influence on
center and will look to this city in the future to supply the
prices,and while there has been a constantly rising market,
investment demands of its surplus wealth. Chicago as yet
values are still well below the ten-year average.
Disre­
has not begun fully to take advantage of this situation.
garding the highest and lowest prices, brought about by
This fact, together with the present investment conditions
special causes, the average yield from municipals in general
existing throughout the country, make the possibilities of a
will be found about 4 ' A % . In considering this phase of
generally broadening bond markot in Chicago during 1916
the year’s business it is interesting to note that for once the
and the years following, almost without limit.
municipal market bears a close analogy to the general in­
A t the end of tho year wo find corporation bonds, par­
vestment situation in this respect, v iz., that a large supply
ticularly local to Chicago, selling at from three to fivo points
of securities has been available to meet the heavy demand.
higher than six months earlior. The most notable instance
W hile railroad, public utility and business managers en­
of this is the issue of Swift & C o. First Mortgage 5 % bonds,
deavor to pursue the obvious course of making improvements
brought out at 96 in the middle of the year, which sold
and putting out their securities when the market situation
slowly for some time, but which woro gradually and thor­
is favorable, this is seldom or never true of municipalities.
oughly digested, and at the end of the year commanded a
The latter, on the other hand, can be relied upon to make
market of about 99 and interest. Othor local bonds, such
their improvements and do their borrowing as a rule with
as the Commonwealth Edison 5s, Peoples Gas 5s, Chicago
almost utter disregard of financial conditions so long as the
Telephone 5s, Chicago Railways 5s, and Chicago City
bonds can be sold, whether rates are high or low. Thus it
Railway 5s, have had a corresponding advanco.
does not often happen that a practically strong supply of
This condition of the markets on these well-known issues
these municipal obligations is ever available to meet an
is of importance to us in helping to forecast our bond market,
extraordinary demand. B ut at the close of the year dealers’
not so much because of the rise in values as bocauso of the
holdings are practically cleaned up— just the reverse of the
actual change in tone in the market surrounding those
beginning.
_________________
securities. The volume of trading on tho Chicago Stock
Exchango in 1915 shows no appreciable increase over tho
years 1913 and 1914, but tho comparison of tho underlying
T H E C O R P O R A T IO N B O N D M A R K E T I N 1915-16.
tone of the bond market on Jan. 1 1916, and that of several
[B y W . T . B A C O N . V . P . Chicago Savings Bank and Trust C o .
M g r. B ond D ep t.]
years past, cannot be overlooked.
Since 1907 every spurt in the bond markot has been met
A review of the corporation bond business for 1915 shows,
as is the case of other lines of business, the most remarkable by a flood of securities which has kept pace with tho con­
transition imaginable. A t the end of 1914, although some suming ability of the public. T o-day, after a year of re­
few wiser heads saw clearer skies ahead, the average bond trenchment and conservation by American corporations,
man felt that the investment market was in a rut from the stocks of our bond houses and banks aro woll liquidated.
which it would not recover for a long period of time. He The demand, however, will continue. Our accumulating
also foresaw a general further depreciation in values from wealth compels this to be the case, and for the first time in
those existing at that time, which it would take years of hard eight years we have a case where financial institutions are
earned profits to replace. During the year we find a swing wondering what they will have to offer for investment to an
to the other extreme— a bond market of broad proportions, enormously wealthy people. Truly a romarkable situation,

Canadian municipal issues are known to have been made,
if not directly, than indirectly, for war purposes, the United
States market for their bonds would have been much broader
and would have accepted a far greater amount than even
these figures show had there been more of the safeguards
to which we are accustomed thrown about their issuance.
That prices have advanced sharply and continuously in
face of this great supply speaks volumes for the investing
position of the American people and for the popularity
which municipal bonds have attained.
This is true not
only of the small investor with $100 or $500 or $1,000 to
put safely away at interest, who has become an eager buyer
of municipal bonds, but applies equally to the banks, in­
surance companies, fraternal societies and even to many
business houses. It applies especially to these large in­
vestors for whom the surtax under the Federal Income Tax
law is important even as that law now stands. Undoubt­
edly much of the late buying of municipal issues by wealthy
men and estates has been induced by the probability of an
early increase in rates and also by the ever present possi­
bility that the income schedules, which are now held in
confidence by the Government, (no such schedule being
required from individuals in relation to income from municipal
bonds) m ay become public or at least in some way fall into
the hands of State or local officials.
Of 27,000 banks both National and State, including com­
mercial and savings banks reporting, one-fourth of their
total security holdings now consist of State, county and
municipal bonds.
These holdings indicate a substantial
increase over any figures previously obtainable.
In the W e st the call for municipal securities in small de­
nominations has shown a remarkable growth, perhaps greater
than in other sections where banks pay higher interest on
savings deposits, our rate being uniformly 3 % . While per­
haps the amount of business now available in $100 bonds is
not sufficient to justify the necessary facilities for properly
handling it, the subject is receiving the attention of bankers.
If an accurate compilation were possible, it would doubtless
show a much larger aggregate of bonds so held than is

a healthy and active demand for bonds from individual




but a real one.

THE CHRONICLE

Jan . 29 1916.]
T IM B E R BONDS.
[B y Fentress Hill o f L yon , G ary & Co.J

Timber bonds reached the height of their popularity in
1912.
Their reputation had been justly earned by a clean
record, a generous rate of interest, and a steady advance in
timber prices. The optimism which then prevailed regard­
ing timber and timber securities had been fostered by the
propaganda of the Forest Service extending over previous
years, purporting to prove the rapid exhaustion of our
timber resources and the concentration of the remaining
supply in the hands of a few large timber owners. The
imminence of these supposed dangers seemed to be empha­
sized by the Government’s action in throwing vast areas of
its lands into Forest Reserves. N o criticism is intended
here, either of the propaganda or of the Government’s
action. The facts are cited merely to describe the conditions
which brought many investors to a state of mind in which
they were ready to purchase, more or less indiscriminately,
anything that bore the name “ timber bond.”
Early timber issues, for the most part, were originated by
banking institutions which numbered experienced lumber­
men among their officers or directors. Through them, spec­
ial knowledge was brought to bear which proved a safeguard,
not only to the purchasers of the bonds, but to the bor­
rowers themselves. The success of these loans established
the groundwork upon which the demand for timber bonds
was built.
_
The ease with which the bonds had been sold in the im­
mediately preceding years, resulted in keen competition for
the purchase of new issues. Investment bankers who had
hitherto confined their activities to other lines took up timber
bonds and new houses were organized to specialize in them.
Valuations of timber were raised to a point which the more
experienced bankers considered speculative and some of them
withdrew from the buying competiton. The higher valua­
tions led to a general expansion of credit; an increased
volume of timber securities was distributed broadcast. Then
followed the general depression of business in 1913, combined
with a particularly acute depression of the lumber industry,
and timber bonds were subjected to a severe test. The
groundwork which had been done along conservative lines
remained intact; the super-structures in many instances
were not equal to the test, and by the latter part of 1913,
timber bonds as a class were viewed with more or less sus­
picion.
This part of the history of timber, bonds is not peculiar
to it. Farm loans, which are now regarded as standard
investments, have passed through the same experience
public utility bonds have had their turn, while the history
of railroad bonds from its beginning to the present time
affords numerous examples, not only of widespread default
but of misrepresentation and mismanagement as well, re­
sulting in heavy losses to the bondholders. B ut notwith­
standing this fact, the investing public does not view all
railroad bonds with suspicion but endeavors to discriminate
between the good and the bad. It seems reasonable to hope
that there should be the same discrimination hereafter in
the case of timber bonds.
There is ample proof of the soundness of the great majority
of timber bond issues and of the stability of timber values,
even in times of unusual stress. Certainly none of our
principal industries has suffered a more acute and protracted
paralysis than that from which the lumber industry is just
recovering. And yet there has been no general demoraliza­
tion in timber values. Some holders have been forced to
sell, but rarely at less than cost prices, although at con­
siderably less than the asking prices of a few years ago. It
argues well for the marketability of timber lands that in
conditions which more nearly approached a timber panic
than any this country has ever seen, new capital could be
found for investment in timber whenever prices declined to
the conservative values of a few years ago.
One feature of timber bond issues is generally misunder­
stood. The risk from fire has been urged against this
form of investment, only, however, by those who are un­
familiar with the s lbject. As far as the writer is aware, no
timber bond issue has ever defaulted in the payment either
of principal or interest as a result of damage by fire. In
certain restricted areas only, does fire actually consume liv­
ing timber; as a rule it only kills and if the timber can be
readily removed and sawed, the loss is small. B ut the estab­
lishment of fire patrols co-operating in many instances with
the Forest Service has reduced the fire risk to a minimum.
Every class of bonds can claim certain advantages and




38 3

can be charged with certain defects. In behalf of timber
bonds, but not in disparagement of bonds of other classes,
the following m ay be said: They are secured by real, tangible,
visible property, the amount and value of which m ay be
ascertained with reasonable accuracy. Their security, being
principally timber, is a staple raw product which is rarely
subject to depreciation in quality or to destruction. Its
value is not subject to the consequences of adverse legislation,
burdensome regulation or the contingencies arising from the
expiration of franchises, but is inherent in the timber itself
and is largely independent of the other fortunes of the
borrower and cannot easily be dissipated. Its salability, even
in times of severe depression, has been demonstrated and its
market is not restricted to any one community, but is
country-wide.
These considerations are becoming better known, and
within the last few months there has been a decided change
in sentiment regarding timber bonds. Dealers who less
than a year ago were doubtful if the market would ever
return are now anxious to participate in new timber bond
underwritings. M a n y issues which have successfully weath­
ered the storm are selling on as good or a better basis than
ever before.
From the investor’s standpoint there can be no doubt that
this class of bonds should be regarded with more confidence
than at any time in its history. The stress of the past few
years has developed its weaknesses, against which precau­
tions should be taken in future. It is hoped that the day of
exploitation and of indiscriminate buying has passed, and
that new issues will be safeguarded by knowledge b om of
experience.
VOLUME

OF

BU S IN ESS

ON

THE

CH ICAG O

STOCK

EXCHANGE.
M O N TH LY STOCK AND BOND SALES.
1915.
S to c k s ,
S h ares.

January______ 34,397
February____ 29,264
M arch_______ 35.886
A p ril-------------- 37,345
M a y -------------- 43.133
J une_________ 40.406
July__________ 48.886
A u g u st______ 96,656
Septem ber___ 84,170
October ______ 74,890
N o v e m b e r___ 105,517
Decem ber------ 80,075

1914.

B onds.

$826,500
942.000
917.500
827,700
465,600
370,400
400.000
659.000
699.200
1,367,000
841.200
921.500

1S t o c k s , f
S/iares.j

1913.

B on d s.

S lo c k s ,
S h a res.

98,808 $1,539,000
02,994 1.432.000
39,721 1.412.000
28,695 1.220.000
44,864 1.173.000
27.786 1.098.000
685.000
44.031

6,275
32,609

160.000
366,500

B onds.

87,456 $1,169,000
798.000
71.694
74,154
698.000
68,350
782.000
64,850
807.000
85,790
876.000
68.739
675.000
79,053
592.000
97,379 1,190.000
79.740
706.000
105,206
480.000
119,000
640.000

T o ta l---------- 710,625 $9,237,600: 385,783 $9,085,500 1.001,417 $9,391,000

SALES FOR SERIES OF YEARS.
N o . Shares.

1915— ------- 710,625
1914— ------- 385.783
19 13-.. .........1,001,417
1912— .........1.174,931
1911_
_
1910--- ------- 894,362
1909--- .........1,623.495
1908— ------- 829,216
_____ 805,984
1907
1906.-- ------- 1,234.537
1905— ------- 1,544,948
1904-.- .........1,251,177
1903_ .........1,024,002
_
1902— _____1,356,558
EFFECT

B on d s.

$9,237,600
9,085,500
9.391.000
13.757.000
14.752.000
7.347.000
14.800.000
15.259.000
4,466,200
5,858,050
9,556,500
5,432,700
3.364,160
8,967,100

N o . Shares.

1901___ ------ 1,877,883
1900___ ------1,424,252
1899___ ------ 3.300.385
1898___ ------ 1,845.313
1897___ ------ 987,772
1896___ ____ 1,726,400
18 95-.. __ 1,386,657
1894___ ------ 1,553,947
1893
1,157,701
1892___ ------ 1,175,031
1891___ ____ 710.000
1890.— ____ 1,097,000
1889----- ____ 150,100

B onds.

$9,338,700
8,735,900
12,483,650
9,856,800
6.575.000
4,853.950
8,382,500
10.213,500
6,575.650
14.198.000
9.435.000
18.368.000
18.530.000

O F C O U N T R Y - W I D E M O V E M E N T FO R
CREASE I N W A G E S OF T R A IN M E N .

IN ­

A s showing the added burdens which the railroads will be
compelled to bear if the country-wide movement for an
increase in the wages of the 400,000 engineers, firemen, con­
ductors and trainmen is successful, it is pointed out that
the granting of the demands of the men will result in the
addition of untold millions of dollars to the payrolls. The
demands of the unions, on which a referendum vote of the
men was begun on January 1, the result of which is expected
to be known March 1, call for an eight-hour day, with the
same wages now paid for working ten hours, and time and
a half for working overtime. “ That the men are asking
for higher wages and not for shorter working hours,” says a
statement issued this week on behalf of the Conference Com ­
mittee of Managers (Eastern Territory) “ is frankly stated by
leaders of the unions.” The statement quotes from an
article by Val Fitzpatrick, legislative agent and Vice-Presi­
dent of the trainmen, in which he says: “ There is quite a
difference between an eight-hour workday and an eight-hour
basic workday. The eight-hour basic workday, which is
the system proposed by the train service brotherhoods, con­
templates that eight hours shall be the basis for a day’s
work, and any time in excess shall be paid for as overtime.
Under such a system there is no limit to the hours that m ay
be worked.” According to the contention of the railroads,

384

THE CHRONICLE

out of every dollar now received by the roads for carrying
freight and passengers the employees get 45 cents; in other
words the payroll absorbs not far from half of the $3,000,­
000,000 of gross revenue. Incidentally, it is noted, that
the owners of the railroads— the stockholders— now number
more than 600,000, and their share of the gross earnings is
less than 2 % . The statement on behalf of the Eastern roads
is given in full below :
M a n y millions o f dollars will be added to the railroad payrolls if the
400.000 m en in train service force the carriers to m eet their now demands
for higher wages. Engineers, firem en, conductors and trainmen from
M aine to California, on every m ile o f railroad in the cou n try, are now
votin g authority to their leaders to bargain w ith the roads for m ore pa y.
T he result o f the v ote will be known in M a rch , and i f it is favorable, as the
leaders confidently expect, a sim ultaneous dem and will be m ado on all the
roads t o adopt the new rates.
T his is the first country-w ide dem and b y railroad workers for more wages.
T h e battle ground for bigger p ay checks has never before extended be­
yon d tho boundaries o f one section o f the country— the E ast, the W est or
the South; and even in these territorial struggles the four brotherhoods have
never m ade join t dem ands. T he Eastern and W estern wage disputes o f
the past few years have been settled b y arbitration, through the operation
o f the national laws providing for conciliation and arbitration; but some
o f tho leaders o f the men have announced that this will be a figh t to a finish,
and that they are opposed t o arbitration.
T h e railroad payroll now approaches $1,500,000,000 a year for tho great
arm y o f nearly 1,800,000 m en. T ho 1910 payroll was S I ,140,000,000 for
1.700.000 men; for the same number o f men in 1914 the payroll was $1,400.­
000,000, or a quarter o f a billion dollars m ore, because o f wage increases.
T h o proportion o f the gross receipts o f the railroads paid ou t in wages has
been steadily rising in the past few years b y reason o f the successive wage
advances.
Out o f every dollar now received b y the roads for carrying freight and
passengers the em ployees get 45 cents; in other words the payroll absorbs
n ot far from half o f the three billion dollars o f gross revenue. Tw o-thirds
o f the tota l cost o f operation is for labor. T he employees share o f the total
receipts has risen from 4 0% to 45% in the past few years.
T he men o f the trains— engineers, firem en, conductors and trainmen— are
an arm y o f a third o f a m illion, and their share o f the payroll approaches
$400,000,000 a year. W hile these em ployees are 19% o f tho railroad arm y,
they absorb 28% o f the payroll. Their concerted demands for higher
p a y Increased their yearly earnings from 1910 to 1914 b y m ore than $70,­
000,000 w ithout any increase in tho number o f men em ployed. Those are
the men whose nation-wide dem and for a new wage schedule will be pre­
sented to tho roads this spring. T hey are the highest paid men in the
rank and file o f tho railroad service, m any o f them earning m ore than their
division officers.
W ages earned b y the m en o f the trains va ry all tho w ay from $800 a
year paid the "green” brakeman to the $2,500 to $4,000 a year piled up
b y the "aristocrats o f the ra il.” the engineers on the best passenger runs.
Thousands o f the men at the throttle earn upwards o f $2,000 a year, and
m onthly p a y checks o f $200 to $250 are com m on on roads whoso stock­
holders have forgotten what a dividend check looks like. M a n y o f the
engineers are higher paid than bank presidents in the smaller communities
through which they run.
Train wages are calculated throughout the U nited States on a dual stand­
ard__the miles run and the hours on d u ty , with guarantees as to minimum
p a y . T he schedules provide that tho men shall be paid b y the mile or the
hou r, whichever gives them the larger earnings. N early four-fifths o f the
train' m en are em ployed in freight and yard service. T he prevailing basic
d ay for wage fixing is a hundred miles run or ten hours on d u ty. I f a train
Is delayed and the crew makes only fifty miles in ten hours, the pay is for
ten hours, the equivalent o f a hundred miles; while if a hundred miles are
com pleted in eight hours, the pa y is still for a hundred miles, the equivalent
o f ten hours. E xtra miles or hours beyond the basic p ayd ay are paid for
p ro rata.
T h e higher wage demands to be m ade b y the leaders o f the brotherhoods
provide that the basic pa yd a y, for all excepting passenger service, shall be
changed to a hundred miles or eight hours, w ith p ay for overtim e at one and
a half tim es the new higher rate. In other w ords, the dem and is that the
freight speed basis for wage com puting shall be increased from ten to tw elve
and a half miles per hour, or 2 5% and the overtim e rate increased 8 7H % •
T hat the men are asking for higher wages and not for shorter working
hours is frankly stated b y leaders o f the unions. Val Fitzpatrick, legisla­
tiv e agent and Vice-President o f tho trainmen, in an article in tho current
issue o f the "R a ilroa d T rainm an,” makes this clear.
“ There Is quite a d ifference,” he says, "betw een an eight-hour w orkday
and an eight-hour basic w orkday. T he eight-hour basic w orkday, which
Is the system proposed b y the train service brotherhoods, contem plates
that eight hours shall be the basis for a d a y ’s w ork, and any tim e in excess
shall be paid for as overtim e. Under such a system there is no lim it to
the hours that m ay be w orked .”
W here an engineer, for exam ple, is now paid $5 for a hundred mile run in
ten hours, or at tho rate o f fifty cents an hour, the proposed schedule would
allow him $5 for the first eight hours, or 62H cents an hour; and for tho
next tw o hours 9 3 M cents an hour, or $1 87 for the overtim e, making $6 87
fo r the same service now costing the railroads $5. This would mean a
wago increase o f 37 H % W hile the demands will be m ade b y the 400,000 members o f tho four
train brotherhoods, the higher wage rates would be received only b y the
men in the freight and yard services. M ore than a million and a half other
em ployees o f the railroads would got no benefit, and the carriers, if com ­
pelled to add these m any millions o f dollars to their payrolls, would have
to find the m oney in one o f four ways— reduce the wages o f the million
and a half men outside the train service; reduce paym ents for interest and
dividends to their security holders; curtail the betterm ent expenditures for
new stations, reduction o f grade crossings and other non-productive
im provem ents dem anded b y the public ; or ask the Governm ent to allow
a proportionate increase in freight rates.
T he owners o f the railroads— the stockholders— now number m ore than
600.000 and their share o f the gross earnings is less than 2 % , as com pared
w ith 4 5% paid the em ployees. F or every dollar paid the stockholders
$25 Is paid the em ployees.

The situation brought about by the demands of tho unions
is likely to result, it is announced, in the organization of a
national organization of railway managers to cope with the
demands. There now exists a Conference of Railway M a n ­
agers in each of the three districts into which the country is




[Vol . 102.

divided, and one of the plans under consideration would re­
quire the various conference committees of the managers
of the several districts to send delegates to a central body,
which in turn could meet the committee of the four unions
when the demands of the unions are made. This central
body, it is stated, would represent all the 450 railroads of
the country against whom the unions’ demands are to be
lodged. While the plans of the railroads in the matter
have not yet been perfected, it is stated Elisha Lee of the
Pennsylvania R R . and Chairman of the Conference of Rail­
way Managers of the Eastern District, will probably head
the proposed committee representing the railroads.
OTTO H . K A H N

ON “ TH E GOVERNM ENT A N D
R A I L R O A D S .”

THE

A n ablo article on “ The Government and the Railroads”
from the pen of Otto H . Kahn, of tho banking firm of Kuhn,
Loeb & C o ., appears in this week’s issue of “ The W orld’s
W o rk .” M r . Kahn’s discussion, which treats of tho needs
of the railroads and offers concrete suggestions for remedying
the present intolerable conditions confronting the roads with
the mass of conflicting legislation to which they are subjec­
ted, is timely in view of the movement for a Congressional
investigation into tho subject of legislation affecting the car­
riers. The following extract from his article embodies tho
salient points of his arguments and conclusions:
T ho conflicts and the storms which have raged around the railroads these
m any years have largely subsided. Abuses which were found to exist,
though it Is fair to say that for their existence the railroads wero b y no
means alone to blam e, have been rem edied and their recurrence made im ­
possible. T h e people’s anger has cooled and, though some politicians
still sound tho old war cry, m any indications (such, for instance, as the
recent popular vote against tho Full-Crew Law in M issouri) tend to show
that tho people desire to have tho railroads fairly and Justly dealt with,
exacting and expecting from them a reciprocal attitude, treatm ent, and
spirit. Railroad executives have com e to recognize their functions as those
o f semi-public officers, owing accountability no loss to the public than to
the shareholders o f the particular property they represent. A system
has been evolved which, while preserving for the country in the con du ct
o f its railroads the inestimable advantage o f private initiative, efficien cy,
resourcefulness and responsibility, y e t, through Governm ental regulation
and supervision, emphasizes and protects the com m unity’s rights and
guards against those evils and excesses o f unrestrained individualism which
experience has indicated. It is in every way a far better system than
G overnm ent ownership o f railroads, which, wherever tested, has proved its
inferiority, except only in Germ any, and the very reasons which have mado
G overnm ent ownership measurably successful in Germ any are tho reasons
which in America would m ako it nothing short o f an econom ic calam ity,
being given political and other circumstances as they now exist and are
likely to continue to exist for a long time to com e.
T he system as It has evolved itself in America, though It is resented b y
some o f tho Boubons as far too advanced and as an indefensible interfer­
ence with the rights o f property, and b y some o f the U ltra-Radicals as not
going far enough, seems to m e in theory an alm ost ideal one. But the
best o f theories is futile if its practical application is at fault; and I know
o f few m ore flagrant instances o f the unwiso and unsound application o f a
wise and sound theory than in the case o f our railroad legislation. Indeed,
the structure o f Federal and State laws under which American railroads are
com pelled to carry on their business at present is little short o f a legislative
m onstrosity.
I t was a right instinct which had guided the people, under President
R oosevelt’s leadership, to determ ine, firm ly and unm istakably, that tho
tim e had com e to regard tho pioneer period o f this cou ntry’s industrial and
econom ic developm ent as at an end, to revoke tho latitude which had been
tacitly accorded, to Insist on strict adherence to tho rules o f business con­
duct laid dow n b y tho law, and to punish any violation o f such rules, b y
whomsoever com m itted, high or low .
There Is no parallel I know o f in any other country to its greatest indus­
try being placed, down to its minutest details, under the m ost autocratic
power o f seven m en, owing defined accountability to no one, selected for
relatively short terms and according to no particular standard o f training
or qualifications, and being practically free from con trol, restraint, or
appeal. But it is not so much tho existence o f that power, excessivo though
it be, o f which the railroads com plain; in fact, not a few railroad men have
com e to be reconciled to the theory on which it rests and even to consider
tho underlying principle a wise and beneficent one. Practically all, I
believe, recognize that thorough public regulation has com o to stay. It is
the faultiness and inadequacy o f tho law under*which tho Inter-State C om ­
merce Commission works and exorcises its power and tho m ultiplicity o f
masters under whom the railroads have to servo and whom they have to
satisfy that constitutes the main burden o f their grievances and that cries
for reform .
T h a t the Inter-State C om m erce Com m ission, being at tho sam o tim e
prosecutor, judge and ju ry , com bining in itself legislative, executive and
judiciary powers, is a negation o f tho root principle from which the A m eri­
can system o f governm ent springs, m ay bo stated as an incontrovertible
fact. Such com bination o f powers In one body has boon styled b y James
M adison "th o very definition o f tyra n n y.”
I am far from underrating tho great ability, vast industry and dovotion
to d u ty o f the men now com posing the Inter-State C om m erce C om m ission,
not d o I share in the not infrequently heard opinion that they are hostile
to the railroads on principle, believing as I d o , on tho con trary, that they
aro earnestly striving to d o justice according to their conscience and judg­
m ent, and are bravely struggling w ith a sim ply intolerable burden o f work
and responsibility. A ccording to its annual report for tho year ending
O ct. 31 1915, the Commission during that year conducted 1,543 hearings,
in the courso o f which it took tho almost incredible total o f 200,438 pages
o f testim ony, and it must be borne in m ind that this Is only tho preliminary
w ork, tho groundw ork, on which its deliberations and decisions are based.
W ithin that period o f twelve m onths the Comm ission furthermore hoard
oral arguments in 198 cases (sitting 103 days for that p urp ose), docidod 902
cases upon its “ formal d o ck e t,” entered upon its "inform al d ock et” 6,500
separate com plaints and upon its "special d ocket” 6,690 applications,
m ade 822 orders under tho “ long-and-short-haul clause," & c., and had filed
with it no less than 149,449 rate schedules.

Jan . 29 1916.]

THE CHRONICLE

S85

It is a physical im possibility for each o f seven men to read carefully 200,­
and developm ent o f our railroads com m ensurate w ith the opportunities
438 pages o f testim ony in a year, even if they had nothing else to d o. Y e t
before our farmers and m erchants and w ith the vast size and prom ise o f
the Comm ission not only has to decide cases in which 200,438 pages o f our undeveloped areas, there must be not only reasonable liberality, but
testim ony have been taken, but it has to hear as m any arguments as are above all reasonable sta b ility o f p o licy . In other words, the railroad
heard b y tho Supreme C ourt, grant or refuse almost countless exemptions question m ust bo taken out o f politics.
from general rules established by Congress, Initiate and supervise criminal
T he present lopsided structure o f railroad laws ought to be demolished
prosecutions, conduct a great d etective bureau for the purpose o f discover­ and superseded b y a new b o d y o f laws designed, not to punish the railroads,
ing infractions o f the statute, form ulate a com plex system o f accounts and but to aid them toward the greatest developm ent o f usefulness and service
adapt it to changing conditions or changing conceptions o f public p olicy, to the cou n try, conceived upon harm onious, carefully considered, scientific
supervise the accounting o f m ore than tw o thousand corporations, inspect and perm anent lines. T he banking and currency legislation o f 1913 af­
the physical apparatus em ployed in railway transportation and devise fords an appropriate precedent and in m any respects a parallel.
means for its im provem ent, enforce regulations concerning hours o f labor,
T he national functions and character o f the railroads are largely analadeterm ine what water facilities railway corporations m ay operate and per­ gous to those o f the national banks. L ike the national banks, so should
form numberloss other duties o f arduous character and vast im portance. the railroads bo freed, at least in essentials, from the con flicting and m u lti­
It has further to rogulato telegraphs, telephones, pipe lines and express
tudinous jurisdiction o f the several States and placed under Federal au­
com panies and to grapple with tho form idable task o f making a physical
thority. 9 ho formula and principle o f tho banking and currency legislation
valuation o f tho railroads. For years Congress has thrust upon the C om ­ v iz ., a strong, effective and controlling Central Federal B oard In W ash­
mission ono function after another, until it is sim ply overwhelmed. T ho ington, relieved from detail work and from certain essentially con flicting
result is not m erely delay and insufficient tim e for deliberate consideration, functions (which should bo conferred upon a separate b o d y ), w ith regional
but tho necessity to relegate tho hearing and investigation o f m any important boards according to geographic groupings, m ight prove exactly suited to rail­
cases to clerks or agents.
road legislation. R ed tape should be cut wherever possible, beureaucratic
T he m ost serious grievance is the fact that in addition to the activities interference lim ited, and to tho extent that it can safely be done w ithout jeop ­
o f State legislatures there are not less than 43 State com m issions, exercising ardizing the due protection o f the interests and rights o f tho pub lic, free­
varying dogrees o f pow er over railroads, guided in their decisions b y no dom should be given to tho railroads in the con du ct o f their business
precedents or fixed rules, their jurisdiction and their decrees intertwining, coupled w ith strictest individual responsibility and fullest p ublicity.
con flicting w ith, upsetting thoso o f each other and o f tho Inter-State Com ­
T he situation resulting from the European war has brought to this coun­
m erce C om m ission. It is not surprising that the authority o f such State try a scope and a wealth o f op p ortunity alm ost, if n ot entirely, without
com m issions, o f which it would be too m uch to expect or even to ask un­ parallel in history.
yielding imperviousness to public pressure, should have been exercised,
But there is no great op p ortunity without a corresponding d u ty , no privi­
in not a few instances, frankly for tho selfish interest o f each State, some­ lege w ithout a corresponding obligation to use it wisely and beneficently.
what on tho lines o f creating through the fixing o f railroad rates and other­ T o fulfil with credit and honor, w ith due advantage to itself and the w o rld ,
wise, the equivalent o f a protecting tariff or o f an export bounty for the the part w hich the fa vor o f Providence has allotted to Am erica is a w eighty
benefit o f the industries or tho consumers o f each particular State.
and solemn task.
W hat with the regulating activities o f 43 commissions besides the Inter­
I know' o f no finer or m ore honorable b od y o f men than the presidents o f
State C om m erco Com m ission, tho adoption by State legislatures o f rate­ our American railroads. There is not ono o f them now in office who owes
fixing measures, extra crew bills and all kinds o f m inute enactments (be­ his position to inherited advantages, to p rotection, to anything, in fa ct
tween 191 ^ and 1915 m ore than 4,000 Federal and State bills affecting the but his ow n qualities o f m ind and character. W ith few exceptions, the men
railroads
re introduced and m ore than 440 enacted), the enormous in­ in active charge o f large businesses or corporations in this cou ntry have m ade
crease witlih. tho last seven years in Federal and State taxation, tho steadily their own positions; the vast m ajority started at or near the b ottom o f tho
m ounting cost o f labor, tho exactions o f m unicipal and cou nty authorities, ladder. There is no center in the world where tho label counts less, where
& c.— it will be adm itted that the cup o f railroad difficidties and grievances it is less possible to bequeath position, how ever backed b y wealth, where
is full. I am far from holding tho railroads blameless for some o f the the shine and effect o f a great name is m ore quickly rubbed o ff if the bearer
conditions with which they aro now confronted. N o t a few o f them were does not prove his w orth, where the acid test o f personal efficiency is m ore
arrogant in the days o f their power, m any m ixed in politics, some forgot strictly applied, where m erit is m ore certain to com o to tho to p , than in
tha t besides having a duty to their stockholders they had a duty to the the great m art o f Am erican business. A nd there is no cou ntry where the
public, som e were gu ilty o f grievous and inexcusable financial m isdeeds. capacities o f representatives o f business are so little availed o f in govern­
B ut in their natural resentment and their legitim ate resolve to guard mental and political affairs, their views so little heeded and so frequently
against similar conditions in the future, the peoplo have overshot the rebuffed, where legislation affecting econom ic , industrial and financial
mark. T he p roof o f tho pudding is in tho eating. N ot less than 82 railroads, matters is fram ed, and tho resulting laws administered, with such disre­
com prising 41.988 miles and representing 32,264,000,000 o f capitalization! gard o f the counsel and expert knowledge o f business men, as in the United
aro in receivers' hands and tho mileago o f new railroad constructed in 1915 States. A number o f instances could bo cited o f lawm aking (the latest
is less than in any year since the C ivil W ar.
being the C layton A nti-T rust A ct) where, if tho advice o f such men had been
R ailroad credit has becom o gravely affected. It is true that faults o f taken, the aims sought to be accom plished could have been attained with
management and disclosures o f objectionable practices have been con­ equal or greater sureness o f effect and without undesirable incidental re­
tributory causes in diminishing American railroad credit, but from m y sults such as were not intended b y tho legislators, though clearly foreseen
practical experience in dealing with investors I have no hesitation in affirm­ b y the trained experience o f business men.
ing that the main reason for the m ultiplication o f railroad bankruptcies
Fortunately, there have been indications within the recent past which
and o f tho changed attitude o f tho public toward investing in railroad secur­ justify the hope that this condition o f affairs is about to change, and that
ities is to bo found in tho Federal and State legislation c f tho years from prejudices and antagonisms which have been prevalent all too long are
1906 to 1912 and in what m any investors considered the illiboral, narrow, beginning to give w ay to m ore auspicious relations. As corporations have
and frequently antagonistic spirit toward railroads o f commissions charged learned the lesson that their well-being depends upon their so conducting
with their supervision and con trol. T he fortuitous and fortunate cir­ them selves as to deserve the good-w ill and support o f public opinion, so
cumstances that, owing m ainly to the direct and indirect effect o f the stimu­ the people have learned that their own prosperity and the prosperity o f the
lus o f huge war orders and because o f other unusual circum stances, railroads basic industries in the country aro interdependent.
at i doing m uch better at present, and that investors, after having left
T he m atter and manner o f the passage o f the Federal Reserve A ct, the
railroad securities m ore or less severely alone for years, are, for the tim e spirit and m ethod o f its adm inistration, the co-operation between the
being , looking upon them w ith a friendly eye, should n ot m ake us lose sight Treasury and the banking com m unity during the first few m onths o f the
o f the underlying fact that the railroad industry is in an inherently weakened European war, by means o f which what threatened to becom o a m ost
con dition, that the spirit o f enterprise has largely gone out o f railroading, serious situation was m et and successfulljiovercom e, several public declara­
that generally speaking, expenditures for construction, equipm ent, improve^ tions o f President W ilson, tho activities o f the Administration in co-opera­
m ents, & c., aro confined to the absolute necessities.
tion with business m en, aimed at enlarging our com m ercial and financial
Considered from whatever p oint o f view , the conclusion seems to m e un­ intercourse with South and Central America and other countries— all these
avoidable that American railroad legislation, while sound in theory is , in prac­ and other instances that m ight be m entioned are evidences o f a new spirit
tice, a patchw ork, a m akeshift, and grossly and fundam entally faulty. It has expressing itself on broad and constructive lines. Our railroad legislation,
been added to, m odified, tinkered with session after session in national and on tho other hand, and, in frequent instances, its administration, remains
State legislatures; it is illogical, unscientific, confusing, vexatious and a glaring exam ple o f tho opposite spirit, and our railroad industry cannot
generally Intolerable. T ho Inter-Stato Com m erce Comm ission and fo rty - perm anently prosper, nor can it render the full measure o f service which
threo State bodies acting at once as lawmakers, prosecutors, judges and the vast developm ent ahead o f the country calls for, until relief is given to
juries hold the destinies o f tho railroads in their hands, with the power tho railroads from the legislative and administrative conditions which now
almost over life and death— a power n otm u ch short o f a utocratic, for it is ham per, restrain and oppress them .
subject to little, if any, executive con trol, and, as far as the Federal C om ­
mission is concerned, to practically no effective judicial review. U nliko
the courts they aro bound b y no precedents and rules o f procedure, guided
C O N S T I T U T I O N A L I T Y OF I N C O M E T A X L A W
by no fixed and well understood principles or rules o f decision.
UPHELD.
Railroads, being essentially nation-wide in their functions, should as
The constitutionality of the Income Tax law is upheld in
to rates and other phases o f their business directly or indirectly affecting
interstate results, bo placed under ono national authority instead o f being a decision handed down by the UnitedjStates Supreme Court
subject to tho conflicting jurisdiction o f m any different States— a jurisdlc
Tho decision, which was unanimous, was
tlon tho exercise o f which is always subject to tho tem ptation o f being used on the 24th inst.
unfairly for tho selfish and exclusive advantage o f tho respective Individual rendered in tho case of Frank It. Brusliaber, a stockholder
States. State commissions have their proper and im portant functions in of the Union Pacific R R ., who sought to enjoin the com­
thOiSupervision and regulation o f stroot railways and o f public service
The
corporations other than interstate steam railroads, and oven in tho case o f pany from complying with the provisions of the act.
tho latter blithe exercise o f certain administrative, police, or public welfare a ctim reached the Supreme Court on M a y 7 1914, following
powers within well defined limits. B ut the fundam ental law o f the land
the refusal of the U . S. District Court of Southern New
the Federal C onstitution, expressly reserves to Congress tho exclusive power
The suit had been
o f doaling with com m erco between tho States, and the exercise b y State York to grant the injunction sought.
authorities o f rate-making and other powers which, though technically con­ filed in the lower court on M ar. 13 1914.
The principal
fined to railroad activities within the States, yet actually must and d o affect contention contained in the brief before the Supreme Court
interstate relations, is clearly opposed to tho s p r it, if not to the language,
was that the Income Tax law was unjustly discriminatory
o f the Federal Constitution.

Personally libelieve that tho principle of giving to the Interstate Com­ between individuals and corporations. It was asserted that
merco Commission power to regulate rates is sound, and I am convinced the law aimed at the seizure of property without due process
that it has como to stay. But I think that the now prevailing rigid and
cumborsomo.system of what is practically rato m aking by the Commission of law and that it attempted retroactive operation in re­
is neither sound nor wise. I believe that the public could and would be quiring the payment of the tax on incomes derived prior to
just as fully,protected and that, in fact, both the public and tho railroads
would bo .the gainers if the immensely complex, difficult and delicate task Oct. 3 1913, the date Avhen the A ct became effective. As
of making rates.*were left in the hands of thoso trained for it by a life's showing that the Union Pacific was required to pay tax
study, experience, and practice, i.e., the railroad officials, with full power, three times on the earnings of a single subsidiary, it was
however, in the Commission, on its own motion, to reduce or to increaso
stated in the brief that the railroad paid tax on its entire
ratos for cause.
If rallroadjofficors aro to plan for tho future in a large and far-reaching earnings, including the income derived from the stock of the
way, if an adequato supply of capital Is to De forthcoming for tho extension Oregon Short Line R R .; that the latter paid on its earnings,




THE CHRONICLE

386

[Vol. 102.

(а) C orporations indebted upon cou pon and registered bonds aro dis­
crim inated against, since corporations not so indebted aro relieved o f any
labor or expense involved in deducting and paying the taxes o f individuals
R R . & N av ig a tio n C o ., which in turn paid the incom e tax on
on the incom e derived from bonds.
its ow n earnings.
T h e brief also contended th at to require
(б) O f tho class o f corporations indebted as above stated, tho law further
corporations to collect the incom e tax a t the source w ithout discriminates against those which havo assumed tho paym ent o f taxes on
thoir bonds, since, although some or ail o f their bondholders m ay be exompt
com pensation fo r the service am ounted virtu ally to con­ from taxation, the corporations have no means o f ascertaining such fact,
fiscation w ith ou t due process o f la w , considering the am ount and it would therefore result that taxes would often bo paid b y such corpora­
tions when no taxes were owing b y tho individuals to tho Governm ent.
o f additional bookkeeping and auditing expenses in volved.
( c ) T ho law discriminates against owners o f corporate bonds in fa vor o f
T h is w eek’s decision of the Suprem e C o u rt, w hich was individuals none o f whose incom e is derived from such p roperty, since
bondholders aro, during the Interval between tho deducting and the paying
read b y C hief Justice W h it e , swept aside every contention
o f tho tax on their bonds, deprived o f the use o f the m oney so withhold.
raised against th e a c t. T h e case covered substantially
( d ) Again corporate bondholders are discriminated against becauso the
every p oin t in vo lv ed in all the five incom e tax cases before law does n ot release them from paym ent o f taxes on their bonds even after
tho taxes havo been deducted b y the corporation, and therefore if after
the C o u r t, w ith the exception of the effect of the provision
deduction the corporation should fa il, the bondholders would be com ­
allowing m in in g corporations to m ak e a 5 % deduction pelled to p ay the tax a second tim e.
( e ) Owners o f bonds the taxes on which have beon assumed b y tho c o r­
annually from gross incom e for depletion of m ines. This
poration are discriminated against becauso the paym ent o f the taxes b y the
provision is regarded as being an am endm ent to the old corporation does not reliove the bondholders o f their duty to include tho
corporation ta x , rather than a feature o f the incom e tax. incom e from such bonds in m aking a return o f all incom e, the result being a
T h e basic error of those who attacked the constitutionality doublo paym ent o f the taxes, labor and expense in applying for a rofund, and
a deprivation o f the use o f the sum o f the taxes during tho interval which
o f the ta x , C h ief Justice W h ite h eld, was in regarding the elapses before they are refunded.
3. T he provision limiting the am ount o f interest paid which m ay bo de­
Sixteen th A m en d m en t as em powering the U n ited States
to le v y a direct tax w ith ou t apportionm ent am ong the ducted from gross incom o o f corporations for the purpose o f fixing the
taxable incom o to interest on indebtedness not exceeding one-half tho sum
States according to p opu lation . In substance, the C ourt o f bonded indebtedness and paid-up capital stock, is also charged to b#
held th at the Sixteenth A m en d m en t had n ot empowered the wanting in due process because discriminating between different classes o f
Federal G overn m en t to le v y a new ta x , b u t th at “ the whole corporations and individuals.
4 I t is uig od that want o f due process results from tho provision allowing
purpose o f the am en dm en t w as to relieve all incom e taxes individuals to deduct from their gross incom e dividends paid them b y
from a consideration o f the source whence the incom e was corporations whoso incom es are taxed and not giving such rights o f deduc­
corporations.
d eriv ed .”
T h o se opposing the tax h ad urged th at the tion to ant o f due process is also asserted to result from the fact that tho
5 W
Sixteenth A m en d m en t provided th at incom e from “ w hatever act allows a deduction o f $3,000 or $4,000 to those who pay the normal
source derived” should be taxed w ith ou t regard to apportion­ tax, that is, whose incomes aro $20,000 or less, and does not al ow the
deduction to those whose incomes are greater than $20,000; that is, such
m en t am on g the States. T h e y argued th at the U nderw ood- persons aro not allow ed for the purpose o f tho additional or progressive
Sim m ons incom e tax provision, b y reason o f exem ptions of tax a second right to deduct tho $3,000 or $4,000 which they havo already
certain incom es from taxation , had n ot com e within the enjoyed. A n d a further violation o f due process is based on tho fact
that for tho purpose o f tho additional tax no second right to deduct divi­
m eaning o f the am en dm en t.
dends roceivod from corporations is perm itted .
C h ief Justice W h ite m aintained th at the power of the
6
In various form s o f statement, want o f duo process, it is m oreover
Federal G overn m en t to le v y an incom e tax had never been insisted, arises from the provisions o f the act allowing a deduction for the
purpose o f ascertaining tho taxablo incom e o f stated amounts on tho ground
questioned.
Q uoting a t length from the incom e tax deci­ that tho provisions discriminate between married and singlo pcoplo and
sions o f 1 8 9 5 , he declared th at the court then recognized that discriminate between husbands and wives who are living together and those
•
“ taxation on incom e w as in th e nature o f an excise entitled who are n o t.
7. Discrim ination and want o f due process rosults, it is said, from the
to be enforced as such unless and until it w as concluded that fa ct that tho owners o f houses in which they livo aro not com pelled to
to enforce it w ou ld am ou n t to accom plishing the result estimate tho rental value in making up their incomes, whilo tlioso who aro
which the requirem ent as to apportionm ent o f direct taxation living in rented houses and p ay rent aro n ot allow ed, in making up thoir
taxable incom o, to deduct rent which they havo paid, and that want o f due
w as adopted to p rev en t, in which case the d u ty w ould arise process also results from the fa ct that although fam ily expenses are not as
to disregard th e form and consider the substance alone and a rule perm itted to bo deducted from gross, to arrivo at taxablo incom e,
farmers aro perm itted to om it from their incom o return, certain products
hence subject th e tax to the regulation as to apportionm ent o f tho farm which are susceptible o f use b y thorn for sustaining their families
w hich, otherw ise, as an excise, w ould n ot ap p ly to it.
The during the year.
_ ,
So far as these numerous and m inute, not to say in m any respects hyper­
court then decided, he ad d ed , th at the effect of the tax on
critical, contentions are based upon an assumed violation o f tho uniform ity
incom e from real estate w as the sam e as if a direct tax had clause, their want o f legal merit is at once apparent, since it is sottlod that
been levied on the real estate, and th at it w as w ith a view of that clause exacts only a geographical uniform ity and thero is not a sem­
obviatin g such questions th at the am en dm en t h ad . been blance o f ground in any o f tho prepositions for assuming that a violation o
such uniform ity is com plained of.
ad op ted .
In asm u ch as the am en dm en t had n ot conferred
So far as tho due process clause o f tho F ifth Amendment is relied upon,
the pow er to le v y an incom e ta x , said the C hief Justice, it it suffices to say that thero is no basis for such rellanco since it is equally
well settled that such clauso is not a limitation upon the taxing power
could n ot b e interpreted as em bracing lim itations as to the
conferred upon Congress b y tho Constitution; in other words, that the
nature and character o f incom e to be taxes.
T o consider C onstitution does not con flict with itself by conferring upon the ono hand a
it as em bracing lim itation s, such as n ot authorizing a pro­ tkximr now er and taking the same power away on tho other b y the lim ita:
b P
cess clause. A nd no change in tho situation hero would
gressive ta x , h e h eld, w as irreconcilable w ith the purpose of
S X „ ° V « t f l t b e S S a e d . » w .th in k I t . - b . , t h « t h l , d o e t r t n . w o u l d
arise even
although there was a sooming exorcise
the am en dm en t. H e explained too th at the uniform ity of
have no application m a u »
lalned o f was so arbitrary as to constrain
excise taxes required b y the C on stitu tion was geographical o f the taxing P
.
exaction o f taxation but a confiscation
u niform ity and n ot u niform ity o f application as to classes. ‘ r th6n ^ v that i f a t a ^ g o f t i e same in violation o f the F ifth Am end° f p rop erty, that
t 1j
® roto was so wanting in basis for classificath
H e further held that the tax did n ot v iolate the “ due process”
- t o S 3 5 J S S a g r i s and patent inequality as to inevitably lead
provision o f the C on stitu tion b y im posing a higher rate of
?
.Im eC on clu sion
W e say this becauso nono o f tho propositions ro­
^
queatlons. It ls truo that it
taxation on incom es above $ 2 0 ,0 0 0 than on those below that to the same ^ c l u s i o n ^

including dividends from the stock o f the Oregon W a sh ing ton

figure, or b y other provisions and he m aintained that the
tax w as n ot unconstitutional because it w as retroactive.
T h e argum ent th at the law w as unconstitutional because
labor agricultural and horticultural organizations and such
were exem p t,

the

C hief Justice h eld, w as answered

by

decisions under the corporation tax law .
W ith o u t expressly stating all the other contentions, the
C ou rt has sum m arized them to a degree adequate to enable
it to ty p ify and dispose of aU of th em .
T h is sum m ary and
th e conclusions of the C ou rt w e tak e as follows from the
decision, the full text of which has been m ade available
through the Corporation T ru st C o m p a n y . 3 7 W a ll Street.
1 The statute levies one tax called a normal tax on all Incomes of in­
dividuals up to $20,000 and from that amount up by gradations, a pro­
gressively increasing tax called an additional tax, is imposod. No tax,
wowever is lovied upon incomes of unmarried individuals amounting to
$3 000 or less nor upon incomes of married persons amounting to $4,000 or
T h e ^ o S e s s i v e tax and the exem pted amounts, it is said are based
o T wealth alone and the tax is therefore repugnant to the due process
clause o f the F ifth A m endm ent.
, ^

2 The act provides for collecting the tax at the source, that is, makes it
the duty o f corporations, etc., to retain and pay tho sum o f the tax on
Interest due on bonds and mortgages, unless tho owner to whom the intorost
is payable gives a notice that he claims an exemption. This duty cast upon
corporations, because of tho cost to which they are subjected, is assOTted to
be repugnant to due process of law as a taking of their property without
compensation, and wo recapitulate various contentions as to discrimination
against^orporations and against individuals predicated on provisions of
the act dealing with the subject:




lied upon | th°
n
is elaborately to

. th t aithough thero be no express constitutional
progressive features o f tho tax causes it to trans-

Z l Z S S S ? oV aU —
E
and to b . a m oro arbitrary
of
oo*wer which must bo troatod as wanting in duo procoss. B ut the proposl tion disregards tho fact that in the very early history o f the G overnm ent a
progressive tax was imposed b y Congress and that such authority was
exerted in some if not all o f tho various incom o taxes enacted prior to
1894 to w hich wo havo previously adverted. A nd over and above all
this the contention but disregards the further fa ct that its absoluto want o f
foundation in reason was plainly pointed out in K now lton v . M oore supra

tion which are apP“ ro“
and corporations, tho difference botwcon
distinction between
.
,
In fa ct, com prehensively surveying
various kinds o f corpora
.
^ from tho erroneous construction o f
all tho content ons
previously disposed o f, we cannot escapo tho
t^ ° ^uR ion rtihat'th ej^ alT r^ t^ po^ th o mistaken theory that although there
conclusion that they a i i r w s u y
to d ifferontly tax thorn trans
be ^
er i t bo N a t i o n and amounts to a want o f duo process, and that
ef
cends tho li“ 1
.t
, ^ b e lie v e d b y ono who resists its enforcement to be
whore a tax levied Is
J injustice, from that fact in tho nature o f
wanting in wisdom a a d t o P ^
f
o f law and a resulting authority
things

0XCeed its powers and correct what is assumed to be
unwise exertions by tho legislative authority o f its lawful
powOTs! even although there be no semblance o f warrant in tho Constitution
for so d oing.

J a n . 29 1916.]

THE

C H R O N IC L E

Wo have not referred to a contention that because certain administrative
powers to enforce the act wero conferred by the statute upon the Secretary
o f tho Treasury, therefore it was void as unwarrantedly delegating legisla­
tive authority, because wo think to state tho proposition is to answer it
Field v. Clark, 143 U. S. 649; Buttfield v. Stranahan, 192 U. S. 470 496Oceanic Steam Navigation Co. v. Strahanan, 214 U. S. 320. Affirmed. ’
Associate Justice M c R e y n o ld s , because o f bis connection
w ith the case as A tto rn ey-G en era l, took no part in the
decision. Follow ing the handing dow n o f the opinion,
R epresentative H u ll, o f Tennessee, author o f the law said:
Tho Supreme Court’s decision has absolutely unfettered the income tax
as a source of revenue. All doubt is removed and Congress is left much
freer to act. I believe Congress will take advantage o f tho opportunity to
amend the law materially. Without any unusual or unjust charges it
can bo made to yield $185,000,000 to $195,000,000 a year, as against $85,­
000,000 or $90,000,000 at present.
R epresen tative H u ll is preparing am endm ents to carry
the tax to incom es below S 3 ,0 0 0 , and m ake graded increases
in the surtaxes on incom es exceeding S 2 0 ,0 0 0 a year.

THE FOREIGN TRADE OF FRANCE.
T h e foreign trade figures of France for the calendar year
1915 are m ad e known in a cablegram from the A m erican
consulate general at Paris under date of January 2 4 . A s
indicated b y us last w eek in dealing with the figures for the
eleven m onths to N o v em b er 3 0 there has been a large in­
crease in im ports w ith a n otew orthy decline in exports. T h e
latter item for the year aggregated on ly S 5 8 3 ,3 0 4 ,2 8 6 as
against $ 9 3 9 ,6 8 4 ,9 6 2 in 19 1 4 , while the im ports reached
$ 1 ,5 5 8 ,3 7 6 ,9 5 6 as against $ 1 ,2 3 5 ,6 1 8 ,6 1 7 .
A ccordingly
there is an increase in the im ports over the exports in 1915 in
the large sum o f $ 9 7 5 ,0 7 2 ,6 7 0 , this com paring with an
excess o f im ports for 1914 o f only $ 2 9 5 ,9 3 3 ,0 5 5 .
1915
$
104,931,591
122,927,297
320,842,621
Post, packages. 34,602,777
E x p o r ts .

1914
1915
S
Im p o r ts.
s
124,676,649 Food products.492,028,603
250,716,650 Indus. mat'ls._60S,632,062
497,117,820 Manufactures .457,710,291
67,173,843
„ Total.............1558376956
939,684,962 Excessofimpts.975,072,670

1914
S
350,002,991
G77,072,371
208,543,255

o f which are so simple and so obvious, should have been so beclouded b y
the discussions, o f men o f highm otive, men o f purpose as handsome as any
ot us m ay claim , and yet apparently incapable o f divesting themselves o f
own
ProvinciaUsm which consists in thinking the contents o f their
whnn a d t0 b f the contents o f the mind o f the w orld. F or, gentlem en,
Tnnn.c n“ erlCV S a very * » a t nation, while Am erica contains all the elem aior n L / o f S " *
accom plishm ent. Am erica does not constitute tho
m ajor part o f tno world.
cannotllV(hinL-a ] ' ? rld '''.inch we did n ot m ake, which we cannot alter, which
U w ouid l e n h i a , dlffe. ent condition from that which actually exists,
r
t h i ^ d J fe r e n t lv T o 688^
° f provinciaIis“ to suppose that because we
that thn
l
o f the world • we are at liberty to assume
disturbance.
10 T° r d wU1 perm it us to enjoy that thought without
I t is a surprising circum stance also, that men should allow nartisnn

™ S ,h ,„p
.creo,7' a,nbltion ,0

or

A nd I for’ m v n a r ? “ A m e a ^ f differ abou t the safety o f A m erica.?
and m ore S f f i c u R a mbi ti ous that Am erica should d o a greater
w a te^ h a ve done
In fil l ^ *h ®.grcat nations on the other side o f the
t d?
, n a11 the belligerent countries m en, w ithout dLstincI
J f t h f w a r IsaitG ^ aWn
n
*? accom Plish a successful prosecution
ot the w ar. Is it not a m ore difficult and a m ore desirable thing that all
Americans should p u t partisan prepossession aside and draw together for the
r h T
H Sr Uti° n ° f PCaCe' ? 1 Covet that distinction l o r A m S and
I believe that Am erica is going to enjoy that distinction.
T y tho ° th.er day tho leader o f the Republican m inority in the H ouse
,n
I ftake ^cesentatives delivered a speech that showed that he was ready, and
v t for granted that the m en behind him were ready, to forget party
hnes in order that all men m ay act with a com m on m ind and to p u lse for
nf

nae ™ ? r V o f respect and obligation upon this first Public occasion, to
v
p ay m y tributeh0rCOUntry- A nd 1 Want’to him.
* , m d 11 vory hard indeed to approach this subject w ithout very deep
f
em otion, gentlem en; because, when we speak o f Am erica and the tidngs
w u r minH°? A
COnSCrVed in hCr’ d08S il not 01111 a wonderful picture into
"
Am erica is young still, she is not yet even in the hey-day
and f „ ± T Blop“ on(tand pow er- T hink o f the great treasures o f youth
“ t C“ rgy and ,deal Purpose still to be drawn from the deep sources from
which this nation nation has always drawn its light
™ n k °f.,th° i ? . ? 'iCe Which those forces can and must render to the rest
o f the world
Think o f the position into which Am erica has been drawn
alm ost in spite o f herself, by the circum stances o f the present d ay
She

S K S 2 . S 2 L 2 . ” - lo

"»

** -

I t is very fine to rem em ber what ideals will be back o f that assistance
E conom ic assistance in itself is not necessarily handsom e. It is a legiti­
583,304,2S6
m ate thing to m ake m oney; but] it is not an ideal thing to m ake m oney.
M on ey brings with it power, which m ay bo well or ill em ployed.
And it
should be the pride o f America always to em ploy her m oney to the highest
P R ES ID E N T WILSON’S ADDRESS ON PREPAREDNESS purpose. And yet, if we are drawn into the maelstrom that now surges
across the water and swirls even in the Eastern'regions o f the w orld, we
BEFORE R A IL W A Y B U S IN E S S ASSOCIATION.
shall not be perm itted to keep a free hand to d o the high things that wo
Pi esident W ilso n w as a speaker before three gatherings in intend to d o. A nd it is necessary that we should examine ourselves and so
N e w Y o rk on T h u rsd ay .
H is principal address o f the day order that wo can make certain that the tasks imposed upon us will be per­
w as delivered a t the annual banquet o f the R ailw ay Business form ed, and well perform ed.
Am erica has been reluctant to m atch her wits with the rest o f the world.
Association held a t the W a ld o r f, and this speech was the W hen I face a b od y o f men like this It is almost incredible to rem em ber that
first o f a series on preparedness on which he is to speak on ly yesterday they were afraid to put their wits into free com petition with
during a forthcom ing trip, which he is to m ak e through the the world I T ho best brains in the world afraid to m atch brains with the
rest o f the w orld! W e have preferred to be provincial. W e have pre­
M id d le W e s t.
In taking up the subject before the R ailw ay ferred to stand behind protecting devices. A nd now , we are thrust out to
Business M e n the President set out that the question which do on a scale never dreamed o f in recent generations in Am erica, the
m ost dem ands clarification ju st n ow is the question o f pre­ business o f the w orld. AVo can no longer bo a provincial nation. L et no
man tiare to say if ho would speak the truth, that the question o f prepara­
paration for national defense, because “ it has been deeply tion for national defense is a question o f war or o f peace
clouded b y passion and p reju d ice.”
“ L et no m an dare to
I f there is one passion m ore deep seated in the hearts o f our fellow country­
s a y ,” said M r . W ilso n , “ if he w ould speak the truth, that men than another, it is the passion o f peace. N o nation in the world ever
m ore instinctively turned away from the thought o f war than this nation
the question o f national defense is a question o f war or of to which wo belong. Partly because, in the plentitude o f its power in
peace.
I f there is one passion m ore deep seated in the the unrestricted area o f its opportunities, it has found nothing to covet in
the possessions and power o f other nations.
•
hearts o f our fellow countrym en than another, it is the pas­
There is no spirit o f aggrandizement in Am erica. There is no desire
sion o f peace.
B u t, lie added, “ there is som ething that on the part o f any thoughtful and conscientious American man to take one
th e A m erican people love better than th ey love peace. foot o f territory from any nation in the world. A nd I m yself share to the
bottom o f m y heart that profound love o f peace.
I have sought to main­
T h o y love the principles upon which their political life is
tain peace against very great, and sometimes, very unfair odds and I am
fou n ded. T h e y are ready at a n y tim e to fight for the ready, at any tim e, to use every power that is in m e to prevent such a
vindication o f their character and o f their honor.
T h ey catastrophe as war com ing upon this country.
So that it is not permissible for any man to say with anxiety that the
will a t no tim e seek a con test, bu t th ey will a t no tim e defense o f the nation has the least tinge in it o f desire for power which can
cravenly avoid it. B ecause if there is one thing the country be used to bring on war. B ut, gentlem en, there is something that the
ought to fight for and that every nation ought to fight for it American people love better than they love peace. T hey love the prin­
ciples upon which their political life is founded. T h ey are ready at any time
is tho integrity o f its own con v iction s.”
Referring *to to fight for the vindication o f their character and o f their honor. They
changod ideas as to preparedness the President alluded to will at no tim e seek a contest, but they will at no tim e cravenly avoid it.
his address to Congress over a year a go , in which he stated Because if there is one thing that the cou ntry ought to fight fo r and that
o\ er> nation ought to fight for, it is tho integrity o f its own convictions.
that the question of preparedness was n ot a pressing question- W e cannot surrender our convictions. I would rather surrender territory
m Ins speech this w eek lie noted th at “ m ore than a year than surrender those ideals which are the sta ff o f life for the soul itself.
has gone b y since then, and I would bo asham ed if I had And because we hold certain ideals, we have thought it was right we
should hold them for others as well as for ourselves. Am erica has m ore
not learned something in fourteen m o n th s .”
H e also had than once given evidence o f the generosity and disinterestedness o f its love
something to say concerning his changed views with refer­ o f liberty. It has been willing to fight for the liberty o f others as well as
for its own liberty. T ho w orld sneered when wo set out for the liberation o f
ence to a T ariff B oa rd .
On tho preparedness question he C uba, but the world does not sneer any longer. T he world now knows
pointed out th a t, “ w hat I am for, and w hat every A m erican what it was then loath to believe that a nation can sacrifice its own in­
ought to insist upon, is a bod y o f a t least h alf a m illion o f terests and its own blood for the sake o f the liberty and happiness o f an­
other people. A nd whether b y one process or another we have made our­
trained citizens who will serve under conditions o f danger selves in som e sort the champions o f free governm ent and national sover­
as an im m ediately available national reserve.”
T h e follow­ eignty in both continents o f this hemisphere. So there are certain
obligations, which every American knows, that we have undertaken. The
ing is his speech in full:
first and prim ary obligation is the maintenance o f the integrity o f our own
Tno exactions o f my official duties have recently been so irreat that it
sovereignty— which goes as o f course.
There is also the maintenance
has been very seldom indeed that I could give myself so great a pleasure as
o f our liberty to develop our political institutions without hindrance,
that which I am enjoying to-night. It is a great pleasure to come and be
and last o f all, there is the determination and the obligation to stand as
greeted in such generous fashion by men so thoughtful as yourselves and
tho stong brother o f all those in this hemisphere who will maintain the
so doeply engaged in some o f tho most important undertakings of the
same principles and follow the same ideals o f liberty. M a y I venture to
" f . “ i:, “ nd 1 coHslflcrr it a privilege to bo permitted to lay before you some insert here a parenthesis? H ave any o f you thought o f this? W e have
of the things to which we ought to givo our most careful and deliberate
slowly, very slowly indeed, begun to win the confidence o f the other states
consideration. Tho question, it seems to me, which mostdemands clarifi­
o f the American hemisphere. I f we should go into M exico, do you know
cation just now Is the question to which your toastmaster has referred—
what would happen? All the sym pathies o f the rest o f America would
tho question of preparation for national defense. I say that it stands in look across the water, and not northward to the great republic which
need o f clarification because, singularly enough, it has been deeply clouded
wo profess to represent. And d o you not see the consequences that would
by passion and prejudice. I t is very singular that a question, the elements ensue in every international relationship? H ave the gentlemen who have




1235618617
295,933,655

388

THE CHRONICLE

[Vol . 102.

of asking men who can be easily drawn to come into the fiold, crude, ig­
rushed down to Washington to Insist that we should go into Mexico re­ norant, inexperienced, and meroly furnish the stuff for camp e
flected upon the politics of the world? Nobody seriously supposas gentle­
the bullets of the enemy.
. , _
____ ._
men, that the United States needs to fear an invasion o f its own tel™ ory .
The sanitary experience of our army in the Spanish \ ar was merely an
\
What America has to fear, if she has anything to
round­ Indictment of America’s indifference to the manifest lessons of experience
about. flank movements upon her pregnant position in the
in the matter of ordinary preparation. We have got tho men to waste,
TTomiQnhrre Are we going to open those gates, or are we going to .close but God forbid that we should waste them. Men who go as efficient
t h e m ? F or th tra re the gftes to the hearts o f our American friends to the instruments of national honor into the field afford a very handsome spec ac o
£ 5 .0
i Z S g a .S n, «h . ports. W .n
indeod, but men who go in, crude and ignorant boys, only indict those m
won the only sort o f leadership and the only sort o f safety that America authority for stupidity and neglect. And so it seems to mo that it is ou
covets. W e must all of us think, from this time out, gentlemen, in terms manifest duty to have a proper citizen reserve.
o f the world and must learn what it L that America has set out to mains
I am not forgetting our National Guard. I had tho privilege of be g
tfin as a standard bearer for all those who love liberty and justice and the Governor of ono of our groat States— a State which furnishes this city
with a great deal of its intelligence. Some Jerseymen on either side here
-< * "* T “ n “
enjoy that very much.
.
___
to the tim e and suitable to our own ideals. Suitable to the tim e. D oes
And, as Governor of New Jersey, I was brought into association witn
a n yb od y understand the tim e? Perhaps when you learned, as I daresay what I am glad to believe was one of the most efficient portions of tho
National Guard of tho United States. I learned to admire the men, to
respect the officers, and to believe in the National Guard. And I beliove
that it is tho duty of Congress to do very much moro for tho National
Guard than it has ever done heretofore. I believe that that groat arm
S s .O T S 5 .5 5 fS S t t E S K , S
■ = of our national defense should be built up and encouragod to tho utmost.
But you know that under the constitution of the United Sgates it is under
tho direction of more than two score states, and that it is not permitted to
the National Government directly to direct its development and organiza­
tion. And that only upon occasion of actual invasion has the President
of the United States the right to ask those men to leave their respective
then the only purpose of a Tariff Board was to keep alive an unprofitable States I for mv part, am afraid, though some gontlomen differ with
controversy ^ If y lu set up any board of inquiry whose purpose it is to keep me. that there is no way in which that force can be made a direct resource
S S S S u r b e d and to make it always an open question what you are as a national reserve under national authority.
...
going to do about the public policy o f tho Government. I am opp° sc^ ° j £ ’
What we need is a body of men trained in association wiih units of tho
And the very men who were dinning it into our ears that what business army— a body of men organized under the immediate direction of tho
wanted was to be let alone, were many o f them men who were insisting national authorities-a body of men subject to the immediate call to arms
that we should start up a controversy that meant that we could not let it of the national authority and yot men not put into the ranks of tho regularalone. There is a great deal more opinion vocal in this world than is arm y men left to their tasks of civil life: men supplied with equipment
a id tracin g, but not drawn from tho peaceful pursuits which have made
C°Buttthe circumstances o f the present time are these:
^ gotag on A^norica great and must keep her great. I am not a partisan of any one
in the world, under our eyes, an economic revolution. No m a n u n d e - nl-vn I havo had too much experience to think that it is right to say that
stands that revolution, no man has the elements of it clearly in his mind, £ plan wMch I proposed is the only plan that will work, because I have a
no part of tho business o f legislation with regard to international trade shlewd suspicion thit there may bo other plans wh ch will work. But
can be undertaken until we do understand it. And members of Congress what I am for, and what every American ought to insist upon is a body of
are too busy, their duties are too multifarious and distracting, to make it at least half a million trained citizens who will serve under conditlons of
possible within a sufficiently short space o f time for them to master tho danger as an immediately available national reserve. I am not saying
change that is coming. I hear a great many things predicted about tho anything about tho navy because I don t want to go to sea. I
end of the war, but I don’t know anything about what is going to happen stick to the ono theme to-night, because for some reason there is not the
when the war is over, and neither do you. There are two diametrically
same controversy about the navy that there Is about the army,
opposed views as to immigration: Some men tell us that at least a million navy is obvious and easily understood. Tho army »
ron ^
v ^
rnen are going to leave the country, and others tell us that many millions difficult to comprehend and understand. We havo a traditions, p
S e going to rush into it.
Neither party knows what It is talking against armies which makes us stop thinking the minute wo begin talking
about- and I am one o f those prudent individuals who would really
about them; and wo suppose that all armies are alike, and that thero can
like to know the facts before ho forms an opinion: not out of wisdom, but not bo an American system in this Instance, but that it must be tho Europ­
out of prudence. I have lived long enough to know that if I do not the ean system, and that is what I for one am trying to divest my own mind
fects will get away with me. I have come to have a wholesome respect for of. The navy is so obvious an instrument of national defense, that I
£ cts
I have had to yield to them sometimes before I saw them beliove that with differences of opinion about the detail, it is not going to
£ 2 n g . and that has led me to keep a weather eye open in order that I be difficult to carry out a proper and reasonable program for the Increaso of
the navy. But that is another story: and you know I have to give a
“ T h e ^ ^ “ m u S t o understand that we have noOthe data to comprehend
good many speeches in the near future, and I must save somehing for
that I fo i one would not dare, so far as my advice is concerned, to leave the subsequent days. M y theme to-night is National Defense on Land whore
we soem most ignorant of it and most negligent about it. I do not want
" S S M
S t S a a r
S S S a * impress upon you
? leave*upon your minds the impression that I have any anxiety as to the
now is that the circumstances o f the world to-day are not what they wore
yesterday or that were in any o f our yesterdays; and that it is not certain
what they will be to-morrow. I cannot tell you what the international
relations o f this country will bo to-morrow: and I use the word MorallyAnd I would not dare keep silent and lot the country suppose that to­
morrow was certain to be as bright as to-day. America will never be the who controverts them. No political party, n g
^ounting and tho
aggressor: America will always seek to the last point at which her honor
disappoint America. This is a year
p
Thoy know what the
is8 involved, to avoid the things which disturb the peace o f the world. Americans in politics are rather e ^ o rt accountants.^^They kn ^ ^
jg
But America does not control the circumstancos of tho world, and we must
be sure that wo are faithful servants o f those things which wo love, and are going to hide behind a n y ^ x S U . Tho goods must be delivered or the
ready to defend them against every contingency that may affect or impair confidence will not bo enjoyed; and for my part I hope overy man in publ c
“ ffw lU get what is coming to him. But if this is true, gentlemen, it is
thBut as I was saying a moment ago, wo must seek tho means which are because of the things that lie much deeper than laughter, much
consistent with the principles of our lives. It goes without nylag^tlMngb cheers- that lie down at the very roots of our life. America refuses to be
apparently it is necessary to say it to some excited persons that one thing deceived about tho things which most concern her— national honor, national
thte country never will endure is a system that can bo called militarism. safety— all havo conf idonedin everything that she represents. It is a solemn
B u t militarism consists in this, gentlemen: it consists in Preparing a great
rime when men must examine not only their purposes, but their hearts
machine whose only use is for war,and giving it nootherusoto which to apply w h e n ?e n must purge themselves or individual ambition, when men must
itself. M en who are in charge of edged tools and bidden to prepare them for re fto T t lh S they ale ready for the utmost self-sacrifice in the interest of
'
ir„ro t of v (\ man daro to bo a marplot. Lot no man bring
\
exact and scientific use. grow very impatient if they are n otp erm lttcdto
use them, and I do not believe that tho creation of s u c h in s t r u m e n t ia
an insurance or peace. I believo that it involves tho danger of all the
temptations that skillful persons have, to use the things thoy know
how to use. But we don’t have to do that. America is always goi g tiido1o^ contrary ideas, now speaks with the great volume of the heart «
to use her army In two ways. She is going to use it for the p u r p le s o f accord^ and that great heart of America has behind it the moral force of
peace, and she is going to use it as a nucleus for expansion into those things righteousness and hope and tho liberty of mankind.
which she does believe in, namely, the preparation o f her citizens to tako
T h e other gatherings before which President W ilso n spoke
care o f themselves.
There are two sides to the question o f preparation. There is not m°reiy on T hursday were the M o tio n Picture B oard o f T rad o o
the military side, there is the industrial side. And, the ideal which I A m erica, and the Clerical Conference of the N e w Y o rk
have in mind is this, gentlemen: W e ought to havo in this country a great Federation of Churches.
T h e President left W ash ington
system o f industrial and vocational education, under Federal guidance,
and with Federal aid, in which a very large percentage of the youth of this for his M id d le W estern tour last night; ho is scheduled to
country will be given training in tho skillful use and app Ication of the speak in Pittsburgh and Cleveland to -d a y , th erem a in d e r of
principles of science in manoeuvre and business. And it will bo perfectly h i, program being a , follow s: M r l w a u k e o , W l » . , J am 3 1 ,
feasible and highly desirable to add to that and combine with it such a
training in the mechanism and uso and care o f arms, in the sanitation of d a y P5 S e m e n t ; C h ica g o. J an . 3 1 . evening engagem ent;
camp in the simpler forms o f manoeuvre and organization, as will make D es M o in e s, F ob. 1, e v e n i n g e n g a g e m e n t ; T o p e k a , h e b . 2 ,
these same men industrially efficient and individually serviceable for
day engagem ent; K a n sas C ity , M o ., F e b .
. ®
national defense.
..
,
The point about such a system will be that its emphasis will lie on the gagem ent. R etu rn to W a sh in g ton from K a nsas C ity .
industrial and civil side o f life; and that, liko all tho rest o f America the use
o f force will only be in the background and as the last resort. So that men
will think first o f their families and their daily work, o f their service in the P R E S I D E N T ' S C H A N G E D V I E W S R E G A R D I N G T A R I F F
economic fields o f the country, and only last of all of thoir serviceability to
C O M M IS S IO N .
the nation as soldiers and men at arms. That is tho ideal of Amorica . But,
gentlemen, you cannot croate such a system over night. Y oucannotcreate
T h e need of a tariff board or com m ission form ed the sub­
such a system rapidly. It has got to bo built up: and I hope it will be built
up by slow and effective stages. And, there is something to bo done in ject of a conference which President W ilso n had on T u esd ay
the mean time. We must see to it that a sufficient body of citizens is w ith C laude K itch in , m ajority leader o f the H ou se. A l­
given the kind o f training which will make them efficient for call into the though tho President had previously taken the position that
field in case o f necessity.
■
„ , . ...___.
It ls discreditable to this country, for this is a country full of intelligent the powers of a tariff com m ission were already held b y
men. that we should have exhibited to tho world tho example wo have
oxisting G overnm ent bureaus, he told M r . K itch in he felt
sometimes exhibited to it o f stupidity and brutal waste o f force. Think




Jan. 29 1916.]

THE CHRONICLE

justified in pressing for the creation of a separate com m ission
a t this tim e because o f unusual conditions existing in the
w orld, and on account o f the interest the U n ited States will
have in com m ercial ad ju stm en t safter the present upheaval.
T h e com m ission proposed b y the President would have
power to:
Investigate the administrative and fiscal effects of customs laws now in
force or which may be passed in the future.
Determine the relations between rates o f duties on raw materials and
those on finished or partially finished products.
Investigate the effects o f ad valorem and specific duties and of those
which are a compound o f ad valorem and specific.
Examine the arrangement o f schedules o f duties and the classification of
the articles on the several schedules.
Investigate the provisions o f law relating to the tariff, and the regulations
o f the Treasury Department applying to invoices, and other questions with
application to the collection o f customs duties; and
Determine generally the working o f the customs and tariff law's in their
economic effect and administrative method.
In addition , the President believes a tariff commission
would be able to collect m uch data of use to the adm inistra­
tive officers o f the G overn m en t and to Congress, throwing
light on the tariff relations between the U nited States and
foreign countries, the rates o f d u ty imposed on’ Am erican
products b y foreign countries, the existence and effects of
discriminating duties, the effects of commercial treaties and
preferential agreem ents, the results o f export bounties and
the effects o f a n y special or discriminating duties imposed
b y the U nited S ta tes.
It m ight be of further assistance, he
thinks, b y investigating the industrial effects in the U nited
States o f duties already imposed or about to be levied on
products com peting w ith the outpu t of Am erican industries.
A new use o f a tariff com m ission proposed b y the President
would be to discover the possibility of establishing new
industries or developing old ones, such as the production of
dyestu ffs, b y the use of scientific and practicable m ethods.
H e would also h ave it assist in securing facts on which any
“ dum ping” of cheap foreign products on the A m erican m ar­
ket and the furthering of unfair com petition m ight be pre­
vented.
On the 24 th inst. R epresentative K itch in in a statem ent
with regard to the proposed anti-d u m pin g legislation said:
Anti-dumping legislation will be in the nature of extreme precaution.
I do not believe thero is any great danger that cheaply made foreign goods
will be dumped on our shores for several years after the end o f the European
war. Tho industries o f Europe are to be rehabilitated. They must bo
heavily taxed. Tho ranks o f the workers, already depleted by war, will
be further depleted by immigration from the tax ridden countries. Europ­
ean industries undoubtedly will be short of capital and laboring under heavy
interest charges. I do not see how they can dump their goods upon
America, where the industries aro prosperous and out o f debt. Neverthe­
less it may bo wise to enact anti-dumping legislation, and I favor reason­
able legislation along this lino. Ily reasonable I mean such an anti-dump­
ing clause as was carried in the original Underwood tariff bill.
Tho anti-d u m pin g clause of tho Underw ood bill which is
to bo used as a model in drafting the proposed bill is as follow s:
That whenever articles are exported to the United States of a class or
kind made or produced in the United States if the export or actual selling
prico to tho importer in the United States or the price at which such goods
are consigned is less than tho fair market value of the same articles when
sold for homo consumption in tho usual and ordinary course in tho coun­
try whence exported to tho United States at the time of exportation there
shall be in addition to the duties otherwise established to be levied, col­
lected and paid on such articles, on importation in the United States a
special duty (or dumping duty) equal to the difference between tho said
export or selling price o f the article for export or the prico at which said
goods are consigned and tho said fair market value thereof for home con­
sumption.
Provided that the said special duty shall not exceed 15% ad valorem
In any case and that tho goods whereon the duties otherwise established
are equal to 50% ad valorem shall be exempt from such special duty.
“ Export prico” or “ selling price" or “ price at which such goods as are
consigned" in this section shall bo held to mean and include tho exporters'
price for the good exclusive of all charges thereon after their shipment from
the place where exported directly to the United States.

389

conditions o f econom ic exchange prevailing in the w orld, so that legislation
o f every kind that touched these m atters m ight be guided b y the circum­
stances disclosed in its inquiries.
I dare say you feel as I d o , that it w ould be folly at this tim e, or until
an the altered conditions are clearly understood, to attem pt to deal with
questions o f foreign com m erce b y legislation, and yet having dealt directly
and clearly with the whole question o f unfair com petition within our own
borders, it is clear that as soon as wo know the facts we ought to deal with
unfair m ethods o f com petition as between our own nation and others, and
Is
0D ° f th° m any things that wo wouId P robably wish to deal
,e
ith. T he other matters I have attem pted to indicate in m y previous let­
ter to yo u . I am glad to supplem ent that letter b y this explicit statement
o f the considerations which have been m ast influential with m e.
i . ° . t Wil* rc.n.lem l!er that ln *ny Iast message to Congress I foreshadowed
just the considerations which were operating in m y m ind in this m atter.
The passage to which I refer was this:
conditions abou t which we have repeatedly legislated aro beine
i ^ r e d from decado to decade, it is evident, under our very eyos and Lm
chango even m ore rapidly and m ore radically in the days im S X & S f’S ™hoad o f us- when peace has returned to t he world and the
Eu rope once m ore take up their tasks o f com m erce and industry
wiHt
oner€y
those w ho m ust bestir themselves to build anew
ju s t
^ i^ u ,.tlleSnUcllangos W
l11 he no one can certainly foresee or confidently
predict. There are no calculable, because no stable, elements in the
problem . T he m ost we can d o is to m ake certain that we have t he neces1 lst.rumc{Jtalitios o f inform ation constantly at our service so that wo
j
J?
R^ r l-.r C a ,t, , " e know exactly what we are dealing w ith when we com e
w h tt it is ‘t h ^ w n be n w T a r y t ° act at a» - W e must first certainly S o w
ls ,tkat Y e aro sceklnS to adapt ourselves to. I m ay ask the privlater in y o u r s ^ o m ° U m ° r° &t length on thls im portant m atter a Bttlo
I need hardly say that I appreciate very fu lly the m otives b y which you
aro yourself actuated and it is, therefore, w ith the greater confidence that
I lay the whole m atter thus fu lly before you . Congress has so much to
d o at the present tim e that it is clearly impossible that it should bo able to
collect all the d ata which such a com m ission would gather, and I feel that
jt w ould presently find such a com m ission indispensable to it.
C ordially and sincerely yours,
jr
W O O D R O W W IL S O N .
H o n . C la u d e K i l c h m , H o u s e o f R e p r e s e n ta tiv e s .

T h e P resident’s legislative program as announced on the
2 3 th calls for
N ational defense measures, including arm y reorganization and increased
naval construction.
Creation o f a m erchant marine designed to serve as a naval auxiliary in
tune o f war.

Revenue legislation, including revision of tho Income Tax law and crea­
tion of a non-partisan tariff board.
The Philippine self-government bill, which will include a provision grant­
ing independence within two to four years, provided satisfactory steps are
taken in the meantime to establish a stable independent government.
Conservation bills for development of waterpower and mineral-bearing
lands.
A bill for a tariff board o f seven m em bers to investigate
the cost o f articles a t hom e and abroad and to recom m end
rates o f d u ty to produce revenue and also prevent destruc­
tive com petition was introduced on the 26th inst. b y Repre­
sentative D ill.

PA U L M. WARBURG ON ECONOMIC PROBLEMS
OF WAR.

P aid M . W arburg, o f the Federal R eserve B o a rd , in a
speech before tho N e w Y o r k C redit M e n ’s Association a t the
H otel A sto r on the 25 th in st. pointed o ut the dangers of
inflation incident to the war and offered sage counsel as to
the course to be pursued if we w ould prevent the im pending
danger. “ W h ile abnorm al conditions have for the p resen t,”
said M r . W a rb u rg , “ destroyed the power o f interest rates to
direct the flow o f gold , sooner or later norm al laws o f econ­
om ics will again assert them selves and we m ust then expect
th a t, owing to the inflation o f currency created in alm ost
every country involved in the w ar, the dem and for our gold
will be very keen and very determ ined.
W e m a y then
have to part w ith very largo sum s o f g old , but we m u st so
direct our courso as to be able to control this outflow and let
it take place w ithout creating disturbances in our own
econom ic life .”
M r . W a rb u rg ’s rem arks which were pre­
sented under the title o f “ Som e E conom ic P roblem s o f the
D a y , also bore on the use o f trade acceptances, a wider use
o f which he urged. W e print the speech in full except some
T w o letters addressed b y the President this week to personal allusions at the beginning.
Our country is passing at present through a period of economic devel­
Representative K itch in concerning his attitu de w ith regard
opment, tho scope and rapidity of which havo never been paralleled. Origi­
to the creation o f a tariff board were m ade public on Thurs­ nally opened and developed by foreign enterprise,, and, until the fall of
day.
In the latest letter, w ritten under date of the 26 th 1914, still dependent upon Europe for the financing of its foreign trade,
inst. tho President adm its that his earlier views on the its crops and, to a certain extent, its industrial undertakings, this great
continent, in loss than two years, has not only asserted its complete finan­
question have been changed, and sets out the reasons there­ cial emancipation, but has become for tho present at least the world’s
banker.
for.
W e quote this letter below:
Two factors have co-operated in bringing about this result: the Euro­
T h e W h ite H o u s e , W a sh in g to n , J a n . 26 1916.
pean conflagration and tho opening of the Federal Reserve banking system.
M y Dear Mr. Kitchin: Our conversation yesterday made mo realize
It may, therefore, bo interesting and timely to consider to-night some of
that in my letter of the 24th I had not set forth as I should have set them
tho phases of the interplay of these two forces and tho policy and methods
forth my reasons for changing my mind on tho question o f creating a
best to bo pursued in meeting and directing their influence at this momen­
Tariff Hoard, for I must frankly admit that I have changed my mind
tous juncture, marking, as it does, tho turning point in our economic his­
since I last spoke on that subject.
tory.
.
I have changed ray mind becauso all tho circumstances o f the world have
Tho far-reaching effects of tho war, as they have worked in favor of the
changed, and it seems to me that in view of the extraordinary and farUnited States and to tho disadvantage of Europe, are apparent to all.
reaching changos which tho European war has brought about it Is abso­
Tho effects of tho opening of the Federal Reserve banks are not quite
lutely necessary that we should have a competent instrument of inquiry as easily discernible to the casual observer.
along tho whole lino of tho many questions which affect our foreign com
The Federal Reserve system has created a condition of health and strength
merce.
which is accepted by many as a process of nature without thinking of
I have had in this change o f mind no thought whatever of a change of the men whose thought and energies brought into life, at almost a provi­
attitudo toward tho so-called protection question. That is neither hero j dential moment, this remarkablo pleco of banking machinery. It is true,
nor there. A commission such as I have suggested would have nothing to I none tho less, that, without the steadying influence of this system, without
do with theories of policy. They would deal only with facts and the facts I the new machinery that it provided for the financing of our foreign trade,
which they would seek ought to be the actual facts of industry and of tho * we should have sunk lower and should not have risen so far and so fast




390

THE CHRONICLE

[Vol. 102.

ment by Federal Reserve banks of their lending power, and. second, recog­
Had it not been for this feeling o f safety, this country would not. and nition by banker and business man that tho measure of success to be
could not. at one and the same time, have absorbed Its own se cu rity and achieved by tho Federal Reserve system will, to a certain extent, depend
granted foreign loans estimated to aggregate together the staggering amount upon toe degree of their own co-operation with the policy of tho Federal
one billion and a half to two billion dollars. And. while these impodng
transactions were being carried through, crops were moved at the lowest
And this leads me to a phase o f the problem concerning which I am par­
rates ever known. Without the usual seasonal fluctuations in Interest ticularly anxious to speak to you to-night. That is, the co-°P^atkm o
rates and without a ripple of financial difficulty, we pas^ d thr°^g1? ^
the business community in bringing to the fullest fruition the service to
litical situations which, in years gone by, might have caused vioient finan­
rendered
cial disturbances. Panics which wo have bocome ^custom wl to expect boUntil now by the Federal Reserve banks.
we have been laying the foundations and installing to m as a thing inevitable, have become phenomena o f the past. At.the same chlnery for future operations. I believe we havo fairly finished this first
time, some hundreds o f millions o f dollars were provided to pay off the long part of our task and further development will, from now on, depend to
bills our bankers formerly drew oh Europe for the moving o f our imports
a large degree upon the banks and the public.
and exports, and for other credit operations
In order to remain liquid and deserving of the unqualified confidence
American bankers' acceptances sprang into existence. They are being they require. Reserve banks must employ their funds in investments of
d ^ w n to-day from South America, the Far East, and from Europe for the the most liquid character only. The larger the amount of such paper
purpose o f financing not only our own trade but also that o f foreign nations. that is available, the larger will be the field of operation open to these banks
Tt has been suggested, how ever, that these results have been achieved
and tho better can they perform the function of either employing their
as an indirect incident o f the existence o f, rather than m the
*^ 2
funds freely or, with equal freedom, collecting their maturing paper and
o f the operations o f the Federal Reserve system . W e d o not deny this keeping their funds idle when that course is indicated. In order effectively
fact* b u tP
we m ight well ask these critics whether they would measure the to develop their operations. Federal Reserve banks cannot depend upon
degree o f efficiency o f a m unicipal administration b y the large number o f the borrowing requirements of their member banks alono, since that, in
m m ^ r e i sent toT h e electric chair or rather b y the small num ber o f crimes many districts, would be a wholly inadequate field for their activities.
The first year’s experience has already shown that they must look largely
00After*^11? what is the real object o f the Federal Reserve system? Strip­ to open market operations, such as purchases of bankors' acceptances,
ping the problem o f many important side issues, is it not, ^ ^ s t a n c e . bills of exchange, warrants. United States bonds, & c., in order to secure
to Increase the safety o f our banking structure and to bring about stability their share o f business and influence.
T n d . as far as possible, equalization o f interest rates in the various sections
Their most important field, in this respect, is the bankers acceptance,
the use of which it is confidently hoped will from now on steadily increase.
° f T h e n ’S
rendered by the Federal Reserve system must never be^meas­ Unfortunately, the development of this method of financing importations
ured by the volume o f its own business or by the amount o f its earnings, but and exportations has thus far been comparatively slow. Either the mer­
by the degree o f success with which it obtains its aims. Can you see in your chant or tho banks, or both, lack the full appreciation of their opportuni­
mind's eye the curve representing the fluctuations o f our P ^ t taterert ties—^ might say of their national duties—in this respect. While great
n t m l Y ou will find it to be a wild, zig-zag line, rapidly moving up and
headway has already been mado and while it is realized that real progress
down between more than 100% and zero. Teach the country to watch must be gradual and that some of the foreign banks now occupying the
that curve in the future; the stralghter the line, the gentler its fluctuations, field are blocking our way as far as they can. wo ought nevertheless, to be
the greater will be the beneficent effect o f our system.
further advanced in this direction than wo are to-day. With our acceptance
There appears to be a great deal of confusion of thought about the proper discount rate at about 2% , against the British discount rate of about 5%
functions o f Federal Reserve banks and the policy to be pursued by thorn with our exchange for dollars high and secure, while Europoan exchanges
in attaining the ends for which they have been organized, particularly are low and unstable, we ought to-day to be doing a larger acceptance busi­
about the question whether or not Federal Roserve banks should or should ness A few of our banks have boon very energetic; others have been wholly
not avoid competition with the national and State banks and trust com- inactive, partly because of ignorance of the methods to bo employed,
partly because of their inability or unwillingness to secure men who are
^ T h e policy o f the Federal Reserve banks must be guided by one single expert in this business. Somo banks. I suspect, prefer at this time to
consideration, which is the public interest. Federal Reserve banks must make cash advances rather than to grant accoptanco credits. bf aP®?
neither fail to engage in transactions—which would redound to the benefit they wish to employ their own funds. That, however, is short-sighted
of the country— for the reason that these might entail expenso or loss; nor
policy. Every effort ought to be bent at this timo, both at home and
must they, on the other hand, enter on transactions on account o f the earn­
all over tho world, to introduce the use of our bankors’ acceptance, it
ings to be derived, should those transactions or functions run counter
is Inevitable that at tho end of this unfortunato war wo shall bo the one
to the public interest, or should they lessen the ultimate ability o f the Fcdnation to which logically tho world will look for credit facilities. 1 o
a a l Reserve b^k*. to render the largest service for the general benefit of
grant th e e accoptanco credits will be one of tho functions which, from now
on, we shall bo called upon to perform in a constantly growing measure.
thTn°carrying out their policy they must neither compete for the sake of N ot only is it wise for the accepting firms to tako up with energy this
competition nor omit competing for the sake o f ay ° ‘di“ g w
co“ p® ®“ ' branch of banking, but, for tho future of the Federal Reserve system, it is
tl“
In performing functions with which they are charged by law, they must o f the utmost importance that our banks should hold as an asset hundreds
compete or not compete as the public interest requires.
o f millions of this most liquid paper, which, at any time, they can dispose
C h e present maximum lending power of the entiro Foderal Reservo sys­ of to the Federal Reserve banks. This will not only widen the field of
°T
tem on a gold reserve basis o f 40% is about $600,000,000. The tetal loans operation open to our Federal Reserve banks, but will prove a sourco of
and investments by national banks amount at present to a^outJ ^ ’dd0'd0d’
safety for us in our international financial relations. Incidentally, I
000; those o f State banks and trust companies are cstim atixlata bou t am looking forward to the timo when even country banks will carry these
•1 3 ooo 000,000. It Is obvious that it cannot possibly be the object of toe bankers' acceptances as quick assets rather than demand balances with
Jederal Reserve system, by competition, to substitute a lending and invok­
,
,
ing power o f $600,000,000 for that o f all the banks of the country. amounting other banks.
The Federal Reserve Board hopes that we may succeed in securing a
to about $22,000,000,000. The aim o f the system must rather be to keep broadening of the powers of national banks so as to permit them to accept,
this gigantic structure o f loans and investments, which is largely carried not only against transactions involving the importation or exportation of
by bank deposits, both from over contracting, and, as well, from over goods, but also against domestic transactions secured by the pledge or
expanding, so that, as the natural and inevitable result, it may not be forced readily marketable staples, by goods actually sold, or by shipping documents
to over-contract.
. . , ,
covering goods in course of transportation. It is easy to soo tho great in­
Effectively to deal with the fluctuations o f so gigantic a total is a vast fluence that such an amendment to the present law would havo in equaliz­
undertaking. If the task is to be accomplished successfully, it cannot be ing rates. If cotton, properly warehoused in Texas, can be pledged to an
by operations which are continuous and o f equal force at all times, but only accepting bank in Texas, Chicago or New York, the proceeds of tho ac­
by carrying out a very definite policy which will not only employ funds with ceptance at the discount rate of, let us say, 2% , would flow from whatever
vigor at certain times, but with equal determination will refuso to employ would be tho lowest discount market into Texas and relieve the banks in
funds at others. That during periods o f actual employment the Federal
Reserve banks will make large earnings, and that during periods when a that district. touch upon a point that I would wish to Impress upon your
And hero wo
restriction in the activity o f Federal Reserve banks Is indicated by general minds namely: equalization of discount rates is dependent upon standardi­
conditions, their earnings will or should be smaller, are incidents which zation’ of credit, and it cannot be brought about by loglslativo enactment
have no bearing upon the measure of their usefulness. lederal Reserve or government machinery, but only by the action of tho banks and business
banks, when accumulating and keeping idle their funds, are exercising as men themselves. Farmer Jones may bo able to secure money from his
useful a function as when they are employing them. If safety and the sta­ bank on his own note only at 6. 7 or 8 % . but If ho can store his grain or
bilization o f rates form the soundest foundation for general prosperity, cotton with a properly organized warehouse and secure the acceptance o f
everything that the Federal Reserve banks do in avoiding excessive rates a good bank, the bill will sell at the lowest rate; provided the accepting
— whether these be too high or too low— will result to the benefit of the bank is sound. It does not matter whether money at that time bo higher
nation. If the potential or actual employment o f $600,000,000 can have at New Orleans or Minneapolis than at Chicago or Now York; if the New
this effect upon loans and investments of $22,000,000,000 (of which $16,­ Orleans or Minneapolis bank’s acceptances are good, they will sell substan­
000 000 000 are loans and discounts), the usefulness o f the Federal Reserve tially at the same low rate as those of tho banks in Chicago and Now York.
system is proven. That does not mean that we shall ever havo to contem­ Raise the standard of banking and warehousing— uso modern banking
plate conditions such that the entire funds of the Federal Reservo banks methods— and equalization of interest rates must follow automatically.
will lie idle. A certain proportion will and must always remain in active N o law will over remove the difference between good and bad. There
service as a regulatory force. As their field of operations increases and aro different grades in cotton and grains and, similarly, there aro different
as the circulation issued by the national banks Is reduced, doubt about thoir grades in credit. We cannot equalize credits, but we can bring about
ability to earn their running expenses will disappear. Ultimately, Fed­ equalization of interest rates for similar grades of credit all over the country.
eral Reserve banks will have no difficulty In earning their dividends too,
And now a word about trade acceptances. I have read with the keenest
when once they occupy their proper position and when they have had the interest tho very intelligent articles that you havo published In the Bulletin
opportunity o f averaging their operations over a reasonable period. But o f the National Association of Credit M en.” and the speeches madetoy,your
a fair time must be given them for reaching this condition.
officers concerning this topic, and I congratulate you upon
W e must not forgot that it took the European large central banks many work that you aro doing in tho matter. You have clear y P
years, often generations, to secure their to-day's dominating strategic
offers tho great
of ew w
position. And we must furthermore be mindful o f the fact that tho Fed- the trade acceptanceinto a live liquid advantage you are rtfn * * ^ " s t v a t
tiable book account
asset, and
doing » most val
ral Reserve system at present is operating in a period when the curve show- uable work of education when you teach the merchant or manufacturer
ug our interest rates must be considered as strongly sub-normal, thus that, under the present system, having sold his goods, he has to borrow
early indicating for Federal Reserve banks a policy o f conservatism.
on his own promissory note, using his own credit, while, if he adopted the
Th© lending power o f the Federal Reserve banks, though very large, system o f trade acceptances, securing the obligation of' the customer pur­
a d though, in emergencies it can be vastly increased by the Board's chasing the goods, iio would bo selling an asset instead of incurring a debt.
• wer to reduce or suspend reserve requirements, is, after all. definitely You have so forcibly pressed home all tho arguments concerning tills prob­
m ited. Moreover, constituting as it does the reserve power of tho coun- lem that I should not know how to add to them. I can only express my
t •/ , it cannot be drawn upon beyond a certain point without creating alarm. great satisfaction at finding myself in such complete accord with you.
t
The regulative influence or the increase or decrease in interest rates must, When it comes to the question of the ellgibi ity of single-name paper for
therefore, be applied from time to time and the more readily bankers and rediscount with Federal Reserve banks. I always have a kind of David
business men co-operate in the policy thus indicated by the Federal R e­ Harum feeling: "Yes an' no. mebee an’ mobco not. Because of this doubt,
serve banks, the smaller will be the variations to be expected, excepting, we have felt that wo had to ask for evidence in order to bo certain that a
o f course, periods o f extraordinary disturbances, at home or abroad, when bill complied with tho law as to tho use o f its proceeds. The trade accept­
more drastic measures may be needful.
ance, on the other hand-unless it be fraudulent pape^-carrles on itsi face
Successfully to bring about tho stability o f Interest rates, two things the assurance of its legitimacy— It evidences a definite debt o f the purchaser
are necessary: first, judicious withholding and. in turn, judicious employ­




Jan. 29 1916.]

THE CHRONICLE

391

to the seller, to be liquidated on a definite date. The B oard, has, therefore,, so m od em an organization as the Federal Reserve system . T o stand and
encouraged Reserve banks and their customers to offer for this kind o f paper wait is often the hardest o f all duties, requiring m ore courage than to follow
r
a rate o f discount lower than that for single-namo prom issory notes. It on e’s impulses in “ letting g o .”
t
Is greatly to be hoped that its free use will grow . National banks m ay en­
Second, we m ust greatly increase the degree o f our control over our curdorse these trade acceptances w ithout lim it, while the endorsem ent o f rent gold supply b y assembling, so far as practicable, the gold now wastef
single-namo paper to banks or individuals other than Federal Reserve banks fully carried in the pockets o f the public, substituting for it our new elastic
5
would, under the N ational Bank A ct, count as a liability w hich, as youi R eserve notes.
know , is limited for national banks to 1 0 0 % of capital. As our system fur­
T hird, we must take the utm ost care not to destroy at this tim e the basis
ther develops, good trade acceptances will, therefore, becom e an invest­- o f our future lending power. W hatever foreign loans we m ay m ake durm ent preferred b y m ember banks and selling at a rate lower than enjoyedI ing the war ought to be o f reasonably short m aturity, so that we m ay keep
b y single-name paper. T he m ore good paper o f this kind is developed, the) control o f our gold in case we should later wish to have it at our call. T hat
m ore will it be used b y tho banks as a secondary reserve, and the m ore) will give us a strategic position at the end o f the war so strong that we shall
general will becom e the habit o f re-discounting this paper— particularly■ be able effectively to face the various duties that will confront us, not only
for short maturities— with the Federal Reserve banks.
towards our own cou ntry, but also towards the world at large.
It Is the first d u ty o f Federal Reserve banks to be liquid. Therefore' f J 0Urth' whlle s^or® l ° ans are'advisable In dealing with foreign countries,
they m ust invest only In the better grades o f paper offering through their■ this Is the tim e fo r us to set our ow n house in order and arrange for the fi­
acceptances or endorsements satisfactory guaranty as to prom pt paym ent; nancing o f our healthy hom e enterprises o n a perm anent basis.
upon m aturity. The m ore freely these trade acceptances are endorsed
F ifth, our banks have so far acted w isely. T h ey have not considered
and standardized, the wider, therefore, will becom e the field o f operation the reserve now prescribed b y the Federal R eserve A ct as the actual lim it
o f Federal Reserve banks. Under tho law. Federal Reserve banks are per­ o f their reserve condition. T h ey have, generally speaking, held reserves
m itted to b u y this double-name paper even without the endorsement o f in excess o f that lim it. I t is, how ever, true that, with som e, this is n ot
a m em ber bank. Personally, I should not be surprised to see a gradual es­ due solely to prudence, b u t p a rtly to the fa ct that the great ease o f m oney
tablishment o f rates favoring trade acceptances as against prom issory m ade it practically impossible for them to invest a large percentage o f
notes even to a further degree than in the past.
their available means. Increased a ctivity m ight bring abou t a change in
Y ou m ay therefore feel certain .that tho work you are doing in encour­ this respect. B ut I believe that it should be impressed upon all the banks
aging tho use o f trade acceptances is o f great value to the growth o f the that, rain or shine, they should under present conditions continue to keep
their reserves far in excess o f the present legal requirements and that they
Federal Reserve system and o f sound credit and banking.
In actual operation, the problem o f the Federal Reserve system is, like should not forget th a t, on balance, this year they will have to pay into the
you r ow n, largely one o f analysis. Success or failure In banking and busi­ Federal Reserve system roughly $110,000,000 and th a t, i f the old standard
ness are largely dependent upon careful analysis both o f the individual o f reserve requirem ents were in force to -d a y the reserves now shown would
be reduced b y abou t $500,000,000..
statement and the conditions o f the entire nation— indeed, o f all the world.
T h e Federal Reservo system is a structure essentially based on gold and
I f a policy o f general conservatism , such as I have outlined, can be s y s ­
confidence (that is, credit), and. In order to be safe and sound, it must be tem atically follow ed, thereby m aintaining the strength o f our banking p o ­
possessed o f an effective m achinery for judging credits from the smallest sition, we shall, in due course, reap our reward.
to the largest units. Y ou can, therefore, readily see how im portant for
I d o n ot be any means intend to suggest undue restriction upon legitim ate
us Is the work o f credit analysis done b y the members o f your association. industries. I recom m end, how ever, a careful discrim ination between that
Y ou r efforts and those o f our banks, in m any respects run in the same di­ p ortion o f business and industry which is solid and perm anent, and that
rection. Tho Federal Reserve s y stem , like you , believes in and Insists which is o f a purely ephemeral or a speculative character. T h e form er
upon frankness. Our member banks are required b y law to make full should bo advanced and fostered b y every m eans in our power; and it is the
statements. W e think that an ounce o f prevention is better than a pound d u ty o f our bankers and o f the Foderal R eserve system to supply it w ith its
o f euro. I f our Federal Reserve banks carefully stu dy the statements duo share o f credit. T here is no reason w h y the regular business o f this
m ade b y their m em ber banks, we shall, as we go forw ard, avoid serious cohntry should view the future w ith alarm. W hile, as I have stated, it is
trouble b y detecting and correcting it in its early inception. This same to be expected th a t, at tho conclusion o f the w ar, Europe will m ake great
principle wo strive to have appliod b y our member banks in dealing with
efforts to re-establish her industries and to re-open her m arkets, it is equally
their own customers, and our insistence on their receiving statements will true that E urope is short o f raw m aterials, and that before the full force o f
render it easier for them to overcom e resistance in this respect on the part her industries can be brought to bear upon our m arkets, she must buy m any
o f their customers. There is safety, not only in numbers, but also in frank­ o f theso raw products largely from us. M o re o ve r, it will take tim e to re­
ness. On tho whole, I suppose. It is your experience, as it has been m ine, organize her industries, w hich now , to a large extent, have been turned into
that if a man says that he is too proud to show his statem ent, the statement factories producing those articles that are required b y a nation at war.
generally is not one to be proud o f. Y ou r call for frank and intelligent It is, therefore, not to b e feared that the reaction will com e im m ediately
credit statements, and you r ability to dissect them and to draw proper upon the conclusion o f peace; and thorein lies a protection w hich is an im ­
conclusions therefrom , will prove o f the very greatest im portance for the portant consideration to be borne in m ind b y our business men when deal­
safety o f our banking system .
ing w ith the problem s o f our hom e consum ption. American prosperity
W hen from the individual statement we turn our attention to the credit is o f a self-igniting character; one branch o f business reacts upon the other,
statement o f our cou ntry, and to that o f the entire w orld, we m ust confess and the increase in a ctiv ity reacts again on the very forces that first acted
to great perplexity. It is the d u ty o f every conscientious captain o f bank­ as the m oving influence. T he present w ave o f prosperity in the United
ing or industry to look ahoad and ascertain as nearly as possible the future States appears to o powerful to be easily rolled back or resisted, and there
course o f tho tw o great forces o f demand and supply. But the standards would seem to be no reason w hy business, so far as relates to our own nor­
o f past experience cannot be applied in the present unprecedented situa­ mal dem and and consum ption, should n ot continue to be brisk. I believe
tion , and our econom ic future will depend on m any factors which we must that we m ay say w ith reasonable assurance to the business men and manu­
still consider as hopelessly unknown. One o f the m ost im portant item s in facturers dealing w ith our own local requirem ents, “ B e not afraid, and go
tho equation will be the degree in which tho unfortunate nations now in­ ahead.”
volved in a death struggle shall becom e exhausted; and this in turn will
T h e case is quite different w ith those industries that are tem porarily
depend upon the tim e over which the contest shall be prolonged. W e can, over-stim ulated by passing conditions, and are using their resources to ex­
therefore, safely speak on ly o f the broadest aspects o f the subject. W hat tend their plants in order to cop e w ith these extraordinary demands. V ery
wo m ay say with confidence is that if our creditor position bo not weakened, possibly such plants, in m any instances, are built from p rofits, and their
the end o f the war, no m atter when it m ay com e, will find us so greatly owners m ay be well able to afford to “ scrap” them upon the arrival o f peace.
strengthened as com pared with the leading European Powers, that we shall T hey will n ot, how ever, adopt so heroic a course, and w e m ust, therefore,
alm ost inevitably take our place as the world's banker. It will probably recognize in these investm ents, containing as they d o possibilities o f over­
fall to us to finance theso nations, at least to a certain extent, and for a production, the seeds o f grave danger. T o those who are engaged in such
time; on the other hand, there is the danger that this new business that has industries, tho banking and business com m unity m ight well utter a word
com e to us owing to extraordinary conditions m ay mislead us into build­ o f warning. L et them use their profits, n ot in expanding beyond the lim its
ing an expanded credit structure upon an unstable foundation o f shifting o f prudence, but rather in developing their existing facilities to the highes
gold— som e o f which we m ay not be able to hold perm anently— and a possible p itch o f efficiency.
heavy industrial structure upon a basis o f ephemeral dem ands. This
Has n ot last year’s experience shown us the excellent results that concerted
danger is real, and so wo find at present two schools o f thought, one look­ effort can produce in dealing w ith problem s o f this k in d ? T he educational
ing into the futurojwith unbounded con fiden ce, and the other anticipating cam paign for a diversification o f the crops, which resulted in a largely re
drastic reaction and collapse. B ut, if this danger exists, as no d oubt it duced outp ut o f cotton in the fall o f 1915, brought prosperity to the South,
does, d o w o, like the old Greeks, believe in an inexorable fate, and must we while another large cotton crop on top o f that o f 1914 m ight have proved
bend our necks and patiently await the blow ? Or is it not w orth our while fatal. M a y we not hope that wo m ay be able to deal scientifically with
to deal with tho problem o f our econom ic future as science has dealt with questions o f m anufacture as well as those o f agriculture? T h e country
tho yellow fever and with cholera? In other words, can we n ot, b y scien­ will need its highest degree o f efficiency m ost urgently when, after the war
tific analysis, recognize the elements o f the problem and find the means o f is over, we must m eet the com petition o f European m anufacturers forced
warding o ff the danger?
b y necessity to strain every nerve in producing at the lowest possible figure,
Turning first then to an analysis o f our banking problem , we should bear and under the heavy handicap o f weakened exchange standards, strained
in mind that added lending pow er— be it b y decreased reservo requirements or exhausted credits, and high taxes.
or b y an influx o f gold— does not autom atically bring about the increased
I f we are prudent and avoid b oth banking and industrial inflation, i f we
opportunity for making safe local loans. Only gradually and o n ly as we use this period o f affluence and unexpected protection to increase our ef-'
shall recognize it for the support o f our permanent and solid growth o f ficiency and com plete our organization, I d o n ot see why we should not
business— n ot the mushroom kind— shall we be able to use it. The calm ly trust our ability and intelligence in m eeting any emergency the fu­
danger o f a rapidly and abnorm ally increased lending power is that it makes ture m ay have in store for us. It is w ith this point in view that I so
for plethora o f m oney, for too easy rates, exasperating alike to the banker strongly urge our bankers n ot to lose this opportunity o f perfecting our
and tho investor, and that, consequently, it brings forth the tendency o f banking m achinery for the purpose o f developing relations with foreign coun­
encouraging unhealthy expansion and o f m aking p oor investm ents at hom e tries. T h e only distinct effort in this direction has been m ade in N ew Y ork
and abroad. Such conditions have always been tho breeders o f econom ic and, to a certain extent, in B oston and P hiladelphia, for the rest o f the
disasters.
country appears to be so busy m aking m oney that apparently it has n ot
W e must furthermore bear in m ind the old rule that between countries found the tim e to p rovid e for the future.
o f fairly equal credits, low interest rates will have tho tendency o f driving
Our opportunity for successful foreign trade has been vastly increased
gold to that center where it can earn the higher interest return. W hile because foreign business is carried on largely w ith credit, and, in granting
abnorm al conditions have for theTprosent destroyed tho power o f Interest credit, the United States w ill, after this w ar, bo stronger than any other
rates to direct the flow o f gold , sooner or later normal laws o f econom ics country. There is a close inter-relation between loans to foreign nations
will again assert themselves and we must then expect that, ow ing to tho and business transactions ip those foreign countries. I t is true that for­
inflation o f currency created in almost every country Involved in the war, eign loans stim ulate foreign trade, but it is equally true that it is impossible
the dem and for our gold will be very keen and determ ined. W e m ay then to place large loans unless there exists in the creditor country an intim ate
have to part with very largo sums o f gold but we must so direct our course knowledge o f the condition o f the debtor nation. I f thousands o f our m er­
as to bo able to control this outflow and let it take place without creating chants know South Am erica or the Far E ast, and spread their knowledg
In our cou ntry, they will create that atm osphere o f intim acy and confidence
disturbances in our own econom ic life.
In order to avoid unfortunate developm ents, wo must then first o f all without which it is absolutely im possible to create an extensive investment
‘keep our powder d ry ” ; that is, hold in reserve the essential strength o f market for foroign securities. In the past, w e have not conquered foreign
tho Foderal Reserve banks, not only to be prepared for possible drain or markets to a greater extent largely because wo have been to o prosperous
at hom e and because we did n ot think it w orth while to accom m odate ou r- '
em ergency, but also, so far as practicable, to offer a check to inflation.
selves to foreign m ethods or to grant credits in far-aw ay countries.
Im patience b y tho public or b y the Federal Reserve banks themselves to 1
T h e enormous lending power that wo shall enjoy wiil give us a tremendous
quickly show results b y large profits must not be perm itted to lure us from
a safe course. Strange as it m ay seem, the old words o f M ilton, when he advantage in the future. It will be for the Am erican business man and in­
;
said " T h e y also serve who on ly stand and w a it," m ay be aptly applied to vestor to decide to what degree the United States shall becom e a nation o f




392

THE

C H R O N IC L E

w orld bankers. Our great prosperity should not m ake us forget those
opportunities almost beyond measure, lying at our door, and w hich, on
account o f our present prosperity, we should not be gu ilty o f neglecting.
I am very grateful to you , gentlem en, for having perm itted m o to discuss
w ith you to-night some o f the problem s as they touch your own individual
w ork, that o f the Federal Reserve system and the larger aspects o f these
questions as they affect the entire nation.
T h e ultim ate outcom e o f the m ost gigantic o f all struggles ever fought is
still shrouded in m ystery. B ut out o f the m ist our future loom s large, r e ­
splendent w ith opportunities y et burdened with serious obligations. Sim­
p ly to wax prosperous through the m isfortunes o f others cannot be the
destiny o f this great cou ntry. Som etim e and somehow the future must
bring us an opportunity o f giving back to the world in service what fate
is now lavishly throw ing into our laps. W hatever our tasks and duties
then m ay be, I know that you , business men o f the United States, will
m eet them in the same broad and helpful spirit that has guided y ou in the
past in struggling w ith the problem s o f our cou ntry.

UP-STATE B A N K E R S S E E K A M E N D M E N T TO
RESERVE ACT.
A n appeal for an am en dm en t to the Federal Reserve A c t
insofar as it relates to the collection o f checks at par and the
am ou n t of deposits which the country banks are required to
keep in the Federal Reserve banks was drawn up at a m eet­
ing on the 22n d in st. of G roup V I of the N e w Y o rk State
B ank ers’ A ssociation, com posed of u p -S tate bankers.
The
m eeting was held in N e w Y o rk at the H otel M a rtin iq u e , and
the appeal has been sent to the Congressm en from Sullivan,
Greene, P u tn a m , U lster, R ock lan d , D u tch ess, Orange and
W estch ester C ou n ties.
It is stated that the bankers object
chiefly to the provision requiring “ every Federal Reserve
bank to receive on deposit at par from m em ber banks or
Reserve b an k s, checks and drafts drawn on its depositor g 'a o
are m em bers o f the s y s te m .”
F ran k E . Bridges
I he
N ation a l B an k of L ib e r ty , at L ib erty , N . Y . , is quoted in
the “ N ew Y o rk C om m ercial” as saying: “ If all the country
banks subscribe to this plan , to m an y of them it would m ean
a loss of from 15 to 2 0 % of their net earnings.”

CONFERENCE OF RESERVE BOARD . ANDM0VERNORS
OF RESERVE B A N K S.
Conferences were held in W ashington^last week between
the Federal Reserve Board and the Governors of the Federal
R eserve B an k s; it is stated that the subjects considered in­
cluded collections and clearances,’ fiscal agency functions for
the U n ited States G overn m en t and the details o f accounting,
e t c ., open m arket operations, including a discussion of dom es­
tic acceptances, trade acceptances, and G overnm ent bonds,
the gold settlem ent fu n d , including m ethods of accounting,
a ud it, and transfers;
m ethods of accounting, including
m ethod of calculating dividend paym en ts; statistics, reserves’ of bank m em bers, issues of Federal Reserve notes, and
G overn m en t bond purchases and conversions. N o action
was taken on any of the m atters discussed.

NEW ASSOCIATION FOR STATE B A N K S SUGGESTED.
A m ovem en t toward the form ation of a new association of
banks to be com posed solely of institutions operating in
N e w Y o rk State under the State banking law is under w a y .
T h e idea for an organization of^this sort is said to have been
launched at a recent luncheon tendered b y State Banking
Superintendent Eugene L a m b Richards to abou t thirty
bankers of the S ta te .
T o further the proposal the follow ing
com m ittee o f n in ej.h as been nam ed b y Superintendent
Richards:
E lliott C . M cD ou g al, Piesident o f the Bank o f Buffalo: O tto T . Bannard,
Chairman o f tho Board o f Directors o f the N ew York Trust C o.; Walter
E . Frew, President o f tho Corn Exchange Bank; Edwin G . M errill, Presi­
dent o f tho Union Trust C o. o f N ew Y ork C ity ; James H . M anning, Presi­
dent o f the N ational Savings Bank o f A lbany: Arthur Wr. L oasby, Presi­
dent o f th elT ru st & Deposit C o. o f Onondaga, Syracuse; Charles A .
M iller, President o f tho Savings Bank o f U tica: John H . G regory, o f the
Central Bank o f Rochester, and George I. Skinner, first D eputy Superin­
tendent o f Banking.

In referring to the m ovem en t the “ Journal of C om m erce”
states th at “ for some tim e past dissatisfaction has been ex­
pressed w ith the N e w Y o rk State Bankers’ A ssociation.
Its activities have practically been lim ited to annual con­
v e n tio n s,la n d its m anagem ent has usually been entrusted
to officers of sm all u p -S tate banks.
T h e association, it is
said, has n ot been representative of the banks of the Em pire
S ta te , and has consequently n ot received the consideration
it ought to m erit. T h e conventions, it is asserted, have
been attended principally b y junior officers and clerks. T h e
large institutions of N e w Y o rk C ity have not been prom ­
inently identified w ith the association, and a t one tim e dis­
crim ination was shown in respect to trust com panies” . It is
also pointed out that the association has n ot been repre­
sentative of the State institutions, inasmuch as a large part
of its mem bership consists of national banks.
T h e “ Journal”




[V o l . 102.

also says: “ It hasjbeen felt that since the enactm ent of the
Federal Reserve A c t the interests of State banks are dis­
tinctive, and that it is desirable to have an independent
association which will work for the benefit of banks oper­
ating u n d e r s t a t e laws as distinguished from those organized
under Federal la w s.”
One of the plans suggested with regard jto the proposed
association isTthat it be organized along the lines of the
A m erican B ank ers’ A ssociation, b y the creation of three
sections, one devoted to banks of discount, another to trust
com panies ?.nd tho third to savings institutions. B oth
the trust companies and the savings banks of±the*State now
have separate organizations of their ow n.

IN V E S T M E N T S AN D MONETARY S YSTE M S I N
CENTRAL AM ERICA.
“ In vestm en t in Central A m erica” fo rm e d lth e subject of
an address delivered b y John Clausen, M a n ag er of the
Foreign D epartm en t o f the Crocker N ation a l B an k o f San
Francisco a t the N ation a l Foreign T rade C onvention this
w e ek . A t the conclusion of the N e w Orleans Convention
M r . Clausen will leave on an extended trip to the Central
A m erican Republics as a delegate to the party com posing the
Initial R eturn V isit, which is an outcom e of the recent P an­
A m erican Financial Conference.
In his address this week,
M r . Clausen observed th a t, “ there are few countries which
offer the evidence of financial strength as does tho U nited
S ta tes, which m akes it all the more im portant for our m er­
chants and bankers to forcefully encourage foreign com m er­
cial activities and capture as m uch o f the derelict trade as
possible.” Ilis address, in which w as presented a resume of
the conditions and requirements o f the six republics com ­
prising Central A m erica, in part was as follow s:
T ho Central Amorican R epublics are keenly alive to the possibility o f
opening now financial connections necessary to tho exploitation o f their
vast natural resources, and tho capital interests o f tho Unltod Statos and
tho bond-buying part o f our population should ovorcom o tho mistaken
idea that all their securities aro doubtful and risky. These countries want
a market in tho United States for their responsible N ational, Stato and
Industrial Bonds, and it is estimated wo could at tho present tim e readily
so invest ha lf a billion dollars or m oro, which would tend to create a cor­
responding increase in our trade with that section.
In Central Am erica wo find a variety o f m onetary standards— with gold,
silver, bi-m otallic and inconvertible paper circulation— and while this in
itself is a study, it would seem a m atter o f great concern for thoso Republics
to arrange a m ore uniform medium o f exchange, recognizing the essential
advantages o f a m etallic system as against fiat and inconvertible paper
issues.
,
. .
In lino with tho matters under consideration, it m ay hero prove o f in­
terest to prosent a resume o f conditions and requirements o f tho six R e­
publics com prising Central America:
P a n a m a . — T ho m onetary system o f Panama is based on a theoretical
gold standard with tho Balboa as tho unit and a circulation o f silver half­
Balboas and fractional coins.
Unlike other Central American R epublics it has f> m illion dollars— part
o f the 10 m illion dollars paid them b y the United States Governm ent for
tho Panama Canal rights— invested in N ew Y ork C ity Real E state First
M ortgages, from which a yearly revenue o f some §250,000 is derived. T he
U nited States holds tho larger part o f their foreign trade which could bo
m aterially increased b y im proved shipping facilities.
C o s t a R i c a . — T ho standard m onetary unit o f Costa Rica is tho gold C olon,
with a circulation o f bank-notes based upon gold— 4 0 % — and other assets
o f tho issuing banks. Foreign gold coins circulate freely and, at fixod
rates, aro acceptod as legal tender in tho R epublic.
Their foreign debt amounts to approxim ately 17 million dollars as against
a yearly public rovonue o f 4 m illion dollars, o f which somo 60% is derived
from im port duties.
T ho m oro pressing needs o f this R epublic are adequate com m ercial credits
and facilities to dispose o f its coffeo crop.
N i c a r a g u a . — T he present m onetary system o f Nicaragua Is basod upon a
theoretical gold standard, o f which tho Cordoba forms tho unit— with a
circulation o f silver coins and bank-notes guaranteed to be payable in gold
__tho old paper Peso circulation being retired at a fixod rato o f 312.50
Posos for each C ordoba.
T ho foreign debt o f N icaragua is com paratively small and consists o f
$1,500,000 Treasury notes— held m ostly in the United States— and 6
m illion dollars o f outstanding bonds held in Europe, as against a public
revonuo o f about 2 m illion dollars.
T ho necessity for improved banking and shipping facilities draws atten­
tion to the practical assistance which the ratification by the United States
o f the pending treaty would impart to the com m ercial life o f that R epublic.
H o n d u r a s . — T ho m onetary system o f this Republic is on a silver basis,
with tho silver Peso as tho unit— subject therofoto, to fluctuations o f that
m etal in tho open markets o f tho w orld.
T ho foreign d ebt o f Honduras is estimated— barring tho validity of the
obligations— at 120 million dollars, o f which a very largo portion covers
forty years or m oro o f unpaid interest. T ho internal debt amounts to
2H m illion dollars as against governm ent revenues o f approxim ately 2
m illion dollars.
Transportation is wholly inadequate and should receive first consideration— If for no other reason than that o f im proving tho postal service—
and in this tho governm ent seems willing to afford every support in tho
m atter o f concessions and subventions.
S a l v a d o r . — T ho standard m onetary unit o f Salvador is the silver Peso,
likewise subject to tho rise and fall o f tho white m etal, llio circulation
consists o f silver and bank-notes convertible into silvor and secured by
m etallic rcservo and other assets o f the issuing banks.
T he outstanding foreign d ebt is approxim ately 4 million dollars, with
internal obligations o f about 6 m illion dollars, as against 7 million dollars
o f public rovenues, o f which custom s duties represent m oro than 4 million
dollars.

J an . 29 1916.]

THE CHRONICLE

T he Governm ent o f Salvador is lending every encouragem ent for the
establishment o f banks, both com m ercial and savings, and in this field
capital could bo m ost advantageously em ployed.
G u a t e m a l a .— Only nom inally on a silver basis— Guatem ala depends
upon an inconvertible paper currency for its circulation, w ithout any fixed
value with relation to gold or foreign exchanges. The bank-notes are
issued without any governm ent guarantee, with the latter indebted to the
banks for about the amount o f tlio outstanding circulation— payable in the
form o f paper currency— which is reported to be approxim ately 100 m illion
Pesos.
T ho foreign debt o f Guatemala Is about 11H m illion dollars as against
public revenues o f 2 1 4 m illion dollars.
Preem inently an agricultural cou ntry, the developm ent o f the soil is o f
paramount importance— the production o f coffee alone m aking up m ore
than 80% o f the total exports.
Im proved shipping facilities and tho expansion o f banking in all its
branches are essential to develop and maintain tho foreign trading powers
o f the country.
In treating with our neighbors in Central Am erica, it is felt that they
will readily accodo to any justifiable demands which m ay be deemed neces­
sary in amendments to their legislation, appreciating— as d o the people o f
the United States— that tho republics o f this hemisphere should be knit
together b y com m ercial and financial ties m ore closely than they have ever
been before.
M a y I affirm — in conclusion— that a m ore active cooperation for con­
structive upbuilding in Contral America o f our financial machinery bo in­
augurated on a scale com m ensurate with modern needs and opportunities
— com bining every interest in coordinating our foreign trade activities,
sim ilarly as that Initiated b y our European contemporaries who so enviably
have succeeded in securing a foot-hold in all parts o f the world.

THE FREIGHT EMBARGOES.
T h e P ennsylvania R R ., which virtually rem oved its freight
em bargoes about the m iddle of the m on th , found itself obliged
on the 27 th inst. to again resort to restrictive measures.
In
announcing the new embargoes this week the com pany
stated that it has again becom e necessary to refuse to accept
for shipm ent freight for N e w E ngland and for delivery in
the N e w Y o rk district.
T h e recent rapid accum ulation of
freight, it is stated , has been due to a num ber of causes, not
the least of which was the dense fog hanging over the waters
around N e w Y o rk tho past few d a ys.
The N ew Y o rk , N ew
H aven & H artford R R ., because of the fog and because of an
accum ulation of freight on its own lines, has been unable for
some tim e past to take from the P ennsylvania R R . its
norm al num ber of cars.
T h e result has been that on the
27 th tho P ennsylvania I I R . had approxim ately 5 ,0 0 0 cars
awaiting delivery.
I t is added th at the general congestion
in the N e w Y o rk district and on the railroad between W e s t
M orrisville, P a ., and Jersey C ity , has m ade it im possible to
expedite the delivery of freight, to local points
the N e w
Y o r k division. T h o result is th at on tho 27 th there were
approxim ately 2 5 ,0 0 0 cars of freight on the P ennsylvania R R .
destined to points east of Tren ton or for delivery to other
lines a t junction points east of that poin t.
T h e new embargo
is on all kinds of freight routed in the congested territory
except live stock, perishable goods, foodstuffs for hum an
consum ption, consignments to U n ited States G overnm ent
officers, and fuel supply coal consigned direct to railroads.
A n order for the rem oval of the em bargo on corn from
points on the B altim ore & Ohio and the Bltim ore & Ohio
Southwestern R R s . for export through B altim ore was sche­
duled to go into effect yesterday.
I t is stated that this
action , supplem enting the partial rem oval of the em bargo on
grain on Jan. 17, opens the port of B altim ore to all shipm ents
of export grain from points local to the B altim ore & Ohio
lines.
T h o latest announcem ent from the N e w Y o r k , N e w H aven
& H artfo rd , issued on the 22n d in s t., m ade known the
modification of the em bargo placed upon freight originating
west of tho H udson R iver and destined to points on the N e w
H aven R R .
On Jan. 2 0 the em bargo against the N e w
England Steam ship and the M erch an ts & M in ers’ T ran s­
portation C o . was cancelled.
On Jan. 2 4 the em bargo against
tho Pennsylvania System and its connections via H arlem
R iver was cancelled.
T h o B oston & M a in e R R ., on the 20 th inst. sent out
notice of a m odification of the em bargo recently placed against
traffic com ing through its western gatew ays.
A further modification of its em bargo on export freight
shipm ents was announced b y the B oston & M a in e on the
2 7 th .
Such traffic will be handled upon receipt of evidence
that steamer space has been obtain ed , and that freight will
be prom p tly m oved from the local term inal, it was stated .
T h e em bargo on h a y , which expired b y lim itation on the 2 5 th ,
was replaced on the 2 7 th , because of continued congestion of
this com m od ity.
I t was stated on the 23rd in st. that the em bargo declared
b y tho B oston & A lb a n y R R . on the 4th had been virtually




39 3

lifted.
T h e notice said that the road “ will now take all
freight except that consigned to points on the N e w Y o r k ,
N e w H a v en & H artford R R ., and all export freight, except
livestock, for the B oston & M a in e R R . docks at B o s to n .”
T h e em bargo against the N e w H a v en does not include perish­
able freight, live-stock , and foodstuffs for hum an con­
sum ption.
T he com p an y , in explaining the h eavy traffic
that caused the congestion, issued figures to show that be­
tween Jan. 1 and Jan. 22 it handled 2 2 ,5 4 6 eastbound cars
out of A lb a n y as against 1 7 ,2 6 9 for the corresponding period
last year.
N o statem ent concerning the freight situation was issued
b y the T runk Line A ssociation this week; in its statem ent of
last w eek, given out b y Chairm an M c C a in under date of
the 18th inst. it said:
T.ho Delaware, Lackawanna & W estern R R . has rem oved its em bargo
on export shipments o f provisions and perishable freight when ocean e n ­
gagements thereon are confirm ed.
T he Lehigh V alley’s em bargo now extends practicialy to all eastbound
business received from con necting lines and originating at points on its
own road.
There has been no change in tho em bargoes previously announced b y the
Central R R . o f New Jersey, Erie, Baltim ore & Ohio and N ew Y ork Central
R R s.
Certain roads showed that the num ber o f cars on hand, as com pared with
the previous week, has been reduced, while with others there has been som e
increase, the net reduction being approxim ately 2,500 cars, m ainly o f ex­
port freight.
■While som e relief was reported, this is not sufficient to ju stify any gen­
eral lifting o f em bargoes.
T he railroads continue to experience d ifficulty ow ing to the detention o f
lighters and barges alongside ocean vessels, instances being reported where
freight is ordered before the steamship is ready to accept sam e, and other
instances o f detention far in excess o f the normal period required for un­
loading. The railroads have hesitated to em bargo freight consigned to
particular ocean lines, but consider this m ay be necessary if freight is not
accepted m ore prom ptly b y lines which unduly delay the lighterage equip­
m ent.

NA TIO N A L FOREIGN TRADE CONVENTION —
P RESID E N T FARRELL ON FOREIGN I N ­
VESTM EN T OF A M E R IC A N CAPITAL.
T h e T hird N ation a l Foreign T rad e C onvention was held
this w eek a t N e w O rleans, the three-days’ session conclud­
ing to-d a y — the 2 9 th . A large contingent of N e w Y orkers
left for the convention last T u esd a y , and are due in N e w
Y o rk on the return trip next M o n d a y m orning.
Before
his departure, Jam es A . F arrell, President of the U nited
States Steel C orporation , and Chairm an of the N a tion a l
Foreign T rad e Council, stated that the desire of Am erican
business m en for a truly national foreign trade policy, is
indicated b y the large response to the call for the convention.
H e also said:
This gathering is tim ely because those w ho are engaged in oversea
com m erce, and those who find that a foreign outlet for their products, both
natural and m anufactured, is necessary to continued prosperity, should
seriously and constructively discuss ways and means to m eet the required
com petition which m ay be expected t o prevail in world markets after the
war. T hat explains w h y “ com m ercial preparedness” has been m ade the
m otto o f the convention.
T ho country realizes that our present favorable position in foreign trade
is abnorm al. M ore than 700 m anufacturers, m erchants, farmers, m ining
m en, lum ber m en, railroad and steamship operators and bankers from all
parts o f the cou ntry have been designated as delegates, and they will
exchange views as to tho actual means whereby this country m ay progress
toward rehabilitation o f the merchant marine; utilization o f the tariff
to encourage foreign trade and p rotect it from discrimination: the adapta­
tion o f com m ercial education to the needs o f oversea com m erce, and ways
and means for tho smaller manufacturers and merchants m ore largely to
engage in and share the benefits o f foreign trade.

Foreign investm ent o f Am erican cpital as an aid to our
foreign trade was declared b y M r . F arrell, in his address at
the opening o f the convention on T h u rsd ay , to be a prim e
necessity to m eet the keener com petition expected in world
trade after the w ar.
U n til the U n ited States begins to
finance the need of those growing countries to which it desires
to increase its exports, M r . Farrell declared the title o f “ world
banker” would not pass to the W estern H em isphere.
In part
his remarks a t the convention were as follow s:
W o can no longer talk o f foreign trade merely as an adjunct o f dom estic
prosperity. T ho fact has to bo recognized that there can be no stable
prosperity at hom e unless we are able to m ake liberal sales o f American
manufactures abroad. T he fact that in normal times about 60% o f our
exports consists o f foodstuffs and raw materials gives a standard o f measure­
m ent for the enormous possibilities o f our mechanical production. It
would p ay us better to convert our raw materials into finished products
here than to sell them for conversion abroad. But our advance in that
direction will be relatively slow w ithout a constantly broadening foreign
outlet for articles o f American m anufacture. It is as m uch in the interest
o f tho workman as his em ployer that provision be m ade for a steady sale
abroad o f the products o f tho mechanical industry o f the United States,
in fa ct, the foreign business in m any corporations, since the war began,
has been their greatest asset, and the only justification for the operation o f
their plants on full time.
This profitable em ploym ent will end when the war ceases. T he need
o f a foreign outlet will remain, but ability to market the product will n o t,
as in the case o f war contracts, rest m erely on ability to m ake deliveries.
T ho war has taught our people m any things in tho domain o f econom ic
fact to which they did not give sufficient heed form erly. N ot the least
valuable o f these lessons is the realization how strongly entrenched are our

394

com petitors in markets that some o f us thought la y open for our occu p an cy.
W hen the curtailm ent o f European investm ent in the South American
Republics brought their developm ent to a standstill and reduced their
purchasing pow er, we had an ob ject lesson in the conditions precedent
to the developm ent o f foreign trade. There was brought hom e to us the
full significance o f the fa ct that British investments alone in Latin-Am erica
had reached an aggregate o f about $4,000,000,000, which was sent there in
the form o f goods o f British m anufacture. T h e yearly installments which
went to the m aking o f that impressive total swellod the annual sum o f
British exports, as did also the p roportion o f tho incom e that was left in
the hands o f the borrowers.
A t the outbreak o f the war, it was intim ated that Great Britian stood as
the creditor o f foreign countries to the am ount o f $20,000,000,000. O f
this, $9,240,000,000 was invested in British dom inions, colonies and
possessions, and $3,160,000,000 in the United States, leaving $7,600,000.­
000 for the rest o f the w orld. O f the annual return on this vast am ount,
the creditor cou ntry has never taken all b ut has left a sum ranging between
$600,000,000 and $800,000,000 for reinvestm ent.
Other countries have follow ed the exam ple o f Great B ritain in p ro­
viding foreign markets for their products, b y placing them in the form
o f loans.
T h e m ost recent estimates place G erm any’s investm ent in
South Am erica at $1,000,000,000, w ith France not far behind, and Bel­
gium and H olland figuring as large holders o f the governm ent bonds,
m ortgages and railway securities o f the Latin-Am erican R epublics.
T he U nited States, up to a very recent date, has held alm ost n o South
American securities, though it has had a direct investm ent, through
Am erican corporations and capitalists, in the land, m ining, and trading
enterprises along the west and north coasts, o f perhaps $300,000,000 to
$400,000,000. The on ly securities o f any foreign governm ent or corpora­
tion which have heretofore been active on the N ew Y ork Stock Exchange
are those o f Canadian and M exican railroad com panies.
As I have already stated, it is the export o f m anufactured merchandise
whose increased volu m e m ust b e largely dependent on the readiness o f our
people to invest in foreign securities. These m anufactures fall naturally
in to tw o groups: the first com prises general merchandise sold to dealers
and consum ed b y individuals whose choice is regulated only b y a desire
t o obtain satisfactory goods at a low price. T he second consists o f ma­
terials for construction— m achinery and equipm ent required for the de­
velopm ent o f extensive enterprises. The dem and for these follows tho
possession o f borrow ed capital for the construction o f railways, tram ways,
p ort works, power plants, lum ber mills, plantations, packing establish­
m ents, irrigation p rojects, mines, factories and mills. W ith som e or all o f
these, it is th e constant endeavor o f undeveloped countries, whether in
South A m erica, the near East or the Far E ast, to supply themselves.
T he scale on whichjsuchjenterprises are projected is a constantly growing
one, and m illions are now being borrow ed where thousands would have
been regarded as sufficient a quarter o f a century ago. Frequently, the
loan con tracts and arrangements for the supply o f material aro com bined
in a single transaction, assuring the supply o f materials to the country
which provides the funds. Thus, railways financed in London will be
constructed b y British engineers under specifications drawn to favor
British products and, eventually, British rolling stock will be operated on
British rails b y British officials, and a British character imparted to the
dem ands arising from all the constructive activities stim ulated along the
righ t-of-w ay o f a new road. R ailw ay enterprises prom oted b y German
capital have sim ilarly served German com m erce. Spheres o f commercial
influence have thus been created to the advantage o f all interests affiliated
d irectly or rem otely w ith tho original loan.
In dealing w ith the possibilities o f the developm ent o f our export trade
In m anufactured products, it is well to remember that w e m eet with com ­
petitors in this field to whom its possession is a question o f national exist­
ence. This is especially true in the case o f Great B ritain, whose depend­
ence on a supply o f food and the raw materials o f industry from abroad
Im peratively demands the production o f m anufactured goods to p a y for
them .
Since the war began, American exports have exceeded im ports b y $1,864,­
612,581. It is estim ated that $1,500,000,000 w orth o f American securities
have been repurchased, with a corresponding saving on tho annual interest
charge w hich we have been accustom ed to rem it abroad. T h is achieve­
m ent, together with tho rapidly growing gold balance, the increased use o f
dollar exchange, and the successful negotiation o f loans w hich have helped
to readjust sterling exchange and finance m unition orders, n ot to m ention
tho loans o f Argentina and to Canadian provincial governm ents, have
afforded som e justification for the idea that the United States is in process
o f replacing Great Britain as the w orld ’s banker. B ut, although m uch
has been done to adapt American finance to the opportunities provided b y
th e Federal Resorvo A ct and b y tho war, little has been accom plished
tow ard discharging the function o f financing the countries which are open
fo r tho investment o f American capital.
U ntil we are ready to take advantage o f the opening which has been
m ade for us b y the drying up o f the investment stream o f E urope, the title
o f “ W orld ’s Banker” will n ot pass to tho western hemisphere. N or will
practical Pan-Americanism bdeome a reality if Europo continues to be
th e source o f the loans necessary to enable our sister republics to dovelop
their latent resources and realize the full degree o f their material pros­
perity. Foreign Investment is a commercial-preparedness measure, a source
o f protection for tho whole industrial fabric o f our cou ntry, should tho
world recede to political-com m ercial policies o f trade restriction. It Is an
element o f strength in our influence as a nation, should a wise Instinct
realize that the true guarantee o f the w orld’s peace Is the provision o f equal
op p ortunity for all.

A N O T H E R I N S T A L L M E N T O N A N G L O -F R E N C H L O A N
C A L L E D FOR F R O M D E P O S I T A R Y B A N K S .
T h e ban k s acting as depositaries for the paym en ts on the
A n glo-F ron ch loan o f $ 5 0 0 ,0 0 0 ,0 0 0 have been called upon
to pay in a further installm ent o f 1 0 % on January 3 1 .
W it h
this p a ym e n t a total o f 8 5 % will have been paid in b y the
depositary ban k s.
B A N K E R S U R G E D TO A S S I S T I N V E S T O R S TO T R A N S ­
FER M O N E Y S A B R O A D A N D A V A I L OF L O W
FO R E IG N E X C H A N G E R A T E S .
R oger W . B ab so n advises investors to take profits and
change the proceeds into foreign m on ey on the basis o f the
present low foreign exchange rates, holding the m onoy on
deposit a broad until exchange rises to norm al figu res. B an k ­
ers are urged to assist in the m ov em en t. H ere is his appeal:




[Vol. 102.

THE CHRONICLE

AN A PPEA L TO B AN K E R S.
During the recent high prices prevailing for American stocks, the Babson
Organization has been advising its clients to take profits and ask their local
banks to change the proceeds into foreign m oney and deposit the same a t
interest in the best institutions o f E urope. A few banks having direct
connections abroad have willingly helped in this m atter, receiving a legiti­
m ate profit on the exchange. It has been fo u n d , how ever, that other banks,
although advertising the sale o f foreign drafts, & c., have not had direct
connections abroad, but have been turning the business over to some
express com pany or certain foreign bankers. Such banks naturally have
been unable to render proper service to their depositors in this connection.
T hey have said to them: " W o will sell you a draft, but you must send it
over to Europe and make your own connections there.” H ence, they have
discouraged the depositors from sending m oney abroad. I f y o u are in
this class, I beg you , please, to change your policy.
I am not asking you or any other bank to perform any service which tho
banks o f England, France, H olland and Germany have not been doing for
years. (Tho reason why London, Paris, Amsterdam and Berlin are finan­
cial centers is because the banks o f these cities have aided their customers
to profit in foreign exchange b y sending m oney to different parts o f the world
in accordance with the dem and.) I d o say, how ever, that unless our banks
are willing to d o the same thing, we shall again lose, when this war is over,
all the international prestige which we have recently acquired, and our h o p e
o f making “ dollar exahange” the world standard will have been vain.
I f you are opposed to having you r customers b u y the new bonds o f the
belligerent nations, I will not argue with you , as the prosent yield o f the
Anglo-French bonds, for instance, is not m uch greater than the yield o f our
own good dom estic bonds. This argument, however, does not apply to
foreign exchange. A lthough Russian rubles (now selling at about 29c.)
m ay continue to go dow n, yet the best foreign exchange authorities are
agreed that they will surely sell for considerably m ore than 29c. after the
war is over, although perhaps not at 5 1c., their normal valuo. T he same
principle applios to the m oney o f all theso countries. A great opportunity
exists to-d ay for your customers not only to m ake handsome profits, but
to show Europo that wo aro not so provincial as they think. It is a funda­
mental law o f finance that in order to sell we must buy; in order to borrow
we must loan: and in order to have our country becom e a financial world
p ow er,our people must be educated to deposit m oney in foreign countries
and buy foreign securities. I appeal to you to help in this worlc.
I am not asking you to take any undue risk, I sim ply ask that when a
client o f yours goes to your institution and requests you to deposit some
m oney for him in the strongest banks o f Russia, Italy , Germany and France,
you d o it for him , charging him a reasonable com m ission for your services.
O f course, theoretically, individuals can send the m oney over for them selves,
after buying drafts o f you ; but when a foreign bank receives a letter from
a bank in this country it is given very m uch bettor attention than when it
com es from som e unknown individual. H ence, I urge that you , you rself,
directly or through your N ew Y o rk correspondent, send this m oney to
Europe for deposit in a European bank, obtain a certificate o f deposit or
bank b ook in return, and deliver this to your custom er. In so doing, you
will not only perform a service for your country, but will help you r cus­
tomer make a handsome profit after the war is over, even though ex­
change m ay decline still further before that happy day com es.
R espectfully subm itted,
ROG ER W . BABSON.

I V Y L. L E E ON “ T H E R A IL R O A D S I T U A T I O N ."
In an address on “ T h e R ailroad S ituation” delivered
before

the

Philadelphia

T raffic

C lu b ,

at

tho

Bollevue-

Stratford on the 22n d in st., I v y L . L ee , form erly connected
w ith the Pennsylvania R R ., and now the personal repre­
sentative of John D . Rockefeller, J r ., argued in favor o f a
sliding scale of rates w hereby the roads w ould bo enabled
to charge higher rates during prosperous periods and lower
rates in tim es o f depression.
“ T h e v ital need o f tho m o m ­
e n t ,” said M r . L ee, “ is to m ak e our systom o f railroad
regulation consistent, harm onious and definite. I t should
be a system w hich, while fully protecting the public in­
terest, should stim ulate railroad entorpriso b y m aking it
certain th at such rates will bo authorized as will p ay the
cost o f an im proving standard o f service and provide a fair
return upon the m on ey irrevocably devoted to supplying
railroad service.”
T h e follow ing is an abstract o f his
address:
P ublic opinion is om nipotent. American public opinion can bo d e ­
pended on to bo fair once the m erits o f a situation aro m ado clear.
I f railroad facilities aro inadequate, it is m ore Injurious to tho public
than to the railroads. D ifficulties o f railroads to-day m ay becom e a
barrior to national progress to-m orrow .
Sound public p olicy toward railroads requires that present charges shal 1
be fair and non-discrlm lnatory; it must also look to tho futuro. A public
policy is a failuro which thinks only o f the needs o f the-m om ent; such a
p olicy invites com m ercial tragedy in the futuro.
T ho outstanding features o f the railroad situation at the beginning o f
1916 are:
.. ,
1. T h e railroads are m oving m ore traffic than ever before in their
history; y e t
2. Less new railroad— either m ileage or trackage— is under construc­
tion than at any tim e since the C iv il W ar.
.
3. W hile industrial com panies are m aking enormous extensions t o t n e ir
plants, and investors are greedily absorbing their stocks, railroads find It
practically impossible to sell new stock and d ifficult to float now bonds.
4. R ailroad managements are puzzled and without sufficient knowledge
o f public p olicy or assurances o f public support to bo justified in going
ahead with im provem ents and extensions which the needs o f the future
will undoubtedly call for.
W hat causes this extraordinary paradox?
Railroad managers know what is needed, and thoy aro fairly bursting
with pent-up desires to m ove forw ard. Comm issions and legislatures see
that things are awry, but they take few practical steps to rem edy the
situation fundam entally.
Congress sees that something is wrong, and plans to create a Com m is­
sion to stu dy tho subject. T h o activities o f that Comm ission will excite
widespread discussion. T he result will doubtless bo tho crystallization
o f public opinion in favor o f a constructive railroad p olicy. Congress
evidently hopes that the spread o f public knowledge or the railroad situa­
tion will evoke from tho public outspoken approval o f a p olicy that will be
helpful to b oth the railroads and the public.

• an . 29 191G.J
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THE

C H R O N IC L E

395

Our railroad regulation has so far been largely corrective: to ju stify a
as producers and manufacturers o f the Powers and Colonies concerned, but
forw ard railroad p olicy, regulation m ust be constructive.
it is not impossible.
E conom ic and financial fortifications which at the m om ent absolutely
The rovenue necessities o f the proposed program o f national defense
debar the railroad general from leading his arm y into the fields o f progress
have caused legislators to turn their attention to possible revision o f certain
consist in these few facts:
tariff schedules. T hat neod is un doubtedly great, but the effect o f future
Since 1907, the railroads have Invested upwards o f $5,000,000,000 in European tariff policy upon b oth the dom estic and foreign trade o f the
new facilities:
United States is even m ore vital to our future prosperity.
W ith these new facilities they have provided an enormously increased
T he United States stands equipped with a single level tariff, barren o f
am ount o f service:
trading margin for tho purpose o f negotiating com m erical agreements,
B ut in spite o f the vastly augmented public service they have rendered,
without resources for prom pt concession or retaliation. W ith the United
the railways received from the public in 1915 in net revenue only about
Kingdom and possibly the British colonies, France, Italy and Russia on
$30,000,000 m ore than in 1907,before that vast sum o f $5,000,000,000 had the one hand, and Germ any and Austria-H ungary on the other, preparing
been spent.
to bring before their people policies on which their best m inds are at w ork,
In other words, after m aking such a huge fixed investm ent, the current
the United States is taking an ill-advised satisfaction in a swelling trade
expenses o f rendering the service were found to be so large that less than
balance which exists on ly b y reason o f abnorm al war dem and and prices
1 % was earned on the new m oney necessary to p rovide the service.
and shrinkage o f indispensable im ports.
T h e public through Congress, State legislatures and com m issions, and
Congress should p rovide the perm anent m achinery for rendering possi­
taxing authorities, has been gaily votin g m oney to be spent or provided
ble, w ithout disturbance o f the whole ta riff fabric, the changes necessary
b y railroads as if the railroad treasury were inexhaustible.
for accom m odation o f the national interest to sudden or gradual develop­
T h e public has been calm ly according to itself privileges at the expense
m ents in world trade. I t is essential that the status o f whatever b o d y is
o f the railroads as i f they cost nothing. T h e public little realizes that in
created to con du ct the investigation and supply the expert advice now
forcing this or that arbitrarylTexpense upon the railroads it is not taking
recognized as indispensable m ust b e legally determined beyond dispute,
the m oney out o f som e fairy stocking but is imposing a burden upon itself,
otherwise its recom m endations will com m and no respect, in Congress or
and preventing a developm ent o f the service which public prosperity
out. Congress must and will finally write the tariff laws; the true func­
requires.
tion o f a tariff com m ission is not to direct b u t to aid Congressional labors.
T h is is n ot a cry o f “ W o lf.” Gross earnings to-day are very large.
It is possible for tho H ouse and Senate to adopt a generally helpful
B y reason o f the drastic economies instituted during the period o f de­ p o lic y , b ut it is im possible fo r the schedules to remain precisely adapted
pression, railroad net earnings are themselves large. On the surface al
to change in the fiscal policy o f other nations, which often alter, within
looks rosy.
limits set b y the legislature, their tariff schedules b y means o f orders-inT h e railroad manager would rejoice to see earnings— b o th gross and council taking im m ediate effect.
net— continue as they are today. B ut ho cannot overlook these facts:
It m ight be well if the President were given pow er, upon the recom ­
1..
T he American people are demanding a higher standard o f railroading, endation o f the tariff com m ission, to im pose b y proclam ation, an in­
m
a standard w hich makes the cost o f each unit o f service steadily greater.
crease o f duties, lim ited, say to 2 5% o f the present duties on any or al1
2. There is a vastly increased investm ent already m ade on which it is o f the products imported from any cou ntry w hich, in his judgm ent, unduly
absolutely necessary to earn a permanent return, if further investment is discriminates against American products.
to b e justified.
• An alternative suggestion is the establishm ent o f a dual or conventional
3. Public p olicy has developed no m ethod o f co-ordinating railroad tariff system with one general schedule from which concessions to a lower
earnings and expenses so that a fair relation can be established between level o f d u ty on specified articles m ight be extended, b y negotiation, to
the tw o: so that investors in railroads m ay know what to expect.
countries affording the United States reciprocal and equivalent treatm ent
4. Congress, State legislatures and commissions and public opinion hack in their own tariffs. This is a conciliatory m ethod, b ut it is doubtful If it
away w ithout thought at railroad earnings and pile up the expenses.
can b e em ployed under any tariff system which places upon the free list,
A side from the activities o f the Inter-State Com m erce Comm ission and
w ithout any return whatever, a large range o f the products o f the countries
the 46 State railroad com m issions, 43 State legislatures from 1912 to 1915
which aro the natural consumers o f Am erican products.
passed 442 new laws the effect o f m ost o f which was to increase railroad
expenses and w ith no provision for providing the necessary m oney.
5. T he recently Increased railroad revenues have already stim ulated
a new wave o f demands upon railroad treasuries. Com m unities aro once NEW
CLEARANCE A RRA NGEM EN TS OF STOCK
m ore pressing for new stations, the rem oval o f grade crossings, and other
E X C H A N GE I N OPERATION.
im provem ents, all requiring large sums o f m oney b ut prom ising but little
or no return upon tho capital necessary to p rovide them.
T ho “ distributing departm ent” inaugurated b y the Clear­
6. W orking men insistently demand higher wages and better working
ing H ouso o f the S tock Exchange began operation on the 21st
conditions. Perhaps their dem ands, or som e o f them , should be granted.
T his departm ent is designed to expedite the work of
B ut they all take m oney and our system o f regulation so far provides no in st.
adequate m ethod o f supplying that m oney.
clearing and obviate congestion.
In announcing in D ecem ­
N o individual is to blam e for thase conditions. T h e system — n ot the
ber its proposed establishm ent C hairm an S . F . Streit o f the
principle o f railroad regulation— Is wrong.
T h e American people want and should have the best railroads in the C om m ittee on Clearing H ou se, said :
Through tho operation o f this D epartm ent, Clearing H ouse tickets will
world: they are willing to pay a fair price for their service; and railroad
bo sent to it at frequent intervals during the d ay b y firm s clearing; and the
managers are equally eager to m eet the public desires.
. T h e vital neod o f tho m om ent is to m ake our system o f railroad regula­ same will receive tickets going to them from others. One man will be
tion consistent, harmonious and definite. I t should be a system w hich, able to deliver and call for all the tickets o f a firm o f any size, b ut the co r­
while fully protecting tho public interest, should stim ulate railroad enter­ rection o f errors on tickets will b e m ade betw een offices as heretofore.
prise b y m aking it certain that such rates will be authorized as will pay
In a later announcem ent M r . Streit said!:1
tho cost o f an im proving standard o f service and provide a fair return upon
T his departm ent will be put into operation F rid a y, January 21st 1916.
tho m oney irrevocably devoted to supplying railroad service.
B ooks o f Rules for Clearing and cards o f “ Instructions for clerks o f m em ­

RELATION OF TA RIFF TO WORLD TRADE CONDITIONS
AFTER WAR.
W illa rd Straight, Vico-Prosident of tho A m erican Inter­
national C orporation, in addressing tho N a tio n a l Foreign
T rad e Convention this week on tho “ R elation o f the’T ariff
to W o r ld T rad e Conditions after the W a r ,” expressed the
conclusions th at the European allies o f war will becom e
econom ic allies in peace and adop t preferential tariff policies
to help each other discharge war indebtedness and extend
foreign trado, and th at the U n ited States tariff system should
bo rendered moro flexible in ordor to extend A m erican trade
b y com m ercial agreem ent and protect it from discrimina­
tion .
Q uoting the recent declaration of W a lte r R uncim an
President o f tho British Board o f T rad o, in Parliam ent
th at the B ritish Em pire m u st w ithout delay tak e stops to
help Franco, R u ssia, Ita ly and her othor allies to recuperate
from tho w ar, and th at nothing in G erm an post-bollum
policy bo perm itted to interfere w ith this recuperation, M r .
Straight said:
T h o speech, it Is true, was directed against Germ any, but It disclosed a
point o f view with which we in the United States m ay have to reckon.
The declarations o f war between the various European powers abrogated
m ore than a score o f treaties and com m ercial agreements. These agree­
ments had form ed tho basis o f tho com plicated diplom atic and commercial
relations o f the European powers with each other, with Asia and with
Africa.
Upon tho cessation o f hostilities this intricate fabric o f inter­
national agreements m ust, in some form , be reconstructed.
Those policies will bo m ade politically and com m ercially effective .in the
diplom atic settlement which will follow the war. T h ey will determine
the terms which tho victors will impose upon tho vanquished, tho future
relations between the victors themselves, and inevitably will influence the
relations between the victors collectively and tho rest o f the world.
A tariff agreement between tho United K ingdom and tho British colonies
and spocial concessions under this scheme o f imperial preference as part o f
a general reciprocal arrangement between France, Russia, Italy and
Belgium and their various dependencies, would creato an entirely self­
supporting com m ercial unit which would cover a well-balancod exchange
__________
o f raw products for m anufactured articles. The creation o f such a cus-

toms grouping might be rendered difficult because of the conflicting interests




bers” have been delivered to each and every m em ber o f th o Clearing H ouse,
and a request m ade that a m em ber o f each firm or a representative be
present at a specified tim e to receive instructions.
It is expected that b y the opening day all concerned will have familiarized
themselves w ith the rules and m ethod o f procedure.
T h is Departm ent is designed to expedite the work o f clearing, and obviate
con gestion, and its success can on ly b e brought about b y co-operation.
In view o f tho above this C om m ittee requests that all m embers o f the
Exchange will observe both the letter and the spirit o f Sec. 1, A rticle X X I X .
o f the "C o n stitu tio n .”
It shall be the d u ty o f every m em ber to report each o f his transactions
as p rom p tly as oossible at his o ffice , where he shall furnish opportunity for
prom pt com parison.
A nd 2nd Paragraph Sec. 5 “ A n exchange o f Clearing H ouse tickets shall
con stitu te a com parison .”
W here a “ giv e-u p ” is to be m ade b y a broker or where Clearing H ouse
names are n ot given w ith tho report it is requested that those receiving
these reports shall use every means to secure such names as soon as pos­
sible, this applies to "sp lit ups” as well. In order to ob via te obstruction
written com plaints should be m ade to the C om m ittee on Clearing H ouse,
o f any delay in carrying out these rules, caused them b y m embers.

U. S. NOTE TO GREAT B R IT A IN I N PROTEST A G A IN S T
M A IL SEIZURES.
A protest against the interference b y G reat Britain w ith
mail between the U nited States and neutral European
countries, sent to A m bassador P age a t L ondon for presenta­
tion to the British Foreign O ffice,un d er date o f the 4 th inst.
was given out for publication in the papers of yesterday.
T h e note cites a num ber of seizures which have been m ade
and states that “ the departm ent cannot adm it the right o f
British authorities to seize neutral vessels plying directly
between A m erican and neutral European ports w ithout touch­
ing a t British ports, to bring them into po rt, and , while there,
to rem ove or censor m ails carried b y th e m .”
I t instructs the
A m bassador to “ la y this m atter im m ediately before the
British G overnm ent in a form al and vigorous protest and
press for a discontinuance o f these unwarranted inter­
ferences w ith inviolable m a ils.”
T h e com m unication,
which is in the form o f a m em orandum to A m bassador P a ge,
is quoted in its entirety below :

[Vol. 102.

THE CHRONICLE

396

D e p a rtm e n t o f S ta te , W a sh in g to n , J a n . 4 1916.
Department advised that British Customs authorities removed from
Danish steamer Oscar II, 734 bags parcel mail en route from United States
to Norway, Sweden, and ,Denmark; that British port authorities have
removed from Swedish steamer Stockholm 58 bags parcel mail en route
Gothenburg, Sweden, to New York; that 5,000 packages of merchandise,
American property, have been seized by British authorities on the Danish
steamer United States on her last trip to the United States; that Customs
authorities at Kirkwall, on Dec. 18 seized 597 bags of parcel mail from
steamer Frederick V III manifested for Norway, Sweden, and Denmark.
Other similar cases might be mentioned, such as that of the steamer Ilellig
Olav.
.
Department inclined to regard parcel post articles as subject to same
treatment as articles sent as express or freight in respect to belligerent
search, seizure, and condemnation. On the other hand, parcel post articles
are entitled to the usual exemptions o f neutral trade, and the protests of
tho Government of the United States in regard to what constitutes the un­
lawful bringing in o f ships for search in port, the illegality of so-called
blockade by Groat Britain, and tho improper assumption o f jurisdiction o f
vessels and cargoes apply to commerce using parcel post service for the
transmission o f commodities. Please bring this matter o f parcel post
formally to the attention o f the British Government.
The Department is further informed that on Dec. 23 the entire mads,
including sealed mails and presumably tho American diplomatic and
consular pouches, from the United States to tho Netherlands, were re­
moved by British authorities from the Dutch steamer New Amsterdam,
t hat on Dec. 20 the Dutch vessel Noorderdyk was deprived at the Downs
of American mail from the United States to Rotterdam, and that these
mails are still held by British authorities. Other similar instances could
be mentioned, as tho cases o f the steamers Rotterdam and Noordam.
The Department cannot admit the right of British authorities to seize
neutral vessels plving directly between American and neutral European
ports without touching at British ports, to bring them into port, and, whde
there to remove or censor mails carried by them. Modern practice gen­
erally recognizes that mails are not to be censored, confiscated, or de­
stroyed on high seas, even when carried by belligerent mail ships. To
attain same end by bringing such mail ships within British jurisdiction for
purposes o f search and then subjecting thorn to local regulations allowing
censorship of mails cannot bo justified on the ground of national jurisdic­
tion. In the cases where neutral mail ships merely touch at British ports,
the Department believes that British authorities have no international
right to remove the sealed mails or to censor them on board ship. Mails on
such ships never rightfully come into the custody of tho British mail service,
and that service is entirely without responsibility for their transit or safety.
As a result of British action strong feeling is being aroused in this country
on account o f the loss or valuable letters, money orders, and drafts, and
foreign banks are refusing to cash American drafts owing to tho absence
of any security that the drafts will travel safely in the mails. Moreover,
(ho detention of diplomatic and consular mails is an aggravating circum
stance in a practice which is generally regarded in this country as voxa
tiously inquisitorial and without compensating military advantage to Great

CONSULS HELD B Y A L L IE S A T S A L O N IK I RELEASED
THROUGH OFFICES OF U N ITE D STATES.
I t was announced a t W ash ington on the 21 st in st. that
through the good offices o f the U nited S ta tes, the G erm a n ,
A u strian , T urkish and Bulgarian consuls a t Saloniki, who
had been held under arrest b y the Allies on board a French
warship in he harbor were to be
released. T h e consuls
were arrested soon after the m ilitary occupation of Saloniki
on the charge that they were com m unicating m ilitary in­
form ation to tho Bulgarians outside of the city to direct an
attack upon the tow n b y enem y aeroplanes. A protest b y
A ustria against their arrest was delivered b y Baron von
B urian, A u stro-H u n garian Foreign M in iste r, to the A m erican
A m b assa d o r, F . C . Penfield on the 14th inst.
T h e protest
said:
T ho arrest o f Consular officers accredited to the Greek Governm ent and
o f persons under their protection, as well as the search o f tho Consular
archives which under tho law are inviolable, constitutes a flagrant breach
o f the sovereignty o f a neutral state, which is incom patible with tho recog­
nized elementary principles o f international law; m oreover, it is damaging
to the rights and interests o f Austria-H ungary. It can only be called an
arbitrary act which transgresses the limits o f existing law and precedents

Please lay this matter immediately before the British Government in a
formal and vigorous protest and press for a discontinuance of these un­
warranted interferences with inviolable mails. Impress upon Sir Edward
Grey the necessity for prompt action in this matter.
LANSING.
T h e follow ing ad interim reply to the above was delivered
to A m bassador P age b y Sir E d w ard G re y , the Foreign
M in iste r, under date of Jan . 25 :
The communication which Your Excellency was good enough to make on
the 10th inst., regarding the seizure of mails from neutral vessels, raised
important questions o f principle in regard to matters which are determined
by the policy jointly decided and acted upon by the allied Governments.
His M ajesty’s Government are, therefore, compelled to communicate with
their allies before they can send a reply to your memorandum. They are
consulting with the French Government in the first instance and I hope to
be in a position before long to state the result o f the consultation.

f°T heso8 artst:prove that France and Great Britain d o not shrink from
deeds which are the bravest breaches o f law, anti can bo extenuated in no
w av
T he Austro-Hungarian Governm ent reserves the rignt to take action
corresponding to the decisions which both Powers m ake in regard to those
persons who have been deprived o f their liberty.

Consent to the release of the consuls was agreed to on
condition that they w ould not resume their function in
Saloniki, b u t w ould return to their own country.

COMPTROLLER W IL L IA M S ON PROPOSAL TO I N ­
QUIRE INTO IN T E R E S T CHARGES.
C om ptroller

of

tho

Currency

John

Skelton

W illiam s

appeared on tho 2 1 st in st. boforo the H ouso C om m ittee on
R ules to testify on tho quostion o f usurious rates o f interest
charged b y N a tion a l bank s, his appearance boforo tho
C om m ittee growing out o f tho introduction of a resolution by
R epresentative H ow ard o f G eorgia calling for tho appoint­
m ent o f a com m itteo to investigate interest charges.
C om p­
troller W illiam s urged a favorable report on tho resolution.
D uring tho course of his testim ony ho reitoratod his previous
allegations th at as high as 2 ,0 0 0 % has boon charged on
loans, and ho stated th at his offico is considering tho advisa­
b ility o f bringing suits for tho annulm ent o f tho charters of
certain N a tion a l banks which are tho worst offenders. A c ­
cording to tho N e w Y o rk “ T im e s” Com ptroller W illiam s
asserted th at m an y largo banks raised their interest rates
on collateral loans a t the outbreak o f tho w ar, and wore
charging 8 to 1 2 % instead of 5 and 6 % .
T h is condition
soon ended, b u t it caused him to look into the interest ratos
charged b y country b an k s, especially when a protest cam e
from a T oxas bank regarding restricting interest to bA /o H e is further quoted as saying:
I asked tho bank to advise mo what rates it was receiving, M d it was
reluctant to respond. Finally I was amazed to ascertain that some o fit s
interest rates ran as high as 100%. For instanco it has p.OOO loaned
cj. 0/ onrl
at 65% . M y call on National banks for Dec., ui**.
asked for tho maximum rates of interest charged, J
demanded tho same information. Some banks admitted that they were
charging'500 and 1,000% in some cases.
K

K

r a l V S .

T n a v i a g e Of

ALBA B. JOHNSON ON TRADE CONDITIONS AFTER
THE WAR.

36^
nD eccm bo?tIreqSi?e'd all banks to submit a statem ent o f all their
loans above 6 % , and wo are getting statements now showing amounts
against which fiigh rates are being charges. T he record shows that on
some small loans as high as 2 ,000% is being charged.
_

“ W o rld T rad e C onditions after the E uropean W a r ”
form ed the subject o f an address a t tho N ation a l fo r e ig n
T rad e C on ven tion b y A lb a B . Johnson, President of the
B aldw in L ocom otive W o r k s , Philadelphia. Predicting a
period o f “ feverish a ctivity in this country during tho con­
tinuance o f the w ar, and upon its close a prostration of the
industry and com m erco o f all countrios,” M r . Johnson
em phasized the necessity for a truly national foreign trade
policy which w ould prepare tho U n ited States for tho keenor
com petition expected to prevail in world m arkets aftor the

Questioned b y Roprosontativo H ow ard as to his authority
to prevent banks charging above tho legal rato C o m p ­
troller W illia m s said:
, , ^
,

w ar.

H e said:

I t will be necessary for us to learn team -work, b y which is m eant correla­
tion o f the efforts o f manufacturer, m erchant, banker and investor. Hith
erto our bankers have been reluctant to enter tho field o f foreign finance;
com m ission houses have to o frequently been free-lances, pushing trade
along the lines o f least resistance or not in such a way as to create perm a­
nent and reliable trade. Our manufacturers have had to fight single­
handed for their foreign trade, and it is wonderful how well thoy have
succeeded in view o f the conditions o f com petition which they had had to
m eet.
.
T he creation o f the Federal Trade Commission m ust prove to bo o f
great benefit to our manufacturers and exporters. It is studying with
minds free from prejudice tho com plicated probloms which affect our
export trade, and I am suro they will rem ove any doubts as to the rights
o f Americans to arrange for com binations for foreign trade such as are
lawful for their com petitors o f other nations.

M r . Johnson declared th at a tariff com m ission w as neces
sary to enable the policy o f tho U n ited States to bo adapted
to changing conditions abroad and called atten tion to the
recom m endation of tho N a tio n a l Foreign T rado C ouncil for
the appoin tm en t o f a G overn m en t Shipping B oard to
recom m end to Congress tho policy necessary to establish an
A m erican M erch a n t M arin e on a sound basis in tho foreign
trado.




I have no authority over such matters except to bring suit fo r
annul­
m ent o f the charter o f the bank. T ho Departm ent o f Justice should be
authorized to proceed against the usurer. A s the law now stands, tho
borrower m ay sue on usurious charges, but no borrower is going to d o
he feara he will bo blacklisted, and ho m ay want to borrow
again
T h e resulting situation is that about the only corrective measure
is^tho' annulment o f tho bank’s charter, and this is a very drastic m atter.
I d o n ’t mind tolling tho com m ittee, how ever, that I have been thinking
about proce ding against som e o f the worst offenders and asking that
th I n fo m a tl” nbweahavoga'thered shows that usurious rates aro m ost preva­
lent in tho southwestern and southern states, although rates as high as
12% . tho maximum perm itted b y law aro charged in som e o f tho north­
western states. In nearly all parts o f tho cou ntry banks havo boon found
th It wilY t a k o tiw kU tFonCto break up this practice u n l ^ ono other ex­
pedient works. I have thought o f requiring all national banks to print
at tho ton o f their report a statem ent o f^ th e jis u rio u s Joan s^ they ^ a v e
‘
id s .............
‘
*
~
" ”
'

Bank Act fixes no penalty against the usurer except
the bowowOT n
plead a sotorf or that the Comptroller may movo to annul tho charter.
T h o “ T im e s” quotes tho Com ptroller as saying that
I no
G overnor of O klahom a inform s m e that ho has under con­
sideration a law to m ak e it a prison offonse to charge usurious
rates.
I havo found th at in States that have such a law the
bank officers are quite law -abiding.
I bolievo there are a t
least three such States (R hode Islan d, Oregon and W a s h ­
ington) and thoro is practically no usury in these btatos.
A s an illustration o f the ineffectiveness of the presont laws
the C om p troller, according to tho “ T im e s,
cit id tho fol­
lowing incident:
We had a report of a farmor who borrowed $300 or $400 some years
ago and continued to pay excessive rates of interest on tha amount. Ftaally tho bank foreclosed, taking everything this farmer had including his
cow. With all he had gono through this farmer tried to get a now start by
cutting timber. Ho was poorly clothed and practically barefoot because
he hid nothing to spend for clothes, so ho caught pneumonia. He left
six children
Now, those children cannot suo the bank that ruinod their
father by usury, but if the law wore changed tho Department of Justice
ouid proceed against such an institution.

Jan. 29 1916.1

THE CHRONICLE

RETROSPECT OF 1915.
In publishing on Jan. 8 our review of the calendar
year 1915, we printed the monthly narratives only
for the first four months. In the issue for Jan. 15
we gave the narratives for the three succeeding
months, and in the issue of Jan. 22 printed an addi­
tional two months. T o this we add to-day the nar­
ratives for the last three months, thus completing
the year.
MONTH

Current Events.—

OF O C T O B E R .

397

under G erm an influence, or in fear o f the G orm ans, interfere
w ith the E n ten te m ov em en ts.
On O ct. 21 the startling an­
nouncem ent cam e th at G reat B ritain had m ade a form al offer
o f the Island o f C yp rus (situated 6 0 miles from the coast o f
A sia and the third largest island in the M ed iterran ean), in
return for G reece’ s intervention on the side o f tho E n ten te
countries and to g et her to abide b y the term s o f the agree­
m ent entered into after the second B alkan w ar, to com e to the
aid ot Serbia if the latter should be a ttacked b y Bulgaria
C yp rus had been a Turkish possession from the M id d le A g es
until the T re a ty o f 1878 put it under sem i-British control
It
w as definitely annexed to the British E m pire on N o v . 5 1914
w ith the breaking out o f war betw een T u rk ey and E n g la n d ’
and had a population o f 3 0 0 ,0 0 0 , principally descendants o f
the early Greoks.
T h e offer o f C yp rus to G reece was n ot b y a n v m eans re­
ceived with unanim ous favor b y the London press, the “ E v e n m g Standard ’ for instance, calling it a bribe and saying the
^hing W*u c « distinguished it from G erm an bribes w as
that G erm an y offered other people’s territory, while G re at
B ritain was offering her ow n.
I t w as understood, how ever
th at the E n ten te Powers offered other concessions, too in­
cluding som e Turkish territory in A sia M in o r .
T here were
a t the same tim e intim ations o f an intention to abandon the
previous passive policy tow ards b o th Greece and R u m an ia ,
had (according to a Bucharest dispatch
d a G d O ct. 13, via P a n s O ct. 16) m ad e a now pronouncem ent
in favor o f R u m am a m aintaining neutrality, after the C abinet
had again gone over the war situation.
T h e offer o f C yp rus
P 7 ed whoHy unavailing, and the effect apparently w as to
.r.?

In this m on th Bulgaria definitely entered
the European war and sim ultaneously G erm a n y, in conjunc­
tion w ith A u stria -H u n g ary, began its drive against Serbia.
T h e G erm an and A u stro-H u n garian arm ies, under the
direction o f Field M a rsh a l von M ack en sen , undertook to
push their w a y southward b y effecting crossings o f the
D rin a , D an u b e and Save rivers, while Bulgarian forces
pressed w estw ard. T h e Serbian arm y could n ot resist the
com bined onslaught. Belgrade, the Serbian cap ital, was
taken b y storm O ct. 8 and v on M acken sen was quoted as
h avin g said: “ T h e passage o f so large a river (the D anube)
w ith ou t the use o f a bridge, and in the face o f the onem y,
is in fact an achievem ent unknown in the war history o f all
tim e s .”
T h e Serbian capital had previously been trans­
ferred to N is h , and later had to be repeatedly transferred
t5
to oth er poin ts.
On O ct. 2 8 , according to an official Sofia S . Gn1th e / 3^ lve o f ,tIlG Zaim is G overn m en t to m aintain its
a ttitu d e o f
benevolent n eu tra lity .”
On O ct. 2 2 all the
(Bulgaria) bulletin, the Bulgarian a rm y entered Pirot evening papers in A thens published an identical note said to
(S erb ia ), a strongly fortified point 3 5 miles southeast o f N ish , be an exact representation o f the G ov ern m e n t’s view point on
10 m iles inside the Serbian frontier and located on the N ish - the situation. T h e note expressed surprise a t tho interven­
Constantinople R R . A juncture was also effected on O ct. 2 6 tion ot the Powers in the relations betw een Greece and Serbia
in the region o f the D ob rav od a M o u n tain s between the
the facu lty of interpretation o f the treaty o f alliance between
G orm an arm y which had crossed the D an u be a t O rsova, and
those countries belonging exclusively to the contracting par­
the Bulgarians who had invaded Serbia near P rahovl, thus
ties, the accord having been freely concluded w ithout the in­
givin g the Central Powers an opening through northeastern
tervention or guarantee o f a third p a rty .
“ I t m ust not be
Serbia and through Bulgaria to the A egean Sea and C on­
forgotten,
said the n ote, “ that Greece i an independent
stantinople. T h is m ade possible the reopening o f the D anube
nation that disposes o f its fa te in full sovereign ty.”
T h e note
and arrangem ents were im m ediately begun to ship war
contended that the A u stro -G e rm a n a ttack on Serbia released
m aterials to Bulgaria and T u rk ey . A t the very close o f the
G reece at least from the obligation o f arm ed intervention, and
m on th it was announced th at the G erm ans had occupied
th a t, independent o f th at a tta ck , it w as practically impossible
K rag u yo va c, the m ain arsenal tow n o f Serbia, taking enor­
tor Serbia to give Greece the support of 1 5 0 ,0 0 0 men stipula­
m ou s quantities o f am m unition and war m aterials, while
ted in the treaty m case o f war w ith Bulgaria, and that the
Bulgarian forces had pushed their w ay through the m oun­
E n tente Powers had not furnished a contingent equivalent.
tains to N ish and were actu ally bom barding the outer forts
1 he note added that the specialists best qualified considered
a t th at p oin t. F rom tho junction o f the D an u be and T im ok
that the B alkan expedition w ould require a t least 4 0 0 ,0 0 0
rivers in tho northeast to U sku b in the south, tho Bulgarians
m en , and that under these conditions Greoce w ould ruin her­
continued to m ov e westw ard, driving tho Serbians out of self w ithout even the consolidation o f saving Serbia.
“ On
the tow ns into the m ountains under conditions o f m ost des- the other h a n d ,” said the n ote, “ Greece offers all the service
perato fighting. F rom U sku b southward tho Bulgarians she can render in allowing the free passage over its territorv
suffored a check, as the Serbians in th at territory had been o f the Allies troops going to the Serbian fro n t, and in m ain reinforced b y French and British troops who had beon landed
tam m g her own arm y on a war fo o tin g .”
T h e note alluded
a t Saloniki in Greecian territory and m oved northw ard.
to the Greek sym pathies for the E n ten te and the benevolence
T h o inability to oxtend effective aid to Serbia, foreshadowing
n eu tral,ty tbu/ far m aintained.
I t ended b y saying
for th at country tho fate th at had already befallen B elgium ,
^ ?t/orgret that a S ta te , no m atter how small*
led to a popular outburst in G reat Britain against the w ay £ * £ * 5 ?
has the absolute right to regulate its own fortunes. B efore
m ilitary operations had beon conducted on behalf o f the
Quadruple E n ten te. G reat dissatisfaction w as also ex­ Bulgaria actually began hostilities, strenuous efforts were
T W 16 seriousness °.f the step she was
pressed with the ineffective cam paign against the Dardanelles.
about to take and of the consequences it would involve
In Franco, likewise, a spirit o f great restlessness developed
R ussia, after having given B ulgaria 24 hours in which to com ­
B ritish and French diplom acy in the Balkans w as criticised
for having allowod Bulgaria to becom e a Teu tonic ally and p ly w ith the dem and that G erm an officers sent to the B u la
?
O ct. 5 notified Prem ier R a d o shaving raised doubts even as to whether active co-operation fn n ^ u ri? y be 4 lsm is|e< .«
la vo ff that a rupture of diplom atic relations between the two
on tho part o f G reece and R um ania could bo depended upon.
c? ^ s n ° w existed. A ctu a l declaration of war on the part
T h o effect was to create dissensions in tho British C abinet
and to cause a reconstruction o f the French C ab in et. T h e ot the different countries cam e som ew hat m ore slowly— G reat
n °fGtin15/ France ° c t 17 (to date from 6 a . m . O ct. 1 6 ),
situation for the E n ten te countries was greatly com plicated
b y suspicions regarding tho good faith o f G reece. Greek Ita ly O ct. 19 (although technically she was n ot at war with
G erm a n y ).
On the latter d a y Russia issued a manifesto
sy m p ath y seemed to bo largely, though n ot w h olly, w ith the
E n ten te countries, b u t apparently m an y Greeks were in dread concluding as follow s: “ T h e Russian people regarded w ith
o f w hat m ight happen should Greoce actively opposo the C en­ sorrow the treason of Bulgaria, which was so near to it until
tral Pow ers. T h o Greek Promier, Venizelos, who w as an these last few d a ys, and w ith bleeding heart it draws its sword
ardent supporter o f tho E n ten te countries, while having pro­ against her, leaving tho fate o f the betrayer of the S lav cause
(m eaning, apparently, the Bulgarian K in g Ferdinand) to iust
tested against the landing o f troops a t Saloniki, was known to
punishm ent o f G o d .”
J
havo taken that course largely as a m atter o f form and to nroIn G reat B ritain the rum blings o f discontent w ith the un­
tect tho integrity o f Greek territory.
K in g Constantino
how ovor, whoso w ife, tho Queen, is a sistor o f tho K aiser was fortunate results of the Avar, Avere m anifest from the beginning
W ell-defined rumors Avere in circu­
opposed to Venizoios s general policy, fooling th at Greece to the end of tho m onth
lation concerning im pending changes in the British C abin et,
could n ot afford to antagonize either side, and honco m ust re
t h e m ost persistent rum or was th at Sir EdAvard Carson
m a m noutral. A ccord in gly, Venizelos, though he had onlv
ju st returned to power, was again forced to resign
On A ttorn ey-G en eral in the C ab in et, had handed in his resigna^
O ct. 7 Alexander Zaim is accopted the Premiership in succes­ tio n , but that Premier A sq u ith had refused to accept it.
I hose rumors Avere based on Sir E d w a rd ’s absence from the
sion to Venizelos, a t the invitation o f K in g C onstantine and
decided also to serve as Foreign M in iste r.
I t was then con­ m eeting o f the British C abinet on O ct. 13, during which tim e
he sat chatting w ith nend s a t a nearby residence.
On the
cluded th at Greece should m aintain an attitu de o f “ benevo­
same d ay the resignation o f M . Theophile D elcasse, the
lent n eu tra lity.”
Zaim is had twico before held the office o f
f rench I oreign M in ister, was announced b y Premier Viviani
P rim e M in ister and had m ore rocently been governor o f the
1
D ep u ties.
T h e French Premier took the
N a t . B a n k o f Greece. H e selected a com posite C ab in et, five 1 1
portfolio of I oreign A ffairs him self for the tim e being. T h e
o f the m em bers being former premiers. Zaim is alone am ong
specific reason for M . D elcasse’s action was not m ake knoAvn
tlieso had not opposed tho Quadruple E n ten te, and it was con­
and tho Premier refused to road the letter o f resignation when
sidered th at his ideas best represented a policy o f absolute
requested b y m em bers of the C h am b er.
In the evening M '
n eu trality.
T h e position o f tho E n ten to countries was now
V iviani received a v ote o f confidence o f 371 to 9 .
I t soon
an anom alous ono. T h e question arose w hether, in sending
appeared, hoAvever, that the C abinet situation in neither
troops to Saloniki and m ovin g them against Serbia th ev could
G reat B n ta m nor France had y e t been entirely cleared up .
depend upon tho continued friendship o f tho G reek G overn­
Sir Edw ard C arson’s resignation proved to have been true'
m e n t, or whether th at G overnm ent m igh t n ot at a n y m om ent,
T h e form al resignation was accepted on M o n d a y , O ct




398

THE CHRONICLE

[Vol. 102.

though official announcem ent of the act did n ot occur until o f depression on the London Stock E xchange occurred on
W e d n esd a y , O ct. 2 0 , im m ediately after he had called at O ct. 1 3 , when Financial Secretary to tho Treasury Edw in
B uckingham P alace and handed to K in g George the seal of Sam uel M o n ta g u , in replying in the H ouse o f C om m ons to
his office.
In an explanation to the H ou se Sir E dw ard criticism s o f the new taxes im posed b y the now B u d g e t,
declared that the m an w ho w as not prepared to place, if
declared th at he had found him self at com plete variance
necessary, half his income at the disposal o f the S ta te , either
w ith the C abin et over questions of N ea r Eastern policy,
and he therefore felt th at his presence in the Cabinet b y tax or loan, w as not doing his d u ty .
W it h everything indicating that the end o f tho w ar was
would be a source of weakness and n ot of strength.
still rem ote, the influences which had been m aking for
I t proved fortuitous th at a t this juncture M r . A sq u ith was
greater industrial actvitiy in this country were given a now
taken slightly ill and unable to appear in P arliam en t; this
im petus, and their effects becam e m anifest on every side.
gave opportu n ity for calm reflection and prevented pre­
In the iron and steel trades tho dem and on account o f war
cipitate action .
H e quickly recovered and it w as then an­
orders grew so urgent that it was found necessary to p ay
nounced th at he w ould m ake a statem ent in the H ou se ot
prem ium s in numerous instances to insure prom p t delivery.
C om m o n s regarding the situation on T u e sd a y , N o v . 2 .
In
Other industries, previously laggards in that respect, began
the m ean tim e, the subject o f reconstructing the hrencJi
to reveal the presence of quickening trade revival. T h o rail­
C abin et w as a ctively pressed, though it w as dom ed th at there
roads, in their turn, after having previously given n ot the
w as the slightest approach to a C abin et crisis.
O n O ct. za
slightest indication o f an increasing volum e of traffic, now
Prem ier Vivian i and his C abinet resigned. M . V iv ia n i, m Jus
all of a sudden showed a m arvellous growth in tonnage and
letter o f resignation, reviewed the difficulties which he had
reported striking increases in earnings, especially as com pared
encountered since an im portan t group in P arliam ent in­
w ith tho lean period of tw elve m onths before. Tho P ennsyl­
sisted upon secret sessions o f the C h am ber o f D ep u ties, which
vania R R ., in its return for Septem ber, issued at the close
he disapproved. H e also pointed out th at m ore than loU
o f O ctober, and showing $ 2 ,8 7 3 ,6 1 4 increase in grossand
m em bers of the C h am ber h ad declined to v ote on his recent
$ 2 ,7 0 3 ,5 7 4 increase in not on the com bined lines east and west
request for a v o te o f confidence. U n der the circumstances
o f P ittsburgh, as com pared w ith S ep t. 19 14 , issued an ex­
he and his colleagues were united in the belief th at there
planatory statem ent saying: “ D u e to an extraordinarily
should be constructed a C abin et which would secure u n am m heavy traffic in the eastern part of tho cou n try, largely as a
itv and consolidate all elem ents around the G ov ern m en t.
result o f the shipm ent o f m aterial o f m ost evory kind m an u ­
O n the evening o f O ct. 2 9 a new C ab in et, headed b y Aristide
factured for use in European countries, tho gross earnings of
B ria n d , w ho took the portfolio o f M in iste r o f Foreign A ffairs,
cam e into existence. Ex-P rem ier R eno V ivian i entered the the P ennsylvania R R . lines east o f P ittsburgh directly oper­
a te d , for the m on th o f Septem ber, woro $ 2 0 ,8 1 7 ,3 6 1 , the
new C abin et as M in ister o f Justice. T h e list o f m em bers
largest for a n y one m on th in tho railroad’s history, oxcopt
was a m ost em inent one, a coalition C abin et com posed of all
A u gu st and O ctober 1 9 13 , which were but slightly larger.
factions and parties, and patterned after the English M in is­
T ho net earnings o f $ 7 ,2 8 2 ,0 2 1 for the m on th o f Septem ber
try , having been form ed for the first tim e in the history ot
1915 were the largest net oarnings for a ny one m on th in tho
the French R ep u blic. T h e action w as the result o f a feeling
history o f the Pennsylvania R R . lines east o f P ittsb u rg h .”
that a t a m om en t of supreme crisis in national affairs there
T h o surplus o f idle cars, so long a burden to the carriers, be­
should be united action b y all the parties in com m on support
cam e considerably reduced and tho railroads now felt called
of the G ov ern m en t.
Press dispatches pointed out that
the coalition w as rem arkable in personnel, including such upon to place orders on a liboral scalo for equipm ent and for
venerable figures as Charles do F reycin et, w ho was one of supplies, thereby tending still further to prom ote trade activ ­
In C anada tho tremendous w heat crop raised and its
G a m b e tta ’ s aids in the uphoaval of 1870; Jules M o lin e , a ity .
form er Prem ier, w ho instituted the protective system of rapid m ovem ont to m arket occasioned transform ation in
F ran ce, and Leon Bourgeois, know n as the “ G rand O ld M a n the railroad returns of all tho leading C anadian systom s.
of tho R adical P a r ty .”
T h o new bod y was also notablo in T h e Canadian P acific, which had beon reporting heavy losses
having tho popular m ilitary leader, General G allioni, as tho in gross in every week w ith one singlo oxcoption since tho
head o f tho W a r O ffice, and R ear A d m iral Lacaze as head first weok of D ecem ber, 19 13 , bogan w ith tho last w eek of
T ho first
o f the M in istr y o f M a rin e , b oth o f them replacing civilians. Septem ber to registor a sm all increase— $ 7 6 ,0 0 0 .
T h o R adical P a rty , besides having M . Bourgeois, w as repre­ week o f O ctober this was follow ed b y a gain of $ 6 4 2 ,0 0 0 , the
second week b y a gain of $ 7 6 2 ,0 0 0 and tho third weok b y a
sented b y M . C om b es, a former Prem ier, and R ene R on ou lt,
one of the forem ost P arliam entary leaders o f the R adicals. gain of $ 1 ,0 2 8 ,0 0 0 and the fourth week b y a gain of $ 1 ,7 2 7 ,­
T h e R epublican Socialists had as m em bers M . B riand, 0 0 0 , m aking the im provem ent for tho m on th $ 4 ,1 5 9 ,0 0 0 .
M V ivian i and Professor P ainleve. T h o Socialist group was T h o Octobor returns o f U nited States roads also proved
highly encouraging. T h o statem ent of tho A m e r . R y . A sso c .,
represented b y Jules G uosde, w ho had been the Socialistic
how ever, for N o v . 1, still showed 5 2 ,8 6 7 idlo cars on the
head since tho death o f Jean Leon Jaures, and b y M a rce l
railw ays o f tho U nited States and C an ad a, and as against
S em bat and A lbert T h o m a s, prominont Socialist lead­
ers
T h e D em ocratic L eft had as m em bers G abriel G u ist- this tho aggregate shortage o f cars was no m ore than 2 6 ,6 2 8 .
T h is com pared w ith a shortago of only 1 0 ,0 1 0 cars O ct. 1
’hau and Joseph T h ierry, while tho R adical L eft
had
E tienne Clem entel as
its representative.
T h o R o y a l­ 19 1 5 , 6 ,3 0 0 cars Sept. 1 and b u t 9 4 8 cars A u g . 1, b u t never­
ist and Clerical elem ent w as represented b y D on ys C ochin. theless left an excess of idle cars to tho num bor o f 2 6 ,2 3 9 cars.
In the D ardanelles cam paign M a jo r -G e n . Sir Ian H am ilton Som e considerable reduction in tho idle car surplus would
was relieved of the com m and of the British forces and ordered have com e a n yw ay as a result o f the beginning o f tho m o v e ­
hom e to report to the W a r Office.
H o was succeeded by m en t o f the new crops, but tho actual dim inution w as large
Sir Charles C . M o n ro , and the British G overnm ent later also and v ery sudden, just as w as tho developm ent o f activity in
decided to send out M a jo r -G e n . Sir B ryan T . M a h o n , who local trade. On Juno 1 tho A m e r. R y . A sso c, still reported
had com m anded the columns which relieved M a fe k in g in the 3 0 0 ,1 4 6 idle cars. E v e n on A u g . 1 tho num ber was 2 6 6 ,3 1 2 ,
while as late as S ep t. 1 tho total still stood a t 1 9 1 ,3 0 9 .
It
South African W a r , to co-operate w ith the French.
Announ cem en t was m ade in Lon don O ct. 29 th at a note w as then th at tho dem and bogan to got urgent, and O ct. 1
saw tho num bor down to 8 8 ,3 4 1 , while b y N o v . 1 there was
had been addressed to the Japanese G overn m en t on O ct. 1J,
a further reduction to 5 2 ,8 6 7 , as already statod. In tho case
inviting it to give adherence to the declaration o f G reat
o f tho returns o f railroad earnings, the story was m uch tho
B ritain , France and R ussia, signed on S ep t. 5 1 9 14 , th at none
sam e. Som e 3 5 to 4 0 roads render weekly returns o f gross
of these nations w ould conclude a separate peace.
On the
earnings, comprising m ainly Sou thorn and W estorn linos,
same d ay th at this request was m ad e, C ou n t In o u y e, Japan­
together w ith tho thrco largo Canadian system s, and tho
ese A m bassador to G reat B rita in , replied th at he hacl been
aggregates o f these showed larger or smaller decreases
authorized b y his G overnm ent to give “ their full and com ­
each weok right up to the fourth weok of Septem ber, whan
plete adherence to the term s o f this declaration.
A s tor the
a gain o f $ 6 9 2 ,2 1 1 , or 3 . 8 6 % , w as recorded.
For
war operations elsewhere, the E n ten te countries seemed to
tho first week o f Octobor tho gain provod to b i $ 1 ,1 4 3 ,6 4 3 , or
realize th at the best w ay to help Serbia and influence tho neu­
8 .6 3 % ; for the 2d week $ 1 ,5 3 2 ,3 8 6 , or 1 1 .9 8 % ; for the 3d
tral B alkan States was to m ake attacks everyw here. A c ­
week $ 2 ,1 4 6 ,2 4 7 , or 1 7 .4 9 % and for tho 4th week $ 3 ,8 0 3 ,4 5 4 ,
cordingly, Ita ly pushed her attacks in T y ro l and T ren tino;
or 2 1 .7 3 % .
In the iron and steel trades whore thore had
the British and the French m ad e further drives against the
been exceptional activity for m an y m on th s, positivo buoy­
G erm ans in Belgium and F rance, and R ussia evinced new
ancy develop ed , the influx of dom estic orders, in no con­
resisting power in repelling the invasion of her territory and
siderable m easure from tho railroads, h aving com e at a tim e
m ade herself particularly troublesom e to the G erm ans on the
when the capacity of m ills and furnaces was already being
Galician frontier.
I t did n ot appear, how ever, th at a n y of
taxed to the fullest extent in tho execution o f orders for
the developm ents here were o f controlling importance^ though
m unitions.
For the first tim e in tho history of the industry
w ith their forces so largely needed elsewhere the Germans
pig iron production in the U nited States passed the 3 ,0 0 0 ,­
found it im possible to push their advantages previously
00 0-to n m ark , tho “ Iron A g e ” of this city reporting tho m ake
gained against the Russians any further.
Field M arsh al von
o f pig iron for October a t 3 ,1 2 5 ,4 9 1 tons
T h is was over
H indenburg having been foiled in his a ttem p ts to reach R iga
double the product the previous D ecem ber (1914) at l , o l o , and D vin sk b y other routes, at the very close of tho m onth
75 2 tons.
T h e “ Iron A g o ” reported th at despite efforts of
was advancing along the railw ay skirting the shores of the
the larger steel com panies to hold tho dem and in check,
G u lf of R iga from T u k u m and was reported to have reached
the R aggasem -K em m ern -Jau n n esm line west of Sclilok. signs o f a runaway steel m arket were increasing, that orders
were com ing in at such an enormous rate that they were
Follow ing the declaration o f war against B ulgaria, the R u s­
being held under consideration before being accepted and
sian fleet began bom barding the Bulgarian B la ck
Sea
that on som e classes of m aterial it was a quostion of getting
ports and did considerable dam age a t V a rn a . A fte r
deliveries, not a m atter o f prices. Steel bars, tank plates
the close o f the m on th the G erm ans reported having
and beam s a t Pittsburgh were all raised to $1 oO per 100 lbs.
taken over 4 0 ,0 0 0 prisoners during O ctober on the Russian
from $1 3 5 the previous m o n th , and $1 3 0 Sept. 1. Steel
a nd Serbian fron ts. A s indicating the financial strain grow­
billets a t P ittsburgh were m arked u p to $ 2 5 per ton from
ing o ut o f the w ar, an incident which produced som e degree




J a n 29 1916.]

THE CHRONICLE

399

$ 2 4 5 0 the previous m on th and $2 3 5 0 Sep t. 1 for Bessem er,
as a moans o f reparation for an international injury is in­
and to $ 2 0 from $ 2 5 and $ 2 4 , respectively, for open hearth herently defective for the purpose; and that in m an y cases
steel.
Copper prices weakened a little on a less active de­ jurisdiction is asserted in violation o f the law of n ation s .’9
m an d , both Lake copper and electrolytic at N e w Y o rk being I t AA'as declared th at “ the U n ited States, therefore, cannot
q u o te d 'a t 17 % c ts ., against 18 cts.
Grain prices tended subm it to the curtailm ent o f its neutral rights b y these m eas­
upw ard, notw ithstanding that all accounts showed th at the ures, Avhich are a d m itted ly retaliatory and therefore illegal,
harvest in the case of practically all the leading cereals would m conception and in nature, and intended to punish the
be of extraordinary proportions.
T h e large w heat m ove­ enemies o f G reat B ritain for alleged illegalities on their p a r t.”
m ent to the primary m arkets at times occasioned weakness;
I ho United States further Avarned G reat B ritain th at “ it
the D ecem ber option at Chicago advanced from 9 4 % O ct. 1 cannot w ith com placence suffer further subordination o f its
t o l $ l 0 9 % O ct. 14, w ith the close O ct. 31 $1 0 1 % .
D e c . rights and interests to the plea that the exceptional goo corn a t C hicago, after declining from 5 5 % cts. O ct. 1 to 53 grapiuc position o f the enemies o f G reat Britain require or
cts. O ct. 4 , advanced to 0 1 % cts. O ct. 10 and closed O ct. 31 ju stify oppressive and illegal practices.”
T h e U nited States
a t 5 7 % cts.
D e c . oats sold up from 3 5 % cts. O ct. 2 to 4 0 %
insisted that the relations between it and G reat B ritain be
cts. O ct. 10, with the close at 3 8 % cts.
C otton fluctuated governed, “ not b y a policy o f expediency, b u t b y those es­
sharply. T h e spot price in N e w Y o rk O ct. 1 was 1 1 .9 0 cts. tablished rules o f international conduct upon which G reat
and O ct. 2 1 1 .8 5 c ts .; on O ct. 4 cam e the G overnm ent report, Britain has in the past held the U nited States to account
m aking the condition Sept. 25 only 0 0 .8 , against 0 9 .2 A u g . 25 Avhon the latter Avas a belligerent engaged in a struggle fo r
and the price ju m ped to 1 2 .5 0 c ts ., w ith a further advance national existence.
T h e note stated that our G overnm ent
O ct. 5 to 1 2 .7 5 c ts .; h eavy liquidation the latter part of the unhesitatingly assum ed tho “ task o f cham pioning the integ­
m on th on a belief that unfavorable conditions had been over­ rity o f noutral rights, and Avould devote its energies to ac­
discounted, caused a break which culm inated on O ct. 28 at com plishing this task.
T en ships flying the A m erican flag
1 1 .8 5 c ts ., b u t the close O ct. 3 0 was at 1 2 .2 5 cts.
Print Avere included in a list o f 47 neutral vessels under suspicion
cloths at F all R iver were m arked up from 3 % cts. to 3 % cts. posted b y the British A d m ira lty on O ct. 2 3 .
I t was stated
O ct. 0 and to 3 % cts. O ct. 9 .
_
_
hoAvover, that a n y ship on the list Avhich established evidence
figrThe tense situation which had developed in the relations showing that it Avas neither controlled b y G erm an capital
between the U n ited States and G erm any as a result of the nor engaged in unneutral service Avould be im m ediately re­
sinking of the Arabic was cleared aw ay on O ct. 5 , when C ount m oved from the list.
FolloAving this action the British G o v ­
von B ern storff, the Germ an A m bassador, sent a letter to ernment b y an O rder-in-Council published in the London
Secretary o f S tate Lansing, in which it was stated that the
Cxazotto o f O ct. 2 5 declared that it w ould no longer be bound
attack of the submarine had been undertaken “ against the by Article 5 7 o f tho D eclaration o f L ondon, Avhich provides
instructions issued to the com m an d er,” and that “ the Im ­ that the neutral o f enem y character o f a m erchant vessel is
perial German G overn m en t regrets and disavows this act and determ ined b y the flag Avhich she is entitled to fly .
In lieu
has notified C om m and er Schneider accordingly.”
T h e letter o f this article, a regulation was substituted b y G reat B ritain,
also said that the orders issued b y the Germ an E m peror to providing th at ships be treated in the same m anner as their
submarine com m anders “ have been m ade so stringent that cargoes, the oAvnership o f tho vessel to be tho test o f its na­
the recurrence of incidents similar to the Arabic case is con­ tion ality. T his rule, which Avas folloAved b y E ngland and
sidered out of the q u estio n .”
T h e C ou n t also stated that his the U nited States before the fram ing o f the D eclaration of
G overnm ent was prepared to pay an indem nity for A m erican L ondon, perm its the condem nation o f a vessel if it is proved
lives lost on the A rab ic, and that he personally was authorized that a subject o f an enem y country has an interest in it
to negotiate with reference to the am ou n t of this indem nity. On O ct. 26 President Poincare o f France also signed a decree
In a no to m ade public b y the State D epartm en t at W ash ing­ providing th at the OAvnership o f a ship was to bo the con­
ton on O ct. 1, Sir Edw ard G rey, the British Foreign M in ister, trolling factor. A d vices Avore received on O ct. 27 from B er­
denied that the British G overn m en t, b y m eans o f its various lin b y the State D epartm en t a t W ash ington to tho effect
orders affecting international com m erce, had been seeking to that on O ct. 21 the G erm an G overnm ent had passed a laAv
ham per Am erican exports to neutral countries and a t the same forbidding G erm an citizens who oAvn or have a share in any
tim e increase British exports to those countries.
T h e note m erchant ship to sell or in a ny Avay dispose o f tho interest
was the outgrow th o f a request m ade to the British Foreign to a ny one not a subject of G erm an y. A conspiracy to bloAv
O ffice by A m bassador Page on June 3 asking that C onsul- up vessels sailing from Am erican ports Avith cargoes o f m u ­
General Skinner in L ondon bo furnished w ith figures showing nitions for the E n ten te countries Avas basis for tho arrest in
British exports o f cocoa.
T h e n ote, after stating that these W eeh aw ken , N . J ., on O ct. 2 4 o f R obert F a y , Avho claim ed
figures had been furnished to M r . Skinner w ent into an elab­ to be an officer in the G erm an a rm y , and W a lte r E . Scholz;
orate analysis of the statistics o f British and Am erican exports subsequently additional arrests Avere m ade in the alleged
o f certain articles and com m odities with a view to refuting conspiracy. T h e U . S . N a v y D epartm en t on O ct. 2 2 m ade
statem ents which Sir E dw ard G rey believed were being circu­ public a list o f officers from tho two G erm an cruisers, K r o n lated in this country b y G erm an agents to the effect that prinz W ilh elm and Prinz E itel Friedrich, intern 3d at N o rfo lk ,
E n glan d was trying to stop A m erican trade w ith neutrals so w ho had broken their parole and had failed to return after
as to securo the trado for herself.
Sir Edw ard sum m ed up leave o f absence.
T h o list included six Avarrant officers from
b y saying that “ everything in the statistics I have quoted tho former vessel and one Lieutenant and two doctors from
tends to show that the m ercantile com m u n ity o f the U nited the latter.
T h e N a v y D epartm en t reported that none o f
States has m ade profits proportionately equal to or greater the enlisted m en o f either ship had escaped. Japan requested
than those of the m ercantile com m u n ity of G reat Britain in China to postpone the project for the re-establishm ent o f
respect to all thoso dem ands which have inevitably arisen in a m onarchial form o f governm ent. T h o Japanese Foreign
Scandinavia and the N etherlands as a consequence of the Office praised tho adm inistration o f President Y u a n S h ih -K a i,
closing of G erm an p o r ts .”
T h e note Avas dated A u g . 13, but b u t expressed solicitude lest the sudden m ove to re-establish
had been transm itted b y m ail instead o f b y cable.
In res- the m onarchy lead to disorders. T h e Chinese G overnm ent
sponse to a question in the H ouse of C om m ons on O ct. 12 was little inclined to heed the request.
Sir EdAvard G rey announced that G reat B ritain had declared
T h e Anglo-F rench L oan for $ 5 9 0 ,0 0 3 ,0 0 3 5 % 5-year bonds
raw cotton , cotton Avaste, and cotton yarn con traband, and Avas carried to com pletion without a hitch.
Subscriptions
th at it was intended also to declare contraband cotton piece to tho underAAr
riting closed a t 10 a . m . O ct. 5 with the loan
goods and other cotton products and to prohibit the exports over-subscribed in a sum estim ated a t between $ 5 0 ,0 0 0 ,0 0 0
to neutral countries contiguous to G erm an y and A ustria of and $ 1 0 0 ,0 0 0 ,0 0 0 .
T h e subscription, it was stated , m ight
goods susceptible of being used in the m anufacture o f explo­ have been closed the previous Saturd ay, but the managers
sives.
T h e U n ited States in a new note to G erm any on the o f the syndicate Avere anxious to give am ple opportunity to
sinking of the Am erican sailing vessel W illiam P . Frye persons from other sections o f the country to participate
agreed, w ithout adm itting that the D eclaration o f London and decided to keep the books open long enough to get re­
Avas in force, to accept th at declaration pending the arbitra­ ports from all parts o f the U nited S tates.
O ne-fifth o f the
tion o f the case “ as the rule governing the conduct o f the entire loan, or $ 1 0 0 ,0 0 0 ,0 0 0 , Avas understood to have been
G erm an G overnm ent in relation to the treatm ent of A m erican subscribed for b y six applicants.
Though the syndicate
vessels carrying cargoes o f absolute con trab an d .”
It was managers declined to disclose the identity of those from w hom
pointed out that this acceptance o f the proposal b y the these applications had com e, it Avas reported that Charles
U nited States was on the distinct understanding that “ the M . ScliAvab, or the Bethlehem Steel C o ., and the du P ont
requirement in Article 5 0 of the D eclaration th at ‘ before the interests Avere am ong the larger subscribers.
One of the six
vessel is destroyed all persons on board m u st be placed in subscriptions Avas for $ 3 5 ,0 0 0 ,0 0 0 , one for $ 2 0 ,0 0 0 ,0 0 0 , one
sa fety ’ is not satisfied b y m erely giving thorn an opportunity for $ 1 5 ,0 0 0 ,0 0 0 and three for $ 1 0 ,0 0 0 ,0 0 0 .
These Avere
to escape in life-b o a ts.”
^
*
underAvriting subscriptions and the syndicate underwrote
O n O ct. 21 Sec. o f State Lansing b y special mossengor the bonds at 9 6 .
Tho public offering Avas n ot m ade until
sont a lengthy n ote, and Avhich had boon in preparation a O ct. 15, after the French and British G overnm ents had both
long tim o, to A m bassador Pago for prosontation to the B rit­ authorized the loan.
T h e signing of the agreem ent took place
ish Foroign Offico, protesting against G reat B ritain ’s inter­ on the m orning o f the same d a y , all the A nglo-F rench C o m ­
ference with com m erce betAveen the U n ited States and E u ­ missioners annexing their signatures and J . P . M organ & C o .
rope. T h e no to was m ade public the folioAving m onth signing as agents for the syndicate m anagers.
T h e under­
(N o v . 7 ) . In sum m arizing his conclusions M r . Lansing gave Avriting Avas b y a country-Avide syndicate com posed of banks,
it as liis belief that “ it has been conclusively shoAvn that the trust com panies and bond houses located in 69 cities o f 28
m ethods sought to bo em ployed b y G roat B ritain to obtain States.
T h e public offering (Avhich comprised only about
and use evidenco o f enem y destination o f cargoes bound half the loan, the other $ 2 5 0 ,0 0 0 ,0 0 0 of the bonds having
for neutral ports, and to impose a contraband character upon been withdrawn from sale b y the syndicate) Avas at 9 8 , but
such cargoes, aro w ithout justification; th at the blockade, practically every one Avho sought permission was allowed to
upon Avhich such m othods aro partly founded, is ineffective, joiu in the syndicate participation, in which event the bonds
illogal and indofonsible; th at the judicial procedure offered could be obtained at 9 6 % — % % being allowed for expenses.




400

THE CHRONICLE

[Vol. 1 2
0.

A t 9 8 the bonds yielded nearly 5 3 ^ % and at 9 6 K over o % % . officials a t U n ited States points o f exportation woro in­
T h e bonds are convertible at the option of the holder on any structed to give permission for shipm ents o f arm s to all ports
date not later than April 15 1 9 20 , or at m atu rity par for par under tho control o f the Carranza G ov ern m en t, while tho
into 15-25-year 4 3 ^ % bonds. W ith the exception of one ombargo was p u t in force against such border ports as re­
T h o lattor kept up warfare
English m em ber and one French m em ber, all of the A n g lo - m ained under General V illa .
b u t now hold control only o f parts o f N orthorn M oxico and
French C om m issioners sailed for hom e O ct. 15. Lord H eading
there his control was steadily being weakened under succes­
announced before sailing th at a further credit would probably
sive defeats and continual desertions from his ranks. Ono
be sought in this country in the near future.
It was well
feature was occasional clashes w ith A m erican citizons and
known here th at this would be a pure banking transaction
shooting across tho A m erican border was a froquont occur­
and that no public subscriptions were con tem plated ,
in e
.
public offerings of the bonds provided th at paym en t nnglit rence.
Som e com m otion was caused b y tho news that the A m eri­
be m ade either in full on O ct. 2 9 , or at the option of the p u ican steamship H ocking and the D u tch steamer H am b orn ,
chaser 5 0 % on O ct. 2 9 and the remainder on D e c . 3 .
A first
b oth outw ard bound from N e w Y o r k , had been seized b y
installm ent for 1 5 % o f the syndicate subscriptions was called
British warships and taken to H alifax in charge of prize crews,
for paym en t N o v . 15.
T h e terms of the agreement provided
the vessels arriving at that port on O ct. 3 1 .
T h e H ock in g,
that subscribing banks m igh t retain the am ou n t of their sub­
which was bound for N o rfo lk , was form erly the Danish
scriptions as special deposits, crediting the sam e to the joint
steam er G ronland, b u t had changed to A m erican registry and
account of the two G overn m en ts and paying 2 % thereon until
was flying the A m erican flag .
She was one of the ships which
called for. W h e n called for, the funds had to be deposited
the B ritish G overnm ent had placed on a blacklist. T h o H a m w ith the N a tion a l C ity B a n k of N . Y . , there to be drawn upon
b v the m em bers of the A n glo-F ren ch C om m ission remaining born sailed from N e w Y o rk with a general cargo for C aibarien,
C u b a , and was seized b y a British cruiser when 85 miles from
in this cou n try.
K u h n , L oeb & C o . decided n ot to partici­
N e w Y o r k . T h e State D epartm ent at W ash ington asked the
p ate in the loan , the senior m em ber of the firm , Jacob H .
British Foreign Office for an explanation of the reasons for
Sehiff saying: “ W it h differing sym pathies on the part ot
the seizure of the H ock ing.
G reat B ritain replied tho next
the individual m em bers of our firm w e decided at the o ut­
m on th that she had been seized as being o f enem y ownership.
break of the war to refrain from financing public loans lor
It also appeared that a British prize crew had gone aboard
a ny of the G overn m en ts of the belligerent nations.
C on ­
the A m erican oil tank steam er L lam a, which had stranded
cerning the present A n glo-F ren ch dollar loan w e have ielt
O ct. 31 on the coast o f Scotland.
T h e State D epartm ent on
th at as A m erican bankers w e should assist in w hat we behove
O ct. 29 m ade public a m em orandum from tho G erm an G o v ­
will result in prom oting the interset of the country s com ­
ernm ent, written under date o f Sept. 9 , explaining the sub­
merce and industries, but it n ot having been found practicable
m arine a ttack the previous July on the Cunard liner, O rduna.
to give any actual assurances that the G overnm ent of Russia
T h e note stated that the steamer had been proceeding with­
— against whose inhum anity the members of our firm have
out a ny flag or neutral m arkings and had been takon for a
ever raised their voices— is n ot to derive benefit lro m th e
sm all enem y steam er.
I t was also stated that the attack on
funds th at are to be raised through the A n glo-F ren ch loan,
the Orduna b y a torpedo had not been in accordance with tho
I have felt constrained to ad vise^m y firm to refrain trom
instructions which provided that largo passenger steamers
becom ing participants in the lo a n .”
only were to be torpedoed after previous warning and after
J. P . M o rga n & C o . received on O ct. 19 another large
the rescue o f passengers and crew. A repetition of the m is­
consignm ent of gold from G reat Britain b y w a y of C an a d a ,
consisting of $ 2 5 ,0 0 0 ,0 0 0 in English sovereigns, this being tak e, it w as declared, appeared to be out of tho question, in
the fourth of a series of shipm ents sent to the M o rga n firm view of the m ore explicit instructions issued in the m oantim e.
from G reat B ritain since the previous A u g . 1. T h e first I t was also stated that the sam e submarine had halted the
consignm ent arrived in this city on A u g . 11 and consisted A m erican bark N orm an d ie, and that “ although tho cargo
o f $ 1 9 ,5 3 4 ,2 0 0 in gold , and securities estim ated a t over contained contraband, the sailing vessel was perm itted to
$ 3 0 0 0 0 0 0 0 . T h e second shipm ent was received A u g . 29 continue her voyage unhindered, as it was im possible to guar­
and was m ade up o f $ 1 9 ,5 0 0 ,0 0 0 in gold and abou t $ 3 5 ,0 0 0 ,­ antee that the crew would surely bo rescued in the small boats
A significant fact rovealed b y the
0 0 0 in securities. T h e third shipm ent arrived hero Sep t. 8 if the ship w as su n k .”
and consisted o f $ 1 9 ,4 6 6 ,0 0 0 in g o ld a n d of securities estim ated G erm an note was th a t, early in J u ly, more than a m onth be­
S t between $ 1 5 ,0 0 0 ,0 0 0 and $ 3 0 ,0 0 0 ,0 0 0 .
T h e fourth con­ fore the a ttack on the A rab ic, Germ an submarine com m an­
ders had received instructions n ot to sink “ largo passenger
signm en t, it was understood, w as unaccom panied b y securi­
steam ers” without w arning. A nnouncem ent was m ade
ties
O n O ct. 27 the M o rg a n firm received another $ 5 ,­
O ct. 3 0 that U . S. naval experts who had oxamined the piece
0 0 0 0 0 0 in gold from G reat Britain b y w a y o f C an a d a ,
it
of m etal supposed to have been picked up on tho deck of the
becam e kn ow n , h ow ever, th at the B an k of E ngland and largo
Hesperian before she sank, asserted th at the fragm ent was
English banks generally were strongly discountenancing
part of a torpedo. A s the A m erican G overn m en t, how ever,
withdraw als o f gold in connection w ith individual oxchange
had no evidence to prove that the fragm ent had actually com e
transactions or for private purposes, the E nglish authorities
from the deck o f the H esperian, it was stated that it was un­
taking a stand in the m atter that fell short only o f an actual
likely that the m atter w ould be the subject of further contro­
em bargo on private exports o f tho m etal. T o facilitate
.
,
tem porary borrowing b y the British G overn m en t and to v ersy.
A harrowing incident growing out o f tho Avar w a s the con­
tem p t purchases o f British treasury bills b y investors and
dem nation and execution b y the G erm an m ilitary in Belgium
financial institutions the rates in these bills were advanced
of M iss E d ith C a v e ll, an English nurso and head of a training
from the figure o f 4 3 /6 % which had previously been current,
school in Brussels, for her action in aiding E nglish, French and
to 5 % for bills running for one year, 4 J ^ % for 9 m on th s and
Belgian soldiers to escape from B elgium .
Tho truth of tho
4 M % for 6 m on th s.
.
A anf 1
charge was not disputed, but tho soverity of the punishm ent
A n issue o f $ 2 5 ,0 0 0 ,0 0 0 Italian G overn m en t 6 % 1-year
in tho case of a w om an of such noblo attributes and avIio had
gold notes w as m ade here, the notes being offered for public
given freely of her services to wounded G erm an soldiors ex­
subscription a t par, tho proceeds to bo used to moot expendi­
cited tho execration of the entiro civilized world.
tures for m erchandise and com m odities purchased by tho
Secy, o f tho T rea s. M c A d o o announced O ct. 6 th at he
Italian G overn m en t in this cou n try.
A d vices from V ienna
w ould recom m end to Congress that tho Em orgoncy Rovonuo
stated th at subscription lists for the third A ustrian war loan
A c t be extonded until peaco Avas rostored in Europe and also
had been opened on O ct. 7 and would rem ain open until
that tho oxisting duties on sugar bo retained for sovoral yearf
N ov. 6.
T h o price was fixed a t 9 3 .6 0 , the loan w as to bear
instead of being abolished as provided m tho ta r iff A c t os
5]4 % interest and to m ature in 1 9 30 , paym en ts wore to bo 1913 Sugar prices advanced, granulated boing m arked up
1 0 % a t the tim e o f subscription, 2 0 % on D e c . 6 , 2 0 /o on
from 4 .9 0 c . por lb . to 5 .2 5 c ., and in succeeding m on th s ad­
Jan. 5 , 2 5 % on F e b . 5 and tho remainder on M a rch 5 .
vanced still further, boing quoted D o c . 31 a t 5 .9 5 c .
T he
G erm an banks offered tho now issue a t 9 0 to holdors of tho
Federal Rosorvo B oard on O ct. 12 ruled against a proposal
first and second loan s. T h e result in G erm an y was subscrip­
for tho establishm ent o f joint agoncies of tho Foderal llesorvo
tions b y 3 ,5 5 1 ,7 4 6 persons for $ 3 ,0 2 5 ,2 5 0 ,0 0 0 . T h o N ation a l
banks in Central and South A m erica. T ho suggestion had
C ity B an k o f N ew Y o rk was notified b y the French G o v t,
como from Secretary M c A d o o a i d had been approved b y
th at tho $ 1 0 ,0 0 0 ,0 0 0 1 -y r. 5 % notes placed here a t 9 9 >2 in
President W ilso n in a lotter to tho Socrotary. T h e Rosorvo
1914 w ould be paid a t m atu rity on N o v . 4 .
T h e French
B oard took tho vieAV that Federal Rosorvo banks— boing tho
m oratorium was prolonged to the end o f tho yoar. A tele­
custodians of tho reservo m onoy o f tho m em bor banks—
gram from V ienna to A m sterd am stated th at tho official
should not be perm itted to do pioneer Avork in L a tm -A m o riorgan o f tho A u strian G overn m en t had reported th at the
can countries, granting credit facilities th at would lead to a
m oratorium for paym en ts in foroign countries had boon again
lock-up o f rosorvo m onoy in loans Avhich, in m ost of the c-tsos,
prolonged for four m on th s. T h o situation in M oxico began
Avould bo subjoct to Avido fluctuations o f foroign oxchango. It
to clear u p . A t a conference of L a tin -A m erican envoys
was pointed out that tho policy pursuod for generations by tho
held a t W a sh in g ton on O ct. 9 a unanim ous decision was
largo G overnm ent banks o f Europo has boon n ot to go into
reached th at tho Carranza faction bo recognized as the do
foreign fields oxcept that these banks hold, as secondary re­
facto G overn m en t o f M e x ic o .
On O ct. 19 tho Carranza
serves, foreign bills on tho m ost im portant European coun­
G overn m en t was form ally recognized as such do facto govern­
tries Avliere largo discount m arkets oxist and Avhero the gold
m en t b y the U n ited S ta tes, A rgen tin a, B razil, C hilo, B o liv a ,
standard is established beyond question.
Com ptroller of tho
U ru g u ay and G u atem ala. T h o action follow ed the tilth
Currency John Skelton W illia m s, in his cam paign against
and final session o f the Latin -A m erican conferees m the
high interest rates, addrossed a lotter to tho institutions under
office of tho Secretary of State in W a sh in g ton .
T o assist
his jurisdiction calling atten tion to tho oath Avhich the direc­
General Carranza in suppressing arm ed opposition I resi­
tors are required to tak e, binding them n ot to com m it any vio­
dent W ilso n issued a proclam ation announcing the ro-im lations of tho provisions of the N ation al B an k A c t .
Ho re­
position o f the em bargo on the exportation o f arm s to M o xico .
ferred particularly to tho section lim iting tho chargo of inter­
T h e President in a supplem ental ordor, how ever, m ado an
est to tho m axim um rate allowed b y tho S ta te . T h o banks
exception in favor o f Carranza, and T reasury D epartm en t




Jan . 29 1916.]

THE CHRONICLE

401

were directed to read the letter a t the next m eeting o f their
im posing a tax of 2 % % on the m arket valu e o f every ton
directors and to see to it th at a copy o f it bo sent to a n y absent
ot anthracite coal prepared for m arket in th at S tate was de­
m em ber. E vidence th at these instructions had been ob ­
clared unconstitutional for “ inequality o f taxation” b y the
served was required to be supplied to the C om ptroller’s office
S ta te Surem e C ourt in a decision handed down in Pittsburgh
n ot later than D e c . 2 0 . T h e Com ptroller’s action was the
on U ct. 2 8 . A n ticip ating such a decision, how ever, a new
outcom e o f an investigation which ho had m ad e follow ing
m easure intended to obviate th e objections to the 1913 law
criticisms o f the action of tho Treasury D ep artm en t and the
had been passed b y the 1915 legislature.
Federal R eserve B oard in undertaking to proscribe tho m axi­
Railroad Events and Stock Exchange Matters.— T h e specula­
m u m rato o f interest on loans to m em b er banks who obtained
tive m am a on the S tock Exchange continued unabated, and
rediscounts from the Federal Reserve banks in the South
atter som e halt a t the beginning o f the m on th , further start­
which had been put in position to m ake such rediscounts b y
ling advances m the war stocks were recorded.
One stock
the placing w ith them of special G overn m en t deposits o f
after another was again taken in hand and raised to previouslv$ 5 ,0 0 0 ,0 0 0 each.
T h e results o f th at investigation were dis­
undream ed-of heights.
T here was such an utter lack of re­
closed in an address m ade b y the C om ptroller before the K e n ­
straint m the w ay prices were shoved forward and purchasing
tu ck y B an kers’ Association on O ct. 6 . T h e Com ptroller
orders were continued w ith such reckless abandon after each
cited numerous instances o f alleged charges of usurious inter­
new prodigious further a d va n ce, th at a decided feeling o f un­
est rates. H o asserted th at the practice was particularly
easiness developed in conservative circles and banks began to
prevalent in the country districts and he painted lurid pic­
take additional precautions in loaning u pon these shares. A s
tures of the suffering and hardship thereby inflicted upon
it H appened, to o , peace rum ors got currency. T h e result was
needy individuals. A m o n g other things he said: “ B u t the
that a sharp reaction in these war stocks ensued the latter part
real bru tality and horror o f it develop in tho m ore rem ote dis­
o f the m o n th , w ith the fluctuations even wider and m ore
tricts, in sm all com m unities o f agricultural districts, having
th a MtlieJ , ad been before- A w holly new feature was
l
b u t one ban k , or in which tw o or three banks com bine to
th at the railroad shares were also taken in hand and advanced
m aintain rates on m o n e y .
* *
*
H ere in tho country
but w ithm m ore m oderate lim its.
T h is was evid en tlv to
w e find bankers, m en in a business th at should be the m ost
m eet the criticism that there was palpable evidence o f m an ip respectable, as it is tho m ost responsible, o f all secular avoca­
^ 3 0n m the extraordinary a ctivity o f the m anufacturing
tions, literally crushing the faces o f their neighbors, deliber­
\ n e ^ • r lIr0ai? shares w ?re in Iar£e part being ne­
^
a tely fastening thoir fangs in the very heart o f p o v e rty .” H e S e c S d
g lected.
In addition, how ever, there was reason now for
asserted th at ho had sworn reports in his office going to show
f ™ . " upon railroad securities with favor in the circum stance
th at m a n y banks charged all the w a y from 2 0 0 % to 2 ,0 0 0 %
that the carriers were a t last beginning to reflect the presence
per an n u m .
I t appeared, how ever, that theso were all small
ot trade a ctivity m larger earnings. A ccord in gly, it h ap ­
loans for short poriods and were m ostly cases closely akin to
pened th at even at the beginning o f the m on th a substantial
paw n-brokerage, where the circumstances were such as not to all-around rise in the railroad stocks was registered w ith som e
a d m it o f the charging o f ordinary interest rates.
T h e m ost very notew orthy advances m special properties.
T h e latter
glaring instance o f all m entioned b y tho C om ptroller was dis­ part ot the m onth the upw ard m ovem ent in this class o f shares
tin ctly o f a pawn-brokerage variety, being the case “ o f a loan was carried still further and the speculation in them was also
b y a national bank o f $3 5 0 to a w om an for 6 days w ith an
used to m oderate the results of the fall, which then occurred
intorost chargo o f $ 1 , which figures out about 6 % a d a y , or
m the industrial list. A conspicuous indication o f this was
2 ,4 0 0 % por a n n u m .”
Indictm ents charging perjury in con­
furnished on T h u rsd a y , O ct. 2 8 . A great decline had been in
nection w ith tho proceedings brought b y the R iggs N ation al
progress for two or three days in the war stock s and the m ar­
B an k o f W ash in g ton , D . C ., against the Treasury officials
ket began to wear a panicky aspect.
It w as, apparentlv
were returned b y the G rand Jury in W a sh in gton on O ct. 1
recognized b y the powerful interests behind the speculation
against Charles C . G lov er, Pros, o f tho ban k ; W illiam s J
that this m ight have serious consequences if not checked be­
F lath er, V ice-P ros., and H . H . F lather, C ashier. T h e indict­
fore the end of the d a y .
A ccord in gly, in the last hour of that
m ents charged perjury in m aking an a ffid av it saying tho
d ay— from 2 p . m . to 3 p . m .— attention was concentrated on
bank had nevor engaged in stock m arket transactions and
the railroad stocks, and rapid advances established in them
had had no dealings w ith the stock-brokerage firm of Lewis
Erie com . was sent up from 3 9 % to 4 3 % , K an sas C ity S o u '
Johnson & C o ., which failed in N o v . 19 14 .
T here were fail­
com . from 3 0 % to 3 2 % , N o r . P a c. from 1 1 1 % to 1 1 3 % ,
ures in B u ffalo, N . Y . , o f stock-brokerage firm s— J. L . H o l­
R eading com . half shares from 7 9 % to 8 2 (equal on a percent­
land & C o . and Paul Lam bert & C o .— alleged b y tho N . Y .
age basis to a rise from 159 to 1 6 4 ), Lehigh V a lle y , also a half
Stock Exchange to bo bucket-shops and having extensive
^ 0 (or on a percentage basis from 155 to
wire connections, w ith branches all over the U n ited States
C a n . P a c. from 1 7 3 % to 17 6, G t . N o r . from 1 2 1 % to
and C an a d a . Paul Lam bort & C o . w as said to be the regis­
123 % , L . & N . from 1 2 5 % to 128, & c ., & c.
On the 2 9 th the
tered nam o for H en ry C . T u ck er, who had somo tim e before
railroad shares were pushed still higher— C an . P a c ., for exam ­
securod a tem porary injunction restraining the W estern U nion
p le, at one tim e touching 1 8 5 % — and w ith the denial the
'l cleg. C o . and tho G old & Stock T eleg . C o . from shutting off
night before b y L lo yd G eorge in the H ouse o f C om m ons that
ticker sorvico w ith tho N . Y . Stock E xchange, tho Exchange
having refused to approve the applications o f these brokers peace negotiations were being considered, or would even be
entertained - the war stocks regained som e of their form er
for ticker service.
vigor.
On the 30 th (the 31 st was Sunday) the railroad shares
T h e C otton Futures A c t regulating dealings in cotton
advanced y et further, while the industrial list was irregular
futures and com pelling the use o f G overn m en t standards o f
and m some instances w eak and lower.
grades was declared unconstitutional b y Judge Charles M .
H ou gh o f the U . S . D istrict C ourt in this C ity on O ct. 13
S tock F lu c tu a tio n s .
O c t. 1.
O ct. 30.
R ange f o r M o n th .
on the ground that the measure originated in the Senate
Railroads—
whereas the Federal constitution provides th at all measures
Low .
H ig h .
' Atch Top & Santa Fe.
1034
1084
103 4 Oct
1 0 8 X Oct 30
for raising revenue m u st originate in the H ou se o f R (
■ Baltimore & Ohio___
874
87 4 O c t
9 44
94 X Oct 29
, Canadian Pacific____
sentatives. A n appeal was taken to the U . S . Sup
160
1834
155 4 Oct
1 8 5 X Oct 29
Chesapeake & Ohio. . .
504
50 4 Oct
6 24
62 X Oct 30
C ou rt.
T h e N . Y . C otton Exchange on O ct. 2 7 b y a
l Chic Milw & St Paul..
87
86 Oct
944
95 Oct 30
Erie________________
of 119 to 4 0 adopted an am endm ent to the b y-law s restrii____
324
424
314 Oct
4 4 X Oct 29
Great Northern, pref.
1194
1254
1184 Oct
1 2 5 X Oct 30
the privileges of alien m em bers.
T h e am endm ent provides; Louisville & Nashville.
*120 1 2 2 4
129
1214 Oct
1 3 0 X O c t 29
that no m em ber elected after N o v . 1 1915 shall while an N Y Cent & Hud River
98
>103
964 Oct
J 1 0 3 X Oct 30
& Hartford..
69
824
68 Oct
89 Oct 11
alien bo entitled to vote a t a n y m eeting or election of the N Y N H& Western__
Norfolk
114
1194
113 Oct
1 1 9 % Oct 30
Exch an ge or be eligible to serve as an officer or manager of Northern Pacific____
1104
>1154
1094 Oct
j l 1 5 % O c t 30
V56X
y604
t/56%, Oct
the Exchange or m ake a n y contract on the Exchange or per­ Pennsylvania (par $50)
2, v 6 0 % Oct 30
Reading Co (par$50). .
yj?3
V76X
y754 Oct 6 1/J84X Oct 29
m it a n y contract m ade on the Exchange to be signed b y a Southern Pacific C o ..
934
1014
92 4 Oct
102 Oct 30
nrm o f which he is a partner unless a t least one other partner Southern Railway___
1 84
254
184 Oct
25% Oct 30
Union Pacific________
133
1384
1314 Oct
1 3 9 % Oct 30
ot such firm is either a m em ber o f the E xch an ge elected
Industrial, & c.—
prior to N o v . 1 1915 or a m em ber of the E xchange who is a Allis Chalmers M fg__
47
43
40 % Oct
4 9 % Oct
Preferred................
76
74
714 Oct
76 % O c t
citizen o f the U nited S tates. A plan prepared b y John D . Amer Agricul Chem ..
6 44
644 Oct
714
O c t 23
Rockeieller, J r., designed to prom ote industrial peace in the Amer Beet Sugar____
674
61 Oct
664
68 % Oct
Amer C a n ..................
62
6 44
59 Oct
Colorado mining districts was subm itted to officers and
68 X Oct 4
Amer Car & Foundry.
824
874
764 Oct
98 Oct 4
em ployees of tho C o l. Fuel & Iron C o . at Pueblo on O ct 2
Amer Coal Products..
153
*> 150
1534 >150 Oct
168 Oct 14
694
T h e plan was the result o f a tour of inspection of the mining Amer Locomotive___
704
59 4 Oct
74 X O c t 2 3
Amer Smelt & Refg__
8 64
934
83 M Oct
95.4 Oct 18
cam ps undertaken the previous m on th b y M r . Rockefeller Amer Woolen________
544
534
48 Oct
57.4 Oct 20
who for the tim e being had becom e one of the miners living AnacondaCop (par$50)
$744
J t 8 24
$70 % Oct
>$834 Oct 30
Baldwin Locomotive..
132
102 Oct
1344
1544 Oct 23
and working w ith them in order th at he m ight understand Bethlehem Steel Corp.
364
362 Oct
5244
600 Oct 22
the problem from their view point. A com m ittee o f the Central Leather______
524
50 % Oct
594
594 Oct 25
Colorado Fuel < Iron.'
fe
62
5 74
5 0 X Oct
644 Oct 1
U n ited M in e W orkers of Am erica issued a statem ent O ct 3 Continental Can____
9 94
1194
95 4 Oct
127 Oct 5
indicating disapproval of the plan bu t it was accepted b y Cuban-Amer Sugar__
118
1184
112 Oct
122 Oct 18
Chemical___
290
345
290 Oct
360 Oct 8
the directors o f tho com pany and approved at a m eeting of General Motors_____
General
321
394
320 Oct
395 Oct 30
m ine officers and subsequently a t a referendum v ote o f&
the ' Goodrich (B F ) ..........
7 84
72 Oct
7 64
804 Oct 14
Insp Con Cop (par $20)
$444
$46
$41 X Oct
$474 Oct 7
miners them selves. John R . L aw son, tho Colorado strike Lackawanna Steel___
90
84
77 X Oct
914 Oct 1
leader, who had been convicted of murder in connection with Maxwell Motor______
53
834
5 2 X Oct
92 Oct 26
734
724
65 Oct
the Colorado coal strikes was adm itted to bail O c t .7 in the Pressed Steel Car____
784 Oct 4
Railway Steel Spring..
54
44 X Oct
4 94
54 Oct 1
sum o f $ 3 5 ,0 0 0 b y tho State Supreme C o u rt. B efore ad­ Republic Iron & Steel.
54
544
4 8 X Oct
564 Oct 19
Studebaker Corp (The)
142
172
136 Oct
m ittin g Lawson to bail the Colorado Supremo C ou rt had on
195 Oct 22
Texas Co (The)_____
169
160 Oct
1704
1724 Oct 2
A u g - 17 issued a writ prohibiting Judge G ran by HiUver of U S Indus Alcohol___
119
934
92 Oct
128 Oct 23
U S Rubber_________
56
tho D istrict C ourt a t Trinidad from acting in the coal
544
5 2 X Oct
564 Oct 27
United States Steel_
_
7 94
874
76 X Oct
884 Oct 30
strikers cases, he having formerly been an attorney for C olo­ Western Union Teleg.
81
774
75 X Oct
81 Oct 29
rado coal m ine owners and being charged w ith prejudice
> Quoted ex-dlvldend during the month and
against the strikers. T h e Pennsylvania law passed in 1913 price; no sale, g Quoted $ per share beginning prior to this date. * Bid and asked
October




402

THE CHRONICLE

[Vol . 102.

M o re than 1 0 0 ,0 0 0 , alm ost half the entire Sorbain fighting
forces, have been taken prisoners.
T heir losses in battle
and b y desertions cannot be estim ated .
G u n s, including
h eavy artillery, and an incalculable qu an tity of m aterial of
all kinds, have been captured.
T h e G erm an losses, however
deplorable, have been extrem ely m od erate, and our troops
have not suffered from d isease.”
T h e next day Berlin M ili­
tary H eadquarters reported the capture o f niore Serbian
prisoners, and added to the previous statem ent the lurcher
inform ation that up to date the total num ber of cannon ta.ven
from the Serbians had reached 5 0 2 , m an y of the guns being
of h eavy caliber. W h ile tho G erm ans had been pushing
steadily south, the Bulgarians continued their cam paign
from the east and were successful everyw here, ap p a ren tly ,
except in the south and where they cam e in conflict w ith the
Foreign Exchange, Silver, cfcc.— T h e foreign exchange m ar­ French forces. A t the end of the m on th M o n a stir, though
ket proved a d isappoin tm ent.
I t had been ^ S ^ O O O ^ O O
not y e t occupied b y th em , w as within their control, they h av ­
as a result of the successful conclusion o f the §e0,),(K)(),()(K)
in g,"on Saturd ay, N o v . 2 7 , crossed the river Carassou to the
A n glo-F ren ch loan , exchange at least for a tim e would be de­ north of M o n a stir.
Large num bers of Serbians sought refuge
cidedly firm er.
In stead , rates show ed a renewed tendency in M ontenegro and in A lban ia.
T h o A ustrians at the end
to collapse.
B u t as the au tu m n is alw ays a period of large of the m on th , in dealing w ith the M ontenegrins, crossed the
e x p o r t s a n d now the outw ard m ovem en t was being increased
frontier of the latter.
U nder date of N o v . 2 9 a statem ent
byPthe shipm ents of war m aterials and
was given out b y wireless from Berlin saying that after the
niit of the war the trade balance in favor of the U nited sta te s term ination of the operations against the Serbian m am arm y ,
?or O ctober R each ed * 1 7 8 ,8 5 7 ,5 5 2 .
T h u s it
obvious tho A ustro-H ungarian offensive against M ontenegro started
t h n t bankimr credits of large am ou n t w ould have to be estab
w ith tho whole of the A u stro-H ungarian force.
T h e first
l ^ e d t o e fn a d d W o n to the huge credit obtam e d through
offensive begun som e tim e before, had only been intended to
the A n glo-F ren ch loan , and as m atter of fact th o A nglo- im pede the M ontenegrins from participating in the operations
French C om m issioners them selves had given a hint that this
in the S a n ja k . A fte r having obtained this resu lt, the goneral
w as in prospect before their d p a r t u r e f or Europe
O n O ctl
offensive against M on ten egro had now begun. A s the north­
dem and sterling was quoted at 4 7 2 % @ 4 7 2 % .
15y u c t . w est frontier w as a natural fortress, the a ttack w ould be di­
2 7 the price had got down to 4 6 0 % @ 4 6 1 M , notw ithstand­ rected from the S a n ja k . T h e A ustro-H ungarians already
ing large sales here of A m erican railw ay securities for foreign had passed tho L im R ive r.
T h e capture of Prisrend, in
account induced b y the advance on the Stock E xchange. W e ste rn Serbia, near the Albanian border, b y the Bulgarians
T h is decline in sterling in turn afforded additional encour­ took place N o v . 2 8 .
T h e Bulgarians after the large batches
agem ent for foreign selling, inasm uch as a given am ount o f prisoners previously captured were stated ^ . b a v o taken
realized here in dollars w ou ld ,u n d er the drop in exchange, betw een 1 6 ,0 0 0 and 1 7 ,0 0 0 m ore, together w ith 5 0 field cannon
yield a correspondingly larger sum in pounds sterling,
i n e and how itzers, 2 0 ,0 0 0 rifles, 148 autom obiles and a large
latter part o f the m o n th , accordingly, exchange recovered; am ount o f war m aterial.
T h e attitu d e o f Greece caused
O ct. 29 dem and bids sold a t 4 6 4 % @ 4 6 5 % , w ith the close great perturbation all through the m on th and there were also
O ct. 3 0 4 6 2 % @ 4 6 4 % .
G old im ports into the U nited some apprehensions concerning the probable course ot
States were prodigious, reaching $ 7 9 ,6 6 9 ,3 5 9 . T h e B an k of R u m an ia.
T h e Russians were reported as .^ v i n g m assed
E n g lan d , b y reason o f its continued exports o f the m etal, an a rm y of 2 5 0 ,0 0 0 to 3 0 0 ,0 0 0 m en to deal w ith Rumaniakor
differed further h eavy reduction of its bullion holdings.
to invade B ulgaria. A s concerns G reece, V em zelos on N o v .4
O pen m arket dTscountsy O ct. 3 0 were 4 % @ 4 % for short bills
exercised his power in tho C ham ber o f D eputies to deteat
and 4 % (a )4 15 -1 6 for long bills.
T here were no open m arket the Zaim is M in istr y , which a t once tendered its resignation.
rates from the C on tin en tal centers. Silver in London ad­
On N o v 10 K in g Constantine issued a decree dissolving tho
vanced still fu rth er, gettin g u p to 2 4 % d ., w ith the close C ham ber o f D ep u ties, ju st tho thing the Venizolos party
O ct. 3 0 2 4 l-1 6 d .
did n ot desire, and fixing the new election for D e c . 19.
1 he
decree was regarded as extra-constitutional b y the K ing s
M O N T H OF NO V E MB E R .
opponents, it being contended th at the G overnm ent had no
Current Events.— A s the result of a further extension of right to call an election while the arm y was m obilized, owing
business a c tiv ity , a freight blockade on the trunk lines to the to the im possibility of the soldiers casting their votes
P end­
seaboard developed. T h is was caused, h o w o v e r n o t a l o n e ing the holding o f tho elections, a new C abinet under Premier
b y the m agnitude o f the freight m o v em en t, b u t b y the fact Skouloudis w as constituted on N o v . 7 and he a t once gave
that the shipm ents were in great part for export in connec­ form al assurance o f “ very benevolent neutrality tow ard the
tion w ith the war in E u rop e, a n d , ow ing to the scarcity or Fnfp nte P ow ers.
In a telegram to tho French fo r e ig n M in ­
steam ships, ocean freight room was n ot available in surri- ister the Prem ier announced that the “ new C abinet accepts
cient qu an tity to take care of the shipm ents, w ith the effect as its ow n the declarations o f former Premier Zaim is regard­
o f causing great congestion a t all the railroad term inals.
In
ing the friendly attitu d e o f the R o ya l G overnm ent as to the
the war arena, the feature was the vigorous prosecution b y
A llied troops a t Salon ik i.”
Field M a rsha ll Earl K itchener
G erm a n y, B ulgaria and A u stria o f their B alkan cam paign
British Secretary o f W a r , w ho on N o v . 6 had unexpectedly
and the inability of the E n ten te countries to interpose any
been sent on a m ission to the Eastern war arena, m ad e a
effective obstacles to the onward m ov em en t.
T h e British
visit to Greece and had an interview w ith the K in g and some
and the French continued to land troops a t Salonika, from
o f the G overnm ent officials and m ilitary authorities,
lo
whence they were sent into the southern part of Serbia, and
bring pressure to bear upon the G reeks, a com m ercial block­
though this force was n o t sufficient to overcom e the invaders,
ade o f Greece w as threatened.
L ater, how ever it w as de­
it is significant th at only in southern Serbia did the Bulgar­
clared th at instead o f declaring a general blockade o f the
ians and Austrians fail to overw helm the Serbian a rm y . G reek ports, tho E ntente Powers h ad , according to a state­
T h e invaders took one strong point after another, despite m ent issued b y the British Foreign Office on N o v . 2 3 , w ith­
obstinate resistance, capturing large num bers o f Serbian draw n, or threatened to withdraw the special privileges
prisoners and also num erous guns and extensive suppiies of w hich G reek com m erce had enjoyed since the outbreak of
am m u n ition .
On N o v . 2 8 the G erm an General S ta ff gave the w ar, such as permission to draw her supplies
coal from
o ut an official statem en t announcing the close o f the Serbian W e lsh collieries and to take other com m odities, the export
cam paign as far as the Serbians were concerned.
I he state­ o f which w as perm itted only to certain countries.
On N o v m en t said: “ W it h the flight o f the scan ty rem ains o f the Ser­ 2 4 tho E n ten te Powers were understood to have presented
bian arm y into the A lban ian m ou n tain s, our great opera­ a collective note to Prem ier Skouloudis, dem anding freedom
tions against the sam e are brought to a close, our object of o f m ovem en t for their forces in M aced on ia w ithout interpo­
effecting com m unications w ith Bulgaria and the 1 urkisn
sition o f obstacles o f any kind. A dispatch on N o v . 3 0 from
E m pire having been accom plish ed .”
T h e statem en t further
the A th en s correspondent o f R euter s Telegram C o . stated
said: “ T h e m ovem en ts of the arm y of Field M arshal von
that tho basis o f G reece’ s reply w as a neutrality which would
M ack en sen ; the operations of the A u stro-H u n garian arm y
continue benevolent to the E ntente as long as the sover­
under G en . K o e v e ss, which was reinforced b y G erm an troops,
eign rights o f Greece were n ot infringed and no restric­
against the D rin a and the Save; the operations of the arm y
tions o f a m ilitary character were im posed.
under G en . von G allw itz against the D an u b e near Sem endria
In the British Parliam ent the p olicy that had been pursued
and R am basias, were com m enced on O ct. 6 , and tho advance in the cam paign against the Dardanelles and tow ards tho
o f the arm y under G en . B oy ad jieff (Bulgarian) against the B alkan couStrfos w S the subject o f frank d =
.on on th e
N eg otin -P irot line, began O ct. 14.
T h e sam e day a second part o f the English G overnm ent.
Premier A squ ith having
Bulgarian arm y under G en . T h eodoroff also com m enced recovered from his previous indisposition, addressed the H ouse
operations in the direction o f Skoplje and V eles.
Since then of C om m o ns on N o v . 2 and presented a c0™ P^ehensivesurvey
our troops h ave accom plished quickly and sm oothly the of tho plan underlying the m ilitary operations.
H e accoptod
form idable undertaking of crossing the D an u b e in the face his full share of responsibility for tho first attack on the D ar­
of the en em y , im peded, m oreover, b y the u n tim ely Ivossovo danelles which resulted in failure w ith the loss of several capi­
assau lt, and have captured the enem y frontier fortresses at tal ships. T h is a tta ck , ho explained, w as m ade aftor full l nB elgrad e, a t the taking of which the A u stro-H ungarian vestigation and consultation with naval experts. I t was sanc­
E igh th A r m y C orps, w ith the Brandenburg R eserves, es­ tioned b y the G ov ern m en t, notw ithstanding som e doubts in
pecially distinguished them selves. Zaiecar, K a ja z ev a c and tho m ind of its principal naval adviser, Baron lusher (then
Pirot fell into the hands o f the Bulgarians.
In addition to First Sea L o r d ). “ T h e proposed a ttack was carefully consid­
this, our troops h ave com pletely broken the tough resistance ered ” he said.
“ I t was approved b y the 1 rencli and enthusi­
o f an enem y w h o , in addition to being supported b y the na­
astically received b y the Grand D u k e .
The m atter cam e
ture of the c o u n try , is inured to war and fought bravely.

The Money Market.— T here was no im provem ent in m on ey.
Call loan rates continued to rule a t 1 % @ 2 .
T im e loans Sat­
urday, O ct. 3 0 , were 2 % for 6 0 d a ys, 2 % for 9 0 d a ys, 2 % @ 3
for 4 m os. and 3 for 5 and 6 m os.
Com m ercial paper was
3 @ 3 V for the best nam es and 3 % @ 3 % for others. M o n e y
x
holdings of the Clearing H ou se banks after som e fluctuations
were § 5 2 6 ,2 8 7 ,0 0 0 O ct. 3 0 , against $ 5 0 3 ,3 7 2 ,0 0 0 O ct. 2.
G old on deposit w ith Federal R eserve B a n k increased from
$ 1 4 6 ,7 0 5 ,0 0 0 O ct. 2 to $ 1 6 4 ,6 2 1 ,0 0 0 O ct. 3 0 .
Sin-plus re­
serves from $ 1 9 6 ,3 7 2 ,1 3 0 O ct. 2 fell aw ay to $ 1 8 8 ,2 6 3 ,7 2 0
O ct. 16, b u t recovered to S 1 9 6 ,2 1 5 ,1 7 0 O ct. 3 0 .
b ea n s urther increased from § 2 ,7 8 0 ,4 5 0 ,0 0 0 O c t . 2 to $ 3 ,0 4 4 ,2 2 9 0 )0
and deposits m oved up from $ 2 ,9 6 0 ,o 6 0 ,0 0 0 to $ 3 ,2 6 9 ,8 1 1 ,-




Jan . 29 1916.]

THE CHRONICLE

403

again before the war council. B efore a shot was fired it was subsequent advices confirm ed, the British forces being
com m unicated to the C abin et.
It was decided a t first to obliged to retreat a long distance.
m ake the a ttem p t w ith the n av y and the n a v y alone.
I take
xt ^
-^r? r*ch 5 % l.oai) o f unlim ited issue was announced
m y full share o f responsibility and deprecate attem p ts to allot
2 5 , w ith subscriptions to closo D e c . 15.
W e report
the responsibility to one M in ister or a n o th e r.”
T h e Prem ier the details under our narrative for D ecem ber.
D uring the
apparently referred to the very general disposition to accord m o n th , also, a one-year credit o f $ 1 5 ,0 0 0 ,0 0 0 in favor of
to W in ston Churchill the responsibility for the Dardanelles r rench industrial interests w as opened in this country b y a
cam p aign .
Regarding the indirect object o f the a ttack on banking syndicate form ed b y W illiam P . B onbright & C o .
the D ardanelles, M r . A squ ith said that the view was that it I n c ., o f this c ity , and B onbright & C o ., their Paris corre­
would influence the B alkan situation, would open the w ay for spondents.
It was stated th a t, although this credit was n ot
supplies for the Russians and strike a blow at the heart o f the tor the 1 rench G ov ern m en t, it w as m ad e with its approval
T urkish E m p ire.
N a v a l operations were continued sj^stem- and that the syndicate m anagers expected shortlv to com ­
atically for a m on th , culm inating in the a ttack on th eN arrow s plete arrangem ents for an additional $ 1 5 ,0 0 0 ,0 0 0 credit
which resulted in a setback.
It was then suggested that b y
file entire $ 3 0 ,0 0 0 ,0 0 0 w as to be spent in the U n ited States
aid o f an adequate m ilitary force the attack could be driven tor com m odities.
T h e credit was to be in the form o f ac­
hom e w ith success.
G en . Sir Ian H am ilton was sent out and ceptances w hich, it was understood, w ould run for 9 0 days
reported th at he was in agreem ent w ith the suggestion that a w ith the privilege of three renew als, the interest rate t o ‘ be
join t m ilitary and naval a ttack was necessary. T h e Premier o/o with one-half of 1 % extra for each renewal. T h e N ation al
pointed out that if the efforts to force the Dardanelles had C ity B a n k , as central depository of G reat B ritain and France
been successful th ey w ould have been o f im m easurable value. on N o v . 15 received about $ 7 2 ,0 0 0 ,0 0 0 as a result o f the p a v “ T h e results of the A u g u st a tte m p t,” continued the Prem ier, ^ e n t o f the first installm ent of 1 5 % on account o f the $ 5 0 0 ,“ were disappointing.
I t m ust be considered w hat would
0 ? 0 ’9 ?9 ^
4 °-F re n c h lo a n - 0 n N o v - 2 9 i1; received a furhave happened if it had not been taken.
T h e Russians m ight
^ f 4 4 ’0 9 0 ’0 0 0 m response to a second call, this tim e for
have had a serious Turkish attack in the C aucasus, and we 3 0 % , issued on N o v . 18.
A credit o f $ 5 0 ,0 0 0 ,0 0 0 was also
m ight have had to face attacks in E g y p t and M e sop otam ia. arranged w ith large banks throughout the U nited States in
Our force on the Gallipoli Peninsula was holding up 2 0 0 ,0 0 0 la vo r ot eight of the great London bank s, n am e ly, L loyd s
T u rk s.
It is too soon to pronounce final ju d g m e n t.”
A s re­ the London C ity & M id la n d , the U nion of London & S m ith s’
gards the N ea r E a st the Premier said: “ W h e n the Allies are the L ondon C o u n ty & W e stm in ste r, P arr’s B a n k , B arclay
reproached for n ot acting w ith sufficient speed as regards & C o ., the N ation a l Provincial B a n k o f England and the
Serbia, it m u st be remembered th at up to the last m om ent L ondon J oint-S tock B a n k .
T h e credit was for six m onths
tliero was the strongest reason to believe th at Greece would bore 4 y2% interest and was secured b y a deposit in the B a n k
act up to her treaty obligations with Serbia.
On Sept. 2 1 , of E ngland o f £ 1 1 ,0 0 0 ,0 0 0 British G overnm ent bonds.
E ach
after the Bulgarian m obilization had begun, Premier Venize- bank entering into the transaction was to receive the joint
los asked France and G reat Britain for 1 5 0 ,0 0 0 m en on the ex­ obligations o f each of the eight L ondon banks.
T h e ar­
press understanding that the Greeks would m obilize also. rangem ent provided th at the credit was to be drawn in dol­
Greece did m obilize on Sept. 2 4 , bu t not until O ct. 6 did lars and that when the participating banks in G reat B ritain
Prem ier Venizelos find him self able to agree to the landing of desired to m ak e p aym en ts for their clients in this country
the British and French troops under form al protest.
On they would draw upon the N e w Y o rk banks against this
O ct. 4 M . Venizelos announced in the C ham ber that Greece credit in the proper am o u n t.
T here was to be no renewal
m ust bo bound b y her treaty with Serbia.
T h e next d ay the of the credit a t the end o f the six m on th s’ period.
I t was
K in g repudiated tho declaration of M . Venizelos, who re­ understood that additional credits for $ 1 0 0 ,0 0 0 ,0 0 0 would
signed; but the new G reek G overnm ent declared its desire to follow as needed in the form o f separate transactions.
N e­
rem ain on friendly term s with the A llies, at the sam e tim e
gotiations were also understood to be pending for a loan by
declining to depart from the attitu d e of neu trality.
T h e re­
A m erican banking interests to the Russian G overn m en t.
sult was th at Serbia, w ithout Greek support, was left to bear
On N o v . 19 the question o f m obilizing B ritish-ow ned A m er­
the central a ttack and a side attack from B u lgaria.
W e in
ican securities in England w as the subject of a conference at
the U nited K in g d o m , France and Russia could not allow Ser­
the British Treasury D epartm ent in London between R egi­
bia to becom e the prey of this sinister, m ysterious com bina­ nald M c K e n n a , the Chancellor o f the Exchequer, and repre­
tion.
Serbia m a y rest assured that her independence is re­ sentatives o f the leading British insurance com panies.
T he
garded by us as one o f the essential objects o f the w a r .”
T h e plan was developed the next m on th .
Prem ier declared em phatically th at there was nothing he
T h e congestion o f export freight a t railroad terminals on
wished to unsay or u n d o, and would n ot resign.
“ I am not the A tla n tic seaboard reached such serious proportions that
going to shelve tho burden laid on m y shoulders until I am unusual measures were required to cope w ith it. A t a m eet­
satisfied I can no longer bear the burden. A s long as I enjoy ing o f the T runk Line Association on N o v . 2 4 it w as agreed to
health and the confidence of m y sovereign, tho H ouse and the reduce the free storage tim e on export freight not consigned on
cou n try , I will n ot surrender the task, h eavy though it b e .” through bills of lading from 3 0 days to 15 d a y s.
T h e ar­
W ith regard to the future M r . A squ ith announced that there rangem ent was n ot to go into effect, how ever, until Jan 1
would be close co-ordination between the staffs o f the E ntente 1916, and it was questioned whether it would provide the de­
Powors.
On the part of the British tho war was to be con­ sired rem ed y . T h e D e l. L a ck . & W e s t, declared an em bargo
ducted b y a small C abinet C om m ittee which would consult effective a t m idnight N o v . 2 7 on all shipm ents for export
with tho full C abinet on questions of the m ost serious im port.
T h e P en n. R R . and the B a lt. & Ohio follow ed on N<rv 29
On N o v . 11 tho Prem ier declared that the new W a r C om m it­
w ith an em bargo on certain exports. In the case o f the Penn
tee would consist o f five m em bers, including him self, he act­
the em bargo applied to all grain for export a t Philadelphia
ing for the tim e being as Secretary for W a r , in the absence of
and Baltim ore and on shipm ents o f lum ber and flour for ex­
Lord K itch en er, the other four m em bers being A . J . Balfour
port a t N e w Y o r k .
Iron and steel shipm ents for export a t
First Lord o f the A d m iralty ; D a v id L lo yd G eorge, M inister
N ew 1 ork were alone affected b y the em bargo declared b y the
o f M u n ition s; Andrew Bonar L a w , Secretary o f State for the
B a lt. & O hio.
T h e congestion was the result o f a scarcity of
C olonies; and Reginald M c K o n n a , Chancellor of the Im ­
steamers and lighters, and on N o v . 3 0 it w as the subject o f a
perial E xchequer.
On N o v . 11 the Prem ier asked and re­
conference of railroad presidents a t the executive offices o f the
ceived another war credit am ounting this tim e to £ 4 0 0 0 0 0 P enn. R R . in N e w Y o rk C ity . T h e conference was held at
0 0 0 , thus bringing the am ount up to £ 1 ,3 0 0 ,0 0 0 ,0 0 0 for the the instance o f Sam uel R e a , Pres, o f the road, for the purpose
financial year ending with M a r ch , and m aking the total allot­
o f taking action for rem edying conditions, and it resulted in
ted for war purposes £ 1 ,6 0 2 ,0 0 0 ,0 0 0 ($ 8 ,3 1 0 ,0 0 0 ,0 0 0 ) .
the appointm ent o f a com m ittee delagated to m eet daily and
In tho other theatres o f w ar, things also did n ot quite go
devise m ethods o f relief. A statem ent from Chicago a t the
to tho liking of the E n ten te Pow ers, w ith the exception of in end o f the m onth estim ated that there were about 5 0 ,0 0 0
Russia, where the G erm ans com m enced the evacuation of loaded freight cars here in the E a st aw aiting unloading into
M it a u , their form er base in tho R ig a -D v in a region, and in vessels for export, where norm ally the num ber was only
view of the renewed aggression of the R ussians, apparently
1 0 ,0 0 0 .
T h e practice indulged in b y W estern shippers in for­
gave up the task o f capturing R iga and the D v in a line
warding shipm ents w ithout first engaging steamers to carry
From Ita ly reports cam e several times that Gorizia consid­
the exports w as largely blam ed for the situation. Pittsburgh
ered b y tho A ustrians as one o f their m ost form idable posi­ dispatches stated th at the freight congestion w ould not seri­
tions, had been taken b y the Italians after a cam paign lasting ously affect the transportation o f war m unitions and other
m ore than four m on th s.
T h e report, how ever, did not m aterials m ade for E uropean G overnm ents. Shipm ents to
prove true, though it was adm itted b y the Austrians that the France and G reat B ritain , it was averred, were being m ade in
Italian attacks were o f the m ost desperate character and that b ottom s provided b y those countries, while G reat B ritain was
the su m m it northeast of Oslavia had been tem porarily lost taking care o f all G overnm ent freight for R ussia, including
b y tho A ustrians and then been recaptured b y th em .
T h e thousands o f steel cars being m ade in the Pittsburgh district.
im portance o f the town was supposed to consist in its being T h e interests chiefly affected were those shipping to private
well situated on railway lines connecting the upper and lower buyers abroad, their consignments being held until all
valleys o f Ison zo.
Berlin reported that the Italians were G overnm ent freight had been loaded.
suffering appalling losses in their fighting on the Isonzo
A n im portant event o f the m on th was the com m andeering
front, having apparently decided to capture Gorizia regard­ b y the D om inion G overnm ent on S u n d ay, N o v . 2 8 , o f all
less of cost.
F rom the British A r m y operating in the Tigris high-grade w heat stored in elevators in C anada from F o rt
V a lley roports cam e th at it had reached the ruins o f C tesi- W illia m , on L ake Superior, to tho A tlan tic C o a st.
The
phon (Sulm an P a h ), 18 miles southwest of B a g d a d , the o b ­ am ount taken over was later reported a t 1 5 ,6 1 2 ,6 8 1 bush­
jective o f the cam paign .
A fter taking the place and replus- els. C anada had raised a phenom enal crop in 19 15 , and it
ing T urkish counter attack s, tho British forces, it w as stated
was estim ated the grain-growers still held nearly 2 0 0 ,0 0 0 ,0 0 0
wero com pelled to retire three or four m iles down the river bushels o f w h eat. T h e British G overnm ent had m ad e in­
to obtain considerable water su pp ly.
T h e T urkish version
quiries for supplies, b u t had not indicated the m ethod s to be
how ever, claim ed a serious reverse for tho B ritish , and this em p loyed , and the D om inion G overnm ent felt that if G ov ern -




404

THE CHRONICLE

[Vol . 102.

m en t purchases should be m ad e in the open m arket the result L usitania, and accordingly there arose approhensions o f
pn
w ould be a prodigious rise in prices similar to th at which oc­ renewed diplom atic troubles, this tim e w ith A u stria ,
curred in 1914 after the outbreak o f the w ar. T h e Canadian the other hand, som e o f the survivors were quoted as stating'
authorities stated th at the price to be paid for the w heat that the A ncona had been overhauled and warning given for
T h e A ncona had sailed from
w oidd be fixed on a “ fair b a sis,” and on N o v . 29 the prices the rem oval o f the passengers.
were announced as being $1 0 4 M for N o . 1 N orth e rn , $1 03 Y
% N e w Y o r k for N a p les on O ct. 17 and had arrived on O ct. 2 9 ,
for N o . 2 N orth ern , and 9 3 % c . for N o . 3 , these being the on which trip she had on board over 1 ,0 0 0 Italian reservists
T h e State D ep artm en t a t W ashington
closing prices on the W in n ip e g G rain E xchange on N o v . 2 7 . and a general cargo.
T h e action o f the C anadian G overn m en t naturally had som e­ undertook an investigation and on N o v . 17 received from
w hat o f a disorganizing effect on the grain m ark et.
T h e W in ­ A m erican A m bassador Penfield a t Vienna a statem ent fjo m
nipeg G rain Exchange m et on S u n d ay, N o v . 2 8 , and adopted the Austrian G ov ern m e n t, giving its version o f the affair.
a resolution barring trading in w heat futures, b u t on the fol­ A ustria a dm itted the a ttack b u t denied that the vessel had
I t w as declared th a t tho sub­
lowing d a y ,M o n d a y , agreed to resume trading in futures the been sunk w ithout w arning.
next d ay (T u e sd a y, N o v . 3 0 ) . A t Chicago initial prices marine had fired a warning shot across the bow o f the steam er,
N o v . 2 9 were I K @ 2 H e . higher, D ecem ber w heat opening whereupon the latter had fled a t full speed, and did not stop
a t s i 0 5 @ S 1 0 6 , as against SI 0 3 K a t the close Saturday, until receiving several hits; furtherm ore, th at fo rty -liv e m in­
N o v . 2 7 , and M a y w heat opening a t SI 0 7 @ S 1 0 8 K . as utes had been given passengers and crew to leave the sla p .
again st SI 0 6 @ S 1 0 6 K T h e close N o v . 3 0 was $1 0 5 for W in sto n Churchill delivered a speech in the H ouse o f C o m ­
the D ecem ber option and S I 0 7 % for the M a y option.
D e ­ m ons in his own defence on N o v . 15, follow ing his resigna­
tion from the C abin et some tim e before.
“ I w o n ’ t havo it
cem ber w heat at Chicago was a t its lowest N o v . 1 a t S I 0 0 K
and a t its highest N o v . 5 a t SI 0 7 .
T h e M a y option w as a t sa id ,” was his dram atic assertion, referring to the D ard a­
its low est a t SI 02 K N o v . 1 and a t its highest a t SI 0 8 K on nelles a tta ck , “ that this was a civilian plan foisted b y a po­
litical am ateur upon reluctant officers and exp erts.”
The
N o v . 30.
There was a sharp rise in b oth corn and oats the
latter part o f the m on th , D ecem ber corn a t Chicago selling up purpose of the speech w as to indicate that in every case ex­
perts had counseled and concurred in the course before a ny
from 5 7 K N o v . 1 to 6 5 K N o v . 2 6 , w ith the close N o v . 3 0
o f the expeditions which had more recently been so severely
a t 6 4 cen ts, and the D ecem ber option for oats m ovin g up from
criticized were undertaken.
T h e Am erican ship Zealandia,
3 8 cts. N o v . 9 to 4 2 cts. N o v . 2 9 , w ith the close a t 41}£cts.
w as reported to have been forcibly searched b y a party from
Business activity continued to expand.
In the iron and steel
a British cruiser while lying in the M exican port of P rogreso.
trade the dem and was phenom enal, and the “ Iron A g e , in
one of its weekly reviews stated : “ T h e steel trade is rushing In response to an inquiry b y the A m erican G ov ern m en t, the
British G overnm ent stated that its inform ation was that tho
on at a speed which m ay easily carry it past any (.anger sig­
nal.
T h e rapid advance of prices is viewed w ith concern in Zealandia w hen searched was outside the three-m ile neutral
some quarters, bu t the protests are rather of helplessness in zone a t Progreso, and thus technically on the high seas.
the face of such a situation.
T h e P enn. R R . s announce­ Convictions for violating the neutrality o f tho U n ited States
m en t of the w ithdraw al of its inquiry for 1 1 ,0 0 0 cars on which b y conspiring to hire m en in this country for the B ritish
G overnm ent were obtained against two m en in San Francisco
the bids showed a startling advance in prices— nearly 1 0 0 %
in som e cases over the lowest car bids of the year is the first on O ct. 2 7 . T h e convictions were under an old statute which
strong demurrer in the hom e m a rk e t.”
A d van ces in prices m akes it a crime o f conspiracy to em ploy m en on A m erican
There were rumors early
were b y leaps and bounds and so persistent and uninterrupted soil for m ilitary service abroad.
th a t it was alm ost impossible to keep track of them especially in the m onth that tho British G overnm ent had closed the
in the case of finished steel.
Steel bars and beam s at P itts­ Suez C anal for m ilitary reasons and the rumors had som e in­
burgh advanced S4 m ore per ton from 1 .5 0 c . to 1 .7 0 c . per lb. fluence in certain directions, tin rising sharply, for instance,
and tank plates at P ittsburgh rose 8 8 a ton , or from 1.5 0 c. and it took several days to determ ine th at there had been no
T h o Sea­
to 1 .9 0 c . per lb ., at which figure com parison was with only interruption to traffic through that w aterw ay.
1 .0 5 c . a lb . tw elve m on th s before. Bessem er steel billets at m en ’s A c t , put upon tho Federal statute book at the provious
P ittsbu rgh advanced from S25 per ton to 8 2 9 , and open- session o f Congress and containing m an y burdensom e re­
hearth billets from S26 to S 3 0, both com paring w ith ony $ 1 0 strictions upon the operation o f A m erican ships, w ent into
tw elve m onths before. G alvanized sheets ju m ped from 3 .6 0 c . effect N o v . 4 so far as vessels o f the U n ited States are con­
to 4 .7 5 c ., this com paring w ith only 2 .8 5 c . tw elve m onths cerned. T h e Pacific M a il Steam ship C o . had in anticipation
w ithdraw n its service from tho Pacific Ocean (selling its
previou sly.
B u t even the higher quoted prices did not indi­
steam ers), and curtailm ent o f steamship service b y A m eri­
cate the full measure of the advance as largo prem ium s were
can ships in other directions also resulted.
In so far as
offered for prom p t d elivery.
T h e “ Iron A g e ” stated in its
the
Act
applies
to
foreign
vessels,
its
provisions
issue of D e c . 2 that new export business had been checked by
do
n ot
becom e operative
until
M a rch
4
1916.
the action of leading producers in refusing offers from abroad
Cablo dispatches indicated that subscriptions to the third
a t several dollars a ton above dom estic prices, also b y the rail­
A ustrian war loan had reached a total of 4 ,0 1 5 ,0 0 0 ,0 0 0 crowns
road em bargo and the stringency in the ocean freight situa­
(8 8 0 3 ,0 0 0 ,0 0 0 ) and that the aggregate of subscriptions to
tion.
In one case it w as stated 6 0 ,0 0 0 tons of plates, shapes
and bars were refused, though 2 .1 0 c . Pittsburgh was offered. the third Hungarian Avar loan am ounted to 2 ,0 0 0 ,0 0 0 ,0 0 0
In G erm any a t the end of the
Copper advanced over 2c. a lb ., L ake touching 20 c. and elec­ crowns ($ 4 0 0 ,0 0 0 ,0 0 0 ).
trolytic 19 K c .
R ailroad earnings reflected the growing re­ m onth the text of a contem plated law for taxing the Avar
viv al in very large increases in gross, and yet larger increases profits of joint stock com panies Avas m ade public in B erlin.
proportionately in the n et.
C om p lete O ctober tabulations It com pelled such com panies and other entities to carry as a
showed 8 3 7 ,0 8 7 ,9 4 1 gain in gross, or 1 3 .5 7 % , and 8 3 0 ,0 7 9 ,5 6 2 reserve 5 0 % of the additional profits m ad e during tho period
gain in n e t, or 3 3 .7 0 % , while com plete com pilations for N o ­ of the w ar. T here was no intim ation as to Iioav m uch of the
vem ber (not available until the follow ing January) showed war profits tho State Avoukl levy upon beyond indicating
that tho proportion Avoukl not exceed 5 0 % , and it seemed to
8 6 6 ,3 1 0 ,6 2 2 gain in gross, or 2 7 .5 8 % , and no less than S 5 0 ,bo intended to insure investm ents in war bonds, sinco it was
0 0 2 ,8 9 4 gain in n et, or 7 3 .5 2 %
.
.
,
...
stated that paym en t m ight u ltim ately bo m ado in such
R um ors of peace negotiations were again rile, but m et with
bonds.
On the London Stock E xchange official announce­
no encouragement from the E n ten te countries.
G erm any or
m ent Avas m ade N o v . 23 that tho m inim um prico restrictions
A u stria , or both , were represented as being secretly engaged
that had been put into operation at tho outbreak of tho w ar
in fathering peace plans, and y et report had it that the
and subsequently on a num bor of occasions been m odified,
G erm an Socialist newspaper “ V orw ae rts,” of Berlin, had been
were in numerous instances to be abolished,
l h o noAV order
suspended b y the G erm an G overn m en t for its outspoken
still left the m inim a offectivo in a largo num bor of Colonial
com m en t on the subject and its dem and th at G erm any should
G overnm ent and British railw ay bonds and preference shares.
state the terms upon which it would conclude peaco.
Eng­
It applied, hoAvever, to all Indian and Colonial corporation
lish and French political leaders all ridiculed talk of poaco.
stocks and' all foreign stocks and bonds as Avell as to Consols
Premier A sq u ith , in a speech at the Lord M a y o r s banquet,
and tho annuity issues.
T ho effect of the announcem ent
said: “ W e shall n ot falter nor pause until wo have secured
was to bring the open prices for securities down to tho basis
for ttie smaller States of Europe their charter of independence
at which they had in fact beon appraised in tho m arket.
and for Europe itself final em ancipation from a reign of
Consols which had been officially quoted at 65 a t once
fo rce.”
T h e new French Prem ier, M . A ristide B riand, said
dropped to 5 7 , b u t enjoyed a quick rocovory and on N o v . 27
to A m erican newspaper correspondents in Paris: “ W o can
Avero quoted a t 6 0 %.
T h e closing quotation N o v . 3 0 Avas
think of nothing bu t to drive forward to com plete success b y
5 8 y.
It appeared th at out of £ 5 3 6 ,0 0 0 ,0 0 0 Consols out­
arm s.
E v en to m ention a peace b y com prom ise or concession
standing only £ 2 0 4 ,0 0 0 ,0 0 0 had taken advantage of the op­
is to be untrue to those w ho are giving their lives a t tho fr o n t.”
portunity to exchange into tho neAV British loan, w hi Jo ovon
In Ita ly , according to cable advices from R o m o , tho utter­
of the old Avar loan only £ 1 3 5 ,0 0 0 ,0 0 0 out of tho £ 3 5 0 ,0 0 0 ,0 9 0
ances of one m em ber of the C abin et to the effect that Italian
issue had been turned in for exchange; of all other■ G overn­
interests would be best served b y assisting in a m ovem ent
m ent securities o nly £ 8 ,4 0 0 ,0 0 0 out of an outstanding total
tow ard a restoration of peace was said to have caused angry
of £ 3 3 ,6 2 6 ,0 0 0 sterling Avas utilized in this w a y .
I hus alto­
protests and to have led to bitter recrim inations.
gether only £ 3 4 7 ,4 0 0 ,0 0 0 of other issuos were converted into
One o f tho startling events o f the m on th was the sinking
the latest war loan.
Operations on the lo k io Stock B x o f the Italian liner A n cona in the M editerranean Sea on
change in Japan Ar
\ero suspended N o v . 3 0 on account of gigan­
N o v . 7 b y a submarine flyin g tho A ustrian colors. T h e
tic speculative m anipulation for higher prices. A s in the
steam er is stated to havo had 4 8 2 persons on board , including
case of tho U n ited S ta tes, largo purchases of Avar m unitions
passengers and crew; o f these 149 were reported m issing, in­
had caused in Japan great business a c tiv ity , and this in turn
cluding some A m ericans. T h e C ap tain o f the Ancona sub­
produced a great riso in stock prices and engendered specula­
m itted a report in which he stated th at the submarine gave
no warning to the liner and did not afford those on board the tive activity and m anipulation. Japanoso steam ship com ­
panies put a virtual em bargo upon tho exportation of gold
vessel a n y chance to escape. T h e act appeared to be a repe­
from Japan to U nited States b y increasing their freight rates
tition of the course o f the G erm an submarine in sinking tho




JAN. 29 1916.]

THE CHRONICLE

405

o n the m etal so as to m ake exportations of it to this country or m erchandise in com m erce from selecting their own cus­
practically prohibitive.
T h is th ey were able to d o, owing tom ers m bona fide transactions and not in restraint o f tra d e .”
to the fact that w ith the withdraw al b y the Pacific M a il
, i ° /t e rea^ N
& Pacific T e a C o . endeavored to com pel
Steam ship C o . of its service on the Pacific Ocean Japanese
* ream, o f W heat C o . to continue to sell to it its product
steamships were abou t the only ones operating between the alter the defendant had decided to sell o n ly to wholesalers,
U n ited States and Japan.
D ollar exchange between A u s­ and also sought to enjoin the defendant from sending to the
tralasia and the U n ited States was inaugurated through the trade requests not to sell C ream o f W h e a t to the T ea Co
establish m en t b y the B a n k of N e w Zealand of direct relations Judge L acom be in delivering the opinion o f the C ourt pointed
w ith the Irving N ation a l B an k of N ow Y o rk and other finan­ out that the Cream o f W h e a t C o . had elected n ot to sell to
cial institutions in this cou n try.
T h is w as done so as to ob­ consumers or retailers, b u t to confine its sales exclusivelv to
viate the loss resulting from the decline in sterling exchange. wholesalers, and this it had a perfect right to d o .
H e said
T h e D om in ion of C anada brought o u t a $ 5 0 ,0 0 0 ,0 0 0 5 % do­ it w as “ no offense against com m on law , statu tes, public
mestic loan running fo r 10 years. T h e bonds were offered at policy or good m orals for a trader to confine his sales to per­
9 7 1^ Avith subscriptions p ayable 1 0 % on application, 7 > £ %
sons w ho will bu y from him in large q u an tities,” and the
J a n . 3 1910 and 2 0 % each F e b . 1, M a r . 1, A p ril 1 and M a y 1 ( layton A c t itself expressly recognized tho existence o f this
19 1 0 . I t was provided that in the event of future G o v t, issues right.
T h e Federal C ourt for the D istrict o f South D ak ota
— other than issues m ade abroad— for the purpose of carrying Southern D ivision , sitting a t Sioux F a lls, held the 1915
o n the w ar, bonds of this issue w ould be accepted a t the same South D ak ota B lue S k y A c t unconstitutional.
T h e Inter­
price (97 K ) as the equivalent o f cash for the purpose of sub­ State C om m erce Com m ission on N o v . 10 denied the petition
scriptions to such issues.
Recognized bond and stock bro­ o f the W este rn railroads for a reopening o f the W e stern
kers were allowed a com m ission o f l i o f 1 % on allotm ents Freight R ate A d van ce C ase, but announced th at it w ould
m ad e in respect o f applications bearing their stam p .
T h e undertake on its own initiative an investigation o f the rates,
subscription lists closed N o v . 3 0 and on D ec. 2 it was an­ rules and practices in relation to the transportation o f live
nounced th at there had been 2 0 ,0 0 0 separate subscribers for stock, fresh m eats and packing house products in W este rn
a grand total o f $ 1 1 0 ,0 0 0 ,0 0 0 bon d s. Subsequently it was Classification T erritory.
announced th at w ith the consent o f the subscribers an aggre­
A n im portant event of the m on th was the launching o f a
gate of $ 1 0 4 ,0 0 0 ,0 0 0 o f bonds w ould be allotted.
new organization known as the A m erican International
T ho N o v em b er elections attracted special attention b y rea­ Corporation, under the support o f powerful leaders in trade
son of the fact th at constitutional am endm ents providing for and finance, for the purpose o f furthering trade between the
w o m an ’s suffrage were voted on in several Eastern S tates. U nited States and foreign countries; $ 2 5 ,0 0 0 ,0 0 0 o f the $ 5 0 ,­
In N e w Jersey such an am en dm en t had been defeated a t a 0 0 0 ,0 0 0 capital stock was offered to stockholders of the N a ­
special election the previous m on th b y a vote o f 1 8 4 ,4 7 4 tional C ity B a n k of N e w Y o r k , and $ 2 4 ,0 0 0 ,0 0 0 to those in­
“ again st” and 13 3,20 1 ballots “ fo r .”
N o w w om an suffrage stitutions and individuals who had agreed to aid in the p ro ­
was also defeated in N e w Y o r k , Pennsylvania and M a ssa ­ m otion of tho com p any; tho other $ 1 ,0 0 0 ,0 0 0 consists of
chusetts.
In N e w Y o rk tho v ote was 7 4 8 ,3 3 2 “ n o ” and preferred stock which can be held only b y such directors as
5 5 3 ,3 4 8 “ y e s ” ; in M assach u setts 2 9 5 ,7 0 2 “ n o” and 1 6 2 ,0 1 5 are a ctively engaged in the m anagem ent o f the com p an y ,
“ y e s” ; and in P ennsylvania 4 4 1 ,0 3 4 “ again st” and 3 8 5 ,3 4 8 and the m ore im portant officers and em ployees.
T h e com “ fo r .”
A new constitution in N e w Y o r k , voted on a t the
Preferred are to be treated alike u ntil an aggregate
sam e tim e, was overw helm ingly defeated, only 4 0 0 ,4 2 3 ballots
o f 7 /0 shall have been paid or declared on b oth classes of
being cast in favor o f it and 9 1 0 ,4 6 2 ballots against it.
In
stock during a ny one year.
Thereafter the preferred stock
M assach u setts an am en dm en t giving full power to the Legis­
is to be entitled to receive one-fifth of a ny further distribution
lature to levy a State incom e tax was a d op te d .T h e U . S . Su­
during that year and the com m on stock is to be
premo C ou rt upheld the valid ity o f the Alien L abor Law of
entitled to receive four-fifths thereof.
Frank A . Vanderlip,
N e w Y o rk S ta te , enacted in 1909, prohibiting the em p loy­
1 resident of the N ation al C ity B a n k , in an interview pointed
m en t of aliens on State and city public w orks.
T h e opinion
out that no other Am erican corporation had ever tried the
w as b y Justice M c K e n n a , who said the case w as controlled
scheme o f issuing m anagers’ shares, although it had been
b y the principles laid down in A tk in v s . State o f K ansas
tried frequently in England and G erm a n y.
T h e purpose
(191 U . S . 2 0 7 ) , in which it was declared that “ it belongs to
o f course is to attract m en o f high character and ability to
the S ta te , as guardian and trustee for its people and b a v in "
the corporation.
C h as. A . Stone o f Stone & W e b ster
control o f its affairs, to prescribe the conditions upon which
was m ade President o f the corporation.
O nly 2 0 % o f the
it will perm it public work to be done on its behalf or on behalf
stock w as to have been called for until the business o f the
o f its m u nicipalities.”
T h e law was called in question in the
corporation assum es proportions requiring additional capital.
m atter o f tho em ploym ent of alien labor in the construction
Sec.
^ e T rea s. M c A d o o on N o v . 2 4 announced that he
o f the subw ays in N e w Y o rk C ity , and had been modified
had determ ined to appoint the Federal R eserve banks as
the previous M a rch after the decisions in the State courts sus­
depositaries and fiscal agents o f the G ov ern m e n t, and with
taining the law when it appeared th at enforcement o f its
that end in view , beginning Jan. 1 1 9 16 , transfer “ to each of
provisions would bring work on the subw ays to a standstill.
the f ederal R eserve banks the funds o f the G overnm ent now
In an action against the N . Y . Central R R ., tho N . Y . C ourt
on deposit w ith the national banks in each o f the cities in
o f Appeals decided th at the N e w Y o rk State W o r k m e n ’s
which a bank is located , thus giving to each o f the Reserve
Com pensation L aw applies to em ployees o f railroads engaged
banks the funds held by the national banks in its own c i t y .”
in inter-State commerce until such tim e as Congress shall
I t was estim ated that the total am ou n t to be transferred
enact a Federal W o rk m e n ’s Com pensation L aw .
T h e C ourt
would am ount to $ 8 ,4 3 6 ,0 0 0 .
A second installm ent o f the
also held that the State Com pensation Law does n ot im pose
reserves required to be held w ith Federal R eserve banks b y
a n y unreasonable condition upon inter-State com m erce.
m em ber banks fell due N o v . 16.
T h e banks in the Central
T h o Arizona Anti-alien Labor Law was held unconstitutional Reserve Cities were required the previous year to deposit in
b y the U . S . Supreme C ourt N o v . 1.
T h is law provided that full the whole of such portion o f the reserves as m ust be held
an em ployer o f m ore than five workers a t a n y one tim e in the w ith the Federal Reserve ban k s, n am ely 7 % o ut o f 1 8 % , but
S tate m ust em p loy n ot Jess than 8 0 % qualified electors or m em ber banks in Reserve cities had to deposit only 3 % out
native-born citizens o f the U n ited States.
T h e opinion was o f 1 5 % and now had to increase to 4 % (w ith additional
b y Justice H u gh es, who was careful to note that the case did am ounts to com e later o n ), and country banks had to increase
not involve tho question o f the em p loym en t of alien laborers their proportion from 2 % out o f 1 2 % to 3 % (also w ith further
on public w orks, bu t dealt rather w ith private industry. installm ents to be paid a t stated intervals in the futu re).
T h is differentiated it from the Alien Labor Law o f N e w Y o r k , A ttorn ey-G en eral G regory gave an opinion holding th at the
which prohibits tho em p loym en t o f aliens on public works. Federal Reserve Board did not possess the power to abolish
H e said the Arizona law w ould exclude aliens from A rizona, a ny of the tw elve Reserve districts or the tw elve Reserve
since aliens could n ot live where they could n ot w ork, and banks in those districts as established b y the Organization
the result would be th at although tho U n ited States had the
C om m ittee .
T h e C om ptroller o f the Currency, in the call
power o f adm itting aliens to the cou n try, the States could
issued for a statem ent of the condition o f national banks on
keep them o u t b y such legislation as the Arizona law .
T he
N o v . 10, required inform ation on a num ber o f item s never
M assach u setts law providing th at em ployees in and about
previously called for, ju st as he had requested special infor­
steam railroad stations “ shall n ot be em ployed for more
m ation in preceding calls.
One of the new inquiries asked
than nine hours in ten hours o f tim e,
tho addi­ for the num ber o f new loans a nd discounts since the last state­
tional hour to bo allowed as a la y -o f f,” was declared m ent and the num ber o f such loans renewed in full or in part;
unconstitutional b y tho M assach u setts Supreme C ourt on another inquiry asked as to the m em bership o f the executive
N o v . 23.
T h o C ourt held th at tho question w as governed (or finance) com m ittee, how m an y years each m em ber had
b y a decision o f tho U . S . Supreme C ou rt, which had declared served continuously on such com m ittee, how often such com ­
that a statu te prohibiting labor for m ore than ten hours a m ittee m e t, the names o f directors who had been m em bers of
d ay in an ordinarily healthy occupation was an “ illegal in­ the board continuously during the preceding five years but
terference w ith the rights of individuals, both em ployers and had not served on the executive (or finance) com m ittee in
em ployees, to m ake contracts regarding labor upon such terms that period, & c ., & c.
T h e departm ent in the N e w Y o rk
as they think b e s t.”
T h o tem porary injunction sought b y Clearing H ouse for the collection o f o u t-of-tow n checks re­
the G reat A tla n tic & Pacific T ea C o . against the C ream o f ported on N o v . 1 a further increase in the num ber of institu­
W h e a t C o . was denied N o v . 10 b y the U . S . Circuit C ourt of tions on its discretionary list, bringing the num ber up to 4 9 2 .
Appeals a t N e w Y o r k .
T h o proceedings involved the appli­ T h e o u t-of-tow n collection departm ent had begun operations
cation of Section 2 of tho C la yton A n ti-T r u st A c t , m aking it on A u g . 9 , and a t that tim e the discretionary list contained
unlawful for a n y person “ engaged in commerce to either di- the nam es o f but 3 8 8 institutions.
T h e B oston Clearing­
restly or indirectly discriminate in price between different H ouse A ssociation, under new regulations, perm itted m e m ­
purchasers o f com m o d ities,” but w ith substantial qualifica­ bers and non-m em bers to receive upon deposit a t par checks
tion, and providing, furtherm ore, th at nothing contained in and drafts on m an y additional points outside o f N e w E n g ­
the A ct “ shall prevent persons engaged in selling g oods, wares land. T h e W isconsin Bankers’ Association put into effect a




rule imposing a charge for the presentation of drafts, whether
paid or not, and for the furnishing of credit information.
Former U. S. Senator James Smith Jr. of New Jersey made
an assignment Nov. 20 for the benefit of his creditors, placing
his affairs in the hands of the Fidelity Trust Co . of Newark as
trustee. On the same day he withdrew from the presidency
of the Federal Trust Co. of Newark. A committee of bank
men made an investigation of the books of the Federal Trust
Co. and reported it in “sound and safe contition, ]\Ir. Smith
was induced to take such action by the fact that National
Bank examiners who had examined the banks from whom lie
had been borrowing for himself or for the companies m which
he was interested, had reported to the Comptroller of the
Currency that his affairs were in a dangerous condition. Mr.
Simth’s outstanding obligations were estimated at Sl/7oO,000. He owned all the stock of the Newark Daily
Advertising Publishing Co., which publishes the
Newark “Eagle” and the Newark Evening Star.
R a ilr o a d E v e n ts a n d Stock^ E x c h a n g e M a t t e r s .
Th© stock
market manifested much quieter conditions. Transactions
were on a reduced scale and there was an absence to a great
extent of the manipulative practices so decidedly m evidence
in preceding months. In the early part repetition ot peace
rumors induced a heavy liquidation in the Avar stocks. Ihe
declines in prices then experienced in this class of shares were
not recovered subsequently except in a few instances, though
at the loAver level of values cnosiderable firmness was dis­
played . The railway shares continued to command increased
interest, and in some instances made neiv high records early
in the month, this being particularly true of Can. Pac., which
on Nov. 1 touched 194 against 160 Oct. 1. The nso
was due to the wonderful increases shown in the company s
weekly returns of earnings. Generally speaking, however,
the railroad stocks did not follow an independent course,
but fluctuated with the general list, usually reacting Avlien the
industrial shares moved downAA'ardand resuming their upward
course when the industrial list moved fonvard again. On
the Avhole, the market may be said to have been decidedly
irregular for both the war stocks and the railroad list. The
copper stocks, though, displayed exceptional strength, and
many of them made neAv high records for the year the latter
part of the month, on the advance in the price of the metal to
20 cents a pound. A feAv specialties, like General Motors
common and Texas Company (oil), made further phenomenal
advances.
S c F ctu tio s.
tok lu a n

[Vol . 102.

THE CHRONICLE

406

N . 1.
ov

N . 30.
ov

Rnefor M th
ag
on .
Hh
ig .
Lw
o.

year) Nov. 20, but the next Aveek dropped and Nov. 27
Avere only $521,335,000. Gold on deposit Avith the Federal
Reservo Bank increased to $169,031,000 Nov. 13, but Avas
only $165,102,000 Nov. 27. Surplus reserves fluctuated
from Aveek to week, but Avere only $183,477,340 Nov. 27,
against $196,215,170 Oct. 30. Loans further increased from
S3 044,229,000 Oct. 30 to $3,133,235,000 Nov. 27, and de­
posits ran up from $3,269,811,000 Oct. 30 to $3,370,206,000
Nov. 20, and then fell to $3,362,137,000 Nov. 27.
F o r e i g n E x c h a n g e , S ilv er , <fec.—The foreign exchange mar­
ket showed great strength and rising quotations almost
throughout the Avhole month, Avith the result that sterling
demand bills, which on Nov. 1 sold at $4 61%@4 63%, had
risen by Nov. 30 to $4 69%@4 71%. The trade balance
continued to accumulate infavor of the United States in pro­
digious amounts, but, on the other hand, $216,000,000 Avas
placed to the credit of the Anglo-French authorities on ac­
count of the $500,000,000 Anglo-French loan, besides which
an independent $50,000,000 American credit for British
banks Avas arranged in this country and a $15,000,000 credit
in favor of French industrial interests Avas also opened in this
country. The continued large importations of gold tended
further to relieve the pressure on exchange. Consignments
of the metal Avere received on almost every steamer, and
$60,981,540 altogether Avas imported during the month.
Exchange Avas also favorably influenced by the much higher
discount and money rates prevalent in London. On Nov. 13
the Bank of England, Avhile keeping its minimum at 5%,
began charging 5%% in its regular transactions Avith banks.
This had the effect of producing a stato of nervousness and
causing London banks to advance their open market rates.
This latter advance, hoAvever, A found difficult to maintain,
\ras
and open market discounts for 60 to 90 days bank bills
Nov. 30 Avere 5%%. German exchange Avas very Aveak.
On Nov. 30 sight mark bills touched 79 9-16, the lowest
figure on record up to that time, Avliile Austrian kronen bills
draAvn on Vienna dropped to 14.10, also the loAvest on record
up to that time, though still loAver depths Avero reached in
December in both instances. French exchange, on the other
hand, was very strong, being quoted at 5.87 francs to the
dollar, Nov. 30, against 5.95% Nov. 1. The Bank ot
England’s bullion holdings Avere heavily reduced during the
month. An open market rate of 4% was reported from Ber­
lin, Avith no quotations from other Continental cities. Sil­
ver in London enjoyed a noteAvorthy rise, advancing over
3d. and being quoted at 27 3-16d. Nov. 30.
M O N T H OF D E C EMBE R.

—There were further disturbing develop­
ments in connection Avith the submarine warfare of the
Teutonic countries, Avhilo the difficulties of the British Min­
1845*
istry on account of the ill-success attending its conduct of
625*
95
the war increased; at the same time an important change in
435*
British policy Avith regard to the war in the Dardanelles oc­
126
129
curred, a large portion of the British forces being withdrawn
1035*
from the Gallipoli Peninsula. The session of the 64th Con­
S3
&
gress opened on Monday, Dec. 6, and there Avas naturally
120
1165*
considerable interest in the contents of the President’s Mes­
y0
z6
sage, Avhich Avas read by Mr. Wilson in person at a joint ses­
V2
8
yi
H
102'*
21015*
sion of the Senate and House on Dec. 7. The keynote of the
255* •
235*
Message, as had been oxpected, Avas tho Administration s
1405*
1395*
27 Nov 10 425* Nov 1 policy Avith respect to the national preparedness of the coun­
345*
425*
715* Nov 10 83 Nov 20 try in all its phases- -military, naval, industrial and financial.
82
745*
70 Nov 3 74 5* Nov 8 Tho Message mado it ovidont that the President had con­
*72
73
725*
65 Nov 9 715* Nov 30
705*
67
In his annual
565* Nov 10 645* Nov 26 siderably changed his vioAvs in that regard.
63
625*
765* Nov 10 885* Nov 3 message tho previous year ho had dealt Avith tho assertion
815*
875*
1355* Nov 9 150 Nov 1 that tho United States' Avas not prepared for Avar by asking:
147
150
585* Nov 10 735* Nov 29
715*
71
905* Nov 3 zlOl 5* Nov 26 “What is meant by being prepared?” and had then gone on
*99
935*
46 Nov 10 545* Nov 1 to add: “Is it meant that wo are not ready upon brief notice
505*
54
$815* Nov 3 $915* Nov 17
$885*
$825*
114
10554 Nov 10 1375* Nov 1 to put a nation in the field, a nation of men trained to arms ?
134
400 Nov 10 500 Nov 1 Of course we are not ready to do that; and Ave shall nover be
460
500
56 Nov 10 615* Nov 1
595*
595*
in time of peace so long as rotain our present political
485* Nov 9 585* Nov i
515*
585*
85 Nov 10 100 Nov 1 principles and institutions.
90
But could defend ourselves
995*
111 Nov 10 1745* Nov 30
173
1195*
“We have ahvays found means to do that and
3285* Nov 27 340 Nov 1 from attack?
*326 330
340
365 Nov 3 476 Nov 29 shall find them Avhenover it is necessary, Avithout calling our
462
395
775* Nov 1
675* Nov l(i
715*
77
i
$415* Nov H $475* Nov 17 people aAvay from their necessary tasks to render compulsory
$455*
$465*
855* Nov 26 service in times of peace.
67 Nov It
825*
* * * Wo shall not turn
835*
83 Nov 1
625* Nov It
745*
825*
We will not ask our young
735* Nov 1 America into a military camp.
60 Nov It
655*
725*
4 men to spend tho best years of their lives making soldiers
495* Nov
425* Nov It
*45
475*
49
< 555* Nov
47 Nov 1
51
545*
of themselves. Our energy will knoAV how to declare it­
140 Nov 1 173 Nov
1535*
173
self and make itself effective, should occasion arise. j Ins
165 Nov 1( 220 Nov 21
211
1705*
1015* Nov 1( 125 Nov| 3f
125
1205*
was the previous year. In his present messago Mr. Wilson
585* Nov
52 5* Nov 1(
545*
565*
said: “But war has never been a mero matter of men and
835* Nov 1 885* Nov
865*
885*
90 Nov
815* Nov
88
guns. It is a thing of disciplined might. If our citizons are
815*
fight effectively upon sudden summons,
must
j Quoted ex-dividend during the month and prior to this date, xEx-dividend. ever tohow modern fighting isa done, and what tothey Avlien
knoAV
do
• Bid and asked price; no sale, y Quoted $ per share beginning October.
the summons comes to render themselves immediately avail­
T he M o n e y M a r k e t .—Notwithstanding the large payments able and immediately effective.” Accordingly, he argued
of a
on account of the Anglo-French loan and the gradual widen­ in favorof thelarge increase in the army and a considerable ex­
navy. Speaking Avith reference to tho attempts
ing of trade activity, the local money market remained ex­ tension
of German-Ainericans in this country destroy tho trade in
tremely easy and time money rates dropped to still lower munitions Avith belligerent countries,tohe denounced those
figures. The continued importations of gold, of course, “Avho have sought to bring tho authority and good name of
tended to accentuate monetary congestion. The range for our Government into contempt, to destroy our industries
call loans during the month Avas 1%@2; time loans Nov. 30 Avherover they thought it effective for their vindictive pur­
Avere 2% for 60 days, 2% for 90 days, 2%@2% for4m os. poses to strike at them and to debase our politics to tho uses
and 2% for 5 and 6 mos. Commercial paper Avas 2% @3 of foreign intrigue.” He urged Congress to enact adequate
for the best double and single names and 3 %@3 % for good Federal laAvs for dealing Avith such conspiracies and intnguo.
single names. Money holdings of the N . Y. Clearing House
intention to
Congress
banks and trust companies increased still further, rising from He also made knoAvn theor constructionpresent to be oAvned
of ships to
$525,369,000 Nov. 6 to $537,138,000 (the maximum of the proposals for the purchase

Railroads—
Atch Top & Santa Fe.
Baltimore & Ohio----Canadian Pacific------Chesapeake & Ohio—
Chic Mllw & St Paul-.
Erie.......................... .
Great Northern, pref.
Loulsville & Nashville.
N Y Cent & Hud River
N Y N H
Hartford.
Norfolk & Western—
Northern Pacific____
Pennsylvania (par $50)
Reading Co(par$50)..
Southem Pacific C o .Southern Railway----Union Pacific________
Industrial, &c.—
Allis-Chalmers M fg—
Preferred..................
Amer Agric Chemical.
American Beet Sugar.
American Can........ .
Amer Car & Foundry.
Amer Coal Products..
American Locomotive.
Amer Smelt & Refining
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 )--------Insp Con Cop (par $20)
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.




109
95

*1065*
94
*183
635*
945*
435*
126
1275*
1025*
765*
21175*
1165*
1/60

*1065*
93
1815*
605*
935*
405*
1235*
126
1005*
725*
1165*
114
S/5S5*
j/805*
995*
225*
135

Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov

10
10
10
10
29
10
9
19
10
27
9
9
10
10
8
10
0

1115*
955*
194
645*
965*
455*
1285*
1305*
1045*
S3
1225*
1175*
W'6154
1/855*
1035*
26
1415*

Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov.

C u r r e n t E v e n ts .

4
4
i
24
1
19
5
4
4
1
3
19
3
3
10
1
18

avo

avo

• an. 29 1916.]
J

THE CHRONICLE

407

and directed by the Government, along the lines of the meas­ Our Government made prompt response to this procras­
ure submitted to the previous Congress, but modified in tinating
in a
to
some particulars. For the purpose of raising money for ad­ ernment communication Dec. new note thisthe AustrianitGov­
under date of
19. In
ditional revenue, he suggested an increase in income taxes, pointed out that “on Nov. 15 1915 Baronnew note was
Zweidinek,
the extension of the Emergency Revenue Act, the continu­ Charge d Affaires of the Imperial and Royal Governmentthe
at
ance of the duty of 1 cent per pound on sugar, which under the Washington, transmitted to the Department of State a re­
Tariff Law of 1913 was to be repealed on May 1 1916, and port of the Austro-Hungarian Admiralty with regard to the
the imposition of taxes on gasoline and naphtha, on auto­
tliG
admitted
mobiles, on bank checks, on pig iron and on fabricated iron that theofvesselste<vmsliip Ancona, in which, it was had been
was torpedoed after her engines
and steel. A joint resolution was promptly passed by Con­ stopped and when passengers were still on board. This ad­
gress continuing the Emergency Revenue Act in force an­ mission alone is, in the view of the Government of the United
other year, or until Dec. 31 1916. The President also took States, sufficient to fix
the commander of the submarine
occasion to refer to the long period of trial which the railroads which fired tho torpedoupon responsibility for having wilfullv
the
have had to endure, and to suggest remedial legislation, say­ violated the recognized law of nations and entirely disregarded
ing: “The transportation problem is an exceedingly serious those humane principles which every belligerent should ob­
and pressing one in this country. There has from time to serve in the conduct of war at sea. In view of these admitted
time of late been reason to fear that our railroads would not circumstances, the
much longer be able to cope with it successfully, as at present justified m holding Government of the United States feels
tho details the sinking the
equipped and co-ordinated. I suggest that it would be wise Ancona, the weight that character ofofthe additionaloftesti­
and
to provide for a commission of inquiry to ascertain by a mony corroborating the Admiralty’s report, and the number
thorough canvass of the whole question whether our laws as
no way essential matat present framed and administered are as serviceable as oi Americans killed or injured, are in of the commander is
1cis of discussion. The culpability
they might be in the solution of the problem. It is obviously in any case established, and the undisputed fact is that citi­
a problem that lies at the very foundation of our efficiency as zens
killed,
in
a people.’’ In response to the President’s suggestion, here ardy oi the United States were rules ofinjured or put lawjeop­
by his lawless act.
and
made, resolutions were promptly introduced in Congress the principles of humanityThe were international violated
which
thus wilfully
providing for the appointment of a committee of inquiry. by the commander of the submarine have been so long and
The new developments relating to submarine warfare so universally recognized and are so
the
arose out of the sinking the previous month of the Italian standpoint of right and justice, that the manifest from the
Government of
liner Ancona in the Mediterranean Sea by a submarine fly­ Lnited States does not feel called upon to debate them and
ing the Austrian colors. On Dec. 6 Sec. of State Lansing does
•sent a note to Austria through Ambassador Penfield at Vi­ ment not understand that tho Imperial and Royal Govern­
questions or disputes them. Tho Government of the
enna in which the Austro-Hungarian Government was called
other course open to it
upon to “denounce the sinking of the Ancona as an illegal United States therefore finds no Government responsible but
to
Imperial and Royal
for
and indefensible act, that the officer who perpetrated the thehold the its naval commander and to renew the definite
deed be punished and that reparation by the payment of an but act of
respectful demands
its
indemnity bo made for the citizens of the Unitde States who 6th of December 1915.” made indate communication of the
Under
29 the
were killed or injured by the attack.” The communication Hungarian Government made further of Dec.and this Austrowas not made public until Dec. 13, though forwarded Dec. 6. practically acceded to the request of thereply States.time it
The
In a statement issued shortly after the disaster the Austrian text of Austria’s new reply, as cabled United was pub­
Vienna,
Admiralty had admitted the attack on the vessel, but had lished in the daily-papers Jan. 1 1916, fromthe official English
but
denied that it had been sunk without warning. Secretary translation
public
of
Lansing
Lansing’s no to, referring to this statement of the Austro- until late inwas not made of Jan. by Sec.said State “the Im­
the afternoon
6.
that
Hungarian Admiralty, said it substantially confirmed the perial and Royal Government agrees It
thoroughly with the
principal declaration of the survivors, “as it admits that the American Cabinet that the sacred commandments of hu­
Ancona, after being shelled, was torpedoed and sunk while manity must be observed also in war. * * * The Im­
persons wero still on board.” It was the view of our Gov­ perial
Government can also
ernment “that the commander violated the principles of in the and Royal expressed in the very substantially concur
note that
international law and of humanity by shelling and torpedoing private principle so far as they do not fleeesteemed resistance,
ships, in
or offer
the Ancona before the persons on board had been put in a may not be destroyed without the persons aboard being
place of safety or even given sufficient time to leave the ves­ brought into safety.” It then went into a lengthy account
sel. Tiie conduct of the commander can only be charac­ of the circumstances under which the Austrian submarine
terized as wanton slaughter of defenceless non-combatants, conducted
contended that all the passengers
since at the timo when the vessel was shelled and torpedoed might haveits attack and if there had been no bungling on
been rescued
sho was not, it appears, resisting or attempting to escape;
Ancona,
that
of
and no other reason is sufficient to excuse such an attack.” the no means andblame the commanderlife. the submarine was
b\
to
for the loss of
Nevertheless the
Our Government was forced to conclude, therefore, either conclusion had been reached that the commander “had
that the commander of the submarine acted in violation of
adequately into consideration the panic
his instructions, or that the Austrian Government failed to omitted to take out
i broken
passengers, which rendered
issue instructions to the commanders of its submarines in difficult“the taking to among the and tho spirit of the regula­
the boats,
accordance with the law of nations and the principles of tion that Imperial and Royal marine officers shall fail in
humanity, and this latter the Government of the United
in need, even to an
States was loathe to believe. Mr. Lansing’s note concluded giving help to nobodypunished,not accordanceenemy.theThere­
the
in
with
exist­
with the folloAving paragraph: “The Government of the forerules,officer was his instructions.”
ing
for exceeding
United States expects that the Austro-Hungarian Govern­ The year closed, therefore, with the idea that the Austrian
ment, appreciating the gravity of the case, will accede to its submarine controversy had been satisfactorily adjusted in
demand promptly and it rests this expectation on the belief accordance with the views of the Urn ted States, just as the
that the Austro-Hungarian Government will not sanction
earlier in
or defend an act which is condemned by the world as inhuman German submarine controversy had 1been settled came the
Unfortunately, Jan.
and barbarous, which is abhorent to all civilized nations and the year.news of the sinkingon another 1916, thereship in the
startling
of
passenger
which has caused the death of innocent American citizens.” Mediterranean—by an Austrian submarine, it was presumed,
Tho reply to this by the Austro-Hungarian Government was though the fact was not subsequently established. The
made under date of Dec. 15 and given out Saturday evenum
the British passenger steamer Persia of
Dec. 18, by our Stato Department for publication "in the pa­ steamer sunk was Oriental Line. The sinking occurred on
the
pers Sunday morning Dec. 19. This reply showed a dispo­ Dec.Peninsular &
the
sition to palter and was not at all satisfactory, leading to ono 30 off the Island of Crete, inwas Mediterranean, and
persons
life
activo discussion of the possibility of tho rupture of our re­ who of thojust-been who lost hisAmerican Robert N. McNeely,
had
appointed
Consul at Aden and
lations with Austria. Tho Austrian reply observed “that
to his post on the Persia. It was stated
tho sharpness with which tho Government of the United who was proceedingpassengers on board the vessel at the time
that
States considers it necessary to blame the commanding of­ she there wero 184
numbered 315. It
ficer of tho submarine concerned in the affair, and the firm­ thatwent down, while the crew other Americans hadappeared
besides
boarded
ness in which tho demands addressed to the Imperial and the vessel atMr. McNeely two whom had left the Persia at
of
Royal Government appear to be expressed, might well have Gibraltar and London, onehad been landed at Alexandria,
the other
warranted tho expectation that the Government of the United kgypt, where tho survivors had been taken. The survivors
States should precisely specify the actual circumstances of numbered 166, including 65 passengers and 101 crew. The
tho affair upon which it bases its case. * * * TheGovship
sunk by a torpedo,
ernment of the United States has also failed to designate the reports had it that thebeen had been also appeared that and
that warning had
given; it
the
persons upon whose testimony it relies, and to whom it ap­ vesselnohad carried a 4.7 inch gun. The submarine—sup­
parently believes it may attribute a higher degree of credi­ posing it was a submarine—was seen by no one, but some of
bility than to tho commander of tho Imperial and Royal those aboard tho
the track of
fleet. Tho no to also fails to give any information what­ a torpedo. Very Persia claimed to have seen trouble with
soever as to tho number, names and moro precise fate of the Austria, but the naturally fears arose of new at once an­
Austrian Charge
American citizens who wero on board of the said steamer at nounced that he felt confident that d’Affaires
his Government would
tho critical moment. However, in view of tho fact that the not hesitate “to satisfactorily adjust the matter” if it should
Washington Cabinet has now made a positive statement to be proved that the disaster was the work of an Austrian sub­
tho effect that citizens of the United States of America came
eventually the incident led to a settlement of
to griel in the incident in question, the Imperial and Royal marine, andsubmarine question, as Count von Bemstorff,
the whole
Government is in principle ready to enter into an exchange I the German Ambassador, on Jan. 7 delivered a communica­
of views
Lansing
States.” m tho affair with the Government of the United ■ tion from the Berlin Foreign Office to Mr. to destroysaying
that German submarines were permitted
mer


408

THE CHRONICLE

[Vol . 102.

The
was fixed at
chant ships in the Mediterranean only after passengers and pass issue price investors the par. On such of tho bonds as
to foreign
interest will be
crews had been accorded safety”; also that if commanders all British Taxes. In the event of the issuepayable free of
of German submarines should not have obeyed the orders loans these Exchequer bonds are to be acceptedof future war
as equivalent
given to them, they would be punished and, furthermore, to cash to the amount of their face value in payment of sub­
the German Government would make reparation for dam­ scriptions to such loan. As to the mobilization scheme this
age caused by the death of or injury to American citi­ provided that the British Government might make either
zens. The Austrian Government later announced that it
of
and pay for
had received reports from all the submarines operating in the outrightorpurchase suchAmerican securities view to using them
borrow
securities
them
Mediterranean and that none had made mention of having in cash purpose of obtaining loanswith the in this country.
the
upon
attacked regarding the British withdrawal. from the Galli­ for the latter event the owners were to them V> of one %
the Persia.
..
„ ,, ^
In
receive
News
addition to the income
poli Peninsula came on Dec. 20, when an ofiicial statement per annum from the Government inReginald McKenna, the
the securities themselves provide.
was issued saying that “all the troops at Suvla and Anzac, British Chancellor of the Exchequer, estimated that the
together with their guns and stores, have been successfully American securities held in Great Britain had a value some­
transferred with insignificant casualties to another sphere where between £300,000,000 and £800,000,000 ($1,500,000,­
of operation.” In giving the House of Commons this infor­ 000 to 84,000,000,000) and expressed the hope that the
mation, the Premier, Mr. Asquith, stated that the transfer scheme would suffice “to meet our liabilities and to main­
had been made in pursuance of a decision reached some time tain exchange in the United States for tho period of the
before by the Cabinet and that the withdrawal had been war.” Where the securities are taken under loan thoy must
effected without knowledge of the movement on the part ot be transferred to tho Treasury for two years from tho date of
the Turks The withdrawal was taken as foreshadowing the transfer. The Treasury bound itself to sell the securities at
end of the Dardanelles campaign, though the British still any time on a request from the depositor and pay the proceeds
retained their hold on the tip of the peninsula, and the next in sterling at tho exchange rate of the day or the lender might
month the British forces were withdrawn from that point too. make his own arrangements for the sale on condition that tho
Matters regarding conscription in Great Britain approached proceeds were remitted to England through the Treasury
a crisis. Dec. 11 was the last day in the test of Lord Derby s
in New York.
Treasury, however, reserved to
recruiting scheme; at first no definite announcement on the agent the right to sell allTheany of such securities after notify­
result of the test was forthcoming, but later it was admitted itselfthe depositor, tho or
case
the
that the test had not been altogether successful, and that ing New York price Treasury% in thattho endto pay two
quoted
plus 2]/2
At
of
some form of conscription would have to be resorted to. year period the securities if unsold■ will bo returnedthe the
to
The labor unions were opposed to conscription and in tho depositor in exchange for the Treasury certificates given in
House of Commons on Dec. 22 John Redmond, leader of exchange for them. The next month (Jan. 7 1916) the British
tho Irish Nationalists, created a sensation by declaring that Government furnished a list of tho American securities it
the Nationalists would oppose conscription by every means was prepared buy outright
the prices for the same.
in their power. It then seemed that a rupture of the Brit­ As these bondstowero to be paid and in London in pounds and
for
ish Cabinet was imminent, and that even Mr. Asquith
might have to yield up office. Early in the next month, to bo sold in the United States for dollars and British ex­
however, ho managed to save the day, as ho had so many change in this country was at a discount so that a given
times before, by making concessions and fixing up a compro­ amount in dollars yielded more in pounds sterling than the
mise. He then introduced a bill omitting Ireland from the intrinsic equivalent in gold, there was a profit in ttie ex­
conscription requirements, and in that form got the measure change operation and accordingly the prices the British
through. All through the month Lloyd George made Government offered to pay were some points higher than mo
strenuous appeals to the labor unions to relax their restric­ New York prices. For tho same reason the prices were
tions regarding skilled labor, and in the House of Commons subject to daily changes. In Franco subscriptions to the
on Dec 20 ho stirred British public feeling to the depths French permanent war loan were received up to Dec. lo.
by asserting that Great Britain could not escape the charge This was as much a refunding loan as it was to provide new
of having always at critical moments been “too late.” The funds for tho Government. Tho loan is in tho shape of
cable dispatches stated that while the startled and silent 5% rentes without fixed maturity but cannot bo paid off or
House listened with painful intentness, Mr. Lloyd George converted before Jan. 1 1931; the issuo price for spot cash
rang the changes on these direful words too late.
Wo was 87K, the obligations being free from all French taxes.
have been too late in this, too late in that, too late m arriv- Payment in bonds of the Defense Nationalo (Treasury
in<r at decisions, too late in starting this enterprise or that bonds) wero accepted at the net price of 95.02. 1 lie
adventure. The footsteps of the Allies have been dogged subscriptions reached 15,130,000,000 francs ($3,026,000,­
by the mocking spectre of ‘too late.’ Let not ‘Too Late 000). As the issue price in the regular way was 88 tins
be inscribed on the portals of our workshops. All that corresponded to an actual subscription of 13,314 000,000
Lloyd George asked was that the unions admit a larger ad­ francs ($2,662,800,000). This sum, again reduced by the
mixture of unskilled with skilled labor in munitions factor­ 15 centimes in the 100 francs allowed to cash buyers at 88,
ies with a view to properly manning such establishments became 13,243,000,000 francs ($2,048,600,000) . I he total
and enabling them to increase their output to maximum ca­ subscribed was made up as follows: Cash, 6,368,000,000
pacity. “We want 80.000 skilled men and from two to frs ($1 273,600,000); National Defense short-term bonds,
three hundred thousand unskilled men for these new factor- 2 227,900,000 frs. ($445,580,000); longer-term Defense
Here only organized labor can help us Bonds, 3,191,900,000 frs. ($638,380,000); 3^% Rentes
We have done our best to get skilled labor by tho system of used as part payment, 24,450,000 frs. ($4,890,000); 3%
munitions volunteers. It is no use my going into the ques­ Rentes, 1,430,530,000 frs. ($286,106,000). Of the total
tion of why we got only 5,000 or 6,O0O men, although that England subscribed for 602,000,000 fr. ($120,400,000) M.
story may have to be told later. The whole question de­ Ribot in a speech on Dec. 16 stated that while the French
pends on organized labor. Unless it allows us to put un­ war expenditure at tho beginning of tho conflict was 1,500,­
skilled workers on the work which hitherto has boon the mo­ 000 000 francs ($300,000,000) a month it was now 2,100,­
nopoly of skilled labor, we cannot perform this task. I be 000 000 francs ($420,000,000). In tho courso of the dis­
cable dispatches said that James Henry Thomas, Labor mem­ cussion Deputy Jules Roche said the war already had cost
ber for Derby, and Assistant General Secretary of the Amal­ France26,000,000,000francs ($5,200,000,000) and her enemies
gamated Society of Railway Servants, speaking for tho La­ 47 000 000 000 francs ($9,400,000,(XK)). Europo as a wholo
bor Party after Mr. Lloyd George had concluded, asserted ho’’S id had upended 194,000,000,000 francs ($38,800,000,­
that organized labor would bo found willing to follow wherc- 000) Gold holdings of tho Bank of Franco wore further
ever the Minister of Munitions led, if their rights were largely increased, in part by cash payments for the now
properly guaranteed. He added that what the Ministers loan, and passed the previously unexampled mark ot o,()()(),ought to do was to pass a bill guaranteeing to trade unions 000 000 francs, reaching 5,026,300,000 francs Doc. lo and
the re-establishment of the status quo at the termination of 5 070 464,000 francs Dec. 22 but tho next week there was a
the war. This attitude was in lino with the action of this decrease of 55,276,000 francs bringing the total down to
same James Henry Thomas in speaking in the House of 5 015 188 000 francs. The French moratorium was again
Commons on Sept. 16, as related under our narrative tor extended, this time until April 1 1916. Cash payments up
September. Dissatisfaction with the conduct of tho war to Dec. 31 on tho third German war loan wore reported as
found expression in some further changes in tho British being 11,295,000,000 marks or 92.9% of the total sub­
army. Sir John French was relieved of British command in scriptions, though no moro than 75% of tho total was due
France and Flanders, though this action was reported as up to that time. Tho German Reichstag was asked to voto
having been at the Field Marshal’s own request. IIo became a further war credit of 1 0 ,0 0 0,0 0 0 , 0 0 0 marks supplementary
Commander-in-Chief of tho armies in the United Kingdom, to the 1915 budget. In tho Reichstag on.Dec. 14 the btcro­
and for his service at the front was decorated with the title tary of the German Imperial Treasury Dr. Karl Helffench
of Viscount. His successor was General Sir Douglas Haig, announced that the previous war credits had amounted to
who from the landing of the expeditionary force in Franco 30,000,000,000 marks ($7 ,5 0 0 ,0 0 0,0 0 0), the last 10,0(H),000,had commanded the First Army and had been repeatedly 000 marks having been voted in August. Ho said ho had
commended in the dispatches by his chief.
. then estimated the monthly domain! at about 2 , 000,­
In Great Britain new financial arrangements of much lm- 000,000 marks and tho increase since then had not boon
portance were announced. A bill was passed by the British very material despito tho fact that not only had thero been a
Parliament providing for the mobilization of American growth in the army and in field operations but an increase
securities held in Great Britain and provision was made for in tho price of almost all necessities for the army and navy.
the issue of 5-yr. 5% Exchequer bonds. After tho close ot Against the credit votes of 30,000,000,000 marks three loans
business on Dec. 16 official announcement came that tho had yielded 25,500,000,000 marks ($6,335,000,000) and the
Bank of England was prepared to receive applications for remainder had in part been covered by short term Treasury
these Exchequer bonds. They are redeemable Dec. 1 1920.



Jan. 29 1916.]

THE CHRONICLE

to the effect that the vaults contained no gold. This Avas with
a vieAv to preventing the hoarding of gold in safe deposit
vaults. Announcement Avas made Dec. 23 by Kuhn, Loeb
& Co. that they had completed negotiations in Paris for the
account of the Southern Pacific Co. for acquisition of bonds
of the Cent. Pac. Ry. Co. 4% European loan of 1911 guar,
by the So. Pac. Co. and of wliicji there were outstanding
250,000,000 francs. It also appeared that arrangements
Avere contemplated by the Chic. Mil. & St. P. Ry. for re­
funding its 15-year 4% debenture bonds sold to a group of
French banks in 1910 and aggregating 250,000,000 francs.
A large part of this issue was already on deposit Avith J. P.
Morgan & Co., as collateral for a loan by the bankers made
to the Rothschilds in Paris the previous summer. Arrange­
ments Avere understood to be under way calling for the sale
of this block to Kuhn, Loeb & Co. as representatives of the
St. Paul RR. and it Avas understood that the same bankers
Avould endeavor to secure the remainder of the issue still held
in France.
Trade activity continued to develop in all directions, and
in the iron and steel industry production and orders were
phenomenal. The U. S. Steel Corporation Dec. 31 reported
unfilled orders on the books of the subsidiary corporations
aggregating 7,806,220 tons, against 7,189,489 Nov. 30;
6,165,452 tons Oct. 31; only 3,836,643 tons Dec. 31 1914
and 3,324,592 tons Nov. 30 1914. The make of iron in the
United States established a neAv high record, the output for
December aggregating 3,203,322 tons, as against only
1,515,752 tons in Dec. 1914. The freight embargo at the
seaboard became intensified, affecting still other of the lines
to the Eastern seaboard, even the NeAv Haven road because
of congestion at the terminals being obliged on Dec. 26 to
declare an embargo on all freight (except li\'estoek, perish­
ables, foodstuffs for human consumption, coal, coke and
neAvs print paper) from connecting lines for points south of
the line of the Boston & Albany. On some of the trunk lines,
hoAvever, tho embargo Avas modified for the better in some
particulars by the close of the month. The freight conges­
tion Avas due mainly to the accumulation of export freight
and the inability to obtain steamers to carry it off. As in­
dicating the abnormally high ocean freight rates prevailing
the charge for cotton at the end of the year from American
ports to Liverpool Avas $12 50 per bale and shipping room Aras
A
scarce even at that rate; this A as against a rate of only $2
\ras
to $3 per bale in ordinary times. The “Iron Age” in its
last issue of the year stated that the British and French
Governments and their NeAv York agents Arere putting forth
A
every effort to get vessels to NeAv York to help break the
deadlock in steel and munitions shipments, but the situation
was full of uncertainty. Meamvhilo the steel companies
j Avere turning some mills to home orders on Avhicli there had
been great pressure for shipments. The “Age” also stated
that the freight embargo Avas one factor in the large increase
in unfilled orders reported by the Steel Corporation. It
said that the embargo Avas a blessing to domestic consumers.
While exports of steel had been declining since August,
largely because of transportation difficulties, they Avere yet
largo enough to bring measurable relief if diverted into home
channels. Further advances in prices occurred, copper
getting up to 22%@23 cents for both Lake and electrolytic.
Finished products of iron and steel nearly all made further
sharp advances in price. Steel bars at Pittsburgh got up
to 2 cts. a lb., against 1.70 cts. Dec. 1 and only 1.05 cts.
Jan. 1. Tank plates at Pittsburgh Avere quoted at 2.25 cts.
per lb., against 1.90 cts. Dec. 1 and 1.05 cts. Jan. 1. Steel
beams at Pittsburgh were 1.90 cts. Dec. 31, against 1.70 cts.
Dec. 1 and 1.05 cts. Jan. 1. Galvanized sheets at Pitts­
burgh remained at 4.75 cts., but at that figure comparison
was AT 2.75 cts. Jan. 1. Wire nails at Pittsburgh rose
Aith
to 2.10 cts., against 2 cts. Dec. 1 and 1.50 cts. Jan. 1.
Bessemer steel billets at Pittsburgh got up to $32 a ton and
open hearth to $33 a ton, as against $29 and $30 respectively,
Dec. 1, and only $19 a ton for both Jan. 1. Spelter at St.
Louis after declining from 18 cts. a lb. to 14.75 cts. Dec. 8
recovered to 17% cts., at which figure comparison Avas with
only 5.40 cts. Jan. 1. Lead at St. Louis advanced to 5.32%
cts., against 5.20 cts. Dec. 1 and 3% cts. Jan. 1. The price
of tin fluctuated considerably, tho quotation at New York
declining from 39.50 cts. Dec. 1 to 37.25 cts. Dec. 8, then
recovered to 39.50 cts. Dec. 22 and closed at 39.25 cts., at
Avhicli figure comparison Aras with 33.25 cts. Jan. 1.
A
In other lines of trade there Avas also groAving activity,
but business was by no means universally good and the
monthly statement of the American Railway Association
actually shoAAred an increase during the month in the number
of idle cars on the railways of the United States from 60,793
to 68,700. There were of course car shortages in certain
districts, but the total of these Dec. 31 Avas only 21,745 cars
against 23,391 Dec. 1. One of the events of the year A\^as
a sharp advanco in the price of petroleum and the products
of the same. A low level Avas reached in April and until Aug.
tho prico of tho Pennsylvania standard grade was $1 35 a
barrel; then the price began to adA^ance and at the end of the
year it Avas $2 25. Production of crude petroleum for the
year 1915 slightly exceeded that for 1914 and stocks of crude
petroleum at the end of the year A reported tho largest
vrere
ever knoAAm, but the output the last 6 mos. of the year heaAdly
declined and the product of the Great Cushing Pool in Okla­
homa suffered a tremendous falling off, declining from 300,­
000 barrels a day in May 1915 to less than 100,000 barrels in

certificates. This method would be followed until the issue
of the next war loan. The Reichstag on Dec. 21 voted the
now credit of 10,000,000,000 marks, a Socialist minority of
19 alone opposing the grant. The Government’s war taxation
bill passed its second and third readings on the same day.
Dr. Helfferich stated that the Government had spared the
people as long as possible from increased taxation but the
budget could not now be balanced without new revenues.
For 1916-1917 the pepole would therefore have to reckon
not only with the war profit tax but with other tax proposals
now being worked out.
It was reported that the war was costing Russia $12,000,­
000 a day. Unofficial details from Petrograd under date of
Dec. 17 stated with regard to the Russian loan of 1,000,000,­
000 rubles ($500,000,000) at 5 % % that in financial circles it
was estimated that 600,000,000 rubles had been subscribed
by Russian banks and that the remainder had been placed
at the disposal of the people who had already taken 300,000,­
000 rubles worth. A cablegram from Rome under date of
Dec. 24 reported that a Royal decree had authorized the
issue of an Italian National loan, the bonds to be redeemable
in 25 yrs. but not convertible before 1926. The interest was
to be at 5% , the bonds to be free from all taxes present and
future; the issue price was fixed at 97% lire— subscription
lists to be open from Jan. 10 to Feb. 10 in Italy and until
Mar. 31 in the colonies and abroad. Holders of the last
bond issue were given the right to convert their bonds into
the new bonds on payment of 2 % lire a hundred. The sum
of $441,500,000 was (according to statistics made public in
Rome) the expense sustained by Italy for her army and navy
from June 1 to Nov. 30; adding $120,000,000 spent in May
and Dec., the total cost of the war to Italy was given as
moro than $561,000,000 without including the expenses of
the military preparations before the opening of hostilities.
Leo, Higginson & Co., who headed the American syndicate
which handled the $25,000,000 6 % one-year Italian Governmontloan underwritten in this country in October, announced
on Doc. 17 that the syndicate had been dissolved, all the ;
notes having been sold. Norway negotiated a loan of
$5,000,000 to run for 7 yrs. and bear 6 % interest with bank­
ing interests in this country. The Argentine Government
concluded arrangements to borrow about $6,000,000 hero for
six months at 6 % intorest; this was understood to be purely
a banking transaction.
The 60-day life of the syndicate which underwrote the '
$500,000,000 Anglo-French loan expired Dec. 14. It ap­
peared from a statement given out by the syndicate man­
agers that over $300,000,000 of the bonds had been taken
for investment. The larger part of the bonds so taken went
to those who joined the syndicate in the main for investment
purposes or to clients of the underwriters who were allowed
to tako the bonds at actual cost to the syndicate (such par­
ticipants thus getting their bonds at 96% instead of being
obliged to pay 98 for the bonds at public offering, practically
everybody who chose to como in on that basis having been
allowed to join in the syndicate participation) and as a con­
sequence only a limited additional amount of the bonds
was taken at the public offering. Approximately $45,009,­
000 bonds were disposed of at the public offering; as about
$275,000,000 of the bonds were originally withdrawn by
members of the syndicate this left about $180,000,000 for
distribution among the underwriters. Tho syndicate man­
agers announced that tho amount of cash wiiich would be
distributed to those who had not withdrawn their bonds for
investment would be between 10% and 11% of tho amount
of their participation. As the time approached for the
dissolution of tho syndicate a sharp decline in tho price of the
Anglo-French bonds on the Stock Exchange occurred. Pre­
viously the range had been between 97 % and 98)4; with tho
approach of tho expiration of the syndicate agreement bind­
ing the syndicate not to dispose of their bonds except at tho
syndicate prico, sales on seller’s 15-day and 30-day options
began to appear at several points below the syndicate price
of 98. After tho oxpiration of tho syndicate agreement on
Dec. 15 sales in the regular way at similar reductions ap­
peared and the price dropped as low as 93% with the close
Dec. 31 at 94%. The German authorities feigned to believe
that the loan had been far from successful, gauging success
by the amount of the public takings (which were limited as
lias been explained) and Dr. Karl Helfferich of the German
Imperial Treasury publicly characterized tho loan as a
failure in an address before the Reichstag on Dec. 15 when
speaking in support of the bill for a supplementary German
war credit of 10,000,000,000 marks. He argued that
English financial prestige on which the British Empire was
founded had been shaken and that accordingly the British
Empire itself was tottering. He then went on to say: “We
stand like rocks in tho soil of the homo country, and on tho
columns of tho British Empire aro written in glowing letters
the samo words as were written on the wall of Belshazzar’s
palace.” [The reference is to the words “Mono, mene
tekel, upharsin,” thus interpreted by tho prophet Daniel:
“ Mene; God hath numbered thy kingdom, and finished it.
Tekel; thou art weighed in the balances and art found want1 fb' T or?s: thy kingdom is divided, and given to tho Medes
U
and I crsmns.” ] Circulars were issued by tho German
Keichsbank urging all banks in tho Empire to serve notice
°n those renting safo deposit vaults since the outbreak of the
A that rent arrangements would be discontinued Avith the
var
expiration of tho present term unless a declaration A signed
vas




409

410

THE CHRONICLE

[Vol . 102.

elected
Dec. One effect of the rise in petroleum was a sharp ad­ and “that no such persons should henceforward be banks
Reserve
vance in the price of gasoline, the grade used in automobiles or act as directors oraas officers of the Federal that candidates
prescribing
of
and motor boats having risen from 13 cts. a gallon to 22 cts. andelection shallns condition theeligibility this resolution.”
The Panama Pacific Exposition _ at San F rancisco closed for Philadelphiacomply “with terms of
The
Clearing
Dec. 15
Dec. 4, after having been open since the previous Feb. 20. inaugurated a plan for the House Association ondrawn on
collection^ of checks
Grain prices advanced sharply all around on a tremendous the 31 non-member local trust companies and three Camden
export demand, supplies from Australia and Argentina being
banks which had
with the
largely shut off from Europe by the scarcity and the dearness national thus doing away affiliated themselvesof sendingnew
with the old plan
in­
of ocean freight room. Advices from France stated that the system, runners to non-member institutions; instead tho
French Government was requisitioning wheat. Australia dividualare sent to the Clearing House, which collects the
offerings were said to be large, but the difficulty of finding checks by runners and credits each member institution
shipping room for such supplies changed the complexion ot samo
The
(Va.) Country
the situation as far as the immediate needs ot the European accordingly. activeRichmond Dec. 23. The Clearing Associ­
business
new Association
importing countries were concerned. The May option lor ation started
was designed to
the collection of checks on
wheat at Chicago advanced from $1 07 K Dec. 1 to $1 29 which in the Richmondfacilitate Reserve district undertakes
Federal
Dec. 27, with the close Dec. 31 $1 2554- May corn at Chi­ banks checks on interior banks without relation to their
to collect
cago rose from 6854 cts. Dec. 1 to 7834 cts. Dec. 27, wit i. t e membership or non-membership in the Reserve system.
close 76 Vs cts. May oats at Chicago moved up Irom 43 A An amendment to the rules of the New York Clearing House
cts. Dec. 1 to 4834 cts. Dec. 31. . Cotton declined for part Association w'as adopted Dec. 29 extending the privilege of
of the month on extensive liquidation by operators tor a rise, collecting checks at par to banking institutions located at points
influenced also by fears growing out of the submarine con­ sufficiently near to New York to permit of mail arriving not
troversy with Austria, but the last half ot the month there
8 a. m. the day
posting.
served
was an upward reaction, owing to the fact that ginning re­ later than the discretionaryafter which had This actionapplied
to enlarge
list
previously
turns showed a smaller amount of cotton ginned tluin had to banks and trust companies in Boston, Providence, Albany,
been expected. Middling upland spot cotton closed Dec. 31 Troy, Jersey City, Bayonne, Hoboken, Newark, Phila­
at 12.40 cts., the same as Nov. 30, but in the meantime had delphia and Baltimore and to items which the Foderal Re­
been up to 12.75 cts. Dec. 7 and down to 11.95 cts. Dec. 17.
Therangefor the year was 12.75 cts. Dec.7 and 7.90cts.Jan. 2. serve bank receives for its members for immediate,, credit
par.
. .
, ,
Print cloths at Fall River remained 354 cts. a yard; the at The
re­
low point here was 2 J4 cts., which ruled from Jan. 1 to Mar.31 sults of Interstate Commerce Commission reported the the
its inquiry in response
Some advances in rates were allowed the railroads in dif­ U. S. Senato on Feb. 2 1914 to a resolution adopted by un­
into the alleged giving of
ferent parts of the country—most of these in readjustment
United
of tariffs or schedules rather than in direct increases. 1 hus, lawful rebates by the years. States Steel Corporation dur­
The Commission saul that it
a readjustment involving some increases of live stock rates ing the preceding six
tho records and accounts o
in the territory north of the Ohio and Potomac rivers and came into constant contact withto believe that there was any
east of the Mississippi was authorized in a decision of the the railroads and saw no reason Edward E. Mc( all, ^hairInter-State Commerce Commission made public Dec. 13. basis for tho allegations made.
State of Now
The Commission stated it was impossible to estimate the man of the Public Service Commission of thefrom otiico by
additional revenues to the roads. Calculations were that York for tho First District, was removed of charges ot
Governor
The action grew
the changes would yield an increase of several hundred thou­ misconductWhitman. and neglect of dutyout
in office
preferred
sand dollars a year. Under date of Dec. 18 the Commission joint committee of the Senato and Assembly, of by the
which
allowed increases to the railroads in Western Classification Senator Thompson was Chairman, appointed to investigate
Territory on certain commodities, including agricultural tho Commission. Altogether nineteen charges wore 1ileu
implements, canned goods, and boots and shoes. Aggre­
but his
gate amounts of revenue involved were apparently not very by tho Thompson committee against Mr. McCall, ho had
was based solely on the allegation that
large, but the decisions were hopefully regarded as indicat­ removal Sec. 9 of the Public Service Commission’s Law in
ing a more liberal policy on the part of the Commission. violated divest himself of the holdings of a corporation sub­
Some increases in passenger fares on Western railroads were failing to
next
also authorized by the Commission on Dec. 7. The terri­ ject to3) tho Commission’s jurisdiction. Tho of thomonth
(Jan. Robert C.
another
same
tory involved was the State of Illinois, west of the Chicago Commission, against Wood, charges ofmember
whom
misconduct in office
& Alton RR.; the State of Wisconsin, the upper peninsula had been filed, resigned his position but denounced as ut­
of Michigan and the States of Minnesota, Iowa, Nebraska, terly false tho insinuations suggested against himself. Still
Kansas and Missouri, and from points within said territory anothor member of the Commission, namely Georgo V. S.
to points in other States. The Commission did not grant Williams, likewise tendered his resignation, saying that ho
all the increases sought, but allowed a good many ot them. had some time previously contemplated taking the step and
In these various findings the Commission referred to the now felt free to take that course inasmuch as the legislative
fact that the carriers were feeling the increased costs ot liv­ investigating committee had completed its labors.
ing, and it pointed out that the public has the right to ex­ In Mexico, in furtherance of the resumption ot full diplo­
pect adequate, comfortable and safe service and that for matic relations with tho United States, the appointmen was
such service and facilities the roads should be allowed, under announced on Dec. 9 of Eliseo Arredondo, <^neral Car­
reasonable rates, to earn a reasonable return upon the prop­ ranza’s confidential representative in Washington, as Mexi
erty used in that service.
to the United
the
A statement prepared by L. F. Loree, Pres, of the Del. & can Ambassador relinquishmentStates. Anothor event otVilla
month was tho
by General Francisco
Hud. Co., showing the foreign holdings of American railroad
the leadership of tho Chihuahua army and tho surrender
securities compared with a similar statement issued^ in June of his forces, including all his former general officers except
by him indicated that nearly $500,000,000 of securities had of himself, together with their command, aggregating
been returned to this country in the interval of say o to 0 Villa 5,000 men, to tho Carranza Government. This ap­
mos., the latest figures being based on data covering the about ended organized rebellion against tho now Govern­
period from Feb. 1 to July 1 1915 and the Juno statement parently the northern part of tho Republic, but Villa took to
having been made up from information collected irom Oct. ment in
evidently with the
1914 to April 1915. The latest statement showed $2,223,­ the mountains Cable advices fromidea of resuming Ins careor
11
510 229 of American railroad securities owned abroad as as a bandit. Presidential mandatePekin DecYuan gave par­,
ticulars
issued by
Shih-Kai
against $2,704,402,364 by the previous statement, making a making of a
it clear that
had reverted to a monarchal
decrease of $480,892,135 in par value and the figuros ot form of government. Chinanow potentate, howover put off
The
course related entirely to securities standing in the names actually assuming the crown for the time being. The State
of their foreign owners; in addition of courso thero were Department at Washington received a cablegram from tho
securities foreign-owned but not carried in the names of tlieir
Embassy at
tolls through
owners. The computations, as stated, related only to American Canal would Paris, saying that canal(9 6-10 cents)
bo
50 centimes
railroad securities; in addition there has been a considerable tho Suez 1 1916, makingraisedrate for laden ships 6 francs
after April
foreign ownership of industrial and other securities in which 75 centimes ($1 30) and for tho in ballast 4 francs 25 cen­
ships
the resales to the United States were also heavy. Ihus times (82 cents) a ton. In Norway tho State Council on Dec. 3
from a statement issued after the close of the year by the issued a temporary edict prohibiting tho sale of snips to for­
U. S. Steel Corporation it appeared that the foreign holdings eign countries. In France the Government had tho previous
of the Steel Corporation stock, common and preferred, dur­ month prohibited, both in Franco and abroad, tho voluntary
ing the calendar year 1915 had been reduced from l,502,o21 sale to a foreigner of any French seagoing vessel during the
shares to 971,219 shares, being a reduction of 531,302 shares. remainder of tho war and for a period of six months alter 1 1
With the par value of the shares $100 this means that the
In Germany a law had boon passed
United States had to take back $53,130,200 of Steel stock. cessation of hostilities. forbidding German citizens who own
tho previous October
The Federal Reserve Board authorized the purchase in open or have a share in any merchant ship to sell or m any way dis­
market operations by the Federal Reserve banks of bankers pose of the interest to any one not a, subject ot Germany.
acceptances based on domestic trade. Previously tho Re­ After a visit of the German Kaiser (on the sixty-sovonth
serve banks had been limited to bankers’ acceptances based
tho Emperor F rancis Joseph) or
on the importation or exportation of goods. The Reserve anniversary of tho reign of number of resignations from tho
Board passed a resolution saying that in its opinion ‘ persons simultaneously therewith a
Cabinet wero announced. 1
holding political or public office in the servico of the United Austrian 1 accepted threo resignations,ho Austrian Emperor
namely that of Dr.
States or of any State, territory, county, district, political on Dec.
Interior, Dr.
subdivision or municipality thereof, or acting as members Karl Heinold D’Udynski, Minister of tho Commerco and
Rudolf Schuster von Bonnott,
of political party committees, cannot consistently with Baron Engel von Mainfeldon, Minister ofof Finance. In
Minister
the spirit and underlying principles of tho Foderal Reserve
Act, serve as directors or officers of Federal Reserve banks I place of these Prince Hohenloho SchiUmgfuerst, Presidont ot



Jan. 29 1916.]

THE CHRONICLE

411

the Supreme Court of Accounts, was made Minister of the those not designated for places on the permanent peace board
Interior; Ritter von Leth, governor of the Postal Savings then departing for home. A note protesting against the re­
Bank, was made Minister of Finance, and Herr von Spitz- moval by the French cruiser Descartes of six Germans and
millner, director of the Kredit Anstalt, Minister of Com­ Austrians from the American steamships Carolina-Coamo
merce. These changes were construed as indicating the and San Juan, was cabled on Dec. 14 by the U. S. Govern­
further ascendancy of the element permeated with German ment to Ambassador Sharp at Paris for presentation to the
views and German policies and in favor of the continued French Foreign Office. The United States asked for the re­
vigorous prosecution of the war. They also seemed to in­ lease of the men on the ground that the seizure of citizens of
dicate the accession to control of men less inclined to mis­ any nation from an American vessel on the high seas was with­
givings as to Austria’s financial ability to continue the war. out legal justification and constituted a flagrant violation of
At the Greek elections on Sunday Dec. 19 King Constantine’s American rights. The State Department was advised early
policy was endorsed, the neutrality party led by M . Gounaris the next month that the French Government had ordered the
being successful; M . Venizelos, the former Premier, who was immediate release of the seized men and that acknowledgment
in favor of Greece entering the war on the side of the Entente of the justice of the contention of the United States had been
Powers had advised his followers to abstain from voting. No formally received by the American Ambassador at France
change in the Greek Ministery was made, however, as a and the promise made that the offense would not be repeated.
result of the elections, M . Gounaris having informed King The State Department at Washington on Dec. 3 made known
Constantine that he would continue to support the existing that the recall had been requested of Captain Karl Boy-Ed
Cabinet under M . Skouloudis of which indeed he was a and Captain Franz von Papen, the Naval and Military At­
member, occupying the post of Minister of the Interior.
taches, respectively, of the German Embassy. The only
In the Serbian campaign the Bulgars and the Germans reason officially given for this action was that the two Ger­
completed their victories and the British and French troops, man representatives were no longer acceptable to the United
who had been endeavoring to co-operate with the Serbians, States “on account of what this Government considers im­
were forced to retreat over the Greek frontier. By arrange­ proper activities in military and naval matters.” In re­
ment with the Greek Government a clear road was left for sponse to this request, it was announced on Dec. 10 that
them to fall back on the port of Saloniki, which was there­ Emperor William of Germany had personally recalled the two
upon strongly organized and fortified as a base. An official men.
German report declared that approximately two English
R a ilroa d E ven ts an d Stock E xch a n g e M a tte r s .— The course
divisions had been annihilated during the retirement. The of the stock market was decidedly irregular during December
Entente forces, however, destroyed railway bridges and roads and on more than one occasion there was decided evidence of
as they fell back, and by stubborn rearguard actions kept weakness. In a general way it may be said that the railroad
the Bulgarians at a fairly safe distance. The Entente Powers stocks were strong on the excellent returns of earnings made
kept adding to their forces at Saloniki and erected fortifi­ by the roads, some leading railroad shares establishing their
cations which it was hoped would prove impregnable. They highest prices for the year, while the industrial list, on the
also effected two new landings, one being made by the British other hand, was weak and lower, though not without ex­
00 miles east of Saloniki to guard the right flank of the long ceptions. The industrial shares appeared to be largely left
defence lino around the Entente Balkan base, and the other to themselves and there were indications of extensive liquida­
by the French on an island off the Asia Minor coast, whence tion in them; when the weakness in the industrial list w'as
a stroke might possibly be delivered at the communications most pronounced it often carried the general list down with
of any Teuton-Turkish force operating against Egypt. it, including the railroad shares. Some few of the war stocks,
Elsewhere in the theatre of war wintry weather with its however, were still subjected to manipulating tactics, and
great suffering and restraint upon operations appeared to in the ballooning process attained their highest level of the
interfere with the carrying out of any extensive plans of cam­ year, while the copper stocks almost uniformly advanced by
paign by either side, though the Russians appeared to be reason of a further rise in the price of the metal. The con­
pressing their advantages in Bessarabia and on the Galician troversy with Austria over the submarine question had no
front. In tho Mesopotamian campaign the British reverse special adverse influence, as the speculative fraternity did
kept assuming increasing dimensions and General Townshend not appear to take seriously the talk of a possible rupture in
in his retirement after the attempted march to Bagdad rap­ American relations with Austria-Hungary. In the railroad
idly drifted into a critical position. Notwithstanding con­ list, Balt. & Ohio common, Milw. & St. Paul com. and pref.,
tinued activity in so many different directions, rumors of N. Y . Cent., Sou. Pac. and Northern Pacific all reached the
peace continued to prevail, and yet found little support in highest points of the jr
ear on the last day of the month.
any direction. Strangely enough, the rumors all suggested Many of the copper stocks also made their best prices toward
that the Central Powers wero seeking peace, notwithstand­ the close of the month. On Dec. 31, on advices that the
ing their growing military successes. In response to an Austrian Government had yielded to American demands to
interpellation by a Socialist leader, Dr. von Bethmann- the extent that the officer of the submarine which attacked
Holweg, the German Chancellor, made a statement in the the steamship was to be punished, the whole market devel­
Reichstag early in the month which served to dispel any no­ oped aggressive strength and some sharp advances occurred
tion that Germany had any intention of suing for peace. all around.
He said, among other things: “ If our enemies make peace
proposals compatible with German dignity and safety, then
S tock F lu c tu a tio n s .
| D e c . 1.
D e c . 31.
R ange fo r M o n th .
wo shall always bo ready to discuss them. So long as in the
countries of our enemies the guilt and ignorance of statesmen
Railroads—
H ig h .
L ow .
106**
108**
105** Dec. 21 108** Dec. 31
aro entangled with confusion of public opinion, it would be Atch Top & Santa Fe.
94**
95 J*
96 Dec. 31
Baltimore & Ohio----92 Dec. 13
folly for Germany to make peace proposals which would not Canadian Pacific------183**
183
178 Dec. 11 1845* Dec. 7
64**
61 Dec. 17 64J* Dec. 31
635*
shorten but lengthen the war. First the masks must be torn Chesapeake & Ohio—
94**
100**
92 Dec. 15 101** Dec. 31
Chic Mllw & St Paul-.
from their faces.” Representatives of tho Entente Powers Erie________________
44
43 J*
405* Dec. 17 445* Dec. 7
124** Dec. 17 127** Dec. 7
126
127**
— French, British and Russian— talked in the same strain. Great Northern, pref.
129**
127 Dec. 17 130** Dec. 8
128**
They all declared that peace was out of tho question until after Louisville & Nashville. *127 5*
N Y Cent & Hud Itlv.
102
101** Dec. 2 110** Dec. 27
1105*
75**
77
735* Dec. 21 775* Dec. 28
the conquest and humiliation of Germany.
As one illus­ N Y N II <t Hartford.
Norfolk & Western__
117**
121**
116** Dec. 2 1225* Dec. 28
tration, General Gallieni, French Minister of War, in asking Northern Pacific____
116**
118
1155* Dec. 3 1185* Dec. 31
1/59**
1/58** Dec. 16 j/60*< Dec. 27
the French Senate on Dec. 27to give him the 1917 class of Pennsylvania (par $50)
1/595*
Reading
1/815*
1/84
1/795* Dec. 13 1/84 Dec. 31
recruits for Jan. 5 1910, aroused great enthusiasm, according SouthernCo (par $50).
104
Pacific------995* Dec. 3 104** Dec. 31
1015*
to press accounts from Paris, by his statement that what Southern R y.......... —
24
235*
215* Dec. 14 24** Dec. 7
zl38**
Union Pacific________
1355* Dec. 17 1395* Dec. 7
1395*
Franco wanted was war, not peace. “ Eighteen months ago
Industrial, &c.
France wanted peaco, to-day she wants war most energet­ Allls-Chalmers M fg__
34**
305* Dec. 2 345* Dec. 6
31**
82
*82
78** Dec. 2 85*4 Dec. 30
Preferred ................
ically, and to that end will use all her resources. Whoever
72
Amcr Agrlcul Chem ..
72**
69** Dec. 18 725* Dec. 7
says a word of peace in the streets is considered a bad citizen. American Beet Sugar.
70
68** Dec. 29 725* Dec. 7
705*
62**
585* Dec. 18 625* Dec. 1
61**
Mothers aro not mourning for lost sons; they want them to American Can_______
82
825* Dec. 7
78**
755* Dec. 21
be avenged.” Tho peace expedition from this side arranged Amcr Car & Foundry.
147 Dec. 2 >160 Dec. 27
Amer Coal Products..
147**
>157**
69
by Henry Ford of Detroit, tho automobile manufacturer, American Locomotive.
67** Dec. 2 72** Dec. 1
715*
99
Amer Smelt & Refining
108**
965* Dec. 13 1085* Dec. 31
dopartod from Hoboken Doc. 4 on tho Scandinavian-Ameri- American Woolen----- *49** 51
46** Dec. 16 50** Dec. 7
48**
can liner Oscar II. carrying Mr. Ford and his compan­ AnacondaCop (par$50)
$88**
$84}* Dec. 16 $91** Dec. 31
$915*
114
117**
Baldwin Locomotive..
109** Dec. 2 121 Dec. 28
ions. Tho peace party numbered some 165 persons, in­ Bethlehem Steel Corp. *445 460
459**
450 Dec. 3 485 Dec. 9
cluding fifty odd newspaper correspondents and several Central Leather--------59**
>52** Dec. 17 61 Dec. 6
>545*
52
52**
48** Dec. 2 54 Dec. 27
moving-picture
photographer^.
Mr.
Ford’s original Colorado Fuel & Iron.
90
*84
85**
82 Dec. 29 905* Dec. 7
Continental Can------plan was to got tho soldiers out of tho trenches Cuban-Amer Sugar—
174**
2158
>140 Dec. 16 177 Dec. 1
by Christmas, but afterwards said the main thing was to get General Chemical----- *320 336 *z250 275 a315 Dec. 3 a315 Dec. 3
465
500
450 Dec. 24 558 Dec. 9
them to stop shooting, if not by Christmas, by New Year’s General Motors_____
75 *<
70** Dec. 2 77** Dec. 29
Goodrich (B F )--------715*
$45 J*
$46
$435* Dec. 11 $465* Dec. 28
Day, Easter, or July 4- The exPedition excited general ridi­ InspConCop (par $20)
83**
81
80 Dec. 17 84** Dec. 6
Lackawanna Steel___
cule, and dissensions in tho peace party itself rapidly devel­ Maxwell Motor..........
74**
76
71** Dec. 2 785* Dec. 7
65**
63 Dec. 2 66** Dec. 7
oped. When the party arrived at Christiania it was an­ Pressed Steel________
64 5*
45
45**
43*4 Dec. 21 46** Dec. 6
nounced that Mr. Ford was ill and would consequently have Railway Steel Spring..
51
55**
48*4 Dec. 2 57** Dec. 9
Republic Iron & Steel.
to return, and accordingly ho sailed for home on Dec. 24. StudebakerCorp (The)
154
167**
148** Dec. 2 177** Dec. 15
213
>233
206 Dec. 2 >237 Dec. 20
He reached New York Jan. 2 and said he had gone to Europe Texas Co (The)_____
126
129 J*
116 Dec. 2 1315* Dec. 24
U S Indust Alcohol__
“blaming tho capitalists, tho bankers, the munition makers, U S Rubber.......... .....
54**
56
53** Dec. 17 56** Dec. 6
84** Dec. 2 89** Dec. 27
87
885*
for this war,” but had “come back blaming the people— the United States Steel__
88
788*4
>865* Dec. 22 89** Dec. 8
very people who are being slaughtered in the trenches.” The Western Union Teleg.
peace expedition itself obtained permission to travel to The
a Less than 100 shares, >
ex-dlvidend
llaguo through Germany by special train. It was announced date, x Ex-dlvldend. » DidQuotedasked prise: during the vmonth and prior to this
and
no sa'e.
Quoted $ per share,
that the expedition would disband at The Hague on Jan. 12, l beginning October.



412

THE CHRONICLE

The M o n e y M a r k e t .— Time money was fractionally higher
for some maturities but otherwise there was no modification
of the long-continued condition of extreme ease. Prepara­
tions for the large first of January interest and dividend dis­
bursements which in most seasons cause a stiffening of money
rates at the close of the year were without appreciable in­
fluence, such was the plethora of funds. On call the range
for the month was 134@234- Time loans Dec. 31 were
2 34 @2 34 for 60 days, 2]/2 @ 2 % for 90 days, 2 34 @3 for 4
and 5 mos. and 3% for 6 mos. Commercial paper was 3 @
3 J4 for choice double and prime single names and 334 for
single names not. so well known. Money holdings of the
Clearing House banks and trust companies were reduced
still further, getting down to $485,263,000 Dec. 24 with a
recovery, however, to $490,049,000 Dec. 31. Gold on de­
posit with Federal Reserve Bank, however, after decreasing
fron $160,429,000 Dec. 4 to $157,443,000 Dec. 11, in­
creased to $165,278,000 Dec. 31. Surplus reserves were
heavily reduced and were only $145,951,130 Dec. 31, against
$179,310,030 Dec. 4. Loans continued to expancKand were
at their maximum of the year on Dec. 31 at $3,257,606,000,
this comparing with $3,137,859,000 Dec. 4 and no more
than $2,191,508,000 the previous Jan. 2. Deposits also
reached their maximum Dec. 31 at $3,466,720,000, this being
against $3,360,276,000 Dec. 4 and only $2,114,101,000 Jan. 2.
F o reig n E xch a n g e, Silver, & c .— The cumulative effect of the
various measures and means taken by the British Government
for regulating the exchange situation became apparent and
rates for sterling bills decidedly improved throughout Decem­
ber. On Dec. 4 bankers’ sight sterling was quoted at 4 7034
@ 4 70:34, but by Dec. 30 rates had advanced to 4 73 34 @
4 7434, as a result of the establishment of European credits
here, the continued large gold importations from abroad and
the drawing upon the proceeds of the $500,000,000 AngloFrench loan negotiated in this country in October, together
with exceedingly heavy sales here of American securities for
European account . The demand for remittance for the 1st
of January payments on foreign-owned American securities
also played its part in strengthening rates. Rates for sight
sterling at the close (Dec. 31) stood at 4 73@4 7334- Gold
importations into the United States for the month were
$45,412,677. French exchange fluctuated more or less and
bankers’ checks on Paris Dec. 31 were 5 8534 to the dollar,
against 5 82 at the beginning of the month. German and
Austrian exchange dropped to new low levels. Bankers’
sight drafts on Berlin were quoted at only 7634 Dec. 31,
against 7932 Dec. 1, while Austrian kronen sight finished at
13.15, against 13.90 Dec. 1. The usually accepted par of
German exchange is 9534- The Bank of England, after a
long series of weekly losses in bullion holdings, showed some
gains in the closing weeks. Open market discounts at Lon­
don continued to rule above the Bank of England minimum
and Dec. 31 were quoted at 534 for both long and short bills.
From Berlin an open market rate of 434 was reported, with
no open market rates at any of the other Continental centers.
The official bank rates at the close of the year were 5% at
London, Paris, Berlin, Vienna and Copenhagen. In Italy,
Norway, Sweden and Portugal the rate was 534.
Russia
6 % , in Switzerland, Holland and Spain 434- Silver in London
reacted from the high figures reached in November, and
Dec. 24 was dowm to 2534d.; the price Dec. 31 was 2634d-

[Vol . 102.

in the State. With regard to legislative procedeings, Mr.
Merrill stated that there was a likelihood of the Legislature
taking up new measures of taxation which might affect trust
companies, and that a special committee with F. N. B. Close,
Vice-President of the Bankers Trust Co. as Chairman, had
been delegated to consider the subject and prepared a report
for submission to the members. An investigation made by
the committee of the property held in trust by trust compa­
nies in this State showed, it is said, that the largest single
class consisted of bonds and mortgages for real estate. The
committee also reported that the banks and trust companies
of this State were paying more than their share of the State
taxes, the percentage being considerably higher than the
rates paid by manufacturers and those in other lines of busi­
ness. The following officers were elected for the ensuing
year: President, A. W . Loasby, President Trust & Deposit
Co. of Onondaga, Syracuse; Vice-Presidents, E. P. Maynard,
President Brooklyn Trust Co., Brooklyn; T. I. Van Antwerp,
President Union Trust Co., Albany; Willard V. King, Presi­
dent Columbia Trust Co., New York; Treasurer, M . N.
Buckner, President New York Trust Co., New York;
Secretary, Frank E. Norton, President Security Trust Co.,
Troy, N. Y . The following were chosen to take the place
of the members on the executive committee whose terms
expire: Seward Prosser, President Bankers Trust Co., New
York; Ray Tompkins, President Chemung Canal Trust Co.,
Elmira, N. Y .; E. C. McDougall, President Commonwealth
Trust Co., Buffalo; J. M . Wile, Vice-President Security
Trust Co., Rochester; J. II. Case, Vice-President Farmers’
Loan & Trust Co., New' York. At the luncheon after the
meeting brief addresses were made by Senator Ogden L.
Mills, Eugene Lamb Richards, Superintendent of Banks,
and Professor David Friday of the University of Michigan.
Charles C. Fisher, formerly receiving teller of the Sea­
board National Bank of this city, has been appointed
an Assistant Cashier.
Louis H. Holloway, Vice-President of the Hudson Trust
Co. of this city, resigned on the 21st. No successor was
elected. Lynn II. Dinkins, President of the Interstate
Trust & Banking Co. of New Orleans, has been elected to
the vacancy on the board caused by Mr. Holloway’s resigna­
tion.
George F. Gentes, formerly Assistant Secretary of the
Broadway Trust Co. of this city, has been elected Secretary
of the company.
Alfred Bishop Lounsbery, formerly a member of the Stock
Exchange firm of R. J. Kimball & Co., died in Washington
on the 20th. Mr. Lounsbery was also formerly a member
of the Board of Governors of the Stock Exchange. He re­
tired from business about fifteen years ago.

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 105
Robert U. Graff, who, previous to his retirement, had
shares, of which 102 shares were soldfat the Stock Exchange
and 3 shares at auction. No trust company stocks were sold. been Assistant Cashier of the Mechanics & Metals National
One share of Corn Exchange Bank stock was sold at auction Bank of this city, died on Jan. 17. Ho had served the bank
at 335, an advance of 2734fpoints over thejprice paid at the about forty-five years.
last previous sale, which was made in May 1915.
S h a res. BAN KS— N ew Y o rk .
L o re. H ig h . C lo s e .
L a st p r e v io u s s a le .
Georgo II. Rowe has rotired as second Vico-Prosident and
*102 Commerce, N a t. Bank o f____ 173
175
173
Jan. 1916— 175
as a director of the Greenpoint National Bank of Brooklyn,
1 Corn Exchange B ank________ 335
335
335
M a y 1915— 307
: and Morris Salzman, Third Vice-President, has been olacted
1 Fifth National B ank............... 252
252
252
................................ ..
1 Union Exchange B ank______ 137
137
137
Jan. 1915— 145
! Second Vico-Presidont. Four directors, including Mr. Rowo,
j retired, and Peter Doolger and Samuel Horowitz woro olected
* Sold at the Stock Exchange.
! to the board, which is accordingly roduced from 22 to 20
A bill which would reduce the amount of reserves to be members.
held in the vaults of the State banks of Brooklyn from 10%
Archibald W . Conklin, Cashier of the Union National
to 734% has been introduced in the Legislature at Albany by
Bank of Nowark has retired and at the annual mooting on the
Senator Gilchrist.
17th inst., William C. Pearson, previously Assistant Cashier,
The Savings Bank Centennial Committee held a meeting was elected Cashier. Mr. Conklin has had forty-six years’
in the library of the American Bankers’ Association on experience in the banking business of Newark.
Friday, Jan. 21 and decided to hold the Centennial Conven­
In announcing last week the election of C. K. Corbin and
tion in New York City on Nov. 15, 16 and 17 1916. This
convention is not only to celebrate the 100th anniversary J. II. Schermerhorn to the board of the New Jersey Title
of the savings bank in this country, but is also to bo the Guarantee & Trust Co. of Jersey City we stated that they
climax of the nation-wide thrift campaign now being con­ filled the vacancies caused by the deaths of James B. Vredenburgh and Vice-President Georgo F. Perkins, J r. The
ducted by the American Bankers’ Association.
death of George F. Perkins, S r ., brought about one of the
The annual meeting of the Trust Companies Association vacancies; George F. Perkins, Jr., is still a member of the
of the State of New York took place on the 26th at the Rail­ board. Mr. Perkins, Sr., is succeeded as Socond Vice­
road Club of this city. xVccording to Edwin G. Merrill, President by W . P. Gardner, who had been Third Vice­
President of the Association, the membership of the Asso­ President; the latter office was not filled. On the lltli inst.
ciation now includes 64 of the 79 trust companies operating Air. Gardner was appointed by Gov. Fieldor as a Judge of the



THE CHRONICLE

J an . 29 1916.]

Court of Errors and Appeals to succeed William H.Vredenburgli, who declined reappointment on account of ill health.
Mr. Gardner who was born in 1869 was employed for nine
years with the First National Bank of New York, following
his graduation from the Jersey City High School. He left
the bank to become Cashier for the Stock Exchange firm of
Groesbeck & Sterling, and with the death of Mr. Sterling be­
came a partner in the new firm of Groesbeck & Co. He was
elected a director of the New Jersey Title Guarantee & Trust
Co. of Jersey City in 1911 and two years later retired from
the bond business to take up the active duties as a vice­
president of that company. Mr. Gardner is a member of
the Executive Committee of the New Jersey State Bankers’
Association and President of the Hudson County Group of
Bankers. In 1913 he was appointed by Gov. Wilson a mem­
ber of the New Jersey State Commission of the PanamaPacific International Exposition and is one of its Executive
Committee. He is a director of the Shelby Iron Co. of
Alabama and of the Siskiyou Mines Co. of California, a
member of the Jersey City Chamber of Commerce and of
the Property Interests Association, etc.
William Barbour has retired as President of the Hamilton
Trust Co. of Paterson and has been succeeded by Henry II.
Parmelee. Mr. Barbour was an organizer of the company
and had held the Presidency since it started business in 1901.
His resignation is occasioned by the pressure of his many
other interests. Mr. Parmelee has been succeeded as a
Vice-President by Robert Barbour, son of William Barbour.

413

and was President about 24 years. He was also President
of the City Five Cents Savings Bank, serving from 1896 to
1904. Mr. Gilman, tho new President, had been Vice-Presi­
dent since 1909 and a director since 1894. Two of the di­
rectors, N. Woodburn Nichols and Herman E. Lewis, have
been elected First and Second Vice-President, respectively.
It is announced that the State Street Trust Co. of Boston
will petition the Massachusetts Legislature for authority to
enable it to increase its capital from SI ,000,000 to $2,000,000.
The institution, it is understood, has no present intention
of enlarging the capital but desires to be in position to raise it
when tho occasion warrants. The original capital of the
company was $300,000; it was increased to $600,000 in
May 1901, and in March 1910 it was raised to tho present
figure.
J. Freeman Marsten has been appointed Assistant Secre­
tary of the Commonwealth Trust Co. of Boston. Mr.
Marsten has been Assistant to the President of the com­
pany.
The stockholders of the Alutual National Bank of Boston
have received a dividend in liquidation of $100 per share.
It is expected that they will receive another dividend of at
least $5 per share at an early date. The bank was placed in
voluntary liquidation at the time of its consolidation with
the First Ward National Bank. The combined institution
opened for business in Sept. 1915 as the Metropolitan Trust
Co.

E. M . Stiles has been elected Second Vice-President of
Silk City Safo Deposit & Trust Co. of Paterson, which office
At the annual meeting of the Old Colony Trust Co. of Bos­
was created at the annual meeting.
ton, Walter F. Wyeth, manager of the bond department
was elected Vice-President. He will retain his former office.
Edward O. Eldredge, Secretary of the Churning Canal
Trust Co. of Elmira, N . Y ., has been elected to the board of
William A. Law, President of the First National
directors to succead the late L. W . Eighmey.
Bank of Philadelphia, entertained the officers and em­
ployees of the bank at a dinner at the Automobile Club of
E. B. Crocker has been elected Second Vice-President of Germantown last Wednesday. Covers were set for over
the Second National Bank of Elmira, N . Y ., succeeding the one hundred. An interesting feature of the occasion was an
late Robert T. Turner.
address by C. D. Barney on the life of Jay Cooke, Avith
special reference to his connection with the passage of the
William I. Taber, President of the Citizens’ Trust Co. of National Bank Act. It was Jay Cooke who was largely
Utica, has been elected a director of the Massachusetts instrumental in securing for the First National Bank of
Mutual Life Insurance Co. Mr. Taber has long been a Philadelphia the first charter granted under the National
policy holder of the insurance company and is one of three Bank Act. Mr. Barney is a son-in-law of Jay Cooke.
residents of New York State holding membership on its
board.
William W . Foulkrod Jr. was elected President of the
The list of directors of the Citizens’ Trust was slightly
Southwark National Bank of Philadelphia on the 11th inst.
changed at the annual meeting on the 21st inst., CharlesW.
Wicks and Charles A. Powell being elected to tin board to to replace John B. Harper, who declined re-election to the
succeed George A. Clarabut and George I. Hovey, who Presidency, and has been appointed Chairman of tho Board
of Directors. Air. Foulkrod had served as Cashier of the
retired in advance of the operation of the Clayton Anti-Trust
bank for a number of years and has been succeeded in that
Law covering interlocking directorates.
Mr. Clarabut is
Cashier of the Farmers’ National Bank of Roma, N. Y ., and position by Walter J. Steinman, heretofore Assistant Cashier.
Samuel S. Darmon, a member of the board, has been elected
Mr. Hovey is President of the National Bank of Waterville,
a Vice-President.
at Watervillo, N. Y . The following comparative statement
of the standing of the Citizens’ Trust in November 1905,
John J. Collier has been elected Vice-President of the
January 1911 and January 1916 shows the steady growth
Northern Trust Co. of Philadelphia.
experienced by the company during the ten years:
N o v . 1905.
C a p ita l............................
$200 .00 0 00
120,188 12
Surplus and Profits..................
D eposits.......................................... 1,327,056 74
Resources....................................... 1,750,993 86

1911.
$300 ,00 0 00
272,762 41
3 ,368,287 85
3,9 5 6 ,7 7 6 04

Jan.

1916.
$500.000 00
James I.
556,504 33
Trust Co.
7,035,696 43
8,2 0 6 ,6 8 5 46 18th inst.

Jan.

The institution began business in 1903.

Buchanan resign ;d as President of the Pittsburgh
of Pittsburgh at a directors’ meeting on the
The vacancy in the Presidency has not been filled.
Mr. Buchanan remains on the directorate. W . W . Goldsborough, for the past twelve years manager of the bond
department, was elected a Vice-President. Air. Buchanan
is President of the Pittsburgh Terminal Warehouse & Trans­
fer Co. and the demands on his time incident to the duties
of that office are responsible for his resignation from the
trust company. He was one of the founders of the Pitts­
burgh Trust Co. and had been President since 1904, previous
to which ho servjd as Vice-President.

James H. Newton, President of the Home National
Bank of Holyoke, Mass., has retired and Fred F. Partridge,
Cashier, has been elected to succeed him. Mr. Newton, the
retiring President, was one of the bank’s organizers and
served as its head from the time the institution started in
1884. He is 85 years of age. The new President, Mr.
Partridge, has also been with the Home National since
its organization, having entered its employ as teller. He
was elected Cashier in 1892 and had since served in that
The directors of the National Bank of Commerce of Balti­
capacity. A successor to Mr. Partridge as Cashier will be more on Jan. 14 re-elected Eugene Levering President for
the thirty-ninth time.
chosen later.
Tho directors of the Haverhill National Bank of Haverhill,
Mass., have elected Honry II. Gilman, President, succeeding
John E. Galo, who retired from the Presidency becauso of
ill-health. Following his resignation, Mr. Galo was elected
Chairman of tho board and a resolution expressing apprecia­
tion of his services as President was passed by the directors.
Mr. Gale has served as a director of the bank for 43 years,



The Maryland Trust Co. of Baltimore has increased its
dividend rate, the directors on the 18th inst. having de­
clared a semi-annual dividend of 2J£% payable Feb. 1
on the $1,000,000 common stock, against the last semi­
annual payment of 2% .
Tho company last year retired $500,000 of preferred stock
at $120 per share. The common is now the only outstand­

414

THE CHRONICLE

[Vol. 102.

ing stock of the institution. George C. Jenkins, a director
and member of the executive committee of the company,
retired at the annual meeting on the 18th because of the
pressure of other duties. A. Barton Hepburn, Chairman of
the Board of the Chase National Bank of New York, and
J. L. Sellman of Baltimore also withdrew from the board of
the Trust Co. in anticipation of the requirements of the
Clayton Anti-Trust Law. The directors for the ensuing
year are: George W . Fleming, Joseph I. France, Robert
Garrett, Rufus M . Gibbs, B. Howell Griswold Jr., Richard
Gwinn, John T. Hill, F. N. Iglehart, J. Barry Mahool,
Henry C. Matthews, C. Wilbur Miller, Oscar G. Murray,
John T. Stone, Theodore E. Straus, Arthur G. Wellington,
Henry B. Wilcox and L. S. Zimmerman. The last named
takes the place of Mr. Jenkins on the executive committee.

Edward D. Stevens, Vice-President and director of the
Drexel State Bank of Chicago, died on Jan. 16. Ho was
one of tho organizers of tho bank and Vice-President and
director of tho Wahl Adding Machino Co.

Walter L. Ross, President and Receiver of the Toledo
St. Louis & Western RR., has been elected a Vice-President
of the Guardian Trust & Savings Bank of Toledo, and Martin
V. Kelley, President of M . V. Kelley Co., has been elected
to the directorate of the bank. Besides Mr. Kelley, five
other directors have been added to the board, making a
directorate of 25 members.

J. F. Hellrung has been elected to succeed tho late George
Bothe, as President of the Cass Avenue Bank of St. Louis.
Mr. Hollrung had held the office of First Vice-Prosidont of the
bank since it was organized in 1906. Ho is President of tho
Hellrung & Grimm House Furnishing Co. William Protzmann has replaced Mr. Hollrung as First Vice-President, and
Herman A. Lueking has beon olectod Socond Vice-Prosidont.

At the annual organization meeting of the directors of the
St. Louis Union Trust Co. of St. Louis, on tho 20th inst.,
N. A. McMillan, President of that institution, was elected
Chairman of the Board to fill the vacancy left by Thos. H.
West, who has declined to serve in an active capacity for
an indefinite time on account of ill-health. Mr. West, who
has been in ill-health for the past eight or ten months, left for
Florida on the 11th and expects to stay in the South during
the winter or until his health is entirely restored. He still
retains his large interest in the trust company and romains
a director of the same and of tho St. Louis Union Bank, as
well as a member of the executive committees of both insti­
Christian Schuele, a director of the Forest City Savings &
tutions. When his health is fully restored he expects to de­
Trust Co. of Cleveland was elected Third Vice-President
vote a considerable part of his time to tho interests of both
on the 20tli inst.and William F.Rapprich, Assistant Secre­
institutions. Mr. McMillan, who came to St. Louis from
tary and Treasurer, was advanced to the post of Secretary
Texas, was formerly with the Union Trust Co. When the
and Treasurer. Emil C. Heil and John T. Feighan were
Union Trust and the St. Louis Trust companies consolidated
appointed Assistant Secretary and Assistant Treasurer, re­
in 1902, ho was made a Vice-President; later ho was elected
spectively. These changes grew out of the recent death of
President. He is now President of tho St. Louis Union
George P. Faerber who had been Vice-President, Secretary
Bank, which is owned by the St. Louis Union Trust Co.
and Treasurer of the bank.
John F. Sheploy, formerly Vice-President of tho St. Louis
Union Trust Co., will succeed Mr. McMillan as President,
W.
H. Gunckel, Cashier since January 1914 of the Mer­
and J. Lionberger Davis, who has been a director of the trust
chants & Clerks Savings Bank of Toledo, was elected to the company for soveral years, becomos an active Vice-President.
board of that institution at the annual meeting on the 11th At tho organization meeting of tho directors of tho St. Louis
inst.
Union Bank, no changes were made in the official list.

Julius W . Reinholdt, Vice-President of the Boatmen’s
Bank of St. Louis, has been elected Cashier in addition to
holding his former office. Murray Carleton, who was
elected a director recently, was again elected Vice-President.
As we stated last week he had resigned from that position in
1914 upon his appointment as a Class B director of the St.
Louis Reserve Bank. He retired from the latter position in
F.
C. Hoehler has been elected President of the Security
Savings Bank & Trust Co. of Toledo, succeeding C. F. M . November last.
Niles, who resigned on the 12th inst. Mr. Hoehler was First
D.
D. Walker Jr., Vice-Presidont of Ely & Walker Dry
Vice-President of the company and has been replaced by
Goods Co., has been elected to the directorate of tho State
O. A. Browning, previously Second Vice-President; C. I.
Barnes, Third Vico-Presidont, has become Second Vice­ National Bank of St. Louis to roplace David C. Biggs, who
has resigned from the national bank with his election as a
President.
director of the Federal Reserve Bank of St. Louis.

Clark A. Browning retired as a Vice-President of the Ohio
Savings Bank & Trust Co. of Toledo, on the 12th inst. Mr.
Browning had been a Vice-President of the company since
its consolidation with the Dollar Savings Bank & Trust
Co. in 1910.

Edward F. Romer, who assumed the Secretary-Treasurership of the Cosmopolitan Bank & Savings Co. of Cincinnati
In 1912, has been elected President of the company to suc­
ceed Charles E. Roth. Mr. Roth resigned to give his atten­
tion to other business affairs; ho continues as a member
of the directorate and will retain his holdings in tho bank.
John H. Meinors, heretofore Assistant Secretary and Treas­
urer, has replaced Mr. Romer as Secretary and Treasurer.

Frod J. Park, Vice-Prosidont of tho Gorman Bank of
Wheeling,-at Wheoling, W . Va., has boon oloctod President
to succeed tho late Henry Schmulbach. John F. Heil,
Cashier, has been elected Vice-Prosidont and Casliior.

At a moating of the directors of tho Citizons’ National
Bank of Louisville, Ky., on Jan. 18, Henry C. Rodos, aftor
forty-four years’ service with tho bank, doclinod ro-oloction
to tho Presidency, and S. B. Lynd, formerly Vico-Prosidont,
The following officers were elected for tho ensuing year was elected to succeed him. Mr. Rodos had been President
at the recent annual meeting of the Pioneer State Savings sinco 1898. Percy H. Johnson, formorly Casliior, was oloctod
Bank of Chicago: President, John J. Lovett; Vice-President, Vico-Prosidont and Cashier. Mr.Rodes’s intention to retire
Robert Y . Bradshaw; Cashier, C. J. Peeples; Assistant was previously referred to in thoso columns.
Cashier, Raymond H. Lovett, and Chairman of tho Board,
Tho directors of the American Exchango National Bank of
Joseph R. Noel. Mr. Peeples, the newly-elected Cashier,
Dallas, Toxas, at a meeting on the lltli inst. eloctod Nathan
had for some years past been Vice-President of the Citizens’
Adams, heretofore Cashier, as a Vico-Prosidont, and G. H.
Trust & Savings Bank of Chicago; he was formerly a national
Pittman, who was Assistant Cashier, was mado Cashier,
bank examiner. The total deposits of the Pioneer State
succeeding Mr. Adams.
Savings Bank at tho close of the late year were $532,000, an
increase of $289,000 during the year. After paying all ex­
Tho stockholders of the Central Stato Bank & Trust Co.
penses, interest and taxes, and allowing for losses and depre­ of Dallas, Toxas, havo ratified the action of their directors in
ciations, the not earnings were at the rate of 5.41% on the voting to chango the name of the institution to the Central
capital. Dividends of 4 % were paid. Joseph R. Noel, Stato Bank. Tho bank has nover oxercisod tho functions of
James Davis’ and Otto J. Hartwig are newly-elected members a trust company, as was intended when tho original name
of tho institution’s directorate.
was chosen.
Tucker Royall, who has been sorving as Vico-Prosident
Ward C. Castle has been appointed Assistant Cashier of
tho Standard Trust & Savings Bank of Chicago. Ho will and Cashier of the City National Bank of Dallas, Toxas, was
be in charge of the bond department. H. W . Hawkins has formally elected on tho 11th inst. to those offices and was
also elected a director. J. Howard Ardroy, formorly Vice­
been elected Secretary in charge of the trust department.
President and Cashier of tho bank, was ro-oleeted a director.




Jan. 29 1916J

THE CHRONICLE

As announced in our issue of Oct. 2, Mr. Ardrey is now
Vice-President of the National Bank of Commerce in New
York.
It is stated that Frank H. Sherwood, Vice-President of the
Fort Worth National Bank of Fort Worth, Texas, will return
to the Lindsey National Bank of Gainesville, with which he
was connected before his election as a Vice-President of the
old State National Bank of Fort Worth, which was taken over
by the Fort Worth National Bank early in 1914. Mr.
Sherwood at the time of the consolidation became a Vice­
President of the Fort Worth National.

415

in its issue o f Jan. 3 stated that the production o f silver in the United States
o f Am erica for 1915 amounted to 6 7 .4 8 5 ,6 0 0 oz., a decrease o f 4 .9 6 9 ,5 0 0
oz. This is in accord with the com m on practice o f mines possessing dif­
ferent grades o f ore, nam ely, to deal w ith the lower qualities when the price
o f m etal is indifferent.
A n Indian currency return for the 31st ult. gave details In lacs o f rupees
as follows:
N otes in circulation______________________________6 2 ,3 4
Reserve In silver coin____________________________ 29,44
G old coin and bullion____________________________ 12,75
G old in England___________________________________6 ,1 5
The stock in Bom bay consists o f 5 ,9 0 0 bars, as compared with 6 ,300 last
week. A shipment o f 440 ,0 0 0 oz. has been made from San Francisco to
H ongkong.
Quotations for bar silver per ounce standard:
1915.
%
B ank rate................
D ec. 31— 2 6 %
cash
No
Bar gold per oz. s t a n d a r d ...7 7 s . 9d .
1916.
quotation French gold coin____________ Nominal
Jan. 3— 26 11-16
“
fixed
U . S . A . gold coin___________ Nominal
“ 4—261*
“
for
“
5— 2 6 %
“
forward
“
6— 2 6 %
“
delivery.
A v . for week 2 6 .6 8 7 cash

5

At the recent annual meeting of the South Texas Commer­
cial National Bank of Houston, Texas, S. M . McAshan,
Vice-President and Cashier, was relieved of the duties of
The quotation to-day for cash is l l-1 6 t h s above that fixed a week ago.
the latter office, and P. J. Evershade, previously Assistant
Cashier, was made Cashier. Vice-Presidents Thornwell
Fay and T . J. Freeman announced their resignation at the
ENGLISH F IN A N C IA L M ARKETS— PER CABLE.
meeting, the latter because of his removal to New Orleans.
The daily closing quotations for securities, &c., at London,
Ennis Cargill has been elected to the board to succeed C. H. as reported by cable, have been as follows thj past week:
Markham, Who retired.
Lond on.
J a n . 2 2 . J a n . 24. J a n . 25. J a n . 26. J a n . 27. J a n . 28.
J. W . Reynolds has been elected a Vice-President of the
National Bank of Commerce of Houston, Texas.
After twenty-four years as head of the First National Bank
of Los Angeles, J. M . Elliot has retired, and on the 14th inst.
was elected to the new position of Chairman of the Board.
Stoddard Jess, heretofore First Vice-President, was elected
to the Presidency, E. D. Roberts succeeding Mr. Jess as
First Vice-President. Mr.Roberts was elected to the direc­
torate on tho 11th inst. E. S. Pauly, Assistant Cashier, was
elected a Vice-President. James Forsyth, who has had
many yoars’ experience with the Banco Londres in the City
of Moxico and as Manager of the International Banking
Corporation on the Isthmus of Panama, was appointed to the
official position of Manager of the foreign department.
Mr. Jess, the new President, is well known throughout the
country and has had many years’ experience in Western
banking circles. Prior to his connection with the First Na­
tional Bank, which he joined in 1904, he served with the
Pomona Valley Bank of Pomona. Ho was also one of the
organizors of the First National Bank of that city. Mr. Jess
has also served as President of the Los Angeles Clearing­
House Association.
THE ENGLISH GOLD A N D SILVER M ARKETS.

We reprint the following from the weekly circular of
Samuol Montagu & Co. of London, written under date of
Jan. 6 1916:

W e e k e n d in g J a n . 23.
S a t.
Silver, per oz.................... d . 27 3-16
Consols, 2% percents.......... 59%
British, 4% per cents...........97%
French Rentes (in Paris), tr. 62.60
French War Loan, 5 % ------- 84%

i f on.

27 5-16
59%
97%
61.75
____

S IL V E R .
The turn of the year has been accompanied b y a resumption o f the firm
tono which set in at the close o f Novem ber last. The deciding factor has
been a remarkable abstention from soiling b y some o f the American smelt­
ers. Thoro m ay be some local requirements to account for this falling o ff
In sales, but the very optimistic tone o f certain United States newspapers
with regard to silver is not without significance. Th e price has risen,
notwithstanding that special sales of considerable importance have taken
placo, in addition to a fair amount on account o f China. On the last day
o f the old year tho quotation stood at 2 6 % d ., at which figure a good num­
ber o f Indian bazaar orders were filled, but the sharp rise o f 7-16ths to
26 11-16 on Jan. 3 , the next working da y, deterred purchasers from this
quarter. Coinage orders. Continental and otherwise, have been the main­
stay since, carrying the price successively to 2 6 % and 2 6 % . The "T im e s ”




W ed .

27 1-16
59%
97
61.25
85%

T h u rs.

F rl.

26 15-16 27%
59%
59%
97
97
____
61.00
...................

N e w Y o r k C ity B a n k s a n d T r u s t C o m p a n ie s
Banks.
B id
A**
Banks.
Neu> Y o r k
Manhattan *
America*__ 540
550
Mark & Fult
Amer Exch. 207
212
Mech & Met
Atlantic___ 175
180
Merchants’ .
Battery Park 145
165
Metropolis*.
Bowery *_
_ 400
___ Metropol’n *
_
Bronx Boro* 140
M u tu al___
Bronx N at... 160
1 75' New Neth*.
BryantPark* 135
145
New York Co
Butch & D r. 100
115
New Y ork..
Chase.......... 625
640
Pacific *___
Chat & Phen 200
204
Park............
Chesisea Ex* 124
135
People's*__
Chemical_
_ 395
400
Prod Exch*.
Citizens Cent 177
185
Public *___
C ity ............ 460
470
Seaboard_
_
Coal & Iron. 165
170
Second____
Colonial*... 450
Sherman_
_
325’
Columbia*.. 300
State *.........
Commerce.. tl73 tl75
23d Ward*.
___ Union Exch.
Corn Exch*. f335
_ Unit States*
Coamopol’n* 100
80
East R iver..
70
Wash H’ts*.
Fldellty *__ 158
165
Westch Av*
Fifth A ve*.. 4400 4800
West Side*.
___ Yorkvllle*..
Fifth............ t252
F irs t.......... 890
905
B rook lp n
Garfield___ 190
200
Coney Isl’d*
Germ-Amer* 135
145
First____
German Ex* 350
390
Flatbush . . .
Germania * . 375
450
Greenpoint.
_
Gotham___ 190
Hillside * . . .
Greenwich*. 265
280
Homestead *
H anover__ 610
620
Mechanics*.
Harrlman . . 340
M ontauk*..
Im p * Trad . 490
500 " Nassau____
Irving_____ 178
185
Natlon’lClty
Liberty ___ 7C0
760
North Side*.
Lincoln ___ 310
330
People's___

GOLD.
The external movem ents have not been In favor of the Bank o f England.
The following amounts were received b y the Bank1915.
D ec. 30— £10.000 In bar gold.
“
31—
17,000 in bar gold.
1916.
Jan.
3— 100,000 in sovereigns released on miscellaneous account.
“
5— 300,000 in sovereigns released on miscellaneous account.
“
5— 821,000 In bar gold.
The following amounts were withdrawn from the Bank1915.
D ec. 30— £100 ,00 0 in sovereigns for South America.
"
50,000 in sovereigns for Spain.
“
31,000 in sovereigns for Canada
50.000 in sovereigns set aside on Swiss account.
‘ 31— 2 1 3 ,0 0 0 in sovereigns for the U S A
1916.
Jan.
3—
2 3 ,000 in sovereigns for the Continent.
“
5— 159,000 in sovereigns for tho U S A
•*
5 1 .000,000 in sovereigns sot aside on Account o f tho Secretary
o f State for India.
During the week tho not reduction amounted to £378 000
Under date o f Jan. 2 the “ Tim es” correspondent at Toronto cabled as
follows:
“ The gold output o f the Porcupino district was $8,3 0 0 ,0 0 0 (£1,660 000)
as against $5,5 0 0 ,0 0 0 (£1,100,000) in 1914, and in British Columbia
$ 6 ,0 0 0 ,0 0 0 (£ 1 ,2 0 0 ,0 0 0 ), against $ 5 ,6 0 0 ,0 0 0 (£ 1 ,1 2 0 ,0 0 0 ).”

T u es.

27%
59%
97
61.50
85%

B id

A sk

295
235
270
175
290
170
325
210
725
375
274
418
220
210
125
415
395
125
110
100
tl37
500
275
160
400
475

305
245
275
182
305
180
___
225
825
385
____
425
235
.
175
440
425
135
135
135
___
___
175
450
550
140
265
142
130
115
90
145
110
205
280
185
140

255
134
115
100
130
85
195
270
170
130

'Banks marked with a (*) are State banka.
change this week, u Ex-rtghts.

T rust Co's.
N e w Y ork

Astor______
Bankers T r.
B'way Trust
CentralTrust
Columbia...
Commercial.
Empire____
Equitable Tr
Farm L & Tr
Fidelity___
Fulton____
Guaranty Tr
Hudson____
LawTIt&Tr
LlncolnTrust
Metropolitan
Mut’l (West­
chester) . .
N Y Life Ins
& Trust. .
N Y Trust..
r
Title Gu&Tr
Transatlan 'c
Union Trust
U SM tg& T r
UnltedStates
Westchester

B id

A sk

398
455
147
1135
540
110
290
445
1250
207
280
410
135
122
120
420

410
465
155
1150
550

130

135

297"
455
2*12'
300
416
12*7

,

430

990
600
390

1010
610
400
155
375”
385
390
400
1020 1050
140

B ro o k ly n

BrooklynTr.
Franklin_
_
Hamilton_
_
Kings Co_
_
Manufact’rs
Citizens..
People's___
Queens C o ..

495
250
265
630

510
260
275
650

140
280
—

145
287
85

fSale at auction or at Stock Ex­

c t o u w c f c i a l a u d IH iB c e lltn ie o u s Q z w s
Auction Sales.— Among other securities, the following,
not usually dealt in at the Stock Exchange, wers recently sold

at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
S h a r es.

S lo ck s.

P ercen t.

S h a r es.

S to c k s .

P e r cen t.

5 Guaranteed Mortgage C o . . . 122%
90 Rexsirap Corporation_____$25 lot
1 Fifth Nat. Bank, N. Y ......... 252
100 Continental Insurance Co,
7 Union Exchange Bank______ 137
(new), $25 each------$60 per share
10 Bklyn. Academy of M u sic... 12
50 Nichols Copper Co., com_ 52
_
1 Corn Exchange Bank_______ 335
5,000 Colo. Anthracite Coal Co.,
6 Thompson-Starrett Co. com. 127%
$1 each.................. 36c. per share

By Messrs. R. L. Day & Co., Boston:
S to ck s.
$ p e r s h . S h a r es. S tock s.
S p er sh .
1 Pacific Mills, ex dividend____ 128
2 LudlowMfg. Associates,exdiv.125%
8 Lockwood Co., Waterville, Me.
3 Blgelow-Hart.CarpetCorp.,pf.U2
ex dividend.....................100-100% 10 Blgelow-Hart.Carp.Corp.,com. 85%
10 American Mfg. Co., pref..98% -98%
19 Merrimack Mfg. Co., pref.85%-86
20 American Mfg. C o., com m on..117
3 Quincy Mkt. Cold Storage &
40 Farr Alpaca Co........ ...140% -141%
Warehouse Co., ex-div____ 173
37 Salmon Falls Mfg. Co., co m .. 35
1 Realty Co. of Massachusetts.. 45%
% Salmon Falls Mfg. Co., co m .. 16
100 Acme White Lead & Color
10 Berkshire Cotton Mfg. Co___ 200%
Works, com., $25 each........ 14
10 Manomet Mills, rights on........ 123
20 National Glue Co., pref_____ 124
4 Nashua Mfg. Co., $500 each..770% 10 Babcock & Wilcox___________ 120
% Nashua Mfg. C o............ ......... 390
5 Lowell Gas Light C o_________262
1 Appleton Co.............................. 185%
1 MerrlmacChemlcalCo.,$50parl53%
200 Rights Manomet Mills_______ 5
12 Merrimac Mfg. Co., com____ 36%
S h a r es.

By Messrs. Francis Henshaw & Co., Boston:
S tock s.
$ p er sh .
1 Middlesex Co., common_______55%
5 Great Falls Mfg. Co.................. 189
20 Manomet Mills, rights on______125%
5 Pepperell Mfg. C o...................... 128%
65 Blg.-Hart. Carp. Co., com.85%-86
3 Bates Manufacturing Co______243%
7 Salmon Falls Manufacturing Co. 38%
20 Dartmouth Mfg. Corp., p r e f...102%
12 Heywood Bros. & Wakefield Co.,
p r e f ____ ______ __________ 100
12 Lanett Cotton Mills.................. 112%
S ha res.

S h a r es.
S to ck s.
$ p er sh .
33 Pacific Mills___
128%
15 Lawrence Gas Co____________ 176%
1 E. & T . Fairbanks & C o., $500
each........................................155
25 Merrimac Chemical Co., $50 ea.153
5 Bedford Gas & Edison Lt. C o.,274
B onds.

P e r cen t

$1,000 Terre Haute Elec. Co. 1st
5s, 1929........ .................. 99
1,000 West Roxbury & RosUndale'
St. R y. Co. 5s. 1916........ 100%

1 Per

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

S
tocks.

Spersh.

S p er sh .
10 Philadelphia National Bank— 471
9 Aldine Trust C o_____________160
10 Pa. Fire Insurance C o ._ 4 1 0 K -4 1 2 K
4 Farmers & Mech. Nat. Bank.126
5 Belm ont Driving C lu b ..............52
2 Nat. State Bank, Camden-----210K
4 Fourth Street N at. Bank--------286 K
4 Philadelphia & Trenton R R ..2 34
5 Fidelity Trust C o -------------------- 72I K
3 Reliance Insur. Co., $50 each. 56
5 Finance C o. of Pa., 2d pref— 103
10 Elizabeth & Trenton R R ., co m . 25 K
7 Girard Trust C o ....... .............— 930
10 Germantown Passenger R y— 103K
10 M utual Trust C o ., $50 ea--------35
13 Frank. & Southwark Pass. Ry.345
20 W ayne Trust & Title C o . . 127-127 K
14 Union Passenger R y -------------- 175
7 Atlan. C ity Fire Insur. C o ------ 250
8 Amer. Pipe & Construction— 30
50 Phila. Bourse, pref., $25 ea . 20 K -20 K 168 Camden F. Ins. Assn., $5 each . 10K
100 Pratt F ood C o ., SI each.......... 2K
B
onds.
Percent.
6 Fair.Pk.&IIaddlngtonPass.Ry. 60
$8,000 Western States Gas &Elec.
11 Hestonv. Man. & F. Pass. R y . 60
1st & ref. 5s, 1941---------- 92 K
17 Girard National Bank----- 345-350K
1.000 S prin gf.C on s.W a t.Ist5 s,’ 58 81
16 Pa. Nat. Bank, Pottsville------175
1 000 N o. Spring. W at. C o. 5s, '28 85
12 Miners’ Nat. Bank, Pottsville,
1.000 Schuylkill River E . S. R R .
$50 each...............
100
1st 4s, 1 9 2 5 ..- .................. 9 8 H
10 Bank of North A m erica...245-247

S h a res.

[Vol. 102.

THE CHRONICLE

416
S to c k s .

C a n a d ia n B a n k C le a rin g s .— T h e clearings for the week
ending Jan . 2 2 a t C anadian cities, in com parison w ith the
sam e w eek in 19 1 5 , show an increase m the aggregate ot
2 6 .9 % .

_________________

1916.

Canada—
M ontreal-----------------------T oronto-------------------------W in n ip eg ...........................
V a n cou v er--------------------Ottawa — .........................
C algary-------------------------E d m o n to n --------------------Q u e b e c -------------------------H a m ilto n ----------- ---------Victoria_________________
Regina__________________
Saskatoon---------------------Halifax ...............................
St. John________________
L on don_________________
M oose Jaw _____________
L ethbridge_____________
Fort W illia m ....................
B ran don ______________ B rantford---------------------N ew Westminster---------M edicine H at----------------Peterborough....................

1915.

I n c . or
D ec.

$

S

%

6 3 ,4 9 0 ,8 3 0
4 4 ,5 2 5 ,5 2 4
3 2 ,4 6 3 ,1 0 6
5 ,1 1 7,5 77
4 ,3 6 5 ,8 5 9
3 ,3 1 0 ,6 9 4
1,88 2,7 17
3 ,4 9 4,8 45
3 ,1 7 8 ,2 0 8
2 ,1 9 1 ,5 4 8
1,974,241
1,09 5,1 17
2 ,3 6 6,7 68
1,53 4,5 89
1,594,772
872,619
500,435
529,905
451 ,31 0
647,621
171,188
328,623
478,697

+ 32.1
+ 32.3
+ 36.3
— 15.7
— 4.5
+ 17.6
— 10.6
+ 2 4.6
-j-2 5.5
— 18.2
+ 5 9.3
+ 3 9.4
+ 3 4.4
— 4 .9
+ 2 .4
+ 4 0.4
+ 6 5.8
+ 13.2
+ 9.7
+ 34.7
— 18.1
+ 61.4
+ 17.3

4 8 ,049.94S
3 3 ,6 56 ,38 9
2 3,8 1 0 ,7 9 3
6 ,0 5 7,3 05
4 ,5 6 9,0 21
2 ,8 1 4,8 82
2 ,1 0 5 ,2 3 9
2 ,8 0 5 ,7 0 2
2 ,5 3 3,9 62
2 ,6 7 8 ,8 9 0
1 ,239,047
7 85,910
1,76 0,1 60
1,61 3,2 89
1,55 6,7 59
621,241
3 05,682
467 ,60 8
411 ,46 5
480,823
209,764
203,589
407 ,91 6

1914.
55,359,158
38,472,117
24,545,206
8,741,951
4,540,300
3,630,188
3,468,539
3,134,285
3,016,508
2,925,587
1,855,783
1,525,440
1,943,559
1,421,796
1,663,704
1,035,759;
514,486
839,856
583,070
658,661
360,347
468,805

Banks.
Bowery (quar.)________________________

57,843,157
42,324,562
29,373,999
12,107,447
4,021,879
4,782,551
3,981,441
3,158,393
3,527,043
3,409,030
2,202,978
1,766,141
1,765,802
2,069,108
1,729,440
1,223,225
614,557
863,244
595,733
678,062
574,712

Total Canada________ 176,572,793 139,144,9341 + 2 6 .9 160,705,105 178,612,504

K in g s County. Brooklyn (quar.) --------------

4
IK
12K
3
5

Feb.
Feb.
Feb.
Feb.
Feb.

1
1J
1I
1I
1J

Westchester F i r e _____________________

20
10

F
’eb.

Jan. 22
1J

F'lre

Insurance.

Miscellaneous.

Aetna Explosives, I n c ., pref. (quar.) .........

Ajax Rubber (quar.) (No. 1)-----------------

A m erican Bank Note, common (quar.) -----

American Brass (quar.)-------------------------

American Cigar, common (quar.).......... .
Am er. D isl. Teleg. o f N . J . (quar.) --------Amer. Gas & Elec., pref. (qu.) (No. 36).
Amer. Graphophone, pref. (qu.) (No. 71)
Amer. Iron & Steel Mfg., com. (quar.)..
Amer. Light & Traction, common (quar.)
Common (payable In common stock)..
Preferred (quar.)-----------------------------American Malt Corporation, pref. (quar.)
Amer. Pipe & Construe. Secure., pref----Am. Rolling Mill, com.(pay.in com. stk.)
Am erican Soda Fountain (quar.) -----------

American Sumatra Tobacco, pref. (No. 7)
Preferred (No. 8)-----------------------------Am erican Utilities, p ref. (quar.) (N o. 16).
Anaconda Copper Mining (quar.)--------Atlas Powder, preferred (quar.)-----------Bethlehem Steel Corporation, com. (qu.)
Preferred (quar.)------------------------------

Bigelow-H artford Carpet C orp., com ..........
Preferred (quar.) _____________________
Bond & M tge. Guarantee (quar.) ...............

Borden’s Condensed Milk, com. (No. 41)

B rier H ill Steel, com. (quar.) ....................

Brill (J. G.) Co., pref. (q u a r .)................
Brown Shoe, Inc., preferred (quar.)-----Burns Bros., common (quar.)---------------Preferred (quar.) (No. 12)------------------Cambria Steel (quar.) ............................. -

Canada Cement, Ltd., common (No. 1 )..
Preferred (quar.) (No. 24)___________
Canada Foundries < Forgings, L td ., c o m ..
fc
Canadian Explosives, Ltd., com. (quar.).
Cluett, Peabody & Co., Inc., com. (quar.)
Commonwealth Edison (quar.)_________

T h e follow ing shows all the dividends announced for the
future b y large°or im portan t corporations:
,
7 I7 • ___7
.
A
4 il ntt n AO
r //-»»'!
r

Consumers' Com pany, preferred ________
Cuba Company, preferred ______________

Consolidated Gas, N ew York (quar.) _____

Consolidation Coal (quar.)____________

De Long Hook & Eye (quar.) (No. 6 2 )..
Diamond Match (quar.)-----------------------

N
am of C
e
om
pany.

Railroads (Steam).
Alabama Great Southern, preferred------Atch. Topeka & Santa Fe, com. (quar.)..
Atch. Top. & Santa Fe. pref. (No. 35) —
Baltimore & Ohio, common......................
Preferred___________________________
Beliefonte Central (annual)......................
B u ffa lo R o c h e s te r & P itts b u r g h , c o m m o n . .
P r e f e r r e d ___________________________

Canada Southern--------------------------------Central R R . of N. J. (quar.)---------------

C h ic a g o M i l w a u k e e & S t. P a u l, c o m m o n . .
P r e f e r r e d ...................... ............... - — - ­
C h ic . S t. P a u l M i n n . & O m ., c o m . & p r e f .

Cuba Railroad, preferred---------------------Great Northern (quar.)............................
G r e e n B a y & W e s t e r n . . ................ .............
I l l i n o i s C en tr a l ( N o . 122)..........................
Louisville A Nashville--------------------------Mahoning Coal R R ., common--------------Michigan Central--------------- --------- -------Nashville Chattanooga & St. Louis...........
New York Central R R. (q u a r .)..............
N o r f o l k & W e s t e r n , c o m . ( q u a r . ) . ............
Norfolk & Western, preferred (quar.)-----North Carolina R R -----------------------------Northern Pacific (quar.)-----------------------P e n n s y lv a n ia R R . ( q u a r . ) -----------------------Pittsburgh & Lake Erie.............. - .............
Reading Company, common (quar.)-----R e a d in g C o m p a n y , 1st p r e f . ( q u a r . ) , .........
Utica Clinton & Binghamton--------------Street and Electric Railways.
American Railways, preferred (quar.) —
Bangor Ry. & Elec., com.(quar.)(No. 8) .
Bay State Street R y., 1st pref..................
Brazilian Trac., L. & P., Ltd., ordinary.
Cities Service, preferred (monthly)...........
C lev ela n d < E a s te r n T r a c t i o n ----------------fc
Columbus R y., Pow. & Lt., com. (quar.)
Preferred B (quar.) (No. 8) ..................
Commonwealth Pow. R y . & L ., com. (qu.)
Preferred (quar.)------------------------------

3
1K
2)4
2K
2
1
2
3
IK
2
2K
3K
3K
3
1K
5
2K
2K
$5
2
3
IK
IK
1
3K
IK
75c.
$2.50
2
1
IK
IK
K

3
1

X

22a
31a
31a
21a
24a
14
Sa
8a
31a
25a
9a
9a

Feb. 15 Holders of rec. Jan.
F
’cb. 1 Holders of rec. Jan.
F eb. 1 Holders of rec. Jan.
’
M ar. 1 Holders of rec. Jan.
F eb. 1 Holders of rec. Jan.
’

31a
20
15
31
15a

F
’eb.
F eb.
’
F
’eb.
Feb.
F
’eb.
C o n n e c tic u t R y . & L t g ., c o m . & p r e f . ( q u . ) .
F'eb.
Cumberland Co. Pow. & Lt., pref. (quar.)
Feb.
Duquesne Light, pref. (quar.) (No. 4 ) . . .
F
’eb.
East St. Louis & Sub. Co., pf.(qu.) (No.8) .
Feb.
Grand Rapids R y., pref. (qu.) (No. 6 1 )..
Feb.
I l l i n o i s T r a c tio n , c o m m o n ( q u a r .) ..............
Feb.
Jacksonville Trac., pref. (quar.) (No. 20)
F
’eb.
L e h ig h V a lle y T r a n s it, p r e f . ( q u a r .) --------F'eb.
Lewiston Augusta & Waterv.. pref. (qu.)
F'eb.
L in c o ln T r a c tio n , p r e f . ( q u a r .) --------------Feb.
Massachusetts Consol. Rys., pref. (qu.).
Jan.
Milwaukee El. Ry. & Lt. (qu.) (No. 6 5 )..
Feb.
Mongahela Valley Tract., pref. (quar.)..
2K Feb.
Montreal Tramways (quar.).............. ..
I K Feb.
Philadelphia Co., com. (quar.) (No. 137)
2K M ar
Philadelphia Co., 5% preferred..............
Public Service Inv., pref. (qu.)(No. 27)-- $1 5C Feb.
F'eb.
3
Rallway & Light Securities, com. (No. 13)
Feb.
3
Preferred (No. 22)----------------------------2K F'eb.
T a m p a E le c . C o . (q u a r .) ( N o . 45)---------- Feb.
2
Union Street Ry., New Bedford (quar.)..
U n ite d P o w e r & T r a n s p o r ta t io n ................ $1.55 Jan.
I K M ar
W a s h in g t o n (D . C .) R y . & E l e c ., c o m . (q u ,)
I K Mar
P r e fe r r e d ( q u a r . ) -------------------------------I K Feb.
West Penn Rys., pref. (quar.).............. . .
York Railways, preferred.......................... $1 25 Jan.




IK
IK
1
IK
1
IK
IK
K
IK
K
75c.
IK
IK
IK
IK
IK

Distilling Co. of America, pref. (quar.)..
Dominion Bridge (quar.)______________

Jan.
Jan.
D ec.
Jan.
Jan.
F eb.
’
Feb.
F'eb.
D eo.
Jan.
Feb.
F'eb.
Feb.
D ec.
Jan.
F’cb.
F eb.
’
Jan.
Jan.
D ec.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
F
’eb.
Jan.
Jan.
F'eb.
Feb.

Feb.
M ar.
Feb.
M ar.
M ar.
F
’eb.
Feb.
F'eb.
F eb.
’
Feb.
M ar.
M ar.
Feb.
F
’eb.
Feb.
Feb.
M ar.
Feb.
F'eb.
Jan.
F’eb.
Feb.
M ar.
Feb.
F
’eb.
Feb.
F eb.
’
Feb.
F
’eb.
M ar.
Feb.

23 Holders of rec
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
to
15 Feb. 2
15 Holders of rec.
15 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
21 Holders of rec.
1 Holders of rec.
1 Holders of rec.
7 Holders of rec.
1 Holders of rec.
10 Holders of rec.
1 Holders of rec.
29 Holders of rec.
to
2 Jan. 23
to
1 Jan. 6
18 Holders o f rec.
19 Holders of rec.
to
1 Jan. 22
1 Holders of rec.
29 Holders of rec.
1 Holders of rec.
10 Holders of rec.
9 Holders of rec.
to
10 Jan. 20

1 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
F eb.
’
15 Feb. 1 to
1 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
15 Holders of rec. Jan.
1 Holders of rec. Jan.
10 Holders of rec. Jan.
1 Holders of rec. Jan.
to
Jan.
1 Jan. 22
1 Holders of rec. Jan.
31 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Feb.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
1 Holders of rec. Jan.
15 Holders of rec. F’eb.
1 Holders of rec. Jan.
to
Feb.
2S Jan. 12
1 Holders of rec. Feb.
1 Holders of rec. F eb.
’
to
Feb.
1 Jan. 23
31 Holders o f rec. Jan.

la

31a
5a
5a
7a
20a
7a
31a
2
26
29a
31a
31
7a
la
22a
24a
21a
9

12
12
14a
14a
15
15a
1
22
20
31a
26a
31
15
31
29a
20a
25a
15
3a
10a
15a
18a
18a
la
20a
1
14
14
17
20a

B
ooks C
losed.
D
ays Inclusive.

Jan. 31
Jan. 31

1J
1.
1I
1I
1I
1J
1J
1I

Clinchfield Coal C orp., p ref. (quar.) _____

B
ooks C
losed.
D
ays Inclusive.

When
Payable.

Feb.
j’eb.
Feb.
Feb.
Feb.
Feb.
Feb.
F'eb.

D IV ID E N D S .

W
hen
Per
ayable
C
ent. P

Cent.

3
1
4
3
2K
2
3
1

Corn Exchange (quar.).................... ........
German American_____________________
Lincoln N ational (quar.) _______________
Pacific (quar.) .......... ......... ................... Twenty-Third Ward.......... .......................
Westchester Avenue (quar.)----------------Trust Companies.
Astor (quar.)______________ _________ Broadway (quar.)_____________________
F
’armers’ Loan & Trust (quar.)-----------Hamilton, Brooklyn (quar.).......... ...........

Am erican Glue, preferred ---------------------

W
eek ending January
22.
C
learings —
at

N am e o f Com pany.

Dominion Coal, Ltd., preferred-------------Dominion Steel Corp., Ltd., pref. (q u .)..

Drlggs-Seabury Ordnance, com. (quar.) —
First preferred ........... ................- ........
Second preferred ........ ........... ....... .........

du Pont (E.I.) de Nem. Powd., com.fqu.)
Preferred (quar.).......... .........................
Eastern Steel, 1st p ref. (quar.) ___________
Edison Elec. 111. of Boston (qu.) (No. 107)
Edison Elec. 111. of Brockton (quar.)----Electrical Securities, preferred (quar.) —
Elec. Bond & Share, pref. (qu.) (No. 43).
E lg in N ational Watch (quar.) ..................

Eureka Pipe Line (quar.)______________
Fajardo Sugar_________________________
F a ll River Gas Works (quar.) (N o. 85)___
Federal Sugar Refining, pref. (quar.)___
Ft. Worth Power & Light, pref. (quar.)..

G air (Robert) Com pany, pref. (q u a r.) _____
General Chemical, common (quar.) ______

Gen. Chem., com.(extra) (pay. In com .).
Com. special (payable In com stock) —
General Motors, common........ ............. .
Goodrich (B. F .) Co., com. ( q u a r .) .. .........

Preferred (quar.) _____________________
Granby Cons. Mln.,Sm.& Pow.,Ltd.(qu.)
Greene Cananea Copper ------------------------Gulf States Steel, first preferred-----------Harrison Bros. & Co., Inc., pref. (quar.).
H art, Schaffner cfc M a rx, I n c ., com. (qu.).
Houston Oil, preferred........ .....................
Illinois Northern Utilities, pref. (quar.).
111. & Power Secure., pref. (qu.) (No. 14)
Indiana Pipe Line-------------------------------In lan d Steel (quar.) --------------------------Inter. Harv. ot N. J., pref. (qu.) (No. 36)

Inter. Harv. Corp., pref. (qu.) (No. 12).
International Nickel, preferred (ouar.)..
Island Creek Coal, common (quar.)____

K ansas City Stock Y ards o f M a in e , com.
and pref. (quar.) ___________________
K ansas City Stock Y ards o f M o . (qu.) -----

Jan. 31
Jan. 31

to

Jan. 31

to

Jan. 31

to

Jan. 31

Jan. 20
IK Jan. 25
Feb. 28
$1 25 Mar. 15 I
Feb. la
1
Feb. 15 1
Jan. d20
IK i Feb. 1 1
Jan. £129
3K 1Feb. 1 1
Jan. 15a
IK Feb. 1
Jan. 28
1
Jan. 29 .
Jan. 28
1
Jan. 20a
IK F'eb. 1
F’eb. 2
4
F
’eb. 1
Feb. 1
IK Feb. 15
D ec. 18a
IK Jan. 31
Jan. 31
2K Feb. 1
Jan. 31
2K Feb. 1
Jan. 31
IK Feb. 1 .
Feb. 3
50c. Feb. 3
Jan. 20
4
Feb. 1
Jan. 20
Feb. 10
5/
Feb. 15
IK Feb. 15
Feb. 1
’eb. 1
3K F
Feb. 1
’eb. 1
3K F
Jan. 31a
IK F'eb. 10
Jan. 22a
$1 50 F'eb. 28
Feb. 1
’eb. 1
IK F
M ar. 15
7 K* April 1
M ar. 15
IK * April 1
Jan. 26a
’eb. 1
2K F
Jan. 26a
IK Feb. 1
F’cb. 8
4
F
’eb. 15
Feb. 15
F'eb. 15
4
M ar. 20
IK April 1
Jan. 31
F
’eb. 1
1
Jan. 22a
IK Feb. 1
Feb. la
’eb. 15
IK F
Jan. 17a
’eb. 1
IK F
Jan. 3lr
F'eb. 15
IK
Jan. 31a
1
F
’eb. 15
F cb. 10
’
Feb. 16
3
F’eb. 10
Feb. 16
IK
. J a n . 31
10
Feb. 15
. D ec. 31a
Jan. 31
l
Jan. 25
IK Feb. 1
Jan. 2 1 a
IK F'eb. 1
, Jan. 15a
F'eb. 1
. F’eb. 10a
IK Mar. 15
. Jan. 22a
IK Jan. 31
. F’eb. 10 a
3K Feb. 20
3K Feb. 1 Holders of rec. D ec. 31a
F
’eb. 1 Holders of rec. Jan. 24
1
IK Mar. 15 Holders of rec. F’eb. 29a
1
Mar, 15 Holders of rec. F’eb. 29a
K Ian. 29 Holders of rec. Jan. 8a
Feb. 15 Holders of rec . Jan. 31
2
Feb. 15 Holders o f rec Jan. 31
3
3K Feb. 1 Holders of rec Jan. 15a
I’eb. 1
16
to
IK Feb. 1
2K Mar. 15 Holders of rec M ar. 1
Mar. 15 Holders of rec M ar. 1
3K
Mar. 15 Holders of rec M ar. 1
3
Feb. 1
23
to
’eb. 1
IK F
Feb. 1
23
to
’eb. 1
IK F
IK Mar. 15 Holders o f rec M ar. 1
F'eb. 1 Holders of rec Jan. 15
3
Feb. 1 Holders of rec Jan. 20a
$2
IK Feb. 1 Holders of rec Jan. 26a
Jan. 20
IK Feb. 1
Jan. 24a
Feb. 1
2
6
F
’eb. 1 Holders of rec. Jan. 15
’eb. 1 Holders of rec. Jan. 10
2K F
3
Feb. 1 Holders of rec. Jan. 25a
IK Ian. 31 Holders of rec. Jan. 28a
IK Feb. 1 Holders of rec. Jan. 20
IK Feb. 1 Holders of rec. Jan. 21
’c
IK Mar. 1 Holders of rec. F b . 23
F'eb. 1 Holders of reo. Deo. 3la
5/
F'eb. 1 Holders of rec. D ec. 31a
10/
10
F
’eb. 15 Holders of rec. Jan. 25a
’eb. 5
F'eb. 15 Holders of rec. F
i
Holders of rec. M ar. 21
m lK April
IK F'eb. 1 Holders of rec Jan. 14a
Feb. 28 Holders of rec F’eb. 1 1 a
1
115 1-6 F'eb. 15 Holders of rec . Jan. 5a
F eb. 1
’
IK Feb. 1 Jan. 27 to
Mar. 1 Holders of rec F’el). 18
1
FPb. 20
Jan. 22
to
3
Feb. 1
IK Feb. 1 Jan. 21 to Jan. 31
IK Feb. 15 Holders of rec . Jan. 31
$2
F'eb. 15 Holders of rec . Jan. 25
Mar. 1 Holders of rec F'cb. 10a
2
IK Mar. 1 Holders of rec . F’eb. 10 a
IK Mar. 1 Holders of rec . F’eb. 10a
Jan. 18
’eb. 1 Jan. 9
IK F
50c Feb. 1 Holders of rec . Jan. 22

F'eb. 1 Holders of rcc.
F
’eb. 1 Holders of reo.
Feb. 1 Holders of rec.
Jan. 31 Holders of rec.
Feb. 1 Holders of rec.
Mar. 15 Holders of rec.
%\h
F
’eb. 1 Holders of rec.
F'eb. 29 Holders of rec.
$1
L it Brothers. _________________ ____
50c. Feb. 1 Holders of rec.
Lowell Elec. Light Corp. (quar.) (No. 79)
F
’eb. 1 Holders of rec.
2
Maryland Coal of West Virginia-----------F
’eb. 1 Jan. 22 to
1
’eb. 1 Holders of rec.
Massachusetts Gas Cos., common (quar.) $1.25 F
Miami Copper Co. (quar.) (No. 14)........ $1.25 F'eb. 15 Holders of rec
M iddle Il’esf U tilities, pref. (quar.) _____
IK Mar. 1 Holders of rec.
Midwest Refining (quar.) (No. 5 )..........
IK Feb. 1 Holders of reo,
’eb. 15 Holders of rec,
Montreal Lt., lit. & Pow. (qu.) (No. 59).
2K F
’eb. 1 Holders of rec.
Municipal Service, preferred (quar.)___
IK F
National Carbon, pref. (quar.).............. .
IK Feb. 15 Feb. 2 to
’eb. 19
to
N ational Lead, preferred (q u a r.). ........ .....
IK Mar. 15 F
’cb. 15 Holders of rec.
N ational R efin in g, common (quar.) _____
IK F
Feb. 15 Holders of rec
1
Feb. 10 Holders of rec.
New Jersey Zinc (quar.)____ _____ _____
4
North A m erican Co (quar.) (No. 48)_____
IK April 1 Holders of rec
Ohio Cities Gas, common (quar.) ________
IK Mar. 1 Holders of rec
Omaha Electric Light & Power, preferrec
2K Feb. 1 Holders of rec
Jan. 31 Holders of rcc
Osceola Consolidated Mining (quar.)___
S3
Pacific Coast Co., 1st pref. (quar.)______
IK Feb. 1 Jan. 29 to
Second preferred (quar.)____________
1
Feb. 1 Jan. 29 to
Kayser (Julius) & Co., 1st & 2d pref. (qu.)
Kellogg Switchboard & Supply (quar.)..
Kclly-Springfleld Tire, common (quar.)..
Kerr Lake Mining (quar.) (No. 42)--------Keystone Telep.(on acct. of accumul’ns)
Lehigh Coal & N avigation (qu.) (N o. 149).

IK
IK
IK
3
3
25c.

Jan. 15a
Jan. 15a
Jun. 2(>a
Jan. 27
Jan. 15
M ar. la
Jan. 20a
Jan. 31a
Feb. 21
Jan. 22a
Jan. 31
Jan. 15
F'eb. la
F’eb. 15
Jan. 15a
Jan. 31
Jan. 25
Feb. 20
F'eb. 22
F'eb. la
F
’cb. la
F'eb. la
M ar. 16a
F’eb. 15
Jan. 20a
D eo. 27
Feb. 1
Feb. 1

J an . 29 1916.]

THE CHRONICLE
P er
C e n t.

N a m e o f C om pany.

W hen
P a y a b le .

B o o k s C lo s e d .
D a y s In c lu s iv e .

417

10 s i
10,815

Miscellaneous (Concluded).
Pacific Power & Light, pref.Cqu.) (No. 22)
1*A Feb.
Holders of rec. Jan. 22
ij£ Feb.
Packard Motor Car, common__________
Holders of rec. Jan. 15a
Common (payable in common stock ).. 10/
Feb. 1 Holders of rec. Jan. 15a
Penmans Limited, common (quar.)_____
l
Feb. 15 Holders of rec. Feb. 5
Preferred (quar.)___________________
Feb. 1 Holders of rec. Jan. 21
Penn Traffic________________________
s c.
Feb. 1 Holders of rec. Jan. 15a
People’s Gas Light & Coke (quar.)______
2
Feb. 25 Jan. 21 to Feb. 10
Pittsburgh Steel, pref.(on acc’t def. divs.)
3 M h Jan. 31 Holders of rec. Jan. 20a
P itts . T e r m . W 'h o u s e & T r a n s f. ( n th ly .)
25c. Feb. 15 Holders of rec. Feb. 8
Portland Gas & Coke, prcf. (qu.) (No. 24)
1H
Feb. 1 Holders of rec. Jan. 22
Prairie Oil & Gas______________________
3
Jan. 3i Holders of rec. Deo. 31a
Prairie Pipe Line______________________
5
Jan. 31 Holders of rec. Dec. 31a
P r e s s e d S te el C a r , p r c f . (q u .) (N o . 68) ____
1
Feb. 23 Feb. 3 to Feb. 22
Procter & Gamble, common (quar.)_____
4
Feb. 15 Holders of rec. Jan. 31a
Public Service Co. of Nor. 111., com. (qu.)
1 M Feb. 1 Holders of rec. Jan. 15a
l m Feb. 1 Holders of rec. Jan. 15a
Preferred (quar.)___________________
Pullman Company (quar.) (No. 196)__
2
Feb. 15 Holders of rec. Jan. 31a
P u r e O il, c o m m o n ...... ................................. $2.50
Quaker Oats, pref. (quar.)_______________
1 x4 Feb. 29 Holders of rec. Feb. lo
Riker & Hegeman Co., preferred (quar.).
l u Feb.
Holders of rec. Jan. 22a
Sapulpa Refining, com. (mthly.) (No. 2 ).
1
Feb.
Jan. 21 to Feb. 1
Preferred (quar.) (No. 3)______________
2 'A Feb.
Jan. 21 to Feb. 1
Sears, Roebuck & Co., common (quar.)
i* c
Feb. 15 Holders of rec. Jan. 31a
Sierra Pacific Elec. Co., pf. (qu.) (No. 26) S i'
Feb.
Holders of rec. Jan. 19a
S ilversm ith s C o m p a n y , p r e f . (q u a r )
114
Feb. 15 Holders of rec. Feb. 7a
Standard Oil (California) (quar.) ..........
of? Mar. 15 Holders of rec. Feb. 9
Stock dividend______________ ___5 n P
Apr. 15 Holders of rec. Mar. 4
Standard Oil (Indiana) (quar.)__________
3 Feb. 29 Feb.
1 to
Feb. 29
S ta n d a rd S a n ita r y M f g . , c o m . (q u a r .)
1 x4
Jan. 27 Holders of rec. Jan. 20
P r e fe r r e d (q u a r .)_________________ " I
1*1
Jan. 27 Holders of rec. Jan. 20
Steel Co. of Canada, Ltd., pref. (q u .)..
1 y , Feb.
Holders of rec. Jan. 15
Pref. (on acct. of accumulated d l v s jl l
3X4h Feb.
Holders of rec. Jan. 15
Stcwart-Warner Speedometer, com. (au )
1 U Feb.
Jan. 23 to
Jan. 31 ■
Preferred (q u a r.)............... .
Jan.
23 . to Jan. 31
Feb.
T a y l o r - W h a r t o n I r o n < S teel, p r e f . ( q u . ) "
t1 * 4 Feb.
Jan.
25 to
Jan. 31
Texas Pow. & Light, pref.(quar.) (No. 15)
1%
Holders of rec. Jan. 25
Feb.
Torrlngton Co., common______________
4
Holders of rec. Jan. 15
Feb.
U n i o n A m e r i c a n C ig a r , p r e f . ( q u a r . ) " " ' . 1 %
Feb. 15 Jan. 26 to Feb. 15
1
United Cigar Mfrs., common (quar.)___
Feb. 1 Holders of rec. Jan. 25a
United Cigar Mfrs., preferred (quar.)_
_
1 % Mar. 1 Feb. 16 to Mar. 2
United Cigar Stores of Amer., com. (qu.)
1
Feb. 15 Holders of rec. Jan. 28a
U. S. Bobbin & Shuttle, common_______
1
Feb. 1 Jan. 21 to Jan. 31
Preferred (quar.)_______________ ____
1 *4 Feb. 1 Jan. 21 to Jan. 31
U. S. Cast Iron Pipe & Foundry (quar.).
M l Feb. 15 Holders of rec. Feb. 4a
U. S. Rubber. 1st pref. (quar.)_________
2
Jan. 31 Holders of rec. Jan. 15a
2d preferred (quar.)____________
IK Jan. 31 Holders of rec. Jan. 15a
l'A
U n ite d S ta te s S teel C o r p ., c o m . ( q u a r .) ___
Mar. 30 Mar. 2 to Mar. 9
P r e fe r r e d ( q u a r . ) _____________________
1 * 4 Feb. 28 Feb. 1
to Feb. 22
Washington Gas (quar.)........................... $1.20 Feb. 1 Holders of rec. Jan. 15
Westlnghouso Elec. & Mfg., com. (quar.) 1 M
Jan. 31 Holders of rec. Deo. 31a
W h i t e ( J . O .) C o ., p r e f . (q u a r.) ( N o . 5 1 )..
1 K Mar. 1 Holders of rec. Feb. 15
nM
E x t r a .......................................................
Mar. 1 Holders of rec. Feb. 15
W h i t e ( J . O .) E n g in e e r in g C o r p ., p f . ( q u . ) .
1%
Mar. 1 Holders of rec. Feb. 15
W h it e ( J . O .) M a n a g e m 't C o r p ., p r e f . ( q u . ) .
1A
Mar. 1 Holders of rec. Feb. 18
Willys-Overiand, common (quar.)______
1 K Feb. ljHolders of rec. Jan. 22a
Woolworth (F. W .), com.(quar.)(No. 15) 1* 4
Mar. llHolders of rec. Feb. 10a
a Transfer books not closed for this dividend. 6 Less British Income tax d Cor
rection. « Payable In stock. /Payable in common stock T payable ln s S n
aC^ r ," eaC r ,atk dlvl(l0n(t" 1 Belng dIvldends accumulated to Jan.Pl
, k
lMtailmenm of 7 U3 a n ri , b® ®
^
t
omraon a? d 7 % on the pref., payable In quarterly
to l^ instaUmenLH %
4 % ’ respectlvcly- 1 Declarcd 2% , payable In quar-

I^ SHE D ,'I^ ° N A T IO N A L B A N K S J A N . 13.
T he Citizens N ational Bank o f Batesburg, S. C . C apital, S30,IA T l?!?!1
!urman, ’ President; A . C . Jones, Cashier. (C on10 s i r Tufsl°B?- ° { the 9 ltlz,ens B ank o f B atesville, S. C .)
10,816— T he First N ational Bank o f Lisle, N . Y . C apital ‘*‘’ 5 000
Edward L . T w eed, President; H arry D . French, Cashier. ’
’
V O L U N T A R Y L IQ U ID A T IO N .
<,249 T he Farmers N ational Bank o f Center, T ex. D ec 21 1915

S 5 a s s «r ” a sag- s e r *«•
&&

I n d J .'M . p k d e m F o f s y t ^ G a 100' S ‘ R u th crford ’ R Fonder
_T.ho Homestead N ational Bank, H om estead, P a ., Jan. 17 1916
Liquidating agent, J. II. Thoerner, Hom estead Pa
(Absorbed
________ b y the M onongahela Trust C o. o f H o m e s tk d P a .)
(At,sorbed
5,365

Im p orts a n d E xp orts fo r th e W eek .— T h e follow ing are
the reported im ports a t N e w Y o r k for the w eek ending
January 2 2 and since the first week o f January:
FOREIGN IMPORTS AT NEW YO RK .
F o r W e e k e n d in g J a n .

22.

1916.

1915.

Dry Goods__________
General Merchandise__

($26,160,000
/

T o ta l____________
S in c e J a n . 1.
Dry Goods____
General Merchandise

($62,370,000
/

1914.

$2,920,539
14,996,497

N a tio n a l B a n k s. — T h e follow ing inform ation regarding
national banks is from the office o f the Com ptroller o f the
C urrency, Treasury D ep a rtm en t:

|

$3,935,003
15,291,832

1913.
$3,193,915
16,966,804

$26,160,000 $17,917,036 $19,226,8351 $20,160,719

Total 3 weeks____

$8,987,039 $12,579,477
44,191,153 43,056,034

$9,802,270
46,729,639

$62,370,000 $53,178,192 $55,635,511 $56,531,909
EXPORTS FROM NEW YORK.

W e e k e n d in g J a n .

22.

1916.

For the week____
Previously reported..

1915.

1914.

1913.

S52,175,284 $28,009,641 S18.926.097 $19,799,126
115,814,453 53,441,472
39,936,579 46,448,903

Total 3 weeks.................... $167,989,73l! SS1,451,113 $58,862,676 $66,288,029
EXPORTS AND IMPORTS OF SPECIE AT NEW YO RK .
W e e k e n d in g J a n .

22.

E x p o rts.

Gold.
W eek.

Great Britain.................. ..
France...........................
Germany....................
West Indies...................
Mexico_____________
South America..............
All other countries................

Im p o r ts.

S in c e
J a n . I.

S in c e
J a n . 1.

W eek.

$2,116,929
$500,000
.500,000

1,040,000
509,052

Total 1916..................................
$1,000,000 $1,270,552
Total 1915..................................
192,000
418,000
Total 1914...... ............................... 2,053,584 4,616,686
Silver.
Great Britain................................... $680,192 $1,615,376
France_______________ _____ _____
Germany________________________
157,575
158,655

x
l AM 1 “ d * * *

&&

5 ,6 4 4 - T h o First N ational Bank o f F orsyth ( k . , at close o f business Jan.

1,894

2,190,000
51,960

$8,509,744
1,404,115
1,278,573

$2,268
69,305
875

Total 1916.................... .................
Total 1915..............................
Total 1914________________

3,254,407
59,021
485,279
21,o88

$11,861
978,655
85,507

$837,767 $1,775,925
632,431
2.516,133
638,598

*101,494 $1,118,650
83,216
356,355
205,888
767,497
Of the above exports for the week In 1916, *500,000 were American gold eoln.

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 . 18.
T he Peoples State Bank o f Swanville, M in n ., Into “ T he First N ational
Bank o f S w anville.” C apital, $25,000.

T h e F ed era l R eserve B a n k s.— Following is the weekly statement issued by the Federal Reserve Board on Jan 22-

2 9
16

Agents1 a n ?a ad0
1
oc°re^e9
mil'hon^irftho ^ m b t a e d ^ Z ^ e r ^ ^ r o f ^ o v ^ f l m
V
d
of gold heId by the Federal Reserve
weekly bank statement as at the close o f business on Jan7 T T
aDd ° f ° VGr 6 ml llon dollars In the total reserves of the banks is indicated in the
amounts o f discounted pape^tha^at th elm efof tho preceding5weekUt T h B a S a t a o f \the
S j’)ui'!?er1 and four Western banks reporting smaller
<
n
in the open market, shows a gain during the week of /
f& FS??4®, f accePtances held, including domestic bills of exchange bought
o f paper held by the banks, almost 50% is represented bv acrentanc^
or
£ e increase being crcditwi to the Boston bank. Of the total amount
30 though within 60 days. The holdings of agricultural •
,nri
° f t? ° ,total,P aPer on hand 36.3% matures within 30 days and 33.7% after
About 2.6 millions o f United Stat< X nd^ ^^
mataring after 90 days total 3.6 millions, or 6.5% of the total bills on hand,
which havo no investments in G ovkim ent securitio^ Th^iinbUnSf «r ™
k ? y l lx bank, ' New York and Richmond being at present the only banks
s
porting the largest increases under this head
Of
't o t a l s
warrants 8bow an increase of about 1.1 millions, Philadelphia and Chicago reof United Statos bonds and warrants is about 21 < each1 Tha r f . S 1 commercial paper and acceptances constitute about 29% each, while the share
7
throe months and about 115%Tix montte before.
The ratI° ° f
to capital is now 176%. as against 169% the week before, 144%
deposits for^ho ^ r e k ^ ^ G ^ e r a m o n t ^ o n ^ I^ lT fc r n a ^ i'i^ °nuabout 2.8 millions, Boston, New York and Kansas City reporting the largest gains of
week before.
government deposits increased 1.2 millions, all the banks except New York and Minneapolis showing larger figures thanthe
is duo oxcluLve^Cto°timK
issuo b°v the
of notes outstanding or dse not returns o f not^f
than the week before, and an a g ^ S ^ M

out,standing or 1.4 millions more than the week before. This increase, however
mdlj2P8 ? f additional notes. The other Agents report either no increases in the amounts
1L6 mWion d ^ S s * t0tal
Clrculatlon of
miUions’ or ab°ut 3.5 millions less

wo p r e s e n t i [t«°f nrn
<?-?,!i^a
s ^a !:oftlen t for the system as a whole are given in the follow ing tab le, and in addition
show Tho^esoiu’cos and l ? a b Z i l ±
Prece? in? ^ eeksfurnishing a useful coparison.
In the second table we
A g o n ts’ A ccou n ts (tho third ta b ln fn p a i e- y f-Pr . a c h ? f tke tw elve Federal R eserve ban k s.
t
e
T h e statem ent o f Federal Reserve
Com ptroller and tho R eserve f
C

o m b in e d

R

esou rces and

L

f

S

t

E

t

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

21 1916

Jan.

F

ederal

14 1916

RESOURCES.

$259,106,000
81,620,000
Gold redemption lund with U. S. Treasurer..
1,062,000

h

Jan.

R

eserve

7 1916

i
1,215,000

e

o l »ioutuuu
1,250,000

D ee.

B

'

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

30 1915.

D ec.

23 1915

D ec.

171915

D ec.

10 1915

J a n u a r y 21 1 91 6 .
D ec.

3 1915

N ov.

26 1915.

$zob,o4d,UUiJ 52/6,lU7,000 $257,373,000 $251,810,(K $244,229,000;$245,986,000
M
/y.zya.uui
by.UbU.UOO 76,330,000
68,060,000
79,700,0001 73,830,000
1.124.00C j
1,224,000
1,184,000
1,292,000
1,252,000
1,252,000

Total gold reserve........ ............................... $341,788,000 $347,700,000 $354,418,000
*344,963,000 5347,381,000
Legal tender notes, silver, &c_______________
14,132,000
14,283,000) 12,888,000
13,525,000
9,673,000
~ -----------Total reserve...................... ............. ............. $355,920,000 $361,983,000 *367,306,000 *358,488,000 $357,054,000
Bills discounted and bought—
Maturities within 10 days..........................
$7,517,000
$6,467,000 $6,133,000
Maturities from 1 1 to 30’ days.................. 12.790.000
13.291.000 14.074.000
14.278.000
13.524.000
Maturities from 31 to 60 d a y s ..................
18.838.000
16.961.000
17.715.000 16.859.000
17.861.000
Maturities from 61 to 90 days....................
13.115.000
14.195.000 13.247.000 13.696.000 12.830.000
Maturities over 90 days
3,608,000
3,910,000
3,938,000
4,081,000
4,073,000
Total. . . . . .
$55,868,000 *55,756,000 *55,579.000 $55,381,000 $54,421,000
•Acceptances (Included In abovei
$27,910,000 *26.258,000; $25,048,000 *23,013,000 $21,759,000
Investments: U. S. bonds
*20,242,000
$16,734,000 $15,797,000 *15,060,000
Municipal warrants
20,624,000
19,484,000
17,097,000
12,220.000
14,094,000
Total earning assets
$96,734,000 *92,853,000 $89,410,000 $83,398,000' $83,575,000




R6S6r V6 D° teS betW66n t l 6

*334,887,000 *321,162,000 $325,181,000 *321,068.000
26,978,000 28,441,000 32,681,000 37,212,000
*361,865,000 $349,603,000 $357,862,000 $358,280,000
$6,742,000
12.379.000
18.190.000
11.494.000
3,891,000

S5,874,000
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

*52,696,000 $52,677,000 $51,356,000 $48,973,000
$19,684,000 *19,108,000 *18,306,000 *16,179,000
$14,523,000 $14,401,000 $13,875,000) $12,919,000
13,600,000 18,053,000 17,821.000 27,308,000
*80,819,000 *85,131,000 *83,052,0001 *89,200,000

[Vol. 102.

THE CHRONICLE
Jan.
R E S O U R C E S ( C o n c lu d e d ).
B ro u g h t f o r w a r d (total reserve & earn

21 1916.

ja n .

14 1916.

Jan.

7 1916.

D ec.

30 1915.

$452,654,000 $456,716,000 $441,886,000 $440,629,000

g assets)

Federal Reserve notes— N e t ........ - - - ..............
Due from Federal Reserve banks— Net----------All other resources............ .........
$511,326,000 $507,579,000 $499,087,000 $491,110,000

Total resources---------L IA B IL IT IE S .

Capital paid In--------------------------------------------Government deposits------------------------------------Reserve deposits— Net— . . . -------------------------Federal Reserve notes— Net-------------Ail other liabilities.............................. —
Total liabilities...........- ...........
Gold reserve against net liabilities (a) Paoh reserve against net liabilities (a) Cash reserve against liabilities after setUng aside
40% gold reserve against net amount or
Federal Reserve notes In circulation (a) —

D ec.

23 1915.

D ec.

17 1915.

$442,0S4,C00 $434,734,000 $440,914,000 $447,480,000 $433,492,000

$490,808,000 $489,276,000 $4S2,073,000 $485,359,000 $485,342,000

$54,902,000 $54,859,000
$54,915,000 $54,901,000 $54,900,000
15,000,000
15,000,000
854.889.000 $54,899,000 $54,895,000 415.101.000
15,000,000
15,000,000
28.073.000 26.879.000 23.841.000 400.012.000 398,603,000 397,879,000 390,249,000 392,966,000
13,969,000
14,686,000
416.656.000 413,719,000 407,244,000
14,461,000
14,670,000
12.982.000 13,486,000
8,565,000
11.948.000
7,236,000
11.571.000
7,036,000
7,634,000
7,596,000
125,000
134,000
137,000
$490,808,000 $489,276,000 $482,073,000 $485,359,000 $485,342,000
8511,326,000 $507,579,000 $499,087,000 $491,110,000
77.9%
80.9%
80.2%
82.5%
86.1%
84.6%
86.9%
81.9%
89.0%
79.1%
87.4%
77.1%
89.1%
88.5%
87.9
84.8%
82.4%
80.3%
89.2%

90.4%

89.6%

86.2%

83.5%

81.4%

90.7%

$19,775,000
(a) Less Items In transit between Federal Re­ $13,089,000 $12,995,000 $11,137,000 $20,767,000 $24,977,000 $21,331,000 $19,718,000
serve banks, viz-------------------------------------

F e d e r a l'R c s e r v e N o te s —

Issued to the banks--------------------------In hands of banks----------------------------In circulation-----------------------------------

GoldT
and lawful money with Agent............
Carried to net liabilities--------------------------Carried to.net assets........................ - ...........

$190,985,000 :
$214,125,000 $211,735,000 $205,205,000 $200,265,000
S220,380,000 $219,030,000 $215,525,000 25,099,000 23,673,000 23,843,000 24,953,000 20,987,000
37,675,000 32,866,000 27,009,000
$188,062,000 $181,362.000 $175,312,000 3169.993,000 $165,304,000
$182,705,000 $186,164,000 $188,516,000
$171,095,000
$194,400,000 $187,840,000 $182,912,000 $174,147,000
13.385.000
13.969.000
$204,159,000 $199,690,000 $197,450,000
14.686.000
$206,029,000
14.670.000 14.461.000
13.486.000
19.176.000
12.982.000
18.118.000
11.948.000
11.571.000
21.008.000 20.939.000 22.286.000
29.943.000 24.156.000 21.910.000
34.895.000

$256,480,000 $252,680,000 :
$263,640,000 $263,640,000 $260,460,000
No«e3 (A ^ n ^ ' Accounfs)—
1,355,000
1,495,000
1,531,000
$275,420,000 $275,420,000 $267,640,000
1,631,000
1,631,000
Received from the Comptroller-------1,631,000
1,671,000
1,691,000
Returned to the Comptroller------------------$258,929,000 $254,985,000 $251,325,000 I
$262,009,000 $262,009,000
$273,729,000 $273,749,000 $266,009,000 47,884,000 50,274,000 53,724,000 54.720.000 60,340,000
Amount chargeable to Agent53,349,000 54,719.000 50,484,000
$190,985,000 $187,815,000
In hands of Agent---------------------$215,525,000 $214,125,000 $211,735,000 $205,205,000 $200,265,000
Issued to Federal Reserve banks-— - $220,380,000 $219,030,000
$139,902,000 $135,177,000 $136,535,000
$142,580,000 $139,940,000 $137,040,000 $136,860,000
100,000
H o w S ec u red —
. . . $144,529,000 $145,029,000
16.720.000
By gold coin and certificates---------16.838.000
i f , ’3 5 3 ’,666
17.365.000
17.335.000
16.675.000
580,000
By lawful m oney--------------------------590,000
630,000
T4 351.000
14,871,000 15,835,000
650,000
650,000
650,000
33.880.000
By3commerclal paper-------------- — 650,000
650,000
650,000
56.710.000 50.330.000 42.380.000 38.380.000
Credit balances in gold redemption fund
60,850!000
58.480,000 56,460,000 50.860.000
Credit‘.balances with Federal Reserve B d
$205,205,000 $200,265,000 8190,9S5,000 $187,815,000
$220,380,000 $219,030,000 $215,525,000 $214,125,000 $211,735,000
Total - .........- ............... ........
$17,935,000 $18,752,000 $18.328,000 $17,583,000
$16,740,000 $17,451,000

F e d e r a l R es e r v e

----- in clu d in g bankers’ and trade acceptances bought In the open market.

tAmended figures.
RESERVE BANKS AT CLOSE OF BUSINESS JAN. 21 1916.
K a n . C ity \

V V* RESOURCES.

Gold coin & ctfs. In vault
Gold settlement fund—

3,000

G o ld .red em p tion fu n d —

55,000| - - -

------------ 1

*

1

8,? ii;o 0 0 41 810:000 7 ,184:oO
O
18 736 000 166,164,000 17,319,000
Total gold reserve— ­ 1,758,000 3,297,000: 5,247,000 1,559,000
Legal-ten .notes ,silv., &c
566.00023,061.00018,014,000 9,162,000 42,601,000^ 9 8 8 ^
Total reserve------------ 20,494,000:
386,000 6,759,000
Bills discounted:
208,000'
175,000:
182,000
150,000
Members------------ — 7,975,000! 10,586,000; 2,354,000 1,002,000
Bought In open mkt—
6,909,000!
S*’,
8,183,000 10,761,000 2,536,000 1,388,000
Total bills on hand—
! 2,991,000 2,470,000
Investments: U. S. bds.
160,000
7,189,666 2,957,000 2,926,000
Municipal warrants— 3,307,uuu
17,950,000 8,484,000 6.784,000 7.069,000
_______
Total earning assets 12,476,000________________________a
980,000 23,630,000
436,000
705.000
Fed. Res’ve notes—N et.
Due from other Federal
551
2,227,000
iS ffl
Reserve Banks— Net788 ;8S8
346",666
941,000
590,000
All other resources------,000 211.387,000 32,427,000 31,889,000 25,340,000
36,767
Total resourcesL IA B IL IT IE S .

4,275,000

1,152,000 1,121,000
940,000
605,000|

6,575,000
400,000

T o ta l.

D a lla s .

$
$
I
$
8,606,000| 4,010,000 5.044.000 259.106,000
3,114,000, 8,957,000 4.768.000 81,620.000
1,062,000
107,000! 253,000
11,827.000 13,220,000 9 812,000 341,788,000
5,000: 14,132,000
211 [O O 4993)00
O
12,038,000 13,719,000 9.817,000355,920,000

6,975,000' 6 017.000 2,092,000 1,726,000 3,736,000 4,275,000

416,009* 27,958,000
854,000 27.910,000
1,270.000 55.868.000
20.242.000
20.624.000

25 000 4,313,000 1,491,000 1.458,000*, 2.188,000 1.295.000
330i000 1,466,000
453,000
961,000
343,000
■
.036,000 4,145,000 6,273.000 5,646,000 4,745,000

7,330,000^1.796,000
......... I 1,686,000

96,734,000

5,394,000 34.895,000

795.000 1,269.000;

288.000 2,533,000 al3,089,000
880.000
174,000 10,688,000
5'® ° 0 ° 0 3 :6 12 .000, 4-I o7:°ooo
,312,000 18.938,000 17.303.000 20,838.000 20,533,000 22,663,000 511,326.000
18,786,000 62
2 783 000* 2.548,000, 3,014,000! 2,755,000; 3,941,000 54.889.000
’( m ’ooo
169 000
570,000 5,136,000 1,043,000 28.073.000
nrn r»r»r\
15,520:000 14,586:000 15,930.000 9.795,000 17,679,000 416,056.000
11,571.000

Capital paid in...........
Government deposits.
Reserve deposits— N et.. 30
137",000
Fed. Res’ve notes—Net104,000 ..................................
Due to F.R.banks— Net
>511.326.000
Alllother liabilities.........
00062,312,000 18.938,000 17,303,000 20,838,000 20,533,000 22,663,000,
36,767,000 211,387,000 32,427,000 31,889,000 25,346,000 18,786
Total liabilities--------F e d e r a l R ese rv e N o t e s —

i.o io .o o o
Issued to banks--------- 10T o : d « ! S
8 - S S ® u i S q M,S 8 ® " f f l S f f i
,694.000 8.155,00012.731,00010,324,00014,287,000; 5,736,000|182,705,000
In hands of banks-----.040,000 70.559.000 8,224,000 10.495,000 14,044,000 16.416,000
F.R . notes in circulation
8,950,00014,000,000! 9 -OW.OOO 11.440.0001M ™ ;000,2^ ; ° ° g
10.020.000 94,189,000 8.660.00011,200,000 8.860.006 14.200.000
" 795",666 1,269",666 -'— -’ — I —.......... 5 ,394,000! 34.895.00q
.r.™ .., 1 .... U.U1 amount, a . Rom M .

M *

~

du . to . « ! » M - d * * » * • » “ " •

STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS JAN. 21 1 ,1 ,.
P h lla d e l'a .\ C le v e la n d . R ic h m o n d .

A t la n t a .

C h ic a g o .

Is t.

L o u is .

*M I n n e a p .

K a n .C i t y .

D a lla s .

S an

Ira n .

T o ta l.

$
I
$
11.360.000275.420.000
.400.000 9.38S
0,000 9,600.00019.000.00013.000,00019.580.000
230,000 1,691,000
^^.e^d^ronfckimptrorr 19,3M,000 108,240,000 15,480,000 ^3,600,0^ 17,000,00020,400,000j
jloloooj - - ­
11.130.000
273,729,000
Returned to Comptrr
500,000, ............ -j » ■ ._>---------------J _________ I .................... O n
A^
9,260.000 « 600.00 19.000.000 13,000.000 19,499,000
9.600,000
X Chargeable to A g e n t . ^ ^ l O ^ O .0 0 0 ^ 4 .8 4 0 .0 0 0 1 2 .8 8 0 ^ ^ ^
^^ ^
^ ^
^ ^ qqo .............. I 53,349,000
B o s to n .

F jn hands of F
r

.

R

A

N ew Y ork.

g

IasuedtoF.R .bank— 10,020.000

He<£ldycoinR certfSLT—|l0,020^000
A
Credit balances:
|
In gold redemption l a -----------With F. R . Board-----1 ................
Notes secured by com-,
merclal paper----------- 1 —
10.020.000
T o t a l......................
Amount commer’l paper
delivered to F.R .agent




e
n
t
.
J
^
m
O
O
O
,
H
.
S
S
O
.
O
O
o
'
.
l UaO. OOQ 220.380,000
94,240,000* 8.660.00011,200,00014,230.000,17,990,000 4.380.000
3,950,00010.000,000 2,000,000, 9,540,000 .............. 144,529,000
500,000,
94,189.000 3.660,00010.670.000
.. I
650,000
11,130,000 60,850,000
...........
530,000
3,700,666' 4,260,000 5",*o'ob',666 4 'o" 'o",666 7 ,060,666 1,900.000
', o
8,860,00013
5,000,000; ...............
2,000,000 3,140,000| ________I 14.351.000
5,370,OOo| 3,790,000*
51,000
4 , 3 8 0 ^ 8,950,000 14,000,000 11,000.000 14,580,000 11,130,000220,380,000
94,240,000! 8.660.000 11,200.000 14.230.000 17,990.000
...............I 2,008,000 3,829,0001------ ------ 1 15,144 .000
51,000 I ...........' ” l ............... I 5,466,000' 3,790,000

Jan. 29 1916.]

THE CHRONICLE

419

shows tit,: condition of T h i T N e w ^ o r l f a ^ c f e a H S o ^ ^ e S ^ o ^ t h o w K
“

“ i g j i n u a l y 0™

also the grand aggregates, for the four preceding weeks.
NEW
CLEARING HOUSE
MEMBERS.
Week Ending
January 22 1916
(00« o m itte d .)

C a p it a l.

N et
P r o fit *.

Members o f Federal
Reserve Bank.
$
Bank of N. Y ., N .B .A . 2,000,0
Merchants’ Nat. Bank
2,000,0
Meeh. & Metals Nat—
6,000,0
National City Bank__ 25.000.
Chemical Nat. Bank_
_
3.000.
Atlantic National Bank 1.000.
Nat. Butchers' & Drov
300.0
Amer. Exch. Nat. Bank 5.000.
National Bank of Com 25.000.
Chatham & Phenlx Nat. 3.500.0
Hanover National Bank 3.000.
Citizens' Central Nat
2.550.0
Market & Fulton N a t.. 1.000.
Importers’ & Traders'.
1.500.0
_
National Park Bank_
5.000.
East River Nat. Bank.
250.0
Second National Bank. 1.000. 0
First National Bank_
_ 10.000.0
Irving National Bank.. 4.000.
N. Y. County Nat. Bk.
500.0
Chase National Bank.. 5.000.
Lincoln National Bank
1.000.
Garfield National Bank 1.000,0
Fifth National Bank_
_
250.0
Seaboard Nat. Bank_
_
1,000,0
Liberty National Bank- 1,000,0
Coal <k Iron Nat. Bank
1,000,0
Union Exchange Nat.
1,000,0
Nassau Nat. Bank___
1,000,0
Broadway Trust Co_
_
1.500.0

5
4.729.1
2.197.0
8.952.5
0
a37,427,6
0
7.847.2
0
774,0
81,7
0
5,104,9
0
17,574,8
2.063.2
0
15,459,5
2.450.3
0
1.964.6
7.562.0
0
15.258.0
72,4
3.234.7
23.759.0
0
3.837.0
1,186
0
9,821
0
1,864
1,243
399
2,810
3,085
706
1,018,
1,101,
902

Totals, avge. for week 115,350,0 184.4S9,
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

6 tdree

L ega l
T en d ers.

C o ld .

A v era ge.

$
36.866.0
32.044.0
125.070.0
384.495.0
37.270.0
10.505.0
2,006,0
87.362.0
242.745.0
56.345.0
122.858.0
28.915.0
9.103.0
35.224.0
146.695.0
2.143.0
16.840.0
162.140.0
05.472.0
10.244.0
191.747.0
17.827.0
9.221.0
4.716.0
34.636.0
53.257.0
8.597.0
11.914.0
9.232.0
18.209.0

A verage.
$

2,800,0
1.339.0
19.630.0
93.143.0
3.058.0
1.118.0
55,0
6,106,0
22.359.0
3.191.0
20.726.0
1.480.0
1.199.0
1.413.0
10.296.0
115.0
1.284.0
22.419.0
5.825.0
625.0
22.168.0
1.641.0
1.374.0
185.0
2.720.0
1.984.0
797.0
364.0
293.0
1.531.0

A v era g e
$

954.0
1.251.0
4.792.0
4.943.0
941.0
288.0
33.0
1.207.0
7.748.0
735.0
4.483.0
207.0
728.0
1.453.0
2.365.0
27.0
1.320.0
2.531.0
1.613.0
231.0
7.072.0
853.0
212.0
125.0
1.297.0
1.569.0
176.0
232.0
172.0
211.0

S ilv e r.

A v era g e

$
586.0
1.396.0
5.457.0
5.868.0
1.166.0
638.0
122.0
1.854.0
4.507.0
2.175.0
4.570.0
1.337.0
1.281.0
842.0
4.687.0
203.0
521.0
4.719.0
3.783.0
- 473,0
0,990,0
112.0
565.0
267.0
2.040.0
1.776.0
150.0
607.0
478.0
502.0

N a t. B ank N a t. b a n k F ed era l
N o te s
N o tes
R eserv e
[R eserv e
1 ot
N
bank
f o r S late
C o u n ted
N o tes
I n s t it u ­
as
[N o t
tio n s ] .
R e s e r v e ]. R e s e r v e ].
A vera ge.
$

A vera ge.

S

2,0
32.0
157.0
445.0
75.0
29.0
1,0
187.0
279.0
635.0
12.0
87.0
96.0
80.0
115.0
11,0
58.0
157.0
37.0
184.0
691.0
171.0
46.0
5,0
87.0
14.0
44.0
19.0
16.0
80,0

A verage.

A d d it ’ a l
D e p o s it s
w ith
L ega l
D e p o s i­
ta r ie s .

R ese rv e
w ith
L ega l
D e p o s i­
t a r ie s .
A vera ge.

$
$
2,626,0
” 20,0 2.424.0
41.0 10.522.0
519.0 37.778.0
7,0 3.410.0
20.0
1.022.0
143.0
~ i6sf,6 8.794.0
20.0 18.350.0
230.0
4.269.0
37.0 11.727.0
15.0 2.258.0
101.0
790.0
2.501.0
87,0 11.587.0
228.0
85,0
1.376.0
13.293.0
186,0 5.605.0
21,0
738.0
524.0 19.135.0
173.0
1.320.0
117.0
808.0
350.0
” 5 1’,6 4.357.0
189.0 5.355.0
12,0
620.0
2,0
922.0
10,0
613.0
60,0
1.427.0

1,973,701,0 251.29S.0 50,069,0 59,072.0

3,852,0

251.355.0
244.783.0
232.408.0
229.404.0

3.759.0
3.564.0
2.674.0
2.564.0

2.674.0
3.112.0
2.928.0
3.078.0

8.154.0
4.299.0
849.0
204.0
162.0
1.127.0
5.125.0
296.0
681.0
1.452.0
471.0
564.0
1.028.0
309.0
2.004.0
1.495.0

149,0

3.432.0

D e p o s its .

A v era ge.

A vera ge.

64.494.0
61.347.0
61.587.0
55.248.0

N et

Tim s

$
34.085.0
32.503.0
144.094.0
458.277.0
34.723.0
11.534.0
1.843.0
88.593.0
252.038.0
54.762.0
146.169.0
26.764.0
10.170.0
32.410.0
151.094.0
2.630.0
15.720.0
169.264.0
74.044.0
10.690.0
232.146.0
18.455.0
9.814.0
4.914.0
41.557.0
57.601.0
8.602.0
11.718.0
8.61S.0
19.385.0

170.395.0
168.991.0
169.105.0
165.278.0

48.200.0
37.276.0
11.041.0
4.855.0
2.141.0
11.587.0
83.066.0
3.858.0
5.612.0
16.734.0
4.078.0
6.194.0
14.437.0
4.597.0
12.351.0
21.133.0

N et
D em an d
D e p o sits.

A verage
%

2,689,0 174,348,0

1.979.339.0
1.977.123.0
1.973.103.0
1.972.309.0

Jan.
Jan.
Jan.
Deo.

and

Y O R K W E E K L Y C L E A R I N G -H O U S E R E T U R N .

L oan s,
D is c o u n t s ,
I n v e s tm 't s ,
<Stt.

/N a t.B ’ka Dec. 31
IStateB'ks Dec.31

2 T h ^ f i ^ r e ^ t e the

2,164,247.0

s
1.299.0

2,106*0
1.437.0
*25*,6
2,759*0
125,0
5.632.0
1,13*9*6

125.0
120.0
1,506,0
47,0
125,0
2,230,0
200,0
11,0
113,0

A vera ge.
t

797.0
1.907.0
4.929.0
1.799.0
450.0
373.0
47.0
4.692.0
2.536.0
1.771.0
143.0
1.629.0
222.0
51.0
3.552.0
50.0
691.0
4.296.0
740.0
197.0
450.0
893.0
397.0
247.0
321.0
500.0
412.0
395.0
267.0

19,866,0 34,754.0
20.284.0
19.239.0
23.951.0
19.481.0

S tate B anks.

N a tio n a l
Ban t
C ir c u la ­
tio n .

34.683.0
34.771.0
35.270.0
35.197.0

N ot M em b ers o f
F e d e r a l R eserv e B a n k .

Bank of Manhattan C o.
Bank of America______
Greenwich Bank__
Pacific Bank_______
Peoplo's Bank________
Metropolitan Bank___
Coni 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________

2.050.0
1.500.0
600,0
600,0
200,0
2,000,0
3.500.0
250.0
750.0
100.0
200,0
200,0
1 .000,0
200,0
1 ,000,0
1.500.0

4,882
6,152
1,190,
996,
436,
1,919
6,977,
791,
746,'
2,226
800,
1,033,3
2,100.
701,
997,9
557,5

Totals, avge. for week. 15,450,0 32,509,8
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Jan. 22
Jan. 15
Jan.
8
Dec. 31

287,160,0 28,250,0
287.881.0
288.287.0
289.190.0
284.584.0

—

1.663.0
1.716.0
195.0
855.0
50.0
347.0
2.013.0
30.0
118.0
1.158.0
45.0
65.0
241.0
205.0
309.0
450.0

1.236.0
1.296.0
503.0
413.0
115.0
549.0
5.326.0
70.0
206.0
1.050.0
134.0
159.0
434.0
98.0
348.0
746.0

168,0
115.0
354.0
125.0
23.0
51.0
1,112,0
47.0
10.0
45.0
61.0
100.0
62,0
33,0
114.0
298.0

323,0

57.200.0
37.030.0
11.733.0
4.929.0
2.705.0
9.682.0
97.185.0
3.467.0
5.803.0
17.834.0
3.951.0
6.134.0
13.991.0
4.584.0
14.214.0
23.439.0

' 522*6
3,0
24,0

‘ 162*0
3.916.0 6,084,0
208,0
151,0
209.0
*237*6

23,0

1,011,0
273.0
840.0 2*,*0*83*6
275.0
36,0
850.01 1.927.0
1.406.01 1.205.0

24,0

9,463.0 12,683,0

2,718,0

199,0 12,330,0 12,888,0

313,881,0

28,0

28,102,0 10.540.0 13.632.0
27.877.0 9,607,0 12.131.0
29.662.0 13.453.0 12.808.0
28.368.0 12.784.0 13,038,0

2.457.0
3.280.0
2.861.0
3,141,0

151.0
198.0
53.0
74.0

13.422.0
12.566.0
13.411.0
8,795,0

316.239.0
315.839.0
322.569.0
315.210.0

28,0
29.0
28.0
59,0

14.0
1.227.0 4.147.0
23.0 10.762.0 5.596.0
5,0
1.881.0 12.151.0
1,008,0 4.692.0
1.277.0 4.749.0
16.042.0 17.129.0
361.0
655.0
17.0
822.0
712.0
132,0 3.169.0 2.822.0
62.0
874.0 1.933.0
69.0 2.518.0 5.716.0
6,0
832.0 2.055.0
20.0
674.0
910.0
8,0 2.493.0 1.652.0

24,538,0
215,244,0
37,614,0
22,013,0
25,534,0
320,845,0
7,234,0
16,430,0
63,384,0
17,479,0
50,172,0
16,696,0
13,472,0
49,859,0

7,648,0
27,980,0
18,352,0
6,126,0
478,0
42,895,0
573,0
525,0
16,143,0
1,005,0
9,087,0
4,301,0
539,0
4,227,0

Trust Companies
N ot M em bers o f
F ed era l R ese rv e B a n k .

Brooklyn Trust Co___
1.500.0 3.730.7
Bankers Trust C o ____ 10,000,0 14.694.1
U. S. Mtg. Ar Trust Co
2,000,0 4.241.6
Astor Trust Co_____
1.250.0
1.541.1
Title Guar. & Trust C o. 5.000. 0 11,965,7
Guaranty Trust Co___ 20,000,0 22.999.2
Fidelity Trust C o____
1.000. 0 1.204.8
Lawyers Title A Trust. 4.000.
0
5.386.1
Columbia Trust Co___
2.000.
0
7.659.7
People's Trust Co
1,000,0
1.603.8
New York Trust Co_
_
3.000. 11,247,1
0
Franklin Trust Co____
1.000. 0 1.257.9
Lincoln Trust Co_____
1,000,0
503,9
Metropolitan Trust C o. 2,000,0 6,087,3
Totals, avge. for week. 54,750,0 94,123,0
Totals, actual condition
Totals, actual condition
Totals,actual condition
Totals, actual condition

33.372.0
1.914.0
232.124.0 21.124.0
56.503.0 3.276.0
27.272.0
1.876.0
39.136.0
2.118.0
339.634.0 36.664.0
8,884,0
581.0
23.336.0
1.378.0
79.475.0 4.560.0
18.368.0
1.244.0
65.942.0 3.961.0
20.017.0
1.515.0
13.435.0
850.0
53.469.0 4.851.0

138.0
272.0
129.0
37.0
260.0
8,120,0
71.0
342.0
312.0
75.0
618.0
526.0
85.0
897.0

386.0
207.0
279.0
253.0
140.0
3,580,0
84.0
56.0
895.0
249.0
222.0
178.0
381.0
183.0

,010,967,0 86,212,0 11,792,0

7,093,0

2,218,0

378,0 43,940,0 64,919,0

880,464,0 139,885.0

86.923.0 12.762.0 6.877.0
85.336.0 18.384.0 12,317,0
80.431.0 7.218.0 8.361.0
77.625.0 6.359.0
9.571.0

2.324.0
2.121.0
2.242.0
2.541.0

355.0
377.0
434.0
494.0

882.327.0
880.010.0
863.055.0
874.252.0

Jan.
Jan.
Jan.
Dec.

Grand Aggregate, avge. 185,550,0 311,122,7
Comparison prev. week
Grand Aggregate, actual condition Jan. 22.
Comparison prev. week
Grand Aggregate actual condition Jan.
Grand Aggregate actual condition Jan,
Grand Aggregate actual condition Deo.
it

365,760,0
+ 14994 0

182,0
20,0
134.0
129.0
125.0
649.0
35.0
33.0
253.0
210.0
23.0
44.0
49.0
332,0

44.106.0
43.888.0
42.849.0
43.256.0

72.362.0
64.595.0
54.505.0
66.173.0

140.410.0
138.457.0
135.880.0
132.439.0

79,448,0
— 1,594,0

4,936,0
— 432,0

80,203,0 85,003,0
+ 4,193,0 — 792,0

4,781,0
— 620,0

3,759,0
+ 195,0

3,180,0
— 507,0

3.263.860.0 357.996.0 76.010.0 85.795.0
3.262.171.0 342.501.0 73.319.0 82.756.0
3.257.606.0 335.397.0 71.113.0 77.857.0

5.401.0
5.103.0
5.682.0

3.564.0
2.674.0
2.564.0

3.687.0 225.339.0 77.161.0 3.352.561.0 157.725.0 34.771.0
3.415.0 223.749.0 67.916.0 3.323.888.0 159.859.0 35.270.0
3.646.0 227,302,0 74,968,0 3.314.741.0 151.979.0 35.197.0

279,322,0
+ 15,462,0

3,266,0 230,618,0
— 213,0 + 6,337,0

3,358,592,0 159,779,0 34,754,0
+ 12,647,0 + 2,982,0 — 292,0
160,722,0 34,683,0
+2,997,0
— 88,0

Includes capital sot aside for Foreign Branches. $3 000 000
STATEMENTS OF RESERVE POSITION.
Averages.
C a sk R eserv e R ese rv e i n |
T o ta l
i n V a u lt. D e p o s it a r ie s
R ese rv e .

Members Federal
Reserve Bank..
State Banks*___ '
Trust Companies*!
Total
Total
Total
Total

Jan.
Jan.
Jan.
Dec.

22_
_
15__
8. . .
3 1 ...

♦Not members

a R eserv e
R eg u ired .

A ctual Figures.
S u r p lu s
R ese rv e .

I n c . o r D e c .:1
fr o m
,C a sh R eserv e R eserv e in
P r c v io u s W e e k
i n V a u lt. D e p o s ita r ie s

T o ta l
R eserve.

b R eserv e
R e g u ir e d .

S u r p lu s
R es e r v e .

In s. or D ee.
fr o m
P re v io u sW tsi

$
5
1
S
$
S
361.039.000 174,348,000535,387,000 390,557,760 144,829,240
,145,000 392,763,320 150.381,680 + 16,411,790
53,114,000 12.330.000 65,444,000 56,498,580 8,945,420 + 20,413,320 372 ,750,000170 ,395,000
— 628,260 54 ,731,000 12 .OS2.000
,813,000 56,923,020 9,889.980 + 1,386,000
107.315.000 43.940.000151.255.000 132,069,600 19,185,400
— 7,061,100 108 886,000 44,106,000
,992,000 132,349,050 20.642,950 — 9,401,550
521.468.000230.618.000 752,086.000 579,125 940 172,960,060 + 12,723,960 536
512.810.000224.281.000 737,091.000576 854 900 160,236.100 + 19,887,560 525, ,367,000226 ,583.000762^,950,000 582,035,390180.914,610 +8,396,240
,202,000 225 ,339,000 750, 541.000 578.022,630172,518.370 + 18,696,110
' 7 17 '000 711.629,000 571,280,460
— 3,251,440 503, 679,000223 ,749.000727, 428.000 573,605,740 153,822,260 + 7,871,130
485.498.000226,601,000712,099,000568,499 020
— 14,914,230 490, 049.000 227, 302,000717, 351.000
,399,8701145,951,130
+58,690

Includes also the amount of reserv^requlred^on^N^t^fine DeDotslmC f c h S ^ > ,BV1| and. TrUoo S S S f ™ * ’ but ln the case of Members of the Federal Reserve Banks
^
»
i8
b This is the reserve requiredon Net"DemandDeSSim
£as as follows: Jan. 22, 5993,300: Jan. 15. $962,300; Jan. 8 . $1,120,500; Dec. 31. $976,000.
includes als. the amount of reserve required on Net t C D e p o s l t T ^ h w ^ a s ^ o w s l ’J a m ™ $ l7l4*200;' J a n ^ V s S e ^ l ^
C




[Vol . 102

THE CHRONICLE

420
The State Banking
showing the condition
in N ew Y ork C ity not
shown in the following

D epartm ent reports waekly figures
o f State banks and trust companies
in the Clearing House, and these are
table:

SUM MARY OP STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
( F ig u r e s F u r n is h e d b y S ta le 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

J a n u a r y 22.
p r e v io u s w e ek .
Loans and investments---------------------------------------- ®651,752,800 Inc. $3,252,600
133,300
G o ld _ ____ _______ ______________ _______ ______ 55,459,900 Inc.
_
516,100
Dec.
Curreacyand "bank notes......................... - .................
®
Total deposits...........- .........................................- ~ 863,000,000 Dec. 2,387,600
Deposits, eliminating amounts due Irom reserve de­
positaries and from other banks and trust com­
panies in New York City, and exchanges............... 636,357,600 Inc. 5,292,900
Reserve on deposits....................................................... 229.583,600 Dec. 7,106,200
Percentage of reserve, 32.8% .
RESE r v e .

-------- Sta te

B a n k s -------

T r u st C o m p a n ie s —

—

19,739,800

19.35%

$53,549,300
144,955,600

8.99%
24.29%

.$31,078,700

30.46%

$198,504,900

In addition to the returns o f “ State banks and trust com ­
panies in N ew Y ork C ity not in the Clearing House” furnished
b y the State Banking Departm ent, the D epartm ent also
presents a statement covering all the institutions of this class
in the whole State. The figures are com piled so as to distin­
guish between the results for N ew Y ork C ity (Greater N ew
Y ork) and those for the rest o f the State, as per the following:
F or definitions and rules under which the various items
are made up, see “ C hronicle,” V . 98, p . 1661.
The provisions o f the law governing the reserve require­
ments o f State banking institutions were published in the
“ Chronicle” M arch 28 1914 (V . 98, p. 968). Tha regula­
tions relating to calculating the am ount o f deposits and what
deductions are permitted in the com putation o f the reserves
were given in the “ Chronicle” April 4 1914 (V . 98, p. 1045).

33.28%

Cash in vaults____________________

D e p o s its in b a n k s a n d trust c o s ------

STATE BANKS AND TRUST COMPANIES.

T h e averages o f the N ew Y ork C ity Clearing-House banks
and trust com panies, combined with those for the State banks
and trust companies in Greater N ew Y ork C ity outside o f the
Clearing H ouse, com pare as follows for a series o f weeks past:

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

T ru st C os.
S ta te B a n k s
T ru st C os.
S ta te B a n k s
in
o u t s id e o f
o u t s id e o f
in
G rea ter N . Y . G r ea ter N . Y . G rea ter N . Y . G r ea ter N . Y

22.

$

$

23,050,000 65,550,000
38,209,100 155,738,300
We omit ciphers in all these figures.
366,490,700 1,574,216,600
—1,941,900 + 13,692,300
Entire
Total
Money Reserve on
Other
Demand
Week ended— Loans and
OfilH
40,837,600 138,776,300
Money. Holdings. Deposits.
Specie.
Investments Deposits.
Phanfin 1 I11 loaf W
PPk
GilallgU frnm luol wcca- —1,770,600 + 1,947,800
IU
3
$
$
$
%
$
23,611,500 24,512,600
957.399,9 Currency and bank notes.
Oct. 30......... 3.642,474,6 3.748.805.7 513.565.6 71,853,9 585.419.5 970.813.4
—998,300 —9,011,900
Change from last week.
Nov. 6......... 3.691.886.2 3.803.046.8 519.525.7 68,166.0 587.691.7 980,387,6
3.725.985.5 3.839.752.9 520.920.8 65.231.7 586.152.5
Nov. 13.........
508,656,700 1,947,854,800
595.516.1 981.478.5 Deposits___- ________
Nov. 20......... 3.735.488.3 3.858.135.4 526.271.3 69.244.8
Change from last week. —3,499,600 + 15,427,300
Nov. 27......... 3.753.798.0 3.858.048.5 517.556.8 61.646.4 579.203.2 970.216.8
Dec. 4......... 3.750.386.9 3.863.672.1 516.027.9 63,834,0 579,861,9 970.710.8 Reserve on deposit___ 120,935,400 435,975,100
Dec. 11......... 3.769.648.5 3.870.658.9 515.147.8 67,232.6 582.380.4 976.899.9
Change from last week. —3,552,300 —5,490,200
Dec. 18......... 3.799.286.4 3.887.606.2 500,809,0 67.010.8 567.819.8 955.474.5
561.068.0 952.051.3
Dec. 24......... 3.834.525.9 3.922.901.2 485.603.5 75.464.5
27.9%
29.3%
Dec. 31------- 3.885.457.0 3,965,801,4 467.747.8 81.615.6 549.363.4 954.094.4 P. o. of reserve to deposits
28.3%
29.9%
Percentage last week..
Jan. 8------- 3.894.605.2 3.983.842.6 470.414.4 84.860.4 555.274.8 957,546,1
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
W
GREATER NEW YORK.

Jan. 15......... 3.919.527.2 4.027.009.7 487.114.6
Jan. 22------- 3,923,580,8 4,044,949,6 500.667.9

90.946.4 578.061.0 973,780,8
85,688,3 586.356.2 981.669.6

Capital as of Sept. 25___
Surplus as of Sept. 25---Loans and Investments..
Change from last week.

+ Increase over last week.

$
S
*10,863,000 *13,400,000
*13,863,600 *11,358,400
147,355,400 210,267,100
+ 379,700
+ 138,900

I ..... .......
........ ......
158,823,300 225,148,200
+ 149,600
+ 252,000
29,173,400 33,388,300
+ 274,400
—404,700
18.2%
21.3%
18.0%
21.6%

— Decrease from last week.

• As of June 23.

Non-Member Banks and Trust Companies.— Following is the report made to the Clearing-House b y clearing non­
member institutions which are n ot included in the “ Clearing-House return” on the preceding page:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G HO U SE.
CLEARING
NON-MEMBERS.

N et
P r o fi t s .

C a p it a l.

L oan s.
D is c o u n t s ,
I n v e s t­
m en ts, A c .

(Nat. b'ke Nov. 171
State b’ks Oct. 2/

W eek Ending
Jan. 22 1916.

G o ld .

A vera ge.

A vera ge.

Members o f

L eg a l
T en d ers.

A vera ge.

S ilv e r.

A vera ge.
*

N a t. B ank N a t. B ank F ed eral
R eserv e
N o t e s [Re­ N o t e s lN o t
B ank
se rv e f o r
C o u n ted
N o t e s lN o t
as
S ta te I n ­
st itu tio n s ] R e ser v e], R e ser v e).
A vera ge.

A vera ge.

A vera ge.

$
3.000
11,000
13.000
16.000
86,000
16,000
5.000

$

$
$
$
163,200 2,660,000
200,000
668.300 4.841.000
300.000
575.300 5.263.000
300.000
400.000 1,249,800 4.695.000
757.900 3.922.000
250.000
623.300 5.868.000
220.000
281.900 4.350.000
125,000

$
126,000
141.000
165.000
222.000
117.000
137.000
38,000

$
42.000
25.000
56.000
356,000
10.000
23.000
43.000

T o ta l.................... 1,795,000 4,319,700 31,599,000

946,000

555,000

613,000

............

95,000
419.000
615.000
101.000
635.000
159.000
444.000
845.000
220.000

6,000
105.000
57.000
9,000
116.000
33.000
115.000
139.000
58.000

65.000
511,000
284.000
30.000
158.000
160.000
187.000
735.000
120.000

19.000
13.000
86.000
10,000
74.000
42.000
93.000
249,000
15.000

638,000 2,250,000

601,000

219,000

F ed 'l Reserve Bank

Battery Park Nat—
First Nat., Brooklyn
National City, Bklyn
First Nat.,Jers. City
Hudson Co. N .,J . C.
First Nat., Hoboken
Second N at., Hobok.

50.000
122,000
108,000
121,000
70.000
48.000
94.000

$

2,000
12,000
2,000
5,000
10,000

R eserv e
w ith
L egal
D ep o sit­
a r ie s

A d d it io n ­
al D ep os­
it s W ith
L eg a l D e ­
p o s ita r ie s

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

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

Bank
C ircu ­
la t i o n .

A vera ge.

A vera ge.

A vera ge.

A vera ge.

A vera ge.

National

s
$
$
$
49,000
242.000 2,600,000
312.000
346.000 4.488.000
580.000
249.000 5.277.000
663.000
514.000 4.613.000 4.291.000
357.000 1.294.000 2.977.000
715.000 2.653.000 2,811,000
412.000
721.000 2.165.000 1,975,000
260.000

S
193.000
293.000
119.000
392.000
196.000
217.000
99,000

31,000 3,098,000 8.180.000 24,451,000 4,835,000 1,509,000

150,000

S ta te B a n k s.
H o t M e m b e r s o f th e
F ed eral R eserve B a n k.

Bank of Wash. Hgts. 100,000
Colonial Bank........... 400.000
300.000
Columbia Bank----200.000
Fidelity Bank_____
Mutual Bank______ 200,000
New Netherland------ 200,000
York vine Bank......... 100,000
Mechanics' B klyn.. 1,600,000
North Side, B klyn.. 200,000

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

1.964.000
8.069.000
7.252.000
1.265.000
5.318.000
3.471.000
5.432.000
16,846,000
3.127.000

T o ta l___________ 3,300,000 4,260,100 52,744,000 3,533,000

154",666

"eV,666

91.000
68,000 1.512.000
456.000 8.638.000
518.000
474.000
962.000 7.898.000
391.000 1.159.000
70.000
415.000 1.441.000 5.479.000
667.000 3.355.000
"Y,666 200.000
448.000 5.915.000
355.000
1,092,000 2.513.000 18,191,000
313.000 3.528.000
212.000

" 37 1",666
235,000

4,000 3,427,000 7,259,000 55,675,000

699,000

...........

” 81",665
12,000

T r u s t C om p a n ies.
N o t M e m b e r s o f th e
F ed eral R eserve B a n k.

HamiltonTrust.Bkln
Mechanics, Bayonne

500.000 1,085,900 7.389.000
279,000 4.397.000
200.000

425,000
78,000

9,000
17,000

12,000
74,000

41.000
22.000

"i3‘,666

3,000
15,000

T o ta l.....................

700,000 1,364,900 11,786,000

503,000

26,000

86,000

63,000

13,000

18,000

Grand aggregate----- 5.795.000
Comparison, prevwk
Excess reserve. $183",460
Grand aggr’ te Jan 15 5.795.000
Grand aggr’te Jan 8 5.795.000
Grand aggr'te Dec 31 5.795.000
Grand aggr'te Dec 2< 5.795.000
Grand aggr'te Dec 18 5.795.000

9.944.700 96,129,000 4,982,000 1,219,000 2,949,000 664,000 382,000 — 63,000
19,000
+448,000 — 84,000 — 67,000 — 102000 — 61,000 — 108000
decrease
72.000
490.000
9.944.700 95.681.000 5.066.000 1,286,000 3.051.000 725.000
79.000
10.038.300 94.805.000 4.997.000 1,280,000 3.270.000 734.000 584.000
79.000
10.038.300 95.657.000 4.950.000 1.249.000 3.290.000 698.000 575.000
56.000
10.038.300 95.626.000 4.915.000 1.435.000 3.159.000 717.000 391.000
56.000
10.038.300 94.623.000 4.941.000 1.274.000 3.220.000 660.000 471.000

Philadelphia Banks.— Summary o f weekly totals o f
Clearing-House banks and trust companies o f Philadelphia:
W e omU. tw o c ip h e r s

C a p it a l
and
S u r p lu s .

Nov.13.................
Nov.20.................
Nov.27.................
D e c . 4.................
D e c . 11_________
D e c . 18.................
D e c . 24.................
D e e . 31.................
Jan. 8-------------J an .15-------------Jan.2 2 . .............

L oans.

$
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3
103.684.3

$
463.773.0
465.396.0
466.584.0
469.137.0
470.812.0
472.704.0
475.715.0
474.890.0
472.705.0
471.990.0
473.454.0

(00)

$
122.851.0
114.763.0
104.188.0
102.034.0
102.326.0
99.030.0
91.042.0
95.802.0
115.972.0
123.009.0
121,739,‘0

D e p o s its .

a
$
572.590.0
669.632.0
558.545.0
559.694.0
554.778.0
558.687.0
556.534.0
565.845.0
588.453.0
593.907.0
592.806.0

338,000 2,963,000 6,760,000 3,988,000

...........

6,863,000 18,402,000 86,886,000 9,522,000 1,509,000
+ 2,000
— 191000 + 1035000 — 1789000 +47,000
7.054.000
6.676.000
6.729.000
6.730.000
6.586.000

17.367.000
19.164.000
15.253.000
14.478.000
14.634.000

88.675.000
86.140.000
86.665.000
85.983.000
84.660.000

9.475.000
9.406.000
9.298.000
9.160.000
8.909.000

1.507.000
1.514.000
1.516.000
1.516.000
1.516.000

BOSTON CLEARING HOUSE MEMBERS.
C ircu la ­
tio n .

$

$

22.
1916.

Jan.

C lea r in g s

10.958.0
10.688.0
10.507.0
10.511.0
10.536.0
10.519.0
10.518.0
10.517.0
10.589.0
11.043.0
10.975.0

198.336.5
218.995.4
176.161.2
244,t*26,3
220.831.6
240.192.4
188.429.4
219.124.2
319.992.0
232.667.7
222.977.1

a Includes Government deposits and the Item "due to other banks” (Jan. 22
$171 992,000): also “ Exchanges for Clearing House” (Jan. 22, $20,052,000). Due
rom ’banks Jan. 22. $81,627,000.




............

Boston Clearing-House Banks.— W e give below a
summary showing the totals for all the items in the B oston
Clearing-House weekly statement for a series o f weeks:

i n a ll th ese f i g u r e s .

R e ser v e.

249,000 2,071,000 4.970.000 1.597.000
892,000 1.790.000 2.391.000
89,000

Circulation----- ------------------- $8,206,000
Loans, dlsc'ts A lnvestments. 388.323.000
Indlvldual deposits, lncl. U.S. 335.855.000
rtiin tn hanks — — — — — — —130.991.000
IJIlH Uitfino. — — — — — —
Time deposits_____________ 16,161,000
Exchanges for Clearing House 17.484.000
Due from other banks--------- 38.635.000
Cash reserve.......................... 27.269.000
Reserve In Fed. Res've Bank 16.810.000
Reserve with other banks.— 69.725.000
Reserve excess In bank___ _ _ 5.159.000
Excess with reserve a gen t... 61.300.000
2.070.000
Excess with Fed. Res've B 'k.

C hange fro m
p r e v io u s w ee k .

15
1916.

Jan.

8
1916.

Jan.

Inc.
$6,000 $8,200,000 $8,149,000
Inc.
631,000 387.792.000 387.283.000
Inc. 11,924,000 323.931.000 316.530.000
Inc. 2,983.000 128.008.000 128.445.000
Inc.
460,000 15.701.000 15.321.000
Inc.
216,000 17.268.000 18.032.000
Inc.
547,000 38.088.000 35.876.000
Inc.
619,000 26.750.000 26.842.000
Inc.
68,000 16.752.000 16.264.000
Inc. 14,678,000 55.147.000 60.394.000
Inc.
537,000 4,622,000 4.771.000
Inc. 14,593,000 36.707.000 31.999.000
1.548.000
Inc.
70,000 2,000,000

Imports and Exports for the Week.— See third page
preceding.

Jan . 29 1916.]

M u u k& cs*

THE CHRONICLE
© a le tte ,

T.
__ Wall Street, Friday Night, Jan . 2 8 19 16 .
T h e M o n e y M a r k e t a n d F in a n c ia l S i t u a t i o n .— W h a t
seem ed to be a reaction from the downw ard m ovem ent o f
railw ay stocks, m entioned in this colum n a t the close of busi­
ness last w eek, w as o f short duration.
On M o n d a y it was
announced th at the various trainm en’s unions have decided
to m ake dem ands on the roads for an eight-hour day without
reduction o f pay'. T h e effect o f such an arbitrary dem and,
coupled w ith the threat th at if n ot com plied w ith a general
strike will be ordered, tyin g up practically all the roads in the
cou n try, is already apparent. R ailw a y shares have declined
an average of a bou t 3 points since the announcem ent was
m ad e. I t has happened, m oreover, despite the fact that
reports of railw ay earnings given out this week show in sev­
eral im portant cases the largest traffic ever reported for a
corresponding period, and in practically all cases a remarkable
increase, i t has also happened notw ithstanding an increase
in b t . Paul s dividend rate from 4 to 5 % and the return on
T u esd ay o f the U . S . Steel com m on stock to a 5 % dividend
basis, accom panied b y a report th at the earnings o f that com ­
p an y for the last quarter o f 19 1 5 , am ounting to 8 5 1 ,2 3 2 ,0 0 0 ,
were nearly 8 6 ,0 0 0 ,0 0 0 larger than the previous high record
a n y quarter, th at ending in June 1907.
This decline in railw ay shares has also occurred in a week
when the report o f international trade for D ecem ber shows
exports am ounting to 8 3 5 9 ,3 0 0 ,0 0 0 , an am ou n t 8 2 8 ,0 0 0 ,0 0 0
larger than the previous record, and it also shows a balance
m our favor o f 8 1 8 7 ,4 0 0 ,0 0 0 .
T h e latter is remarkable in
view o f the fact that im ports during the m onth were about
8 5 7 ,0 0 0 ,0 0 0 m ore than in 19 1 4 , and are said to have been ex­
ceeded only a few times in the history of our international
trade.
I t is reported this week that the G erm an G overnm ent has
adopted m easures, w h olly w ithout precedent, it is under­
stood, which are expected to regulate the price of G erm an
exchange in the international m arkets o f the w orld. N e e d ­
less to say, perhaps, the result o f the experim ent will be
w atched w ith a good deal o f interest.
Local bond m arket conditions are illustrated b y the fact
th at an offering o f 8 2 5 ,0 0 0 ,0 0 0 N . Y . State 4 % bonds was
taken a t 1 0 3 % and alm ost im m ediately afterward were
quoted on the curb a t 104 or above.

net loss
Central
P aul 3 %
B e th .
range o f

421

o f 5 % and 4 % points respectively, b u t N e w Y o rk
a close th ird , is 4 % points low er, Erie 3 % , S t.
, Lehigh V a lle y 2 % and U nion Pacific 2 % .
Steel has as usual fluctuated w idely, covering a
2 8 points.

S ‘i I-^d 'iJ c,°i10^ as. covered a range o f 18 points, Inter­
F
national N ick el 1 6 , M e x ic a n Petroleum 11, Crucible Steel 8 ,
Corn Products 9 ,
Studebaker 6 % ,
N . Y . A ir B rake 6
and other stocks o f this group from 4 to 5 % .
Illustrating the m atter referred to a t the head o f this de­
partm ent last week a nd em phasized a b o v e , the follow ing
table shows quotations o f the shares o f ten representative
railw ays earlier in the m o n th and the closing price to -d a y .
Canadian Pacific.........
E a r l y i li / a n 0
............. ..........................
St. Paul.........................
Erie.............................-----------------------------------------Great Northern__________
_
New York Central_______
I
J ir if
New Haven_____________
”
"
f
Northern Pacific________
'
iiq t ?
Lehigh V a lle y ................
Union Pacific__________________ IZIIZIIZIIIZIIZifoM

For daily volume of business see page 4 3 0
T h e follow ing sales h ave occurred this week o f shares n ot
represented in our detailed list on the pages which follow :
STOCKS.
W e e k e n d in g J a n .

28.

S a les
fo r
W eek.

Range fo r W eek.
L o w e s t.

H ig h e s t .

R an ge s in c e
L o w est.

Jan.

1.

H ig h est.

P a r S h a res $ p e r s h a r e
S p e r sh a r e S p e r sh a r e $ p e r s h a r e
Adams Express____ 100
200150
Jan 24 150 Jan 24 147)4 Jan 154)4 Jan
American Express. . . 100
35]130
Jan 27 130 Jan 27
Jan
Am Writing Paper pf 100
350 12)4 Jan 26 13 Jan 24 128)4 Jan 140)4 Jan
11
13)4 Jan
Assets Realization ..100
300 6
Janr24 6)4 Jan 24
Jan 8
Jan
Associated Oil______100 2,100 62)4 Jan 28 6 5 X Jan 22 6
Jan
Batopilas Mining___ 20 1,850 2)4 Jan 27 2 J4 Jan 22, 62)4 Jan 77
2)4 Jan 3)4 Jan
Brown Shoe.............. 100
100 52
Jan 24 52
Jan 24 50)4 Jan
Jan
Preferred________100
100 95 X Jan 25 95)4 Jan 25 95)4 Jan 52
Jan
Brunswick Terminal. 100
100 12
Jan 24 12
Jan 24j 12
Jan 1 4 * Jan
Butterick.................. 100
100 30
Jan 25 30
Jan 25! 30
Jan 31
Jan
Canada Southern_ 100
_
2 58)4 Jan 22 58 X Jan 22 58)4 Jan 58)4 Jan
Case (J I) pref.......... 100
100 86 \ i Jan 27 86 X Jan 27 86)4 Jan
Jan
Cluett, Peabody & Co 100
300 73
Jan 24 73
Jan 27 72
Jan 76
Jan
Preferred.............. looj
600110)4 Jan 27 112
Jan 24 110) 4 Jan 112
Jan
Computing-Tab-Rec 100 3,600j 49
Jan 27 52 H Jan 22 44
Jan 52)4 Jan
ConsGasEL&P(Balt) 100
100114
Jan 24 114
Jan 24 114
Jan 115
Jan
Deere & Co pref____ 100
200| 96 M Jan 24 96 14 Jan 25 96
Jan 96)4 Jan
Detroit Edison_____ 100
145139)4 Jan 27 141
Jan 26 132)4 Jan 141H Jan
Detroit United_____ 100
5, 73
Jan 28 73
Jan 28 70
Jan 70
Jan
Duluth S S & Atlan. .100
200 5
Jan 26 5
Jan 27 5
Jan 6
Jan
Preferred.............. 100
100 10
Jan 27 10
Jan 27 10
Jan 14
Jan
Granby ConsM S& P 10012,600 87)4 Jan 22 94
Jan 28 85
Jan 94
Jan
Homestake Mining. .100
122 128X Jan 27 129J4 Jan 24 126
Jan 129)4 Jan
Interboro-Met p ref.. 100
80,>4 Jan 24 80 X Jan 24 80)4 Jan 80) 4 Jan
111
Jan 28 111)4 Jan 22 109)4 Jan 111)4 Jan
h a fm I e d q u fe fb hu“ t o a ^ T h e m a r k e t f ° r S terU n g e x o h a n g e ' Int Nickel pref v t c ____
Kayser & Co 1st pref 100
111)4 Jan 27; 111)4 Jan 27 111) 4 Jan 112) 4 Jan
.
Laclede Gas________ 100
104)4 Jan 28 ‘
105
Jan 24 104)4 Jan 106
Jan
Manhat Shirt pref___100
109
Jan 24 109
„ „ „ „ „ 109
Jan 24
Jan 109
Jan
_
May Dept Stores_ 100
55
Jan 28j 5 5 ) 4 Jan 28 55
Jan 62
Jan
May Dept Stores pf-100
102)4 Jan 25102)4 Jan 25 102)4 Jan 104
Jan
Michigan Central...1 0 0
125
Jan 22125
Jan 22 125
Jan 130
Jan
100 130
T o S l a V • fo!! st, rli" K P.°st<g by prominent bankers this week, Nashv Chatt & St L.100
T
o
Jan 24 130
Jan 24 130
Jan 130
Jan
for ?oiiffyin^F? 8 s3i'-S\’actlV11 rates for Pans bankers’ francs were nominal Nat Cloak & S u it... 100 300 79)4 Jan 24 7914 Jan 22 76
^
Jan 81) 4 Jan
591
and 5 8 8 h for short. Germany bankers' marks were nominal N Y Chic < St L___ 100
fc
600 41
Jan 26 43
Jan 24 41
Jan 45
Jan
Norfolk Southern...100
200 24
for (hlfrtan<^ nom tla for short- Amsterdam bankers’ guilders were 42
Jan 24 24
Jan 24 24
Jan 27
Jan
Ontario Silver Min'g. 100 5,250 8)4 Jan 27 9 H Jan 22
8 H Jan U )4 Jan
. , Exchange at Parts on London, 28.01 francs; week’s range, 27.98 francs Peoria & Eastern___ 100
100 13
Jan 25' 13
Jan 25 13
Jan
Jan
Plttsb Steel pref___ 100
h
at Berlin on London not quotable.
100 96 14 Jan 26| 96 H Jan 26 96 14 Jan 13
100)4 Jan
ho range for foreign exchange for the week follows:
Sloss-Sheff S & I pref 100
100 98)4 Jan 26 98)4 Jan 26 98)4 Jan 101
Jan
T t i J h r n O .A e t u a l—
six ty D a y s.
C h eck s.
Southern Pacific tr rects
C a b le s .
14 118)4 Jan 25118)4 Jan 25 119)4 Jan
High for the week-----------------------------4 7314
4 7 1 : 1/
119)4 Jan
Tobacco Prod p ref.. 100
4 77
200 101
Jan 25 101
Jan 27 100
L ow fo r tho week...............
4 70
47^
Jan 101
Jan
4 76)4 Underwood Typewr.100
100 88)4 Jan 28 89
Pni-i,
* •* / *
<0
Jan 28 86
P a r is B a n k ers' F r a n c s —
Jan 86
Jan
Underw T ’writer pf.100
115 110
Jan 28 110
Jan 28 110
High for the week___________
Jan 110)4 Jan
5 86)4
5 85)4 Un Dry Goods pref. .100
300 70
Jan 22 71
Low for the week________
Jan 26 70
Jan
Jan
5 87*2
5 86)4 U S Reduc & Refg.-.IOO 4,100 1)4 Jan 24 2 Jan 22 1)4 Jan 71)4 Jan
G erm an y B an kers' M a rk s—
3)4
Preferred-------------100 1,900 1
Jan 24 2
High for the week______
.
Jan 22 1
Jan 4
Jan
74)4
Jan 27 20)4 Jan 27! 19
74)4 Utah Secur Corp v t c . . 3,500 19
Low for the w eek..
_
""
Jan 20)4 Jan
74 H
Jan 28 9)4 Jan 28, 9
74)4 Vulcan Detinning.. . 100 200 9
A m s te r d a m B a n k e r s ' G u ild e r s —
Jan 9)4 Jan
Wells, Fargo Express 100
100 130
Jan 28 130
High for the week_
_
. _
Jan 28 129
Jan 135
Jan
44
44 ys Weyman-Bruton pf.100
100115
Jan 24 115
Low for the week
Jan 24! 111
Jan 115
Jan
42)4

42)4

sight, 50c. per $1,000 discount and brokers 50c. premium!
S ta te

Orleans,

a n d R a ilr o a d B o n d s .— Sales o f State bonds at

i r 6non°XTd mv U
<?e / 6 f f i N e w Y o rk 4 ^ s a t H 3 to 114,
8 6 ,0 ° ° N e w Y o rk 4s 1961 a t 1 0 3 % to 1 0 3 % , 8 5 ,0 0 0 N e w
Y o rk 4 1 9 5 8 a t 1 0 2 % , 8 5 ,0 0 0 N . Y . C anal 4 % s a t 1 0 6 % ,
CafUa 4 - 1960 at 102
and 8 1 7 ,0 0 0 Virginia
bs deferred trust receipts a t 5 4 to 5 4 %
f? r raiVvay 5 nd industrial bonds has been m ore
list o f 2 3 1nrnmin
a? d £ enerally stead y in tone.
Of a
lower S d P? Z S n J e d . ‘ 1Ve ‘ 8SU6S’ 10 haVe a d r a ” '!e d ’ 11 < ™
Lackaw anna Steel 5s h ave recovered a part o f the decline
noted last w eek, closing 1 point higher. N orth ern Pacific
issues h av e been n ota bly strong and In ter. M e r c . M arine
are nearly a Point higher. A tch ison gen . 4 s, Central
Leather 5 r, G ran by 6 s, and U . S . Steel 5s h av e been rela­
tively strong features.
A n glo-F ren ch 5s have been less active than o f late fluc­
tuated narrowly and close % lower than last w eek. Sales
on a s -2 0 -f basis have been m uch smaller than usual am ount­
ing to only 8 6 5 7 ,0 0 0 .
U n it e d S t a te s B o n d s .— N o sales o f G overn m ent bonds
h ave been reported at the B oard this w eek.
For to-day’s

prices of all the different issues and for yearly range see third
page following.

R a ilr o a d a n d M is c e lla n e o u s S t o c k s .— In the stock
m arket the volum e o f business has been relatively sm all and
prices havo continued the downward m ov em en t which has
been in progress since early in the m on th .
T h e highest
quotations were o f course recorded on M o n d a y , since which
the active railw ay list has declined from 1 to 4 points, and
tor the week this list shows a loss averaging abou t 3 points.
N e w H av en and Canadian Pacific led this m ovem en t with a




O u ts id e M a r k e t .— T here was an active and irregular
m arket on the “ curb” this week, with prices showing a sag­
ging tendency in sy m p a th y w ith Stock Exchange dealings
M o to r stocks continue prom inent. Chandler M o to r ad­
vanced som e 6 points to 9 4 , then reacted to 9 2 , but recovered
finally to 9 3 % .
C hevrolet M o to r fluctuated between 126
and 1 3 6 , w ith the close a t the low figure. Kelly-Springfield
T ire- w . i ., sold down from 75 to 7 2 % , ending the week a t
, „ G llrG was active and gained 3 points to 5 2 , fell
e,
off to 4 9 % and closed to -d a y a t 5 0 % .
Canadian Car &
h d y . w as q uiet, the c o m . dropping from 7 2 to 6 6 and the
pref. from 9 0 to 8 6 .
C u ba C ane Sugar continues active and
steady between 4 5 % and 4 6 % , the final figure being 4 6 % .
Curtiss A eroplane declined from 5 5 % to 5 0 .
D riggs-S eabury continued its downw ard m ovem en t a t first dropping
from 135 to 13 0, but sold up later to 138 and to-d a y jum ped
to 1 5 0, w ith the close a t 1 4 5 .
In ter. IVIerc. M!arine com lost
over 2 % points to 1 8 % and closed to -d a y at 1 9 % .
T h e pref.
opened a t 8 0 and advanced to 8 1 % .
K ath odion Bronze was
conspicuous for a ju m p o f 7 points to 3 0 , reacting finally to
2 6 . M id v a le Steel was active and irregular, fluctuating
between 6 8 % and 7 0 , w ith the close to-d a y a t 6 8 .
Subm ar­
ine B o a t, after a gain o f half a point to 3 9 % fell to 3 5 and
ended the week a t 3 6 % .
C ar L tg . & P o w . m oved up from
5 % to 6 % and closed to -d a y a t 6 .
Standard Oil issues verv
dull. Illinois Pipe Line sold up from 179 to 1 8 0.
Ohio Ou
lost about 5 points a t first to 1 9 5, then advanced to 2 0 0 , the
close to -d a y being at 199.
Standard Oil (C a lif.) after early
loss o f 4 points to 3 6 8 , sold up to 3 8 0 .
Standard Oil (Ind )
lost 2 0 points to 4 9 0 and sold finally a t 4 9 3 .
T h e bond de­
partm ent was active. N . Y . State new 4 s , w . i . , were traded
m up from 1 0 3 % to 1 0 4 % . B . & O . 5s sold between 1 0 2 %
and 1 0 2 % .
Cerro de Pasco C opper 6s lost over a point to
1 1 9 % and sold finally a t 1 1 9 % .
Erie 4 s , w . i ., declined from
9 0 to 8 8 % .
Outside quotations will be found on page 4 3 0 .

New York Stock Exchange— Stock Record. Daily, Weekly and Yearly

4:22

“ O CCU PYING TW O PAGES.
.. „ „ „ „ „
F o r r e c o r d o f sales d u r i n g t h e w eek o f s to c k s u s u a l l y in a c t iv e , see p r e c e d in g p a g e .

H IG H A N D L O W S A L E P R IC E S — P E R S H A R E , N O T P E R C E N T .
S a tu r d a y
J a n . 22

M onday
J a n . 24

T u esd a y
J a n . 25

W ed n esd ay
J a n . 26

T h ursd a y
J a n . 27.

F r id a y
J a n . 28.

Salesfor
the
W eek
S h a res

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH ARE.
R a n g e f o r P r e v io u s
Y e a r 1915

PER SH AR E .
R a n g e S in c e J a n . 1
O n b a sis o f lOO-s/mre lots
L ow est

Highest

Highest

L ow est

$

$

_

p er sh are
S p e r sh a r e
Railroads
P a r S p e r sh a r e
$ p er sh are
92% Feb 111% Nov
$ p e r sh a r e S p e r sh a r e $ p e r s h a r e S p e r sh a r e $ p e r sh a re 1053$ 1057$ 11,750 Atch Topeka & Santa F e .. 100 105 Jail 27 108% Jan 4
96
Jan 102% Nov
100% Jan 28
106% 106% 106 106*4 105% 106*4 105 3 4 10534 997$ 100% 3.200 Do prof..........................100
106% 1067$
987$ Jan 4
99
98 Mar 116 Nov
99% 99% 993$ 99% 99% 99% 99% 99% 113 10 0 *112% 113%
1.200 Atlantic Coast L in e R R ... 100 112%Jan 25 115 Jan 3
113
6334 Feb 96 Dec
113 113
96 Jan 4
*112% 115 *112% 113% 112% 113
89 Jan 27
793, Nov
90% 89% 8934 25,650 Baltimore A Ohio________100
67 Feb
91% 91% 90% 92% 89
80 Jan 15
*90% 92%
945$ 95
77% Jan 3
3,150 Do pref.......... .............. 100
83% Aug 93 Apr
z7734 7734
77% 7734 7734 7734 77% 777$ 77% 777$ 2,900 Brooklyn Rapid Translt-.IOO
80
80
86% Jan 10 88 Jan 17
87
86% 86% 87
86% 87
87
183S4 Jan 3 138 July 194 Nov
86% 8634 87
87% 87*4
100 167% Jan
168 173*4 167% 16934 169 17034 27,875 Canadian Pacific_________ 100 290 Jan 27 290 Jan
§250
Sep 325 Jan
171% 174% 171*4 173
174% 175
Central of New Jersey___
3
280 310
35% July 6434 Nov
*290 320. *290 320 *280 300 *230 320 *280 320
613
4Jan 27 66% Jan
62% 19,700 Chesapeake & Ohio_______100
17% Nov
62% 63% 6134 62% 62
10% Jan
63% 64% 627$ 61
15% Jan
64
64%
12% Jan 26
4,000 Chicago Great Western__ 100
13
127$ 13% 1 2 % 13% 12% 127$ 13
25% May 41)2 Nov
14
393, Jan
14% 14% 13
36% 4,900 Do pref_______________100 36 Jan 27
36% 30
3634 37% 36
37% 38
77% July 101% Dee
38% 33% 3734 38
Chicago Mllw & St P a u l..100 94% Jan 27 102% Jan
97% 26,550
98% 9134 96% 96
9734 98% 96
120% Sep 135 Dec
99% 100% 9734 99
2,520 Do pref_______________Ilk) 131 Jan 27 1361$ Jan
1317$ 1321
132 131% 131 132
118% July 135% Nov
*133 134% 133% 133% 133 133
1,400 Chicago & Northwestern.. 100 130 Jan 27 134%Jan
131% 131% 131% 131% 130 130% 130 130
175 Jan 11 163 July § 180 Nov
*131% 133 *130 132
100 Do pref______________100 174% Jan 4
172 180
173 180
173 176
383$ Apr
175 175 ►
10% July
19% Jan 7
*172 180 *173 180
16% 17% 163i 17% 7,350 Chicago Rock Isl A Pac— 100 16% Jan 18 120 Jan 19 §114 Apr 123 N ov
1634 175$
17%
173$ 1734 1634 17% 17
Chic St Paul Minn A Orn.. 100 120 Jan 19
120 125 *120 125
120 125 ► 120 125
*120 125
124
Sep 135 Dec
*120 125
138 Do pref_____________ 100 §135 Jan 14 136 Jan 27
136 141
136 136
136 141
136 141 ►
Oct
Jan 52
§21
*136 141 *138 141 ►
ClevClnChlc A St Louis.-100 467$ Jan 14 477« Jan 1 1
*43% 46
*43% 46
*43% 46
*437$ 46
77
Oct
*43% 46
531$ Feb
76 Jan 17
*43% 46
Do pref_______________100 75 Jan 19
*74
76
*74
76
*74
77
*74
76
38% Nov
*74
76
24 Mar
32% Jan 8
*74
77
Colorado A Southern____ 100
29 Jan 21
29
*27
*28% 29
*28% 29%
*29
30
30
Jan 60 Nov
'29
45
*29
30
400 Do 1st pref____________100 51 Jan 24 55 Jan 13
*50
53
*50
53
*50
52
51
51
51
35
Sep 52 Nov
Do 2d pref.................... 100 48 Jan 11 48 Jan 1 1
51% 51% 51
*40
50
*40
50
*40
50
*40
50
*40
50
*40
50
635 Delaware A Hudson______100 150 Jan 27 154% Jan 19 138% Aug 154% Nov
150 153
150 151
§154 154 '153 153*4 153 153 *152% 15334 *223 224 *223 224
500 Delaware Lack A W estern..50 223 Jan 25 225 Jan 6 199% Jan 238 Nov
2 2 1 224
223 223
16% Nov
14 Jan 3
4
Jan
224 224
11% Jan 11
*223 227
300 Denver A Rio Grande------100
13
*10
13
* 11
13% *11
* 11
14
24 Jan 3
6% Jan 29’ $ Nov
13
13
i
13
14
800 Do pref______- ______1 (H 19%Jan 27
20
*18
1934 207$
197$ Feb 455$ Nov
433$ Jan 3
*20% 22% *207$ 22
*20% 22
94,850 Erie______________________ 100 357$ Jan 27
38% 37% 3334 357$ 37% 36% 37% 11.900 Do 1st pref___________ 100 50% Jan 27 59% Jan 3
59% Nov
32% Feb
38
39% 38
39% 40
52% 53
545$ 537$ 54% 5034 54
54% Deo
27 Feb
56
56% 5334 55% 54
900 Do 2d pref__________ .100 47 Jan 27 54% Jan 3
4634 47%
47
48
*43
50
51
50% *47
Great Northern pref---------100 120% Jan 27 12712 Jan 1 1 1 2 % Jan 1283$ NOV
50% 50% *48
1 2 1 % 1 2 1 % 13.000
Oct
50’ 4 Jan 3
25% Jan 54
4334 Jan -7
123% 123% 121% 123% 1 2 1 % 12 2 % 12 1 1223$ 120% 1 2 1 % 44% 45% 32.000 Iron Ore properties-----------4334 45%
99 " July 113 Apr
46% 463, 4534 47%
47% 47% 45% 47
600 Illinois Central----------------- 100 106 Jan 26 109% Jan
106 106
105 107
187$ July 25% Nov
1063$ 1063$ 106 106
Interboro Cons Corp. vtc-----18% Jan 27 21% Jan
*106 107% 106% 107
5,000
19
187$ 19
70 July 82 Nov
77% Jan
1934 1934 19% 19*4 193$ 193$ 1834 19% 18% 74
74% 75% 2,515 Do pref...........................100 73 Jan 26
205$ Feb 35% Nov
32% Jan
7434 75
73
74% 73%
74% 75
74% 75
9,520 Kansas City Southern------- 100 -6 Jan 27
267$ 26% 27
547$ Feb 65% Nov
64% Jan
2734 26
27
2712 28
29
29% 27% 28%
900 Do pref______________ 100 60% Jan 27
163$ Deo
*60% 63
5 Jan
60% 61
16% Jan
62
62
62
62
62
62
•61% 64
700 Lake Erie A Western...........100 12 Jan 26
14
* 11
19 May 41% Dec
It
41 Jan
12
12 % * 11
13
I ,0 pref.......................... 100 37 Jan 21
13% 13% 13% 13% 13
100
*31
40
645$ Feb 83% Nov
*34
36
83 Jan
*35
37
*35
40
*36
38
37
37
76% 13.900 Lehigh Valley_____________ 50 75 Jan 27
15
Jan 273$ Oct
75
76% 76
22% Jan 17
78% 7734 78% 76% 78
78% 783
4 78
50 20% .hm 10
600 Long Island------------22
*20
21
21
130%Jan 13 104% July 130% Nov
21
21
*21
23
21
21
*21
24
400 Louisville A Nashville------100 125% Jan 27 1313$ Jan 28 125 June 132 Dec
1253$ 125% *125 130
1261$ 126% 125% 127% 128 126%
*126% 131
400 Manhattan Elevated.........100 130% Jan 6
193$ Feb
130% 131% 131% 131%
8
Sep
15% Jan 4
130 1311 130% 131
*130 132 •130 132
900 Minneapolis A St Louis— 100 ,0 Jan 28
6
6%
*5
9
24
Sep 49 Feb
*7% 9
33% Jan 6
8
8*4
8
8
*8
9
500 Do pref ..................... 100 165$ Jan 28 125 Jan 3 106 Jan 126% Nov
16% 16%
20
19
17% 20% 15
19
19
20% 20% 19
400 Minn St Paul A SS M . — 100 120 Jan 27 137 Jan 15 123 June 136 Dec
122 122
120 120
121 124% 120 122
122 122
*123 125
600 Do pref______________ 100 135 Jan 13
15% Apr
135 138
135 133
4
Sep
130 137
7% Jan 13
135 136% 135 140
*137 140
534 Jan 26
1,800 Missouri Kansas A Texas. 100
5% 5% *534 6% *57$ 6
6
10% Sep! 40 Apr
6
6
16% Jan 4
6%
6% 6%
700 Do pref..........................100 15 Jan 20
15
18% Apr
15
15
15
15
*15
16
134 July
15
15
15
65$ Jan 17
*15
16
4 Jan 3
4%
7% Nov
5% 2,400 Missouri P acific............ — 100
4% 5
4% 51$
3 Dec
5
5% 5%
5%
6% Jan 15
Trust co certlfs of deposit..
4 Jan 3
4%
5% 4,300
4% 47$
4% 5%
5
5
5%
14% Aug 28% Oct
Nat Rys of Mex, 1st pref-.lOO 23%Jan 21 23% Jan 21
24%
9% Oct
*23% 24% *24
*23% 241 *23% 24%
4% July
9% Jan 12
*23
24%
7% Jan 20
200 Do 2d pref__________ 100
*7% 834 *7% 9
7% 71
7% 7%
81% Mar 110% Dec
*712 81
10534 1061 68,725 N Y Central A Hud River. 100 105% Jan 27 111% Jan 19
Oct
1073$ 108% 106% 10834 105% 107
43 Feb 89
77%Jan 10
10834 110% 107% 109
18,610 N Y N II A Hartford..........100 68 Jan 28
71
70% 71% 68
70% 73
2134 Jan 35 Apr
31 Jan 3
73% 73% 715$ 73% 7134 721
1,700 N Y Ontario A Western___ 100 27% Jan 27
28
273$ 27% *27
28
28
28
28
99% Jan 1225$ Dec
28
28% 28% 28
11,100 Norfolk A Western_______100 11512 Jan 27 122% Jan
116% 117
115%
88-% Jan
80% Sep 90 June
11934 11934 118 119% 118 118% 116% 118% *86 117% *S634 87%
Do adjustment pref..100 86% Jan
88
*8634 88
*8684 88
99% Feb 1183$ Deo
11S7$ Jan
*86*4 88
*87
88
1127$ 113% 113 1137$ 17,945 Northern Pacific_________ 100 112% Jan 27
61% Nov
5 1% Feb
114% 114% 1135$ 11434 114 114*4 113% 114% 57% 58% 577$ 58
17,654 Pennsylvania_____________ 50 57% Jan 27 59% Jan
86 Nov
65 May
57% 58% 57% 58% 5734 58%
Pitts Cln Chic A St Louis.. 100 80 Jan 17 82% Jan 13
58% 58%
400
*75
80
___
81
90 June 9812 Juno
81
81 ■
82
82
82
88 Jan 26 9384 Jan 13
*
____________ 82
85
300 Do pref- - - - - - - - - - - - - 1 0 0
*90
95
855$ NOV
*90
95
693$ May
88
90
*88
95
763$ Jan 27 8412 Jan 4
*88
95
*88
95
29,320 Reading_________________ 50
403$ Sep 45 Juno
437$ Jan 28
78
797$ 763$ 78% 77% 78%
81% 81% z78% 80% 79% 79*4 *43
200 1st preferred___________ 50 43 Jan
437$ 437$ 437$
40 Feb 44 Apr
437$ *43
44 Jan 15
43%
43% *43
4334 4334 *43
700 2d preferred____________ 50 41% Jan 27
42%
1% Apr
% July
*417$ 42% 417$ 417$ *42
%Jan 17
43
*42
3$Jan
42% 43
*43
44
720 Rock Island Company------100
*3$
2% Apr
% June
%
%
7$ Jan 18
U
%
1%
%Jan 12
%
%
%
%
3,420 Do pref........................ 100
%
8 Nov
1% Mar
%
6 Jan 7
%
%
34
5% Jan
*4
1
*%
300 St Louis A San Franclsco--100
*434 534
14% Nov
*4% 5%
7 Aug
10 Jan 7
5% 51
*5%
884 Jan 11
*5%
534 *5% 6
100 Do 1st preferred_____100
10
*8
*8
10
3 Jan 1034 Nov
10
8*4 *8
8 Jan 7
8*4
* 8*4 1 0
*834 10
6%Jan
300 Do 2d preferred---------100
4 *634 7%
11
Sep 23 Nov
*6%
7% *6% 73
7
19 Jan 17
7
8
St Louis Southwestern----- 100
19 Jan 17
7
7% *7
400
19
19
19
19
29
Sep 45% Dec
19
19
22
___
22
*19
20 ►
44 Jan 28 45 Jan 14
200 Do pref_____________ 100
44
44
45
11% July 20% Nov
___
47% *___
187$ Jan 13
' 45’ 45
•
47%
16% Jan 27
1,500 Seaboard Air Line.............. 100
30% July 433, Nov
17
17% 17% 17% 16% 16% 16% 17% 2,060 Do pref_____________ 100
‘ l634 T f
37% Jan 27 42 Jan 13
37% 37% 37% 37%
81% Feb 104% Deo
3734 38
104% Jan 4
39
’ 39% ~39% 38
100% 10034 41,160 Southern Pacific Co---------100 100 Jan 27
12% July 26 Nov
100% 101% 100% 1017$ 100
101 101% 1001$ 101
203, Jan 27 24% Jan 4
10,000 Southern Railway------------ 100
21
2 1 % 21
42 July 65 Nov
22% 2134 22%
65 Jan 13
22% 2234 22
23
23
_
60 Jan 27
2,710 Do pref_ - . - - ____ -.100
60
607$ 60
177$ Apr
60
8% July
61% 62
62
10 Jan 3
63% 62
63
63% 63
7% Jan 22
3,300 Texas A Pacific----------------10O
77$ 8
77$ 77$
7% 77$
35 Jan 64% Oct
734 77$
7%
7% 734
3,400 Third Avenue (New York).100 60 Jan 3 62%Jan 15
87$ Nov
60
60% 60% 61
1 Jan
60% 60% 60% 61
6%Jan- 7
61% 60% 61
61
Toledo St Louis A West— 100
6% Jan 7
*5
8
14% Nov
*5
8
5% May
*5
8
*5
*5
8
*5
8
r
e
f
100 10% Jan 2.> 105$ Jan 8
100 Do p
12
*10
12
*10
12
90 July 100 Apr
96% Jan 11
10% 101 *10
*10
15
*10
15
600 Twin City Rapid Transit..100 95 Jan 27
*94
96
95
95
1153, Jan 141% Nov
*95
96
95% 96
96% 95% 96
*96
13334 13434 50,210 Union Pacific___ _____— 100 133% Jan 27 140% Jan 4 179 Mar
84% Nov
134% 136% 13434 135% 134 130% 1333$ 13434
136% 137
pref......................... 100 82% Jan 6 84 Jan 28
1,600 Do
8334 84
8 Jan 27% Oct
21% Jan 4
83% 83% 8334 8334 83% 8334 835$ 835$ *17
*83% 83*4
17% Jan 14
900 United Railways In v est...100
19%
17% 18
*18
19
21% Mar 473, Oct
19
18% 18% *18
pref______________100 33% Jan 27 393, Jan 3
*18% 20
600 Do
*33
34
17% Nov
125$ Oct
17 Jan 3
*34% 36% 34% 35% 33% 34
35
35
*34
36
14% Jan 27
147$ 15% 8,950 Wabash Co when Issued------437$ Oct 49% Nov
15% 1434 15
15% 157$ 15% 157$ 15% 15% 15
Do
do
do .........
44% Jan 27 487$ Jan 5
443,1 45% 45% 4534 7,800 Do pref A do
32% Nov
25% Oct
47
pref B
do _____
28% Jan 27 32% Jan 15
473$ 47% 46% 47% 4634 47% 46
19,300
9% Jan 35% Oct
303$ 28% 29% 287$ 29!$
25% Jan 28 31% Jan 4
30% 30% 29% 30% 29% 30% 29
25% 277$ 5,400 Western Maryland............ 100
255$ 27
25 Jan 505$ Oct
28
28
*28
30
*27
30
Do
nref_..- - - - 1 0 0
4312
0 45%Jan 12
*27
30
*35
45
6% Nov
% July
*40
46
4% Jan "
46
*40
*40
*40
46
25$ Jan 20
*40
46
800 Wheeling A Lake Eric----- 100
1934 Nov
3% 3%
2 Aug
3
3
*234
2% 234
*2% 3
*234 3
Do
1st preferred------- 100
11 Jan 19 15 Jan 8
8% Nov
*10
13
5$ Aug
47$ Jan 17
*10
13
13
*10
*10
*10
14
3% Jan 18
*10
14
200 Do 2d preferred---------100
4
4%
28 July 45 Nov
4%
38 Jan 15
3% 3% *4
*3
*3
4
*3
4
500 Wisconsin Central----------- 100 3634 Jan -6
*36% 37
*36% 37
3634 37
*37
37
37% 37% 37
Industrial & Miscellaneous
4012 Apr
21% Dec
233$ Jan 24 26)2 Jan
24
24% 18,900 Alaska GoldMines------ - . - 1 °
13% Nov
93, Dec
241
24
24% 24
9ig Jan 28 10% Jan
23% 24% 23% 241
23% 24
9% 9% 3.700 Alaska Juneau Gold Mining.
734 Jan 49% Oct
9% 93$
9% 9%
25 Jan 12 313, Jan
9% 9%
9% 91
9% 91;
7,100 Allls-Chalmers Mfg v t O..100
857$ Dec
33 Feb
75% Jan 24 83 Jan
25% 2634 26% 277$ 26% 27% 253.1 26% 2684 27%
27
27
1,800 Do preferred v t o----- 100
787$ 79
74% Nov
78
78
48 Jan
67 Jan 11 72% Jan
78% 78% 7884 80
75% 77
80
*79
68% 68% 6S3$ 1.700 Amer Agricultural C h em ..100 97 Jan 27 99% Jan
90 Mar 101% Nov
68% 69% 68
693$ 68% 68% 687$ 69
69
Do p r e f - .- ...................100
600
98
98
97
Jan 727$ Deo
9734 9734 *97
98% 97
98
98
99
*98
American Beet Sugar--------100 65 Jan 27 69 Jan 41 33% Feb
655$ 65% 66% 4,500
95 Nov
83
917$ Jan 17
65% 66% 66% 67% 6634 6634 65
661
66
Do pref______________ 100 94 Jan
94%
94% *93
94% *93
87% Feb 1093, Aug
9434 *93
103% Jnn 28
102 Jan
943.1 *92
9434 *94
*94
200 Amer Brake Sh A F ctfs dep.
103% 103%
195% Jan 3 132% Mar 21934 Oct
193 Jan
*102% 106% *102% 106% 103 103 *10234 106% *103 106% *184 192
Do
pref ctfsd ep osit... .
1S4 192
25 Feb 68% Oct
643, Jan 17
183 192 *184 192 *184 192
*183 192
American Can------------------100 597$ Jan
6234 61% 627$ 613i 635$ 627$ 643$ 57,950
91% Jan 113% Nov
61% 631$ 62
62% 63
1133$ 1133$ 1.500 Do pref----------------------loo 112 Jan 12 1137$ Jan 26
Oct
40 Feb 98
11234 11234 11234 11234 11234 1137$ 112% 113
78 Jan 3
647$ Jan
*112% 114
American Car A Foundry. 100
lll% M a y 118 Aug
66% 69% 65% 67% 66% 6734 13,125
118% Jan 12
68
68
68% 68% 671$ 68
200 Do pref.......................... 100 117% Jan
170% July
117% 117% *117% 119
82
118 118
117% 119 *117% 119
*117% 119
American Coal Products.. 100 1547$ Jan 11 1757$ Jan 19 §105 Jan 120 Sep
Jan
166 171% 164% 167% 164% 1673$ 14,120
7
173% 175% 167 173% 169 171
200 Do pref______________ 100 115 Jan 20 1163$ Jan 17
Oct
39 Jan 64
57% Jan
116 116 *115% 1171 *115% 118 *115% 116% *115% 118
*115% 116
53% 54% 1,020 American Cotton OH--------100 53% Jan 28 9934 Jan 15
5434 55
91 June 102% Nov
55
55
55% 55
54% 55
98 Jan 6
*55
56
100 Do pref______________ 100
14% Oct
*98 100
43$ Feb
*98% 100
12 Jan 3
9934 9934 *98% 100
97$
26
*98% 100
*98% 100
10% 10% 2,800 American Hide A Leather. 100 50% Jan 26 57 Jan 18
193, Jan 59% Oct
10
10%
97$ 11
Jan
11
11
*10*4 11% 1034 1034
Do pref______________ 100
205$ Jan 35 Apr
50% 51% 52% 52% 4,800
54% 50% 52
537$ 54% 53
25 Jan 20 277$ Jan 25
55
55
27
27% 6,000 American Ice Securities.-.100
7% Jan 31% Oct
275$ 2612 27
25%Jan 26
25% 277$ 27
26
213$ Jan 12
25% 25% *25
24 Jan 50% Oct
24
25% 23% 24% 23% 2434 32,200 American Linseed-------------100 3934 Jan 12 43% Jan 15
23
25
23
23
23% 22
Do pref______________ 100
7434 Oct
42% 4,200
19 Mar
43% 41% 43% 41% 4134 42
40% 40% 41
603, Jan 11 69 Jan 3
*41
.43
623$ 63% 635$ 66% 22,700 American Locomotive----- 100 zlOO'gJan 5 103 Jan 27
75 Mar 105 Nov
64% 6334 64% 63% 65
64% 64% 63
950 Do pref______________ 100
1021$ 102%
13% Oct
37$ Apr
1025$ 1025$ 1023$ 103
9*i Jan 25
1013.1 1013.1 102 102
8% Jan 18
*1 0 1% 102
85$ 85$ 1.500 American Malt Corp--------100
884 83i
21% May
37% Deo
34% Jan 25
85$ 95$
9
934
8% 8%
*8% 10
500 Do pref______________ 100 i31% Jan 14 87% Jan 25
34
32% 32% *32
78 Jan 883$ May
35
*32
34% 3234 34% *33
*32% 35
600 Amer Smelters Sec pref B.100 85%Jan 10 9384 Jan "
8684 87%
Oct 92 Deo
86
88
92 Jan 3
*86% 87% *86% 87% 87% 87% 87% 87% *87
Do pref Set A stamped..
1,735
927$ 93
Jan 1087$ Deo
56
9234 927$ 927$ 927$ 925$ 927$ *92% 93
1003$ Jan 27 1133$ Jan
93
93
1003$ 102% 1 0 1% 1025$ 65,124 Amer Smelting A Refining.100 112 Jan 6 114% Jan 27 100 Jan 113 Nov
101% 104
104 10434 10 2% 1 0 U$ 103 104
1,325 Do pref______________ 100
114% 114% 114 114
14S7 Jan 10 1487$ Jan 10 144 Jan 165 Apr
$
113 113% 113% 113% 113% 114
113 113
American Snuff---------------- 100
110 Jan 27 103 Jan 1103$ Nov
130 150 *120 148 *120 148 >120 150 *120 150
*130 150 ►
100 Do pref______________ 100 108 Jan 17 61% Jan
74% Oct
110 110 *104 110
24% Mar
53
*104 110 *104 110 *104 110 *104 110
54% 55% 5,100 Amer Steel Foundry---------100 113% Jan 27 1 1 6 % Jan
55
99% Feb 1197$ Nov
573$ 53
56% 55
Jan 22
577$ 57% 55% 57% 56
11334 1147$ 113% 113% 113% 113% 3.300 American Sugar Refining.. 100 117% Jan 19 1183, Jan
109 Feb 119% Nov
1135$ 114
113% 11334 114 114
Do pref______________ 100
600
117% 117% *117 118
117% 117% *117 119
127 Jan “ 128% Jan 15 116 Jan 130% Nov
118 118
*117 119
127 127% 127% 1273$ 4,400 Amer Telephone A Teleg-.lOO 200% Jan 11 208% Jan
195% Dec 252% Apr
127% 127*4 127% 127% 127% 127% 127% 12734 203 20334 201 202
2.300 American T ob a cco----------- 100
Jan 111 Nov
204 205%
205 205
205 205
*202% 205
Do pref (new)________ 100 106% Jan 11 108 Jan 10 103% Mar
325
57% Oct
108 108 §108 108
1584
44 Jan 11 53% Jan 22
107% 107% *107 108 §103 108
*106 108
200 American Woolen-------------100
77% Feb 100 Oct
95 Jan “
53% 53%
Do pref.......... ..............-100 94*4 Jan
Quoted dollars
* Bid and asked prices; no sales on this day.
S Ex-rlghts
$ Less than 100 shares, a E x-llv. and rights. 0 New stock,
c Par $25 per share. »
per share, e First Installment paid, x Ex-divldend. * Full-paid.




p e r sh a r e

New York Stock Record— Concluded— Page 2

423

For record of sales during the week of stocks usually inactive, see second page preceding.
H IG H A N D

LOW

SALE

P R IC E S — P E R

SHARE, N O T

PER

CENT.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH ARE.
R a n g e S in c e J a n . 1
O n b a sis o f lOO-sAare lots
L o w e st

* Bid and asked prices: no sales on this day. t Less than 100 shares
per share, s Ex-stock dividend. x Ex-dlvldend.




t

H ig h e s t

PER SH ARE.
R a n g e f o r P r e v io u s
Y e a r 1915
L ow est

H ig h e s t

IndustrlaI& M lsc.(Con). P a r $ p e r s h a 'e
$ p e r sh a r e
Sp er sh are S p er sh are
Am Woolen certlfs of deposit.
42 Jan 11 5318 Jan 22
46 Nov
56
Oct
Do pref certlfs of deposit
92 Jan 10 9734 Jan 22
95 Dec 9S% Nov
Amer Zinc Lead & S ______25
66 Jan 14 7034 Jan 6
67>4 Dec
71% Dec
Anaconda Copper_____ so
8534 Jan 27 9 U4 Jan 3 c2434 Feb 91% Nov
Baldwin Locom otive_____100 10378 Jan 12 1185s Jan 3
2658 Mar 154% Oct
Do pref------'............ .10 0
10712 Jan 3 lOS^Jan 21
92 Mar 114 Sep
Bethlehem Steel________ 100
415 Jan 11 493 Jan 18
46i4 Jan 600
Oct
Do pref.................. I I I io o 130 Jan 24 145 Jan 6
91
Jan 184
Oct
Brooklyn Union Gas______100 131 Jan 12 132 Jan 14 118 Jan 13S34 Oct
Burns Brothers__________ 100
83)2 Jan 15 87 Jan 3
7912 Dec 943g Oct
Butte & Superior Copper_ lo
_
71 Jan 3 7934 Jan 26
5612 Aug 79% June
California Petroleum, vtc.100
2934 Jan 24 425s Jan 3
8 July 3S% Dec
Do pref---------------------- ioo
60% Jan 24 8038 Jan 3
30 July 81 Dec
Central Leather_________ loo
52U Jan 12 5618 Jan 18
32% Feb
61% Nov
Do pref---------------------- ioo 10S?8 Jan 3 IIOI2 Jan 27 1003g Jan 110% Nov
Chile Copper_____________ 25 2314 Jan 21 2 o3g Jan 5
233s Dec 263g Nov
Chino Copper_________ I___5
52% Jan 27 5534 Jan
3234 Jan 57% Nov
Colorado Fuel & Iron.
ioo
437gJan 26 53 Jan
2134 Jan 66% Sep
Consolidated Gas (N Y)__100 138% Jan 27 14434 Jan
11334 Jan 150% Oct
Continental Can________100
7834Jan 12 86% Jan
40'4 Jan 127 Oct
Do pref---------------------- 100 108 Jan 4 108 Jan
88% Jan 109% Dec
Corn Products Refining_ 100
_
19% Jan 6 2514 Jan 25
8
Jan 21% Oct
D o pref______________ 100 93 Jan 5 l01%Jan 14
65
Jan 9634 Dec
Crucible Steel of America. 100 5234 Jan 12 7358 Jan _
I 8I4 May 1097g Sep
Do
pref---------------------100 108% Jan 11 11 lSj Jan 28
84 May 112% Sep
Cuban-American Sugar_ 100 152 Jan 5 18712 Jan 21
_
38
Jan 177 Dec
Do
pref---------------------100 106 Jan 12 106 Jan 12
93 Mar 110
Sep
Distillers' Securities Corp.100 4334 Jan 12 4s% Jan
5% Mar 50% Oct
Dome Mines, Ltd_________ 10
2634 Jan 27 29 Jan
J16 June 30% Dec
Electric Storage Battery..100 62 Jan 27 66 Jan
63 Nov
7834 Sep
Federal Mining & Smelt_ 100
_
30 Jan 1 1
35 Jan
8 Mar 60 June
D o pref____ ________ 100
5U8Jan 27 5712 Jan
20
General Chemical________ 100 §265 Jan 5 §305 Jan 13 165 Mar 65 June
Jan 360
Oct
Do pref........................ 100 §113 Jan 5 116 Jan 27 106 Mar §116% Nov
General Electric________ 100
170%Jan 12 17812 Jan 17 13S Mar 185% Oct
General Motors vot tr ctfs. 100 415 Jan 7 495 Jan
Jan 558 Dec
_
Do pref vot tr ctfs_ 100 112 Jan 27 I I 6I2 Jan
905g Jan 136 Dec
Goodrich Co (B F )............. 100 6SI2 Jan 27 7618 Jan
24l2 Jan 80% Oct
Do pref........................ 100 110 Jan 24 11358 Jan
95 Jan 114% Oct
Greene Cananea Copper.. 100 46tiJan 20 51 Jan
37
Oct 523s Dec
Guggenheim Exploration__ 25
223s Jan 28 241$ Jan
*22 Dec 83 Dec
Inspiration Cons Copper_ 20
_
44 Jan 20 4778Jan 13
16% Jan 47% Oct
Internat Agricul Corp___ 100
2018 Jan 13 297s Jan
5% Mar 2934 Nov
Do pref_____________ 100
5678 Jan 13 74 Jan
8 Mar 7134 Dec
Intern Harvester of N J_ 100 IO8I2 Jan
_
112 Jan 20
90 May 114 June
Do pref_____________100 116 Jan 21 119i2Jan
110 July 120 Nov
Int Merc Marine ctfs of dep
18% Jan 28 23i2 Jan 18
18 Dec 20H Dec
Do
pref ctfs of dep____
75% Jan
85i4 Jan 17
55% Nov
77% Dec
Intern Nickel (The) v t C..100 19734 Jan
22714 Jan 17 17934 Dec 223% Oct
International Paper_____ 100
10% Jan 20
12i4 Jan
127g Dec
8 Jan
Do pref_____________ 100
46 Jan 27 5034 Jan
33 Feb 5034 Dec
Lackawanna Steel________ 100 77 Jan ■
86 Jan
28 Jan 9434 Sep
Liggett A Myers Tobacco. 100 25934 Jan 18 265 Jan
207 Jan 260 Dec
Do pref_____________ 100 119 Jan 12 12012 Jan 27 11334 Jan 120 Dec
Loose-Wiles Bisc tr co ctfs. 100 20 Jan
21 Jan 18
16 Feb 31
Jan
Do
1st preferred_____100
Ol^Jan 13 9U2Jan 13
86 Feb 105% Jan
Do 2d preferred______100
55 Jan
56 Jan 25
55 Dec 67 Oct
Loriliard Co (P )................. 100 179tiJan 19 185 Jan 28 165% Jan 189 Nov
Do pref_____________ 100 11512 Jan
117%Jan 20 112 Sep 118 Jan
Mackay Companies_____ 100
79 Jan
8012 Jan 28
72% Jan 84 Nov
Do pref_____________ 100
65l2Jan 20 67 Jan 17
6434 Oct 6934 Jan
Maxwell Motor Inc tr ctfs. 100 63l2Jan 20 7534 Jan 3
15% Jan 92
Oct
Do
1st pref stk tr ctfs. 100 86 Jan 27 93 Jan
43% Jan IO334 Dec
Do 2d pref stk tr ctfs. 100 507gJan 24 57 Jan
Jan 68% Oct
9914 Jan 27 12958 Jan
Mexican Petroleum______100
51 Jan 124% Dec
Do pref_____________ 100 ,97 Jan 26 1055g Jan
67 Jan 104% Dec
3534 Jan
Miami Copper_______
39 Jan
17% Jan 36% Dec
74 Jan
Montana Power_________ 100
77>2 Jan 17
42
Jan 7934 Dec
Do pref______________ 100 109 Jan
111 Jan 17
99 Jan 120 Dec
National Biscuit_________ 100 120l2Jaa 19 125 Jan 1 1
116 Apr
D o pref______________ 100 125 Jan 3 128 Jan 27 119 May 132 Jan
127% Dec
Nat Enam'g & Stamp'g__ 100
24 Jan 27 2934 Jan
9% Jan 36% Oct
Do pref______________ 100 92 Jan 19 95 Jan 4
79 Apr 97 Dec
National Lead___________ 100 6534Jan 3
737g Jan 19
44
Jan 7034 May
Do pref______________ 100 113 Jan 3 115 Jan 22 104% Jan
115 Nov
Nevada Consol Copper_____ 5
15tiJan 20 16% Jan 3
1134 Feb
17 Nov
New York Air Brake_____ 100 13914 Jan 3 153i2Jan 15
56% Feb 16434 Sep
North American Co______ 100 70i4 Jan 27 75 Jan 3
64
Jan 81 Apr
Pacific Mail......................... 100 H 34 Jan 3 1234Jan 25
*8% Dec 38 Aug
Pacific Telep A Teleg_____ 100 40 Jan 4 44 Jan 15
26% Feb 49% Oct
People’s G L & C (C hic)..100 107 Jan 28 11178Jan 3 106% Dec 123% Apr
Philadelphia Co (Pittsb)___50 4U2Jan 27 46 Jan 17
35% Apr 49
Sep
Pittsburgh C o a l__________100 31l2Jan 27 3634 Jan 17
15% Jan 42% Oct
Do
pref_____________ 100 106 Jan 27 11134 Jan 13
81% Jan 114 Oct
Pressed Steel Car________ 100 55 Jan 27 6518 Jan 4
25 Mar 78% Oct
Do
pref_____________ 100 104 Jan 18 l047g Jan
86 Mar 106 Oct
Public Serv Corp of N J___100 115i2Jan 14 116 Jan
100% Aug 120 Dec
.Pullman Company_______ 100 16412 Jan
17134 Jan 17 150% Mar 170% Oct
3,800 Quicksilver Mining_______ 100
4 Jan 1
6% Jan 19
14 Mar
534 Nov
5,020! Do pref.............. ......... 100
5 •Jan
834 Jan 26
84 Mar
67g Nov
377g Jan 12 44 Jan
-.300 Railway Steel Spring____ 100
19 Mar 54
Oct
300 Do pref______________ 100 99 Jan 24 100 Jan
87 Mar 102 Nov
-0,198[Ray Consolidated C op per..10 24 Jan 27 255g Jan
15% Jan 27% Nov
50 Jan 20 5514 Jan
. ’I 50!Republic Iron A 8teel____100
19 Feb 57% Dec
1.000 Do
pref_____________ 100 108 Jan 21 110 Jan
72 Jan 112% Dec
11 Jan 24
700 Rumely Co (M) ctfs of deposit
1314 Jan 10
3% Nov
1434 Dec
24 Jan 21 26 Jan
------- j Do pref certlfs of deposit.
7% Oct 29 Nov
1,240 Sears, Roebuck A Co______ 100 180 Jan 27 188 Jan
3131 34 Mar 209U Feb
........
Do
pref_____________100 1253s Jan
1253s Jan
121% Jan 126 Dec
1.4001Sloss-Sheffield Steel A I t . . 100 57l2Jan 20 6 3 1 4 Jan
24
Jan 667g Dec
760 South Porto Rico Sugar__ 100 148 Jan 20 155 Jan 13
40 Feb 164 Dec
Do
pref____________ 100 107 Jan
107 Jan 20
89% Feb 110 Oct
Standard M illing__________100 9314 Jan 27 96 Jan 22
43% Feb 96 Dec
Do
pref____________ 100 86 Jan 18 87 Jan is
66 Feb 85 Nov
Studebaker Corp (The)__ 100 148 Jan 27 167 Jan
3534 Jan
Oct
Do
pref___ _________100 110 Jan 22 1135s Jan
91
Jan 119% Oct
Tennessee Copper_________25
56% Jan 28 66% Jan
25% Feb
70 Sep
Texas Company (The)____100 2007s Jan 27 235% Jan
120 May 237 Dec
Union Bag A Paper______ 100
67g Jan 25
8i4 Jan
43g Jan
918 Dec
Do pref_____________ 100 28 Jan 27 2934 Jan 15
22% July 31% Dec
United Cigar Mfrs_______ 100 ,61%Jan 27 637g Jan 20
42
Jan 66»4 Oct
Do
pref____ ________ 100 10912 Jan
110 Jan
100 June 110 Oct
Uultcd Cigar Stores_______ 10 z9% Jan 28
934 Jan
9 Dee
10% Oct
Do
pref______________ 10 1158 Jan
117s Jan _
11% Oct
1218 Nov
United F r u it .................... 100 138 Jan 19 14912 Jan 17 139 Nov 163 Nov
U S Cast I Pipe A Fdy___ 100
lO^Jan 27 25 Jan
8
Jan 317S Oct
Do
pref_____________ 100 49 Jan 11 5114 Jan
32% Mar 55% Nov
U S Express_____________ 100 4514 Jan 28 47 Jan _
43% Dec
73% Mar
U S Industrial Alcohol___ 100 12634 Jan 11 169 Jan 2 1
15 Jan 13134 Dec
Do
pref_____________ 100 107 Jan
114 Jan 13
70 Jan 107 Nov
United States Rubber_____ 100 50l2Jan 28 5812 Jan 3
44 July
7434 Apr
Do 1st preferred______ 100 107 Jan 27 110 Jan 12 101% Feb 110 Apr
United States Steel_________100 823s Jan 24 89 Jan 3
38 Feb 89% Dec
Do pref______________ 100 11634Jan 3 118i2Jan 25 *102 Feb 117 Oct
Utah Copper______________10 77% Jan 20 8134 Jan 3
48t2 Jan 8IS4 Dec
Vlrglnia-Carollna Chem____ 100 46is Jan 12 51 Jan 17
15 Jan 52
Oct
Do pref______________ 100 110 Jan 28 112 Jan 3
80 Jan 1137g Dec
Virginia Iron Coal A Coke. 100 57 Jan 22 6212 Jan 7
36 June 74 Oct
Western Union Telegraph. 100 88 Jan 14 92 Jan 15
57 Jan 90 Nov
Westlnghouse Elec A M fg_.50
65 Jan 11 69% Jan 3
32 Feb
747g Oct
Do 1st preferred_______50 76 Jan 21 78 Jan 3
58% Mar 85 Oct
Wlllys-Overland (The)_____ 100 200 Jan 27 235 Jan 4
87 Feb 268 Nov
Do pref______________ 100 11034 Jan 11
12% Jan 3
96 Feb 115 Dec
Woolworth (F W )__________100 118 Jan 5 122i2Jan 7
90% Jan 120% Dec
Do pref..... .................... 100 123i2Jan 4 124U Jan 181 115 Jan 124 Aug
Ex-rlghts. a Ex dlv. and rights, b New stock, c Par $25 per share, q Quoted dollars

4:24c

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan.

1909 th e

E x ch a n g e m eth od o f q u o tin g 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 l l - " 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 U ed b o n d ,.^

BONDS
N . T . STOCK EXOBANQK
Week Ending Jan. 28.

tu O

P ric e
F r id a y
J a n . 28.

W e e k 's
R ange or
L a st S a le

R ange
S in c e
J a n . 1.

BONDS
T . STOCK EXCHANGE
Week Ending Jan. 28.

P r ic e
F r id a y
J a n . 28.

W e e k 's
R ange or
L a st S a le
H ig h

R ange
S in c e
J a n . 1.
Low

H ig h

id
A sk Low
Ohio Burl * Q (Cos.)—
Joint bonds. See Great North
9734 98*2
98U 9S*2 98*4 Jan '16
M -N
Nebraska Extension 4e— 1927
96
96
9G34 _____ 96 Jan '16
Registered------------------- 1927 M -N
Southwestern Dlv 4s------- 1921 M S 9 9 * 2 _____ 99*8 Juue'15
102*4 102*4
92% 9314
4
93*4
93*4 Sale 923
General 4s---------------------- 1958 M- 8
109*4 1U
25*2 2512
25*2 Jan T6
26
- J 25
1
110*4 110*2 Ohio 4 E 1 1 ref * Imp 4s g-.1955 J - O 105 10534 105
104*4 105
105
1st eonsol gold 6s------- - — 1934 A
80
825g
82
82
84
82
General eonsol 1st 6 s.....1 9 3 7 M- N
71 June’ 15
82
Registered-------------------1937 M- N 75
___ l 0 178 102%
9734 Feb '13
F-A
Pur money 1st coal 6s------1942
24
24
24 Jan '16
Chic * Ind C Ry 1st 5 s ... 1936 J - J 16 ___
7212 74
73*2
Chic Great West 1st 4s------- 1959 M- S 73*2 Sale 725s
111*2 112
112*2 113 112 Jan '16
F a n lgn Government
Chic Ind * Loul3v— Ref 6a. 1947 J - J
951; 2893 94*2 96
95 Sale 95
Anglo-French 5-year 5s (wh lss).
Refunding gold 5s-----------1947 J - J 95*4 101*2 101 June'15
31 93*2 953s
92
94
94
955s Apr 'l l
95
Refunding 4s Series C ------1917 J - J 66
Argentine— Internal 5s ot 19uy._ M- 8 93
13 69
69
69
t 69 Sale 69
Ind 4 Loulsv 1st gu 4s_ 1956 J - J 55*4____ 55 Dec '15
_
Chinese (Hukuang R y)—5 s o f 'l l J -D
30 96*4 97*4
90
90
Cuba—External debt 5s o l 1904. M- S 97 Sale 96i4 Jan97 ll ___ 94*4 95*2 Ohio Ind 4 Sou 50-year 4 s.. 1956 J - J 90 ____ 90 Jan '16
’
94% 95% 9H4
96*2 97
963s Dee '15
_
Exter dt 5s ol '14 ser A _ 1949 F - A
83*2 Chic t 8 4 East 1st 4 H 9------ 1969 J -D
83 Jan ’ ll3 ___ 83
85
80
External loan4 H s_______1949 F - A
2 20 82*4 84*2 Chicago Milwaukee & St Paul—
83
83i
93 *8 Sale 92*2
92*4 93*8
931
8
Gen'l gold 4s Series A___ *1989
Japanese Oovt— £ loan 4 H 3 1925 F - A Js83 Sale 80U
78*2 80*2
80i
89*2 Apr '15
-----Registered___________ el989
Second series 444 s_______1925 J - J t S0% Sale 73 ig
167 73
75
74
94*8 Sale 9334
74
94%
93*2 9412
Gun 4 ref Ser A 4H s------a2014 A -O
Do do ‘ ‘ German stamp” .
5 ___
1085 1 10
8
1095s
Gen ref conv ser B 5s— a2014 F - A 109 Sale 109
Sterling loan 4s_________ 1931 J - J t ------ 6779
4 ___
80*2 8034
80*2 81*2
Gsa'l gold 3Hs Ser B___ el989 J - J 102 > Sale 80*2 Jan T6
Mexico— Exter loan £ 5s ot 1899 Q - J t 40
8
85
102*2 104
1025s
10‘27
8
General 4 He Ser C ______el989 J - J
Gold debt 4S ot 1904........ 1954 J - D
93
92
93*8
25-year deben 4s________ 1934 J - J 93 Sale 9258 10234
Frov ot Alberta—deb 4 m s.. 1924 F - A t 7612 Sale
2 s i 74
77
10212 10334
Convertible 4 Ha------------- 1932 J -D 102 Sale 102
Tokyo City— 5s loan of 1912----- M- S
8
Chic 4 L Sup Dlv g 6s___ 1921 J - J 1037 ____ 10312 Dec '15
t T h e s e a r e y r i c c t o n tSs b a s is o f *5l o t
105*4 105*4
105*4
Chic & Mo RlV Dlv 5s------1926 J - J 105*2____ 105*4
103*4 103*4
1035s
Chic 4 P W lstg 5s...........1921 J - J 103*2 10334 103*2
Stats and City Securities.
10 1 10 2%
102ig Sale 101%
91
913
4
913s 9134
C M 4 Puget Sd 1st gu 4s. 1949 J - J 107‘g ____ 915s Jan '16
■ T City—4% s.................... 1980 M- 8 102>g Sale 10ia4
8 17 10 1 10 2%
107*8 Jan TG
107*8 107*8
X- *
J - J
Dubuque Dlv 1st s f 6s_ 1920
_
444s Corporate stock___ 1964
2 282 105% 107%
107ig Sale 107
111*2____ 110 Juuo'13
Fargo 4 Sou assuin g 6s .. 1924 J
4Ha Corporate stock ___ 1965 J -D 106% 107% 106% 107
45 105% 107
10 2 j8 ____ 103 N o v ’ 15
La Crosse A D 1st 5s_____1919 J
444 s Corporate stock------1963 M
4 32 97% 98*4
9834 Sale 98*4
10334 ____ 103*2 Jan '16
< 3
103*2 103%
WIs A Minn Dlv g 5s.........1921 J
4% Corporate s t o c k ...-.1959 M -N
98%
98%
1 *2 10 98
9834 99
107*4 109 107 Dec '15
WIs Vail Dlv 1st 6s...........1920 J
4% Corporate stock_____1958 M- N 983 99
%
1 98*s 98%
4
98%
1
M -N
I -D 100*8____ 100*2 Nov'15
Mil A No 1st ext 4H s------1934
i % Corporate stock_____1957
9712 9812 9714 Jan 6 ___ 97*4 97*4
Cons extended 4 He----- 1934 J -D 100*2____ 100 Oet T5
4% Corporate stock____ 1956 M -N 10634 Sale 10634 107
17 105*4 107
95*8 Sale
95*8 95*8
95*s
Chic A Nor West Ext 4s 1886-1920 F - A 94 ____ 95*8 Nov'15
New 4M8.......................... 1957 M- N 101 102 101% ]
5 ___
94*2
M
Registered_______1886-1925 F - A 84 Sale 84
Nsw 444s..........................1917
3
4
9 106 106*4
10634 Sale 10614
82*2 84
84
4 44 % Corporate stock_ 1957 M -N 10034 10114 100% 1
_
General gold 3 H e ------------1987 M- H ' ____ 82
5 ____
78*2 Jan '14
4 44% Assessment bonds..l917 M -N
Registered__________ p!987 Q - F 95
*2 12 88% 88%
94*2 95*4
88
88I2 883g
95*4
95*8 95
844% Corporate stock_ 1954 M -N 10312 Sale 103i2
_
General 4s______________ 1987 M- N ____ 95*8
>
8
6 102*2 103%
96 96
95 Jan TG
a Y State— 4s...................... 1961 M
Stamped 4s___________ 1987 M- N 116 Sale 116
6 ___ 102 102
*___ 1023 102 .
4
114*8 11634
116
J
Canal Improvement 4s__ 1961
General 5s stamped----- -1987 M- N 112 ____ 112*2 Jan TG
6 ------ 10 2% 10 2%
102% .
1 12 12 112*2
Canal Improvement 4s
1962 J - J *102l2 ____ 1021
Sinking fund 6s___ 1879-1929 A - O
12
5 102*2 10 2%
2
____ 102%
Dec T3
110*2____
Canal Improvement 4s__ 1980 J Registered.............1879-1929 A - O 105 ____ 105*2 Jan '16
1 113 113
113
113 ____ 113
IO434 104*4
104*4
Canal Improvement 4448.1964 J • J
Sinking fund 5s____ 1879-1929 A - O
IO6I2 107U
IO6I2
102 Oct
Canal Improvement 444s.1965 J - J 114 Sale 106'2 114
Registered.............1879-1929 A - O 103 104*2 103 Jan T3
14
11212 114
103 103
T6
Highway Improv't 444s..1963 M- 5 107ig____ 10512 N ov’ 15
A -O
Debenture 5s___________ 1921
Highway Improv’t 4 % s..l96 5 M- S
O 10358 108 101 Dec T2
Registered____________ 1921
88ig 883g
T6
8912
104*2 1047s
8
1047
s
Virginia funded debt 2-3S...1991 J - J 8712 Sale 88U Jan 54i2
Sinking fund deb 5s______1933 M -N 1047 Sale 104*4
54
52*2 56
54
101*2 May'16
6s deferred Brown Bros c t fs .-.
Registered____________ 1933 M -N
Rallraad.
Frem Elk A Mo V 1st 6 s..1933 A - O 120*4____ 117 Aug 15
6534
65
65
65
65U 65%
4 S3 Aroor 1st g 4s_____ 4.1995 Q ­
Man G B A N W 1st 3HS.1911 J - J 75 ____ 90*2 Sep 'C9
95
94
95
94% Sale 9412
* tab Top A 8 Fe gen g 4s__ 1995 A - O 93ig___
J 83 . . .
Mflw A S L is t gu 3 H s __ 1941
93
93 Jan T6
93
108*4 109
108*4
Registered_____________ 1995 A - O 8 7% ___
Mil L S A West 1st g 6s. ..1921 M- S 108*2 109 108*4
873
4
8734
8734
87
1063s 1063s
Adjustment gold 4s____ 41995 Nov
Ext A Imp s f gold 5s__ 1929 F - A 10638 ____ 1063s Jan TO
8412 86*2
85
86% 86% Jan '16
112 3 4 ____ 1117 Deo T5
Nov
8
Registered__________ 41995
Ashland Dlv 1st g 6s_ 1925 M- 8 1121*8____
_
87
88*4
88I4
87% Sale 87%
111*2 Aug T5
- J
Stamped____________ 41995 M -N 10512 IO6I2 10512
Mich Dlv 1 st gold 8s__ 1924
105*2 107>g
106U
917 94
8
8
93
MU Spar A N W 1st gu 4s 1947 M- S 93 Sale 917
Conv gold 4s____________ 1955 J -D
99% May'13
D
Northw Union 1st 7s g __ 1917 M- S 1035s____ 1073s May'14
Conv 4s Issue o l 1909_____ 1955
IO6I2 459 10534 10734
1057 Sale 10534
g
1003s 109
109
St L Peo A N W 1st gu 6J-194S - J 109 Sale 108*2 Dec '15
Conv 4s Issue of 1910____ 1960 J -D SIOII2 Sale IOH2
44 101*2 10134
10158
103
Winona A St P 1st ext 7 s.1918 J -O 102*2 1025s 102*2
19-year 6s______________ 1917 J -D
96*2
96>2 20 96
102
96
9634 96
101*2 1027
8
8 102*8
Chicago Rock Isl A Pao 6a .. 1917 J - J 102 ____ 102 <
East Okla Dlv 1st a 4s___ 1923 M- S 88I4 89
88I4 Jan '16
88*4
10134 10134
101*2 IOD4
Registered____________ 1917 J
Rocky Mtn Dlv 1st 4 s_ 1965 J - J 9 0% ____ 90%
_
9034
903g ' i
84*4 85
8434
84*2 Sale 84*2
J - J
R y general gold 4s________ 1988 J
Trans Con Short 1st 4s. 1958
3
99
98
98%
83
83
83 Jan '16
9812
Registered____________ 1988 J - J 83*2 84
Oal-Arls 1st Aref 444s‘ ‘ A"1962 M- 8 102 Sale 103ij8ep '15
6334 663s
___
64*2
Refunding gold 4s_______1934 A - O 64's Sale 64
8 Fe Pres A Ph 1st g 6 s . ..1942 M- S 9312 Sale 9312
9234 943g
94
4334 Sale 43*2
44
41*2 44
M- 8
J
30-year debenture 5s____ 1932
ct! Coast L 1st gold 4s------*1952
915g 92
92 Jan '16
____ 91%
79 ____ 9434 June'U
Coll trust Series P 4s____ 1918 M -N
Gen unified 4%a________1964 J - D 10634 ____ 10614 Jan '16
IO6I4 106*4
65*8
50
60
55
58
R I Ark A Louis 1 st 4 H s --1934 M
Ala Mid 1st gu gold 6s___ 1928 M- N 94ig 95
100
95 Jan '16
95
95
99*2 101*4 100 Jan TO
J - J
Bruns A W 1st gu gold 4s. 1938
Bur C R A N— 1st g 5 s...1934 A -O
g
133 135 1297 Aug T5
8
O 99 ____ 1007 Mar'14
C R I F A N W 1st gu 5 a . „ 1921
Charles A 8av 1st gold 7s. 1936 J - J
8712
86% 87*2
8714 8712 863g
L A N coll gold 4s_______ <31952 M-N 122
M A St L 1st gu g 7s..........1927 J -D
8122 8122
122 Jan '16
93*8 08*8
Bay F A W 1st gold 6s___ 1934 A •O
Choo Okla A G gen g 5s.ol919 J - J 98 <8____ 98*8 Jan TO
105 July’ 15
90 ____ 9758 July'lo
1st gold 6s____________ 1934 A -O 108*4____ 98 June'15
Consol gold 5s________ 1952 M -N
58
58
99>g . . .
58 Sale 58
58
811 8p Oca A G gu g 4s___ 1918 J - J
Keok A Des Moines 1st 5s 1923 A - O
93
9334
71
71
71 Jan '16
71
Balt A Ohio prior 344s_____ 1925 J - J 93>2 Sale 9318 Dec93i2
St Paul A K C Sh L 1st 4H8 '41 F - A 65
T5
92 ____ 92*2
118*4 118*4
J -D 118*2____ 118*4 Jan T 6
Registered___________ *1925 Q - J
92ig
923g
915s 92*2 Ohio St P M A O con 6s___ 1930 J -D
89 ____ 90 Jan T 6
1st 50-year gold 4s_____*1948 A - O 9214 Sale 90
Cons 6s reduced to 3H*--1930
90
89*2 91*4
102*2 103
Registered__________ *1948 q - J 90 ____ 98 ig
Debenture 6a___________ 1930 M- 8 102*2 103 102*2 103
97*8 98*8
985s
98U Sale
SO-yr conv 4 44s_________ 1933
Ch 8 t P A Minn 1st g 6S..1918 M -N 118 . . . 116 Dec T5
112 Jan '12
Pitts Juno 1st gold 6s____ 1922 J - J 105
North Wisconsin 1st 6s__ 1930 J - J 11734 . . . 1205, May'09
9134
9 134 Jan '16
91
105*4 105*8
P June A M Dlv lstg 344s 1925 M N 92U 9212 89'4
St P A 3 City 1st g 6s____1019 A - O 10533 Sale 1053s 1053s
89%
8SI4 90
P L E A W Va Sys ref 4s .. 1941 M- N 89*2 Sale 92%
Superior Short L 1st 6s g.?1930 M- 8
92*2
92
9212
9212
85 Jan T4
Southw Dlv 1st gold 344S.1925 J - J 92U ____ 100 Apr '13
Ohio T H A So-east 1st 5s . . . 1960 J - D ____ 75
96
106*4 107*8
107*8
Ohio A West Ind gen g 6 s..fl93 2 q - M 10634 107*8 107*8
Cent Ohio R 1st c g 444s.. 1930 M- S 10412____ 104*j Apr '15
80
8034 80*2
8034
80
81*8
Consol 50-year 4s________ 1952 j - J
Ol Lor A W con 1st g 6 s.. 1933 A - O
101 Dec '15
86*2 86I2
CIn H A D 2d gold 4H s........ 1937 J - J 85 ____ 86*2 Jan T 6
Monon River 1st gu g 5 s.. 1919 F - A 101*2____ 10212 Oct 15
73
85
J •
J -D 105 ____
1st A refunding 4s_______ 1959
Ohio River RR let g 5s__ 1936
86*4 Juno’ 12
102 ____ 98*4 Nov'15
1st guaranteed 4s________1959 J - J ____ 87
General gold 5s________ 1937 A - O
113*2 Feb '12
27*2____ 25 July’ 16
C in D A 1 1st gu g 5s..........1941 M-N
Pitts Clev A Tol 1st g 6 s..1922 A - O 105 ____ 99 Deo To
88 M a r 'll
99*2____
M- N
J
C Find A Ft W 1st gu 4s g. 1923
Pitts A West 1st g 4a........ 1917
65 J’ly '14
91*2____ 91 June'12
Cln I A W 1st gu g 4s----- 1953 J
Stat Isl Ry 1st gu g 444S--1943 J -D
94*8 Dae '14
Day A MleU 1 st cons 4 H s. 1931 J - J
Bolivia Ry 1st 5s__________ 1927 J - J
65 J'ly '14
107*2 109*8
1087 110 109*8 Jah TO
g
J
M
In d D ecA W lstg 5s........ 1935
Buffalo R A P gen g 5s____ 1937
102 102
'02
Consol 444s_____________ 1957 M -N 102*2 103 102 Jan T6
1st guar gold 5s_______1935 J - J 79*4 79*2 107*2 Dee80
79*2 81
79*8
9212____ 92 Nov'15
J -D
A - O
Clave Cln C A 3t L gen 4 s .. . 1993
All A West 1st g 4s gu___ 1998
112 Apr '14
85*2 87
85*2 86*2 87 Jan T 6
103% . .
Clear A Mah 1st gu g 5s ...1943 J - J
20-yr deb 4H s--------------- 1931 J - J 84*2 85*2 87 Jan TG
86
87
g
Roch A Pitts 1st gold 6s. .1921 F • A 1075 108*4 107*2 Dec '15
Cairo Dlv 1st gold 4s........ 1939 J - J 76
1097 110*8
8
81
78 N ov’ 15
110>4____ 110*8 Jan T6
J
J
Consol 1st g 6s________ 1922
Cln W A M Dlv 1st g 4 s.. 1991
1037 101%
8
104*8
79
84*2
70
104'g 104*2 104*2
84*4
84*4
Canada Sou oons gu A Ss_ 1962 A
_
St L Dlv 1st coll tr g 4a— 1990 M- N ____ 8082
106*8 Apr T4
82*4 Mar'M
Registered____________ 1962 A
Registered____________ 1990 M- N
97*2 Dec T5
9434 95
8412 ____ 85 Deo T5
Car Clinch A Ohio 1st 30-yr 5a ‘38 J -D
SprA Col Div 1st g4 l____ 1940 M- S 83
107*2
107*2 107*
8434 84*4
85
Central of Ga 1st gold 5a___pl945 F - A 106*2____ 1013g Jan '16
W W Val Dlv 1st g 4s___ 1940 J - J 1047 ____ 84*4 Jan '16
10138
100*4 101*2
g
105 N ov’ 15
8
Consol gold 5s__________ 1945 M - rl 101*4 1013
C I St L A C consol 6s ___ 1920 M -N
83*2 83*2
83*2
83*2
833 85
4
92*8____ 91 N ov’ 15
Chatt Dlv pur money g 4e 1951 J -D
1st gold 4 s __________ >1936 Q-F
90*4____ 88*2 May’ ia
Mao A Nor Div 1st g 5s . . 1946 J - J 102 ____ 101»4 Nov'15
Registered_________>1936 Q-K
101 June’ 15
Mid Ga A At) Dlv os......... 1947 S - J 100%____ 100*4 Mar 15
Cln S A Cl con 1st g 5s . . . 1923 J
102*4 102*4
10214
102*4
Mobile Dlv 1st g 5s______ 1948 J - J 102 ____
C C C A I gen eon g 6s_ 1934 J - J n o ’ I I ” 105*4 July'14
_
95
97
8
96*8
96
9758 967
J - J
Can RR A B of Ga col a 5S..1937 M -N
Registered ------------------1934
118*4
116 118*4
118 Sale 11R34
80 ____ 94 July’08
Cant of N J gen‘1gold 6s____ 1987 J lad u A vv 1st pref. 4s__ 1940 A - O
115*4 116*2
116*2
HGI2 Sale 116*2
Registered__________ *1987 Q O ind A W 1st prof 5s__ dl938 q-j
67*2 70
67*4
67*4
103*4 103*4
70
Am Dock A Imp gu 5s . ..1921 J - J 103*2 104 103*4 Jah '16
Peo A East 1st con 4s----- 1940 A - O 67*4 36
30
30
30 Jan T 6
35
Leh A Hud RIv gen gu g 581920 J - J 102 ------ 100 June'13
Income 4s____________ 1990 Apr
100*4 101*2
101*2
M Y A Long Br gen g 4 s.. 1941 M- S 9S5s 100 I00*i Jan '13
A - O 100*2 101*8 100*4 Jan TO
Cleve Short 1 .1st gu 4 H a ... 1961
8
9
9
81
81
83
81
83
9*4 10
q -f
Oent Vermont 1st gu g 4s..«1920
- 1
Col Midland 1st g 4s............ 1947
7
8
96
8 Jan T6
98
8
10
‘Jhssa A O fund A !mpt 5s . . 1929 j - J 98 Sale 96
Trust Co cortfs of deposit------91*8 92
105*2 106
106
92
A 91*4 Sale 91*2
let consol gold 5s________ 1939 M -N 106 Sale 105*2 Dee '15
Colorado A Sou 1st g 4s----- 1929
85*s 87*8
8
86*2
103 ------ 105
85% Sale 855
Registered ___________ 1939 M -N
■N
Refund A Ext 4 H 3........ 1935
93*4
91
10512 105*4
8
93*4
105*2
8
D 1053g------ 105*2
Qenera! gold 4 44s___
1992 rX - 8 927 Sale 927
Ft W A Den C 1st g 6a...1921
91
91
Registered____________ 1992 M- S 90*2 9134 91
0
Conn A Pas Ulvs 1st g 4s ..1943
86*4
88*4
S8>2 Sale 88
____ 94 100 May’ 10
1
Convertible 444 s____ ___1930 F - A
Cuba HR 1st 50 yr 5s g ----- 1952
83*2 Dec '15
Big Sandy 1st 4s___ ____ 1944 J -D ____ 83*2
Del Lack A Western—
83 Dec T5
g
86*4 80*4
83 88I2 86*4 865 Jan
-a
Coal River Ry 1st gu i s . .1945 J -D
Morris A Ea 1st gu 3 H 3 --2000
4
108*8 108*2
HO IO8I2 Jan
■ j 108
Craig Valley 1st g 5s_____1940 J - J 963 ~9S " 893*2 Dec T5
N Y Lack A W 1st 0a------1921
8434 Jan '13
May'15
Potts Creek Br 1st 4s___ 1946 J - J
F - A 103*4------ 101*i Sep '15
Construction 5s----------- 1923
84*2
96*2------ 95*8
B A A Dlv let con g 4s_ 1989 J - J ’ 8538 ’ 85*2 84*g Jan '16
_
Terra A Improve 4s----- 1923 M -N
82
83
83
84 ------ 102ig Feb '03
2d consol gold 4s______1989 J - J 82l2 84
Warren 1st ref gu g 3 H a.-2000 F - A 104*2------ 104*8 Dee To
Greenbrier Ry 1st gu g 4 s.1940 M- N 81*8------ 90 Apr '14
Del A Hud 1st Pa Dlv 7S...19D M- S
113*4 Feb '15
149 Aug '01
Warm Springs V 1st g 5 s . .194' !M- S Qh
Registered______________1< M
57
57
583s 5734 Jan '16
100*2 100*2
100*2
100*2
Ohio A Alton RR ref g 3s_ 1949 A -O
_
10-yr conv deb 4s-------------1916 J -D 100*2 100*4 1007 Jan TO
433s
44
100*2 101*4
g
101 101*2
J - J 4312 4434 43%
R s i l w a t 1st Hen 3 449_____ 1950
1st Hen equip g 4 H b------- 1922 J - i
99
99
99*4
96*4 97*4
973g Sale 97*8
97*4
9 9 's ___
Chic B A Q Denver Dlv 4S..1922 F - A
1st A ref 4s______________1943 M -N 1067 Sale 1067
853s
106 108
86*2
87
8
107*4
8
Illinois Dlv 3 44s................. 1049 J - J 86*2 87
Conv 5s sub recta----9478
85*4 87*8
95*2
86*8
87*8
J - J 95*2 Sale 95
86*8 87
Illinois Dlv 4a___________ 1949
Alb A Sus conv 3H s------- 1946 A - O
97*2 Dec T5
113*8 Jan T5
Registered_____________1949 J - l
Rens A Saratoga 1st 7s . . -1921 M -N 111*4-----102*2 102*2
(owa Dlv sink rood Sa___ 1919 A - O 10234 . . . 102*2 Jan T6
993* 9934
sinVln, fund *•
1919 A - O 99*2 995g 993* Jan T6
o Dae Oct.
9 Due N ot t Due Dee. « Option aale
N o price Friday, latest this week, d Due A prill
Duo M ay.
Due Juno. AD m July. k D u e A u i.

B id
A sk
U. S. Government.
U S 2s conacl registered— <11930 q - J 9 9% ____
O 0 2s eonsol coupon------- <11930 Q - J 99 ____
U 8 3s registered_________ *1918 q - F 101%-----O S 8s ooupon___________ >1918 Q - F 10 1 ____
O 8 i n registered__________ 1925 Q - F 1 0 9 3 4 ____
O 0 4s coupod____________ 1926 Q - F 1 10 -----U 8 Pan Canal 10-30-yr 2s .>1938 Q - F 98 -----D S P nCanal 10-30-yr 2 s.. 1938 Q -N
JJ 8 Panama Canal 3s g------1961 Q -M 101%____
D 8 Philippine Island 4s. 1914-31 Q - F ____ 100




Low

S ig h

99% Jan ‘ 16 . . . .
97‘4 Oct ’ 15
10 1 34 Dec " "
10214 Jan
111 Jan

L ow

H ig h

997 997
s
8

New York Bond Record— Continued- Page 2

Jan . 29 1916.]
BONDS
R . T . STOCK EXCHANGE
Week Ending Jan. 28.

2
I
*• I

B id

R ange
S in c e
J a n . 1.

W e e k 't
R ange o r
L a st S a le

P r ic e
F r id a y
J a n . 28
At

L ow

HiJB

N o ] L ow

• No price Friday; latest bid and asked this week.
Due Nov. t Option tale.




oDunJan.

b

Due Feb.

li

H ig h

78*8 29 77*2 79*2
77*2
Denr A R Gr 1st con g 4s___ 193P J - J 77*s 78
10 84
85
84
8
Consol gold 4 Ha................ 1936 J - J 83'2 837 84
81
81*8 13 807a 827g
81 »a 825s
Improvement gold 6a____ 1928 J-D
8
58*4 193 55*2 587
58 Sale 57*4
1st A refunding 5s__ . . . 1955 F - A
89 109 Dec '12
Bio Gr June lat gu g 5a..1939 J - D 85
34 ____ 61*2 Apr 'l l
Bio Gr So 1st gold 4a........ 1940! J - J
35 N ov’ 15
Guaranteed............... __1940 J - J
78
75'8 78*2
Bio Gr West lat g 4a......... 1939 J - J *78 ‘ Sale’ 75*8
62
05
65
62's 0212 62
Mtge A col trust 4a A-.194S A -O
90 Apr T4
Utah Cent lat gu g 4s .a l9 L A -O
7
H9'2____ 100 Mar'15
Dea Mol Un l l y lat g 5s___ 1917 M- N
90
90
90
90
95
Det A M ac. lat lien g 4a .-.1995 J -D
85
85
85
85
87
Gold l a ...............................1995 J -D
94
93*2
94 Sale 94
Det R!v Tun-Ter Tun 4 ^ a . 1961 M -N
Dul Mteoabe A Nor gen 5a. .19 41 J - J 104*4 106 104*4 Dec T5
103*4 103*4
A -O 103 10378 103*4 Jan '16
Dul d Iron Range lat 5s------ 1937
fc
100 M ar’08
Registered______________1937 A - O
1 93 7 95
93 <
8
s
8
Du So Shore A At g 5a--------1937 J - J "93*78 Sale 937
103 103
M -N 103i2 ____ 103 Jan ’ Hi
Elgin Jol & East lat g 5s___ 1941
110 7
s 25, 110*2 111*8
Erie lat conaol gold 7a--------- 1920 M- S 110-g 111*2 110*2
95 ____ 97*2 Junc'ls
N Y A Erie lat ext g 4 a ... 1947 M -N
S 10178 . . . 101U MayT5
2d ext gold 6a_________ 1919
s 99-8____ 98*j June’ 15
3d ext gold 4,4s_______ 1923
o 1021*------ 102 Deo T5
4th ext gold 5a________1920
D 94 f4 ____ 94 N ov’ 15
5th ext gold 4a........ ......192S
1105s 1103s
110*8
s 110 l l l l 2 1 1 0 *
If Y L E A W lstg fd 7a..1920
86
85*4 86
J 86 Sale 85*2
Erie lat con g 4a prior___ 1996
80 Oct T5
J
Registered..................... 1996
77
75*2 77
J ~76* *77 ’ 76*2
1st conaol gen Hen g 4s__ 1996
76*2 76*2
Registered___________ 1996 J - J *75*4____ 76*2 Jan T 6
88*4 • 89*4
88*4 89*4
90
Pena coll tr g 4a_________ 1951 F - A 89
72*2
71*2 72*2
72 Sale 71*2
A -O
60-yr couv 4a A .......... ..... 1953
81*2
80*2 84
80*4 Sale 80*2
do
Series B .......... 1953 A -O
Buff N Y A Erie 1st 7e_..191fi J -D 101 103'a 102*4 June* 15
105*4 106*4
M -N 10618 108*2 10614 Jan TO
Chic A Erie let gold 5s_ 1982
_
Clev A Mahon Val g 5a___1938 J - J 103*8____ 101 Feb T5
12H2-12U2
Long Dock consol g 63. . . 1935 A - O 122 ____ 121*2 Jau TO
9978 103 lOO't Oct TO
Coal A RR 1st cur gu 6a..I922 M-N
1025s 1025s
8
Dock A Imp lat oxt 5 a ... 1943 J - J 1027 ___102*8 Jan TO
99
103*2 Aug T2
N Y A Green L gu g 5 s ...1946 M-N
98*2
9S*2
98*2 98*2
V Y S usA W lat ref 5 a ... 1937 J - J 98^4 100
100*4 Deo *00
2d gold 4 H s.................. 1937 F - A
88 Dec T5
87
F A 80
General gold 5a...... ........... 1940
102 Jan T4
Terminal lat gold 5a_____ 1943 M-N 100*8
1 1 1 * 1 May'12
Mid of N J 1st ext 5 b ......... 1940 A -O 104
86*2
86*2
86*2 90
86*8 —
J -D
WHk A Ea 1st gu g 6a____1942
106 M a y U
Ev < Ind 1st con gu g 6a____1926 J - J
4
90 Jan TO
90
90
Evans A T H lat cone 6a____1921 J - J 90*8
99*8 Dec 13
60 —
1st genera.' gold 5a_______1942 A -O
103 N o v T l
Mt Vernon lat gold 6a____1923 A -O
"93*2 95 JuueT2
Sull Co Branch lat g 5 a ... 1930 A -O
93“ Sale 93
92
9378
93*s
Florida E Coaat lat 4 H a ... 1959 J -D
92 Aug TO
Fort St U D Co lat g 4 H a .. 1941 J - J
66*4 Jan Tfl
Ft W A Rio Gr Ihi g 4a......... 1928 J - J 65*2 00
60*4 66*4
Great Northern—
s
087
8
977g 987g
C B A Q coll trust 4a_____ 1921 J - J 987 Sale 983a
Registered 5............... ..1921 Q - J 98*8 98*2 98is Jan TO
97*4 983s
8
let A refunding 4 H b sor A 1961 J - J 997 Sale 99*4 100
99*4 100*8
96 June’ 13
Registered___________ 1961 J - J
955s Dec T5
8 t Paul M A Man 4a_____ 1933 J - J 96-8
lat consol gold 6a............1933 J - J 121*4 122 119 Dec T5
Registered................. 1933 J - J
118*4 Apr T5
103*4 17 1027s 103*4
Reduced to gold 4Ha. 1933 J - J 103 Salo 103
10934 Apr T5
Registered............. 1933 J - J
96*8 97
96*8 Jan TO
Mont ext lat gold 4 a ... 1937 J -D
955s 96*8
92U N ov’ 15
Registered................ 1937 J -D
85*2 N ov‘ 15
Pacific ext guar 4a £____ 1940 J - J 89
90
89i4 June'15
a Minn Nor Div lat g4tf__ 1948 A -O
Minn Union 1st g 6 a . 1922 J - J 109*4 110 109 N ov’ 15
120*4 Dec T5
M ontC 1st gug 6a............. 1937 J - J 123 —
136*4 May’O
O
Registered................... 1937 J - J
1087 Dec T5
g
1st guar gold 5a____ 1937 J - J 109*4 —
Registered.............. 1937 J - J
109*4 Dec T5
Will A S Fist gold 6s . . 1938 J -D 110*2
75 Jan TO
74
75
75
SO
Gr B A V del> ctfs " A " ($100 par) Feb
V
137a 14*4
13*2 137 14 Jau TO
8
Dehen ctra “ B” ($100 par)___ Feb
85
85
Gulf A 8 I lat ref A t g 5 a ..61952 J - J 85*8 88*2 85 Jan TO
Registered_____________61952 J - J
93*4
93*4 93*4
Hocking Val 1st cons g 4 H a. 1999 J - J 93*4 Sale 93*2
i
97*4 Jan T4
Registered........ ................. 1999 J - J
84 N ov’ 15
Col A II V let ext g l a ... 1948 A - O 8412
80 N ov’ 15
F - A 83*4 8 7
Col A Tol lot ext 4s____ 1955
93** Feb T 6
Houston Belt A Term lat 6a. 1937 J - J
97*8
Illinois Central 1st gold 4a.. 1951 J - J 97*2 Sale 97*2
97*2 975s
92 Aug 15
Registered..*.___________ 1951 J - J
lat gold 3*<a...................... 1951 J - J "85*2 86*4 83*2
85
83*2 85
83 Nov*15
Registered____________ 1951 J - J
84 —
_
83 Oct T5
Extended 1st gold 3Ha_ 1951 A - O
Registered____ _______ 19511A - O
80 ~ J'ly "09
lat gold 3s sterling_______1951IM- S
Registered__________ 1951 jM- S
‘ 89
Coll trust gold 4a.............. 19521A - O ~ 83 % '89*4 89 ’
95*4 Sep T2
Registered...................... 1952 A - O
8938 Sale 89'2
lat refunding 4a________1955 M- N
893s
889*4 90
83 Jan TO
Purchased lines 3.Ha........ 1952 J - J ------ 83
83
83
7s 85*8 86*2
8
80*2
L N O A Tex gold 4a____ 1953 M- N 86*2 Salo 857
84 May’ 14
Registered____________ 1953 M- N ------ 85
J - D 91*2____ 90 Jan TO
Cairo Bridge gold 4a......... 1950
74 Feb T4
Litchfield Div lat g 3a____ 1951 J - J
Loulsv Div A Term g 3 HB. 1953 J - J ’ s i* ! 1 1 1 : 70*2 June’ 15
Registered____ _______ 1953 J - J
83 A u g ’ 12
Middle Div reg 5a............ 1021 F - A
123 May’99
Omaha Div 1st gold 3a__ 1951 P - A 69*4 71
71
71
71
0t Louis Div A Term g 3a. 1951 J - J 69 . . . . OSH Sep T5
Gold 3H®....................... 1951 J - J 81 ____ Sl*a Jan TO
81*s 81*8
Registered............ .. 1951 J - J
81 N ov’ 15
Sprlngf Div lat g 3 Ha____ 1951 J - J
78*4 Jan TO
78*4 78*4
Western lines lat g 4a____ 1951 F - A 88 ___
88 Dec T5
Registered____________ 1951 F - A
Bcllev A Car 1st 6a ..
~1923 J -D 104*2 . . . 117*2 May'10
Carb A Shaw lat gold 4s.11932 M- S 86 ____ 94i, J’ ly T2
Chic St L A N O gold 6a .. 1951 J -D 103*2____ 1(19 Jan TO
Registered____________ 1951 J -D
114 Feb ’ l l
Gold 8 X a .......................1951 J -D
00 Oct *09
Registered...................1951 J -D
Joint 1st ref 5a aeries A . 1903 J - D 102*2 102*4 102*2
102*4
102 103*8
Memph Div lat g 4a__ 1951 J - D
88*2____ 867 Dec T5
s
Registered...................1951 J - D
fit Louis Sou lat gu g 4a.. 1931 M- S "88 " 95*2 98 J’ly *08
92*. Salo 92*2
Ind 1 1 A Iowa 1st g 4s..........1950 J - J
1
92*2
90
92*2
97*2
97**
Int A Great Nor lat g 6s___ 1919 M- N ____ 97
07*4 98
91
9212 90*2 Dec '15
James Fran A Clear 1st 4 s . .1059 J -D
70*2 71
70*2
70i2
Kansas City Sou 1st gold 3s. 1950 A -O
70*8 70*2
63 Oot *00
Registered_______________1950 A -O
93*4 Sale 93
93*8
Ref A impt 5s............ Apr 1950 J - J
93
94
89
Kansas City Term 1st 4s...I9 6 0 J - J 88*4 Sale 88
S5*4 89
99*4
100
Late Erie A West 1st g 6a .. 1937 J * J 08 100
98*2 100
83*2
2d gold 5s...... ................ 1941 J - J 83*2____ 83*2
83*2 83*2
9-8 Mar’ 14
North Ohio 1st guar g 5 s..1945 A - O
1013a
Leh Vail N Y 1st gu g4Us__194<) J - J 10l"i Sale 101*8
161*4 ioisg
r
1940 J - J 100 101*2 100 Dec T5
92*4
Lehigh \ all (Pa) cons g 48..2003 M-N
92*4 Sale 92*4
91*4 92*4
General cons 4H s........ 2003 M -N 1017a____ 101*4 Jan TO
IOU4 101*4
Leh V Term Ry 1st gu g 68. . 1941 A - O 110*4 112*2 110 Jan TO
1 10 n o
Registered____ __________1941 a - 0 109*2____ 111*8 Dec T l
Leh Val Coal Co 1st gu g 5sZl933 J - J 1055s____ 105*2
105*2
3. 105*2 105*2
Registered____ __________1933 j - j •1025s____ 105 Oct T3
lat lot reduced to 4a......... 1933 J - J
p

BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 2S.

425

P r ic e
F rid a y
J a n . 28
B id

W e e k 't
R ange or
L o t t S a le

A tk L ow

H ig h

"212
J e?
03 11

R ange
S in c e
J a n . 1.

N o .', L o w

H ig h

Leh A N Y 1st guar g 4s___ 1945 M- S
89*2____ | 89 Dec To
Registered.......................... 1945 M- S
Long raid lat cons gold 5a_ .51931 Q - J 105 105*21104's
1047 ’ 5 1047s 1047g
8
|
lat cousol gold 4a_______7*1931 Q - J 94*4-------Is94 Oct T5 .
General gold 4s................... 1938 J -D
90
90 ____ 8S
86
90
Ferry gold 4H a................. 1922 M- S 95*2____ 95*4 M a y 'll .
Gold 4a.............................. 1932 J -D
99*4 Oct ’06 .
Unified gold 4a. ................. 1949 M- S 85i2 80
85*2 Jan TO - . . . 85*2 86
Debenture gold 5s............. 1934 J -D
96 is 97
97
97
2 97
97
Guar refunding gold 4 a ... 1949 M - S 88 Sale 87*2
88*s
0 87*4 88*s
Registered......................1949 M- S
95 Jan T l
N Y B A M B 1st con g 5a. 1935 A - O 101*2 102ig 101*2 Jan TO,----- 101*2 101*2
N Y A R B lat gold 5 s ... 1927 M- S ------ 102*4 102l2 102H 10 102*2 102*2
Nor Sh B 1st con g gu 5s.01932 Q - J 100*2 102 101 Aug T o ____Ij..................
Louisiana A Ark lstg 5s___ 1927 M- S
86*4 95
07*2 Jan ’ l ei ----- 1 97*2 97*2
Loulsv A Nasbv gen 6s____ 1930 J -D 112 112*4 112*2
112*2
1 ;112 112*2
Gold 5s............................... 1937 M -N 108%____ 108*8 Jan TO!----- ;iOS*8 10S*8
Unified gold 4s................... 1940 J - J
95*4 Sale 94*4
95*41 52 | 94*4 95*4
92 ____ 94 June’ 1 4 ___ II........... ..
Registered....................... 1940 J - J
Collateral trust gold 5 s ... 1931 M- N 105*4 107*2 105 Jan TO I- — 105 105
E H A Nasb lat g 6a.........1919 J - D 107*2____ 107*8 Dec T5 .
L CIn A Lex gold 4 Ha___ 1931 M -N
101*8____ 100*4 Jan TO .
100*4 100*4
N O A M 1st gold 6s____ 1930 J - J 116 ____ 115*2 N o v ’ 15 .
2d gold O ....................... 1930 J - J 110*4 IIU 4 1097 May’ 15 .
b
a
Paducah A Mem Div 4S..1946 F - A 89*4____ 80i2 Oct T5 .
9t Louis Div 1st gold Ga.. 1921 M- S 107*2____ 107*8 Dec '15 2d gold 3 s ..................... 1980 M- S 60*2 62
62
62
1 61
02
Ati Knox A Cin Div 4S...1955 M-N
893g Sale 89*8
90
8 87*4 90
Atl Knox A Nor lat g 5 s..1946 J - D 10S*2____ 111
Hender Bdge 1st s f g Os.. 1931 M
10512____ 105
Kentucky Central gold 4s. 1987 J •
88*4 89
88 Dec T5
L A N A M A M 1st g 4 Hs 1945 M
100*8____ 99'a
8 997 997s
99:,
s
L A N-South M Joint 4 s.. 1952 J
80 ____ 82 Jan TO —
80
82
Registered.....................51952 Q
95
N Fla A S 1st gu g 5s___ 1937 F •
106**8
104*8 Dec T5 .
N A C Bdge gen gu g 4 H 8 -1945 J ■
97
97 Dec *141
.
Pens A Atl 1st gu g 6s___ 1921 F - A 108*8 109*8 108*8 Dec '15 .
S A N Ala cons gu g 5 s.. . 1936 F - A 107*8 108 108
108 |
105*4 108
Gen cons gu 50-year 5a. 1963 A - O 102*4 103 102*4
102*4'
102*4 103*4
L A Jeff Bdge Co gu g 4 s . .. 1945 M- 8
81*2____ 82*2 N ov’ 15 .
Manila RR—Sou linea 4 s ... 1936 M -N
Mex Intermit 1st cons g 4 s..1977 M- S - ................ 77 Mar TO_____
Stamped guaranteed____ 1977 M- S --------------- I 79 N ov’ 1 0 ----Midland Terra— 1st s f 5s g.1925 J - D ---------------1101 Oct ’0 9 -----Minn A St L 1st gold 7a___ 1927 J -D
109
105 Sep *15____
Pacific Ext 1st gold 68___1921 A - O ................. 1027 N ov’ 1 5 ------a
1st consol gold 5s............... 1934 M- N 88*2 Sale 8S*2
88*2
88*2 90
1st A refunding gold 4a.._1919 M
57*2 Sale 52*4
~
57*2
52*4 57*2
I>es M A Ft I) 1st gu Is .. 1935 J - J
60 Feb '15
Iowa Central 1st gold 5a.. 1938 J D ~S9~" Sale' 87*2
89
8712 89*4
Refunding gold 4s.........1951 M- 8
55*4 Sale 52*8
56
51*2 56
M StPASSM con g 4a Int gu 1938 J J 93*4 Sale 93*4
93*4
93*8 937
a
1st Chic Term s t 4s...........1941 M-N
97U June’ 12
"97^ “98 ‘ 9S Jan TO
M S S A A 1st g 4s Int gu. 1926 J - J
97*4 99
Mississippi Central 1st _ 1949 J - J
_
91
92
91 Jan TO
91
91
Mo Kan A Tex 1st gold 4 s.. 1990 J - D 78*2 Sale 78*4
78*8
76*2 787g
2d gold 4s.........................01990 F - A
48 Sale 48
50*4
48
50*2
1st ext gold 5 s ................... 1944 M N
63
66 Dec '15
1st A refund 4s...................2004 M- S 52*2 54
53
53
53*2
40
41
41
42U
Gen sinking fund 4 H h___ 1930 1 - J
42*2
St Louis Div Is ref g 4s . .2001 AA O -------51
51 Dec T5
Dal A Waco 1st gu g 5 s.. . 1940 M- N *70 ____ 99*4 Dec '13: —
78 J'ly ’ 14
K&u C A Pac 1st g 4s____ 1990 F - A
89 * s _____ 89*4
89*4
Mo K A E 1st gu g 5s___ 1942 A -O
87*8 89*4
66
68*4 66
65
M K A Ok 1st guar 5s___ 1942 M -N
66
66
66
60
66
M K A T of T 1st gu g 5 s.. 1942 M- £ 65
65*2 66*2
96 May'13
52
65
Sher Sh A So 1st gu g 5s..1942 J - D
69
69 N ov’ 15
Texas A Okla 1st gu g 5s. .1943 M- S 66
100*2 12
Missouri Pac 1st cons g 6s __ 1920 M- N 100*8 100*4 100*4
100*2
Trust gold 5s stamped___ «19I7 M- S 89's 91*8 90 Jan TO
90
82 Oct T5
Registered___________al917 M- 8
88
83*4 Jan '1 6 ----- 83*8 83*4
1st collateral gold 5s_____ 1920 F - A 8 5
Registered____________ 1920 F - A
40 year gold loan 4s_______1945 M - S 44*4 Sale 44*4
45
4212 46*2
45 Sale 45
IstA ref conv 5s_________ 1959 M- S
45*8
42*2 46*2
3d 7s exteuded at 4 % ___ 193.8 M N
82 Jan T 6
81*2 85
82
82
Boonv St L A S 1st 5s gu. 1951 F - A 36 ____ 100 Feb '13
Cent Br Ry let gu g 4 s ... 1919 F - A
61*2 Dec '15
48
Cent Br U P 1st g 4s____ 194.8 J -D
60
77i2 Dec T3
Leroy A C V A L 1st g5s__ 1926 J - J 36
110 Mar'05
Pac R of Mo »st ext g 4s__193S F - A 90
90
90*2 90
89
90
2d extended gold 5s___ 1938 J - J 100*8
100*2 100*2
100 100*2
8 t L Ir M A S gen con g 5a 1931 A -O 102 102H 102
102*4
102 102H
Gen con stamp gu g 6s_. 1931 A -O
102 J'ly '14
Unified A ref gold 4 s...1929 J - J 'SOU Sale* 79
80*2
74*2 '80*2
Registered...............1929 J - J
807 Oct '12
s
Rlv A G Div lstg 4 s ... 1933 M-N
74 Sale 73
74
70
74
Verdi V I A w lstg 5s___ 1926 M- 8 •77*2____ 87 Sep '15
Mob A Ohio new gold 6s___ 1927 J - 0 113 ____ 112*8 Jan T 6
112 112*8
1st extension gold 6s___ 51927 Q - J 107 108 107 Dec To
General gold 4s__________ 1938 M - £
74 ____ 75 Dec '15
Montgom Div 1st g 5s___ 1947 F - A ____ 102 100 June'15
St Louis Div 5s__________ 1927 J - D 90 ____ 89 Dec '15
St L A Cairo guar g 4s___ 1931 J - J
88*4____ 88*4
88*4
88*4 88*4
Nashville Ch A St L 1st 5 s .. 192,8 A - O 107 ____ 107
107
106*8 107
Jasper Branch lstg 6s___ 1923 J - J 109*8 113 111 Jan '13
McM M W A A1 1st 6s . . . 1917 J - J •101*2 103*4 Jaa T4
T A P Branch 1st 6s.......... 1917 J - J •101*2 113 J’ ly *04
Nat Rys of Mex pr lien 4H b. 1957 J - J ____ 52*4 52*4 Dec *15
68 Oct '15
Guaranteed general 4s___ 1977 A -O
Nat of Mex prior lien 4H8..1926 J - J ”50*8 : : : : 9G Feb '13
7|
1st consol 4s......................1951 A -O
30 Aug '15
N O Mob A Chic 1st ref 5a.. I960 J - J
40 May’ 15
N O A N E prior Hen g Gs._pl915 A - O
101 June'14
New Orleans Term 1st 4s__ 1953 J - J
72 Dec '15
N Y Cen RR deb 6s wh lea.. 1935 M - N 115*8 Sale 115*8
116*4 1278 113 1177
s
94*4 Sale 94*4
Ref A Imp 4H* “ A " ____ 2013 A -O
94*4 154 94*2 95*8
N Y Central A H R g 3HS..1997 J - J 83*8 Sale 83*8
83*8
83
83*8
Registered___________ 1997 J - J ____ 83*2 81*8 Dec T5
03 Sale 92*4
Debenture gold 4a............. 1934 M- N
93U
24 | 92*8 93*4
Registered .............
1934 M -N
917 Dec '15
*
Lake Shore coll g 3 Ha___ 199S F - A
79
79 -* 78
s
79*4
36 I 7712 79*4
Registered..................... 1998 F - A 77*2 78*4 78 Jan TO .---| 78
78
J P M A Co ctfs of dep____ ____
87 Sale 84*s
405; 84*8 88
8S
80 Sale 77*2
Mich Cent coll gold 3 H a .-1998 F - A
77
80
80 I
Registered____ _______199S F - A
77*4 Sale 76*2
76
78*2
78*2
Battle Cr A Stur 1st gu 3s. 1989 J - D
Beech Creek 1st gu g 4 s._. 1930 J - J 90
967 96*4 Dec '15
8
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 HS..M951 A -O
98*a____
Cart A Ad 1st gug 4s.........1981 J - D
88*2____ 88*2 Nov'15
GouvAOswo 1st gu g 5 s.. 1912 J -D 103*4____
Moh A Mai 1st gu g 4s_ 1991 M- S
_
93 ____ 92*8 Dec T5
N J June R guar 1st 4 s . .. 1986 F - A
80 ____ 86 Jan '15
81 ____ 85 June’ 15
N Y A Harlem g 3 Ha___ 2000 M-N
N Y A Northern 1st g 53. . 1927 A - O 104*4 . . . lOH* M ar'l5
N Y A Pu 1st cons gu g 4s. 1993 A - O 90*4 Sale 90*4
90*4 35! 90*8 91*2
99 ____
Nor A Mont 1st gu g 53_ 1916 A -O
_
Pine Creek reg guar 6s___ 1932 J - D 114*8___ 113 May* 15
R W A O con 1st ext 5p .51922 A - O 104 ____ 103*4
1 103*4 103*4
103*4
R W A O T R 1st g u g5 s._ 191.8 M -N 101 ____ 104 JunelO
Rutland 1st con g 4 H 8...1941 J - J 81*4------ 81*4 Dec '15
Og A L Cham 1st gu 4s gl948 J - J ____ 76
75 Dec T5
Rut-Canada 1st gu g 4a. 1949 J - J
92 Juue'OH!
3f Lawr A Adlr let g 5S...1996 J - J 98 100 100 Oct '15!
2d gold 6s...................... 1996 A - O 103 ____ 119*2 M a r'll11

d Due April.

lit

0

Due May.

g

Du June

b

Due July.

* Due Aug.

0 Due o c t,

BONDS
N .

[Vol. 102.

New York Bond Record-Continued—Page 3

426
Y . STOCK EXCHANGE
Week Ending Jan. 28.

P r ic e
F r id a y
J a n . 2S.

W e e k 's
R a n g e or
L a s t S a le

R ange
s in c e
Jan. 1

P r ic e
F r id a y
J a n . 28.

BONDS

N.

STOCK EXCHANGE
Week Ending Jan. 28.

Y .

R ange
s in c e
J a n . 1.

W e e k 's
R anoe or
L a s t S a le

L ow
H ig h
H tO t
B id
A sk Low
Pere Marquette (Con.)
L ow
H ig h
H ig h
B id
A ik L o tp
N Y Cen 4 H R R (Con.)
Flint A P M gold O s... 1920 A - O 102*2 105 101 Dec *15
9834 ____ 9614 Nov’ 15
U ticaA B lK U lTgug4s— .1922 J - 1
74
74
72 ____ 74 Jan '16
1st consol gold 5s______ 1939 M -N
8434 86
86
86
85
86
Lake Store sold 3 H s .........1997 • * 3
*
Pt Huron Div 1st g 5 s.. 1939 A - O ____ 6178 68 JulyT5
81*4 Oct T5
83*4 85
Registered------------------1997 J -D
9538
Sag Tua A H 1st gu g 4a__193l F - A
95
9538
9412
9538 Sale
Debenture gold 48--------1928 M- s
50 Jan TO
Philippine Ry 1st 30-yr s f 4a 1937 J - J ____ 55
94U 95
95
9434 Sale 9434
26-year gold 4a-------------1931 M -N
O 106*2 108*4 105 Dec *15
94
94l2 Pitts Sh A L E 1st g 5s.........1940
94i2
. 94i2 9412
Registered-------------- 1931 M -N
113*4 N ov’ l l
1st conaol gold 5a-------------1943
J
K a A & G R 1st gUC 5 8 ... 1938 J - J 102H —
94*2 90*8
957
8
96*8
Reading Co gen gold 4a------ 1997
J 95*4 96
'15
Mahon C*1 RR 1st 5s.........1934 J - J 106 . . . 10412 Dec ’ 15
92*4 94
J 92*4 94l2 94 Jan T 6
Registered____________ 1997
Pitts & L Erie 2d g 5s.__al92S A -O 100 ____ 103 Jan
95
95*4
O 95 ____ 95 Jan *16
Jersey Central coll g 4a___1951
Pitts McK it Y 1st gU 68. . 1932 J - J 115 ___ 1301s Jan *09
94 ____
J
Atlantic City guar 4s g— 1951
11234 ___ 12314 Mar* 12
2d guaranteed 6a---------1934 J - J
60
60
60 Jan *16
61
J 60
St Joa A Gr Is! 1st g 4a_____ 1947
109 110
McKees & B V 1st g 68.1918 J - J 10U2 - - - 104*2 Dec
____ 110 Jan T 6
St Louis & San Fran gen 6a. 1931
J 109
Michigan Central 5s.........1931 M- 9 1047a ____ 104 Dec *15
102 103*2
103i:
J 103*2 Sale 103*2
General go*d 5a-------------- 1931
T5
1047a-----Registered___________ 1931 Q~M
70 ____ 75 riv *14
Ht L A S F UR cons g 4a. .1996 J - J
98 Apt *12
4s..................................... 1940 J - J 90i« . . .
50*8 52
47*8 49l2 51 Jan '16
Genera! 15-20-year 5s__192, M-N
87 Feb *14
Registered_________ 1940 J - J
47*2 51*4
47*8 50
47*2
48
Trust Co certlls of deposit.,
S
90 June’O
J L 4 3 1 st gold 3 H 8 -.-1951 M- S
467 48*4
8
47
47 Sale 47
do
Stamped..
85
85
8 1 U ------ 85 Jan *16
1st gold 3 Ha................... 1952 M -N
90 N ov’ 15
Qouthw DIv 1st g 5a__ 194 A - O
89i2 83j 88ig 8912
8912 Sale 88I2
20-year debenture 4s_ 1929 A - O
_
71*2 72l2
Refunding gold la------- 1951 J - J 69*2____ 72*4 Jan *16
25 93
95
94*8
95
N Y Chic «fe St L 1st g 4s. _ 1937 A - O 9434 9512
8034 M ar’ l l
Registered.......... ........1951 J - }
’ 14 ___
Registered___________ 1937 A -O *94 ____ 92*4 J'ly 83*2
69*2____ 70
70
70
70
Trust Co ctfa of deposit,
6 83 " ~83*2
83*s 8312 83iS
Debenture 4a_________ 1931 M -N
63*2 Sale 63*2
65
63*2 66*2
do
Stamped
904
92l4 10: 91*4 93
Weat Shore let 4a guar— 2361 J * J 91U 921.1 8934 Jan *10
109*2
109*2 110*4
K O Ft S A M cons g 6s . . 19281M -N 109i2 Sale 109*2
90
89
Registered------------------2361 J - J 89>2 8978 100 Mar’ 15
76*2
76*2
7G*4 77
K C Ft S A M Ity ref g 4a. 1936 A - O 76*2 77
N Y C Lines eq tr 53. . 1915-22 M- N 10078 ____ 98 J'ly *14
K C A M R A B 1 st gu 53.1929 A - O 90 ____ 91*2 Dec *15
78*4 Sale 78*2
78*2 80
Equip trust 4 H « --1916-1925 J " J 1003s------ 99is
79
97*4 99*2 St L S W 1st g 4a bond ctfa._ 1989 M- N
99i2
99i2 ___
62 ____ 62*2
62*2
N Y Connect lstgu 4Hs A . .1953 F - A
62*2 637
8
2d g 4s Income bond ctfs.pl989l J - J
65 Sale 65
653s
65
6534
N Y N H 4 Hartford—
^
_
Conaol gold 4s----------------- 1932 J -D
78 Oct *15
815s —
65*4 72
65
70
67
70
Non conv deben 4s______1947 M- *
1st terml A unit 5s--------- 1952 J - J
63 Feb *15
73 . . .
Non-conv deben 3 Ho------1947 MGray's Pt Ter 1st gu g 5a.. 1947 J - D 100 ___ 98*4 Jan *14
72
72
72
72
7238 72
69
70*4
69*2 Sale 69*4
69*2
Non-conv deben 3 Ha----- 1954 A -O
J
81
Sale 803#
80*8 8 H2 S A A A Pass 1st gu g 4s----- 1943 J - J 101*2___ 101*2
81
101*2
101*8 101*2
Non-conv deben 4s---------1955 J - -»
- J
S F A N I* 1st ak fd g 5s........ 1919
8 H-1 82
81-'*8
81*8 Sale 81*8
82*8
823s
82*8 82*8
823s 84
Non-conv deben 4s---------1956 M~N
Seaboard Air Line g 4s-------1950 A -O
7234
727
8
7234 73
71*2 73
83
82
Conv debenture 3Ha------- 1850 J - J
82*8 82*4 82*8
82*4
Gold 4s stamped_______ 1950 A -O
8
114*2 116
Conv debenture 6a----------- 1948 1 ' J 1151 Sale 115>8 115*2
Registered........................ -1950 A - O
79 .
70
Cons Ry non-conv 4s___ 1930 F - A
69*4
68
Adjustment 5a_________ ol949 F - A 68*4 Sale 68*s
81*1 Jan *12
70*4 71
Non-conv deben 4s___ 1954 J - J
70*4
71*4
70
71o>
Refunding 4 s .-------------- 1959 A -O
Non- onv deben 4a----- 1955 J - J
89*2 Dec '15
Af.I Birin 30 yr 1 st g 4 3 . 1 9 3 3 M- 8 ____ 87*2
83:> ____ 85*4 Mar’ 15
s
Non-conv deben 4s___ 1955 A -O
J - J
Car Cent 1st con g 4s----1949
Non-conv deben 4s___ 1956 J - J
Fla Cent A Pen 1st g 5a .. 1918 J - J 100*4____ 99*4 Sep *15
99*4 Nov'12
86*8
Harlem R-Pt Ches 1st 43.1954 M -N
1st land gr ext g 5s------1930 J - J 100 ____ 101 Dec *15
99*2 June’ 12
U A N Y A l r Line 1st 4 s.. 1955 F - A
J 102*4____ 102 Deo '16
Consol gold 5a----------- 1943 J
82
82
84
81*4 82
103*4 103*4
Cent New Eng 1st gu 4a..1961 J - J 83
103*4
Ga A Ala Ry 1st con 5s ..019451J J 103*4____ 103*4
Hartford St Ry 1st 4s___ 1930 M - S
Ga Car A N'o 1st gu g 5 s .. 1929 J J 102*4____ 103 Jan '16 . . . 103 103
105*2 May’ 15
10 1 ____ 99*4 Aug *15
Houaatonlc R cons g 5s_ 193/ jM- N 106
_
Scab A Roa 1st 5a......... 192G|J J
87 J’ly *14
91*2
Naugatuck RR 1st 4s.'_..1954 M -N
Southern Pacific Co—
88 Aug *13
N Y Prov & Boston 4s . . . 1942,A - O
86*2 88
87
- n 87 87*2 86*4
Gold 4s (Cent Pae coll).41949
82
8 H2 82
81*8 81*4 81
J J
90 Feb *14
NYW'ches&B l 3t ser I 4Ha ’46
- D ____ 85
Registered___________ *1949
107 Aug *09
N H & Derby cons cy 5s. _ 1918 M- N 100*4 —
887 89*8
s
89 Sale 887
s
8»*s
M- 8
20 year conv 4s________ 01929
Boston Terminal 1st 4s_ 1939 A -O
_
106*8 1077
8
107
20 year eonv 5 s _________ 1934 J - D 106*2 Sale 106*8
New England cons 5a___ 1945 J - J
90
91
90<8 Sale 90*8
91
Cent Pac 1st ref gu g 4 s..1949 F - A
9 9 b M ar’ l
Consol 4s_____________ 1945
86*4 M ar*15
F-A
Registered_____________1949
62i2 ____ 56 Apr '15
Providence Secur deb 4 s .. 1957
00*4
89*4 90*4
Mort guar gold 3.Hs..*1929 J - D 8934 Sale 89*8
997 Dec *14
8
Prov < Springfield 1st 5s. 192:
fe
86*4 86*4
Through St L 1st gu 4a. 1951 A - O -------- 8 6 7s 86*4 J a n *16
83*a Feb *14
Providence Term 1st 4s. _1950 M101 104 104 Dec *15
G H A S A M A P 1st 5S..193! M-N
85 .
W A Con East 1st 4 H s ... 1943 J
Gila V G A N 1st gu g 5 s.. 1924 M-N 100 ____ 102*4 Apr '14
82
81H 82»4 82
8078 82
N Y O A W ref 1st g 4s___ 01992 M
102 102
Hous E A W T lat g 5s. . . 1933 M - N 1 0 2 * 4 _____ 102 J a n *16
92*2 June’ 12
Registered $5,000 only. . <71992 M- S
102*4 103*2
76
78
1st guar 5a red------------- 1933 M - N 102*4 103 103*2 Jan *16
80 N ov’ 15
General 4s______________ 1955 J -D
83 Dec *15
U A T C lat g 5a Int g u ... 1937 J - J 106*8 ------- 106*8 D e c '15
80 ___
Norfolk Sou 1st A ref A 5s. .1961 F - A
94*4 05*8
9 5 * 4 -------- 91*4 J a n TO
Gen gold 4a int guar— 1921 A - O
97 Jan ’ 16
961 ____
2
, 97
97
Norf A Sou 1st gold 5s------- 1941 M -N
109*2 N ov’ 15
Waco A N W Ulv 1st g 6s 1930 M - N ------ 110
119*4
1 119*4 119*4
|
Norf A West gen gold Gs— 1931 M- A 119*4____ 119*4 121*8
A A N W lat gu g 5s.........1941 J - J 100 ____ 10*1 N ov’ 15
121&S Sale 121*8
10 1120*2 121*8
Improvement A ext g 6 s..1934 F - A
Louisiana Weat lat 6s------ 1921 J - J 103*2 - . - 109 Juue’ 14
120 ____ 120 Jan T0 ---1120 120
New River 1st gold 6s----- 1932 A -O
Morgan’s La A T lat 7s. .1918 A - O 104*2 105*4 101*8 July’ 15
38 I 93*4 94
N A W Ry 1st cons g 4 s .. 1996 A - O S935g Sale 93U Dec94
105 105
lat gold 6a____________ 1920 J - J 101*4 106 105 Jail TO
93U
*15
Registered____________ 1996 A -O
105 Oct *15
No of Cal guar g 5a----------1938 A - O
91
897 91
8
90*8 ~ 9l" 90
101*4 102*2
Div’l 1st lien A gen g 4s. 1944 J
102*2
Ore A Cal lat guar g 5a__.1927 J - J 102 102*4 102*4
117*4
116 Sale 112U
117*4 121*4
10-25-year conv 4s____ 1932 J^-D
Ho Fac of Cal—Gu g 5a— 1937 M- N 107*2____ 101*2 No v*13
116 117 119H Jan ’ 16
119*2 119*2
J - J 92 ____ 91*2 Sep *12
10-20-year conv 4s........ 1932 ‘
So Pac Coast 1st gu 4a g._ 193‘
119*4
116U 117 115*4
115*4 122*2
85
86
85*2 85*4 85*8
85*8
10-25-year conv 4 Ha— 193S
Ban Fran Terral lat 4a— 1950 A - O
90*8
89*2 90*8
89*8 90*4 90
96 Apr *14
Pocah C A C Joint 4 s . .. 1941
Tex A N O con gold 5a— 1943 J - J ____ 97
103*2 103*2
103*4____ 103*2 Jan
90
91
907 Sale 90*8
8
91
J - J
C C A T 1st guar gold 5 s.. 1922
80 Pac RR 1st ref 4s.........1955
92 ------ 92 Jan ’ 16
917s 93
s
10212 103*2
1027
8
J - J 1027 Sale 102*8
Solo V A N E 1st gu g 4s. . 1989
94 Sale 93*8
94*4
92*4 94*4 Southern— 1st cons g 5s------ 1994 J - J 102*4 1027 98 June* 15
a
Nor Pacific prior Hen g 4s— 1997
Registered____________ 1994
92*4 Dec *15
72*2 Sale 717
71*4 73*4
Registered-------------------1997
8
73*4
Develop A gen 4s Ser A ..1956 A - O
269 65*2 67
67
67 Sale 65*4
78
75
78
General lien gold 3s_____a2047
75
75
Mob A Ohio coll tr g 4 s . .. 1938 M- S 75
64i2 Dec *15
Registered___________ a2047
101*2 Dec T5
J - J 102 103
Mem DIv 1st g 4H 5a----- 1960
9012 ____ 90*8 N ov’ 15
82*2 84*2
3t Paul-Duluth DIv g 4s.. 1996
St Louis dlv 1st g 4s------- 1951 J - J 82*2 84*4 83 Jan '16
100i2 100*2
100*8 - - - 100*2 Jan *16
Dul Short Line 1st gu 5s__ 1916
Ala Cen 1st g Os--------------'918 J - J 100*4___ 104*4 June* 14
110 110
109*4 110i2 110 Jan ’ 16
B t P A N P gen gold GS...1923
98
99
99 Deo '15
Ala Gt Sou 1st cons A 5a.. 1943 J -D
109*2 Oct *15
Registered certificates. .1923
96
97
96*4 N ov’ 15
Atl A Char A L 1st A 4 Hsl944 J - J
106*2------ 102 Feb *15
St Paul A Duluth 1st 5s. .1931
827 84*2 84 Dec *15
8
Atl A Dauv 1st g 4a---------1948 J - J
101*8____ 102 Dec *15
2d 5s.............................. 1917
75*2 Aug *15
2d 4s ........................... 1948 J - J
90
92*4 90 Nov* 15
1st consol gold 4 s._____ 1968
75
81
75*4 Dec *14
Atl A Yad 1st g guar 4s_. . 1949 A - O
90
88 ____ 90
90
90
Wash Cent 1st gold 4s_ 1948
_
100*8 J’ ly *141----Col A Grcenv 1st 6s---------1916 J - J
11118 112 111*8 Jan *16
111*8 111*8
Nor Pac Term Co 1st g 6S..1933
E T Va A Ga DIv g 5a----- 1930 J - J 103*8 I I I - 103*2 Jan *16----- 10312 103*2
30 87
87*4
87*4
88
Oregon-Wash 1st A ref 4s_ 1901
_
Con lat gold 5a------------ 1956 M- N 105*2 Sale 105*2 105H 11 105*2 105*2
94 Jan *16
94
94
93
94
Pacific Coast Co 1st g 5a_ 1946
_
E Ten reor lien g 6a---------1938 M- 8 93*8 101 100 Jan T O ----- 100 101
98 Dec '15
98
Pennsylvania RR 1st g 4s_ 1923
_
57*2 60
57
57 Jan * 1 6 ----- 57
Ga Midland 1st 3s............ 1946 A -O
103 Oct ’ 15
102*8
Consol gold 5s__________1919
Ga Pac Ry 1st g 6s ..........1922 J - J 1077a____ 107*4 Jan T O ------ 107*4 107*4
98
99*2 99*2 Dec *15
Consol gold 4s....... .......... 1943
108 108
Knox A Ohio 1st g Cs----- 1925 J - J 108*4____ 108 Jau *16
99*8 100
99*4
99*4 Sale 99*4
99 . . . 105*2 N ov’ 12
Consol gold 4s__________ 1948
Mob A Blr prior Hen g 58.1945 J - J
105*2 106*8
106 Hale 10578 106*8
68
72
79 Mar* 13
Consol 4Ha - .................... I960
Mortgage gold 4a---------1945 J - J
102 Sale 101*4
102
100*4 102
General 4Ha when issued 1965
Rich A Dan deb 5astrapd.l927 A - O 102*4____ 101*2 Dec *15
96*4 Sale 96*4
96*4
96*4 96*4
68 ____
Alleg Val gen guar g 4s__ 1942
Rich A Meek lat g 4a----- 1948 M N 102 ____ 73 Sep ’ 12
91 Mar*14
94*4
102 102
102
102
D R P.R AB 'ge 1st gu 4s g 1936
80 Car A Ga 1st g 5s........ 1919 M-N
99
99*8 99*4 N ov’ 15
Phlla Balt A W 1st g 4s .. 1943
Virginia Mid ser Dl-os ..1921 M- S 100 ____ 103*4 Nov'12
102 Jan *03
102 Dec *13
Bodus Bay A Sou 1st g 53.2924
M- S
Series E 5s____________1926
~92*8
104 Mar’ 13
Bunbury A Lewis 1st g 4s. 1936
Series F 5s____________1931 M - S I o2 > 8 ------ 103*2 Jan *16
99*8 99*4 99*8 Dec *15
103*2 103*2
U N J RR A Can gen 4 s.. 1944
General 5a--------------------1936 M - N 104*8____
102*2 102*2
Pennsylvania Co—
102*8____ 102*2 102*2
J - J
Va A So'w'n 1st gu 5s_.2003
1017 Sale 101*2 1017
s
s 53 101 102
90
90*2
89
90
90
90
Guar 1st gold 4H s_______ 1921
1st cona 56-year 5 s..1958 A - O
100*8 Dec *15
101*2
Registered____________ 1921
F - A 93 ____ 93 Deo *15
W O A W 1st cy gu 4s----- 1924
86*3 Jan *16
85
86*2 86*2
93
93
93
95
93 Jan '16
Guar 3Ha coll trust reg A . 1937
Spokane Internat 1st g 5s—-1955 J - J
85 Jan *16
85
85
85
98*2 997
8
Guar 3Hs coll trust ser B.1941
99*4
A - O 99*4 Sale 99*4
100*8 Jan *16
99*4 100*8 Ter A of St L tst g 4 Ha----- 1939 F - A 103*4 Sale 103*4 103*4
997
s
10312 10334
Trust Co ctfs gu g 3,Hs.__1916
lot con gold 5a— 1894-1944
83 Feb *15
85
86
88
Guar 3 Ha trust ctfs C___ 1942
Gen refund s f g 4s........ - -1953 J - J 80*2 88*8 88 Jan TC
85 Jan TO
85
85
86*2
Guar3Hs trust ctfs D ___ 1944
St L M Bridge Ter gu g 5s 1930 A - O 99 101*2 99 N ov’ 151
95
95
94*2
97 Sale 96
Guar 15-25-year gold 4s. .1931
95
97
97
Tex A Pac lat gold 5s...........2000 J - D
92*8 May’ 1»
35
35*8
40 7ear guar 4s ctfs Ser E . 1952
35*8 30
35*8
35*8
2d gold Inc 5a---------------- 02000 M ar
90 Dec *15
Cin Leb A Nor gu 4s g _ 1942
_
90
00
89*4 90
J - J
90 Jan *16
La Div B L 1st g 5s---------1931
97*4 Aug T5
Cl A Mar 1st gu g 4H8___1935
100*2 Nov*04
W Min V A N V 1st gu 5a 1930 F - A ------ 95
V
V
104 Dec *15
103
Cl A P gen gu g lH s ser A . 1942
103
Tol A O C 1st g 5s................. 1935 J - J 103 ____ 103
104 Dec '15
102*2
•Series B...............
1942
102
Western Div 1st g Cs........ 193;. A - O 102*4____ 102
91*4 Feb *12
Int reduced to 3 H a. .194?
101*2 Apr *14
General gold 5a---------------- 193.. J - I) ____ 97
90*8 Oct *12
84
84
Series C 3H s-------------- 1948
83
85*2 84 Jan TO
Kan A M 1st gu g 4s......... 1990 A - O
83*4 June’ 15
15 98*8 98*4
Series D 3HS_________ 1950
9S*s Sale 98*s
98*2
2d 20-year 5a................. 1927 J
86*4 May’ 14
61
61
Erie A Pitts gu g 3H8 B..1940
61 Jan T 6
Tol P A W lat gold 4a......... -1917 J - J ____ 60
90>* J’ly *12
83
83
Series C____________ ..1940
82*2 83 Jau *16
J ____
98*2 Jan T 8
98*8 98** Tol S t L A W pr lien g 3 Ha. 1925 J - O
60
Gr R A I ex 1st gu g 4 H a.. 1941
58
59*2 22 58
58*2 Sale
66-year gold 4s---------------- 1950 A 93 May* 14
Ohio Connect 1st gu 4s_ 1943
_
Coll tr 4a g Ser A ----------- 1917 F - A 18*8____ 43 June* 14
109 May’ 10
Pitta Y A Ash let cons 5a 1927
87*4 N ov’ 15
85
Tor Ham A Buff 1st g 4s__M946 J - D 81
98*2 Oct *15
Tol W V A O gu 4Hs A .. 1931
Ulster A Del 1st con g 5a. _ 1928 J -D 101 102 101 Dec *15
98*4 June’ 15
74 M ar’ 15!
Series B 4H s................. 1933
1 st refund g 4s................... 1952 A - O
93*2 Jan *16
93*2 93*2
110 97*4 98
Series C 4s___________ 1942
07*2
08
977
101*2 Jan *16
101*8 101*2 Union Pacific 1st g 4a........... 1947 J - J 97 8 Sale 94*4 Oct T5
P C C A 8 t L gu 4Ha A .. 1946
98
Registered------------------- 1947 J - J
101*8
101*8
101*8 101*8
Series B guar_________ 1942
93*8 94*8
s
94*8
9378 94*4 93 7
J - J
20-year conv 4s---------------1927
97*4 July’ 15
Series C gu ar_________ 1942
90*8 91
91
8
lat A ref 4a_________— <?2008 M- 8 907 Sale 90*2
95*2
95*2
95
95*2
Series D 4s guar----------- 1945
92*2
91*4 92*2
Ore RR A Nav con g I s . . . 1946 J - D 92*4____ 91*4
91 Oct *15
Series E 3Hs guar gold. 1949
108*4 108*2
108*2
108*2 Salo 108*2
Ore Short Line 1st g 0 s.. -1922 F - A
95*4 Jan *14
’ erica F guar 4s gold_ 1953
_
106 106*2
1st consol g 5s.............. 1946 J - J 106*4____ 106*4 Jan *16
925s Aug *15
92*4 94
Series G 4s guar----------- 1957
93*4
93*4 Sale 93*4
Guar refund 4s.......... - - 1929 J - D
104 Nov* 15
C 8 t L A P 1st cons g 5 s.. 1932
Utah & Nor gold 5s----- 1926 J - J 10234 ------ 102 D e c *15
102 Nov* 15
Peoria A Pekin Un 1st a 6s . . 1921
93*8 Oct *15
95
99
lat extended 4s------- 1933 J - J
85 Dec *15
i d gold 4Ha.....................51921
Vandaila cons g 4s Scr A__ 1955 F - A 90 ------- 93 Apr *13
11*2 June’ 15
Pere Marquette— Ref 4a___ 1955
86 Sep *15
90
93
Consol 4s Series B ---------- 1957 M N
40 Dec *13
Refunding guar 4s----------- 1955
42*t A r P '1 5
Vera Crui & P 1st gu 4 H s .. 1934 J - J ____ 87
75 Dec *15
Chic A West Mich 5s.........1921
98*4 Sale 98*4
98*a 78 97*2 98*2
Virginian 1st 5s Serloa A ----- 1962 M N

• No price Friday: latest bid and asked.
lOptlon sale.




A Duo Fob

# Due May

a Duo

June.

» Due

J u ly

A

Due Aug

• Due

O c t.

v

Due

N oy.

< Due Den.

P r ic e
F r id a y
J a n . 28.

W lik ’s
g a n g s or
L a s t S a :s

Range
S in c e
J a n . 1.

BONDS
N . Y. STOCK EXCHANGE
Week Ending Jan. 28.

i
5
*
•

427
P ric e
F r id a y
J a n . 28,

W e e k 't
R ange or
L a st S a le

I

BONDS
N . T . STOCK EXCHANGE
Week Ending Jan. 28.

New York Bond Record— Concluded— Page 4
B onds
S old

Jan . 29 1916.]

B id

A sk Low

H ig h

N o . L ow

H ig h

R ange
s in c e
J a n . 1.

B id
A t k Low
N o L ow
B ig
H ig h
104% 109 103% 104% Trenton G A El 1st g 5a___ 1949
Wabash 1st gold 6s________ IB39 M-N 1047g Sale 104
8 10 1% . . .
_
_
53 983 100
99%
100
4
Id gold 5s_______________ 1939 F - A 99% 100
Union Elec Lt A P 1st g 5 s.. 1932
S ........... ..
100 Sep ’ 1 ___
90 June’ 12
Debenture Series B ______ 1939 J - J 70 110
Refunding * extension 5s. 1933
N ................. 89 Mar*! %
96%
8
96% 96% Utica Elec Lt A P 1st g 6a .. 1950
1st lien equip s Id g 5s . . . 1921 M- S 96 > Sale 96%
J 102% _ .
102% M ar’ ! ___
1st lien 50-yr g term 4s_ 1954 J - J 70 ____ 65 Dec '15
_
Utica Gas & Elec ref 5s___ 1957
J *981^
___
AS
22 Oct ’ 15
J - J
1st ref and ext g 4s_______ 1956
WCstchester Ltg gold 5s___ 1950
O
104% . . . 1033» N ov’ l 5 ___
102 Dec ’ 15
Miscellaneous
Cent Tr ctfs asst paid
Adams Ex coll tr g 4s______1948
Do asst part p aid..
e 85% Sale 84%
85i
84
85%
102% N ov ’ 15
Cent Tr stpd ctfs asst paid .
Alaska Gold M deb 6s A ___ 1925
. 112% Sale 112
113
112 117
Armour A C o 1st real est 4Hs ’39
Do asst part paid. .
D
94% Sale 94
94i
8‘ 93% 94%
107 Jan ’ 16
107 107
Bush Terminal 1st 4s______1952
Eqult Tr ctls asst paid
O 86
87) 88% Jan ’1 ___
86% 88%
46% Jan ’ 16
46% 46%
Do asst part paid_
_
Consol 5s________________ 1955
J 88 Sale 88
88
87% 88%
104% Jan ’ 16
104% 104%
Eqult Tr stpd ctfs asst paid
Bldgs 5s guar tax ex...........i960
O 88% 91
88%
881
87% 88%
45% Jan ’ 16
45% 48
Do asst part paid_______
Chile Copper 10-yearconv7s 1923
N 133 Sale 13134
133
s: 13134 135%
103 103
Det A Ch Ext 1st g 5s___ 194! J - J 103 ____ 103 Jan ’ 16
Computing Tab-Reo s f 6 s..1941
J 82% Sale 82%
85
66 82
85
80 Aug ’ 12
Des Moln Dlv 1st g 4s____ 1939 J - J 80 ___
GranbyCoasM SAP con 6sA ’ 28
N 108 Sale 107
5C 104% 10S
108
76
76% Dec ’ 15
Om Dlv 1st g 3Ha_______ 1941 A - O 72
Stamped________________1928
N 108 Sale 107
is; 10334 108%
108
To! A Ch Dlv 1st g 4s___ 1911 M- 8 80 ____ 66% July’ 15
Great Falls Pow 1st s f 5 s ..1940
N 99% 100
99%
100
51 99% 100
2% Sale
2% 4% lnsplr Cons Cop 1st conv 6s. 1922
1%
Wab Pitts lorm 1st g 4s----- 1954 J -D
8 182 Sale 179%
1851
63 179% 191%
2
2 > Sale
4
1
Cent and Old Col Tr Co certs
5-year conv deb 6s_______ 1919
181% 192
1
2U Sale
Columbia Tr Co certfs____
1
Int Mercan Marine 4Ha___ 1922
O 1 0 1 % 10 2% 100%
1021
1 1 96% 102%
l i 2 Sale
Co! Tr ctfs for Cent Tr ctfs .
1%
1%
Certificates of deposit______
100
1021 226! 95% 102%
2d gold 4s_______________1954 J -D
14 Sale
%
Int Navigation 1st s f 5a___ 1929
A 99 ____ 99
99
22 9134 99
Trust Co certfs____________
> Sale
4
%
.
Montana Power 1st 5a A .1943
J
96% Sale 96%
9G"{
If 95% 97
8334 ____ 8334
8334
83% 8334 Morris A C o 1st s f 4H s___ 1939
Wash Terml 1st gu 3Ha____ 1946 F - A
J _________ 89
1st 40-yr guar 4 s _______ 1945 F - A 93i2 ____ 91% Aug ’ 15
Mtge Bond (N Y) 4s ser 2 . . . 1966
O _________ 83
72
71% 7234
West Maryland 1st g 4s___ 1952 A - O 72 Sale,. 71%
10-20-yr 5s series 3_______ 1932
J 94
94% 94 Jan ’ 16
94
94
10334 103% N Y Dock 50-yr 1st g 4s___ 1951
West N Y & Pa 1st g 5s......... 1937 J - J 1041*____ 1037g Jan ’ 16
A ------ 76%
75% Jan ’ 16 ___ 75% 75%
81% Jan ’16
8U2 83
81% 81% Nlag Falls Pow 1st 5s_____ 1932
Qen gold 4s___ __________1943 A -O
J 100% ____ 10 1 Jan ’ 16
10034 101%
25 . . .
20 Dec ’ 15
O 1045S _
Nov
Income 5s_____________ 61943
Ref & gen 6s .................. a 1932
98 101l2 98% Jan ’ 16
98% 102
Wheeling A L E 1st g 6s___ 1926 A -O
Nlag Lock A O P o w 1st 5S-.1954
’4 ................. 90 N o v '15
99% 99% Ontario Power N F 1st 5s ..1943
2
Wheel Dlv 1st gold 5s____ 1928 J - J 921 98^4 99% Jan ’ 16
A 94% 94% 94% Jan ’ 16
94
95
96 Dec ’ 15
A 947*___
Exten A Impt gold 5s____ 1930
Ontario Transmission 5s___ 1945
s
T 80 ____ 89 Dec ’la
70
70%
71
70% 71
RR 1st consol 4s_________ 1949 M- S 69
Pub Serv Corp N J gen 5 s ... 1959
O 90% Sale 90
90%
75 89% 90%
90 Apr ’ 14
20-ycar equip s f 5s______ 1922 J - J
Ray Cons Cop 1st conv 6S..1921
J --------------- 127 Dec ’15
4
86%
86% 86% Sierra A S F Power 1st 5s
1949
Winston-Salem S B 1st 4 s . . . I960 J - J 8634 873 86%
A _______
92% Feb ’ 14
87%
87
8734 Tennessee Cop 1st conv 6 s..1925
Wls Cent 50-yr 1st gen 4s. ..1949 J - J 87 Sale 87
N 120 Sale 120
12 1
14 120% 125
90%
901* Sale 89%
89% 90% Wash Water Pow 1st 5 s .. 1939
Sup A Dul dlv A term 1st 4s ’36 M -N
J ...
____ 103%
Street Railway
M anu fact-rin g & Industrial
103%
103% 1033g Am Ag Cbcm 1st c 5s______1928
Brooklyn Rapid Tran g 6 s.. 1945 A - O 10318 Sale 103%
O 10 2 % 10 2% 102%
10 2 % 13 102 103
797g
79% 79%
797* .Sale 797g
1st refund oonv gold 4s...2002 J Conv deben 5s___________1924
A 98 Sale 9734
98% 57 97% 9S%
101
101 Sale 1007*
100% 101
5-year secured notes 5 s ...1918 J % 96% 96% 963*
Am Cot Oil debenture 5s .1931
96% 32 96% 963
4
101% 101% Am H id e* L 1st s f g 6s___ 1919
Bk City 1st con 5 s..1916-1941 J - J IOU4 ____ 10178 Jan ’ 16
S 103% 103% 10338
103%
2 10338 103%
98 Apr ’ 14
91% Bk Q Co A 8 con gu g 5 s.. 1941 M -N
Amer Ice Secur deb g 6s___ 1925
O 87
88
88% Jan ’ 16
88% 88%
101 May’ 13
Bklyn Q Co * 8 1st 5s___1941 J - J
\ 1 1 2 % Sale 1 1 2 %
Am smelt Securities s f 6S..1926
112 %
5 1 12 118
10034
100 10034 Am Thread 1st coll tr 4s___ 1919
Bklyn Un El 1st g 4-5S...1950 F - A 100i2 Sale 100%
J 98% Sale 98%
983* 17 97% 983g
10034
Stamped guar 4-5s....... 1950 F - A IOO34 Sale 100%
100% 10034 Am Tobacco 40-year g 6s__ 1944
J 118 ____ 119% Dec '15
8434
83% 8434
Kings County El 1st g 4s. 1949 F - A 85 ____ 8434
Registered_______________1044
O --------------- 121% May’ 14
8434
85
85
87
Stamped guar 4s_____1949 F
83
85
Gold 4s____ ____________ 1951
94 N ov’ 15
A ------ 94
75 >
8
76
Nassau Eleo guar gold is . 1951 J - J 76% 77
75
76
Registered____________1951
98
t ----------98%
Chicago Rys 1st 5s_______ 1927 F - A 9S12 98% 97%
97
98% Am Writ Paper 1st s f 5s___ 1919
J 70% 70% 70
70
I 68
71
Conn Ry & L 1st A ref g 4 h i t 1951 J - J 100%____ 99% Jan ’ 16
99% 99% Baldw Loco Works 1st 5 s...1940
S ------ 106% 106
I
99% ____ 96% June’ 14
Stamped guar 4Ha_____ 1951 J - J
Both Steel 1st ext s f 5s____ 1926
J 103% Sale 103%
103% 27 102% 103%
76%
Dst United 1st cons g 4H«--1932 J - J 76 Sale 76
74% ~77
1st A ref 5s uar A_______ 1942
M 102% Sale 102%
102% 31 101% 10234
84 Jan ’14
Ft Smith Lt 4 Tr 1st g 5 a __ 1936 M- S
Cent Leath 20-year g 5s__ 1925
O 102 Sale 1 0 1 %
102
90 10034 102
Grand Rapids Ry lat^g 6 s ... 1916 J -D 100 ____ 100 June’ 14
Consol Tobacco g 4 s..
1951
A ------ 98% 97*4 Jan ’ 15
87 Jan ’ 16
90
Havana Eleo consol g 5a___195 F - A 87
87
87
Corn Prod Ref s f g 5s...........1931
sj 100% Sale 10 0 % 100%
6 99 100%
Hud * Manhat 5s Ser A___ 1957 r - A 73% Sale 73
74
73% 74%
1st 25-year s f 5s _______1934
sj 96 < Sale 96%
8
96% 24 96% 96%
3034 Sale 30
Adjust Income 6s_______ 1957
30%
30% 31
O 102% Sale 102
Cuban-Am Sugar coll tr 6 s..1918
10 2% 57 1 0 1 % 102%
N Y 4 Jersey 1st 5e......... 1932 V 102 Sale 102
102
102 102
3 70% Sale 70%
distil Sec Cor conv 1st g 5s. 1927
72
70 69% 72
7538 Sale 75%
laterboro-Metrop ooll 4 Ha. 1956 A -O
75%
75% 76% E I du Pont Powder 4H8---1936
3 104% Sale 102%
104% 105 102% 104%
tnterboro Rap Tran 1st 5s 1966 J - J 99% Sale 993g
99%
99% 99% General Baking 1st 25-yr Os. 1936
87%
i
------ 85
Manhat Ry (N Y) cons g 4a. 1990 A -O
91%
917* 92
91%
91
92% Gen Electric deb g 3H s_____ 1942
A 79
80% 79 Jan ’ 16
78"
79"
Stamped tax-exem pt... 1990 A -O ------ 923* 92%
92%
92
9234
8 105 Sale 104%
Debenture 5s___________ 1952
56 10334 105
105
Metropolitan Street Ry—
III Steel deb 4H s_________ 1940
3 91% Sale 91%
92
87 9034 92
99% 100
Bway A 7th Av 1st 0 g 6s. 1943 J - O
99% Jan ’ 16
98% 99% Indiana Steel 1st 5a________1952
si 101% Sale 1 0 1 %
1 0 1 % 128 10 1 % 1 0 1 %
Ool 4 9th Av let gu g 6 s..1993 M- S ------ 100
100 Jan ’ 16
100 100
J ____ _____ 100 Oct ’ 13
Ingersoll-Rand 1st 5s_____*1935
9934 Jan ’ 16
Lex Av 4 P P 1st gu g 5s. 1993 M- S ____ 100
9934 9934 Int Agrlcul Corp 1st 20-yr 5s. 1932
S 77% 79
I
78%
78%
1 78% 79
Met W S El (Chlo) 1st g 4e..l938 F-A|
80 M a r’14
a 102 10 2 % 102
10 2 % 43 102 102%
_
Int Paper Co 1st con g 6s_ 1918
Mllw Elec Ry 4 Lt cons g 6« 1928 F - A 101%____ 101 Jan ’ 16
J 82
84
81
101 101
Consol conv s f g S s ______ 1935
81%
7 81
8334
92% Feb MS
Refunding 4 exten 4HS..1931 J - J ------ 94
5 78% ____ 78%
Int St Pump 1st s f 5s........... 1929
78%
1 75
78%
Mioneap St 1st cons g 5s___ 1919 J - J 100 ___ 100% N ov’ 15
.
78% Sale 78
Certfs of deposit____________
79% 20 74% 79%
Montreal Tramways 1st A ref
9734
3 98% 98%
Lackaw Steel 1st g 5s______ 1923
90% 104 97% 98%
91% N ov’ 15
30-year 5s Ser A _________ 1941 J - J ____ 95
1st con5s Series A _______ 1950
S 97 Sale 94%
145 91% 97%
97
78 Dec ’15
New Orl Ry 4 Lt gen 4 H a .. 193. J - J ____ 85
Liggett A Myers Tobao 7 s.. 1944
3 125% Sale 125%
125% 43 12434 126
74%
W Y Rys 1st R E A ref 4s. .19-42 J - J 74% 7434 7434
73% 75
\ 10 2 % Sale 102
. S s ............................ ......... 1951
102% 29 1 0 1 % 10 2 %
58% Sale 58%
59%
30-year adj Inc 5s_______ ol942 A -O
55
59% Lorlllard Co (P) 7s____ _ 1944
3 12534 122 125
125%
6 12 2 % 126
86
8534 Sale 8534
N Y State Rys 1st cons 4 Ha. 1902 M -N
8534 86
V 1 0 1 % Sale 1 0 1 %
5 s-...........................
1951
10 1%
7 10012- 1 0 1 %
95 Dec ’ 15
Portland Ry 1st A ref 5s___ 1930 M - N 94% 99
Mexican Petrol Ltd con 6s A 1921
> 109 Sale 107%
34 107% 128
113
F -A ____ 80
Portld Ry Lt 4 P 1st ref 5s. 1942
80 Sep ’ 15
> 107
11934 109
1st lien A ref 6s series C
1921
112
21 109 125%
100 May’ 15
Portland Gen Elec 1st 5s. 1935 J - J
Nat Enam A Stpg 1st 5s___ 1929
3 97
97% 9734 Jan ’ 16
96% 98
8t Jos Ry, L, H A P 1st g 5s. 1937 M - N
98 N ov ’08
84
90
Nat Starch 20-yr deb 5s____ 1930
83 June’ 15
Bt Paul City Cab coos g 5 c.. 1937 J - J 99 __
100 Sep ’ 15
National Tube 1st 5s_______1952
100% 100% 100%
100% 38 100 1013*
Third Ave 1st ref 4s________ i960 J - J 82 % Sale 82%
83
82% 83% N Y Air Brake 1st conv 6s" 1928
105 Sale 104%
30 103% .105%
105
Adj luo 5s_____________ al960 A -O
82% Sale 81%
82%
80
82% Railway Steel Spring—
Third Ave Ry 1st g 5 s ...
1937 J - J 106 107 100 Jan ’ 16
106 107%
99% 100
Latrobe Plant 1st s f 5a...1921
99%
4 9934 100
99%
Trl-CIty Ry A Lt 1st s f 5s. .1023 A - O
99% Sale 99
99%
983 99%
4
95 Sale 95
Interocean P 1st 9 f 5s ...1 93 1
10 94% 95%
95
Onde-gr of London 4H s___ 1933
95% J’ ly ’ 14
3 97% Sale 97%
Repub I A S 10-30-yr 5s a f . . 1940
97% 140 9534 97%
Income 6s_____________ 1948
_68% I
69 Jan ’ 16
68
69
Standard Milling 1st 5s......... 3930
97% 97% 97%
97% 14 95% 97%
UnlooTOIov (Chic) 1st g Sail 1949 A -O
84 Oct ’08
1 105% Sale 105
The Texas Co conv deb 6 s.. 1931
105% G4 105 106
United Rys Inv 5s Pitts las. 1926 M -N ------ 80%
74 Oct ’ 15
1 78 . .
Union Bag A P a p e r 1 st 5 s.. 1930
80 Dec ’ 15
United Rys St L 1st g 4s___ 1934 J - J 63% 04
64 Dec ’ 15
__________
Stamped_______________ 1930
_
St. Louis Transit gu 5s_ 1924 A - O
69% Jan ’ 16
59% 59% U S RealtyA I conv deb g 5s 1924
72 Sale 72
4 71% 73
72
United RRs San Pr a f 4s ~"l927 A -O
Sale 45
45%
45
4634 U S Red A Refg 1st g 6s____ 1931
1 ------ 20
23 Dec ’ 15
Va Ry A Pow 1st a ref 5s 1.1931 J - J
91% 91
1)1
91
92
103% Sale 103
U S Rubber 10-yr coll tr 6 s.. 39IS
103% 42 103 103%
Ga* and Electric Light
USSteel Corp— fcou p____dl963
104% Sale 104%
105
346 103-% 105
Atlanta G L Co 1st g 5s___ 1947
D 103 ____ 103 Sep ’ 15
8 f 10-60-yr S slrcg ......... dl963
____ _____ 104%
104%
7 103% 105
Bklyn Un Gas 1st cons g 6s. 1945 M-N 105%____ 105 Jan ’ 16
Va-Car Chem 1st 15-yr 5s. 1923
99 Sale 98%
99% 11 9S% 99%
25 ___
54 J une’ 13
Buffalo City Gas 1 st g 5 s ... 1947 A -O
Conv deb 6s............ ....... el924
' 103 Sale 102%
103
33 102 103%
97 Feb ’ 15
- J 90 ___
Columbus Gas 1st goid 5 s.. . 193
West Electric 1st 5s Doc____ 1922
102% 102% 102
102% 24 101% 102%
Consol Oas oonv deb6s ...19 2 0 y - r 12334 Sale 12334
125%
12334 126% Westlngb’se E A M conv 5?. 1931
134 Sale 132
135% 46 130% 13S%
Detroit City Gas gold 5a___ 1023 3 - j 102% 103 102%
102%
101 102%
101%____ 101% Jan '16
10-year coll tr notes 5s____ 1917
101% 101%
Detroit Gas Co cons 1st g 5s. 1918 F - A 99 . . .
98i» N ov ’ 15
Coal & Iron
Detroit Edison 1st coll tr 5s. 1933 i - J 103% . . . 103% Jan ’ 16
103% 10334 Buff A Susq Iron s f 5s____ 1932
93
92 Julv’14
Eq O L N Y 1st cons g 5s._Il932 IH
1001* May’ 15
Debenture 5s__________ al926
90
85
90
5 90
90
92
uaa A Eleo Berg Co c k 5a.. 1940
-D 100%
100 Feb ’ 13
92% 94
Col F A I Co gen s f g 5s___ 1943
95 Jan ’ 16
93% 95
Hudson Co Gas 1st g 5s___ 1919 M-N 103 105 102% Dec ’ 15
Col Indus 1st A coll 5s gu_.1934
75
76
75
1 75
75
76
Kan City (Mo) Gas 1st g 5s 1022 A - O ___
91
91
91
91
91
18 ____ 73 M ar’ 14
Cons Ind Coal Me 1st 5s.. .1935
Kings Co El I, A P g 5s........ 1937 A - O 103% 105 102% Dec ’ 15
Cons Coal of Md IstAref 5s. 1950
92
93
92%
4 91
93
93
Purchase money 6s___ I I 1997 V - C 115 115% 115 Deo ’ 15
Continental Coal 1st g 5s_ 1952
_
Convertible deb 6a___ H I 192 M- S 117
122% Deo ’ 12
Gr Rlv Coal A C 1st g 6S..A1919
____ 94%
Convertible deb 6a____ I I 192. iw- e 125% 128 12534 Dec ’ 15
Kan A H C A C 1st s f g 58.1951
90 J u lyl5
Ed El ill Bbn 1st con g 4s. 1939
j
86% 88% 88%
88%
88% 88% Pocab Con Collier 1st s f 5s. 1957
89% Sale 89%
89% 20 89
S934
Las Gas L of St L 1st g 5 s -.« !9 ]' Q - F 101% Sale 101%
102
101% 102
St L Rock Mt A P 5s Stmpd. 1955
87% 88% 87%
1 84
87%
88%
Ref and ext 1st g 5s.......... 1034 A -O 101% 10134 1 0 1 %
1011
100% 102
102%
Tenn Coal gen 5s__________ 1951
103% . .
10234
2 101% 10234
Milwaukee Gas L 1st 4s___ 1927
91
9 1% 91% Jan ’16
N
91% 92%
Birin Dlv 1st consol 6 s ... 1917
101% 102% 101%
3 101% 10134
10134
Newark Con Gas g 5s.......... 1948 J - D 1035g ____ 103% Aug ’ 15
101%____ I0 1s4 Jan ’ 16
Tenn Dlv 1st g 6s______al917
:0134 10134
D 104.% Sale 104%
N Y G E L H A P g 6 s .......... 1048
105
104% 105
Cah C M Co 1st gu 6s___ 1922 J - D
01 Dec ’ 14
A 86 Sale 85%
Purchase money g 4s____ 1049
86
85
86
73 Apr ’ 14
Victor Fuel 1st s f 5s_______ 1953 J - i ____ 75
J - J 167 __
Ed E! Ill let cons g 5s___ 1996
107 Oct ’ 15
Va Iron CoalACoke 1st g 5s. 1919 SI- S 89
89% 89%
2 89
89%
90
NYAQ El L A P 1st con g 5s. 1930 F - A 1013*____ 101%
101%
Telegraph & Telephon
101% 101%
N Y A Rlsb Gas 1st g 5s___ 1921 M-N
92% July’09
Am Telep A Tel coll tr 4s__ 1929 J - J 92% Sale 92
92% 79 90% 92%
Pacific G A El Co Cal G A E
1013g
Convertible 4s__________ 1936 M- S 101%____ 013*
3 00% 101%
4
Corp unifying 4 ref 5s___ 193 M- N 973 Sale 9734
98%
9734 98%
20-yr convertible4Hs___ 1933 M- 8 106% Sale 0634
107% 241 07 108
Pao Pow 4 Lt 1st A ref 20-yr
Cent Dlst Tel 1st 30-yr 5 s..1943 J - D 102 102% 02 Jan ’ 16
02 102
6s Internat Serlos............ 1031 F - A
91 Feb ’ 15
Commercial Cable 1st g 4 s..2397 Q - 3 ____ 80
Pat A Passaic G A El 5s___ 1949 M- S 10034
99% Oct ’ 15
Registered_____________ 2397 Q - J ____ 74
79 Apr ’ 14
A -O 115
Feop Gas A C 1st cous g 6s. .1943
115
_ 115
115 115
Cumb T A T 1st A gen 5s_ 1937
_
J 100 Sale 99%
100
15 99% 100
Refunding gold 5s_
_
191 M S 101% 10 is4 101%
101%
101% 102% Keystone Telephone 1st 5 s.. 1935 J - J
95% ____ 95 N ov’ 15
Registered.....................19 4 . M - S
99 Sep ’ 13
Mctropol Tel A Tel 1st s f 5s 1918 M -N 100% . . . :
Ch O-L A Cke 1st gu"g" 5s. 1037
3 l02% 103*" 102% Jan ’ 16
102% 102% Mlcb State Telep 1st 5s___ 1924 F - A 100 Sale 00
3 00 100%
100%
Con G Co of Ch! Istgug 5el936
D 100%____ 101 Jan ’ 16
101 101
N Y A N J Telephone 5s g . . 1920 M -N 101% ____
Ind Nai Gas A Oil 30-yr 6sl93G M - N
93 M ar’ 12
N Y Telep 1st A gen a f 4 H a .1939 M- N 99% Sale 98%
99% 197 98% 99%
M 11 Fuel Gas 1st. gu g 5 s.. 1917 VI- N 100%____ 100% N ov’ 15
Pac Tel A Tel 1st 5s.......... . . 1937 J - 3 100% Sale 100%
100% 44 00 10034
Philadelphia Co conv 6s_ 1919
_
A
96 ____ 96% Jan ’ 16
3 9 6 ) 4 390%
South Bell Tel A T 1st s f 5s. 194] J - J 100% Sale 00
100% 50 99% 100%'
Conv deben gold 5 s .._ I 'I i0 2 i' M- N 91
97
91 Dec ’ 15
West Union col! tr cur 5s_ 1938 J - J 101 102
_
01%
4 s101% 101%
101%
Stand Gss A El conv s f 6r. !92f
D 99% Sale 9S34
99%
98% 101%
Fd aud real est g 4HS___ 1950 M -N
96 Sale 95%
96
50 94% 96
Syaei'se Lighting 1st g 5 s ..195'
D 100%____ 100%
100%
9934100%
Mut Un i'el gu ext 5s___ 1941 M -N _________
8y aeu'e Light A Power 5* t ps*
*4 ____ 85% June 12
Northwest Tel gu 4H « K-. 1934
J 92% 94% 90% M ar’ lfi
-Jo i>rh 1 lrlday, latest bid and asked, a Due Jan. < Due April. « Due M ay. pDueJune. fi Due July. k Due Aug. e Due Oct. p D u eN ov . c Due Deo. tO p tloi .ale
1




4:28

BOSTON STOCK EXCH AN G E-Stock Record a..8°.:«u «
N pB
S H A R E P R IC E S — N O T P E R C E N T U M

S a tu r d a y
J a n 22

M onday
J a n 24

T u esd a y
J a n 25

*106*2
*99*4
192*2
87
*130
36
*230
*4*4
*40
*5
*

107 *106
9978 *99*4
192i2 19212
87*2 85*2
133 *130
36*2 36*2
235 *230
5
*4%
*10
*5
45 *

10624 106*8
3*
99% *99
192% 192
87*? 85*2
133
130
37
36
235 *230
*434
5
*40
*5
45 *

106%
9934
192*2
S6-34
130%
36
235
5

*105
*155
79
•125*4
*86*2
* 10 1
*6*4
35
73*4
*98
•154
*26
•136*2

105%
*155
79
*125*4
87*2
* 10 1
*6*4
*35
72
98
154
*26
*134*2

*104
160
79%
125%
*8612
* 10 1
7
35% 34
73
72
98
*98
154 *154
29
28
135 *135

105*4
160
80
125%
87*2
10 1%
7
35%
72*2

160
79
126*4
87*2
10 1%
vi*
35
74
156
29
137

105*2
160
7934
126*4
87*2
101*2

*10512
*99%
192
86*2
*130
36
*230
*434
*40
*5
*

106
100
192*8
8034
133
37
235
5

*
*158
80
125%
*86*2
10 1
*634
*35
71
*96
154
155
*25
28
135% 135

105%
160
8012
125%
87U
10 1
7*?
36
73

F r id a y
J a n . 28

10534
99% ___
192% 192*2 192*2
86
85*2 85*4
133
___ ___
36
35
36
230
L a s t S ale 434
Jan’ 16
L a s t S ale 40
Jan* 16
L a s t S ale 5%
Jan’ 16
L a s t Sale 44
Jan’ 16

*105
99%
192
86
*130
35*2
230

45

154
28
135

P R IC E S .
T h ursd a y
J a n . 27.

W ed n esd ay
J a n 26

*155
79*2
126
*86*2
101*2
*6*4
35
70
*97*2
154
*134

105%
160
79%
126
87*2
101*2
7*2
36
71%
103
155
28
134*2

L a st Sale

___

___

81

81
___

___
10 1

10 1
___
36
7Hs
___
154
___
___
83% Jan’ 16
35
68*4
___
154
____

120 120 *120 122 *120 124 *120 124 *120 124
66
65*2 65%
66
65*4 6534 65
65% 65
66*2 66*2 66
—
*82% 83% 82% 82*2 82% 82*4 *82% 82*2 —
*82*2 84

Sa les
o f the
W eek
S h a res.

100
45
98
549
38
838
7

45
10
207
115
1
45
5
197
3,280
34
90
20
20
25
406
115

69
23
•69
70*2 *68
*69
69
70
68*2 68*2 6834 68*4 *68
97
97
97% 97
605
97% 98
97
97% 93
98
975s 98
110
*2
*2
*2
2
2*2
2*2
2%
2 % *2
2i4 *2
V?
*14
14*2 14
*13% 14
65
*13% 14
14
*13% 14
*13*2 14
11212 114
235
113% 113*4
113 114
113% 114% 114 114% 113 113
345
1167s 117
117 118
117 118
117 117% 117 117% 117 117*2
127*2 128
127% 128
127% 127% 127% 127% 127 127*2 127 127% 2,671
132
50
52iz 53*4
5212 52*2
*50
51
*48
49% *49
97%
980
96*2 97
97
97*4 98
97
9634 97
9734 96*4 97
68
598
67*4 67*4 67
69%
68*4 69
67
67
69
68*2 69
35
*99*2 100*2 100 100*4 100 100
100 100 *100 10 1
*29
30
29
30
29
396
*28
28% 29
*29
30
29
29
45
44%
1,480
45*2 44% 45*2 44*2 45*2 45
45
44
45*4 45
1134 11*4 2,215
12*2 12 i2 IPs 12 % 12
1234 1 1 % 13
11*4 11*4
245 245
242 244
244 244
149
244 244 *240 2421? 242 243
•173*4 174*4 *171*2 172*2 *172% 173*4 171% 17134 171*2 171%
20
10 1 10 1
63
1 0 1 t2 10 H2 *
101*2 101*2 101*2 * 10 1 101*2 10 1 10 1
*85
85*4 8434 85
86
85
85
177
84% 85
86*2 85
85*2
87
87
86
87
87
87
161
86*2 86% 86*2 86*2 86% 87
*------ 171*4 *171 172 *171 171% *171 171*2 171 171
42
170 170
* 1*2
* 1 !.,
*1*2 2
2*a .Tan’ 16
*1*2 2
*15
16
*15
15%
15*2 *15
30
15*2 15% 15% *15
*43
*43
L a s t Sale 40
*44
Doc’ 15
_
30 *_
30 *__
L a s t S ale 30
30 *. _
Jan'16
30
* ------ 55
50
50
55
55 *
6
55
133 133
134 134
134 134*8 133*4 134 *133 134
133 133
110
*166*4 167
166 166
165 165
16512 166
165 165*2 165 165
59
1578 16
16% 16% 16
46
*15*4 16
15*2 15% *15% 16
16*4
126% 127
126 126% 126*2 12634 1,248
126*2 126*2 126*4 127
126*8 127
38
43
38
38
1,667
38
38% 39*2 39*2 40
37*2 38
*29
30
30
30
10
*29*2 ____ *29
30
*29
30
•29*2 30
1
1
175
138 13812 1,804
138*4 139*2 139% 141*4 140 140% 139 140*2 138 139
55*4 54*4 55% 6,925
55*8 55*4 55*8 5534 55% 56% 55% 56*4 55
822
29% 29*2 29*2
*29
29*4 29
29
29
29
29
29% 29
82% 84
7,393
83% 84
83% 84*2 82*2 84% 84% 85*4 83*2 86
251
117*8 1177g *117*2 118
118 118% 118 118*2 118 118% 117% 117%
19,498
8% 9%
9*8 10
10*2 10*4
9
10
934 10
934 1034
2
2
97*4 98
23*4 24
1*8
1%
68
70
69*4 70*4
9
9*8
*3*4 3*2
75% 76
70% 71
560 565
*1734 18*4
*54
54*4
63% 64*4
3*2 3*2
15*8 15*4
10*8 10*2
85*2 877g
47*2 48*4
*17*2 18
*267 27%
g
S>2 5*2
48
4812
*89
90
29
29
4*4
*3
3*?
18*2 18*2
*5
512
4
4
13
13
*3*2 4
38
*17g 2
92
921
4
*15*8 157g
9*4 U‘»
20*4 21*2
7*4 7',
29*4 29*2
2*4 vu
2
2u
*3
3*2
6512 65*4
85*2 8512
14
14%
88*2 88*2
25
25*4
64
65
3*8 3 %
9*4 9*2
33
33*2
*7*4 7*4
26
26
2*8
2*4
*53*2 54*2
10*4 11*2
.17
.18
58i2 59%
50
50
3% v ,
14% 14*2
79*4 80*8
3*4 3>4
4*4 4%
62
62
2% Vs
• B id an d

97% 97*2

97% 97*2

13,
15,
138
69% 71
69% 70
68% 69*2 68% 6934
8*4 9
87,
9
si..
•314
3%
3'2
7414 7534 75
79
70
71
70*4 7034
560 565
560 562
18*4 18*4 18
18
54% 54% 5334 5334
63
64% 63*4 64*4
334
•3u
3*4 3*4
15*4 15*4 15% 15%
10
10*4 *9% 10
90%
86*2 88*2 88
4734 48*2 47
47%
17% 17*2
17*2 17*?
*2678 27% 26% 26*2
5*2 5*2 *514 534
48*2 48*2 48*2 48*2
*88*4 89-%
89
89
29
29
28
28
4% 4*2
4% 4%
♦3
3% *3
3*2
1834
18
18*4 19
5
5
5
5*8
3*4 3%
334 3%
12 % 13
12 % 13
4
4
3% 4

*1 % 2 %
or.
96*?
97*2 96
24
24
24
11?
112
n,
i*t
68
70% 67*2 68*2
6734 69% 6634 68
8% S?!
834 9
3% 3% *314
:n77
791- 75*8 77t2
70
71% 68*4 70
550 555
5.50 564
*17
18
17*4 17%
52% 53*?
53*2 54
63% 03%
63% 65
3% 3% *3u
Mi
1434 15
14*4 15%
10
10
10 % 10
91
92*4
90*4 92%
48
48
49
49
17*2 17*? 16*2 17*2
27
27%
27
27%
534
534 *5
*5
47
48
48
48
88*2
*88*2 89*2 *88
27
28*2 27
27*2
41j 4%
4% 4%
*3
*3
»>?
18
18% 17*2 18
5
5
5
5
314
3% 31?
3'l
12
12 %
12 % 1212
334 3% *334
4

2
*1»4 2
1% 1%
92*2 91
92% 91% 92
15*4 *15% 1534 *15% 1534
93; 10
9*2 10
9%
22% 21*2 23%
20*4 20
*->
7*?
7% 7%
7*2 7
30
29*2 29*4 29% 29
2
*1 % 2 %
1% 2
2
*2
2*4
2%
2 We
3A,
3% 3*4
3% 3*8
65*4 65
64
65
65
66*4
86
87
86
87
87*2 86
1334 1334 13*2 13*2
13*2 14
89
89%
88*2 88% *87% 89
*2434 25
2434 24% 2434 24*4
64
*64
65
64*2 64
3*4 311
3*4 3*4
3U 3%
9% 9*4
9*4 9*?
9*4 9%
33
33*2 32% 33*2 32*2 33*4
*7% 734
7*4 7%
7*4 7*?
26
28
25*2 25*2 25% 26
e3
3*8
2*8 2 % e3% :i>.
53
54
*53
53*4 53
53*4
10 % 10*2
10*2 11*1
10*2 1 1
.20 .20
.16
.16
.20
.15
58
58
59%
59% 58% 59
50
50% 49% 50*4
50*2 50
3% 3%
334 3%
3% 4
14
14% *14
14
14*i
14*4
*79
79% *79% 79% 79*4 7934
3% 4
3% 3*4
31s 3%
4
4*?
4
4% 4*2
4*2
62
61*2 62
61*2 61% 62
*2% iiU
2*8 2 %
1% 2
a sk e d pries, a E x - d lv ld e n d a n d rlg b ta .
1%
91
15*4
9*2
19*2
7%
29
1%
2




1*4
90*2
15%
9%
2034
7*2
29
2
2%
3
64*2
85*2
13*2
89
24
63
3%
01,
32%
7%
25
3
52
10
.15
57*4
49%
3*4
13%
78*4
3 7a,
4
61
*2*g

1*4
91%
15%
9%
213,,
7*2
29%
2
21,
3*4
65
8.534
1334
90
24
63
3%
9*2
33
7%
25
3%
53*2
10*2
.16
58*2
50
3%
13%
79
3*2
4*2
62
2%

STOCKS
BOSTON STOCK
EXCHANGE

R a n g e S in c e J a n .

[V o l .
1.

R a n g e f o r P r e c io u s
Y e a r 1915.

H ig h e s t .

Railroads
Atch Topeka A Santa Fe._ 100 106*8 Jan
99 Jan
Do pref.................... __ 100
Boston & Albany
100 190 Jan
82*2 Jan
Boston Elevated_________ 100
Boston & Lowell_________ 100 129 Jan
35 Jan
Boston A M aine_________ 100
Boston & Providence____ 100 230 Jan
434 Jan
Boston Suburban Elec Cos . . .
40 Jan
5% Jan
Boston A Wore Electric Cos__
44 Jan
100
10434 Jan
Do pref__________ . . .
Connecticut River_______ 100 150 Jan
Fitchburg pref___________ 100 76 Jan
Georgia Ry A Elec stampdlOO 122 Jan
Do pref_____________ UK) z86 Jan
Maine Central___________ 100 100*2 Jan
7 Jan
Mass Electric Cos________ 100
Do pref stamped------- 100 34 Jan
N Y N II A Hartford____ 100 68U Jan
)
Northern New Hampshire. 1 (H 97 Jan
Old Colony-------------------- 100 151 Jan
Rutland, pref___________ 100 28 Jan
Union Pacific------------------- 10O 135 Jan
100 83*4 Jan
Vermont A Massachusetts. 100 118 Jan
West End Street_________ 50 65 Jan
Do pref_____________ 50 80 Jan
Miscellaneous
Amer Agrlcul Chemical. _. 100
Do pref_____________ 100
Amer Pneumatic Service.. 50
Do pref............ ........... 50
Amer Sugar Refining------- 100
Do pref_____________ 100
Amer Telep A Teleg.......... 100
American Woolen tr ctfs
_
Do preferred tr ctfs _
Amoskeag Manufacturing. _
_
Do pref . ..................
Atl Gulf A W I S S Lines. 160
Do pref— .................. 100
East Boston Land.......... 10
Edison Electric Ilium------- 100
General Electric-------------- 100
McEIwaln (VV H) 1st pref. 100
)
Massachusetts Gas C o s ... 1 (H
)
Do pref_____________ 1 (H
)
Mergenthaler Linotype. 1 (H
10
Mississippi River Power. 100
100
100
100
100
Pullman Company______ 100
Recce Button-Hole_______ 10
100
Torrlngton______________ 25
Do pref_____________ 25
United F ru it____________
United Shoe Mach Corp_.
Do pref_____________
U 8 Steel Corporation----Do pref........................
Ventura Consol Oil Fields.

100
25
25
100
100
6

25
5
3
3
4
28
6
20
18
5
3
6
5
4
3
10
4
25
25
28
3
13
25
26
3
10
26
11

68*2 Jan
97 Jan
2 Jan
13*2 Jan
112%Jan
11678 Jan
127 Jan
43 Jan
92 Jan
66 Jan
99*2 Jan
27 Jan
42 Jan
10 Jan
242 Jan
171*4 Jan
100 Jan
8412 Jan
85 Jan
169 Jan
2U Jan
15 Jan

22
22
11
11
11
3
20
14
15
4
14
14
1
26
3
10
15
18

30 Jan
50 Jan
131i4Jan
164 Jan
15*2 Jan
125*2 Jan
35 Jan
28 Jan
1 Jan
138 Jan
51
— Jan
28*2 Jan
8212 Jan
117 Jan
87a Jan

"7
24
11
12
25
15
14
14
14
19
3
3
24
3
27

21
14
18

L o w est.

108 Jan 3
9234 Feb
99*8 Jan 27
97 Jan
192*2 Jan 20 170 Mar
88*2 Jan 19
73 June
130*2 Jan 20 109 Feb
39 Jan 8
20 Feb
233 Jan 18 225 Jan
5 Jan 8
5 Dec
40's Jan 6
40 Sep
5i2Jan 5
5 N ov
44 Jan 18
39 Jan
157 Feb
105*2 Jan 24 101*2 July
160 Jan 21 140 Feb
81 Jan 28
51 Feb
126 Jan 27 114 Apr
87*2 Jan 24
84 Aug
102 Jan 17
92 Mar
7 Jan 25
478 June
37 Jan 4
33 July
7734 Jan 3
43 Feb
98 Jan IS
89 Oct
156 Jan 18 140 Aug
30 Jan 3
15 Mar
13838 Jan 6 116*2 Jan
83*4 Jan 3
79-34 Mar
120 Jan 19 105 Feb
67*2 Jan 19
61 May
84 Jan 21
80 July
71 Jan
99 Jan
2*4 Jan
14*4 Jan
116*2Jan
118i2Jan
128*2 Jan
53*4 Jan
98 Jan
69*2 Jan
100*4 Jan
3134 Jan
47*4 Jan
1338 Jan
247 Jan
178 Jan
1017a Jan
86*2 Jan
87*2 Jan
172 Jan
2*4 Jan
16 Jan

102

H ig h est.

109*8 Nov
101*2 Nov
198 Jan
96 Jan
138*2 Oct
37*2 Oct
240 Juno
10 M ar
56 Mar
9 Sep
47 July
160 Sep
110 Apr
165 Jan
76 N ov
120 Feb
88 Mar
103*2 Nov
10 Sep
56 Jan
87*4 Oct
98 Apr
157 Apr
30 N ov
141*8 NOV
817g Oct
125 Apr
72*2 Jan
93*2 Feb

17
3
6
10
8
13
15
22
22
28
3
17
18
19
81
17
14
5
14
19
15
15

48
Jan 73*4 N ov
87*2 Mar 101*2 N ov
4*2 Oct
1*4 Mar
19*2 Jan
13 Deo
100 Feb 11912 Nov
109 Feb 119 Deo
130*2 N ov
116 Jan
57*4 Oct
16*2 Apr
99*2 Oct
77 Feb
67 Apr
59*8 Jan
97*2 May 101 Feb
4
Feb 36 Nov
978 Mar 49 N ov
13*4 Apr
8*2 Dec
230 May 260 Jan
138*4 Feb 18412 Oct
96*2 Aug 104 Mar
94 Aug
78 Apr
92*2 Jan
84 N ov
154 Feb 200 Jan
3 Sep
*4 Apr
16*8 Dec
10 June
46*2 Jan
35 Feb
30 N ov
30 Jan 7
20 Apr
55 Dec
58 Jan 7
25 July
134*8 Jan 25 zl27% June 143 Jan
171 Jan 17 150 Feb 170 Oct
16*4 Jan 12
18*4 Jan
15 Sep
127*2Jan 8 104*4 Jan 128 N ov
43
Jan 28 28 Mar
36*2 Dec
30 Jan 10
26 Mar 30*4 Sep
1 Jan 14
1*4 Apr
.95 Jan
149*2 Jan 17 110 Feb 163 N ov
56*2 Jan 1 1
65 May
48 Aug
29*2 Jan 28
30 Aug
28 Mar
89*2 Dec
88% Jan 3
38 Feb
118*2 Jan 25 102*4 Jan
117*4 Oct
13 Jan 3
14*8 N ov
10*8 Deo

Mining
478 Apr
2 Jan 5
2*2 Jan 3
25
1 Jan
430
584 Ahmeek________________ 25 95 Jan 15 99*2 Jan 3
92*2 Deo 103 Aug
23i2Jan 24 26*2 Jan 7
40*4 Apr
1,615
10
21*2 Dec
4*4 Apr
l%Jan 12
178 Jan 3
.45 Feb
900 Algomah Mining_________ 25
66 Dec
35*2 Jan
3,401 Allouez...................... ......... 25 647g Jan 14 71 Jan 24
72*4 N ov
14,905 Amer Zinc, Lead A Smelt. 25 66 Jan 13 7034Jan 6
16*4 Jan
85$ Jan 21
978Jan 8
9*2 Apr
3*4 Jan
1,260 Arizona Commercial_____
5
4*4 Apr
3 Jan 15
3*« Jan 18
170 Butte-Balaklava Copper.. 10
2 Jan
80 June
71%Jan 3 7912 Jan 26
20,287 Butte A Sup Cop (Ltd) — 10
35*4 Jan
6SI2 Jan 20 72 Jan 3
78*4 Apr
3,985 Calumet A Arizona............. 10
51*2 Feb
138 Calumet A Hecla________ 25 550 Jan 20 570 Jan 3 350 Jan 630 Apr
25 Apr
75 Centennial . . . _________ 25 17 Jan 5 19 Jan 6
15 Jan
67 N ov
3278 Jan
180 Chino Copper___________ 5 52% Jan 27 56*4 Jan 3
62 Jan 19 65*8 Jan 3
65 Dec
6,023 Copper Range Cons C o ... 100
30 Jan
3 Jan 13
334 Jan 5
5*4 Apr
660 Daly-West______________ 20
17s Jan
14*4Jan 26
16*2 Dec
3,218 East Butte Copper M in ... 10
16*4 Jan 3
8*2 Jan
9i2Jan 5 1034 Jan 8
745 Franklin________________ 25
14*4 Apr
4*2 Feb
9334 Jan 28
94*2 Apr
20,764 Granby Consolidated------- 100 84*8 Jan 1 1
58 Jan
635 Greene Cananea_________ 100 46 Jan 20 5H4Jan 3
523s Dec
23*4 Feb
19i2Jan 4
16*2 Jan 27
224 Hancock Consolidated___ 25
24*2 Apr
11 Jan
26*2 Jan 25 27*8 Jan 26
280 Hedley G o ld ____________ 10
29*4 Jan
26*2 Oct
6 Jan
5 Jan 19
lO** Apr
105 Indiana Mining--------------- 25
2*4 Jan
47 Jan 18 49*4 Jan
41 Mar 52 Aug
722 Island Creek Coal..............
1
89 Jan 20 91 Jan
91*8 Apr
85*2 Jan
5 Do pref........................
1
34 Apr
17*2 Jan
1,040 Isle Royalo Copper.......... 25 27 Jan 26 3134 Jan
434 Jan
4i2Jan 3
5*8 Apr
5
3 Aug
157 Kerr L ake------- ------------27a Jan 28
4*2 Apr
3*2 Jan
20 Keweenaw Copper---------- 25
1*2 Aug
1978 Deo
512 Jan
840 Lake Copper C o................ 25 17 Jan 19 19*4 Jan 3
5 Jan 18
534 Jan 3
9 Apr
615 La Salle Copper................ 25
3*8 Jan
3i4Jan 14
414 Jan
5 Dec
1 Mar
555 Mason Valley Mine.......... 5
12 Jan 27
14 Jan
17 Apr
3 Jan
1,310 Maas Consol------------------- 25
3*8 Jan 25
4*2 Jan
8
Apr
3 Aug
240 Mayflower---------------------- 25
35 Jan
39 Jan
30*8 Deo
16*4 Jan
H2 Jan
2*8 Jan 3
3 Apr
1,045 Michigan_______________ 25
.60 Mar
98*2 Jan 3
1,202 Mohawk------------ ------------ 25 8934Jan .
98 Dec
46*4 Jan
95 Nevada Consolidated------- 5 15 Jan 28
16*8 Jan 3
17 Apr
11*8 Feb
9 Jan 18 10*4 Jan 4
705 New Arcadian Copper----- 25
14*4 June
4*2 Feb
2434 Jan 19
13*2 Aug
11,843 New Idria Quicksilver----- 5 10*4 Jan 3
4 July
7*4 Jan 20
5
260 Nlplsslng Mines------------7% Jan 3
87g N ov
5*8 Aug
387s Apr
3,155 North Butte...................... 15 28*2 Jan 20 32 Jan 3
22*4 Jan
134 Jan 24
4% Jan 3
4*8 Apr
185 North Lake........................ 25
1 Jau
3*2 Apr
234 Jan 18
l%Jan 15
670 Ojib way Mining................ 25
.50 Mar
25
7*8 Apr
3 Jan 20
4 Jan 3
2*4 Nov
530 Old C olon y.................. ..
25 6314 Jan 3 6818 Jan 8
1,050 Old Dominion C o..........
----38*2 Mar 64 Deo
93*2 Apr
64 Jan
’
332 O sceola.............................. 25 82 Jan 20 88*2 Jan
12 Jan
1578 Jan
19*8 Aug
1 3 Jan 28 ________________________
1,766 Pond Creek Coal................ 10
95 Apr
50 Jan
519 Quincy ................ - ......... .. 25 87 Jan 20 91 Jan
27*8 N ov
15*4 Jan
24 Jan 21
330 Ray Consolidated Copper. 10
25*8 Jan
28 Jan
65*2 Deo
65*4 Jan
559 St Mary’s Mineral Land.. 25 61*4 Jan 1 1
6 Oct
1 Mar
37s Jan
3 Jan 13
1,445 Santa Fe Gold A Copper.. 10
11*4 Apr
4 Jan
934 Jan 18
8*8 Jan 5
4,570 Shannon.................. .......... 10
38 Nov
18*4 Jan
32*2 Jan 26 35*8 Jail 3
2,535 Shattuck-Arizona________ 10
5*4 Nov
8i2 Jan 4
7*4 July
7 Jan 20
275 South Lake........................ 25
28*2 Jan 3
2212 Jan
41*2 Apr
500 Superior................ ............. 25 2434 Jan 20
4*2 Apr
1 Mar
3*8 Jan 5
l*2 Jan
1,330 Superior A Boston Copper. 10
56*4 Jan 14
25 Jan
58*8 Aug
534 Tamarack______________ 25 50 Jan
12-34 Jan 3
2*8 Fob
1512 Oct
1,496 Trinity................................ 25 10 Jan
.39 Jan 3
.63 Apr
.20 Jan
.15 Jan
8,500 Tuolumne Copper-----------1
54 Deo
61 Jail 10
20 Feb
11,026 U S Smelt, Rcfln A M in .. 50 54*8 Jan
51 Jan 8
28 Jan
50*2 Dec
2,150
Do pref_____________ 50 49*2 Jan
4*8 Jan 28
6*8 June
2 Jan
3U Jan
13,657 Utah-Apex Mining______
5
14*2 Jan 21
16*8 June
9*4 Fob
1212 Jan
1,605 Utah Consolidated..........
81*2 Jan 3
48*4 Jan
81*4 Dec
243 Utah Copper C o________ 10
78 Jan
4 Jan 24
1 Fob
4*2 Apr
234 Jan
3*2 3*2 4,090 Victoria------------------------ 25
5 Jan 17
1*4 Jan
4 Jan
4% 4S,
5*8 May
880 W inona------------------------ 25
62 Jan 3
70 Apr
32 Jan
61
61
520 W olverine-------------------- 25 60 Jan
2*2 Jan 15
134 Jan
.50 Mar
2*4 Apr
2% 2 %
872 W yandott_____________ 25

*17.
2*4
96*2 99
24*8 2 1 %
Us
112
68
68*2
67% 6734
S3, 9
*3%
3*2
75% 76%
69% 70
550 555
*17% 18
53*8 53%
63
64
3*4
3%
14*4 14%
10
10 %
91*4 93*4
48
48*2
*17% 17%
___ _
*5
5*4
47*2 47*2
89
*88
27*2 27*2
*4% 434
27,
27,
17*4 1734
5
5
4
*314
12*2 12*2
4
*34,
655
2
P,
91
91*2
15
15*4
*9%
9*4
22
20
*7*4
7*2
2834 29*4
*134 2 %
*2 % 2 %
*3
3%
64
65*i
*85% 86*4
13
13*4
89*4 91
*24
24%
63
63*2
3*8 3*8
9% 9*4
33
33*4
*7
7%
25
25%
3
314
51*2 53
10
10
.15 .15
58
58*2
49*4 50
37, 4*8
13*2 13*4

5 E x -flto o k d iv id e n d .

$ A aaesam ent p a id ,

h Ex-rlghta.

4 U n sta m p e d ,

* 2a p a id ,

to H a ll - p a id .

J an. 29 1916.]

THE CHRONICLE

Outside Exchanges— Record Transactions
Boston Bond Record.— Transactions in bonds at Bos
ton Stock Exchange Jan. 22 to Jan. 28, both inclusive;
F rid a y
W eek ’s R ange
L a st

Bonds—

P r ic e .

Amer Tel A Tel 4 s ,.. 1929
Convertible 4 % s . . . 1933
Atch Top A S Fe 4 s.. 1995
Atl G A W I SS L 5s.. 1959
Ch June A U S Y 4 s.. 1940
Dominion Coal 1st 5s. 1940
Gt Nor— C B A Q 4 s.. 1921
K C M A B 4s_____ 1934
Mass Gas454s........ ..1929
4 5 4 s _____________ 1931
Miss River Power 5s.. 1951
N E Cotton Yarn 5 s.. 1929
New Eng Telep 5s___ 1932
Pond Creek Coal 6s .. 1923
Swift A Co 5s
1944
United Fruit 454s___ 1923
Western Tel A Tel 5s. 1932

L ow .

92
10654
95 %
9454
76
8654
8654
9354
9854
8354
8354
99
9554
80
80
SO
102
92
92
9954
98
9854
9954
9954
9254

H ig h .

92%

107
95%

9454
7654
86 54
9354
9854
8354
9954
9554
80
80
102
92%

9954
9854
100

S a les
fo r
W eek.
S h a r es.

1.

R a n g e s in c e J a n .
Low .

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Philadelphia Stock Exchange.— The complete record
of transactions at the Philadelphia Stock Exchange from
Jan. 22 to Jan. 28, both inclusive, compiled from the
official sales lists, is given below. Prices for stocks are all
dollars per share, n o t per cent. For bonds the quotations
are per cent of par value.

Stocks

S a les
F r id a y
fo r
W eek ’s R ange
L a st
W eek.
o f P r ic e s .
S a le.
S h a res
H ig h
P a r . P r ic e . L o w .

R a n g e S in c e J a n .
Low .

Pittsburgh Stock Exchange.— The complete record of
transactions at the Pittsburgh Stock Exchange from Jan. 22
to Jan. 28, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, n o t per cent. For bonds the quotations are per cent
of par value.

H ig h .

$49,000 9054 Jan 9254
32,000 10654 Jan 10754
200
9454
9554
500 9454 Jan 9454
20,000 74
Jan 7754
1,000
85
Jan 8654
1,500 9354 Jan 96
2,000
9854 Jan 9854
1,000 8354 Jan 8354
7.000 9754 Jan 9954
6.000 9454 Jan 9554
5,000 80
Jan 81
4,000 75
Jan 80
15,000 10154 Jan 102
10,500 92
Jan 94
39,000 9854
9954
2,000 9754 Jan 9854
24,000 99
Jan 100

1.

H ig h .

429

Stocks—

F rid a i
S a les
L ast
W e e k 's R angi e f o r
S a le.
o f P r ic e s .
W eek.
P a r’ . P r i c e . L o w .
H ig h . S h a res.

Amer Sewer Pipe.........100 _____
0
Am Wind Glass Mach. 100 4554
0
Preferred ................... 100 --------9
Caney River Gas_______ 25 41 yA
5
Columbia Gas & E lec.. 100 ...........
3
Consolidated Ice, c o m ..50 ..........
3
Preferred . ..........
) ...........
Crucible Steel com___ 100\
Preferred.................... 100 ..........
)
Harb-Walk Refract_ 100) ...........
_
Preferred__________ 100 101
)
Independent Brewing..50 _____
)
Preferred.................... 501...........
La Belle Iron W ork s... 100 52
1
Preferred.................. 100 1...........
Mfrs’ Light & Heat___ 50> 5 1 *
Nat Fireproofing c o m ..50i ___
Preferred................... .50i 2254
Ohio Fuel Oil______
1754
Ohio Fuel Supply...
3854
Oklahoma Nat Gas___ 100
72
Osage A Oklahoma C o. 100
Peop Nat Gas & Plpeage
Plttsb Brewing com___ 50 _____
Preferred................. ..5 0 _____
Pittsburgh Coal com..100
33
Plttsb & Lake Erie R R.50
Pittsburgh Oil & G a s.. 100
8
Plttsb Plate Glass.........100 116
Plttsb Silver Peak_____ 1
9c.
Pure OH common_______5
2054
San Toy Mining___
Union Natural Gas___ 100 145
Union Switch & Signal..50 ______
U S G lass.................... 100
U S Steel Corp c o m ... 100
West’house Air B rake..50 136
Westlngh El & M fg com 50 6754
West Penn Tr A W P . . 100
18
Preferred................... 100
Bonds—
Plttsb Brewing 6s___ 1949
Plttsb Coal deb 5s___ 1931
Pitts M cK & Conn 5S.1931
West Penn Rys 5s___ 1931

R a n g e S in c e J a n .
L ow .

16
17
1754;
40
43
4754
6,065 3554
138 13954
70 132
4154 4254
935 3954
15
1554
1,035
1454
454
454
20
354
3454 3454
225 3454
7054 7054
10 56
110 110
134 10954
75
7754
285
7154
101 101
110 100
354
354
300
354
19
19
20
1854
50
5254
760 50
123 123
390 123
5154 5154
437 51
1054 1154
920
1054
2254 23
395 2254
1754 18
790
1754
3854 3854
111 3854
70
72
70 70
106 106
10 105
36
36
15 35
554
554
265
5
1954 20
120 1854
32
3454
938 32
200 200
11 200
145
8
8
854
11554 116
40 115
9c.
9c.
500
9c.
1854 2054 19,541
1854
21c. 23c.
1,800
18c.
145 145
10 143
122 122
20 122
3154 3254
125 3054
82J4 85
430 82 %
136 137
398 136
66
6754
310 6554
18
18
100
17
44
44
35 44

1.

H ig h .

Jan
1754
Jan 4954
Jan 143
Jan 4254
Jan
1554
Jan
454
Jan 35
Janj 7054
Jan 1 10
Jan 7754
Jan 10 1
Jan
354
Jan
19
Jan 54
Jan 124
Jan 6154
Jan
12
Jan 2454
Jan
19
Jan 40
Jan 74
Jan 106
Jan 37
Jan
654
Jan 2154
Jan 3654
Jan 200
Jan
954
Jan 116
Jan
9c.
Jan 2054
Jan 25c.
Jan 145
Jan 126
Jan 3454
Jan 8854
Jan 14054
Jan 69 %
Jan
18
Jan 44

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

19
230
Jan 20
20
20
Alliance Insurance........ 10
Jan
33 12 1
122 122 54
Jan 12254 Jan
American Gas of N J..100
108
American Milling.......... 10
8
7 % Jan
7% 8
8
Jan
31
8 2854 Jan 31
American Hallways___ 5 0
28%
31
Jan
96
122
Preferred____ _____ 100 9554
95%
Jan
9554 Jan 96
Buff A Susq Corp v t c.100 4154
658 38
Jan 43
38
41%
Jan
54 % 6 2 %
Pref v t c ................... 100 61
1,980 54J4 Jan 6254 Jan
Cambria Iron................ 50
45
45
22
44
Jan 45
Jan
Cambria Steel................ 50 "74'
19,192 7054 Jan 76
72 H 75
Jan
71
71
Consol Trac of N J------ 100
202
71
Jan 71
Jan
67
67
$2,000 66
Jan 67
Jan
65 % 6 5 %
East Pennsylvania_____50
7 6554 Jan 6554 Jan
98
9854 22,500 97
Jan 9854 Jan
62%
64 %
Elec Storage Battery.. 100 63
502 6254 Jan 66
Jan
10254 10254
1,000 10154 Jan 10254 Jan
General Asphalt---------- 100
3354 3 3 %
50 3354 Jan 3454 Jan
100 10054
6,000 100
Jan 10054 Jan
71
Preferred...... ............100
71
Jan 72
70
10
Jan
Harrison Bros C o........ 100
75
75
30 75
Jan 75
Jan
Hunt A Broad T op ........ 50
5%
5%
554
102
554 Jan
554 Jan
Baltimore Stock Exchange.— Complete record of the
Insurance Co of N A ____10 25 54 25
25%
386 25
Jan 27
Jan
J G Brill C o.................. 100
35 % 39
35 %
80 3554 Jan 4854 Jan transactions at the Baltimore Stock Exchange from Jan. 22
Keystone Telephone____50
14%
14%
Jan 1454 Jan to Jan. 28, both inclusive, compiled from the official sales
10
1454
Lake Superior C o rp ... 100 *'9H
7,102
854 10
Jan
854 Jan 10
Lehigh Navigation........ 50
77
78%
77K
327 77
Jan 7954 Jan lists, is given below. Prices for stocks are all dollars per
Lehigh Valley............... 50
76 54 75 K 7 8 %
475 7554 Jan 8254 Jan share, n o t per cent. For bonds the quotations are per cent
Lehigh Val Transit......... 50 1954
19%
20
Jan 20
1,385
18
Jan
Preferred.....................50 40
39
40
1,853 38
Jan 40
Jan of par value.
Lit Brothers.....................10
19% 1 9 %
100
1954 Jan 1954 Jan
Little Schuylkill............. 50
54
54%
5 54
Jan 5 4 % Jan
Friday
Sales
Northern Central........... 50 89
89
89
358 89
Jan 90
Jan
Last Week's Range for
Range Since Jan. 1.
Penn Salt M fg.................50 100
100
100%
245 9854 Jan 10054 Jan
Sale.
of Prices.
Week.
Pennsylvania..................50
3,513 5754 Jan
Stocks
5854 5 7 % 5 8 %
Par. Price. Low.
High. Shares.
Low.
High.
Penn T ra ffic.............. 254
2
2
800
2
Jan
254. Jan
Pennsylvania Steel___ 100
61
61
28 60
Jan 62
Jan Arundel Sand & Gravel
3654 37
665 3654 Jan 3854 Jan
80
Pennsylv Steel pref----- 100
80
81
80 80
Jan 8354 Jan Balt Dry Dock A S B .
25
25
10
Jan 25
25
Jan
Philadelphia Co (Pitts).50 4 2 %
42%
43
175 42
Jan
Jan Baltimore T ube...........
70
6654 63
600 63
Jan 70
Jan
Pref (cumulative 6% ) 50
43 54 44
118 43
Jan i l * Jan
Preferred........ ......... __ 8454
8254 8454
713 8254 Jan 8454 Jan
27 % 2 8 %
28
Philadelphia Elec trie. 22 H
1,749 2754 Jan 2854 Jan Cons Gas, E L & P pref. 166
11354 114
27 11354 Jan 11554 Jan
Phi la Rapid Transit___ 50
18
18
56 18
Jan 21
Jan Consolidation Coal___ 100
58 9954 Jan 103
9954 10054
Jan
Voting trust recta___ 50
18
1854
1854 2,705
1754 Jan 2154 Jan Cosden & Co____________
18%
17
1854 11,617
1454 Jan
1854 Jan
Philadelphia Traction..50 79J4
79
79%
57 79
Jan 7954 Jan Davison Chemical, c o m ...
69
6554 70
3,983 6554 Jan 7154 Jan
Reading.................. ....... 50
77 H
76%
81%
1,018 7654 Jan 84
Jan Elkhom Fuel................. 100 1854
1854 1854
215 18
Jan
19
Jan
First preferred............ 50
43%
43%
200 4254 Jan 4354 Jan Houston Oil trust ctfs.. 100 20
20
275 20
2054
Jan 2354 Jan
Tono-Belmont Devel___ 1
4%
4 ‘X ,
2,031
454 Jan
41
40
41
454 Jan Manufacturers’ Finance..
115 40
Jan 41
Jan
Tonopah Mining............... 1
7
6%
1,519
Preferred _______ ______
7
Jan
654 Jan
2654 2654 2654
818 2654 Jan 2654 Jan
Union Traction------------ 50 43
43
44
505 43
Jan 4554 Jan M t Vernon Mills V T ___
14
85 14
1454
Jan
1654 Jan
United Cos of N J........ 100
227 227 %
20 22554 Jan 22754 Jan
Preferred____________
52
53
324 52
Jan 54
Jan
United Gas Impt_____ 50
89%
90 %
1,200 8754 Jan 9254 Jan Norfolk Ry & Light.. . 100
26
26
40 26
Jan 26
Jan
U 8 Steel Corporation. 100 8354
82%
85%
41,075 8254 Jan 8854 Jan Northern Central_____ 50
170 88
Jan 90
8854 89
Jan
Warwick Iron A S .......... 10
10%
135 1054 Jan
1054
1054 Jan Pennsylv Wat & P ow .. 100
359 7254 Jan 74
7254 74
Jan
Welsbach C o................ 100
43%
43%
20 4254 Jan 4354 Jan Sapulpa Products pref.
5
5
274
5
5
Jan
Jan
West Jersey A Sea S h .. .50
50%
50%
82 50
Jan 51
Jan Sapulpa Refining____
9%
9
675
Jan
954 954
1054 Jan
Westmoreland Coal___ 50
68
68
16 6754 Jan 68
Preferred_________
Jan
954 954 1,070
954 Jan
1054 Jan
Wm Cramp & Sons___ 100
81
82%
190 81
H Symington______
Jan 87
Jan
50
50
2 50
Jan 50
Jan
York Railways pref___ 50
35
35
Preferred____ _____ ___
20 3454 Jan 35
Jan
100
105
52 100
Jan 105
Jan
Scrip—
United Ry A Elec.......... 50
2654 2754 2,278 2554 Jan 2754 Jan
Philadelphia Co scrip. 1916
100
100
35 100
Jan 100
Jan Wayland O il* G a s ...
5
640
454
6
Jan
454 Jan
Scrip........................ 1918
98%
Bonds.
98%
35 98
Jan 9854 Jan
Bonds—
Anacos & Potom gu 5s 1949
9954 9954 $1,000 9954 Jan 9954 Jan
Amer Gas & Elec 5s. .2007
92%
93 $12,000 8954 Jan 93
Arundel Sand A Gr 6s. 1923 10154 10154 10154
Jan
1,000 10154 Jan 10154 Jan
Sm all...................... 2007
92
93
3.000 8954 Jan 93
Jan Atl C L RR conv deb 4s '39
9254 9254 2,800 9254 Jan 93
Jan
Anglo-French 5s___
1.000 9554 Jan 9554 Jan
9554 9554
do small bonds___
9254 9254
300 9254 Jan 9254 Jan
Baldwin Locom 1st 58 1940
105J4 106
7.000 10454 Jan 106
Jan Atlan C L (Conn) ctfs
Balt A Ohio conv 454s 1933
1.000 9854 Jan 9854 Jan
9854 9854
5-20 4s small_____ 1925
9154 9154
100 9154 Jan 9154 Jan
Consol Trac N J 1st 5s 1932
10154 102
3.000 10154 Jan 102
Jan Balt Elec stamped 5s. 1947
1,000 9954 Jan 9954 Jan
9954 9954
Easton & Amboy 5 s .. 1920
10254 10254
2.000 10254 Jan 10254 Jan Balt Sp P A C 454s__ 1953
97
97
3.000 9554 Jan 97
Jan
ElecAPeople'strctfs4sl945
8154 8154 31.000 8054 Jan 8154 Jan Chic A N W exten 4s. 1926
9554 9554 100,000 9554 Jan 9554 Jan
Small .......................1945
8154 83
3,170 8154 Jan 83
Jan Chicago Ry 1st 5s___ 1927
98
9854 6.000 9754 Jan 9854 Jan
Eqult I Gas L 5s........ 1928
IO654 10654 2,000 106
Jan 10654 Jan Consol Gas gen 454s..1954
94
Jan 9454 Jan
9454 11,000 94
Harwood Electric 6 s.. 1942
103 103
4.000 10 1
Jan 103
Jan Cons G, E L A P 4 54s. 1935
8954 8954 5.000 8954 Jan 9054 Jan
Internat Navlg 1st 5s........
9954 9954
3.000 9954 Jan 9954 Jan Consol’n Coal ref 454s 1934 9254 9254 9254 6.000 9254 Jan 9254 Jan
Keystone Tel 1st 5 s .. 1935
98
9854
4.000 96
Refunding 5s______1950
Jan 9854 Jan
9254 9254 13.000 9154 Jan 93
Jan
Lake Superior Corp 5s 1924
24
27
40,500
Convertible 6s____ 1923
Jan
Jan
10454 10454 7.000 10354 Jan 105
Jan
LehCA N e o n s 4 ^ s ..1954 1 0 2 % 10254 10254 23.000 2054 Jan 27
10154
10254 10154 103 182,000 10154 Jan 103
10254 Jan Cosden A Co new 6 s...
Jan
Coll trust 4 54s........ 1930
9854 9854
2.000 9854 Jan 9854 Jan Davison Chemical 6s. 1932
10554 10554 4.000 105
Jan 10554 Jan
Lehigh Val consol 6 s.. 1923
11054 11054
1,000 11054 Jan 11054 Jan Elkhorn Corporation 6 s.. .
9854 9754 9854 12.000 9754 Jan 9854 Jan
Gen consol 4s.......... 2003
9254 9254 18.000 9154 Jan 9254 Jan Elkhorn Fuel 5s........ 1918
10054 10054 14.000 100
Jan 10054 Jan
Gen consol 4 54s----- 2003 1 0 2 % 102
10254
7.000 10154 Jan 102 % Jan
Small bonds___________ 10054 10054 10054
500 100
Jan 10054 Jan105 % 1 0 5 %
Lch Val Coal 1st 5 s ... 1933
2.000 10554 Jan 106
Fair A Clarks Trac 5s. 1938 10054
Jan
9954 10054 12.000 9954 Jan 10054 Jan
LehValTranref Almp5s ’60
9154 92
26,000 9154 Jan 92
103 103
Jan Ga Car A Nor 1st 5s.. 1929 103
9.000 103
Jan 10354 Jan
93
93
Small bonds.......... .
500 9054 Jan 93
Jan Georgia Pacific 1st 6s. 1922
10754 10754 3.000 10754 Jan 10754 Jan
99
99
99
Penna RR cons 4s___ 1948
1,000 99
Jan 100
82
82
Jan Houston Oil dlv ctfs small.
500 82
Jan 8254 Jan
106 10654
Cons 454s................. 1960 106
6,000 10554 Jan 106 % Jan Jamison C A C— G C 5s '30
91
91
3,500 91
Jan 91
Jan
102
102
General 454s.......... 1965 102
27.000 100 % Jan 102
Jan Maryland Dredge 6s__
300 9954 Jan 9954 Jan
9954 9954
104
104
Pa & Md Steel cons 6s 1925
7.000 104
Jan 104
Jan Maryl'd El R y 1st 5 s.l9 3 i
9754 9754 1.000 9654 Jan 9 7 % Jan
People's Pass tr ctfs 4s 1943
8354 8354
3.000 83
Jan 8354 Jan Milw Gas Lt 1st 4 s.. . 1927
92
92
3.000 92
Jan 92
Jan
Philadelphia Co 1st 5s 1949
10154 10154
2.000 10 1
Jan 10154 Jan Minn St A StPC Jt 5s. 1928
7.000 10154 Jan 102
10154 102
Jan
Cons & coll tr 5 s ... 1951
92
9254 22.000 90
Jan 9254 Jan N O Mob A Ch 1st 5s. 1960 5254 52 54 52 54 3.000 5154 Jan 5254 Jan
Phil Elec tr ctfs 5 s . .. 1948
10454 10454
3.000 10354 Jan 10454 Jan Norf A Ports Trac 5s. 1936
8154 8254 12,000 8154 Jan 8254 Jan
Sm all....................... 1948
104
104
100 103
Jan 104
103 103
Jan Norfolk St Ry 5s........ 1944
2.000 103
Jan 105
Jan
Trust certfs 4s........ 1950
84
8354 84
_
10,000 82 % Jan 84
Jan North Central 454 s_ 1925
10254 10254 1,000 10254 Jan 10254 Jan
Sm all................... 1950
8254 83
2,900 8254 Jan 8354 Jan Pennsylv W A P 5s.. . 1940
Jan 9054 Jan
9054 9054 20,000 90
Phil & Read cons ext 4s '37
97 %
9754
2.000 9754 Jan 97 % Jan St L I M A So eq 5 s . .1917
9954 9954 10,000 99 54 Jan 9954 Jan
Reading gen 4s.......... 1997
9554 9654 31.000 9454 Jan 9654 Jan United Ry A Elec 4 s.. 1949 8354 8354 8354 15.000 8354 Jan 85
Jan
J-C collat 48............ 1951
95
Income 4s................. 1949 62
9554 101,000 95
9554
Jan 9554 Jan
75.000 6054 Jan 62
6154 62
Jan
Spanish Am Iron 6s .. 1927 102
102
102
Funding 5s............... 1936
3.000 102
Jan 10254 Jan
85
85
9.000 8454 Jan 85
Jan
Standard G A E 6 s...1926
9954
do small_______ 1936
36.000 9854 Jan 10154 Jan
9854 100
85
Jan 8554 Jan
8554 2,600 85
United Rys gold tr ctf 4s '49
75
75
Virginia Ry A Pow 5s. 1934
500
74
91
91
Jan 75
Jan
1.000 91
Jan 91
Jan
United Rys Invest 5s. 1926 7354 7254 7354
7.000 72 % Jan 7354 Jan Wash Balt A Annap 5sl941
Jan 87
8654 8654 1,000 84
Jan
West N Y A Pa gen 4s 1943
83
83
2.000 8154 Jan 83
Jan Wllm A Weldon 5 s.. . 1935
1,000 10654 Jan 10654 Jan
10654 10654
York Railways 1st 58.1937 95
9454 95
4 s ..........................1 9 3 5
13.0001 9254 Jan 95
Jan
9454 94
1,000 9454 Jan 9454 Jan
9454




[Vol . 102

THE CHRONICLE

430

Chicago Stock Exchange.— C om p lete record of transac­
tions a t C hicago S tock E xch an ge from J an . 22 to J an . 2 8 , both
inclusive, com piled from the official sales lists, is as follow s:
F r id a y 34
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 ow .

Stocks-

American Radiator------100 3 9 7 A
Amer Radiator pref— 100 136
Amer Shipbuilding------100
Preferred__________ 100
Booth Fisheries com— 100
Preferred . . ________100
Cal & Chic Canal & D-100
74
Chic Pneumatic Tool-.lOO
79 A
Chic Rys part ctf "1”
n a
Chic Rys part ctf “ 2”
Chicago Title & Trust.100
Commonwealth-EdisonlOO 144 H
Deere & Co pref...........100
Diamond Match---------100 106
Gen Roofing Mfg Co, pref.
Hart, Shaft & Marx, pf .100 1 16 A
Illinois Brick................. 100
Int Harv Co of N J----- 100 111
8 'A
Lindsay Light----------National Biscuit---------100
Preferred__________ 100
National Carbon______100
Preferred__________ 100
Pacific Gas & Elec C o.,100
People's Gas I.t & Coke 100 107
Pub Serv of No 111, com 100 10SH
Preferred__________ 100 101 'A
Quaker Oats Co----------- 100
Preferred__________ 100
Sears-Roebuck com .-.100 183
Stewart WarSpeedo com 100 88 A
Swift & Co-----------------100 1 2614
Union Carbide C o........ 100 1 7 6 A
Ward, Montg & Co, pref.. 113
Bonds—
Armour & Co 4 H s— 1939 94 H
Bootli Fisheries s fd 6s 1926
Chicago City R y 5 s .. 1927 99 A
Chic Cy & Con Rys 5s.1927 7 1 * 4
98%
Chicago Rys 5s---------1927
Chic Rys 5s_.series “ A '
Chicago Telephone 5s. 1923
Commonw-Edison 5s. 1943
Metr W Side El 1st 4s. 1938
Morris & Co 4)£s------ 1939i 9 1 A
Ogden Gas 5s-------------1945 --------Peop G L & C ref g 5s’47j 1 0 1 A
Consum Gas 1st 5s. 1936 ■
--------Mutual Fuel Gas 1st 5s I
Pub Serv Co 1st ref g 5s ’56 94 a
88 'A
South Side Elev 4^8.1924
Swift & Co 1st g 5s— 1944 9 9 %
a Ex 50% stock dividend,

395
135
35

S a les
fo r
S h a r es.

75 A
27A

70
49 A
74
79
17 X

230
143
96 'A
10554
101H
11614
78
111

136
35
76
29
71
49 H
75 A
80
18
230
145
96%

107
101H
116 'A
78 A
111
8%
8H
120J4 120)4
127 127
175 180
122 122
6354 6354
107 109
107 108)4
10154 102
350 35054
108 10854
18154 185
8754 9054
12654 127
176 178
113 11354

H ig h .

L ow .

15
64
185
100
773
45
200
715
220
200
6
683
25
795

397 A

1915.

Range fo r Y ea r

Jan
May
Aug
Dec
Aug
Aug
Sept
Aug
Jan
Jan
Nov
Nov
Sept
Nov

345 (June 390
rl30}£ Feb 138
26 -i Apr 48)4
67 A Apr 84
Feb 44
30
81
68 % ' Mar
51
49 1 Nov
45 A Feb 93 A
Sept 93
70
Oct 31)4
16
AUg 235
204
132)4 June 146)4
Jan 99
88
Mar 121A
90

20
210
25
1,222
1
4
59
180
50
327
200
16
217
10S
824
4,903
421
690
474

Jan
Feb
Feb
Feb
May
May
Jan
Mar
Julv
Dec
Jan
May
Sept
Apr
a l 3 l ' A Mar
48 A Jan
104)4 Jan
144 A Jan
110)4 Jan
105
60
96
3M
118
119 'A
119)4
118)4
41
107 'A
75
93 '4
225
103

9454 9454 S20.000 91
2,000 87
84
84
9954 9954 24,000 96
8,000 70
7154 7154
9754 98J4 53,000 93
7,000 86
91
91
1,000 9 9 A
10254 10254
10254 102J4 34,000 100
1,000
70 A
7354 7354
86 %
9154 9154 10,000
1,000 92
9554 9554
99)4
1,000
10154 10154
1,000 100
10154 10154
4,00<
99 %
101 101
87 H
94
9454 11,001
28,001 | 87
8854
94 A
58,00(
9954

Jan
June
June
Mar
June
Sept
Jan
Jan
Oct
Jan
Jan
Jan
Sepl
oe
Jar
Oc
Jar

128
181
115

Nov
Apr
Dec
Ma
Dec
Nov
Nov
Nov
Feb
Dec
Dec
Dec
Dec
July
Nov
Apr
Nov

116
85
112
7
130
125
166
125
61)4
123)4
110
102
330
108
215
92 A

x Ex-dividend.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
T R A N S A G lI O N a ^ W EEKLY AND YEARLY.
________

cfee.,
B onds.

P a r V a lu e .

S h a r es.

197,412 S17,005,850
658,045 58,717,450
455,742 41,688,780
744,727 68,599,200
67,533,475
733,121
535,239 50,204,650

Saturday...
Monday----Tuesday . . .
Wednesday.
Thursday ..
Friday____

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.

53,835,500
3.916.500
3.227.000
4.259.500
3.056.500
3.750.000

Jan.

28.

1915.

1916.

S ta te, M u n .
& F o r e ig n
B onds.

R a ilr o a d ,

S to c k s .

W e e k e n d in g
J a n . 28 1916.

V . S.
B onds.

$232,500
641.000
331.000
631.000
1,118,500
873.000

1 to

Jan.

28.
1915.

1916.

14,751,803
1,512,066
3,324,286
Stocks—No. shares—
Par value-------------- $303,749,405 $129,434,775 $1,319,463,785
$22,000
$37,600
S10.200
Bank shares, par------B onds.
$41,000
$28,000
Government bonds—
15,815,000
770,500
State, Mun.,&c.,bonds $3,827,000
94,895,500
13,468,000
22,045,000
R R . and misc. bonds..
$110,751,500
Total bonds---------- S25.872.000 $14,266,500

4,956,655
$425,389,750
$41,200
$72,500
2,177,500
53,809,500
$56,059,500

l At t Y TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
B o s to n .
W e e k e n d in g
J a n . 28 1916.

S h a r es.

B o n d Sales.

Saturday-----------Monday_________
T uesday-----------Wednesday--------Thursday----------Friday.............. .

27,922
42,543
47,017
51,009
30,515
28,317

$21,000
48.500
60.500
42.500
34,200
14,000

T o ta l................

227.323

$220,700

P h ila d e lp h ia .
S h a r es.

B on d S a les.

5,453
16,391
17,784
18,354
25,977
12,829

$51,070
69,070
73.000
67,200
65.000
167,900

96,788

$493,240

B a ltim o r e .
B o n d S a les.

S h a r e s.

$53,500
85,400
82,000
112,000
206,000
84,900

2,123
6,035
5,997
3,850
3,133
6,170

27,3081 $623,800

Inactive and Unlisted Securities
All bond prices are “ and Interest” except where marked “ f.’
Standard Oil Stocks
Anglo-Amer Oil new.




P e rS h a re
P a r B id .

17%
*17
.166 640 645
.100 275 285
.. 50 *112 115
.100 730 740
.100 160 180
.100 270 275
48
..5 0 *45
55
50
.100
.100 242 247
.100 158 161
.100 135 138
.100 180 182
—50 *105 108
..£ 1 *12*4 13%
35
...2 5 •33
..100 208 212
..106 104 107
...2 5 *198 200
67
...2 5 *63

Par

P e r sh a r e .
B id . A s k .

*1434 15
Prairie Oil & Gas_______ 100 420 425
Prairie Pipe Line----------- 100 227 230
Solar Refining-------------- 100 300 310
Southern Pipe Line C o ..100 220 225
South Penn Oil................. 100 360 375
Southwest Pa Pipe Lines.100 120 125
Standard Oil (California) 100 378 382
Standard Oil (Indiana).. 100 z500 505
Standard Oil (Kansas) ..100 440 445
Standard Oil of Kentucky 100 340 345
Standard Oil of NebraskalOO 340 350
Standard Oil of New Jer.100 509 512
Standard Oil of New Y'rklOO 212 215
Standard Oil of Ohio___ 100 550 555
Swan & Finch__________ 100 125 130
87
85
Union Tank Line Co___ 100
Vacuum Oil___________ 100 222 225
Washington Oil-------------- 10 *50 53
Bonds.
85
Pierce Oil Corp con. 68.1924 83

P e r Sha
Par

American Cigar common 100
Preferred____________ 100
Amer Machine & Fdry_.100
Brltish-Amer Tobac ord—£1
Ordinary, bearer______£1
Conley Foil____________ 100
Johnson Tin Foil & M e t.100
MacAndrews & Forbes..100
Preferred____________ 100
Porto Rican-Amer Tob-.lOO
Reynolds (R J) T obacco.100
Preferred.................... 100
Tobacco Products co m .. 100
United Cigar Stores com .100
Preferred____________ 100
Young ( JS) C o------------ 100
Preferred____________ 100
Ordnance Stocks — P e r S t i
Aetna Explosives com— 100!
Preferred____________ 100;
Amer & British M fg___ 100:
Preferred____________ 100;

Nov
Dec
Oct
Dec
Oct
Feb
Dec
Sept
Nov
Apr
Nov
Nov
Nov
Oct
Jan
Nov
Dec
Dec
Dec

93)4
88
99)4
73
97 A
90 A
10214
102)4
77
90
95 A
102)4
101)4
100)4
95
90
98)4

T ob a cco Stocks —

C
Babcock & Wilcox_____ 1
Bliss (E W) Co common..£
Preferred_____________ 50|
Canada Fdys & ForgingslOO
Canadian Car & Fdry— 100
Preferred____________ 100
Canadian Explosives comlOO
Preferred____________ 100
Carbon Steel common_ 100
_
1st preferred_________ 100
2d preferred_________ 100
Colt’s Patent Fire Arms
M fg ...............................100
Driggs-Seabury Ord Corpl
duPont (E I) de Nemours

International Arms____
Lake Torpedo Boat com.
Marlin Arms com...........

Railroads—
B id ,
Weat Pac 1st 5s 1933— M-S / 26
Street Railways—
Par
Com’w’Ith Pow R y & L ..100
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 Co...........100
Preferred------------------- 100
4s 1951.........................J*D

62
8512
8
38
21
69
912
44
45
73
87
83j4
80'4

A«*.
28
63
861*
12
45
23
72
11
46
47
74
91
831j
81

Elec. Gas & Power Cos—
Am Gas & Elec com--------- 50 •133 135
Preferred_____________ SO *49% 50%
Am Lt & Trac com m on.. 100 383 386
Preferred____________ 100 112 115
68
Amer Power & Lt com_ 100 66
_
87%
Preferred____________ 100 87
47
Amer Public Utilities comlOO 43
76
72
Preferred____________ 100
Cities Service Co com_ 100 116 119
_
76
78
Preferred____________ 100
Consumers Power (Minn)
1st & ref 5s 1929.—MAN 102 104
Elec Bond & Share pref..100 ri99% 100
Great West Pow 5s 1946 .J&J 85 87
Indiana Lighting Co___ 100 85 ____
76%
4s 1958 optional___ F-A
North’n States Pow com . 100 45% 46
93
Preferred____________ 100 91
64
Pacific Gas & Elec co m .. 100 63
93
1st preferred................. 100 91
02
89
2d pref (old pref)___ 100
93
South Calif Edison com . 100 91
Preferred____________ 100 104 106
Southwest Pow * L pref 100 97l2 100
Standard Gas & El (Del) - 60 *8% 9
Preferred_____________ 80 *31>4 32
21
United Gas & Elec Corp. 100 19
74
1st preferred-------------- 100 72
21
2d preferred_________ 100 19
18
Western Power common. 100 17
Preferred____________ 100 58% 59i2

Industrial
67
Midvale Steel* Ordnance ..I *09
and Miscellaneous
Nlles-Bement-Pond co m .100 ISO 185
Adams Exp col tr g 4s’47 -D /82<4 83%
106
Preferred____________ 100 190
70 80
Alliance R ealty.........— 190
Savage Arms___________ 100 495
49
Amer Bank Note com—- 50 *46
Scovlll M f g ___________ 100 460 475
51
36
Preferred--------------------- 50 *49
Submarine Boat___________ I * 6 5
264 267
Winchester Repeat Arms 10 0 26u0 2850 American Brass------------- 100 71
74
American Chicle com — 100
Short Term Notes. Per C e n 1.
90
Preferred____________ 100 87
Amer Locom 5s July 1916 J-L 1003 lOUg
t
5s, July 1917_________ J-J| 10034 lOlU Am Graphophone co m .. 100 121 124
Preferred____________ 100 128 130
A m T & T Sub Cos 5 s .. 1916 1003s 1003*
4J4s 1918.......................
1005g 1007S American Hardwaro------ 100 123l2 125
>4
Anaconda Copper 5s T7 M-S 10O 10012 American Surety________ 50 112 120
42
8
Balt * Ohio 414s 1917.J&D 101 > 1013* Amer Typefounders com .100 40
96
Preferred____________ 100 93
4Hs, 1918........ ....... J&D 101% 1017*
8
Canadian Pac 6s 1924.M&S2 1027 1031g Bond & Mtge Guar........ 100 292 297
99% 99?g Borden’s Cond Milk com .100 117 118
Ches & Ohio 5s 1 91 9 ..-J -D
96
Preferred____________ 100 107 108
Chic Elev Ry 5s 1916----- J-J 95
•l7 2
*
C h ic* West Ind 5s '17.M&S 100% 1007* Canada Copper----------------6
50
9934 10012 Casualty Co of America. 100
Consum Pow 6s 1917..M&N
100% Celluloid Company------- 100 148' 150
Erie RR 5s, April 1916. A&O 100%
18 20
514s April 1 1917----- A-O 10134 102 * City Investing Co.......... 100
80
Preferred____________ 100 70
General Rubber 5s 1918 J&D loots lOO7
75
80
Hocking Valley 5s 1917.M-N 10 11 4 10U2 Cramp Ship & E Bldg— 100 18
21
Emerson-Brantingham ..100
10134 102
Int Harv 5s Feb 15 ’18.F-A
59
Preferred_________ _ _ -100 57
Lackawanna Steel 6s’ 17 M-S 101>4 IOU2 Goldfield Consol Mines.-.1 0 *93o
94o
10 11 4 10134
Minn Gen El 6s 1 9 1 7 ...J&D
4
2
OI
100 IO 4 Havana Tobacco C o----- 100)
New Eng Nav 6s 1917.M-N
8
Preferred - - - - - - - - - - - 1 0 0 ,
d
N Y N H & I I 58.May 1 1916 100% 100%
55
1st g 5s June 1 1022—J-D /52
100 100%
Pub Ser Corp N J 5s T6 M&S
s 20%
Schwarz & Sulzb 6s '1 6 .-J-D 10012 10034 Houston Oil com.............100| lJ 7 13%
12%
Seaboard A L 5s 1916__ M-S 100 100>4 Intercontlnen Rub com ..100 160 163
100 I00U Internat Banking C o------100
Southern R y 5s 1916___ F-A
187* 19%
5s Mar 2 1917_____M-S2 1011s 1013g Internat Merc Marino— 100 81
82
Preferred------------------- 100
Sulz&SonsCo6sJ'ne 1 ’ 16M-S 100% 10034
40
101 34 102
International Salt----------100 37
United Frutt6sMay 1T7M-N
75
1st g 5s 1951----------- A-O / 72
Gold notes 5s 1918..M-N 100% IOU4
Utah Co 6s 1917............ A-O 101 IOD2 International Silver pref.100 101 103
9512 96i2
1st 63 1948...................J-D 108% 109%
UtahSecurCorp 6s '22 M-S15
Deb 6s 1933.................. J-J
New York City Notes—
102 102ig Kelly-Sprlngfield Tire— 100 288 292
6s Sept 1916.......................
97
1st preferred_________ 100 95
103’4 103?*
6s Sept 1 1917......................
72% 73
New stock when Isa.
Canadian G ovt. N otes*53*4 531*
Kennecott Copper----100*4 101
5s Aug 1 1916................. F&A
73%
101% Lanston Monotype------- 100 73
5s Aug 1 1917................. F&A lODg B a sis La Rose Consol Mines----- 5
%
»4
P erC t
A s k . Lawyers’ Mortgage C o.,100 175 180
B id
R R. Equipments—
82
4.30 4.20 Lehigh Valley Coal Sales.50 •79
Baltimore & Ohio 4 A n
378 41*
Buff Roch & Pittsburgh 4Ms 4.35 4.20 Marconi Wireless of Amer.5 ♦54 55
Midwest Refining............. 50
Equipment 4s___________ 4.35 4.20
114 119
Canadian Pacific 4 % b --------- 4.50 4.38 Mortgage SBond C o........ 100 216 220
Caro Cllnchf & Ohio 5s------- 4.75 4.50 National u re ty ........... 100
97 102
Central of Georgia 5s.........— 4.25 3.50 N Y Mtge & Security... 100 35
45
Equipment 4 Ms-------------- 4.25 3.50 N Y Title Insurance C o .100 *7% 7%
6.25 5.25 Nlpissing Mines----------------5
Chicago & Alton 4s-----------5.80; 5.30 Otis Elevator com.......... 100 63% 64%
Chicago & Eastern 1 1 5s----1
95
Preferred____________ 100 93
5.80 5.30
Equipment 4Ms-----------4.60 4.40 Realty Assoc (Brooklyn).100 96 100
Chic Ind & Louisv 4 Ms----4 35| 4.20 Remington T ypew riterChic St L & N O 5s..............
18
Common_____________100 17
4.25 4.12
Chicago & N W 4Ms--------77
1st preferred-------------- 100 75
5.50; 5.00
Chicago R I & Pac 4M8-----42
2d preferred_________ 100 40
4.60 4.40
Colorado & Southern 5s_
_
5*4
5%
4.50 4.30 Rlker & Hege’n(Corp for stk)
Erie 5s__________________
4.50 4.30 Royal Baking Powd co m .100 140
Equipment 4Ms________
Preferred------------------- 100 100% 102 “
4.50 4.30
Equipment 4s__________
109 110
Hocking Valley 4s_________ 4.50 4.30 Safety Car Heat & Light. 100 *9% 9*4
Equipment 5s___________ 4.50 4.30 Sapulpa Refining--------------5 220 223
4.30 4.15 Singer Mfg Co................. 100
Illinois Central 5s_________
30
Standard Coupler co m ..100
4 M s.................................... 4.30 4.15
Preferred-------------- ...1 0 0 100
Kanawha & Michigan 4Ms— 4.55; 4.30 Sterling Gum
2 "*2%
— ------ —5
4.25 4.12
Louisville * Nashville 5s___
140 160
Minn S t P & S S M 4 M s ------ 4.35 4.20 Texas & Pacific Coal------ 100 *0% 6%
Missouri Kansas & Texas 5s. 5.50 5.00 Triangle Film.......................5 *1% 1%
5.25 United Profit Sharing..........
Missouri Pacific 5s_________ 6.25
4.60 4.40 U S Casualty......... ..........100 185 200
Mobile & Ohio 5s--------------135
S Envelope com--------Equipment 4 Ms-------------- 4.60 4.40 U Preferred------------------- 100 108 i l l" "
100
New York Central Lines 5 s.. 4.45 4.30
12% 16%
Equipment 444s_________ 4.45 4.30 U S Finishing................... 100 39
43%
Preferred____________ 100
N Y Ontario & West 4 4 4 s... 4.45 4.30
1st g 5s 1919------------ J-J 96
Norfolk & Western 444 s------ 4 25 4.12
82*
Cons g 5s 1929-----------J-J 75
4.25 4.12
Equipment 4s__________
60
4.20 4.10 U S Title Gu & Indem .--100 50
Pennsylvania RR 444s-----4.20 4.10 Westchester & Bronx Title
Equipment 4s__________
& Mortgage Guar--------100 167 175
5.30 4.75
8t Louis Iron M t & Sou 5 s..
*1*4 2
St Louts * San Francisco 58- 6.25 5.25 World F ilm _____________
4.60 4.40 Worthington (H R) Com­
Seaboard Air Line 5s
pany pref____________ 100 104 108
4.60 4.40
Equipment 4 44s..
4.30: 4.20 Yukon Gold--------------------- 5 •2% 2*4
Southern Pacific Co 4448—
4.55| 4.35
Southern Railway 444s
Toledo * Ohio Central 4 s ... 4.70 4.40
♦ Per share. 6 Basis, d Purchaser also pays accrued dividend. t New stock.
/F la t price, n Nominal, x Ex-dividend, y Ex-rlghta.

JAN. 29 1916.]

THE CHRONICLE

431

\umstmmt and fjjUtiltwcT liiiclligm ce.
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*
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last t wo
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
Week or
Month.

ROADS.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

Ala N O & Tex P a cS
N O & N or E ast- December
343,695 295,920 1,917,038 1,796,106
A la & V icksburg. December
806,660
850.627
160,909 135,740
V icks Slirev & P . December
762,314
847,548
158,264 119,036
A nn Arbor
2d wk Jan
41,383 1,414,609 1.297,370
44,396
A tch T op & San F e . December 11403186 9.701,634 66,979,778 61,101,052
Atlanta Birin & A tl November
269,230 202,890 1,254.643 1,131.517
507.183
549,649
Atlanta & W est P t. November
96,813
118,830
A tlantic Coast Line November 2,888,845 2,541,495 12,015,534 11,933.646
744.385
719.453
Chariest & W Car November
154,182
166,866
624,532
644.730
L ou Hend & St L November
106,903
136,530
oB altim ore & O h io. December 9,164.762 6,674,075 56.040.304 47,138,435
821.646
874,875
B & O Ch T er R R December
143,838 111,389
B angor & A roostook November
285,421 316,791 1,368,640 1,429,423
Bessemer & L E rie. November
952,142 545,552 5,804,485 4,917,108
453,962
449,749
66,582
Birmingham South. December
86,108
B oston & M ain e___ December 4,260,093 3,589,025 25.634.304 24,603,734
165,441 6,750,339 5,614,831
B u ff R och & P it t s .. 3d wk Jan 239,161
858,337
770,373
131,919
B uffalo & Susq R R . December
175.632
Canadian Northern 3d wk Jan 504,000 322,600 16,577,300 12,675,400
Canadian P a cific. _ 3d wk Jan 1,190,000 1,391,000 71,991,490 59,843.163
Central o f G eorgia. December 1,181,721 1,102.462 6,479,350 6,336,382
C ent o f N ew Jersey November 3,213.437 2.524.180 15,042,894 13,926,000
510,452 310.055 2,087,654 1,590,303
C ent N ew E ngland- November
347,198 303,094 1,735,102 1,696,321
Central V e rm o n t.. November
Ohes & Ohio Linos. 3d wk Jan 903,225 745,426 26.064,338 21,512,284
C hicago & A lto n ___ December 1,316,004 1,166,643 8,146,739 7,546,616
C hic Burl & Quincy November 9,409,594 7.903,284 43.332,160 42,065.065
b Chicago & East 111 November 1,505,675 1,143,498 7,045,225 6,365.015
275,272 8,438.237 8,187,883
c C hic Great W est. . 3d wk Jan 281,801
C h ic Ind & L ouisv. 3d wk Jan 133,898
109,961 4,211,968 3,722,086
C hic M ilw & St P . I November 9,908.928 7.379,909 45,190,596 41.507,824
C hic M i l * Pug Sj
dChlc & N orth AVest November 8,172,671 6,336,140 40.322,864 38,059,447
Chic Peoria * St L . November
149.988 130,605
742,927
747,436
dChlc St P M & Om November 1,889,106 1.493.061 8.400.982 8,255,130
C hic Terro 11 & S E November
215,508
174,257
971,903
968,224
Cin Ham & D ayton November 1.045,622 773,672 5,067,806 4,516,978
C olorado M idla n d . November
145,481
166,623
716,952
918,028
e C olorado & South _ 3d wk Jan 294,195
279,142 9,083,597 8,545,215
Cornwall
November
14,767
10,845
56,161
57,123
Cornwall & Lebanon December
37.060
20,675
220,526
156.217
C uba R ailroad____ November
387.174 285,226 2,026,929 1.603,081
Delaware & Hudson November 2,188,072 1.887,395 10,712,064 10,112.775
D el Lack & Western November 4.543,150 3.753,900 20,184,214 19,101,978
D en v & R io Grande 3d wk Jan 422,200 346,000 14,620,544 13,154,975
AVestern P acific
November
664,035 432,979 3,456,898 2,699,187
D enver & Salt Lake 2d wk Jan
32,213
32,585 1,144,550 1,016,843
D etroit T ol & Iront November
199,6S5 180,800
904,682
915,582
D etroit & M ackinac 3d wk Jan
17,848
18,273
621,803
606,102
D ot & T ol Shore L . November
143.152
127,440
610,179
600,166
Dul & Iron R a n g e .. November
416,980
85,782 3,773,662 2,663,010
D u lu th So Sh & A tl 2d wk Jan
54.539
53,879 1,887,313 1,598.063
D uluth AVinn & Pac November
110,677
95.558
560,729
457,313
Elgin Joliet & E a st. November 1,131,115 510,152 5.154.982 3,743,812
El Paso & Sou AVest November
911,416 571,743 4.131,715 3,167.605
E r i e _______________ November 6.321.085 4,715,216 30.760,588 26,668,456
Florida East C oa st. November
468,685 370,415 1.907,476 1,663,323
Fonda Johns & G lov November
73,600
65,592
396,336
39 0 ,4 3 0
Georgia Railroad . . November
293.847 248.953 1.289,627 1,268,100
Grand Trunk P a c . . 1st wk Jan
72,774
43,677 3,521,454 2,373.534
Grand Trunk S yst. 3d wk Jan 950,914 795.830 30,163,471 28,831,205
Grand Trunk R y
565,653 21,962,335 21,933,204
n r a n»d fp„l. AAT* . 1st wk Jan 669.450
» /-J T r k A V e s - 1st wk Jan
G
t
158,692
134,194 4,551,549 3,882,632
D o t G r I I & M i l w 1st wk Jan
52,528
43,647 1,722,131 1,432,072
G r e a t N o r t h S y s t e m December . 7,302,728 4,595,679 45,216,732 40,280,076
G u l f & S h ip I s l a n d - November
168.942 124,509
804,305
704,922
H o c k i n g V a l l e y _____ November
669,049 527,154 3,240.595 3,124,859
Illin o is C e n t r a l ..
December 6,076,123 5,255,472 34,316,361 32,623,834
I n t e m a t & G r t N o r November
874,386 879,379 3,924,810 4,015,491
K a n a w h a & M ic h
November
312,844 207.109 1,516,666 1,380,567
K a n s a s C ity S o u th
December .
887,468 839,412 5,328,850 5,288,576
L e h ig h V a lle y .
December 3,804,326 3,210,874 24,241,217 22,117,027
L e h i g h & H u d I t l v . November
225,654
143,398
917,780
769,249
L e h i g h & N e w E n g . November
315.988 208,825 1,499,381 1,183,989
L o u i s i a n a & A r k ____ November
160.247
130,104
750.093
728,475
L o u i s i a n a R y & N a v November
233.247
163,457
999,024
820,035
f L o u i s v i l l e & N a s h v 3d wk Jan 1,158,990
971.830 32,580,010 29,682.333
M a c o n & B i r m ’h a m November
14,267
12,490
63,657
6 6,080
M a i n e C e n t r a l _______ Novembor
958,169 934,006 5,060,765 5.113,389
M a r y l a n d & P e n n a . December
34,840
36.55S
248,349
279.940
M i d l a n d V a l l e y _____ November
169,816 132,294
743,258
639,622
M i n e r a l R a n g e _____ 2d wk Jan
18,862
14,328
581,304
421,156
M i n n & S t L o u i s . . f 3d wk Jan
218,431 222,928 6,140,894 5,953,880

I o w a C e n t r a l ____
M in n S t P & S S M .
M is s is s ip p i C e n tr a l.
0 M o K an & T exas.
h M is s o u r i P a c ific
N a sh v C h a tt & St L
N e v a d a -C a l-O r e g o n
/N o w Y o r k C e n tr a l
B o s to n * A lb a n y
n Lake E r ie * W .
M ic h ig a n C e n tr a l
C lo v e C O & S t L
C in c in n a ti N o r t h .
P it t s & L a k e E r ie
N Y C h ic & S t L .
T o l & O h io C e n t .
T o t a ll lin e s a b o v e

3d wk Jan 584,841
November
74,506
3d wk Jan 519,617
November 5,919,474
November 1,135,359
2d wk Jan
1,914
November 16023134
November 1.645,461
November
579,261
November 3.351,511
November 3,561,167
November
165,351
Novembor 1.967.731
November 1,230,289
November
485,374
November 29009279

450,671
62,677
687,477
4,989,135
895.099
4,879
12094114
1,287,016
422,557
2,526.096
2,759,200
130,198
1,004,112
932,518
454.678
21610489

20,295,006
345,428
18,333,361
26.727,106
5,179,183
230,415
75,826,817
7.912,036
2,859,862
16,451,380
17.553,876
766,015
9,336,454
5,623,464
2,216,118
138546022

16,689,201
346,034
19,102,912
26,487,516
4,820.495
231,540
66,490,896
7.148,014
2,521,462
14,546,089
15.880,673
719,136
6,667,026
4,771,954
2.512,292
121257541

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year.

$

$

New Orl Great Nor December
154,930
127,830
876,018
817,541
N O M o b ile * Chic. November
180,544
136,191
774,538
807,852
N Y N H & H a rtf.. November 6,407,273 5.125,780
,765,061 28.080,221
N Y Ont & AVestern December
705,024 673,103
,792,443 4,939,635
N Y Susq & AVest.. November
374,671! 287.606
.726,657 1.547,697
Norfolk Southern. _ November
394,764 300.209
.815,794 1,634,625
Norfolk & AVestern. November 4,572,794 3,079,663
,447,385 18.454.606
Northern Pacific___ December 6,544,000 4,680,000
,236.200 35.580.085
Northwestern Pac. November
345,271
274,820
,101,616 1.819,440
Pacific Coast C o___ November
653,032 518.044
,258,768 3,014,424
■p Pennsylvania R R . November 18617404 14825 283
,297,489 81,145,946
Balt C h e s* A t l .. November
84.4811
86,204
587,239
666,062
Cumberland Vail. November
280,720 240,346
,406,111 1.30S.042
Long Island_____ November 1.043,597 965,233
,505,298 6,365,197
M aryl’d Del & Va November
67,770
71.076
451,469
481,751
N Y Phila & Norf November
361,919 281,269
,934.845 1,682,189
Phil Balt & AVash November 1.907,985 1,641+91
A\A DQA 393,69. ,615,292 8,954,680
C
900 C T
R
AV Jersey & Seash November
494,084
,673,963 3.372,363
Pennsylvania C o ___ November 6,145,936 4,057,245
,243,402 24,885,401
Grand Rap & Ind November
468,972 417,636
,381,866 2,453,400
Pitts C C & St L . November 3,923,628 2.874.234
021,45.5 17,116,266
Vandalia________ November 1.073,290 893,736
125,529 4,890,421
Total lines—
East Pitts & Erie November 23329935 ’ 8971347 117232641 106729878
AVest Pitts & Erie November 11762235 8.360,721 57,501,953 50.024.346
All East & AVest. November 35092170 27332068 174734595 156754227
Pere Marquette___ November 1,905.742 1,484,421 8.654,271 7,929,009
Reading Co—
Phila & Reading. December 5,057,851 3,745,437 28,146,793 24.225.085
Coal & Iron C o .. December 3,905,102 2,949,665 17,036,956 15,953,693
Total both cos___ December 8,962,953 6,695,102 45,183,749 40,178,778
Rich Fred & Potom November
239,771 218,747 1.148,505 1,121,028
Rio Grande June___ November
93,207
475,783
103,204
541,518
Rio Grande South!! 3d wk Jan
8,320
11,038
328,660
329,649
R ock Island Lines
November 6,659,533 6,083.815 31.910.146 32,346,351
R u tla n d __________ I November
310.345 289.724 1.641,524 1,592,236
St Jos & Grand Is l. November
169,257
727.746
119,799
734,435
St L B row nsv & M . November
210,024
170,211 1,161,726
990.426
St L Iron M tn & So November 3,129,883 2,555,914 13.509.013 13,311,419
St Louis & San Fran November 4.275,541 3,651,284 19,702,825 18,942,876
St Louis Southw est. 3d wk Jan 208,000
220,000 6,894,749 6.235,227
San Ped L A & S L . November
894,700 704,706 4.605.542 3.954.902
Seaboard Air L in e . . November 2,011.155 1,713,798 8,806,770 8.525.040
Southern P a cific___ December 12758223 9,997,195 80.097.312 67,495,082
Southern R a ilw a y. . 3d wk Jan 1.217,474 1,095,676 37,944,741 35,922,179
M o b i l o * O h io___ 3d wk Jan 209,806
]9S.S7S 6,425.393 6.209,519
C in N O & T ex P . 3d wk Jan 194,204
172,709 5.800,579 5,274,809
A la G reat S outh. 3d wk Jan
92,015
73,176 3,003.360 2,607,811
Georgia Sou & Fla 3d wk Jan
46,035
40,159 1.346,869 1.312,682
V a & So AVest___ 2d wk Jan
36.882
33,640 1,051,452 1,042,576
Spok P ort & Seattle November
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. November
681,631
130,801
109,595
655.885
Texas & P a cific____ 3d wk Jan 348.318 371,420 11.0S6.996 10,587,308
T oledo Peor & AVest 3d wk Jan
21,007
698.5S1
23,098
698,999
T oledo St L & AVest 2d wk Jan 108,838
95,232 2.960.543 2,470,503
T rinity & Brazos V . November
94.603
394,908
99,826
496,874
Union P acific S yst- December 8,910,078 7,041,701 54,020.029 49,026,080
V irgin ian ______ ;___ Novembor
561,572 454,629 2,981,434 2,618,755
W a b a s h _____ _____ 3d wk Jan 067,240 509.367 18.831.147 16,777,315
Western M aryla nd . 3d wk Jan 182.894
156,314 5,916,405 4,646,612
W estern R y o f A la . November
121,945
96,557
546,071
531,722
AVheel & Lake E rie. December
774.345 321,887 4,403.642 2,867,832
AVrightsvilio & Tenn November
26,862
25,762
123.675
116,175
Yazoo & Miss V a il.)December 1,368.842 1.164,459 7,052,740 6,052,331
Various Fiscal Years.

Current
Year.

Period.

Buffalo & Susquehanna RR___ Jan
Delaware & Hudson_________ Jan
E rie........................................ Jan
New York Central./_________ Jan
Boston & Albany__________ Jan
Lake Erie & Western.n____ Jan
Michigan Central_________ Jan
Cleve Cine Chic & St Louis. . Jan
Cincinnati Northern_______ Jan
Pittsburgh & Lake Erie____ Jan
New York Chicago & St Louis Jan
Toledo & Ohiq Central.,
Jan
Total all lines___________ Jan
N Y Susquehanna & Western_ Jan
p Pennsylvania R a i l r o a d . .. ____ Jan
Baltimore Chesap & Atlantic Jan
Cumberland Valley________ Jan
Long Island______________ Jan
Maryland Delaw & Virginia.. Jan
N Y Philadelphia & Norfolk. Jan
Phila Baltimore & AVashing’n Jan
AVest Jersey & Seashore____ Jan
Pennsylvania C o m p a n y _______ Jan
Grand Rapids & Indiana___ Jan
Pitts Cine Chic & St Louis__ Jan
Vandalia________________ Jan
Total linos—East Pitts & Erie Jan
—West Pitts & Erie Jan
—All Lines E & W Jan
Rio Grande Junction_________ Dec
Rutland__________________ 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
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Dec
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov

Previous
Year.

31 $1,532,863 $1,446,196
30 21,493,364 20,860,819
30 60.374.627 55.111.972
30 151379800 139643199
30 16,031,542 15,206.462
30 5,626,003 5,206,724
30 33,009,435 30.80.8,377
30 34,596.137 32,464,518
30 1,473,494 1,356,737
30 16,374,398 14.662,603
30 11,305,170 10,334,857
30 4,288,181 4.568.241
30 274084160 254251718
30 3,729.688 3,533.763
30 178456493 172932495
30 1,073.996 1.167,405
30 2,798,099 3,016,504
30 12,558,299 12,383,045
30
874,127
830,144
30 3.801,095 3.475,251
3(1 19,331.909 18,773.606
30 6,452,184 6,088,694
30 55.459.624 51,147.019
3(1 4,848,397; 4,992.069
30 37.461,066 36.283,247
30 10,282.527,10,088,733
30 230006 160 223407664
30 109519 931 103978 777
30 339526091,327386 441
30
938,55.8 1,026,497
30 3,274.869 3,272,293

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* Weekly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

* Monthly Summaries.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
Mileage.
Cur. Yr. Prev. Yr
$
$
8
$
15,219,672 12,176.733 +3.042,939 25.07
M arch...........246,848 243,598 238,157,881 253,352,099 — 15.194,218 5.99
15,124,179 11,801.719 + 3.322.460 28.16
A p r il_______ 247,701 245,170 237,696,378 241,090,842 — 3,394,464 1.41
17,801,984 12,888,457 +4,913,527 38.06
M a y ...............247.747 245,207 244.692.738 243,367.953 + 1.324.785 0.54
13,980,658 10.797,962 +3,182,696 29.4 S June............... 240,219 235,828 248.849,716 247,535.879 + 1,313.837 0.53
14,254.799 10,679,744 +3.575.055 33.48
July................243,042 241,796 262.948,115 260,624,000 +2,324,115 0.8 £
13,822,654 10,351,984 + 3.470.670 31.34
August______247,809 245,754 279,891.221 274,618,381 + 5 ,2 7 2 ,S43 1.93
21.419.603 16,177,341 +5,242,262 32.41
September..245.132 243,463 294.241,340 276,458.199 + 17.783.141 6.43
11,492,211
9,197,838 +2,294,373 24.94
October____ 248,072 247,009 311.179,375 274.091,434 +37.087,941 13.57
11.484,225
9,653,327 + 1,830.898 18.97
N ovem ber..246,910 245,858 306,733.317 240.422,695 +66.310.622 27.58
11,334,434
9.653,686 + 1.680,748 17.41
December__ 91,878
90,037 84,094,552 63,315.598 +20,778,954 32.81
a Includes Cleveland Lorain & Wheeling Ry. b Includes Evansville & Terre Haute and Evansville & Indiana R R . c Includes Mason City & Fort
Dodge and the Wisconsin Minnesota & Pacific, d Includes not only operating revenue, but also all other receipts, e Does not include oarnings of Colo­
,, ^ rlPP|e Creek District Ry. / Includes Louisville & Atlantic and the Frankfort & Cincinnati, g Includes the Texas Central and the
Wichita I1
alls lines, li Includes the St. Louis Iron Mountain & Southern, j The comparisons here given are with the results of operation of the New
York Central & Hudson River R R ., Lake Shore & Michigan Southern lty., Chicago Indiana & Southern R R . and Dunkirk Allegheny Valley & Pittsburgh
k k ., which have been combined for such comparative purposes only,
n Includes the Northern Ohio R R . p Includes the Northern Central. *w e
no longer Include the Mexican roads in any of our totals.

2d
3d
4 th
1st
2d
3d
4th
1st
2d
3d

week Nov
week Nov
week Nov
week Dec
week Dec
week Dec
week Dec
weok Jan
week Jan
week Jan

(36
(37
(35
(38
(38
(37
(39
(38
(37
(29




roads)-----roads)-----roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)____
roads)_
_

[Vol. 102

THE CHRONICLE

432

-----Gross Eam inqs—
Current
Previous
Year
Year.

Latest Gross Earnings by Weeks.— In the table which
follow s w e sum up separately the earnings for the third week
of January. T h e table covers 2 9 roads and shows 1 7 .4 1 %
increase in the aggregate over the sam e week last year. ^

1915.

1916.

Third Week of January.
Alabama Great Southern—
Buffalo Rochester & Pittsburgh
Canadian Northern------------------Canadian Pacific— ....................
Chesapeake & Ohio------------------Chicago Great Western------ - - ­
Chicago Indiana*) & LouisvilloCinc New Orl & Texas Pacific. Colorado & Southern---------------Denver & Rio Grande---------------Detroit & Mackinac----------------Georgia Southern & Florida.- Grand Trunk of Canada---------Grand Trunk Western-------Detroit Grand Hav & M ilw .
Canada Atlantic___________
Louisville & Nashville------------Minneapolis & St Louis---------- 1
Iowa Central---------- -J
Minneapolis St Paul & S S M ._
Missouri Kansas & Texas..........
Mobile & Ohio...............................
Rio Grande Southern..................
St Louis Southwestern-------------Southern Railway--------------------Texas & Pacific.
..............
Toledo Peoria & W estern..
W ab ash .......... - - - - - ..................

Western Maryland-------------

Increase. Decrease.

73,176
92,016
165,441
239,161
322,600
504,000
1,910.000 1,391,000
745,426
903,225
275,272
281,801
109,961
133,898
172,709
194,204
279,142
294,195
346,000
422,200
18,273
17,848
40,159
46,035

18,839
73,720
181,400
519,000
157,799
6,529
23,937
21,495
15,053
76,200

950,914

795,830

155,084

1,158,990
218,431

971,830
222,928

187,160

450,671
584,841
687,477
519,617
198,878
209,806
11,038
8,320
220,000
208,000
1,217.474 1,095,676
371,420
348,318
23,098
21,007
509,367
667,240
156,314
182,894

134,170

$

5,876

10,928
121,798
157,873
26,580

Total (29 roads)---------------- 11,334,434 9,653,686 1,893,441
1,680.748
Net Increase (17.41%)----------

425

4,497

2,718

12,000

23,102
2,091
212,693

1916.

1915.

Increase. Decrease.

$
$
Previously reported (31 roads). 10,169,141 8,547,863 1,760,766
3.013
41,383
44,396
32,585
32,213
660
53,879
54,539
Duluth South Shore & Atlantic.
958,410 204,750
Louisville & Nashville----------- 1,163,160
14,328
4,534
18,862
4,879
1,914
Nevada-Caiifornia-Oregon........
11,484,225 9.653.327 1,973,723
1,830,898
Net increase (18.97%)------------

$
139,488
372
2,965
142.825

Net Earnings Monthly to Latest Dates. T h e table
follow ing shows the gross and n et earnings ot b l i i i A M
railroads a n d industrial com panies reported this w eek:
Roads.

— vlross Earnings------------ Net Earnings
Current
Precious
Current
Precious
Year.
Year.
Year.
Year.
$

*

917,548
528,474
Boston St Matne.a-Dec 4.260.093 3.589.025
July 1 to Dec 31_____ 25,634,304 24,o0«5,/*)4 6,908,727 4,691,475
267,669
190,147
Buffalo Roch & Pitts.b-Dec 1.008.525
731.897
July 1 to Dec 31.......... 5,978,010 5,057,914 1,693,208 1,368,073
65,473
21,008
131,919
Buff & Susq RR Corp a-Dec 175,632
292,266
128,293
Jan 1 to Dec 31_____ 1,532,863 1,446.196
1,102,462 C424.282 c331,374
Central of Georgia.b..-D ec 1.181,721
July 1 to Dec 31-------- 6,479,350 6!333,382 c2,087.470 c l,622,458
831,851
Ches & Ohio Lines.b.-.D ec 4,003,601 2.936,242 1,402,625 5,732,814
------ 8,407,405
July 1 to Dec 31.......... 23,636.290 19,519,486
281,015
419,755
Chicago Great W est.b.-D ec 1,326,884 1,182,153
July 1 to Dec 31_____ 7,584,051 7,385.414 2,153,037 1,964,590
17,946
11,358
69,677
Detroit & Mackinac.a.-Dec
87,804
120,659
137,072
559,516
July 1 to Dec 31-------o69,304
1,224
853
3,768
Fairchild & Northeast.b.Dec
3,458
def454
def2.558
19,981
July 1 to Dec 31-------16,540
Illinois Central.a_____ Dec 6,076,823 5,255,472 1,482,749 1,176,345
July 1 to Dec 3 1 ..___ 34,316,361 32,623,834 6,907,234 6,293.474
622,812
979,606
Lehigh Valley.b............ Dec 3,804.326 3,210,874
July 1 to Dec 31.......... 24,241.217 22,117.027 7.499,017 6,570,536
103,212
169.159
N Y Ontario & W est.a.-Dec 705,024
673,103
July 1 to Dec 31......... 4,792,443 4,939,635 1,465,310 1,292,020
Northern Pacific.b____ Dec 6,708,453 4,679,791 3,782.623 2,090,716
July 1 to Dec 31-V-__ 391400,653 35.579.876 19,845,163 14,916,545
R phnag&
CR^Pa
diSg-b---D ec 5.057,851 3,745.437
July 1 to Dec 31.......... 28,146.793 24,225.085
Coal&Iron C o .b ____ Dec 3,905,102 2,949,665
July 1 to Dec 31_____ 17,036,956 15,953,693
Total both cos.b____ Dec 8,962,953 6,695,102
July 1 to Doc 31_____ 45,183,749 40,178,778
Reading Company.b-Dec
-------July 1 to Dec 31--------------Total all cos.b........ Dec
--------July 1 to Dec 31--------------103.204
Rio Grande Junction__ Nov
93,207
Dec 1 to Nov 30_____
938,558 1.026,497
South^n P ^ ^ 3 iV /^ 12.758J23 ^.997.195
8out^

?

»

- a
3T.v.D. «
“

®

Virginia Southwest.a.Dec 159,104
July 1 to Dec 31-------989,158
Tol St Louis & W est.a. -Dec 515,498
July 1 to Dec 31_____ 2,794,633
Union Pacific a
Dec8,910,078
July 1 to Dec 31.54,020.029
W h e e lin g & Lake Erie.b-D ec
774,345
July 1 to Dec 31_ 4,403,642
Yazoo & Miss Valley
a-D ec 1,368,842
July 1 to D er31- - - - - - 7:052.740

2.030.679
10,879,628
378,282
758,635
2,408,961
11,638,263
563,655
3,379,724
2,972,616
15,017,987
n27,962
n281,567
3,758,558

1,051,980
7.539.566
149,357
609,651
1,201,337
8,149,217
560,745
3,342,810
1,762.082
11.492.027
n30.961
7*307,949
2,488,339
19;9o8.oo4

10:259:39! 6,943,781
1’258'004
32,361
43,626
151,935
249,147
283.982
975,296
1*49,049
344,463 h 171,462
2,291,971 1*864,459 1*451,559
7,041,701 3.474,057 2,448,623
49,026,080 22.148,671 19.168.472
321,887
323,736
2,406
2,867,832 1,739,812
827,915
1,164,458
583,341
405,903
6.052,330 2,337.463 1.510.865

31 : » 1

INDUSTRIAL COMPANIES.
77.751
66.007
41,195
Alabama Power.a.............Dec 108.738
Jan 1 to Dec 31_ 1,041,148
619,809
638,606
307,463
Cleveland Elect lll.a - -D e c 450,814
407,116
213.063
201,170
July 1 to Dec 31_____ 4,392,579 4,255,943 2,079,987 1,993,839
GreatWestPowCoSystaDec 311,927
245,876
201,385
174,301
Jan 1 to Dec 5 1 .. . . . 3,038,204 2,681.099 2,082.865 1,807,335




$

Montana Powor.a—
Oct 1 to Dec 31-. ___
Jan 1 to Dec 31.. ___
Northern States Pow.a .Dec
Jan 1 to Doc 31 . . ___
Southern Cal Edison---- .Doc
July 1 to Dec 31.. ___

S

----- Net Earnings----Current
Precious
Year.
Year..
S

$

626,986
921,256 1,046,224
1,375,212
4,359,407 3,778,286 3,167,505 2,639,239
267,739
329,977
471,665
549,509
5.125,998 4,505,187 2,870,805 2,431,995
204,320
221,301
397,314
412.912
4,808,607 4,756,632 2,589,989 2,424,467

a Net earnings here given are after deducting taxes,
b Net earnings hero given are before deducting taxes.
.
c After allowing for uncollectible revenue and taxes, operating income
for Dec. 1915 was S367.528, against *299,404; and from July 1 to Dec. 31
was $1,762,591 in 1915, against $1,348,389 last year.
h After allowing for miscellaneous charges to income for tho month ot
Dec. 1915. total net earnings were $146,676, against $34,697 last year,
and for the period from July 1 to Dec. 31 were $656,600 this year, against
S336 285*
j For Dec. taxes and uncollectible railway revenue amounted to $530,045,
against $394,731 in 1914; after deducting which, net for Dec. 1915 was
$4 031.400, against $2,915,837 last year. From July 1 to Dec. 31 taxes,
&c were $3,028,726 In 1915, against $2,681,841 in 1914.
n These figures represent 30% of gross earnings.

Interest Charges and Surplus.

167,860

F o r tho second w eek o f January our final statem en t covers
3 7 roads and shows 1 8 .9 7 % increase in the aggregate over

Second week of January.

Companies.

Roads.

— In t., Rentals. &c.------- Bat. of Net E arns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$

$

*159,289 *def70,744
Boston & Maine______ Dec
_____
*2,227,960 *114,497
July 1 to Dec 31-------197,433 *172,478
*53,296
Buffalo Roch & Pitts. . -Dec 199,040
July 1 to Dec 31.......... 1,191,788 1,187,205 *917,628 *555,344
27,551
*81,172
*27,199
25,292
Buffalo & Susq RR Corp Dec
330,674 *387,800 *162,041
308,016
*81,105
785,818 *606,879
846,109
Ches & Ohio Lines_____ Dec
4.722.808 *3,736,598 *1,308,113
July 1 to Dec 31.......... 4.763,533
60.916
200,481
220,099
Chicago Great Western. Dec 219,274
669,485
810,789
1.342,248 1,295,105
57,263 def22,637
125,849
111,896
N Y Ontario & Western-Dec
532,459
741,912
759,561
723,398
1,098,905 1.120.284 *3,016,369 *1,360,133
6,782,936 6,818.085*14,762,084 *9,936,745
521,415
1,235,916 1,240.667 1,736,700
7,415,498 7,444,000 7,602,486 4,048,027
22,628
8,333
19,627
8,333
Rio Grande Junction__ Nov
207,949
181,567
100.000
100,000
INDUSTRIAL COMPANIES.
—In t., Rentals, Ac.------ ■ Bal. of Net E arns.—
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$

$

Cleveland Elect 1 1 Co.-Dee
1
35,445
Jan 1 to Dec 31-------425,192
Great West Pow Co Syst Dec 115,981
Jan 1 to Dec 31_____ 1,298,022
Montana Power—
Oct 1 to Dec 31........ .. 335.971
Jan 1 to Doc 31.............1,189.162
Southern Cal Edison___ Dec
76,152
Jan 1 to Dec 31.......... 1,003,181

35,216
426,084
103,227
1,206.075

%

177,618
1,654,795
1102,543
*991.176

$

165,954
1.567,755
z84,980
*809,102

710,253
379,344
247,642
1.063,614 1,978.343 1,575.625
42,641 zl63,641 *175,034
892,010 cl.711.317 *1.630,966

* After allowing for other income received.

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.

Lalest Gross Earnings.
Week or
Month.

Current
Year.

Ja n . 1 to latest date.

Previous
Year.

Current
Year.

%

$

Previous
Year.

American Rys C o ... December 508.830 480,710 5.436,895 5,559.534
360.138
3 19.S l
O
22,659 23,721
Atlantic Shore Ry__ December
154,561 152,658 1.909.544 2,073.271
cAur Elgin & Chic Ry December
712,243
721,527
65.711 64,570
Bangor Ry & Electric November
161.695
172,794
17,671 15,704
Baton Rouge Elec Co November
618,531
642,289
70,477 67.146
BeltLRyCorp (NYC) October__
900,614
852.814
72,855 72.066
Berkshire Street Ry. November
Brazilian Trac, L & P November /6336000 /5929730 /70586.11Q /67340.988
8,056
107,053
113,682
7.872
Brock & Plym St Ry. November
Bklyn Rap Tran Syst October__ 2326,827 2273.180 22,961.084 23,049,377
320,100
320,946
33.012 30,045
November
Cape Breton Elec Co
996,085
982,001
98.812 84.890
Chattanooga Ry & Lt November
373.319
378.612
31,862 29,191
Cleve Painesv & East November 104,834 100,183 1,134,929 1,158,384
November
Cleve Southw & Col.
621.667
650.989
67,290 63.274
Columbus (Ga) El Co November 277,008 261.656 2.812.861 2.787.734
Colum (O) Ry P & L. November 1323.673 1185,318 12.979.439 12.665,099
g Com'w’th P Ry & L November
6,516.305 7.364.810
Connecticut Co____ November 679.901 601.8011 3.472,993 3.079.903
Consum Pow (Mich). November 377.190 303,693 2.412,111 2.310.108
196.249,
Cumb Co (Me) P & L November 213.206 180.3031 1.660.323 2,022,463
Dallas Electric Co__ November 161.526
Detroit United Lines November 1145,361 949.244; 12.041.366 11,260.114
428.008
42,705 43.464' 402,295 1,188,805
D D E B & Bat (Rec) October__
Duluth-Superior Trac November 105.257 103,5641 1,053,121 2,409.829
East St Louis & Sub­ November 219.595 207.713: 2.228.301
617,439
653,637
71.406 56.868
Eastern Texas Elec.. November
953.406
880,418
93.482 91,713
El Paso Electric C o .. November
42d St M & St N Ave October__ 175,351 173,800 1,624,249 1,556,382
6,341.184
g Georgia Ry & Pow. December 639.191 578,792 6.507,657 2.231,984
Galv-Hous Elec C o .. November 168.261 195,389 1,773.018 1,160.653
99,020 98.208 1.064.440
Grand Rapids Ry Co November
979,122
941.930
87,142 87.682
Harrisburg Railways December
Havana El R y L & P . November 482.315 461,788 5.054.635 4.939.430
551.561
532,509
49,107 48,912
Honolulu R T & Land November
255,148
249,774
19.590
22.846
Houghton Co Tr Co. November
b Hudson & Manhat. November 477,688 458.574 5,014,932 5,067,030
9.95X.601 9.875.125
IUinois Traction___ November 987,178 920,741 33.996,073 33,786.644
Interboro Rap Tran. December 3237.023 3000,364
659.110
557,951
52,880
49.250
Jacksonville Trac Co November
228,628
211.523
20,125 21,276
Keokuk Electric----- November
122,224
103,334
10,616
10,023
Key West Elec_____ November
1,263.331
Lake Shore Elec Ry. November 112,682 105,143 2.093.701 1,317,847
1,864,024
December
185,576 148.750
Lehigh Valley Transit
626.850
679.922
57,229 49,437
Lewlst Aug & Waterv Novemoer
212,864
219.606
18,640 18,989
Long Island Electric. October—
December 255,814 259,826 2.940,500 3,166,490
Louisville Railway.Milw El Ry & Lt Co. December 588,154 535,097 5,971,715 6,005,496
1,480,625 1.493,667
Milw Lt Ht & Tr Co- December 125.794 114,514 1.952.271 2,053.091
Nashville Ry & Light November 185.260 184.099
552.251
578,815
63.292 59,225
N Y City Interboro.. October-..
351,264
37.224
364,983
30.010
N Y & Long Island. . October-..
143,317
14.562
140,150
14,854
N Y & North Shore. . October-..
N Y & Queens Co__ October-.. 121.341 116,513 1,159,641 1,148,054
November 1134.595 1061.863 12.383,957 12,365,915
New York Rallways.
351,671
347,935
25.093 23,967
N Y & Stamford Ry. November
382,566
439.093
44.265 37,849
N Y Westches Sc Bost November
183,624
180.400
16,104 13,690
December
Northampton Trac..
Nor Ohio Trac & Lt. November 341.974 286.732 3,510.934 3,319,704
North Texas Electric November 145,692 157.568 1.556.272 1,908,535
330,739
328,784
29.122 27.320
Northw Penhsyl Ry. November
150.041
139.943
7.151
6.829
Ocean Electric (L I). October.-.

Jan. 29 1916.]

THE CHRONICLE

L a test G ro ss E a r n in g s .
N a m e o f
R oad.

W eek or
M on th .

Jan.

C u rren t
Y ea r.

P r ev io u s
Y ea r.

S

1

to

la tes t

d a te.

s

C u rren t
Y ea r.

P r ev io u s
Y ea r.

433

T h is index, which is given m on th ly ,
reports m to -d a y ’s “ C h ron icle.”
R
ailroads
—
Hudson C om pany______ ______

not

does

include

Page.

Industrials ’(C
oncluded
)—
page
342 Connecticutt Power C o ......................... 253

341, 154 Eastern Texas Elec. C o ., Beaumont
Paducah Tr & Lt C o. November
25,032
24,839
260.212
274 054 N ew Orleans Great N or. U R
Northern Securities C o ., N . Y ______ 251
Pensacola Electric Co November
23,516
18,860
234,107
244 7 3 1
and Port Arthur, T e x _____________ 251
T oledo Peoria & Western R y ________252 Ford M otor C o . ot Canada, L td ___.249
Phila Rapid Transit. December2213,472 2074,523 24.315,452 23.96L395
W abash R R . (Old C o .— Reorgan­
Phila & Western____ December
40,057 32,510
463,901
383,47
Fajardo Sugar C o ., Porto R i c o ........ 254
ized C o. W abash Ry.)
______________249 Fort W orth Power & Light C o _______157
Port(Ore)Ry.L&PCo November
455,165 494,626 5,028,408 5,758 677
Puget Sd Tr L & P ._ November
Electric R
ailw—
ays
643,823 686,820 6,859.878 7,733 429
Galvcston-Houston (Tex.) Elec. C o . .153
(Republic Ry & L t .. November
289,151! 241 ,625 2,800,428 2 .7 4 l’623 British Colum bia Electric R y ............ 344 Gulf States Steel C o ________________ 255
Rhode Island Co____ November
Chicago C ity & Connecting Rys —
417,449 397.016 4,611,718 4 921'98
Home (Fire) Insurance C o ., N . Y ___348
Richmond Lt & R lt. October---Collateral T rust___________
344 Houston Oil C o. of Texas__________ 255
31,242
31,492
340,114
336 70
St Jos Ry Lt II & P Co December
Cities Service C o ____________I I I I I *345 International
124,578 119,892 1,275,282 1,294 12
M illing
C o .,
New
Santiago El Lt & T r. November
43,239 37,117
43L883
423 59
Lehigh Valley Transit C o . .
25S 249
Prague, M in n_____________ ______ 154
Savannah Electric Co November
66,448 69,870
725,311
770 96
Phila. & W estern (Elec.) R y ______ ’.345 Lawyers' M ortgage C o ____________ 250
Second Avenuo (Rec) O ctob er...
79,545 82,893
740,690
780,85
M anhattan Shirt C o ............................ 151
Industrials
—
Southern Boulevard. October— .
20,181 19,713
191,546
188,68
Massachusetts Lighting C os.,B oston. 71
340
A jax Rubber C o ..........................
Staton Isl M idland.. O ctob er...
25,876 24,026
293,959
280,98
M oline Plow C o ., M oline, I I I . . ........ 151
Ainer. Brake Shoe &F dy. C o N Y 24Q
Tampa Electric C o .. November
83,696 80,922
895,278
895 497
M orris & C o. (Packers), Chicago, 111.342
Third Avenue______ O ctob er...
340.076 334,044 3,215,784 3,302,'50S Am er. L ocom otive C o ., Semi-Annual
M ortgage-B ond C o ., N . Y . C ity ____151
R e p o r t ...........................................
34c
Toronto Street R y._ September
489.573 525,254 4.173.872 4.5s3.*b2
er.
& Construction C o .
3415 Naumkeag Steam C otton C o ., Salem,
Twin City Rap Tran. 2d wk Jan
178,325 173,321
358,711
243,521 Am er. PipeCom pany
M a s s.............................................. ........ 343
Am
Ice
Union Ry Co of N Y C O ctob er...
242,219 237,162 2,341,872 2,428,191 Arm our & C o . .............. .................. " "
N . Y . D ock C o . (earnings to N ov.
Virginia Ry & Power. December
503,449 443,651 5,262,878 5,169,634
1915) ...................... ............ .................158
Belding Bros. & C o ., N . 'V ’ c i t v ’ and
Wash Balt & Annap. December
65,047i 62,434
845,683
816,930
Rockville, C o n n ..
’ C lty and34„ Northern Texas Electric C o ., Fort
Westchester Electric. O ctob er...
48,224 49.662
492.538
514,809
W orth, T ex_______________________ 154
British-American T o b a c c o 'c 'o '" Ltd
Westchester St R l t .. November
19,847 19.752
232.537
238,564
London, Eng...........................’
V , , Northern Securities C o ., N . Y ________251
Yonkers Railroad___ O ctob e r...
66,492 63,461
611,490
602,562
Peerless Truck & M otor C orp., N . Y .4 3 5
York Railways______ November
79,436 65,547
757,709
725,036 Central M aine Power C o ., W aterSears, R oebuck & C o. (year’s sales
Youngstown & Ohio. November
24.992| 23.603
263,889
254,175 Chicag’o Breweries C o ~ "L td ..................17n
by m onths).....................
158
Youngstown & South O ctob e r...
15.859 14.764
144,055
150.636 Childs C o ., N . Y . . .
Southwestern Pow . & Lt. C o ___343, 159
™
Swift & C o ....................................... 250, 158
Western Union Telegraph C o. (earns,
N ov. 30 1915)______
for 12 m os. end. D e c. 31 1915,
Cluett, Peabody & C o ., Troy", n I Y I I 342
Decem ber estim ated)_____________ 257

~ ~ r ----------------------------------------------------------------------------------------------------- o II. B. Ciaflin C orp., N . Y . (ball sheet

b Represents income from all sources,
c These figures are for consoli
dated company. / Earnings now given in milreis. g Includes constituent
companies.

Electric Railway Net Earnings.— T h e follow ing table
gives tho returns o f E L E C T R I C
earnings reported this week:
------ G r o s s
C u rren t
Y ea r.

R oad s.

Aurora Elg & C h ic.b ___Dec
154,561
July 1 to Doc 31______ 1,024,321
Bay State St R y .b —
9 c.f \ 1° U oc 31- .......... 2,345,247
c
July 1 to Dec 31______ 5.129,992
Georgia Ry & Pow er.a..D oc
639,191
Jan 1 to Dec 31______ 6,507,657
Lehigh Val Transit-b___ Dec 185,576
Jan 1 to Dec 31______ 2,093,701
Louisville Railway.b___ Dec 255,814
Jan 1 to Dec 3 1 ........... 2,940,500
Milw EIoc Ry & L t.a —
Jan 1 to Dec 31______ 5,971,715
Milw Lt, lit & T rac.a—
Jan I to Dec 31............ 1,480,625
Philadelphia Co—
Nat Gas & Oil Depts__Doc
882,002
Apr 1 to Dec 31______ 5,260,435
Consol Gas of Pitts____Dec
13,278
Apr 1 to Dec 31______
87,267
Duquesne Light_______ Dec 508,342
Apr 1 to Dec 31______ 3,781,174
Pennsylv Lt & Pow___ Dec
18,606
Apr 1 to Doc 31............
135.750
Pittsburgh Railways..Dec 1,069,970
Apr 1 to Dec 31............ 9,197,695
31,184
Beaver Valloy Trac____Dec
Apr 1 to Dec 31---------269,418
Porto Rico R y s.a _______ Dec
62,355
Jan 1 to Doc 31______
747,181
St Joseph Ry Lt H & P a Dec
124,578
Jan 1 to Dec 31_______ 1,275,282
Third A ve R y System .a.Dec
900,690
July 1 to Dec 31......... .. 5,638,123
Twin City Rapid T ran.a—
Jan 1 to Dec 31______ 9,453,964
Wash Balt & A n n a p .b ..D ec
65 047
845,683
Jan 1 to Dec 3 1 ______
Wisconsin Edison—
___1 to Dec 31..................... 8,656,795

railw ay gross and not

E a r n i n g s ----P r ev io u s
Y ea r.

------ N

e t E a r n i n g s -----C u rren t
P r ev io u s
Y ea r.
Y ea r.

S

152,658
1,097,375

53,857
374,370

49,409
412,313

2,253,156
5,202.082
578,792
6,341,184
148,750
1,864,024
259,826
3,166,490

482,698
1,500,291
297,938
2,795,576
78,013
942,473
137,806
1,414,770

569,325
1.755,609
261,135
2,583,110
61,580
808,180
122,144
1,369,818

6,005,496

1,806,834

1,773,071

1,493,667

490,049

547,706

o

S

K

f f i a

t

larger0than^anv
Uartef ’ amounting to $51,232,788, are $5,729,084
thp
r»f
Pro^lous Quarter. As usual, they were not made up until
about $105 000 WintmT h f tho 4 irect0.rs- The amount of cash in banks is
of dirfTtors wnrn°Pn i
mcmbers of the finance committee and the board
common stock?
U aV° r ° f the docIaration of 1 * % dividend on the

T h e “ not earnings” as here shown were arrived a t after
deducting each m on th the cost o f “ ordinary repairs and

E X P E N D IT U R E S

O R D E R E D

FO R

F O U R T H

Q U A R T E R .

<lofIci,t for D.?°- Quar_.sur.$22?506,'635df.$5?737,560 df.$967-861
Adjust ts in sundry acc ts ch’ged off. . C r . 794,057 CY.124,978 D r 787 698
Sur. or def. from previous 9 m os..sur.20,915,025df.ll,359,4 0 2 srl32,337,743

t h f l T £ o U s d de*)rcciatlon ° f subsidiary
bo mado for add’l property, now
plants and construction___________

~ n H L ' If e n t a [ s '
,
-------- B a l . o f N e t E a r n s . —
C u rren t
P rev io u s
C u rren t
P r ev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r

Aurora Elgin & Chic____ Doc
3 9 848
July 1 to Dec 31............
242il00
Bay State St Ry—
Oct 1 to Doc 31______
492 S’’ 5
July 1 to Dec 3 1 ............ 1,011,910
Lehigh Valloy Transit..Doc
59 494
Jan 1 to Doc 3 1 ______
736^734
Louisville Railway_____ Dec
8 8 034
Jan 1 to Dec 31............
910.867
Milw EIoc Ry & Lt—
Jan 1 to Dec 31............
793,570
Milw Lt, lit & Trac—
Jan 1 to Doc 31............
662,660
St Joseph Ry Lt H & P _.D ec
20,833
Jan 1 to Doc 31............
250,000
Third Avo Ry System ..Doc
220.417
July 1 to Dec 31______ 1,301,152
Twin City Rap Transitr—
Jan 1 to Dec 3 1 ............1,013,534
Wash Balt & Annap____ Dec
25,061
Jan 1 to Dec 31______
301,271

$

S

40.567
239.584

14,009
132,270

$
8,842
172,729

509,621
1,032,892
61,558
731.613
73,250
866,667

def6,627
488,381
129,657
*343,140
*67,321
*694,810

59,704
722,717
*9,905
*199,168
*60.717
*684,016

823,374 *1,042,585 *1.015,502
645.071
20,833
250.000
212,427
1.278,212

*526,033
40.771
325.979
*19,533
*519,660

*601,187
39,249
320,050
*62,238
*498,284

986,743 *1,712,275 *1,887,641
J 3 .3 2 5
*6,651
*8,116
■
‘■93,581
*102,174
*101.728
* After allowing for other income received.

ANNUAL REPORTS
Annual Reports.— T h e follow ing is an index to all annual
reports o f steam railroads, street railw ays and miscellaneous
com panies which have been published since D e c . 2 5 .



j

E X T R A O R D .

Interest Charges and Surplus.
R oad s.

31 1 9 1 5 .)

; T h e foHQwing financial statem ent o f the corporation and
its subsidiaries for the quarter ending D e c . 31 was given out
o n ,i; u , sday a ^.8r the regular m on th ly m eeting o f directors.
)e
» 1 i/c r S m<3GtT S tho directors declared a quarterly dividend
m
eon thG com m on stock , p ayable on M a rch 3 0 to
tl?n rS ° f rec9r<* M a r ch 1, being tho first distribution on
rotn u
j 1 sh?c es smco th at o f D e e - 3 0 19 14 , when the
dend W 9 ,r Do ^ °fd
d
- 0 ^ of 1 % .
t
T h is earlier divi‘t n i o i T Pt
fro^n tho. e a m m £s o f the quarter ended Sep t.
3 0 1914. Judge G a ry issued tho follow ing:

757,906
584,589
477,374
4.726,101 2.757,849 2.120,168 m aintenance o f plants and interest on bonds o f subsidiary
W e appond the results for the years ending
15,173
def 807
def 192 com p an ies.”
102,923 defl0,160 def 1 4 ,293 D e c . 31 in 1912 to 1915 inclusive.
469,949
270,532
244,261
F or unfilled orders on hand see “ T rad e and T raffic M o v e ­
3,597,280 1.853,774 1.539,773 m en t, ’ J an . 15 1916 (page 2 2 9 ).
19,285
8,071
5,285
147,833
47,490
49,893
I N C O M E A C C O U N T F O R T H R E E M O N T H S E N D I N G D E C . 31.
978,091
425,097
324,430
9,081,143 3,415.574 2,691,107
N Deduct
n ^ 7arwiH.gs.......................................... a $5l!232>88 $101
,935i635 $231
,0S4,'330
28,199
—
12,111
4,334
265,672
90,214
75.793 Sink, funds on bonds of subsid. c o s .. la$8,729.053 $3,030,726 $4,081,329
Depreciation and reserve funds _
/
59,276
35,825
34,245
Interest on U. S. Steel Corp. bonds.".
721,456
377,361
368.834 I rem. on bonds redeemable__________ 5,451,876
5,530,948
5,607,227
235 901
119,892
246,133 (not shown)
61,604
60,083 Sinking funds on U. S. Steel Corp____
1,650,622
1,294,125
1.560,468
1,704,933
575,979
570,050
889,930
225,513
273,193
§16.067,452 SIO.368,275 $11,393,489
5,602,313 1,759,222 1,735,197 Balanced0dUCMOnS-----------------Dividend “ ‘j " * ™ 1 f * * * W
'
% > - 36,30L920
$6$304.920 * l \ 304 920
9,284,220 2,701,882 2,858,959
Dividend on common stock (I
6.353,781
. . . . . .
6 ,3 5 3 , 7 8 2
62,434
29,097
25,054
Surplus or deficit for quarter.a.sur.$22,506,635df.S5,737,560 df.$967,861
816,939
376,110
367,313

............c3,504,954
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes

c

United States Steel Corporation.

(.Earnings for the Quarter and Year ending Dec.

______

______

15,000 000

Balance, surplus---------------------sur.$44,215,717df$16971,984sr$15582,184
™ T J 1 - Tv?un1 may
sightly changed on completion of audit of ac­
counts for the year. Tho complete annual report will be submitted at
the annual meeting in April 1916 or earlier.
“ al
N E T

E A R N IN G S

F R O M

O P E R A T IO N S

1915.
S
January................................ *1,687,150
February..... ..................
*3,638,578
M arch .............................. *7,132,081

FO R

Y E A R

1914.

E N D IN G

1913.

*4,941.337 *11,342,533
*5.655,611 *10,830,051
*7,397,433 *12,254,217

D E C .

31.

1912.
*5,243,406
*5.427.320
*7,156,247

First quarter................ 12,457.809 17,994,381 34,426,801
17,826,973
April — ................................*7,286.409 *6,920,879 *13,072,710 *7,509,207
M a y .................................... *9,320,576 *6,845,823 *14.554,566 *8,846,822
Juno.............................. --.*1 1 ,3 4 3 ,0 7 0 ___________________ *8,746,237
*6.690,894 *13,592,537
Second quarter............ 27.950,055 20,457,596 41,219,813 25,102,266
J u ly ..........................
*12,048,218 *7,475,993 *12,936,658 *9.322:142
August ...........................*12,869,099
*7,584,926 *12,657,430 *10,583,377
September. ...................... *13,793,327
*7,215,083 *12.856,312 *10,157,993
Third quarter............J_ 38.710,644
October...................... .. * 16.563,854
November..........................*16,990,968
Docember ..............
*17,677.966
Fourth quarter_______x51,232,788
Total for the year____ 130,351,296

2 2 ,2/6,002
*5.580,533
*2,798.388
*2,556,714

38,450,400 30,063 512
*11.430,461 *12 485 412
*7,392.166 *11 120 749
*4,261.704 *11 575 761

10.935,635 23,084.331 35.181,922
71,663,615 137,181,345 108,174,673

* 'M tCr/d?d U Vn?r*nt' on subsidiary companies’ bonds outstanding viz
TC
monthly (a) In 1915 respectively $880,026. 8872 480 8S72 0 5 5 «««•} 5 9 r ’
$863,445, $859,441, $784,672, $778,792?$776 325? $771
$769 342 and’
$762,058. (b) In 19)4, $819,372, $819,129, $818,106 $820 036
raw*
$8-10,175, $836,749, $836,778, $843,075 S854,C06, $881 142 and
1
(c In 1913, $838,497. $847,132, $8421298$839 5 0 4 ^ $831 627
cro'
$831.260, $828.074, $823,797, $827 33<t s 8 2 7 ^
1912, $723,657, $722,439, $721,371, $807 038 S847 294 «847 1on (d
« »Yi
975. $844,256, $852,814, $853.614.’ $848.969 And
x See footnote to quarterly figures above.

(Vol. 102.

THE CHRONICLE

434

BALANCE SHEET JUNE
30
INCOME ACCOUNT FOR CALENDAR YEARS.

1914.

1915

$

S

Total net earns, for year
(see introduc.rem'rks)130,351,296

1913.

1912.

$

*

71,663,615 137,181.345 108,174,673

Deduct
—

Sinking funds, deprec'n
____
& reserve funds______ 32.456,23o
Interest________________ 21,928.634
Prom, on bonds redeem.
9/1,309
Add'l prop., coustr., &c.
-----Charged off for adjust ts Cr.794.057

31,099,455
22,817.471

Cr.124.978

31,860,653
22,532.691
783,318
15,000,000
787,698

Total deductions------ 54,562,121 48.166,847
Balance________________ 75,789,175 23,496,768
Dividends on Slocks
—
or . . .

70,964,359
66,216.986
oio 677

'15

June
30

1915

'15

AND DEC. 31 1915.
Dec.31 '15 June
30

S
S
Land, plants, & c . 17,381,539 17,261,797 Capital s t o c k ____9,915,016
Bonded d ebt_____ 0,410,000
Investm ents_____
295,050
468,166
Inventories________3,537,032 3,139,360 Accounts payable.
179.4S3
177,264 P a y -ro lls________
Hills receivable___
196,321
173,214
1,591,895 Taxes accrued-----A ccts. receivable. 2,020,391
29,250
9,146 Interest a ccru e d ..
12,860
Insur. u n cxpired..
847,984 R e se rv e s......... — 1,580,412
Cash........................ 1,841,978
15,767 S u rp lu s..................x6,708,531
178,901
Deferred charges.

53,034,624
54,240,049

25,143,207
22.239,0.87
909,531

Dec.31

Liabilities—

A
ssct$ ~
-~ “

17,698

T o t a l ..................25,404,072 23,043,213

$

T5

9,909,681
0,410,000
732,388
174,943
130,171
29,250
1,430,968
4,225,812

T o t a l ...................25,404,072 23,043,213

x After deducting $32,170 for discount and expense in connection with
extension and refunding mortgage.— V. 102, p. t o /.

25 219 677

Hart, Schaffner & Marx (Mfrs. Men’s Clothing), Chicago.

(Report for Fiscal Year ending Nov.

3 0 19 1 5 .)

INCOME ACCOUNT FOR NOV.
30 AND DEC.

— V . 102. p. 350, 257, 159.

Year end.

International Nickel Co.,

York.

N ew

(Results for Nine Months ending Dec.

Nov. 30

G ross s a le s _______________N o t s ta te d

31 1915

AND YEARS END. MARCH 31

0M

o s .m d .
Sept.
30’ 15.

Q M o s .e n d .

Dec.31 15-

—

end -

$7,049,112
181.649

Total & c ., e x p e n s e s ..
G en era l,income--------------- S6’Iv > ’i26 ? 10 636’153
4 5 2 ,1 2 6
6 3 b ,153

$7,230,761
517,374

N o t s ta te d

$1,159,766

$6,566,787
437.812

Net income___________ $6,318,582

,741,827

$6,713,387

D e ^ a t T o n of p lan ts.. \ 8751,163
Mineral exhaustion.---)

$1,215,867

$636,915
687,395

12,000

10.000

Preferred0 dividends . . . (3 % )267,378
1
Common dividends.....* 1 .9 0 1 .5 7 5

(6)534,756 (6)534,756
.067
3,803,150
4,753,938
3,993.305 ____________ ________
(10%)

^ S S & z z iS J B M

31 PERIODS.
Cal. 4 ear
1913.
1912.
Not stated $13,625,797
Not stated $12,180,688
$456,635
$1,121,689
150,000
15,000
62,322

Net profits after dep’n . . *$1,235,436 *$1,159.7661
14,367/
52,069
Interest received, &c—
Total profits_________. $1,287,505 $1,174,133
$305,715
$286,110
P referred d iv id e n d s ------300,000
413,500
R e d e m p tio n p r e f. s t o c k .
10,486
40,663
Prom, on stk. purchasedl

$6,128,975

$720,000
385,315

T4.

Not stated

1914.
$6,452,758
114,029

Earnings of constit’t cos.
after mfg.. &c., exps. .$6,667.755 $10,209,531
Other income-------------- 102,J53
ioo.h j

mos. end.

Contingencies-------------- 1 $1,235,436
Depreciation---------------- J

1915
1915.

11

Nov. 30

Net sales______________- Not stated

31 1 9 1 5 .)

INCOME ACCOUNT ™R 6MOS.END. SEPT
30 AND ^MOS^END.
DEC.

T 5.

S ffi*

(12H%)

♦Also 10% stock dividend on the common stock calling for $3,803,150
rmnnim stwk naid Nov 1 1915 out of accumulated surplus, lhe total
a ? ™ u att°l sArpUis Dec. 31 1915, after deducting the 10% common stock
dividend calling for $3,803,150. was $5,644,003. against $5,315,625 as of
A*In*the*bafanco sheet of Dec. 3i°i015, investments increased from $57,760
to $1,119,645; and cash from $ 1 -9 0 7 , 8 8 7 to $4,457,398. Certificates of
deposits decreased from $5,500,000 to $2,030,000. A . 102, p. 348, 71.

General Chemical Co., New York.

(Report for Fiscal Year ending Dec.

31 1 9 1 5 .)
C hairm an W m . I I . N ich o ls, N . Y . , Jan . 2 8 , said in su b st.:

B a la n ce , surplus......... “ "$547,233

Cal. Year

$909,367{

$441,635
52,007

$909,367
$337,920
296,877

x$493,642
$345,027
99,482

$274,570

$49,133

$557,932

♦ Net profits are stated in 1915 and 1914 after deducting all exponses of
manufacturing and marketing, including adequate allowances for Federal
income tax loss on merchandise carried over, discounts on customers ac­
counts contingent losses on the liquidation of receivables and trade ad­
vances and for depreciation of shop equipment, Hxturra, &c.
x In 1912 the total profits were stated after deducting §.>0,643 for inter
est and $17,521 for special expenses.

A n initial dividend o f 4 % for the year 1916 was declared
Jan. 2 5 on the com m on stock, payablo in quarterly instal­
m en ts, the first 1 % on M a r . 1 to holders of record b ob. 18.
BALANCE SHEET NOV.
30.

1915.
S

1914.
$

1915.
L ia b ilit ie s —

1914.

S

* „„„

Preferred stock — 3,886,500 4 '592'RSS
G ood-w ill,
trade
names, & c_____ 15,000,000 l o ,000,000 Com m on stock— 15,000,000 15,000,000
147,119
150,o64
281.298 Accts., A c., pay’le
M ach ..tu rn .* flxt. a'254,854
......
In vcn torles-b------ 2,196,032 2,566,084 Accrued taxes, salarlcs, A c ...........
234,207
202,440
Accounts and bills
67,305
74,926
receivable (net). 2,465,846 2,988,869 Pref. div. D ec. 31.
850,000
778,669 Reserve funds____c l ,263,500
Cash....... ................. 2,264.801
8,920 Profit and loss____ 1,593,143 1,045,910
Prepaid ins. prem .
10,240

_
. „
onr uiants have been operated for the first time at
During the P«>t,? resuUsindicate the wisdom of our long-time policy of
full capacity. The results i
j g0od condition. We have taken
keeping
JSinltv offered to provide a liberal reservo for future

« * ■ * * “ • *»

T o t a l __________22,191,774 21,623,840

T o t a l .................. 22,191,774 21,623,840

a After deducting $156,491 depreciation reservo.
,
I, Denotes inventories of materials and supplies and finished and partly
finished merchandise on hand at or below cost.
«.
rnn
c Reserve funds include preferred stock redemption fund, $1,113,500,
and reserve for contingencies, S150.000* V-. 102, p. 255.

Consolidated Gas Company of New York.

(Abstract of Report Submitted at Annual Meeting Jan.
common stockholders

^otiroci v iori profit-sharing and bonus accounts
t

stock?payable Mar. 1 1916 to stockholders of record Feb. 23 1916.
INCOME ACCOUNT DECEMBER
31.

1915.
Net profits for the year.a$5,958,746

1914.
$2,857,898

1913.
$2,809,441

I>
referredfdividend (6% ) *912,498
$825,000
*825,000
Common dividend (6%()5 % ) 5 7 0 , 0 2 5 ( o m \ 5 4 2 ’afotitocy t)M i ,l)ou
Extra com. div. Feo. l
% ) = ,8 7 0 ( % o l 7 ’050
Special com. div. Feb. 1
11916
(l 0 % ) 1,140.050
Int. on stock subscripts
438,446
452,509
405.197
Chgd. off plant,Ac.,acct.
136.811
139,336
724,276
Profit-sharing, &c-------26,254
Res. for U. S. corp. tax.
750.000
Res’ve for plant deprec n

1912.
$2,608,582
$750,000
513,534

44,154
432,687
136,717
19,259

$1,896,351
T o ta l_________________ $5,186,076 $2,611,195 $2,551,227
$712,231
$258,214
$246,703
Balance .’ surplus------ . . .
*772,670
$702,549 $1,138,995 $1,999,569
Exp. on new constr.. S e e . §3,5U4,yi50
Esp. on repairs & recon779,964
570,122
617,856
struc.chgd.to exp.accG
1 32
a ABCTdedimting $195,050 reserved for insurance.
CONSOLIDATED BAL. SHEET NCL. SUB. COMPANIES) DEC.
(7
31.
1915.
1914.
1914,
1915.
Liabilities
—
S
„
*
Assets
—
$
*
Preferred s t o c k ...15,207,300 15,000,000
Manufacturing in­
vest. at c o s t .. . *28,988,927 25,747,150 Common stock— 11,400,500 10,857,400
Pf .stk. to be Issued ----------y208,000
__
Investment in cos.
302,452 Loans, A c ., accr’d
partly owned___
386,000
491,571
(not d u e)----------1,314,281
158,548
M isc. investments
134,699
139,336
Sundry det'd acc'ts 1,000,000
206,250
228,125
“
S t )0.1 . . 1 " 1 4.450,996 3.998.733 D iv . pay. Jan. 3 . .
?
"
542,870
Extra div. Feb. 1 .
570,025
A ctive customers'
accts.Abllls rec. 2,354,144 1,556,489 Spec. div. Feb. 1- 1,140,050
688,432
838,379
6,648 Fire insur. reserve
M iscellancous-----1,250
105,121
.
.............
Cash___________
1.712.269 1,032,814 Sundry reserves..
688.432 Plant, A c ., deprec. 1,143,048__ - - - ­
Fire insur. reserve
838,379
S u rp lu s__________ 6,024,9o6 5,252,286
T o t a l ..................38,866,664 33,491.266

T o t a l .................. 38,866.664 33,491,266

* The manufacturing Investment as above is figured
™°the
sages not due on properties purchased, amounting to SoO.OOO, also tne
annual deductions for dismantlements, which, together with the cost of ronairs and recon s tru ctio n s charged to expense account from time of tho for­
mation of the company (1899) to tho present date, amount in the aggregate
to $13 523 027. y Preferred stock to be issued when authorized to com­
plete the purchase of the General Chmnical Co of C a ltfo m ia
v Tho romnanv’s earnings, as reported to the N . Y. StocK Lxcnange ior
the n moTending Nov.fsO 1 9 l £ showed1 net profits> $5,202,214. against
$5,958,746 for the calendar year 1915.— V. 101, p. 171b.

Inland Steel Co., Chicago.

(Special Report Year ending Dec.
Y ea rs
E n d in g

*N et
O th er
V am
E a r n i n a s .. I n c o m e .
g

B ond
In t.
i

D e p r .A
E xhaus n.

31 19 15 .)

D iv id en d s
P a i d ..

B a la n c e ,
S u r p lu s .

Dec 31 1915 4 414,139 78,885 381*690 323*920 (6%)599,886 3.187,528
Ju^e 30 19151:2,041.248 40!310 357.390 327.384 (5%)440.491
956.293
*After deducting for the year ending Dec. 31 1915 $1,143,366 for main­
tenance and repairs, against $1,129,803 for the year ending June 30 1915.




2 5 191G.)

Results. The figures thus far available indicate that the company’s
—
earnings from gas business during the year (after dcxluctlng the reserve for
renewals and contingencies) amounted to $2,376,7o4. To determine tho
earnings applicable (in accordance with the decision of the U . 8. Supreme
Court) to tho value of the tangible and intangible property ($80,2.>8,978)
employed in tho gas business, wo add the net earnings of tho Astoria L t .,
Heat & Power C o., $1,145,467, making the total not earnings from tho gas
business for 1915, $3,522,221, or equivalent to 4.39% on tho aforesaid
value of gas property.
.
.
.
.
The dividends and interest received on stocks and bonds owned and
advances made to affiliated gas and electric companies, operating in the
boroughs of Manhattan, Queens and The Bronx and also in tho County of
WfistAester (excluding tho Astoria Light, Heat & Power C o., included
above) amounted to $0,700,383, increasing tho total not income to $1 0 ,­
9 9 9 60.3
The interest paid on funded and other debt amounted to $1,719,and dividends were paid on tho company’s capital stock, aggregat­
ing
%
(the rate now being 7% per annum) amounted to $6,737,614.
The surplus, therefore, to be carried to profit and loss for tho year 1915 (in-

— O f^th e'toW f authorized issue of $25,000,000 Convertible
Debentures! subscriptio^wcre received for $21,850,750 (V. 100, p. 312).
Tho following obligations were paid oil.
On Nov. 1 1915 debonturo bonds. datcdJH a y ^ 1888— - .............. $1,236,000
On Feb. 9 1915 Demand Notes issued in 1906 and 1J07----------------2,500,000
On Anri I 9.L 1015 Eight Months Coll. Trust Notes------------------------- -,,.>00,000
On June 26 1915 Eight Months Coll. Trust Notes............................. 7,o00,000
C n s E l i t e s __-The gas sales of tho company fell off 829,0>5,400 cu. ft.,
- (S o while its gas sales and those of Its affiliated gas companies in th«
t
Borough of Manhattan fell off 1,230.034.900 cu ft or 5 .3 8 % . In tW
Bronx the decrease in gas consumption per individual was nearly offsot by
ran increase due to building operations, so tho loss amounted to only
90°803 600d i . ft., or 0 .7 0 % . In Westchester County and in tho Borough
of Queens, both growing territories, tho salts? increased 46,508,502 cu. f t .,
nr 1 98%
Tho combined sales of gas of all tho companies amounted to
1 213:329,998 cu. ft. lass than in 1914. a loss of 4 .1 2 % .
’ comparisons have been made between all classes of establishments, and
indicate that, except In the case of restaurants (which show an Increaso in
gas consumption), the percentage of decrease in dwellings and apartments
a s V e U a s ln all classes of business has varied within a comparatively narrow

ClUp i n a n c i t B

r l«uft°hm vnC ^ :2 'fD ^horoffoct'«rf>
\
a
the^uropfra^war'^upo'f'mamifacturing

appliance, ^placing gas appliance,

W whlch wero not favorable to the

During tho year ^|Q
^Caunl?aifc^lt^asSagahistea
gas companies i.wtalled a net W
o f ^ g ^ ^ ^ ^ ^ '^ g ^ u d e d
r 5 8 2 nhotel a id restaurant’ippliances and 3 ,496 industrial appUances. On
Dec 31 1915 the company and its affiliated gas companies had under rontal
contracts 428.983 cooking appliances of various types, an increaso for tho
y e A m « t i 9ran °im rn oses fo r w h ich in du stria l a p p lia n ce s w e ro Installod are
.
a u to m o b ile b o d ie s; ste rilizin g m ilk b o ttle s ; la cq u erin g
‘ f f r i n g ^ S n a f h S g d o ll m old s? h e a tin g p r o v e s ; red u cin g
nrp th e m a n u fa ctu re o f pa in t an d th o tre a tm e n t o f a u to m o b ile
s o r i n g ; co m p o u n d in g ^ o d S ! h e a tin g sh rapn el shells; c o r ru g a tin g p a p er;
< ra isin g b e lts ' m a k in g u p o f e lectrical n o v e ltie s, h e a tin g a c id , an d also o il,
1
ran m a n u fa ctu re o f d ru g s , fa c e cre a m s, soaps an d to ile t p re p a ra tio n s .
i_0 'i- ,i; ^ a‘!Uj 0 f m illin e ry s u p p lie s, a n d la d ie s’ h a ts, th o w h olosalo b a k in g
Sr
b r e a d , a n d s m o k in g an d cu r in g o f ham s a n d b a c o n .

JAN. 29 1916.]

THE CHRONICLE

Last fall the company inaugurated a n o th e r
Jam p c a m p a ig n to promote the “ C .-E .-Z .” lncand(L:ent raslam n
Thta
chirahintvP-inf|1 i hS T * 0? ’ iS eSulppod with threo small mantlesof gTeat
T
t e t a L y io cunuses a soft, mellow light of lnsrh illuminating value gas
u{,aung. It dim is^ a soft* development in the art of Incandescent ito
merits have evidently been recognized by the public as over 100 OOtihave
N ew

In ca n d escen t

L a m p .—

referee and adjudging the company to have been the owner of certain fronerty between East 15th and 16th streets on th i Eakt Iftiver taken bv tho
•city on Jan. 31 1907 for the extension of the Willard Parker Hospital ^ On
ifiv'ision19
° 9 urt of Appeals affirmed the decision of theAppellato
awardT o he
ftT pr„
ocoodin^ . to determine the amount of the
“
Property taken, will now be resumed.
s y s i o r i a l u n n c l .— The installation of two 72-inch eis main*? in
nnw

somemodificatlona V ythe
n
'custome/fwasalso required. ‘'iV k h
ment ^ v b o ^ t h ^ « W ^ T ndos?ent *amp service and a voluntary adjust“ f i t i s e s t i m a t e ? w i h ^ mpanies of the, rates t0 tho wholesale customUnitedSinectrie T $ $ »
he,?ross rovenue of the New York Edision and the
*2 WO,OOoTer annum. & P° Wer COmpanies wIU be reduced “ ore than

P o « o « e T S fu d
refhe " * * ° f

ia^ f i montali “ S t a t i o n in 1914 of nitrogen-filled
vears i ^ thTliih mS IsV
m?? foF arc lamps, which had been usod For many
& C .,

I N

”»

l°w «t

real,Zed d n r i n g Y ^ V r T

- . f v ? Pfoposed to take over, as promptly as the necessary formal steps
will then ho H i l T i T P 1 1 P r o W e s o f t h a constituent coinpanies, which
^
bein v di
oHi Tu tiJle
t
ab of the assets of the companies then
being directly vested in the Peerless Truck & Motor Corporation
A balof thoSenn^Uno f/ an’ 1 1 .9 1 6 -IL1 1 ue PrePared on the basis of this merger
s to c k h n ? d l^ T T n ^ m?ianles'Tith^}lepa^ent organization and furnished to
also ho 'T lufvuo
Pt y as P .88^ 10-, Re«ular earnings statements will
O
h;danre s w T r t h " S°Kn- f-s thls has b?en accomplished. A consolidated
balance sheet of the subsidiary companies as of N ov. 30 1915 is submitted.

h a v e now hn!m r. ’r,nL CL stro? ^ and Public places, all such arc lamps
ty
a v e n o w boon replaced by gas-filled incandescent electric lamps.
M E T E R S ,

,wo ta,er“ t8’

is the largest manufacturer in this country. It has also taken Important
SP
hi^naCt?iif v the mar'.uf?ct. re of aeroplane motors for export shipment
5
u
T nng IS18- This will establish the company in
maneTdvTri af r
,raar?tU iCtK
fK
re'- wbISu 1 1 is bclievod can be continued per­
manently on a profitable basis. The company, in addition, has important
orders for special export material which will fully occupy its manufacturing
capacity during the year 1916 (compare V. 101. p. 1556, 1718)
g
busine?s now in hand with that confidently'expected
Anting the next few weeks should make it practicable to maintain and

in the?Borough of Manhattan'10 P| S" Commission issued an order reducing
‘

F O I^ Y E A R ^ £ ^ D ^ G A S

E ^ e f S n S M . S E S t a f f i S S e S S j S K C t h i 'i o S S S or
our large domestic business in trucks and ple^urecare
An l r r a ? S e n t

“ I K 'S ? S m a f o r ”, ! .

ancfthe transmlslion^ g ^ h r o u l h t

A C C O U N T

plan to turn out from 1,000 to 3.000 of these cars during 1916 den ending

TfcodeauTmoTUn^ r n v ^ n T f
priced automoDlles providing e ° f co-ooeration in resuort toof m c X m for the Iar*«?‘ manufacturei riA»i<rnincr
engineering, manufacturing and commercial matters. This arrammment
contemplates the development of a new type of car by the Peerless Co of a
grade to compete successfully with the highest grade c a r a o n th ! market
a« d R r
lrthT p n ?v l d e 3 tbat we shall have the benefit of prices in the pur­
chase of materials, components and accessories resulting from the laree

Firat^D6Dt- _h L n d « ? 8 A Ppellate Division of the Supreme Court,

IN C O M E

435

U SE

S e c u r itie s I s s u e d i n A c q u is itio n o f C a p ita l S to ck o f P e e r le s s M o t o r C a r C o
G e n e r a l V e h ic le C o ., I n c .

§ j« 3 ? 2 $ f i > £ :s i :

| l| f|

f i g

(after deducting res’ve
xA d d sT rp T u s^T n i^T f

$1,501,101 $1,609,583

* 2 ’ 3 7 6 '7 5 3

M 4 5 ’467

1 J 2 7 '886

403’518
696,860

-

AnTintl^ec’d o*investment in that company
Total earns, from gas
D to ^ tr ^ d S H E
& bonds owned and on
adv. made to affil. gas
& elec. cos. (excl. int.
on invest’t in Astoria
L ., II. & Pow. C o .) ..

8 3 ’ 5 2 2 -2 2 0

Int.on fund.& other debt

1,719,746

* 2 ' 1 3 7 -9 2 1

$2,601,479

344.501
675,105
$2,629,188

C O N SO L.

6,700,383

B A L A N C E

1915.

5,808,716

5,522,326

479 [435

8871856

826,956
$1,130,691

5.375,936

$1,246,959

$1,536,699

S H E E T

D E C E M B E R

31.

1914.

„

0
$

Liabilities
—
Plant & p rop 'y . 54,385,149 54,242,210 Capital stock . .
Stocks & bonds
Bonds and notes
of other co s .*. 111,061,247 101,391,708 Accts. payable*
Bonds and mortaccr’d charges
gages _______
200,000
200,000 Stock and bond
Cash___________ 2,127,625
2,751,126
premiums . . .
Accts. receivable 3,492,457
2,446,771 Renewal and re­
Material & sup­
serve fu n d s ..
plies ................
996,081
970,590 Profit and loss.

T o t a l..............172,262.559 162,002,405

- W To2 dp.a
253 advancos

t0

$
99,816,500
24.846.64S

A
ssets
—
$
Real estate______ 5,366,974
Cash.........................
935,248
M erchandise_____ 7,657,652
Accounts receiv’Ie. 7,624,240
Material and sup­
plies.............. i-..
169,522

N O V .

30 1915

3

3,676,687

11,962,591
18,008,737

American Pipe & Construction Co.

7,011,760
13,951,397
11,359,313
15,626,910

{Report for Year ending Dec.

P ™ s i° n

T o t a l .............. 172,262,559 162,002,405

D iv id en d s

P nt5
£°
year wer^ S541,917, and after charging off expenses
anceTf Sl°5l un ad^ aci‘? r
,n?adH t0 yoP subsidiary companies leftT balur
W n s o ld
1
- f y,our cos- was reduced to $ 3 2 3 , 9 8 6 .
o
W at®r Co. s plant to the city of Wildwood for
^tto
compa,.ly Par for the bonds, floating debt and
hntT-'iii
this transactlon te not included in the 1 9 1 5 business,
but will appear in 1 9 1 6 .
Therefore, while we do not show earnings as large
S Z r t t e & J S . th<i co? lpany ^ to. hotter financ al condition than It wis
thaTtho n?=a
inSPr P
v?Cii0-ar C
^edlt t as beeu maintained, and while we feel
tho^torlf
udlvlde?»? has boea disappointing to our stockholders,

31 1 9 1 5 .)
B a la n c e ,

T o ta l

1915.

1916.
1915.
Liabilities
—
s
$
Capital s t o c k ------ 10.000,000 10,000,000
Accounts payable764,8901 2,132 602
Bills payable------- 1,500,000/
Deferred pay’ts on
real cst.(not due) 2.347,035 2,654.618
170,513 S u rp lu s--------------- 7,141,711 5,7531805

S

5,353,577
732,443
7,585,428
6,699,064

- V 0TobVp.-3i221 753,636 20’541'025

T0taI.............. 2R753J536 20,541,025

Peerless Truck & Motor Corporation.
{.Financial Report Dated Dec. 31 19 15 )
Pres. F re d ’k G ilbart, N . Y . , D e c . 3 1 , w rote in substanceI n c o m e . — Tho aggregate sales billed of constituent companies fr.r u ™
'
ending Nov. 30 1915 was $11,458,513, while theTet profit ^
companies after deduction of liberal charges for maintenancoTnd
1
tion. before deducting interest on obligations caTcel^ o T o r o v M ^ f^ f n '

‘,rov“ " ns ror

“

tto ° S 5 K ^ 4

sa t is fa J -to r v S
n
Cn y x f ° rti ? ? 3 0 rej a n d t h o c o m P a a y is in a m u c h m o r e
s a tls ia c to i v c o n d itio n .
N o d iv i d e n d s w e r e p a id in 1 9 1 5 . a g a i n s t S J 5 0 n nn

PaMuch 91t i d 2^0 -0'?0 ln
and *400.000 in 1912 1911! m o and 1909
ttime has been taken up in looking into the feasibility' of
war contracts that have boon brought to our attention, and
f ^ ll Y , « Y n ° f H
theiw Were very attractive in the beginning, none have so
J^t
™at®^dized. We are now taking up a proposition that seems to be in
better shape than those previously offered.
„
N e t E a r n s . D i r . P a id .
, .
N e t E a rn s. D iv . P a id .
$151,101
N one
1915..............
1 9 1 0 . . ..............
$ 4 7 3 ,7 5 2
$ 4 0 0 ,0 0 0

19}4-------Joio....................
1912--..................
19H--------

° r •>» » “ '» » ■ <» <*■

254,907
364,500
605,392
652,890

150,000 1 9 0 9 --------------------------- 5 0 6 , 4 8 2
250.000 1 9 0 8 --------------------------- 6 2 9 , 6 7 8
400,000 }2RZ- — - - - - - - - 6151983
400.000 1906------------------- 618,043

B A L A N C E

1915.

S H E E T

D E C .

4 0 0 ,0 0 0
4 0 0 ,0 0 0

420,066
480,000

31.

1914.

1915.
1914.
Liabilities—
S
S
Bonds, appraised val.3 .145,415 2,918,395 Capital stock (par
Cap. stks., appr. v al.2 ,421,347 2,450.408
8 1 0 0 )-------------------5,000,000 5,000,000
Unfinished contracts 117,246
166,742 Collateral trust cer­
Real estate (clear o f
tificates-----------------1,300,000 1,400.000
encum brance)____
84,351
84,319 Accounts payable___
68,926
72,957
Accounts receivable. 673,085
875,521 Bills p a y a b le ..............1,025,000 584,987
Bills receivable_____1 ,088,046
496,862 Undivided p r o fit s ... 335,288
155.642
M ach, and tools on
Profit and loss........... 151,102 254,908
construction work
(less depreciation) 171,701
264,216
Merchandise on hand
70,039
64.969
Cash on hand........... 109,086
146,972
A
ssets
—

X The„ca?b balances of the Corporation and subsidiaries aggregated . .
T

• 4 S ? s s s s s ,a ,a s ? S i ^ 1

31 1 9 1 5 .)

President Joseph S . K ee n Jr. is quoted as follows-

af« » ated companies and other investments.

................ $2 202 ' 1 2 7 S!onnri l l f u f f ' ^ n n 00 S ia ^ d fo s $5,oTl!7i2
................. 2,202,127 20,000
(121$) 1,250,000 932,127 4,483,806
B A L A N C E S H E E T J A N U A R Y 1.

1916.

S U B -C O S .

1914.

Butler Brothers, Chicago, 11 .
1

19 14

O F

99,816,500
14,236,52

13,951,397

(Report for Fiscal Year ending Dec.
E n d in '

S H E E T

. ' ”l ^ , 5 f L “ .ad.l.'“ emcnts i » « o M t o o u r acqalsitlOQ o f.to c k .,
(Total $14,908,647)—
L a n d --------------®q<57 1 r j o i t t i S '“ ^ T o u i ,1 4 .9 0 8 .6 4 7 ) Buildings, plant &"equTp- 5
, 04
Peerless Co. cum. pref.$2,100,700
m en t_________________
3
433
do Common stock------ 2 ,0 8 5 . 5 0 0
Patents, fran.& good wiH"*$5,’l0 0 ,000
investments__________
rjii n ^p.
0re? - V - ^ ° - >Inc--cum-Pf 1.200,000
FundSi d f“
(e
s^ k - a5.000.000
Finished goods, work in
’
process, raw materials &
1st M . serial 6s (P .M .C ) c600,000
supplies at factories and
M tge. on real est.inN.Y
300,000
brs. & on consignment. 1,428,265 Special deposits__________
175,490
Accounts & notes receiv’lo
655,695 Accounts paya >le______
7 3 4 288
t^ash_____________________ 2,147 009 P oer.T r.& M . C orn.adv..
50,000
Prepaid expenses & insur. ’ 65.418 Sundry creditors, &c_____
114,305
Development, engineering
Res. agst. inventories,&c.
250,360
184,637 Surp. by cancell’n of notes
expenses, &c.................. ..
TT pay’le “ Gen. Veh. v >o .,
*v of
» o u . C u .,
9 0 0 ,0 0 0
Undivided surplus_______ 1 , 3 9 8 , 0 0 4
a Represents patents, franchises, good will as per contra

a Excluding sales to the Third Avenue RR. Co.
b Includes sales to the Third Avenue RR. Co.
x Add for the purpose of determining the earnings applicable to tho value
based upon tho decision of the U. S. Supremo Court, of the tangible and
intangible property employed in its gas business, viz.: * « 0
0 7 0 i« ioik
$80,116,039 in 1914, $79:560,331 in 1913, $79,143,950 In 1912:
1915,

C<1Y r a r —

B A L A N C E

^

A ssets

Balance. surplus--------$1,765,244

Asseto—

and

Capital stock— 200,000 shs., par $50 (auth. issue 400,000 shs.) $ 1 0 0 0 0 0 0 0
T en-year 6 % cony, gold notes (V. 101, p. 1718, 1 5 5 6 ) . ... ..1 1 5 000.000
Cash deposited with the trustee, to retire balance of
*
bonds of Peerless Motor Car Co___________________ S600 000
L )o *
a?Quire balance of outstanding pref. shares
*
of Peerless Motor Car Co________________________
90,300
r, . . . C a ,s f l ; ,
C o r p o r a t i o n o n H a n d N o r . 30 1915.
Cash in bank (in addition to amount held by subsidiaries)...
S->42 400
Advance to subsidiaries included in liabilities shown above *
~
Dividend receivable from subsidiaries incl. in liabilities shown above 35 065
above sttrteSf^and
6% —
er?i

§ f? | > ;

S

$

T o t a l ...................... 7,880,316 7,468,4941

T o t a l .......................7,880,316 7,468 494

thS statement of assets for 1915 no account Is taken of sundrystocks, bills and accounts receivable of tho face value of $2,460,290, which
are for the present appraised at a nominal figure.— V. 102, p. 346.

Houston Oil Co. of Texas (Houston, Texas).

{Balance Sheet Sept.

3 0 1915—

President's Letter Nov.

17 1 9 1 5 .)

P res. S . W . F ord yce, H ou ston , N o v . 17 , w rote in su b st.:
h
P0W eight-cylinder pleasure car of the Peerless Co. has met with
m % n f T i 10n^
T
a? ents of the company, and the sale of this model
will be limited only by tho capacity of the factory to produce them
We




r

.

J£an?t

i
T

fiscal year has been. In a way, an uneventful one
Eur°Pean yvar were deeply felt throughout the Southwest.
was greatly curtailed and uncertainty as to the approxiPrompted the restriction of financial commitments. The

V l l

i

f

PS s t

htrdwoods andTn "the s a l T o°f land! ° Sel“ ng PrlCe ° f ° U' tUrpentine and

[Vo l . 102.

THE CHRONICLE

436

The total o f oil produced by the company during the past fiscal year was
48.090 barrels, an Increase of, say, 8% ; the total of oil produced byan d for
account of the company was 131,825 barrels, a decrease of, say, 15% • i\ °
new wells have been bored. Proceeds from sales of land (Including vend­
or’s lien notes) amounted to $11,189, a decrease of 48%; r ^ p t e from tur­
pentine amounted to $27,316, an increase of 38% , and receipts from sales
o f h->Mwoods were $18,805, a decrease o f 59%.
.
D a l tg the past year the Kirby Lumber Co. has met promptly Its semlfprrmv minimum payments due to the Houston Oil Co. o f Texasundor the
xe. , of the contract between the two companies and of the decree of the
U . S. Court for the So. Dist. of Texas interpreting the same.
d
R e fu n d in g , & c — On Sept. 30 1914 the company s outstanding second
Issue* timber certificates amounted to $1,781,610; these certificabs maturod
in approximately equal amounts on Feb. 1 1915. Aug. 1 191
" : ;L
and Aug. 1 1916, and were to bo met by the sale o f new seri«3 certificates
reserved for that purpose. It was found Impossible, however, to ettect a
sale o f the requisite new series certificates at a satisfactory^pricei in_order to
meet the Feb. 1915 maturity, so a time loan of suffirtent a ^ ^ w m then
arranged. Early in 1915 the general financial conditions indicated a marKea
fmprovement. and we promptly availed of this to a^ange ^ t h bankers for
the purchase from the company of the total reserved balance of new series
certificates at a price sufficient both to discharge the loan a L o ^ r e ^ ^
to and for redemption at maturity o f all ou*ft i d i n g 2 d issu ecem n ca tcs,
putting an end to the system of piecemeal financing theretofore ^ lo w e o .

B ALAN CE SH EET N O V.

1915.
1914.
A ssets—
$
S
Real est., plant, &c.8,483,732 8,407,341
Acc’ts receivable_
_
74,511
78,381
Feed and supplies.-.
72,062 67,431
Prepaid lnsur. & lnt.
19,151 23,994
Cash.......................... 212,464 150,196

S u i t s . — T he Thom pson-Ford Lum ber C o. suit, carrying a jua^m oni in
fa vor o f your com pany for over 14,000 acres o f ^ n d and about
TOO and
interest, damages for tim ber cut, was aP.Pfal^ed b y the Thom pson t orn

^^Oullooifcl^wltiiin3
'&^paistMfew m onriis the ‘l um ber industry has received

30.

1915.
1914.
S
S
Capital stock______7,496,300 7,496,300
B o n d s____________ 700,000 700,000
Contingent reserve-._ 32,753
_
— --­
Surplus___________ 632,867 531,043
L ia b ilitie s —

T o ta l.................... 8,861,920 8,727,343
T o ta l.................... 8,861,920 8,727,343
C apacity for livo stock, 30,000 cattle, 40,000 hogs, 80,000 sheep, 1,500
horses and mules.— V . 101, p . 2150.
.

GENERAL INVESTMENT NEWS
R A IL R O A D S ,

IN C L U D IN G

E L E C T R IC

R a ilw a y s ,

W hereas in response to the offer o f the National Properties C o . to pur­
chase the outstanding com m on shares at par ($50 each), payable in its
collateral trust bonds, there has been deposited about 90% o f the total
am ount outstanding; and whereas, the interest on tho bonds will be paid
sem i-annually, J. & J .; Therefore, be it resolved, that if and when dividends
are declared on the com m on capital stock they be m ade payable semi­
annually on Juno 15 and D ec. 15 in each year.— V . 102, p . 344.

B ir m in g h a m C o lu m b u s & S t . A n d r e w s R R .—

lati70 - T h e M l am ounTo^di^ounTandfomm issio^ on sate of securities
1e
&c sold during the year, namely $259,466. has been charged off- Had
s u S u t t t T o ^ apparent
A C C O U N T FO R

YEARS

E N D IN G

SEPT.

30.

1914-15.
Installments rec’d from KirbyL.Co.* $1,406,250
11,189
Proceeds from land sales.------- -------Turpentine privileges, &c------- -------00,940
Revenue from oil, &c., p roperties...
5,935

1913-14.
$1,406,250
21,672
21,467
23,008
46,071
22.204

Total timber receipts, &c------------- $1,513,333

$1,540,672
$76,109
181,345
30,120
370.429
659,408
64,510
168,020

B u f f a l o & S u s q u e h a n n a R R . C o r p o r a t io n .— Earnings.
_ T h e official statem ent of earnings for D ecem ber and the
_
calendar year 1915 shows the follow ing rem arkable increases:

1912-13.
$1,406,250
5,969
11,961
44,203
23,423
13,029
$1,504,836
$89,480
174,607
113,767
377,793
659,408

1 7,1 /9
8 8 ’88*

Proceeds stum page, & c--------------------Interest received--------------------------------

Taxes - - - - - - - - - - - ............- General administration, & c., e x p ..

$63,416
166,377

Interest on tim ber certificates-----Preferred stock dividends-------- - - ­
Comm ission on sale o f secur s, & c.

373,826
669,240
259.466

d o (Thom pson -Ford case)-----M iscellaneous deductions..............

93.395
Cr .98,618
9,503

D e d u ct—

Oil development--------------------------

Adjustment o f notes receiv., A d ­
judgments (Wing case)------- -------

Balance, surplus or d eficit.............. def.$23.272

1,480
def.$9,269 sur.$88.301

July 28 1908.
BALANCE

SH EET SEPTEM BER

30.

Intangible values
represented by
common stock-20,000,000 20,000,000
Investment in tim­
ber lands, oil &
mineral rights-xl3,468,963 13,445,691
638,375
Oil and other prop. y638,375
Kirby Lumber Co.
359,627
357,243
(current)--------Kirby Lumber Co.
148,144
(suspense)------196,797
29,791
Notes & accts. rec.
38,020
236,797
Cash on hand, & c.
956,321
98,618
Due under Judgm’ t
5,794
5,402
Miscell. accounts .
Certf. of lnt. in co’s
240,238
sec. held lntreas. zl62,841

1915.
1914.
$
S
1,000,000 20,000,000
20
!
Preferred stock— 8 ,947,600 8,947,600
Timber certf. of
885,597
int. (2d issue) - ­
5,947,611
New series (Aug. 1
1911) ................ r5 ,736,000
Accrued lnt. on
59,370
66,070
timber certf___
75,028
69,993
Accrued taxes-----s70,000
Notes payable-----13,822
11,117
Accounts payable .
Unearned Inc. on
turpentine con­
24,124
29,612
tra cts.-.............
Due under judg­
93,396
ment _________
36,902
13,195
Miscell. accounts-

T o ta l................ 35,922,581 35,104,457

T o ta l................ 35,922,581 35,104,457

A ssets—

1915.
S

1

1914.
$

Rec. Cert.—

C ourt authority, it is said, has been granted fo r issuance o f $200,000
receiver’s certificates. R oad extends from Chipley to South P ort, 38 miles,
with extensions projected from Chipley to Graceville 12 miles, and South
P ort to Bunkers C o ve , 23 miles. There are some $250,000 1st M . 5s ou titanding
A D . Cam pbell o f C hipley, G a .. is receiver.— V . 81, p . 1609.

d eficit.
R E A L IZ A T IO N

RO AD S.

P h ila d e lp h ia .— 9 0 % of Common
Stock Deposited— Dividend Period.— T h e directors on J an . 21
v o te d in substance:
A m e r ic a n

L ia b ilitiesC o m m o n stock—

r T h e follow ing old securities have been deposited w ith trustee to secure
newIseries certs?51st issue tim ber certs., *1.8*5.000; 2d tarn ' ^ b ^ c e ^ L .
$2,614,403; in t., special int. & expense certs.. $988,100, total, $ 5 ,4 4 /,ouu
s Denotes notes payable secured b y deposit o f $120,000 6 % accr. dlv.certs.
x T h e above "investm ent” in tim ber lands, A c ., is represented b y (1) in ­
stallments still to be received under K irby Lum ber C o. contract from July 1
1913 to June 30 1925, aggregating $18,522,100; (2) surplus yellow pine 1™*
ber land owned to f e e , and hardw oods. viz.: (a) estimated surplus yellow pine
tim ber, after fulfilling the K irby Lum ber C o. c.°.nt^ ^ 2 5 5 , 6 6 9 , 5 8 0 ft. at
S5 per M . ft ., $1,278,348; (b) tim ber land owned in fee— 788,953.56 acres at
$ 5 25 per acre, $4,142,006; (c) hardwoodsi not i^"cIudc/UnstumDage contract
— 474 501.220 ft. at $2 50 per M . ft ., $1,186,253, 2,189,188 ties ac iu c .
each, ’$ 218,919; tota l, $25,347,626.
y Investm ent in oil and other properties: ( 1 ) Corsicana oil-fields ntcrests,
300 000’ (2) Higgins Oil & Fuel C o. stock, 5,833M shares o f $ 10 0 each,
283’375; (3) Southwestern Oil C o. stock. 3,052 shares o f &*00 each, $5,000,
(4) Sabine Pass p roperty, 51 % int. in 14,757.26 acres, $50,000; tot.,$638,375.
r Certificates o f beneficial interest in com pany’s securities hold in treas­
ury viz • (1) Certificates o f beneficial interest in com m on stock, par value,
$333 600 approxim ate market value, $46,704; (2) 6 % accrued dividend
certificates (o f which $10,000 are deposited as collateral), par value $142.5CK)! market value $116,138; total par value, $476,100, and approxim ate
m arket value $162,842.— V . 102, p . 255.

f

------- D e c e m b e r --------------------- Y e a r e n d i n g D e c . 31— —
—
1915.
1914.
1915.
1914.
In c. or D ec.
Gross incom e............$216,623 $165,661 $1,936,412 $1,810,618 + $125,794
Oper. exp. A t a x e s .. 110,159 110,911 1,240,596 1,317,902
77,306
$54,750
29,226

$695,816
313,094

$492,716 + $203,100
332,350
— 19,256

S u rp lu s................ .. $80,356 "” $25,524

$382,722

$160,366 + $2 22,356

N et incom e----------$106,464
In t. on b d s ., eq’t,& c. 26,108

T h e surplus, after paying the 4 % dividend on the pref.
stock , was equal to over 7 % earned on the com . stock tor
the y ear.— V . 1 0 1, p . 18 84 .
C h e s a p e a k e & O h io R a ilw a y .— Equipment Certificates
Sold.— K u h n , Loeb & C o . and the N a tio n a l C ity B a n k have
sold an issue of $ 3 ,1 6 0 ,0 0 0 E quipm ent trust 4 J ^ % certificates
Series “ O .”
Certificates maturing in equal semi-annual installments from July 15
lQ1 f» to Jan. 15 1920, incl. Interest payable J. & .J.15. Outstanding
am ount subject to redem ption on any interest date at 1 0 2 %
notice
C oupon certificates o f tho Commercial Trust C o. Philadelphia,
trustee, denom ination $ 1 ,000c*. representing 85% o f the cost o f the follow­
ing new equipment: 10 M allet locom otive; 6 G-7 consolidation ty p e loco­
m otives; 1 A-16 Atlantic type lo co m o tiv e : 12 express cars, 6 passenger
cars; 2 parlor cars and 2,000 70-ton hopper b ot. stool coal cars. V. 102, p. 65.

C h ic a g o B u r l i n g t o n & Q u in c y R R .—

Bonds Called —

N inety-tw o bonds o f $1,000 each and 17 o f $100 each, issued under
D enver extension m ortgage dated D ec. l 1881,
1 at
par at the N ew England Trust C o ., B oston.— V . 101, p . 2070, 1557.

C h ic a g o M ilw a u k e e & S t . P a u l R y —Increased Div.—
sem i-ann. divi. o f 2]/%% has been declared
on the com m on stock , payable M a r ch 1 to holders of record
Feb. 9 .
T h is com pares w ith 2 % paid last Septem ber.

Purchase.— A

Previous Dividend Record o n Common Stock Since 1894 .
1894. 1895. 1896. 1897-00. 1901. 1902-11. 1912-14. — ------1 9 1 5 ——
4
2
4
5 yearly
6
7 yearly 5 yearly M a r ., 2 S ep t.,2
T h o com pany has purchased the properties o f the Idaho & Washington
N orthern H R . at foreclosure sale for about $5,000,000. T h o com pany
owned 85% o f tho stock and practically all tho bonds (com p a reV . 99, p .8 3 3 ;
page 58 R y- & Ind. Sec.

Electrification.— A

letter from B u tto says :

W o have had great success in operation b y electricity during the severe
weather recently throughout the western country, whero tho tomperaturo
ruled at from 20 to 40 degrees below zero at various points. N o t a single
mishap was reported and all trains ran on tim e. In sharp contrast, it is
reported that In certain parts o f tho country under tho regular oldtim o
svstem o f train running, there was hero and there considerable inter­
r u p t io n in service, and in one locality in the M ontana mountains, as m any
rprm8t E S l n g ^ ^ M e m b ^ ^ a reported that the electric m otors woro
^n unm'ialified luccess adding : " W e will soon extend their use to passenger
aPi ^
T w o m o t a wiU haui a 3 .000-ton load up m ountain grades at
double tho speed o f three steam locom otives with 2,000 tons. W e wij|
have another^tretch o f 115 miles electrified b y the latter part o f February.
R ecent passenger-train tests were inado at speeds up to 70 miles por
hour, after which the same locom otives were used in tonnage tests o f pas­
senger trains, pulling 2,500(itons at a uniform s p e o d o f l O miles per hour.
See also full description in "R a ilw a y A ge Gazette o f O ct. 15 1915, p. 683.]
— V . 102, p . 344. 250.
^

C i n c in n a t i D a y t o n & T o le d o T r a c t io n C o .—Notice to
T h e com m itteos of holders o f C on sol. M o r t gago 5 % gold bonds due 19 2 2 , in circular say in substance:

Bondholders.—

M a n y bondholders appear not to know that theirs Is not a first m ortgage
except on the four milus from College H ill to Spring G rove A vo
On practicallv all o f tho main line, from College H ill to H ay ton . tne ' . u .
a.
hnmls^aro a third m ortgage. Only on tho p roperty in Iiam llton and tho
^iV’r h e r^ M ?$ ^ 3 ^ !o O C ^ m o r^ a g ?b o n d s r^ ^ ^ ^ M a

U n io n S t o c k Y d s . C o . o f O m a h a , L t d .( S o .O m a h a ,N e b .)

(Report for Fiscal Year Ending Nov.
E A R N I N G S , E T C ., F O R Y E A R

3 0 1 9 1 5 .)

30.
1912-13.
962,103
2,542.709
3,222,133
31,580
432,462
380,938
1,585,608
28,132
$1,782,323
1,129,391

E N D IN G N O V .

1911-12.
1,017,195
2.886,244
2,950,507
32,520
418,474
406,874
1,343,326
29,660
$1,793,366
1,158,932

1914-15.
1,218,342
2,642.973
3,268,279
41,679
516,283
629,836
1,317,203
38.755
$2,065,523
1,363,922

1913-14.
938,817
2,258.620
3,113.889
30.688
394,461
330.666
1,198,311
26,623
$1,801,920
1,248,968

D ividends, 6 % .

$701,602
$150,000
449,778

$552,952
$ 100,000
449,778

$652,932
$150,000
449,778

$634,434
$125,000
449,778

T otal deductions-----S u rp lu s ________________

$599,778
- - - - - $101,824

$549,778
$3,174

$599,778
$53,154

$574,778
$59,656

R e c’ts o f stock— C attleH ogs ________________
.
Sheep________________
Horses and m ules-----Shipments— C a t t l e -----I f o g s ------------------------Sheep--------------■
---------Horses and m ules-----Gross earnings------------Gross expenses_________
tvittviou — —




(d) $507000 M iam lsburg & Germantown fra ction C o . 5s, covering the line
from M iam isburg to Germ antown, duo UIjd ®
rn^
^
t^ S a v 11920
ocr, non Southern Ohio Traction C o . C onsol. G old os, m aturing M a y i i j z u ,
coverhig^the gTcA^r p a r t o f the p roperty, subject to the throe first m ort^ h e t o t l r ^ t w M & ^ i e o n J a n ^ i on certain o f these $2 300.000.p rio r
.
j i i dnfauit’
T h o nrinrinal o f one o f those issues falls clue July 1
S S t ‘ w e a r W v i s e d t h f t a l r e t £ t i v e com m ittee o f the C incinnati *
H am ilton Firet M ortgage 6 % bonds has been form ed in Cleveland and prop d » to proceed to foreclose the m ortgage the interest on which was de? a T h ^ e°a re outsVandlng $2,700,000 O . D &
W ith such a large
am ount o f prior liens, Interest already defaulted on som e, and
“ rity
£ 5 H t hand with others the danger is that b y a
T m be
all o f the prior mortgages, tho investment o f C . D . & T . b o n d h ^ ^ r s win o
finMrolv wined out. As prom pt action is im portant the com m ittee wtu
shortly announce a tim e lim it for deposit o f bonds with the P rovident Sav-

J an . 29 1916.]

THE CHRONICLE

lngs Bank & Trust C o ., C incinnati, after which no further bonds will be
accepted. M a n y bonds have alroady been deposited. [The Ohio E lectric
R y . C o ., lessee, is insisting on a reduction in the rental from which interest
on b onds, & c.. is paid.] Com pare V . 102, p . 152, 65.

C le v e la n d & E a s te r n T r a c t io n C o .—

Preferred Dividend.

T he Cleveland “ Plain Dealer” reports that this com pany on Jan. 19
declared a dividend o f ^ o f 1 % on the pref. stock, m aking 1 % paid within
six m onths, the com pany’s first disbursement.— V . 101, p. 1627.

F i t c h b u r g R R .— Notes Sold.— Jackson & C urtis on Jan. 2 2
purchased and resold a t 9 9 % $ 1 ,3 5 9 ,0 0 0 1-year 5 % notes
dated F e b . 15, and callable a t 101 and in t. 3 m onths after
date o f issue.
It is thought in some quarters that this indicates a pending reorganization,
as this is the fii?t tim o a Boston & M aine leased line has issued notes callable
before m aturity.— V . 101, p . 1092.

W e s t e r n R R .— Distribution on Class B
Debentures Reduced.— T h e directors have declared a distri­
bu tion o f % of 1 % on the $ 7 ,0 0 0 ,0 0 0 Class “ B ” debentures
(com paring w ith % o f 1 % paid in F e b . 1915 and % o f 1 % in
F e b . 1 9 1 4 ), p ayab le, out o f the net earnings for the year
1 9 1 5 , a t 4 0 W a ll S t ., F e b . 7 , to holders o f record F e b . 5 .
G reen

Bay

&

'00. ’01. ’0 2 .-’0 4 ’05-’07. ’08. '09. ’ 10. ’ l l . ’ 12. ’ 13. '14. ’ 15. ’ 16.
A deb. 2 A
3 4 y rly. 5 yrly. 5
5
5
5
5
5
5
5
5
Stock
2 A
3 4 yrly. 5 yrly. 5
5
5
5
5
5
5
5
5
b
deb.
..
-- a
y»
a
a
a
V 4
y»
%
y»
T he usual 5 % on the $2,500,000 stock and $600,000 “ A ” debentures
was also declared.— V . 100, p . 397.

D iv R cc-

I n t e r b o r o u g h C o n s o lid a te d C o ., N . Y . — Report.— T h e
first report, covering 7 m onths ending D e c . 31 19 1 5 , shows:
D iv s., 1214% , I.R .T .stk_$4,239,100 Expenses and taxes______ $202,401
Other incom e____________
205,729 Interest__________________ 1,884,490
Sinking fu n d ______________
350,000

---------------- Total income..............$4,444,829
Surpius ----------------------------------------------- -------------------------------- $2,007,938

[1 ref. d ivs. for 7 m os. at the rate o f 6 % per annum call for $1,600,918.]
I he nine m onths’ dividends paid b y the Interb. C onsol. C o. at 1 A %
quarterly amounted to $2,058,322. T he administration and general ex­
penses includo cost and expenses incidental to consolidation agreement,
am ounting to approxim ately $116,000, b y which amount they are in excess
o f ordinary expenses o f administration. In addition to paym ents into
sinking fund for retirement o f $3,000,000 10-year 6 % gold notes o f 1915,
v *z • $300,000 annually, an additional $200,000 o f said notes were pur­
:
chased through appropriations from surplus and canceled,thereby reducing
amount thereof outstanding as o f Jan. 1 1916 to $2,500,000. There was
purchased for investment account during 7 m onths’ period from proceeds
o f securities sold $508,000 face am ount o f Interborough-M etropolitan 4 K %
collateral trust bonds. [The In t. It. T . dividends received as above in the
seven m onths, $4,239,100, aggregate $ 1 2 ^ % on the 339,128 shares owned:
the present annual rate on that stock is understood to be 20 % . so that for
the 7 m onths the proportional 11 2-3% would yield $3,956,493, or $282 607
less than above shown.]— V . 101, p . 1885.

I n t e r b o r o u g h R a p id T r a n s it C o ., N . Y .—Bonds Offered
— Leo, H iggm son & C o ., B o sto n , N . W . Harris & C o ., B os­
t o n ,a n d K issel, K m n icu tt & C o ., N e w Y o r k , are offoring a t
9 J % and m t ., b y a d v . 0 n another page, the unsold portion
thoir bioek ° f $ 2 5 ,0 0 0 ,0 0 0 F irst and Fefunding M o r tg a -e
5 % gold bonds o f 19 13 , due Jan . 1 1966, b u t callable a t 110
and in t.
Seo full particulars in lettor o f President Shonts
ln „ Chronicle
o f D e c . 11, page 19 7 2 . A tte n tio n is also
called to the follow ing essential features:
f J? ? t If roill, N,e? Y ork State, cou nty and m unicipal taxes.
V" first hen (subject to the c ity ’s rights under the leases) on all
p roperty now owned directly b y the com pany, and also a first lien on all
the leasehold and other rights o f the com pany in the existing and the pro­
posed subway and elevated lines.
e
m o p io
1„ 1
oC rau*m.ii e finking fund o f 1 % per annum begins n ot later than
ili
v
£ 1 ;V APJg- This sinking fund (based on the issue o f $160,957,000 bonds
J
which is the entire amount now authorized b y the P. S. Com m ission) if
applied to the purchase o f bonds at 1 1 0 , at which price they are callaole is
m ore than sufficient to retire the total $160,957,000 before m aturity and
before the expiration o f the leases or franchises.
(4) F or the year ending June 30 1915 the com pany reports net incom e
applicable to interest o f $10,738,557. This is over $1,000,000 in e x c ^ s o f
«nao\°7UnannH ^ a ry ,
paY the , " toresib and sinking fund on the em i?e
$160,9o7,000 bonds, although no return is as yet being received from the
entire new mileage now under construction.
(5) T h e agreement between New Y ork C ity and the Interborough RaDid
Transit C o. m a !« » th ise b o n d s in effect a quasi-municipal security.
(6) Over four-fifths o f the $25,000,000 has been placod.

Syndicate Takes Additional Bonds.—J . P . M o rg a n & Co
as synJicate m anagers, announced th at th ey have taken an
«?rn tlR ^ a m n1 D^0? ’? 00^ ° l tho exP °cted total allotm ent o f
$ 1 6 0 ,6 5 8 ,0 0 0 F irst & Refunding 5 % M t g o . bon d s, m aking
non S T f taikoJ1 toJ aiG $ 1 4 3 ,6 5 8 ,0 0 0 , and leaving $ 1 7 ,0 0 0 W taken before D ^c. 31 1916 (see V . 9 4 , p . 15 0 7 , 1565;
V . 9 6 , p . 1228; V . 9 7 , p . 1024; V . 101, p . 1 9 7 2 ).
wiUi‘ tlm bc< S .ei’e KUthc)riz()tl * 1912 in connection with tho agreement
if1v f^
,n
w o r k 1 v h 94C? i n m $ P ^ ^ ^ ^

Terminal

*

M organ, Grenfell & C o . o f London, in order to facilitate the
m ent for tho liquidation o f English holdings o f American s S S i M
prepared to buy tho sterling 1st M . 4 ^ % bonds wWch are not a c c e m -b ll
to the Treasury under its scheme, at the price o f 9 0 “ ?— V 97. p 5 2?

L e h ig h V a lle y T r a n s it C o .—

Dividends.—

This com pany has declared a dividend o f 1 y . % on the nref stock n i v .
ablo Feb. 10 to holders o f record Jan. 31. The last p reviou sd ivid en’d ^ a s
?»atld
10 l 9 1 5 at the rate o f 2 H % sem i-a n n u a l?y ^ D iv id en d ! a tT h l
C o m p ^ T o L T l ^ S - V 0 102” pa<258°m N ° V- 19 1 9 1 1

M a r lb o r o u g h

&

W e stb o ro u g h

S treet

M a y 10 1915 ’

R y .— Bonds —

, y j ? 1)ley — cGaragle & C o ., B oston, aro offering at 102.41, to yield about
M
™
°,f tPe SISO.OOO 5 % bonds o f 1901Jdue July *1921 but
a closed °f?rifny ,n *
:erost date at 105 and int. These bonds aro secured by
through
at SI 1.500 per mile on 13.43 miles o f main track
the WorcIsTerb °r^ UKhii5 nd ,) IarlboroVgll> now form ing an integral part o f
i
r^ rv e d .rCt o t^etirenthis^*ssue.^Jr' ’ Wh° Se 1St refunding
*»> d s ar°
A

M o n o n g a h e la V a lle y T r a c t io n C o . —

C a l. ................................ ...

o
1915 .
Gross parnings$l,009.834
OponiMng exp.
398,785
N et earnings

$611,049




Earnings for years—

1R4
.C a l . Y ea r.
1915V
$968,389 N et earnings
$611,049
415,724 Fixed ch g s .,ta x .,
& c ----------------- 326,371
$552,665
N et surplus— $284,678

1914
$552,665
308,642
$244,023

437

F or D ec. 1915 the first m onth including the property o f the Fairm ont
Gas C o . the gross earnings were $133,453: net $84,646: interest on bonds,
taxra and insurance, 3534,564: balance surplus, $50,082. being at the rate
o f $600,978 per annum, or equal to the full 5% the $2,787,100 outstanding
preferredv stock and^to 6 8- 1 0 % upon the $6,782,000 outstanding com m on

M o n te r e y (M e x .) R a ilw a y , L i g h t & P o w e r C o .— Status.
— T h e B ritish E m pire T ru st C o ., L t d ., and N ation a l T rust
C o ., L t d ., as trustees for the 5 % F irst M o rtg a g e debenture
stock, on O ct. 1 1915 sent a circular to the holders o f said
securities, explaining the reasons for n ot taking legal proceedm gs m view o f the default in the p aym en t o f interest.
®
tates tba t tl10 m anagem ent appears to be com petent, there
P™ V W in° ? ? r Preferential paym ents threatened, and legal
th^ M exicT n auth^rfti(4n d Istu A in g the com p a n y’s friendly relations with

Digest of Statem ent by Secretary R. P. Ormsby, T oron to, O ct. 1 1915.
r t h e ^ l r a i l w a y service had been com pletely electrified
r^ rg aS ized
26 nnles)' the lighting plant had been
rM crvoirs nlant
had accePted the waterworks and sewerage
e ^ d i ^ l ’v I coof’l * in la in Prospects o f earnings from all sources were
m e n ce d a n d un to the present tim e P fescr?t Political disturbances com raencea ana up to the niilL nt
the situation shows no imnrovnmpnr.

tie - hys£*1
publicly rf^sued°?n L ondonbinC?Qnaany«S 5 % *ulrst M - debenture stock was
been s ^ d l n d
908’ § in c?, then £200,000 additional has
armroximatHv S t L 2 nnnPl
aS Vart c ° llateral security for advances o f
nledgedTo
[h hn ci nly underlying bonds n ot owned and
pmc^ed to secure the 1st M . debenture stock are S145.000 o f the $3 7 4 5 000
b ° P ds o f the M on terey W aterw orks & Sewer C o ., L td. and S°31 0 0 0 ’6 %
L i g h f &bP ow erU o.]r,ylnS $4 6 ° ' ° 00 pledged 2d M
C
oT M o n te re ^
Tlie incom e o f the com pany including the earnings from the railw ay busia^dSL?ghtthc o m p a n ^ Z s b 0
been:and dividonds on shares o f

W aterworks

T otal in p r s . . . . . .
905:517 l.M S .M O 1 M 6 M 7 S88?503 722?239
rtr^»^eK
^aS*1 earnin^s for the first eight m onths o f 1915 have shown an ap­
*
preciable increase over the corresponding earnings for the year 1914. W ith
regard to the 10% guaranty b y the State on the capital invested in the w aternaXvS
Ha/JnS 'V
tf <;ra(g 1 system , the position is th a t, while the waterworks com lJaiW claim s a total o f 2,174,553 pesos as up to the end o f 1914 receivable
9 b o nnn t i >overi 1- u nt under the guaranty, it has actually received
t
S V
m
on ly 250,000 pesos, which was paid in 1913. N o repudiation b y the State
th^t1m H laam n?I
o f the different Governors intim ated

t^Ukeupa eT aufflnll?ye ° f affalFS WaS reaChed 11 WOuld beimposslbIe
t™
Irl.,1 n09 and for some years prior thereto, the exchange value o f the M e x i­
can dollar or peso was within a fraction o f 50 cents gold , i. e ., 2 s. I d ., but
accuunt o f the disturbed conditions in M ex ico and the large issues o f
r ino.r ey.ln
?1
co u n try , the exchange value o f the peso has continually
tallen until its present nom inal exchange value is only abou t 10 cents, i. e .t
tivepence. I f the rate o f exchange had been normal, the interest on the
aebenture stock cou ld have been paid out o f earnings, leaving a substantial
cash balance in hand. Because o f the collapse in the exchange, the direc­
tors have had to allow the earnings to accum ulate and there is now in hand
about 1,000,000 pesos, issued b y the different de fa cto Governm ents, and
declared b y such Governm ents to be legal tender. T he directors endeavored
to place on deposit in a bank in M e x ico , in trust for the debenture stock­
holders, a sum o f m oney which at normal rate o f exchange would have been
sufficient to p ay all the debenture stock interest now in arrear; but failed,
owing to the unwillingness o f the banks to accept further responsibilities
under existing conditions. Our relations with the different State and m u­
nicipal authorities have been m ost friendly, and therefore the directors feel
that any change in the m anagem ent o f the com pany’s affairs in M on terey
would be unfortunate. Our solicitors in M on terey report that there has
n ot for m any m onths been any C ourt in M on tere yexercising civil juris­
diction whoso assistance could b o sought in connection with the com ­
pany s or the debenture stockholders’ affairs.— V . 99, p . 604.

N e w Y o r k C e n t r a l R R .— West Side Improvements.— In
order to do a w ay w ith the m ovin g o f trains through the streets
and to stop tho smoko and noiso nuisance to tlie W e s t Side,
the com p an y , after prolonged negotiations w ith tho city o f
N e w Y o r k , on Jan. 15 arrived a t an agreem ent w hereby the
road will spend upw ards o f $ 5 0 ,0 0 0 ,0 0 0 on im provem ents
and will receive from the c ity certain land and rights valued
a t about $ 5 ,0 0 0 ,0 0 0 .
C onstruction will begin when legal
approval is concluded and it is estim ated will require a bou t
six years’ tim e.
rmprovementis. as proposed, will be a subway under Inw ood Hill from
tne snip Canal to Dykem an St. and a viaduct over Dykem an St. Present
cut through W ashington Park will be roofed over and the tracks from 153rd
®o. loath•St. will be covered. W here the tracks skirt Riverside Park
an artificial subw ay” will be built b y roofing over the tracks and extending
the park to the water’s edge above the track level. From the 60th St.
yard southward the tracks will be elevated on 12th A ve to 30th St. and
southward from 30th St. on private right-of-w ay.

Favorable Decisions.— T h e follow ing is an official statem ent
as to the decisions handed dow n on F e b . 25 :
held b y the C ourt o f Appeals Jan. 25.
In a third action brought b y the Continental Securities C o. and Clarence
H . Venner, the Court sustained the ruling o f the lower Court refusing to
restrain the issuance o f $70,000,000 o f 4 % Consolidation M ortgage bonds
in exchange for and to refund an equal am ount o f the New Y ork Central’s
Lake Shore Collateral 3 A % bonds, the holders o f which consented to the
consoidation o f the Lake Shore with the N ew Y ork Central.
[On Jan. 26 the directors were re-elected. The Venner interests put in
a com plete opposition ticket, but it is said on ly 2,0 0 0 o f the 163,000 shares
voted supported it.— E d.]— V . 102, p . 345.

O h io T r a c t io n C o ., C i n c i n n a t i .— Pref. Div. Deferred.—
T h e directors have decided, after m ature deliberation, to
defer paying tho usual quarterly dividend on the $ 8 ,5 0 0 ,0 0 0
cu m . pref. stock on F e b . 1 19 1 6 , thus breaking an unvarying
record on this stock o f over 14 years.
D ig e st o f L e tte r S ig n e d b y P re s id e n t W . K elsey S c h o e p f.
T he earnings for the calendar year 1915, while reduced from form er
years, have been sufficient to allow the paym ent o f the dividend on this
stock for the last quarter, and it would be paid but for unusual factors.
Tho condition o f the market for new securities and the nearness o f the
tim e for the revision o f the franchise o f the Cincinnati Street R y. C o ., the
lessor, and the Cincinnati Traction C o ., its lessee, the largest constituent
property o f this com pany, have m ade it impossible to do any permanent
financing at this tim e. Hence, the com pany a short time ago arranged to
pay for recent improvem ents through the proceeds from the sale o f short­
term coupon notes, which must be retired in graduated installments during
the next five years. The use o f funds for meeting these paym ents, coupled
with reduced earnings on account o f depressed business conditions existing
up to the latter part o f the year 1915, has resulted in an excess o f cash
requirement over available funds.
During the past l ' A years the Cincinnati T raction C o. has also been
engaged in making a com plete inventory and valuation o f its property at
the order o f the Ohio P . u . Comm ission, entailing an expenditure o f ap-

roximately S100.000. M oreover, the requirements f
have been
S will be some municipal demands duringstreetsthatowethe city undertake.
eavy during the past year on account o f
undergoing repairs, and
there
1916
should

T he com pany will be unable to sell new securities until the franchise
revision is com pleted, and therefore the funds that would otherwise be paid
out in dividends ought to remain in the treasury with which to undertake
such improvem ents as cannot bo postponed.
.
T he Cincinnati Car C o ., o f which this com pany owns the entire capital
stock, has had a successful year, and its earnings will m ako a good showing.
The earnings from the Traction Building will approxim ate the same asm
form er years. On the other hand, the M illcreek V alley Division has shown
a larger deficit than usual, due to a reduction in the rate o f fare between the
center o f the city and the north line o f E lm w ood Place.
R E S U L T S F O R Y E A R E N D I N G D E C . 31 1915.
Gross incom e_______________$734,0481Fixed c h a r g e .-------- - - ------N et incom e.......................... . $ 6 8 7 ,7 3 8 |Three d ivs.. M a y to N o v . . 318,750

IN D U S T R IA L

S h a w m u t & N o r t h e r n R R .— New Com­
In view o f the appoin tm en t of a com m ittee
(V 101 p . 2 1 4 5 ) for the reorganization o f the Pittsburgh &
Shaw m ut R R . C o . and the P ittsburgh Shaw m ut & N orthern
R R . C o . and affiliated com panies, the com m ittee nam ed be­
low is urging th at such o f the bonds of the last-nam ed com ­
pany as are held b y the public should be prom p tly deposited
w ith their depositary, the C olum bia T ru st C o ., 6 0 B roa d w a y,
N . Y . , as a precautionary protective m easure. In circular
dated Jan. 2 6 the new com m ittee says in substance:
P it t s b u r g h

Chairman

to b s hold F e b . 5 and 8 the shareholders will v ote on:
A t M e e t i n g o n F e b . 5.(1) Authorizing the issuance o f 70,000 com m on
shares with no par value to replace tne present 70,000 com m on, par 5 1 UU.
(2) Stating the am ount o f capital for carrying on the business at $ i z ,500,000, being the present am ount o f capital.
(3) C hanging the voting rights so that whenever the pref. stock shall
have tho right to vote under the present provisions, each preferred snare
shall have one vote for every 70,000 shares o f com m on stock at any tim e
authorized, to the end that the proportionate votin g pow er m ay not ne
affected; or if deem ed m ore desirable, to lim it the votin g rights o f the com
m on stockholders so as to preserve said proportionate rights.
A t M e e t i n g o n F e b . 8 .— (a) Increasing tho num ber o f shares o f com m on
stock which the corporation m ay issue from 70,000 shares to 630,000 shareso f no par value, being an increase o f 560,000 shares.
__
(b ) T o increase tho stated capital from $12,500,000 to $18,100,000.
(c) T o authorize the directors o f the corporation to issue 140,000 shares
o f the com m on stock referred to in subdivision (a) hereof— to tho present
com m on stockholders so that they will have three com m on shares repre­
senting their present interest instead o f one.
,
,
„ ,
( d ) T o authorize tho directors o f tho corporation to issue and sell from
tim e to tim e 420,000 shares o f tho com m on stock referred to in subdivision
(a) hereof for such sums as from tim o to tim e they m ay determine after
having offered the same to holders o f the com m on stock pro rata.
(e) On approving as an entirety the plan o f providing for the financial
needs o f tho com pany that is outlined in a letter o f Jan. 20.

V .-Pres. ColumW a Trusty C o .;

William A io r d fIm b r ie I>& SC o I; T 4 tnk L ^ fc h ^ fe V .' lle rd ck & Bennett:
a
Emil Klein with A . N . Hazeltine as Secretary, 60 B roadw ay, N . ^ . C ity,
and Gifford H obbs & Beard, counsel. [The reorganization com m ittee
has as yet taken no action beyond organizing and securing the service o f
an expert to investigate the status o f tlic properties. Ld.) V . 101, p* 214o.

P u b lic S e rv ice C o r p o r a t io n o f N e w J e r s e y .— Earnings.
__ T h e m on th ly statem en t o f earnings for D ecem ber and the
12 m os. en d . D ec. 31, com pares w ith the same periods in 1914:

"
D ecem ber.
12 M o n t h s .
$345,889 $1,781,395
Gross increase in total business---------------------------10.8%
5.0 %
Percentage o f increase------------------- -----------.---------Balance available, after paym ent o f operating ex­
penses. fixed charges, sinking fund requirements,
$593,096 $4,065,434
A c ., for am ortization, dividends and suimlus-----$263,216
$44,971
Increase in surplus available for dividends,
-See map in "E le c. R y .” section on page SO.— V . 101, P- 2145.

R o c k I s la n d C o m p a n y (o f N . J .)— Transfer

Office.—

This com pany recently agreed to continue its transfer office in N ow York
C ity to complyy with the requirements o f the N ew 5 ork Stock ExchangeC om pare vT 101, p . 1974.
_

S a lt L a k e & U t a h (E le c tr ic ) R R .— Bonds—Earnings.—
E H R ollins & Sons are offering a t par and m t ., an addi­
tional block of the $ 5 0 0 ,0 0 0 1st M . 30 -y ea r 6 % gold bond s,
m ak ing the total issued to date $ 1 ,2 5 0 ,0 0 0 .
For full descrip­
tion o f bonds and properties see V . 100, p . 2 3 0 .
F a r n i n a s i n 1915- *
G ross.
N et•
Is t.A f.T n t.
lic it.
6 mos e°nded O ct. 3 1 ...................$ 1 5 0 ,2 8 5 $64,437 $37,500 $26,93
90,188
-------------­
12 m os. ended O ct. 3 1 _____________ 299,939
Interest charges above include total on all the 6 % bonds issued to date
— V . 101, p . 1371.

T w in C ity R a p id T r a n s it C o .—
C a le n d a r
G ross
Y e a r —- E a r n i n g s .

N et

In te rest

Earnings.

P r e f.D iv .

C o m .D ie .

B a la n c e

E a r n in g s .
C h a rg es.
(7 % ).
(6 % ).
orS
r,
1915
$9 453 964 $2,725,809 $1,013,534 $210,000 S I,319.916 $182,359
1914
*9 284,220 2.874.384
986,743 210.000 1.250.514 427.127
— V . iO l, p. 2146.
.

T e r m in a l R y .— Plan OperativeT h e reorganization c o m m itte e ,J . N .
W a lla c e , C h airm an , announces, b y a d v . on another page,
th at they have declared operative the plan o f reorganization
dated June 2 5 1915 as am ended Jan. 4 1916 (V . 101, P- 4 8 ,
4 4 ; V . 102, p . 2 5 2 ).
T h is action follow s (a) the p aym ent ot
the first installm ent of the am ounts payable under the plan
(as a m e n d ed ), in respect o f a substantial m ajority ot t lie
outstanding 1st M o rtg ag e bonds and a num ber of 2d M o r t­
gage bonds; (b) the execution and delivery o f a written agree­
m en t for the sale to the com m ittee o f the notes of the T erm ­
inal C o . secured and accom panied b y the Consolidated M .
bonds and shares o f stock of Pittsburgh Term inal R I l .& C .C o .
W a b a s h -P i t t s b u r g h

Cash Payments Called.—

T he times for tho paym ent o f the second and third installments o f $100
each in respect o f each S i.000 deposited 1st M . bond expire respectively
F eb. 1 1916 and Fob. 15 1916. Holders o f certificates o f deposit for 2d M .
bonds heretofore deposited must make paym ent o f the second and third
Installments o f $ 10 0 each in respect o f each $ 1,0 0 0 bond on or before l* e b . U>
1916. Holders o f undeposited 1st and 2d M . bonds, to participate in the
plan, m ay make paym ents or deposits until the close ot businoss on Feb. In
1916 but only in eacli caso upon tho paym ent o f the additional sum o f
$5 in respect o f each bond o f $ i,0 0 0 .— V • 102, p . 252. 155.

W a g e s .—

Demand for Eight-Hour Day.—

See euitorial colum ns on another page.— V . 100. p . 1594.

W a s h i n g t o n (D . C .) R a ilw a y & E le c tr ic C o .—
C a len d a r
Y e a r —-

G ross
In com e.

N et
In com e.

F ix e d
P f.D ie .
C h a rges.
(5 % ).

Earnings.

C om . D ie .

B a la n ce.
S u r p lu s .

(7 % ).
1915 . ____$5,213,955 $2,204,883 $1,187,997 *425.000 *455.000 *130,886
1 9 1 4 _____ 5,082,326 2,494,863
1.453,390 425,000 456,516
.59,95.
On Jan. 15 Oscar L . Gubelman o f K nauth, N achod & Kuhno, N . i .,
was elected a director to succeed William B. H ibbs, resigned. \ . 1 0 1 .p .o 2 9 .

W e s t P e n n T r a c t io n C o .—

Note Payment.—

T h e com pany, it is understood, contem plates calling for paym ent, in the
near future, the $6,000,000 3 -year 6 % secured notes due M arch 1917, as
part o f the financial plan, not yet com pleted.— \ . 101, p . 1372, 37b.

Y o r k (P a .) R a ilw a y s .—
N o e . 30
Y ear—

G ross
E a r n in g s .

1914-15____ $828,299
1913-14....... 796,645
— V . 101, p . 2072.




N e t (a f t e r
T a x e s ).

Earnings.—

For N o v . 3 0 years:

In i. &
D ep reP r e f.D iv .
B on d D is c , n a tio n .
(5 % ).

$370,842 $239,474 *20,657 *§0.000
348,748
223,338 16,915
80,000

Dissolution Dividend.—

A e t n a E x p lo siv e s C o ., I n c ., N . Y . — Financial Plan
Common Shares Without Par Value— New Stock. A t m eetings

T he reorganization com m ittee which has been form ed represents the
Pittsburgh & Shawmut R R . C om pany’s stockholders, noteholders ana
bondholders and the Pittsburgh Shawmut A Northern H R . C o. receiver s
certificate holders. A pproxim ately 8 0% o f the Refunding 4 % bonds and
a part o f the 1st 5% bonds o f the Pitts. Shawmut & Northern R R . C o. are
owned b y the Pittsburgh A Shawmut R li. C o ., and it is conceivably possi­
ble to reorganize these properties in a manner to endanger your eq u ity.
This com m ittee is not to be considered as necessarily antagonistic ^to^the
first-m entioned com m ittee, and it Is hoped that a plan o f reorganiza
m ay be form ed which will be just to all the bonds o f the> ^ o ^ a n y but
proper provision should bo assured for your protection in any plan that m ay
' H oward B ayne

M IS C E L L A N E O U S .

Directors on Jan. 16 approved tho sale o f the com pany s 6 steamers to
the Pittsburgh Steamship C o. for $1,225,000 and also declared a dissolution
dividend o f $130 per sharo. T he Superior Savings A Trust O o. or C leve­
land is liquidating trustee.— V . 75, p. 291.

mittee— Deposits.—

“

AND

A c m e T r a n s i t C o m p a n y .—

B alance, surplus----------------------------------------- ------- - - - - - - - - — $158,763
As the pref. stock is cum ulative, the dividend or dividends remaining
unDaid will be paid up as soon as im proved earnings or permanent financing
for improvem ents will perm it. [See the allied Cincinnati D ayton & T oledo
T raction C o. above].—-V. 100, p. 1752, 1259.

bCS

[Vo l . 102.

THE CHRONICLE

438

B a la n c e
S u r p lu s .

$30,711
28,494

Financial Status— Digest of Plan Dated at New York, Jan. 20 1916.
P r e s e n t S t a t u s . — Since incorporation in 1914, the com pany lias been trans­
form ed from a com pany doing a small com m ercial business amounting to
approxim ately $6 ,000,000 per annum into a com pany doing a very large
additional business in m ilitary as well as com m ercial explosives. This
business if it can be successfully prosecuted, will yield very largo returns,
warranting the now ventures, but it has entailed large expenditures for the
building o f a number o f new plants, as none o f the factories originally ac­
quired was built, cquippod for tne manufacture o f tho m ilitary explosives,
such as smokeless pow der, gun cotton, picric acid or trinitrotoluol.
P l a n t s B u i l t i n 1915— D a i l y C a p a c i t y —
G uncotton plant, A etn a, In d --------------------------------------------------------- 40,000
Smokeless powder plant, E m porium , I’a -------------------------------------------25,000
P icric acid plant. E m porium , P a ------------------------------------------------------- 36.000
Smokeless pow der plant, M t . U nion, I’a -------------------------------------------50,000
Smokeless powder plant, Drum m ondsville, C a n a d a ........... ...............50.000
T . N . T . Plant, Carnegie, I’a . ................................................................... -25.000
T . N . T . plant, Oakdale. P a ----------------------------------------------------------- 2o,000
Thero have been unavoidable delays in finishing the plants and in get
ting them into successful operation, and theso delays have causod us to tan
behind in deliveries and have consequently curtailed the am ount o f m oney
received from the sale o f m ilitary explosives. T he plants have also cost
m ore titan was estim ated, and it is necessary to have a very large work­
ing capital, tho need for which will bo very m uch increased when plants are
in full operation. T ho m oney required to build tho plants and furnish th e
capital for carrying on tho business has been raised heretofore b y tho sale
o f stock originally authorized by tho charter, by receipts from products
sold, and In part by m oney borrowed.
A m o u n t s o f S to c k & O b lig a t io n s a t P r e s e n t O u ts ta n d in g o r A b o u t to B e I n c u r r e d .

C apital stock (com m on. $7,000,000; p re f., $5,500,000) - . ----------$12,o00,000
First M ortgage bonds (issued in connection w ith acquirem ent
o f original properties)................— —
-------- r - - - , - ............... 2 , - 00,000
N otes due or overdue, or com ing due in the Immediate fu tu r e .. . 4,000,000
Accounts payable and estimated expenditures for com pletion o f
con struction, say -------------------------------------------------------------------o.UUU.UUU
A considerable part o f tho $4,000,000 notes aro secured b y pledge o f
$3,100,000 o f Treasury 1st M . bonds and by a pledge o f our contracts and
other equities. T he situation at tho present tim o is critical, i f tho com ­
pany can be properly financed, there is certainly prom ise o f a very success­
ful and profitable business. Your directors believo that the only course is
so to arrango the sharos o f capital that, through an issue ol com m on stock,
the indebtedness which is now threatening can bo wiped out and tho com ­
pany m ay bo able to use its earnings in the prosecution o f its business,
while the stockholders will really own their property and business fully paid
for and in a condition to sustain itself. T he noteholders and other creditors­
having overdue claims are willing to allow us a reasonable tim e to put llie
plan into effect.
P l a n A p p r o v e d b y th e D i r e c t o r s a n d th e H o l d e r s o f a M a j o r i t y o f th e C o m . S to c k .
T h r e e N e w S h a r e s t o R e p l a c e O n e O ld S h a r e — It is proposed to raise through

the sale o f com m on stock $8,400,000 to pay the com pany s liabilities ex­
cept the $2 ,200,000 o f 1 st M . bonds outstanding, and to make available
working capital. T o accom plish this, it is proposed to amend the certil cate o f incorporation as permitted by the New i ork law so that there shall
be 630,000 shares o f com m on stock with no designated par value. O f these
shares, 2 10 ,0 0 0 will bo distributed pro rata to the present com m on share­
holders in the place o f the 70,000 shares or com m on stock, par value $ 1 0 0 ,
which they now hold, the 2 10 ,0 0 0 shares w ithout par value to represent
the same interest which tho com m on shareholders now have in the com p a n y.
420.000
A d d i t i o n a l S h a r e s O f f e r e d a t $20.— T he remaining 420.000 share*
o f com m on stock without par value aro to bo sold at $2 0 per sharo, pro­
ducing $8,400,000. These 420.000 shares will first be ottered for subscr ption to the com m on stockholders pro rata according to their T ^ ^ i t bold­
ines
If this plan is adopted by tho stockholders, the result will bo that a
stockholder owning one share o f tho present com m on stock will receive in
lieu thereof three now shares, with no designated par value, and will also
be entitled to subscribe at $20 per share for six additional com m on shares
with no designated par value. In -such caso subscription warrants will be
sent out to com m on stockholders on or about l e b . 9, and stockholders will
be given up to and including Feb. 15 to subscribe, their subscriptions to be
payable on or before Feb. 15.
,
, ,
, . „
U n d e r w r i t i n g . — In order that the com pany m ay be assured o f receiving
tho aforesaid $8,400,000, tho whole issuo o f 420,000 shares has boon under­
written by responsible parties, who agree to take and pay for at $2 0 porshare
all stock not subscribed for by the com m on stockholders. A commission
am ounting to 2 A % will be paid to the Boston parties who have procured
tho underwriting and who have also loaned to the com pany something ovei
$2 000,000 to take care o f immediate needs and overdue indebtedness
pending tho working out o f this plan. A further commission o f 7 'A % is to
b e paid to tho underwriters in consideration o f their underwriting.
T ho now interests through whom this plan has been worked out and wOo
have made the temporary loans above referred to and have obtained the
underwriting, liavo made it a condition o f their tindertaking that some o f
tiie principal officers and directors o f tho com pany should
in tho proposition by assuming approxim ately 1 0 % o f tho underwriting
obligation, which has accordingly been done.
N e t R e s u lt to th e C o m p a n y o

T h is P r o p o s it io n .

(1 1 O u t s t a n d i n g ^
------ ----------l P erm an en t p h S w ^ r o d
$2,200,000 First M ortgage bonds,
estate, A c -------------------$15,000,00#
5.500.000 Preferred stock,
W orking capital, incl.
630.000 Shares o f com m on stock .
I
cash, raw materials,
N o other obligations except for curaccounts receivable—
6,000,000
T he com pany has on its b o o k s at t h o " m ^ en trtim o c o n tr a c t u n fu m il^
tlm call* nf n iatorials viilllCll
m ore than «fct>().UUU»UUU, and llJS already
fiilnrl about i r 000 000 worth o f orders. T ho plants, except tho Canadian
i
plant mire*already producin g, although not yet to th eirfu li capacities, and
the Canadian plant, as soon as it can obtain raw m aterial, is ready to pro
duco, but our presout financial condition is a barrier to its succossful oper­
ation
I f the com pany is properly financed, tho contracts above m entioned
should be substantially carried out by July 1 1916. Y our directors h avalso reason to believe that if the com pany is f nanced as above outlined,
itionai contracts can be obtained. [Signed by A . J. M oxliam , 1 rest
dent;*f !& i^'Be U m 'T r K i i u r e r T " r t g u j ^ r <martcriy^dividend o f 1 » %
L
was paid on the pref. stock on Jan. 25. V. 1UI, p. 2073. 1716.

J an . 29 1916.]

THE CHRONICLE

A la s k a P a c k e r s ’ A s s o c ia t io n , S a n F r a n .—

Cav2n?r

W ffn
Al

D iv id en d s

Earnings.—

B a la n ce,

Pres. D onner says:

T o ta l

W hile all figures for the year ended D ec. 31 are not at hand we know
lO lfi was the best year the com pany ever had, exceeding 1913 which was

lQ ? ? 0r
* 7a i f f t i k
(6 % ).
S ur. or D e f.
S u r p lu s
IQ 4 --------1 no? 6^ 55
™944? § 6
$345,048
$214,251
$1,300,109
1 9 1 4 .-. 1,091.403
301,713
345,048
444,642
1,085.858
i n94na in lS
n. \915. J.S’ a&ainst 15 In 1914, and cases packed,
1.024,040 in 1915, against 1,241,980.— V . 100, p. 1594.

„4 lu m in u m C o . o f A m e r ic a .—

Acquisition.—

Dividend Scrip Called.

'u,™°.“ ,? any
° veT on N ov . 1 1915 the unfinished hydroelectric
m
omanpUfactllrinB Plants o f the Southern Aluminum C o . near
? u ' form erly controlled by French interests which ceased
operations at the outbreak o f the war. (See Southern Aluminum C o.
y - 99. P -1 6 0 4 ).
I lant was to have cost upwards o f $10,000,000 and it
possibl0% nY o o T ° i 2 59* I,rocoecl with the construction as rapidly as

A m e r ic a n B r a s s C o .—
D ec

Y ear

N et E a rn s.

D iv id e n d s .

$4,178,454
550,347
867,605

C o .—

- V . r f 02

T o ta l S u r p .

New Officers— Board Reduced.—

m

f r . .

3

and

6

Months.

tn£*‘ r,. * N e l
B ond
S in k in g
I n te r e s t o n ■ B a la n c e f o r
31
In te n d .
Fund.
S. F . B onds.
P e r io d .
..........-S646.466
$68,400
$37,500
$59,475
sur.$481,091
1 9 i 47
T^--------- 649,414
73,860
37,500
54,015
sur. 484,039
6 M o s .—
J015 ----------$1,239,198
$140,140
$75,000
$115,610
sur.$908,448
1 9 i 4 . - - -----799,442
149,970
75,000
105,780
sur. 468,692
A lter charging replacements and renewals and interest on loans.
N et current assets, $11,077,483. Bonds in hands o f public, $4,560,000.
m e statement has been prepared on the same accounting basis as the
annual statement o f June 30 1915, with finished leather at the same prices,
which are below those now prevailing.— V. 102, p. 346.
10 1

A m e r ic a n M a lt in g C o .—

New Officers.—

W . ® •P'rankHn. Pres, o f the American M alt Corporation, has been electod
Pres, o f the M alting C o ., and (diaries A . Stadler, whom M r. Franklin suc­
ceeded , and Stephen J . Leonard, have been elected Vice-Presidents. Henrv
Eggosking, Treas
and William A . M cC arthy, S ec., were re-elected
W ilberforee Sully has resigned as Chairman o f the Board o f Directors o f
the com pany, and this office has been abolished.— V . 1 0 2 , p. 346
°

A m e r ic a n W a t e r W o r k s & E le c . C o., I n c .— Bonds

See Arkansas W ater C o. below .— V. 101, p. 1373.

f, f t e r ic a "
C

W r in g e r C o ., P r o v id e n c e .—

Y
l en r

„ N ct

Sold.—

Earnings.—

P r e v io u s P f .D i v s . C o m .D i v .D c p r e -

i , S “ r-

T o ta l

5g & 0

1914- -------- 2 7 1 -223 132,975

180.000

59.500

54!000 19:475

P r e f. D iv .

S u r p lu s
fo r Y e a r .

(7 % ).
$735,000
735,000

$455,050
459.069

/ S

b

*?<\o^

* ,„ K .lM
Co^ £ r
X

$2,065,233
1.513.269

Dividend __

^

& ? S JS z £ i

T o ta l
S u r p lu s .

$551.964
322,991

C a n a d a F o u n d r ie s & F o r g in g s , L t d .—
s t ^

7 S

S

° p ^

r

ISOioOO

p.*640ClUdCS ln 1 9 1 5 5 15 ,0 0 0 reserve carried forw ardffrom 1914.— V . 100.

XT^vi^a mS?'S
® 0 ,» k i t t l e R o c k ,A r k .— Bonds Purchased
i 1
i/w so y ,
a!
C o . have purchased an issue o f $ 1 ,4 0 0 ,0 0 0
1st M . u % gold bonds from the Am erican W a te r W ork s &
Electric C o ., In c .— V . 101, p . 3 7 2 .
A t la n t i c M u t u a l I n s u r a n c e C o .— Earnings.—'T he report
o f the trustees for the year ending D e c . 31 1 9 i5 will bo found
in our advertising colum ns.
o
" ° T has assets aggregating $15,582,763, o f which $5,672,- i
o*9 Is in UnitOvl States and State o f isfow \ ork stocks, citvr bank anri nthpr
securities, $1,952,099 is casli (including $256,610 on deposit abroad against i
J o n es)*
000,000 special deposits
a i d S ^ V o X a n s " n° tCS a'ld bi" S receivable- $4,374,425 in real Estate! !

T 9 7 %nm n U y
hh
&

r

»

B

«

52s Cak^n Pv «\ th e Bath & Brunswick Light & Power C o

“ “I s ; S l g T S S r f f i f & S S S S

bo jd
u

Offered.— P erry, C offin & B urr and Parkinson & Burr
”
n- ^
offering an additional block o f the $ 5 ,0 0 0 ,0 0 0
1st M 5 % gold bonds, dated 1909 and due N o v . 1 1939 b u t
callable after 1919 for sinking fund only a t 105 and in t.
F or
descriptions o f bonds and properties see V . 9 3 , p . 7 9 8 .
,,
,
C a p ita liz a tio n .
C om m on stock authorized and issued. _ .
«<? ™ n n n
6 # cum ulative authorized. $ 2 ,000,000:"'issued
1 193 000
First m tge. 5s, authorized, $5,000,000; reserved to retire K ennel '
bee bonds, $400,000 issuable only under conservative restric­
tions (V . 90, p . 851), $1,300,000; issu e d ..
3 300 non

p

i s s ' s ^

3s

N otes. 6 % . duo Feb. 1 1 9 1 8 .. .:

S
S .
^
12 M ofs .f e n df * T o t a l t h
N et
D e c . 31—
R e c e ip ts .
In com e.
191o (e st.)— $2,836,360 $2,162,574
1914 (approx.) 2,064,553
2,061,365,760
— V. 101, p. 2147.
C h e v r o le t M o to r

a

|j]2,000

M egraph
D iv s .

(6 % ).
$574,260
574,260

B a la n ce.
S u r p lu s .

$1,588,314
791.500

T o ta l
S u r p lu s .

$6,773,494
4.077,692

Co.— Exchange of Stock.—

,
is understood the Chevrolet-General M otors syndicate has announced
that the offer o f exchange o f five shares o f Chevrolet for one o f General
M otors com m on was closed Jan. 25. It Is said offerings hereafter will be
considered on the basis o f four shares o f the com pany's stock to one o f
General M otors com m on. Confirm ation is withheld.
, . J r ' W ™ * ! . D em ocratic National Com m itteem an for M ichigan, has
been electod a director and Assistant Secretary o f the co. — V . 102, p. 156.

C o a c h e lla V a lle y Ic e & E le c tr ic C o .—

Sold.—

See N ovada-California E lectric C orp ., below .— V. 97, p. 1825.

, £ ° “ n] ? n1 e a lth E d is o n C o ., C h ic a g o .— New Stock.—
w
SsI.OOofoOO^ci t$69,0^ F0 0 0 ^ - v ! ° l 00tGp 1 i440°aS*nS the CapitaI stock from
1

3
C™ S X ° 1 ? “ - Electric Lifrht M ’°W
5 er
N et incom e......... .............

r To

tn l

460.348
Interest Payments—Interest Certificates Called.— Six per cent — V . 102, p . 2 5 3 . ....................................................... 612,505
interest on the outstanding certificates o f profits will be paid 1
C o n t i n e n t a l G a s & E le c tr ic C o r p o r a t io n . —Eaminqs —

JLtf e i ° 1? f i S
otinere^ l eh‘ V , T h ® outstanding certificates o f
the issue o f 1910 will be paid on F e b . 1, from which date all
interest thereon will cease. A dividend o f 4 0 % has been de­
clared on the earned prem ium s for the year ending D e c . 31
i J i o , for which certificates will be issued on and after M a y 2
1110 total marine prem ium s for the y ear were $ 7 ,1 4 7 ,8 3 2 , inch
$ 9 9 3 ,OGo n ot m arked o ff Jan . 1 1 9 1 5 .— V . 100, p . 4 0 0 .
c a £ ,d l? w i n r ? ' , (P ia n o s , P la y e r -P ia n o s , & c .) , C in c in n a t i.

* fr L

sssks*

SS

S

*B3:gr,g ‘ U S

(T h e ) B a r r e t t C o m p a n y .—

* ® lfj

New Name.—

See American Coal Products C o ., abovo.

B a t h & B r u n s w ic k L ig h t & P o w e r C o .—Mcraed

Soo M aino Central Power C o. below .— V

95 p 6'>0

B lu e fie ld s S S . C o ., N e w O r le a n s .—

Soe United Fruit G o. below.

B r it is h C o lu m b ia B r e w e r ie s .—

—

Decision.

Default.__

The coupons due Jan. 1 1916 on the 1st M . 6 s being in default the hcn,i

a

, a:

B

r

cposlt thoir bonds wlth ‘ * q u .f f l V r h
ultb^ d;

B u ff a l o (N . Y . ) U n io n F u r n a c e C o .—

Bonds.__

This manufacturer o f pig Iron has com pleted the purchase o f the n m nw tv
at the foot o f Hamburg St., Buffalo, for m any years hmsod bv it from the
Union Iron C o. o f South Bothlohem, P a ., and as part o ft h e purchase^Drico
has issued to that com pany $1,150,000 First M tge. 5 % boSd^ ^ ? r S ^ h v
m ortgage dated July 1 1915 to the Bankers Trust C o. o f B u ffa lo ^ t n i s t c r f
O fficers o f B uffalo Union Furnace C o.: Frank 1! B a r d Pros
larrv
Yatos ls t V .-p . & Treas.; C . A . ( ’ ollins, 2d V .-P ros.; R obert F Sche hng
Sec. Oomparo V . 97, p. 1665;V. 81, p. 267. .
- ocnellm ? .

B u s h T e r m in a l C o .— Earnings

Statement.—

A corrected statement filed with tho N . Y . Stock Exchange for the 1 1
m os. ending N ov. 30 1915 shows a dividend o f $154,000 paid by the Bush
S ^ l T o i 5*to *58
th .°reby reducing tho surplus o f t h lt com pany from
653. Sm V. 16 2 ! % 2 5 3 10 t0tal o f a com Panle-s from $854,653 to $700,-

C a m b r ia S te e l C o ., P h ila d e lp h ia .— Extra Dividend.—
l l ie directors on J an . 2 7 declared an extra dividend of 1 %
in addition to the regular dividend o f 1 % % on the $ 4 5 ,0 0 0 ,­
0 0 0 stock, both payable F e b . 15 to holders o f record Jan. 3 1 .




a

„ - .,

Acquisitions.—

C e n t r a 1 M a in e P o w e r C o ., A u g u s t a .—

New Registrar.—

Earns.

..............„ ® S u

Earnings.—

B ond
In te rest.

lders, purchased the property under foreclosure on Jan 20 for $3 OOO ooo
46. 49,n 372
operations wfll be continued. S w ^ n . & c . V M 0 i ° ° £

Change of Name.—

Jersey C orporation Guarantee & Trust C o .. 419 M arket S t.,
'j
•- fla? been appointed registrar o f the capital stock, succeeding
the Girard Trust C o ., P hila., effective Feb. 1 1916.— V . 101, p . 2146.

A m e r ic a n H id e & L e a t h e r C o .—

N et

- V 4.T 0 2 , - i :- 3 f 7 - I '517'060

• w i • ° ,er? , on -fa n - 25 voted to change the nam e o f the com pany to
>
1 he Barrett C om p a n y .” — See Y . 102, p . 346.

A m e r ic a n G a s C o ., P h ila d e lp h ia .—

p ar56b e 70.CalIOd f° r Paym ent F e b ‘ 1 5 a n d M a T i s . U p ^ t i v ^ !

C a len d a r

j8 S %

A m e r ic a n C o a l P r o d u c ts C o .—

now rPdoem on presentation at its

C a n a d a C e m e n t C o ., L t d .—

$12,778,005
8,599,551
8,049,204

T h A l o »?lW nK n« w officers were recently elected: Chairman o f the board,
T 1T 1k»
i r /• res," Darw l? A . James Jr.; and Vice-Pres., C . B . Adam s.
imPhorL
directors has been reduced from 12 to 9 members. C .D .

To Be Redeemed on Presentation.—

office M21PC h T O ti^ S t0t iPhliaat ! v,

For ca l.y r.

B a l.,S u r .

9r3J°,m {ggOjOpO
900,OOO
7 % ) 1,0 5 0 ,0 0 0

-------- ---------$i , l o # 7
6i
l Q l l ----------------- f o r v ’imZ
— V\ 102 p '3 4 '6 ' 1,9 1 7 ,6 0 5

^ mfe? c ®
,n C h ic le

Earnings.— Dividends.—

439

C a le n d a r
1 n Y f ar—

G ross

1 0 1 a -------- $^66,590
— V . i b l " " p 5 5 3 0 30

O p a r. E x p .,
In t. on
M a t n t - .& c . U n d e r .B d s .

$361,996
352,8 6 8

$5,790
5,7 9 0

N et
E a rn s.

$198,804
191.672

In t. on
B a la n c e
C .G . & E . B d s . S u r p l u s ’

$79,540
64,525

C r e a m e ry P a c k a g e M a n u f a c t u r in g C o .—
AOV.

30.

N et

D ep rcc ia lio n .

D iv id e n d s
P a id .

}9 1 4 - lo --------“ — $293.40.^--------$196,659
— V3 " l0 6 “ p‘ "553404,600
75,000
195,675

C h a rg ed
O ff.

$119P264
127.147

Earnings.—

B a la n ce,
S u r p lu s .

T o ta l
S u r p lu s .

$41,886 $54,869 $224,629
23,415
110.510
169,769

C rew L e v ic k C o ., P h ila d e lp h ia (G a s a n d O il P r o p e r t ie s ).—Pref. stock.— Elkins, M orris & C o . are offering, at
) .— rre j. Stock— n ik m s,
om s
at
105 and d iv s ., to yield 6 . 6 7 % , 7 % cu m . pref. stock, pref.
as to assets, dividends and sinking fund .
A uthorized,
$ 1 ,5 0 0 ,0 0 0 ; issued, $ 1 ,0 0 0 ,0 0 0 .
Redeem able as a whole
a t $1 1 5 per share and accum ulated dividends.
D iv s. Q .-J
Trustee o f sinking fu n d , C om m ercial T rust C o ., P hiladel.

D ig est o f L e tte r , from Pres. W illia m M uir. D e c. 29 1915.
O r g a t u z a n o i i — O r g a n i z e d i n Pennsylvania in M a y 1915 through tho con­
solidation o f Crew Levick C o ., Pennsylvania Paraffine W orks, and Besse­
mer Refining C o ., originally chartered In 1890. 1893 and 1912. rospoctivoly,
to m anufacture and market merchantable products o f petroleum . Under
the consolidation, acquired all their properties and franchises, and, through
purchase o f entire capital stock, the Warren C o ., an Oklahoma corporation
owning gas and oil properties, and the C om bination Oil C o ., a Pennsylvania
corporation, having valuable oil-producing properties. [The capital stock
2£r^]lS „ £ ru" , IvCVIC,c C o ., originally $250,000. was increasod in 1891 to
$750,000. subsequently to $2,500,000. and now to $5,000,000-1
A u t h o r i z e d C a p i t a l S t o c k .— $3,500,000 com . and $1.500,000 7 % cum . p re f.,
o f which there are Issued $2,176,300 o f the com . and $1,000,000 o f the pref.
T he $1,000,000 o f pref. stock is issued to take up the floating debt.
Increase working capital, for tho growing business, and provide funds to
purchase producing properties ln order that the com pany m ay have a
supply 9f crude petroleum . The $500,000 treasury nref. stock Is intended
to remain available for increasing the ownership o f the production o f crude
petroleum or refining facilities. The pref. stock is pref. as to dividends
principal and sinking fund. I t Is convertible at any time within 10 years
after Jan. 1 1916, into com m on stock: (1) share for share, during first five
years o f conversion period, and (2 ) one share for seven-eighths o f a share o f
com . stock during second five years. Tho pref. stock m ay be called for
redemption at any time at SI 15 and all accumulated dividends, subject to
privilege o f conversion into com . stock during the conversion period.
On liquidation the pref. stock must be paid o ff at 115% , plus unpaid
dividends, before any o f the assets shall be applied upon the com . stock.
A by-law forbids any m ortgage or indebtedness upon the property or plants
and any increase o f the auth. pref. stock issue, without tho consent o f at least
' 75% o f the stockholders. A sinking fund o f 1% o f the par value o f the
pref. stock outstanding (inch the stock in the sinking fund) will be used

with the dividends accruing on the stock retired for the purchase o f pref.
stock up t o SI 15 per share, or m ay bo invested in other secu ritie^atisfactory
to the trustee. Application will be m ade to list b oth stocks upon the
Philadelphia Stock Exchange.
„
_
,__. on
P r o p e r t i e s . — (a) Glade Oil refinery, W arren, P a „ capacity about, 20,000
bbls. crude per m onth. (6) Gathering lines and Production in Clarendon
and T iona fields, the m ain line extending thenco to W arren 42 miles,
(c) Seaboard Oil W orks, South Chester, P a ., consisting o f docks and tank
age. (rf) E xport, com pounding plant, fo o t o f M ifflin S t „ 1 hila., handlinj,
about 15,000 bbls. lubricating per m onth, ( e ) Some>63ad.if r i b liting tank
stations on the A tlantic Coast and in Eastern Pennsylvania, with wagons
and autom obiles, for distributing kerosene, ga so lin e lubricating oils ana
greases. ( f ) Pennsylvania Paraffine W orks, consisting o f a com plete refinerv including a wax plant, at Titusville, P a., capacity about 20,000 bbls.

40 producing wells; some 16,000 acres, o f w^ f h about 6,000

fee,

Report.—

trict is com paratively new. none o f it being over four yoars drilled.
A g g reg a te M < M t2 7 8 J )5 6 , P r io r t o t h e M ^ e r

consolidation should be over $300,000.
A p p r o x i m a t e B a l a n c e S h e e t o f D e c . 1 1915,

a f t e r A p p l i c a t i o n o f th e P r o c e e d s
... .
o f T h in P re .fp rrrp rt S t o c k .
T h i s P rp re r e d

**

Current liabilities............
,$392,701
Current assets-------- --------Plant and equipm ent------ 1,985,432 Preferred stock ---------------C om m on stock ----------------- 2 ,17b,300
276,055
T otal each side_________$3,845,056 S u r p l u s ..............................

D e t r o it (M ic h .) E d is o n
31

G ross

( a p p r o x .)

D iv id e n d s .

(a ctu a l)

T o ta l...............$15,300,000 $6,146,410
Undiv. profits.$10,500,000 §3,177,910
D ig est o f O ffic ia l S ta te m e n t Issued as o f J a n . 27 1916.
Our financial position has again im proved during the past year, as the
am ount o f quick assets over current liabilities shows a gain o f approxim atolv 88 100.000. T he current assets amount to approxim ately $31,­
250 000 and the current liabilities to $4,200,000.
The directors on .Jan. 26 1916 declared a dividend o f 3 H % on the pref.
stock Davable 1 H % April 1 and 1 % % July 1 and a quarterly dividend o f
1 % on the c o m m o n s t o c k , payable Feb 15 1916. T hey also voted to retire
7 000 shares o f pref. stock prior to July 1 1916, making a total retirement
o f 27 000 shares, covering tho charter requirement to that date.
W hiie the directors are highly gratified over the results o f 1915. they have
taken into consideration that a part o f the increased earnings wore duo to
causes which m ay n ot be permanent. Ono contributing factor was the
fargtf lncrease in volu m e o f sales com pared with 1914 with the result that
the overhead expenses consumed a smaller percentage than could reasonably
be expected under normal operating conditions. Purchases o f crude
materials also were rather m oro fortunate than usual. These conditions
m ay or m ay not prevail in the future and the directors are not disposed to
Imse the dividend p olicy o f the com pany upon results that m ight prove to

Co.—Earnings (incl. all const.cos.)

N e t (a f t e r

(a p p r o x .)

(a c tu a l.)

D e d u ctio n s—
1915.
1914.
1915.
1914.
Pref. divs 7 % ____$1,900,000 $2,068,500
Net, after depre­
-----ciation, &c___ §12,200,000 §5,440,427 Reserves_______ 1,700,000
Pref. stk redemp’u 1,100,000
900,000
Surplus brought
_
100,000
--------3,100,000
705,983 Pension Fund_
forward_____

i n village o f R ed Oak. (j) Undivided one-third interest in tne numra
O o wiitel ow m 7 developed gas wells, with a right o f w ay thence to
C ity o f M cA lester. and franchise for d lstrib u tin gn a tu ra lg a s in s a id cH y ^

A v e r a g e A n n u a l N e t E a r n in g s

See “ A n n u al R ep orts” a b o v e .— V . 1 0 1, p . 1 7 1 6 .

(B . F .) G o o d r ic h (R u b b e r ) C o ., A k r o n , O . — Dividends
Resumed on Common Stock.—Results for 1 9 1 5 .— Dividend
Policy.— T h e directors on Jan. 2 6 declared a quarterly divi­
dend o f 1 % on the .$6 0,0 0 0 ,0 0 0 com m on stock, payable F e b .
15.
T h e last distribution on this stock w as 1 % F e b . 1913.
T h e earnings for the late calendar year, it is announced,
are approxim ately as follow s, subject only to the verification
o f public accountants.

co
tS
Om

D ec.

[Vo l . 102.

THE CHRONICLE

440

M a d a m e,

b V w T e Pthercom panyahTst done its share o f the so-called war business, the
t o to la m o u n t exported direct and through customers has p robably not
exceeded 5 % o f the total gross business o f the year.— V. 101, p . 1095, 373.

G r a n b y C o n s o l. M in in g , S m e ltin g & P o w e r C o ., L t d .

...
,,
19In addUion"to6the5a bove d iv id en d f($ 9 4 4 2 1 4 )p a id in 1915, the com pany
“
,
declared another dividend am ounting to $270,304, payable Jan. 15 191b,O T :|-95
s e tu p as a liability in accordance with uniform system o f accounts pre
— V. f o i , P- 1368.
scribed b y the M ich . R R . C om m ., effective Jan. 1 1915.— V . 1 0 2 ,p .2 o 4 .

D o m in io n B r id g e , M o n t r e a l.— 3 %

D o v e r R o c k a w a y & P o r t O ra m G a s C o ., N . J .—

Sale•

Sale o f the p roperty to E . H . V an W y ck for $110,000 was confirm ed
Jan. 19 b y V ice-Chancellor Stevens at N ew ark, N . J . , on the ground that
the “ extrem e lim it o f indulgence had been reached in the m atter o f post­
ponem ents o f confirm ation.— See V . 101, p . 1716.

D r ig g s -S e a b u r y O r d n a n c e C o .— Dividends.—

E a s tm a n K o d a k C o .—Government Decree to be Signed.—
Judge H azel in the U . S . D istrict C ou rt a t B u ffa lo , i s . Y . ,
on J an . 18 announced in a letter to the com p an y s counsol
that ho w ould sign the G overn m en t’ s form o f decree providing
that the m on o p o ly ’s business bo divided in order to establish
com p etitive conditions. (Com pare V . 1 0 1 , p . 6 9 6 .)
T he court has given the com pany 30 days within which to P resenta plan
o f division o f the business. U . S. A ttorney O Brian said,, I f the to . fails to
act within that tim e, the G ov t, will undertake the task. — V. 101, p. l n o .

E le c tr ic T r a n s m is s io n C o . o f V ir g in ia , L e x in g t o n , K y .
letter from P res. H arry R eid , recently
cited (V . 1 0 2, p . 2 5 4 ) , further reports as of Jan . 3:

— Further D ata— T h e
O r g a n iz a tio n .—

Incorporated in Virginia a n d has acquired the p r o p e r t y
o f the form er Electric Transmission C o ., tho Powell Valley Light & Power
C o . and the Pennington Light C o ., In c.
. .. . ,
C n n i t n U r n t i n n __
A u th o r iz ed .
O lltS t Q.

S S

M iddle W est Utilities C o. and affiliated com panies.
t ..
These bonds, tho proceeds o f which havo been used in Paym ent fo r the
properties acquired and for extensions, additions and betterments heretofore
m ade thereto! are a first m ortgage on all property now owned or hereafter
acquired. O f an authorized issue o f $ 1 ,250,000 bonds, $500,000 are out­
standing and $750,000 m ay be issued only as follows. $ 10 0,000 prior to
D e c. 15 1916 at not exceeding 75% o f cost o f extensions, improvem ents or
additions m ado or acquired; $650,000 for not exC0®d‘ PjJ 7 ®
e
t
extensions, improvem ents or additions m ade or ac9 ulred, provided net
earnings are 1 2-3 times the interest on all bonds ° u ^ a n d !n g , Including
those proposed. Principal and interest are payable so far as lawful, with­
ou t deduction for any United States, State, cou n ty, municipal or other
taxes or governmental charge which the com pany m ay be required to pay
or to deduct under any present or future law. D e n o m .S 1 0 0 ,$ 5 0 0 .$ .0 0 0
(c * ). In t. J. & D . 15 in C hicago. M ortgage trustees, Chicago T itle &
Trust C o. and W illiam C . N iblack.
.
P r o p e r t i e s , & c . — T he new and m odern generating plant, with 3,o00 k. w .
o f steam turbines, is located in the rich mineral region t^ 'S ou th w ^ tern
Virginia, and 22 miles o f 30,000-volt transmission lines extending thence on
private right-of-w ay into Lee and W ise counties, which are underlaid b y
rich deposits o f gas or coking coal and cannel. T h e com pany also owns
200 acres o f valuable coal lands.
^,
.
, , .__ ____
T he com pany has an advantageous contract for furnishing Power at the
State line near the pow er plant to the K entucky Utilities C o ., which trans
mits the same over its own lines to tho coal fields in Ilarlan and Bell coun­
ties, K y ., and to the towns o f M iddlesboro, K n evilte and H arlan, K y .
In addition to furnishing power to mining com panies, which is its principal
business, the com pany also serves the towns o f Big Stono G ap, Appalachia,
Pennington Gap and St. Charles, V a., a present population o f about 7.500.
A m on g the contracts closed w ith several mining com panies is a 10 year
contract w ith the Stonega C oke & Coal C o. o f Big Stone G a p ., V a ., fo r the
minimum o f 3.000 h . p . Franchises em inently satisfactory, none o f them
expiring until 1938 and tw o running until 1946.
.
.
.
E s t i m a t e o f E a r n i n g s . — For tho year 1916. based on business heretofore
done and upon our long-term contracts for power: G ro^ ea rn in g (including
merchandise sales billed), $115,000; not, after t a x ^ , $57,500, interest on
$500,000 bonds calls for $30,000; bal., sur., $27,500.— V . 102, p . 254.

E m p ir e S te e l

&

I r o n C o .—

£

Option.—

G e n e r a l C h e m ic a l C o ., N . Y . —

Listed.—

The N . Y . Stock Exchange has authorized the listing, on and after Feb. 1
1916, on official notice o f issuance, o f tho $1,710,100 com m on stock, to be
distributed Feb. 1 as 15% in stock dividends m aking the total com m on
listed $13,110,900.
‘




D iv id e n d s

(3 % » .9 5 8

Earnings.
S

— V . 101, p . 2147.

B a la n c e .
S

B

%

F or c a l. year:

i* 'i 1 l ’ l l ®
,

H a r t , S c h a ff n e r & M a rx, C h ic a g o
4 % for 1916 on Common Stock, Payable

! ® 8 H
,

—Initial Dividend of
1% Quarterly.

See “ Annual R eports” on a preceding page.— V . 102, p. 255.

H o lto n

Pow er

C o.

(H o lt v ille ,

C a l .) —

H y a t t R o lle r B e a r in g C o .—

Sold.—

V . 100, p. 1441.

Stock Increase.—

This com p any, incorporated in N . J. N o v . 10 1892. for the m anufacture
o f roller bearings, with $2 ,000,000 authorized capital stock, reduced to
$400,000 M a y 5 1900. and increased to $500,000 A pr. 15 1902, on N o v . 13
1915 increased its capital to $6,000,000 in the form o f a 1,400% stock
dividend. C om pany originally had $50,000 7 % cum ulative preferred stock
which it retired In 1915. Plants are at Harrison, N . J ., and are reported
to turn out $1,000,000 o f p roduct annually. Prosperity o f the com pany is
said to be largely due to the growth o f tho autom ob le industry.
Officers and directors are: Pres. & Treas., A . P . Sloan, V .-I res., J. W .
H yatt; Sec. & Gen. M g r., A . P . Sloan J r., E . A . D ay and W m . T . D a y .

I n g e r s o ll -R a n d C o . (o f N . J .) , N .

Y .— Stock Increase.—

Stockholders on Jan. 26 approved the proposal to increase the authorized
com m on stock from $10,000,000 to $15,000,000 to provide for future con­
tingencies. N one o f the new stock is to be issued at present. Com pare
V . 102, p . 255.

I n s u r a n c e C o . o f N o r t h A m e r ic a .—
1916.

A ssets—
305,682
Real e sta te -.
1st m tges. on
177,724
real es ta te .State and city
loans______ 2,047,469

S E * ® :1 ® *
!

Bal. Sheet Jan .

1915.
$
L ia b ilitie s —
235,300 Capital s to ck .
CaDital sto c k
R es’ve for re­
in su ra n ce .222,025
R es. for losses
1,613.156 Res. for taxes.
All other lia­
bilities.........
i 3 : i n . » 8 8 C onting’t fund
C onflag’n fund
536,400 Surplus- over
liabilities - .
1,247.150

M arine prem ’s
606,934
for collect’n
Fire prem. fo r
___
c o l . . ............ 1,309,003
N otes reciev’le
122,889
for p rem —
161.328
A ccrued i n t ..
194.019
29,471
Re-ins. claims
91,978
T o ta l............20,838.450 18.613.414

1.

1916.
„
$
4.000,000
4,000,000

1915.
* nnn
4,000,000

8,171,047
2,216,140
175,000

7,848,867
1,763,420

196,220
580,043
590,000
______
5,000,000

125,446
875,681
4.000,000

T o ta l............ 20,838,450 18,613.414

(T h e ) I n t e r la k e S te a m s h ip C o . — Notes Offered.
K ea n ,
T a y lo r & C o ., N o w
Y o r k , have sold a t Pa£ f or equal
am ounts of each m aturity the unsold portion o f $ 1 ,6 0 0 ,0 0 9
5 % ser gold notes. See advertisem ent on anothor pago.
D ated Fob. 1 1916 and due $200,000 A ug, 15 1 9 1 6 , $200,000 F eb. 15
1917 and $150,000 semi-annually from Aug. 15 1917 to lo t). L> 1 9 2 1 , lncl.,
but callable in whole or in part, at 102 and intorcst on any interest date
^ v s ° & Tr.' C o°Uc l e v e ^ S e e V l n T Y . fS n d s^ T o ta * a ^ t h . ^ l ,600,000.
SUJfcurdy — Theso ? ! e,60()!o00r
not(w w^ll’ b^lssued um lcr'an
T he proceeds, together with $858,600 from sale o f *715.500 capital stock
at $120 per share®and about * 6 23,000 cash from
to purchase 13 additional vessels costing $ 3 , 0 0 7 »
aggregating
pired Insurance policies thereon and c^ k a in in
. m ay receive the
approxim ately $3,050,000. In order-that
benefits and security o f the com pany s in. ur
„
vessels including ono
under its first m ortgage. T h e com pany s fleet o f 52

N Tlio1 $6 M 0 000 fi°uUmri7^dbtand outstanding capital stock (Including
d

H R.— New Stoefa—

T h e authorized capital stock has been increased from $5 ,000,000 to
$5,200,000 b y adding1^$200,000 to the $1,000,000 5 % cum ulative second
preferred stock.— V . 101, p . 1013.
See W harton Steel C o. below .

Fund

ff
& iC S i

See N ovada-Callfornla Elec. C orp ., below .

This com pany has declared an initial quarterly d iv id en d ;a t-th e ra te o f
5 % on the com m on stock for tho period from Jan. 15 tio M arch 1 191b,
am ounting to 2 H % for this period^ D ividends o f 3 « % on the 1sti pref.
and 3 % on the 2d pref. stocks for the period from Sept. 1 1 9 1 5 to ftiarcn i
1916 were also declared. All dividends are payable M arch 15 to holders o f
record M a rch 1.— V . 102, p . 348.

E lm ir a (N . Y . ) W a t e r , L i g h t &

o tlic r

G r e a t W e s t e r n P o w e r C o .—

Extra.—

A quarterly dividend o f 2 % has been declared on tho $6,500,000 capital
stock, and also an extra distribution o f 3 % , both payable Feb. 15 to holders
o f record Jan. 31. T h e same am ount was paid In N o v . See V . 101, p .
2147. 1467..

“,l" j“ ' 11917 : : : : : : : «

\ r „t

earnings,P7 % y out o f 1914 earnings and 6 H % out o f 191.i earnings. On
Jan. 1 1916, a quarterly dividend o f 2 % was paid.
P r o p e r t y .— T he acquisition o f these 13 additional vessels, with the new
of
vessels
All o f these vessels are constructed o f steel for carrying bulk
freight such as iron ore, coal and grain on G t. Lakes an(*,“ ra c t lc e o f loading
T he tonnage o f tho fleet per season, based on the present practicei o f loading
a certain portion b oth east and w estbound, is approxim ately 12M 0 0 ,000 tons.
Tho fleet S managed b y Fickands. M ather & G o. T he com pany has con

•an . 29 1916.)
I
S

: r

; W

, , ,oa

THE CHRONICLE
, rS

i 3

f£ isi6

* . M,

C
aS

441

stone T£ e
,?hon® 9°-« Philadelphia.— E a r n in g s . —

1 9 1 5 ar—

S a a iT s s
silg ;ilg

s | f \i

The balance surplus as above in 1 9 1 5

o^ .
N et%icomo . .

'

<a™ '

Deduct Int. charges..
Depreciation........... ..

Hal

for dividends. . .

$995 431

Sffrw ori

" 180,000
250,000

' 172;500
S
250,000

$565,431

$220,900 $876,395

A vg e. 3 Y rs.

$1’l58 061
250.000

$170’l87
250,000

$554,242

®Qual to almost eight times total interest charges of 8 ^ 17 OS'? and to
about twice these c h a fe s and the yearly bond a n d lo t e L ^ h e m ^ t . “ d *°
A L A N C E S H E E T D E C . 31 1915 ( T o ta l each s id e $10,046,581.)
K
r &
(3 8 « - - $7’7^ ^ g-P'tal stock----------------------- $5,784,500
.
Cash, notes and accts. receiv.

Special accta. for retire of bds"
Insurance fund eurc- ot DclsReplacement fund...................
....................

„

oka \ i

-

250 nnn

v ......... ................. ......... 2,500,000

payable--------------766,114 Interest due May 1 1916-------

97,337
75,000

2o0,000 Dividend due Jan. 31 9 1 6 ....

115,690

o07,500 Insurance fund_______ ______
Replacement fund__________
Surplus.......................................

all o f M ck a n d ?M ^ th » E1 can<1s, Samuel Mather and H. G. Dalton.
£
Intosl,
r
9 ° ' ; James H. n o y t, A. T. Kinney; H. P. Me,
of Kean Tavlor t Co., New York.—r* C o-* Cleveland; and Moses Taylor
^ T V. 102, p. 255.
0 1 ivean, laylor
v ^ H ^ a t i o n a 1 H arvester C orp .— Dividend Omission.
affect t h f l ^ m m c ! C ornHc^ says: “ Foreign conditions, which so largely
«
sent out Oct D 5 iS llnaii','la* policy, have changed so little since the note
i :VM
dend on
that the directors have decided that no quarterly divitions are m M ? 1,'0? !s
will he paid in Jan. 1916. Until present condiouarterivmodified, it is not contemplated that any further
quarterly notices will be issued.” — V. 101, p. 1467.

In te rn a tio n a l Shoe C o., St. L o u is.— Plant.—
° f car Johnson, in regard to proposed $7,000,000 tannery develWlrcs ,an exchange journal: “ Tannery cost not decided;
nave decided to erect immediately; working out details.” — V. 96, p. 65.

In te r n a tio n a l Steam Pum p C o.— Sale.— The property is
advertised to be sold under foreclosure in 15 parcels,
in
V - X'.^.hy is set for Feb. 25: in Springfield, Mass., for Feb 29’
'’rN
V. 102° i° &18rCh l ' m BuffaI° for March 2; in Milwaukee for March 7. ’

In te rn a tio n a l T y p ese ttin g M achine C o.— Sold.—

The reorganization managers on Jan. 24 purchased the nmnow,, ,
receivers sale for $1,650,000, the onlv other bidder h e i n l ? at
thaler Linotype Co., which bid $1 625 OOn The new
g the Mer,?an-

m^der’s t o o d ^ h e ^ ffic e r ^ ^ n d ^ i^ u S 1- ^ ? ^ ^ ^ ^ 1 ^ ^ ^ ^ ^ ^ 1?^^®
^
Trcas., Robert II. hlontgomerv of T vhrVnd
S'A Charles D. Palmer;
Edward D. Adams, former Pre.lt. o f the NOTth^rnpidfic R R ^ W ^ n i

In te r Type C orp o ration .— Successor C o .—
bee International Typesetting Machine Co. above.

Z ftT
V QitrffVerS° r^ lla,r rodtes’ A letter for Presi­
dent h . V. Skiff now printed under date of Jan. 26 was
summarized in the Chronicle” of N o v . 27 1915 p . I 8 l i
vear^the^usin'^'wms^xtSidS'^to^heIe ^ tb m 'S ta tS ^ a m f?t^ t in tbe !ast
$958,699 and net for 1915 narl v ^ t i mJ i n nct eafnlnK for 1914 were
s
There will bo paid into it
nnn
aF ° pl£ ced at S I.100.000.
pended in expanding the e L L rn bu’^ L s ^nd°m 1^ ilSf1 capUal'.,‘ ° be exSbout sloo^TOO^IrO c t
ebS k0^ S
set'si11 b 3 n°* l0SS than J^ S O ofooo'ofw h ich
<

iro srtS B S i!< i ! ^ n i a g s g j g ^ - ^ s s r ^
a
»
d a y ?1proWous'nctice
opthn^of'“the* directors f upon 90
is also1! m l w ' i l 1 r ° ' at $1? 5 per s lar0 and accrued dividends. There
L s n w n r t J " if compulsory redemption at not to exceed $125 o f at
least 3% in par value on or before July 1, yearly, beginning July 1? 1917
ResuUs°j f ° O n f r c c h a r t e r e d accountants shows in sub.
n e su lts o f O p era tio n o f J e w e l T e a C o .

(o f I l l i n o i s ) , f o r C a le n d a r Y e a r s .

Gross sal as
__ 1915.
Nct profit^:: : : : : : : : : : : : ----------------------------------- S8.i84.548

1914.
$6 ,3 1 3 , 2 8 7

[IncL^BlhiokFco items1 iVcc " z l ' l 9
vf nn C o m p letio n o f O rg a niza tio n 6 7 2
A s s e t s (T o ta l w S
1915. as modified by present financing.]
Reaiast., bl(lgi’ ,m?ch1 &c18$ 2 2 2 9 6 6 1 7 orL ta b U ities (T o ta l. $18,317,118)—
Horses, wagons &c
5 l l 'i n
prel; sto=k --- $4,000,000
---------------U U
Good w in ...
.
1 2 .0 0 0 :0 0 0 r
--------- 1 21A,U ,0,U U
.0 0 0 U0 0
setters o
Inventories of mdse., &c_ _ 3,131 ,3 9 7 f o u n t s f credit & accop's 1,166,216
payable----------178,623
Mtges. & notes receivable
4,484 Accrued wages and taxes.
78,685
Accts. receiv. (loss res'vo)
361,881 surety doposits(see contra)
13,834
Trust funds, invest’s (seo
Redemption o f profit-shar­
13,834
contra) .......................
ing c u p o n s .._______
64,953
Deferred charges to oper. .
805,88i Capital o surplus_________
814,807
Cash .................
1,235,481
* The companyhas a contingent liability for letters of credit
issued
? g l ! r i s f p r 10C ?49tS “ 0t reCeiVOd ° r Sh‘pped 5340,725. See also v !
2°p

!) ? ? ? Sw itch board & Su p ply C o .— Stock Increase , & c.
from $ 2 0 0 0
°vn non nnnVOt v t^ In^T?Js0 tile authorized capital stock
i
C
director
finSiL40
000.000. Iv. B. Miller succeeds F. W. Dunbar as
dividend of 5 n°/ ? r s ’ 1 1 1 8 statc.d,’ haye u?t as yet taken action on the stock
n ents
It i s m „ ^ T ! n, f , nde< b y .t,ho sharoholders, pending legal requirep 71.
1
expected that such action may be taken next month.— V. 102,

£ ^ 2 2 ? c 0PPer C o rp o ration .— Syndicate Dissolved.
bv W m 7 ^ T h ™ w anlzed,to.underwrite the consolidation plan, managed
chocks
;;,,m w ip,“ n ,and A - I!arton Hepburn, has been dissolved, and
S
n iT
v , ? about S3,400,CO have been received by syndicate
O
§ 2 2 3 ^ on theT ^ 5 nnl?nnn realized by the syndicate it is stated, was
upon for a n 'c a 4
;n°nf(t
u,u'°,lv,od- . T1,10 underwriters were not called
Hayden’ stono& c °-




is Lima Locomotive Co.— C hange o f C o n tro l .—The following
pronounced substantially correct:
mowing
G .C
AUm f& m 1 th“

J° C ^ , C ffin a,nd Samuo'
!
,°

motive Co. o f Kingston, will be the ne«- Prol
i ^ i? ' n - Cana.(ilan Locothe American Locomotive, will become vlc'e-tV c^ i^uDA
XOn’ £O
Iime^ y of
John II . Guess, formerly of the Grand ^ T r a n T ^ i' , aPd Gea' Sales Mgr.
and be in charge of the purchasing.— V. 101, p. 452?C ° m° bCC' & f roas-'
C

Martinsburg (W. Va.) Power Co.— B a n k r u p t

__

thoT F e d ^ r e u 7 t ea % ^ ft?^ y ^ f S ^ t S ? ^ n ^ t o

Da^

n ‘n

§ L 0SSny ^ I^ , nsTo^? Ruled ^ u e t / s S t e M d ^ h e & p o ^ rgCo!?°with
000
ceivers. See V. 101, p. 617. ’
8 t0 8Ult,s aud tko aPPOintment of re-

Massachusetts Gas Companies.
E a r n in g s

o f C o n tr o lle d

E a r n i n g s o f S u b s i d i a r y C o s .—

Citizens’ Gas Light C 8 -------------Newton & Watertown Gas cZZI*
New Eng and Gas & Coke C o . . .
New England Coal & Coke On
Federal Coal & C oko Co I ? ? ”
Boston Tow Boat C o-------------- .
Total

— E a r n in g s . —

C o m p a n ie s.

lO L ^ ^ ^ Q

o ’n79
i ’^ sf
7 5 299

14

en^ '

o ’fn -

S f ' 4 09
4 4 '? 4 9

13 4 2
49 479

q tH sc

90 kra
o c ’Iro
37 802 1 0 6 4 8
7,813 11,'769

„ 2 2 ’3 ° 6
2I H U
2 0 .0 15

3^472215
37-s°2
9 - ’#o7^
5
2 a,839
308,111
f z jll

........... S295.266 $244,551 $1,411,203 $1,296,693

Boston Consolidated Gas CoCrC
aSC *9 7 ^“ ^ n f’qn’cEast Boston Gas C o.
i 0.90%
Citizens’ Gas C o., of Q u ln c y ll"
10 20% 9 9 7 c?

*3.24%
q q i< ?

1.33%

No«

A
9

s :0 7 f:

^

1 &

G“ v % - i , J :5 * .
?

7 .0 2 #

M S S S elegra& Co* ~ |? 7 nin^

12
i g f - 31R e c e ip ts.
In co m e.
1914 (approx*)".........*
8394’950
— V lo f . p. 2*149*.'"1,265,537
9 6 1 ,7 8 6

f o r C al. Y e a r s .—
MS S S T
0 0 %)
S urp™ '
347,000 $358,940 $489 01 o'
6 8 ’8 8 6
358.940
533,960

.—

Minneapolis Gas Light Co.— L ow er Gas R a te
I he new gas rate of 77 cents per 1,000 cu. ft. went into effect Jan 1 the
made A d 8
^T
v h%
R
between the company and thocity
macie Apr. 5 1J14. (See V. 98, p. 1248.) There will be no further adinst-.
ment for 3 years, the expiration of the 5-year period.— V. 101 p 1811
(CaL) Gas, Lt„ Coal & Coke

Jewei Tea C o., In c . (of N . Y .) — Stock Offering.—
j oldman, Sachs & Co. and Lehman Brothers, announce by
^iTinnnoon T
tJ|er pag9 ’ -Il0 saIe of tlieir ontire block of the
M,UUU,000 7 % cumulative preferred stock of the Jowol
i
txV In c., incorporated Jan. 14, 1916 under the
laws of New York State, to take ovor an Illinois corporation
ot the same name, which soils coffee, tea, baking powdor
soap and certain liko articles direct to the consumer from

S S &

6

$ % ] $ \\ f 2 \ * § £ • « »

—

307,500
650,440

5 16,114

00
57

s i n sno
241,305
-0 2 3 '
re^e’w ^ e s ^ T l S S 88 R
accumulated surplus, $896,886.— V? 1 o ffii.r 214?.eC’ 3 1 1915, 31,414,876:
Keystone Watch Case Co. P r o p o sed S a le. —
At the annual meeting Feb. 25 stockholders will vote on the
r»f ftir*
company s PropcrUes^at Riverside. N. J.. to the R i v e r s i d e M ^ C o . o f 6

C o .-M t g .-B o n d s .

in e Cal. R R . Commission has authorized the company to execute a
T s% T oo\ i and uF SGI
n im rM h “ h Frf cisco to secure a bond issue
d eb tf^ n T m a k e t o p r o v f S s 0 G r ^ & M U e ? 0 8 ^ ^ " arfoU eSn^
these 1st M . s. fd. 6 % bonds, dated Doc. 1 1915a n d d u o D e c 1 1 9 % ™ *

Montana Power Company.— N e w P l a n t
h a ^ g ^ r it i^ o W e o O

__

h p P( 6 ? 600 hhn B f

Dieted late in 1915, and it iFexpected

F alls
th e ,M is s o u r i R iv e r
wHl hoSn68601 .ava6able) was com-

roads” ^ a b o ^ a S d ^ cX a re V.^oS ; p.' [ 9 7 2 ) . ^ V . ^ F T ^ s T l Und8r RaU*
l
Nationai-Acme Mfg Co., C l e v e l a n d . - ^ I n c r e a s e . -

Ih following is officially confirmed:

Shareholders at their annual meeting on Jan. 20 apnroved the plan for
the increase in the capital stock from $2,500,000 to $ 9 0 00 0 00 in order to
E fr t o ttho ^ n n V w 1 in
^
' nd
ing to h o recently announced plan. so rM ac hine C o . o f Verm o nt,°accord,„„Vlitlsidcn^ Alexander, following the meeting, stated that shareholders
would receive a substantial stock dividend, the amount of which will ho
probabl?Cbelai 0 0 % Shareholders who attended tho meeting said it would
Of the new smek $1,500.000 will be pref. This has been sold to tho
tin oe and Trust Co. and that institution has placed it with investors at
f j ® , Per share. It is understood that tho price paid for the Windsor
M achineC o. was approximately $3,575,000.
« mdsor
1 i\G ?^a^Ion.a^"^cni<^^Ifg* Co. manufactures automatic screw machines
Vn - P th& GFn°SuC
m-- \ w 0rf i W - P - B- AIexandS“ p r « . r r C . H e n m
T , ; . " f f P - Sue - A v W,- Henn- Sec. & Treas. Main office, Cleveland.
house! New Y ork 6 P
h
B° ston'. c hlcago, Detroit, Atlanta. AVarenouses. JNew lork , Chicago. Canadian plant, Montreal.]— V. 96, p. 290.
National Refining Co., Cleveland.— E xtra D iv id e n d .—
dividend of 1 % has been declared on the common stock, and in
of record Feb ^ teThndi vi?nnd ° / } ^ dividend was X of Fob. 15 toNov. 15
i
orrecord Feb. 1. The last quarterly T ° P P ch,' Pa>'a,)le 1%, paid holders
191.). H. I?. Setzler succeeds J. M . Cudahy as a director.— V. 101, p. 135.
National Screw
Tack Co.— Stock D iv id en d .—
«r-Ar.ft?«,^.viVT»Sndi o f 1 6
% was.declared on the stock, payable to holdI^'m nronnrt«J5 i1 ^VIn'nnnd fVer?by i” crea«ed the outstanding amount from
$1,500,000 to $1,/50,000. Also has $461,000 pref. stk. out.—V . 102, p .158.
Nevada-California Electric Corp.— P u rch a se. —
.
., rrl' is company on Jan. 10 acquired the Holton Power Co. (V. 100, p. 1441)
the Coacheila Valley Ice & Electric Co., V. 97, p. 1825, and the Holton
Interurban Ry. Co., formerly controlled by W. F. ilolt of Redlands Cal
valued at $1,500,000. all operating in Imperial Val., Cal.— V. 101, p. 532.'’
North American Collieries Ltd — P u rch a se.—
See Canadian Coal & Coke Co. above.

&

Old Dominion Co. of Maine.— E a r n in g s f o r Cal. Y e a r
C a le n d a r D i v s . . A c ,. ,
E x p .,
, „ 1j aT— R eceived. T a x . , & c .
.........S 1 ’t r o ’f? o

In c r e a s e d
B o o k V a l.

D iv id e n d s
P a id .

.—

B a la n c e .
S u r or D e f

o .- o v ;- - (20 %)S 1,46)6,765 def. $77.369
1914------866-41(J 27.975 $0 8 2 , 5 7 1
(16%) 1,173,412 sur.241.597
1913------- 1.496,555 7,403
--------(20%) 1,460,765
sur.22,387
ln£r®as® ln b? “ k value^as above, $582,574, is $3 75 per share on the
155,3.»3 shares of tho Old Dominion Copper Mining & Smelting Co. owned.
Total surplus Dec. 31 1915, $355,696.— V. 101, p. 1811.
Pittsburgh Steamship Co. P u r c h a s e
See Acme Transit Co. above.— V. 91, p. 1634.
Pittsburgh Steel Co.— E a r n s. 6 M o s . en d . D e c . 31.—
„
, , , _
1915.
1914.
In c r ea se .
Gross sales for 6 mos. end. Dec. 31---------$9,660,259 $4,137,430 $5,522,829
N V. 102, p. « ^ mos- end- Dec- 3 1 ------- $1,695,109
$117,314 $1,577,795
—^rP^ it s fo 256.

—

.—

[Vol . 102.

THE CHRONICLE

442

Pittsburgh Terminal Warehouse & Transfer Co.—
N e ^ c o m e .T ..._$192,094 $176,853 D ividcn dT p aid.. $55,096

$50,000

InDOTgla.'fC
Buchana^)aml W .^(1! Robeson woro^lectwl directors^to succeed
G wrge Heard and G. W . C. Johnston, deceased.— V . 99, p. 1915.
Sacramento Valley Irrigation C o . — Report to Depositing
Bondholders .— The bondholders’ protective committee, in

circular dated at Detroit, Jan. 3 , says in substance:

The plan o f reorganization dated M a rch l8 1916was ^ s e n t e d t o b y a U f

Central Irrigation District enjoining the Sa£ amento^trict S c e n t su«* as
a ^ fo n April 29°1915. the Supreme Court affirmed the 4gdtalOTi

Balance sheet of Sept. 30 1915 shows total liabilities of $544,173, includ­
ing dividend of $350,000 ($1) payable Nov. 20, against current and working
assets of $1,495,219. Pres., Thomas Bardon, Ashland, Wis.; Sec.-Treas.,
A. M . Chisholm. Duluth.—V. 100, p. 313.

Southern Aluminum Co.— Purchased .—
See Aluminum Co. of America, above.— V. 100, p. 175 .
Southern Utilities Co. (of Fla.).— Purchase.—
This company on Jan. 3 purchased the stock of the Palatka (Fla.) Gas
Light & Fuel Cd. and sold some of its own treasury bonds for various pur­
poses, part of which paid for the newly-acquired property— V . 101. p. 136.
Stark-Tuscarawas Breweries Co.— Dividend Resumed.
A dividend of 1% has been declared on the pref. stock, payable Feb. 1
to holders of record Jan. 25. T his.it is stated,is the firs t payment since
M ay 1914.— V. 100, p. 560.
Sulzberger & Sons Co., N. Y ., Meat Packers.— Notes
to Be Extended — Earnings .— A “ firm” contract has been made
with an important banking group for the renewal for five
years of the company’s debentures, which mature next June.
Such renewal, however, does not contemplate a mortgage
on the company’s property.

w

m

m

There are $8,100,000 of 6% notes due June 1 1916. $4,000,000 being
notes of the old Schwarzschild & Sulzberger Co.
,
, _
Treasurer Russell Armstrong states that the report for tho late calendar
year will show large earnings, the year having been one of the very best
in the corporation’s history. While the company has only recently entered
the Argentine field, it is already doing a large business there.
The entrance of new financial interests and the formation of a five-year
voting trust was mentioned in V . 101, p. 292.

m

Sun Motor Car Co. (of N. Y .), Elkhart, Ind .— Pref.
Slock,— Andrews & C o ., Chicago, & c., recently offered at

T X % u n e ai 40 19 15 d?he R ^ Y c C t f f l M
w f f i w s 'l h e rates to
»
far water sminlied through the canal and irrigation system, viz.:
m 'I r ia fr a t o -^ o r ^ ic e Pl7 per acreper annum: for all other crops, $2 per
annum f°or(2)’M L P red rafts: Where water ^ “ ^ e £ t h e r a t e
sur

s s a a fis s r ts r s ^ s s t s s £

M

u

p«

105 $ 250,000 7 % cumulative pref. stock, tho total authorized
issue, carrying a bonus of 2 0 % common stock.
n „ t o Furnished bv Pres. R. Crawford Dec. 28 1915.
Organized in N . Y . Stato and has purchased at Elkhart, lnd., within
oaAr reach of Detroit and Cleveland, the chief sources of material supply,
a suitable factory consisting of two buildings, concrcto construction, with

“ H ftS ilS g V K S
™
lnv? m « t of
over $3,000,000 in the Canal Co., a manifest■^ ^ s tie e . B^rthem or^ It
° PThe°ctna!l ^ 'l a t e r a l system as now constructed ^ ja p a b le o f serving
water to about 60,000 acres of land. When completed as deign ed, tho
capacity will be about 90.000 acres. The system irrigated in 1914 and 1915
about 12.000 acres. Even with the Systran
‘
L*°
generally, it cannot reasonably be anticipated that more than 19,000 acres
will be under irrigation during the next irrigating season, 1916. The only
increase for 1916 will come from parties growing rice, which requires
times the water necessary for other crops, and assuming that there will be
7 000 more acres irrigated, all devoted to rice, tho total revenue would be
nno at the aforesaid rates. Operation and maintenance will bo not
fess' than & 125,000.leaving a def iciency o f $52,000. not allowing anything
$

sell betw e e n $ 1 ,0 0 0 a n d $ 1 ,1 0 0 .
.
C a p it a liz a tio n a u th o riz ed a n d o u tsta n d in g i n l W * t a r w f r o b o n d ed debt )
P r e f. s to c k 7% c u m . (n o n -v o t in g ) p r e f. as t o assets a n d d i v s . ...........S250.UUU
Common stock--------------------------------------------------------- ,
~~~
’ _

A Sinking fund is provided for retirement of pref stock of $5 on each car
sold
lifu o rSeemaWe at option of company on any dividend date at

ending Feb. 1 1917, it is calculated that the company will be }n a position
to retire all of its pref. stock and show a profit of approximately $300,000.

Texas Company (Oil), Houston.— Listed.—
The N. Y. Stock Exchange has authorized tho listing on notice °fb«uance
of the $7,000,000 stock offored at par last spring to stockholders ($6P00,000) and to employees ($1,000,000). making the total listed $37,000.000.
Incom e Account .— For 4 mos. ended Oct. 31 1915 (not
including Producers’ Oil C o .):

S K ^ E B S S £ S 3 & s m s s s }

nainv^—nurchases^the systwn, he will share in the bonds or other considera­
tion^paid* therefor to substantially the
f ° $ T
stated. These negotiations with the Landho dors Association S. v ^ i .

issue and the mortgage which ran to the Chairman o f your Committee
securing claims amounting to over $4,500,000, assigned to the committee,
Im venot progressed as rapidly as anticipated. The decree, however, was
si|ned?n the 1J?I District Court in California Dec. 6, and a sal*.of all the
property other than the Canal and Irrigation System should be:made >
{J
February. Sale of tho latter property will undoubtedly be deferrwl until
the canal company’s affairs have been
*Liji’ kg
pniirso contemDlated that the lands covered by these mortgages will do
bid in and be placed as security to the new adjustment mortgage as outlined
‘ “ i t h w h S e ? I m S b l ^ t i m a k e sales of lands whUeour ^orecl^ure suit*
were pending and until some o f the litigation was disposed of.- Thoselands
not dependent on the canal system will probably bo placed on the
next spring. Owing to the fact that the total revenues at present d o n o t
fully pay operating and administration expenses a n d t o u r i n g
that the bondholders cannot expect any retum on ^ i r inv^tment during
the coming year. [Signed by Merle B. M oon. Chairman, Geo. L. Edwards
and J. H. Puelicher, Sacramento Valley Committee.]— V. 100, p. 1172.
Saxon Motor Car Corp., D etroit— Output.— Pros. II.

G ro ss e a r n i n g s __________ $ 9 ,0 6 5 ,0 6 0 1D iv id e n d s p a i d ---------N e t f a f t e r d e p r e c ., & c . . . 2 ,0 3 9 ,2 6 1 1N e t su rplu s fo r 4 m o n t h s . 1,289.261
BA LA N C E SH EET .
Oct.31 ’ 15. Ju n e 30 ’ 15.
Oct.31 ’ 15. Ju n e 2 0 ’15.
Liabilities —
$
$
JO
*
*
S
S

Plant, leases, &c..40,411,761
Other Investments 2,438,625
Storehouse supp.. 972,301
Stocks of oil, crude,
refined, & c ___ al6,199,550
Unexplred lnsur.. 200,920
Bonds & mtges.—
Prod. Oil C o ... 3,000,000
Indu.s’1 Sec. Co. 2,906,000
Accts. & bills rcc.16,031,727
Cash on hand.... 3.951,240

37.808,321
5,880,726
888,723
_
15,641,236
256,682

3,000,000
2,906,000
14,904,101
4,174,083

Total...............89,642,170 85.459,932

Capital stock___ 30,000,000 30,000,000
6% gold debs...bl4,700,000 15,000,000
6% serial notes__ 1,800,000 1,800,000
Stk. sub. new Issue 6,486,625 3,787,009
Accts. & bills pay- 7,489,289 7,361,355
Prov. for doubt­
ful accts. recelv. 302,109
300,000
lnsur. reserve fund 500,000
500,000
Prov. for int., &c. 625,335
686,849
S. F. & depr. res.11,920,250 11,495,408
Surplus________ 15,818,562 14,529,301
Total................89,042,170 85,459,932

r " r w a not, include appreciation which has occurred in stocks since
Juno30C
1915. b Denotes 6% convertiblodobontures issued (no longor con­
vertible) due’ Jan. 1 1931.— V. 102, p. 350.
(William) Tod Co., Youngstown, Ohio.— Notes Offered.

— Otis & C o ., Cleveland, aro offering at par and int. for equal
amounts of each maturity $750,000 6 % coupon serial gold
notes. A circular shows:

Dated Nov. 1 1915 and duo $250,000 yearly on Nov. 1
Denom. $1,000. Prin. and t a t ^ t (M^& N .) ^ yt ^ ° books’ notice at
a
Savings C o .. trustee, develand. . “ i f ^
umler note indenture no mortSio-Sift•e,5 ^ 1
SSSS,ffiS,? S 5 S ^
ooto. «k* w P-W.
W . Ford confirms the following as approximately correct;
Balance Bheef o/N or. 1 M
Net profits for the year ending July 1 1916 should be in excess or $1,250,­ Fixed property----- - - - - - -$1.833,116
Notes___ _____
750,000
000 on the $6 000 000 capital stock. The number of cars produced in 1915 Inventories, ace ts & bills
309,770
to ta f^ over 19 0 0 0 comparing with 7.000-odd p r o d u c ^ in the previous
receiv., def’d charges..
403,475 A cc’ts and wages...............
197,500
year, and it is believed that the company can . o» ^ ^ , n co ^ in the C a sh ...................................
5
r?
356.579 Advances on con tra cts...
current year. Saxon has cash and current assets aggregating about $2,
Accr’d int. and taxes------13.233
000,000 and has no pref. stock or bonds.— V. lUl. PTotal each side........ . . . $ 2 , 653,170 Surplus..........................- - 42.867

Shattuck Arizona Copper Co.— L i s t e d .—

Data from President David Tod, Y oungstow n, Dec. 31 1915.

Founded as a partnership in 1856 and conductod as William T w IjR
The Now York Stock Exchange has authorized the listing of tho S3,.>00,000 capital stock (par $10) on official notice o f issuance o f permanent en- Co. In 1901 incorporated under Ohio laws with substantially the same
__
®.
nnn
gravid interchangeable certificates in exchange for the present outstanding owners. Capitalization:
certificates. An official report to the Exchange shows:
A Minnesota corporation, owning in free 209 acres (8 p atch ed claims),
located in the Warren Mining District (Bisbee) Cochise Co i^ zo n a .
about 'A mile south of the original workings o f the Copper Quoen mine of
Phclivi h n fim A C o
Produced 1,787,649 lbs. o f copper in 1909: t£ « S . B B lbs. in 19 10 % 596,973 Ibs^n 1911 and 2.510.33§ lbs In 1912
Since
k
Huffc time during the first 7 months of 1914, the mine produced at the late steel’ trade, municipal pumping engines, * f,:, ^n"K ' P R t s b u r g h at
k
of about°i 5 0 0 0 000 1bs. o f copper annually. Owing to European war con­ Physical property recently valued by Julian Kennedy of i jets
ditions the output was reduced 507c in August, and on Oc t.2 3 a ll oresliipments were discontinued. Shipments were resumed In April 1915, and the
company is now producing at the rate ot between 15,000.000 and 17,000,000
lbs. o f copper per annum, mine shipments being approximately 450 tons
daily six days o f the week at a net cost of 8.634 cts. per lb. for tho 9 months Steel & Wire Co., &c. Owns valuable patents, Including tno American
patents for hydraulic presses used iu the Krupp works a ^ ^ b l n the inanuending Sept. 30 1915.
— n n u a l P ro d u c tio n - 9 A fo s . to S e p t. 30 1915.
A
wSKUd
X r S o " m i S t 1 rf.oU forgings .n d Is prepared
S
P ro d u c t.
S a le s .
1913.
1914. o
»U c h will require
Copper, pounds.................... 13,219,756 10.846,918 7.216,065 $1,371,121
1,553,941
74,716
1.483,956
14,06o
Load, pounds------- --------118,2631
90,647
Silver, ounces-------------------- • 236,000
188,419
1,6581 __________ hikuilis now on hind, iubslahtlally all In proewa ot dolivory, will do more
Gold, ounces______________
2,033
2.445
TotaI
.............................................$1,536,484
Net operating'profit,'after d'educting transportation, mining,
smelting development, refining, selling and general expenses,
Stambaugh, Fred T o d — V. 101. p- 2078.
also depreciation ($22,893) and after adding other income
^
United Electric Securities Co., Boston.— N ew Bonds.
Deducted! vidends) Feb .'.M ay and Aug. 1915, each 50 cents-----525,000
Parkinson & Burr, and Perry, Corrin & Burr, boston, aro offering at 99
and int. $500,000 39th series collateral trust 5% gold bonds, dated Aug.
Balance, surplus for 9 months---------------------------------------------- $221,043




Jan . 29 1916.1

THE CHRONICLE

1014 and due Aug. 1 1944, but callable, all op part, at 103 and int. Collat­
eral consists o f mortgage bonds of eloctric light, railway and power cos.
Int. P. k A. at American Trust Co., Boston, trustee. Successful record
of over 25 years. Since 1893 an amount equivalent to 7% p. a. has been
paid on $1,000,000 pref. stock, and over $1,000,000 has been paid in divi­
dends on common (now $500.000). Including this new series, the company
has issued in all $22,500,000 collateral trust bonds and has redeemed and
canceled $16,381,000; not out, $6,119,000. Total securities held by com­
pany, including underlying collateral, at appraised valuation, $8,444,690.
— V. 100, p. 647; V. 98. p. 615.
United Fruit Co., Boston.— W in s A n ti-T ru st Suit.—

Judge Thompson in the U . S. District Court at Phila. on
Jan. 22 decided in favor of this company the suit brought
against it in 1911 by the Bluefields SS. C o ., L td ., of New
Orleans, under the Sherman Anti-Trust Law. Damages of
$5,000,000 were sought, which might have been trebled had
the Fruit Co. lost. The Bluefields Co. has filed an appeal
The “ Boston News Bureau” says in substance:
The victory of the company is easily the most important legal triumph
which It has ever scored, there being involved a bill of damages for $15,­
000,000. The important thing in the minds of the company is that its
business methods nave been completely vindicated in a Jury trial. The
case was a complicate*! one, and it is worthy of comment that the jury
has rendered a sweeping decision in favor of the company, its business
methods, its treatment o f competitors and its avoidance of actions which
might bo construed as violation of the Sherman Law. At the trial were
present representatives from the office of the U. S. Attorney-General.
The position of the company was sustained by its competitors, who ad­
mitted that in its business rivalry the company had conducted its affairs
tn an open and businesslike way, without attempting to coerce its less pow­
erful rivals. The case could have been compromised for a small amount,
but the company refused to consider a money compromise, taking the posi­
tion that its business methods were on trial and that presentation of the
facts would prove it innocent of wrong-doing.— V. 102. p. 350.
United Gas & Improvement Corp.— Sub. Co. Earnings.
Seo “ Elec. R y .” Section, published to-day.— V . 101, p. 375.
United States Finishing Co.— Sale.—
Tho company's plant at Passaic, N. J., was sold at auction on Jan. 20
for about $78,000 to local interests.— V. 101, p. 1186.
United States Steel Corporation.— Dividends on CornStock Resumed on 5 % Basis.— Earns, for Quarter and Year.
Seo Annual Reports on a preceding page.— V. 102, p. 350, 257.
U. S. Smelt., Ref. & Min. Co.— Contemplated Bond Issu e.
It is understood the company is considering the issuance o f $14,000,000
10-year 6% debenture bonds to retire its $4,000,000 4-year 5% notes due
J,une 1 1918, and the $10,000,000 6-year 5% collateral trust notes of the
Utah Co. maturing April 1 1917.— V. 102. p. 72.

Valley Steamship Co., Cleveland.— Dividend.—
The directors doclared a cash dividend o f 4% and a stock dividend of
45% on or about Jan. 15, the cash payable Jan. 25 to holders o f record
Jan. 8 and the stock Feb. 10, also to holders of record. Tho stock dis­
bursement is out of tmisury stock which will bring the outstanding issue
close to $1,700,000, the authorized amount. Incorporated in Ohio in
March 1908. Bonds outstanding understood to aggregate $33,000. W II
Becker is Pres., Treas. and Gen. Man.
Wharton Steel Co.— Purchased.—
eanital fnn
g?nnyJ ^ C0rl?0rat.?d In N oL W,07 with S10.000,000 authorized
sl;ar<« has been purchased by Miles L. C. Kaclielmacher
”
of an °Ptton Obtained several months
fnH- » , W
o f b l a s t furnaces, and 5,000 acres of iron ore lands,
r w t „ H b . i a F in® w tb reserves o f from 4.000.000 to 5.000,000 tons,
j
on the plants of the Thomas Iron Co. (V. 102, p. 72) the Empire
aKo l.S fM n 'le '°' (r ‘ 90' p ' , 1705> <yvl the Wharton k Northern R R . are
also held in view o f a general consolidation of those cos.— V . 88, p. 690.
(J. G.) White & Co., Inc.— Dividends — N ew Period.—
r^utar quarterly divitlend of l ' A % on the pref. has been declared,
and in addition
o f 1 % for Dec., duo to a change in the fiscal voar and a
rearrangejnent o f dividend periods. Dividends are pavablo March 1 to
holders of record Feb. 15.— V. 100. p. 1910.
Willys-Overland Co., Toledo.— Pref. Stock Offered.—
William Salomon & C o., New York, aro offering at 100M and
div. tho unsold portion (less than $3,750,000) of tho issue of
$15,000,000 new convertible 7 % cumulative preferred stock.
Official statements describing the stock and tho status of tho
issuing company will bo found in tho “ Chronicle” V . 101,
p. 1033; V . 102, p. 257 (letter of President W illys). The
firm now say:
1• The company has no funded debt.
.•Comt ' o n
Is now aching on the N. Y . Stock Exchange at
,
V10 mar!i ^ ™lue o f tho total amount of common
000,OOO neV |,rcfet^ed00° 18 ° VCr $46'000'000' which is i unior to the $15,uMndiv,Jond requirements of the new issue will bo $1,050,000 yearly.
Sent w i q k K
1 . ca, / ° ^ Ke annual earnings for the 3 '4 years ended
1 o f k /P I l ? 15 3 about 6 H times this dividend, and for the calendar year
TMc (t 'lrt'v estimated) not earnings as over 9 V, times tho pref. dividend.
,V
i\vSd0^ . n"A takA int0, ?°Asl dH atIon the fact that after providing for the
retirement of less than $4,500,000 old pref. stock at 110. the balance of the
1 P m£feds
the new issue wiil bo available for uso in the business,
nf ,y .. b®Jref.- dividend will be cumulative and provision for the retirement
? < 117 «fPQo/
ls maido by an annual sinking fund commencing July 1
the maximum amount o f pref. stock issuod. This fund is
d T h ^ n r n ^ o in S ^ f s.l*rpl,us Profits and like tho dividend L cumulative,
s
the issue
ro,ato.briefly to the investment character of
Ing r o S f t l l a t l v e pref' stock will have tho benefit of an interestfroni J-ui 1 1 9 ? 7 ^ i!,b iyioooZ (' t10 rlgbt t ° convert into common stock
n
K)r^)iio of ronminn J
lncl'\on , h° basis of three shares of the pref.
t
1c o i common. rile common stock has already sold as high as 268
1
while the schedule o f production, based on contracts abeam
covering actual sales, contemplates the delivery o f 200 000 cars for the
year 1916, comparing with 95.000 cars in 1915.—V . 102?p 350?257

W in c h ester R ep ea tin g Arm s C o., New H aven , C on n .
The shareholders will on Feb. 9
consider increasing the capital stock from $1,000,000 (par
$100 recent bid price about $2,500) to an amount not stated,
issuable m classes; the capitalization of a portion of the sur­
plus and the issuance of bonds, notes, &c. The pui-pose is;
Stock Increase, Bonds, A c .

. i-° ^ croaso Lbo capital stock and tho share capital of the company and
to tix the amounts and establish tho incidents thereof; to creato, authorize
ana provide tor classes of the capital stock of the company and tho classiiicaiton thereof, and to determine, establish and fix the amounts, rights,
itrtAT™ ' f ! 08® and preferences, and the conditions, limitations and re­
several and respective classes of such capital stock, and tho
S
l n i S ® thereof, to capitaliz a part o f the surplus of the company
eanitai
i 0 a!\? Provide for the issue o f corresponding shares o f such
obViLraf ions J ,^ ^ u9 lorizo and provide for the issue o f bonds, notes and other
h isine« ^r’o ^ l l 0 ? °J unsecured, of tho company; and to transact any other
1
business properly before said meeting.— V. 100, p. 1843.
C U R R E N T N O T IC E .
J. O. Mayer k C o., dealers in municipal bonds, Cincinnati, announce
tho opening o f a Chicago office in The Rookery. B. II. Priucell, formerly
Chicago manager for 4V. N. Coler & Co. o f New York, will be resident
manager.




44 3

The 66th annual statement of the Aetna Life Insurance Co. of Hart­
ford, Morgan G. Bulkeley, President, is published in detail to-day in our
advertising columns. Tho company’s progress is noteworthy, the principal
increases during 1915 being briefly as follows: $2,476,383 in surplus to
policy holders; $3,211,173 in income; $4,721,816 in assets; $27,160,694 in
life insurance in force.
Thenewlife insurance issued in 1915 amounted to
$S4,516,726, while life insurance paid for was $72,494,448 and total life
insurance in force (Jan. 1 1916) was $407,959,099. The payments to policy­
holders during 1915 were $17,145,573 and total payments to policy-holders
since organization in 1850 reach $280,863,477. The company's total as­
sets are $124,238,552. The annual statements o f the affiliated concerns,
the Aetna Accident & Liability Co. and the Automobile Insurance C o.,
both show substantial gains in business for 1915.
lb e JaQPary 1916 Issue of the “ Hand Book of Securities," compiled
by the publishers of the “ Commercial and Financial Chronicle," is
now ready. Tho book contains 192 pages, and gives very full in­
formation concerning tho various railroads and the leading industrials
whose securities are dealt in on the New York, Boston. Philadelphia.
Chicago and Pittsburgh exchanges. It shows their earnings, dividends'
&c., for a, series of years, present fixed charges, and the amount of tho
different issues of bonds outstanding, the rates of interest, &c. There is
also given tho monthly range of stocks and bonds to Jan. 1 1916, together
with a yearly range for four years. Price, one dollar, or to “ Chronicle”
subscribers 75 cents. Copies may also be had at the “ Chronicle” office.
39 So. La Salle St., Chicago, or from Edwards & Smith. 1 Drapers' Gar­
dens, London.
"The U S. A. representative o f the Netherlands Engineering Co. of
\ erkspoor 4Vorks, Amsterdam, Holland, M r. T . Orchard Lisle, announces
\
that the Newport News Shipbuilding Co. o f Newport News, Va., and the
New 4 ork Shipbuilding Co. o f Camden, N. J., have signed contracts with
the above well-known Dutch firm whereby they will construct under license
in the United States 4Verkspoor mercantile-marine and naval four-cycle
Diesel-type motors, being the first U. S. A. concerns to adopt Diesel engines
of a slow-speed type suitable for large ocean-going ships. Splendid results,
it is stated, have been accomplished by the 22 4Verkspoor-Diesel-engined'
ships now in service, these engines being, it is claimed, a stage in advance
of existing oil motors.
'Villiam Salomon & Co. of New York and Chicago are offering by ad­
vertisement in the “ Chronicle" S15.000.000 Willys-Overland Company
convertible 7% cumulative preferred stock, preferred as to both assets and
earnings. Over three-quarters of the issue has been subscribed for under
the offer to stockholders; the bankers are offering the balance at 106^
and accrued dividends, subject to prior sale and advance in price. For
details see the advertisement. Descriptive circular furnished on eequest.
\ • C. Webster, Dean of the School of Economics at the Marquette
\
University, Milwaukee, on February 1 will become associated with tho
firm of Kean, Taylor k C o., Investment Bankers, Chicago. Prior to
becoming the head of the School of Economics at the Marquette Univorsity,
Dean 4Vebster was associated with the University of Chicago in a similar
capacity. Dean 4Vebster will have charge o f the Statistical Department
and will also be associated with the Buying Department.
— Having sold over four-fifths of the entire issue, Lee, Iligginson & C o.,
Harris, Forbes & C o., Kissel, Kinnicutt & Co. are jointly offering the bal­
ance of $25,000,000 Interborough Rapid Transit Co. first and refunding
mortgage 5% bonds, due Jan. 1 1966, at 99H and accrued int., by adver­
tisement on tho pago opposite our weekly statement of clearings. Thes
bonds are exempt from New York State, county and municipaltaxes. See
to-day’s advertisement for further information.
— The attention of investors and executors of estates is called to the
advertisement oil another pago o f A . E. Ames & C o., Toronto, in which
they are offering several very choice issues of Canadian Government and
municipal bonds. The approximate yield of these bonds ranges from
5.30% to 5.67%. Full particulars may be had upon application to the
firm’s offices. Union Bank Building, Toronto, Canada.
Freeman & Co., specialists in car trust securities, 34 Pine St., this
City, have moved to a larger suite of offices and now occupy the entire
second floor of the same building. The firm's new offices are attractively
finished in light oak and have been equipped with the latest indirect light­
ing system. A list of railroad equipment bonds maturing 1917 to 1928,
to yield 4.30 to 5.50% , will be mailed on request.
— M r. L. L. Daly who was Manager of the Bond Department of the
American Trust Company in St. Louis until this bank became aifiliated
with another institution there, has become a member of the Salos Depart­
ment of Kean, Tyylor & C o., Chicago. M r. Daly is a brother-in-law of
M r. Richmond Dean, Vice-President and General Manager of the Pull­
man Co.
In our advertising department to-day Kean, Taylor & C o., 5 Nassau
St., this city, and 105 So. La Salle St., Chicago, are offering for investment
$1,600,000 Interlake Steamship Co. 5% serial gold notes at 100 and int.,
yielding 5% for equal amounts of each maturity. Circular upon applica­
tion. The attractive security features are outlined in the firm's advertise­
ment.
Freeman k C o., 34 Pine St., this city, are to-day advertising and offer­
ing for investment elsewhere in this issue a list of railroad equipment trust
securities to yield 4.20 to 5% . Descriptive circular upon application. Seo
the advertisement for general particulars.
— Mr. Justus F. Lowe, who for some years has been assistant to Mr.
Martin Lindsay, Manager of the Bond Department of tho First National
Bank, Milwaukee, 4\ris., has become associated with Messrs. Kean, Taylor
& C o., Investment Bankers, Chicago.

— Chandler, 4Vilbor & C o., Inc., 185 Devonshire St., Boston, announce
that they have assumed tho business o f P. M . Chandler & C o., Inc., as
Now England correspondents of Chandler & Co., Inc., and Chandler Bros.
& C o., of New York and Philadelphia.
— Spencer Trask k Co. have just issued the thirty-eighth edition of their
circular on "Railroad and Industrial Stocks.” This circular describes over
100 issues of listed stocks, railroad and industrial, classified as investment,
semi-investment and speculative.
— Mr. Edward B. Kelley, who formerly was associated with tho Bond
Department of tho Peoples Trust & Savings Bank, Chicago, is now in the
Sales Department of the Chicago Office o f Kean, Taylor k Co.
— The firm of Noyes & Jackson, Chicago, have moved from 124 4V.
Adams St. to the ground floor o f the Continental k Commercial National
Bank Building at 218 S. La Salle St.
-—Henry M . Peers has been appointed General Manager of H. F. Bach­
man & Co. of 14 4Vall St. 4V. T . Carotliers is no longer associated with
the firm.

3

[Vol . 102.

THE CHRONICLE

444

?hc Cmnmeraal
COMMERCIAL EPITOME

Friday N ight, Jan. 28 1916.
The weather has been abnormally warm in the East and
stormy and extraordinarily cold at the W e s t, with 60 degrees
below zero in North Dakota and M ontana. These condition
have to a certain extent hurt retail trade, but for all that
aggregate sales, wholesale and retail, have continued large.
Jobbing business is very active. W heat and corn have
reached new high prices on this crop. _Exports of wneat con­
tinue large. M ost of the big industries are running on full
time and straining their capacity in some cases to keep up
with their orders. Steel mills are sold ahead tor many
months, and some consumers want to buy for delivery
in 1917, without much regard as to prices.
Recent
large exports of copper have kept tho price of that metal
strong, with available supplies small for early delivery.
Other metals are also in good demand. In some branches oi
trade a scarcity of raw materials or of the finished product
is complained of. The supply of skilled labor, moreover, is
decreasing. Both production and consumption are at hign
pressure. Delivery of goods is often difficult.
Ih e Ainencan consumption of cotton is the largest on record. Dry
goods sales are large. On theother hand, railroad congestion
continues, and ocean freights aro so scarce and high as to
interfere seriously with the exports of more than one com­
m odity, notably cotton. High prices are restricting new
business in steel. Leading business men think it necessary
to warn against fictitious prosperity in branches of manufac­
tures bolstered up by the war as distinguished from the more
solid evidences of better times in other lines, which have the
support of legitimate and more enduring conditions. But
the same experienced men recognize tnat commercial and
financial conditions are for the most part good, and of hope­
ful augury for the future.
.
L A R D in good demand; prime Western 10.90c.; refined to
tho Continent 11.30c.; South America 11.50c.; Brazil 12.50c.
Futures have been irregular, but on the whole steady, owing
to the rise in hogs and grain. Commission houses have been
the largest buyers. To-day prices declined.

larger. Those of Ohio, however, are small. M ost of the
Pennsylvania crop has been marketed. Considerable dis­
appointment has been expressed over the qualiy of the W is­
consin crop, as much of it is of low grade. In about ten day
buyers will leave for Amsterdam. The inscriptions will be­
gin in March. Withdrawals of Sumatra are on a fair scale.
Cuban leaf is firm, with a fair demand.
C O P P E R strong; Lake 2 5 @ 2 6 )^ c .; electrolytic 2 5 @ 2 6 3 4 c .
London has latterly been advancing. Here sales are re­
ported of 500,000 lbs. March and April delivery at 26J^c.
A new high record in weekly exports of copper was estab­
lished for the period ending Jan. 22, when they were approxi­
mately 28,000,000 lbs., with Franco taking more than half
of the total, or 14,700,000 lbs. England followed with
5,900,000 lbs. and Italy took 4,2 00,000. Heavy export
have been one of the causes of the rapid advance W ith
the domestic demand these shipments have brought
about scarcity of
tho
metal for near-by delivery.
Tin active and again higher on the spot at 41 % @ 4 2 c . Singa­
pore 1ms advanced; London latterly easier. Arrivals hero
since Jan. 1 4,155 tons, afloat 5,125 tons. Spelter active and
higher on the spot at 1934c. Lead active and higher on the
spot at 6.10c. Pig iron in good demand and firm. N o . 2
Phila., $19 7 5 @ $ 2 0 25; N o . 2 Southern, $ 1 5 @ $ 1 5 50, Birm­
ingham. Finished steel is advancing at Pittsburgh. A t the
same time high prices and high ocean freights restrict export
business. New buying is not large. Little attention is paid
to this, however, because the mills are crowded with orders
for months ahead. They are not anxious to sell for the third
and fourth quarters of the year. Buyers have recently ad­
vanced prices on themselves by their anxiety to securo pro­
tection. Some aro trying to buy even for 1917 delivery,
and paying little attention to prices. Wire rods havo sold
for export at $55 per ton, Pittsburgh. Export sales of barb
wire aro at $5 to $10 over domestic quotations.

D A IL Y CLOSING PRICES OF LARD FUTURES IN CHICAGO,
S a t.

Tanuarv delivery cts 10.3.5
Mayde^l
10-60
July delivery_________10.77H

M on.

10.35
10.60
10.7713

T u cs.

W ed.

T h u rs.

bn.

10.30 10.30
10.3210.25
10.60 10.57 H 10.62>* 10.51
10./5 10.7o
10.80
io.07

P O R K quiet; mess S20 50 @ $ 2 1 , clear $ 2 0 @ $ 2 3 50. Beef,
mess, $ 1 8 @ $ 1 8 50; extra India mess $ 2 7 @ $ 2 8 .
Cut meats
firm; pickled hams, 10 to 20 lbs., 1 4 @ 1 5 % c .; pickled bellies,
1 2 @ 1 2 ^ c . Butter, creamery, 2 2 }^ @ 3 2 c . Cheese, State,
1 4 @ 1 8 j| c . Eggs, fresh, 2 2 @ 3 0 c .
C O F F E E dull; Rio N o . 7 S }4 c .; N o . 4 Santos 9 3 ^ © 9 J^c.;
fair to good Cucuta 1 0 % @ 1 0 % o . Futures have advanced
on the scarcity of ocean tonnage at Brazilian ports, especially
Santos. Rumor said that the British Government had com­
mandeered a steamer that was to take 83,000 bags to the
United States. Primary Brazilian receipts are smaller.
Receipts at Rio and Santos thus far this season, 11,982,000
bags against 8,728,000 last year and 11,244,000 in 1914.
Rio receipts aro 2,396,000 bags against l,6 5 7 ,0 0 0 in 1915
and 2,048,000 in 1914. Santos received 9,586,000 bags
against 7,071,000 bags in 1915 and 9,196,000 in the like period
of 1914. To-day futures advanced 5 to 8 points with sales
of 18,000 bags. " Prices wero as follows:
January, cts. — @ —
February___7.23@7.25
M arch.......... 7.30(®7.32
A p ril............ 7.32@7.34

M ay____cts.7.35@7 37
J u n e ............. 7.38@7.40
July________ 7.43(3)7.45
August_____ 7.48@7.50

Sept____ cts.7.53@7.55
October_____7.57@7 59
November -.7.62(3)7 64
D ecember_ 7.G7@7.68
_

S U G A R quiet; centrifugal, 96-degrees test, 4 .6 4 @ 4 .7 7 c .;
molasses, 89-degrees test, 3 .8 7 @ 4 c .; granulated, 5.85c.
Futures have been firm in the face of large receipts. Cuban
exports are large, offsetting liberal receipts. Receipts at
all Cuban ports for the week were 119,000 tons, as against
72,000 in the same time last year; exports, 56,000 tons,
against 39,000 last year; stocks in Cuba, 166,000 tons, against
94,500 a year ago. Tlie weather is good; 164 centrals are
grinding. There is a fair demand for refined for export.
To-day futures advanced 7 to 9 points, with sales of 4,300
tons. Closing prices have been as follows:

COTTON
Friday N ight, Jan. 28 1916.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
tolograms from tho South to-night, is given below. For the
week ending this evoning tho total receipts havo reached
142,804 bales, against 155,789 bales last week and 173,647
bales tho previous week, making tho total receipts since
Aug. 1 1915 4,674,966 bales, against 6,3 04,788 bales for the
same period of 1914-15, showing a decrease since Aug. 1 1915
of 1,629,822 balos.______ ________________________________________
F r i.

T h u rs.

W ed.

M on.

S a t.

T o ta l.

Galvoston-------Texas C ity-----Port Arthur___
Aran. Pass, &c.
New Orleans----M o b ile ----------Pensacola-------Jacksonville, &c
Savannah -------Brunsw ick-----Charleston-----Georgetown . . .
W ilm ington-----N orfolk------- - —
N ’port News, &c,
New York--------B o s t o n -----------Baltimore--------Philadelphia-----

4,014

4,019

12,710
4,640

9,570

4,559

7^870 42,742
4,640

1,210
365

5,365
327

11,010
385

4,264
192

3,208
499

392
'392
6,455 31,512
656 2,424

5,208

5,886

5,199

1,661

3,809

293

983

742

264

184

1,469
l',469
3,045 24,808
5,000 5,000
531 2,997

685
2,071

1,738
4,452

762
2,463

324
2,120

440
1,562

627

500

131
440

256
598

100
1,439

Totals this week

14,473 23,270 38.482 19,249

60

*256 4',205
1,963 14,631
2,987
2,987
626
139
448 4,052
259
259
60

15,860 31.470 142,804

The following shows week’s total receipts, total since
Aug. 1 1915 and stocks to-night, compared withlast year:
1915-16.
R ec e ip ts to
J a n u a r y 28-

T h is
W eek.

S in c e A u g

1914-15.
T h is
W eek.

S tock.

S in c e A u g

1915.
1916.
1 1914.
1 1915.
Galveston_______ 42,742 1,603,035 150,269 2,619,494 390,132 621,621
32,269 125,392
4.640 235,945 25,085 334,997
Texas C ity--------12.894
36,354
Port Arthur
"6'.950
42,439
3,847
6,849
60,080
392
Aransas Pass, &c.
New Orleans___ 31,512 904,013 84,114 981,707 461,920 412,574
53,919
26,303
6,190 110,612
74,281
2,424
M o b ile ------------______
11,194
27,407
Pensacola--------'" 7 4 6
419
27,787
3,053
34,361
1,469
Jacksonville, &c
24,808 744,924 83,792 1,145,553 231,393 359,136
Savannah--------44,600
23,500
67,700 10,500 118,808
5,000
Brunswick------98,848 158,245
2,997 205,898 23.719 278,465
Charleston_____
728
145
Georgetown____
52,841
50,481
4,205 150,206 9,250 134,938
M ay____cts.3.83@3.901 S ept.........cts.4.04@4.05
82,393
January-cts. — @ 14,631 397,763 22.709 326,469 129,940
Norfolk______
February___3.78@3.80 J u n e _______3.93(3)3.94 IOctober--------4.050)4.07
88,028
649
58,387
2,987
M arch..........3.76@3.77 July________ 3.98(3)3.99 ! November __4 06(3)4.08 New York
3,700 333,948 110,261
13,338
566
626
10,141
11,064
A p ril...........3.82@3.83 A ugu st____ 4.01 @4.02 I December-----4.06@ 4.08 Boston —
21.797
35,517 3,079
3,579
2,889
44,054
23,431
1,791
259
O ILS.— Linseed, good demand and again higher; city, raw,
9,598
3,822
1,707
1.590
60
American seed, 7 4 @ 7 6 c .; city boiled, American seed, 75@
142,804 4.674,960 428,981!6,304.788 1,803,409 2,051,936
Totals________
77c.; Calcutta, 90c. Lard, prime, 9 4 @ 9 6 c . Cocoanut,

Cochin, 1 4 @ 1 5 c .; Ceylon, 1 3 @ 1 4 c . Corn, 8 .9 0 @ 9 .1 6 c .
Palm , Lagos, 1 0 1 i @ l l c . Cottonseed, winter, 9.50c.; sum­
mer, white, 9.50c. Spirits of turpentine 57c. Strained
rosin, common to good, $5 75.
P E T R O L E U M astive and firm; refined, in barrels,
$8 9 0 @ $ 9 90; bulk $5 2 5 @ $ 6 25, cases $11 2 5 @ $ 1 2 25.
N aphtha, 73 to 76-degrees, in 100-gallon drums and over,
393^c. Gasoline, 86-degrees, 35c.; 73 to 76-degrees, 3 0 @
33c.; 68 to 70-degrees, 2 7 @ 3 0 c . Closing quotation follow:
Pennsylvania dark $2 35
C a b e ll..................... 1 88
Mercer black_____1 85
N9w Castle______ 1 85
C orning_________ 185
W ooster_________ 170

R ec eip ts at —

Galveston —
TexasClty.&c.
New OrleansM obile______
Savannah —
Brunswick_
_
Charleston,&c
North Lima________ $153
j Illinois, above 30
Wilmington. .
degrees_______ $1 67
South Lima_________ 153
'
N orfolk _____
Indiana____________ 138 Kansas and Okla­
N ’port N. ,&c.
Princeton___________ 162 homa _________ 1 30
Somerset, 32 cleg.. 173 Caddo La. lig h t ... 1 30 All others-----Ragland_________ 80c.
Total tills wk.

T O B A C C O has been in fair demand and steady. M anu­
facturers are still very busy. Sales of 1915 Connecticut aro




In order that comparison may bo mado with other years,
1913.

1912.

1911.

1915.

1914.

42.742
5,032
31,512
2,424
24,808
5,000
2,997
4,205
14,631
2,987
6,466

150,269
31.934
84,114
6,190
83.792
10,500
23,719
9,250
22,709
649
5,855

115,490
24,502
63,068
5,968
27,086
2,700
1,423
6,143
13,765
6,107
6,692

68,630
16,016
25,470
1,783
15,956
3,500
897
1,135
5,895
3,811
17,116

107,197
19,441
48.181
11,134
69,302
8,600
11,197
12,816
22,878
‘ V,569

14',325

142,804

428.981

272,944

160,209

318,215

184,875

1916.

58,552
14,414
40,239
6,734
29,713
3,723
3,904
5.636
7,635

Since Aug. 1. 4.674,966'6,304,788 8,200,000 7,943,24318.920,19l'7,298,613

Jan . 29 1916.]

THE CHRONICLE

The exports for the week ending this evening reach a total
of 78,976 bales, of which 40,785 were to Great Britain,
11,184 to France and 27,007 to the rest of the Continent.
Exports for the week and since Aug. 1 1915 are as follows:
Week ending Ja n . 28 1916.
Exported to—
Exports
from —

Great
ContlB ritaln . France, nent.& e Total.

Galveston..
Texas City.
Pt. Arthur.
Ar.Pass,&c.
NewOrleans
Mobile___
Pensacola..
Savannah..
Brunswick.
Charleston .
Wilmington
Norfolk___
New York.
Boston___
Baltimore. .
Phlladel’a. .
Portl’d, Me.
San Fran..
Seattle___
Tacoma . . .
Los Angeles
Pembina__

From A u g . 1 1915 to J a n . 28 1916.
Exported to—
Great
B r ila in .

6,752 505,157
280 11,543 137,574
25,849

6,752
9,463

1,800

2,018

7,564

4',680 14,262 238’,849
17,990
19,745
'130 10,076 91,289
22,320
40,397

1,820

6,504
266

4,223
8,324
1,057
7,592

7,751
7,396

7,751
7,396

9",946
4,223
*791
7,592

9,655
33,366
9,183
61,423
5,500
243

co n tlFrance, nent. & c.

Total.

100,127 289,455 894,739
45,962
7,602 191.138
25,849
13*873
9,722 23,595
77,246 185,789 501,884
17,990
1,338 28,083
” 7’,666
89,925 227,795
46,581
27,120
4.800
17,050 57,447
52,226 67,912 120.138
9,005
50*865 202,294 236,525
12,657
3,474
500 83,537
21,609
6,300
800
243
64*414 64,414
93,153 93,153
49,340 49,340
50
50
1,761
1,761

Total___ 40,785 11,184 27,007 78,9761,217,895 420,289 1,084,579 2,722,763
Total’14-’ 15 149,228 2,750 132,658 284,636;i,675,389 204,586 1,754,929 3,634.904
TotalT3-’ 14 113,123 19,091 131,723 263,937 2,404,812 848,045 3,066,816i6,3lb,673
N ote. —New York exports since Aug. 1 Include 1,048 bales Peruvian and 285
West 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. W e add similar figures for
N ew York.
On S h ip b o a r d , N o t C le a re d f o r —
J a n . 28 at —

G reat
G er­
B r it a in . F r a n c e . m a n y .

New Orleans.. 18,904
Galveston____ 77,567
Savannah ____ 12,000
______
Charleston___
6,608
M obile_______
•111
N orfolk ______
Now York____
1,500
Other ports_
_
4,000

2,860
6.8S0
______
______

1,000
—

Other
C o n l'n t.

C oast­
w is e .

T o ta l.

11,737 1,165 34,666
30,213 14,794 129,454
5,000
1,850 18,850
______
3,000
3,000
100
1,000 7,708
840
1,117
3,500
6,000
—
3,000
—
7,000

L e a v in g
Stock.

427,254
260,678
212,543
95,848
18,595
128,823
327,948
123,925

Total 1916.. 120,856 10,740
100 56,450 19.649 207.795 1.595.614
Total 1915.. 174,280 39,725 21,321 247,041 36.856 519.223 1.523.713
Total 1914. . 77,037 24,867 78,433 27,222 27,305 234,864 850.788

Speculation in cotton for future delivery has been small at
declining prices. One of the greatest drawbacks has been the
continued smallness of the exports. The average member of
the trade finds it hard to conceive how prices can advance
materially or permanently while the export outlet is so poor.
And ocean freights continue high, that is, around S3 per 100
lbs. at Southern ports. There is apparently no relief in
sight. And various rumors and counter rumors have been
afloat as to what the British Government would do about
tightening the blockade across the water. A s near as now
can be made out, the British Government has finally decided
not to blockade neutral ports like Rotterdam, but to con­
tinue the present system of closely watching all exports to
neutral countries. Meantime spot markets at the South
have been quiet and here and there have weakened. The
idea of not a few is that if exports continue small much
longer, the South, on the eve of another new season, will be
apt to sell more freely, especially as stocks there are large.
It is also believed that the acreage in the coming season will
be larger, if prices remain at anything like their present level.
On all upturns of late the South has done more or less hedge
selling. Liverpool has sold July, October and December to
some extent. W all Street and the W est have also sold.
Spinners, after all, are carrying larger stocks than they were
a year ago. Liverpool spot sales have latterly dropped to
5,000 bales per day. A good many believe that it will be
the policy of Great Britain to let the South carry the cotton,
while the British spinner buys it as his necessities require.
This will save locking up capital and also relieve the pressure
on rates for sterling exchange. The principal sustaining
factor here for some time past has been the Liverpool market
and the buying by Liverpool straddlers short in N ew York.
In Liverpool stocks are smaller than in normal times and are
stoadily decreasing. The British Government seems to have
reduced grain freights in Argentina on British vessels, and it
is possible that it may do something similar as regards ocean
cotton freights in British tonnage at our Southern ports.
B ut it is argued that an increase of imports at British mar­
kets would infallibly lead to lower prices there. And that, it
is assumed, would mean in the end, if not at once, a reaction
downward, in prices at American markets. The point is
made that there is no lack of cotton in producing countries,
especially in the United States. It is also said not only the
American acreage but the Egyptian also will be increased this
year, under the stimulus of high prices during tho past
season. Of late, too, cotton has declined, in sympathy with
a fall in the stock market. Very many old bull accounts have
been liquidated. W all Street has been an aggressive seller.
In the latter part of the week Liverpool also began to sell
when it looked as though the differences might widen again.
On the other hand, Liverpool and spot interests have been
good buyers at times on declines. Trade interests have been
quite steady buyers. Spinners have been calling cotton.




445

Also some of the W all Street bear element have covered
freely on reactions. That was particularly noticeable on
Thursday. There was a rumor, too, on that day that a
large Texas operator had given out a bearish interview pre­
dicting a decline of two cents. This he denied, but he did
say that he was as bearish as ever. The belief here is very
general that prices will gradually seek a lower level. A t the
same time bearish sentiment is so general that because of a
growing short interest rallies— perhaps sharp rallies— are
expected from time to time. The British Government has
reduced grain freights in Argentina to 135 shillings, as against
150s. 9d. last week, and some think it may take action in
regard to tho ocean freights on cotton at our Southern ports,
perhaps fixing a maximum rate for British ship-owners
A bullish report was issued on Jan. 24 by the Census Bureau
It stated the quantity ginned from Dec. 31 to Jan. 15 at
121,460 bales, against 472,704 during the same time last sea­
son, and, what is of more interest, 168,632 bales for a like
period of 1910-11, the year when the crop was about 12,075,­
000 bales. The total ginned this season up to Jan. 15 was
10,766,202 bales, against 14,915,850 during the same time
last season, and 11,253,147 for the same time in 1910-11.
That is to say, the ginning for the first half of January was
47,172 bales less than in the same time in 1911, and the total
this season up to Jan. 15 was 486,945 bales less than during
the same time in 1910-11. To-day prices declined, then ral­
lied sharply on covering of shorts. Some Southern markets
reported that spot holders were not giving way, despite a
decline of some 50 points this week in futures. Spot cotton
here closed at 11.85c. for middling upland, a decline for the
week of 45 points.
The official quotation for middling upland cotton in the
N ew York market each day for the past week has been22 t0 , Ja ri ■ 28—
Sat. Mon. T ues. W ed. T hu rs. Frl.
Middling uplands-------------------12.35 12.20 12.20 12.10 11.95 11.85
1916-C. ------11.85
1915. . ------8.50
1 9 1 4 ... ___ 12.90
1913—. ____13.15
1 9 1 2 ... ------9.65
1 9 1 1 ... ___ 14.90
1910—. ___ 14.75
1909.—____10.00

1908-C. ------11.65
1 9 0 7 ... ____11.00
1 9 0 6 ... ------11.70
1905—. ------7.00
1904— . ------16.25
1903— . ____9.05
1 9 0 2 ... ____8.31
1 9 0 1 ... ------12.00

1900.c
1899...
1898—
1897...
1896...
1895...
1894
1893...

1892.C........... 7.50
1891________ 9.31
5.91 1890----------- 11.00
7.31 1889............. 9.88
1888— ......... 10.69
1887............ 9.50
8.06 1886----------- 9.19
9.50 1885----------- 11.25

M A R K E T A N D SA LES A T N E W Y O R K .
S p o t M a rk e t
C lo sed .

F u tu res
M a rk et
C lo se d .

_
Saturday_ Steady 5 pts a d v ___ Steady-------------M o n d a y _ Quiet 15 pts dec------- Steady............. ..
_
T uesday___Q u ie t _____ _______ Barely steady..
Wednesday. Quiet 10 pts dec___ Barely steady. .
Thursday . . Quiet 15 pts dec____Steady_________
Friday.........Quiet 10 pts dec____ Steady................
T o t a l _______________________ I .......... ...............

SALES.
S p o t.

C o n tr’ct

116
300
1,000
"300
1.716

100
1.000
1,100

T o ta l

116
400
1.000
1,000
300
2,816

F U T U R E S .— The highest, lowest and closing prices at
N ew York for the past week have been as follows:
Saturday, M onday, Tuesday, W ed'day, T hursd'v, F rid a y ,
Ja n . 22. J a n . 24. Ja n . 25. J a n . 26. J a n . 27. J a n . 28.
Ja n u a ry —

Range____
Closing___
February —
Range____
Closing___
M arch —
Range........
Closing___
A p r il —
Range ____
Closing----M ay—
Range____
Closing___
Ju n e —
Range____
Closing----Ju ly —
Range____
Closing----August —
Range____
Closing___
September—
Range........
Closing----October—
Range____
Closing----November—
Range-----Closing----December—
Range........
Closing-----

_______
12.20 — 12.02-.13 11.99-.07 —
12.19-.21 12.06-.08 — - ._ __ __ __

Week.

1
11.99-.20

1
12.24 — 12.11 — 12.04 — 12.00 — 12.79 — IX.89 — ________
12.29-.36 12.14-.29 12.11-.20 12.08-.24 11.87-.05 11.78-.01 11.78-.36
12.33-.34 12.21-.22 12.14-.15 12.09-.10 11.88-.90 11.99-.00
i
12.43 — 12.32 — 12.25 — 12.20 — 11.99 — 12.10 — _______
1
12.53-.60 12.38-.53 12.36-.45 12.32-.47 12.11-.30 12.02-.23 12.02-.60
12.57-.5S 12.46-.47 12.39-.40 12.33-.35 12.12-.13 12.21-.23 — _____
—
—
—
12.25 — —
12.25 —
—
_
_
12.63 — 12.51 — 12.46 — 12.40 — 12.19 — 12.27 — ■ ___
12.65-.74
12.71-.72
— — —
12.05-. 07

12.52-.64 12.49-.57 12.45- .59 12.24-.42 12.16-.36 12.16-.74
12.5S-.59 12.52-.54 12.46-.47 12.25-.27 12.34-.35 _______

12.58-.64 12.53 — 12.56-.57 12.30 — 12.24-.29 12.24- .64
12.58-.60 12.52-.55 12.47-.49 12.26-.28 12.36-.37 —
12.65-.70 12.50-.61 12.55-.58 ________ 1.225 —
12.25-.70
—
12.68-.69 12.57-.58 12.52-.53 12.44-.45 12.23-.25 12.32-.34 •

12.64-.73 12.51-.67 12.51-.60 12.43-.61
12.71-.72 12.59-.60 12.54-.55 12.46-.47
—
—
— — —— — —— — ■
12.76 — 12.64 — 12.59 — 12.51 —

12.25-.43 12.15-.36 12.15-.73
—
12.25-.27 12.34-.36 ■
1
12.34 —
12.34 —
12.36 — 12.41 — -— ------1
12.79- .89 12.66-.83 12.67-.73 12.60- .76 12.37-.55 12.29-.50 12.29-.89
12.85-.87H2.73-.75 12.67-.68 12.60-.61 12.37-.38 12.48-.50 -—

Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
C lo sin g Q uotation s f o r M i d d li n g Cotton o n —
w een e n u m y
J a n u a r y 28.

Galveston_____
Now Orleans_
_
M obile________
Savannah _____
Charleston_____
Wilmington____
N orfolk _______
Baltim ore_____
Philadelphia . . .
Augusta----------Memphis______
St. Louis______
Houston_______
Little R ock------

S a tu rd a y . M o n d a y . T u e s d a y .j W e d 'd a y . T h u r s d ’y.

12.45
12.13
11.75
12%
12
12
11.88
12%
12.60
12.00
12.25
12%
12.40
12.38

12.40
12.13
11.75
12%
12
12
11.88
12%
12.45
12.00
12.25
12 %
12.30
12.38

12.35
12.00
11.75
12*
12
12
11.88
12%
12.45
11.88
12.25
12%
12.30
12.38

12.25
11.88
11.75
12%
12
12
12.00
12
12.35
11.88
12.25
12%
12.25
12:25

12.15
11.88
11.50
12
12
12
11.63
12
12.20
11.75
12.25
12%
12.10
12.25

F r id a y .

12.15
11.88
11.50
12
11%
11%
11.63
11%
12.10
11.63
12.25
12%
12.15
12.25

T H E V I S I B L E S U P P L Y O F C O T T O N t o -n ig h t , a s m a d e
u p b y c a b le a n d te le g r a p h , is a s fo llo w s .
F o r e ig n s to c k s ,
a s w e ll a s th e a f lo a t , are th is w e o k ’ s r e tu r n s , a n d c o n s e q u e n tly
a ll fo re ig n figu re s a re b r o u g h t d o w n to T h u r s d a y e v o n in g .
B u t to m a k e th e to t a l th e c o m p le te fig u re s fo r to -n ig h t
( F r i d a y ) , w o a d d th e it e m o f e x p o r ts fr o m th e U n i t e d S t a t e s ,
in c lu d in g in it th o e x p o r ts o f F r id a y o n ly .
1916.
1915.
1914.
1913.
J a n u a r n 28__
............baleS'

760,000
eeiooo

Itock at
Total Great Britain stocks------

93 i ’ 000 1 ,U 5:000 1,44i:0 0 0
.
9 9 .0 0 0

3 4 ,0 0 0

115 .0 0 0

Total Continental stocks______

*1

18 8
8

4723)00
9 7 ’nnn
27,000

9s'nnn
2o,000

17 5 ,0 0 0
*4 , 0 0 0

4 2 ,0 0 0

4 9 ,0 0 0

i s .ooo

. ..........

532,000

559,000 1,021,000 1,124,000

f

-

°

-

r- ^ T ! 1 :
!

:

:

:

1, 2i o: 337

11 7 , 8 9 9

Total visible supply___________ 5,952,627 6,918,256 6,288,402 6,041,418
Of the above, totals of American and other descriptions are as follows:
L W e ro^ T sto ck ....................bales. 520,000
658,000
878,000 1-273,000
jVTan^h<«tftr stock
52.000
73,000
52,000
76,000
C onU nStSstock ........... I I I I _____*441 000 *500,000
975,000 1,096,000
A ^ r ic fn a V ^ a t fo r Europe! I I . . 328i054
975.271
659,282
551.974
859,328
U . S. port stocks________________ 1.803,409 2,051,936 1,085,652
U . S. interior stocks_____________1,297,901 1,286,712
947.546
<76,217
U . S. exports to-day____________
11,263
20,337
29,922
<1,899
Total American_______________ 4,453,627 5,565,256 4,627,402 4,704,418
LtvcttooI s t o c k * ? 1 7 . . . . .
London stock___________________
Manchester stock________________
Continental stock________________
India afloat for Europe..............
Egypt, Brazil, &c., afloat_______
Stock in Alexandria, Egypt_____
Stock in Bombay. India_________

253,000
60,000
14,000
*91,000
36.000
50,000
227,000
768.000

260,000
32,000
26,000
*59,000
119,000
74,000
*302,000
481,000

237.000

172,000

32,000
46,000
175,000
79,000
379,000
708,000

39-999
28,000
92,000
61,000
328,000
612,000

Total East India, &c...................1,499,000 1,353,000 1,661,000 1,337,000
Totai American_______________4.453,627 5,565,256 4,627,402 4,704,418
Total visible supply....................5,952.627 6,918.256 6,288.402 6.041,418
Middling Upland, Liverpool-------7.93d.
5.02d.
7.09d.
6.84d.
Middling Upland, New York____
11.85c.
8.50c.
12.75c.
13.15c.
Egypt. Good Brown, Liverpool.. 11.85d.
7.10d.
10.15d.
10.30d.
Peruvian, ltough Good, Liverpool 11.75d.
8.75d.
9.00d.
19-25d.
Broach, Fine, Liverpool_________
7.70d.
4.75d. 6 9-l6d.
65-£d.
Tinnovelly, Good, Liverpool____
7.82d.
4.66d. 6 9-16d.
6% d.
♦Estimated.
C o n tin e n ta l im p o r ts fo r p a s t w e e k h a v e b e a n 8 1 ,0 0 0 b a le s .
T h e a b o v e figu re s fo r 1 9 1 6 sh o w a d e cre ase fr o m la s t w e e k
o f 5 4 ,7 4 8 b a le s , a lo ss o f 9 6 5 ,6 2 9 b a le s fr o m 1 9 1 5 , a d eclin e
o f 3 2 5 ,7 7 5 b a le s fr o m 1 9 1 4 a n d a d e c re a se o f 8 8 ,7 9 1 b a le s
fr o m 1 9 1 3 .
A T T H E I N T E R I O R T O W N S th e m o v e m e n t— th a t is ,
th e r e c e ip ts fo r th e w e e k a n d sin ce A u g . 1 , th e sh ip m e n ts
f o r t h e w e e k a n d th e s to c k s t o -n ig h t , a n d th e sa m e ite m s fo r
th e c o rr e sp o n d in g p e rio d o f th o p r e v io u s y e a r — is se t o u t in
d e ta il b e lo w .
M o v e m e n t to J a n .
R e ce ip ts.

T ow n s.

W eek.

Ga., Albany__
Augusta------Columbus___
La., Shreveport
Miss..Columbus
Greenville__
Greenwood__
M eridian___
V icksburg__
Yazoo C ity ..
M o., St. Louis.
N .C ., Raleigh.
O., Cincinnati.
Okla., H u g o...
S.C., Greenw'd
Tenn.,Memphis
Nashville___
Tex., Brenham
Clarksville_
_
Dallas______
Honey Grove.
Houston........
Paris________

S ea so n .

28 1916.

| S h ip ­
m en ts.
W eek.

S tocks
Jan.

28.

M o v e m e n t to J a n .
R e c e ip ts .
W eek.

| S ea son .

22,490
410
15,684
80 12,287
174
98,539 4,001 74,511 5,289 167,867i
2,624
51,687 1,191 30,421 2,306 109,680
491
52,911
47,783 2,570 20,938 1,332
955
3,545 124,040 4,600 39,232 9,558 156,777
30,425
361
106 8,323
43
20,381
93,506
97,638 5,300 42,035 2,370
1,186
95,052 2,967 28,741 5,949 143,002
2,382
4,135 323,297 11,606 188,337 14,278 356,530
88,399
3,139
55,671 1,200 56,112 1,867
35,092
981
396 12,604
40,087
423
51,178
52,969
900 17,345 1,096
825
2,388 105,822 2,946 47,896 3,692 126,492
25,641
627
13,342
457 7,317
152
67,074
432
61,720 1,700 24,294
700
829
92,700 2,792 27,852 1,200 113,836
33,405
1,168
28,805 1,329 14,048
1,058
1,000
19,285
22,894
274 12,771
245
605
27,048
24,442 1,916 9,201
321
491
37,452
29,454
925 13.82C
120
20,511 399,033 21,843 17,290 21,067 358,324
755
6,570
395!
250
9,580
273
7,476 156,353
4,663 146,842 5,751 16,50!
47
15,742
577
141
11,568
81!
15,390
704 12,218
42C
17,695
Ilf
21,142 729,686 36,943 316,314 22,492 742,925
4,104
2,736,
385
21
6,214
14,305
346 3,46’
75C
17,282
372
35,302
833 7,252 1,211
25,295
333
99,213
1,345 10,500 4,000
73,221
1,181
23,227
282 3,068
793
21f
25.95C
39,581 1,602,611 47,011 214,452 136,536 2,392,584
99,625
75,955 2,019 4,788, 6,884
1.761

29 1915.

S h ip ­
m en ts.
W eek.

S tocks
Jan.

29.

927 10,976
6,972 83,603
4,963 45,816
3,552 18,792
8,414 64,809
1,282 16,779
4,800, 27,161
6,507 19,975
14,069 150,787
2,990 53,039
1,413 19,153
1,436 9,605
5,532 76,888
303 9,450
3,238 25,799
2,569 32,000
1,543 19,463
1,200 10,800
1,657 15,278
1,089 19,803
20,478 40,067
850
355
8,597 9,477
896
47
797 11,247
34,969 245,323
541 1,376
1,123 1,243
1,783 4,716
4,073| 9,000
1,365! 2,538
129,574 220,842
6,115 9,650

Total, 33 towns 116,063 4,542,953 165,160 1297901 257,834 5,721,760 284,768128671 2
N o t e .— Memphis

stock includes linters in both years.

The above totals show that the interior stocks have de
creased during the week 49,097 bales and are to-night 11,189
bales more than at the same time last year. The receipts at
all towns have been 141,771 bales less than the same weok
last year.
O V E R LA N D M O V E M E N T FOR T H E W E E K A N D
S IN C E A U G . 1.— W e give below a statement showing tho
overland movement for the week and since Aug. 1, as mado
up from telegraphic reports Friday night. Tho results for tho
week and since Aug. 1 in tho last two years are as follows:




S in c e
A u g . 1.

5,116
3,359
3,022
9,649

335,382
183,079
2,329
86,931
57,034
81,984
213,183

49.431

959,922

73,884
84,171
110,325

5,436
2,487
1,856

71,258
94,902
70,035

.11,589

268,380

9,779

236,195

-41,763

Overland to N . Y ., Boston,
Between interior tow ns____

20,478
7,807

. 4,997
. 3,499
. 3,093

D e d u c t sh ip m e n ts —

412,121
249,239
4,530
78,385
76,903
64,690
210,969

.53.352 1,096,837

Via R ock Island.

S in c e
A u g . 1.

.21,843
. 7,363
.
10 0
. 1,946
. 2,780
. 6,423
.12,897

4 8 6 ,0 0 0

16 3 0 0 0
*1.0 0 0

------ 19 14-15------

W eek .

28—

549!000

4 4 1,0 0 0

,2 ’Sno
47.000

2181000
*1 2 0 .0 0 0
qa’ ooo
34,000

3 10 .0 0 0

Total European stocks________ 1,431,000 1,608,000 2,225,000 2,689,000
I n d i a ^ t f o T a S for E u r o p e ... *3 6 .0 0 0
119.000
175.000
92,000
Amer. cotton afloat for Europe.. 328,0o4
975,271
659,292
551,974
Eirvnt Brazil &c. afloat for Eur pe
50,000
74,000
79,000
ol .000
SUw^inAlexandria.^igypt — ._ 227.000 *302,000
379,000
328,000
Stock in Bombay, India-------------- 768,000 o o l i ’899 1 n s t’fiVJ
Stock in U. S. p orts....................... 1,803,409 2,051,936 1,085,652
85J.328
f

------ 19 15-16-----J a n u a ry
S h ip p ed —

899,000 1-049.000 1,204,000 1,565,000

.......

itock at Bn-merf8
...............■
I t S * at H a ^ e .
Stock at Marseilles-------- ------------utncA.- ot Rorcpinna
Itock at Genoa
:::::::::::
i ^ c k a i S t e : : : : : : — ............

I

[Vol. 102

THE CHRONICLE

446

828,457

39.652

723,727

W eek.

* Including m ovem ent b y rail to Canada.

The foregoing shows the weok’s not ovorland movement
has been 41,763 bales, against 39,652 bales for tho weok last
year, and that for the season to date the aggregate net over­
land oxhibits an increase over a year ago of 104,730 balos.
-------- 191 .5-16-------I n S ig h t a n d S p i n n e r s ’
T a k in g s .

.142,804
. 41,763
Southern consum ption to Jan. 28-. 78,000
T otal m arketed-----------------

S in c e
A u g . 1.

262,567
*49,097

A u g . 1.
6,304,788
723,727
1,530,000

7,291,423
851.939

528,633
*26,934

8,558,515
1,166.573

8,143,362

N or. spinners’ takings to Jan. 2 8 . 71,456

S in c e

428.981
39,652
60,000

.213,470
T otal in sight Jan. 28-------------

-------- 19 14-15--------

4,674,966
828,457
1,788,000

W eek.

1,763,709

W eek.

501,699
63,773

9.725,088
1,612,976

* Decrease during week.

M ovem ent into sight in previous yoars:
S i n c e A u g . 1—
B a les.
W eek—
B a le s .
1914— Jan. 3 0 _______________ 355,733 1913-14— Jan. 3 0................. 11,489,848
1912-13— Jan. 31................. 10,932,899
1913— Jan. 3 1 ........................... 236,596
1912— Fob. 2 _______________ 399,074 1911-12— Feb. 2 ................. 11,710,366

N E W ORLEANS C O N TR ACT M A R K E T .
Saturday, Monday Tuesday, Wed'day, Tliursd'y, Friday.
Jan. 22. Jan. 24. Jan. 25. Jan. 26. Jan. 27. Jan. 28.
j
January—
R an ge _______ ll.8 2 -.8 8 11.82-.92 --- --- --- --- --- --- --- --- --Closing ______ 11.91 — ,11.86 —
!
March—
12.12-.20 11.96-. 10 11.94-.02 11.9 1-0 6 11.70-.86 11.58-.84
Closing --------- 1 2 .1 6 -1 8 1 2.0 1 -0 2 ll.9 8 -.9 9 11.91-.92 11.70—71 11.82” .83
May—

12.4 1-4 8 12.2 6-3 8 12.24-.31 12.1 9-3 4 11.97-.15 ll.8 5 -.0 9
C losing______ 12.46-.47,12.30-.31 12.26-.27 1 2 .2 0 -.2 1 11.9 7-9 9 12.08-.09

July—

R an ge_______ 12.59-.6 8 12.45-.56 12.43-.51 1 2 .3 7-5 3 12.16—32 12.07-.29

C losing ______ 12.65-.66 12.50-.5l 12.46-.47 12.38-.39 12.16-.17 12.28-.29
September—
1
R ange _______
Closing --------- 12.51 — j 12.36 — 12.36 — 12.31 — 12 .2 0 — 12.29 —
I
12.5S-.64 12.42-.55 12.42-.50
Closing --------- 12.62-.63 12.47-.4S 12.43-.44
1
12.70-.77 12.57-.63 12.56-. 57
Closing ........... 12.76 — 12.61 — 12.56 —

Tone—
O p tio n s _____

Steady
Quiet
Steady 1 Steady

Steady
Steady

12.34-50 12.15—30 12.06-.25
12.37-.38 12.15—17 12.24-.25
12.50-.62 12.29-.43 12.19—38
12.49-.51 12.29-.30 12.38-.39
Steady
Steady

Steady
Steady
Barely st’y Steady

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our tele­
graphic advices from the South this evening indicate that
rain has fallen in practically all districts during the week,
with the precipitation light or moderate. Temperature has
been higher. Tho crop moves upon a restricted scale.
Galveston, Tex.— W o have had rain on three days of the
week.
Dallas, Tex.— There has been rain tho past weok, tho
rainfall reaching two inches and sixty-five hundredths.
Tho thermometer has averaged 49, ranging from 30 to 68.
Fort Worth, Tex.— Rain has fallen on two days during tho
week, tho precipitation reaching one inch and forty-soven
hundredths. Tho thermomoter has ranged from 28 to 68,
averaging 48.
,
,
.
,
, .
Palestine, Tex.— There has been ram on throe days during
the week, the rainfall being one inch and twelve hundredths.
Average thermometer 55, highest 72, lowest 38.
San Antonio, Tex.— W e have had rain on four days of tho
past week, the rainfall being twenty-six hundredths of an
inch. The thermometer has averaged 61, tho highest being
76 and the lowest 46.
.
, ,
Taylor, Tex.— W e have had ram on four days of tho past
week, the rainfall being eighty-sevenjhundrodths of an inch.
Minimum thermometer 36.
New Orleans, Da.— There has been ram on three days the
past week, the rainfall being one inch and seventy-six hun­
dredths. The thermometer has averaged 65.
Shreveport, La.— Rain has fallen on three days during the
week, the precipitation reaching tlireo inches and ninety-two
hundredths. Tho thermometer has ranged from 41) to <4.
Vicksburg, Miss.— W o have had rain on two days during
the week, the precipitation reaching three inches and sixtyfour hundredths. Minimum thermometer 42, highest 74,
average 58.
A
Mobile, Ala.— Rain has fallen on two days during the
week, the precipitation reaching one inch and eight hun­
dredths. The thermometer has averaged 61, ranging from
47 to 70.
.
Selma, A la — W e have had ram on four days during the
weok, the rainfall reaching two inches and forty hundredths.
The thermometer has averaged 57, the highest being 72 and
the lowest 41.

Jan. 29 1916.]

THE CHRONICLE

Madison, Fla.— Rain has fallen on two days of the week,
the precipitation reaching fifteen hundredths of an inch.
Average thermometer 64 , highest 77, lowest 43.
Savannah, Ga.— It has rained on each day of the week, the
precipitation being forty-eight hundredths of an inch. The
thermometer has ranged from 46 to 78, averaging 63.
Charleston, S. C.— It has rained on four days of the week,
the precipitation reaching forty-one hundredths of an inch.
The thermometer has averaged 58, ranging from 43 to 73.
Charlotte, N . C.— W e have had rain on two days during the
week, the rainfall being thirty-five hundredths of an inch.
Lowest thermometer 32, highest 69, average 50.
Memphis, Tenn.— The river is 38.9 feet on the gauge or
3 .9 feet above the flood stage and stationary. Ran. has
fallen on three days during the week, the precipitation
reaching two inches and sixty-three hundredths. The
thermometer has ranged from 37 to 67, averaging 55
C E N SU S B U R E A U ’S R E P O R T O N C O T T O N G IN ­
N I N G .— Tho Division of Manufactures in the Census
Bureau completed and issued on Jan. 24 its report on tho
amount of cotton ginned up to Jan. 16 the present season, and
we give it below, comparison being made with the roturns
for the like period of tho three preceding years:

447

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that medium coarse
American and coarse Egyptian yarns are easier but fine
counts are very strong. The demand for cloths for the East
is dull but tho inquiry from other markets is encouraging,
1914-15.
8*

lb s- S h irt­
in g s , c o m m o n
to f i n e s t .

32.? C o p
T w is t .

Dec.
10
17
24
31
Ian
7
14
21
28

d.
1154
1154
1154
12

®

13 H
12*
12 *
12 54

@
@

d.
12 *
12*
12*
12»4

s.
6
6
6
6

d.
9
9
9
9

<>
3
@
@
@

13*
13 54
1354
13*

7
7
7
7

9
9
9
6

@

@8
@8
@8
@8

C o l'n
M id
U p l’ s

e. d
10
10
10
10

8 H.

lb s . S h irt
in g s, com m on
to f i n e s t .

32s

C op
T w is t.

d.
7.66
7.47
7.63
7.92

d
quo
quo
quo
quo

s. d.
tations
tations
tations
tations

8.22
8.03
8.09
7.93

@ 9 10
@ 9 10
@ 9 10
@9 9

No
No
No
No
No
No
No
No

quo
quo
quo
quo

tations
tations
tations
tations

S H IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from tho United States the past week have
reached 78,976 bales.
Tho shipments in detail, as made
up from mail and telegraphic returns, are as follows:

N E W Y O R K — T o H avre— Jan. 21— Cheltonian, 1,820_______ 5 °!°* 1?820
200
T o R otterdam — Jan. 21— Ootm arsum, 200___________________
T o Genoa— Jan. 22— San G oorgio, 2,700____________ .
" 2,700
300
T o Naples— Jan. 22— San G eorgio, 3 00________________________
T o Piraeus— Jan. 25— Vasilefs Constantinos, 100___________ _
100
T o V ladivostock— Jan. 25— Ohalister. 2.829______ _________
2,829
T o Venezuela— Jan. 20— Zulia, 5 0 --.J a n . 2 6 — Caracas, 2 5 0 -300
T o Africa— Jan. 19— H ypatia, 75______________________________
75
G A L V E S T O N — T o L iverpool— Jan. 21— Falk, 6,752_____________
6,752
T E X A S C I T Y — T o L iverpool— Jan. 27— M onarch, 9,463_________ 9,463
T o Havre— Jan. 27— M on arch, 1,800_____________ ___________
1,800
T o M exico— Jan. 25— G ansfjord, 280_________________________
280
N E W O R L E A N S — T o Belfast— Jan. 21— Howth Head. 2 ,0 1 8 -- _ 2 0 1 8
T o Havre— Jan. 21— Georgie. 7,564___________________
7 5 R4
T o Oporto— Jan. 24— Bark Clara, 200______________________
’200
T o Barcelona— Jan. 24— Valbanera. 4,399_____________
4 ’ aqq
Trv Cartagena— Ton 9
om e, AA
——
—
,_
To
United S ta tes........................10,766,202
14,915.850 13,582.036 13,088,930 Co rto rrnno Jan. 26— C oppenam n 4040
T o Savanilla— Jan. 26— Coppenam e. 4i_
Statistics o f round bales and Sea Island cotton included in the report:
S A V A N N A H — T o Liverpool— Jan721— Urko M endL 9",946.............. q 946
„
,
,
1916.
1915.
1914.
1C13.
T o Corunna— Jan. 21— Urko M ea d i, 1 3 0 -.
.................... ia o
Round b a le s --------------- --------106,996
50,942
96.807
78,892
N O R F O L K — T o M anchester— Jan. 22— Ottar, 4,223 .
4 <>oa
Sea Island--------_ -----------------90.736
79,515
76.277
70,758
................
’7 9 1
T ho next ginning report will bo published M arch 20 and will show the B O S T O N — T o Liverpool— Jan. 21— Etonian. 7 9 1 - . .
o le
total to M arch 1 and an estimate o f tho balance o f the crop not yet through „ . T o Yarm outh— Jan. 22— Prince George, 266
BAL-r « ]ruO R h—
L iverPpol— Jan. 20— Q uernm ore,'4*737”
4 737
the gins.
SANTF A I N r r s n n _ i ani 15— M anchester M iller, 2,855_______ I I 2.855
W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .
SAN 4 R A N C IS C O — T o Japan— Jan. 22— Panam a M aru , 6 .2 0 7 --„
24— N ippon M aru, 1,320_________
7 507
o p . ^ ‘M 'p ln;ip- J T n - 24— N ippon M aru, 2 2 4 -.................... ................. ..
a
224
C o t t o n T a k in g s .
1915-16.
1914-15.
W eek a n d S eason .
M fr^ T
4°036p
7.39 6
W eek.
C o u n t in g R o u n d a s H a l f B a les

. . v.
A la b a m a -------------------A rkansas-----------------------------F lorida----------------------------------G e o r g ia --------------------------------L o u is ia n a .............. ...................
Mississippi .................. ..........
N orth C arolina--------------------Oklahoma --------------------------South C arolina..........................
Tennessee---------------------------T ex a s-------------------A ll other States_____________

1916.
1915.
1,012,966 1,676,349
764,356
941,426
55.085
88,131
1,922,346 2,595,054
333,908
434,609
898,414 1,143,787
709,754
855,367
573,317 1,147,481
1,149,562 1,424,700
286,525
342,877
2,966,720 4.125,919
93,249
140,151

1914.
1,475,154
967,687
65.765
2,314,101
420,384
1,176,539
783,817
825,069
1,368,774
35S.275
3,715,418
111,053

S ea son .

Visible supply Jan. 2 1 _________ 6,007,375
Visiblo supply A ug. 1__________
American In sight to Jan. 28___
213,470
B om bay receipts to Jan. 27____ 6100,000
65.000
Other India snipm ’ts to Jan. 27
620,000
Alexandria receipts to Jan. 2 6 -­
64.000
Other supply to Jan. 26 *_____

4,633,210
8,143,362
1,266,000
121,000
525,000
71,000

1913.
1,307,736
741,282
57,324
1,781,232
369,076
952,520
875,493
965,752
1,192,574
252,890
4,509,220
83,831

W eek.

S eason .

T o t a l.

6.615,782
501,699
91.000
7.000
41.000
1.000

3,176,816
9,725,088
594.000
120.000
566,000
76,000

6,349,845 14,759.572 7.257.481 14,257,904
5,952,627 5,952.627 6,918,256 6,918,256

Total supply_________
D e d u ct—
Visible supply Jan. 28T otal takings to Jan. 2 8 .a ----O f which A m erican__________
O f which oth er______________

397.218
301.218
96,000

8.806.945 339,225! 7,339.648
6.912.945 235,225 5,839,648
1,894,000 104,000 1.500,000
* £ S br.a<
^ roc£ipts in Europe from Brazil, Sm yrna, W est Indies, & c. ~
i rca noot^ fir ^ 11inriio iS iIr
(:t
consum ption b y Southern mills,
1,788,000 bales in 1915-16 and 1,530,000 in 1914-15— takings not being
available and <i{?STCoato amounts taken b y N orthern and foreign sninnoiN
7.018.945 bales in 1915-16 and 5 ,8 0 9 ,6 4 8 bales to 1914-15 o ? which
5.124.945 bales and 4,309.648 bales American
b Estimated

IN D IA CO TTO N M O V E M E N T FR O M A LL PORTS.
1915-16.

J a n . 6.
R e c e ip ts a t —

W eek.

Bombay............

1914-15.

S in c e
A u g . 1.

W eek.

96,00C 1,003,000 59,000
F o r th e W e e k .

E x p o r ts
fr o m —

G r ea t
B r ita in

C o n ti­
n e n t.

Japan
JkChina

W eek.

T o ta .

1,000 6,000 45.000 52.000
7.000 5,000 21.000 33.000
3.000 49,000 51,000 103,000

G rea t
B r ita in .

S in c e
A u g . 1.

334,000 112,000 1,028,000
S in c e A u g u s t

Bombay—
1915-16..
2,000 43.000 45.000
191415..
5 .0 0 0
2,000 18.000 25.000
1913- 14.. 3.000 44.000 51,000 98.000
Calcutta—
191516..
191415..
i’,66o 3’,666 4",666
1913- 14..
Madras—
191516..
191415..
1913- 14..
All others—
191516..
1.000 4.000 2,000 7.000
1914-15.. 2,000 2.000
4.000
1913-14..
5,000
5.000
Total all—
1915-16..
1914-15..
1913-14..

1913-14.

S in c e
A u g . 1.

C o n t in e n t.

9.000
24.000
10.000

103.000
94.000
374.000

514.000
264.000
294.000

626,000
382.000
678.000

2.000

8,000
5.000
15.000

3.000
17.000
2.000

13.000
22.000
20,000

" V, 666

2.000
3,000
18.000

1,000

3.000
3.000
23.000

11,000
21,000
12,000

36.000
44.000
80.000

43.000
6,000
16.000

90.000
71.000
108.000

3.000
1.000

23.000
45.000
29.000

149.000
146.000

487.000
3S/.U0U

560.000
287.000

313.000

732.000
478.000

829,1
829.000

1915-16.

191 4-1 5.

1913-14.

3 0 0 .0 0 0
3 ,4 1 8 ,0 8 3

185 ,000
5 ,9 4 3 ,9 6 5

This Since
Week. Aug. 1.

This Since
Week. Aug. 1.

Receipts (ca n ta rs )—
T h is w ook
S in co A u g . 1

Exports (bales)—
To
To
To
To

95,846
3 ,4 0 4 ,8 0 2

This Since
Week. Aug. 1.

1

L iv e r p o o l .
10,706 130.941
3 ,0 5 0
M a n c h e s te r
_
65.9 4 8
8,064
C o n tin e n t and* I n d ia " 2,5 9 0 73,727 12,479
A m e r ic a _____
" 8 ,9 1 2 103,856
5,1 2 0

6 6 ,6 8 9
4 ,2 5 0 128,396
66,801
9 .7 5 0 125 .854
9 8 ,2 8 4 2 0 ,5 0 0 228 ,5 7 6
57,861
8 0 0 2 0 ,2 7 9

T o t a l e x p o r t s _________ 2 2 ,2 0 8 374 .472 28,713 2 8 9 ,6 3 5
3 5 .3 0 0 5 0 3 ,1 0 5




14.
50.000
3.000
2.000
36.000
2,000
100.000
829.000
547.000
103.000
73.000
254.000
214.000

Jan.

21.
48,000
6,000
4,000
29,000
14,000
88,000
767,000
508,000
39,000
27,000
280,000
240,000

Jan.

Jan. 28.

11,0 0 0
79,000
773,000
520,000
96,000
84,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
S p o t.

S a tu r d a y .

Market,
12:15
P. M .

M on day.

T u esd ay.

W ed n esd a y.

T h u rsd a y.

F rid a y .

Quiet.

Moderate
demand.

Dull

Moderate
demand.

Quiet.

Dull.

f
1

Mid.Upl'ds

8.21

8.18

8.13

8 .11

8.08

7.93

5,000
500

8,000
1,000

5,000
500

10,000
1,000

5,000
500

5.000
1.000

opened

T o ta l.

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S .
Alexandria, Egypt.
January 5.

Sales o f tho w eek________________ ' 72*006
O f -which speculators took I _ 111
6 .000
O f which exporters t o o k ______
6,000
54 000
Sales, A m erican____________
A ctual export-----------------------------223)00
F orw arded--------------93.000
T otal stock — .........................
829,000
O f which A m erican----------------- 556,000
84 000
T otal imports o f the week______
O f which A m erican___________
49^000
A m ount a flo a t______ ____________ 240i000
O f which American_________I I 190i000

Sales____
Spec.&exp.

1.

| Japan
|fc C h in a .
<

78.976

L IV E R P O O L .— B y cable from Liverpool wo have tho
following statement of the week’
'
stocks, & c., at
that port:

Steady at
| 5@ 7 pts.
l advance.

Market,
4 M.
P.

f Quiet, st'dy Easy at St'dy, * p t . Steady at Barely st’y
Quiet
3@4 pts. 4 * @ 6 * adv .to 3 * 3@ 6 pts. 8 * @ 10 *
1 0@ 1 3*
1 advance.
pts. dec.
pts. dec.
advance.
pts. dec.
pts. dec.

F u tu res.
M a rk et

Quiet at Quiet.unch. Quiet at
* @ 1*
to 'A Pt.
1 @ 2*
pts. adv.
advance.
pts. dec.

Quiet at
Easy
1@ 3*
4)4 @7 pts.
pts. dec.
decline.

The prices of futures at Liverpool for each day are given
below. Prices aro on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and lOOlhs.
J a n . 22
to
J a i l . 28.

Saturday.

Monday.

12**

12*

d.
J a n u a ry .
J a n .- F e b .
M a r .-A p r .
M a y -J u n o
J u ly -A u g .
O c t .-N o v .

12*

d.

d.

d.

9 8 )4
9 8 )4
9 2 )4
8 4 )4
7 6 )4
4 1 )4

93
93
87
79
71
3 6 )4

4

Thus: 7 99 means 79 9-1 0 0 d.

Tuesday. Wed'day. Thursday.
12*

4

I l2 *

4

12*

4

Friday.
12*'

4

p.m. p.m. p.m. p.m. p.m. p.m.'p.m. p.m. p.m. p.m. p.m . p.m .
7
7
7
7
7
7

9 9 )4
9 9 )4
93 J4
8 5 )4
77
41

d.
93
93
87
79
72
40

d.

d.

d.

d.

8 9 )4
8 9 )4
8 3 )4
76
68
37

9 1 )4
91 'A
8 5 )4
78
70
39

9 5 )4
9 5 )4
8 9 )4
8 1 )4
73)4
40

8 8 )4
8 8 )4
8 2 )4
75
67
34

d.
85
85
79
72
64

d. I d.

7 2 )4
7 2 )4
6 6 )4
6 0 )4
53
31H 22

7 1 )4
7 1 )4
6 5 )4
59
51 )4
3 1 )4

BREADSTUFFS
Friday Night, Jan. 28 1916.
Flour has advanced in response to a rise in wheat. To
many, too, it looks as though buyers would have to increase
their purchases, as from present appearances there is little
likelihood of a material decline. Their stocks, too, are be
lieved to have been reduced to low stage. The railroad
congestion is such that it is not easy to secure supplies. In
other words, deliveries are difficult. This militates against

448

[Vol. 102.

THE CHRONICLE

anything like real activity here. A t the same time there is
believed to be an urgent call for both flour a