Full text of Commercial and Financial Chronicle : January 8, 1916, Vol. 102, No. 2637

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VOL. 102

JANUARY 8 1916

NO. 2637

^ bl^ , e^ ry,Eatl1,rda?’
by WILLIAM B. DANA COMPANY,
Presldent aml Treas.; George S. Dana and Arnold G. Dana
Vice-Presidents. Arnold G. Dana, Sec. Addresses of all, Office of the Company.

CLEARINGS—FOR DECEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING JANUARY 1.
December.

Clearings at—

1915.

1914.

Twelve Months.
In c . or
D ec.

1915.

1914.

Week ending Ja n u a ry 1.
In c . or
Dec

1915.

In c . or
D ec.

1914.
%
New York_________ 12,331,140,315 6,529,675,458 + %
%
88.
110,564,392,634
83,018,580,016
+
33.2
2,664,049,009
1,345,267,849
+
98.0
Philadelphia_______ 1,035,617,332
2,050,788,974
661,827,305 + 56.,
8,863,633,292 7,916,064,214 + 12.0 219,125,123 131,233,450 + 66.9 1,942,802,946
Pittsburgh_________
175,589,457 178,824.553
268,780,854
201,620,386 + 33.3 2,666,312,569 2,625,925,677 + 1.6
54,933,156
41,675,528 + 31.8
53,150,642
Baltimore_________
58,560,346
208,633,104
156,344,549 + 33.4 1,833,648,997 1,873,618,905 —2.1
40,776,944
35,350,783
+
15.4
Buffalo____________
35,822,802
40,526,167
61,158,535
47,144,665 + 29.7
591,329,394 + 3.4
611,114,647
11,213,599
9,119,211 +26.3
Albany____________
9,753,121
11,543,908
22,027,569
27,850,225
—20.9
318,756,306
278,966,500
—
12.5
5,000,000
5,035,486 — 0.7
Washington________
5,235,306
6,537,380
39,957,987
33,735,825 + 18.4
388,447,433 + 5.6
410,073,957
7,495;383
5,960,259 +25.8
Rochester_________
7,417,280
7,262,506
24,734,012
19,014,908 + 30.
254,886,044
247,869,066 + 2.8
4,332,384
3,978,797
+
8.9
Scranton__________
6,408,632
6,547,504
14,281,538
16,841,392
—
15.3
174,429,130
164,023,379
—6.0
2,942,634
2,717,570
+
8.6
Syracuse_________
3,243,265
3,054,148
13,074,214
12,454,258
+
5.0
158,202,634
—
1.4
156,061,318
2.605,056
2,863,947 —9.0
Reading___________
3,640,353
3,479,242
9.587,836
7,591,159 + 26.3
95,832,121 —0.01
95,820,425
1,829,733
1,795,614 + 1.9
Wilmington________
1,817,449
1,773,844
12,429,815
8,522,522 + 45.8
107,730,062
94,596,617 + 13.9
2,392,433
1,390,610 + 72.1
Wilkes-Barre_______
1,881,136
8,293,384
1,822,764
9,093,214 —8.8
84,075,421
87,017,610
+
3.5
1.563,977
1,504,352
Wheeling__________
+
3.9
1,544,298
10,904,998
1,840,761
8,077,684
+
35.0
108,951,826
107,162,571
—
1.6
2,080,194
Harrisburg________
1,491,717 + 39.5
8,379,519
1,833,153
2,023,481
7,159,109 + 17.0
87,767,765
82,087,051 + 6.9
Trenton___________
10,537,374
8,929,138 + 18.0
99,501,058
92,557,332 + 7.5
1,864',219
1,498,129 + 25~.i
York______________
1,731",067
4,540,289
2,0611916
3,918,949 + 15.9
47.851.799
47,356,238
+
1.0
824,784
710,606
+
16.1
Erie..........................
5,029,549
813,087
4,246,143 + 18.4
894,077
52,968,920
54,271,826 —2.4
954,583
962,514 —0.8
Greensburg __
1,093,202
3,672,204
1,085,815
3,073,907 + 19.5
36,771,260
36,982,228 —0.6
1,077,389
551,835 +95.3
770,000
Binghamton_______
3,885,000
700,000
2,734,300 +42.1
36.802.800
34.615.800 + 6.3
784,100
+
53.4
510,900
633,200
Chester___________
4,356,671
715,100
2,805,678 + 55.3
39,780,519
35,468,875 + 12.2
956,211
681,511 + 40.4
751,367
Altoona____
2,316,857
2,603,282 — 11.0
890,847
27,189,489
29.824.800 —8.8
450,694
432,280 +4.3
532,448
Franklin__________
1,347,089
462,118
1,088,528 +23.8
12,938,253
14,833,994 — 12.8
Frederick..................
1.691,404
1,480,358 + 14.3
18,339.061
16,568,710 + 10.7
Beaver County, Pa..
2,549,590
2,392,621 + 6.5
27,774,356
28,956,540 —4.1
Lancaster_________
6,880,942
5,512,344 + 24.8
85,067,499
84,062,149 + 1.2
1,123,219
1,132,271
1,284,780
Norristown________
2,510,503
2,120,939 + 18.4
1,464,881
25.627.504
24,368,089 + 5.2
Montclair_________
2,127,681
2,499,821 — 14.9
21,814,593
21,567,907
+ 1.1
406,884
1,055.276
—61.9
782.832
Oranges a . . ............... _ 3,982,355
4,233,818 _^5.9
482",033
41,202,316
25,933,329
Total Middle........ 14,120,446,165 7,790,358,667 + 81.3 126,821,038,881 9SI300.200.299 +28.0
3,028,776.708 ,596,930,495 +89.8 2T2597531TS23 27383,3421365
Boston____________
834,818,361
+44.1
579,389,040
8,256,935,555 7,517,095,070 + 9.8
195,342,261 133,316,292 +46.5 174,091,150 180,567,146
Providence...............
42,878,000
32,740,200 + 31.0
420,538,300
401,496,300 + 4.7
8,299,200
6,827,000 +21.6
Hartford__________
36,832,737
20,149,727 + 82.8
9,446,300
9,660,400
355,045,699
261,494,107 + 35.8
6,864,227
New Haven________
4,649,239 +47.6
17,348,729
14,578,587 + 19.0
5,900,783
6,224,387
195,181,787
172,437,388 + 13.2
3,550,642
Springfield_________
3,351,537 + 5.6
13.697,907
11,096,579 + 23.4
3,925,913
3,562,111
153,378.375
141,754,564
+
8.2
Portland__________
3,583,217
2,509,096 +42.8
11,089,169
3,025,262
7,860,651 + 41.1
3,235,706
108,224,090
102,165,305 + 5.9
Worcester_________
1,844,351
1,509,773 + 22.2
13,562,993
2,188,429
9,875,445 + 37.3
2,571,046
141,819,041
131,259,572 + 8.0
Fall River.... ............
3,453,235
2,363,079 + 46.1
6,841,194
3,151,202
3,129,849
5,039,003 + 35.8
65,517,885
62,515,274
+
4.8
New Bedford______
1,529,729
1,214,823
5,805,753
+
25.9
1.348,406
4,699,954 + 23.5
1,394,626
59,945,931
57,681,162 + 3.9
1,210,742
Lowell____________
931,344 + 30.0
4,184,043
1,151,329
1,113,339
3,409,805 + 22.7
42.979,362
39,319,597 + 9.3
976,019
Holyoke....................
748,937 + 30.4
779,050
3,393,057
495,287
2,923,160 + 16.1
38,397,084
37,582,100 + 2.2
835,287
Bangor____________
693,035
+20.5
850,325
2,028,212
738,596
1,884,604
+ 7.6
22.124.504
23,005,189 —3.8
364,320
Watcrbury...............
487,237 —25.2
528,267
7,336,800
697,796
4,565,500 + 60.7
68,015,700
50,689,600
+34,2
Total New England
999,816,955
698,212,255 + 43.2 9,928,103,373 8,998,495,228 + 10.3 227,853,230 158,601,392 ^+43.7 200,UNO,416
213,390,289
Chicago___________ 1,577,606,491 1,312,955,177 + 20.2 16,198,985,174
15,692,828,996 + 3.2 310,513,683 253,294,581 +22.6 294,324,179 306,780,873
Cincinnati_________
138,661,750
105,458,400 + 31.5 1,373,855,600 1,293,367,050 + 6.2
26,682,000
20,423,350
+
30.6
Cleveland_________
26,309,300
27,578,900
156,908,464
95,603,077 + 64.1 1,545,813,800 1,237,568,572 +24.9
31,602,342
19,260,222 + 64.1
Detroit........... ..........
23,500,000
26,546,069
150,912,816
98,002,839 + 54.0 1,484,972,649 1,348,546,302 + 10.0
28,179,487
18,207,452 + 54.8
23,331,018
Milwaukee________
22,194,944
79,852,455
73,499,620
+
8.6
836,384,564
—
1.3
847,831,084
14,985,473
12,616,866 + 18.8
Indianapolis_______
14,000,000
14,780,055
43,181,449
35,550,084 +21.5
444,193,099
8,109,122
414,612,128 + 7.1
6,692,940 + 21.2
8,529,198
Columbus_________
8,832,393
34.607.000
27,461,600 + 26.0
349,324,900
+
2.3
341,411,400
5,889,700
5,203,700
+
13.2
5,893,100
Toledo____________
6,362,880
32,657,264
24,600,877
+
32.8
331,579,325
+
8.9
304,459,769
6,118,959
4,771,558
+28.2
Peoria__________
4.823,105
4,690,778
17.411.675
14,573,635
+
19.5
161,593,413
—6.7
173,103,643
2,402,165
2,417,906 —0.7
Grand Rapids______
3,480,091
3,298,299
16,396,754
13,474,869 + 21.7
175,419,458
168,038,735 + 4.4
3,178,600
2,493,624 + 27.5
Dayton___________
3,100,327
10,811,164
3,624,958
7,403,389 + 46.0
113,555,201
115,762,177 — 1.9
2,137,259
1,600,8381 +33.5
Evansville_________
1,978,538
2,007,376
8,893,055
4,583,335 + 94.0
74.700,918
63,691,696 + 17.3
1,363,613
878.935 + 55.2
Kalamazoo*_______
1,187,256
1.373,579
23,850,456
25,364,594 —6.0
Springfield, 111_____
” _5,47ll 830
“ 4,885,411 + 1216
60,062,221
59,113,900
+
1.6
1,0841213
860",666 + 2616
Fort Wayne_______
6,340,265
970,278
l.ibo'.ooo
5,864,985 + 8.1
67,043,093
66,518,200 +0.8
1,349,111
1,450,109
Youngstown_______
—7.0
9,507,060
1,343,992
+
71.2
5,554,325
1,284.777
82,959,609
76,422,340 +8.6
1,967,405
Akron_____________
1,117,818 + 76.0
11.710.000
954,473
5.185.000 + 125.8
1.123.053
109,252,000
87,516,000 + 24.8
2.203.000
Lexington_________
1,167,000 + 88.8
3,808,532
1,295,000
4.300.000 — 11.4
1,553.000
39,613,561
38,117,646 + 3.9
895,115
Rockford__________
783,370 + 14.2
4,687,345
992.169
3,855,012
+
21.6
942,544
48,924,953
47,307,653 + 3.4
815,448
Canton_____ ______
780,007 +4.3
9,214,738
6,309,943 + 46.1
954,080
819,034
95,788,209
79,703,508 + 20.2
1.950.000
Bloomington_______
1,332,637 + 46.4
3,369,581
1,304,382
2,943,753 + 14.5
1,454,514
38.310.444
36,036,273
+
6.3
628,657
Quincy-----------------557,923
+ 12.7
3,517,824
631,631
3,420,873 + 28.4
701,363
41,041,460
43,069,944 —4.7
640.000
Springfield, O_____
529,415 + 20.9
4,152,004
804,108
3,532,721 + 17.5
861.469
41,193,503
40,731.333 + 1.1
Decatur_____ ____
744,103
987,586 —24.7
2,618,152
1,048,667
1,903,413 + 37.6
660,435
25,604,370
24,193,166
+
5.8
South Bend_______
462,834
419,896
+
10.3
417,609
3,458,117
600,100
2,825,270 + 22.
37,960,352
33,080,107 + 14.7
Jackson __________
789,286
482,943 + 62.8
580,603
3,271,559
947,015
3,019,116 + 8.:
31,570,822
28,321,999 + 11.5
Mansfield________
670,451
420,373 + 59.5
375.000
2,699,296
387,826
2,709,306 —0.
28,986,257
27,861,066
+4.0
490,262
Danville______
396,426
+
23.7
398.982
2,369,842
385,254
1,499,501 + 58.1
26,493,103
24,233,124 + 9.3
Lansing________
415,434
356,470 + 16.6
520.000
3,490,860
526.624
2,009,256 + 7 3 :
32,810,398
25,942,502 + 26.5
658,282
Lim a____________
400,000 + 64.5
436,420
2,504,353
304,007
2,027,145 + 23.'
26,188,299
25,004,056 + 4.7
507,380
Jacksonville, 111___
413,163 + 22.8
562,344
1,329,604
527,297
979,104
+
35
14.781.445
14,598,152
+
1.3
Ann Arbor________
222,127
203,873
+
8.9
316,926
1,479,561
506,071
1,060,975 + 39.,
13,209,394
12,031,630
+
9.8
Owensboro_______
185,372
245.000
+
32.2
306,121
1,544,537
289,628
1,997,410
—22.
17,746,482
20,398,704
—
13.0
Flint........................
287,025
373,672 —23.0
3-,806,661
375,849
338,147
1,586,576
+
139:
34,214,806
23,985,114 +42.6
Gary_____________
1,927,204
1,069,426 + 80.
16,691,777
16,003,384 + 4.3
Lorain............... .....
468,592
495,995 —5.,
5,584,872
6,458,156 — 13.5
Adrian......... ..........
293,332
189,802 + 54.5
3,164,365
2,913,780 + 8.6
New Albany______
54,097
56,600
57,011
566,947
80,674
—
11.3
639,050
6,997,574
7,435,361 — 5.9
Paducah _________
3.293,258
2,657,449 + 23.9
40,594,193
39,739,288 + 2.2
Total Middle West. 2.364,801.391
+ 25.4 24,101,016,119 22,934,382,532 + 5.1 458,241,633 361,136,625
Details of Pacific and Other Western on1,885,687,718
+26.9 425,064,091 443,502.053
page 132.
Total Pacific__
609,318,488
521,151,015 + 16.9 6,272,273,242 6,217,562,906 +0.9
109,933,660 111,566,947 — 1.5 109,325,655 125,356,980
Total Other Western 1,005,066,117
827,946,900 + 21.4 9,554,234,814 8,397,470,697 + 13.8
187,135.505 154,716,468 + 21.0 137,061,681 155,047.178
St. Louis_________
427,420,161
343,815,419 +24.3 4,153,529,336 3,888,851,608 + 6.8
New Orleans_______
75,262,097 + 18.0
88,803,580
109,725,431
88,814,927
92,813,195
85,064,306 + 29.0
972,165,577
904,482,939
Loulsvlllo__________
+
7.5
19*857,598
17,495,049 + 13.5
78,535,351
29,100,349
52,841,268 + 48.6
24,449,875
742,390,281
Houston___________
667,947,515 + 11.1
14,039,328
9,605,235 + 46.2
49,575,548
13,851,405
14,733,881
36,038,388 + 37.6
451,537,076
422,907,425
Galveston_________
+ 6.8
23,152,302
8,680,812
8,286,811 + 4.8
9,632,506
14,278,080 + 62.1
233.766,688
179,015,725 + 30.6
Richmond______ . . .
69,381,009
3,937,328 —2.2
3,851,767
3,436,500
42,469,941 + 63.4
3,219,500
537,261,585
421,550,915
+
27.5
Atlanta___________
86,624,022
13,208,929
7,000,000
+
88.7
7,410,319
65,059,335
+ 33.1
7.669,486
739,294,233
702,410,026 + 5.2
Memphis__________
45,153,240
13,840,456 + 8.5
15,020,647
14,954,419
33,478,337 + 34.9
13,944,828
357,831,462
362,932,276
—
1.4
Fort Worth________
6,236,514 + 9.8
51,606,207
6,850,052
39,353,488 + 31.1
9,450,580
10,304,936
435,289,426
390,123,383 + 9.9
Savannah _________
6,952,364 + 3.3
26,581,682
7,180,297
23.402.741 + 13.6
6,573,618
7,091,043
254.841,709
215,533,307 + 18.2
35,245,859
Nashville__________
4,290,039
5,380,200 —20.3
26.657.742 + 32.2
5.476,090
5,752,519
322,901,654
333,647,920
—3.2
Norfolk............... .....
24,211,727
5,152,124
5,924,726
+ 15.0
18,869,928 + 28.3
6,465,377
7,378,157
211,385,662
206,389,654
+
2.4
3,241,111 + 31.4
Birmingham.............
4,260,393
13,370,278
13,190,226 + 1.4
3,778,738
3,504,279
130,156,056
155,674,396 — 16.4
3,172,094 —20.2
2,532,217
10,017,882
Augusta___________
7,821,746 + 28.1
4,023,669
3,520,627
91,624,529
90,078,868 + 1.7
1,352,062
Little Rock________
1,084,788 + 24.5
14,519,490
2,295,291
9,647,429 + 50.5
2,160,583
115,307,611
115,760,139
—0.4
1,691,955
2,033,095
Jacksonville____
+
20.2
14,226,315
2,328,814
12,566.870 + 15.0
2,214,598
141,674,259
157.418.744 — 10.0
2.650.000
2.300.000 + 15.2
Chattanooga____
11,843,163
2,800,000
9,970,912 + 18.8
3,400,000
120,140,580
119.640.745 + 0.4
2,100,583
1,711,131 + 22.7
Charleston...........
9,946,589
1,931,491
8,255,404 + 20.5
2,337,968
100,866,188
94,222,721 + 7.1
1,793,968
1,419,304 + 26.4
Mobile____________
4,729,038
1,567,419
4,985,518 —5.1
1,521,180
55,282,907
62,715,664
—
11.9
1.200.000
1.600.000
—25.0
Knoxville__________
8,351,074
2,276,948
7,372,781 + 13.3
1,724,097
89,317,640
94,390,445 —5.4
1,406,316
1,167,118 + 20.5
Oklahoma______
13,973,950
1,561,288
11,832,374 + 18.1
1,676,255
133,100,931
115,879,816 + 14.8 - 2,730,600
Macon______ __
2,243,738 + 21.7
19,141,624
1,561,044
12,472,205 + 53.5
1,474,209
161,172,769
177,325,828 —9.1
3,347,252
2.546.916
Columbia
"
+
31.5
4,152,023
5,087,877
4,183,035 + 21.6
3,265,173
46,782,547
47,431,543
—
1.4
Austin___
13,258,684
8,739,231 + 51.7
134,447,420
130,268,509 +3.2
1,500,000
Beaumont_1“
1.620.916 —7.5 1,202,694 1,821,920
3,728,935
3,355,989 + 11.1
37.470,137
Vicksburg _
36,968,298 + 1.4
1,574,724
1,390,706 + 13.2
13,980,117
14,342,974 —2.5
252,812
26b",367
Wilmington^ N""c
384",i45
445",686
2,332,710
+ 9.0
2,354,938
22,509,418
25,494,992
—11.7
Columbus. Oji
2,252,347
1,840,569 + 22.4
21,350,060
El P a so.... ..........
22,173,987 —3.3
10,361,416
+
32.4
7,828,682
112,539,884
Jackson ____
90,060,095 +25.0
2,125,745
1,852,905 + 14.7
20,989,774
Tulsa_______ " "
20,534,118 + 2.2
350,289
257,507 + 36.1
319,975
355,274
9,302,897
5,765,420 + 61.4
76,564,504
79,104,631 —6.2
Muskogee_____ “ ”
2,188,050
969,946 + 12.6
1,442,384
909,545
5*953,486
3,654,758 + 62.9
44,938,537
— 1.7
45,727,366
1,223,967
600,000 + 104.0
Total Southern___
872,013
737,046
203,332,991
920,388,443 +30^ 11.082,410,557 “107397.006,572 +673 218.629,379
185,035,064 + 18.0 227,304,026 218,416,860
Total all...............J 20.302,782,107 12,643,744^998 + 60.6
187,759,076.986
155,245,118,234 + 2 0 .9 ,230,570,165 2,567,986,991 + 64.7 3,364,673,692 3,639,055.725
Outside New York- 7.971,641.792 6,114.069.540 +30.4
77,194.684.352 72,226,538.218 + 6 .9 .566.521,156 1.222.719.142
1,421,870.846 1.498,266.751
S y
eg aph and Canadian Clearings on p. IJ2. a Not included in totals; comparison Incomplete. ‘ Totals for ten months; reports discontinued for present




THE CHRONICLE

92
C H R O N IC L E

IN D E X .

The index to Volume 101 of the “ Chronicle”—
which volume ended with the issue of Dec. 25 will
be sent to our subscribers with the number for
Saturday, Jan. 15.
T H E

F IN A N C IA L

S IT U A T IO N .

[Vol . 102.

liberately on record as favoring such a tax; for-, what
is happening in Massachusetts is likely to be dupli­
cated in this State when an income tax becomes
part of the tax measures of the State.
The Massachusetts Commission of course dis­
criminates as to classes of income and recommends
a tax at the start of only 1X
A % upon income derived
from annuities, professions, trades and business.
But this rate is flexible like the other and we may
suppose will quickly rise to higher figures. The
individual is to be exempt upon amounts up to
$2,000, with an additional exemption of $500 for a
husband or wife and $250 for each child, the total
exemption not to exceed $3,000.
The most vicious feature of the proposed 6%
tax upon income from bonds, notes, money at in­
terest and other debts and upon dividends from
shares of corporations and associations, is that it
proposes to make an exception in favor of Massa­
chusetts corporations and associations. Dividends
derived from corporations which do business entirely
within the Commonwealth are to be exempt from
the tax. We may suppose that if the practice of
levying a State income tax should become general
other States will also make exceptions in favor of
their own corporations. The Federal Union was
formed to remove State barriers. In the State
income tax we would thus have a fertile device
for erecting such barriers. The Chamber of Com­
merce of this city should set a commendable ex­
ample and put an end, once and for all, to the talk
of a State income tax.

The New York Chamber of Commerce has done
well to postpone for a week definite action on the
report of its Committee on State and Municipal
Taxation, recommending a State income tax. The
Chamber ought to consider the matter in all its bear­
ings— and to consider it long and deliberately—
before definitely committing itself in favor of such a
proposition. The New York Chamber is an in­
fluential body and its judgment is deservedly rated
very high. Action on such an important proposal,
and one that may involve such far-reaching conse­
quences, should therefore proceed out of an abundance
of caution.
The Chamber’s Committee on Taxation adduces
no weighty argument in favor of a State income
tax, and for ourselves we can perceive no sound
and solid reason why any body of thought­
ful business men should deliberately invite
the Legislature of the State to go ahead
and appropriate an indefinite and a surely increas­
ing amount of their income year after year. We
stated at length last week some of the objections per
se to a State income tax of any kind. Since then,
however, there has been a development in a neigh­
boring jurisdiction that presents the matter in an even
A political crisis of much severity has arisen in
more unfavorable aspect than we imagined it could
England
over the compulsory service bill. This
assume. On Tuesday of this week in Boston the
special Commission on Taxation of the Massachusetts measure passed its first reading in the House of
Legislature submitted its report to that body. It Commons on Thursday evening by a vote of 403 to
will be remembered that in that Commonwealth a 105 and will have its second reading on Tuesday
constitutional amendment was recently adopted au­ next. The vote is significant in view of the united
thorizing a State income tax. The report of the and antagonistic front presented by the labor organi­
special commission referred to contains as its princi­ zations. Before the vote was taken Arthur Hender­
pal recommendation the proposal of an income tax son, President of the Board of Education and leader
law under the provisions of the new constitutional of the Labor Party in the Commons (having the
amendment. We imagine this report will prove an rank of Cabinet Officer), withdrew from the coalition
eye-opener to the good citizens of our neighboring Ministry, as also did William Brace, Parliamentary
Commonwealth who allowed this income tax amend­ Under-Secretary for Home Affairs, and George H.
Roberts, Lord Commissioner of the Treasury. These
ment to become part of the constitution.
How much of a tax does the reader suppose this resignations were not due to opposition to the Asquith
Massachusetts legislative Commission proposes? In proposal for modified conscription, since all were
our discussion last week of the general subject of a supporters of the compulsion bill. They were the
direct outcome of the Labor Congress passing reso­
State income tax we went on the supposition that the
lutions by an overwhelming majority. These reso­
initial rate at least would be small, but that the rate
lutions recommended the Labor members of Parlia­
would rapidly increase and that the Federal income
ment to oppose the measure at all its stages. Earlier
tax would likewise increase, the two together there­
in the week the Premier, Mr. Asquith, confirmed
fore constituting an onerous burden on income.
But this Massachusetts Commission on Taxation reports that Sir John Simon, Secretary of State for
Home Affairs, had resigned from the Cabinet.
proposes to levy a tax on 6% right at the start, and
The conscription bill was introduced in the House
a minority of the Commission, composed of three
of Commons on Wednesday by the Prime Minister.
representatives, think 6% is not high enough and
Ireland is excluded from its provisions in order to
contends for the levy of a tax of 10%.
avoid opposition of Irish party leaders. The measure
The levy of 6% proposed by the Massachusetts
calls for the compulsory enlistment of all single men
Commission as a whole and the levy of 10% insisted
between the ages of 18 and 41 who are eligible for
upon by the minority is to apply upon income from
military service. It proposes to treat unattested
bonds, notes, money at interest and other debts
unmarried men as attested. Persons who are only
due the taxpayer and dividends upon shares of cor­
occasionally residents of Great Britain are excepted
porations. If the rate is now to be 6% or 10%,
and the bill exempts from service all bachelors and
what may we expect it will be when the legislative
widowers engaged in “ indispensable” especial occuappetite has become whetted for such an easy means
1pations, like the manufacture of war munitions,
f raising money in support of prodigal expendi­
those who have railway duties, those who are suptures? Will the Chamber of Commerce go de­



Jan 8 1916.]

THE CHRONICLE

93

porting relatives and those who have conscientious
“Militarism is an affair of the heart, and it is in
scruples against war, as the Quakers. Single men the hearts of the German people to have militarism,
will have one more chance to escape the stigma of while it is in the hearts of Englishmen not to have it.
“But for the moment we are dealing with a stern
being forced into service, the Prime Minister an­
nouncing at the time of presenting his bill that the necessity, and our greatest danger is not that tra­
ditions will be abandoned, but that we are lulling
recruiting lists under the group system inaugurated
ourselves with a great illusion of false security.”
by Lord Derby will be opened again and single men
An important meeting of fifteen of the leading
will be allowed to attest voluntarily. It is estimated
that a maximum of between 400,000 and 500,000 Unionist members of the House of Commons was
men will be added to the British armies when the held on Thursday night, at which it was decided to
form a war committee of Unionist members to obtain
bill goes into effect.
The Labor Congress which was held in London a more vigorous prosecution of the war. Sir Ed­
on Jan. 6 decided by a card vote of 1,998,000 against ward Carson was elected Chairman of the committee
783,000, to support a demand for the withdrawal of and Sir Frederick Banbury, Vice-Chairman. They
the bill from Parliament. The recommendation to will invite the Unionists to join the movement which
the Labor members of Parliament to oppose the bill is virtually the long-threatened new opposition to
was in the form of an amendment to the resolution the Government under Sir Edward Carson’s leader­
originally placed before the Congress. This amend­ ship, its aim being the subjection of the Ministers
ment reaffirmed the decision of the Labor Congress to the severest criticism.
recently held at Bristol in regard to- conscription.
Lord Derby’s recruiting figures for the period be­
The most active of the military operations of the
tween Oct. 23 and Dec. 15 indicate that 1,150,000 week have been in the East where Russia wdth its
unmarried men and 1,679,263 married men presented reorganized and enlarged army is reported to be
themselves for service. Of the grand total of 2,829,­ steadily gaining important victories. Fighting on
263 married and single men, 103,000 unmarried and the Russian front near the Rumanian frontier is
112,431 married men enlisted immediately and growing in intensity and assuming great ferocity,
840.000 single men and 1,344,979 married men were according to the Petrograd correspondent of the
attested for future service. Of the single men, Havas News Agency in a dispatch filed on Wednes­
207.000 were rejected, while 221,853 married men day . The battle is raging with particular fury on the
were not accepted by the recruiting officer.
Tarnopol-Trembowla front, where more than 800,000
The vote on the bill in the House of Commons on men with 3,500 cannon are incessantly engaged. On
Thursday was taken amidst wild excitement, which the other hand, advices from Vienna state that at­
became almost uncontrollable as the majority in tacks on the Eastern front have decreased in violence,
favor of the Government began to mount up to such the Russians having ceased to attack with vigor
satisfactory figures. Analysis of the vote shows that between Pripet and the Bessarabian frontier. The
the Government had held the great bulk of the only gain officially announced for the Russians, ac­
Liberal and Conservative vote. The Irish Nation­ cording to Vienna, is at Czartorysk, the scene of
alists voted against the bill, but the Irish Unionists many sanguinary struggles, wheje, it is said, the
supported the measure, and the O’Brienites took no Austrians were forced to retire. Any advance in
part in the division. The minority showed a sprink­ this region will threaten Kovel, one of the strongest
ling of Liberal members, the most notable being Austro-German positions. The Teutonic allies still
John Burns. The announcement of the vote followed threaten to expel the French and British from their
a stirring appeal by A. J. Balfour,- First Lord of the Macedonian positions, but no forward move has
Admiralty. He said in part:
been detected thus far in that direction. In the
capitals of the Entente Powers the opinion is ex­
“Let this vote to-night show that we are a united pressed that the Russian offensive has completely
people. Do not let us give a false impression to the upset the plans of the Central Powers for an invasion
world that in the moment of the country’s gravest
emergency we are divided one against another. of Saloniki and Egypt. Telegrams from Athens say
Abandon your abstract theories and remember we that the number of Serbian refugees in Greek territory
are dealing with stern realities which call for great is now 40,000, of whom 6,000 are at Saloniki.
sacrifices.
“I have never favored conscription in an}r form,
Hardly had the severe diplomatic strain with Aus­
but it is no longer an abstract question. We are
tria
over the sinking of the Ancona been modified than
dealing with a stern reality. First, the Prime
a
new
source of friction arose. This took the form of
Minister has given a pledge for this bill which it
would be dishonorable to ignore, and, second, the advices that the British steamship Persia had been
safety and success of the country are at stake. Let torpedoed in the Mediterranean by an unknown sub­
me say with the greatest emphasis that those of us marine on Thursday of last week, without warning,
who know the conditions in the field know that this sinking in five minutes. Among the passengers
bill is absolutely essential to the proper carrying on
was Robert N. McNeely, American Consul at Aden,
of the war.
“ If this House refuses this bill to the Government, Arabia. It is reported, too, that another American
it refuses what the Government considers an abso­ was among the drowned. The anxiety was increased
lute military necessity. This is not a precedent for on Tuesday by the news that the British steamer
universal conscription. It is not the thin edge of Glengyle had been sunk, also without warning, by a
the wedge, or the first drop of poison to corrupt our submarine, but later advices indicated that this ves­
whole system. In truth, this bill is a tribute to sel had been sunk as a result of accidental collision.
voluntarism, for we have raised 6,000,000 volunteers,
and now this bill merely brings in those few shirkers President Wilson is making every effort to obtain
who have failed to respond to the volunteer system. full particulars of the sinking of the Persia. Baron
“No future Prime Minister can ever use this bill Zwiedenek, the Austrian Charge d’Affairs at Wash­
as a precedent for permanently fixing on the country ington, called upon Secretary Lansing on Monday
the taint of Prussian militarism.
and expressed confidence that his country would be



94

THE CHRONICLE

able to give a satisfactory explanation to the United
States if it should finally develop that the vessel was
in fact sunk by an Austrian submarine. Secretary
Lansing has ordered our consuls at Alexandria, Malta
and Cairo to obtain affidavits from all sources and at
once cable summaries of the contents. Until that
information is received or our Ambassador at Vienna
reports some result from his inquiry of the Austrian
Government, no official action is expected to be taken
by the President. The German Foreign Office yes­
terday disclaimed officially all responsibility for the
sinking of the Persia. At a conference between the
German Ambassador, Count Von Bernstorff, and
Secretary of State Lansing, the Ambassador delivered
a communication from the Berlin Foreign Office
dealing with the question of submarine wai fai e.
The communication, it is understood, concedes vir­
tually all points at issue in the Lusitania case and
will, it is expected, be instrumental in bringing about
a speedy settlement of the question. The State
Department gave out the following statement last
evening:

[Vol . 102.

Pennsylvania, Reading, Southern Railway, Union
Pacific and Southern Pacific. London correspon­
dents suggest that a view is held at the British center
very similar to that entertained here, namely that
unless some emergency should arise, there will be
comparatively slight disposition by smaller security
holders to take advantage of the terms of the Treas­
ury’s offer. British holders of American stocks and
bonds, English advices say, prefer to sell them direct
rather than go through the red tape of the Treasury
arrangements. London Stock Exchange members
are said to be of the opinion that the public will
probably ignore the plan. On the other hand, large
holders of securities will be inclined to use the
Government’s borrowing plan, presumably for the
purpose of obtaining the additional profit on their
holdings, while the latter are in the hands of the
Government.

The time and form of the next English war loan
are now being discussed. There have been some
suggestions made to the Treasury, it is understood,
that the new issue take the form of semi-lottery
The German Ambassador to-day left at the State 30nds carrying a low rate of interest and bonuses of
Department, under instructions from his Govern­ various amounts for certain bonds to be selected
ment, the following communication:
by drawings. London correspondents agree that
“German submarines in the Mediterranean had
from the beginning orders to conduct cruiser warfare the adoption of this proposal is improbable at this
against any merchant vessels only in accordance time. Sales of new Exchequer bonds continue satis­
with general principles of international law, and in factory in volume and it has now been decided to
particular measures of reprisal as applied in the war offer them in £5, £20 and £50 denominations.
zone throughout the British Isles were to be excluded. It also has been decided to remove the limit on de­
“German submarines are, therefore, permitted to posits in the Post Office savings banks, which at pres­
destroy any merchant vessels in the Mediterranean
ent is £50 per annum, making the maximum
that is, passenger as well as freight ships as far as
they do not try to escape or offer resistance-only £200. The new proposals are designed to attract
after passengers and crews have been accorded salety. the savings of small investors and of the working
“All cases of destruction of enemy merchantmen classes.
in the Mediterranean in which German submarines
It is expected that the London Stock Exchange
are concerned are made the subject of official inves­ Committee will soon announce the removal of addi­
tigation, and besides submitted to regular prize court tional minimum prices, although the complete re­
proceedings. In so far as American interests are
concerned, the German Government will communi­ moval of all minima is said to be opposed by English
cate the results to the American Government. Thus bankers. The year’s clearances of the London banks
also in the Persia case if the circumstances should for 1915 amounted to £13,407,000,000, a decrease of
£1,257,000,000.
Capital flotations last year
call for it.
.
“If commanders of German submarines should amounted to £1,047,000,000, of which £978,000,000
not have obeyed the orders given to them, they will was British State borrowing. It is estimated that
be punished. Furthermore, the German Govern­ in the last year Great Britain advanced £400,000,000
ment will make reparation for damage caused by the
to her Allies. There have been very few capital
death of, or injury to, American citizens.”
applications on the London market, although it is
Chief interest on the London Stock Exchange reported that a New South Wales 5% loan of £2,­
500,000 is pending. Taken altogether, the London
seems to have centered upon the details of the
Treasury Department’s plan for the co-called mo­ market’s tone seems a steady one, the home railway
group being sustained by predictions of higher divi­
bilization of American securities. The names of
fifty-four American issues of bonds were publishec dends. A total of £28,000,000 was distributed in
on Wednesday and were promptly posted on the dividends and interest on Tuesday. There has been
Exchange. This list may be extended. The publi­ a sensationally active speculation in rubber shares on
cation of the listed securities does not mean that those the London market of late, though towards the close
not listed are unacceptable. In addition to the rail of the week it showed signs of being very close to the
way bonds the list includes American telephone & point of culminating. The monthly comparison
Telegraph, General Electric, New York Telephone published by the “Bankers’ Magazine” of the aggrer
and United States Steel. Canada is represented gate value of 387 securities dealt in on the London
only by Canadian Pacific 6% notes. There are no Exchange shows a depreciation during the past
Government, State or municipal issues and no stock year of £394,738,000, or 11.95%. Compared with
the month of N o v e m b e r , the values register a decline
issues of any kind. The railroads mentioned, among
others, are the Atchison, the Baltimore & Ohio, Cen of £01,178,000, or 2.1%, which follows an advance
tral Pacific, Jersey Central, Chesapeake & Ohio of £19,666,000, or 0.7%, during the previous month.
Chicago Milwaukee & St. Paul, Chicago St. Louis The heaviest decline for the year was shown by for­
& New Orleans, Erie, Illinois Central, Kansas City eign government stocks, which fell off £33,682,000,
Terminal, Lake Shore, Long Island, Louisville & or 5.6%. British and India funds depreciated
Nashville, the Soo Line, New York Central, Northern £24,089,000, or 4%; American railroad stocks,
Pacific, Oregon Short Line <j egon & Washington, £4,945,000, or 1.3%; African mines, £4,000, or




Jan . 8 1916.]

THE CHRONICLE

95

0.01%. British railroads, on the other hand, ad­ its and of £6,137,000 in other deposits. Other se­
vanced £1,635,000, or 0.8%.
curities (loans) increased £2,672,000 (representing
year-end borrowing) to £124,372,000, against £51,­
Paris seems to be returning gradually to more nor­ 421,918 in 1915 and £32,092,407 the year preceding.
mal conditions. Experiments are being conducted The Bank reports the amount of currency notes out­
by the military authorities increasing the lighting standing as of Jan. 3 of £97,525,099, which compares
of the city, latest reports showing that 24,000 lamps with £95,081,630 on Thursday of the week preceding.
are now in commission each night, comparing with The amount of gold held for the redemption of such
about 70,000 before the war began. On the Bourse notes remains at £28,500,000. Our special corre­
trading is said to be constantly broadening, although spondent furnishes the following details by cable of
the virtual suppression of trading for future delivery the gold movement into and out of the Bank for the
has not unnaturally restricted dealings. The French Bank week: Inflow, £1,252,000 (of which £848,000
Government, in order to satisfy the requirements of bar gold bought in the open market, £400,000 re­
the army, announces a general requisitioning of leased from miscellaneous account and £4,000 net
crude leather beginning Jan. 5.
received from the interior of Great Britain); outflow,
£1,626,000 (of which £372,000 exported to the United
The British Board of Trade reports an increase of States, £100,000 to South America, £50,000 to Spain,
£3,621,000 in British merchandise imports in Decem­ £31,000 to Canada, £50,000 to Switzerland, £23,000
ber and of £7,668,000 in exports. The principal in­ toother Continental points and £1,000,000 earmarked
creases in imports were in grain, flour and metals. India). We add a tabular statement comparing for
Dutiable imports of food, drink and tobacco decreased the last five years the different items in the Bank of
£4,000,000. The increases in exports were princi­ England return:
pally in cotton, iron and manufactured steel. The
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
following table shows the trade of the United Kingdom
1915.
1914.
1916.
1913.
1912.
J a n . 5.
Ja n . 6.
J a n . 7.
Ja n . 8.
J a n . 10.
in December 1915, compared with December 1914,
£
£
£
£
£
also for the full twelve months for each of these Circulation_______ 35,194,000 35,876,575 29,042,925 28,633,420 28,588,500
Public deposits___ 49,294,000 23,808,643
7,185,436
9,813,645
14,889,995
years:
Other deposits____ 105,835,000 133,348,529

---- M onth o f December---------From J a n . 1 to Dec. 31—
1915.
1914.
1915.
1914.
Imports............................. £70,938,000 £67,310,898 £853,878,937 £696,954,009
Exports............................. 33,947,000 26,278,928
384,646,817 430,230,725
Excess of Imports..........£36,991,000 £41,037,970 £469,232,120 £266,720,284

46,544,175 41,788,250 40,242,392
Gov't securities..__ 32,840,000 14,810,345 13,098,974 13,685,483 15,270,184
Other securities___ 114,747,000 108,921,870 32,092,407 32,694,654 31,971,920
Reserve, notes&coln 34,358,000 51,421,918 26,517,484 23,230,434 25,909,202
Coin and bullion__ 51,202,560 68,848,493 37,110,409 33,413,854 36,047,702
Proportion of reserve to liabilities
20.95%
32.75%
49.38%
45%
47%
Bank rate.............
6%
5%
4H%
6%
4%

The appended table gives the trade of Great
Britain for the year 1915, by months, compared
with the corresponding months of the preceding
The weekly statement of the Bank of France re­
year:
corded a decrease of 26,624,000 francs in gold hold­
----------- Im ports ----------- - ------------ Exports ------------ ings and 207,000 francs in silver.
The note circu­
1915.
1914.
1915.
1914.
January__________________£67,401,006 £68,005,009 £28,247,592 £47,806,165 lation showed the large expansion of 208,760.000
February________________ 65,268,814 62,053,651
26,176,937 41,261,797 francs.
General deposits increased 2,962,000 francs
March____ 1_____________ 75,590,918 66,947,315 30,176,066 44,518,661
April..................................... 73,678,288 61,626,830 32,169,733 39,946,822 and bills discounted were 8,498,000 francs higher.
M a y ____________________ 71,644,966 59,099,290 33,618,992 42,051,190
Juno_______________
76,117,79758,281,653 33,233,568 39,872,976 Treasury deposits were reduced 109,652,000 francs,
July.................................- - - 75,548,147 59,376,484 34,721,511
44,405,380 and the Bank’s advances indicate a contraction of
August---------------------------- 69,496,695 42,342,707 32,438,855 24,211,271
September — -------------70,292,91946,006,607 32,308,432 26,674,101 4.922.000 francs.
The Bank’s gold stock is 4,988,­
October.................................. 67,792,557 51,379,435 31,968,965 28,601,815
600,000
francs,
which
compares with 4,492,789,000
November........................... 71,647,130
55,518,130 35,638,619 24,601,619
December.............................. 70,938,000 67,316,898 33,947,000 26,278,928 francs reported to the French Chamber of Deputies
in December 1914 and 3,502,625,000 francs in the
Official bank rates at the leading foreign centers published statement at this date in 1914. Note
still remain as last quoted, namely, 5% in London, circulation aggregates 13,518,600,000 francs, against
Paris, Berlin, Vienna and Copenhagen;
in 9.986.041.000 francs reported in December 1914 and
Italy, Norway, Sweden and Portugal; 6% in Russia 6,017,474,600 francs at this date in January 1914.
and 43^% in Switzerland, Holland and Spain. The Other corresponding comparisons are not available,
open market rate in London has been advanced }/%% as the Bank of France statement was suspended on
to 534% for both long and short bills. A rate of 434% July 30 1914 and was not resumed until Feb. 4 1915.
is reported from Berlin, but at'other Continental cen­ General deposits aggregate 2,116,700,000 francs,
ters the figures are merely nominal and are subject to against 947,571,861 francs on July 30 1914 and 641,­
negotiations based on the official rates. The rate of 177,102 francs in January 1914. Bills discounted
discount at the Bank of Bengal, Calcutta, has been now aggregate 2,276,400,000 francs against 2,454,­
fixed at 7%.
280,475 francs in July 1914 and 1,741,719,683 francs
in January 1914.
The Bank of England reported a further loss of
gold this week of £373,847, bringing the total down
The Imperial Bank of Germany did not show the
to £51,202,500, against £68,848,493 at this date a large changes customary in the loan item at the end
year ago and £37,110,409 in 1914. Note circulation of the year. The explanation that comes from Berlin
indicated a contraction of £115,000 and the total re­ of this matter is that borrowers were able to get
serve a decrease of £259,000. The proportion of re­ cheaper accommodations at the so-called loan banks,
serve to liabilities has further declined, now standing the “darlehenskassen.” A considerable amount of
at 20.95% against 21.41% last week and 22.68% on money for the final settlement of the year was there­
Dec. 23 and 32.75% last year. The total reserve fore borrowed from these loan banks, the darlehens­
aggregates £34,328,000. One year ago the total was kassen then converting their certificates into cur­
£51,451,918 and in 1914 it was £26,517,484. There rency at the Reichsbank. This caused the note cir­
was a decrease of £373,000 this week in public depos- *culation of the latter to reach the record level of



96

THE CHRONICLE

[Vol. 102.

FEDERAL RESERVE BANK DISCOUNT RATES.

6 .9 1 8 .0 0 0 . 000 marks, the last week’s increase being
6 47.000.
000 marks. These operations of the darlehenskassen resulted in an increase in the Reichsb a n k holding of their certificates of 828,000,000 marks.

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

Despite the large increase of note circulation, the
gold covering of notes is still said to be equivalent to
Commercial Paver—
1 to 10 days maturity...
3 5 .3 % , or more favorable than all the preceding 11 to 30 "
"
...
31 to 60
“
"
.. .
years except one. Note circulation on Dec. 31 61 to 90 "
"
—
Ayrlcvltvral and
Live-Stork Paper—
amounted to 6,917,000,000 marks, which compares
91 days to 6 months maturity
with 5,045,899,000 marks in 1914 and 2,576,858,000
T ra d e Acceptances—
marks in 1913. The Bank’s gold increased during 1 to 10 days maturity..
31 to 60
"
"
-­
"
...
the week 3,800,000 marks, bringing the total up to 61 to 90 "
Paper—
2 .4 4 5 .0 0 0 . 000 marks at the end of the year, which 1Commodity
to 30 days maturity..
to 60
"
"
-­
compares with 2,092,811,000 marks in 1914 and 31
61 to 90
”
”
-­
1,179,970,000 marks in 1913.
A temporary display of strength in the call money
market occurred on Tuesday, rates reaching 3 % as a
maximum figure on that day. This was due to the
usual turn of the year disbursements, the highest figure
on Wednesday being 2 3 4 % and on Thursday and
Friday 2 % . So far as fixed maturities are concerned,
slight changes in the rates required by lenders took
place, but there was a noticeable disposition on the
part of banks to show a greater preference for railroad
securities and for the more conservative classes of
industrials in collateral. The statement furnished
for publication by Judge Gary, Chairman of the Steel
Corporation, warning against over expansion seem
to be quite effective in encouraging a spirit of greater
caution among lenders. The demand for loans on
American securities returned from abroad did not
appear as urgent as recently has been the case. The
British Treasury’s plan for the mobilization of Ameri­
can securities does not seem as yet to have been
placed in actual operation as a practical proposition,
so far as the sale of stocks and bonds or the utilization
of such securities as the basis of loans on this side is
concerned, the remarkable strength that has devel­
oped in the general sterling exchange situation during
the week having seemingly postponed the necessity
for prompt action in this respect by the British Treas­
ury officials. The weekly statement of the New York
Clearing House was published on Friday of last week
and was referred to in last Saturday’s issue of the
“ Chronicle.”
Referring to money rates in detail, the range for
demand loans on Monday was l / 4 @ 2 ) 4 % , with
renewals at 1 % % ; on Tuesday 3 % was the highest,
while 1 2 4 % was the lowest and 2 % the renewal
basis; on Wednesday 2*4 and 2 % were the highest
and lowest figures, respectively, 2 % continuing the
ruling rate; on Thursday 1 M @ 2 % was the range,
with renewals at the higher figure; and on briday
2 % was the highest, 1 % % the lowest and 2 % the
ruling rate. For fixed maturities sixty-day funds
closed at 2 3 4 @ 2 % % , against 2 ) 4 @ 2 ) 4 % a week
ago; ninety-day funds are 2 % % , against 2 )4 @ 2 ) 4 % ;
for four months 2 % @ 3 % (unchanged), five months
3 % (against 2 % @ 3 % ) , and six months 3 % (un­
changed). Rates ruling a year ago for time money
were 3 ) 4 @ 3 ? 4 % for all maturities up to four months
and 3 3 4 @ 4 % for five and six months.
Discounts
remain at 3 @ 3 ) 4 % for sixty and ninety-day endorsed
bills receivable and for six months’ single names of
choice character. Names not so well known still
require as high as 3 )4 % • Bankers’ acceptances re­
main at 2 % for sixty and 2 ) 4 % for ninety-day ma­
turities. N o changes have been reported this week
in the posted rates of the Federal Reserve Banks.



91 days to 6 months maturity
Authorized rate for discount of bankers' acceptances. 2 to 4%
A rate of 31* 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

The sterling exchange situation is confirming in a
practical way our remarks of the last few weeks that
conditions are now well in hand and in permanently
better shape. In response to a demand for remit­
tances connected in some measure with the regular
New Year disbursements, rates for demand bills
have risen sharply, touching as high as 4 78, which
compares with a closing rate of 4 / 334
I riday last
and a low level of 4 50 reached early in September
last. On Friday a renewal of selling forced rates
down sharply, demand bills closing at 4 7 5 )4 •
W e have referred in a preceding paragraph to
the details of the plan of the British Treasury for
the mobilization of American securities in the English
market. There appears to be a growing sentiment in
usually well-informed banking circles at this center
that there will be no pressing necessity to force the
security mobilization plan into operation, as the
emergency it was intended to meet has been nego­
tiated successfully without resorting to the new plan.
Aside from shipping gold this way across the Atlantic,
the British Government is encouraging the exporta­
tion of merchandise from British ports. On the other
hand, the emergency orders for ammunition and war
material in general seem to have culminated, British
and French manufacturers having displayed a degree
of energy and ingenuity quite as active as American
manufacturers in forcing the production of shrapnel
shells and high explosives in general. Under these
circumstances, there seems no question that the
deliveries on contracts made on this side will not
much further increase, and that the proceeds of the
Anglo-French loan and of the $50,000,000 bank credit
will be sufficient, in connection with regular interna­
tional banking arrangement ofaroutine character,to
carry the situation along for some time in a satisfac­
tory manner. There is one influence that the se­
curity mobilization scheme will exert, regardless of
the extent to which it in practice is utilized. W e
refer to the sentimental and steadying influence con­
tained in the knowledge that the plan has been per­
fected and can be utilized at a moment’s notice.
This assurance is quite sufficient, we believe, to pre­
vent the development of any out-of-routine demand
for remittances. As a rule it is only people who are
afraid they will not be paid who are insistent. When
they know funds are waiting for them they would
rather let such funds remain out at interest.
The
weekly statement prepared by the Department of
Commerce of importations and exportations of mer­
chandise through the leading customs districts, were
again somewhat below expectations last week, the

J a n . 8 1916.]

THE CHRONICLE

97

New Year holidaj7-, however, being an influence of
this result. The report showed exports valued at
863,534,476 and imports of 837,881,835; hence, a
balance in favor of-exports of 825,652,641, comparing
with 824,730,965 the week preceding and 851,737,092
for the week of Dec. 18. The gold arrivals from Lon­
don this week have aggregated 82,333,250, including
81,301,250 which arrived on the St. Louis and $782,­
000 on the Baltic, both on Sunday, and $250,000
on the Finland, which came in on Jan. 4 . In addi­
tion, 82,000,000 came from Cuba.

themselves and have thus become a comparatively
slight factor in the general foreign exchange situation.
Sterling checks in Paris closed£at 27.80 francs,
on Thursday (no report having been received by cable
on Friday), against 27.82 francs on Thursday of last
week. In New York bankers’ checks on Paris have
risen to 5 8 3 % from 5 86 a week ago and cable trans­
fers are 5 8 2 % at the close against 5 8 5 ’a week ago.
Bankers’ sight drafts on Berlin finished at 73 against
76 a week ago and cable transfers at 7 3 % against 76
last week. Austrian kronen are 12.30 against 12.95.
Swiss exchange has ruled firmer, closing at 5 1 1 @ 5 12
Compared with Friday of last week, sterling ex­ and 5 1 0 @ 5 11 for sight and cables respectively,against
change on M onday (Saturday was a holiday) was 5 26 and 5 2 4 % last week. Bankers’ sight on Amster­
firm; rates, however, showed but little change, de­ dam is 4 4 % , cables 45 and commercial sight 4 4 ,
mand being quoted at 4 7 3 % @ 4 7 3 % , cable trans­ comparing with 45 5-16, 4 3 % and 43 1-16 a week
fers at 4 74 1 -1 6 @ 4 7 4 % and sixty days at 4 7 0 % ago. Italian lire are 6 59 for sight and 6 58 for cables;
@ 4 7 0 % ; further gold imports as well as sales of last week the corresponding figures were 6 61 and
American securities for foreign account exercised a 6 60. Greek exchange is quoted on the basis of
strengthening influence, though trading was not 5 1 5 % — unchanged for the week. Checks on Copen­
active. On Tuesday demand bills advanced to hagen are quoted at 27.80 against 27.35, while
4 7 4 % @ 4 7 4 % — the highest point reached in the demand bills on Norway and Sweden are 28.10 against
present upward movement; cable transfers went as 27.65. Russian rubles remain weak, closing at
high as 4 7 4 % @ 4 7 5 % and sixty days 4 7 1 @ 4 71 % ; 2 9 % @ 2 9 % , against 2 9 % @ 3 0 last week.
continued selling of American securities for account
of Europeans and covering of shorts were the chief
The New York Clearing House banks, in their op­
features of the day’s operations. A further rise was
erations with interior banking institutions, have
recorded on Wednesday, when cable transfers
touched 4 7 6 % , a rise of about 20 points from the gained $3,368,000 net in cash as a result of the cur­
low record of September 1915; the low for the day was rency movements for the week ending Jan. 7. Their
4 7 5 % ; demand likewise moved up to 4 7 5 % @ 4 7 5 % , receipts from the interior have aggregated $ 11,647,­
and sixty days to 4 7 2 @ 4 7 2 % ; as on previous days 000, while the shipments have reached $8,279,000.
of the week, the principal factor was the active for­ Adding the Sub-Treasury operations and the gold
eign selling of American securities. On Thursday imports, which together occasioned a gain of $ 8 ,6 4 2 ,­
an almost sensational advance took place under the 000, the combined result of the flow of money into
pressure of inquiries, resulting from persistent sell­ and out of the New York banks for the week appears
ing of our securities for account of foreign interests, to have been a gain of $12,010,000, as follows:
and demand bills sold up to 4 78 and cable transfers
to 4 7 8 % , with the low 4 7 5 % and 4 7 6 % , respec­
tively; sixty days went to 4 7 3 % @ 4 7 3 % . On Fri­
day the market reacted sharply and demand was
quoted at 4 7 4 % @ 4 7 7 % , cable transfers at 4 7 5 % @
4 78 and sixty days 4 7 2 @ 4 7 2 % . Closing quota­
tions were 4 72 for sixty days, 4 7 5 % for demand and
4 7 6 % for cable transfers. Commercial on banks

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

7.

In to
B a n ks.

Out o f
B a n ks.

N e t C h a n g e In
B a n k s H o ld i n g .

Banks' interior movement_________
Sub-Treas. opcr’ns and gold imports.

$11,647,000
24,844,000

$8,279,000 Gain $3,368,000
16,202,000 Gain 8,642,000

Total ______ _________ _____ _____

S36.491.000

S24,481,000iGain $12,010,000

The following table indicates the amount of bullion
in the principal European banks:
Jan.

6 1916.

Jan.

7 1915.

(sixty days) closed at 4 7 0 % , documents for payment B a n k s o f
T o ta l.
T o ta l.
G o ld .
S ilv er.
S ilv e r.
G o ld .
finished at 4 71 and seven-day grain bills at 4 7 4 % .
£
£
£
£
£
£
68.848,493
England.. 51,102,560
51,102,560 68,848,493
Cotton for payment closed at 4 7 5 @ 4 76; grain for France__ 199,545,560 14,003,280 213,548,840 172,000,000 14,000,000 186,000,000
Germany. 122,095,350 1.850.000 123,945,350 104,712,500 2,958,900 107,671,400
payment 4 7 5 @ 4 76.
Russia__ 187,855,000 3.526.000 191,381,000 176,700,000 4.703.000 181,403,000
Aus.-Hunc 51.578.000 12.140.000 63.718.000 51.578.000 12.140.000 63.718.000
In contrast with the strength in sterling has been Spain___ 34.690.000 30.113.000 64.803.000 22.890.000 28.281.000 51.171.000
Italy____ 43.904.000 4.304.000 48.208.000 47.607.000 2.777.000 50.354.000
530,300 36,185,300 17.343.000
225,600 17,568,600
spectacular weakness in exchange on Berlin and Netherl'ds 35.655.000
Nat.Belgb 15.380.000
600,000 15.980.000 15.380.000
600,000 15.980.000
9,509,900
9,952,800
9,509,900
Switz'land
9,952,800
Vienna.
Reichsmarks on Friday touched the new
5.809.000
6.594.000 5.809.000
Sweden . .
6.594.000
250,000 4.526.000
228,000 6.159.000 4.276.000
low level of 7 1 % , representing substantially a Denmark 5.931.000
2.246.000
3.644.000 2.246.000
N orw ay.. 3.644.000
discount of 2 3 % in the local market, while sterling Tot. week 767,927,270 67.294,580 835,221,850 698,899,893 65,935,500 764,835,393
at 4 78 for demand bills represents a discount of Prev. week 765,292,037 67,009,340 832,301,377 696,303,110 65,398,000 761,701,110
substantially 1 % % .
Kronen, too, touched a new
c July 30 1914 in both years, h Aug. 6 1914 In both years.
low level on Thursday, namely 12.25, which com­
pares with 12.95 on Friday of last week and 13.30
T H E PERSIA A N D T H E S U B M A R I N E
the week preceding. These sensational declines are
QUESTION.
attracting new interest in foreign exchange circles,
In a week of striking occurrences in the field of
suggesting as they do important developments that
have not yet come out into the open. So far as our international relations, it would be hard to say
the weakness in the exchanges with the Teutonic which news made the greater impression on the public
Alliance, there is this to be said: Exportations of mind— the sinking of the Persia, almost on the day
securities to this country have undoubtedly been of the Austrian Government’s disavowal of previous
completed. Meanwhile exportations of merchandise submarine outrages, or the German Government’s
are at a standstill, and there is no reason to purchase repudiation, only a few days later, of any concern in
a sufficient amount of exchange either on Berlin or the Mediterranean attacks on passenger ships, and
Vienna to keep rates up. W ith the seas closed against its promise of reparation for the Lusitania. This
them both Germany and Austria are living within last event was in many ways an incident of exceed


98

THE CHRONICLE

ingly happy omen. The financial markets promptly
recognized that fact. But the week’s events had of
themselves shown the sagacity of the policy pursued
of late by the Berlin authorities. Indeed, we
should say that nothing could better demonstrate the
recklessness and futility, from a diplomatic point
of view, of the practice of the Teutonic belligerents
in their submarine campaigns, than the past week’s
affair of the Persia. The year 1915 had just gone
out with an outburst of reassurance and jubilation,
on the Stock Exchange and elsewhere, over the avert­
ing of an imminent crisis between our Government
and Austria. The note from Vienna as published
last week had declared that the Austrian Govern­
ment “ fully agrees with the Washington Cabinet
that the sacred laws of humanity should be taken into
account also in war,” and that “ the Austro-Hunga­
rian Government can positively concur in the princi­
ple that enemy private vessels, so far as they do not
flee or offer resistance, shall not be destroyed before
the persons on board are secured.” In the case of
the Ancona, it was further stated, the commanding
officer had already been punished for violating such
rules.
Hardly more than twenty-four hours had elapsed,
after the publication of the text of this note, when the
hope that the exasperating controversy had been
ended was dashed by the news, received at the end
of last week, that on the preceding Thursday a
Peninsular & Oriental liner, the Persia, with 511
people on board, had been destroyed in the morning
off the coast of Egypt; that the loss of life was esti­
mated at 240, including the United States Consul at
Aden, on his way to his post; that the steamer was
unwarned; that she sank in five minutes, and that
it was owing to the impossibility of launching more
than a few boats that nearly half the people on board

[Vol. 102.

public opinion long ago reached the positive conclu­
sion that these actions were in the nature of a Gov­
ernmental crime. Their repetition has already been
so obstinate, and in the circumstances sosynicaland
brutal, that it is not to be wondered at that the pre­
sumption persisted that this was merely another in­
stance, like the Arabic, in which the Admiralty
seemed to have determined on continuing its law­
less course in virtual defiance of the civil govern­
ment.
It is scarcely necessary to go into the question,
what would be the position of the Austrian Govern­
ment if this were proved to have been the act of an
Austrian submarine. It would amount to repudia­
tion of plighted faith, involving not only dishonor to
the Government, but a challenge to the civilized
world. W e have referred to the Austrian Charge’s
suggestion that circumstances might have warranted
such action. This might mean either that the ves­
sel attempted to escape, or that her character was
that of a belligerent. But the first supposition was
excluded by the immediate sinking of the ship after
she had been wrecked without warning. As to the
second, the Persia was certainly not a troop ship or a
munition ship. Already, therefore, discussion has
begun, in Germany particularly, as to whether the
admitted fact that the Persia carried a 4 .7 inch gun
made the ship fair prey as a belligerent.
But the United States Government is already on
record as to that point. Our State Department, in
setting forth to the German Government our atti­
tude in that matter, put the case thus. The salient
parts of the formal memorandum then submitted
were these:

“ A merchant vessel of belligerent nationality may
carry an armament and ammunition for the sole
purpose of defense, without acquiring the character of
were lost.
a ship of war.
Some of the particulars of this deplorable event are
“ The presence of an armament and ammunition on
not yet at hand. N o submarine was actually seen, board a merchant vessel creates a presumption that
though it was reported that one of the vessel’s officers the armament is for offensive purposes, but the own­
had detected the track of a torpedo.
On the face ers or agents may overcome this presumption by
of things, it remained possible that the steamer was evidence showing that the vessel carries armament
solely for defense.
destroyed by a mine. Our own Government prop­
“ Indications that the armament will not be used
erly suspended final action pending an answer from offensively are: 1. That the caliber of the guns car­
Vienna as to whether the act was that of an Austrian ried does not exceed six inches. 2. That the guns
submarine. The Austrian Charge at Washington and small arms carried are few in number. 3. That
appealed for the withholding of judgment pending no guns are mounted on a forward part of the vessel.
ascertainment of the facts, first, whether the Persia 4. That the quantity of ammunition carried is small.
5. That the vessel is manned by its usual crew and
was destroyed by a submarine, second, whether, if
the officers are the same as those on board before
a submarine, it was an Austrian vessel, and third,
war was declared.”
“ whether the circumstances were such as to warrant
These stipulations, with the further proviso that
the action taken.”
He added that if the commander
of the submarine had disobeyed instructions, “ I feel the vessel was sailing on her usual trade route, that
that m y Government will not hesitate to adjust the she carried a purely commercial cargo, and that her
matter satisfactorily.”
passengers were, as a whole, not destined for mili­
Vienna has not yet answered at this writing, and tary service, indicated our Government’s very posi­
the questions whether the disaster was occasioned tive attitude on this moot question.
It is yet to be seen how far this attitude will have
by a submarine or not, and, if so, whether the sub­
marine was or was not an Austrian vessel, still remain to be officially referred to in the matter of the Per­
unsettled. Pending the proper allowance of time sia. Germany yesterday disavowed formally all
for such inquiry, our people have exhibited the same possible responsibility for the Persia episode. Never­
self-restraint as the Government, and the same as theless, whatever the actual result of the investiga­
they themselves had already exhibited on previous tion of facts in the present instance— and every one
occasions of the sort. But underneath this evidence hopes that the circumstances may not prove to have
of restraint there has been a very strong feeling in the been what every one seems to suspect— we feel bound
matter. That the general belief, right or wrong, has to point out that the general question of submarine
been that the act was one of a submarine, under the outrages has been brought up again for consideration.
control of the same Governments as were responsible N o one contends that the Persia was a war vessel;
for previous outrages of the kind. American no one denies that a great number of innocent non­



J an 8 1916.]

THE CHRONICLE

99

combatants were on board; there is no question that ernment is doing in its present negotiations is to up­
they were destroyed; if destroyed by a submarine, hold the rights of our own citizens and of all neutral
without a chance for rescue. Nor is there any denial citizens under international law, and both Germany
that, supposing all this to be true, it would merely and Austria have at least tacitly admitted that inter­
repeat what has previously happened in deliberate national law protects them under the circumstances
submarine attacks. For ourselves, we must confess described. W hen the war is over, we are confident
to considerable impatience at the splitting of hairs that the barbarous and inhuman practices, which
over the caliber of the small guns such as are habitu­ have given a peculiar shade and infamy to this part
ally carried by such ships in war and peace, when the of the maritime campaign, will be formally pro­
nature of the act of the submarine (if submarine scribed in a convention of the civilized Powers, and
it was) is in no doubt whatever to any intelligent that the German and Austrian Governments will
either concur in such agreement— regardless of the
man.
This, as we see it, is the attitude of the American theory of “ reprisals” for the blockade of a coast by
public, despite their self-restraint pending the full a hostile fleet— or else by implication withdraw from
ascertainment of the cause of the sinking of the the circle of civilized States which prescribe hu­
Persia. As we have said, the hope remains that the manity in war. Until that time, however, the
facts will exonerate the Austrian Government. United States Government has no recourse but to
That we are yet to see. In the meantime, a word hold any guilty party to account, whatever the im­
is necessary on the informal debates in our Senate on mediate consequences.
the general question involved. That debate con­
verged, in the main, on the question whether Ameri­
cans are justified in traveling on ordinary passenger
ships or liners flying the flag of a belligerent. Whether
this question is germane to the real inquiry or not—
and we hold it not to be germane— the attitude of mind
exhibited in the Congressional debate calls for some
comment. Senator Works of California summed up
one side of the matter in saying, “ Although the right
to travel on belligerent ships may be conceded at
law, surely there is a moral obligation on the Govern­
ment and citizens of the United States to avoid being
drawn into this war.” Senator O ’Gorman of New
York remarked on the fact that our citizens had been
advised by the Government to leave Mexico when the
period of anarchy began.
In reply to the query as to whether or not it was
“ unpatriotic for the American Consul M cNeely to
travel to his post on the Persia,” Senator Jones of
Washington retorted that “ he ought to have hunted
up a neutral ship,” and Senator Chven of Oklahoma
produced the suggestion that “ if an official of the
Government had no other way of getting to his post,
the Government should send him on a war ship.”
But these suggestions by no means embodied the
prevalent opinion in the Senate. Senator Borah of
Idaho asserted emphatically “ the right of neutrals to
travel in safety on merchantmen of belligerent coun­
tries,” and Senator Nelson of Minnesota set forth
very pointedly that “ as many neutral ships as bel­
ligerents have been blown up” — a fact perfectly
well known to every one who has followed with
any care the course of events in the submarine cam­
paign.
To us this Senatorial debate seems particularly
futile. Whatever the abstract merits of the case,
Ameri can citizens cannot be forbidden to use such
ships; they could only be advised to abstain from using
them. The bill proposed by Senator Gore of Okla­
homa, “ to prohibit the issuance of passports for use
on vessels of a belligerent country,” strikes us as the
most far-fetched of all expedients, for doing what the
Government has no obvious right to do. In the end
it would be impossible to withdraw legitimate G ov­
ernmental protection if a citizen, while enjoying
the rights which belong to him under international
law, even
though
ignoring the Government’s
advice, were to be unlawfully put to death upon
the sea.
The question at issue seems to us far more weighty
than these technical considerations. W hat our Gov­



A L L I A N C E S FOR D E FENSE.
Announcement of the formation of a new protec­
tive and defensive alliance by business men in M assa­
chusetts recalls the protest, some eighteen months
ago, by the Massachusetts Alliance of Manufacturers
and Employers Associations. That unusual title is
itself suggestive, since it means an association of
associations, and the object of protest then was not
tariff reductions, actual or prospective (as might
naturally have been inferred), but excessive legisla­
tion and the occasion for dreading that. W ithout
repeating the details of the protest, which were given
carefully in the “ Chronicle” seven months ago
[June 5 last, p. 1870], these men cited the enormous
increase in the number of bills offered in the legisla­
ture and declared the greatest problem before the
State to be the retention of her industries, which
she is expelling by constricting them overmuch by
regulation in the name of the general welfare. The
head of one of the largest woolen manufacturing con­
cerns said publicly that he would run his mills out
of the State if that were physically possible. M anu­
facturers were forbidden to do forty specific things
and commanded to do sixty-one other things; the
commandments and prohibitions were thickening in
number, and these men felt compelled to ask for a
term of peace, for cessation of activity by “ social
uplifters and agitators,” and “ for the rest of us time
to get acquainted with the multitude of laws show­
ered upon u s.”
Now the new organization announced is the Asso­
ciated Industries of Massachusetts, and the object is
to keep watch upon proposed legislation, to prevent
the enactment of new follies by ignorance in legisla­
tors and selfishness in class interests, and, as rapidly
as possible, to revise intelligently what already stands
on the statute books. In no degree or sense is it
intended to have this employ or resemble lobbying.
The Association hopes to induce study by its own
members, and then to bring their practical knowledge
to bear upon the treatment of the propositions which
come up at the capitol. The organizers do not lose
hope as to the feasibility of enlightening the selfish­
ness of labor, for they believe it possible to gradually
make employees perceive the substantial identity of
interest between counting-room and workshop; to
come and examine and reason together, instead of
quarreling over the rights of labor and its just share in
product, will be the aim.

100

THE CHRONICLE

In five years over 62,000 “ laws” made by all legis­
lative bodies combined, and over 65,000 decisions
(recorded in 630 volumes of reports) made by courts
of last resort, not trial courts— this ought to appall us
and halt the process, but we have gradually grown
wonted to it, and it goes on without sign of abate­
ment. The present Congress signalized its opening
day on Dec. 6 by rushing in a log-jam of over 1,100
bills in the Senate alone, and one Albany correspond­
ent tells us that the session there opened on Wednes­
day “ with a rush.”
“ An unprecedented flood of
bills (he says) flowed in to the desks of both houses;
there were 67 in the Senate and more than 150 in
the lower house; the oldest members of the legisla­
ture could not recall to-day when the opening of a
session had brought such a deluge of bills on the
initial d ay .”
How often, and for how long a time, must it be
pointed out that the majority of legislators are men
without practical knowledge of business; that ig­
norance, inexperience and presumption go along to­
gether; and that this matter of legislation has gradu­
ally got upon an assumption which is utterly un­
sound? Grant that the function of legislation is
to “ make” laws, they should be made only upon
clear evidence that they are necessary and practical;
study of the subject should precede action, and study
of the effects should follow in every instance, before
taking any further step. There are periodical com­
missions of inquiry, but they rarely produce anything
of value. Instead of deliberating, revising, proceed­
ing step by step and challenging every new proposi­
tion to justify itself, the deluge of crude and impossi­
ble stuff goes on; much is lost in the struggle,
but some gets through, and nobody takes ac­
count of how it operates or even if enforcement is
attempted.
The quality of legislation is inversely as the quan­
tity. The mischief is not merely in struggling to live
with what we already have, for considerable of it is
forgotten, as was the “ alien labor” law in this State;
the menace of what may come is a constant retardant
upon business initiative. Upon the usual problems
of business have been piled the inexplicable problem
of the duration of this war and the situation in which
its close will leave the industrial and commercial
world; no man is equal to seeing through these
troubles
of
the
future, yet,
in
the
midst
of it all, the theorists and politicians keep on in
their wild meddling, and no business man can
guess what further difficulties they
may
set
before him.
Verily, it is time business men came together, stood
together, and acted together, for the self-protection
which is the first law of life. They should not be
deterred lest they be accused anew of “ conspiracy.’ ’
It is better to remonstrate and explain, with the
patience required, and thus to prevent trouble, than
to brace the back for struggling under more burdens.
An example may be found in the Association of Life
Insurance Presidents, which directs considerable of its
energy to watching legislation, and by self-restrained
remonstrance, carefully pointing out that the objec­
tions made are in the public and not in any private
interest, succeeds in preventing much legislative mis­
chief. On the other hand, silence is assumed to be
consent, and then the well-meaning theorist declares
that he “ knows” the country is with him in his
notions for helping business and enacting pros­
perity.



[Vol. 102.

RETROSPECT OF 1915.
While the year 1915 will forever live in history by
reason of the gigantic and terrible war in Europe,
with its appalling loss of human lives, its unparalleled
destruction of property, its prodigious expenditure
of capital and dissipation of accumulated savings
and wealth, the miseries it entailed, the sacrifices it
made necessary and the blot upon civilization which it
and the barbarous and inhuman methods employed in
its prosecution constituted— while the year will al­
ways be remembered because of this awful visita­
tion and the attendant events, it will in addition hold
a distinctive place in American trade annals because
of the part the war played on the course of business
here and the sudden and wonderful transformation
it brought about in the whole realm of industrial
affairs in this country. In the long run it is no doubt
true that one part of the world cannot count on
thriving upon the miseries and calamities of other
parts; yet in this instance it is undeniable that the
United States has been deriving important advan­
tages and benefits from the train of events growing
out of the frightful conflict in Europe.
The outbreak of hostilities occurred in the previous
year and the first effect here was disorganizing in
the extreme, the same as among the belligerents
themselves. Evidence of this is furnished in the
fact that the New York Stock Exchange was forced
to suspend business immediately upon receipt of the
news, for the first time since the panic of 1873, and
had to be kept closed for a period of over four
months. During 1915, however, the situation was
completely reversed. The countries engaged on one
side of the conflict, namely the Quadruple Entente,
composed of Great Britain, France, Russia and Italy,
drew, in unlimited degree, upon the resources and
productive capacity of the United States in seeking
to carry the war to a successful conclusion. The
other set of belligerents, the great Central Powers
of Europe, made up of Germany, Austria and Tur­
key, and to which was subsequently added Bulgaria,
would no doubt also have availed of our resources
if Great Britain’s command of the seas had not
closed the ocean lanes to them and cut them off
completely from foreign commerce with the United
States.
The Quadruple Powers needed our grain supplies
and our foodstuffs generally. They called upon us
for large amounts of supplies of other kinds and they
placed orders here for munitions and for military
stores of all descriptions. N ot only did they buy all
•these things of us, but their necessities were such that
we were enabled to fix our own prices for what they
so urgently wanted. Their vast accumulations of
savings and of wealth were used freely in making
payment here for the things which they were forced
to buy from us. Large benefits necessarily accrued '
to the United States from this state of things. The
losses were those of the belligerent countries, the
gains were unquestionably and indisputably ours.
The year was one of contrasts and of startling trans­
formations and in what has been said the reader has
the reason for the complete reversal of position which
occurred in so many directions. Slowly, but surely,
this pouring of the wealth of Europe into the lap of
the United States exercised a stimulating influence
upon trade and upon the country’s general activities.
It may have been literally blood money that we were
getting, but it was a factor of great potency never-

Jan. 8 1916.]

THE CHRONICLE

101

theless and put new life into many industries which, I it was able to make a voluntary advance of 10%
as it happened, were sadly in need of some quicken­ in the wages of its unskilled labor.
ing impulse. Many misgivings were felt as to the
On the Stock Exchange minimum prices were still
ultimate gain that might be looked for, and the re­ in effect when 1915 opened— a flood of foreign selling
sponse of domestic trade was for a long time slow, being particularly feared— and, as a matter of fact,
but eventually as the war went on and Europe’s during the early months of 1915, these minimum
gold continued to flow this way the cumulative effect prices had to be repeatedly lowered in order that
became overwhelming and, other favoring develop­ trading might go on. The shares of the Steel Cor­
ments also coming in at the same time, one branch poration, strange as it may now seem, furnished an
of industry after another fell in line. In other instance where this drastic process had to be applied.
words, at first only the industries directly engaged It was not until the last day of March after a great
in filling war orders manifested activity, chief among speculative revival on the Exchange that the special
which was the iron and steel trade; later the move­ Committee of Five of the New York Stock Exchange
ment spread until eventually all came within its em­ charged with the duty of exercising control over prices
brace. Even in steel, however, progress was very felt justified in abolishing all price limitations and
slow and the year was well advanced before producing other restrictions, the order becoming effective
April 1.
The advances in Stock Exchange prices
capacity was employed to its full extent.
The transformation in outlook and in condition in the remaining months of the year were startling
between the beginning and the end of the year was in their magnitude.
unquestionably one of the most wonderful on record.
As regards the foreign exchange market, the coun­
This comment applies to the foreign exchange mar­ try, when 1915 opened, had completely emerged from
ket, it applies to the situation on the Stock Exchange, the derangement of the exchanges produced by the
and no less so to the labor market and to the state sudden outbreak of hostilities in Europe, accompanied
of the country’s general trade and business. Memo­ by the declaration of moratoria by the leading coun­
ries are short and, having become accustomed to the tries of Europe, these latter having made American
change, most persons have probably already for­ credits abroad, even in the case of the United King­
gotten that when the year opened unemployment dom, unavailable for the time being. Sterling sight
was so pronounced that the problem of taking care bills on London, immediately following the outbreak
of the idle during the cold winter months became of war, had got up to $7 a £, and while, by the
pressing and serious. Special commissions were ap­ end of 1914, exchange rates were back to normal fig­
pointed in several of the larger cities for dealing with ures and gold imports might have been made if the
this problem and for providing measures of relief. Bank of England had interposed no obstacles, some
In this city investigations and inquiry brought forth concern was still felt in certain quarters as to the
data that indicated that in New York City alone no safety of our stock of gold in view of the impending
less than 400,000 persons customarily employed were liquidation in this market of foreign-owned American
for the time being idle.
securities. The feeling still was that we might be
That the situation here was symptomatic of affairs overwhelmed by this flood of securities. It was not
in other parts of the country is evident from the until Jan. 7 1915 that simultaneous formal announce­
circumstance that the year 1914 had closed with the ment was made in London and Washington of the
steel mills employed to only about 30 to 35% of their discontinuance of the International Conference be­
capacity. Business in the United States had not tween the United States and Great Britain which
been good even before the war broke out in 1914; had been inaugurated the previous October with the
the occurrence of that cataclysm produced utter arrival here of commissioners from Great Britain at
demoralization in all the activities of the United the invitation of Secretary of the Treasury M cAdoo.
States, and the country was still suffering from the
A week subsequently a hint was conveyed of the
upheaval when 1915, the year under review, opened, complete reversal of the exchange situation which was
leaving the demand for labor and for everything else in prospect. In other words, on Jan. 15 there came
extremely slack. As subsequent events have demon­ another simultaneous announcement in London and
strated, however, things were at their very worst New York, but this time by the bankers in the two
at that time. The turn of the year marked also the countries and much more far-reaching in importance
transition from the period of gloom and depression and significance. These bankers then stated that
into brighter vistas. Recovery and convalescence they were “ authorized to say that after a conference
were necessarily slow for a time, but progress towards held by the Chancellor of the Exchequer with the
renewed activity under the stimulus of the orders London bankers, it was resolved that inasmuch as
from abroad was steady and uninterrupted, and in exchange between the United States and the United
the last three months of the year business activity Kingdom was now substantially normal, no definite
proceeded with a rush and gained tremendous action at the present time was required, but that if,
momentum. Accordingly at the end of 1915 there during the continuance of the war, or for one year
was practically no unemployment except among the thereafter, the exchanges between the two countries
chronic indigent. Indeed, there was a positive should become such that gold exports from either coun­
dearth of labor. A good illustration of the complete try to an unreasonable amount might result,commit­
reversal in the tide of affairs was the fact that steel tees of bankers could be appointed in the United
making was now engaged to full capacity, a flood of States and in the United Kingdom, respectively, to
home orders, coming on top of the foreign demand, consider plans for dealing collectively with the situa­
having overwhelmed producers, so that premiums tion by such methods as may seem at the time mu­
had to be paid to ensure prompt delivery. While the tually desirable.”
Steel Corporation early in the year was obliged to
This statement looked a great way ahead and subsuspend dividends on its common stock, such were i sequent events showed the necessity for the course
its earnings and prospects at the end of the twelve of action suggested. The exchange market again
months that immediately after the close of 1915 became demoralized, but this time by reason of a



102

THE CHRONICLE

great drop in quotations, and the following Septem­
ber sterling demand bills on London were quoted as
low as $4 50. This was notwithstanding very heavy
shipments of gold to the United States in the interval.
But the trade balance which was steadily accumu­
lating in favor of the United States by reason of the
heavy purchases here on foreign account was of such
huge dimensions that it was impossible to liquidate
it by shipments of gold. At various times during
1915 credits of one kind or another were established
here in favor of the European countries— Great Brit­
ain or France or Russia or some of the minor nations
— for the purpose of correcting the dislocation of the
exchanges. All this, however, did not suffice, being
indeed, in view of the magnitude of the trade balance,
hardly more than a drop in the bucket. Heroic
measures were necessary for dealing with the prob­
lem. The state of the exchanges was not alone be­
coming exceedingly disconcerting to the debtor
countries, but threatened grave danger to all con­
cerned, not excepting the United States.
Accordingly a joint commission came here from
Great Britain and France for the purpose of nego­
tiating an external loan of unexampled magnitude.
They undertook to raise $1,000,000,000, but on the
advice of banking interests concluded to rest satis­
fied with $500,000,000. This loan was placed here
in the shape of 5-year 5 % obligations,' and the Com­
missioners succeeded in obtaining a price of 96 for
the obligations, making the actual yield in money
$480,000,000. The loan was placed here through
J. P. Morgan & C o., with the co-operation of the
leading banking and investment houses throughout
the country. The underwriting of the loan proved
an unqualified success. The public offering, how­
ever, which was at 98 and afforded a yield to ma­
turity of 534%, met with rather a limited demand,
in part, however, by reason of the fact that practically
every one who desired to do so was allowed to par­
ticipate in the underwriting, and thus obtain the
bonds at 96 plus a commission of about % % for ex­
penses, making the cost of the bonds 9634, at which
figure the yield was almost 6 % per annum on the
investment.
Even after the placing of this huge loan, sterling
exchange rates, though having sharply recovered
from the extreme low point reached in September,
manifested considerable weakness at times. But
the British Government and British banking inter­
ests were determined to deal effectively with the
situation, and as a further move in the rectification
of the exchanges a separate bankers’ credit in favor
of Great Britain was subsequently established here
for $50,000,000. Large shipments of gold from
London to the United States were also kept up, and
finally the British Government undertook a mobili­
zation of English-owned American securities on a
large scale. This mobilization was with a view to
either selling the securities thus collected in New
York or securing loans upon the same here.
It remains to be said that entirely independent of
the action of the British Government persistent and
heavy liquidation of American securities on foreign
account was in progress here all through the year.
By these various methods and processes complete
control of the exchanges was gained towards the end
of the year. In December sight sterling on London
advanced from 4 7034 to 4 7434 and French exchange
also showed great firmness. This was more note­
worthy in view of the renewed demoralization of



[Vol . 102.

Austrian and German exchange, the latter dropping
to new low records. As Germany’s and Austria’s
trade with the United States was completely cut off,
they had no trade debts of any consequence to settle
here and no considerable amount of exchange bills
to offer. But this absence of foreign trade cut both
ways. There being no trade, the United States
was making no purchases from those countries, and
accordingly there was no demand whatever for the
small amount of exchange offering. That seems to
have been the explanation of the renewed decline
in exchange rates on the Teutonic countries.
As to the extent to which the rest of the world—
outside of the Central European Powers, namely
Germany, Austria and Turkey— became indebted
to the United States, an idea of its magnitude is
furnished by the foreign trade statistics. For the
12 months ending N ov. 30 merchandise exports of the
United States reached the huge total of $3,437,292,­
533, against only $2,101,187,120 in the preceding
year and $2,501,138,471 in 1913. The merchandise
imports, on the other hand, were only $1,730,243,229,
against $1,858,645,027 in 1914 and $1,762,666,353
in 1913. This gave a trade balance in the prodigious
sum of $1,707,049,304, against only $242,542,093
in 1914 and $738,472,118 in 1913. The net gold
importations for the twelve months reached $390,­
983,419, against net exports of gold in the previous
year
of
$174,705,790 and net exports of
$11,854,239 in 1913.
The improvement in domestic trade was slow and
did not come, as already stated, until the last third
of the year. Such improvement as ensued before
that time was confined to the industries stimulated
directly or indirectly by war orders. Work in execu­
tion of these war orders did not proceed at a very
great pace until the second half of the year, it being
necessary to acquire the requisite tools and the other
special facilities needed. Such war orders even­
tually, however, proved a stimulating agency of great
force and potency, as set out above, and finally do­
mestic trade was carried along on the tide and itself
began assuming larger and still larger proportions.
Two important and powerful influences tended to
keep domestic trade in check until the latter part of
the year. One was the deplorable condition of the
railroad industry, and the other the depression and
lassitude in the South. The outbreak of war in
Europe and the big drop in the price of cotton had
dealt the South a blow from which it took a long time
to recover. In September 1915, however, an import­
ant rise in the price of the staple occurred, and the
rest of the year cotton values were well maintained
at the higher level. The South then quickly recov­
ered from its depression, and this proved a new
stimulus to domestic trade.
The outlook for the railroads remained uninviting
— in fact, dismal— until the last quarter of the year.
Their revenues ruled at a low level and their credit
was poor. They were forced to practice extreme
economy and as a consequence net earnings recorded
considerable increases in many instances. But this
was deceptive of their real situation, reflecting merely
the reductions in expenses wrought in carrying out
their enforced policy of retrenchment. The test of
the state of their traffic and revenues was found in
the gross receipts, and these failed to improve, speak­
ing of the roads collectively, until September. Thus
the rail-carrying industry was in no condition to
make large new capital expenditures, and hence it is

Jan. 8 1916.]

not surprising that the “ Railway Age-Gazette” finds
that the total of new road built during the twelve
months was the smallest in half a century, having
been less than 1,000 miles. Moreover, several more
large systems had to seek refuge in the courts, the
new receiverships including, among others, that of the
Missouri Pacific, the Missouri Kansas & Texas, the
Chicago Rock Island & Pacific and the Western
Pacific.
A statement prepared by the “ Railway AgeGazette,” and published in its issue of Oct. 15, showed
41,988 miles of road operated by receivers. By the
end of the year this had been reduced to 38,661 miles
through the taking of the Wabash R R . out of the
hands of receivers, and some other adjustments. The
capitalization of this 38,661 miles of road was 82,­
354,900,301, consisting of $1,607,895,500 of bonds
and $747,004,801 of stock. In addition, application
for a receiver for the Texas & Pacific was made on
December 27, the hearing on which is scheduled
to take place Jan. 31 1916.
In the first four months of the year railroad gross
earnings showed considerable decreases as compared
with the corresponding period of the preceding year.
From M ay to August, inclusive, there were relatively
unimportant increases. In September all of a sud­
den important gains occurred on some of the larger
systems and the result was an increase of $17,783,141,
or 6.43% , for the railroads as a whole in that month.
For October the gain reached $37,087,941, or 13.57%.
For November the increase seems likely to reach
$60,000,000, or over 25% , and for December the im­
provement will also be very pronounced. In the net
earnings the ratios of improvement will be yet more
striking, as expenditures were kept low, maintenance
outlays having been based on the small earnings of
the early months of the year. Thus it will be seen
what a wonderful change was worked in the railroad
situation and in the railroad outlook, and it all oc­
curred in the last four months of the year.
In addition, the country was blessed with a very
bounteous agricultural season. The wheat crop was
of unexampled dimensions, reaching 1,011,505,000
bushels. The oats crop was also the largest on
record, amounting to 1,540,362,000 bushels. The
corn crop did not reach unprecedented proportions,
and yet was large, the yield being 3,054,535,000
bushels.
Altogether it will be seen there were many cheering
circumstances and events. In addition, the indi­
cations were that the public attitude towards the
carriers and towards business interests was being
somewhat modified for the better. Much encourage­
ment in that regard was drawn from a speech made
in March by former Congressman Oscar W . Under­
wood, now U. S. Senator from Alabama, and who
in the last Congress was Democratic leader in the
House of Representatives. In this speech Mr.
Underwood presented an accurate picture of the
unfortunate plight of the railroads and put the perti­
nent question whether if railway investments cannot
be made attractive to capital the Nation is not
threatened with an inevitable breakdown of its trans­
portation systems. Two U. S. Supreme Court de­
cisions in the same month, involving State laws
fixing railroad rates, were also deemed highly en­
couraging. One of these cases dealt with freight
rates and the other with passenger rates. In these
decisions the Court laid down the important prin­
ciple that a State cannot compel railroads to do a



103

THE CHRONICLE

given class of business at non-compensatory rates
on the theory that the roads derive adequate profit
from other operations. Nor would the Court sanc­
tion the argument that so long as the rate decreed
by the State does not involve positive loss, it is free
from legal objection.
There was nothing in the course of the money mar­
ket to check the recovery in trade. Absolute ease
prevailed from the beginning to the end of the year.
Such a situation was rendered inevitable by the re­
duction in the reserve requirements of the banks
under the Federal Reserve Act and the large influx
of gold from abroad.
The year will of course always remain noteworthy
for the tremendous rise in prices established on the
Stock Exchange. So far as the rise concerned the
industrial stocks and was based on supposed huge
profits from war orders, it was mainly the result of
speculative manipulation. It will take many years
of very exceptional profits to justify the extreme fig­
ures to which many of the war stocks have been
boosted. We discuss the price fluctuations on the
Stock Exchange more at length in the article con­
tained in the number of our “ Bank & Quotation”
Section which accompanies to-day’s issue of our paper.
Below we bring together some general statistics
for 1915 and 1914, affording an interesting contrast
between the two years. The data for 1915 are neces­
sarily largely estimates, as the year has only just
closed. The same table is incorporated in our annual
“ Financial Review,” and there the 1915 figures will
appear in their final corrected form.
G E N ER A L SU M M A R Y FOR TW O YE A R S.
1915.

1914.

4.4 0 1 .958.000
3,972 .373,686
Coin and currency in U. S. D ec. 31-------- $
Rank clearings in United States------------ $ 187,759,076,986 155,245 ,118,234
302,286,148
357 .908,859
Business failures-------------------------------------- $
47 ,900,568
173,145,203
Sales at N . Y . Stock E xchange------ shares
1.619,586.684
1,674 ,619,456
Im ports o f merchandise (11 m onths)------ $
1,867 ,991,492
Exports o f merchandise (11 m onths)____ $
3,191,659,975
387,005.280
al69 ,206,554
N et imports o f gold (11 m onths)________$
2,731 ,375,211
2,816,756,262
Railroad gross earnings (11 m onths)___$
Railroad net earnings (11 m onths)____ S
911,460.735
753 643,320
TqQQ
z l.5 3 2
Railroad constructed________________ miles
W heat raised_____________________ bushels
891 ,017,000
1.011.505.000
2,672 .804,000
Corn raised_______________________ bushels
3.054.535.000
Oats raised_______________________ bushels
1.540.362.000
1,141 .060,000
C otton raised_______________________ bales
b 15 ,966,000
511,161,000
P ig iron produced____ (tons o f 2,240 lbs.)
est. 30,000,000
23 ,332,244
Lake Super, ore sliip'ts b y rail (gross tons)
32 021,897
46,318,804
C opper production in United S ta te s..lb s . est.l 647 000 000
1,533 781,000
Anthracite shipm ents.(tons o f 2,240 lbs.)
68 ,342.061
66,382,218
510 000,000
Coal o f all kinds______ (tons o f 2,000 lbs.)
291, ioo .000
Petroleum production (whole U . S .).b b ls .
284 000,000
688.495
d260,000
Im m igration into United States_____ N o.

a N et exports, b Agricultural D epartm ent’s estim ate, which does not
include linters. d Partly estim ated. These are the arrivals o f immigrant
aliens. T he net arrivals o f all aliens in 1915 were about 45,000, against
262.853 in 1914 and 1,017,957 in 1913. z Estimates o f “ R ailw ay Age
G azette.”
M O N T H OF J A N U A R Y .

Current Events.—

M a n y developm ents tended to stim ulate
a decidedly m ore hopeful feeling in the opening m onth
of the now year, b u t trade continued on a very restricted
scale.
U n em p loym en t was one o f tho m arked features,
and in tho large cities, particularly N e w Y o r k , excep­
tional measures o f relief had to bo adop ted to provide
sustenance for those in enforced idleness. Sentim ent im ­
proved u n m istakably, b u t the poor returns o f earnings for
D ecem ber,received tho latter part o f January, the bad state­
m ent for the D ocem ber quarter subm itted b y tho U . S . Steel
Corporation after business hours Jan. 2 6 , and the action of
the Corporation in suspending dividends on the com m on
shares, indicated how deeply depressed were the cou n try’s
industries. G round for v ery sanguine views was found in
tbe state o f the cou n try’s foreign trade. T h e return for D e ­
cem ber issued abo u t Jan. 2 0 had few parallels up to that
tim e in the favorable results disclosed, m ainly owing to the
tremendous grain shipm ents a t high prices. N otw ith sta n d ­
ing tho low price and dim inished shipm ents of co tto n , mer­
chandise exports increased from $ 2 3 3 ,1 9 5 ,6 2 8 in D e c . 1913
to $ 2 4 5 ,6 3 2 ,5 5 8 in D e c . 19 1 4 , while the im ports, ow ing to the
European w ar, and the check thereby im posed upon trade
w ith the countries engaged in tho conflict, especially G er­
m a n y , fell from $ 1 8 4 ,0 2 5 ,5 7 1 in D e c . 1913 to $ 1 1 4 ,6 5 6 ,5 4 5
in D ec. 19 14 , leaving a trade balance for D e c . 1914 o f $ 1 3 0 ,­
9 7 6 ,0 1 3 , being the largest o f a ny corresponding m onth in
trade annals, and having been b u t once exceeded in any
m onth in the cou n try’s history. I t w as obviou s, t o o , that

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THE CHRONICLE

this exceptional foreign trade situation m ust continue during
19 15 unless indeed peace should com e, and , as a m atter of
fa c t, subsequent returns were destined to reveal y e t m ore
striking results. Financial developm en ts, too, were highly
encouraging, indicating a return to norm al conditions after
the upheaval which had ensued the previous A u g u st, follow ­
ing upon the outbreak o f war in E u rop e. According to pro­
gram , business was resum ed on the London Stock Exchange
on M o n d a y , Jan . 4 , after having been suspended since the
previous July 3 0 .
T h e resum ption was under rigid lim ita­
tions, m in im u m prices being fixed and it being provided that
all trades m u st be for cash and arbitrage business being pro­
hibited.
D ealings were allowed only between 11 a . m . and
3 p . m . , inside or outside o f tho Exch an ge. A s the Exchange
thus closed before Am erican quotations could reach L ondon
(on account o f the five hours difference in tim e ), and deal­
ings a t other hours woro forbidden, trading between N e w
Y o r k and London was rendered out o f tho question.
O n Jan. 7 sim ultaneous form al announcem ent was m ad e in
L ondon and W ash in g ton th at the international conference
between the U n ited States and G reat B ritain for tho consid­
eration o f the foreign exchange situation (as a result o f which
Sir George Paish and Basil B . B la ck ett h ad , on the invita­
tion o f the U . S . Sec. o f the T reasu ry, spent som e tim e in
this country the previous O ct. and N o v .) had been form ally
discontinued. T h e announcem ent in this country cam e
from G o v . Charles S . H am lin o f the Foderal R eservo.B oard,
w h o , on behalf o f Sec. of the T reas. M c A d o o , stated “ that
in view o f the fact th at exchange between the U n itod States
and the U n ited K in gd om had becom o practically norm al
(‘norm al’ hero had reference to the disappearance o f tho
state o f the exchanges adverso to the U nitod States and not
to the opposite state o f the exchanges which subsequently
develop ed ), it was no longer necossary for the tw o G overn­
m ents to exercise their good offices in connection therewith,
and that a n y further consideration o f the question should be
left to the banks and bankers o f the respective countries.”
T h is was follow ed Jan . 15 b y another sim ultaneous an ­
nouncem ent in London and N e w Y o r k , bu t this tim e b y the
bankers in tho two countries and m uch more far reaching in
its im portance. T h e y stated that they were “ authorized to
say th at after a conference held b y tho Chancellor o f the
Exchequer w ith the London bankers, it was resolved
th a t, inasm uch as exchange between tho U n ited States
and tho U n ited K in gd om was now substantially nor­
m a l, no definite action at the present tim e was required,
b u t th at if, during the continuance o f tho war or for one
year thereafter, the exchanges between the two countrios
should becom o such th at gold exports from eithor country to
an unreasonable am ou n t m igh t result, com m ittees o f bank­
ers could be appointed in the U n ited States and in tho U nitod
K in gd om respectively, to consider plans for dealing col­
lectively w ith the situation b y such m ethods as m a y seem at
the tim e m u tu ally desirable.”
T h o significance o f this latter
announcem ent lay in the fact th at it showed that G reat
Britain w as now bocom ing solicitous concerning possible
drafts upon her own stock o f gold and was seeking tho co­
operation o f A m erican bankers to guard against such a result.
A ll the developm ents o f the m on th tended to em phasize the
advancing im portance o f the U n ited States in tho w orld’s
financial transactions and a growing tondency to substi­
tu te N e w Y o rk for London in the carrying through o f such
transactions. A Russian credit o f $ 2 5 ,0 0 0 ,0 0 0 was arranged
in N e w Y o rk through a group o f leading banks and bankers,
including J . P . M o rga n & C o ., who agreed to purchase the
drafts on a 5 % interest basis w ith one-h alf o f 1 % additional
for acceptance. T h o drafts were for 9 0 days w ith privilege
of one renewal a t the same acceptance rate.
I t was expressly
stated that the arrangem ent was n ot a loan bu t m erely a
banking transaction-, the proceeds to bo used in paym ent for
su p p lies purchased in this cou n try. Franco also took moans
to reinforce her credits here.
On Jan . 4 Lazard Freres w ith­
drew $ 2 ,0 0 0 ,0 0 0 in gold bars from the N ow Y o rk A ssay
Office and deposited the same w ith the First N ation a l B an k
o f this city for account o f tho B an k o f Franco. Som ew hat
later £ 1 0 ,0 0 0 ,0 0 0 ($ 5 0 ,0 0 0 ,0 0 0 ) 5 % French Treasury bills
were offered in the L ondon m arket and over-subscribed on
a basis o f abou t 4 % % .
It was understood tho proceeds were
m eant in great part to reinforce French crodits in N ow Y o rk
so as to provide for the large purchases o f supplies hero for
the French G overn m en t. A n n ouncem ent also cam o o f ship­
m ents o f gold to the U n ited States for account o f China and
Japan. W it h reference to these gold im ports from C hina,
it was explained th at ever since tho outbreak of the war
there had been a disposition on the part of G erm an banks in
C hina, and G erm ans having financial and morcantilo con­
nections there, to get their assots o u t o f C hina.
T ho ordi­
nary w ay o f doing this w ould have been to export silvor, but
as the shipm ent of this m etal on account o f its bulkinoss
w ould have been too expensive, gold was sent.
Since tho
gold could n ot bo shipped to G erm a n y, it was forwarded to
the G u aran ty T ru st C o .o f this city and was tan tam ount to
establishing a G erm an credit hero to th at oxtont. Because
o f tho war the g old was sent direct to the hom e office o f tho
G u aran ty T ru st C o . in N e w Y o rk instead of to the L ondon
branch o f the com p an y , where Chinose business had beon
handled in large measuro in tho p ast.
It also appeared
th at since the previous O ct. 1 the International Banking
Corporation of this city had brought into the U n ited States
some $ 1 0 ,0 0 0 ,0 0 0 in gold from Jap an , this having been sold
to the U n ited States M in t a t San Francisco. I t w as statod




[Vol. 102.

that this constituted p aym en t for com m odities, principally
cotton and steel, purchased b y Japan in this country since the
outbreak of hostilities. Previous to tho war Japan had beon,
it was reported, a heavy buyer o f m achinery and steel from
G e rm a n y , but tho war m ade it necessary for her to turn to
tho U nited States for such supplies. A nother im portant
developm ent, significant in the sam e w a y , w as tho nego­
tiation here of m any foreign loans.
T his tendency was observable even before form al pro­
m ulgation b y the British Treasury o f regulations rigidly
lim iting now capital issues in the British m ark et. These
regulations definitely closed tho English m arket to new
obligations representing undortaldngs outside tho British E m ­
pire, these being banned during the continuance o f tho w ar.
T.ho olficial announcem ent, which cam e Jan. 18, stated that
it appeared to tho Treasury that in the existing crisis all other
considerations m ust be subordinated to the param ount ne­
cessity o f husbanding tho financial resources o f tho country
with a viow to the successful prosecution of the w ar.
A c­
cordingly fresh issues o f capital o f a ny kind w ould have to
ha*v o the approval of the T reasury boforo they were m ade
and where they were for undertakings in the U nitod K ingd om
they would only be allowed when it was shown to tho satis­
faction of the Treasury that thoy were advisablo in tho
national interest.
Tssuos for oversea undertakings in the
British Em pire would only be approved whero it was shown
that thoy were o f urgent necessity and that special circum­
stances existed, whilo issues representing undertakings out­
side the British Empiro w ould not bo countenanced a t all.
A m o n g tho foreign loans nogotiatod horo was an offering
on Jan. 4 b y banks and bankers in N o w Y o r k , B o sto n , Phila­
delphia, P ittsburgh and Chicago of $ 1 5 ,0 0 0 ,0 0 0 6 % gold notos
o f tho Republic o f Argentina.
Tho notes were sold within
a few hours. Boissevain & C o . o f this city invitod subscrip­
tions in this country for a N etherlands G overnm ent 5 % loan
o f 2 7 5 ,0 0 0 ,0 0 0 guilders ($ 1 1 0 ,0 0 0 ,0 0 0 ), b u t nono o f this was
placed hero. T h o provious m onth (Docom bor) $ 5 ,0 0 0 ,0 0 0
6 % 2 -v r . Treasury notes o f tho K in gd om of Swoden had boon
offorod here, and the latter part o f N ov om b er $ 3 ,0 0 0 ,0 0 0
2 and 3 -y r . 6 % notes o f the K in gd om o f N o rw a y had been
offered.
T h e Equitablo T ru st C o . o f this city on Jan. 7
purchased $ 2 ,7 0 0 ,0 0 0 4 j/2 % 1-y r. gold troasury notos o f tho
Provinco o f British C olu m bia.
In Docombor bankers in this
city had purchased $ 6 ,9 0 0 ,0 0 0 5 % 3 -y r . gold coupon dobontures o f tho C ity o f M on treal on a join t bid o f 9 8 .6 7 1 , a basis
o f about 5 .4 8 6 % .
Quito a largo am ount o f now Canadian
railw ay obligations was also placod horo during January.
C a n . P ac. placod $ 1 2 ,6 9 0 ,0 0 0 equip, tr. 4> ^ s, C a n . N o r th .
$ 2 ,0 0 0 ,0 0 0 equip, tr. 5s and W innipeg E lec. R y . sold $ 1 ,­
5 0 0 ,0 0 0 6 % 1 to 2 -y r. gold notos.
T ho provious m onth
T oron to R y . had placod in this country $ 1 ,5 0 0 ,0 0 0 1 to 2 -y r.
6 % notos.
A m o n g tho othor financial dovolopm onts o f the m onth was
tho announcomont that tho $ 1 0 0 ,0 0 0 ,0 0 0 G old P ool, or G old
F u n d , formod during the trying timos im m odiatoly following
tho outbreak o f the European w ar, to oaso foroign oxchango,
no longer had a ny reason for existence, and would bo dis­
solved.
T h is announcem ent cam o after a m ooting o f tho
G old F und C om m ittee a t tho N . Y . Clearing H ouse on Jan.
22.
T h o total fund pledged was $ 1 0 9 ,0 0 0 ,0 0 0 , but only one
call for 2 5 % o f the subscription was m ad e. A b o u t $ 1 0 j0 0 0 ,0 0 0 o f gold was shipped to O ttaw a, this boing for account o f
tho B an k o f E ngland , and it was now dotorminod to roturn
tho remainder o f tho subscription prom p tly to tho partici­
pating bank s.
It also appoarod that thoro was littlo nood
for tho C otton Loan F und o f $ 1 3 5 ,0 0 0 ,0 0 0 , which was a n othor ono o f tho emorgoncy moasuros dovised to doal w ith
exceptional situations growing o ut o f tho w ar. T h is C otton
L oan Fund did not got in dofinite working order until tho
beginning o f tho new year, and tho first application for a loan
was accepted Jan. 8 . Conditions attonding tbe granting
o f loans woro not particularly easy, and as tho prico o f cotton
had in tho m eantim e considerably im provod, applications for
loans proved inconsoquontial. U nder tho torms o f tho ar­
rangem ent roquosts for loans could not bo inado later than
F o b. 1, and as it was determ ined not to oxtond tho timo lim it,
tho activities o f this fund practically ceasod w ith the ond of
the m on th .
T h o cancellation o f tho last o f tho omorgoncy
currency notes taken o ut undor tho Aldrich-Vrooland A ct
b y tho banks o f this city occurred towards tho last o f tho
m on th and largo further am ounts woro also rotirod in othor
parts o f tho country. A littlo ovor $ 1 4 4 ,0 0 0 ,0 0 0 w as tho
aggregate which tho local institutions had takon o ut through
the N ation al Currency A ssociation; for tho whole country
the am ount was $ 3 8 4 ,4 8 5 ,0 0 0 , o f which about $ 7 0 ,0 0 0 ,0 0 0
rem ained outstanding a t tho closo o f tho m on th .
In business circles tho m ost dofinite indication of im prove­
m ent w as, perhaps, seen in tho dry goods m arkot.
This
m anifested increased a c tiv ity , w ith a decidedly firinor tond­
ency to prices. Tho im provem ent follow ed largoly as a rosult o f the firmnoss o f tho cotton m arket.
M id d lin g upland
cotton in N e w Y o rk advancod from 7 .8 0 c . D e c . 31 to 8 .7 0 c .
Jan. 21 ; tho closo was a t 8 .4 5 c .
Print cloths a t Fall River
remainod a t 2J^c. T h o cotton ginning report o f tho Consus B ureau, issued Jan. 2 3 , m ado it certain that tho crop
would bo the very largost on record, or something liko 1 6 ,­
5 0 0 ,0 0 0 balos. In grain a furthor groat rise in pricos occurrod,
particularly in tho case o f w hoat, whoro tho M a y option in
Chicago jum ped from $1 29J^ Jan. 2 to $1 5 2 Jan. 3 0 .
Foroign governm ents purchased w ith groat froodom , and tho
oxport m ovem ent reachod largo proportions.
Othor grains

Jan . 8 1916.]

THE CHRONICLE

also m ad e substantial advances, the M a y option for corn a t
Chicago rising from 73% Jan. 2 to 8 2 % Jan. 2 8 , and the
M a y option for oats from 53% Jan. 2 to 60% Jan. 3 0 .
T his
great rise induced President W ilso n to order an investigation,
as far as wheat was concerned, b y the D ep artm en t of Justice.
In a form al lotter on Jan. 18 A tto rn e y -G e n . G regory was
called upon to “ actively ” investigate “ a n y sort o f com bina­
tio n ,” whether “ a corner or otherw ise,” which m igh t account
for the rise in price o f the com m o d ity .
T h e President’s
action followed a petition addressed to him under date of
Jan. 15 b y M r s . Julian H e a th , the President o f the N ation al
H ousew ives’ League, in which he w as besought, “ in view of
the situation regarding w heat and flou r, to take drastic m eas­
ures a t once to protect you r people, oven if necessary to place
an embargo on these p ro d u cts.”
T here was also active agi­
tation of the m atter in Congress. In the steel trade there was
less stagnation than had oxistod in D ecem ber, the steel mills
being em ployed to abou t 5 0 % of their cap acity, against 3 0
to 3 5 % in D ecem ber; b u t conditions remained very unsatis­
fa cto ry. Prices stiffened a little in certain directions, steel
billets a t P ittsburgh rising from 81 9 a ton to 8 1 9 5 0 , and steel
bars, plates and beam s from 81 0 5 per 100 lb s. to 81 10. T h e
statem ent of the Steel Corporation for the D ecem ber quarter
was the worst o f a n y subm itted in the entire history o f the
C orporation. N o t alone was nothing earned for the com ­
m on shares during the quarter, b u t only 8 6 9 8 ,6 3 7 w as earned
toward the paym ont o f the 8 6 ,3 0 4 ,9 2 0 required for the quar.
d iv . on pref. M o reov er, each m on th during the quar tor
m ade a worse showing than its predecessor. F or O ct. the
profit (after deducting interest on m erely the bonds of the
subsidiary com panies) was quite sm all, being no m ore than
8 5 ,5 8 0 ,5 3 3 ; b u t in N o v . there was a drop to 8 2 ,7 9 8 ,3 8 8 and
in D o c. to only 8 2 ,5 5 4 ,2 4 9 .
T h is latter was so sm all that if
continued for a period o f 12 m on th s, the Corporation would
fall 8 1 7 ,0 0 0 ,0 0 0 short o f m eeting even its fixed charges for
the year. In copper a furthor m arked rise ensued, Lake cop por a t N ow Y o rk advancing from 1 3 M c .,t o 14% e. and elec­
trolytic from 13c. to 1 4 %c. There w as concealm ent, how over, o f tlio statistical situation o f tlio m etal.
T h e Copper
Producers’ Association decided upon dissolution a t a m eeting
on Jan. 13. M o n th ly statem ents of production, shipments
and stocks had been m ade b y the Association since Jan . 1909,
but w ith the outbreak o f the war the announcem ent had
com e on A u g . 4 th at the July report w ould not bo published.
N o m on th ly returns were issued thereafter.
_
In the European war the battles for trenches in Flanders
and Franco continued, according to cablegram s, w ithout
cessation from the soa to the Swiss border
in the m ud o f
Flan dors, the floods o f the Aisne V a lle y , and the snows o f
the Argonne and the Vosges” — w ith ou t, how ever, yielding
a ny decisive results.
On the Eastern front R ussian arm s
appoared to be successful in a num ber o f b attles in E a st
Prussia, Poland and G alicia, though Teu tonic and Russian
versions differed w idely.
I t seemed to be conceded, how ­
ever, th at practically the whole o f Bukow ina w as in Russian
hands. C ount B erchtold, Austrian Prem ier, resigned and
was succeeded b y Baron Stephen B u rian , the Hungarian
M in ister to tho R o ya l C ou rt. A sensational event was a
raid upon English towns b y a fleet o f G erm an airships on
tho night of Jan. 19. T h ese air craft dropped in all about
20 bom bs, killing four persons and injuring possibly a dozen
others and doing also considerable property dam age. Y a r ­
m outh and K in g ’s L y n n , the largest tow ns visited , suffered
the greatest dam ago. O n S u n d ay, Jan . 2 4 , a Germ an
squadron undertook to m ake another a tta c k on British coast
tow ns, b u t was checkod b y a British patrol squadron and in
a running fight the G orm an arm ored cruiser Bluecher was
sunk, and two G orm an battle cruisers seriously dam aged.
T ho Gorm an ships turned abo u t when they found th ey had
been discovered and sought tho protection o f their mine
fields. T h o G erm ans claim ed th at a t least two English
warships had been sunk, b u t this w as denied b y tho British
A d m ira lty , which stated th at the battleship Lion and the
British destroyer M e te o r had been disabled, b u t repairs
could bo speedily offectod. Stringent regulations for the
conservation o f the food supply of G erm a n y were p u t into
effect b y tho Federal Council a t B erlin . A ll stocks o f corn,
w hoat and flour wore ordered seized b y F e b . 1 ; all business
transacted in these com m odities was forbidden from Jan. 26;
all municipalities wore charged w ith tho d u ty o f sotting aside
suitablo supplies o f preserved m oat; tho owners o f grain were
ordered to report their stocks im m ediately, whereupon con­
fiscation a t a fixed price w as to follow . A notice in the
Im porial G azotte stated that tho action taken was “ necessary
in order to m ako cortain tho sufficient and regular supply
o f our people w ith breadstuffs until the next threshing o f
tho now harvest and is, besides, a necessity o f life for the .
G overn m en t and the n a tio n .”
T h e purpose w as, it was
stated , “ to bring abou t tho sparing use o f our lim ited sup­
plies o f breadstuffs which, how ever, are in reality sufficient
for our noeds.”
T ho D anish G overn m en t on Jan . 18 de­
cided to take ovor all tho white flour in D en m ark , estim ated
a t 5 0 ,0 0 0 ,0 0 0 lb s ., for the protection o f tho ^interests of its
pooplo. T ho Australian ombargo on morino w ool was con­
ditionally lifted early in tho m on th so as to perm it the ship­
m ent o f wool to the U nitod States in British ships under a
shippers’ guarantee against tho re-export of the raw or m anu­
factured product.
T h o Indian wool ombargo was also
raised. On Jan . 8 announcem ent was m ade b y the British
Am bassador a t W a sh in g ton th at arrangem ents had been
forpractically
FRASER com pleted w hereby dealers and manufacturers

Digitized


105

o f the U n ited States could obtain supplies of rubber from
G reat B ritain .
T h e preliminary reply of G reat B ritain to
the com m unication o f the U . S . G overnm ent com plaining
o f the seizures and detentions o f Am erican cargoes destined
to neutral European ports and bearing date J an . 7 was m ade
public Jan. 10.
T h e B ritish n ote, while conceding the
principles contended for b y the A m erican G overn m en t,
pointed o ut difficulties in actual practice, referred to alleged
fraudulent practices b y shippers and cited statistics showing
an increase rather than a decrease in certain neutral com ­
merce as supporting G reat B rita in ’s suspicions th at G er­
m an y and A ustria were indirectly obtaining contraband
through neutral countries.
T h e note promised that G reat
Britain w ould m ake redress w henever the action o f the
British fleet “ m a y unintentionally exceed” the lim its o f
international law . Announcem ent was m ade Jan. 16 b y
w a y of L ondon through M o r g a n , Grenfell & C o . th at J . P .
M o rg a n & C o . had been appointed com m ercial agents for
the British G ov ern m en t, “ w ith the view to affording de­
partm ents m eans o f negotiating in Am erica such contracts
and purchases as they need to m ake in th at c o u n try .”
T his
w as stated to bo the first tim e th at G reat B ritain had ever
designated a n y A m erican banking house as her com m ercial
a gen t.
Ita ly placed a 8 2 0 0 ,0 9 0 ,0 0 0 25 -y ea r loan a t hom e for
use in connection w ith its m ilitary operations.
T h e French
C h am ber o f D ep u ties on J an . 2 8 adop ted a bill increasing
b y 1 ,0 0 0 ,0 0 0 ,0 9 0 francs (8 2 0 0 ,0 0 0 ,0 0 0 ) the issue o f Treasury
bond s, raising the total authorized am ount to 3 ,5 0 0 ,0 0 0 ,0 0 0
francs (8 7 0 0 ,0 0 0 ,0 0 0 ).
I t also provided for the issuance o f
short-term T reasury bond s.
O n Jan. 13 an appalling earth­
quake occurred in Ita ly , occasioning a dreadful loss o f life.
A v e z z a n o , 60 m iles east of R o m e , and Sora, 15 m iles south of
A v e zz a n o , were the worst sufferers so far as loss of life was
concerned and A vezzan o w as practically leveled , but abo u t 60
other tow ns and villages also sustained either total dem olition
or serious d am age. Trem ors and now shocks occurred for
sevoral days and the death lists aggregated abo u t 3 0 ,0 0 0
while tho property loss was estim ated a t over 8 5 0 ,0 0 0 ,0 0 0 .
T h e Federal C om m ission on Industrial R elations began
hearings in this city into the workings o f the Rockefeller
F o u nd ation , the Carnegie philanthropies, the Russell Sage
Found ation and other similar organizations. Prelim inary
thereto F rank P . W a ls h , C hairm an of the C om m ission, un­
dertook to express his own views on industrial unrest and
the causes therefor. M r . W a lsh gave voice to his opinions
before the E a st Side F orum S u n d ay , Jan. 1 7 , and indulged
in som e wild vaporings which were m ade the subject o f gen­
eral ridicule b y the press. H e declared it was necessary to
“ restore to the people the natural resources which have been
em bezzled from th em ” and (am ong other things) that “ au­
tocratic control of industry is close to tyrannical control of
G overn m en t and it is the belief of the C om m ission th at the
U n ited States is fa st drifting in that direction .”
H is re­
m arks were of im portance only as showing the bias w ith
which the investigation was being conducted. Q uite a num ­
ber of w ell-know n persons appeared before the Com m ission
to furnish answers propounded b y it. President W ilso n on
Jan. 28 vetoed the Im m igration B ill which had been sent to
him containing a literacy test under which “ all aliens over
16 years of age, p h ysically capable of reading, w ho cannot
read the E nglish language or som e other language or dialect,
including H ebrew or Y id d ish ,” were to be excluded from
entering the U n ited States in the future.
T h e sam e test
had served to bring about the veto of im m igration legisla­
tion b y Presidents C leveland and T a ft. M r . W ilson argued
that under the provisions of the bill “ those who com e seek­
ing opportu n ity are n ot to bo a dm itted unless they have
already had ono of the chief o f the opportunities they seek—
the opportunity of ed u catio n ,” and that the measure em ­
bodied a radical departure from the traditional and lon gestablished policy of the country.
T h e dam ages awarded to D . E . Loewe & C o ., independent
hat m anufacturers, of D a n b u ry , C o n n ., in the action against
m em bers of the U nited H atters o f N o r th A m erica, were
affirm ed b y the U . S . Suprem e C ou rt on Jan. 5 .
T h e case
generally know n as the “ D a n b u ry H a tters’ C a s e ,” had been
in the courts for 1 1 years and the proceedings, instituted
under the Sherm an A n ti-T r u st A c t , were brought b y the
firm because of b oy cotts of its products b y U nion hatters
in an a ttem p t to force it to unionize its shops. T h e aggre­
gate dam ages represented in the award (on retrial) w ith its
trebling under the law and the inclusion o f counsel fees and
costs, was 8 2 5 2 ,1 3 1 .
T h e Suprem e C ourt decision uphold­
ing the aw ard was unanim ous, and Justice H olm es in ex­
pressing the opinion of the C ourt said th at the question was
now narrowed to the responsibility for w hat was done w ith
the sanction and b y the procurem ent of the societies nam ed.
H o declared it was a tax upon credulity to ask a ny one to
believe th at m em bers of labor unions o f th at kind did not
know that the prim ary and secondary b o y co tt and the use o f
“ we d on ’ t patronize” or the “ unfair” list were expected to
be em ployed in tho effort to unionize these shops.
T h e ju ry
could n ot but find that b y the usage of the unions the acts
com plained of were authorized, and authorized w ithout
regard to their interference w ith com m erce am ong the States.
B y a divided v o te , reversing the Suprem e C ourt o f K a n sas,
the U . S . Suprem e C ou rt on Jan. 2 5 held invalid the statu te
o f the S tate of K an sas declaring it a m isdem eanor punish­
able b y fine or im prisonm ent n ot to becom e or rem ain a
m em ber of a labor organization during the tim e o f em p loy­
m e n t. T h e case arose o ut of the conviction o f T . B . C o p -

106

p a ge, a division superintendent on the S t. Louis & San Fran­
cisco S y ste m , for threatening A . R . H ed ge, a w atch m an ,
w ith dismissal if he did n ot w ithdraw from the Sw itchm en’s
U n ion of N o r th A m erica . Justice P itn e y , in delivering the
m a jo rity opinion, held th at the statu te w as repugnant to
the 14th A m en d m en t to the Federal C on stitu tion , which
forbids a S ta te from depriving a person of life or liborty.
“ Just as. labor organizations h ave the inherent and constitu­
tional right to den y m em bership to a n y m an w ho will not
agree th at during such m em bership he will n ot accept or
retain em p loym en t in com p an y w ith non-union m en , and
ju st as a union m an has the constitutional right to decline
proffered em p loym en t unless the em ployer will agree n ot to
em p loy a n y non-union m a n , so the em ployer has the consti­
tutional right to insist th at the em ployee shall refrain from
affiliation w ith the union during the term of em p lo y m e n t.”
B y a v ote of 5 to 4 , the U . S . Suprem e C ou rt on J an . 5 held
th at the holder of a claim as a depositor against an insolvent
b an k in the S tate of O klah om a cannot bring an action in the
courts to recover from the S ta te B an k ing G u aran ty^B oard,
since suits against the B oard are in effect suits against the
S ta te .
T h e B o a rd , as an adm inistrative b od y of the S ta te ,
claim ed the right to p a y off such depositors as it saw fit
and to refuse to p a y other depositors.
T h e U . S . D istrict
C ou rt a t Philadelphia on J a n . 2 denied the prayer in the
suit brought b y the G overn m en t on D e c . 3 0 1911 to dissolve
the K e y sto n e W a tc h C ase C o . on the ground o f violation of
the Sherm an A n ti-T r u s t L a w , b u t granted an injunction to
preven t the carrying on o f b oycottin g m ethods through the
a tte m p t to com pel jobbers and retailers to deal exclusively
in the co m p a n y ’s produ cts. T h e conviction of P atrick
Q uinlan on charges for inciting a m ob to violence during the
P aterson silk strike in F e b . 1913 w as affirm ed b y the C ourt
of Errors and A p p eals o f N e w Jersey on J an . 2 7 .
R a ilroa d E vents and Stock E xch a n g e M a tte r s .
T h e stock
m arket up to the passing o f the dividend on Steel co m . was
in a v ery satisfactory shape, a sharp rise in prices occurring
all arou n d, with the tone strong and confidence apparently
steadily increasing. T h e January in vestm en t dem and ap­
peared to be decidedly in evidence, as indicated b y a widen­
ing inquiry n ot alone for bonds b u t for the better class of
stock s. Business broadened from d ay to day and becamo
m ore and m ore substantial in character as a result of the
favoring events n oted a b o v e . Indications of a reaction be­
gan to appear even before the suspension of the Steel divi­
d end. W it h this new s, Steel shares com pletely collapsed and
the entire m arket becam e dem oralized. A s a consequence
no inconsiderable portion of the previous general advance in
v alu es w as lo st.
T h e action o f the Steel board w as an­
nounced on T u e sd a y , J an . 2 0 , b u t n ot until after the close
o f business. T h e shares had closed a t 5 1 % , b u t on \V ednesd a y the o n ly dealings were a t 4 8 (this being the m inim um
price at th a t tim e in force on the Stock E x ch an ge ), and soon
dealings in the shares ceased altogeth er, since it was im pos­
sible to find purchasers a t th at figure.
On the curb trans­
actions were recorded as low as 4 3 , and after the close of
business the Stock E xchange authorities fixed th at figuro
as the new m in im u m , to becom e effective T h u rsd ay m orning,
Jan. 2 8 .
E v en th a t, h ow ever, proved to be too h igh, and
a t the close o f the d ay the m inim um was again low ered, this
tim e to 4 0 , to becom e effective F rid a y , Jan . 2 9 . A fte r the
close of business on S a tu rd a y, Jan . 3 0 , the m in im um was
further reduced to 3 8 , this to go into effect on M o n d a y ,
F e b . 1. T here appeared to bo somo liquidation on foreign
account in certain stocks the latter part o f the m o n th , b u t it
was n ot very extensive. M i l . & S t. P . shareholders were
given the right to subscribe at par for 8 2 9 ,1 4 1 ,3 0 0 co n v . gen.
& ref. 5 s, a bankers’ syndicate having underwritten the offer­
ing for 1 % % com m ission. P en n . l i l t , sold $ 4 9 ,0 0 0 ,0 0 0 of
consol, (now 1st) m tg e . 4 % s to a bankers’ syndicate who
then offered them to the public a t 1 0 3 % , the offeringHieing
heavily oversubscribed.
111. C e n t, sold $ 1 0 ,0 0 0 ,0 0 0 111.
C e n t. & C h i. S t. L . & N . O . d iv . j t . 1st ref. 5 s.
A sub­
synd icate the n ext m on th offered one-half tho am ou n t at 99
and in one d ay placed the entire block . B ankers offered
8 3 ,0 0 0 ,0 0 0 N . Y . Stato R y s . 1st consol. 4 % s .
Bankers of­
fered 8 5 ,0 0 0 ,0 0 0 1st ref. 3 % s o f M o rris & Essex R R . a t 8 3 % ,
to yield abou t 4 . 2 0 % .
Bankers announced th at they had
placed w ith investors a t 9 8 % th e balance of $ 4 ,7 2 2 ,0 0 0 S o.
R y . 1st cons. 5s n ot taken b y holders o f R ich . & D a n v . 1st
m t g e ., due Jan . 1 1 9 1 5 , under an offer o f exchange. Bankers
offered $ 5 ,0 0 0 ,0 0 0 1st lien 6 % 5 -y r . gold notes of M ic h . R y .
C o.
Pittsburgh Steel C o . sold $ 5 ,0 0 0 ,0 0 0 o f 6 % notes duo
in 19 18 , 1919 and 19 2 0 , and they were offered a t 9 9 @ 9 9 % .
W e h ave referred abo ve to the placing o f $ 1 2 ,6 9 0 ,0 0 0 equip,
tr. 4 % s of the C a n . P a c. U p o n application o f creditors the
M . R u m ely C o . was placed in receiver’s h an ds. B . & O . re­
duced its s .-a . d iv . from 3 % to 2 % % .
N a s h v . C h a t. & S t .
L . reduced its s .-a . d iv . from
to 2 J ^ % . B ethlehem
Steel C orp . declared dividends for 1915 a t tho rate o f 7 %
per annum against the previous 5 % .
Pressed Steel C ar C o .
decided n ot to declare a d iv . on com . from the earnings of
1914. V a .-C a r . C h em . C o . om itted the d iv . on pref. P hila.
C o . o f P ittsburgh again m ad e the d iv . on co m . payable in
scrip and so did C am bria S teel. B a n g . & A roostook re­
duced its J an . d iv . to 1 % against 2 % the previous July and
1 % in Jan . 19 14 .
In the follow ing w e show the opening and
closing and the lowest and highest prices during the m on th
o f certain railroad and industrial stocks which either in this
or succeeding m on th s becam e active or experienced large
FRASER
fluctuations:

Digitized for


[Vol. 102.

THE CHRONICLE
Stock Fluctuations.

Jan. 2.

Railroads—
Atch Top & Santa Fe.
93
Baltimore & Ohio..
68 )4
Canadian Pacific...
*155 156
Chesapeake & Ohio__ *40
41
Chic Mllw & St Paul..
87
Erie.............................. *2154 22
Great Northern, prof.
11254
Louisville & Nashville. *----- 112
N Y Cent & Hud River *84
85
N Y N H & Hartford.
54 H
Norfolk & Western__
98 M 100
Northern Pacific.
100
Pennsylvania___
104)4
Reading Com pany__
143)4
Southern Pacific Co._
82
Southem Railway___ «___
14
Union Pacific........ .....
115 54
Industrial, &c.—
♦6 'A 9
Allis-Chalmers M fg__
___
Preferred ___
Amalgamated Copper.
5154
48
Amer Agric Chemical . *___
33)4
American Beet Sugar.
American Can______
2554
Amer Car & Foundry.
44)4
83
Amer Coal Products.. *___
23
American Locomotive.
56
Amer Smelt & R efin..
25
American Woolen___ *15
S25 y»
AnacondaCop (par$25)
40
Baldwin Locomotive.. *___
Bethlehem Steel Corp.
46)4
Central Leather_____ ' *37 54
23
Colorado Fuel & Iron. *20
*40
42
Continental Can
Cuban-Amer Sugar__ *___
48
General Chemical..
*160 165
82
General Motors----*23
25
Goodrich (B F )----Insp Con Cop (par $20)
$1654
Lackawanna Steel-----15)4
Maxwell M otor..
33)4
Pressed Steel Car.
Railway Steel Spring..
Republic Iron & Steel. *18)4 20
35)4
Studebaker Corp (The)
*130 134)4
Texas Co (The).
25
U S Industrial Alcohol *15
51)4
U S Rubber----------49
United States Steel..
57
Western Union Tcleg.
Less than 100 shares. .» Quotec
this date. * Bid and asked price;

a

Range for Month.

Jan. 30.
94)4
72)4
158)4
44
23)4
.5115)4
4117)4
489)4
50)4
103
4104
107
4145)4
85)4
17
11954
9

High.
Low.
2 9654 Jan
93 Jan
9 7454 Jan
67)4 Jan
9 16854 Jan
15454 Jan
4 4654 Jan
41 Jan
4 93)4 Jan
86 54 Jan
4 2354 Jan
21)4 Jan
2 .1118 Jan
11254 Jan
5 .1121)4 Jan
112 Jan
4
Jan
49254 Jan
8454
49 Jan 29 57 Jan
4 103)4 Jan
99)4 Jan
2 4107 Jan
100 Jan
4 108)4 Jan
104)4 Jan
2 153)4 Jan
142)4 Jan
4 88)4 Jan
8154 Jan
4
18 Jan
14 Jan
2
122)4 Jan
Jan
11554

26
26
21
26
22
21
22
22
22
19
22
22
22
22
22
23
22

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
16
21
19
30
19
18
20
12
21
23
21
11
18
8
21
19
20
26
28
29
18
29
12
11
12
19
18
11
27
9
21
29

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
2154 Jan
40)4 Jan
38 Jan
41)4
0165
165 Jan
82 Jan
92)4
24)4 Jan
3154
$18)4
$1654 Jan
28 Jan
17
15)4 Jan
28 Jan
29
*22
23
22)4 Jan
*19
19)4
1954 Jan
41)4
3554 Jan
132 Jan
135
15 Jan
*15
25
457
51)4 Jan
40 Jan
40
57 Jan
63)4

53)4
50
38
28
4554
*___
83
23)4
61)4
*15
25
$2654
*___
35
4854
*434)4 34)4
*23)4 26

754
35
5154
48
3354
25)4
44)4
82
22)4
56
16
$25
35
46)4

12
8
2
4
6
2
2
20
20
2
5
2
29
2
27
5
4
25
26
2
7
2
7
6
29
7
9
2
4
27
2
29
2

11
37
58)4
5254
38)4
3154
48)4
82
2.8)4
64
1754
$28)4
40
54)4
39)4
27
49)4
47
165)4
94)4
3254
$1954
30
19
39
2554
2254
44
135)4
15
5951
5354
63)4

no sale.

The M o n e y M a r k e t.— E xtrem e ease prevailed and call
m oney rates dropped to 1 % @ 2 % .
E v e n on the opening
d ay of the y ear, w hen, on account o f the large interest and
dividend p a ym e n ts, there is usually a sharp upward spurt,
call m oney did n ot range higher than 2 % @ 3 % ;
T im e
m on ey at the close was down to 2 % @ 2 % % for 6 0 d a y s,
2 % @ 3 % for 9 0 d a y s, 3 % for 4 m os. and 3 % % for 5 and 6
m os.
Com m ercial paper rates also were dow n to low figures,
tho close being at 3 % @ 4 % for 6 0 to 9 0 days ondorsed bills
receivable and 4 to 6 m o s. single nam es of choice character,
while even for single nam es not so well known tho rates wero
no higher than 4 % @ 4 % % .
M o n e y holdings of the N . Y .
Clearing H ou se banks increased from $ 3 3 0 ,1 7 7 ,0 0 0 Jan. 2
to $ 3 7 0 ,5 6 2 ,0 0 0 J an. 3 0 , and gold on deposit with the Federal
R eserve banks increased from $ 1 0 0 ,2 9 7 ,0 0 0 to $ 1 0 8 ,2 8 6 ,0 0 0 ,
and surplus reserves increased from $ 1 1 4 ,0 8 4 ,9 2 0 to $ 1 4 4 ,­
2 5 9 ,9 3 0 .
D eposits ran up from $ 2 ,1 1 4 ,1 0 1 ,0 0 0 to $ 2 ,2 1 2 ,­
9 0 8 ,0 0 0 and loans from $ 2 ,1 9 1 ,5 0 8 ,0 0 0 to $ 2 ,2 3 3 ,2 2 4 ,0 0 0 .
F or eig n E xch a n g e, S ilver, & c .— In foreign exchange, rates
droppecl to the lowest figures reached in years.
D em an d
bills early in the m on th declined as low as 4 8 3 % , a figure
fully l % c . in the pound lower than that a t which under
norm al conditions an im port m ovem en t of gold m ight have
been expected. N o gold im ports, how ever, from Europe
resulted. A special cause of weakness a t th at tim e was that
the C anadian G overnm ent had arranged a loan in L on don ,
the proceeds to bo used in purchasing war supplies in tho
U n ited States, and bills against tho first installm ent o f this
loan, nam ely £ 1 ,0 0 0 ,0 0 0 , wero offered in N o w Y o r k .
We
liavo referred above to tho im portations of gold at San Fran­
cisco from Japan and C hina and the transfer of these funds
to N o w Y o r k . A ggregate gold im ports into tho U nited
S ta te s, how ever, during the m onth wero only $ 0 ,8 9 6 ,3 9 8 .
F or a tim e fluctuations in exchange hero continued narrow
in tho vicinity o f the low figures nam ed , but the latter part
o f the m onth a sharp riso occurred, notw ithstanding quite
liberal offerings o f grain and genoral m erchandise bills.
The
strength was due to a dem and for rem ittance in connection
w ith m aturing finance bills as well as in p aym en t for sales o f
Am erican securities on foreign account.
O n tho rise sight
exchange g ot up to 4 8 5 % , but a t the closo o f tho m onth
there was a downward reaction again, quotations Jan. 3 0
being 4 8 4 % @ 4 8 4 % .
T h o B a n k o f Sweden early m the
m on th reduced its official discount rate to 5 % % from 6 %
a t which it had ruled since A u g . 2 8 19 14 .
T h e N ation a l
B a n k o f D en m ark also reduced to 5 % % from 6 % , tho latter
figuro having been in effect sinco A u g . 12 1914.
O pen m ar­
ket discounts in L on d on , which a t tho b e g m m n g o f the m onth
wero 2 5 - 1 6 % for 6 0 -d a y bills and 2 % @ 2 % % for 90-day'
bills wero down a t the close o f the m on th to 1 % @ 1 9 - 1 6 %
for all m aturities. T h ere wore no rates for the C ontinental
centers except that about tho m iddle o f th e m onth an open
m arket rate o f 4 % % w as roported a t B erlin.
Silver in L on ­
don fluctuated w ithin a narrow range— th at is, betwoon
2 2 9 -1 6 and 2 2 1 5 -1 6 d .

M O N T H OF F E B R U A R Y .

Current Events.— U nder

tho influence o f Europo’s tre­
m endous dem and for foodstuffs and other supplios (shipments
o f arm s and m unitions a t this stage wore n ot yot o f the di­
mensions thoy subsequently a ttain ed ), our m erchandise ex­
ports m ounted to hugo proportions, reaching for Jan. and

Jan. 8 1916.]

THE CHRONICLE

F e b . com bined $ 5 6 7 ,6 S 5 ,1 8 2 , against 8 3 7 7 ,9 8 6 ,7 4 8 in 1914
and $ 4 2 1 ,0 2 9 ,8 7 2 in 19 13 , while the m erchandise im ports
were only $ 2 4 7 ,2 7 1 ,7 0 8 , against $ 3 0 2 ,7 8 7 ,6 9 9 in 1914 and
$ 3 1 2 ,9 7 7 ,3 5 6 in 1913, m aking the trade balance in favor o f
the U n ited States for the two m onths o f 1915 $ 3 2 0 ,4 1 3 ,4 7 4 ,
against $ 7 5 ,1 9 9 ,0 4 9 in 1914 and $ 1 0 8 ,0 5 2 ,5 1 6 in 1 9 1 3 . T h e
effect was seen in a dip in exchange rates, n ot alone on L on­
d o n , b u t also on the Continental centers, to figures appar­
en tly lower than a n y previously known since the tim e of the
com m ercial crisis o f 18 57 .
Discussion accordingly becam e
rife o f the probability th at Am erican bankers w ould now
havo to co-operate w ith London bankers (as provided under
the arrangement of the previous m o n th ), w ith a view to re­
lieving the B an k o f England o f the necessity o f parting w ith
m uch gold . A n apparent m enace, how ever, to our foreign
trade grew ou t o f a form al announcem ent b y the Germ an
A d m ira lty , declaring the waters around G reat B ritain , in­
cluding the whole of the English C hannel, a zone o f w ar,
and giving notification th at after F e b . 18 all en em y m erchant
vessels encountered in those waters would be destroyed, even
if it m igh t n ot alw ays be possible to save their crews and
passengers. N o tice was furthermore given th at w ithin this
war zone neutral vessels w ould be exposed to danger, since
in view o f the misuse o f neutral flags ordered b y th e G overn­
m ent o f G reat Britain and o f the hazards o f n aval warfare,
neutral vessels could n ot alw ays be prevented from suffer­
ing from the attacks intended for en em y’s ships.
I t was
pointed o u t th at the routes o f navigation around the north
o f the Shetland Islands, in the eastern part o f the N o r th Sea,
and in a strip thirty m iles wide along the D u tch C o a st, were
n ot within the danger zone. T h is m ov e o f the Germ an
G ov ern m en t w as in retaliation for the action o f the British
G overn m en t in deciding to seize all food ships destined for
G erm a n y, owing to tho fact th at tho G erm an G overn m ent
had com m andoered food supplies within G erm an dom ain,
rendering it im possible to m ake sure th at foodstuffs nom inally
consigned to the civilian population m igh t n ot roach the G er­
m an a rm y .
It happened th at while there was discussion as
to whether G roat Britain had really sanctioned the use o f
neutral flags b y British ships, news cam e th at the Cunard
Lino steam ship Lusitania, upon entering tho waters o f tho
Irish Soa while bound for Liverpool from N e w Y o r k , had
flown the A m erican flag to escape becom ing a m ark for Ger­
m an subm arines. I t was also reported th at still another
B ritish steam ship in leaving B ritish waters had fo r a tim e
used the A m erican flag.
A statem en t given out b y the B ritish Foreign Office on
F e b . 7 said th at the use o f a neutral flag w as, w ith certain
lim itation s, well established in practice as a ruse de guerre.
I t was doclarod that tho British G overn m en t considered the
use o f the British colors b y foreign vessels legitim ate for the
purpose o f escaping capture. Such practico n ot on ly in­
volved no breach o f international law , bu t was specifically
rocognized b y the law of Groat Britain in the M e rch a n t Ship­
ping A c t o f 1894.
I t w as, furthermore, pointed o u t th at in
th e instructions to British consuls in 1914 the statem en t ap­
pears th at “ a ship is liable to capture if a British character is
im properly assum ed oxcept for the purpose o f escaping cap­
tu re .”
In view o f tho situation thus created the Am erican
G overn m en t a t once addressed notes to both G roat Britain
and G erm a n y.
In its note to G reat B ritain , sent through
A m bassador P age, our G overn m en t, while reserving for future
consideration the legality and propriety o f the deceptive use
o f the flag o f a neutral Power for tho purpose of avoiding cap­
ture, took occasion to assert th at it w ould view w ith anxious
solicitude a n y general use o f the flag o f the U n ited States b y
British vessols in view o f the announced purpose o f the G er­
m an adm iralty to engage in active naval operations in certain
sea aroas adjacent to the coasts o f G reat Britain an d Ireland.
T h o U n ited States added th at it “ trusts th at H is M a je s ty ’s
G overn m en t will do all in their power to restrain vessels of
British nationality from tho deceptive use o f the U n ited States
flag in the sea area defined b y the G erm an declaration, since
such practice w ould greatly endanger the vessels o f a friendly
Powor navigating thoso waters and would even seom to im pose
upon the G overn m en t o f G reat Britain a measure o f respon­
sibility for the loss o f Am erican lives and vessols in case o f an
attack b y a G erm an naval fo rce.”
T h e note to G erm a n y,
dispatched through Am bassador G erard, expressed “ the con­
fident hope and expectation th at tho Im perial G orm an G o v ­
ernm ent can and will give assurance th at Am erican citizens
and their vossels will n ot be m olosted b y tho naval forces of
G erm an y otherwise than b y visit and search, though their
vessols m a y bo traversing the soa area delim ited in the procla­
m ation o f tho G erm an A d m ir a lty .”
T h e com m unication
added significantly th at “ if the com m anders o f G erm an v essols o f w ar should act upon the presum ption th at tho flag of
the U n ited States was n ot being used in good faith and should
destroy on tho high seas an Am erican vessel or the lives of
A m erican citizens, it w ould be difficult for tho G overn m ent o f
the U n ited Statos to view the a ct in a n y other light than as an
indofensiblo violation o f neutral rig h ts.”
G reat B rita in , in
her rep ly, statod , in justification o f the action o f the Lusitania
in raising tho U . S . flag on her voyage to L iverp ool, th at such
action was taken in consequenco o f the reported intention of
the G erm an G overn m en t of sinking British m erchant vessols
a t sight, “ w ith ou t g iving a n y opportunity o f m ak ing a n y pro­
vision for the saving o f lives o f n on -com batan t crows and passengors.”
T h e roply pointed out th at the B ritish law per­
m its the use o f tho British flag b y foreign m erchant ships in
tim
e o f war for the purpose o f escaping capture, and expressed
for
FRASER

Digitized


107

the belief th at in the ease o f som e other nations there was
similar recognition o f the sam e practice w ith regard to their
flag.
I t was argued it w ould hence be unreasonable to ex­
pect H is M a je s ty ’s G overn m en t to pass legislation forbidding
the use o f foreign flags b y B ritish m erchant vessels to avoid
capture b y the en em y, now th at the G erm an G overn m en t
had announced their intention to sink m erchant vessels a t
sight w ith their n on -com b atan t crews, cargoes and papers, a
proceeding hitherto regarded b y the opinion o f the w orld, n ot
as w ar, b u t piracy. T h e U . S . G overn m en t (the argum ent
w ent on) could n ot fairly ask the B ritish G overn m en t to order
British m erchant vessels to forego a m eans alw ays hitherto
perm itted o f escaping n ot only capture b u t the m uch worse
fa te o f sinking and destruction. T ho B ritish G overn m en t
had no intention, how ever, o f advising their m erchant ship­
ping to use foreign flags as a general practice, or to resort to
them otherwise than for escaping capture or destruction.
G erm a n y, in her rep ly, repeated the allegations previously
m ade against G reat B rita in , com plained o f the shipm ent o f
w ar m aterials from neutral countries to G reat B ritain , and
suggested th at the U n ited States send w ar ships as convoys
to Am erican ships carrying peaceful cargoes through B ritish
w aters.
Said the G erm an G overn m en t: “ T h e B ritish G o v ­
ernm ent has supplied arm s to B ritish m erchant ships and in­
structed them forcibly to resist G erm an subm arines. In
these circum stances, it w ould bo very difficult for submarines
to recognize neutral m erchant ships, for search in m ost cases
cannot bo undertaken, seeing th at in the case o f a disguised
British ship from which a n a tta ck m a y bo expected, the
searching party and the submarine w ould be exposed to de­
struction. G reat Britain then was in a position to m ak e th9
G erm an measures illusory if the B ritish m erchant fleet per­
sisted in the m isuse of neutral flags and neutral ships could not
otherwise be recognized beyond d o u b t.
G erm a n y, how ever,
being in a state o f necessity, wherein she was placed b y viola­
tion o f law , m u st ronder effective her measures in all circum ­
stances, in order thereby to com pel her adversary to adop t
m ethods o f warfare corresponding w ith international la w ,
and so to restore the freedom o f the seas, of which G erm an y a t
all tim es is the defender and for which she to -d a y is fig h tin g .
G erm a n y, therefore, rejoices that the U n ited States has m ad e
representations to G reat B ritain concerning tho illegal use o f
their flag , and expresses the expectation th at this procedure
will force G reat Britain to respect the A m erican flag in tho
future.
In this expectation, com m anders o f G erm an sub­
marines havo been instructed, as already m entioned in the
note of F e b . 4 , to refrain from violent action against A m erican
m erchant vessols, so far as these can b e recognized.
In order
to prevent in the surest m anner the consequences of confusion
— though naturally n ot so far as mines are concerned— G er­
m an y recom m ends th at the U nited States m ak e their ships
which are convoying peaceful cargoes through the British
war zone discernible b y m eans o f c o n v o y s. G erm an y believes
th at it m a y act on the supposition that only such ships w ould
be convoyed as carried goods not regarded as contraband
according to tho British interpretation m ade in the case o f
G e rm a n y . H o w this m eth od o f con v oy can bo carried out is
a question concerning w hich G erm an y is ready to open nego­
tiations w ith the U n ited States as soon as possible. G er­
m an y w ould be particularly grateful, how ever, if the U n ited
States would urgently recom m end to its m erchant vessels to
avoid the British naval war zone, in a n y ease, until the settle­
m en t o f the flag qu estio n .”
. N eith er o f these replies promised a ny early or definite solu­
tion o f the vexatious p roblem . Accordingly President W ilso n
inform ally conveyed certain suggestions o f his own to G re a t
Britain and G erm a n y.
In the interests o f hum anity and the
safeguarding of legitim ate com m erce, he asked that all m ines
be rem oved from the high seas except those directly necessary
for the protection o f coast defenses and harbors. G reat
Britain was asked to acquiesce in a plan to perm it the distri­
bution o f im ported foodstuffs to the civilian population o f
G erm a n y, in return for which G erm an y was to abandon tho
sinking o f m erchant vessels b y subm arines, which she had
begun to do prom p tly when the tim e lim it fixed in her w arzone decree had expired, on F e b . 18.
T h e President’s plan
contem plated that the distribution o f foodstuffs for the G er­
m an population be undor the supervision o f Am erican C on ­
suls. G reat Britain subm itted these proposals to her allies—
France and Russia— thereby delaying an answor. T h e even­
tual result w as a determ ination to cut o ff the whole o f G er­
m a n y ’s com m erce, b oth im ports and exports.
On M a r . 1,
therefore, identical notes were presented to Sec. o f S ta te
B rya n b y the French and B ritish A m bassadors, announcing
the determ ination o f the E n ten te Powers to prevent com m odi­
ties or supplies o f a n y kind from reaching or leaving G er­
m any.
In the carrying o u t o f this plan the B ritish and
French G overnm ents said th ey would hold them selves free
to detain and take into port ships carrying goods o f presumed
enem y destination, ownership or origin. I t was stated , how­
ever, that it was n ot intended to confiscate such vessels or
cargoes unless they w ould otherwise be liable to condem na­
tion. T h e treatm ent o f vessels and cargoes which had pre­
viously sailed w ould n ot be affected . T h e British A m b assa­
dor w as a t the same tim e advised to inform the Am erican
G overnm ent th at this step w as not to be taken as an answer
to the U . S . suggestion respecting a possible lim itation o f use
of submarines and m ines and an arrangem ent for supplying
food to G erm a n y. T h is suggestion, it w as stated , was being
taken into careful consideration b y his M a je s ty ’s G overn ­
m ent in consultation w ith their allies. G erm a n y ’s answer to

108

THE CHRONICLE

the suggestion w as dispatched on Su n d ay , F e b . 2 8 , and w as,
on th e w hole, favorable, though it w as stated that “ the
adoption of a definitive attitu de m u st, o f course, be post­
poned until the G erm an G o v ern m e n t, on tho basis of further
com m unication from the A m erican G ov ern m en t, is in a posi­
tion to see w h at obligations the B ritish G overn m en t, on its
side, is prepared to a ssu m e .”
In th e European w ar zone b o th the G erm ans and the A u s­
trians gained im portan t successes over the R ussians. E a st
Prussia was entirely cleared o f the R ussian invaders and
B u kow in a was also evacuated b y the R ussians and C z e m o w itz, the cap ital, w as occupied b y the A u strian forces. A
G erm an war bulletin announced th at the winter b attle in
the M a zu ria n district had com e to an end and th at the total
b o o ty taken included seven G enerals, m ore than 1 0 0 ,0 0 0
m en , upw ard o f 150 cannon (this num ber was subsequently
increased to 30 0 ) and quantities o f other m aterial o f all de­
scriptions. T h e latter part o f the m on th the B ritish and
French fleets began operations against the D ardanelles, and
the B ritish A d m iralty on the night o f F e b . 2 5 announced that
all forts a t the entrance had been reduced. Constantinople
advices claim ed th at in the a ttack three warships of the A l­
lied fleet had been dam aged . T h e o bject of these fleet oper­
ations w a s, o f course, the capture o f C on stan tin op le, and the
opening u p o f the B la ck Sea, thereby releasing large accum u­
lations o f R ussian grain. A t this tim e it was argued that as
soon as tho D ardanelles were forced, T u rk ey w ould sue for
peace, and Constantinople bo occupied w ith ou t resistance.
Sir E d w ard G re y , B ritish Secretary for Foreign A ffa irs, in
the H ou se o f C om m on s on F e b . 2 5 stated th at G reat Britain
was in entire accord w ith R u ssia’s desire for access to the
sea, m eaning obviou sly th at the E nglish G overn m ent was
ready to reverse B ritish traditions and w ould perm it Russia
to occupy C onstantinople. E a rly in the m on th the T urks
m ade an attack on the Suez C an a l, b u t were driven o ff w ith
h ea vy losses. A ccording to advices from B uenos A ires, the
G erm an auxiliary cruiser K ron Prinz W ilh e lm , operating on
the northern coast o f B razil, sank four British vessels during
this and the preceding m on th . T h e A m erican steamship
E v e ly n , laden w ith cotton for B rem en , was sunk F e b . 2 2
off B ork u m Islan d , G erm a n y, b y a m in e, and the Am erican
steam ship Carib foundered F e b . 2 3 , also off the G erm an
coast, b y con tact w ith a m in e. China delivered to G reat
B ritain , F ran ce, R ussia and the U n ited States a m em oran­
dum o f 21 dem ands m ade b y J ap an , the latter part of Janu­
a ry .
These dem ands, which Japan claim ed were restricted
to the territory within her “ spheres o f influence” in C hin a,
were so extreme as to threaten a rupture of relations botween
Japan and C h in a, b u t subsequently the T o k io G overnm ent
in tim ated th at it w ould n ot insist upon certain groups of
general dem an ds, thus affording a basis for subsequent com ­
prom ise o f tho dispute. French R en tes, which early in the
m on th were quoted a t 7 2 .7 5 , declined to 6 8 .7 5 , b u t subse­
q u en tly recovered to 6 9 .6 0 .
T h e French G overn m en t au­
thorized the issue o f 1 ,0 0 0 ,0 0 0 ,0 0 0 francs 5 % national de­
fence bonds at 9 6 ^ , payable a t par in 1 9 2 5 ,b u t redeem able
a t the option o f the G overnm ent after 19 20 .
Subscriptions
were invited F e b . 2 5 and aggregated 4 2 8 ,0 0 0 ,0 0 0 francs in
the first three d a ys. A t the samo tim e the authorized issue
o f Treasury bonds was raised F e b . 13 from 2 ,5 0 0 ,0 0 0 ,0 0 0
francs to 3 ,5 0 0 ,0 0 0 ,0 0 0 francs. N o tice w as posted F e b . 18
b y the C om m ittee o f the Lon don S tock Exch an ge that E n g ­
lish stockholders o f N . Y . C entral w ould n ot be perm itted
to participate in the subscription to the new $ 1 0 0 ,0 0 0 ,0 0 0
convertible bon d issue o f the com p an y , which a syndicate
headed b y J . P . M o rg a n & C o . had ju st underw ritten. Sim i­
lar action had been taken tho previous m on th w ith reference
to a con v . bond issue o f C h ic. M ilw . & S t. P . A n issue of
£ 1 0 ,0 0 0 ,0 0 0 of R ussian T reasury bills w as m ad e in L ondon
F e b . 15 and dou bly subscribed fo r. T h e y wero offered w ith
the consent o f the B ritish G overn m en t a t a discount o f 5 %
and were m ade repayable in 1 year. O n F e b . 2 3 tenders were
received for £ 2 0 ,0 0 0 ,0 0 0 British Treasury bills, one-half con­
sisting of 6 m on th s’ bills and the other half o f 12 m on th s’
bills. T h e six m on th s’ bills wero placed a t an average rate
of 1 5
/ i% and the yearlings at 2% % . _ G erm an y announced
a second large war loan a t 5 % , subscriptions to rem ain open
from F e b . 2 7 to M a r . 19 , tho loan to take the form of both
Im perial and Exchequer bonds— the latter to b e redeem able
b y draw ing, b u t the Im perial securities n ot to be redeem able
until O ct. 1 19 2 4 . Issue price w as m ade 9 8 a; against
9 7 y2 for the first war loan . Subscriptions were to be un­
lim ited . T h e result is announced in our narrative for M a r c h .
T h e S tock Exchange a t A m sterd am was reopened F e b . 9
for business for the first tim e since the war began .
F or the
tim e being the A m sterd am Bourse alone w as reopened, the
provincial exchanges throughout H ollan d rem aining closed.
T h e Austrian G overn m en t the latter part o f the m on th con­
fiscated the entire stocks of grain and flour in the M o n a rc h y .
M e xican affairs continued very m uch disturbed and one de­
velopm en t w as the action o f G e n . V illa in proclaim ing him ­
self provisional President as well as m ilitary chief. Villa,
gave as his reason for taking this step th at com m unications
had been cu t off betw een the C on ven tion G overnm ent and
the division under his com m an d .
O n the other han d , the
Spanish M in ister to M e x ic o , Senor Jose C a ro , w as expelled
from the country b y G e n . C arranza. A n oth er act of C ar­
ranza w as to issue a decree calling on business establishm ents
in the Federal D istrict o f M e xico to furnish inside of 72 hours
a sum totaling m ore than 2 0 ,0 0 0 ,0 0 0 pesos, the penalty o f
FRASER
failure being confiscation o f property^and im prisonm ent.

Digitized for


[Vol. 102.

G eneral business rem ained exceedingly q uiet, b u t in the
iron and steel industry w ork proceeded on an increasing scale
under the growing volum e of war orders. W hereas tho Steel
com panies the previous D ecem ber were operating only to
about 3 5 % o f their cap acity, the Carnegie Steel C o . w as now
operating a t 6 5 % o f cap acity, other steel com panies a t be­
tween 5 0 and 6 0 % , while independent tin plate m akers were
working from 7 5 to nearly 1 0 0 % .
G alvanized sheets ad­
vanced $ 8 a ton (from 3 cents a lb . a t Pittsburgh to 3 .4 0 cents)
because o f tho exceptionally high price of spelter, zinc blend
in M issouri having reached a record price. Spelter a t S t.
Louis sold up from 7 .3 0 cents per lb . to 1 0 .3 5 cents and the
following D ecem ber g ot up to 16
cents, and galvanized
sheets a t Pittsburgh then sold a t 4 .7 5 cents.
Railroad or­
ders for rolling stock and for supplies were on a very slender
basis, owing to the poor prospects for the carriers a t that
tim e. A m e r . R y . A sso . began the com pilation of m on th ly
statem ents o f idle cars on U . S . railw ays after having throe
m onths before suspended the publication o f sem i-m onthly
returns, and showed an increase in idle cars between N o v . 1
1914 and F e b . 1 1915 from 1 7 2 ,3 2 5 to 2 8 0 ,5 7 3 ; b y M a r . 1
there had been a further increase to 3 2 2 ,2 9 0 cars. T h e Steel
Corporation reported a sm all further increase in unfilled or­
ders on the books o f the subsidiary corporations— from 4 ,­
2 4 8 ,5 7 1 tons to 4 ,3 4 5 ,3 7 1 tons.
In response to a report from
a C om m ittee on F ood S u p p ly , appointed b y M a y o r M itch el
o f this c ity , in which it was suggested th at consideration
be given to the placing of an embargo on w heat exports by
the Federal G overnm ent in view o f the largo foreign dem and
for the cereal. President W ilso n callod upon the Sec. of A gri­
culture for a statem ent concerning tho supp ly.
T h is state­
m e n t, m ade public under date o f F e b . 17 , said th at there was
sufficient w heat on hand to pormit tho export o f nearly
1 ,0 0 0 ,0 0 0 bushels a day until July 1, before which tim e the
now crops would begin to be available. T h e M a y option
for w heat a t Chicago, after advancing from $1 53 F e b . 1 to
$1 67 F e b . 5 , dropped to $1 4 6 F o b . 2 6 , owing to a fear that
the Dardanelles m ight soon be re-opened, m aking available
Russian w heat; the close F e b . 2 7 w as $1 5
3
M a y corn
in Chicago declined from 8 3
cts. F e b . 2 to 7 0 Yi cts. F e b . 2 6 ,
w ith the close F o b . 2 7 , 7 4 cts. M a y oats a t Chicago fell from
6 2 cts. F e b . 2 to 5 4 % c ts. F e b . 2 6 , w ith tho close F e b . 27
5 7 cts.
M id d lin g upland cotton in N e w Y o r k m oved up
from 8 .4 5 cts. Jan. 31 to 8 .7 0 cts. F o b . 4 and closed F e b . 27
a t 8 .3 5 cts. T ho U . S . C o tto n Futuros A c t (the Lover bill)
enacted A u g . 18 1914 becam e operative F e b . 1 8 . Print
cloths at Fall R iver rem ained at 2% cts. per y ard . Presi­
dent W ilso n nom inated the five m em bors o f the now Federal
T rad e C om m ission. H e nam ed Joseph E . D a v ie s, C om m is­
sioner o f C orporations, whose bureau w as m erged into the
now C om m ission; E d w ard N . H u rley , Pros, o f the 111. M f g .
A sso .; W illia m J . H arris, D irector of the Census; W ill H .
P arry, T reas. o f the Seattle C ham ber of C om m erce and
form erly E d itor o f the Seattle “ P o st-In telligen cer,” and
George R ublee o f Cornish, N . H . , counsel for the A laska
R ailw ay Engineering C om m ission. T h e Panam a-Pacifio
E xposition a t San Francisco was opened a t San Francisco a t
noon F e b . 2 0 ; it rem ained open until the follow ing D o c . 4 .
T ho Federal Com m ission on Industrial R elations continued
its investigation b y exam ining m en o f prom inence, and its
C hairm an, F rank P . W a ls h , gave v en t to further sonsational
utterances. T here w as another outbreak of the fo o t-an d m outh disease in J an . and F e b ., m aking necessary renewed
quarantines against cattle and the placing o f embargoes on
cattle shipm ents from cortain Statos— the Federal G overn­
m ent having on J an . 27 issued an order prohibiting the ship­
m ent o f live stock in the case o f the Chicago U nion Stock
Y a rd s and those a t P ittsbu rgh . T h e $ 1 3 5 ,0 0 0 ,0 0 0 C otton
L oan F und organized the provious year was definitely closed
F e b . 5 , the applications for loans having aggregated no more
than $ 2 8 ,0 0 0 .
A t the m eeting o f the D om inion Parliam ent
on F e b . 11 a radical revision o f the Canadian tariff and the
im position of special war taxes as a m eans o f raising $ 3 0 ,­
0 0 0 ,0 0 0 of additional revenue w as provided for in tho budgot
speech of the M in ister o f Finance. W it h a small list of ex­
ceptions, an all-around incroaso o f 7 H % in the general and
o f 5 % in the B ritish preferential tariff was announced w ith
the abolition o f the freo list save for cortain specified articles.
T h e Colorado C oal C om m ission , o f which Seth L ow was
C hairm an, and which w as selected b y President W ilso n the
previous N o v e m b e r to'dealw ith tho Colorado mining troubles,
received from the operators o f the coal m ines in Colorado a
letter in response to one written b y M r . L ow on Jan. 19,
and was inform ed th at there w as no w a y in which the C o m ­
mission could be of service to tho coal m ining industry of
the S ta te , and that it w as tho belief o f the operators th at it
w ould be unwise for the Com m ission to go to Colorado or to
a ttem p t in a ny w ay to raise new issues or revive those which
had been settled b y the term ination o f the strike. T h e op­
erators stated that thero were no differences to be adjusted
w ith their em ployees, and th at if differences did exist they
would “ bo loath to subm it their adjustm ent to a C om m ission,
a m ajority of which we believe to be strongly biased against
us, or one which has in its m em bership an official or m em ber
o f the U n ited M in e W orkers o f A m e ric a .”
5
In a decision m ado public F e b . 11 tho In ter-S tate C o m ­
merce C om m ission gave permission to transcontinental roads
to establish com m od ity rates to Pacific point term inals,
lower than thoso to interm ediate points, in order to m eet
new traffic conditions th at arose w ith the opening of the
P anam a ^C a n a l. On F e b . 12 Sec. o f the T rea s. M c A d o o

Jan. 8 1916.]

THE CHRONICLE

revoked the order issued the previous O ct. 2 8 directing col­
lectors o f custom s to withhold from the public inform ation
concerning steam ship manifests for a period o f 3 0 days after
clearance.
I t was claimed th at there w as no longer a n y need
for m aintaining secrecy concerning m anifests ow ing to the
general adoption o f the plan to have officials o f the U nited
States and British G overnm ents inspect the loading o f ves­
sels. C o m p , o f the Currency W illiam s addressed a letter to
the national banks saying th at the granting of overdrafts
was objectionable and that the practice m u st cease entirely.
T h e banks were requested to adop t a resolution directing
th at no officer or em ployee of the bank should p a y or charge
to the account o f a n y depositor a n y check of such depositor
when there are n ot sufficient funds on deposit to the credit
o f the drawer o f the check to m eet the sam e.
The C om p­
troller also required the directors o f six national banks of
this city to m ake good losses incurred on investm ents m ade
several years ago.
I t was understood th at altogether about
8 2 ,0 0 0 ,0 0 0 was in volved, the directors o f the N ation al B an k
o f Com m erce in N e w Y o r k (under a former A dm inistration)
being callod upon to m ake up 8 7 5 0 ,0 0 0 . T h e transactions
concerned wero reported to have been in the nature o f un­
derwriting operations, the G overn m en t holding th at they
were investm ents n ot authorized b y law . T h o C om ptroller
likewise forwarded new form s to the banks on which to m ake
their reports of condition and calling for inform ation on a
num ber of new item s, one of these asking as to the num ber
o f shares of the stock of the bank actually owned b y officers
and directors regardless of the am ou n t indicated on the stock
ledger.
T h e U . S . D istrict C ou rt in this city on F e b . 3 b y
unanim ous decision dismissed the two G overn m en t suits
brought against the Am erican -A siatic Steam ship C o . and
others in A u g . 1912 comprising w hat was called the Far
Eastern Steam ship Conference, and the Prince Line and
others, constituting the Brazilian Steam ship Conference,
in both o f which tho defendants wero charged w ith violation
o f the Sherman A n ti-T r u st L a w .
T h e U . S . Suprem e C ourt
on F e b . 23 upheld tho constitutionality o f the C a l. law lim it­
ing to 8 hours a d ay the em p loym en t o f w om en in m anu­
facturing and m ercantile establishm ents, except those in
harvestin g and canning fru it, boarding houses and graduato
nurses in hospitals. T h e decision established the principle
th at reducing w om an ’s labor to 8 hours a day is not an im ­
proper exorcise o f a S ta te ’s police power. T h e C ourt had
previously uphold a lim itation to 10 hours a d ay in the
M a s s , law and 54 hours a wook in the Ohio law .
In another
decision on the same day in tho case of the L ou isv. & N a sh v .
R R . the Supremo C ou rt denied tho right claim ed b y the
C om m erce C om m ission to inspect the files and correspon­
dence of railroads. T h e C ou rt hold th at the C om m ission’s
powers woro lim ited to an inspection o f “ accounts, records
and m em oranda” and could n ot be stretched to include
“ correspondence.”
R a ilroa d E v en ts, Stock E xch a n g e M a tters , & c .— Stock ex­
change price m ovem en ts wero decidedly irregular, w ith tho
industrial properties strong, bu t with the tendency sharply
downward the last half o f the m on th .
Industrial concerns
w hich, from the nature o f their businoss, were deriving advan­
tages growing out o f the war in E urope, Bethlehem Steel and
A m er. B eet Sugar, for instance, particularly m anifested
stre n gth . B u t the com plete absence o f a n y snap to dom estic
trade, notw ithstanding greater activity in certain branches o f
tho iron and steel in dustry, coupled w ith the fear th at serious
com plications m igh t arise in this cou n try’s relations w ith G er­
m an y or G reat B ritain , or b o th , wore influences th at operated
to repress speculative a ctiv ity . T h e feeling of distrust gradu­
ally wore o ff and tho m arket then becam e decidedly strong,
the decision o f the In ter-S tate Com m erce C om m ission in tho
In ter-M ou n tain case contributing to that en d. W e a k fea­
tures, nevertheless, continued to devolop, N . Y . C e n t., for
instance, dropping several points on the news th at the com ­
pany was abou t to negotiate a 8 1 0 0 ,0 0 0 ,0 0 0 G % loan . A s a
consoquence o f tho rem oval a t the close o f the previous m onth
(Jan. 2 7 ) o f the restrictions on foreign selling, through the re­
scinding o f the requirement th at sales m u st be either for cash
or in tho regular w ay (that is, for n ext d a y ’s delivery), thereby
putting a bar on foreign soiling, considerable liquidation on
Europoan account occurred, and this served to accentuate the
prevailing weakness for tho tim e b ein g . T h e last few days an
upward reaction occurred under which a part o f the previous
losses woro quite generally recovered. T h is, how ever, still
left m ost o f tho railroad shares well below thoir opening fig­
ures, though som e o f tho industrial shares closod a t substan­
tially liighor figures. Local bankers took and sold on F e b . 2 5
a t 9 9 % 8 1 6 ,0 0 0 ,0 0 0 2 -y r . 5 % notos o f A n acon da C o p . M in .
C o.
Lackaw anna Steel sold 8 6 ,0 0 0 ,0 0 0 6 % 2 -y r . notes.
Bankors offered a t 9 6 , to yield abou t 5 .2 7 % , 8 1 0 ,0 0 0 ,0 0 0 1st
m tg e . s. f. 5 % bonds o f 1914 of Sw ift & C o . A syndicate
headod b y J . P . M o rga n & C o . underwrote 8 1 0 0 ,0 0 0 ,0 0 0 2 0 y r. 6 % con v. dob. bonds o f N . Y . C e n t. R R .
T h e bonds
wero offered tho next m on th (subject to approval b y stock­
holders in April and b y the public authorities) a t par to the
shareholders. Subscriptions were payable 5 0 % M a y 1 1915,
2 5 % Sopt. 1 and 2 5 % O ct. 1 1915.
Erie R R . disposed o f
8 7 ,4 0 0 ,0 0 0 Erie & Jersey R R . 1st 6 % s. f. gold bon d s, and
they wore offered to the public a t 1 0 4 % , yielding over 5 .7 0 % .
T h e Erio also disposod o f 8 6 ,0 0 0 ,0 0 0 Genesee R iv . 1st m tg . 6s,
which wore offered in M a rch a t 103 % .
B o th blocks o f bonds
had previously boon used as collateral. T h e com p an y the
next m on th also authorized 8 1 0 ,0 0 0 ,0 0 0 now 1 -y r. 5 % notes,
in those various w ays providing for the retirement in full o f




109

8 2 0 ,5 5 0 ,0 0 0 o f old notes m aturing M a rch 1, A p ril 1 and O ct. 1
19 1 5 . J . P . M o rg a n & C o . purchased 8 7 ,5 0 0 ,0 0 0 5 0 -y r . 1st
5s o f L o x. & E a s t. R y . guar, b y L . & N .
T h e y were offered
the next m on th a t 9 8 % .
Bankers offered a t 8 1 , to net
4 . 5 7 % , 8 4 ,0 0 0 ,0 0 0 1st m tg . 3 % s o f M ic h . C e n t. R R .
I t was
also announced th at there w ould be a new issue o f 8 3 ,0 0 0 ,0 0 0
4 % % 1 -y r. notes o f M ic h . C e n t., the proceeds, along with
treasury funds to be used to take care o f 8 6 ,0 0 0 ,0 0 0 4 % %
notes due M a r . 2 .
M o n trea l T ram w ays & Power C o . dis­
posed of 8 7 ,0 0 0 ,0 0 0 2 -y r . 6 % c ol. tr. notes which were subse­
quently offered at 9 9 % , to yield over 6 . 4 0 % .
M o n ta n a
P o w . C o . sold 8 6 ,0 0 0 ,0 0 0 1st & ref. 5 s, due July 1 19 4 3 , and
th ey wore offered a t 91 % .
Southern R y . passed the d iv . on
pref.
C a l. & H ecla M in . resum ed d iv s. b y declaring 2 0 %
after having passed the previous D e c . and S e p t. Sears, R o e­
buck & C o . m ade a distribution o f 8 2 0 ,0 0 0 ,0 0 0 o ut o f accum u­
lated surplus b y paying a d iv . o f 5 0 % in new stock.
S tock F lu c tu a tio n s .

Railroads—
Atch Top & Santa Fe.
Baltimore & Ohio___
Canadian Pacific____
Chesapeake & Ohio__
Chic MUw & St Paul..
Erie________________
Great Northern, pref.
Louisville & Nashville.
N Y Cent & Hud R iv.
N Y N I I & Hartford..
Norfolk & Western__
Northern Pacific____
Pennsylvania________
Reading Company . . .
Southern Pacific C o ..
Southern Railway___
Union Pacific________
Industrial, &c.—
Allis-Chalmers M fg__
Preferred_________
Amalgamated Copper.
Amer Agricul Chem . .
American Beet Sugar.
American Can_______
American Car & Fdry.
American Coal Prod..
American Locomotive.
Amer Smelting & Ref
American Woolen___
AnacondaCop (parS25)
Baldwin Locomotive..
Bethlehem Steel Corp.
Central Leather. . .
Colorado Fuel & Iron.
Continental Can____
Cuban-AmerlcanSugar
General Chemical___
General Motors______
Goodrich (B F )______
Insp Con Cop (par S20)
Lackawanna Steel__
Maxwell Motor____
Pressed Steel Car____
Railway Steel Spring..
Republic Iron & Steel.
Studebaker Corp (The)
Texas Co (The) . .
U S Rubber____ ____
United States Steel__
Western Union Teleg.

1.

F eb.

F eb. 2 7.

93%

94%
64%

x70

159%
43 %
88%
23 %
114%

*116 119
89%
50%

103%
1 04

2105%
146

10
37

*8

*34
54%

49%

* ...
-

38%
27%
45%

83
23 %
60%

*15

25

$27
* ...
35
48%
34%
*23%
26

*45
47
*40
45
al65
94
31%
$18%

17
17%
29
*20
24
19
42
135
*15
30
57
38%
63%

157
40
85

40

a 112
82%

45
101
100%

* j9 9

104%

142%

10
37

*8

* ...

53%
*48%
50
38%
26%
40%

*__.

82

20%
761%
*15%
18

$26
2,8

54%
34%
23%
*43%
45
*40%
41%

al78
91
31 %
$18%
*28%
32
24%
27%

*20
*19

22
20

45%

127
*15
40
54%
42%
62%

Feb
Feb
Feb
Feb
112 Feb
8 1 % Feb
43 Feb
9 9 % Feb
99 % Feb
1 0 3 % Feb
1 4 0 % Feb
8 1 % Feb
1 2 % Feb
1 1 6 % Feb

83%
19%
112%

20%
113%

j8 2
13%
119%

85%
16%
119%

R an ge f o r M o n th .
L ow .
9 2 % Feb
6 3 % Feb
1 5 3 % Feb

9
33

Feb
Feb
Feb
Feb
Feb
25 Feb
40 Feb
aS2
Feb
2 0 % Feb
x 5 8 % Feb
1 7 % Feb
$ 2 4 % Feb
28 Feb
4 7 % Feb
32 % Feb
23 Feb
45 Feb
40 Feb
1 6 6 % Feb
82 Feb
29 Feb
S18 Feb
2 8 % Feb
1 7 % Feb
27 Feb
21 Feb
19 Feb
4 1 % Feb
1 2 3 % Feb
50%
48%
35%

53
38
61

24
25
5
23
24
24
24
24
26
25
6
24
24
24
5
24
23

High.
Feb 11
Feb 2
1 5 9 % Feb
9
4 4 % Feb
I
89 Feb
1
2 3 % Feb
1
1 1 6 % Feb 11
117% Feb 2
90% Feb
1
52% Feb
1
103% Feb
1
105% Feb 2
/106% Feb 4
147% Feb 2
1
8 5 % Feb
17 Feb 2
121% Feb 11

10
10
24
25
24
24
23
9
27
24
23
24
27
1
20
24
23
26
8
23
24
23
20
2
23
18
1
1
24

9
36
55%
50%
42
29%
45%
o82%
23%
67%
18
$27%
33%
57%
37%
26%
47
45%
172
94%
33%
$19%
30
25
31%
23
21
47%
135

Feb 24
Feb
1
Feb 23

95%

]7l

Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb

10
4
11
9
11
2
11
11
1
13
16
11
2
10
11
13
11
8
24
11
4
13
11
17
13
8
11
8
1

58% Feb 2
44% Feb 13
64% Feb 2

]

a Lass than 100 shares. Quoted ex-divldend during the ..month and prior to
this date, Ex-dlvldend. • Bid and asked price; no sale.

x

The M o n e y M a r k e t.— In m on ey great ease continued the
dom inant feature.
C all loans a t the Stock E xchange a t no
tim e were higher than 2 % % , w ith the m inim um 1 % % .
M o n e y on tim e was quoted a t the close a t 2 % @ 2 % for 60
d a y s, 2 % @ 3 for 9 0 d a ys, 3 @ 3 % for 4 m os. and 3 % @ 3 %
for 5 and 6 m o s. Com m ercial paper w as 3 % @ 4 for choice
double names and prime single n am es, a n d 4 % @ 4 % for good
single nam es. M o n e y holdings o f the Clearing H ouse in­
stitutions fell from 8 3 7 0 ,5 6 2 ,0 0 0 Jan. 3 0 to 8 3 6 3 ,4 9 4 ,0 0 0
F e b . 2 7 ; the gold holdings w ith the Federal Reserve banks
between the same dates decreased from S 1 0 8 ,2 8 6 ,0 0 0 to
8 1 1 3 ,0 6 6 ,0 0 0 .
Loans ran up from 8 2 ,2 3 3 ,2 2 4 ,0 0 0 to $ 2 ,2 9 7 ,­
5 0 4 ,0 0 0 and deposits from 8 2 ,2 1 2 ,9 0 8 ,0 0 0 to 8 2 ,2 6 8 ,4 4 8 ,0 0 0 .
F or eig n E xch a n g e, S ilver, & c .— A great collapse in exchange,
not o nly for sterling bills, b u t for C ontinental, was the ab­
sorbing foature, and this was o f a nature to arrest world-wide
attention.
R ates dropped to figures never known to the
present generation, and apparently w ithout a parallel since
the com m ercial panic o f 1 8 57 . T h e chief influences in the de­
pression wero the prodigious trade balances steadily being
piled up in favor o f this country, and the fact th a t, contrary
to tho practice in ordinary seasons, no portion o f these ex­
ports had boen anticipated b y advance drawings o f bills o f
oxchange, the B an k o f E ngland having the previous sum m er
insisted upon shipm ents o f gold b y us in settlem ent o f our
obligations m aturing abroad, notw ithstanding th a t our
European credits had boen rendered com pletely unavailable
b y the prom ulgation o f m oratoria b y tho leading countries
o f E urop e. T here wero also indications o f transfers o f capital
fron L ondon to the U nited S ta tes, in part for safe keeping,
b u t in part because a practice appeared now to be growing
up on the part of the world a t large to draw bills on N e w
Y o r k in settlem ent o f international transactions, instead of
on L on d on , as was previously a lm ost exclusively the case.
On F e b . 1 dem and sterling was quoted a t 4 8 4 % @ 4 8 4 15 -1 6
and cable transfers a t 4 8 4 1 5 -1 6 @ 4 8 5 % .
B y F e b . 16 de­
m and bills were down to 4 79 and cable transfers to 4 7 9 % .
A sharp recovory then ensuod, b u t b y F e b . 2 4 rates were
down again to 4 7 9 % for dem and bills and 4 7 9 % for cable
transfers. Closing quotations F o b . 2 7 were 4 79 1 3 -1 6 @
4 8 0 and 4 8 0 5 -1 6 @ 4 8 0 % for the two classes o f rem it­
tances. There appears to have been considerable selling of
A m erican securities on foreign account. T h e dem and for

110

THE CHRONICLE

[Vol. 102.

rem ittan ce, how ever, on this account w as o f sm all conse­ S ta te does not in volve p ositive loss, it is free from legal ob ­
T h e law fixing the rate a t 2 cents a m ile in W e s t
quence alongside o f the other influences m en tioned . T h e jection .
extraordinarily low rates o f exchange prevailing w ould ordi­ Virginia Avas declared invalid because under it “ the com pany
narily have led to v ery h ea vy engagem ents abroad o f gold is forced to carry passengers, if n ot a t or below cost, Avitli
for im portation into the U n ited S tates, b u t the B an k of m erely a nom inal reAvard considering the volu m e of the traf­
T h e S tate C ou rt in the N o r th D a k o ta case
E n glan d rosisted an outflow as far as possible. Som e am ounts fic a ffe c te d .”
o f gold were engaged, nevertheless, and a nu m ber o f consign­ had held that it was “ Avithin the power of the Legislature to
m en ts were received from O ttaw a, representing, it was un­ reduce rates on a particular article provided the carriers are
d erstood, gold released b y the B an k o f E ngland and deposited enabled to earn a fair profit upon their entire in tra-S tate
here for account o f tho B a n k o f France and the French G o v ­ business” ; but the U . S . Suprem o C ou rt declared th at in
ern m en t. T h e m o n th ’s aggregate im ports a t all ports were so segregating a particular com m od ity or class o f traffic,
§ 1 2 ,7 2 6 ,4 9 2 .
T h e gold holdings o f the B a n k of E ngland and com pelling the carrier “ to transport it for less than the
were hoavily reduced, b u t open m arket discounts a t London proper cost of transportation, or virtually a t cost, the S tate
In arriving a t its general con­
continued to rule exceedingly lo w , a t one tim e being quoted has exceeded its a u th o rity .”
a t 1 M @ 1 5 -1 6 , and the close was a t 1 7 - 1 6 @ l J 4 % N o clusion, the C ou rt held th at when a S tate selects one com ­
open m arket rates were reported from the C ontinental cen­ m od ity or class of traffic for regulation, it m u st apportion
ters.
Silver in Lon don ranged between 2 2 ) 4 d . and 23 l - 1 6 d ., to it a proper part o f all general expenses and then allow sub­
closing a t the latter figuro.
stantial com pensation.
“ T h e S tate cannot estim ate the
cost of carrying c o a l.”
In the W e s t Virginia case the C ourt
M O N T H OF M A R C H .
said: “ I t would appear to be outside the fiold or reasonable
Current E v en ts.— A decidedly m ore hopeful feeling devel­ adjustm ent that the S ta te should dem and the carriage of
o p ed , which w as reflected in a lim ited w a y in trade circles passengers a t a rate so low th at it could be justified only b y
a n d in a wonderful burst o f a ctivity in the security m arkets. placing upon shippers o f goods a burden o f excessive charges
A belief in an early term ination o f the European conflict for in order to supply an adequate return for the entire service.”
one reason or another gained wide currency.
In addition, Furtherm ore, the C ourt declared, such action could not be
the adjournm ent o f Congress w as hailed w ith m uch satis­ justified as a “ declaration of public policy to develop an
fa ctio n . W it h the exception o f abou t six w eeks, late in infant industry or to m ak e one com m unity independent o f
“ W h ile local interests serve as a m otive for en­
tho a u tu m n o f 19 1 4 , this Congress h ad been sitting practical­ a n other.”
ly continuously sinco the President convened it in extraordi­ forcing reasonable r a te s,” the C ourt added, “ it would
nary session on A p r . 7 , tw o years before. A s a result o f its be a very different m atter to say that the S tate m a y com pel
labors, a num ber o f disturbing and vexatious law s interfering the carrier to m aintain a rate less than reasonable to build
w ith th e course o f business were p u t upon the statute books, up a local enterprise. T h a t Avould be to go outside the car­
and still other m easuros, even m ore destructive in their char­ rier’s undertaking and w ould be equivalent to an appropria­
acter and tendency, were under consideration, giving rise tion o f its property to public uses upon terms to which the
to m a n y anxious fears. There w as further occasion for carrier had in no w ay a greed .”
A n oth er encouraging feature was tho success attending the
gratitude in the fact th at the Ship Purchaso B ill, which w ould
h ave conferred upon the G overn m en t a u th ority to purchase sale on M a r . 10 b y N e w Y o r k State of § 2 7 ,0 0 0 ,0 0 0 higlnvay
and operate ships and which m igh t h ave precipitated trouble and canal bonds (§ 2 2 ,0 0 0 ,0 0 0 having 5 0 years to run and
w ith som e o f the belligerent countries should it have boon § 5 ,0 0 0 ,0 0 0 3 0 years); the rate of interest had been fixed a t
attem p ted to acquire in tem od vessels as part o f tho schomo 4 ) 4 % , as against 4 ) 4 % a t the previous y ear’ s sale. T ho
(and no others appeared a v a ilab le ), w as definitely shelved in proposals received aggregated § 9 8 ,5 6 9 ,0 0 0 and the bonds
the dyin g hours o f Congress, as it had becom e apparent that Avere aAvarded to a banking snydicate a t their bid o f 1 0 3 .4 5 9
A t the $ 5 1 ,0 0 0 ,­
to endeavor to pass the bill a t the last m om e n t, as had for “ all or n o n e ,” a basis o f about 4 . 0 8 % .
seem ingly been planned, w ould load to renowed filibustering 0 0 0 sale of 4 ) 4 % bonds on J an . 21 1914 the award was on
b y tho Republicans in the Senate and cause the failure o f the an interest basis of 4 .2 0 8 % .
Seven m onths before th a t, in
regular appropriation bills. A s it w a s, two supply measures June 19 1 3 , the S ta te , to tid e over emergencies, had pu t out
failed o f passage, nam ely the P ost Office Appropriation Bill § 2 7 ,0 0 0 ,0 0 0 8 m on th s’ notes on a basis of 4 . 8 7 % .
W it h it
a n d th e Indian A ppropriation B ill, b u t in b oth cases joint all, our m erchandise exports continued o f extraordinary
resolutions were passed continuing in force current appro­ m agnitude, leading finally to gold im ports on a large scale,
priations. P ostm aster-G eneral Burleson’s efforts to prevent notAvithstanding the efforts of tho debtor countries o f Europe
tho fixing o f railw ay m ail p a y on a basis satisfactory to the to check the floAv of gold t h is ’Avay. A great im provem ent
railroads was one o f the m ain reasons for tho failure o f the likewise occurred in the outlook in the S o u th , ow ing to a
P o st Offieo A ppropriation B ill. W it h the adjournm ent o f decided appreciation in the m ark et value of cotton. On
the Federal legislative b o d y , President W ilso n issued a state­ Saturday, F e b . 2 7 , the price o f m iddling upland spot cotton
m e n t, saying: “ A great Congress has closed its sessions. in this m arket Avas 8 .3 5 c ts ., and on M o n d a y M a r . 1 Avas
*
*
* Businoss has now a tim e o f calm and thoughtful 8 .2 5 c ts .; M a r . 31 the price Avas 9 .8 0 cts.
T ho belief in an early termination o f the European war
“ adju stm en t before it , disturbed on ly b y the European w a r .”
T h e President also allow ed it to be know n th at he had no found wide acceptance. A ll through the m onth advices from
intention o f convening the new Congress in advance o f the Europe spoke o f the probability o f the early entrance of Ita ly
tim e for the regular session the follow ing D ecem b er. T his into tho conflict, and this, it Avas then reasoned, w ould moan
R um or also had it that
announcem ent cam e M a r . 2 2 and was in response to sugges­ the speedy closing o f the struggle.
tions th at Congress be convened in extra session during the some o f tho B alkan countries Avere likely to take a ctive part in
sum m er to take u p the question o f giving the President tho contest on the side o f the A llies, E ntento countries thut
auth ority to declaro an em bargo on the exportation of m uni­ furthor increasing the odds against G orm any and com pelling
T h e English and French fleets
tions o f w ar. W h a t further helped to revive confidence were tho Kaiser to sue for peace.
indications tending to show a m odification o f the political continued thoir efforts to open up tho Dardanelles and cap­
a ttitu d e o f hostility tow ards railroads and business interests. ture C onstantinople, and thoro Avore expectations thon that
b y E aster.
Ono result
In th at sense a speech b y former Congressm an Oscar W . tho task Avould bo accom plished
U n derw ood , now U . S . Senator from A la b a m a , was consid­ counted upon Avas th at tho countries which Avere still hesita­
ting
as
to
Avhother
to
tako
part
in
tho
Avar
and
on
Avhiolxside,
ered full o f significance. M r . U n derw ood’s rem arks were
addressed to the m em bers of tho Sphinx C lu b a t their dinnor would thereby bo induced to throw their lot in Avith tho E n ­
Italy w as looking with covetous eyos upon the
a t tho W a ld orf-A storia on M a r . 9 .
H e presented an accurate tento Powors.
picturo o f tho plight o f the railroads in tho follow ing w ords, Austrian districts of T ren t and Triesto, thoso being desired, as
w hich were taken as promising im proved treatm ent o f the claim ed, for the purpose o f the rectification o f tho Italian
railroads for the fu tu re: “ In recent years accum ulated sur- frontior. A d vices had it that Princo von B uoIoav, the Gor­
luses o f railroads have largely disappeared, dividends have m an A m bassador, was conducting negotiations a t R om e with
een greatly reduced and the a bility to secure long-tim o loans the view o f getting A ustria voluntarily to cedo those districts
a t low rates o f inferest has passed a w a y . W ith o u t choap and Italy to accept thorn in satisfaction of hor dosires, there­
m on ey for develop m en t, new facilities cannot bo obtained b y insuring tho continued neutrality o f Ita ly . A Avarliko
and low rates for transportation m ain tain ed .
I f railw ay in­ spirit appoarod to bo fa st groAving up in Ita ly toAvards the
In Greece K in g Constantino succeeded
v estm en ts cannot be m ad e attractive to cap ital, is n ot the close of tho m o n th .
n ation threatened w ith an inevitable breakdown o f its trans­ in m aintaining neutrality o f his country, and tho Prem ier,
portation sy ste m s? W e never can have perm anent prosper­ Eleutherios Venizelos, finally resigned and advised the K in g
ity in the country until our great problem o f transportation to invito Alexandros Zaim is, former Primo M in ister, to form
a neAv cabinot. M . Zaim is declined, b u t tho K in g provailod
is settled , and settlod Avisely.”
T w o decisions of the U . S . Suprem e C o u r t, holding in­ upon M . Gounaris to constitute a neAv cabinet. T ho lattor
valid S tate law s fixing railroad rates, were also considered assum ed tho task on a condition th at the C ham ber should be
full of encouragem ent. One involved passenger rates and adjourned for a m onth a nd then be dissolved b y royal m an ­
the other freight rates. In the freight case the roads were d a te . T h u s the Greeks gained tim e. A s it happened, the
the N o r . P a c. and the M in n . S t. Paul & Sau lt S te. M a rie , A llie d fleets m et Avitli unexpected disaster in their attacks
and in the passenger the N o r f. & W e s t .
O ne o f the laws Avas on the T urkish forts, though this did n ot diminish confidence
In a dash to get
the N o r th D a k o ta lignite coal rate laAv and the other the in tho ultim ato success o f tho undertaking.
W e s t Virginia tAvo-cent passenger rate A c t o f 19 07 . Jus­ past tho forts the French Avarship B ou vot was blown up b y a
tice H ughes delivered the opinion in the tAvo cases, Avliich drifting m ine and sunk, Avhilo the British warships Irresistible
wero considered m ore or less together, as the principle in both and Ocoan were also sunk, and sevoral othor w arships, and in
Avas the sam e. Justice P itn ey alone dissented.
T h e de­ particular, the French G aulios and the B ritish Inflexible Avere
cisions laid down the proposition th at a S ta te has n ot the b ad ly d a m ag ed . T h e sinking of the B ou v ot causod the loss o f
Othor British and Fronch warships were
right to com pel railroads to do a given class of business at a great m an y lives.
non-com pensatory rates on the ground th at the roads derive im m ediately sent to tako tho plaoo of tho lost or disabled
adequ ate profit from other operations, cr would the C ourt ships, and operations Avore resumed later in the m o n th , but
perm it the argum ent that so long as th
te decreed b y the Avero now conducted w ith greater caution. B y all odds the




Jan 8 1916.]

THE CHRONICLE

111

m ost im portan t event in tho field o f war was the surrender on scription on A p r . 1 a t 9 9 3 6 , yielding slightly over 5 3 6 % I
M a r . 2 2 to the Russians of the Austrian fortress o f P rzem ysl. T h e general French m oratorium was extended for 6 0 days
E a rly in the m onth A I. R ib ot
T h e Russians im m ediately changed tho nam e to P erm ysl. from M a r . 1 to M a y 1.
T h o fortress had been besieged since the previous S ep t. 10 announced th at the governing b o d y o f the French Bourse
1914
On M a r . 19 the garrison, which was on the verge of had decided to exclude provisionally from transactions in that
I t Avas explained
starvation , h ad m ade a last desperate dash to the east along m arket all securities owned b y foreigners.
the V a lley o f the San , right against the heaviest R ussian b a t­ th at tho purpose o f the regulation Avas to prevent the sale in
teries w ith the result th at thousands fell and a bou t 5 ,0 0 0 France of G erm an and Austrian-oAvned securities with the
fam ished m en gave them selves up as prisoners. T h e R u s­ object either of draAving cash from France or o f depressing
E arly in the m onth
sians reportod th at abou t 12 0 ,0 0 0 m en had surrendered when and m anipulating the French m arket.
the fortress capitulated, including 2 ,6 0 2 officers and officials. $ 1 5 ,0 0 0 ,0 0 0 o f G overnm ent o f SAvitzerland 5 % gold notes
T h e Austrians sought to m inim ize the extent o f the surrender, Avere brought out in this country b y Am erican banking houses
and a dispatch from Vienna through the A u stro-H ungarian for the purpose of providing funds to be applied to purchases
E m b a ssy a t W ash in gton , given out M a r . 2 8 , stated that after of com m odities in the U n ited States. T h e entire loan was
the loss o f 1 0 ,0 0 0 in tho last sortie, the Przem ysl garrison con­ quickly subscribed; $ 5 ,0 0 0 ,0 0 0 o f the notes, due A la r . 1
sisted o f 3 4 ,0 0 0 of all ranks who surrendered. Besides these, 19 16 , Avere offered a t 99 3 6 and in t., yielding a bou t 5 3 6 % ;
there were in the fortress, it w as stated , 4 5 ,0 0 0 civilians, in­ $ 5 ,0 0 0 ,0 0 0 , due M a r . 1 19 18 , Avere offered at 9 7 3 6 . and $ 5 ,­
cluding laboring population, and 2 5 ,0 0 0 sick and w ounded. 0 0 0 ,0 0 0 , due M a r . 1 19 2 0 , a t 9 5 3 6 , the yield in these tw o last
Financial institutions o f this country
T h o Russians also again crossed the E a st Prussian frontier in instances being 6 % .
the N orth e ast, near T ilsit, and took possession o f the port of also brought out here $ 1 5 ,0 0 0 ,0 0 0 6 % gold notes of the G o v ­
M e m o l on the B a ltic , though this latter victory proved short­ ernm ent of A rgentina, dated D e c . 15 1914 and due $ 5 ,0 0 0 ,0 0 0
liv ed , tho Gorm ans soon ro-occupying the port w ith the assis­ D e c . 15 1915, $ 5 ,0 0 0 ,0 0 0 D e e . 15 1916 and $ 5 ,0 0 0 ,0 0 0 D e c .
tance of their warships and driving o u t the R ussians.
In the 15 19 1 7 , the different issues o f notes being offered a t prices
In addi­
western area o f the war the French and British troops also to yield respectively 5 . 1 8 % , 5 .7 6 % and 5 . 8 4 % .
m ad e advancos a t a num ber o f poin ts. A t N eu v e C happelle tion, considerable am ounts o f Canadian m unicipal loans were
the British achieved a particularly im portant v ic to ry , though placed hore. A statem ent prepared b y the “ A lon etary
T im e s” o f A lontreal early in A p ril m ad e the sales of Canadian
a t a great sacrifice o f life.
.
T h a t French prospects were deem ed to have brightened Provincial G overn m en t, corporation and municipal bonds
m aterially was evident from a considerable rise in French since the beginning of the previous D ecem b er, $ 1 0 1 ,9 5 7 ,0 2 2 ,
rentes. T h ese early in the m onth sold a t 6936» b u t sub­ and showed th at only $ 9 ,9 3 7 ,0 2 2 had been placed in C an ad a,
sequently advan ced to 7 3 , which was the price M a r . 3 1 .
On $ 2 5 ,0 0 0 ,0 0 0 in G reat Britain (being the £ 5 ,0 0 0 ,0 0 0 D om inion
the other h an d , in the case o f English Consols the British G overnm ent loan referred to above and the only sale in Lon­
T reasury on M a r . 18, in posting on the London Stock E x ­ don since the outbreak of war at the end of the previous
change a new list of m inim um prices, allowed a reduction of J u ly ), and the rem aining $ 6 7 ,0 2 0 ,0 0 0 in the U nited States.
T h e G erm ans continued their submarine w arfare, causing
tw o poin ts, enabling these to be sold a t 6 6 3 6 , as against 6 8 3 6 ,
tho m inim um th at had ruled since the London Exchange had the loss o f m a n y B ritish m erchant ships, the m ost o f them of
reopened.
In fixing the new m inim um list, Am erican securi­ sm all tonnage, and also a few m erch an t ships o f other na­
ties were n o t included, these being left subject to change tionalities. A n event o f the m on th Avas tho arrival o f the
from tim e to tim e w ithout reference to the Treasury to G erm an converted cruiser, Prinz E itel Friedrich, a t N ew p ort
correspond w ith the m inim a fixed in N e w Y o rk . Previously N ew s on M a i1. 10, after a long course o f soa roving during
London m in im u m prices had been those of July 2 7 th , while which the ship had preyed on com m erce in b oth the Pacific
It appeared th at altogether eleven
the N e w Y o rk m inim a wero on the basis of tho m uch lower and A tla n tic oceans.
prices reached Ju ly 3 0 . Subscriptions for a second G erm an ships had been sunk, including (w hat had not been knoAvn
5 % war loan were received, as announced under February before) the A m erican sailing ship W illiam P . F ry e , laden
even ts and it was reported to have been a tremendous Avith w heat from Seattle to Queenstovm , & c ., and insured
success, no less than 9 ,0 0 0 ,0 0 0 ,0 0 0 m arks ($ 2 ,2 5 0 ,0 0 0 ,0 0 0 ) b y the G overnm ent W a r R isk B ureau. T h e cruiser had on
having been subscribed for. A nnouncem ent also cam e from board m ore than 5 0 0 persons, including 3 4 2 o f the crew
Chandler & C o ., a Stock Exchange house here, th at their and passengers o f destroyed vessels, in addition to her own
offer to take $ 1 0 ,0 0 0 ,0 0 0 G erm an Treasury notes had been crew o f over 100. T h e W illiam P . F ry e , it appeared, had
A fte r our G overnm ent had established
accepted b y the G erm an G overn m en t. T h e firm reported been sunk Jan. 2 8 .
that half of the total issue had been subscribed b y banks and tho fact th at the cargo o f Avheat had been consigned “ to
ord
er,”
and
that
no
evidence
existed in the papers o f the ship
trust com panies of this c ity , and the remainder b y institutions
and individuals in Philadelphia, Cincinnati and other places. to prove th at the foodstuffs were destined to any belligerent
T h e notes ran for 9 m on th s, being dated A p r. 1 1915 and forces— in the absence of which evidence the w heat would
falling duo J an . 1 19 16 .
T h e y were subsequently offered for not be contraband and the destruction o f the ship unjusti­
public subscription b y Chandler & C o ., In c ., a t 995-6, yield­ fiable— dem and was m ade upon G erm an y for an indem nity
ing 5 . 5 2 % .
T h ere Avas evidence on every side th at the Avar of $ 2 2 8 ,0 5 9 . T h e U n ited States entered no claim for the
was costing m ore than originally com puted and considerable value of the cargo, which was said to have been sold to a
additional British Treasury obligations were issued.
In a B ritish subject while in transit, b u t tho G orm an G overn­
financial statem en t in the H ou se o f C om m ons on A lar. 1 m ent signified its willingness to p ay for the loss o f b oth the
Prem ier A sq u ith pointed out th at b y A p r. 1st the conflict vessel and the cargo if it were established th at both were
would have lasted 24 0 days Avith an average expenditure on OAvned b y A m erican citizens at the tim e o f their destruction.
tho part of G reat Britain of £ 1 ,5 0 0 ,0 0 0 daily and said that T h e G erm an G overnm ent insisted, nevertheless, th at the
b y A p r. 1 the British G overn m en t AArould be spending roughly action of C o m . Thierichens of the Prinz E itel Friedrich Avas
£ 2 ,0 0 0 ,0 0 0 daily above the norm al. A ir. A sq u ith , there­ “ quite in accordance Avith the principles o f international law ,
fore, asked for a v ote o f credit of £ 2 5 0 ,0 0 0 ,0 0 0 , said to be as laid down in the D eclaration of London and the G erm an
It reasoned th at the ports o f Queens­
the largost single credit up to th at tim e ever put before the Prize O rdinance.”
H ou se o f C om m o n s. T h is was unanim ously \mted.
It tow n , F alm outh and P ly m ou th , Avhither the ship was b ou n d ,
was expected to cover the period extending through the were strongly fortified English coast places serving, m ore­
second week of J u ly.
On A lar. 10 the British T reasury over, as bases for the B ritish naval forces. Being foodstuffs,
received tenders for £ 5 0 ,0 0 0 ,0 0 0 3 % 5-y ea r Exchequer the cargo was conditional contraband, and w as to be consid­
bonds. T h o tenders aggregated £ 7 3 ,0 0 0 ,0 0 0 and the average ered as destined for the arm ed forces of the enem y pending
In the trial the oAvners of ship and
price realized Avas £ 9 5 18s. I d ., m aking an average rate of proof to tho contrary.
substantially 3 1 5 -1 6 % .
On M a r . 3 0 the B ritish T reasury cargo w ould bo at liberty, it was stated , pursuant to the
also disposed o f £ 1 5 ,0 0 0 ,0 0 0 of 6 m os. Treasury bills on an D eclaration o f L ondon, to adduce proof that the cargo had
interest basis a shade over 2 3 6 % £ 1 1 ,7 2 8 ,8 0 0 Queensland an innocent destination and did not therefore have the char­
43^ % bonds were also placed in L on don , and £ 5 ,0 0 0 ,0 0 0 acter of contraband. I f such proof should not be adduced, the
issue of D om in ion o f C an ada 4 3 6 % bonds brought o u t, the G erm an G overnm ent Avould not be liable for a n y com pensa­
issue price being 9 9 3 6 , and the loan being largely over­ tion Avhatovor, according to the general principles o f inter­
subscribed.
In Franco, A lb e rt M e tin , reporting for the national law . T h e right o f the U nitod States, how ever, to
B u d g et C om m ittee in the C h am ber of D epu ties on the bill reparation from G erm any Avas conceded under tw o Prussianauthorizing the French G overn m en t to raise the issue of Am erican treatios, entered into in 1799 and 18 28 , these
T reasu ry ( 5 % ) bonds to 4 ,5 0 0 ,0 0 0 ,0 0 0 francs (Avhich bill on treatios providing that contraband belonging to the subjects
M a r . 18 unanim ously passed the C h am b er of D eputies) or citizons o f eithor party cannot be confiscated b y the other
announced th at subscriptions in Franco had already reached in a n y case, b u t only detained or used in consideration of
3 .0 0 3 .0 0 0 . 0 0 0 francs and th at including foreign subscriptions, paym ont o f the full value of the sam e. A ccordingly, the
the aggregate was 3 ,6 8 4 ,0 0 0 ,0 0 0 francs. T h is Avas in ad­ A m erican OAvners o f ship and cargo were entitled to com pen­
dition to subscriptions to the 5 % lon g-term bonds (re­ sation oven if the C ou rt should declare the cargo o f w heat
payable in 19 25) offered a t 96 3 6 Avhich started on F e b . 25 . contraband. N e x t m onth (A p r. 9) the Prinz E itel Fried­
T h e French Parliam ent adopted the GoA^ernment’ s pro­ rich w as interned a t N ew p ort N ow s, C om m ander Thier­
position providing for advances to R u ssia, Servia, B elgiu m , ichens having decided upon that as the Avisest course Avithin
Greeco and Alontenegro as friends o f the E n ten te PoAvers of a feAv hours o f the lim it fixed b y the U . S . G overnm ent N e u - .
1 .3 5 0 .0 0 0 . 0 0 0 francs. T h o m ost im portant featuro of Frenchtrality B oard , Avithin Avhich the vessel was obliged to leave the
finance, hoAvover, Avas the announcem ent a t the close of the territorial Avaters o f the U nitod States or interne. One of
m on th that J . P . M o rg a n & C o ., the N a t . C ity B a n k o f N oav the British steamers sunk b y a G erm an submarine in S t.
Y o rk and the First N ation a l B an k of this city had concluded G eorge’s Channel on A lar. 2 8 Avas the F a lab a , and on it
arrangem ents Avith the French G overn m en t for the placing Loon Chestor Thrasher of H ardw ick, M a s s ., supposed to be
in tho U nited States of $ 5 0 ,0 0 0 ,0 0 0 French 1 -y r. 5 % bonds, an Am erican citizen, lost his life. T h e G erm an G overnm ent
dated A p r . 1 1915 and due A p r . 1 19 1 6 , th e proceeds to be early the next m onth (A p r. 6 ) issued a disclaimer o f respon­
exponded on ly for purchases m ad e b y the French R epublic sibility, saying responsibility rested Avith the British G overn­
in this cou n try . T h e bonds were offered for public sub­ m en t, w hich, contrary to international law , had inaugurated




112

THE CHRONICLE

a com m ercial war against G erm a n y and , contrary to inter­
national law , had caused m erchant ships to offer arm ed re­
sistance.
,
_
D om estic trade rem ained slack, b u t a continued influx o f
war orders on a growing scale tended still further to widen
a ctiv ity in the iron and steel trades.
T h e “ Iron A g o ” of
this city reported th at the orders placed the last tw o weeks of
the m on th w ith steel w orks in this cou n try b y European
governm ents had exceeded those in a n y fortnight since tho
war began .
L ake copper a t N e w Y o r k advanced from 1 5 %
cts. to 17 c ts . and electrolytic from 1 4 % to 1 5 % .
F rom an
investigation undertaken b y the M etro p olita n L ife Insurance
C o . to ascertain the num ber o f unem ployed am on g its indus­
trial policy holders in this c ity , it was estim ated th at the
num ber o f u nem ployed in N e w Y o r k C ity a t the tim e o f the
canvass was approxim ately 4 0 0 ,0 0 0 . A n enum eration m ade
b y the Bureau o f Labor Statistics o f the U . S . D ep a rtm en t
o f L abor the first half o f February arrived a t su bstantially
the sam e result.
T h e G erm an N a t . B a n k of P ittsburgh,
w ith 8 5 0 0 ,0 0 0 capital and som ew hat over 8 5 ,0 0 0 ,0 0 0 de­
posits, w as closed M a r . 4 b y the Com ptroller o f tho C u rrency.
T h e b an k w as said to have held as collateral for loans con­
siderable stock in the P ittsbu rgh Brew ing C o ., whoso se­
curities had heavily declined, and the Com ptroller stated
the failure was caused “ b y a persistent disregard o f the ele­
m en tary principles o f sound b a n k in g .”
T here was a break
for the M a y option for w h eat a t Chicago from 81 51 M a r . 1
to 81 3 5 % M a r . 5 , w ith a sharp upw ard splurgo again to
81 6 0 M a r . 16, as it appeared th at the British and the French
fleets were m ak ing little headw ay a t the D ardanelles; later
the indications seemed to point to tho entrance o f Ita ly into
the w ar, which it w as supposed w ould m ean the early termi­
nation o f the con flict. A ccord in gly, b y M a r . 2 7 tho price
w as dow n again to 81 4 7 % , b u t a quick rebound brought it
b ack to 81 5 4 % and the close M a r . 31 was a t 81 51 % .
M ay
corn a t C h icago, opening a t 7 3 % , sold dow n to 71 cts. M a r .
2 , advanced to 7 5 % cts. M a r . 15, was b ack again to 71 cts.
M a r . 2 7 and closed at 7 2 % cts. M a r . 3 1 .
M a y oats a t Chi­
cago were 5 6 % M a r . 1, got down to 5 3 % M a r . 2 , touched
6 1 % M a r . 19 and closed M a r . 31 a t 5 7 cts. T h e U . S .
Senate ratified President W ils o n ’ s appointm ents o f the m em ­
bers o f the new Federal T rad e Com m ission (whose nam es ap­
pear in our narrativo for F eb ru ary), except th at o f George
R ublee o f Cornish, N . H . , w ho was personally distastoful to
Senator G allinger o f N e w H am pshire (R epu blican); aftor
adjou rn m en t o f Congress M r . W ilso n gave him a recess ap­
poin tm en t.
T h e G overn m en t ship-purchase bill, as already stated , was
shelved in the dying hours of Congress. A m o n g the other
m easures which failed o f enactm ent were the bills providing
for the regulation o f railroad securities, for rural credits, for
conservation legislation, tho Philippine b ill, the C hild Labor
b ill, W o m a n ’s Suffrage, and the Prohibition A m en d m en ts.
A m o n g the measures th at becam o laws woro the Seam en’s
b ill, containing m uch prohibitory and restrictive legislation
which w as to lead to the w ithdraw al o f a considerable num ­
ber o f A m erican ships from service, and also a N eu tra lity
b ill, em pow ering the President to prevent ships leaving A m er­
ican ports w ith supplies for belligerents. T h e President
signed the Seam en ’s bill M a r . 4 .
It is ostensibly intended
to provide better working conditions for A m erican sailors
and to afford greater safety for passengers a t sea. One o f
Its provisions im poses upon foreign vessels leaving Am erican
ports tho sam e requirem ents as to life-saving appliances
as are dem anded o f A m erican ships. A ll ships built after
July 1 1915 m u st carry life-saving equipm ent for all persons
on board , o f which 7 5 % m u st be regular lifeboats and not
m ore than 2 5 % life rafts or collapsible lifeboats. Between
M a y 15 and S e p t. 15 vessels on the G roat Lakes and dom estic
waters within a three-m ile lim it o ff shore m u st carry 5 0 %
lifeboat equ ipm en t.
I t is also provided th at on reaching
A m erican ports seam en m a y dem and and receive half o f their
p a y already earned; if this dem and is refused, the seam an is
freed from his contract and is then entitled to all he has
earned up to th at tim e .
Other provisions fix the percentage
o f a crew th at m u st be able seam en, the percentage o f each
departm ent th at m u st understand tho languago o f the o f­
ficers, and define seamen as m en over 19 years old having
had three years’ experience. R . P . Schwerin, President of
the Pacific M a il Steam ship C o ., operating seven trans-P a­
cific steam ships, a t once declared (according to a San F ran­
cisco dispatch to the daily p a p e rs), th at w ith tho enactm ent
o f such a law the Pacific M a il would h ave no alternative but
to go out o f business. H e said th at under the bill tho com ­
p a n y ’s operating expenses w ould bo increased 2 0 0 % , “ the
total increase w ould be 8 8 0 0 ,0 0 0 and the com p an y has nover
earned m ore than 8 2 0 0 ,0 0 0 in a n y one y e a r .”
A n oth er m eas­
ure enacted which was destined to cause considerable trou­
ble was Senator C u m m in s’s bill prohibiting railroads from re­
stricting their liability in the carrying o f freight.
T ho pur­
pose o f the bill was to do aw ay w ith tho lim ited liability
clause under which railroads had been receiving live stock
shipm ents, and to m ake the carriers liable for tho full value
o f shipm ents destroyed in tran sit, bu t it w as found to havo a
m uch wider application and for a tim e it seemed th at the offect m igh t b e , contrary to its purpose, an increase in rates in
m an y cases. In M a y , how ever, the In ter-S ta te Com m orce
Com m ission rendered a decision, sayin g: “ A p p ly in g correct
rules o f interpretation, the C u m m in s A m en d m en t does not
autom atically bring into effect the increased rates nam ed in
the classifications and tariff publicat
as applicable to




[Vol. 102.

shipm ents which are n ot m ad e subject to the term s o f the
uniform or carriers’ bill of la d in g .”
One effect w as to m ake
a change in the rules governing passenger b aggage. U nder
the practico previously in force, the carriers had placed an
arbitrary value of 8 1 00 on the baggage carried. U nder tho
regulations m ade necessary b y the new la w , passengers aro
obliged in each instance to declare the value and required to
p a y a charge for any value in oxcess o f 8 1 0 0 .
T h e Treasury D epartm en t began w ithdraw ing G overn­
m en t deposits from the national banks with a view to their
ultim ate transfer to the Federal R eserve bank s.
T h e F ed­
eral R eserve B anking L aw was slightly am ended so as to
increase the am ount of acceptances based on the im porta­
tion or exportation of goods which Federal R eserve banks
m a y discount. A s it stood the law provided that the aggre­
gate of acceptances discounted should a t no tim e exceed onehalf the p aid-up capital and surplus of tho bank for which
the rediscounts are m ad e. U nder the am endm ent the F ed ­
eral R eserve B oard m a y authorize the discount o f accep­
tances up to the full am ount of the capital stock and sur­
plus of the m em ber b an k . A nnouncem ent was m ade M a r .
2 2 of the designation of N ash ville as a R eserve city and the
Federal R eserve B oard m ad e known the requirements that
w ould be necessary in the future before consideration would
bo given to the designation of any city as a reserve c ity ,
n am ely a population of at least 5 0 ,0 0 0 ; com bined capital and
surplus of national banks in the applying city of not less than
8 3 ,0 0 0 ,0 0 0 ,w ith deposits of n ot less than 8 1 0 ,0 0 0 ,0 0 0 ; in­
dorsem ent of tho application b y at least 5 0 national banks
located outside of the applying city who will state that they
are carrying or intend to carry upon such designation ac­
counts with a national bank in the applying city .
In the N e w Y o rk Supreme C ourt at Special T erm Justice
Shearn handed down a decision upholding tho right of a
stock broker’ s firm to pledge w ith banks as collateral for
m on ey borrowed securities purchased for or received from
a custom er for w hom the firm is carrying an account on m ar­
gin .
T h e decision was given in an action brought b y W illiam
P . Fisher, a custom er of the failed firm o f Stoppani & H o tc h kin , against the M echan ics & M e ta ls N a tion a l B a n k of this
c ity .
T h e N e w Y o rk Legislature passed w hat is known as
tho W id o w s’ Pensions B ill, intended to provide relief for
dependent m others w ith children, b y perm itting funds for
charitable purposes to bo used b y m unicipalities to keep the
fam ilies of destitute widow ed m others in their hom es.
The
plan contem plates the devoting to this use of m on ey which
otherwise w ould be expended in keeping tho children in
public institutions. U nder an em ergency m essage from G o v .
W h itm a n , the N e w Y o r k Legislature on M a r . 31 passed a bill
suspending until M a y 1 the operation of the Secured D o b t
T a x Law under which on the paym en t of a recording tax
of one-half of 1 % securities were rendered exem pt from all
future taxation. N e x t m on th a bill was passed increasing
the registration fee from one-half of 1 % to three-quarters of
1 % and lim iting the period of exem ption to five years.
G ov.
Fielder vetoed three bills am ending the “ Seven Sisters” L aw s
o f N e w Jersey on the ground that they w ould weaken these
law s.
One other bill am ending the “ Seven Sisters” A c t he
had signed on M a r . 3 1 .
T h is latter m odifies tho prohibi­
tion against corporations organized under the laws of the
Sta te from holding the stock or tho indebtedness of other
corporations so far as to allow purchases for investm ent
where the holdings are not used “ b y votin g or otherwise to
restrain trade or to bring a b o u t, or in attem p tin g to bring
a b o u t, the substantial lessening of c o m p etition .”
Tho N ew
Y o rk C ourt o f A p p eals upheld the constitutionality o f the
provision in the Sta te Labor L aw prohibiting the em p loy­
m ent of w om en between tho hours o f 10 p . m . and 6 a . m .
in factories.
Railroad Events and Stock Exchange Matters.— T ho m an y fa­
vorable events noted a bo ve and the general growth o f confi­
dence woro reflected in a rise in prices and a developm ent
o f speculative a ctivity tho like o f which had not been w it­
nessed for a v ery long tim e . F rom tho start the security
m arkets were generally strong on tho adjournm ent o f C on ­
gress and a growing beliof in tho early termination o f tho w ar,
b u t tho volum e o f business a t first w as sm all.
In the socond
week a downw ard reaction occurred, w hich, how ever, did
n ot last long or go very f a r , the upward m ovom ont being
speodily resumod and the m arket broadoning. T h o latter
part o f the m on th transactions roached large proportions,
and under m anipulation o f a pronouncod sort prices m oved
up b y leaps and bounds. T h ough the im provem ent in values
w as nom inally basedjonprospocts of an early close of the w ar,
the m arket acted in an inconsistent fashion, tlio stocks taken
in hand and whirled upward w ith such lightning speed being
m ainly those which were supposed to bo profiting greatly b y
tho war and which, b y a parity o f reasoning, would suffer
a serious loss o f business should tho war suddenly close.
B ethlohem Steel com . jum ped from 5 4 % to 9 1 % and all the
stocks o f tho autom obilo and m otor com panies woro pushed
upw ard w ith great speed.
In C h ic. R . I . & Pa<3. thoro ap­
peared to bo a contest for proxios, undor which tho price
rose from 1 8 % to 3 6 % .
On the last d ay o f tho m onth
(M a r . 31 ) tho im portant announcem ent cam e that the gov­
ernm ent o f tho Stock E xchange had decidod to abolish all
m inim um q u otations, effective A p r . 1, and to rom ove all
restrictions upon trading in tho case o f both bonds and stocks.
A m o r. Steel Foundries C o . passed its quar. d iv . and C a n .
W estinghouso C o . roducod its quar. d iv . from 1 % to 1 % .
Sloss-Slieffiold Steel & Iron C o ., which had paid its Jan. d iv .

THE CHRONICLE

Jan. 8 1916.]

on pref. in scrip, decided to defer the A p ril d iv . altogether,
and did n ot resume again until O c t ., when 1% % quar. w as
paid again in scrip, b u t in Jan . 1916 paid 1% % and 1% %
extra, b oth in cash . Q uincy M in in g C o ., which had resumed
the previous D e c . (after suspension since S e p t. 1 9 1 3 ), paying
2 % , declared another paym en t and m ade it 4 % .
Stock Fluctuations.

March 1.

Range for Month.

March 31.

Low.

Atch Top & Santa Fe.
Baltimore & Ohio___
Chic Mllw& St Paul..
Erie..............................
Great Northern, pref.
Louisville & Nashville.
N Y C & Hud R iver..
N Y N II & Hartford - .
Norfolk & W estern...
Northern Pacific____
Pennsylvania.............
Reading C om pany...
Southern Pacific C o ..
Southern Railway___
Union P a cific............
Industrial, & c.—
AUIs-Chalmers M fg__

High.

94% Mar 1 100 %
98%
94 %
64% Mar 1 73%
72%
64 %
xl53% Mar 1 165
xl54%
161%
40 Mar 1 46%
45%
40
84% Mar 1 90%
89
85%
20% Mar 1 25%
21
25
113% Mar 1 119
118
113%
110 Mar 1 120
110
118
81% Mar 1 .787%
j85
82 %
45 Mar 1 62%
45
59%
*99 101% *101
102% 100% Mar 2 103
100% Mar 2 106%
104%
100 %
103% Mar 1 108%
106%
103 %
142 Mar 18 148%
145%
142 %
81% Mar 3 88%
86%
82 %
17%
13% Mar 2
16%
*13 % 14
x ll7 % Mar 1 126%
124%
x m %

*8
10
*........ 37
53 %
Amalgamated Copper.
Amer Agrlcul C hem .. *48 % 50
American Beet Sugar .
3914
American Can............
26 %
Amer Car & Fdy_____
40 %
Amer Coal Products.. *____ 82
Amer Locomotive___
20%
Amer Smelt & R efg .. .
61%
Amer Woolen________ *15% 18
S26%
AnacondaCop (par$50)
Baldwin Locomotive..
28
Bethlehem Steel Corp.
54%
Central Leather..........
34%
Colorado Fuel & Iron.
23%
Continental Can_____ *43% 45
Cuban-Amer Sugar...
40
General Chemical___
al80
General Motors..........
92
Goodrich (B F )______
32
Insp Con Cop (par 820)
$18%
Lackawanna Steel___ *28% 32
24%
Maxwell Motor______
Pressed Steel Car_____ *27% 29
22
Railway Steel Spring.. *20
19%
Republic Iron * Steel.
45%
Studebaker Corp (The)
Texas Co (The)_____
128
U S Indus Alcohol___ *15
40
U S Rubber................
53%
42%
United States Steel.. .
Western Union Telcg.
62%

12
45%
62%
i49%
44%
31%
^47%
a91
28%
68
*16
17%
$29
35
86
35
27%
60%
50
*184
186
122%
41%
$25
35
42%
33%
24%
22%
56
il40
*25
.........
64%
48%
.765%

8% Mar
34 Mar
53% Mar
jiS
Mar
38% Mar
26 Mar
40% Mar
82 Mar
19 Mar
61% Mar
15% Mar
$25% Mar
26% Mar
54% Mar
33 Mar
23 Mar
45 Mar
40 Mar
180 Mar
91% Mar
30% Mar
$18% Mar
28% Mar
24% Mar
25 Mar
19 Mar
19% Mar
45% Mar
127% Mar
20 Mar
53% Mar
42% Mar
62% Mar

4
4
1
24
1
1
2
3
2
12
16
2
3
1
2
17
4
1
16
4
6
1
22

1

6
6
13

1
1

8
1
1
1

13%
47
63%
50%
46
32%
J47%
90
28%
69%
17%
$29%
36
91%
36%
28%
61
52%
192%
127
44%
$25%
35
47
34%
25%
23
58%
143%
27
66%
49%
67

Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar

29
29
29
31
25
31
27
29
29
31
25
27
30
27
27
31
29

Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar

31
31
31
31
30
31
31
30
31
31
12
31
31
30
24
24
31
24
3
31
31
31
31
31
29
31
30
31
30
24
30
29
31

a Less than 100 shares. ) Quoted ex-dividend during the month and prior to this
date. * Ex-dividend. * Bid and asked price; no sale.

The Money Market.— Continued ease prevailed, the range
on call being
O n tim e, rates a t the end o f the
m onth were 2 A for 6 0 d a y s, 2 % for 9 0 d a y s, 2 % @ 3 for
4 m os. and 3 @ 3 ) ^ for 5 and 6 m o s. C om m ercial paper was
quoted a t 3 A @ 3 A for choice double and prime single nam es
and 4 for good single nam es. M o n e y holdings o f the Clear­
ing-H ou se institutions continued to rise and were $ 3 9 5 ,5 4 1 ,­
0 0 0 M a r . 27 against $ 3 6 3 ,4 9 4 ,0 0 0 F e b . 2 7 . Sim ultaneously
the gold holdings w ith the Federal R eserve banks increased
from $ 1 1 3 ,0 6 6 ,0 0 0 to $ 1 1 5 ,0 5 5 ,0 0 0 .
T h e loan item further
ran up from $ 2 ,2 9 7 ,5 0 4 ,0 0 0 to $ 2 ,3 8 4 ,8 2 0 ,0 0 0 and deposits
m oved u p from $ 2 ,2 6 8 ,4 4 8 ,0 0 0 to $ 2 ,3 8 6 ,0 1 8 ,0 0 0 .
Foreign Exchange, Silver, cfee.— In our foreign exchange
m arkot the tremendous merchandise exports and the large
trade balance in the cou n try’s favor caused a further break
in rates to a new low level. A t the beginning o f the m onth
an appreciably firmer tone prevailed on fears th at th e pur­
pose to enforce a com plete (blockade o f G erm an trade m ight
tend to cut down our exports, and also on reports th at G reat
B ritain had established, or w ould establish, large credits
here to liquidate its indebtedness. T h e latter part o f the
m on th gold engagem ents reached large proportions, consid­
erable am ounts being drawn from O tta w a , C an a d a . A lto ­
gether the im portations were $ 2 5 ,6 2 0 ,4 6 7 .
On M a r . 2 3 de­
m and bills dropped to a new low figure at 4 78)4$, on an over­
whelm ing su pp ly o f bills, b u t from this extreme low point
recovery subsequently ensued. T h e fa ct th at J . P . M orga n
sailed for Europe and arrived there M a r . 2 6 seemed to lend
color to the reports th at the B ritish G o v t, was arranging for
a large credit here.
In rates on C ontinental centers G erm an
m arks m oved up sharply a t one tim e, presum ably as a result
o f subscriptions in this country for tho new Germ an obliga­
tions. F or m o st o f the m on th , how ovor, C ontinental ex­
change, and particularly Italian and Swiss exchange, was
w eak. Tho high point for bankers’ sight sterling was 4 80A
@ 4 8 1 A M a r . 5 , the low point 4 7 8 ) 4 @ 4 7 8 % M a r . 2 3 and
the close M a r . 31 4 7 9 % @ 4 7 9 % .
T h e bullion holdings of
the B an k o f England continued to fall off h eavily, and there
was a slight stiffening in open m arket discounts a t L ondon,
which were 2 % a t the close. T here wore no open m arket
discounts reported from the C ontinental centers. Silver in
London advanced still further, reaching 2 4 5 -1 6 d . M a r . 11,
b u t the price M a r . 31 was only 2 3 % d .
M O N T H OF A P R I L .

Current Events.— W h ile

there were no encouraging devel­
opm ents in the European war situation and the belief en­
tertained so w idely the previous m onth th at the conflict
w ould be brought to an early close largely disappeared, trade
in this country continued to give signs o f greater a ctivity.
In certain directions im provem ent was still entirely lacking.
N everth eless, the tone and feeling were better ail around.
T h e m ain feature, how ever, was th at orders o f huge dimen­
sions for m unitions of w ar, arm am en ts, & c ., were inducing




113

n ot a few m anufacturing concerns to turn from their ordinary
line o f w ork, in which they had encountered so m uch idle­
ness, to these new fields o f industry, thereby insuring a spe­
cial kind o f a ctivity for the tim e being. V e ry little of a defi­
n ite nature transpired w ith reference to the war orders,
and th e m agnitude and character of this business was un­
d ou bted ly greatly exaggerated; b i l apparently the C anadian
C ar & F ou nd ry C o . had contracts for shrapnel and howitzer
shells from the R ussian G overn m en t aggregating about
$ 8 3 ,0 0 0 ,0 0 0 and w as engaged in parceling these o ut am ong
different A m erican concerns, while the B ethlehem Steel
C orp oration , as had been know n for a long tim e, had cOtS,
tracts for m unitions o f war and arm am ents and kindred
things reaching a huge figure, sufficient to keep its plant busy
for a long tim e to com e. T h e latter part o f the m on th it
w as stated th at the C a n . C ar & F ound ry C o . had already
g iv en su b-co n tracts fo r $ 2 1 ,7 2 4 ,0 0 0 o u t o f its order, these
being distributed am ong 3 7 steel and pow der com panies in
the U n ited States, and th at negotiations were then pending
for placing four other sub-contracts am ounting to $ 3 0 ,1 0 4 ,­
3 3 0 , the remainder of the order to be filled b y the C a n . C ar
& F o u nd ry C o . itself. T here were also rumors o f the plac­
ing o f all sorts of orders w ith A m erican mills for m iscellaneous
artillery, field and m achine guns, and the like. T h e W e s t inghouse Electric & M f g . C o . was credited w ith having ob ­
tained a contract for supplying 1 ,0 0 0 ,0 0 0 rifles a t $ 2 7 5 0
each, and w ith having another similar order under consid­
eration. A m o n g contracts o f a different k ind, the A m erican
W o o le n C o m p a n y was reported as having received a to­
tal o f $ 7 ,5 0 0 ,0 0 0 o f orders for clothing and materials to
replace uniform s destroyed, the orders having com e
chiefly
from
G reat
B ritain ,
Franco
and
R ussia.
In
a d d ition ,
practically
all
the
autom obile
and
m otor car com panies were understood to hold extensive orders
for cars, m otor trucks, & o ., for use a t the scene o f the w ar.
On the Stock Exchange these orders were treated as if th ey
represented th at m uch profit im m ediately available for dis­
tribution, and in addition fa n cy and fiction added m an y or­
ders w holly non-existent. T h a t im provem ent in dom estic
lines o f a ctivity was proving sm all, notw ithstanding the help
o f w ar contracts, w as evident from the large num ber o f idle
cars on the railw ays and from the fa ct th at the unfilled orders
on the books o f the U . S . Steel C o rp . failed to record a n y in­
crease, b u t continued to dim inish.
T h e various steel com ­
panies were understood a t the end of A p ril to be working a t
a b o u t 7 0 % o f their cap acity. T h o quarterly return o f the
U . S . Steel C orp . for the M a rch quarter, issued after the close
o f business on A p r. 2 7 , m ade a v ery poor show ing, inasm uch
as the figures indicated th at the Corporation had fallen $ 5 ,­
3 8 9 ,8 6 1 short of earning the sum needed to p a y its pref. stock
d iv . o f 1 % % .
T h e return, nevertheless, had an encouraging
aspect in th at it furnished testim ony to the im provem ent
which had occurred in a striking increase o f earnings from
m onth to m on th . F or January the net w as given as only
$ 1 ,6 8 7 ,1 5 0 , for February $ 3 ,6 3 8 ,5 7 8 , and for M a rch $ 7 ,1 3 2 ,
081.
T h is im provem ent in the net follow ed not only from an
increasing volum e o f business, b u t still m ore from a great b et­
term ent o f prices. Steel billets a t Pittsburgh were $ 2 0 a ton
in A p ril, against $ 1 9 a t the opening o f the year; steel bars a t
P ittsburgh were 1 .2 0 c . per l b ., against 1 .1 0 c ., and plates at
1 .1 5 c ., against 1 .1 0 c .; m a n y contracts for plates, shapes and
b ars, it was understood, had been executed in the earlier
m onths as low as 1 .0 5 c . T h e great further advance in copper
was also one of the features of the m o n th .
L ake copper, for
which there was a special d em and, sold up to 21 c . per l b ., as
against only 17c. on M a rch 31 and b u t 13 % c . a t the opening
o f the year.
E lectrolytic copper a dvanced to 1 8 % c . , against
1 5 % c . A p r . 1 and 13c. J an . 1. G rain prices m ade a renewed
rise on the extraordinary foreign dem and coincident w ith
dwindling supplies. T h e M a y option for w heat a t Chicago
advanced from $1 51 A p r . 1 to $1 6 5 % A p r . 2 6 , w ith the
close A p r . 3 0 $1 6 2 . M a y corn a t Chicago rose from 7 2 % o .
A p r.
1 to 7 8 % c . A p r . 2 4 , w ith the close 7 6 % c .
T h e M a y option for o a ts, how ever, a t Chicago dropped from
5 8 % c ts. A p r . 19 to 5 3 % cts. A p r . 2 7 , w ith the close A p r. 3 0
5 4 % c ts .
In cotton , also, there was a further great appre­
ciation in values.
On A p r . 2 3 m iddling upland spot cotton
in this m arket was quoted a t 1 0 .6 0 c ., as against 9 .8 0 c .
M a r . 31 and only 8 .2 5 cts. a t the beginning o f M a r ch .
The
foreign dem and for the staple continued o f exceptional m ag­
nitude, notw ithstanding tho inability to m ake shipm ents to
G erm a n y. Print cloths a t F all R iver were m arked up from
3 c . to 3 % c . on A p r. 16 and to 3 % c . on A p r. 17.
N e w s regarding the war in Europe indicated a num ber o f
reverses for the A llies, and certainly there was nothing to
encourage hope in an early closing o f the struggle. T h e
G erm ans took the offensive in b oth the Eastern and W estern
theatres o f the w ar.
In the W estern arena a notable battle
occurred northeast of the Y p re s C anal in which the G erm ans
on A p r . 2 2 took several villages and captured 1,6 0 0 French
and B ritish soldiers, together w ith a considerable num ber of
cannon and guns. T h e Canadian contingent apparently
co vered itself w ith g lo ry , b u t a t a grea t sacrifice o f life, the C ana­
dian casualties in killed, wounded and m issing reaching over
5 ,4 0 0 o f non-com m issioned officers and m en , while, including
officers, the total was estim ated a t 6 ,0 0 0 .
On tho Russian
frontier overflow ing rivers and marshes prevented m ov e­
m ents on a large scale the early part of the m on th , and the
progress o f the battle in the Carpathians w as greatly ham ­
pered b y spring thaw s. B u t the G erm ans and the A u s­
trians, in a conference held in Berlin A p r . 2 3 , com pleted

114

THE CHRONICLE

plans for a new offensive in the Southeast— in G alicia, & c .
G en . M ack en sen , C om m and er o f the G erm an N in th A r m y ,
cam e from P oland to a tten d the conference, and left for the
front the sam e night to take com m an d .
T h is new m ov e
apparently proved very successful, and early the next
m onth (M a y 3 ) G erm an A r m y H eadquarters gave o u t state­
m ents claim ing notab .' victories all along the Eastern line.
I t appeared, in the firsi 'ace, th a t, aside from the new m ov e
in G alicia, th ey had inva
d the R ussian Province o f C ou rland on the B altic Sea (G< m an patrols being reported a t
L ibau) and captured over 3 X 0 0 prisoners south o f M it a u ,
a point a little to the south o f the Russian port o f R ig a . R u s­
sian attacks southeast o f K a lw a rya , near the E a s t Prussian
frontier, were reported repulsed w ith h ea vy losses, the R u s­
sians having been defeated also northeast o f Skieraiewico
in Central P olan d .
T h e greatest success o f all, how­
ever, fell to the A u stro -G erm a n arm y in W e s t G a ­
licia, operating along a line running from the junction
of the V istu la and D u najec R ivers, southeastw ard practically
to the D u k la P ass.
T h e announcem ent here from Berlin
on M a y 3 was as follow s: “ In the presence o f the Austrian
C om m a n d er-in -C h ief, Field M a rsh a l Arch du ke Frederick,
and under the leadership o f G e n . v on M a ck en sen , the
A llied (T eu ton ic) troops yesterday, after bitter fighting
pierced everywhere and crushed the entire R ussian front
in W e s t G alicia from the neighborhood of the H ungarian
frontier to the ju n ction o f the D u ajec R iver w ith the V istu la.
Such of the enem y as succeeded in escaping are in hasty
retreat tow ard the east closely pursued b y the Allied troops.
T h e trophies of the victory cannot y et even be approxi­
m ately estim ated .”
Later accounts o f this b attle indicated
that over 5 0 ,0 0 0 R ussian soldiers had been cap tu red , to­
gether w ith a large num ber o f cannon and m achine guns.
T h e n , also, the French cruiser Leon G am b etta was tor­
pedoed on the night of A p r. 2 6 b y the A u strian submarine
U -5 , in the Strait of O tranto and 5 5 2 of those on board,
including all her com m issioned officers, perished.
The
cruiser was attack ed , when on patrol d u ty , in the w aterw ay
leading to the A driatic Sea. A n oth er event of the m onth
was the shelling of D u nk irk on the northern coast of France
and the killing and w ounding o f quite a num ber of persons.
A t first it was thought that this was the work of G erm an
w arships, b u t it later appeared th at the firing was due to
G erm an artillery, the shells having com e from a m onster
G erm an or A u strian gun located behind the G erm an line
near the Belgian coast, some 2 2 miles a w a y.
In the war
against T u r k e y , how ever, the E nglish-French Allies appar­
ently m ade som e progress; B ritish troops established them ­
selves on the G allipoli Peninsula and m ade considerable
advance tow ard the narrows of the D ardanelles. T h e
landing o f the B ritish began a t daylight of A p ril 25 and a
disem barkation was successfully effected at several points.
T h e T u rk s, under the guidance of G erm an officers, vigorously
resisted tho invasion, b u t were unable to hold out against
the fire of the m onstrous fleet and the onrush of the a rm y ,
and had to fall back .
I t was reported th at 4 0 to 5 0 war
ships of the A llies were engaged in the bom bardm ent o f the
T urkish positions and fortifications.
A n oth er even t o f the m on th was the action o f the G erm an
A m bassador a t W a sh in g ton , C ou n t von B e m sto r ff, in send­
ing a m em orandum to our State D epartm en t com plaining
th a t, while the U n ited States had failed to m aintain its right
to export foodstuffs to G erm a n y, A m erican manufacturers
were perm itted to m ake shipm ents of m unitions o f war in
unlim ited quantities to G reat Britain and her A llies.
The
com m unication declared th at “ if the A m erican people desire
to observe true n eu trality, th ey will find m eans to stop the
exclusive exportation of arm s to one side, or a t least to use
this axport trade as a m eans to uphold the legitim ate trade
w ith G erm a n y, especially the trade in fo o d stu ffs.”
W h ile
the m em orandum was n ot m ade public until Su n d ay, A p r . 11,
it w as really presented to our State D ep artm en t in a note
dated A p r . 4 .
Our G overnm ent replied on A p r. 21 in a
note drafted a t the State D ep artm en t and signed b y Secre­
tary B ry a n , b u t which W ash in gton advices stated had been
carefully revised b y President W ilso n .
T h e language, while
diplom atic and apparently chosen with care, was caustic a t
m an y poin ts, and im pliedly censured the G erm an A m bassador
for his action .
Referring to G erm an y’s statem ent regarding
the exportation of arm s, the reply averred that the placing
of an em bargo on this trade under the circumstances existing
w ould constitute a direct violation of the neutrality o f the
U n ited States.
In financial events abroad the m ost im portant happening
undoubtedly was the change in the British G overn m ent’s
policy regarding the issuance o f Treasury bills. I t w as an­
nounced th a t, beginning w ith A p r. 14, these Treasury issues
of bills w ould be m ad e a t specific rates o f interest and would
n ot be subject to com petitive tender. Furtherm ore, there
w ould be no lim it to the am ou n t p u t o u t.
T h e B an k of
E n g lan d , acting on behalf o f the T reasu ry, was empowered
to offer the bills daily for either three, six or nine m on th s
from date o f issue, the bills to be in am ounts of £ 1 ,0 0 0 and
£ 5 ,0 0 0 or £ 1 0 ,0 0 0 .
U nder the old policy a final offering of
£ 1 5 ,0 0 0 ,0 0 0 bills for com petitive bidding was m ade A p r. 13,
the tenders aggregating £ 4 4 ,3 1 6 ,0 0 0 .
T h e allotm ent was at
an average discount rate of &%%. On A p r. 6 an offering o f
£ 1 5 ,0 0 0 ,0 0 0 six m on th s’ bills was also largely over-subscribed,
b u t the interest rate in this case was only abou t 3 J 4 % .
It
was reported th at the proceeds of that issue were to bo uti­
lized to p ay o ff similar notes abou t to m atu re. U nder the




[Vol. 102.

new p o licy, the G overnm ent began b y fixing 2 % % as the
rate for the 3 -m o s . bills, 3 % % for 6 m o s . and 3 % % for 9 m o s .
I t was reported a t the close o f the m onth th at the new T reas­
ury bills had been m arketed in satisfactory am ounts from
day to d ay and were supplanting com m ercial bills in the
E nglish m ark e t, owing to the com p arative scarcity o f the
la tter.
D iscount rates in L ondon, how ever, continued un­
affected.
T h e two final installm ents on the B ritish w ar loan
(in 3 ^ % s a t 95 ) for £ 3 5 0 ,0 0 0 ,(XX), negotiated tho previous
D e c ., fell due A p r . 12 and A p r. 2 6 .
O w ing to the super­
abundance of fund s, the British Treasury m anifested som e
disposition to m oderate its attitude of extrem e resistance to
foreign loans in carrying out its plan to conserve British funds
for purely British or Colonial uses. T ho French G o v t, pub­
lished a decree granting a further continuance o f the m orato­
rium for 9 0 d a y s. T h e great rise in prices on the N . Y . Stock
E x ch . exercised a potent influence in m od ifying conditions
on the London Stock E x ch . and led to the rem oval o f som e of
the restrictions on trading. On S aturday, A p r . 17, it was
announced that the L ondon Stock Exchange C om m ittee had
agreed to certain relaxations o f the rules prohibiting arbi­
trage business. One change was to perm it direct sales b y
m em bers in L ondon to W a ll Street. T h e rules, how ever,
were n ot sufficiently relaxed to perm it sales b y W a ll Street
to L ondon.
T h e note of the U nited States, taking exception to the
British O rder-in-Council o f the previous m on th , virtually
declaring a blockade against com m erce to and from G er­
m a n y , was m ade public A p r. 5 .
In seeking a m odification of
the B ritish order, our G overnm ent declared that “ wero its
provisions to be actually carried into effect as they stan d ”
the order would constitute “ a practical assertion of unlim ited
belligerent rights over neutral com m erce within the whole
European area and an alm ost unqualified denial o f the sov­
ereign rights o f tho nations now a t p eace.”
I t was pointed
out that the order “ embraces m an y neutral ports and coasts,
bars access to them and subjects all neutral ships seeking to
approach them to the same suspicion that w ould attach to
them were they bound for the ports o f the enemies o f G reat
B ritain , and to unusual risks and penalties.” “ It.is m an ifest,”
it was added, “ that such lim itations, risks and liabilities
placed upon the ships of a neutral Power on the seas, beyond
the right of visit and search and the right to prevent tho ship­
m ent of contraband, already referred to , aro a distinct in­
vasion o f the sovereign rights of tho nation whoso ships’ trado
or com m erce is interfered w ith .”
N otification that the
B ritish G overnm ent had agreed to purchase tho cargo o f the
Am erican steamer W ilhelm ina and to reimburse the owners
of the ship and the cargo for the delay occasioned b y the ac­
tion o f tho British authorities in sending the case before the
Prize C o u r t, was received b y the State D ep artm en t a t W a sh ­
ington A p r. 12.
T his Am erican ship, laden w ith foodstuffs,
had left N e w Y o rk for H am b u rg on Jan. 2 2 , had called at
F alm ou th of her own accord on F e b . 9 , and her cargo was
detained as prize on F e b . 11.
D uring the proceedings before
the Prize C ou rt, the Crow n Solicitor at London introduced
an O rder-in-Council not previously published, providing that
the British G overnm ent m ight requisition a n y neutral ship
destined to tho enem y country. T h e G erm an converted
cruiser K ronprinz W ilh e lm , which had been roam ing the high
seas since her departure from N e w Y o rk the previous A u g . 3 ,
and attacking enem y ships, arrived a t N ew p ort N ew s A p r. 11
and was interned A p r. 2 9 .
D uring the eight m onths sho
is said to have sunk 15 vessels— 10 B ritish , 4 French and 1
N orw egian— and to have taken 9 6 0 prisoners from the de­
stroyed vessels, tho m ost of these being sent to South A m er­
ica b y other G erm an vessels to which they had been trans­
ferred.
T h e A rbitration B oard appointed under the N ew land s A c t
to pass upon the dem ands of the locom otive engineers and
firemen on W estern roads for increased wages m ado its award
A p r. 30 .
I t was estim ated th at tho increases granted would
am ount to a bou t $ 5 ,0 0 0 ,0 0 0 a yoar. A t tho opening o f the
hearings tho previous N o v . 3 0 it was stated that if tho men
woro successful in securing their original dem ands som ething
liko $ 3 3 ,0 0 0 ,0 0 0 would bo added to the pay-rolls o f the rail­
roads annually, and that w ith the further dom ands subse­
quently m ado the added burden would bo raised to $ 4 0 ,­
0 0 0 ,0 0 0 for the 9 8 roads involved.
Tho award concom od
6 5 ,0 0 0 em ployees and appearod to bo ontiroly satisfactory
to no one.
O nly four of the six m em bers o f the Board signod
tho aw ard, n am ely Jeter C . Pritchard, Presiding Judge of
tho U . S . Circuit C ourt o f A ppeals o f the F ou rth C ircu it,
and Charles N a g o l, former Secrotary o f C om m orce & L abor,
the tw o neutral m embors o f the B oa rd , and tho two railroad
representatives, nam ely H . E . B yra m o f tho C h ic. B u rl. &
Q . and W . L . P ark o f the 111. C en t.
T ho two representatives
o f labor declined to sign and filed a dissenting opinion. T h o y
wero F . A . Burgess, A s s t. G rand C hief of tho Brotherhood
o f L ocom otivo Engineers, and T im o th y Shea, A s s t. President
o f the Brotherhood o f L ocom otivo Firemen & Enginom on.
These two stated that “ the vory best that can bo said o f such
an award is that it sottles nothing, but sim ply postpones any
further action on tho questions involvod for a period o f twelve
m on th s.
On the other hand , M e ssrs. B ry a m and Park con­
tended th at tho agreement under which the arbitration was
held gave no latitudo to the B oard to a d ju st or reconcile
unequal conditions, that it was one-sided and that it perm it­
ted standardization only if m ado upw ard.
D ecided ly unusual weather was experienced a t the oponing
o f the m on th , one o f the eccentricities being an E aster bliz-

Jan. 8 1916.]

THE CHRONICLE

zard . O n Saturday A p r. 3 a blizzard swept over the A tlan tic
coast and resulted in a snowfall o f 10 inches in N e w Y o r k ,
placing it on record as the heaviest A p ril snow storm in this
city in tho history o f the W eath er Bureau, and covering the
city w ith a white m antel for E aster. _ T h e storm was sevorest
in Philadelphia, where a fall o f 19 inches broke all 12-hour
records for th at c ity .
In B oston the snowfall measured
8 .3 inches.
In N e w Y o rk the snow fall, which was accom ­
panied b y a 60-m ilo galo, lasted from 8 :3 0 a . m . until 10 p . m .
T h o storm tem porarily tied up tran s-A tlan tic shipping and
telegraphic com m unication south of W a sh in gton was for a
tim e interrupted. Easter Su n d ay, how ever, proved bright
and m ild , and under the influence o f a w arm sun the snow
quickly disappeared.
R ailroad E vents and Stock E xch a n g e M a tte r s .— On our Stock
Exchange a great speculative furore developed and under
clique and pool m anipulation prices were whirled upw ard w ith
startling rap id ity.
T h e stocks selected as special leaders
were those of com panies which it was supposed w ould benefit
m ost largely from war orders. Suggestions of incredible
profits to accrue from this business were treated as if they
were gospel tru th . D a y after d a y the sam e rumors were re­
peated , only in greatly inflated form , and were m ade to do
d u ty over and over again in sending som e particular stock or
group of stocks on skyrocket expeditions. There seemed to
be no lim it to the gullibility o f the public and under the in­
fluence o f these reports, supported b y purchasing orders of
great volu m e, enorm ous advances in prices were often estab­
lished over n igh t.
Railroad shares, particularly those of
the better class, were largely neglected, though these were
carried several points higher in the general upward swing.
B ethleh em Steel c o m . and G en . M o to r s com . were especially
prom inent o bjects. Th ese were stocks o f com panies rather
favorably situated. A s a m atter o f fa c t, how ever, there
was no discrim ination, and those engineering the specu­
lative m ovem en t becam e daily m ore bold under the stimulus
o f previous successes and the prestige which this g av e. A s
one illustration, A m e r. L ocom otive c o m ., whose plants in
Jan. and F ob. had been running to only abou t 1 1 % of their
cap acity, and which even b y A p r. 1 had g ot no higher than
l o % of cap acity, was run up from 19 M a r . 2 to 68 A p r. 16.
In fivo days alone tho price was m arked up from 31
to 68 .
On Friday tho 16 th , indeed, the price opened up 1 0 3 ^ @
16 ^ points (the range on the initial transaction being ex­
ceedingly wide on enormous purchasing orders), as compared
w ith the close the previous d a y . According to report, one
m ain reason for the over-night ju m p in price was th at an or­
der for 1 5 ,0 0 0 shares had been placed in the stock for execu­
tion a t tho very opening, this being follow ed b y several other
large orders, so th at tho transactions for the day aggregated
6 4 ,8 7 0 shares.
O f course, all this was accom panied b y skil­
fu lly circulated reports o f enorm ous profits to be derived from
tho execution o f war orders o f fabulous am ou n t.
In similar
fashion, N . Y . A ir B rake was whirled up from 5 6 )^ F eb . 26
to 100 A p r . 3 0 , and M o x . P etroleu m , notw ithstanding the
chaotic conditions in M e x ico , was sent up from 6 7 % A p r . 6
(after having been raised from 51 the previous J an .) to 9 7
A p r. 2 6 . N e w groups o f shares were taken up from d a y to
d ay to give a false appearance of strength and to deceive as
to tho spontaneous nature of the m ov em en t. W h e n C hic.
R . I . & P ac. R y . was placed in tho hands o f receivers, and
its shares, which had been sent upward from 1 8 % on M a r . 1
to 3 8 % A p r. 15, suddenly dropped to 2 0 % A p r. 2 1 , it was
supposed th at speculative m anipulation had received a black
eye from which it would take a long while to recover. T h e
m arkot did stagger for a tim e, bu t the pools and cliques were
equal to tho occasion, and b y renewing their old tactics were
able to keop speculative confidence unimpaired.
In ternat.
M orcantilo M arin o Corporation was placed in tho hands o f a
receivor owing to failure to m eet interest on tho col. trust
4% s.
C h ic. R . I . & P ac. R y . was put in receivers’ hands on
application of creditors. B a lt. & Ohio sold $ 4 0 ,0 0 0 ,0 0 0 4 % %
2 -y r . and 3 -y r . notes to rotiro $ 3 5 ,0 0 0 ,0 0 0 notes due June 1
and for gon. purposes. N . Y . N . H . & I I . disposed o f $ 2 7 ,­
0 0 0 ,0 0 0 1-y r. notes to take up m aturing notes. A t l. C oast
Lino sold $ 5 ,0 0 0 ,0 0 0 G en . U n . 4 % s ; they were offered b y
bankers a t 8 9 % .
C om m onw ealth Edison (C h ic.) sold $ 8 ,­
0 0 0 ,0 0 0 1st 5s m ain ly to rotire othor obligations.
C h ic.
Juno. R y s . & U n ion Stock Y d s . sold $ 1 0 ,0 0 0 ,0 0 0 m tg o. &
col. tr. rof. 5s to take up a like a m t. o f bonds m aturing July 1.
Intorborough R a p . T ran s, declared an extra d iv . of 5 % ,
samo as in Jan.
P hila. C om p an y o f P ittsb . reduced its
quar. d iv . from 1 % to 1 % % .
M ia m i C opper resum ed d iv s.
S tock F l u c t u a t i o n s .

Railroads—
Atch Top & Santa Fe.
Baltimore & Ohio___
Canadian Pacific____
Chesapeake & Ohio__
Chic Mllw& St Paul..
Erie...............
Great Northern, pref.
Louisville* Nashville.
N Y C * Hud R iv er..
N Y N I I * Hartford..
Norfolk & Western__
Northern Pacific____
Pennsylvania...............
Reading Company__
Southern Pacific C o ..
Southern Railway___
Union Pacific-----------Industrial, S e c .—
Allis-Chalmers Mfg—
Preferred................
Amalgamated Copper.

A p r il

1.

A p r il

30.

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

99%
71%
161%
45%
89%
25%
1X7%
118
*83%
60
101%
104%
106%
145%
86%
16%
124%

1102%
77%
105%
47%
96
28%
>120%
*124
126
88%
67%
105%
>no
*109 %
>151%
93
19
131%

12
45
62%

19
53%
>77




99
71%
106%
44
88%
25%
>117
117%
*83%
59%
101%
104%
106%
144%
86%
16%
124%

April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April
April

H ig h .

1 105
3 79%
1 174
1 49%
1 98%
1 30
8 122%
5 125%
1 92%
1 71%
1 106%
1 >112%
1 111%
1 157%
1 95
3 19%
1 134%

11% April 5
43 April 7
61% April 1

April 19
April 19
April 19
April 19
April 19
April 19
April 19
April 20
April 21
April 21
April 19
April 19
April 21
April 19
April 21
April 9
April 19

20 April 19
56% April 19
79% April 22

S tock F lu c t u a tio n s .

115
A p r il

1.

A p r il

30.

Amer Agricul Chem__
50
*57% 58%
Amer Beet Sugar.........
44%
49%
Amer Can.....................
31%
43%
Amer Car & Fdy_____
47
58
Amer Coal Products..
92%
*95
98
Amer Locomotive___
28%
60%
Amer Smelt & R e lg .. .
68
73%
Amer Woolen________ *16
17%
31
AnacondaCop(par$50)
*$28%
$36%
Baldwin Locom otive.. *34% 38
59%
Bethlehem Steel Corp.
86
143%
Central Leather______
34%
39%
Colorado Fuel & Iron.
27%
32%
Continental Gan____
59%
63%
Cuban-Amer Sugar.. .
51
60
General Chemical___
al84
*210 215
General Motors_____
123
144
Goodrich (B F )..........
41%
51%
$24%
Insp Con Cop (par $20)
$33%
Lackawanna Steel___
35
45
Maxwell Motors____
43
52%
Pressed Steel Car____
32%
57%
24
Railway Steel Spring..
35%
22%
Republic Iron & Steel.
30%
Studebaker Corp (The)
56%
77
Texas Co (The)...........
140
*136
140
U S Indus Alcohol___ *24 ........
45%
TJ S Rubber.................
65
>70%
United States Steel__
48
58%
Western Union Teleg.
66
69

R ange fo r
L ow .

49%
44%
31
46%
91%
28%
66%
16
*$28%
35
83%
34%
27
59%
51
186
122
41
S24%
33
42
32%
24
22%
54
136
26%
64%
47%
65

April 1
April 3
April 7
April 3
April 1
April 1
April 6
April 6
April 1
April 3
April 1
April 1
April 1
April 1
April 1
April 7
April 1
April 1
April 1
April 16
April 1
April 1
April 3
April 1
April 1
April 5
April 9
April 6
April 1
April 6

High.

59 April 26
50% April 29
44 % April 30
59 % April 16
102 April 12
68 April 16
76 April 26
32 April 30
$39 April 26
60 % April 30
155 April 13
44% April 19
36% April 16
65% April 5
63 % April 19
215 April 28
150 April 10
53 % April 9
$35% April 26
45% April 30
58 April 14
59% April 30
36% April 19
34% April 16
77% April 30
144% April 19
46 April 29
74% April 14
60% April 19
70% April 28

a Less than 100 shares. > Quoted ex-dividend during the month and prior to
this date, * Ex-dividend. * Bid and asked price: no sale.

The M o n e y M a r k e t.— In the m oney m arket extrem e ease
continued the dom inant feature.
T h e a ctivity on the Stock
Exchange did n ot have tho effect even o f establishing appre­
ciably firm er call m oney rates. C all loans ranged between
1 % and 2 % .
T im e m oney A p r. 3 0 was 2 % @ 2 % for 6 0
d a ys, 2 % for 9 0 d a y s, 3 for 4 m os. and 3 @ 3 % for 5 and 6
m os.
C om m ercial paper was quoted a t 3 % @ 3 % for choice
double and prime singlo nam es and 4 @ 4 % for good single
nam es. M o n o y holdings o f the Clearing H ou se institutions,
after declining the first two w eeks, again resumed their in­
crease and were $ 4 2 4 ,4 9 7 ,0 0 0 M a y 1, against $ 3 9 5 ,5 4 1 ,0 0 0
M a r. 27.
In addition, gold holdings w ith tho Foderal R e­
serve banks wero augm ented from $ 1 1 5 ,0 5 5 ,0 0 0 to $ 1 2 1 ,3 3 4 ,­
000.
Loans wero further swelled from $ 2 ,3 8 4 ,8 2 0 ,0 0 0 to
$ 2 ,4 3 0 ,5 9 3 ,0 0 0 , and deposits increased from $ 2 ,3 8 6 ,0 1 8 ,0 0 0
to $ 2 ,475 ,65 5,(1 00.
F oreig n E xch a n g e, Silver, & c .— There w as no im portant
m odification o f tho peculiar conditions previously existing,
and the level o f rates remained abnorm ally low . T h e now
British policy regarding the issuance o f Treasury bills did
not operate to stiffen m oney rates in the open m arkot at
L ondon, and on T h u rsd ay, A p r. 2 2 , dem and exeliange in
this m arket g ot down to 4 7 8 1 5 -1 6 , or close to the low point
o f 4 7 8 % , touched on M a r . 2 3 . T here w as considerable sell­
ing hero from tim e to tim e throughout the m onth o f Am erican
securities for foreign account, induced b y the rise in prices
on our Stock E xchango, b u t even this did n ot serve to correct
the dislocation and strain in exchango occasioned b y the tre­
m endous merchandise trado balance in favor o f the U nited
States. T h e gold im portations a t all ports were $ 1 6 ,2 0 3 ,­
0 2 8 . T h is included $ 7 ,0 0 0 ,0 0 0 gold shipped abou t tho m iddle
o f the m onth from O ttaw a to N e w Y o r k , consigned to Lazard
Freres, the agents in this country o f the B an k o f France,
and understood to be for the French G overnm ent to use as
needed to pay for supplies. T h e high point for bankors’
sight bills w as 4 7 9 % @ 4 8 0 A p r. 9 , and the low point
4 78 15-16(5)4 7 9 A p r . 2 3 , w ith the closo A p r . 3 0 4 7 9 % @
4 7 9 7 -1 6 .
T ho B a n k o f E n g lan d ’s bullion holdings, after
a further hea vy loss a t the beginning o f th j m o n th , m ade some
recovery in the later wooks.
Open m arket discounts at
L ondon A p r. 3 0 were 2 % for 60 -d a y bills and 2 % @ 2 1 5 -1 6
for 9 0 -d a y bills. N o rates were reported from tho C on ti­
nental centers. Silver in London fluctuated bo tween 2 3 %
and 2 3 1 5 -1 6 d ., w ith the close 23 1 3 -1 6d .
The remaining months o f this m onthly narrative will be given next week.

E LB E R T I I. G A R Y SEES B U S IN E S S D A N G E R S A H E A D
U N L E S S W E PROCEED C A U T IO U S L Y .
A noto o f caution against tho future is struck b y E lbert H .
G a r y , C hairm an o f the board o f the U n ited States Steel C or­
poration, in a statem ent m ade public b y him on T hursday
and issued in response to a roquest th at he outline briefly
the conditions and prospects relating to the iron and steel
industry as they now appoar, and give a forecast o f the future.
W h ile adm itting tho evidences o f great prosperity on every
side, M r . G a ry points to the fact that we are proceeding a t a
rapid pace— that there is great expansion a t present, a nd he
fears, great inflation. Som e o f the circumstances surround­
ing tho financial and industrial w orld, he contends, are
peculiar and n ot justified; there will be, he ad d s, “ jars and jolts
when our eyes aro opened and things becomo n orm al,” and
ho urges th at we “ stop , pondor and rea son .” W h e n the war
shall close, he points o u t, “ the business o f this country will
be confronted w ith new conditions. T h e purchasing power
of tho whole world will have been v ery greatly reduced.
Our producers, including our wage earners, will find them ­
selves in com m ercial antagonism w ith tho m ost persistent
and difficult com petition ever experienced, unloss this shall
e prevented b y laws that are roasonablo and sufficient.

116

THE CHRONICLE

[V o l . 1 0 2 .

be thoroughly protected by tariff provisions and we should be on a parity
M o s t o f the foreign producing countries, and quite likely all with them in this respect. This is not a question of politics nor for political
o f th em , will be thoroughly protected b y tariff provisions parties as such. It is one of economics and of good business and it affects
and we should be on a parity w ith them in this respect. T h e all the people. It Is a question o f the greatest good to the greatest num­
ber. There should be an effort to ascertain and establish a lino of justice
financial, com m ercial and industrial interests of this country and fairness between the producer and the consumer. It must be resolved
m a y be firm ly established on an independent and invulner­ on scientific principles after the ascertainment of facts and their due
able fou n d ation , b u t there m u st be co-operation between all consideration. Immediately prior to the commencement of the present
war and afterwards, until war orders, so-called, appeared and influenced
olasses and d epartm en ts, private and public. G overnm ental a change, business conditions in the United States were very bad. The
power m u st lend its assistance to legitim ate private effort volume was considerable but the prices wero unreasonably low. Many
and the latter m u st appreciate and reciprocate.”
‘ ‘W e were selling their commodities below cost. This was becauso the prices
of imported products, made with cheap labor and transported at low rates
business m e n ,” he a d d s, “ should realizo there is possible were below tho cost of production hero. These shipments, dumped from
danger ahead in the business outlook , and if we proceed w ith surplus stocks, fixed the domestic prices. I hope and believe whatever
cau tion , how ever aggressively, w e will have done no harm political party Is in power much thought will be given to the all-important
question of adequate— no more and no less— protection. Our people
and w e m a y hereafter have reason for con gratulation.” will succeed or fail together. No class can long prosper at the expense
o f others. No class can long continuo in adversity without similarly
B elow is his statem en t in fu ll:
affecting all others.
I have been requested to state briefly the conditions and prospects
This is an epoch. The times are serious, perhaps critical. Tho financial.
relating to the iron and steel industry as they now appear and to forecast commercial and Industrial interests of this country may be firmly estab­
the future.
lished on an independent and invulnerable foundation, but there must
It will be admitted by all manufacturers o f these products that there Is no be co-operation between all classes and departments, private and public.
reason for complaint at the present time as to the volume or urgency of the Governmental power must lend its assistance to legitimate private effort
demand nor, in most cases, the prices received, notwithstanding costs of and tho latter must appreciate and reciprocate. We must work together
production have been larger during the last few years because o f Increases and for the good of all. It is a time for patriotism and for the exercise
in wages, freight charges, &c. Tho rate o f production at present in the o f a fair and liberal treatment of all others by each individual and by our
United States is about 38,000,000 tons o f pig Iron and about 41,000,000 community o f individuals.
tons o f steel ingots per annum. This compares with a rate of 19,000,000
Another suggestion: We must be prepared for radical changes in volume,
tons o f pig iron and 16,000,000 tons o f steel ingots one year ago and 33,­ in prices and resources. There is danger o f overproduction, over-extension
500,000 tons o f pig iron and 35,000,000 tons o f steel ingots at high-water o f credit and liabilities, overconfidence. Circumstances change like a
mark In the year 1913 for pig iron and 1912 for ingots. Furnaces and mills kaleidoscope. Wo have observed this before and wo shall seo it again.
are running at full capacity, and it is impossible to fully supply tho demand It Is possible the banks will over-oxtend their credits, particularly in favor
for prompt delivery. Prices could easily be materially advanced and por- of foreign, interests who offer attractive rates, but they will take care of
haps will be, though I believe as to some o f the commodities, at least, they that matter for themselves. We business men should realize there is
are high enough. It is not certain they can be controlled for the reason possible danger ahead in the business outlook and If wo proceed with
that the requirements o f purchasers, and the offers they make, fix the caution, however aggressively, we will have done no harm and wo may
prices to a large extent. Tho bookings are considerably in excess of pro­ hereafter have reason for congratulation. Wo have the greatest country
duction, which is larger than over before. Apparently about 75% of the with tho greatest opportunities and may properly be hopeful and confi­
sales is for domestic consumption and the balance for foreign use, directly dent.
_
or indirectly. The influence o f the export sales upon domestic sales I do
not undertake to say. Tho ramifications, tho connections and the influ­
N E W R A ILR O A D M IL E A G E SM A LL E ST I N H A L F A
ences are complicated and they are uncertain.
C E N T U R Y — R E C E IV E R SH IPS LARGE.
The conditions pertaining to this Industry reflect, moro or less, those o f
other lines and perhaps are an indication o f the general situation. Cer­
T h e effect o f restrictive measures against the railroads is
t a in ^ there are evidences, which cannot reasonably be questioned, of great
prosperity." They are seen in the banks, the stores, the shops, tho railroad reflected in the am ount of m ileage constructed in 1 9 15 .
figures, the hotels, places o f amusement and, not tho least important, the T h e “ R ailw ay A g e G azo tte” in its annual statistical num ber
enormous sums given to charitable and relief demands.
published on D ecem ber 3 1 , in pointing o ut this fact states
It is not my purpose to discuss the reasons for these most satisfactory
conditions. They exist; and it now seems probable they may continue th at “ the only years since 1848 when the incroaso in operated
for months to come. How long? The answer depends largely upon our­ m ileage was less than 1 ,0 0 0 m iles were 18 61 , 1862 and 1 8 64 ,
selves, our leaders, official and private, and upon those o f us who only and the new m ileage built in 1915 was less than this a m o u n t.”
attempt to follow and to protect our interests as wo properly may.
When there is possible danger ahead the locomotive engineer is directed W e quote further from the “ G aze tte” as follow s:
Neither the statistics which havo boon compiled by the “ Railway Ago
by his rules, formal instructions and signs to proceed with caution; and
sometimes to stop, look and listen. We may draw an analogy. I would Gazette” since 1893 nor thoso which havo boon compiiod by tho Inter­
offer words o f caution. W e are proceeding at a rapid pace. There is great State Commerce Commission since 1887 extend far enough back to afford
expansion at present. 1 fear there Is great inflation. Some o f the circum­ a precedent for tho conditions which have prevailed in 1915. Tho statis­
stances surrounding the financial and industrial world are peculiar and not tics of “ Poor’s Manual of Railroads,” which go back to 1833, cover for
justified. There will be jars and jolts when our eyes are opened and things calendar years not the new mileage built but the increase In operated
become normal. We ought to stop, ponder, reason. We shall be all the mileage. Tho two things aro not the samo, for a railway lino built in one
better for it. Legitimate enterprise and progress will be benefited if wo year may not be put into operation until tho noxt. However, bearing
this fact in mind. Poor’s statistics may bo used for comparison. They
read all the signs, consider the past and reflect upon the future.
“ What o f "the future? Who can say with any feeling o f certainty? It show that tho only years since 1848 when tho incroase in operated mileage
may be very dark and desperate. It will be thus in Europe and we in was less than 1,000 miles wero 1861, 1862 and 1864: and tho now miloage
America will feel the effects to a greater or lesser extent. I am referring built in 1915 was less than this amount. In other words, tho only period
now only to economic features. The destruction o f billions upon billions within the last sixty-six years which is comparablo with 1915 in respect
o f property in any country must necessarily affect, in some degree, all to now mileage built Is that during which tho nation was dovoting its
other countries. The economic conditions in the United States may and energy and resources not to its economic and industrial dovolopment but
should be good in the long future, with the usual interruptions, if we are to tho prosecution of the greatest war in history until tho present one in
foully alive to our opportunities. I believe the wars o f Europo will not Europo.
Tho showing mado by thoso figures is ronderod moro impressive if they
be so long protracted as many, if not the most o f men, predict. This
opinion is based principally upon two grounds: In the first place, it seems bo considered in connection with tho fact that in Octobor 1915 thero was
apparent'that little, if any, benefit to any belligerent country or to the tho greatest mileago of railroads in tho hands of receivers in the United
world at large can result from the war except and unless it be tho firm States ever recorded. This is not tho caso at tho end of tho year only
establishment o f an International tribunal for the settlement of all inter­ becauso since then tho receivership of one largo road, tho Wabash, has
national differences; one that is universal and practical; and whoso decrees been terminated. Tho number of cars and locomotives bought in 1915
are enforceable; one that will prevent the prolongation of wars in tho was greater than in 1914, but it was smaller than in any other yoars except
future. This can be created. If so, negotiations for peace and for such 1908 and 1914, since wo began compiling statistics on this subject.
It is evident that tho condition in tho railway field in tho year now closing
results should be opened at once and pushed to a conclusion. There will
never be a better time. If one side or the other should absolutely con­ has been largely duo to causes which did not oporato in tho past or which
quer the other side (which seems impossible, unless the war is carried to havo oporated recently with unprecedented forco. Furthermore, what
an extent that would leave tho surviving peoples o f tho present generation thoso causes aro must bo clear to ovory person who has studied railway
o f all the nations at war helpless and hopeless) there would bo no need affairs and tho railway situation with tho real dosiro to understand them.
nor disposition for an international tribunal. Tho leaders of all the Tho outgo of tho roads has boon increased enormously by advancos in
nations must realize and appreciate these facts and are likely to act upon wagos and taxes and by regulation by tho Stato and National Governments,
them soon.* If not, then tho masses o f tho peoplo will see and decide. and their total earnings havo boon restricted by regulation of tholr rates
Included may be the armies and navies. They, least o f all, desire war. by the Stato and National Governments.
Ground between thoso upper and nether millstones, tho incomo available
They fight because it Is a duty; but sooner or later they look to causes
and effects and act accordingly. The other ground for my belief is that for interest and dividends has tended downward for over nino yoars. It has
each o f the warring nations is starving for men and money both. They not bocomo relatively as small as in somo oarltor periods, but in those
do not admit it, but the signs are plenty and convincing. Any nation periods tho roads wore not subjected as they aro now to regulation, one
that is prolonging the war beyond the time when it can bo reasonably of tho main avowed purposes of which is to restrict their not roturn. In
and honorably discontinued, is slowly but surely committing suicide. consequence, in those earlier periods capitalists and railway managors
There is already widespread distress and it is rapidly increasing. Ques­ wero encouraged to continuo to mako investments in permanent Improve­
tions o f commercial supremacy, military control, aggression of territory, ments and in now lines by tho hope and expectation that after tho depres­
race distinction are o f small comparative importance. The responsibility sions had passed they would bo able to mako largo profits which would
for a continuance o f the war is too great upon those who control for the moro than offset tho losses incurred in bad times.
Tho present system of regulation has effectually discouraged such hopes
long postponement of peace. And the counsels and prayers of the peoples
and expectations. This unquestionably is tho correct explanation of the
o f all neutral nations will have their effect.
But whenever the war shall close, the business o f this country will be condition in tho railway field disclosed by our statistics for 1915.
There aro many gentlemen of tho railway baiting type, such as Senator
confronted with new conditions. Tho purchasing power o f the whole
world will have been very greatly reduced. Foreign countries who are La Follette, Sonator Cummins and Clifford Tliorno, who in roply to such
statements
as tho foregoing pilo up long rows of figures to show that under
now buying our products, because compelled, will withdraw their patron­
age in a large measure. Other non-producing countries will find their rogulatiori tho railways havo boon and aro eminently prosperous and that
financial resources and credits lessened. Moro than this, foreign pro­ therefore regulation is not responsible for tho interruption of railway
ducers, in great need, will strive more diligently than ever to supply the development and consequently should not bo mado loss drastic.
It is usually- easy to demolish their statistics and tho conclusions they
countries that are financially able to pay and at prices based upon cheap
labor and low cost, as they have a perfect right to do. Our producers, draw from them, but tho situation which actually oxists is the best answer
including our wage earners, will find themselves in commercial antagonism to them. It demonstrates boyond question that capitalists aro not dis­
with the most persistent and difficult competition ever experienced, posed to Invest in railways. They must, therefore, boliove that such
unless this shall be prevented by laws that are reasonable and sufficient. investment would bo unprofitable. Thoso who havo shown that they
Most o f the foreign producing countries, and quite likely all of them, will know how to mako money by making it must bo better judges o f tho rolatlvo




«U n . 8 1916.]

THE CHRONICLE

profitableness o f investment in the various fields than even the most
eminent statesmen o f the class mentioned. Anyway, their opinion, and
not that o f the railway-busting politicians, is controlling it, for they have
tho capital and will invest it where they please, and the facts show that
at present they do not please to invest it in railways.

117

o f having the returns come to light); and, secondly, the exemptions accorded
to incomes on such amounts as should pay at least something.
I have not the time to trace the historical development of taxation
or to set forth the fundamental ideas which lie at the basis of its develop­
ment. The underlying principle appears to your Committee to be that
each individual should aid the State in proportion to his ability to help
himself.
T lio “ R ailw ay A g e G a ze tte” also publishes an article on
Real estate will always bear its share of burdens, and property has
railw ay receiverships. In this it points o u t th at a t one always been accepted as a valid basis o f taxation. There is, however,
tim e during the year ju st closed approxim ately 4 2 ,0 0 0 m iles no doubt that real estate is now bearing more than its share of tax burdens.
Wo all have visible evidence o f conditions in the real estate market which
of railroad were being operated b y receivers. Since that are nearly unbearable. Moreover, the income principle in coming to be
tim e the W a b a s h , operating 2 ,5 1 4 m iles, has been sold and recognized as an even better basis. Two pieces o f property o f the same
taken over b y a new com p an y. V arious other adju stm ents assessed value may enjoy an entirely different yield— one may be occupied
and yield a good return; another may be unoccupied, yielding no returns,
and changes have occurred and on D ecem ber 31 the m ileage and yet both must be subject to the same rate o f taxation. In the case
being operated b y receivers aggregated 3 8 ,6 6 1 .
T h e total o f an ordinary business man, profits are a decidedly better index o f ability
to pay than are the assets or property o f the business.
face value of securities o f the old com panies of the roads in
The incomo tax is in harmony with the pronounced tendency o f fiscal
receiver’s hands was $ 2 ,3 5 4 ,9 0 0 ,3 0 1 , consisting o f $ 1 ,­ reform throughout tho civilized world, and it appears, further, that where6 0 7 ,8 9 5 ,5 0 0 of bonds and $ 7 4 7 ,0 0 4 ,8 0 1 o f stock. T h e ever democracy is gaining ground, there we find the growth o f the income
tax. The arguments against the system may indeed be entitled to some
previous statem ent referred to was printed b y the “ R ailw ay consideration. Rut opponents of the Federal income tax system must
A g e G aze tte” in its issue o f O ctober 15.
T h is showed 4 1 ,9 8 8 confess that their fears have not been realized. After careful reflection
m iles of road operated b y receivers with outstanding stock your Committee has come to the conclusion that the adoption of a supple­
mentary income tax, for State and local purposes would be fair, easy of
o f $ 7 8 8 ,6 1 6 ,4 2 3 and total bonded debt of $ 1 ,4 7 5 ,3 8 5 ,7 5 5 , enforcement, and in harmony with public sentiment. Above all, it would
render possible the abolition of our present Iniquitous personal property
or a total capitalization o f $ 2 ,2 6 4 ,0 0 2 ,1 7 8 .
tax. We are convinced that no patriotic citizen can afford to oppose a
system which is economically sound and equitable.
(b) Your Committee has unanimously decided that the next in order
ST A T E IN C O M E T A X ADVO CATED B Y T A X A T IO N
o f preference is the form of taxation marked “ II I " in the Mills Committee
C O M M I T T E E OF C H A M B E R OF C O M IE R C E .
circular, known as “ The Ability or Presumptive Income T ax", composed
A t its regular m eeting on T h u rsday o f this week the of a habitation tax, an occupation tax and a salaries tax. This plan of tax
C ham ber o f Com m erce received the report o f its C om m ittee reform has much to commend it. The so-called ability tax is a tax on
the abilities o f those who profit from the opportunities afforded by the
on State and M u n icipal T a x a tio n , of which Isaac N . Selig- City of New York. Conceding that the fairest test of ability to pay is
m an is C h airm an , on the proposed new form s o f taxation income, and assuming that a direct income tax is unattainable, the pro­
suggested b y the M ills Legislative C om m ittee as a m eans position is to arrive at the income Indirectly and by outward signs, utilizing
certain definite facts of expenditure as yielding some indication of relative
o f providing additional revenue for the S ta te . T h e C o m ­ income. Tho ability tax, as a presumptive income tax, would, therefore,
m ittee expressed preference first for a State incom e tax be composed of three parts, namely, a habitation tax, an occupation tax,
and a salaries tax. Your committee believes, however, that there is little
and next for a habitation and occupation and a salaries tax . likelihood of this proposal being enacted into law.
T h e other proposal o f the M ills C om m ittee for a classified
(c) Proposal “ I I ,” namely the Classified Personal Property Tax, your
personal property tax is considered b y tho Seligm an C o m ­ committee considers decidedly objectionable, as, if adopted, it would
provide for a system of listing o f property, no allowance being made for
m ittee as decidodly objectionable.
indebtedness. The low rate tax would, moreover, not reach large salaries
T h o C om m ittee also favors an am endm ent to tho present or professional incomes. Finally, the income derived by this method
Federal In com e T a x section of the T a riff A c t , so as to of taxation would probably not amount to a sum at all equal to our needs.
provide for the paym en t o f tho tax b y the taxable person
and n ot a t the source o f incom e.
DR. P R A T T ON OUR SH ARE I N IN T E R N A T IO N A L
T ho C h am ber postponed action on the report o f its
TRADE.
C om m ittee until a special meeting January 13.
T w o o f the great problem s which m u st be solved if the
In order m ore fu lly to explain the present situation to the
U n ited States is to m ake the m ost o f its present opportunities
m em bers of the C h am b er, the report states th at the proposed
— the financing o f foreign trade and the problem o f educating
substitute measures suggested b y tho M ills C om m ittee are
m en to carry on such trade— are given considerable attention
as follow s :
Tho first plan provides for an income tax upon every person residing in the first annual report o f D r . E dw ard E w ing P ra tt, C h ief
within the State for his entire Income from all sources, except those located o f the Bureau o f Foreign and D om estic C om m erce. A s the
without the State. Tho net income o f corporations is to be determined Bureau is m ore directly interested in the developm ent o f
practically as it is under tho Fodoral Income Tax. The only exemptions
will bo tho salaries o f United States officials and interest upon Federal, foreign trade than a n y other G overnm ent office, a large part
Now York State and municipal bonds. Tho exemption to an individual is of the report is devoted to a discussion o f com m ercial con­
$1,500, to a husband and wife living together $1,700, for each child $100,
but with a maximum exemption o f $2,000. The rate for corporations ditions brought abo u t b y the war and to constructive sugges­
In part
shall bo 2% upon their net incomes. For Individuals the rate varies from tions for further extensions o f our trade abroad.
one-half o f 1% to 2 % , tho latter applying on all incomes o f more than D r . P ra tt says:
$2,000. The tax on salarios paid to non-residents shall bo withheld at
Tho American business community should guard against any sense of
the source, and every employer shall bo held for the tax.
safoty in our present prosperity in so far as that prosperity is based on
Tho second substitute is a classified personal property tax covering all
business connected with the belligerent activities in Europe. Our business
tangible and intangible items o f personal property with the exception
men should carefully discount the continuance of so-called war orders and
o f certain tangible property to the amount o f $2,000, the rate to be ad­
avoid basing future calculations upon conditions which they bring into
justed separately for each class—8 to 10 mills on tangible property and existence.
2 mills on the market value o f stocks, bonds, notes, debentures, &c. This
European war orders doubtless are bringing to some manufacturers im­
classified personal property tax, is an extension o f the system o f a classi­
mediate and large profits. They do not in any way. however, indicate
fied property tax. It is now already applied to banks, trust companies
permanent business. It is conceivable that they may be positively injurious
and mortgages; the next step is to extend it to those intangibles com­
by diverting the attention of our manufacturers from foreign markets in
prised in stocks, bonds and debentures, but not to moneys and credits. Latin America, the Far East, Africa and Australia, to which we should
The prosent plan contemplates tho gradual extension o f the classified at tho moment be directing our most earnest efforts. We may be volun­
property tax at some future date to all other forms o f personal property tarily giving up our greatest opportunities. We may be foregoing the
not included by this Act and not specifically exempted.
permanent markets of the world to make a few extra dollars of immediate
The third suggested substitute for tho personal property tax Is the profits.
presumptive income tax, a tax on the abilities o f those who profit from
The financing of our foreign trade, and in fact by far the larger part
the opportunities o f New York State. Such “ ability tax” would be com­
of tho financing of tho world's trade, has hitherto been done through
posed of threo parts: A habitation tax. an occupation tax. and a salaries
London. During the last hundred years London has been the world’s
tax. The habitation tax is to be levied upon individuals occupying houses
or apartments for residential purposes. It exempts all rentals below $50 financial market. She has held her position, not because of prestige
merely,
but because the nations of the world needed an international
a month and above that is sharply graduated. Tho occupation tax is
a flat tax o f 7% of tho annual rental o f promises occupied for business or clearing house and London suppliod that. At the same time London
became tho cloaring house chiefly becauso she supplied a large part of the
for securing a livelihood. The third part o f tho project is tho tax on all
capital needed for public improvements and large private enterprises.
salarios paid or received in the State, except salaries paid by tho Federal
On the other hand, tho United States has never taken any large part in
Government. The exemption in all cases is $2,000, and above that is
financing foreign trade because of the comparatively small volume of that
graded from 1 to 5% .
business carried on here, and also on account of the unfamiliarity of many
Continuing, tho report says, In p a r t: Your committee has considered
of our bankers with tho methods of international finance. Nor has the
the throe principal measures submitted by tho Mills Committee as sub­
United States taken any large part in supplying capital to other countries.
stitutes for the prosent personal property tax and as a moans o f raising
On account of more profitable investments at home, we have chosen to In­
the additional revenue for both State and local purposes :
vest here rather than abroad. This has also been true because o f our
(a)
After careful consideration and discussion, it appeared to be the
position as a debtor nation, but probably also to a considerable degree
unanimous view o f tho Commltteo that the most acceptable means by becauso of a "mental debtor-nation attitude” on the part of our financiers.
which to provide additional revenuo was to resort to the proposed State
On account o f tho w ar, it is pointed out in the report, this
Incomo Tax marked “ I ” in tho circular issued by^Mr. Mills' Joint Legis­
lative Committee on Taxation.
situation is rapidly changing.
T h e volum e o f foreign busi­
Thoro is little doubt that despite all possible short-comings, the Income ness done through N e w Y o r k is continuously increasing,and
tax, in the struggle for social and fiscal justice, is considered by the ver­
dict of nearly all clvillzod countries the most satisfactory method o f tax­ N e w Y o rk banks are rapidly providing facilities for Am ericans
ation and is an undoubted advance over all other methods. England, w ho wish to export. M u c h credit for the recently im proved
Germany, Italy and other European countries have accepted the taxing facilities, how ever, is given the Federal R eserve A c t o f 19 1 3 ,
o f incomes as tho fairest tax measure. France is just about to introduce it.
The only valid objection raised against this method o f taxation is that which perm its national banks to accept six m on th s’ bills
of tho so-called inquisitorial feature o f the tax (with the possible danger drawn against actual shipm ents o f merchandiso^in foreign




com m erce, and which provides th at these bills, when within
n in ety days o f m a tu rity , m a y bo rediscounted b y the Federal
Resorvo ban k s.
T h e Federal R eservo A c t also perm its na­
tional banks to establish branch banks in foreign countrios.
In spite o f the fa ct th a t w e are m aking h eadw ay in financing
our foreign trade, the report insists th at w e can never hope
to gain the really big prizes in foreign trade until wo are
prepared to loan capital to foroign nations and to foreign
enterprises. O n this point it says:
The big prizes in foreign trade are the public and private developments
o f large proportions, as. for example, tho building of railroads, the construc­
tion of public sorvice plants, tho improvement o f harbors and docks, tho
digging of canals, and many others which demand capital in large amounts.
Now countries are generally poor. They look to older and richer countries
to supply them with the capital to make their improvements and to develop
their resources. The country which furnishes the capital usually sells tho
materials and does the work.
In the last analysis it comes to this:
Tho country that wants the business must finance tho purchases, since
the improvements will be mado and the materials paid for out of tho
money loaned.
T h e other problem of im portance in tho developm ent of
our international com m erce is the education o f m en for foreign
trade.
In touching upon this su bject, the report says:
It is absolutely necessary that we train men to carry on our foreign
trade, for we find ourselves to-day without an adequate supply. This
problem may be regarded as tho very fundamental o f success in this field.
Our banks cannot establish branches because they have not the men with
which to man them. Our manufacturers find it difficult to secure sales­
men. Our investors cannot find competent advisors on foreign offerings.
D r . P ra tt considers it em inently p ro p er,in viow o f the fact
th a t the Bureau o f Foreign and D om estic Com m erce is that
part o f the G overn m en t intrusted w ith tho prom otion of
foreign trade, th at a suggestion should bo m ad e regarding one
feature o f trade prom otion th at has boon alm ost entirely
overlooked. H e says:
.
Wo have utterly failed to make use in our foreign trado promot ion of tho
machinery o f tho conventional tariff system, which our competitors have
employed with groat success. W o have boon satisfied to got most-favorednation treatment from foreign countries, or, in other words, tariff conces­
sions adapted to tho needs of other countries and not to our own. Other
countries, by mutual tariff concessions, have gained valuable markots for
the goods which they are peculiarly fitted to manufacture for export. Such
concessions in the aggregate make up a conventional tariff. This is a
matter which is entirely outside the discussion of a protective tariff, a tariff
for revenue only, or free trade. A conventional tariff system may bo based
on a high or a low tariff and to be regarded solely as a method of promoting
foreign trade.
•
In addition to these problem s tho roport takes up a
n u m ber o f others th at aro now receiving m arkod attention
b y the business w orld, such as the necessity o f a dofinito
foreign policy for tho U n ited S ta te s, tho revision o f com ­
m ercial treaties, the m uch-discussed subjoct o f a m erchant
m arin e, co-operation in foroign soiling, froe ports, and

E X T E N SIO N

IN T E R -S T A T E CO M M ERCE COM­
VAR IO U S R A T E IN C R E A SE S .

R eductions in rates on anthracite coal from tho P en nsylyan ia coal fields to the A tlan tic seaboard wore again post­
poned b y the C om m erce Com m ission on D o c . 3 1 .
They
will becom e effective on A p ril 1 instead o f Jan . 1. T h e y
were originally ordered for O ct. 1 and have beon twice ex­
ten ded. T h o Com m ission w ants to give tho coal roads tim e
to w ork o u t the new rate schedules thoy h avo been ordered
to m a k e . I t w as announced a t tho sam e tim e th at rate in­
creases ranging from tw o to five conts a hundred pounds
from Louisiana and A rkansas to B altim ore, Philadelphia,
N e w Y o r k , B osto n and other E astern points wore found
justified b y the C om m ission .
Increases o f 2 .5 5 cents a
hundred pounds on lum ber in carloads from points in M is ­
souri and Arkansas to M ilw au k ee and points im m odiatoly
south also wore allow ed.
T h o new long-and-short-haul tariffs o f tho Southeastern
railroads were perm itted b y the Com m ission to go into effect
on the 1st in s t.; in mailing known its docision in this case
the C om m ission said:
During the present month the Commission receivod numerous protests
against tariffs filed by Southeastern lines to become effective Jan. 1 1916
and later in response to its fourth section order No. 3866, and it also re­
ceived numerous petitions against suspension o f these tariffs.
Many petitioners appeared in person before the Board of Suspension
at informal hearings held In this city Dec. 9 1915 and Dec. 14 to 21 1915
The Commission has declined to suspend the operation of tho tariffs
protested against which wUl become effective as indicated Jan. 1 1916
and later.
.
. . .
The fact that the Commission has not suspended the new schedules
carries with it no expression o f approval, and this action is subject to the
duty o f the Commission to investigate the lawfulness and reasonablenes
o f any schedule which may be made the subject o f formal complaint.
N e w classifications o f freight which w ould have rosultod
in general increases in rates on grain and grain products
and various other com m odities betwoen the A tla n tic soaboard and the M ississippi R iver were disapproved b y the
Com m ission on D e c . 3 1 ,




BY

NEW
YO R K C L E A R IN G -H O U S E
PAR FA C ILIT IE S .

OF

U nder an am endm ent to tho rules o f tho N o w Y o rk C lo a r ing-IIouso Association on D e c . 2 9 , the facilities for tho col­
lection o f checks a t par is extended to banking institutions
located a t points sufficiently noar to N e w Y o r k to pormit
o f m ail arriving not later than 8 a . m . tho d ay after posting.
T h e action serves to enlargo the discretionary list which had
heretofore applied to banks and trust companies in B o sto n ,
Providence, A lb a n y , T r o y , Jersoy C ity , B a y on n e , H ob o k en ,
N ew a rk , Philadelphia and B altim ore, and to all itom s which
tho Federal R eserve B an k receives for its m em bers for im m e­
diate credit a t par. Below we give tho circular issued b y
Chairm an Jamos S . Alexander o f the C learing-H ouso C o m ­
m ittee announcing the extension o f the par facilities:
NEW Y O R K OLEARING-IIOUSE,
77-83 Cedar Street.
COLLECTION DEPARTM EN T.
New York. Dec. 30 1915.
Dear Sir.— We beg to advise you that at a meeting of the Clearing-House
Committee, held on the 29th inst.. Section 2 of the Rules and Regulations
regarding collections outsido tho City of New York, was amended to read
as follows:
“ Sec. 2. For items collected for the accounts of, or in dealings with the
Governments of the United States, the State of New York, or the City
of Now York, for items payable in the citios of Boston, Mass.; I’rovidonce.
R. I.; Albany, N. Y .; Troy, N. Y .; Jersey City, N . J.; Bayonne, N . J.
Hoboken, N. J.: Newark, N. J.; Philadelphia, Pa.; Baltimore, M d.; and
for itoms payable only at any bank or trust company which has already
filed or may hereafter file an agreement in writing with tho Manager of the
New York Clearing-House Association, signed by one of its officers, to
remit in New York Clearing-House funds at par on the day of receipt
thereof for all cash itoms properly drawn on it, transmitted by tho Collection
Department, so that such remittances will bo recoived at tho Clearing­
House in time to bo cleared in tho regular morning exchanges of tho following
day, and for all items (whether such items aro collected through the Federal
Reserve Bank of Now York or otherwise) which tho Fodoral Roservo Bank
of Now York shall have notified tho Manager of tho Now York ClearingHouso Association it will rocoivo from its members for immediate crodit at
par, tho charge shall in all cases bo dlscrotionary with tho collecting bank."
In accordance with the terms of the amended section, banking institu­
tions locatod at points sufficiently near to this city to permit of mail matter
arriving here not later than 8 o ’clock a. in. on tho day after posting, upon
filing the necessary agreements, will bo added to tho Collection Depart­
ment “ discretionary" list and chocks on such institutions will bo collected
through the Department.
Blank forms of agreement may bo obtained at the Clearing-Houso and
will be mailed to banks and trust companies interested, upon application.
Rospectfully,
JAMES S. A L E X A N D E R ,
Chairman, Clearing-Houso Committee.
W ILLIAM J. GILPIN,
Assistant Manager.

oommorcial preparedness.

A C T IO N B Y TH E
M IS SIO N ON

[Vo l : 102.

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118

D IS C O U N T IN G B Y RESERVE B A N K S M A Y IN C L U D E
NOTES A G A IN S T A G R IC U L TU R A L IM P L E M E N T S .
T h e view th at Section
13 o f the Fedoral Reserve
A c t providing for tho discount b y tho Fedoral Resorvo
banks o f n otes, drafts and bills o f exchange issuod or drawn
for agricultural, industrial or commercial purposes, m a y
be interpreted to pormit tho discount of paper drawn against
a sale of agricultural im plem ents is expressed in a letter
com ing from the Reserve B oard over tho signature o f H .
Parkor W illis, Secretary. A roquost for a ruling in the
m atter was addressed to the Fedoral Roservo B an k of
Chicago on D ocom bor 13 b y tho N ation a l Im plom ont &
Vehicle Association o f tho U n ited States; G ovornor M o D ou g al o f the Chicago Roservo B an k turnod the inquiry
over to the Fedoral Resorvo B oard a t W a sh ing ton for a
ruling, tho latter’s roply boing subm itted as indicated above
b y Secrotary W illis. T ho Socrotary’s letter, in which are
answered several othor questions portinont to tho m ain
quory, says :
In regard to your letter of December 21, including a copy o f a letter
of the National Implement & Vehicle Association of the United States,
dated Chicago, December 13, I beg to reply as follows :
The question which your Mr. McCullough puts is a vory close one.
Tho law permits tho rediscount of six months’ paper that has boon “ drawn
or issued for agricultural purposes, or tho proceeds of which have been
used or aro to bo used for agricultural purposes.”
There cannot bo any doubt that a bill drawn by a dealer on a farmer in
payment for agricultural implements purchased by the farmer is a bill
that has been "drawn or issued for agricultural purposes and the proceeds
of which have been used or are to bo used for agricultural purposes."
The question then arises, Doos such paper comply, in addition to this
requirement, with those prescribed by tho Federal Reserve Board by
regulation B, of which II (a) prescribes that "no bill is eligible, the pro­
ceeds of which have been used or are to bo used for permanent or fixed
Investments of any kind, such as land buildings, machinery (including
theroin additions, alterations or other permanent improvements, except
such as are properly to bo regarded as costs of operation.)”
It is a very close question whether agricultural implements are to be
considered as permanent improvements or as part of tho cost of operation.
However, it must be considered that machinery of this kind is not of a
permanent character. It wears our rapidly and in most cases has to be
replaced within a comparatively short time, so that it may be assumed
that a certain amount of money would be spent annually and regularly
for tho purchase and replacement o f machinery o f this kind. As the
Board by its regulations does not desire unnecessarily to restrict, but
rather to encourage; the facilities to be given, as far as that may be done

Jan. 8 1916.]

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119

consistently with prudence, it would appear that the wider interpretation
in this case should be given, and a ruling by the Board would appear
entirely appropriate which would permit notes and bills o f exchange drawn
by implement dealers on a farmer against a sale to him o f agricultural
implements, to be considered as drawn or issued for agricultural purposes.
This would answer in the affirmative M r. McCullough’s question 1 :

officers or directors have the right to make voluntary appropriations of
this character from earnings belonging to stockholders without receiving
the ratification or sanction o f shareholders.
The records of national banks show that while the salaries paid to the
principal officers of banks in somo cities are large and are on a parity with,
if not higher than, the salaries paid by other corporations, yet the average
Are the notes o f farmers or consumers given for the purchase price salaries paid to the average bank officers aro very moderate, while the
of farm tools, agricultural machinery or other farm operating equipment salaries paid to bookkeepers, clerks and other employees are in many cases
discountable under Section thirteen (13) o f the Federal Reserve A.ct__ not only low but scanty.
Providing for notes, bills or drafts, drawn or issued for “ agricultural pur­
poses?”
Phis office cordially approves o f the disposition shown by some banks
to recognize in a practical manner the faithful and valuable services o f their
Question 2 reads as follows :
officers and employees by distributing to them at the Christmas season,
Will the fact that such notos, drafts or bills are presented by the dealer out o f the net earnings of the bank, a special bonus in the shape o f a per­
with his endorsement for rediscount, change their classification from the centage on their yearly salaries. The money thus distributed should not
rating given them if presented by the maker (the farmer), if so why?
be regarded as given without value received. Such recognition from the
It is to be assumed that the clause permitting the rediscount o f agri­ bank is calculated to encourage and stimulate officers and employees and
cultural six months’ papor was enacted by Congress for the purpose to infuse in them new strength, courage and energy, which are likely to
o f giving special'facilities to farmers. I f the note were purchased from yield returns to the bank.
a dealer it would appear that the facility is not given to the farmer, but to
national banks have been successful and have earned more than
the dealer. However, thero is no doubt that the language of the law their dividend, there can be no objection to their giving duo consideration
plainly would permit the rediscount o f such paper, and inasmuch as in­ each year at this season to the propriety o f distributing to their officers and
directly, the farmer would profit by the rediscount to the dealer—inasmuch employees, especially the latter, a certain percentage on their current
as otherwise the farmer would have to borrow and probably borrow at a salaries as an extra allowance for faithful services during the year, out of
higher rate for a single name note than the money could be secured upon the year s earnings which remain after the payment of the usual dividends
the double-name bill o f exchange drawn by the dealer— it is to be expected and before the balance of profits has been carried to the credit of surplus
that the advantage o f the lower discount rate and o f the cheaper credit
is desirable that this extra compensation, after being recommended*or
will indirectly result to the benefit o f the farmers.
approved by the board of directors, should be submitted to the stock­
It would appear, therefore, that from every point o f view Question 2
holders for their consideration, approval and ratification before being actual­
ly distributed.
should be answered in the affirmative.
As the annual meetings of stockholders o f all national banks throughout
Question 3 reads :
the United States are held each year early in the month o f January, a con­
What provisions or marks o f identification, if anv, must be placed upon venient opportunity is thus afforded for receiving from the shareholders
notes,
ttes. drafts or bills to have them properly classified as “ issued for agri
o f all banks such consideration and approval.
cultural puiirposes” and render them discountable if their maturity does
not exceed six
s months.
You are requested to submit this letter to your board o f directors at
their next meeting.
Respectfully,
The nature o f the bill, the name o f the acceptor, and the name o f the
JNO. SKELTON W ILLIAM S,
drawer would probably indicate that a farmer was the purchaser and an
Comptroller of the Currency.
implement dealor the seller o f the goods. However, the purchasing mem­
ber bank will have to satisfy itself in some satisfactory way that the bill is
substantially o f an agricultural character. A simple memorandum
attached to the bill, stating that the bill was drawn in payment o f agri­
S U P E R IN T E N D E N T R IC H A R D S O N PROPOSED
cultural implements, signed either by the acceptor or the drawer would
A M E N D M E N T S TO L A N D B A N K .
probably be considered sufficient evidence by the member bank and the
Federal Reserve Bank.
In m aking know n, under date o f the 2 d in st., that the
Question 4 reads :
operation o f new classes o f banking institutions placed under
What is the limit, in amount, that a Federal Reserve Bank may re­
discount o f notes, drafts or bills whore taken for “ agricultural purposes” as
provided in Section thirteen (13)?
The law prescribed that In the aggregate the total amount o f agri­
cultural paper purchased by a Federal Reserve bank should not exceed
a percentage o f its capital stock, the percentage to be fixed from time
to time for each Federal Reserve bank by the Federal Reserve Board.
The percentage fixed by the Board differs in the various districts. When­
ever a district has applied, the maximum limit has been granted, which
has been considered to be 99% o f the capital stock.

D IS T R IB U T IO N OF BONUSES B Y N A T IO N A L B A N K S
A P P R O V E D B Y COMPTROLLER W I L L I A IS .
A p p roval o f the policy o f national banks in recognizing
in a practical m anner the services o f their officers a nd em ­
ployees b y distributing to them a t the C hristm as season
bonuses in the shape o f a percentage o f their salaries is ex­
pressed b y C om ptroller o f the Currency John Skelton W il­
liam s in a letter addressed to the banks on D e c . 3 1 .
At
the same tim e ho states th at it is desirable th at this extra
com pensation, after being recom m ended or approved b y the
directors, bo subm itted to the stockholders for consideration
and ratification before being actu ally distributed. T h e
fact th at the annual m eotings o f the national banks take place
early in January affords a convenient opportu n ity for the
stockholders to pass upon the m atter, says C om ptroller
W illia m s, a n d he requests th at his letter be su bm itted to the
directors a t their next m eeting.
In D ecem ber 1914 the F ed­
eral R eserve B oard gave it as its opinion that “ paym en ts o f
additional com pensation” b y banks in the R eserve system
w ould n ot constitute a violation o f the provision in the F ed ­
eral R eserve A c t , prohibiting “ a n y officor, director, em ployee
or attornoy from being the beneficiary, directly or indirectly,
o f a n y fee, com m ission, gift or other consideration, for or
in connection w ith a n y transaction or business o f the bank ”
I t was also then stated th at the B oard had been advised b y
counsel th at a n y ruling b y it w ould n ot afford protection to
an officer, director or em ployee who m igh t becom e liable
under the provision, b u t, it was ad d ed , where such paym ents
constituted a regular part o f the com pensation o f em ployees
or officers and wore granted w ith th at distinct understand­
in g, a paym on t a t C hristm as or a t the end o f the year consis­
tent w ith general business practice, would n ot constitute an
infringement upon the provision in question, bu t was an ele­
m ent in the regular and legitim ate com pensation of em ployees
or officers in question. B elow wo give the letter issued in
the m atter la st week by C om ptroller W illiam s:
TREASURY DEPARTM EN T.

To

rkePres,dm, or

C

a s h i e r : D“ - 31 >915.

naf ' v - : Il^ uiry is m ade o f thls offlce h y national banks from tim e to tim e
as to whether it is lawful for such banks to distribute at this season o f the
e X t o ^ tl0inal C° mpenSatlon ,n the form o f ‘ b on u ses” or Christmas pres­
ente to em ployees who receive stipulated salaries for the services th ^ y m a y
have perform ed, and the question sometimes has been raised as to whether




the supervision o f the N e w Y o r k State B ank ing D ep a rtm en t
b y the new banking law w ould be touched upon in his forth­
com ing annual report, Superintendent Richards had som e­
thing to say concerning the L an d B a n k o f the State o f N e w
Y o r k . According to M r . R ichards, it is the purpose “ to
secure am endm ents to the banking law w ith a view to
clarifying the statute and increasing the salability o f the
bond s o f the L and B a n k b y giving holders a m ore clearly
defined position in regard to the supporting secu rity .”
We
qu ote w hat Superintendent Richards has to say b elo w :
Next to the provisions respecting private bankers, those sections o f the
new banking law which have aroused the most discussion within the State
and the greatest interest elsewhere, related to the organization by savings
and loan associations o f the Land Bank of the State o f New York, and to
Credit Unions. While the times have hardly been propitious for any great
extension of loans upon land values through the Land Bank o f the State
o f New York, the corporation has been duly organized, its first issue o f
bonds sold and the proceeds distributed to the member associations applying
for funds. It has been conservatively managed, at small expense, and.
even at this time, has quite as fully demonstrated its possibilities for profit
and usefulness to its member associations as the Federal Reserve banks
It is
f° r S6rvlCe and usefu,ness to
member banks.
It is believed that, if the same care and conservatism is exercised in its
future management it[will ultimately fulfill the expectations o f its founders.
The promoters of this bank believe the success of the undertaking has
already been demonstrated by the establishment o f the First Farmers’
Savings & Loan Association in Sullivan County.
The establishing o f the system has been a matter o f painstaking and
cautious procedure and the first series of bonds issued by the Land Bank
has been sold and the proceeds of this sale have been invested in Ontario,
Saratoga, Sullivan, Rensselaer, Queens and Kings counties, a fair proportion
being in farm mortgages.
It is proposed to secure amendments to the banking law with a view to
clarifying the statuto and increasing the salability o f the bonds o f the
Land Bank by giving their holders a more clearly defined position in regard
to the supporting security. Several new Credit Unions have been incor­
porated. A considerable number o f applications are pending and the
Department Is having more inquiries and correspondence with reference to
these small co-operative institutions than with reference to any other class
o f institutions. A number of largo corporations, including the American
Can C o., the Postal Telegraph-Cable C o., the Equitable Life Assurance
Society of the United States, and the Mutual Life Insurance C o., have
actively assisted in the organization o f Credit Unions among their em­
ployees in order to encourage thrift and assist them in obtaining small loans
for their own personal needs by co-operative methods. It is regretted
that, while these institutions, as well as the Land Bank of the State o f New
York, were especially designed to afford an extension o f credit facilities in
rural communities, thus far there seems to have been a greater appreciation
of their possibilities in the cities.

ANNUAL

REPORT OF F E D E R A L
C H ICAG O .

RESERVE B A N K

OF

In its first annual report, issued on the 1st in s t., the
Federal R eserve B an k o f Chicago shows not profits for the
year o f $ 2 0 ,0 9 1 .
These results, according to the report,
have been attained b y the investm ent o f a very sm all propor­
tion o f the ban k ’s resources in U n ited States G overnm ent
b on d s, bankers’ acceptances and short-tim e municipal war­
rants. A s to the rediscount privilege, which fa cility , says
the report, “ is supposed to be and doubtless will be in years
to com e our principal source of reven u e,” the extent to

[Vol. 102.

THE CHRONICLE

120

which it has been utilized thus far is “ a lm ost n egligible,” it
being added in explanation th at “ a supply o f funds in com ­
m ercial banks far exceeding legitim ate and wholesom e re­
quirem ents has left the chief m on ey-m akin g function of our
institution largely id le .”
I t is pointed o u t, h ow ever, th a t
these unusual conditions have enabled the m an agem ent to
perfect the working of the ban k and to prepare it for future
exigencies. W e give below the statem en t issued to m em ber
banks b y G overnor M c D o u g a l, together w ith the figures of
profit and loss, and the su m m ary o f transactions during the
period o f the b an k ’s operation.
T o M e m b e r B a n k s , th e S to ck h o ld ers o f th e F e d e r a l R e s e rv e B a n k o f C h ic a g o :

On N ov. 16 last the Federal Reserve banks of the United States completed
the first year o f their existence. The Federal Reserve Bank o f Chicago, as
indicated in the profit and loss figures shown on the following page, has
met its organization expenses, has discharged all expense of operation to
date, and has contributed its pro rata share o f the outlay necessary in the
organization and activities o f the Federal Reserve Board to date. Not prof­
its for the year are $20,091 39. Theso results have been attained by the
investment o f a very small proportion o f the bank’s resources in United
States Government bonds, bankers’ acceptances and short-time municipal
warrants.
,
The extent to which the rediscount privilege has been utdizod is almost
negligible. This facility is supposed to be, and doubtless will be In years
to come, our principal source of revenue; but for the year just closed, a
supply o f funds in commercia banks far exceeding legitimate and whole­
some requirements has left the chief money-making function o f our institu­
tion largely idle. These unusual conditions have, however, enabled our
directors and officers to perfect the running machinery of the bank and
to formulate policies designed to meet inevitable exigencies of the future.
Tho rediscount privilege is now in readiness for instant use— a remedy for
emergencies which may arise with any member bank.
Notwithstanding the almost negligible demands upon us for either credit
or currency, the Federal Reserve banks have performed other work more
Important than money-making, In the creation o f confidence and in sta­
bilizing the financial structure o f the country. The importance thereof is
impossible to overestimate.
Wo acknowledge our indebtedness to member banks and to many indi­
viduals for their co-operation tho past year In helping us over a difficult
road. It is pioneer work and we ask your continued help.
W e extend our best wishes to all member banks for abundant prosperity
the coming year, and especially urge your influence In bringing State
banks into the fold. Neither the Federal Reservo system nor tho State
banks doing a commercial business will reach tho maximum o f usefulness
without.co-operation with each other.
JAMES B. M cDOU GAL, G o v e r n o r .
P R O F IT

A N D

LOSS A C C O U N T .

Gross Earnings— N ov. 16 1914 to Dec. 31 1915------------------- $268,884 99
Current Expenses N ov. 16 1914 to Dec. 311915.-$187,080 58
Federal Reserve Board, Assessments to Dec. 31
________ ____ ____ ________ ___ __ 36,533 45
Organization Expenses, incurred prior to Nov. 16
1914. date upon which bank opened for business 16,640 51
♦Cost o f Federal Reserve Notes-----------------------5,328 88
3,210 18
g 7g3 6Q
Furniture and Fixtures, R ed u ction .....................

Balance carried forward. Net Undivided Profits-------- $20,091 39
^By order of the Board of Directors, $60,000,000 in Federal Reserve
notes have been prepared for use at a total cost of $65,708 94.
The
$5 328 88, referred to above as charged off, represents actual cost of
$4,720,000 Federal Reserve notes received to date from the Federal
Reserve Agent.
S U M M A R Y O F T R A N S A C T I O N S F R O M N O V . 16 1914 T O D E C . 31 1915.
Bills Discounted— Members:

gregate of $ 4 7 ,3 2 6 ,1 1 8 .
T h e follow ing showing the am ount
o f various classes o f paper discounted is taken from the
report:
T ota l am ount o f com m ercial and agricultural paper dis­
32
counted to D ec. 31 1915________________________________..$ $41,531,870
4 1 ,5 3 1 ,8 7 0 32
T o ta l am ount o f com m odity paper discounted to D o c. 31 19155 2,881,488 21
T ota l am ount o f paper secured b y agricultural products
discou nted to D e c . 31 1915______________________________ . 1,916,113 25
T o ta l am ount o f paper secured b y live stock discounted to
.
55,278 13
D e c . 31 1915....... ................................................................
T o ta l am ount o f paper secured b y merchandise discounted to
.
106,517 68
D e c. 31 1915.........................................................................
584.850 20
T ota l am ount o f trade acceptances discounted to D e c. 3 1 19155
T ota l am ount o f bankers’ acceptances discounted to D e c. 31
250,000 00
1 9 1 5 ............................. - ........................................................
47,326.117 79
T o ta l am ount o f paper discounted___________________________. 47,326,117
.
31,755 00
T ota l am ount o f bills discounted______________________

W e also print, as follow s, tho statem ent o f the earnings and
expenses of the bank since its inception:
E A R N IN G S .
D isco u n t_______________________________________ $318,495
Interest on investm ents--------------------------------600
Sundry p rofits_________________________________
483

22
94
50

T ota l gross earnings--------------------------------------------------------------$319,579 66
EXPENSES.
1. Current—
Salaries____________________________________ $60,705
41
D irectors’ fees____________________________
6,730
00
Traveling expenses o f officers and directors____
4 ,432 85
Repairs and alterations to banking bu ilding____
2.065 86
Express charges on capital & reserve p aym en ts.
3 ,309 00
32,369
45
A ll other current expenses________________
2 . Organization Expenses—
Assessment for general expenses o f Federal R e­
servo B oa rd ____________________________
18,265 73
3. C ost o f Federal Reserve notes— Issued and un­
issued _____________________ - ________________
31,766 26
T ota l expen ses______________________________________________ $159,644 56
N et earnings________________________________________________ $159,935 10
Deduction from N et Earnings—

Depreciation o f furniture and equipm ent 2 0 % ....................... $2.348 49
N e t incom e_________________________________________________ $157,586 61
D ividend paid— 5 % ----------------------------------------------------------------- 151,939 69
S u rp lu s___________________________________________________ 5,646 92
Included in the expenses ab ove listed are the following extra­
ordinary expenditures:
C ost o f reserve supply o f Federal Reserve notes un­
issued _____________________________________________ $17,368 34
12,011
92
Expenses prior to opening, N o v . 16 1914______
Repairs and alterations_______________________
3,563
19
Express charges on capital and rcservo p a y m e n ts ..
3,309 00
T o t a l _______________________

$36,252 45

T h e am ount required to p ay the full dividend o f 6 % for tho
period o f operation is___________________________________________ $182,327 34
N um ber o f em ployees o f the bank, 30.

W it h regard to the collection system G overnor Seay says:
A voluntary plan o f collection or clearing was subm itted to members
on A pril 12 1915 and went Into operation on Juno 7 1915. Only nlnoty-one
m embers joined in this plan. Its usefulness was, therefore, lim ited, and it
cannot bo considered that tho plan has received a satisfactory tost.
A nother plan, which would involve participation b y all m ember banks
and embrace collection between the districts as woll as within them , was,
after careful consideration b y the Transit M anagers o f all banks, approved
b y a conference o f the Governors o f tho banks and subm itted to tho Federal
Reserve B oard, and has been under consideration for m oro than tw o
m onths.

1,165 Applications for Rediscount approved from 221 banks, as follows:
T h e operations o f tho collection departm ent are set o ut
Illinois, 57 banks............................... $7,421,302 38
Indiana, 38 banks________________
1,662,152 27
as follow s:
4,806,964 97
Iowa, 110 banks..............................
91
N um ber o f banks in collection system ......................................
Period o f operation o f collection system , Juno 7 1915 to D o c. 31
Michigan, 9 banks_______________
483,866 32
1915.
R
eport
o
f
outgoing
items
handled:
Wisconsin. 7 banks........................... .........272’401.^g $14,648,687 90
N um ber o f item s____________________________________________
569,146
Bills Discounted—Bought:
A m o u n t_____________________________________________________ $237.877,300
Bankers’ Acceptances, representing bills drawn in con­
Average number d aily_______________________________________
3.290
nection with imports or exports, accopted by institu­
Average numbor o f mombers o f tho collection systom on
tions of known responsibility and purchased in the
which items are handled d aily (out o f 9 1 )-------------------------86
open market______ __________ ______- ....................
5,782.002 03
U. S. Government Bonds as follows:
R IC H M O N D
RESERVE B A N K
AND
R E C E IP T S OF
U. 8. 2% Bonds of 1930-1936—1938—
$2,525,000 00
Purchased at an average price of 98.76
TREASURY W AR R AN TS A N D CHECKS.
U. 8. 3% Bonds of 1918.......................
1,706,000 00
4 231 000 Q0
Purchased at an average price of 101.52
Investments:
Warrants and bonds of 44 municipalities, maturities
ranging from 16 days to six months, purchased in tho
7,713,90159
open markot______________________________ _____
Collection Department:
2,122,405 items have been handlod as follows:
Chicago Banks, 454.727, amounting
t o . . . ....................... ..................... $632,131,882 97
Country Banks, 1,667,678, amount­
ing to
.................... 671,497,680 46
...................................................... ..........I-------------- $1,303,629,536,43

The total assets o f the Chicago Reserve Banks on D eo. 31
were $63,553,463.
REPORT OF F E D E R A L R ESERVE B A N K OF R I C H M O N D .

In the report sotting out the operations o f the Federal
Reserve Bank o f R ichm ond, presented to the member banks
o f the R ichm ond D istrict on D ec. 31, it is made known that
the business o f the bank has so far been chiefly in exercising
the rediscount function, described in the report as “ tho
greatest function o f the Reserve Bank System .” Since
its opening the bank has discounted 31,755 notes for an ag­




T h e follow ing letter notifying m em ber banks o f the ap­
pointm ent o f the Federal R eserve B a n k o f R ichm ond as a
depositary and fiscal agent o f the U n ited States and indi­
cating the conditions under which warrants and checks on
the Treasurer o f tho U n ited States will be roceivod, has been
issued b y G overnor George J . Seay:
D ecem ber

30 1915.

T o M e m b e r s o f th e F ed e r a l R eserv e B a n k o f R ic h m o n d :

Under date of N ov. 24 1915, tho Secretary of tho Troasury of tho Unltod
States designated the Fedoral Reserve Bank of Richmond a depositary and
fiscal agent of the United States under Section 15 o f tho Fedoral Rosorve
Act to become effective on Jan. 1 1916.
M em ber banks o f this district aro notifiod that on and after Jan. 1 1916
they m ay include in their rem ittances to tho Fedoral Rosorve Bank o f
R ichm ond for Immediate credit at par, subject to final paym ent b y tho
Treasurer o f tho Unitod States, all Governm ent warrants and chocks
drawn on tho Treasurer o f tho United States. Such chocks and warrants
must bear tho regular indorsement stam ps o f depositing banks.
T he Governm ent has for m any yoars oxorcisod tho right o f returning a t
a n y t i m e warrants and checks, which f o r a n y c a u s e have not boon considered
good , or in regular form as to indorsement or otherwise, and wo havo been
advised that this practice will bo continued.
In view o f this situation the Federal Resorvo Bank o f R ichm ond, as a
condition o f receiving G overnm ent warrants and chocks on tho Treasurer
o f tho United States from m omber banks for credit, reserves tho right to
chargo back and return to the depositing banks at any tim e and uncon-

.Ian. 8 1916.]

THE CHRONICLE

ditionally any such item deposited with the Federal Reserve B ank of
Richmond which for any reason m ay be returned to it.
M em bers are requested to continue to exercise the greatest care in hand­
ling such item s.
M em ber banks which continuo as active Government depositaries will be
expectod to handle, as heretofore, checks and warrants drawn on the
Treasury o f the United States.
Respectfully,
G E O . J. S E A Y , G o v e r n o r .

ST A T E OFFICIALS OF WISCONSIN OPPOSE TRUST
FUNCTIONS FOR NA TIO N A L B A N K S .
T lie a ttem p t o f a n y national ban k in W isconsin to serve
in a trust capacity under the Federal R eserve L a w , will be
follow ed b y the institution o f proceedings b y the State
B a n k Com m issioner, A . E . K u o lt, to restrain it from exer­
cising such a u th ority. T h e M ilw au k ee “ Sentinel” in a
statem en t to this effect on D ecem ber 2 4 , said th at the
Com m issioner had announced th at he had conferred with
the A ttorn ey-G en eral in the m atter and the latter had
indicated his willingness to bring su it. T h e “ Sentinel”
adds :
B oth tho Attorney-G eneral and the Wisconsin Bank Commissioner
consider that the provision o f tho Reserve A ct in question is unconstitu­
tional and were not surprised at tho ruling o f the Illinois Supreme Court
so holdi -g it.
The Federal Reserve Board has authorized several W isconsin national
banks to act as trustees, administrators, executors and registrars o f stocks
and bonds. These banks are tho First National o f M onroe, C ity N ational
o f Oshkosh, Old National o f Appleton and National M anufacturers of
Noenah. N one o f these banks have attem pted to exercise this special
authority conferred on it.
Under tho laws o f Wisconsin the only corporations authorized to act
as trustees, administrators, executors and registrars o f stocks and bonds
are trust companies, o f which there are fourteen in tho State.
Tho Attorney-General o f Wisconsin on M a y 1 last, advised tho State
B ank Commissioner that tho action o f the Federal Reserve Board in con
ferring on certain national banks permission to assume the functions o
trustees, executors and administrators does not confer any State authority
on these banks.
" A s I understand i t , " ho says, “ it simply permits them to act in such
capacity so far as tho Fodcral laws are concerned, and o f course, confers
no authority upon them to act in such capacity as far as the laws o f this
State aro concerned. I t seems to mo that they have secured a rather
em pty privilege.”
_

ST A T E IN ST IT U T IO N I N TOLEDO JO IN S FEDERAL
RESERVE S YSTE M .
T h e G uardian T ru st & Savings B an k o f T oled o has been
a dm itted to m em bership in the Cleveland Federal R eserve
B a n k . According to the T oledo “ B la d e ,” this is the first
S ta te institution in th at city to join the R eserve S y stem .
T h e G uardian T ru st & Savings B a n k until A p ril 1914 was
known as the C om m erce T ru st C o .; it was organized under
the latter title in 1913 b y interests connected w ith the N a ­
tional B a n k o f C om m erce. E . D . C a d y , President o f the
G uardian T r u st, in com m enting on its adm ission to the
R eserve S y stem , is quoted as stating th at “ our principal
o bject in applying for m em bership in the Federal R eserve
System was to obtain for our depositors every possible pro­
tection . U n der our State charter th ey already had the pro­
tection o f Sta te regulation and control, and m em bership in
the Federal R eserve System would give them also national
regulation and control.
B y becom ing a m em ber b an k ,
therefore, wo are leaving nothing undone which will add
protection and s a fe ty .”

121

O f the m any important legal questions which have occupied the atten­
tion o f the office during the year, the following m ay be specifically men­
tioned:
1. N e g o t i a b i l i t y o f r e g i s t e r e d b o n d s , a n d o f b o n d s p a y a b l e i n o r w i t h b a n k
e x c h a n g e . — In N ovem ber 1914 the board o f trustees of the Postal Savings
System , recognizing tho advantages, both commercial and legal, possessed
b y “ negotiable” securities, adopted a regulation providing for the accept­
ance of “ negotiable interest-bearing bonds or securities" only. Some ques­
tion arose as to whether so-called “ registered” bonds and bonds payable
in or with bank exchange were within the provisions o f the regulation.
A n examination by this offico indicated that, while the authorities oh
these questions were meager and not wholly uniform, the conclusion ap­
peared to be warranted that bonds o f the character mentioned were, as a
matter o f law , “ negotiable securities.” A s a result o f this investigation,
registered bonds and bonds payable in or with bank exchange have been
approved as legally acceptable security for postal savigns deposits, thus
placing the holdings o f this office in line with the accepted commercial
position and practice as well as in accord with what is conceived to be the
correct legal view.
2. S ta tu s o f r e v e n u e b o n d s , te m p o r a r y n o t e s , w a r r a n ts , a n d o th e r lik e
o b l i g a t i o n s . — Considerable difficulty was experienced in determining satis­
factorily the status o f a large class o f obligations, including “ revenue bonds ”
“ temporary n o te s ," “ warrants,” and the like evidences o f indebtedness'
issued in m any instances for current expenses or in anticipation of the col­
lection o f taxes or other revenues or o f the sale o f bonds or other obligations
During the early months o f the European war this office was virtually
swamped with obligations o f this character, offered in large amounts as
security for postal-savings deposits.
Such obligations were issued under a variety o f statutes, but in few in­
stances had their legal status been discussed or established b y the courts.
I t was, moreover, practically impossible to obtain, in respect to them , legal
papers such as were ordinarily available in the case o f regular municipal
bonds.
[In a regulation adopted b y the Board o f Trustees on N o v . 19 1914 (see
"C h ronicle” o f N o v . 28 1914, page 1611), the Board o f Trustees o f the
Postal Savings System ruled that such obligations would not be accepted
as securities for postal savings deposits.— Ed.]
3. A c c e p ta b ility o f b o n d s is s u e d b y m u n ic ip a litie s eith e r p r io r o r s u b s e ­
q u e n t t o t h e i r c o n s o l i d a t i o n o r m e r g e r . — The postal savings regulations, as
made effective July 1 1913, authorized the acceptance o f bonds o f munici-

------------ --- ww— o vwaAv.*. itqiuio*

~

m ents, had “ been in existence for a period o f 10 years.” This provision
did not permit o f the acceptance o f bonds o f a newly created municipality
formed b y tho consolidation o f other municipalities which had been in ex­
istence for tho period proscribed by the regulations. The language o f the
regulations also precluded the acceptance o f bonds o f a municipality which
had lost its previous identity by becoming merged .in to [another munici­
pality.
t It was considered that, in so far as its bonds were'concerned. a m unid'pality recently organized, but which became the successor to tho propertv
and resources o f other municipalities which had existed for the period-^
quiredby tho regulations, m ight be equally as substantial as its predecessor™
It was also recognized that bonds o f a municipality which had ceased to ex^
1st, but whose obligations had been assumed by a larger m unicipality‘ into
which the former had been merged, m ight be fully as desirable for postal
savings security_as if such merger_had not been effected, provided1 such
bonds were, in accordance with the spirit ofj3ection~8a^’f ‘t h ~ e g i i la t i o n ~
payable out o f taxes loviod on all the taxablT property w ith in th e territor­
ial limits o f the municipality which assumed them and not solely out of taxes
limited to tho territory o f the former m unicipality.
In view o f the considerations stated, and upon the recommendation of
this office, the Board of Trustees on N o v . 19 1914 adopted certain am end­
ments to the regulations. [These amendments were printed in full in the
"C h ronicle” o f N o v . 28 1914, page 1611.— Ed.]

PUBLIC

SERVICE

COMMISSION

W ITH DRAW ALS.

R obert C olgate W o o d o f the P ublic Service Com m ission
o f the State of N e w Y o r k for the First D istrict, whose con­
duct while in office has been the subject o f investigation
b y the T hom p son C om m ittee , resigned on J an . 3 . i H is letter
o f resignation to G overnor W h itm a n follow s:
T h e H o n . C h a r le s S .

N ew Y ork, Jan.
W h itm a n , G o v e r n o r , S ta te o f N e w Y o r k .

3 1916.

D e a r S ir :—

LEGAL A C C E P T A B IL IT Y OF BONDS OFFERED A S
SEC U RITY FOR POSTAL SAVINGS DEPOSITS.
T h e report to the P ostm aster-G eneral o f the Solicitor
for the P ost O ffice D ep a rtm en t for the year ended June 3 0
19 15 contains some interesting facts concerning tho le ga la ccep tability o f bonds offorod as security for postal savings de­
p osits.
On this subject the report says in part:
During tho past fiscal yoar bonds o f the par value o f $9 ,9 2 5 ,5 4 5 70
havo boon submitted for examination, o f which $ 8 ,2 2 0 ,1 5 2 70 have been
approvod, $1 ,0 5 9 ,1 2 5 disapproved, $598,973 withdrawn by banks during
the examination and $47,295 returned by tho Treasurer o f tho United States
at tho suggestion of this office, because the banks tendering them had not
furnished necessary information. Tho bonds approvod represented 1,093
Issues, aggregating $440 ,4 8 7 ,0 6 6 6 1 , and those disapproved represented
71 Issues, aggregating $ 1 1 7 ,67 1,59 4 16.
Tho amount o f bonds actually subm itted for examination, $ 9 ,9 2 5 ,5 4 5 70,
doos not cover all tho bonds tendered by banks during tho yoar. The
Treasurer of tho United States accepted and rejectod large additional
amounts o f bonds upon tho basis of opinions previously rendered by this
office, approving or disapproving in their entirety the issues which included
such bonds.
Tho current work has been o f such volum e that it has not been possible
to examino all tho bonds deposited with tho Treasurer o f the United States
from tho establishment of the Postal Savings System to the date as o f which
tho responsibility of logal examination was placed upon this office. U ow evor, all bonds which havo been tendered by banks as postal savings secur­
ity since July 1 1913 havo been submitted to this office for examination,
notwithstanding that other bonds of those issues m ay have been accepted
by tho Treasurer prior to tho date named. Tho approval or disapproval
o f such Issues gradually tonds to bring tho bonds already on deposit with
tho Treasurer into conformity with tho present requirements. W ith due
regard to tho demands of the current work, independent examinations are
also being made o f bonds accepted prior to July 1 1913.




Herewith I present to you m y resignation as Public Service
Commissioner for the First District. This office came to m e without
solicitation. Accepting it, I have earnestly endeavored to perform the
duties imposed upon me in the public interest. M y duty has called upon
me to vote on the letting o f contracts involving the expenditure o f large
sums o f m oney. In consequence there has been engendered between
rival bidders great bitterness o f feeling and much personal animosity.
This has led to most insistent importunity that m y vote might aid some
one interest as against another.
Statements have been made against the Commission as a body which
cannot be otherwise than utterly baseless, and insinuations have been sug­
gested against me which aro utterly false, resentful and malicious. Their
effect has been to produce clamor against m e to such an extent that I must
recognize, innocent as I know I am of any justification of it, the fact that
m y usefulness in this office is gravely impaired.
Neither directly nor indirectly have I ever asked or sought to obtain
other reward for m y official acts than the respect o f m y fellow citizens and
the salary that the State provides. Before the Thom pson Com m ittee,
however, there have been intimations b y witnesses, no one o f whom would
testify until ho had secured his immunity from the com m ittee, that they
believed from interviews they had had with me— every such interview sought
by them— that I would not refuse a bribe if they should offer it to m e. 1
am advised by counsel that the reception o f this sort o f evidence by the
Thom pson Com m ittee is without the slightest shadow o f right and un­
paralleled in the history o f law.
N one the less, and knowing that I have done no wrong, but have done the
best I could in the public interest, I feel that the stories and the use that
has been made o f them so impair m y opportunity o f serving the State ef­
fectively that I should withdraw from this office, and accordingly I hereby
resign the office o f Public Service Commissioner, m y resignation to take
effect Immediately upon your acceptance of it.
.y,
Very truly yours,
ROBERT COLGATE W O OD .

H is resignation was im m ediately accepted b y Governor
W h itm a n , who has appointed H en ry W . H od ge o f N e w Y o rk
as M r . W o o d ’s successor. Charges of m isconduct in office,

THE CHRONICLE

122

[Vol. 102.

preferred against Com m issioner W o o d b y the T h om p son
C o m m itte e , were presented to G o v . W h itm a n on the 5th inst.
George V . S . W illia m s, also a P ublic Service C om m issioner
for the F irst D istrict o f the S tate o f N e w Y o r k , sent his
resignation to G overn or W h itm a n on D e e . 2 7 , to tak e effect
J an . 3 1 , a year before his term o f office w ould h ave expired.
In a form al statem en t M r . W illia m s said in part:

shells, e m p ty projectiles, ordnance forgings, all knockeddown car parts, including car brakes, w aste, lubrioating
oil and paint for use in connection w ith car parts. T h is
list will provide transportation for large consignm ents of
w ar m aterials aw aiting carriage from the Philadelphia and

For some tim e I have contemplated resigning from the Commission and
returning to the practice o f the law , but when the latest investigation was
started I felt that I could scarcely in justice to m yself retire while under fire.
N ow that the investigating committee has gone thoroughly into m y
actions, official and otherwise, and examined into m y bank accounts so
that m y income as well as m y outgo has been scrutinized and the only
criticism appearing to be directed to a tentative opinion in a gas rate case
in which certain members o f the committee disagree with m e, I have de­
cided to retire with the expiration o f Commissioner C ram ’s term on Fob. 1.
I have accordingly sent m y resignation to the Governor to take effect
on Jan. 31 a t midnight, by which tim e I hope that the unfinished matters
now before the Commission can be disposed of.

T h e “ L edger” also reported on the 6th that the Phila­
delphia & R eading R y . had lifted its em bargo on bitum inous
coal a t P o rt R eading, N . J ., the effect o f this action being
to release from 3 0 0 to 4 0 0 cars d aily w ith a capacity of
1 5 0 ,0 0 0 tons. P ort R eading, it is stated , had been closed
to shipm ents since D ecem ber 19.

T h e rem oval from office o f E d w ard C . M c C a ll, C hairm an
o f the P u b lic Service C om m ission , w as n oted in our issue of
D e c . 11 .

____________________________ __

DEVELOPMENTS I N FREIGHT EMBARGOES.
W h ile a m odification of som e o f the em bargoes declared
b y th e E astern railroads to relieve the freight congestion a t
terminals w as announced in a statem en t issued b y Chairm an
C . C . M c C a in on T u esd a y , the possibility th at it m igh t be
found necessary to em bargo shipm ents consigned for delivery
to particular ocean lines was indicated. A ccording to the
sta tem en t, a great deal o f d elay is experienced b y all the
roads ow ing to the detention o f lighters and barges alongside
o f ocean vessels; it is pointed o u t th at where freight so con­
tracted is started from W estern points the railroads are com ­
pelled to hold the sam e, aw aiting the convenience o f steam ­
ships for its acceptance, hence, unless som e relief can be
found from these conditions, an em bargo o f shipm ents con­
signed to particular ocean lines m a y be resorted to .
M r.
M c C a in ’ s statem ent relative to this and the m odified em ­
bargoes is as follow s:
A t a m eeting o f operating officials o f the N ew Y ork roads held to-day
at office o f tho Trunk Line Association, the situation as to freight congestion
in N ew York harbor was reviewed, and at the close o f the meeting Chairman
M cC ain issued the following statement:
“ The Pennsylvania R R . has m odified its former embargo and will now
accept domestic freight destined to W averly Junction and points E ast,
including N ew York harbor deliveries to Pennsylvania R R . stations. The
embargo still continues for domestic shipments requiring lighterago delivery.
“ The Delaware Lackawanna & W estern R R . has raisod its embargo on
export freight which originates at points on its road, and will also accept
freight originating a t the same points when sam e is switched to it b y switch­
ing or connecting lines. The Delaware Lackawanna & W estern R R . has
placed an embargo on domestic or export shipments o f automobiles, boxed.
“ The Central R R . o f N ew Jersey has m odified its embargo and will now
accept domestic and coastwise traffic, except that destined to Bush docks,
and will also accept export shipments o f flour on local bills o f lading, as
well as all export freight originating at points on the Central R R . of Now
Jersey, but will not accept export carload or less than carload shipments
for N ew Y o rk piers when billed locally and subsequently consigned for
export.
“ The Baltim ore & Ohio R R . has embargoed shipments of lum ber, staves
and h a y, either for export, coastwise or domestic delivery.
“ The Lehigh V alley R R . has embargoed, effective Jan. 3 , all freight con­
signed for Brooklyn piers.
“ The N ew Y o rk Central’s embargo now covers all carload and less than
carload freight consigned or to be reconsigned for export or coastwise ship­
m ents, or for delivery by lighterago service at N ew Y o rk , except live stock,
fresh and cured m eats.
"T h e re 13 no change in the embargoes previously announced by the
Erie R R .
“ A general review o f the situation discloses that there has been no m a­
terial change in the total number of cars on track or at terminals o f certain
roads, while othors felt that some relief had been obtained, as indicated by
m odification o f their embargoes.
“ I t has developed that a great deal of delay is experienced b y all roads
owing to the detention o f lighters and barges alongside o f ocean vessels.
One instance o f this condition is known where some seventy lighters or
barges, within the last day or tw o, were awaiting turn at the ships o f one
line. It has also been found that certain steamer lines have over-contracted
their space, engagements running into future m onths,
"W h o re freight so contracted is started from Western points, tho railroads
are compelled to hold sam e, awaiting convenience o f steamships for its
acceptance. Th e railroads feel that unless some relief can bo had from
these conditions it m ay be found necessary to embargo shipments consigned
for delivery to particular ocean lines, where it is known that such linos con­
tract their space an undue period in advance, or where lighters are detained
alongside o f ship an unreasonable tim e .”

T h e Philadelphia “ Ledger” of the 5 th in st. reported that
the Pennsylvania R R ., in accordance w ith its intention to
gradually release the em bargoes as soon as conditions
w arranted, notified shippers on the 4 th in st. th at tho em ­
bargo a t N e w Y o r k had been m odified to the extent of lifting
the restrictions on a num ber o f com m odities classed as
m unition s, together w ith dressed m ea ts, perishable freight
and structural steel, destined for the N e w Y o r k district.
T h is m od ification , the “ L edger” sa ys, “ allows m unitions
and food products to be tak en , b oth for dom estic and export
trade.
In detail the follow ing com m odities form the prin­
cipal part o f the com m odities released; steel rails, em p ty




P ittsburgh d istricts.”

T h e m odification o f the em bargo on the Lehigh V a lle y
w as announced in the “ L egder” on the 6th as follow s ;
Tho Lehigh Valloy Railroad yosterday also announced modifications
o f its embargo. This road will now accept freight to tho oxtent o f high
explosives, live-stock provisions, dressed beef, coal, coke, perishable
freight, fuel oil, grain, products and flour when consigned, reconsigned
or to bo reconsigned to N ew York harbor, Brooklyn Eastern D istrict, New
York Dock C o. and the Bush Terminal docks. Coppor and load bullion
likewise will be accepted in carload lots for N ew Y o rk.

T h e W estern M a ry la n d R R . issued an order on tho 3 d ,
effective a t the close o f business the follow ing d a y , placing
an em bargo until further notice on all shipm ents o f grain to
B altim ore for export.
I t is stated th at there are noarly
2 ,0 0 0 ,0 0 0 bushels o f grain in storage a t B altim ore awaiting
ships.
N o tice o f an em bargo on all freight consigned to N e w
E n glan d points, except live stock , perishable foodstuffs for
hum an consum ption and coal, was issued b y tho B osto n &
A lb a n y R R . to its connections a t A lb a n y , N . Y . , on the 4th
in st. T h is action results from the pressure upon its lines
caused b y the em bargo placed b y the N e w Y o r k N e w H av en
& H artford R R . last w eok.
A supplem entary em bargo on coal destined for points on
the N e w Y o r k N e w H av en & H artford was announced
b y the B oston & A lb a n y on th e 5 th in the follow ing state­
m en t :
The Boston & Albany R R . to-day (W ednesday) placod an embargo
against all anthracite and bituminous coal destined to points on tho New
Y o rk N ew Haven & Hartford R R . This supplements the embargo placod
by tho Boston & Albany yesterday (Tu esday), and is duo to the accumula­
tion o f freight from the W e st coming via the Boston & Albany for points
on the N ew York N ew Haven and Hartford R R .

T h e B osto n & M a in e R R . announced on the 5th that on
account of the h ea vy m ov em en t of freight to N e w E ngland
it had placed an em bargo on all freight b y w a y o f junction
points w ith the N e w Y o r k C entral R R .
L ive stock , perish­
ables, food stuffs, for hum an consum ption, and coal are
excepted. A ll freight billed prior to and including J an . 6
will be a ccepted.
T h e H artford & N e w Y o r k Transportation C o . m ade
know n on the 5th in st. th at none o f its steamers would leave
H artford for N e w Y o r k on T h u rsd ay , the 6 th , because of
the inability on account of the freight congestion, to unload
in N e w Y o r k .
T h e com p an y also declared an em bargo
on all freight for points along the Connecticut R iv e r, until
conditions im prove.
A s noted last w eek, the In ter-S ta te Com m erco Com m ission
doclined on D e c . 31 to suspend tho tariffs o f the Pennsylvania
R R ., the N e w Y o r k Central and othor trunk line railroads
providing for a reduction o f the free timo allowance on ship­
m ents for export from thirty to fifteen d a ys. W it h this
ruling o f the C om m ission the cut in free storage tim e m ade
b y the railroads w ent into effect on the 1st inst.
T h e change
affects freight shipped to N e w Y o r k , B o sto n , Philadelphia,
B altim ore, N orfo lk and N ow p ort N o w s.
In com m enting
upon the m atter, M r . M c C a in is q u o te d .in the N e w Y o r k
“ Com m ercial” as saying:
In the presentation o f the matter before the Commission, the carriers
took the position that the free tim e privileges at seaboard accorded export
traffic had been more liberal than was necessary or justified to allow for a
reasonable time for trans-shipment to ocean vessels and that a curtailment
o f this time to fifteen days would still afford ample time for the shippers
to conclude their arrangements for the ocean service. It was also pointed
out that the allowance o f thirty days’ free tim e, which was very generally
availed o f by shippers, was a burden to the carriers and o f a character which
the Commission had cited in their decisions should havo the attention of the
carriers looking to revision where such “ services constitute an unjust burden
upon the carriers." It was also the view o f tho railroads that the shippers
and consignees could so arrange their commercial transactions that the
15-day free time period would m eet all their requirements.
This proposed rule has been in contemplation at all o f the Atlantic ports
for some time past, and its primary object was to secure more prompt

THE CHRONICLE

Jan. 8 1916.]

release o f the carriers’ equipment. The present congested situation has
therefore made the change o f especial importance at this tim e. It is pre­
sum ed that hereafter the receivers o f freight at the seaboard will take
delivery or arrange for ocean trans-shipment within fifteen days, whereas
formerly these deliveries were not made under thirty days and the railroads
held the freight in cars or warehouses for this period without charge. It
is, however, observed that the question o f cost o f a few days’ storage on the
export freight that is now being moved does not appear to be o f sonsequence
to the exporters. The trading value o f the commodities, margins, & c ., are
apparently so liberal that consignees or exporters m ay oven under the new
rule for a time at least be indifferent to accepting delivery o f shipm ents
within fifteen days and will still let the railroads hold the same under
storago charges. This is precisely what the carriers wish to avoid, as it is
manifestly preferable, both in the interest o f the carriers and all classes
o f shippers, that freight cars shall be employed for m oving freight rather
than held at terminals for storage purposes. I f these conditions shall
prevail, it Is somewhat problematic as to whether the carriers will obtain
immediate benefit from the new rule through earlier release o f equipment
carrying the traffic to which tho rule applies or that it shall at once be
noticed that the congestion at N ew York is relieved to any appreciable
extent. It is believed, however, that later, when shippers and consignees
shall have adjusted their transactions to the new rule, it will be found that
the periods which the carriers are required to hold freight in cars at the sea­
board will be less than formerly and that a larger proportion o f freight cars
in this particular service can be employed for m oving freight rather than
held for storage purposes.
There were broader considerations in the adoption of the new rule than
its Immediate effect upon that portion o f export traffic to which it applies.
It has been previously stated that the export traffic reaching N ew Y ork
harbor is less than 2 0 % o f the total traffic o f the port. Tho other 8 0 %
comprises local and through domestic shipments, as well as import traffic.
I t is manifest that any arrangements which permitted an undue liberal use
o f freight cars or other facilities for the business represented b y this 2 0 % ,
and thereby restricted by tho service o f these facilities for the business as
represented by the 8 0 % . should be modified in the general interest o f the
entire service. These and othor views presented by the carriers appear to
have been fully endorsed by the Inter-State Commerco Commission in its
action in declining to suspend the now rule at request o f certain N ew Y ork
interests. N o protests were filed w ito the Commission b y shippers or
exporters operating through the ports o f Portland, B oston, Philadelphia,
Baltim ore. Norfolk and N ew port New s.

THE PART OF WAR ORDERS I N FOREIGN TRADE
DEVELOPMENT.
Figures intended to refute the claim th at the grow th w it­
nessed in our foreign trade is n ot to be credited chiefly
to “ war orders” were m ade public b y the R epublican P ubli­
c ity Association on D e c . 2 7 . Its statem en t, issued from its
W a sh in gton headquarters, said:
Last spring, speaking to the members o f the Cham ber o f Com m erce
o f the Untied States, M r. R edfield said:
“ I beg o f y ou , gentlem en, n ot to be persuaded b y the d aily news colum ns
o f the press into tho belief that our foreign trade lies chiefly in what we
m ay call, fo r lack o f a better nam e, ‘war orders.' T h a t is n o t s o .”
B u t it Is so, and Governm ent statistics p rove it. A lthough war was
declared July 31 1914, it was n ot until Septem ber that the influx o f orders
from the belligerents began to show appreciably in our export trade.
H ence, for the purpose o f com parison, let us deal with three twelve-m onth
periods o f export trade, in what m ay properly be considered “ m unitions
o f w a r," nam ely, Septem ber 1912 to August 1913, a norm al period under
R epublican tariff law; Septem ber 1913 to A ugust 1914, em bracing eleven
m onths under the D em ocratic ta riff law , and Septem ber 1914 to August
1915, a full year under the stimulus o f “ war orders."
Official figures show that during the 1912-13 period our dom estic exports
am ounted to $2,460,000,000, while for the 1913-14 period th ey am ounted
to $2,245,000,000, a decrease o f $215,000,000, or a falling o f f at tho rate
o f ab ou t $18,000,000 m onthly. In total exports, foreign and dom estic,
there was a falling o ff during the 1913-14 period o f $270,000,000. F or the
year 1914-15 period our dom estic exports increased to $2,978,800,000.
T h e relation w hich war m unitions had to our total export trade is indicated
b y th e fa ct that for the year ended A ug. 31 1913, the m unitions exports
were $606,324,019: for the next year $505,348,132, and fo r the last year
$1,515,542,730. the same classes o f goods being considered in each case.

T h e follow ing tabulation of exports, m ade b y the A ssocia­
tio n , is taken from the N e w Y o rk “ Su n ” :
Articles —

H orses_________________________
M u l e s _________________________
Horseshoes-------------------------------H a y ------------------------------------------A utos and p arts-----------------------A u to tires---------------------------------Aeroplanes and p arts--------------T ru cks_________________________
Alum inum m anufactures______
Brass and m anufactures_______
Lead and m anufactures_______
Z in c and m anufactures_________
W ool m anufactures and rags___
Leather m anufactures__________
M en ’s shoes............................. —
Harness and saddles....... .......... .
C u tlery-------------------------------------M edical a p p lia n c e s ....................
M achine tools-------------------------Steel bars and billets----------------W ire, barb and other---------------Firearm s_______________________
E x p lo s iv e s ____________________
‘ ‘ Other” chem icals.........................
Paraffine_______________________
B uttons and p arts_____________
B readstuffs and oats___________
M eats and dairy p rod ucts-------Sugar, r e fin e d _________________
Canned fruits__________________
M iscellaneous__________________

Sept. 1912 to
A u g . 1913.

$3,907,579
771.675
97.768
979,390
31.899,364
3,309.307
91,892
3,268,195
973.763
8.133,340
617,535
1.097,890
4,547,705
21,507.984
11.144,634
734,434
1,127.800
1.223,026
16,051,001
14.272.014
9.919,692
4,200,856
5,230,367
8,478.682
8,928.096
822,962
210,072,818
156,247,476
1.714.986
5.867,090
8,310,498

Sept. 1913 to
A u g . 1914.

Sept. 1914 to
A u g . 1915.

$3,177,419
622,443
89,427
790,825
30,685.762
3.278,582
217,071
2,724,103
1.137,424
7,058,859
3.837,847
785.895
4,753,572
43,390,571
9,603,909
793,509
1,070,428
1.571,680
12,536,415
7,590.922
7,472,038
3,171,995
6,244,899
8,953,860
6,256,156
633,046
181.483,463
138,736,609
4,341,088
4,832.043
7,299.141

$82,276,653
13,041,176
3,169.753
2,636,750
85,485.974
6,534.809
3,157,323
9,263,748
3,583,127
28,810.272
8,013,268
26,254,375
32,057.618
90,804.461
22,669.474
18,434,594
1,975,855
5,218,014
34,550,921
21,743,018
18,882,697
11,591.449
71.806,769
28,761,860
11,652,833
1,410,612
567,607.002
243,098,241
36,816.052
6,648,000
12,516,830

T o ta l.............................................I$606,324,019 $505,348,132 $1,515,542,730




123

T h e statem ent further says:
T h e increase o f export o f refined sugar for the 1913-14 period is due
m ainly to the fact that in August 1914 Great Britain bought heavily in our
m arket. It will be noted that on the above enumerated classes o f goods
alone there was a drop in exports in 1913-14 period o f $ 1 0 1 ,00 0,00 0 from
the 1912-13 figures, while for the 1914-15 period there was a gain o f $ 1 ,­
0 1 0 ,0 0 0 ,0 0 0 over the previous year under the D em ocratic tariff law.
H ad there been no war there is a probability that our export trade for
the 1914-15 period would not have exceeded that o f the 1913-14 period. In
all likelihood, under the depressing effect o f Dem ocratic free trade, it
would have been still less.

REFEREN D UM OF U. S. CHAMBER OF COMMERCE ON
E X T E N SIO N OF FOREIGN TRADE SERVICE.
T h e referendum w hich w as issued to the constituent m em ­
bers o f the C ham ber o f C om m erce o f the U n ited States o f
A m erica on N o v . 15 , requesting a v ote upon a report o f a
com m ittee which recom m ended the extension and im prove­
m ent o f the G overn m en t’s foreign com m ercial service,closed
a t m idnight D e c . 3 0 , and the prelim inary count of the votes
has ju st been com p leted . T hree hundred and seven com ­
mercial organizations, cham bers o f com m erce, and boards o f
trade in fo rty -tw o S tates, the D istrist o f C olu m b ia, H aw aii
and the A m erican Cham bers o f C om m erce in Berlin and
M ila n took part in the b a llot.
There were 71 9 votes in favor
o f the com m ittee’ s findings a nd 6 votes against it, each or­
ganization being entitled to from one to ten v otes, depending
on its m em bership, according to the results as given o u t,
b y E lliott I I . G oodw in, the General Secretary o f tho N ation a l
C ham ber. A s a result o f the affirm ative v o te , the N a tio n a l
Cham ber now stands com m itted— and will work fo r — changes
which, if effected, are expected to be o f benefit to business
m en through the strengthening o f the consular service, o f
which W ilb u r J . Carr is director, in the D ep artm en t o f S ta te ,
and the Bureau o f Foreign and D om estic C om m erce, of
which D r . E d w ard E . P ratt is chief, in the D epartm ent o f
Com m erce.
A n increase in staff and appropriations for the W ash ington
headquarters of the Bureau o f Foreign and D om estic C o m ­
merce was favored b y a v ote o f 8 7 5 to 19.
T here wa s alm ost
the same endorsement for the a ppointm ent o f a director o f the
field service and separate appropriations for collection and
exploitation of sam ples, the distribution o f A m erican litera­
ture abroad, and m ore liberal traveling expenses.
The N a ­
tional Cham ber organizations favored increased appropria­
tions for im m ediate and special investigations. A v o te o f
8 4 8 to 23 advocated the appo intm ent o f five new com m ercial
attaches and distinction betw een attaches and trade com m is­
sioners. Com m ercial attaches and trade com m issioners
w ould perform substantially the same funstions, b u t
attaches should be sent Only to the m ore im portant countries
in w hich the U n ited States m aintains embassies and legations,
while trade commissioners are a dvocated for smaller coun­
tries, or a group o f countries, and for the subordinate do­
m inions and colonies o f the great com m ercial nations.
The
new com m ercial attaches, along w ith one recom m ended to
be transferred from A ustralia, are intended to cover Ita ly ,
Scandinavia, Spain, A u stria , Japan and T u rk ey .
T h e crea­
tion o f the new position o f foreign trade com m issioner and
the appointm ent o f com m issioners to a t least six countries
abroad w as favored b y even a larger v o te . T h e countries in
m ind for trade commissioners were: A u stralia, where a trade
commissioner w ould replace a com m ercial a ttach e, N e w
Zealand, South A frica, British India, G reece, the B alk an
S tates, E a st Indies and Central A m erica. Special endorse­
m ent w as given to the m atter o f prom oting com m erce in
L atin A m erica.
I t is generally believed that w ith the close
o f the European war we m a y bo able to hold against European
com petitors a goodly proportion o f tho m arkets for Am erican
products which w e have now gained in L atin-A m erican coun­
tries. T h e com m ittee report which the N ation a l C ham ber
has ju st adopted urges th at the appropriation o f $ 7 5 ,0 0 0
for 1916 should bo substantially increased.
T h e com m ittee recom m en d ed against the establishm ent
o f additional branch district offices o f the Bureau o f Foreign
and D om estic C om m erce.
T h e v ote on this question was
84 7 in favor and 3 8 opposed.
T h e largest v ote w as cast in favor o f the A m ericanization
o f the consular service, adequate clerical assistance, elevation
o f eleven consular agencies to consulates and establishm ent
o f fifteen consulates where there are now no A m erican con­
sular representatives o f a n y sort, and m ore adequate and
frequent inspection o f consular offices. E ig h t hundred and
seventy-seven votes were tabultaed for the affirm ative and
only eight against the proposition.

THE CHRONICLE

124

RELIQU ID ATION D EN IE D — A U S T R IA N CURRENCY.
T h e T reasury D ep a rtm en t has denied an application for
the reliquidation o f certain entries covering merchandise
im ported from A u stria -H u n g a ry , the application having been
presented on the ground th a t the invoice currency in the
U n ited States as represented b y the rate o f exchange for the
Austrian crown in N e w Y o r k a t the date of certification was
1 0 % less than the proclaim ed value for the quarter in which
the m erchandise was shipped. A n d rew J . P eters, A ssistant
Secretary o f the T reasu ry D e p a rtm e n t, in a letter to the
C ollector of C u sto m s a t N e w Y o r k , points o u t th at “ the
Secretary o f the T reasu ry has auth ority to direct reliquida­
tion of entries under section 2 5 , A c t of A u g . 2 8 18 9 4 , on the
basis o f rate o f exchange in this country for foreign currency
specified in invoices w hen the value o f such currency is a t
least 1 0 % less than the proclaim ed v a lu e , b u t this auth ority
will be exercised only when it is shown th at a reliquidation
on such basis will result in the assessm ent of d u ty on the
actual m arket value o f the m erchandise.
In the absence
o f such evidence reliquidation of entries under consideration
is d en ied .”

T h e letter is as follow s:

T r e a s u r y D e p a r t m e n t , D e c , 7 1915.
T h e department refers to your letter of M arch 26 last and subse­
quent correspondence in relation to the reliquidation under section 25 of
the tariff A c t of A u g. 28 1894 o f certain entries covering merchandise im ­
ported from Austria-H ungary, upon the ground that the value of the invoice
currency in United States m oney, as represented b y the rate o f exchange
for the Austrian crown in N ew Y o rk C ity on the date of the certification
o f the invoices was at least 1 0 % less than the proclaimed value o f the crown
for the quarter in which the merchandise was shipped.
T h e question o f the authority o f the Secretary o f the Treasury to direct
the reliquidatlon o f entries upon this basis was subm itted to the A ttorneyGeneral. and bis opinion thereon, dated Sept. 1 1 9 1 5 , is appended hereto.
I t will be noted that while the Attorney-General expresses the opinion
that the Secretary o f the Treasury has authority to direct the reliquidatlon
o f the entries under consideration upon the basis o f the rate o f exchange in
this country for the foreign currency specified in the invoice when the value
o f such currency at the prevailing rate is at least 1 0 % less than the pro­
claimed value, he expressly states that upon the facts presented the Secre­
tary o f the Treasury is not necessarily required to proceed under section 2 5 .
I t therefore devolves upon this department to determine whether, con­
struing said section 25 with the other provisions of the customs laws, re­
liquidation o f such entries should be m ade. Paragraph R o f section 3 o f
the tariff A c t o f O ct. 3 1913 provides that duties on imported merchandise
subject to an ad valorem rate o f du ty shall be assessed upon its actual
market value in the principal markets of the country of exportation a t the
tim e o f shipment to this country, and in the case of the United States v s.
Passavant (169 U . S ., 16) the Supreme Court held that such market value
is the value at which the merchandise is freely offered for sale for dom estic
consumption in the country from which im ported. It follows that If the
reliquidatlon of an entry is to result in the collection of d u ty upon less than
the market value as defined b y law it should not be m ade. Th irty-on e
entries are subm itted for consideration, all of which are similar in all m ater­
ial respects to entry N o . 3 232 43. covering eight cases o f buttons included
in consular invoice 5035 , certified by the American consul at Reichenberg.
Austria, on N o v . 11 1914, which states the purchase price o f the merchan­
dise, less non-dutiable charges, to be 5,3 2 2 10 crowns. E n try was m ade
at the invoice value, reduced to United States m oney at the proclaimed rate
o f $0 2 03. m aking $ 1 ,0 8 0 . T h e appraiser returned the invoice value as
correct and the entry was liquidated upon the entered value, which was also
the invoice value and the appraised value reduced to American m oney at
the rate o f $0 203.
T h e applicants show that the exchange value o f the Austrian crown w as
$0 1 7 8 in N e w York on the date of the certification o f the invoice, a n d cla lm
that the entry should be reliquidated on such value— that Is, on the value
o f $947 33 for the 5 ,3 2 2 10 crowns— instead of the value of $ 1 ,0 8 0 , as
liquidated. T h e only evidence submitted is a statem ent o f a N ew York
bank, showing the rate of exchange in Now Y o rk on the date o f the certifi­
cation o f said invoice to be $0 178 for the Austrian crown; that is to say, a
person In N ew York on that date m ight, by depositing in a N ew Y o rk bank
$0 178 in American m oney, secure a draft which, upon presentation at a
bank in Austria, would entitle him to receive one Austrian crown nominally
worth $0 2 0 3 .
T h e appraiser having found the foreign market value of the merchandise
to be 5,3 2 2 10 crowns, it Is not sufficient that the importer should sh o w , in
order to secure a reliquidatlon under section 25 o f the tariff A c t, that ho
could purchase in N ew York for $947 33 a draft calling for the paym ent
in Austria o f 5 ,3 2 2 10 crowns, but it is necessary to show that a person in
Austria purchasing these or similar goods for domestic consum ption in
that country could have paid for them with $947 33 in American m oney, or
for some sum of American m oney less than $972 , which is $ 1 ,0 8 0 , loss 1 0 % .
There Is no evidence that a reliquidatlon o f the entry upon the value of
$947 3 3 . or upon any amount less than $ 1 ,0 8 0 . would result In the assess­
m ent of du ty, as Is required b y the law, upon the actual market value o f the
merchandise in question.
T h e application for the reliquidatlon of the said entry 323243 and the
31 other entries enclosed with your letter o f N o v . 8 last is therefore denied.
Respectfully,
(103183.)
A N D R E W J. P E T E R S ,
Collector o f Custom s, N ew Y o rk .
A s s i s t a n t S e c r e ta r y .
S ir;—

EMORY R. JOHNSON ON LESSONS OF WAR—A D V A N ­
TAGE OF A M ERCHANT M A R IN E .
Speaking before the Am erican E con om ic Association a t
W ash in g ton on D e c . 2 8 on the lessons o f the European w ar,
E m o ry R . Johnson, Professor o f Transportation and C o m ­
merce a t the U n iversity o f P en nsylvan ia, m ad e the declara­
tion th at it is evident th at the war has begun to change the
attitu d e o f the business m en and the policy o f the G overn­
m ent tow ard foreign trade.
W o quote in part his remarks
as printed in the “ Journal o f Com m erce” :




[Vol. 102.

The unprecedented opportunity afforded American producers by the
sudden outbreak o f a war involving the countries which carry on the major
share of the world’s International commerce, the large Increase In the ex­
ports and imports o f the United States and the consequent profits from this
greater trade, and the rapid Increase in the output of foods, materials and
manufactures to meet the abnormal foreign dem and, gave the people o f
this country the greatest object lesson they have ever had concerning the
possibilities of foreign trade and the ability o f Am erican industries to m eet
the demands o f foreign buyers.
The experiences o f the past year have also given business men and public
officials o f the United States a forceful demonstration o f the simple eco­
nomic truth that a large increase in the volum e o f exports cannot long
continue without a corresponding increase in im ports. For several months
the balance o f trade has been so “ favorable” as seriously to hamper the
commerce o f the United States with other countries.
The fact has also been brought home to the people o f the United States
that the market for American goods in foreign countries is limited by the
ability of foreign buyers to secure the means o f paym ent for the commodi­
ties they m ay desiro to purchase. Although South American countries
were unable to purchase commodities in Europe, they did not and could not
buy more largely in the United States because their financial dependence
upon Europe was so great that the war caused a serious disturbance of
financial conditions in South America and greatly reduced the purchasing
power o f the people of that continent. American producers not being dis­
posed to render South American countries tho financial assistance they bad
been receiving from Europe, those countries were unable to maintain their
normal industrial activity or their usual volume of foreign trade.
Another lesson that the European war has already taught American pro­
ducers is the need o f a greater diversification o f tho industries In this coun­
try, and the use, for industrial purposes, o f some important materials and
resources that are now wasted or unused. T h e textile industries and other
lines o f production have, in the past, been to a large oxtent dependent upon
foreign supplies of dyes and chemicals. Chemists say that these dyes and
chemicals can be manufactured in the United States as well as they are made
abroad, although temporarily at a higher cost than foreigners can furnish
the products.
One o f tho recognized limitations upon the development of foreign m ar­
kets has been tho ineffective merchandising methods followed by American
exporters. In spite o f a long-continued campaign as to the necessity of
the adoption b y American exporters o f the methods employed by Euro­
peans in tho sale o f goods In foreign markets, only a few o f the large concerns
like the Standard Oil C om pany, the United States Steel Corporation and
some others have found it advisable to adopt the methods which experi­
ence seems to have proven necessary to follow in order to sell American goods
in South American and other foreign countries successfully in competition
with foreign commerce.
The European war has, however, so impressed the business men of this
country with the possibUlties of foreign trade that business organizations
are now giving greatly increased attention to methods o f marketing Ameri­
can products abroad. Th e N ational Foreign Trade C ouncil, which was
organized In 1914, Is concerning Itself with the problem o f how to secure
a larger merchant marine. The N ational Association o f Manufacturers,
the American Manufacturers’ Export Association, the Chamber of C om ­
merce of the United States and other more local organizations are consider
ing what needs to be done to bring about the development of foreign trade
and tho increase of the merchant marine.
T h e larger interest which the Federal Government is taking in foreign
commerce is evidenced by the present activities of the Federal Trade
Commission, which is investigating tho advisability of permitting American
producers to form associations or combinations to maintain foreign sales
agencies. I f the investigation leads to an affirmative conclusion on the
part of the Comm ission, that body will doubtless ask Congress so to amend
the Sherman A nti-Trust A ct as to permit the formation o f associations or
combinations for the management o f foreign trade.
Th e European war has brought about a notable change In the attitude of
the American people toward the merchant marine. T h e public realizes
more than ever before how completely the foreign trade o f the United States
is dependent upon the services o f ships under foreign flags, and during the
past year there has been almost constant discussion in the press and on the
rostrum o f possible ways and means for building up tho American mer­
chant marine.
W hile no one will seriously question the advantage o f having a large
merchant marine under the national flag during such a war as Is now in
progress, thoro are those who question tho commercial necessity o f a mer­
chant marine under the national flag during times of peaco. Merchant
vessels o f all nations, it Is argued, compote with each other to socuro the
traffic o f all countries; and freight rates on tho ocean being subject to this
com petition, it does not matter to the people o f the United States or of
any country whether their commerce be handled in ships or national or
foreign register. The argument, however, is not convincing.
I f one result of the European war should be to impress strongly upon tho
people of tho United Statos tho advantage of having a larger tonnage of
shipping under the national flag, is it too much to hope that Congress will
earnestly seek to adopt a maritime p ilicy intended to assist In building up
the American marine? U p to tho present time differences of opinion with­
out and within Congress have prevented constructive legislation regarding
the merchant marine, but the European war m ay, and ought to, make It
possible for the advocates of different merchant marine policies to agree as
to the desirability o f creating a Federal shipping board or of adding to an
enlargod Inter-State Com m erce Commission a marine department. Such
a shipping board or marine department, consisting of throe commissioners
expert in maritime m atters, would be a logical agency through which to act
in developing a larger merchant marine.
W hile it Is not the purpose o f this papor to discuss the policy that should
be adopted by Congress for the development o f tho morchant marine, It
m ay bo suggested, in passing, that the proposed shipping board or marine
department might well bo directed by Congress to investigate tho shipping
and navigation laws o f the United States and other countries, and to report
for adoption by Congress a revised code o f maritime laws under which
American shipping m ay compete upon fair terms with shipping under for­
eign flags. It would also seem wise for Congress to make a liberal appro­
priation o f funds to be expended by the shipping board in aid of a limited
number o f steamship lines from tho United Statos to foreign countries.
Congress should leave to the board the selection of the linos to bo aided, tho
amounts to be paid and the determination o f the provisions of tho contracts
made on behalf o f the United States with tho lines aided. This m ethod of
procedure would give promise o f better results than can be obtained by tho
passage o f subsidy laws such as have previously been enacted by tho Con­
g Tho proposed shipping board or marine department should not havo tho
power to engage in tno steamship business, either directly or Indirectly.
It would bo a mistako for Congress to adopt the policy o f Government own­
ership o f ocean vessels, or o f the operation o f vessels through tho agency of
a corporation controlled by the Government.

Jan. 8 1916.]

THE CHRONICLE

Adequate ocean transportation by ships under the American flag can be
secured only by making the ownership and operation o f vessels profitable.
Private capital and initiative must be depended upon to bring about the
development o f the American merchant marine. Ocean transportation
is not a business adapted to Government ownership and management.
A s a closing word, it m ay be well to suggest the necessity o f being on guard
against over-estimating tho probable effects which the European war will
have upon American commerce. International financial and trade rela­
tions that have been slowly built up and firm ly established are not easily
changed. The present war has given the United States an opportunity to
secure a larger place in the world’s trade, but the permanency o f the ad­
vance that m ay be made while tho war is in progress will depend upon
whether capitalists in the United States desire to participate largely in
the industrial development o f South Am erica, Asia and Africa; whether
American manufacturers and merchants shall decide to strive system atically
and persistently to increase foreign trade, and whether the Federal Govern­
m ent shall make the promotion o f foreign trade a definite aim .

THE

S IN K IN G OF THE PERSIA—GERM A N
DISAVOWAL.

Concern over the submarine issue developed anew the
past week w ith the receipt of advices a t W a sh ing ton on the
1st in st. of th e sinking, presum ably b y a subm arine, of the
British passenger steam er Persia of the Peninsular & Oriental
L ine.
T h e inform ation cam e in a cablegram from C onsulGeneral Skinner at L ondon as follow s:
London, Jan. 1.— P . & O . liner Persia reported sunk by submarine while
approaching Alexandria. Robert N . M cN eely , American Consul at Aden,
going to post, left London as passenger. N early all on board perished.

In a later cablegram on the same day M r . Skinner stated
that 61 first-class passengers and 81 second class passengers
had boarded the steam er a t L on d on , and at M arseilles 35
first-class and 3 2 second-class passengers were taken on board.
T h o steam ship com p an y estim ated th at abou t 160 passen­
gers were on board the vessel at the tim e she w ent dow n; the
crew is said to have num bered between 2 5 0 and 3 0 0 m em bers
Tho sinking o f the vessel occurred on D e c . 3 0 off the Island
of Crete in the M editerran ean.
Besides M r . M c N e e ly ,
C onsul-G eneral Skinner announced on the 1st th at he also
had inform ation to the effect th at two other Am ericans had
boarded the vessel a t London— Charles H astings G ra n t o f
B oston and E . N . R o se, a you th from D en v e r, C o lo ., who
was on his w ay to a school in Spain. M r . Skinner was cred­
ited in the “ T im e s” w ith the follow ing statem ent m ade at
London on tho 1st in st.:
Information coming to m e here, that I take as authentic, indicates that
tho Persia was sunk by a torpedo and that no warning was given. W hile
I cannot divulge tho source o f m y information, I have every reason to boliovo it to bo an undoubted fact that it was a torpedo that sank the ship.
I am getting all tho information I can for W ashington, but I m ust wait for
a full report until I hear from the Consul at Alexandria or other sources
as to the exact facts.
I have no doubt that M r . M cN eoly and M r . Grant were on tho Persia
whon slio was torpedoed. M r . M cN eo ly came to London on tho steamer
Ryndam with mo on m y roturn from W ashington, arriving hero on D ec. 8 .
H e had just boon appointed to tho post at Adon before leaving W ashington,
and was full o f eagerness to get on the jo b . I t was his first appointment
in tho Consular sorvice.

Later reports indicated that you n g R ose had left the Persia
a t G ibraltar and th at M r . G ran t had been landed at A lexan­
dria, E g y p t, where the survivors had been tak en.
On the
5th in st. advices were received from the A m erican E m b assy
at L on don to the effect th at still another A m erican , the R e v .
H om er R . Salisbury, was a passenger on the Perisa and was
believed to have been lost.
On the 2d in st. tho Peninsular
& Oriental C o ., which owned the Persia, announced th at 158
survivors had arrived at A lexandria, the survivors com prising
the chief officer, second officer, seven engineers, 2 7 seam en,
63 Lascars and 59 passengers. A L loyd s dispatch gave the
num ber as 15 3, m ade up of 5 9 passengers, o f w hom 17 are
women and 9 4 m em bers of the crew, including 59 Lascars.
A dvices received on the 2d in st. at W a sh ing ton from
A rthu r G arrels, tho Am erican Consul at A lexandria, m ade
known the fact th at the destroyed vessel was carrying a
4.7 -in ch gun; a paraplirase of tho dispatch was at first given
out b y the State D ep a rtm en t, bu t on the 3d the follow ing
official text of the dispatch was m ade public:

125

A ustro-H u n garian G ov ern m en t a t W a sh in g to n , on the 2d
in st. w as quoted as saying:
Judgment should be withheld pending the receipt o f the real facts sur­
rounding the sinking o f the steamship Persia. I t m ay have happened in
m any w ays. In the first place, it is not yet proved that a submarine sank
the Persia. I f it was an Austrian submarine it m ust be determined whether
tho circumstances were such as to warrant the action taken.
I am confident— at least I hope— that the final explanation will be quite
satisfactory. I f the commander o f the submarine disobeyed his instruc­
tions I feel sure m y Government will not hesitate to satisfactorily adjust the
m atter.
From tho answer mado to the last note on the Ancona alone, it is quite
evident that the Austro-Hungarian Government will not countenance any
act which is wrong.

Secretary of Sta te Lansing m ade public on the 3d in st. the
fo llo w in g m essage from O lney A rn o ld , the Am erican C onsulGeneral a t C airo, E g y p t, stating th at the Persia had been
torpedoed w ithout warning and th at the n ationality o f th e
submarine was unknow n.
C a i r o , J a n . 2 1916.
P.
and O . steamer Persia torpedoed forty miles southeast o f Crete Thurs­
day, 1:05 p . m ., without warning. N ationality submarine unknown, as
not visible. Sank in five m inutes. A b out 350 passengers and crew, in­
cluding m any women and children. A bout 150 saved. Survivors picked
up after thirty hours by British dostroyer M allard. Reported that
American Consul, proceeding to post at A den, lost. D etails given m e by
High Commissioner, whose military secretary, Bigham , is survivor. C an
obtain affidavit if desired.
. ,
ARNOLD.

In addition to instructing Consul Garrels a t Alexandria to
forward affid avits o f survivors, the Sta te D ep a rtm en t also
cabled instructions to A m bassador Penfield a t Vienna to
m ake inquiries a t the A u stro-H u n garian Foreign Office to
ascertain whether the a tta ck w as m ade b y an A ustrian su b ­
m arine, and if so, undor w h at circum tsances. W it h the re­
turn o f President W ilso n to W ash in g ton on T u esd ay from H o t
Springs, where he had been spending his honeym oon (after
his second marriage) a statem ent w as issued b y his Secretary,
J P . T u m u lty , indicating th at ho w as in close touch w ith the
situation, this statem ent saying:
Tho President and the Secretary of State are taking every means possible
to obtain the full facts in this grave m atter and will act just as soon as the
Information is obtained.

President W ilso n on T u esd ay conferred w ith Chairm an
Stone o f the Senate, and F lood o f the H ou se , C om m ittees
on Foreign A ffa irs, and it w as afterward announced that
they were to be advised o f the steps and developm ents in
the situation.
I t was announced yesterday th at the S tate D ep a rtm en t
had received a cablegram from C onsul G arrels, stating th a t
all the affid avits he had thus far obtained show th at th e
Persia was sunk w ith ou t w arning, and th at none o f the
passengers saw a subm arine.
T h e Consul has obtained the
testim ony o f Charles G ra n t, the A m erican survivor, and
tw enty other passengers. T h e officers and crew sailed for
England before M r . Garrels had an opportunity o f securing
affid avits from th e m . Secretary o f State Lansing also stated
that A m bassador Penfield had sent a dispatch to the S ta te
D ep artm en t from Vienna saying that the Austrian G ov ern ­
m ent had received no inform ation regarding the sinking o f
the Persia, according to a statem ent m ad e b y C ou n t B u rian ,
A ustrian M in ister o f Foreign A ffa irs. A m bassador Penfield
stated th at the Austrian M in ister did n ot com m it him self to
a n y further statem ent and did n ot directly deny th at an
Austrian submarine m a y have been involved in the case. A
request is m ado b y the State D ep artm en t to A ustria for a ny
inform ation regarding the Persia in its possession. U nder
date o f the 6th in s t., revised figures roported the num ber o f
saved as 16 6, and the m issing, 3 3 3 ; the survivors including
6 5 passengers and 101 crow, and tho m issing 119 passengers
and 2 1 4 crew.

A s bearing on the submarine question in general, a com m u ­
nication w as delivered yesterday from the Berlin Foreign
Office to Secrotary o f State Lansing b y the G erm an A m b a s­
sador, C ount von B o m sto r ff, a t a conference had between the
A l e x a n d r i a , D a t e d J a n . 1 1916.
P.
& O . liner Persia, carrying 4 .7 gun, sunk five minutes past 1, after­tw o .
I t is understood that the com m unication concedes
noon D ec. 30, about 300 miles northwest Alexandria. Presumably tor­
virtually all points a t issue in the Lusitania case, and it is
pedo; no submarine was seen. Second Officer Bromley seeing torpedo track.
Vessel sunk in about five minutes. Tw o Amorican citizens aboard. Charlos
expested it will be instrum ental in bringing abou t an early
H . Grant, manager Vacuum Oil C o ., Calcutta, is safe Alexandria. Robert settlem ent o f the question a t issue.
T h e follow ing announce­
N ey M cN ooly, assigned Consul o f the Unitod States at Adon, m ost prob­
m ent concerning the com m unication w as given o u t b y th e
ably lost. O f a total 400 passengers and crew, 155 iandod at Alexandria
State D ep artm en t:
Jan. 1. M cN eoly last seen in water. In view o f the fact sunken vessel
being armod, does tho department desire tho affidavits?
^

G A R R E L S , C o n s u l.

F ollow ing the receipt of the a b o ve , Secretary Lansing
im m ediately cabled Consul Garrels to obtain sworn testi­
m ony of survivors landed a t Alexandria and particularly to
obtain a statem en t o f M r . G ran t and of the ship’s officers.
In indicating th at the Austrian G overn m en t would not
hesitate “ to satisfactorily adju st the m a tter” if it should be
detorminod th at tho vessel had been sunk b y ono of its sub­
m arines, Baron Erich Zw iodinek, Charge d ’Affaires o f the




The German Ambassador to-day left at tho State D epartm ent, under in­
structions from his Governm ent, the following communication:
German submarines in the Mediterranean had from the beginning
orders to conduct cruiser warfare against any merchant vessels only in
accordance with general principles o f international law, and in particular
measures o f reprisal as applied in the war zone throughoutxthe_ British
Isles were to be excluded.
German submarines are therefore permitted to destroy any merchant
vessel in the Mediterranean— that is, passenger as well as freight ships
as far as they do not try to escape or offer resistance— only after passengers
and crews have been accorded safety.
A ll cases o f destruction o f enemy merchantmen in the Mediterranean in
which German submarines are concerned are made the subject o f official in-

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THE CHRONICLE

126

vestigation and besides subm itted to regular prize court proceedings. In
so far as American interests are concerned, the German Governm ent will
com m unicate the results to the Am erican G overnm ent. Thus also in the
Persia case, if the circum stances should call for it.
I f com m anders o f German submarines should not have obeyed tho
orders given to them , th ey will b e punished. Furtherm ore, the German
Governm ent will m ake reparation for dam age caused b y the death of,
or injury to , Am erican citizens.

DEATH

OF J U S T I C E L A M A R .

D o n ’t you know that if the newspapers wanted to they cou ld stop this
w a r? H o w ? AVhy, if all the papers got together and dem anded it and
m ade the people realize what it means to them , public opinion w ould stop
it pretty quickly.
I d o n ’t regret a single thing I have done. I f we can shorten this war b y
even a single d ay we will have saved as m any men as our fa ctory has at
w ork turning out 2,000 cars a day. A nd I believe that the sentim ent w e
have aroused b y making the people think will shorten the war. N oth in g
done in a good cause can fail. I did not want to go to E urope. I have a
jo b in D etroit and I want to get back to it, but I would go over again if it
were necessary.

Denying that thore wore any belligerent feelings among the
Joseph R . Lamar, Associate Justice of the United States
Supreme Court, died in Washington on Jan. 2 after an illness peace delegates, M r . Ford said:
There was a difference o f opinion m any tim es, just as there would be
of several months, which began with a slight paralytic stroke
at a church convention, or a political convention, or in a village. Y ou
which ho suffered in October, during his vacation at W hite m ust remember that tho group wo took over was virtually a com m unity.
Sulphur Springs. H e was 58 years of age. M r . Lamar was T h e y were people with strong opinions and they didn’t always agree.
N o b o d y does that unless he is a m ollycoddle, and I assure you there wore
regarded as one of the South’s ablest lawyers, having gained no
m ollycoddles on board. But let m e say positively that the peace party
his reputation through participation in cases involving rail­ left the ship in perfect harm ony.
roads and large corporations, which were argued before the
Georgia Supreme Court. He was a membor of the Georgia
M iss Jane Addams, President of the International Con­
Legislature from 1886 to 1889 and in January 1901 was ap­ gress of W om en at The Hague, took occasion on the 5th to
pointed an Associate Justice of tho Georgia Supreme Court deny that the peace ship was sponsored by the W om en’s
to fill an unexpired term; two years later ho was regularly- Peace Party. M iss Addams declared that it was an indielected to serve on that bench and continued in tho post until vioual enterprise and in no way related to the women’s
1905, when he resigned to resume the practice of law. He movement; tho latter’s plan, she said, was “ to establish a
was an Associate Justice of the United States Supreme Court
clearing house for peace sentiment.”
since December 1910, the appointment having been mado
b y former President T a ft. M r . Lamar was named in M a y
It was announced from Copenhagen (via London) on the
1914 by President Wilson as representative from this coun­
3d that tho German Government had granted the Ford
try, with Frederick W . Lehmann of St. Louis, to act at the
peace expedition permission to travel to The Hague through
mediation conference at Niagara Falls, held with a view to
Germany by special train. The party was scheduled to
working out an adjustment of tho Mexican hostilities.
leave Copenhagen yesterday, tho 7th. Tho final arrange­
W hen the Supreme Court convoned on M onday, after the
recess over the Christmas holidays, an adjournment out of ments for the trip were made through the German Consul
respect to Justice Lamar’s memory was taken until Thursday. in Copenhagen, Avho, after consultation Avith Berlin, an­
nounced that his Government was Avilling for the mission
to proceed through German territory.
This privilege was
H E N R Y FORD R E T U R N S F R O M H I S P E A C E M I S S I O N .
granted despite the refusal of the American State Depart­
W ith altered views as to where the responsibility for the
ment to oxtend tho passports of the members of tho party to
war lios, Henry Ford reached N ew York on the Norwogiancover a belligerent country. It is stated that the conditions
American liner Bergensfjord last Sunday upon his return
under which the peace delegates are permitted to travel aro
from the peace expedition of the Oscar I I, which left hero strict; their train Avill be sealed, overy one being locked
December 4. M r . Ford in a statement to newspaper men within. N o one Avill be allowed to touch German soil
made with his return, declared that ho had gono to Europe
during the journey.
4
“ blaming the capitalists, the bankers, the munition makers
It is announced that tho expedition will disband at The
for this w ar,’ ’ but has “ come back blaming the people— Hague on Jan. 12, most of the members returning home
the very people who are being slaughtered in tho trenches.
from Rotterdam on that day. This announcement, it is
The Now York “ Sun,” in giving an account of what ho had explained, means only that those who are not designated
to say, quotes him as follows :
for places on the permanent peace board will depart.
I wont over there to show the people that I was willing to give more than
m y m oney for the cause o f peace. I feel that I am only the custodian
o f m y m oney. It was given to m e b y these very people who are being
slaughtered in the trenches. I can’t use any m ore o f it than I am using
now , and I want to devote the rest to benefitting the people who helped
m e to earn it.
I cam e back because I had a slight touch o f tho grip and that hastened
m e a b it, b ut when I left N ew Y ork I told M rs. Ford that I would return in
about five weeks. I had intended to take the steamer that sailed to-day.
H ow d o I feel n ow ? Fine.
W hen asked what impressions he brought back from the war M r. Ford
astonished his listeners by saying sadly :
“ I went to Europe blam ing the capitalists, the bankers, the m unition
makers, for this war. I have com e back blam ing the people— the very
people w ho are being slaughtered in the trenches. T hey have neglected
to select tho proper heads for their Governm ents, or to help them after
they have been selected. AVhen they get a m an in office they d o not
keep in touch with him , they d on ’t write letters to him , they d on ’t tell him
what they want. T h ey select people to govern them and then allow the
militarists to twist these same people about for their ow n ends.
W e didn’t get any assurances o f sym pathy from any officials, but we got
them from other people, w h o, I think, were just as good.

T E X T OF A N C O N A N O T E .

W e give below the text of the reply mado under dato of
December 29 by the Austro-Hungarian Government to the
United States, as cabled from Vienna (via London) on
December 31. This roply was referred to in our issue of
Saturday last, in which we printed tho answor made on
December 15 by Austria to tho first noto transmitted to it
by the United States as a result of the sinking of the Ancona
in November by a submarine flying tho Austrian colors.
A t the same time we gave the text of the note sent to Austria
on December 19, following the receipt of tho Austrian com­
munication of the 15th ult. Tho latest Austrian noto is
written in response to that of the United States Government
bearing dato December 19, and, as indicated in theso columns
last Saturday, it makes knoAvn that the commandor of the
Declaring that the peace trip of which ho was a mombor was
submarine Avas punished, “ in accordance Avith tho existing
not really his own personal project, but a part of tho W om en’s
rules, for exceeding his instructions.” As noted above,
International Peace Congress, to be held at The Hague, M r.
tho text of Austria’s latost reply as publisliod in the daily
Ford, according to the “ Sun,” said:
ja T he idea is not m ine at all. T ho fact is, that I am merely using m y m oney press of the 1st inst., came by cable from Vienna; tho official
English translation was not mado public by Secretary of
in a good cause to finance the Congress. T he people who sailed with me on
the Oscar II are going to elect delegates who will go on to T ho Ilaguo, and
Stato Lansing until late in tho afternoon of tho 6th. Con­
the rest will return soon to this country. I have been advised that a ship
cerning this translation the “ Times” of yostorday said :
has been chartered to take the delegates to Holland. I sent them word not
to take any risks o f an ocean voyage, but I understand that they have been
assured that everything wil be m ade safe for th em .

Evidence that M r . Ford is not opposed to the criticism
which the peace mission has received was fumishod when he
sought from the reporters an expression of opinion as to
whether it was generally believed that ho had boon doing
what he had for personal glorification. Answering the ques­
tion himself, M r . Ford said [we quote again from tho “ Sun” ]:
W h y , I d on ’t need any advertising. T ho Ford factory Is 15,000 cars be­
hind in orders now. W hy should I d o a thing like this for notoriety?
D o I think we have accom plished anything? Y es, I d o. W o havo
started the people to talking. AVhen you do that you start them thinking,
and when people start thinking they think right and something good com es
o f it. For that reason I like the adverse criticism that your papers have
given me. T he only thing that has been disagreeable to me is that it wor­
ried m y wife. M y son is o f a different frame o f m ind. It doesn't bother
him. For m yself, I like it, and I want you to keep it up. As long as you
keep criticising tho peace mission people will talk and think about it. Y o u
Digitizedknow
for FRASER
, the best fertilizer is weeds.



T he officia l translation is not only smoother in language, b u t m uch
clearer and m ore satisfactory than tho unofficial translation cabled from
abroad on D ec. 31. AATiilo tho previously published toxt gave a fair idea
o f tho com pliance o f the Austrian Governm ent with the Am erican dem ands,
it remained fo r the issuance o f the official translation to-d ay to furnish
an exact and m ore convincing viow o f the Vienna Governm ent s reply.
Aside from tho fact that Austria grants tho American dem ands, tho m ost
im portant feature o f tho note is tho third paragraph, and tho official
translation o f its wording is regarded as m ore definite and satisfactory in its
assertion o f tho general Austrian position with respoct to guarantees for
tho future. As made public to-d ay, the note shows that tho official trans­
lation o f this paragraph roads :
“ A lso as concerns tho principle expressed in the vory estoomod noto that
hostilo private ships, in so far as they d o not fleo or offer resistance, m ay
n ot be destroyed w ithout the persons on board having been placed in
safety, tho Imperial and R oyal Governm ent is able substantially to assent
to this viow o f the AVashington C ab in et."
T ho official translation makes the definite statement that tho Vienna
Governm ent “ is able substantially to assont to this viow o f tho W ashington
Cabinot ” whllo tho unofficial translation said nothing abou t “ assenting
to the view o f tho AVashington C abinet.” but on ly that tho Vienna G overn-

J an 8 1916.]

THE CHRONICLE

m ent can concur in the principle that private ships that d o not flee or offer
resistance m ay n ot be destroyed, &c.
Regarding the allusion in the American note to the im portance o f main­
taining good relations between the tw o nations, the officia l translation
says the Austrian Governm ent “ reciprocatos this assurance m ost w arm ly
and is now as ever, as fa f as lies within its pow er, zealous to render these
relations m ore cordia l.”

Tho complete settlement of tho Ancona case is now said
to await tho determination of tho facts as to the sinking of
tho stoamor Persia, news of which was received from London
on tho 1st inst., and roforonco to which is made in another
column in to-day’s issue of our papor. Below is the Austrian
reply concerning tho Ancona, as reported by the cablesJ:

127

speed, as well as to tho fa ct that the crew , concerned only fo r Itself, did
not rescue the passengers o f the capsized boats.
It is also p robably ascribable to shots which hit the fleeing vessel;
b ut the death o f persons w ho sank with the steam er is also, a bov e a llj
ascribable to the disloyal con du ct o f the crew.
As appears from the a bov e adduced state o f affairs the very esteemed note
o f D ecem ber 9 is based in m any points on incorrect premises. Inform ation
reaching tho U nited States G overnm ent that solid shot was Immediately
fired tow ard the steamer is incorrect: it is incorrect that the submarine
overhauled the steamer during the chase: it is incorrect that only a brief
period was given for getting tho people into tho boats.
On the contrary an unusually long period was granted to tho A ncona for
getting passengers in tho boats.
Finally, it is incorrect that a num ber o f shells were 6tili fired at the
steamer after it had stopped.
T he facts o f tho case dem onstrate further that the com m ander o f the
submarine granted the steamer a full fo rty -fiv o m inutes tim o— that is
m ore than an adequate period to give the persons aboard an opportunity
to take to the boats. Then, since the people were not all saved, he carried
out tho torpedoing in such a manner that the ship w ould remain above
water the longest possible tim e, doing this with the purpose o f Tna!Hng
possible the abandonm ent o f the vessel on boats still in hand.
Sinco the ship remained a further forty-fiv e m inutes above water he
w ould h a ve accom plished his purpose if the crew o f the Ancona had not
abandoned the passengers in a manner contrary to duty.
W ith full consideration, how ever, o f this con du ct o f the com m ander,
aimed at accom plishing the rescue o f the crew and passengers, the Imperial
and R oyal M arine authorities reachod tho conclusion that ho had om itted
to take adequately into consideration the panic that had broken out among
the passengers, which rendered d ifficu lt the taking to tho boats, and the
spirit o f the regulation that Im perial and R oyal M arino officers shall fail in
givin g help to n o b o d y in need, not even to an enem y.
T herefore, the officer was punished, in accordance with the existing
rules, for exceeding his instructions.
T h e Im perial and R oyal Governm ent in tho face o f this state o f affairs
does not hesitate to draw the corresponding conclusion respecting the
indem nification o f American citizens affected b y the sinking o f the prize,
but in this regard it makes the follow ing statem ent :
T ho investigation into tho sinking o f the A ncona could naturally furnish
no essential point to show in how far a right to an indem nity Is to be granted
American citizens. T ho Imperial and R oyal Governm ent cann ot, indeed,
even, according to tho view o f tho W ashington C abinet, be held liable for
damages which resulted from tho undoubtedly justified bom bardm ent o f
tho fleeing ship.
It should just as little have to answer for tho damages which cam e to
pass before tho torpedoing o f tho ship through the faulty lo w o in g o f life­
boats or the capsizing o f lowered boats.
T h o Im perial and R oyal G overnm ent must assume that the W ashington
Governm ent is in a position and disposed to give it (the Austro-H ungarian
Governm ent) tho required and certainly not unim portant inform ation in
this respect.
If, how ever, bccauso o f possible lack o f material proofs the particular
circum stances under which Am erican citizens suffered damage should not
have becom e know n to the U nited States G overnm ent the R oyal G overn­
ment in consideration for tho hum anely deeply regrettable Incident and
b y a desire to proclaim once again its friendly feelings toward the Federal
G overnm ent w ould be gladly willing to disregard this gap in the evidence
and to extend indem nities also to those damaged whose cause cannot be
established.
W hile tho Im perial and R oya l Governm ent m ay probably consider the
affair o f the A ncon a as settled with the foregoing statements. It reserves
to itself at this tim o the right to bring up for discussion at a later period
tho d ifficult questions o f international law connected with submarine war­
fare.
T he undersigned has tho honor to request m ost respectfully that His
E xcellency, the A m bassador o f tho United States o f Am erica, will be
pleased to bring tho foregoing to tho attention o f the Federal Governm ent
and takes advantage o f this opportunity to renew to H is Excellency an
expression o f his m ost especial esteem.
(Signed).
B U R IA N .

In answer to your very esteemed note. N o. 4.307, o f tho 21st inst., the
subscriber has th o honor to lay tho follow ing m ost respectfully beforo his
Excellency tho Ambassador o f the U nited States o f A m erica, Frederic
Courtland Penfield :
T he Imporial and R oya l Governm ent agrees thoroughly with the Am eri­
can Cabinet that the sacred com m andm ents o f hum anity m ust be observed
also in war. Just as it has hitherto given at no tim e and to no person
occasion to doubt its respect for theso com m andm ents, in like manner
also in tho whole courso o f this war, which presents such pictures o f con ­
fusion o f m oral conceptions, has it given numerous proofs o f humanitarian
sentiments toward enomies as well as toward neutral States, and it was
not duo to this Governm ent that it was a short tim e ago not in harm ony
with tho W ashington Cabinet precisely on a quostion which it (tho AustroIIungarian G overn m en t), in harm ony w ith the entire public opinion in
A ustria-H ungary, regarded as principally a question o f hum anity.
T ho Imperial and R oyal G overnm ent can also substantially concur in tho
principle expressed in tho very esteemed note that private ships, in so far
as they d o not fleo or offer resistance, m ay not be destroyed without tho
persons aboard being brought into safety.
T ho Im perial and R oyal G overnm ent is very responsive to the assurance
that the Federal Governm ent lays value upon seeing that tho good relations
which happily exist between A ustria-IIungary and tho United States o f
A m erica aro m aintained. It reciprocates this assuranco m ost w arm ly,
and is now , as heretofore, concerned to ronder theso relations m ore hoarty,
so far as lios in its power.
Guidod b y tho samo spirit o f frankness as tho Governm ent o f the Union,
tho Imperial and R oyal Governm ent, although it does not find in tho note
frequently roforrod to tho answer to all tho legitimate questions submitted
b y it, is willing to com m unicate to tho Federal G overnm ent the result
o f the investigation which, in accordance with existing departmental
regulations, was bogun iinm odiatoly after tho receipt o f tho fleet report
on the sinking o f tho A ncona, .and which was just recently received.
T ho result o f this investigation m ay be summarized as follow s : On
N ovem ber 7 1915 at 11:40 o ’clock in the forenoon, tho com m ander o f tho
submarine observed in latitude 38.40 north, longitude 10.08 east, in foggy
woathor, at a distance roundly 3,000 meters, and one point to starboard,
tho outlines o f a large Italian steamer. He took it at first for a transport
steamer and turned about and fired from his rear gun a warning shot far
from tho vessel.
Simultaneously ho displayed the signal “ Leave tho ship.” T ho steamer
did not stop, but rather turned aside and sought to escape. T he com mandor at first remainod stopped for some minutes in order to increase
tho distance, since ho feared that the steamer had a stem gun and would
fire at tho submarine with it.
W hen the distance had reachod 4,500 meters ho had tho pursuit taken
up with full pow er and fired from his fow ard gun at a decreasing distance
sixteen shells, am ong which ho observed three hits.
During the chase tho steamer went zigzag and stopped only after the
third hit. Thereupon the com m ander ceased firing.
During tho flight tho steamer had already, while at full speed, let some
boats with persons in them fall, which im m ediately capsized. A fter stop­
ping the steamer began launching boats.
From a distance o f abou t 2,000 meters th o com m ander saw that boats
wero filled and row ed hastily aw ay from the steamer. A nother b oat was
capsized and floated keel up. The people held on to the hanging lines
and to the capsized b oat.
During tho further approach o f tho submarine the com m ander saw that a
great panic reigned aboard and that ho had to deal with a passenger steamer,
J O SEP H E . D A V I E S O N W O R K I N G S OF T R A D E C O M ­
nam ely tho A ncon a, from G enoa. Therefore he gave the occupants o f
M I S S I O N A N D A D J U S T M E N T OF T R A D E A F T E R W A R .
tho steamer m ore tim e than was required to leave the ship in lifeboats.
A t least ton lifeboats were still aboard, which w ould have m ore than suf­
Joseph E . Davies, Chairman of the Federal Trade Com ­
ficed for tho roscue o f the persons still aboard. One o f theso boats hung,
mission, was a speaker in New York on D ec. 21 before both
full o f people, ha lf turned outward on the davits.
Sinco, how ever, except for this, no further m ove was m ade to lower tho American Manufacturers’ Export Association and the
boats, tho com m ander decided after a lapse o f forty-fiv o minutes to tor- National Credit M e n ’s Association.
His remarks on both
podo tho ship in such a m anner that it should remain a considerable tim e
a floa t, in order that, on tho one hand, the getting o f the people into the occassions wero along similar lines, being intended to furnish
lifeboats should bo hastened, and that, on the other, adequate opportunity the public first-hand information touching the activities o f
should remain for rescuing the persons still aboard.
tho Trade Commission, especially with reference to the policy
Shortly thereafter a steamer became visible which was throw ing out
heavy clouds o f sm oko and headed toward tho A ncona. It apparently had adopted looking to the protection of parties to proceedings
been sum moned b y tho A ncon a's wireless.
beforo the Commission and tho idea behind tho A ct, that
Sinco tho submarine com m ander had to reckon on an attack b y a steamer,
quick
relief shall bo afforded those properly taking advantage
which he took for an enem y cruiser, ho submerged after having at 12 35
o ’clock in the afternoon had a tropedo fired into tho forw ard baggage hold of its provisions; also the survoy which the Commission has
o f tho A ncona from a distance o f 800 meters. T he Ancona listed about been and is making of the industrial conditions of tho coun­
10 degrees to starboard after this shot.
Thereupon an effort was made to lower tho lifeboat, which already was try, the investigation undertaken at the request of tho Presi­
half turned out on the davits. It broke loose, how ever, and fell into the dent of tho United States of the customs regulations of the
water. T h e lifeboat floated keel down farther and the people hold fast Pan-American countries, and the readjustment of trade re­
to the gunw ale.
O f the other boats none were lowered into the water although persons lations of the world which is certain to como following the
cou ld still be observed aboard. T he steamer gradually righted itself to an conclusion of tho war in Europo.
even keel and settled so slow ly that the submarine com m ander at first
M r . Davies addressed tho American Manufacturers’ Ex­
doubted whether tho steamer would sink. N ot until 1:20 o 'clo ck did it
port Association at a luncheon at the Biltmoro, and in pre­
sink, after a lengthy parallel settling, with tho bow first.
During these further forty-fiv o minutes all persons yet aboard could have senting a resume of tho activities of the Commission during
been saved w ithout d ifficu lty with tho boats still on hand.
tho nine months of its existonco, observed that “ it is one of
From the fa ct that this, contrary to his expectation, was not dono, tho
tho agoncies of the Government that must seek, in small
com m ander concluded that the crew, contrary to all seamen’s custom s,
had accom plished their own rescue with the first boats and abandoned to part, to aid in tho solution of tho groat problem of the fu­
themselves the passengers entrusted to their p rotection.
ture.”
Referring to tho adjustment of affairs which will
Tho weather, at tho tim e o f the incident, was good and tho sea calm ,
so that tho lifeboats could have reached the nearest coast without danger! follow tho close of tho war, ho noted that the reorganization
as indeed tho lifeboats actually wero damaged only b y tho unskilled lower­ of industry, when finally established in Europe, will in all
ing, but not after they had struck the water.
probability be invosted with a degree of efficiency that will
T he loss o f human lives is in the first instance b y no means ascribable
to tho sinking o f tho ship, but, and in all probability in a much higher command tho respect of all rivals in international competi­
tion in tho markets of tho world, and added that it will refor measure,
FRASERto the rapid lowering (hinuntcr werfen) o f the boats during fu

Digitized


138

quire all of our vision and discipline, enterprise and conserva­
tism, sagacity and daring to meet them. “ It will require,”
he continued, “ that our industries shall be integrated and
stabilized so that not only will the economies of sustained
production be available, but it will require that the social
well-being of the workers shall also be sustained upon a
proper level, to the same end. It will require a large-minded
intelligence and vision in the division of the fruits of industry
between capital and labor. Socialized autocracy did this
before this epochal war, in a manner that challenged the ad­
miration of the world. It is our task to demonstrate that
representative democracy can be equally efficient and ser­
viceable. For a monarchy, this task is relatively simple;
the task for democracy is far more difficult. Democracy
and monopoly are incompatible, because monopoly consists
of a denial of the principle of liberty in a sphere of action
that touches most intimately and vitally the life of the peo­
ple. B ut this does not mean that we should set our faces
against the advance of progress in industry. The problem
of democracy is to conserve the efficiencies of industry to the
highest degree that is compatible with the fundamental con­
ception of liberty and freedom in industry.” W e quote more
fully from the address below:

defeat the purposes for which they were Imposed. Invoices and harbor
regulations that are vexatious and useless, and other conditions havo been
perm itted to obtain largely through inertia. Only an intelligent appre­
ciation o f their significance is required to bring about advantageous change.
T ho tim o is peculiarly opportune for their consideration. T ho coun­
tries o f South and Central Am erica are studying conditions, and on the
verge o f simultaneously making changos in their legislation and their
regulations, and not again in a decade will com e so favorable an op p or­
tunity to bring about desired chango. U pon the request o f the President
of the United States and the Secretary o f tho Treasury tho Federal Trade
Comm ission is m aking an intensive, scientific study o f these conditions.
Investigators are now in South America gathering inform ation o f this
kind, n ot on ly for the benefit o f the United States, but for the benefit and
advantage o f all th e countries involved. A report upon these conditions
we hope will be ready and available for the m eeting o f the International
Joint H igh Com m ission which will be held In Buenos Aires in April next,
and which will address itself to these matters.
T h e possibilities o f dum ping b y foreign manufacturers o f their product
subsequent to the war, to the detriment and disadvantage o f Am erican in­
dustry, has also been an ob ject o f investigation and study in conjunction
with the Secretary o f C om m erce. T ho Federal T rado Com m ission, with
the Secretary o f C om m erce, will be prepared to make recomm endations to
Congress as to the m ethods b y which any such anticipated situation m ay
b o best prevented.
These, in a general w ay, are the functions which tho Federal T rado
Com m ission has been seeking to perform in tho interest o f American indus­
try in the foreign field.
W hat have been tho activities and tho benefit o f the Comm ission as to
dom estic industry, you m ay well inquire.
T h e Federal T rado Commission has been In existence nlno m onths.
D uring that tim e the energies o f the Commission have been largely devoted
to a survey o f the industries o f the cou ntry. T h o sound basis for action
com es only from an accurate and thorough appreciation o f conditions. T he
processes o f industry, the constituent parts thereof, and the interrelations
that exist between different kinds and classes o f industrial activities are
matters o f intricate and extensivo im portance. Inform ation o f this kind
has been com piled, and is now available.
During that tim o tho Commission has com e into personal con tact with
practically two-thirds o f the industries o f tho cou ntry, measured in value o f
investment, not only to know tho men engaged in tho businesses, respec­
tiv ely, but to see first hand some o f tho problem s that confront them .
Thero is at hand, and will be im m ediately available for the Commission on
Preparedness which it is reported tho President o f tho United States is
considering, the appointm ent o f, for the consideration o f tho m obilization
o f the industrial resources o f this cou ntry, a record not only o f tho industries
available, but their respective capacities, actual and potential, tho degree
o f their Integration, physical and financial. This is tho first survoy o f these
factors, assembled through governm ental agency.

T h e econom ic m ap o f the world is being rem ade. T he nations are to-day
studying it keenly. This is so, whether it be in Australia, South A frica,
Central Am erica, the Orient, or in the warring countries them selves. T h o
best thought o f the world is seeking to forecast conditions and to so read­
just affairs as to procure the greatest possible national advantage in future
developm ent. T h o industrial, com m ercial and financial intercourse o f the
world is in the process o f being recast. T h e next few years contain possi­
bilities o f as far-reaching and enduring consequence to our industry, co m ­
m erce and finance as perhaps any years in the history o f our cou n try. r.-i
W hat are we doing under these circum stances? T o be sure, in tho im ­
m ediate shock o f change, our business com m unity m ot conditions with
splendid adaptability. Yankee ingenuity and American enterprise display
its genius to no greater advantage than in remaking its industry to conform
to the changing conditions o f the last fourteen months.
B u t that is not enough. H ow are we building? W hat are we going to
d o with this vast volum e o f gold coin , constituting one-fourth o f tho total
o f the w orld’s supply, which is pouring into this country and bringing with it
unprecedented erp anskm an d prosperity ? j j hall it be_dissipated b y an era
of~wild~speculation that will bring inevitable reaction, or shall it be utllizod
for"the*broad and'extensivo building o f a firm 'stru ctu ro which the construc:
tivn~visinnT~mgacitv^nd daring o f Am erican'Industry can translate into
enduring benefit f o r t h e American people?
W hat o f foreign trade ? ^ A re we to be content with imm ediate and large
profits? Or shall we recognize a great opportunity through which wo m ay
establish the character, quality and value o f Am erican goods, and thereby
establish a firm grip upon international markets, in anticipation o f tho keen
com petition that is to com e, so that thereby a b od y o f substantial foreign
trade m ay be developed which shall serve as a back log and as a stabilizer
o f American industrial conditions for tho long and great future?
M en engaging in business enterprise m ay well ask, "W h at has Govern­
m ent done, and what is it doing in this situation, to perform its functions
o f serving the people o f the United States” ? T he manner in which tho
forces o f the Federal Governm ent were marshaled to avert the econom ic and
financial catastrophe in the first fateful weeks o f tho war is now h istory.
T he millions in gold from the Federal Treasury which cam e to the support
o f the tottering financial structure, not only o f this nation but o f tho w orld,
were dispatched to tho financial centers with a speed and prom ptitude that
was regarded as physically impossible. E xecutive order, legislative authori­
zation, and executive action were projected into the situation with prom pt­
ness and wisdom that will stand out as w orthy o f the finest achievements o f
American capacity to m eet em ergency.
In lesser degree every agency o f the Federal Governm ent has been bending
its efforts to the aiding and sustaining o f American interests in this war
crisis. O f these various activities I cannot speak with definiteness, except
as to those o f the Federal Trade Comm ission affecting our foreign and our
dom estic industry under those conditions.
W ith foreign trade wo have com e into con tact through tho provisions o f
the organic act creating the Comm ission.
Being charged b y Congress w ith the obligation o f ascertaining and re­
porting from tim e to tim e as to com petitive conditions that exist in foreign
countries o f the world which affect adversely tho interests o f American
industry, the Federal Trade Comm ission concluded that the present
was a time than which there could be nono m ore opportune or valuable for
the exercise o f that power. Inform ation has been gathered from all pub­
lished sources as to the existence o f foreign com binations o f an inter­
national character that existed prior to this war, and which were operating
In the markets o f the world; investigators have procured first-hand infor­
m ation as to conditions in foreign markets; hearings have been held In
the principal centers o f foreign trade in this country to obtain first-hand
inform ation from the business men engaged in foreign com m ercial enter­
prises; 30,000 letters have been sent out to business m en, containing
searching questionnaires upon tho facts connected with foreign trade, upon
this subject. One o f the m ost significant facts in this connection lies
in this— that within the last six weeks we have received 20,000 replies out
o f those 30,000 requests to tho business men o f this country. From them
we have received with prom ptness and generosity a vast volum e o f fact and
detailed Inform ation, to be addressed to the solution o f this problem o f
what steps, if any, are necessary that American manufacturers and mer­
chants shall stand on an equality with their rivals in international com peition. Tim e we have regarded as the essence in this situation. W ithin
the next few weeks we hope to have assembled and digested a record o f
facts and opinions gathered from business sources, from publicists, from
economists, and from first-hand knowledge o f conditions In foreign coun­
tries, which will afford a substantial basis o f accurate inform ation for
such legislative action as Congress m ay deem necessary and wise.
A somewhat similar investigation arose out o f conditions which exist
as between the United States and Pan-Am erican countries, which operate
to artificially and unreasonably restrict the commercial relations botween the countries o f this continent. It is generally know n to those
conversant with conditions that custom s tariff regulations and tariffs
o f these countries operate as hardships upon Am erica, whero no reason
obtains for their existence, as the conditions which they were designed
to meet have long since passed away, and which indeed now serve to
FRASER

Digitized for


[Vol. 102.

THE CHRONICLE

U n fa ir M e th o d s o f C o m p e titio n .

T h o principal function for which tho Federal T rado Comm ission was
creatod was undoubtedly to prevent practices o f unfair com petition in In­
dustry. T h e o b je ct was to destroy m onopoly in tho seed, and to protect
the great m ajority o f business units in industry, whoso ch ief menace com es
from practices o f unfair com petition which m ight bo em ployed b y not a
m ore efficient but b y a m ore powerful rival. Com plaints covering m any
varietias o f unfair m ethods have been filed with the Comm ission, such as
false advertising, bogus independents, prico discrimination, bribery o f
em ployees, b oycotts, misbranding o f goods, rebates and tho liko. These
com plaints have com e from all classes o f industry, covering tho fields o f
m ining, agriculture, manufacture and distribution. O f those com plaints
and their disposition, tho public has not heard m uch. T his is so because o f
tw o conditions which tho Federal Trade Com m ission has imposed upon its
procedure, for the public interest. N o inform ation is given ou t, or is
obtainable upon any application for a com plaint which is made to tho Fed­
eral T rade Com m ission, until tho case has been investigated and until it
has been determ ined that a form al com plaint is to b e served b y tho C om ­
mission against the parties com plained o f. T h e reasons for this aro, first,
to protect those w ho. in good faith, m ako the com plaint, from reprisals by
those against whom tho charges aro m ade; and, second, to protoct legiti­
m ate business from tho injury which tho publication o f malicious or improper
applications or com plaints m ight subjoct them to . T ho other p olicy which
has been adopted is that o f advising tho party com plained against o f tho
nature and character o f tho charges m ade, beforo form al com plaint Is made
and filed b y tho C om m ission, to the end that either tho party com plained
o f m ay establish the lack o f public interest, or bo given an opportunity, if
tho situation is clear, to agree that neither as to tho com plainant nor as to
tho general public will there bo a continuance o f such illegal practice. Those
policies tend to obscure the am ount o f work dono b y tho Com m ission, so
far as the publicity o f its work is concerned; but it has been felt that a
larger service was being perform ed b y tho proper protection o f legitimate
interests o f business and b y tho speedy accom plishm ent o f tho relief to the
general public and to tho parties com plained o f.
T ho Federal T rado Comm ission was crcatod ou t o f a dcsiro to bring Into
tho relations between Governm ent and business and society, a constructive
agency. It was designed b y those who croatod it not as a punltivo, but
as a corrective, force. It was hoped that it would servo to bring about a
m ore sim ple, direct and inform al agency for adjustm ent o f matters than
would bo afforded through a strictly judicial or a strictly administrative
agency. T h e fact that thero m ay be com paratively few com plaints brought
b y this b o d y is, therefore, not an indication that relief is not being accorded;
but m ay bo, in fa ct, an indication that tho effectiveness o f this agency is
being dem onstrated along tho lines contem plated b y thoso who sought its
enactm ent.
I t Is contem plated that, b y the publication o f a ruling upon each case
as it is disposed o f, that ultim ately a b od y o f cases will bo built up which
will operate as a code o f what establishes fairness and unfairness in trado,
t o the benefit o f industry In this situation whero form al com plaints d o not
com e to trial.
,
T h o powers o f the Federal T rado Comm ission aro lim ited b y tho law o f
its creation. T hey are not as extensive as m any proponents m ight have
desired; but its responsibilities are greater than its power.
1 o tho oxtont
that in its power la y, it is bont and animated b y a deslro and purposo to aid
in every possible manner that Is consistent w ith dem ocratic institutions
in the developm ent o f the power and greatness o f this nation as an industrial,
com m ercial and financial nation in the w orld.
I t is ono o f tho agencies o f Governm ent that m ust seek, In small part, to
aid in the solution o f the groat problem o f the future.
E ffic ie n c y in

I n d u s tr ia l C o m p e titio n .

W hile the significance o f Germ any’s efficiency m ay perhaps havo been
exaggerated, nevertheless it Is true that an Industrial as well as a m ilitary
organization has been quietly developed in Europe that has oclipsed any­
thing o f the kind that we have soen. Econom ies havo boon lnducod in
production; scientific m ethods effected in m arketing and distribution; ex­
ploitation through com binations o f an international character have boon

J an . 8 1916.]

THE CHRONICLE

12d

developed and are the com plem ent o f a m ilitary m achine that has co m ­
M o n e y , like everything else, will seek tho fields o f greatest productive­
m anded the adm iration o f the w orld. W ithin the m onths last past these ness, and whon sections have secured sufficient credits to care for temporary
facts have not been apparent t o us alone. England. France and Italy
needs m oney will naturally flow to those m oney centers, not on ly dom estic,
have, under the pressure o f overpow ering necessity, endeavored to special­
but also foreign, whore em ploym ent is attended b y the least risk and great­
ize industry for greater econom y and effectiveness, and to a degree that est opportunities. In other words, tho fact that funds idlo in the interior
It is difficult for us to understand.
These influences will obtain after float to N ow \ ork should bo taken on its face as indicative o f the fa ct that
peace has com e. T o speculate as to the future conditions follow ing the requirements o f other sections have been m et.
war is idle. B ut it is still groater folly to assume that in the long future
From now until tho end o f tho war is a m ost im portant tim e for safe
these lessons derived from these conditions will n ot be translated with business m ethods. It is as im portant for merchants and manufacturers
m ilitary effectiveness and discipline into efficiencies and econom ies o f pro­
to endeavor to stabilize interest rates in the hiring o f m oney as it is any
duction and distribution, when the energies pent up in the struggle shall be other com m od ity they m ay secure to use in their business.
released for industrial endeavor. T he reorganization o f industry, when
It should bo rem em bered that our financial institutions are perhaps the
finally established in E urope, will in all p robability be invested with a de­ m ost sensitive o f any o f our vital organs, and should be nurtured carefully
gree o f efficiency that will com m and the respect o f all rivals in international so tho delicate and intricate m achinery o f tho wheels o f com m erce be not
com petition in the markets o f the w orld. T he stimulus o f necessity wil1 clogged.
speed these processes, with the resum ption o f peace; fo r international bills
T ho j ear 1915 has shown substantial progress in all territory tributary to
will have to be paid through roversing balances o f trade, if that be possible, St. Louis. T he banking institutions realize they ow e tho highest duty
people will have to be em ployed, and every effort will be m ade b y G overn­ not only to their depositors and stockholders, but to their com m unity and
ments involved to sustain themselves from destruction.
section as well. Conservative and constructive m ethods go hand in hand.
W hen these conditions will obtain in international industry it will re­
1 ho year 1916 holds out still better promises, with added tributary terri­
quire all o f our vision and discipline, enterprise and conservatism , sagacity tory for St. Louis to serve, such as M exico and tho Latin-Am erican coun­
and daring, to m eet them . I t will require that our industries shall be in­
tries. W o are on tho ovo o f great business expansion, although a man
tegrated and stabilized so that n ot only will the economies o f sustained
without vision m ay term it “ infla tion .” T he American people, with their
production bo available, but It will require that the social well-being o f diversified resources, can clothe, feod or starve tho w orld. W e are essen­
the workers shall also bo sustained upon a proper level, to the same end. It
tially a com m ercial nation, and not a race o f diplom ats, poets or portrait
will require a large-m inded intelligence and vision in the division o f the
painters. N ow is tho tim o to m eet all issues squarely and successfully and
fruits o f industry between capital and labor. Socialized autocracy did keep our head and eyes to the fron t.
this before this epochal war, in a manner that challenged the adm iration
o f the w orld. I t is our task to dem onstrate that representative dem ocracy
The following resolution, relative to comparisons of trans­
can be equally efficient and serviceable. For a m onarchy this task is rela­
tively simple; the task for d em ocracy is far m ore d ifficult. F or in d em oc­ actions made in bonds and shares of stock not going through
racy we cleave to certain essential, fundam ental principles as the covenant
the Philadelphia Clearing-House Association, effective on
o f our faith, whereas in autocracy there are no such principles that im pede
the 3d inst., has been adopted by the Governing Com ­
translation o f theory into effect. W e believe in d em ocracy in A m erica.
W e believe that it is our first mission in civilization to preserve and sustain mittee of the Philadelphia Stock Exchange.
it, and dem onstrate it as the enduring form o f governm ent for the benefit
It shall b e the d u ty o f the seller to com pare or endeavor to com pare
o f m ankind. I t is the very essence o f our aspiration, and the spirit o f
all transactions in bonds and in shares o f stock n ot going through the
dem ocracy that there shall be fair opportunity for a ll, not only in politica l
Clearing n o u se b y 4 o 'clo ck p . m . on the day o f the transaction, except on
rights but in the exercise o f industrial and com m ercial vocations. A u to c­ Saturday, on which d a y, b y 1 o'clo ck p . m ., any m em ber failing to make
racy and m onopoly are not abhorrent; they are the same thing— one in such com parison shall be fined $5. In the event o f the failure o f the seller
political lifo, tho other in industry. D em ocracy and m onopoly are incom ­ to so com pare, it shall bo the d u ty o f tho buyer to com pare, or endeavor
patible, because m on op oly consists o f a denial o f the principles o f liberty to com pare, with the seller b y 9:30 o 'clo ck a .'m . on the follow ing business
in a sphere o f action that touches m ost intim ately and vitally the life o f the day. In case the seller or the buyer is unable to com pare, he shall report
people. But this does n ot mean that we should set our face against the such failure to the Chairman o f the Exchange b y 9:50 o 'clo ck on the
advanco o f progress in industry. T ho economies o f large-scale p roduction
m orning o f tho business day follow ing tho d ay the transaction took place
to tho extent that they exist, the advantages o f integration o f industry, the who shall announce from the rostrum at 10 o ’clock a. m . the same day
sustaining force o f stabilization in Industry, the prevention o f feast and the failure to com pare, and send notice o f sam e over the stock indicators.
fam ine, tho prevention o f cutthroat com petition, can all bo encom passed
Should no com parison for the transaction or transactions be m ade b y 11
in a dem ocratic State without yielding to m on op oly in principle or in effect. o clock a. m . on that d a y, the Chairman shall buy in or sell ou t under the
T ho problem o f dem ocracy is to conserve tho efficiencies o f industry to the rule the security or securities not com pared, and the party who failed to
highest degree that is com patible with the fundam ental con ception o f lib­ com pare shall have no further claim to receive or deliver such security or
erty and freedom in industry. T he problem o f governm ent is not on ly not securities, as the case m ay be.
to thwart efficiencies, but to stim ulate them , to aid them , to develop them
to the highest degree that is com patible with the general welfare. T hat is
The Guaranty Trust Co. of this city has prepared a
the problem for d em ocracy. T hat is the great challenge that com es in tho
history o f civilization to this great R epublic, with renewed Insistence, out revised edition of its Federal Income Tax booklet, which
o f this epochal war.
It requires that we shall coordinate and marshall all o f tho best forces contains the full text of tho law, annotated and thoroughly
It also carries a summary of the Treasury Depart­
that are In our industrial, business and political life, for its solution. T he indexed.
critical fun ction is easy, the constructive function is hard.
ment rulings affecting individuals and fiduciaries, with a
W o seek to build up , and n ot to destroy. W o desire to aid, and not to
comprehensive index which enables the layman to quickly
harass.
T o preserve for the benefit o f posterity the real essence o f liberty and
and conveniently locate any particular feature of the law
froedoin in op p ortunity which Am erica has always prided herself in, is the concerning which he m ay desiro information.
The com­
fundam ental source o f our effort in D em ocracy.

pany is distributing this booklet upon request to those
affected by the law or interested in its provisions.

B A N K IN G , L E G IS L A T IV E AN D F IN A N C IA L N E W S.
Only 34 shares of bank stock were sold at the Stock Ex­
change this week and no sales were made at auction. Trans­
actions in trust company stocks were limited to the sale at
auction of five shares. Extensive tables reporting bid and
asked quotations, deposits, surplus, & c., of banks and trust
companies in all important cities in the United States are
published monthly in the “ Bank and Quotation” Section,
tho January issue of which accompanies to-day’s “ Chronicle.”
Bid and asked quotations for all N ew York City bank and
trust company stocks aro also published weekly in another
department of this paper, and will be found to-day on
page 132.
S h ares. BANK— N ew Y o rk .
Low .
34 C om m erce, N a t. Bank o f ____ 180
T R U S T C O M P A N Y .— N e w Y o r k .
5 Hudson Trust C o .................... 129

H ig h .

181
129

C lo s e .

180
129

L a st p rev io u s s a le .

D oc. 1915— 181
M ar. 1913— 137

A Now York Stock Exchange membership was sold this
weok for $71,000, tho same as tho last preceding sale.
John G . Lonsdale, President of the National Bank of
Commerce of St. Louis, in viowing the future, is quoted in the
St. Louis “ Globe-Democrat” of the 2d inst. as saying:

In the annual statement presented to the stockholders of
the First National Bank and the First Trust & Savings
Bank of Chicago by President James B . Forgan on D ec. 31
the combined profits of the affiliated institutions are shown
to be 8 % , against 10 % % last year, on the average aggre­
gate capital employed. In describing the year just closed
as most unsatisfactory from the standpoint of earnings,”
President Forgan says, in explanation:
T he reduction in the legal reserve requirements o f the national banks
authorized b y the Federal Reserve A ct which became effective N o v . 16
1914, released from tho legal reserves o f the national banks over $500,000,­
000 o f lawful m oney which became available to them as a basis for the ex­
pansion o f banking credits. In this bank over $5,000,000 was thus re­
leased. In an effort to find profitable em ploym ent for this m oney in com ­
petition with other banks engaged in similar efforts, we have during the
year expanded our loans from $94,231,000 to $107,209,000, and during
the same period our deposits have increased from $117,092,000 to $154,­
550,000. Notw ithstanding our efforts our idle m oney in excess o f our
legal requirements has increased. In January it averaged $6,422,000, while
in D ecem ber it averaged $7,571,000. It reached its lowest point in April
averaging for that m onth $5,650,000, and its highest point in September
when it averaged $12,600,000, while it averaged during tho entire year’
In addition to the largo amount released to the national banks through
the operation o f the Federal Reserve A ct there has been an accumulation
o f legal reserve m oney resulting from the balance o f international trade
turning so heavily in this cou n try’s favor, brought about b y the curtail­
m ent o f im ports and tho enormous increase o f exports causing large im por­
tations o f gold. T he stopping o f the large expenditures b y American
travelers in Europe has also resulted in keeping gold in this country. Duo
to these conditions com petition among the banks to keep their m oney em ­
ployed becam e very keen and resulted in establishing open market discount
rates at a quite unprofitable basis.

Some ono has said, “ A pessimist is one who walks into a room and turns
out the light and then wonders w hy it is dark.” Tho American people aro
optim istic and liko to bo led b y men with tho "lig h t o f reason ," w ithout tho
heat o f prejudice.
Our accumulated wealth is tantam ount stored-up energy, in that it
The combined net profits of the First National and the
represents labor and moans tho power to d o things. There is no such thing
as a "m on ey tru st," unless you can say the handling o f funds is a trusteeship, First Trust & Savings Bank for the year just ended, after
bocauso bankers who have in hand tho care o f the accum ulations o f the
making provision for depreciation and losses, both realized
m ultitude must bo callod on to give a strict account o f their stewardship
and instead o f, as in tho old days, hiding their talents under a napkin, it is and anticipated, amounted to $2,580,351; out of this divi­
nocossary they em ploy tho use o f their accom plishm ents and tho funds dends aggregating $2,200,000 were paid, leaving a surplus
entrusted to their care in such a manner as will make the funds, or credits,
above dividends of $380,351. In the case of the First N a ­
active and productive and servo tho public needs along constructive lines."
Consequently, vigilanco and business acumen aro necessary in order that ! tional the net profits were $1,536,865, the dividend pay­
immenso sums m ay bo safely and p rofitably em ployed.
ments (1 2 % and special dividend of 3 % ) absorbing $1 ,5 0 0 ,-




130

THE CHRONICLE

[Vol. 102.

000, leaving 836,868 to be added to the balance of $ 2 ,313 ,­ capital and surplus of $35,000. This bank was organized
344 brought forward from the previous year, and creating in 1830 and James K . Guy is President.
a new balance of $2,350 ,21 2. The profit and loss account
The City Bank & Trust C o. of Hartford, Conn., has
of the First Trust & Savings Bank shows net profits of
$1,043,483; after applying $700,000 in dividends (1 2 % and moved to its now banking quarters at Asylum and Trumbull
2 % special), $343,483 was added to the amount standing streets, having opened at that location on December 27.
to the credit of profit and loss on Jan. 1 1915, namely W hile the quarters were not in complete readiness, sufficient
$19,985, making a total of $363,468 brought forward on progress had been made to enable the bank to conduct
Jan. 1 1916. The First National reports deposits of $154,­ operations. It is stated that when tho offices are in final
550,368 on Jan. 3 1916 and total assets of $187,446,891. shape the institution will have one of tho most attractive
The deposits of the First Trust & Savings Bank on the same banking rooms in tho city.
date were $65,15 4,9 26, while its assets totaled $75,765,436.
Tho Board of Bank Incorporation of Massachusetts has
The stock of the First National is held by 308 women,
504 men, 13 firms and corporations and 86 trusteeships and dismissed the application of tho Manufacturers’ Trust C o.
estates. ’ The stock of the First Trust & Savings Bank is for a cliartor with a location in Cambridge. W o learn from
owned by the stockholders of the First National, and the tho Boston “ Transcript” that the Deputy Commissioner
gives as the reason for tho action that “ public convenience
directors of the two institutions are identical.
and advantage did not require another trust company in
The directors of the Bankers Trust C o. of this city at a Cambridge.” Representatives of all other Cambridge trust
meeting on Jan. 4 made the following additions to the official companies appeared in opposition at a hearing held on the
staff of the company: J. F . Schmid, Assistant Treasurer; application.
N . Beach Polk, Assistant Treasurer; R . Gregory Page,
Assistant Trust Officer; W . A . Henderson, Auditor.
The long business careor of tho Manufacturers’ National
Bank of Philadelphia ended on December 31 with the taking
A t a meeting of the directors of the Guaranty Trust Co. over of its business by the Union National Bank. As we
of N ew York on Thursday G . M . P . M urphy, Vice-President indicated last week, the President of tho absorbed bank,
of the company, was elected a director.
Edward W o lf, with Nathan T . Folwoll, H . H . Barton Jr.,
and Samuel E . Landis, who wore directors of the merged
Charles 0 . Brinckerhoff, Assistant Secretary of the Brook­ institution, will be added to tho board of the Union National
lyn Trust Co. of Brooklyn and Manager of the Bedford Bank. The Cashier of tho absorbed bank, Samuel Campbell,
branch, died on Jan. 5. M r.Brinckerhoff, who was fifty-two will bo made an Assistant Cashier of tho Union National.
A statement of condition of the combined institutions as
years of age, had been with the company for about thirtyone years; he had been Manager of the Bedford branch since of Jan. 3, reported capital, $500,000: surplus and not profits,
its opening in 1903 and had been Assistant Secretary for a $421,184, deposits, $9,027 ,73 7, and total assets of $1 0,­
number of years.

492,418.

The resignations of Philip Lowy and Joseph Fiscli from
the directorate of the W est Side Trust C o. of Newark, N . J .,
were announced last week. George W . Lent, Secretary and
Treasurer of the trust company, also resigned recently.

Tho directors of the Philadelphia National Bank of Phila­
delphia at a meeting on the 5th inst. elected William S. God­
frey a director to fill tho vacancy caused by the resignation
of Lincoln Godfrey. Tho following now members wore
added to tho directorate: Alva C . Dinkey, Prosidont of the
M idvale Steel & Ordnance C o.; Eldridge R . Johnson, Presi­
dent of tho Victor Talking Machino C o.; J. Howard Pow,
Prosidont of tho Sun C o ., and J. Koarsley Mitchell, Prosi­
dont of the Philadelphia Rubber W orks C o.

Control of the Perth Am boy Trust C o. of Perth Am boy,
N . J ., has been acquired by George A . Viehmann, President
o f the N ew Jersey Fire Insurance Co. of Newark, tho New
Brunswick Fire Insurance C o. and the Middlesex Titlo
Guarantee & Trust C o. of Now Brunswick. M r . Viehmann
is quoted in tho Newark “ Nows” as saying:
Certain interests wore thinking o f starting a bank in Perth A m b oy , and
o n investigation found the trust com pany cou ld bo purchased. James C .
M c C o y w ho was its President, and w ho built tho I erth A m b oy Street Ity .,
has been practically retired for a number o f years. The late W A C on ­
ner. form er V ice-President, was the activo man in the bank. W hen ho
died, w o found the owners willing to sell tho controlling interest.

The annual election of officers will take place on Jan. 11.
The Perth Am boy Trust C o ., control of which was ownod
b y the Van Buskirk interests of Bayonne, has $100,000
capital. Its assets aggregate about $2,000,000.
The Bankers Trust C o. of Buffalo on Jan. 1 paid its
regular quarterly dividend of 1 M % • The Board has also
authorized the transfer of $50,000 from undivided profits to
surplus account, making the surplus $250,000. Alterations
are progressing rapidly in the Utica Building, which is to
be occupied by the Cold Spring branch of the com pany, and
the officials hopo to open for business about Feb. 1.
The Middletown National Bank and the Middlesex County
National Bank, both of Middletown, Conn., are to bo mergod.
Tho good-will of the latter bank will be purchased and its
deposits assumed by tho Middletown National Bank.
The
Middlesex County National Bank will bo placed in volun­
tary liquidation. It is expected that the stockholders of the
absorbed bank will realize altogether about $105 for oach
share whon the assets have been liquidated. Tho annual meet­
ing of this bank will be held on Jan. 19, whon the proposition
will be submitted to the stockholders. The stockholders
of the Middletown National Bank will meet on Jan. 11 and
it is expected that tho board of directors will bo increased,
now directors being chosen from the directorate of tho M id ­
dlesex County National Bank. It is understood that ad­
ditional officials will also be elected at,this mooting. A now
building, made necessary by the bank’s growth, is plannod.
The Middletown National Bank has a capital of $369,300
and surplus of $200,000. It was chartered in 1795 under the
name of the Middletown Bank. W m . II. Burrows is Presi­
dent. The Middlesex County National Bank has $175,000




W alter K . Hardt has been elected a Vice-President of the
Fourth Street National Bank of Philadelphia to succeed the
late James H a y . M r . Hardt had been Assistant Cashier
of the institution since 1909, and his advancement com­
mands particular attention as the promotion of an Assistant
Cashier to a Vice-Presidency is an infrequent occurrence.
M r . Hardt is a son of W illiam M . Hardt, examiner of the
Philadelphia Clearing House. A brothor, Frank M . Hardt,
is Cashier of the Federal Roserve Bank of Philadelphia, and
J. William H ardt, another brothor, is an Assistant Cashier
of tho Franklin National Bank. Warron R . Humphreys
has boon chosen an Assistant Cashior of tho Fourth Street
National Bank of Philadelphia.
The directors of the Commercial Trust Company of Phila­
delphia have elected Caspar W . Morris of tho Stock Ex­
change firm of Elkins, Morris & C o ., to their board to fill
tho vacancy caused by tho death of Robert C . Drayton.
An incroase from 7 % to 8 % in its annual dividond rate
has been announced by tho Exchange National Bank of
Pittsburgh. This, it is stated, is tho second incroase made in
tho rato of distribution during tho past five years.
An addition of $100,000 to tho surplus was votod by the
directors of the Union Savings Bank of Pittsburgh, Decem­
ber 30, making tho total fund $1,000,000. The bank has
a capital of $1,000,000 and resources of ovor $13,000,000.
An initial dividond of 1 % was declarod Doc. 22 by the
directors of tho First Trust & Savings Bank of Cleveland,
this action marking the inauguration of rogular quarterly
distributions to the stockholders. It was at tho samo timo
announced that with tho noxt disbursomont mado to the
stockholders of tho First National Bank tho yoarly dividond
rato of that institution would bo increased from 1 0 % to
1 2 % . The First National and First Trust & Savings
Bank are affiliated institutions; the former has a capital

.U n . 8 1916.]

THE CHRONICLE

o f $2,500,000 and the latter a capital of $1,250,000.
First Trust was organized in M a y 1913.

131

The

National Bank, the National Bank of Commerce and the
National Bank of Kentucky. The dividend of the Citizens’
National Bank (capital, $5 00 ,0 00 ), which was payable D ec.
The Groenebaum Sons Bank & Trust C o. of Chicago, which 1 , involved anincreased distribution of $2,500.
olaims to be the oldest banking house in that city, has
The National Bank of Commerce of Louisville, K y ., on
introduced a new plan for systematic saving, in view of the Doe. 14 declared a dividend at the rate of 1 2 % per annum,
success which has attended its plan for saving by partial payable Jan. 1, for the six months ending D ec. 31 1915, as
payments. The new system calls for the deposit of a specific compared with the previous rate of 1 0 % per annum. Pay­
amount to be paid in weekly, semi-monthly, or monthly, and to ments will hereafter be made quarterly. The bank has a
be applied toward any first mortgage investment offered by capital of $800,000 and surplus of $616,159.
the bank. Interest will be allowed on these payments at
The National Bank of Kentucky declared a semi­
the same rate as the investment. According to the rules annual dividend of 5 % , payable Jan. 1, this disbursement
of the Systematic Savings Plan, when final payment is made representing an increase in the annual rate from 8 to 1 0 % ,
the depositor receives possession of the investment. In dividends hereafter to be paid quarterly. The bank distrib­
the event that he is unable to continue the payments utes $16,450 extra in its Jan. 1 dividend. The capital of
regularly tho bank reserves the right to refund the principal this bank is $1,645,000 and it has a surplus of $1,592,874.
amount in full without interest, or at the end of six months
with interest at the rate of 3 % per annum, the same as
The Executive Committee of the Georgia Bankers’ Asso­
the regular savings account.
ciation has selected Macon as the 1916 convention city.
The resignation of Orson Smith as President of the M er­
chants Loan & Trust Co. of Chicago was tendered to the
directors at a meeting on the 4th inst. According to a
statement made by the directors no action on the resignation
will be taken until February 1, the bank’s by-laws being
changed in the interval so as to provide for the creation of
the office of Chairman of the Board, to which post M r.
Smith will then be elected. M r . Smith, who is seventy-four
years of age, has been with the company about 32 years.
His place as President will bo taken by Edmund D . Hulbert,
now First Vice-President of the institution. M r . Hulbert
is 57 years of age and started his banking career as a messen­
ger in the Hurlbut National Bank of Winsted, Conn., in
1875. In 1877 he entered the First National Bank of
W inona, M in n ., serving as Cashier till he went to Chicago.

The Association will hold its meeting on M a y 26 and 27. Its
1914 convention also took place at M acon, that city again
being chosen because of the hospitality with which they were
received on that occasion.
It is announced that the Oglethorpe Savings & Trust
Co. of Savannah, G a ., plans to increase its capital from
$12o,000 to $2o0,000. It is the purpose at the same time
to declare a special dividend. Tho new stock will be offered
stockholders, share for share, at par. President Jacob S.
Collins has issued a statement to the shareholders with
regard to the plans in which, according to the Savannah
“ N ew s,” he says in p a r t :
The management does not believe that it is good policy to have the
bank stock practically unsalable by virtue of its market price being too
large to make the stock traded in or desired as an investment. It is not
enough for the stockholder to feel the stock has a book value greatly in ex­
cess of its market value, unless this fact carries with it sufficient argu­
ment to induce the public to become interested therein and make the stock
in demand by the general public.
Six months ago the present management decided the stockholder
should roceive largor dividends. * * * The past six months have fur­
ther demonstrated that the stockholders are entitled to even greater con­
sideration. * * * It is the opinion o f tho directors that it would not
be wise to place upon the company a fixed dividend as it might burden
the company to have to earn the money with which to pay it, and, there­
fore, they have determined to declare a special dividend.

The directors of the Union Trust Co. of Detroit, at their
annual meeting on December 29, made several changes in
the official staff of that bank. John N . Stalker, an Assistant
Secretary, in recognition of his efficient service with the
company for the last ten years, was made a Vice-Presidont.
Two new Assistant Secretaries were chosen, namely Merrill
C . Adam s and Harry D . Slater; the latter was previously
The control of the National Bank of Savannah and the
Secretary to the President. The regular quarterly dividend
Oglethorpe Savings & Trust Co. was acquired in July 1914
° f 1 ^ % and an extra dividend of 2 % was announced,
making tho total distribution for the year 8 % , on the insti­ by a syndicate represented by M r . Collins, who was Presi­
tution’s capital of $1,000,000. The sum of $100,000 was dent of both,besides being at the head of the Real Estate
authorized to be transferred from undivided profits to Bank & Trust C o. The Real Estate Bank has since been
surplus. The latter item, the entire amount of which has merged with the National Bank of Savannah.
been created out of earnings, was reported as $400,000 in the
A dividend of 7 % was distributed during the past month
company’s last statement. The election of two new direc­
to the depositors of the Pensacola State Bank of Pensacola,
tors was announced by us last week.
Fla. The institution closed its doors on D ec. 5 1913. The
Tho directors of the W ayne County and Home Savings depositors of the defunct First National Bank of Pensacola
Bank of Detroit have authorized the payment of an extra have just roceived a 5 % dividend: the First National suspend­
dividend of 1 % , amounting to $25,000, in addition to the ed in January 1914.
regular dividend of 1 % a month. A similar extra distribu­
tion was made in June, the stockholders of the institution
haying thus roceived for the year 1 4 % , or $350,000 on the
capital of $2,500,000. The Detroit “ Free Press” of Decem­
ber 29, says :

R . S. Heeht has been elected Vice-President of the Hibernia
Bank & Trust Co. of N ew Orleans. M r . Heeht was made
Trust Officer of the Hibernia in charge of its then newly
organized bond department in 1913. Only a little over
Besides the holiday payment to the stockholders the bank’s directors twelve years ago, M r . Heeht started to work in the Foreign
■distributed $25,000 among the bank's 150 employees last week in the form Exchange Department of the National Bank of the Republic,
o f cash Christmas gifts.
Chicago, and later accepted a position with the Commercial
Announcement of tho merger of two Ann Arbor, M ich ., National of the same city. M r . Heeht has been active in
banking institutions, the State Savings Bank and the the affairs of the American Institute of Banking. Taking
German American Savings Bank, effective January 1, up the Institute course of study, he was one of the first
under the name of State & German American Savings ten in the United States to receive a certificate of graduation.
Bank, is made in the Michigan “ Investor.” Tho new bank A t the Dallas Convention of the Institute he was elected
has a capital stock of $150,000; surplus fund of $150,000 to the Executive Council of the Institute and is a leading
and undivided profits of $25,000. Its aggregate resources factor in the N ew Orleans Chapter. H e is a lecturer in
are reported as $2,500,000. The State Savings Bank, Tulane University and was in 1915 appointed to the honor­
organized in 1893, had a capital of $100,000 and surplus ary position of Commissioner of Docks, N ew Orleans.
and profits in excess of $140,000. The Gorman American
Tho merger of the South Berkeley Bank with the Berkeley
Savings Bank, organized in 1906, had a capital of $50,000
and surplus and profits in excess of $35,000. The board Bank of Savings & Trust of Berkeley, C al., was announced
of tho new bank, representing a combination of the director­ December 22. The stock of the two institutions has been
ates of tho two institutions, consists of twenty-one directors. largely owned, it is stated, by the same interests; the new
arrangement brings them under one general management.
A “ Christmas gift” dividend of 2 % , making a total dividend According to the San Francisco “ Chronicle” tho Berkeley
disbursement of 1 2 % for the calendar year 1915, has been Bank of Savings is controlled by the First National Bank.
received by the shareholders of the Union National Bank of
Louisville, K y . The institution has a capital of $500,000.
The annual statement of the Bank of Ottawa (head office,
According to tho Louisville “ Courier-Journal,” increases in Ottawa, Canada) for the year ending N o v . 30 1915 shows a
the yearly dividends have also been made by the Citizens 1 reduction in earnings, though the liquid position of the bank




is substantially stronger. The earnings were $531,268, or
about 1 3 % on the capital stock, comparing with $620,691,
or about 1 5 % , in 1914. The bank paid its usual annual
dividend of 1 2 % , or $480,000, besides the Government war
tax on circulation, which amounted to $33,263. Tho total
assets aggregate $55,329,826, of which $23,781,790 aro in
liquid form, which compares with about $16,600,000 of
liquid assets in 1914.
The Bank of Ottawa has a paid-in
capital of $4,000,000. Its deposits total $ 4 1 ,8 6 9 ,6 2 /.
E N G L IS H F I N A N C I A L M A R K E T S — PER CABLE.

The daily closing quotations for securities, & c., at London,
London,
Week ending Jan. 7.

Sat.
Jan. 1.

Silver, per oz........................ d - - - - ­
Consols, 2 % Per cents............ H oliBritish 4% per cents----------- day.
French Rentes (in Paris). -Ir ...........
French war loan, 5 % ---------------------

T u es.,
Jan. 4.
26 11-16 26%
58%
68%
97%
0 7%
63.75
63.75
81 %
82%

Mon.,
Jan. 3.

W ed.,
6.
26%
59
97%

Jan.

Thurs.,
6.
26%
68%

Jan.

F r l.,

97%
_____
83%

_____

84

Bid

Banks.
New York

Aik

545
535
2 12
207
180
175
165
145
400
260 '
225
175
100
145
135
115
100
635
620
205
200
124
135
400
395
180
175
474
467
170
165
450
325
300
tl8 0 +181
335
328
100
ao"
70
155
140
4400 4800
300
250
925
008
195
185
140
130
390
350
450
375
190
280
265
615
605
345
335
500
490
179
175
750
7 CO
330
310

B a n k s.
I
Manhattan *1
Mark & Fultl
Mech & M et
Merchants' M etropolis*.
M etropol’n *

26 13-16
68%
97%
_____
—

New Y ork Co
Pacific *____

Public •___

State *.........
23d W ard*.
Union Exch.
Unit States*
Wash H 'ts*.
Westch Av*
West Side*.
Yorkvllle*.

T r u s t C o ’s.

AS*
310
257
276
180
305
180

Bid

300
248
273
175
290
170
325
210
725
370
250
415
220
205
125
410
395
125
110
100
134
500
275
160
400
475

New York

A s to r ______
Bankers T r .
B'way Trust
CentralTrust
Columbia__
CommercialEmpire_____
Equitable Tr
Farm L & Tr
F id e lity ____
F u lto n _____
Guaranty Tr
H u d son ____
Law T it A T r
IJncoInTrust
Metropolitan
M ut'l (WestChester). .
N Y Life Ins
& T ru s t..
N Y T ru st. .
Title Gu A Tr
Transatlan 'c
Union Trust
U S M tg & T r
UnltedStates
Westchester

225
825
385
422
235
175
430
425
135
135
135
140
175
450
550

Brooklyn

Coney Isl'd*
First........... ..
F latbush__
Greenpolnt .
Hillside * . . .

140
265
142
130
115
90
140
no
205
280
185
140

255
134
115

100

N atlon'lC lty
North Side*.
People’s ------

125
85
195
270
170
130

•Banks marked with a (*) are State banks,
change this week
v Ex rights.
________

Ask

Bid

395
470
144
1140
530
105
292
445
1200
204
280
y418
tl2 9
122
105
410

405
480
150
1155
610
____
300
455
....
210
300
425
—
127

130

135

990
585
395

1010
600
405
155
376
395
1050
140

365
385
1020

495
250
265
630

510
260
275
650

140
280
—

145
287
85

Inc. or 1
Dec. !

%

San Francisco. 261,941,554 220,651,614
Los Angeles— 102,739,642 83,700,622
Seattle_______ 54,493,216 50,614,490
Spokane______ 18,606,172 18,132,268
Salt Lake City 42,207,780 31,525,643
48,079,704 46,700,719
P o r tla n d -----8,908,677 8,076,023
T a co m a -------17,431,463 15,298,610
Oakland_____
10,999,036 8,701,744
Sacram ento..
7,904,614
9,761,084
San D iego-----3,295,719
4,257,177
Pasadena —
5,780,532 4,897,876
F resn o -------5,447,180 4,484,894
S to c k to n ___
3,567,692 3,596,660
B o is e ---------3,062,759
3,158,542
8an Jose-----1,569,505
1,821,340
N orth Yakima
1,215,406
1,371,534
R e n o ------------5,269,403 4,500,384
Ogden .
1,245,045
1,479,790
Santa R osa—
2,349,558 2.394,709
Long B each—
1,976,420
1,996,970
Bakersfield a..
T otal Pacific 609,318,488 521,151,015
Kansas C it y .. 381,850,316 323,458,002
M lnneapolls.*. 171,995,321 142,950,750
O maha----------- 91,789,457 77,891,411
St. Paul---------- 72,064,307 56,986,154
Denver_______ 51,468,616 41,871,909
St. Joseph------ 37,059,031 32,494,708
D es M o in e s ... 23,272,104 21,273,104
Sioux C ity ------ 17,094.879 13,329,072
20,152,014 17,286,478
W ichita .
41,698,124 22,675,787
D u lu th -11,140,917 10,003,495
Lincoln .
8,225,010
9,248,073
Topeka .
7,379,042 7,975,303
D avenport-----6,981,617
7,188.659
Cedar Raplds.
7,075,308
11,806,112
Fargo_______
5,912,159 4,253,447
Sioux F a lls..
6,189,316
7,347,320
H elena--------2,699,002
Colorado Sp'gs 3,346,157
1,906,956 3,341,538
P u eb lo_______
5,611,818
8,923,068
W aterloo
3,059,495
4,555,108
2,446,790
3,018,135
2,036,200
1,868,343
1,180,900
1,292,028
H a stin g s_____
2,713,797
6.176.24C
Joplin________
2,030,300
3,175,600
Grand F o r k s ..
845,038
1,246,601
Iow a C ity -----1,039,151
1,091,430

1914.

S

I

Inc. or
Dec.

S

%

+ 7.0
+ 1 8 .7 2,693,688,926 2,516,004,817
+ 22.7 1,049,090,927 1,145,167,110 — 8.4
+ 7.7 ; 612,928,880 633,061,084 — 3.2
+ 2.6 192,732,109 203,301,985 — 5.2
+ 33.9 349,743,134 314,533,105 + 1 1 . 2
+ 3.0 554,446,756 578,884,018 — 4.2
98,668,247 109,825,186 — 10 .2
+ 10.3
+ 3.1
+ 13.9 181,474.320 176,074,062
+ 26.4 101,128,914 103,286,904 — 2 .1
99,636,941 103,102,298 — 3.4
+ 23.5
43,946,059 — 0.3
43,831,331
+ 29.2
53,442,676
+ 0.2
53,554,334
+ 23.1
+ 6.3
47,257,207
50,241,377
+ 21.5
38,936,348
+ 8.7
42,310,225
— 0.8
36,344,989 — 2.8
35,335,892
+ 3.1
20,650,333 —0.6
20,528,387
+ 16.1
+ 8.4
14,082,616
15,264,530
+ 12 .8
+ 5 .4
43,231,032
45,585,513
+ 17.1
12,869,860 — 7.1
11,951,550
+ 18.8
17,378,406
26,418,092
— 1.9
23,561,217 — 14.6
20,130,949
+ 1.0
+ 16.9 0,272,273,242 6,217,562,906

+ 0.9

18.1 3,835,065,759 3,015,810,567
20.3 1,341,545,484 1,374,207,910
17.9 982,670,880 882,717,102
26.5 661,915,332 585,307,614
22.9 510,064,251 459,708,200
14.1 384,976,736 359,962,816
+ 9.4 280,384,905 277,164,846
+ 28.2 173,145,944 170,466,780
+ 10 .6 196,134,341 179,313,698
+ 8 3 .9 283,812,916 252,125,864
+ 11.3 119,043,495 109,267,345
82,885,114
80,493,680
+ 12.4
85,094,907
76,858,804
— 7.5
92,241,959
90,179,595
+ 3 .0
59,711,499
79,021,157
+ 66.3,
49,340,684
55,887,724
+ 3 9 .0
60,458,322
62,219,886
+ 18.7
32.466.156
+ 24.0
36,239,598
34,198,099
23,642,549
•—42.9
73,211,284
87,957,306
+ 59.0
30,360,654
35,853,915
+ 48.9
23,456,503
28,107,474
+ 2 3 .4
20,476.619
20,601,343
— 8.3
11.388.156
11,639,174
+ 9.5
32,680,553
49,696,787
+ 127.6
20,005,700
+ 56.4
22,607,000
12,547,711
14,110,734
+ 47.5
11,168,035
10,358,045
+ 5.0

+ 2 7 .2
— 2.4
+ 11.3
+ 13.1
+ 10.9
+ 7.0
+ 1 .2
+ 1.6
+ 9.4
+ 12 .6
+ 8.9
— 2.9
— 9.7
— 2.2
+ 32.3
+ 13.3
+ 2.9
+ 1 1.6
— 30.
+ 20.
+ 18.
+ 19.
+0.
+2
+52
+ 13.I
+ 12 „
— 7.

+
+
+
+
+
+

T o t . oth. W est.1005066 117827,946,900! +21.49,554,234,8141 8,397,470,697; + 1 3 .
o;N ot Included In totals; comparison Incomplete.




%
— 3.9
50.808.94S
+ 7.3
17,653,579
— 9.3
11,025,297
3,877,344 — 13.8
6,488,333 + 20.8
1 0 ,000,000 — 10.5
+ 0.6
1,467,692
3,737,678 — 15.0
1,313,082 + 2 5 .7
1,438,471 + 16.3
— 6.0
789,663
751,644 + 18.4
617,957 + 48.2
604,657 — 17.5
300.000 + 10 .0
165.000 + 39.4
527,600
— 5.2

S
45,535,328
19,386,216
11,216,626
3,826,026
7,162,236
10,109,365
1,737,482
3,153,383
1,749,004
2,032,662
770,758
925.000
639,274
590,100
322,195
170.000

54,197,333
23,608,159
10,397,779
4,440,287
6,632,474
1 0 , 100,000
3,463,463
4,178,755
1,468,343
2,927,269
936,853
992,168
681,270
775,000
391,563
166,244

109,325,655

125,356,980

Total P a cific.

109,933,660

111,566,947

— 1.5

Kansas C ity —
M inneapolis —
O maha------------St. Paul................
D e n v e r ________
St. Joseph---------D es M oines_____
Sioux C ity---------W ich ita ................
D uluth__________
L in c o ln ________
T o p e k a ------------D a v e n p o r t .........
Cedar Rapids—
a r g o . . ......... —
Helena ............. ..
Colorado Springs
P u e b lo--------------W aterloo_______
Aberdeen_______
B illin g s................
r e m o n t _______
H astin gs_______

75,717,666
*3 0,000,000
18,000,000
14,000,000
9.500.000
6,832.960
4,513,916
3,215,117
3,534,242
7,347,459
2.018.001
1,781,896
1,561,431
1,355,000
1,873,618
1,399,881
590,000
356,078
1,601,472
820,451
478,375
389,816
247,766

07,078,995
24,665,732
15,118,318
9,500,000
7,717,222
6,103,286
4,359,075
2,455,631
3,050,913
3,393,580
1,640,721
1,387,151
1,214,782
1,276,477
1,150,847
1,160,391
540,000
513,438
985,179
442,130
383,640
348,084
225,236

+ 12.9
+ 2 1.6
+ 19.1
+ 47.4
+ 23.0
+ 11.9
+ 3 .5
+ 30.9
+ 15.7
+ 116.5
+ 23.0
+ 28.4
+ 28.6
+ 6.2
+ 62.8
+ 20.6
+ 9.3
— 30.6
+ 62.5
+ 8 5 .5
+ 24.8
+ 12 .0
+ 10 .0

47,019,743
25,421,379
15,664,539
9,065,093
9,065,307
6,205,172
3,942,974
3,027,149
2,695,352
3,270,912
1,767,234
1,457,526
1,710,535
1,714,599
404,361
970,193
600,000
607,534
1,104,475
435,000
428,576
305,024
179,004

53,142,019
28,014,075
16,017,100
12,635,035
9.704.468
5,860,402
5,515,474
2,799,391
2,900,574
5,562,128
1,786,412
1,481,313
2,322,332
1,677,485
502,612
1.257.468
650,000
757,604
1,160,432
437,137

T o t. oth. W est

187,135,505

154,716,4681 + 2 1 .0

137,061,681

155,047,178

385,902
248,556
229,225

* Owing to the consolidation the latter part of M arch 1915 of the First N ational
Bank and the Security National under tho namo of the First & Security Bank.
M inneapolis bank clearings are being materially reduced.

Canadian Bank Clearings.— The clearings of the Cana­
dian banks for the month of December 1915 show an increase
over the samo month of 1914 of 5 1 .9 % , and for tho twolvo
months the loss reaches 3 .6 % . Tho loss from 1913, further­
more, is vory much greater, and tho curront year’s total
is also much smallor than that for 1912 and not materially
larger than 1911.
Twelve Months.
Clearings at—

1914.

Inc. o
Dec.

Inc. or
Dec.

%

Twelve M
onths.

1914.

48,808,741
18,939,702
9,995,031
3,342,370
7,840,077
8,946,164
1,476,850
3,154,918
1,650,230
1,672,214
742,940
889,574
915,743
498,373
330.000
230.000
500,583

San Francisco—
Los Angeles-------Seattle__________
Spokane________
Salt Lake C l t y ..
P o rtla n d _______
T a com a _________
Oakland________
Sacramento-------San D iego---------Pasadena_______
F resno--------------Stockton ........... San Jose------------N orth Y a k im a ..
R e n o __________
Long B each------

tSale at auction or at Stock Ex-

Pacific and Other Western Clearings brought forward
from first p a g e . __________________________________
Clearings at—

1.

Inc. or
Dec.

420

Brooklyn

BrooklynTr.
Franklin . . .
Ham ilton__
Kings C o . . .
Manufacture
C itize n s ..
P eop le's____
Queens C o ..

W
eek ending January
Clearings at-

Jan. 7.

New York City Banks and Trust Companies
Am erica*—
Amer Exch.
A tlantic____
Battery Park
Bowery ♦ . . .
Bronx Boro*
Bronx N a t ..
BryantPark*
Butch A D r.
Chase______
Chat A Pben
Cheslsea Ex*
Chem ical___
CltlzensCent
C i t y .............
Coal A Iron.
Colonial*__
C olum bia*..
C om m erce..
Corn Exch*.
Cosm opol’ n*
East R iv e r ..
Fidelity * - - Filth A v e * ..
Filth.............
F irst.............
G arlleld-----Germ-Amer*
German Ex*
Germania ♦
G oth am ___
Greenwich *.
Hanover . .
Harrlman . .
I m p * T rad .
I r v in g ____
L ib e r t y ___
Lincoln ___

[Vol . 102

THE CHRONICLE

132

299,161,549 197,991,187 +51.12,628,122,428 2,631,354,311
M ontreal
T o r o n t o .......... 202.121.04S 154,231,061 + 31.1 1,885,956,257 2,012,953,966
W innipeg-------- 261.568,585 115,444,430 + 126.6 1,530,683,124 1,370,960,806
+ 2.0 281,575,949 421,951,718
Vancouver------ 25,703,746 25,189,573
+ 4.6 211,630,519 209,662,599
O tt a w a ............ 20,830,544 19,911,640
165,873,241
Quebec.............. 14,937,835 13,479,138 + 10 .8 158,325,900
H a lifa x ............ 10,328,846 8,363,037 + 23.5 104,414,590 100,280,108
151,420,271 153,758,886
H am ilton......... 15,521,416 16,413,970 — 6 .1
C a lga ry............ 23,170,311 14.989,913 + 54.6 109,758,599 201,669,873
78,259,921
77,533,868
6!55l!l98 —0 .0 1
6,550,657
St. John______
86,024,236
89,774,787
8,530,924 7,541,362 + 1 1 .8
London ______
121,663,272
76,077,926
—
10.5
7,604,413
6,793,425
V ictoria______
Edm on ton____ 12,584,651 10,910,992 + 15.3 105,834,954 157,308,683
98,205,542
87,122,611
Regina.............. 13,014,409 7,921,025 + 64.3
26,397,457
27,132,123
3,883,938 2,555,452 + 52.0
B r a n d o n .........
21,217,855
19,740,223
1,655,030 + 81.1
2,974,493
L eth b rid ge___
59.314,941
50,146,848
+
64.6
4,304,262
7,085,060
Saskatoon-----42,634,319
45,846,371
3,911,357 + 67.8
6,563,768
M oose Jaw ___
28,687,310
26,641,010
2,280,651 + 20.6
2,750,226
B ra n tfo rd ____
39,110.558
24.674,681
+
51.6
2,492,698
3,778,592
Fort W illia m ..
19,120,172
13,460,080
1,244,975 — 4.7
New W est’ m’er 1,185,124
19,768,863
13,503,194
1,231,483 + 7 8 .3
2,195,919
M edicine H a t.
11,438,896
20,970,677
+
26.6
1,807,114
2,288,410
Peterborough
Total Canada 951,258,063 626,218,847

%
—O.l

— 6.3
+ 11.7
— 33.3
+ 0.9
— 4.6
+ 4.1
— 1.5
— 15.8
— 0.9
+ 4.4
— 37.0
— 32.7
— 11.3
+ 2.8
— 7.0
— 15.5
— 7.0
— 7.1
— 36.9
— 29.6
— 31.7

+ 51.9 7,770,770,273 8,069,390,689

* N ot included In totals; comparison incomplete.

The cloarings for the week ending Jan. 1 by comparison
with the same week of 1915 showanincreaso in the aggregate
of 5 9 .5 % .
W
eek ending January
Clearings al-

1915.

Canada—
M ontreal---------------T o r o n t o ---------------W in n ip e g .................
V a n co u v e r------------O tta w a -----------------Quebec ....................
H a lifa x .................... .
H a m ilto n ......... .......
St. John.................. .
L on don____________
C algary....... ............ .
V ictoria-----------------Edm onton . . . ____
R e g in a ....................
B ran don ............—
L ethbridge..............
Saskatoon------------M oose Jaw ..............
B rantford-------------Fort W illiam .........
New W estminster.
M edicine H at-------Peterborough--------

Inc. or
Dec.

%

1.

1914.

58,048,779 34,303,341 + 69.2 44,481,165
37,490,512 28,091.229 + 30.7 42,239,909
44,528,999 18,786,710 + 137.0 26.593,719
8,500,207
4,484,464 + 15.8
5,192,049
3,144,556
3,454,159 + 29.6
4,477,294
2.637.067
2,277,194 + 23.1
2,802,680
1,628,583
1,473,312 + 48.3
2,118,434
2.084.068
2,230,860 + 39.7
3,125,247
1,282,799
+ 4.0
1,213,514
1,269,771
1,406,574
1,410,602 + 20.8
1,703,869
3,504,100
3,544,924 + 3 5 .3
4,795,677
2.208.668
+ 0.4
1,381,719
1,387,581
3,289,579
1,884,531 + 10.4
2,080,977
2,122.372
1,450,024 + 77.2
2,569,681
640.060
550,342 + 38.8
772,700
466,879
394,621 + 31.7
519,016
1,622,199
940,251 + 45.6
1,369,838
1,104,983
740,929 + 71.9
1,272,833
571,456
499,641 + 19.0
594,284
856,047
500,000 + 40 0
700,000
362,907
+ 0.3
249,842
250,656
382,724
+
77.8
209,378
372,145
365,700 + 17.2
428,706

Total Canada_________ 177,871,728 111,549,299

45,658,794
49,197,959
34,066,500
10,561,052
3,328,357
3,089,396
2,038,028
3,317,486
1,820,040
1,700.606
5,101,378
4,095.429
3,639,765
2.394,122
888,699
545,322
2,136,806
1,342,864
685,399
782,168

+ 59.5 151,730,681 176,480,970

Jan . 8 1916.]

THE CHRONICLE

Clearings by Telegraph.
The subjoined table, covering clearings for the current
week, usually appears on the first page of each issue, but
on account of the length of the other tables is crowded out
once a month. The figures are received by telegraph from
other leading pities.

N am e o f Com pany.

Miscellaneous (Continued).
Associated Gas & Elec., pref. (q uar.)___
Associated Oil_______________________2
Bell Telephone of Canada (quar.)________
Bell Telephone of Pa. (quar.)__
_
Bonbright(Wm.P.)&Co.,Inc.,lstpf.(qu.)
Britlsh-American Tobacco, Ltd., ordinary
Ordinary (Interim dividend)___________
Brooklyn Borough Gas_________________
Brown Shoe, I n c ., p ref. (guar.) _________
Bush Terminal, common______________
Common (special)________________ II
Preferred............................ ..............
Canadian Explosives, Ltd., com. (quar.jl
Preferred (quar.)__________________
Canadian Westingh’se,Ltd.(qu.) (No. 44)
Central Coal & Coke, preferred (quar.)..
Central & South Amer. Teleg. (quar.)__
Extra____________________________
Chicago Pneumatic Tool (quar.)_______
Cleveland & Sandusky Brewing, pref___

133
Per
When
Cent. Payable.

lu
1
2
iu

Books Closed.
D ays Inclusive.

Jan. 15 Holders of rec. Dec. 31
Jan. 15 Jan. 1 to Jan. 14
Jan. 15 Holders of rec. Deo. 31a
Jan. 15 Jan. 6
to Jan. 16
I X Jan. 10 Holders of rec. Dec. 31a
7 u Jan. 18
See note (l)
5 Jan. 18
See note (1 )
3 Jan. 26 Holders of rec. Dec. 31a
Clearings— Returns by Telegraph.
P er
1 % Feb. 1 Holders of rec. Jan. 22
1916.
Week ending Ja n . 8 .
1915.
Cent.
2 X Jan. 15 Holders of rec. Dec. 31a
2 X Jan. 15 Holders of rec. Dec. 31a
$3,281,332,009 Sl,565,234,672 + 109.6
New York...
3
Jan. 15 Holders of rec. Dec. 31a
187,342,684
Boston_____
128,915,675 +45.3
1
Jan. 31 Holders of rec. Dec. 31a
Philadelphia .
268,681,146
155,393,335 + 72.9
ix
Jan. 15 Holders of rec. Dec. 31a
Baltimore----46,560,372
34,392,021 + 35.4
0
Jan. 10 Holders of rec. Dec. 31a
Chicago-----348,250,170
290,728,583 + 19.8
ix
Jan. 15 Jan. 1 to Jan. 16
St. Louis___
109,524,162
83,151,390 + 31.6
ix
Jan. 10 Holders of rec. Deo. 31a
New Orleans.
26,911,652
25,066,507
+ 7.4
3
Jan. 10 Holders of rec. Dec. 31a
1
Jan. 25 Holders of rec. Jan. 15
Seven cities, five days.
$4,268,602,195 $2,282,882,183 + 87.0
1
15 Holders 01 rec. Dec. 31a
Other cities, five days__
824,697,987
630,414,269 +30.8 Cluett, Peabody & Co., I n c ., com. (g u a r .) .. 1 x Jan.
Feb. 1 Holders of rec. Jan. 21
2
Commonwealth E dison (guar.) __________
Feb. 1 Holders of rec. Jan. 15a
$5,093,300,182 $2,913,296,452 + 74.8 Commonwealth Gas & Elec. Cos., com.. 60c. Jan.
Total all cities, five days.
15 Holders of rec. Jan. la
785,941,206
All cities, one day_________
533,431,832 + 47.3
Preferred (quar.)............
%\.37X Jan. 15 Holders of rec. Jan. la
Consolidated Ic e , P itlsb., p ref. (guar.) ___
lx
Jan. 20 Jan. 11 to Jan. 20
$5,879,241,388 $3,446,728,284 1 +70.6 Corn Products Refining, pref. (quar.)__
Total all cities for week.
\x
Jan. 15 Holders of rec. Jan. 3a
Cosden & Co., common (quar.)________
2
Jan. 10 Dec. 23 to Jan. 10
Common (extra)___________________
2
Jan. 10 Dec. 23 to Jan. 10
\x
Dayton Power & Light, pref. (quar.)___
Jan. 15 Holders of rec. Dec. 31a
Delaware Lack. & West. Coal (quar.)__
2 X Jan. 15 Holders of rec. Dec. 31a
i s t t l l n n z o n s z l z w s Detroit
Edison (quar.)_______________
2
Jan. 15 Holders of rec. Dec. 31a
Distilling Co. of America, pref. (quar.)..
u Jan. 29 Holders of rec. Jan. 8 a
Dominion Pow.&Trans.,Ltd.pf.(No. 33). 3 X Jan. 15 Dec. 20 to Dec. 31
Dominion Textile, Ltd., pref. (quar.)...
I X Jan. 15 Holders of rec. Dec. 31a
du Pont (E.I.) de Nem. Powd., com.(qu.) 1 u Feb. 1 Jan. 23 to Feb. 1
Preferred (quar.)_____________
\u
Feb. 1 Jan. 23 to Feb. 1
The following shows all the dividends announced for the Edison E lec. 111. o f Boston (guar.) (No.107) 3
Feb. 1 Holders of rec. Jan. 15
Edison Elec. 111. of Brockton (quar.)___ $2
Feb. 1 Holders of rec. Jan. 20a
future by largo or important corporations.
Electrical Securities, preferred (quar.)__
\u
Feb. 1 Holders of rec. Jan. 26a
Eureka Pipe Line (quar.)_______
Holders of rec. Jan. 15
Dividends announced this week are printed in italics.
Fajardo Sugar _____ ____ ______
- 2 X Feb. 1 Holders of rec. Jan. 10
- 5/ Feb. 1 Holders of rec. Dec. 31a
10 /
Feb. 1 Holders of rec. Dec. 31a
O
General Electric (quar.).
Books Closed.
Jan. 15 Holders of rec. Deo. 15a
Per
When
General M otors, common.
10
D ays Inclusive.
Cent. Payable
Feb. 15 Holders of rec. Jan. 25
N am e o f Com pany.
Jan. 15 Holders of rec. Dec. 31
IX
Railroads (Steam).
' I X Feb. 1 Holders of rec. Jan. 14
3
Feb. 23 nolders of reo. Jan. 22a Greene Cananea Copper C o ...I .
Alabama Great Southern, preferred-----1
Jan. 17 Holders of rec. Jan. 8a
Gulf States Steel, first preferred.
Albany & Susquehanna, special----------S X Jan. 1( Holders of rec. Jan. 3a
n 1 5 1 1Feb. 15 Holders of rec. Jan. 5a
Atch. Topeka & Santa F e , com. (g u a r .)..
I X Mar. ] Holders of rec. Jan. 31a
Jan. 20 Holders of rec. Jan. 10
IX
Atch. Top. & Santa Fe. pref. (No. 35) —
2 X Feb. 1 Holders of rec. Dec. 31a Homestake M in in g (monthly) ’ (N o. 496)
65c Jan. 25 Holders of rec. Jan. 20
Illinois Brick.... ................
Atlantlo Coast Lino HR., common_____
2 X Jan. 1( Holders of rec. Dec. 20a
3
Jan. 15 Jan. 5 to Jan. 16
Baltimore & Ohio, common___________
2 X Mar. 1 Holders of rec. Jan. 24a
I X Feb. 1 Holders of reo. Jan. 20
preferred_________________________
2
Mar. 1 Holders of rec. Jan. 24a Illinois Pipe Line..
15
Jan. 15 Dec. 19 to Jan. 9
Buffalo & Susquehanna RR. Corp., pref. 2
Jan. 15 Holders of rec. Deo. 31a Indiana Pipe Line.
$2
Feb. 15 Holders of rec. Jan. 25
Canada Southern____________________
Feb. 1 Holders of rec. Dec. 31a
IX
1
Jan. 15 Holders of rec. Jan. 1
Cuba Railroad, preferred_____________
3
Feb. 1 Holders of rec. Dec. 31a
I X Jan. 15 Holders of rec. Dec. 24a
Delaware Lackawanna & Western (quar.)
2 X Jan. 2C Holders of rec. Jan. 4a
I X Feb. 1 Holders of rec. Jan. 15
Detroit River Tunnel________________
3
Jan. 15 Holders of rec. Jan. 7a
X Jan. 15 Holders of rec. Jan. 6 a
Georgia Railroad * Banking (quar.)___
50c Feb. 1 Holders of rec. Jan. 22
3
Jan. 15 Jan. 2 to Jan. 14
Great Northern (quar.)______________
I X Feb. 1 Holders of rec. Jan. 20a
l X Feb. 1 Holders of rec. Jan. 5a
Harrisb. Portsm. Mt. Joy & Lancaster.. 3 X Jan. 10 Holders of rec. Dec. 20a
3
Feb. 1 Holders of rec. Jan. 15
Kansas City Southern, preferred (quar.).
$1 A Feb. 1 Holders of rec. Jan. 20a
1
Jan. 15 Holders of rec. Dec. 31a
Lehigh Valley, com. & pref______
1
Jan. 20
1 to Jan. 18
SI.25 Jan. 8 Holders of rec. Dec. 24a La Rose Consolidated Mines (quar.)___
Little Schuylkill Nav., RR. & Coal........ SI.25 Jan. 15 Dec. 16 to Jan. 16
Lehigh. Valley Coal Sales_______
SI.25 Jan. 15 Holders of rec. Jan. 6
Louisville & Nashville________________
2 X Jan. 15 Holders of rec. Dec. 31a
2 X Feb. 10 Holders of reo. Jan. 20a
Mahoning Coal RR., common_________ $5
Preferred (quar.)____________
f rec. Deo. 31a
I X Jan. 15
Feb. 1 Holders of rec. Jan. 7a
Michigan Central____________________
2
Jan. 15
to Jan. 15
2
Jan. 29 Holders of rec. Dec. 31a Manufacturers' Light & Heat (quar.)__
Mine Hill & Schuylkill Haven_______
$1.25 Feb. 1
$1.25 Jan. 15 Dec. 25 to Jan. 16
New York Central RR. (quar.)______
$1.75 Jan. 15
to Jan. 26
I X Feb. 1 Jan. 6
New
common
(quar.)___
Norfolk & Western, preferred (quar.)..
25c. Jan. 15
1
Feb. 19 Holders of rec. Jan. 31a
Preferred (quar.)_______
Northern Central__________________
4
SI.50 Jan. 15
Jan. 15 Holders of rec. Dec. 31a
Northern Pacific (quar.)____________
2 X Jan. 17
I X Feb. 1 Holders of rec. Jan. 7a Mexican Telegraph (quar.).
Northern Securities (annual)________
2
Jan. 11 Holders of rec. Dec. 31a
$1.25 Feb. 15
Midwest Refining (quar.)_____________
Philadelphia & Trenton (quar.)______
Jan. 10
2 X Jan. 10 Jan. 1 to
I X Feb. 1
Plttsb. Cln. Chlo. & St. Louis, common.
2
Jan. 25 Holders of rec. Jan. 15a Montreal Telegraph (quar.)_________
2
Jan. 15
to Jan. 15
Preferred_______________________
4
Jan. 25 Holders of rec. Jan. 15a Mountain States Telep. & Teleg. (quarlj.
I X Jan. 15
Reading Company, common (quar.)..
2
Feb. 10 Holders of rec. Jan. 24a National Biscuit, com. (quar.) (No. 70).
I X Jan. 15
Second preferred (quar.)__________
1
Jan. 13 Holders of rec. Dec. 21a National Carbon, common (quar.)____
to Jan. 16
I X Jan. 15
United N. J. RR. & Canal Cos. (quar.).. $2.50 Jan. 10 Deo. 21 to Jan. 2
National Properties, preferred_________
3
Jan. 15
to Jan.. 15
Street and Electric Railways.
New England Company, second preferred 2
Jan. 15
r rec. Jan. 1
Bay State Street Ry., 1st pref...........
New England Power, preferred (quar.)..
3
Feb. 1 Holders of rec. Jan. 15
Jan. 15:
[ rec. Jan. 1
ix
Boston Suburban Elec. Cos., pf. (quar.). SI
New Jersey Zinc (quar.)______________
Jan. 15 Holders of rec. Jan. 4
4
Feb. 10 :
' rec. Feb. 1
Brooklyn City R R . (guar.) ___________
Extra____________________________ 10
2
Jan. 15 Jan. 6 to Jan. 15
Jan. 10 :
Cln. Newp. & Cov. L. & Tr., com. (quar.;
New
York
Mutual
Gas
Light__________
to Jan. 16
4
Jan. 10 i
I X Jan. 15 Jan. 1
Preferred (quar.)_______________
New York Transit (quar.)____________
Jan. 16
4
Jan. 15 1
I X Jan. 15 Jan. 1 to
Commonwealth Pow. R y. & L . , com. ( g u .) ..
Feb. 1 Holders of rec. Jan. 14a Niagara Falls Power (quar.)__________
1
2
Jan. 15 1
Preferred (guar.) ________________
I X Feb. 1 Holders of rec. Jan. 14a NIpe Bay Co., common (quar.)_______
I X Jan. 15 I
Niplsslng Mines Co. (quar.)__________ 25c. Jan. 20 .
Consolidated Traction of New Jersey___
Jan. 15 Jan. 1 to Jan. 15
2
Jan. 17
Northern Ontatio Light & Pow., pref__
Duquesno Light, pref. (quar.) (No. 4)__
3
Jan. 15 1
Dec. 31a
I X Feb. 1 Holders of rec. Jan. 1
El Paso Electric Co., pref. (No. 27)___
Northern States Power, pref. (quar.)___
Jan. 10 Dec. 2 to Jan. 10
3
Dec. 31
I X Jan. 15 1
Ohio Fuel Supply (quar.)_____________
International Traction, Buffalo, pref__
2
Jan. 15
X Jan. 15 Holders of rec. Jan. 3
First preferred__________ ________
Oklahoma N atural Gas (guar.) __________
X Jan. 15 Holders of rec. Jan. 3
I X Jan. 30 .
Kentucky Securities Corp., pref. (quar.)
I X Jan. 15 Holders of rec. Dec. 31a Omaha Electric Light & Power, preferred
2 X Feb. 1 1
Manchester Trao., Light & Power (quar.) 2
Jan. 15 Holders of rec. Jan. la Osage & Oklahoma Co. (quar.)___
Jan. 10 l
2
to Jan. 10
Monongahela Valley Traction, common..
Extra____________________________
1
Jan. 15 Holders of rec. Jan. 3a
1
Jan. 10 J
to Jan. 10
Ottumwa Ry. & Light, pref. (quar.)___
Osceola Consolidated Mining (quar.)___
$3 Jan. 31 I
I X Jan. 15 Holders of rec. Dec. 31
Philadelphia Co., com. (quar.) (No. 137) I X Feb. 1 Holders of rec. Jan. 3a Otis Elevator, common (quar.)___
I X Jan. 15 I
Puget Sound T rac., Lt. & P ow ., p f. (gu.).
Preferred (quar.)__________________
Jan. 15 I
75c. Jan. 15 Holders of rec. Jan. 4a
IX
Republic Ry. & Light, pf. (qu.) (No. 18). I X Jan. 15 Holders of rec. Dec. 31
Pacific,Telep. & Teleg., pref. (quar.)___
Jan. 15 J
1 to Jan. 15
IX
United Rys. <fc Elec, o f B a lt., com. (g u .) __
Packard M otor C ar, common ___________
50c. Jan. 15 Holders of rec. Jan. 6
Feb. 1 I
IX
W innipeg Electric R y. (guar.) _______
Common (payable In common stock)___ 10 /
2
Feb. 1 I
Virginia Ry. & Power, preferred........
3
Jan. 20 Holders of rec. Dec. 31a Penmans Limited, common (quar.)
1
Feb. 15 I
Trust Companies.
Preferred (quar.)__________________
l X Feb. 1 I
Astor (quar.)____________________
4
Feb. 1 Holders of rec. Jan. 27a Pennsylvania Lighting, preferred (quar.) I X
ran. 15 I
Fire Insurance.
Pennsylvania Salt Mfg. (quar.)_______
2
ran. 15 f
Hanover F ire (guar.) (N o. 137)_____
People's Natural Gas & Pipeage (quar.). 2
On dem Holders of rec. Jan. 3
ran. 25 K
2X
Pittsburgh Coal, preferred (quar.)__ ;__
ran. 25 I
IX
M iscella n eou s.
Plttsb. Term. Warehouse*Tran, (mthly) 2 5 c . ran. 15 I
Aetna Explosives, p ref. (guar.) ______
Prairie Oil & Gas...........................
3
ran. 31 I
1X Jan. 25 Holders of rec Jan. 20
Alliance Realty (quar.)----------- ------Prairie Pipe Line____________________
5
ran. 31 I
I X Jan. 15 Holders of rec Jan. 10
Allls-Chalmers Mfg., pref. (quar.)_____
Procter & Gamble, preferred (quar.)___
Jan. 15 Jan. 1 to Jan. 15
2
IX
an. 15 I
Preferred (on acct. accumulated dlvs.)
Public Service Co. of Nor. 111., com. (qu.) I X
1X h Jan. 15 Jan.
1 to Jan. 15
i’eb. 1 I
Amer. Agrlc. Chem., com. (qu.) (No. 17) 1
Preferred (quar.)_____________
r'eb. 1 f
15 Holders of rec Dec. 20 a
IX
Preferred (quar.) (No. 42)--------------IX
15 Holders of rec Dec. 20 a Quaker Oats, common (quar.)____
an. 15 I
of rec. Dec. 31a
2X
American Chicle, common (quar.).........
Preferred (quar.)_____ '_______
IX
20 Holders 0 rec Jan. 4
i'eb. 29 E
of rec. Feb. la
IX
Am erican Cigar, common (guar.) ----------Feb. 1 Holders 0 : rec. Jan. 15a Realty Associates (No. 26)_______
IX
an. 15 E
3
of rec. Jan. 5
Amer. Coal Products, pref. (quar.)........
Reece Buttonhole Machine (quar.) _
I H Jan. 15 Jan. 11 to
3
. an. 15 E
of rec. Jan. 1
Jan. 14
Amer. Gas & Elec., pref. (qu.) (No. 36).
Feb. 1 Holders ol reo. Jan. 20 a Reece Folding Machine (quar.)___
IX
1
.ran. 15 H
of rec. Jan. 1
Amer. Iron & Steel Mfg., com. (quar.)..
1
Jan. 25 Holders of rec. Jan. 15
31 Holders 01 rec. Dec. 18a Savoy Oil (monthly)_________________
ix
Amer. Laundry Machinery, pref. (qu.)..
Extra...................................................
1
Jan. 25 Holders of rec. Jan. 15
15 Jan. 6 to Jan. 15
1H
Am er. Light <fc Traction, common (guar.)
Securities Company__________________
2 X Jan. 15 Holders of rec. Dec. 31a
2 X Feb. 1 Jan.] 16] to
Jan. 31
Common (payable in common stock)----Securities Corporation General, pref. (qu) 1X Jan. 15 Holders of rec. Dec. 31a
2 X Feb. 1 Jan.f 16 to
Jan. 31
Preferred (guar.) ........- ...................
Shawlnigan Water & Power (quar.)____
1X Jan. 10 Holders of reo. Dec. 31a
I X Feb. 1 Jan. 16] to
Jan. 31
American Locomotive, preferred (quar.).
Jan. 2 1 Jan. 6 to Jan. 2 1
SoOiern California Edison, pref. (quar.) I X
Jan. 15 Holders of rec. Dec. 31a
IX
American Malt Corporation, pref. (quar.)
50c. Feb. 3 JanJ 16 to Feb. 3
Southern N. E. Telephone (quar.)_____
I X Jan. 15 Holders of rec. Dec. 31a
2
A m erican Rolling M ill, common (g u a r .) ..
I X Feb. 1 Holders of rec. Jan. 15
15 Holders of rec. Jan. 5a Steel Co. of Canada, Ltd., pref. (qu.)__
Common (payable in common stock)-----Bf
Pref. (on acct. of accumulated dlvs.).. 3 X h Feb. 1 Holders of rec. Jan. 15
Preferred (guar.) ___________________
15 Holders of rec. Jan. 5a Submarine Boat Corporation (quar.)___ $1.50 Jan. 15 Holders of reo. Dec. 31
IX
Amer. Seeding Machine, com. (quar.) —
1
2
Jan. 11 Jan. 1
to Jan. 11
15 Holdera of rec. Dec. 31a Temple Coal, preferred_______________
Preferred (quar.)_______ ____ . . . . _ I X
75c. Jan. 15 Holders of rec. Jan. 3
15 Holders of rec. Dec. 31a Tennessee Copper (quar.)_____________
50c.
Am erican Sewer P i p e . . ____ __________
Tonopah Mining of Nevada (quar.)____
15c. Jan. 21 Jan. 1 to Jan. 7
5 Holders of rec. Dec. 31
American Telephone A Telegraph (quar.) 2
2
Jan. 15 Holders of reo. Jan. 3a
15 Holders of rec. Dec. 31a Union Ferry________________________
American Type Founders, com. (quar.).
1
Jan. 15 Holders of rec. Jan. 10 a Union Natural Gas Corporation (quar.). 2 X Jan. 15 Jan. 1
to Jan. 15
Preferred (quar.)__________________
I X Jan. 15 Holders of rec. Jan. 10 a Union Switch & Signal, com. & pf. (qu.)_ $1.50 Jan. 15 Holders of rec. Dec. 31
American Woolen, pref. (quar.) (No. 67).
Untied C igar Stores o f A m er., com. (guar.) I X
Feb. 15 Holders of rec. Jan. 28a
15 Dec. 17 to Dec. 29
IX
Anaconda Copper Mining (quar.)_____ SI.50
United Fruit (quar.) (No. 66 )________
2
Jan. 15 Dec. 24 to Jan. 14
28 Holders of rec. Jan. 22
Anglo-American Oil, Ltd...... ............. . .
51 ....... ....Holders of coupon No.10 United Gas & Electric Co., preferred___
2X
Jan. 15 Holders of rec. Dec. 31
Extra_________________________________
61 Jan. 15|HoIders of coupon No.10 United Gas Improvement (quar.)______ $1
Jan. 15 Holders of rec. Dec. 31a

C o m m ercial mxtlJH




DIVIDENDS.

Per
When
Cent. Payable.

N am e o f Com pany.

B y Messrs. R . L . D ay & C o ., Boston:

Books Closed.
D ays Inclusive.

Miscellaneous (C oncluded).

Auction Sales.— Am ong other securities, the following,
not usually dealt in at the Stock Exchange , wore recently sold

at auction in N ew York, Boston and Philadelphia:
B y M essrs. Adrian H . Muller & Sons, New York:
Stocks.

Pee cent.

Bonds.

% per s h .
Stocks.
$ per sh. Shares. Slocks.
3 U. S. Envelope, pref...............108}$
5 Webster & Atlas Nat. Bank__ 215
1 Colum. Nat. Life Insurance.-.123}$
10 Bigelow-Hartford Carpet, com. 84
36 Arlington Mills_________ 100-100}$ 11 Western Real Estate Trust. 141 & div
15 Mass. Lighting Cos., com..........18
3 Great Falls Manufacturing___ 191
100 Pacific Mills_______________ 1255$ 15 Mass. Lighting Cos., pref..........97
1 Merrimac Chemical-------------- 135
36 Boston Elec. Associates, pref-.91 flat
5 Lowell Gas Light-----------------260

Shares.

TJ. S. Industrial Alcohol, prel. (quar.)..
15$ Jan. 15 Holders of rec. Jan. 5a
2
Jan. 31 Holders of rec. Jan. 15a
U . S . Rubber, 1st p ref. (quar.) --------------i}$ Jan. 31 Holders of rec. Jan. 15a
2 d preferred (.quar.) ------ ----------------U. S. Smelt., Refg. & Mining, com. (qu.) 75c. Jan. 15 Holders of rec. Dec. 31
31
Preferred (quar.)....................... ......... 87 }$c. Jan. 15 Holders of rec. Dec.
Jan. 15 Holders of rec Dec. 31a
Va.-Caro. Chem., pref. (quar.) (No. 81). 2
of rec Dec. 3
50c. Jan. 7
W arner (Chas.) Co. o f D e l., common -----of rec Dec. 31
1st and 2d preferred (quar.) (N o . 52) —
15* Jan. 27
Jan. 15 Jan. 4 to Jan. 16
3
Wells, Fargo & Co----------------------------15$ Jan. 15 Holders of rec Dec. 31
Western States Gas & Elec., pref. (quar.)
20a
Western Union Telcg. (quar.) (No. 187).
15$ Jan. 15 Holders of rec, Dec.
}$ iJan. 15 Holders of rec Dec. 20a
Extra-------- ---------- -----------------------Jan. 21 Holders of rec Dec. 31
Westinghouse Air Brake (quar.)----------- S2
l}$ Jan. 31 Holders of rec Dec. 31
Westinghouse Elec. & Mfg.. com. (quar.)
15$ Jan. 15 Holders of rec Dec. 31
Preferred (quar.)---------------------------a Transfer books not closed for this dividend, b Less British Income tax.
d Cor­
rection. « Payable In stock. / Payable In common stock, q Payable in scrip.
h On account of accumulated dividends. 1 Transfers received In London not later
than Jan. 3 1916 will be in time to be passed for payment of dlv. to transferees.
I Par of shares £1. Dividend Is payable In U. S. currency on the basis of $4 72}a to
the pound sterling, n Being dividends accumulated to Jan. 1 1916.____________

Shares.

[Vol . 102.

THE CHRONICLE

134

Im ports and Exports for th e W e e k .— The following are
the reported imports at New York for the week ending
December 31 and since tho first week of January:
FOREIGN IMPORTS AT NEW YORK.
1915.

For Week ending'D ec. 31.

1914.

1913.

|

1912.

Dry goods_____________ / $21,350,0001 S2,185,054 S3.658.481 $3,827,614
9,992,273 12,068,089 14,784,935
General merchandise........ l
/
$21,350,000 $12,177,327 $15,726,570 $18,612,549
Total...... .......... ..........
Since J a n . 1.
Dry goods......... ............ - / $995,438,342) $164,215,965 $160,018,577 $153,923,329
788,642,329 832,124,2741 868,593,424
General merchandise____
Total 52 weeks----------- $995,438,342 $952,858,294 $992,142,85ll$1022516753
EXPORTS FROM NEW YORK.

Per cent.

31,400 Mt. Olivet Cemetery 7%
50 Wilkes-Barre Lace Mfg. Co.,
certificates of Indebtedness------ 20
c o m -.-............................40
144 Worcester Salt C o .............. 109H 35,000 Hygienic Chemical Co. 1st
6s, 1924........... ........................... 5
100 Nat. Bk. of Repub. of Chic.-170}$
$1,000 N. Y. & N. J. Water Co. 1st
5 Hudson Trust Co--------------129
cons. 4s, 1950________________ 35}$
15 Hall Switch & Sig. Co., com. 20
1,300 Colum. Life Assur. Soc., $7}$
each_______________ --$25 lot

1915.

Week ending Dec. 31.

1914.

1913.

1912.

$34,612,588 $16,908,939 $15,102,560 S15.054.827
1,860,566,173 860,782,232 849,001,191 832,364,579
Total 52 weeks----------- $1,895,178,761 $S77,691,171 SS64,103,751 $847.419,406
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

B y Messrs. Barnes & Lofland, Philadelphia:
Slocks.
S per sh.
100 Cent. Trust & Sav., $50 each.. 60
13 Union National Bank-............180
15 Farm. & Mech. Nat. Bank___ 126}$
7 Commercial Trust Co............. 400
4 Fire Assoc, of Phila., $50 each.330
16 13th & 15th Sts. Pass. Ry.230J$-231
80 Germantown Passenger Ry— 102}$
20 Haverford Land & Impt., $50
each-------------------------------- 4 j>}$
62 Amer. Pipe* Construction-----30
5 Belmont Driving Club-------------52}$
100 Securities Corp. General com - - 8}$
4 Phila. Bourse, com., $50 each. 6}$
11 Telepost Co., S10 each, v.t.c..$7 lot
2 Pennsylv. Co. for Insur., A c.-701

Shares.

P er cent.

Bonds.

$1,000 Pa. Coal & Coke 1st 5s, Ser.
A, 1932............................- ............ 96}$
$5,000 Terre Haute Ind. &East.Tr.
1st & ref. 5s, 1945____________ 92
810.000 Citizens St. RR. 1st 5s, '33. 97}$
$1,600 Springlield Consol. Water
Co. 1st 5s. 1958.......................... 81
31.000 N. Spring. Wat. Co. 5s, 1928 85
$6,000 St. Lawrence Pulp & Lum­
ber 1st 6s___________________ 35
$3,000 Gary & Interur. Ry. 1st 5s,
1930. - ..........- ................. .......... 21
$1,700 Consol. Elec. Co. (Cal.) 5s,
1935........................................... 72
31.000 Southern Transp’n Co. deb.
7s, 1925...................................... 99

B y Messrs. Francis Henshaw & C o ., Boston:
S
6 Chicopee Mfg. Co.....................CO
20 Massachusetts Cotton Mills.-.133}$
10 Dartmouth Mfg. Co., com----- 197
10 Old Boston Nat. Bank-------- 130-131
5 Ocean Nat. Bank (Newburyport), $50each............................ 72
10 Arlington Mills. - ..................... 100
5 Bigelow-Hartford Carpet, com. 84
10 U. S. Worsted, 1st pref........... 605*
Z'A Nashua Mfg., $500 each.......... 7o0
Shares.

Stocks.

8 per sh.
5 Wamsutta Mills........... -.123-1235$
10 New Bedford Gas & Edis. Lt-.274}$
4 Lawrence Gas---------------------- 177}$
30 Barristers Hall Trust.................. 70
1 Boston Wharf Co------------------110}$
175 Pacific Mills....................... -.126

Shares.

Stocks.

Bonds.

P er cent.

$1,000 Lawrence Gas Co. 4s, 1920-100
$500 True W. Jones Brew. Co. 1st
6s, 1919...............- ..................... 90

Week ending D ec. 31.

Gold.

Ezporls.
S in ce
J a n . 1.

Week.

Im ports.
Week.

Since
J a n . 1.

$10,281,457 $106,335,014
11,519,880

Great Britain........
France__________
Germany-----------West Indies--------Mexico__________
South America___
All other countries.

$73,200 $14,273,631
222,010
2,592,340
1,658,122

575,000

Total 1915............. .
Total 1914.............
Total 1913.............
Silver.

Great Britain______
France____________
Germany--------------West Indies________
Mexico-----------------South America-------All other countries--.

9,519,305
1,932,720
424,388 15,484,634
68,328 5,998,942

989,955

$648,200 $18,746,103 $11764128 $150790495
150,900 10,463,794
3,700 128,328,983
159,248 25,797.987
12,970 69,381,892
$25,301
15,325

$604,213 $39,052,110
2,469,275
75,220
345

1,974,953
3,700
291,445
12,785

$4,379
152,293
39,834
6,260

351,011
6,484,093
4,050,867
1,258,400

$679,778 S13,804,268 $202,766 $12,184,997
Total 1915216,629 10,764,050
1,518,026 45,236,408
Total 1914123,366 11,020,196
48,989,436
Total 1913.
Ot the above exports for tho week In 1915, $603,200 wero American gold coin.

T h e Federal Reserve B a n k s.— Following Is the weekly statement Issued by the Federal Reserve Board on Doe. 31:

?Sk S

i k ’. S d i S
by C levJlaoi and Ulchmond. ovo.- 5% l»y Boston, . t i l . the tom.lnlog
25% Is distributed among 7 banks and Reserve Agents.
.
short-term municipal and State securities, and United States
Tho earning assets o f the banks, composed o f discounted bills, bankers j^ optancL . .
asagainst 60% at tho end of 1914 and 104% about tho
bonds stand at present at 83.4 millions. This is about 152% of tho paid-in capit;d of t i
.
J*® d over 27% by bankers’ ascoptances, less than

? 9 ^ * b 3^ U ^ te d ^ to te ^ ^ n & ^ <a n d ^ ^ 1 remaindM,’
wWle th^r^atatatT ^banks anfcredfttxi
withaonlv " 3 % onf ^ e Ccommercia! pa.feron h a n d .O v e r " ^5 mfUtoSsT^‘ 2 3 % of the commercial paper held is commodity paper, discounted at special
lower rates. Trade acceptances on hand total $712,000.
aQoV>„ . r,i h_nv s and nearly 9% to Chicago. Of all tho paper held at present.
About 77% of all acceptance on hand are ^edited to ‘ M®
Agricultural and live-stock paper in the hands of the banks aggroby the banks 37.5% matures within 30 days, and 30.4% after 30 but within 60 days. Ag
holdings of United States bonds are distributed among
gates at present over 4 million do lars and constitute
tlmee-quartors of the bonds aro or the 2% typo, against which
t a S r f! ° T ^ qFaggreg^to
warrant s*held at^present is less th'an half the amount shown during the preceding month.
last 6 months o f 102.1 million dollars. Government deposits totaling 1 5 minion doltare are lie
tQtaJ was issued to tho Now York bank and over
Federal Reserve Agents report a total o f 214.1 millions1 of_notra outetanding. About 42 /o 01 t»
7 rallllons Gf paper. Tho banks show a total
23% to the threo Southern banks. Against the total issued tho Agents hold 197.5 millions or goiu anu 1 0 * *
c i r c u l a t i o n o f 189 m i l l i o n s a n d an aggregate note liability o f about 13.o million dollars.
_

The fieures of the consolidated statement for the system as a whole are given in tho following tablo, and m addition
we present the results for each of the eight preceding weeks, thus furnishing aiuseful

■how the resources and liabilities separately for each of the twelve;Federal Reseiwe b.ii" Vndnrnlttosorvo notes between the
Agents’ Accounts (the third table following) gives details regarding tho/ansaotion^Xnks
Comptroller and the Reserve Agents and between the latter and the Federal Reserve banks.
Vos.261915. Vos.19 1915. Vos. 121915. N o t. 6 1915.
Dec. 30 1915. Dec. 23 1915. Dec. 17 1915. Dec. 10 1915. Dec. 3 1915.
RESO U RC ES.
$245,400,000 $233,430,000 $232,678,000
$257,373,000 $251,810,000 $244,229,000 $245,986,000
Gold coin and certificates In vault--------------- $266,546,000 $276,197,000
73,830,000 69.345,000 62.790.000 00.810,000
77,293,000 69,960,000 76,330,000 68,060,000 79.700.000
1,227,000
1,227,000
Gold settlement fund-------------- ----------------1,252,000;
1,232.000
1,252,000
1,292,000
1,184,000
1,224,000
1,124,000
Gold redemption fund with U. S. Treasurer..
$294,715,000
$297,447,000
$315,977,000
$321,068,000
$325,181,000
$334,887,000 $321,162,000
32,173,000 31,800,000 31,567,000
Total gold reserve.................... —............ $344,963,000 $347,381,000
9,673,000 26,978,000 28,441,000 32,681.000 37,212,000
13,525,000
Legal tender notes, silver, &o--------------------$329,253,000 $326,282,000
$348,150,000
$358,280,000
$358,488,000 $357,054,000 $361,865,000 $349,603,000 $357,862,000

Bills discounted and bought—
Maturities within 10 days-------------------Maturities from 11 to 30 days---------------Maturities from 31 to 60 days--------------Maturities from 61 to 90 days----------------

Bankers*

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

$6,133,000
13.524.000
17.861.000
12,830,000
4,073,000

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

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

$6,784,000
11.740.000
18.610.000
10,766.000
3,456,000

$6,164,000
11.129.000
18.325.000
9.524.000
3.831.000

$4,603,000
12.320.000
15.835.000
9.018.000
3.373.000

$5,223,000
10,860,000
14,603,000
9.521.000
2.875.000

$5,863,000
10.436.000
15.606.000
8.498.000
2.724.000

$48,973,000 $45,149,000 $43,148,000 $43,127,000
$55,381,000 $54,421,000 $52,696,000 $52,677,000 $51,356,000
$18,306,000 $16,179,000 $13,510,000 $13,138,000 $13,774,000
acceptances (Included In above) $23,013,000 $21,759,000 $19,684,000 $19,108,000




Jan . 8 1916.]

THE CHRONICLE

135

Dec. 301915 Dec. 23 1915 D ec. 17 1915 Dec. 10 1915 D ec. 3 1915. Noe. 261915 Noe.19 1915. Noe. 121915. Noe. 5 1915.
R E SO U R C E S (Concluded).

) $413,869,000 5411,475,000 5414,561,000 $402,280,000 5409,218,006 $407,253,000 $393,299,000 $372,401,000 5369,409,000
SI5,797,000 $15,060,000 $14,523,000 $14,401,000 $13,875,000 $12,919,000 $12,674,000 $12,003,000 $10,533,000
.
1 2 ,220,000
14.094.000 13.600.000 18.053.000 17.821.000 27.308.000 27.519.000
22.148.000
21.910.000 21.008.000 20.939.000 22.286.000 18.118.000 19.176.000 18.792.000 22,801,000
19.537.000 15.184.000
20.767.000 24,977,000 21.331.000 19,718,000 19,775,000 14.053.000 15.827.000
16.175.000
12.483.000
6,547,000
4,194,000
4,322,000
5,335,000
6,552,000
4,633,000
3,662,000
3,275.000
2,962,000
S491,110,000 $490,808,000 $489,276,000 $482,073,000 $485,359,000 $485,342,000 $471,773,000 $446,192,000
$432,719,000

Investments: U. 3. bonds_______
Municipal warrants .
Federal Reserve notes—Net--------Total Resources-------L IA B IL IT IE S .

554.915.000 554.901.000 $54,900,000 $54,902,000 $54,859,000 $54,846,000 $54,854,000
15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 $54,846,000 $54,848,000
15,000.000 15,000,000
400.012.000 398.603.000 397,879,000 390,249,000 392,966,000 397,952,000 384,997,000
13,486,000 14,670,000 14,461,000 14,686,000 13,969,000 13,385,000 12,923,000 359,317,000 346,063.000
13,007,000
13,661,000
7,697,000
7,634,000
7,036,000
7,236,000
8,565,000
4,159,000
3,999,000
4,022,000
3.147,000
$491,110,000 $490,808,000 $489,276,000 $482,073,000 $485,359,000 $485,342,000 $471,773,000 $446,192,000
$432,719,000

Capital paid In_____
Government deposits .

Federal Reserve notes—Net.
All other liabilities-------------Total liabilities.
Gold reserve against net liabilities (a).
Cash reserve against net liabilities (a).
aside 40% gold reserve against i
amount of Federal Reserve notes
circulation (a)_____________________

84.6%
87.9%

8 6 .1 %
88.5%

82.5%
89.1%

80.2%
87.4%

80.9%
89.0%

77.9%
86.9%

79.6%
87.7%

80.1%
88.7%

81.4%
90.1%

89.6%

90.4%

90.9%

89.2%

90.7%

88.5%

89.3%

00.5%

92.0%

$20,767,000 $24,977,000 $21,331,000 $19,718,000 $19,775,000 $14,053,000 $15,827,000 $16,175,000
•$12,483,000

serve banks, viz.
fed e ra l Reserve Notes —

$214,125,000 $211,735,000 $205,205,000 $200,265,000 5190,985,000 $187,815,000 $183,275,000 $179,335,000
25,099,000 23,673,000 23,843.000 24,953,000 20,987,000 22,511,000 22,389,000 22,710,000 $170,310,000
17,828,000
$189,026,000 $188,062,000 $181,362,000 $175,312,000 $169,998,000 $165,304,000 $160,886,000 $156,625,000 $152,4S2,000
5197,450,000 $194,400,000 $187,840,000 $182,912,000 5174.147,000 $171,095,000 $166,755,000 $163,155,000 $154,005,000
13,486,060 14.670.000 14.461.000 14.686.000 13.969.000 13.385.000 12.923.000 13.007.000 13.661.000
21,910,000 21.008.000 20.939.000 22.286.000 18.118.000 19.176.000 18.792.000 19.537.000
15.184.000

Issued to the banks.

In circulation_______________
Gold and lawful money with Agent.
Carried to net liabilities_________
Carried to net assets_____________
fe d e ra l Reserve Notes (Agents' Accounts )—

Received from the Comptroller_____
Returned to the Comptroller________

$263,640,000 $263,640,000 $260,460,000 $256,480,000 $252,680,000 $249,440,000 $242,980,000 $235,020,000 $218,020,000
1,631,000
1,631,000
1,531,000
1,495,000
1,355,000
1,355,000
1,275,000
1,265,000
1,035,000
Amount chargeable to Agent.
S262,009,000 $262,009,000 $258,929,000 $254,985,000 $251,325,000 $248,085,000 $241,705,000 $233,755,000 $216,985,000
In hands of Agent_____________
47,884,000 50,274,000 53,724.000 54,720,000 60,340,000 60,270,000 58,430,000 54,420,000 46.675,000
Issued to Federal Reserve banks___ $214,125,000 $211,735,000 $205,205,000 $200,285,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000 $170,310,000
H ow Secured —
By gold coin and certificates___________ $139,940,000 $137,040,000 $130,860,000 $139,902,000 $135,177,000 $136,535,000 $132,695,000 $133,515,000 $127,495,000
By lawful money_____________________
100,000
100,000
100,000
16.675.000 17.335.000 17.365.000 17.353.000 16.838.000 16.720.000 16.520.000
By commercial paper_________________
16,180.000 16.305.000
650,000
650,000
650,000
Credit balances In gold redemption fund..
630,000
590,000
580,000
580,000
570.000
560,000
Credit balances with Federal Reserve B’d. 56.860.000 56.710.000 50.330.000 42.380.000 38.380.000 33.880.000 33.380.000 28.970,000
25.950.000
Total___________________________ $214,125,000 $211,735,000 $205,205,000 $200,265,000 $190,985,000 $187,815,000 $183,275,000 $179,335,000
$170,310,000
516,740,000 $17,451,000 $17,935,0001 $18,752,000 $18,328,000' $17,583,000 $17,240,000 $16,680,000
$16,663,000
• Amended figures.

Commercial paper delivered to F. R. Agent__

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC. 30 1915
N ew York. Philadel’a : Cleveland. Richmond

Atlanta.
Chicago. St. L o u is. M in n ea p . K a n . City. D allas. San F r a n J Total.
$
'
S
*
*
*
I
*
I
5
Gold coin A ctfs. In vault!l4,097,000 168.965,000 6,440,000 9,559,000 5 223 000 4,872.00035,162,000 2.967.000 2.700.000 8,381,000 3,975,000 4.205,000 266,546,000
Gold settlement fund__ 4,279,000 6,717,000 8,695,00011,042,000 9,875,’000 3,717,000 i;256,000 6.072.000 4.355.000 2,464,000’ 8,941,000 9.8S0.000 77,293.000
Gold redemption fund..
6,000]
55,000,
334,000; 307,000
25,000
30,000j 107,000 260,003]
..........| 1,124,000
Total gold reserve__
18
301,’ooo
1
7
7;477,'000
*3097.M021,211,000
^
’^^OOO
S’l85
000
30
’9991
9
-°?4.000
7,085,000
10,952,000
13,176,000
14.085,000344,963,000
Legal-ten .notes.sllv. .Ac
630,0001
93,000]
20,000] 120,000: 259,000
5,000 13.525,000
Total reserve____ __ 18,743,000 183,214,000 18,232,000 21,812,00015,499,000 9.0S1.000 37,048,000 9,157,000 7,105,000 11,072,000 13,435,000 14.090.000358,488,000
Boston.

R E SO U R C E S.

Hills discounted Abo light

235,000
Commercial paper__
Bankers’ acceptances 6,493,000

172,000
237,000
8,715,000 2,543,000

539,000! 7,507,000 8,131,000 4,005,000 1,255,000 1,299,000 ] 3,581,000 4,957,000 450,000 32,368,000
804,000, 150,000
72,000; 2,016,000 __661,000] 478,000) 429,000
_____ ___ 652,000( 23,013,000
1,343,000 7,657,000 8,203,000 6,021,000 1,916,000 1,777,000 4,010,000] 4,957,000] 1,102,000 55,381,000
986,000
Investments: U. 8 . bds
1.973.000 2.357.000
..........j 4,218,000
970.000 1.304.000 2,119,000 870,000 1.000.
000 15,797,000
Municipal warrauts.. 3,041,000 1,269,000 1.538.000 2.846.000
330,000] 1,256,000 292.000 861.000 288,000]
72,000 345,000 12,220,000
Fed. Res've notes—Net.
709,000] 15,877,000 401,000 292,000
..........] 1,695,000
817.000 618,000
1.301.000, 21.910,000
Due from other Federal
Reserve banks—Net. 1,629,000
3,668,000 2,212,000' 1,158,000 617,000] 9 886 000 1,367,000 4.439.000
147,000! 169,000 3,485,000 a20,767,000
431,000]
AH other resources____
441*666 927,000 287,000
103,000 986,000
239^000 700.000
87,000 1,060,000] 1,182,000] 104,000, 6,547,000
Total resources_____ 32,267,000 209,753,000 29,454,000(31,149,000 24,499,000 19,217,000 60,363,000 15,219,00016,391,000]18,696,00020,685,00021,427,000 491,110,000
T ota l.................... 6,728,000

8,952,000

L IA B IL IT IE S .

Capital paid In______ 5,158,000j 11,063,000 5,270.000] 5,941,000 3,354,000
Government deposits— '
..........| _____ ! 5,000,000
Reserve deposits—Net.. 27,1*0*9*,666 183,2*08*666 24,184,000 25,208,000 10,856,000
Fed. Res’ve notes—Net
5,266,000
8
,
0
10,000
Due to F.R.banks—Not
7,472,000
AU other liabilities
23,000

2.423.000 6,645,000 2,781,000 2,547,000] 3,038,000
5.000.
000
....................
8.237.000 53,718,000 12,33*7’,666 13,844,00014,180,000
3.456.000,
___
..........| 1,478,000

2.753.000 3,942,000 54,915.000
5.000.000
_____ I 15,000,000
9.646.000 17,495,000 400,012,000
3.286.000,
.......... 13,486,000

1 0 1 ,000 ]
7,697*666
Total liabilities......... 32,267,000 209,753,000 29,454.00031,149,00024,499,000 19,217,000 60,363,00015,219,000 16,391,00018,696,00020.685,00021,427,000 491,110,000

fe d e ra l Reserve Notes —

Issued to banks___
1 0 ,020,000 89,440,000' 9,160,000,11,000,000 15,630,000 18,950,000] 4,380,000 8,950,000 14,000,000 11,000,000 15,145,000 6,450,000 214,125,000
709,000 16,017,000, 401,000 292,000 814,000 1,294,000, 1,695,000 817,000 818,000j 522,000 419,000 1,301,000 25,099,000
In hands of banks___
P. R. notes In circulation 9,311,000 73,423,000] 8 ,759,000 10,708,000 14,816,000 17,656,000 2,685,000
8,133,000 13,182,000 10,478,000 14,726,000 5,149,000 189,026.000
Gold and lawful money
with agent......... . 1 0 ,020,000 89.300.000 9,160.000 11,000.0001 9,550,000 14,200,000] 4,380,000
8,950,00014,000,000] 9,000,00011,440,000 0,450,000197,450,000
Carried to net liabilities.
..........
-I
..........
.......... 5,266,000 3,456,000
..........I .......... 1,478,000] 3,286,000
..........i 13,486,000
7*09*666 15.877.0001 401,0001 292,000
Carried to net assets___
..........I 1.695,000
817,000 818,0001
_____ I .......... I 1,301,000 21,910,000
* Items In transit, 1. e., total amounts due from, less total amounts due to, other Federal Reserve banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS DEC. 39 1915.
Boston.

N ew York. P hiladel’a Cleveland. Richmond

Atlanta.

Chicago.

St. L o u is. M in n ea p . K a n . City

D allas.

San F ra n .

Total.

$
$
Federal Reserve Notes—
$
$
$
$
$
117,000,000
*
$
S
$
s
$
Reo’d from Comptr'r 16,360,000 106,240,000 12,480,000 12,600,000
20,400,000 9,380,000 9,600,000 19,000,000 1 1 ,000,000 19,580,000 10,000.000 263,640,000
500,000
Returned to Comptr'r
640,000
80,000
_____
120,000
61,000 230,000 1,631,000
Chargeablo to Agent.. 15.860.000 106.240,000 11,840,00012,520,00017,000,000 20,400,000 9.260.000 9,600,000 19,000,000 1 1 ,000,000 19,519,000 9.770,000 262,009,000
In bands of F .R . agent 5,840,000 16,800,000 2,680,000 1,520.000 1,370,000 1,450,000 4.880.000 650,000 5,000,000
4,374,000[
Issuedto F. R. bank.. 1 0 ,020,000 89,440,000 9,160,00011,000.00015,630,000 18,950,000 4,380,000 8,950,000 14,000,000 1 1 ,000,000 15,145,000
Held by F. R. agent—
Gold coin & certfs___ 1 0 ,020,000 89,300,000 4,160,000 10,470,000
500,000
3,950,000 1 0 ,000,000 2 ,000,000 9,540,000
Lawful monoy
Credit balances.:
In Gold redemp. fund
..........
530,000
120,000
With F. R. Board___
5,000,000
9.550.000 13,700,000 4,260,000 5,000,000 4,000,000 7.000.
000
1.900.000
Notes secured by com­
mercial paper__
140,000
6.080.000 4,750,000
2 .000 .
000
3.705.000
T ota l___________ 1 0 ,020,000 89,440,000 9,160,000 11,000,00015.630.000]l8,950,000 4,380,000 8,950,000 14,000,000 1 1 ,000,000 15,145,000]
Amount comm'l paper
delivered to F.R.agentJ
140,000
.......... 1
.......... 1 6.096,0001 4,751,000
2 ,002,000 3,751,000!




3,320,OOo) 47,884,000
6,450,000 214.125.000
..........Il39.940.000
6.450.666 56,860,000
_____

16,675,000

6,450,000214,125,000
.......... j 16,740,000

[Vol . 102

THE CHRONICLE

136

Statement of New York City Clearing-House Banks and Trust Companies.— T h e follow ing detailed statem ent
shows the condition of the N e w Y o r k C ity C learing-H ouse m em bers for the weok ending D e c .3 1 19 1 5 . The figuros for the
separate banks are the averages o f the daily results. In the caso o f the totals, actual figures a t the ond. o f the woek are also
given.
In order to furnish a com parison, w e h ave inserted the totals o f actual condition for oach o f tho throe groups and
also the grand aggregates, for the three preceding w eeks.
N E W 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 .
CLEARING HOUSE
MEMBERS.
Week Ending
December 31 1915
(00s o m itte d .)

L oan s,
D is c o u n t s ,
J n v estm 'ts,
<5tc.

N et
P r o fill.

C a p ita l.

/Nat. B'ksN ov. 101
\State B’ksSept .25 J

A vera g e.
Members o f Federal
3
J
$
Reserve Bank.
35.406.0
4.833.2
Bank of N . Y ..N .B .A . 2,000,1
30.973.0
2,278,7
Merchants’ Nat. Bank. 2,000.1
9.283.0 127.611.0
6,000,1
Mech. & Metals Nat—
381.692.0
1
National City B a n k ... 25.000. 037,658,9
36.830.0
8.093.6
3.000.
1
Chemical Nat. Bank—
10.405.0
817.7
1
Atlantic National Bank 1.000.
1.904.0
79,1
300.1
Nat. Butchers’ & D rov.
93.102.0
4.995.3
5.000.
1
Amer. Exch. Nat. Bank
225.331.0
1
National Bank of Com. 25.000. 18,030,3
56.589.0
2.181.5
Chatham & Phenlx Nat. 3.500.1
124.934.0
1
Hanover National Bank 3.000. 15.484.2
28.144.0
2.617.1
Citizens’ Central N a t.. 2.550.1
9.470.0
Market & Fulton N a t.. 1.000.1 1.976.7
33.486.0
7.794.5
Importers’ & Traders’ — 1.500.1
National Park B a n k ... 5.000,1 15.663.2 141.580.0
2.175.0
77,0
250.1
EastRlvcr Nat. B ank..
16.250.0
3.282.1
Second National Bank. 1,000,1
174.989.0
1
First National B a n k ... 10.000. 23.875.5
60.704.0
1
3.959.1
Irving National Bank.. 4.000.
10.221.0
1.288.6
500,
N. Y . County Nat. B k.
197.210.0
10.042.6
5.000.
1
Chase National B ank..
16.959.0
1.926.2
1
Lincoln National Bank. 1.000.
8.844.0
1.274.0
1
Garfield National Bank 1.000.
4.564.0
404.7
250.1
Fifth National B a n k ...
33.558.0
2.888.0
1.000.
1
Seaboard Nat. Bank—
59.585.0
3,222,5
1.000.
1
Liberty National Bank.
8.409.0
700.7
1
Coal & Iron Nat. Bank- 1.000.
11.953.0
1,058,1
Union Exchange N a t.. 1,000,
9.133.0
1,122,0
Nassau Nat. Bank------ 1,000,
18.206.0
1,500,
903.7
Broadway Trust Co__
53*443'
t. Totals, avgo. for week 115,350,0 187,811,8 1,970,217,0

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Dec.
Dec.
Dec.
Dec.

31
24
18
11

L eg a l
T en d ers.

A vera g e.

3
2.309.0
1.938.0
22.814.0
95.273.0
5.141.0
957.0
76,0
7.692.0
15.412.0
3.271.0
18.558.0
1.230.0
684.0
1.665.0
12.788.0
113.0
1.121.0
11.227.0
5.143.0
391.0
15.114.0
1.595.0
1.069.0
155.0
2.450.0
3.813.0
722.0
426.0
361.0
1.555.0

A vera g e.
%

N a t. B ank N a t. B ank
N o tes
N o tes
[N e t
’ R eserv e
C o u n ted
f o r State
as
In stitu ­
R e s e r v e ].
t io n s ].

F ed era l
R eserv e
Bank
N o tes
[N o t
R e s e r v e ].

A verage.

A verage.

A vera g e.

$

$

$

A verage.

906.0
363.0
3.482.0
5.157.0
1.785.0
234.0
38.0
2.900.0
6.387.0
1.185.0
3.035.0
287.0
583.0
1.307.0
699.0
33.0
902.0
4.218.0
1.210.0
118.0
9.256.0
1.272.0
532.0
117.0
838.0
982.0
108.0
321.0
135.0
225.0

*
997.0
1.125.0
5.582.0
3.790.0
1.001.0
439.0
125.0
2.817.0
4.710.0
1.849.0
1.967.0
1.283.0
1.008.0
1.154.0
3.039.0
232.0
1.023.0
2.303.0
3.970.0
490.0
5.696.0
1.403.0
962.0
255.0
2.575.0
1,3G4,0
151.0
622.0
487.0
571.0

3,078,0
3,085,0
2 >01,0
3,002,0

2.564.0
2.465.0
2.040.0
2.128.0

229.404.0
237.928.0
268.760.0
271.131.0

51.970.0
43,000,0
40.374.0
40.787.0

55.248.0
53.700.0
56.277.0
63.814.0

48.600.0
35.205.0
11.809.0
5.078.0
2.199.0
11.639.0
80.421.0
4.011.0
5.249.0
15.965.0
3.917.0
6.163.0
15.100.0
4.493.0
11.999.0
21.253.0

7.458.0
4.856.0
897.0
246.0
142.0
1.096.0
5.445.0
310.0
584.0
1.471.0
507.0
579.0
918.0
333.0
1.843.0
1.589.0

3.094.0
1.999.0
240.0
691.0
76.0
772.0
2.367.0
33.0
132.0
857.0
58.0
87.0
488.0
214.0
352.0
478.0

1.399.0
1.062.0
535.0
295.0
123.0
619.0
4.530.0
77,0
117.0
1.085.0
136.0
191.0
662.0
144.0
385.0
793.0

147.0
94.0
395.0
148.0
25.0
98.0
1,351,0
51.0
8,0
77.0
81.0
110.0
79.0
38.0
126,0
317,0

283,101,0 28,274,0 11,938,0 12,153,0

3,145,0

A vera g e.
%

A v era g e
%

2,917,0 165,045,0

2,454,0

1.972.309.0
1.956.194.0
1.944.550.0
1.932.076.0

E xcess
Due
fr o m
R eserv e
D e p o s i­
ta r ie s .

1,0 2,527,0
2,260,0
57,0
81,0 10,925,0
795,0 34,497,0
8 0 3,715,0
863,0
12,0
139,0
8,290,0
47,6
59,0 17,729,0
331,0 4,290,0
66,0 10,784,0
16,0 2,234,0
784,0
166,0
2,397,0
96,0 11,123,0
232,0
91,0
1,357,0
12,243,0
232,0 5,232,0
18,0
716,0
96,0 16,090,0
113,0
1,474,0
797,0
169,0
350]0
39,0 4,633,0
287,0 5,836,0
607,0
22,0
877,0
13,0
604,0
8,0
1,440,0
94,0

2,0
24.0
130.0
115.0
74.0
22.0
1,0
148.0
84.0
526.0
18.0
63.0
76.0
1,0
155.0
17.0
72.0
56.0
31.0
308.0
15.0
194.0
38.0
14.0
61.0
29.0
18.0
31.0
44.0
87.0

235,063,0 48,615,0 52,990,0

R eserv e
u it ft
L eg a l
D e p o si­
t a r ie s .

105,278,0
162,506,0
161,261,0
157,443,0

...........

N et
D em an d
D e p o s its .

N et
T im e
D e p o s it s

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

A vera g e.
$

A vera g e.

A vera ge.

32,120,0
30,587.0
148,854,0
452,244,0
37,053,0
10,814,0
1,842,0
97,622,0
225,161,0
55,185,0
140,513,0
25,496,0
9,603,0
30,688,0
144,439,0
2,660,0
15,034,0
168+61,0
67,761,0
10,380,0
226,902,0
19,390,0
9,906,0
4,737,0
40,417,0
65,554,0
8,428,0
11,857,0
8,390,0
19,792,0

........... 2,121,950,0

$
1,598,0
2,100,0
1,352,0
25,0
19,0
2,823,0
125,0
5,539,0
______
1,144,0
______
796,0
125,0
169,0
____
1,255,0
47,0
115,0
___
1,993,0
50,0
7,0
110,0
128,0
19,520,0

$
797,0
1,944,0
4,943,0
1,799,0
450,0
392,0
47,0
4,716,0
2,686,0
1,771,0
305,0
1,632,0
177,0
50,0
3,568,0
50,0
672,0
4,467,0
740,0
198,0
450,0
885,0
348,0
246,0
339,9
500,0
398,0
396,0
207,0
...........
35,323,0

2,125,279,0 19,481,0 35,197,0
2,102,062,0 19,843,0 35,175,0
2,119,527,0 19,667,0 35,126,0
........... 2,115,486,0 19,987,0 35,103,0

State Banks.
N o t M em b ers o f
f F e d e r a l R es e r v e B a n k .

Bank of Manhattan Co. 2.050.0 4.939.0
1.500.0 6.118.7
Bank of America--------500.0
1,193,9
Greenwich Bank--------500.0
1.000,5
Pacific Bank--------------438.3
200.0
People’s Bank-----------1.935.1
Metropolitan Bank------ 2,000.0
3.500.0
6.736.7
Corn Exchange Bank.
250.0
765.7
Bowery Bank-------------750.0
703.7
German-Amerlcan Bank
100.0 2.240.2
Fifth Avenue Bank----795.4
200,0
German Exchange Bank
999.7
200,0
Germania Bank---------Bank of Metropolis------ 1,000,0 2,134.0
683.4
200,0
West Side Bank.............
956,9
N. Y . Produce Exch.Bk 1,000.0
1.500.0
505.6
State Bank....................
N .s ! '
.
Totals, avge. for week. 15,450,0 32,146,8
Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Dec.
Deo.
Dec.
Dec.

284.584.0
280.464.0
281.407.0
284.668.0

31
24
18
11

______
______
______
______

...........

___
230,0 1,403,0
352,0
901,0 1,445,0
1.0
277,0
825,0 1,710,0
1,429,0 1,015,0

58,136,0
35,388,0
12,694,0
4,957,0
2,820,0
10,210,0
94,751,0
3,654,0
5,173,0
16,827,0
3,839,0
6,272,0
15,010,0
4,627,0
13,743,0
23,813,0

______
31,0

__ ___
______
______
______
...........

60,0

18,798,0 7,877,0

311,914,0

59,0

...........

8,795,0
4,036,0
3,172,0
4,028,0

315,210,0
305,335,0
302,153,0
309,117,0

59,0
57,0
67,0
67,0

__ ___
......

3,600,0 1,864,0
587,0
4,0
26,0

169,0

278,0
._

10,000,0
219,0
209,0

161,0

30,0

74,0 18.768,0
49,0 17,638,0
81,0 14,309,0
52,0 14,313,0

28.368.0 12.784.0
27.986.0 10.922.0
28.918.0 9.702.0
32.146.0 8.954.0

13.038.0
12.039.0
11.844.0
11.875.0

3.141.0
2.775.0
2.427.0
3.027.0

140.0
256.0
456.0
37.0
251.0
2,475,0
73.0
276.0
258.0
73.0
589.0
226.0
87.0
49.0

195.0
280.0
769.0
362.0
202.0
3.016.0
100,0
90,0
1.239.0
256.0
380.0
212.0
354.0
104.0

225.0
21,0
181.0
250.0
191.0
546.0
33.0
22.0
255.0
228.0
28,0
62,0
56,0
338,0

639,C 42,758,
494,f
653 ,C
735.0
723.0

21,0
7,6

______

______
____ ______
______
___ _ _
____ -

Trust Companies
N o t M em b ers o f

I F e d e r a l R e se rv e B a n k .
1.500.0 3.605.6
Brooklyn Trust Co___
Bankers Trust C o ____ 10,000,0 13.594.2
2,000,0 4.201.8
U. 8. Mtg. A Trust Co
1.250.0 1.339.6
Astor Trust Co______
Title Guar. & Trust C o. 5.000. 0 12,045,5
Guaranty Trust Co___ 10,000,0 23.186.3
1.317.7
1.000.
0
Fidelity Trust Co___
6.090.2
0
Lawyers Title & Trust. 4.000.
7.568.2
2.000.
0
Columbia Trust Co__
1,438,0
1,000,0
People’s Trust Co____
3.000. 11,119,2
0
New York Trust Co__
Franklin Trust Co_____ 1.000. 0 1.105.9
541,4
Lincoln Trust Co______ 1,000,0
2,000,0 6.293.9
Metropolitan Trust Co
ie Y i
Totals, avge. for week. 44,750,0 92,447,5

1.743.0
34.237.0
227.400.0 20.305.0
2.975.0
58.762.0
1.997.0
27.701.0
1.932.0
39.281.0
321.368.0 30.339.0
565.0
9,017,0
1.262.0
23.638.0
78.214.0 4.886.0
1.228.0
18.022.0
69.270.0 4.609.0
1.166.0
19.407.0
754.0
12.366.0
54.355.0 4,328,0

21,0
30,0
89,0
15,0
21,0
200,1
38 ,C
84,
12,C
13.C

1,184,0 4,255,0
10,425,0 9.505.C
2,156,0 11,459,1
743,0 1,142,1
1,267,(1 3,608,1
15,062,( 19,519,1
495,1
377,6
825,1
820,(
3,318,( 3,153,1
861,< 1,682,1
2,759 ,C 6,683,1
675,(
817,6
611,f
2.386.C 2,350,0

23,081,0 9,377,0
208,489,0 27.426,0
43,103,t 15,871,0
22,610,0
5,870.0
482,0
25,342,0
301,248,1 39,021,0
250,0
7,551,(
543,0
01,409,1
66,362,0 12,323,0
922,0
17,223,1
8,197,0
55,120,1
3,938,1
15,782,1
477,0
12,220,0
5,503,0
47,710,0

66,168,1

862,850,0 130,200,0

...........

132,439,0
129,046,0
127,578.0
127,681,0

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

______

...........

...........

993,038,0 78,089,0

5,246,0

7,559,0

2,426,0

77.625.0
79.388.0
74.204.0
84.411.0

6.359.0
8.980.0
2.503.0
3.131.0

9.571.0
6.029.0
5.757.0
4.609.0

2.541.0
2.516.0
2.384.0
2.478.0

Grand Aggregate, avge. 175,550.0 312,406,1 3,246,356,0 341,426,0 65,799,0 72,702,0
+ 38,911,0 -18,025,0 + 5,439,0 — 392,0
Comparison prev. week
3,257,606,0 335,397,0 71,113,0 77,857,0
Grand Aggregate, actual condition
+ 45,749,0 — 9,905,0 + 8,211,0 +6,089,0
Comparison prev. week] -----------

5,571,0
+ 655,0

9
3

3.516,1 226,601,1 74,045,0 3,296.714,1 149,779,0
+433,0
— 147,0 + 1,665,1 + 117400 + 28,908,1

35,233,0
+ 113,0

5,682,0
+391,0

6 _ 3,646,1 227,302,1 74,968,( 3,314.741,1 151,979.1
0 — 141,1 +5,099,1 + 5871 ( + 59.131,1 + 2,433,1

35,197,0
+ 22,0

24 3.211.857.0 345.302.0 62.902.0 71.768.0
18 3.190.270.0 371.882.0 52.579.0 73.878.0
11 3.162.204.0 387.688.0 52.872.0 80.298.0

5.291.0
4.811.0
6.505.0

9
0
0

Totals, actual condition
Totals, actual condition
Totals, actual condition
Totals, actual condition

Dec.
Dec.
Dec.
Dec

31
24
18
11

Grand Aggregate actual condition Dec.
Grand Aggregate actual]condltlon Deo.
Grand Aggregate actual condition Deo.

1,000,713,0
975.199.0
964.283.0
945.460.0

43,256,C 66,173,0
42,059,1 65,061,1
40,932,1 61,389,(
40,648, 72,585,0

874,252,0
847,613,0
826,053,(
814,820,0

3,787, 222,203,1 69,097,1 3,255,010,1 149,546. ) 35,175,0
3,517,1 216,502,1 64,561.( 3.247,733,1 147,312, ) 35,126,0
3,777, 212,404,1 76,613,1 3,239,423,1) 147,735, 35,103,0

STATEMENTS OF RESERVE POSITION.

T o ta l
C a sh R eserv e R eserv e i n |
i n V a u lt. D e p o s it a r ie s j R ese rv e .

a R eserv e
R e q u ir e d .

S u r p lu s
R ese rv e .

In c. or D ec.
C a sk R eserve R eserv e in
fr o m
in V a u lt. D e p o s ita r ie s
P re v io u s W e e k

S
$
$
S
|
S
$
Members Federal
r Reserve Bank----- 336,668,000 165,045,000 501,713,000 382,927,000 118,786,000 —+21,742,700
State Banks *______ 55.510.000 18.798.000 74,308,000 56,144,520 18,163,480 + 3,606,020
3,222,450
Trust Companies*. . 93.320.000 42.758.000136.078.000 129,427,500 6,650,500
* Total Dec. 3 1 . .. 485.498.000 226.601.000 712,099,000 568,499,020 143,599,980 ——14,914,230
5,253,040
Total Dec. 24 — 497.821.000 224.936.000 722,757,000 564.242.790 158,514,210 — 14,252,290
Total Dec. 18— 504.847.000 218.581.000 723,428,000 559,660.750 163,767,250 — 2,420,930
Total Dec. 11—. 519.579.000 215.742.000 735,321,000 557,301,460 178,019,540

:

D&UU* D.co.lt. 1. t »

O. 8,at.

B .j M

T o ta l
R e se rv e .

b R eserv e
R e q u ir e d .

S u r p lu s
R ese rv e .

In e. or D ee.
fr o m
P r e v io u s W e s t

5
5
S
$
$
$
+ 713,040
336,622,000 165,278,000 501.900.000 383,524,270 118,375,730
57.331.000 18.768.000 76.099,000 56,737,800 19,361,200 + 2,961,500
96.096.000 43.256.000 139.352.000 131,137,800 8,214,200 — 3,615,850
+ 58,690
490.049.000227.302.000 717.351.000 571,399,870 145,951,130
485.263.000222.203.000 707.466.000 561,573,500 145,892,440 — 12,965,860
503.150.000216.502.000 719.652.000 560,793,700 158,858,300 —20,257,810
— 193,920
526.363.000212.404.000 738.767.000 559.650,890 179,116,110

...r ™ .

C g W J jlM M I £

O. « »

I»<

Digitized for includes
FRASER
also the amount of reserve reaulred on Net Time Deposits, which was as follows: Dec. 31, $974,050, Dec. 24, SJJ2.150, Dec. is. suaj.uuu. uee. u , *


.

Jan. 8 1916.]

THE CHRONICLE

137

The State Banking Department reports weekly figures
In addition to the returns of “ State banks and trust com
showing the condition of State banks and trust companies
ia New York City n o t i n th e C le a r in g H o u s e , and these are panics in New York City n o t i n th e C le a r i n g H o u s e ” furnished
by the State Banking Department, the Department also
shown in the following table:
presents a statement covering a ll the institutions of this class
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
in the whole State. The figures are compiled so as to distin­
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
CF ig u r es F u r n is h e d b y S ta te B a n k in g D e p a r t m e n t .) D i ffe r e n c e s f r o m
guish between the results for New York City (Greater New
D e c e m b e r 31.
p r e v io u s w eek .
$039,101,000 Inc. $12,020,100 York) and those for the rest of the State, as per the following:
Lonnsand Investments.............
561,300
G o ld .............. ............. .........................- ..................... 53.619.S00 Inc.
For definitions and rules under which the various items
Currency and bank notes............................
10,245,600 Inc.
57,100
Total deposits----------853,200,800 Inc. 23,369,700 are made up, see “ Chronicle,” V. 98, p. 1661.
Deposits, eliminating amounts due from reserve de­
positaries and from other banks and trust com­
The provisions of the law governing the reserve require­
panies in New York City, and exchanges------------- 669.087,400 Inc. 13,992,200
241,995,400 Inc. 12,701,100 ments of State banking institutions were published in the
Reserve on deposits-------------Percentage of reserve, 34.8%.
“ Chronicle” March 28 1914 (V. 98, p. 968). The regula­
RESERVE.
-------- S tate B a n k s -------- ----- T ru st C o m p a n ie s ----- tions relating to calculating the amount of deposits and what
Cash in vaults------------------------------Sll.987,400 11.83%
$51,878,000
8.74%
deductions are permitted in the computation of the reserves
Deposits in banks and trust cos----- 19,408,700 29.17%
158,721,300 26.74%
were given in the “ Chronicle” April 4 1914 (V. 98, p. 1045).
T ota l........................ ............ ....... $31,396,100 32.00%
$210,599,300 35.43%
STATE BANKS AND TRUST COMPANIES.

The averages of the New York City Clearing-House banks
and trust companies, c o m b in e d with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:

Week ended Dec. 31

State Banks
Trust Cos.
State Banks
Trust Cos
in
in
outside of
outside of
Oreater N . Y. Greater N . Y . Greater N . Y. Greater N . Y

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

Capital as of Sept. 25___

$
23,050,000

$
65.550,000

$
•10,863,000

W e o m it c ip h e r s in a ll th ese f i g u r e s .

Surplus as of Sept. 25___

38,209.100

155,738,300

•13,863.600

•11,358,400

Loans and investments. .
Change from last week.

360,802,500 1,544,614,400
+2,224,200 + 35,798,000

146,699,400
— 132,800

211,531,600
+ 989,600

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

42,497,200
+2,074,800

128,398,200 .
+2,988,600

Currency and bank notes.
Change from last week.

24,996,900
+ 1,034,300

18,899,000
+ 3,648,600

IIIIIIIZII

_____ . . . .

Deposits____ ____ ____
513,331,100 1,917,834,500
Change from last week. +25,942,500 +56,760,900

156,820,400
+559,400

222,847,900
+ 122,000

W ee k en d e d —

Oct. 9........
Oct. 16........
Oct. 23.........
Oct. 30........
Nov. 6........
Nov. 13........
Nov. 20____
Nov. 27........
Dec. 4........
Dec. 11____
Dec. 18____
Dec. 24........
Dec. 31____

R oans and
I n v e s tm e n ts

$
3.388.651.3
3.467.524.0
3.608.520.3
3,642,474,6
3.691.856.2
3.725.985.5
3.735.488.3
3.753.798.0
3.750.386.9
3.769.648.5
3.799.286.4
3.834.525.9
3.885.457.0

D em an d
D e p o s its .

T o ta l
M on ey
H o ld in g s .

O th er
M on ey.

S p e c ie

$
$
$
3.474.185.0
3.554.422.3 494.209,0
3,709,034.9 502.300,9 77,013,0
3.748.805.7 513.565,6 71,853,9
3.803.046.8
3.839.752.9 520.920.8 65.231.7
3.858.135.4 526,271,3 69.244.8
3.858.048.5 517.556.8
3.863.672.1 516.027.9 63,834,0
3.870.658.9 515.147.8 67,232.6
3.887.606.2 500,809,0 67,010,8
3.922.901.2 48.5,603,5 75.464.5
3,965,801,4 ! 467.747.8 81.615.6

E n t ir e
R eserv e o n
D e p o sits.

$

881.458.3
911.515.5
579,313,9 931.772.5
585,419,5 957,399,9
970.813.4
586,152,5 980.387.6
595,516,1 981.478.5
970,216,8
579,861,9
582.380.4
567,819,8)
561,06S,0|
549.363.4

Reserve on deposit_____
Change from last week.

123,649,400 433,438.300
+8,394,000 +25,368,900

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

30.4%
28.9%

+ Increase over last week.

28.1%
27.5%

$
•13,400.000

27,732,500^ 30,083,300
+298,300! — 1,097 >00
20.5% |
1A
A 07
10.0%
20.4%'
17.2%

— Decreaae from last week.

• As of June 23.

Non-Member Banks and Trust Companies.— Following Is the report made to the Clearing-House by clearing non­
member Institutions which are not included in the “ Clearing-House return” on the preceding page:
___ ________ RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING HOUSE.
C L E A R IN G
N O N -M E M B E R S

Week Ending
Dec. 31 1915.
Members o f
Ped'l Reserve Bank
Battery Park N a t .. .
First N at., Brooklyn
National C ity, Bklyn
First N at., Jcrs. C ity
Hudson Co N ..J .C .
First N at., noboken
Second N at.. H obok.

Net
Profits

Capital

Loans,
Discounts,
N at. b’ ka Nov 101
Invest­
)State b' ksSept. 25/ ments, Ac.

T o t a l ____________ 1,795,000

Average.

$

$

200,000
300.000
300.000
400.000
250.000
220.000
125,000

167.100
686,800
657.100
1,271,800
777,200
659,300
315.100

$
2.530.000
4.920.000
5.354.000
4.562.000
3.880.000
5.633.000
4.326.000

Legal
Tenders

Gold
Average.
t
94.000
126,000
166,000
202,000
113.000
139.000
48.000

Nat.Banl
Notes [Re­
serve for
State In­
stitutions

Silver.

Nat.Banl Federal
Notes[No Reserve
Counted
Bank
as
NotesLNo
Reserve). Reserve).

Average. Average. Average. Average. Average
t
36.000
28.000
73.000
303,000
9,000
21.000
49,000

S
38.000
140.000
151.000
99.000
74.000
70.000
111.000

$

S

4.000
13.000
16.000
18,000
109,000
13,000
7.000

4.534,400 31,205,000

888,000

519,000

683,000

385.100 1.915.000
807.500 7.948.000
653.100 7.082.000
188,300 1.250.000
470.100 5.160.000
250,200 3.546.000
521,400 5.547.000
716.500 17,106,000
184,700 3.352.000

92,000
406.000
593.000
102.000
678.000
177.000
488.000
835.000
180.000

9.000
114.000
58.000
9.000
150.000
50.000
115.000
134.000
59.000

83.000
514.000
359.000
40.000
165.000
133.000
255.000
831.000
137.000

17.000
6,000
174.000
10.000
103.000
48.000
100.000
139,000
26.000

698,000 2,517,000

623,000

391,000

—

180,000

t
3.000
14.000
17.000

Reserve
with
Legal
Deposi­
taries.

Excess
Due from
Reserve
Net
Deposi­
Demand
taries.
Deposits.

Net
Time
Deposits.

National
Bank
Circu­
lation .

Average.

Average.

Average.

Average.

Average.

$
286,000
558.000
670.000
479.000
356.000
383.000
268.000

$
t
222,000 2.381.000
85,000 4.566.000
145.000 5.442.000
3,081,000 3.992.000
836.000 2.968.000
548.000 2.425.000
594.000 2.232.000

2.773.000
1.922.000

52,000 3,000.000

5,511,000 24,006,000

4,744,000 1,516,000

5.000
13.000

State Banks.

S
49,000

S
195.000
294.000
119.000
396.000
196.000
217.000
99,000

Not Members of the
Federal Reserve Bank.
Bank of Wash. HgtS.
100,000
Colonial Bank______
400.000
Columbia Bank____
300.000
Fidelity Bank...........
200.000
Mutual Bank...........
200,000
New Netherland___
200,000
Yorkvilie B a n k ...
100,000
Mechanics’ B k ly n .. 1,600,000
North Side, B k ly n ..
200,000
T o t a l ..................

3,300.000

4,176,900 52,906,000 3,551,000

165’,566

226’,666

88,000
149.000 1.479.000
512.000
564.000 8.530.000
466.000
675.000 7.772.000
56,000
152.000 1.129.000
376.000 1.279.000 5.368.000
’ V.OOO 207.000
366.000 3.530.000
367.000
252.000 6.114.000
1,110,000 3.186.000 18,499.000
216.000
220.000 3.600.000
5,000 3,398,000

::::::

373’ 66o
223,000
74*666
12,000

6,843,000 56,021,000

682,000

Trust Companies.

Not Members of the
Federal Reserve Bank.
Ham lltonTrust.Bkln
M echanics, Bayonne

500.000
200.000

1.051,000
276,000

7.160.000
4.386.000

411.000
100.000

7,000
25,000

10,000
80,000

30.000
45.000

’ V.OOO

3,000
19,000

235,000
96,000

T o t a l ......................

700,000

1,327,000 11,546,000

511,000

32,000

90,000

75,000

4,000

22,000

331,000

Grand aggregate____
Comparison, prevwk
Excess reserve.
Grand aggr'te D ec 24
Grand aggr’ te Dec 18
Grand aggr’ te Dec 11
Grand aggr’te Dec 4
Grand aggr'te N ov27

2,080,000
819,000

4.716.000
1.922.000

1.540.000
2.332.000

2,899.000 6.638,000 3,872.000
5.795.000 10.038,300 95,657,000 4,950,000 1,249.000 3,290,000 698,000 575,000
79,000 6,729,000 15,253,000 56,665,000
+ 31,000 + 35,000 — 186000 + 131000 — 19,000 + 184000 +23,000| — 1,000 — 225,000 + 682,000 9,298,000 1,516,000
+ 138,000
$ 15b.inn
5.795.000 10.038.300|95.626,000 4.915.000 1.435.000 3.159.000 717.000
391.000
56.000 6,730,000 15.478.000 55.983.000 9.160.000 r,516.0OO
5.795,000,10,038.300,94,623,000 4.941.000 1.274.000 3.220.000 660.000 471.000
66.000 6,586,000 15.634.000 54.660.000 8.909.000 1.516.000
5.795.000110.038.300.04.090.000 4.895.000 1.305.000 3.332.000 590.000 583.000
58,000:6.714,000 15.543.000 55.669.000 8.568.000 1.517.000
5.795.000
9,953,900
4.838.000 93.608.0001
1.185.000 3.223.000 698.000 463.000
53,000|6,724,000 16.605.000 55.476.000 8.539.000 1.515.000
5.795.000 9.953.900 94,128.000 4.845.000 1.196.000 3.162.000 675.000 458.000
54.000,6,720,000 15.923.000 55.551.000 8.537.000 1.514.000

Philadelp)hia Ba
Summary of weekly totals of Boston Clearing-House Banks. We give below
Cleariug-Houiso bank 8 and trust
companies of Philadelphia: summary showing the totals for all the items in the Boston
Clearing-House weekly statement for a series of weeks:
We oviU ■
n k 3 «—

—

a

tw o C ip h ers ( 0 0 ) in a ll th e se f i g u r e s .

nnSTO M

C a p ita l
and
S u r p lu s .

Oct.

2 3 .........................
O c t . 3 0 .........................
N ov . 6. .
N o v .1 3 ..
N o v . 2 0 ____
N o v . 2 7 ____
D e c . 4 _____
D e c . 1 1 ............. ■ ' *
D e o . 1 8 ......................
D e c . 2 4 __________
D e c . 3 1 .........................1

$
1 0 3 .6 8 4 .3
1 0 3 .6 8 4 .3
1 0 3 .6 8 4 .3
1 0 3 .6 8 4 .3
1 0 3 .6 8 4 .3
1 0 3 .6 8 4 .3
1 0 3 .8 8 4 .3
1 0 3 .6 8 4 .3
1 0 .3 .6 8 4 .3
1 0 3 .6 8 4 .3
1 0 3 .6 8 4 .3

L oans.

Reserve.

a

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

i
$
1 2 7 .9 3 0 .0 5 6 6 .1 3 7 .0
1 2 4 .0 9 3 .0 5 6 5 .4 6 1 .0
1 2 7 .4 7 1 .0 5 7 8 .4 5 6 .0
1 2 2 .8 5 1 .0 5 7 2 .5 9 0 .0
1 1 4 .7 6 3 .0 5 6 9 .6 3 2 .0
1 0 4 .1 8 8 .0 5 5 8 .5 4 5 .0
1 0 2 .0 3 4 .0 5 5 9 .6 9 4 .0
1 0 2 .3 2 8 .0 5 5 4 .7 7 8 .0
9 9 .0 3 0 .0 5 5 8 .6 8 7 .0
9 1 ,0 4 2 ,0 : 5 5 6 .5 3 4 .0
9 5 . 8 0 2 . 0 15 6 5 . 8 4 5 . 0

g i f i > I n s 2Un n m ? « T e n J S e n J . d e p o s l , s

0 16

m>m’ ^ ^ D e f s i . ^ T o o o !

8




D e p o s it s .

lte m

" due

U Se"

40

C ircu la ­
tio n .

C lea r in g s

D ec . 31
1915.

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

o th e r b an k s”

r 'T . v t n m n

(D e c .

(DeC- 81> *29’279’00° ) ’

31,
D ue

T T n rran ' i i r i r n r n o

C h a n g e fr o m
p r e v io u s w eek .

C i r c u l a t i o n _________________________
$ 8 ,1 2 4 ,0 0 0 D e c .
L o a n s , d l s c ’ ts & I n v e s t m e n t s . 3 8 7 .4 2 5 .0 0 0 D e c .
I n d i v i d u a l d e p o s it s , in c l . U .S . 3 2 7 .0 3 0 .0 0 0 I n c .
D u e t o b a n k s _____________________ 1 1 9 . 2 4 9 . 0 0 0 I n c .
T i m e d e p o s i t s ....................................
1 5 .2 7 3 .0 0 0 D e c .
E x c h a n g e s f o r C le a r in g H o u s e
1 7 .5 4 8 .0 0 0 D e c .
D u e f r o m o t h e r b a n k s ________
3 5 .3 0 4 .0 0 0 I n c .
C a s h r e s e r v e _____________________
2 6 .2 5 5 .0 0 0 I n c .
R e s e r v e In F e d . R e s ’ v e B a n k
1 5 .7 8 8 .0 0 0 I n c .
R e s e r v e w i t h o t h e r b a n k s ____
5 2 ,0 7 1 ,0 0 0 , I n c .
R e s e r v e e x c e s s In b a n k _________
4 ,1 4 2 ,0 0 0 : I n c .
E x c e s s w i t h r e s e r v e a g e n t ____
3 3 .6 4 6 .0 0 0 I n c .
E x c e s s w i t h F e d . R e s ’ v e B’k.
1 .0 4 8 .0 0 0 I n c .

Dec.

24
1915.

Dec.

18
1915.

S 6 .0 0 0
$ 8 ,1 3 0 ,0 0 0
$ 8 ,1 3 8 ,0 0 0
1 ,4 0 3 ,0 0 0 3 8 8 .8 2 8 .0 0 0 3 9 2 .3 1 3 .0 0 0
2 ,9 0 4 ,0 0 0 3 2 4 .1 2 6 .0 0 0 3 2 3 .7 6 7 .0 0 0
3 ,8 3 4 ,0 0 0 1 1 5 ,4 1 5 ,0 0 0 ^ 1 1 6 .6 1 2 .0 0 0
4 0 6 .0 0 0
1 5 .6 7 9 ,0 0 0 1 1 6 .3 0 5 .0 0 0
4 0 9 ,0 0 0
1 7 .9 5 7 .0 0 0
1 6 .9 7 6 .0 0 0
3 2 6 .0 0 0
3 4 .9 7 8 .0 0 0
3 5 .4 3 1 .0 0 0
1 ,3 6 0 ,0 0 0
2 4 .8 9 5 .0 0 0
2 5 .9 9 4 .0 0 0
4 4 6 ,0 0 0
1 5 .3 4 2 .0 0 0 1 1 4 .9 5 0 .0 0 0
4 ,7 9 6 ,0 0 0
4 7 ,2 7 5 .0 0 0 ) 4 6 .0 6 6 .0 0 0
1 ,2 4 0 ,0 0 0
2 .9 0 2 ,0 0 0
3 ,8 2 3 ,0 0 0
4 ,6 9 6 .0 0 0
2 8 ,9 5 0 ,0 0 0
2 7 .5 9 1 .0 0 0
3fifi.O O O
non
nan

Imports an d Exports for the W e e k .— See third page
preceding.

[Vol. 102.

THE CHRONICLE

138

o f all the different issues and for weekly range see third page
following.
W all Street, Friday N ight, Jan. 7 1916.
T h e M on ey M arket a n d F in a n cia l S itu a tio n .— Appre­
hension as to the outcome of the destruction of the British
SS. Persia, with a United States Consul on board, inspired
more or less caution in Stock Exchange circles during the
early part of the week. This tendency was increased by the
remarks of M r . Gary of the U . S. Steel Corporation as to
the danger of over-production and the effect upon some of
our most important industries which would be sure to follow
a cessation of the war in Europe, or if the present excessive
demand be otherwise cut off. W hile there may be a di­
vergence of opinion as to the soundness of M r . Gary’s logic,
there can be no question as to the danger of over-expansion
in production and credits— especially the latter. Presum­
ably this danger is realized by bankers generally, but to
what extent they will be able to control the situation remains
to be seen. It would, indeed, be lamentable if the current
season of unprecedented opportunity in this country should
be turned into a curse by the folly of those in a position to
reap the benefits thereof. And yet therein lies the danger

R ailroad an d M iscellan eou s S t o c k s — The volume of
business in stocks has diminished day by day and the tendenev of prices steadily declined throughout the wook.
th e
railway list has stood up fairly well against the heavy docline
of industrial sharos, but no class of stocks, escaped the
e-eneral downward movoment of prices. To-day s market
was not unlike all others until near the close, whon there
was a general recovery of substantial proportions,
in is
carriod St. Paul fractionally above last wook’s closing price
and soveral industrial issues show a not gain of 2 to 5 points.
Tho railway list, as a whole, howover, shows a net decline
for the week, averaging from 1 to 2 points.
General Motors is conspicuous for having declined oo
points and closing with a net loss of 50. New York Air
Brake has covered a range of nearly 13 points, Mexican
Potroloum over 15, Bethlehem Steel 25, Crucible Steel 11,
California Petroleum preferred 13, and all show largo net
loss of value.
For daily volume of business see page 147.
Tho following sales have occurred this weok of sharos not
represented in our detailed list on the pages which follow.

which M r . Gary points out.
.
A n excellent result of one or both the influences noted
above has been a sharp decline of the shares ot^ several im­
portant manufacturing concerns
These shares ^ . eJ j ee
selling, apparently, far above their intrinsic value and what
ever operates to bring prices to a legitimate level m t
unfavorable effect upon the general market should be grate­
Sterling' exchange steadily advanced until it reached
$4 703^2 on Thursday and at the same time German a <
Austrian exchange declined to new low levels,
ih o AngloFrench bond sale, bankers’ credits in this market, gold re­
ceipts and security receipts from abroad are having the de­
sired effect notwithstanding the fact that the enormous ex­
port movement of merchandise continues.
F oreign E xch an ge.— The market for sterling exchange
ruled progressively firmer, demand bills touching 4 78 on
Thursday. On Friday, however, there was active selling of
bills and the closing rate was 4 75
T o -(la y ’s (Friday’s)Lacm 7' ratesAor
fQr cables.
for sixty days, 4 74 %
7 5 ^ 4 7 <; and docum ents for paym ent
S“

S y * s)° 4 m S S

p“ - s r » t £ g , 4ri l

om

S ; f j r paym ent 4 75@4 76 ami Brain for

posted

& V d m , 2 7 ^ 8 francs (T bursd ay).
KvrhT.niro at Derlin on L ondon , not Quotable.
The range for foreign exchange for the week foUows:
CableSt
.S t e r l i n g , A c t u a l - ( S ix ty D a y s .
^ C h ecks.
’

High for the w e e k ...4 73%
Low for the week — 4 70 Mi

4 73%

4 78%
4 74 1-16

High for the week. . .
Low for the week—

------- --

5 82
5 85%

5 81
5 84%

High for the week—
Low for tho week—

------

75%
72%

75%
73

45
43%

45%
43%

P a ris B a n k ers’ F ra n cs—

G erm an y B an kers' M a rk s—

A m sterd a m

B an kers

High for the week—
Low for the week----

G u ild ers—

-----------

Sales
for
Week

A dam s
A m C oa l P ro d p ref sub
700 113% Jan
receip ts full p a id -------A m erica n E x p r e s s ---1 0 0 1,700 128% Jan
10 64% Jan
A m r T e le s & C a b l e . . 100
200 12% Jan
A m W rit P a p er, pref. 100
Jan
100 8
A ssets R ea liza tion . . 1 0 0
A ssocia ted O il---------- 100 11,400 68% Jan
3% Jan
B a top ila s Mining------ 20 8,800
82 47% Jan
B r o w n S h oe --------------- 100
500 97% Jan
P r e fe r r e d --------------- 100
Jan
800 12
B ru n sw ick T e rm in a l. 100
III 109 Jan
B urns B r o s, p r e f------ 100
Jan
800 96
B ush T e rm in a l.......... 100
Jan
100 30
B u tte r tc k _____________100
100 88% Jan
C a se (J I ) , p r e f.......... 100
100 10% Jan
C h ica g o & A lt o n -------100
Jan
100 20
P r e fe r r e d -------------- 100
C lu e tt,P e a b o d y & ColOO 3,000 73% Jan
Jan
Comput-Tab-Rec -----100 2,400 44
Jan
100 115
C on s G,EL&P(Balt) .100
Jan
300 96
D eere & C o , p r e f-------100
Jan
449 133
D e tro it E d i s o n -------- 100
Jan
150 70
D e t r o it U n ite d -------- 100
525 106% Jan
D ia m o n d M a t c h ------ 100
Jan
200 14
D u l S S & A tl p r e f - .1 0 0
95
Jan
150
H a v a n a E l R y , L & P 100
6126
Jan
H om esta k e M i n in g ..1 0 0
400 19% Jan
I n t e r b o r o -M e t v t c .1 0 0
Jan
100 78
In t H a rv C o r p ---------- 100
5 129% Jan
K in g s C o E l L & P . .1 0 0
Jan
400 105
L a cled e G as (S t L ) . . 1 0 0
Jan
100 60
M a n h a tta n S h irt------ 100
Jan
600 60
M a y D e p t S tores— 100
Jan
104
258
P r e fe r r e d --------------- 100
Jan
10 130
M ich ig a n C e n t r a l .. -1 0 0
Jan
100 75
M S tP & S S M l’ s’d linelOO
Jan
50
83
M o r ris & E ssex ...........-5 0
Jan
N a t C loa k & S u it— 100
900 76
Jan
112
P r e fe r r e d __________100
50
N ew Y o r k D o c k ------ 100
200 14% Jan
Jan
N o r fo lk S o u t h e r n .. . 100
100 27
9% Jan
O n tario Silver M i n . .1 0 0 2 2,100
Jan
P a b st B rew in g p r e f . . 100
100 83
P a c T e l & T e l p r e f . . 100
110 93% Jan
P ittsb Steel p r e f------ 100
50 95% Jan
Jan
S ou P a c ific tr re c ts..........
33 121
Jan
T o b a c c o P r o d , p r e f . 100
200 100
Jan
U n ited D r y G o o d s . . 100
110 25
Jan
P r e fe r r e d __________100
300 70
U S R e a lty & I m p t -- 1 0 0
400 39% Jan
3% Jan
U S R e d u c & R e f in . .1 0 0
700
4
Jan
P r e fe r r e d __________100
200
Jan
W ells, F a rg o E xpress 100 3,6 0 0 129
Jan
W ey m a n -B ru to n p f .1 0 0
200 111

$ 1,000 discount, and brokers, 50c. premium.

S ta te and R ailroad B o n d s.— Salos of State bonds at
tho Board this week include $2,000 N ew Y o r k S t a t o 4 /^ s ,a t
1191 ,£. «i ooo New York Canal 4 J^s, at 113, §5,000 New
York State 4s,^1961, at 10 2 H and §11,000 Virginia funded
deOwing9to causesnoted atom), the effect of which was, in
a measure, modified by the customary
demand, a slight decrease in tho volume of transactions in
railway and inoustrial bonds, together with an irregularity
in values has occurred at the Stock E x c ^ n g e this week.
From a list of 25 most astivo issues, 15 advanced with fluc­
tuations that in a number of cases wore rather wide. In
s ^ p a t h y with copper shares, American Smelters Secimties
6sadvanced from 11 4}* to 1 1 5 * . and
1922 continuing their advance of a wook ago, gainod ono
point,0 closing to-day at 185. Centra Railroad of Now
Jersey gen. 5s declined from 118 to 116W , ’while> New York
Central deb. 6s advanced from 1 1 3 % to 115 on the increased
income of tho company, as recently reportod. Lackawanna
Steel 5s 1950 advancod
points, the closing price this
weok being 96, but United States Steel s. f . 5s fell away
fractionally, as did tho shares. Several other issues the
most pronunent being Southern Pacific cony. 5s, which de­
clined from 107 % to 1 0 6 % , fluctuated widoly. Sales of
Anglo-French 5s amounted to §3,591 000, par value, while
the price advanced from 9 4 % to 9 5 % .
.
.
The amount of bonds sold on a s-30-f. basis, indicating,
presumably, salos on foreign account, have advanced, being
§1,7 37,0 00 , as against §350,000 a week ago.
u U n ited S ta tes B o n d s.— Sales of Government bonds at
tho Board this weok aro limited to §2,000 Panama, 3s, coup.,
atllO l % , and §1,000 4s, coup., at 1 1 0 % . For to-day s prices




Rangefor Year 1915.
Rangefor Week.
Lowest. I Highest.
H
ig
h
est.
Lowest.
S per share 5 per shares per share
P a r S h a res S p e r sh a r e
Jan i45
Deo
154% Jan ‘ 80
E x p r e ss_____ 100 1 ,0 0 0 1 4 7 'A Jan

STOCKS.

WeekendingJan. 7.

Deo
Dec 15
115% Jan 7 ! 14
Feb 33% Nov
140% Jan 4 |83
July
Mar G5
64% Jan 4 58
Apr
July 15
13% Jan 4 5
Oct
Jan 14
8
Jan 4 5
Nov 74% Dec
77
Jan 3 55
3% Jan 3
% Feb 4% Dec
Dec
May 50
48
Jan 4 23
Dec
Aug 99
98% Jan 7 64
13% Jan 3 4% Mar 14% Dec
Deo
Oct 109
109
Jan 7 108
100
Jan
Feb 36% Oct
30
Jan el 27
88% Jan 3 74% June 90% Nov
Aug 15% Aug
10% Jan 7 8
20
Jan 6 11% Feb 22% Nov
Apr 79% Oct
74
Jan 6 55
50
Jan 7 41% Nov 49% Dec
115
Jan 4 111% Nov 115% Deo
Sept
Apr 99
96% Jan 3 86
135
Jan 3 111% Feb 134% Oct
Nov
Jan 7 52% Apr 70
70
Nov
Dec 122
Jan 6 103
107
July 15% Nov
14
Jan 6 4
Mar 88% Nov
Jan 5 71
95
Dec
Jan 125
Jan 4 114
126
Nov
20% Jan 5 10% Jan 25
Deo
Feb 85
78
Jan 6 55
Nov
.129% Jan 4 120% Mar 130
Apr
4105% Jan 6 92% Jan 106
Jan 69% Apr
5| 60
Jan 5 60
July 65% Dec
Jan 4 35
6 62
Jan 4 94% Apr 106% Dec
4104
Oct
Feb 110
Jan 3 100
3130
Apr
Scpl 78
Jan 3 70
3' 75
May
Aug 90
Jan 5 80
Si 83
Aug
Mar 90
5 78% Jan 3 68
Nov
3112
Jan 3 100% Mar 111
Nov 18% Nov
4l 15
Jan 3 14
Apr
27
Jan 6 21% Jan 35
Feb 12% Deo
11% Jan 7 2
83
Jan
Sept
Feb 95
93% Jan 4 88
May 102% Dec
95% Jan 4 74
Deo
121
Jan 4 94% Feb 120
Nov
May 103
101
Jan 7 95
Oct
Oc
20
20
25
Jan
Oct
71% Jan 6 48% Jai 75
Jan
Sep 50
40
Jan 4 25
3% Jan 5
1% Ap 10% June
1
Ap 10% June
4
Jan
77% Jai 134% Nov
133
Jan
Dec
De =112
111
Jan 3 112

4
4

O u tside S e c u r it ie s — Contrary to the movement of a
week ago, sales of securities on the Broad Street curb show
a substantial decrease, while prices have generally moved
in svmnathy. American International Corporation, after
advancing 1 point to 16, fell off during the latter part of
tlm w e e k to 14. Canadian Car & Foundry was the most
spectacular itsue and caused the most comment. From 85
it dropped to 55, caused, no doubt, by an application for a
loan of §1 0 000,000 by that company to finance largo orders
It recovered, however, to 82 and closed
nt 77
The high, low and last prices for tho preferred were
102— 87__ 96. Chandlor Motors and Chevrolet Motors lost
91/ and 7 points, respectively, the final quotations being
81 and 126.
Driggs-Seabury from 140 advanced steadily
during the week to 146, the last figure, howover, being 145.
Kathodion Bronze, noticeable for weeks past because of
marked irregularity, pushed up from 31^2 to >J6, aroppea to
94 and closed at 26 ]/2 , while M idvale Steel declined from
78541 to 7 4 % , recovering to 75
as a final figuro. 1 eerless
Truck & M otor covered a range of 5 Yi points, the low
and closing figures being 26 and 30 . Standard Oil securities
suffered heavy losses, Prairie Oil &
n 'i
to 420
Prairie Pipe Lino from 234 to 239 and Standard Oil

to m u S ™

fr o m ^ S l't o 1183,irdodined to^isO^kbe lM t^ a le b ^ ^ at^that

It'

101K

to

100 %

102,000 Corrode Pasco Copper Gs

at Outside^quotations will bo found on page 147.

New York Stock Exchange-Stock Record. Daily. Weekly and Yearly
„

.

,

,

.

.

OCCUPYING TW O P A dE S.

________________F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a l l y I n a c t iv e , s e e p r e c e d i n g p a g e .
H I G 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 . 1.

$

p e r sh are

M onday
J a n . 3.

T u esd a y
J a n . 4.

W ed n esd a y
J a n . 5.

T h u rsd a y
Jan. 6.

F r id a y
J a n . 7.

STOCKS
NEW YORK STOCK
EXCHANGE

PER SH AR E.
R a n g e f o r Y e a r 1915
O n b a s ts o f 100-s h a r e lo ts
L ow est

H ig h e s t

J

139

PER C E N T .
R a n g e f o r P r e v io u s
Y e a r 1914
L ow est

H ig h est

S p e r s h a r e $ p e r sh 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
107 107*8 107 107*8
107 10S*4 107*2 108*2 107*4 108
99*4 99b
99*4 99*8 99*4 99*8
99*4 99*2 9878 99
113*4 113*8 *113 114*8
114*2 115
114*8 115 *113*4 115
9478 95*)
94*8 9534 95*s 96
94*8 95
94*8 9478
78*4
78*2 78
78*8 78*8 78
77*4 77*s 78
78*s
87*4 87% 87*8 87*8
87*2 87*4 87*2 87*2 87*4 87*
179 180*4
181*4 18334 181*4 183*8 180*2 18214 179*4 181
290 290 *290 320 *290 320 *290 320 *290 320
65is 667
64*8 6534 65
63*8 64*8 63*4 66
6512
15*j
15
15*8 {15*8 15*8 15
14*8 14*8 *14*2 15
39*
39
39*4 39*8 39*4 3934 39
39
*38*8 3912
100 10212 100*4 102*2 100*2 1 0 1 * 100*2 101*2 100*8 101*2
134*8 135*8 135*4 135*2 135% 136*, 135*2 135*2 *13512 136
13412 1347s 133*2 134*8 133 133 *133 135
133 133
*172 180
174*4 174*4 *173 175 *170 175 *173 175
17*2 18*4 17*4 1734 175g 18*)
IS
17*4 18
1912
*120 124 *120 124 *120
*120 124 §124 124
*133 140 *133 140 *135
*135 140 *135 140
*47
50
50
*47
*47*2 50
*47
49*2 *47
4912
*74
77
*74
77
*74
77
*74
*74
77
77
*3312 34*2 *3312 34*2 *3312 34*i *33*2 34*2 32
32
*52
56
*54
*52
56
*54
56
56
*54
56
*45
50
*45
50
*45
*45
50
50
*45
50
15333 15312 15378 15378 151*8 153*2 15312 153*2 153*8 153*8
*223 230 *224 230 §227 227*2 225 225
225 225
* 11
14
14
13
15
*12
15
13
* 11
13
21
24
24
*20
24*2 20
20*2 21*2 2078 21*8
42^3 43^8 4234 43*2 42*8 43*8 41*2 4238 4U2 42*8
58*4 59*s 58
58*4 58
58*2 57
58*8 57
57*4
53
54*2 53
54
53*4 53*4 52*2 52*2 52*4
126*4 126*8 126*2 127*2 rl2478 125*2 124*2 125*8 124 125
49*4 50*4 49*4 50*8 49*2 50*4 48*2 49*8 487s 49l„
10S 109*2 108*8 109*2 *107 109*4 108*2 109
1073j 1073,
21
21*8 20*4 21
20*4 20*8 19*4 20*4
19*8 20
77*2 7712 77
77*2 77*4 77*4 76*4' 76*4 75*4 7678
3H2 3233 3U2 32*2 31*8 31*8 30*4 31
30*4 31*8
6378 6478 64*8 64*2 6U4 64*4 64*4 64*8 64*s 64*8
16l2 16l2 16
16
15*2 15*2 14
14
*13
15
41
41
40*4 40*8 *38
40
*30
40
*35
40
81*8 8 178 81*8 83
81*2 82
80*4 81*8 8U4 81*2
*20*2 24
*21
24
21
22*4 *20*2 23
*20*2 23
129*8 1293s §129 129 §12712 129*8 *128*2 129*8 129*8 129*8
131*4 131*4 *130 132 ♦130 132
130*4 130*4 *129 132
15*2 15*2 15 . 15*8 14*4 15*2 15
15
13
1478
*33*2 36
*33*2 35*2 *33*2 35
35
33*2 33*2 *30
124*8 125
123*2 124 *123 125
124 124*4 124 1247s
137 137 *130 138 *133*2 137 *133 137 *133 135
*6*2 7*4
6*4 6*4
6*2 6*2 *6*2 7
*6*2 7
*16
17
16
16*2 16*2 *15*2 17
16
16
16
5
578
5
4
478
434 5*4
5*4
5*8 5*8
4
5
5
5
5*2
5*4 578
5*8 5*8
6*4

Railroads
Par
S p e r sh a r e
$ p er sh are
%
%
Atch Topeka & Santa F e ..l0 0
92*j Feb 24 1 1 1 * 4 N o v 4
8912 J uly 100*8 Jan
Do
pref--------------------- 100 96 Jan 5 1 0 2 l g N o v 2 6
*96*2 Dec 101*4 June
Atlantic Coast Line R R __ 100
98 M ar 1 1 1 6 N o v 1 {99*8 Dec 126 Jan
Baltimore & Ohio________ 100 63*4 Feb 25
96
D e c 31
67 Dec
98*8 Jan
Do
pref.........................100 67 Feb 23
79*4 N o v 2 7
69 Dec
83*8 Jan
Brooklyn Rapid Transit.. 100 83*4 Aug 13 9 3 A p r 2 1
79 July
94*4 Mar
Canadian Pacific_________ 100 138 July23 1 9 4 N o v 1 153
Dec 220*2 Feb
Central of New Jersey___ 100 {250 Sep 1 3 2 5 J a n 2 2 300 July
310 Jan
Chesapeake & Ohio_______ 100 35*8 July 9 61*4 N o v l 9
40 Dec
68 Jan
Chicago Great W estern... 100 10*4 Jan 4 1 7 * 2 N o v 3
9*4 July
15*4 June
Do pref........................ 100 25*8 Mayl4
41*2 N o v 3
25 July 4lig June
Chicago Milw & St Paul..100
7734 July26 1 0 1 ' g D e c 3 1
84*4 Deo 107*8 Feb
Do
pref........................ 100 12078 Sep 2 1 3 5 D e c 3 1
128 Dec 143 Feb
Chicago & North western.. 100 118*5 JulylO 1 3 5 * 8 N o v l O
Dee 1367g Feb
Do pref......................... 100 163 July 9 { 1 8 0 N o v l l
Jan 180 Jan
Chicago Rock Isl & P a c ...l0 0
10*2 JUly23 3 8 * 8 A p r 1 5
June
33 June
Chic St Paul Minn <fc Om__100 {114 Apr 8 1 2 3 N o v l l
May 131*4 July
Do pref......................... 100 124 Sep 17 1 3 5 D e c 8
May 132 May
Clev Cln Chic & St Louis..100 {21 Jan 18 5 2 O c t 2 2
July
40 Jan
Do pref......................... 100 53*8 Feb 17 7 7 O c t 2 0
July
70 Feb
100 Colorado & Southern_____ 100 24 M arl5
3 S *2 N o v
Mar 28*2 Jan
Do 1st pref__________ 100 45 Jan 18 6 0 N o v l S
377g July- 62 Jan
Do 2d pref__________ 100 35 Sep
52
N ov20
29 Dec
35 Mar
1,400 Delaware & Hudson........... 100 138*2 Aug 31 1 5 4 * 8 N o v 4 138*4
Dec 159*2 Feb
300 Delaware Lack & W estern..50 199% Jan
238
N ov23
388
Jan
406*4
June
200 Denver A Rio Grande____ 100
4 Jan 12
16*2 N o v l 6
4 July
19*4 Jan
2.900 Do pref......................... 100
6*2 Jan
29*8 N O V 1 7
8
July
31*8
Feb
91,030 Erie.......................................100
197g Feb 24 4 5 * 8 N o v l O
20*8 July
32*2 Jan
11,800
Do
1st pref__________ 100 32*4 Feb 24 59*2 N o v l 9
32 July
49*4 Jan
2,800 Do 2d pref__________ 100 27 Feb 25 54*4 D e c 3 1
40*4 Jan
26*4 July
11,125 Great Northern pref______ 100 11234 Jan
1 2 S 3g N o v
111*8 Dec 134*4 Feb
33,610
Iron Ore properties________
54 O c t 2 2
25*4 Jan
39*4 Jan
22*2 July
3,035 Illinois Central__________ 166 99 July
113
A p r 19
103*2 Deo 115 Jan
12,000 Interboro Cons Corp, vtc___
187g JulylO 2 5 * 2 N o v 4
4,600 Do pref______________100 70 JulylO
82
N ov 5
4.900 Kansas City Southern____ 100 20*8 Feb 24 3 5 * 8 N o v 1
20*4 July 28*2 July
1,500 Do pref______________ 100 547g Feb 24 6 .5*2 N o v
62 Jan
49*8 Dec
700 Lake Erie & Western_____ 100
5 Jan
16*8 D e c 3 1
9 Jan
5*8 July
400 Do pref______________ 100 19 May27 4 1 * 2 D e c 3 1
2 D2 Jan
17 Apr
10,600 Lehigh Valley____________ 50 645g Feb 24 8 3 * 4 N o v l 9
118 July 156*4 Jan
200 Long Island______________ 50
15 Jan 11 2 7 * 8 O c t 11
28 Jan
36 Feb
470 Louisville & Nashville___ 109 10412 July 8 1 3 0 * 2 N o v 4 125 Dec 1417g Jan
200 Manhattan Elevated____ 100 125 June25 1 3 2 D e c 1 8 128 Jan
133 Feb
2,800 Minneapolis & St Louis__ 100
8 Sep 15 1 9 *8 F e b 1 5
9*8 July
16*4 Jan
100 Do pref______________100 24 Sep 15 4 9 F e b 1 5
27*2 June 35*2 Jan
1,975 Minn St Paul & S S M ____100 106 Jan
126*2 N o v 1
101
Dec
137
Feb
100
Do pref......................... 100 123 June 8 1 3 6 D e c 3 1
130 June 145 Feb
400 Missouri Kansas & Texas. 100
4 Sep 28
15*4 Apr
24 Jan
8*g Dec
300 Do pref......................... 100 10*8 8ep 25 40 Apr 1 9
60 Jan
26 Dec
13,600 Missouri P acific_________ 100
18*4 Apr
1*4 July27
30 Jan
7 Dec
5,800 Trust co certlfs of deposit..
3 Dec 15
7*2 N o v ll
N a tR ysofM ex , 1st pref. .10 0
14*2 Aug 31 28*j Oct
34 ""Feb"
30 Jan
8
8*2
8*4 8*4
8*8 91a 1,600 Do
2d pref__________ 100
4*4 July28
9*4 Oct
109 1 10 l2 109*4 110*4 z 108*4 10934 108 109*4 10778 109
5 Dec
14 Jan
78,850 N Y Central & Hud River. 100 8112 Mar
7734 76
110*2
Dec
763* 75
77
77*2 76
96*8
Jan
77
July
76
75
76
8,300 N Y N H & Hartford_____100
43 Feb 25 89 Oct
30
78 Jan
30
305* 30
30U 31
49*8 July
29
30
2914 2914 2,700 N Y Ontario & Western__ 100
21*4 Jan
35 Apr
121 121*2 1 2 1 1226* 12112 122
31*8 Jan
18*4 Dec
121 12H2 121
8,200 Norfolk & Western_______ 100 99*5 Jan
122*8 Dec
84 U 80*4 86*4 86*4 86*4 8684 *86
96*2 Dec 1057g July
90
88*4 88*4
300 Do adjustment pref..100 80*2 Sep
90 Junel5
90 Apr
85 Jan
117*4 1183s 1177* 1187* 117*2 1183s 117*4 1177* ZII6I4 117
19.305 Northern Pacific.................100
99*8 Feb 24 118*8 Dec
59
96*8 Dec 118*2 Feb
59*8 5914 59*4 5878 59U 58*8 59*8 58*8 59
24,600
Pennsylvania_____________ 50
6U2
Nov
*81
85
85
85
*81
102*2
Dec
115*2
Jan
*81
85 *___
85
Pitts Cln Chic & St Louis..100 65 Mayl7
86 N ov
64*8 July
97
97
*9678 99
91 Feb
*92" 97
*92
99
*93
100 Do
pref.........................100 90 Junel9 98*2 June
8412 8U2 8278 81*2 82*4 8 Ug 99
101
Mar
95
June
82*2 83*4 82
825g 46,300 Reading__________________50 69*8 MaylO 85*8 N ov
*417* 43
*417* 43
137 July 172*4 Jan
43
43
43
43
200
1 st preferred___________ 50 4038Sep 20 45 Junel2
*417* 42*2 ►417* 4212 *417* 42*2 423* 42*8
87 July
89*8 June
100
2d preferred____________ 50
40 Feb 23 44 Apr 29 x80 Dec
93 Jane
*8
*2
*2
*2
**2
*3s
*8 " k
*2 2,000 Rock Island Company___ 100
1*8 Apr
*8 Julyl.5
16*8 Jan
*8 Dec
*«S
**2
*4
*5*
78
*4
*4
h
*4
400 D o
pref..............
100
2*2 Apr
53* 512 *5
*4 June21
25 Jan
5*2 534
1 Dec
6
*5*4 534
6
5*4
3,830 St Louis & San Francisco..100
8 N ov
1*4
Mar22
5*8 Jan
*8
*8*2 1 1
2
Apr
10
9*2 *8*2 10
*8*s
9
10
500 Do
1st preferred____ 160
7 Aug 17 14ig Nov
634 634 *0
7
7
8 May
17*2 Jan
7
*6*2 7
6I2 8
1,800 Do
2d preferred_____ 100
21
3 Jan 18 10*4 N ov
2*4 Dec
9*4 Jan
21
21
21 *
2
1
St Louis Southwestern___ 100
26*4 Jan
11 Sep 9 23 N ovl7
177g July
45
45 *
45
Do pref........................100
*18 T «4
29 Sep 29 45*2 Dec 18
177* 18
65*8 Jan
36 July
-17 *18
*17
*17" 18
18
500 Seaboard Air Line________ 100 11*8 July31 20U Nov
*39
40
22*8 Feb
10*4
Dec
39*2_ 40*2 40*4 40*4 38*2 40*2 39l2 40
1.800 Do p r e f ............ ....... I 100
102*4 1 0334 10234 104*8 10258 103*2 1023* 103
43*4 Nov
30*4 July24
58 Feb
45*4 Jan
102*8
103
44,650
Southern
Pacific
Co______
100
23*4 24
23*4 24** 23*8 237* 23
99*2 Jan
81 Dec
23*2 22*4 23l2 14,100 Southern Railway______ 100 8U4 Feb 5 104*8 Dec 31
03
1212 July23
26 N ov
6414 63
64*2 63
14 Dec
28*4 Feb
03
63
63
63lg 64
2,575 Do pref..................... IIlOO 42
Julv23 65 N ov
8*2 10
9
834 9
9
85*4 Feb
58 Dec
9** 9*4 *8*4 9lg
1,700
Texas
&
Pacific__________
100
0034 61
60
8*2 July23
61
1778 Apr 19
60*2 6034 61
17*4 Apr
11*2 Dec
61*4 OU4 61*4 7,550 Third Avenue (New York). 100
35 Jan 2 64i2 Oct 14
*5
*5
9
8
*5
8
33 Deo
45*4 Jan
*5
612 6*2
8
100 Toledo St Louis & W est...10 0
1 Jan 6
87g Nov30
*10
17
*10
17
2 July
*10
16
12*4 Jan
*10
16 *10
16
Do
p
re
f......................
100
5*2 May25
14*2 Nov30
*94*2 97*2 *94
97
4*4 Dec
*94
23 Jan
96
96
96
96*4 96*4
200 Twin City Rapid Transit.. 100 90 July 9 100 Apr 19
13734 139
1385* 140*4 138*2 139*4 138 139*4 1377g 138*4 52,450
947g July
Jan
Union Pacific____________ 100 115*4 Jan 2 14112 NOV18 112 July 108*2
164*8 Jan
83
83
83i2 83
827* 827g 83
83
83
83*4 4,025 Do pref------- ;... ...1 0 0
*79 Mar 1 84*8 Nov22
203* 2034 20
77*2
Dec
86
Feb
21
21*4 *20
20*4 20*4 1938 20
900 United Railways Invest___100
8 Jan 5 27*2 Oct
3934 *37
38
7*2 Dec
23*4 Feb
39
*37*2 40
*37*2 39
37
37*2
700 Do
pref.........................100 21*4 M arl5
47*4 Oct
22 July
49*4 Mar
10*4 17
163* 17
16*8 167g 16*8 167g 1638 16*2 20,500 Wabash Co when issued
12*8 Oct 16 17*2 N ov
46*8 48>2 475* 48*4 48
487* 47*g 48*2 4734 483g 53,200 Do pref A do
do
437g Oct 16 49*4 N ov
29*4 31*2 31*8 32
31*8 32*4 31
32
31*8 317g 67,710 Do pref B do
do _____
25*2 Oct 16 32*2 N ov
317* 31*4 31*4 30*4 307g 30*2 31
31*4 31*8 31
2,800 Western Maryland_______100
9*4 Jan
35*2 Oct 1
10*4 D e c
35 Jan
*40
45
*41
*41*2 45
45
43*2 43*2 *41
45
100 Do
pref........................ 100 25 Jan
5S Jan
60*8 Oct 11
30
J u ly
*4
412 *4
4
4*2
4*4 *3*2 4*2 *3*4 41
600 Wheeling & Lake Erie___ 100
6*4 Nov
*2 July28
6*8 Jan
2*2 J u l y
*13
16
*13
17
•14
17
*13
16
*13
17
Do
1st preferred_____100
2 Aug
19*4 Nov24
21 Jan
*4*4 6
8*4 J u l y
*4*2 5*2 *4*4 5*4 *4
*434 534
5
Do
2d preferred______100
*8 Aug 10
8*8 Nov23
11 Jan
3
D ec
*37
40
*38
40
40
*38
*39*2 40
*37*2 38*2
Wisconsin Central_______ 100 28 Julyl4
45 N ov 1
29*4 J u ly
48 Feb
Industrial & Miscellaneous
24l2 25lg 24*2 25*8 24*2 247g 2434 26
25l2 26*2 15.500 Alaska Gold Mines________ 10 21*4 Dec
40*2 A p r 2 2
S 1 9 * 2 J u ly
9*4 10
10
J287s May
934 10*8 10
978 10
10 *s
10*4
4,400 Alaska Juneau Gold Mining.
9*4 Dec
1312 N o v 4
307g 31is 30*2 31*4 29*4 305* 287S 29*2 28
29
12,035 Allls-Chalmere Mfg v t C..100
7*4 Jan 12 4 9 l 2 O c t
82
83
6 July 14^" Feb"
81
82
80*2 8 H4 80
80*8 79*4
5,230 Do
preferred v t c ___ 100 33 Feb 10 8 5 7 s D e c 3 0
717g 70*2 7184 68*2 70l2 69l2 80
49 Jan
32*2 J u l y
71*8 72l4 71
70*4 4,100 Amer Agricultural Chem__100 48 Jan
7
4
i
2
N
ov 8
*98
9912 97*2 99*2 99*2 99*2 *98
59*2 Mar
47*4
Jan
99
*98
100 Do
pref........................100 90 Mar27 1 0 1 * s N o v l 9
*69
70
68*8 69
67
97*2 Jan
68*4 66*2 67*4 65*4 99
90*4 D e c
67*2
6.500
American Beet Sugar____ 100
33*4 Jan
727g D e c
*90
95
94
94
*92
95
19
J u ly
33*2 Deo
*93
95
*93
94*2
200 Do
pref_____________ 100 83 Feb
*10012 104 *100*2 103*2 100*2 103
95
N ov24
66 M a y
80 Deo
10012 103
101 103l2
Amer Brake Sh & F ctfs d ep ..
195*4 195*4 *193 19912 193 193
87*4 Feb 25 1 0 9 * 4 A u g
80
Apr
97*2 Feb
183
197*2
183
197*2
200 Do
pref ctfs deposit___
603* 623* 60
132*2 Mar25 2 1 9 * 4 O c t 2 8 1 2 9 * 2 J a n
61*;
597* 61l2 5978 61*2
14678 Feb
60*8 63*8 94,950 American Can___________ 100 25 Feb 24 68*2 O c t
112 112
112 112
112 112
35*8 Jan
19 *4 J u l y
112 112
112 H 214
1,640 Do
pref........................100 91*2 Jan
77
78
113*2 N o v 3 0
75*2 77*8 7412 76
80
J u ly
96 Jan
72
7434 70*4 72lj 16,670
American Car & Foundry. 100 40 Feb 23 9 8 O c t
117*2 117*2 *117 119
117 118*4 117*2 117*2
42*4 D e c
53*2 Feb
118*8 118*8
300 Do
pref.........................100 111*2 May25 1 1 8 A u g
156 158*4 157*4 I6OS4 15734 158*4 156*2 158
112
J u ly
1187g July
156
158
5,200
American Coal P roducts..100 82 Jan 20 1 7 0 * 2 J u l y 1 2 { 8 2 J a n
115 118 *115 120
115 120
{
86*2 Mar
115*4 120
116*8 1163*
200 Do
pref.........................100 {105 Jan
120
S e p 11 { 1 0 2
55*4 57
Jan
55*4 55*4 5434 56
107 July
55*2 56
55*8 55*8 2,209 American Cotton Oil.........100
39 Jan
64
O ct 23
*96*4 99*2 *97 100
32
J u ly
46*2 Feb
*96*2 100
98
98
*98
100
100
Do
pref........................ 100 91 June25 102*4 N o v
1134 11
113* 12
11*4 117s *11
97*8 Mar
93*8 J u n e
11
11
11*4 1,810 American Hide & Leather. 100
14 *4 O c t 2 2
4*s Feb 19
563s 55*2 56*4 55
55
3*4 J u l y
5*4 Feb
56*2 53
55
54*2 5.900 Do
pref____ _____ ...1 0 0
19*4 Jan
263* 25*2 2534 25*2 25*2 53
59*2 O c t 2 2
17
J u ly
25*4
Feb
25*2 263* 26
25*8 25*2 2.900 American Ice Securities... 100 20*8 Jan
3
5
A
p
r
3
0
2234 22
1
9
7s
J
u
l
y
32*4
Feb
23*8 23*4 2234 23*2 22
223g 22
22
4,000 American Linseed________ 100
7*4 Jan 2 3 1 * 8 O c t 2 5
11*8 Jan
41
7*2 J u l y
41*4 4U2 40*8 411*8 41
40
41
40*4 40*4 1,450 Do
pref_____________
100
24 Jan 5 5 0 * 2 O c t 2 5
68*2 65*4 67*8 653g 665* 6418
31*4 Jan
24
D eo
66
68*s 69
66
27,500 American Locomotive___ 100
19 M ar 2 74*4 O c t 2 3
20*4 J u l y
37*4 Jan
101 101 *101 102 *100*8 100*8 100*2 102
1005S 1005*
450 Do
pref_____________ 100 75 M ar 6 1 0 5 N o v 2 2
96
Jan
83* 8*s *7
102*2 Mar
9
9
•8
*8
9
*7
9
500
American Malt Corp_____ 100
37g Apr 14
13*8 O c t 2 8
4*4
D ec
9*4 Jan
*31
33
34
34
*32
35
33
33
323* 33
200 Do
pref........................100 21*2 May27
37*2 D e o 9
30
D ec
60*8 Jan
*85*4 86
*85*2 87
♦S5*2 87
*85*2 87
86*4 8634
125 Amer Smelters Sec pref B.100 78 Jan 19 8 8 *g M a y 5
85 Jan
79*4 J u ly
93*4 93
92
93
93
93*2 93
93
93*2 93*4 2,550 D o pref Ser A stamped..
106*8 11158 1105* 113*8 111*8 113*4 1097* H23g 109 1115s 256,530 Amer Smelting <fe Refining. 100 86 Oct 6 9 2 D e c 3 1
56 Jan 2 1 0 8 7 g D e c 3 1
7 Us"Feb’
5 0 * 4 Jufy
112l2 113
112*2 112*4 112*8 1 1 2 l2 1 1 2 112*4 112*4 112*2 2,100
D o pref______________ 100 100 Jan 4 1 1 3 N o v l 7
97*2 A p r
105 Jan
148 150 *145 149 *145 152
145 152
145 152
American Snuff__________ 100 144 Jan 16 1 6 5 A p r 2 2 1 4 8 D e c 172 Jan
104*4 110*4 *104 110*4 *104 IIOI4 104 106
104 106
Do pref (new)________100 103 Jan 19 1 1 0 * 8 N o v 5
9 9 7g J a n
60*4 61
106*4 July
60
61*4 59*8 60*4 5712 59*2 57*4 58*8 6,100 Amer
Steel Found (new )..100 24*8 Mar 5 7 4 l g O c t 1 9
27*2 J u ly
37*2 Feb
114*8 115
114*4 US
114*8 114*2 114 114
113*4 11014
5,840 American Sugar Refining. . 100 99*2 Feb 24 I 1 9 7 g N o v 5
97
M ar
1097s Jan
1183*
1183*
118*8 1185* 118*2 118*4
117 , 119
117 119
400
Do
pref______________
100
109
Feb
5
1
1
9
*
2
N
o
v
3
0
1 0 7 78 M a r
115 Deo
127 127»s 12738 127*2 127*4 1273* 127*4 127*8 127*2 12778 8,700
Amer Telephone A Teleg-.lOO 116 Jan 4 1 3 0 * 4 N o v 4 1 1 4 J u l y 124*4 Jan
208 208*8 20S*4 208*4 207 208
206 206
20412 206
200 American T obacco_______ 100 195*2 Dec 21 2 5 2 1 2 A p r 2 2 2 1 5 A p r 256 Mar
107*4 107*4 107*2 107*2
107*8 10738 106*2 107*2
400 Do pref (new)________100 103*4 Jan 4 1 1 1 N o v 2 3
101*4 J a n
109 June
*46
5112 *47
51*2 *45
48*2 *44
48*2 46
46
200 American Woolen________ 100 15*4 Mar 6 57*2 O c t 2 0
12
J u ly
207g Jan
95
95 -----------------------------------------------*93*4
947* 9478 94*4 95
*93
98 98
.550
..
_Do
_
w
p.................................
r e f .......................100
77*4 Feb 27 1 0 0 O c t ,4
72*2 M a r
83 Jan

per share! “ ^ U i S ^ ^ t ^ ^ ^ ^ d e n d ^ ^ J d ^ " tha“ 100




a * * * * • and righta- * New

*25 per share

f Quoted dollars

New York Stock Record— Concluded— Page 2

140
h ig h

a n d

S a tu r d a y
J a n . 1.

For record or rales durlnr the week of stocks u .oelly l-ectlre. ree « c o o d p .« e precedlnk.
l o w

s a l e

M onday
J a n . 3.

p r ic e s

T u esd a y
J a n . 4.

—

p e r

s h a r e

W e d n esd a y
J a n . 5.

,

n o t

p e r

T h ursd a y
J a n . 6.

c e n t

.

F r id a y
J a n . 7.

Sales fo i
the
W ee k
S h a res

STOCKS
NEW YO RK STOCK
EXCHANGE

PER SH AR E .
R a n g e f o r Y e a r 1915
O n b a sis o f \ 0O -s h a re lots
L ow est

H ig h e s t

PER C E N T .
R a n g e f o r P re v io u s
Y e a r 1914
H ig h e s t

S p e r sh a r e
Industrlal& M lsc.(Con). P a r $ p e r sh a r e
S p e r s h a r e I $ p e r sh a r e % p e r sh a r e
56 Oct 20
46 NovlO
$ p e r sh a r e S p e r sh a r e $ p e r sh a r e
3,351 Am Woolen certlfs of deposit
44% 47
46% 47% I *44
47%
95 Dec 28 98% Nov24
49
Do
pref
certlfs
of
deposit
4812 4912 49
720
94
94%
71% Dec 24
94%
94%
*92
96
67%
Dec
29
*94
96
957g 95%
7034 12,050 Amer Zinc Lead A S ---------25 e2434 Feb 24 91% N ovl7 e *24% Dec c $38% Feb
70% 69% 70% 69
70% 69
67*4 68% 69
52% Mar
38% Jan
89% 90% 89% 90% 141,050 Anaconda Copper------------50
154%
Oct 23
89%
91%
26%
Mar
3
89%
91
Baldwin
Locom
otive------100
89*4 01 >4
110 June
112% 11534 110% 114% 110 114% 91,600
92 Mar 9 114 Sep 29 102% Jan
11512 118% 114% 118
Do
pref------.........
—
46% Deo
100
*107%
109
29%
Jan
*107%
109
600 Oct 22
107% 109
10712 10712 *107% 109
91*g Deo
1.41 Bethlehem Steel-------------- 100 46% Jan 2 184 Oct 22
430 430
68 Jan
445 449% 425 425
460 460
91 Jan 2
450 458
Do pref.................. — J00
130 Jan
145
145
200
145
145
118
Dec
13884
Oct
14
145
147
*14314 157 *145 157
Brooklyn Union Gas---------100 118 Jan 5 94% Oct 19
131% 133% *131% 133
79%
Dec
10
*13112 133% *131% 133% *13112 434
Burns
Brothers__________
100
8534 8534 8634 86*4
700
87
87
Aug 23 79% June 4
865S 87
30% Feb
75
77% 31,200 Butte & Superior Copper— 10 56%
74
76
15% Dec
8 July26 38% Dec 31
71
7234 72% 74% ’ 72% 75
68 Mar
34% 38% 337g 37% 128,925 California Petroleum. vtC-100 30
50 July
July
23 81 Dec 30
37
42% 38% 41% 37% 39% 67% 74
Do pref______________ 100
38% Deo
65
70% 45.800
25%
Jan
73
75
61%
N
ov
1
74%
77
74
80%
Central Leather__________100 32% Feb 20
52">g
53%
6.400
104
July
53
53%
53%
53%
94%
Jan
110% N ovl8
53U 54% 53% 53%
109%
800 Do pref______________ 100 100% Jan 7 26% Nov 24
109% 109% 109% 109% "108% 109% 109%
23%
Dec
13
1087* 109
243g 24% 14,500 Chile Copper_____________ 25
$44
Feb
24%
25
$31%
Dec
24%
25%
57'%
N
ovi
7
24%
25%
24% 247g
24,110 Chino Copper--------------------- 5 3234 Jan 6 66% Sep 29
54% 55% 54% 55
34% Feb
20% July
21*4 Jan
5434 55% 54% 55% 54% 55% 50% 51% 50
19,700 Colorado Fuel A Iron------- 100 11334
51
139% Jan
5034
52
112%
Dec
51%
53
150%
Oct
15
Jan
51% 52%
Consolidated Gas (N Y )--1 0 0
37% June 45% July
143% 143% 142% 14334 143 144% 143 143% 6.400
127 Oct
40% Jan
143% 144
1,100 Continental Can--------------100
84
84
83
84
91*4 July
87
84 July
109% Dec 10
85% 86% 85% 85% *84
200 Do pref______________ 100 88% Jan
108 110
*108 110
13% Jan
108
110
7 July
21%
Oct
25
108
108
8
Jan
107 108
Products ReflnlDg— 100
72 Jan
19% 19% 19% 19% 19% 1934 15,320 Corn
58% July
9 o34 Dec 30
65 Jan
19% 20% 19% 20%
Do
pref______________
100
3,000
93%
93%
93%
94%
93
93%
109%
Sep
29
18%
MaylO
z93% 94% 9334 94
Crucible
Steel
of
America.
100
48.800
62% 66
70% 65% 68
112% Sep 29
70% 73% 69% 72% 65
700 Do pref______________ 100 84 MaylO
109% 109% 109% 109% 109% 109%
Dec 1
110 110
110 110
1,702 Cuban-Amerlcan Sugar— 100 38 Jan 25 177
153 153
152% 154
90 Dec
152
154
90 Dec
110 Sep 14
154
155
93
M
arl7
Do pref______________ 100
152% 157
*102 106 '10 2 106
20%Mar
11 July
5% Mar 2 50% Oct 22
Distillers’ Securities Corp.100
*102 106 *102 106
22,100
46
47
46%
47%
48% 4612 47% 27% 23% 277g 28% 7,500 Dome Mines, Ltd-------------- 10 116 June25 30% Dec 6
47% 48% 47
2834
29
7834
Sep
25
63
Nov20
28%
28%
28% 29
600 Electric Storage Battery. .100
65
65
66
66
15 Jan
*65% 66
7% May
60 Junel2
8 Mar24
66
64% 64% 66
2,000 Federal Mining & Smelt.-.IOO 20
35
33% 32
*26
43 Jan
28% Deo
31
Marl 3 85 Junel2
32
32% 32% 32% 31
Do pref_____________ 190
57% 8,010
53% 54
53
Jan
180
54
160
Apr
53
360
Oct
8
53
53%
165
Jan
26
52
54%
30 General Chemical________ 100
§270 270 §276 276
Nov30 107% Feb 110 June
*250 275 *261 300 §265 265
505 Do pref_____________ 100 106 Mar 1 §116%
114 115 *114% 115
137% Deo 150% Feb
185%
Oct
113% 114% §113 113
138
Mar
3
100
General
Electric-------------*113 115
2,600
172% 173% 172 172
99 May
37% Jan
Dec 9
174% 174% 174 174% 173 174
3,280 General Motors vot tr ctfs.100 82 Jan 2 558
415 460
440 475
95 Feb
70 July
136 Dec 9
485 485
482 482
90% Jan
Do pref vot tr ctfs.-.lOO
495 495
114% 114% 2.900
114 114
28% Apr
19%
Jan
114
SO%Oct
14
114
24%
Jan
7
114
115
Goodrich
Co
(B
F
)----------100
114% 116%
33,400
73
74
95 Deo
73%
7434
79%
Jan
74%
114%
Oct
27
Do pref_____________ 100 95 Jan 14
74% 76% 74% 75% 73
400
*113% 114
52% Dec 27
37
Oct
25
Greene
Cananea
Copper..100
113% 113% 113% 113% *113% 114
112% 113
4,250
July $57% Apr
50% z49% 50
50% 5034 50
Guggenheim Exploration— 25 z22 Dec 31 83 Dec 30 *40%
50% 51
50% 51
$14% July $19% July
23
233g 23% 23% 19,700
47% Oct
16% Jan
227g 24% 23% 23% 22% 23% 45% 46% 4534 46% 99,445 Inspiration Cons C op p er...20
10% July
4 Jan
29-% N ov 1
5%
Mar31
45%
46%
Internat
Agrlcul
Corp------100
45%
45%
45
45%
13 May 36 Jan
22
25% 19,300
7134 Dec 31
8 M arl5
27% 29% 2834 29% 26% 28% 60
Do
pref---------------------100
113%
Jan
27
27
33,850
82
July
63%
114
June
4
64
72
74
70
73% 70
o f N J — 100 90 MaylO 120 N ov 4 113% Jan
67% 70
118% July
108% 10S7g 2.900 Intern Harvester
.........100
HO
July 13
109% 110% 109 109% 10834 109 *112
*109% 111
Do nref
.
10
aA
p r e i ...---- -100
119%
20%
Dec
27
112
119%
18
Dec
24
119% 119% *112 120
* 110 120
77% Dec 15
1934 21% 90,945 Int Merc Marine ctfs of dep
20%
55% N o v ll
19% 21% 20*4 217* 20% 21% 20
Do
pref ctfs of dep..........
76
79% 166,400
76% 78
17934 Dec 3 223% Oct 5
75% 79% 77% 80% 7634 79
10% Feb
6*4 July
198
200% 9,237 Intern Nickel (The) v t c - 1 0 0
200%
201%
200 202
8 Jan 6 12% Dec 27
197% 202% 200% 203
International
Paper----------100
41 Jan
30 Deo
1 1 3g 1134 4,300
5034 Dec 24
12
1 2 % 11% 12% 1134 11% 1 1 % 1184
40 Jan
Do pref........................ JO® 33 Feb 24 9434 Sep 29
26%
July
3,700
z48%
49%
48%
48*4
49%
50%
28 Jan 7
49% 50% 49% 50%
82% 84% 81,800 Lackawanna Steel-------------100 207 Jan 9 260 Dec 9 207% Dec 231 Mar
77
7934 79% 85% 82% 86
79
80
400 Liggett A Myers Tobacco. 100 11334 Jan 5 120 Dec 8 1 1 1 % Jan 118% July
261 262 *255 270
265 265
260 260
Do pref_____________ 100
38 Jan
*118
119%
*118
119%
26 Doe
16 Feb 17 31 Jan 11
*118 119% *117% 117%
105’ Mar
25
500 Loose-Wiles Blsc tr co ctfs.100
25
*20
20
20% 20% 20% *20
20
20
86 Feb 20 105%Jan 13 101 Apr
Do 1st preferred____ 100
95% June
95
*91
95
*90
89
Jan
*90
96
67
Oct
18
*89%
96
55
Dec
22
*9314 96
100 Do 2d preferred______100
60
60 *
60 * _
60 *___
189 N ovlo 160 July 190 Apr
55
55 *___
1,100 Lorlllard Co (P )................. 100 165% Jan 6 118 Jan 19 110 Jan
180" 180
117% July
180 180% 180 180% 180% 180% 11534
*180 185
116
700 Do pref______________100 112 Sep 14 84 N ov 5
115% 116
87% Feb
61 July
*114
119
*114
.
.
.
72%Jan
11
*114
300 Mackay Companies---------100
79%
70 Jan
65% Jan
*78
80% 79% 79% 79
*78
80
6434 Oct 28 6934 Jan 19
80
Do
pref_____________
100
*78
66%
*66
15% DfO
*65% 66%
14% Deo
66% *6512 66% *6512 66% 69% 72% 69% 71% 22,425 Maxwell Motor Inc tr ctfs. 100 15% Jan 6 92 Oct 26
*65
44 Deo
41%
Doc
103’4
Dec
28
71
74%
43%
Jan
2
74%
753g
Do 1st pref stk tr ctfs.100
747g 75%
171* Deo
5,800
89
90%
89%
90
17
Dec
68%
Oct
26
9034 91
91% 921;
Do 2d pref stk tr ctfs. 100 18 Jan 6
92% 93
54% 4,700
73% Feb
54
53% 55
46%J-n
55% .56% 54% 55% 114% 121% 11234 11934 365,700 Mexican Petroleum______ 100 51 Jan 9 124% Dec 31
5612 57
87 Feb
67
May
104%
Dec
31
118%
124
67
Jan
15
Do pref_____________ 100
119% 129% 1 2 1 % 128%
Feb
800
*___ 10234 100% 100%
17% Jan 6 36% Dec 31 $16% Dec $24%
104 105% *101% 104% 101% 101% 38% 38% 3734 38% 102,175 Miami Copper
52%June
41 Dec
42 Jan 4 79*4 Dec 4
38
38%
39
35% 37% 38
3.000 Montana Power-------------- 100 99 Jan 29 120 Dec 8 101 Apr 103%June
75
75
74
75
74%
78%
75
*71% 74% 75
200 Do pref_____________ 100 118 Apr 3 132 Jan 22 120 July 139 Feb
109% *109 112% ■109 112%
109 109 *109 109% 109%
300 National Biscuit-------------- 100 119 May25 127% Dec 10 119% Jan 128 June
124 124 ■123 125
124 124
Do pref---------------------100
*124 125 *124 125
14 Feb
300
*126%
128
9 July
126%
126%
36% Oct 25
*125 128
9% Jan
Nat Enam'g A Stamp’g ..-1 0 0
125 125 *125
4,100
28
28%
SO June 86% Mar
97 Dec 8
28% 2934 27% 28%
Apr
28% 29% 28%
62 Jan
100 Do pref_____________ 100 79
♦92
95%
40
July
95%
*93
70*4
May
1
*93
951
44
Jan
95
*92
95% 95
69% 46,960 National Lead------------------100 10434 Jan
68
70
68
115 N ovl5 105 Jan 109 Feb
70
65% 69%! 68% 70% 68
205 Do pref______________100 1134 Feb 24
17 N ovl7 $10% July $16% Jan
113% 113% §113 113 *113 115 *113 115
113 113
Nevada Consol Copper......... 5
69 Jan
8.000
15%
16%
155*
15%
68 July
16%
16% 16
5612 Feb 26 164*4 Sep 23
16% 16% 16
New
York
Air
Brake........
100
79% Mar
32,100
146% 149%
64% July
146 15134 145% 149
64 Jan 19 81 Apr 21
139% 149% 144% 152
29 Jan
72% 73
1,920 North American Co (new). 100 t8% Dec
72% 73
17%
July
38
Aug
3
73%
733,
74%
7434
75
75
Pacific
Mall--------------------100
31
Jan
5,130
12
12%
20
July
11%
12
12
12% §1134 1134
1134 12
26% Feb 11 49% Oct 1
800 Pacific Telep A Teleg........ 100 106%
40% 40% 40% 41%
123% Apr 3 106 July 125 Jan
43
40
40% *40
Dec
21
*41
43
People’s G L & C (C hic)..100
1,600
109
109%
1093g
110%
49
Sep
30
110%
111
35% Apr
111% 1117g *111 113
23% Feb
1,600 Philadelphia Co (P lttsb)...50
Deo
42% Oct 14
*43
44% 4234 43% 42% 42%
z43% 43% 43% 44
Pittsburgh C o a l-------------- 100 15% Jan
931* Feb
Dec
35% 3434 35% 33% 34% 33% 34% 11,500 Do pref---------------------100 8 1% Jan 4 114 Oct 14
35% 35% 35
46 Feb
1,875
108%
109
26*4
Jan
109
109%
110 110
Mar 6 78% Oct 4
110% 110% 110% 111
61% 6234 6,400 Pressed Steel Car________ 100 25
97*4 Jan 105% Mar
63
106 Oct 26
86
MarlO
65% 63% 64% 63
63% 64% 64
Do pref_____________ 100
114 Apr
104
105
100
107
Jan
*104
105
120
Deo
16
*104
105
104% 104%
'104 105
Public Serv Corp of N J. . . 100 100% Aug 24 170% Oct 23 150 Dec 159 Jan
*116 117% 116 117%
Marl2
116 120 *116 11734 *116 117
2% Jan
7* June
165% 165% 2,350 Pullman Company----------- 100 150%
165% 166
5*4 N ov 1
l4 Marl5
165 165% 165 166
*165 167
Quicksilver Mining----------- 100
4 Jan
1% June
200
*4
43g
434
434
6% N ov 1
*4
4%
34 Mar29
47*
4% *4
*4
Do
prefk____________
100
34**
Feb
100
*4%
5
19*4
July
*434
5%
54
Oct
1
*434 5%
19 Mar 6
5
5
*5
5%
2,200 Railway Steel Spring......... 100 87 Mar 3 102 Nov29
88 Dec 101 Feb
41
41% 43% 40
44
44
*43%
45
*40% 45
Do pref_____________ 100
$22% Apr
200
$15
Deo
*99%
1001
27%
N
ovl7
*99%
100%
*97%
100%
15%
Jan
2
9934100
*97 100
27 Jan
18 Dec
25% 25% 25% 27,885 Ray Consolidated C opper.. 10 19 Feb 1 57% Dec 9
25% 25% 25% 25% 253g 25% 25%
91% Mar
75 Dec
51% 53% 28,910 Republic Iron & Steel------ 100 72 Jan 30 112% Dec 14
55% 53% 5434 5234 53% 109%
54% 55% 54
Do pref_____________ 100
860
109%
*107
110
11*4
Dec
3
109% 109%
3% NovlO
109% 110
109% 110
300 Rurnely Co (M) ctfsof deposit
*13
14
13
13
13
13
7% Oct 23 29 Nov24
*13
14
Do
pref
certlfs
of
deposit.
*13
15
170% July 197% July
200
27
25% 25% *24
26
26
j 131»4 M arl7 209% Feb 1
*24
28
5,000 Sears, Roebuck A Co-------- 100 1 2 1 % Jan 4 126 Deo 10 120 Dec 124*4 June
184 185
187* 188* 186 187% 185% 187 *125
187 188
Do pref--------------------- 100
35 Jan
19% July
667g Dec 7
*125% . . .
24
Jan
6
*125
­
>125%___
*125% . . .
164 Dec 1
61
61% 60% 0 1 % 2,200 Sloss-Sheffield Steel A Ir.-100
61% 62
63
6234 63% *60
South Porto Rico S u ga r... 100 40 Feb 16 110 Oct 14
>135
145
*135
150
89% Feb 4
*130 145 *130 150 *130 150
45 Deo
32 Jan
150 Do pref......................... 100 43% Feb 23 96 Dec 31
103 107 ►103 107
107 107 *103 107
*105 108
67% Deo
59% Deo
200 Standard M illing------------- JOO 66 Feb 17 85 Nov29
*93% 100
*92% 100
*93% 98
95
93% 93% 95
JO
”
Do
pref.........................
36% Mar
20 Jan
§86
86
§86
86
195 Oct 22
*85
87
86
*85
*84% 87
Studebaker Corp (The) — 100 35»4 Jan 2 119% Oct 27
92 May
155%
160
70
Jan
46,900
157%
16134
159
164%
91
Jan
2
166%
163
163% 167
Do pref......................... 100
$36*4
Feb
1,000
*110
113%
$24*4
July
113
113
70
Sep
30
25% Feb 24
113% 113% 113% 113% 113 11312 61
65% 58% 6IS4 129,155 Tennessee Copper--------------2*> 120 Mayl4 237 Dec 20 112 July 149% Mar
61% 64% 62*4 66%
x 61% 63%
Texas Company (The)------ 100
8*4 Feb
18,200
3%
June
223
227%
223
230
9%
Dec
15
227%
231
4%
Jan
4
229 235V 229 232
32% Feb
734 734 1.400 Union Bag A Paper........... 100 22% July 13 31% Dec 16
18% July
734 734
8
8%
7% 8
8
8%
50% Feb
700 Do pref______________JOO 42 Jan 25 66*4 Oet 27
*28% 2934
39 Dec
29
29% 2834 2834 28% 29
*28
31
99 June 1037* Feb
100 United Cigar Mfrs............100 100 JunelO 110 Oct
*62
64
62%
62%
6234
6234
*62% 63*4 *62% 64
100
200 Do pref...............
10% Oct 20
109% HO '105 115 *104 111
9 Dec 22
110 110 *105 110
United
Cigar
Stores.............
10
9% 934 13,250
9% 934
93g 9%
11% Oct 14 12% N ovll
9% 934
9% 9%
300 Do pref......................... -10
11% 1134 1134 1134
NovlO 161 N ovl7
*1U2 11% I *11% 11% *11% 11% 145% 146
13% Jan
7*4 June
2.400 United Fruit.......................100 139
145% 146
8 Jan 2 31% Oct 29
146% 147% 146 147341 145% 146% 24
49 Feb
30 July
23% 23% 1.400 U S Cast I Pipe A Fdy------ 100 32% Mar 3 55% N ov 8
24
24% 24% 24% 24%
24% 25
Do pref__________ ...1 0 0
87
Mar
46
Jan
350
§50
50
49%
49%
51% 51%! *49
52
43% Dec 2 73% Mar 9
*47
51
20 Apr
15 Dec
100 U S Express--------------------- JOO 15 Jan 27 131*4 Dec 24
*45
49
47
47
*45
49
*45
49
*45
49
U 8 Industrial Alcohol------ 100
85% Jan
75
Deo
44,910
127%
130%
127%
130
107
N
ov
‘
127% 13134
Jan 26
127 132% 129 132
63 Mar
44% July
700 Do pref_____________ 100 70
74*4 Apr 14
44 July24
108% 110 *107 110 *104 110 ►106 108% 33,900
107 108
United States Rubber----- 100
95% July 104% Jan
56%
Apr "
57% 553g 56% 55
55% 58% 56% 583g 56
Do
1st preferred--------100 101% Feb 24 HO
67% Jan
48
Dec
1,900
109'%
10938
109%
109%
89%
Dec
27
'
109% 109% 109% 109%
87% 492,650 United States Steel............. 100 38 Feb
86
87% 86
117 Oct 30 103% Dec 112*4 Jan
87% 88% 86% 88%
Feb
87% 89
$45*s Dec $59*g June
117% 11734 5,100 Do pref______________100 zl02
1173g
813
4
Dec
28
117%
118
48%
Jan
117
117%
11634 117
34% Mar
17 Dec
80% 80% 41,100 Utah C op per....................... 10
52 Oct 28
81
15 Jan
80
8134 80% 81% 80% 81% 80
96 May 107% Mar
113% Dec ~
48% 47% 4734 4.400 Vlrglnla-Carollna Chem.-.IOO
49% 48% 49% 48
48
49% 48
Do pref_____________ 100 80 Jan
62 Mar
35
July
100
*109
113
109
113
74
Oct
26
*110
113
36 June 9
112 112 *110 113
66% Fob
53** July
400 Virginia Iron Coal A Coke. 100 57 Jan ~ 90 N ov '
62
62%
*62
65
*62
65
79% July
64 Jan
88% 88% 3,520 Western Union Telegraph. 100 32 Feb 24 74% Oct 26
88%
88%
88%
88%
8812
8834
88% 88%
Westlnghouse Elec A M fg..50
124% June
1157*
Jan
75,425
66%
68
85
Oot
21
66%
67%
67%
68%
58% Marl2
67% 69%
68% 691
Do
1st
preferred---------50
600
77
77
*77
79
77
87 Feb 23 268 Nov
77% 77% 77
78
78
3,550 Wlllys^Jverland (The)------ 100 96 Feb 13 115 Dec 9
229 230% 221 226
230% 233
233 235
233 233
*1 1 1 % 1 1 2
89 July 103% Feb
400 Do pref______________100 90% Jan
120% Deo 23
112% 112% 112% 112% *111% 1121; 111% 111% 119% 122% 7,500
Woolworth
(F
W
)------------100
124 Aug 14 112*4 Jan 118% Mar
118% 1 18 s4 118 119% 118a4 119%
1183g 119
100 115 Jan
200
*122 124
■122
124
*123
124
123%
123%
*122 124
. a»d rights. 6 New stock. « Par $25 per share. * Quoted dollars
T b w and asked prices; no sales on this day. S Less than 100 shares. S Ex-rights. <* Kx-dlr
per share. » Ex-stock dividend, z Ex-dlvldend




New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1909 th e

141

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 ed , a n d p r ic e s a r e n o w a ll— " a n d i n t e r e s t” — e x c e p t f o r i n c o m e a n d d e fa u lte d b o n d s .

BONDS
N . T . STOCK EXCHANGE
Week Ending Jan. 7.

an
ar
2 b,

P r ic e
F r id a y
J a n . 7.

W eek ’s
R a n ge or
L a st S a le

1 1

R ange
Y ea r

1915.

3?

BONDS
r. STOCK EXCHANGE
Week Ending Jan. 7.

if

P r ic e
F r id a y
J a n . 7.

W eik ’s
R ange or
Las'. S a le

11
=« I
““ I

R ange
Y ea r

-6<1,- .Vo.1 L o w H ig h
BUI
As* L o U. S. Government.
9<j34 93%
U 8 Ji consol registered__ <11930 Q J 99% ____ 99% Dec '15
____
97%
Oct
'15
99
97% 99
U 0 3s consol ooupon_____<11930 Q - J
98 10! *4
O B 8s registered_________ *1918 Q - F 1 0 1 % ____ 10134 Dec '15
101% N ov’ 15
100% ItvU 8 8s coupon___________ *1918
109 11078
O 8 4s registered__________ 1925 Q - F 1 1 0 1 1 0 % 109% Dec '15
109% 1111
110%
O 0 4s poupod____________ 1925 Q - F 110 ____ 110%
97% 98%
93 ------ 98% Oct 15
O 8 Pan Canal 10-30-yr 2s.*1938 y - F
97 July'15
O 8 P n Canal 10-30-yr 2s..J93> Q -N
10178
IOOS4 102
V 8 Panama Canal 3s g----- 1961 Q -M 1 0 1 % ____ 1017,
100 Feb 1,
100 100
O 8 Philippine Island 4 s .1914-34 Q f ____ 100

1915.

Ohlc Burl A Q (C om .)—
Low
H ig h N o .] R o w
H ig h
Joint bonds. S ee Great Nortb
977, 98
Nebraska Extension 4s__ 192
94*4 977,
97*4
97*4
Registered................... ..1927
05 June'15
95
95
99%
Southwestern Div 4s____ 1921
99% June'15
99% 99%
93 Sale 9234
General 4s........................... 1958
93
88
95
25% Sale 25%
Ohio A E III ref A Imp 4s g. 1955
25%
15
29
1st consol gold 6s............... 1934 A - O 104% 104% 104%
104%
91 104%
General consol 1st 6s........ 1937 M- N SO Sale 80
81
51% 84
82
Registered.................... 1937 M- N
71 June'15
52% 71
Fur money 1st coal 6s___ 1942 F - A
9734 Feb '13
24
Cblc A Ind C Ry 1st 5 s... 1936 J - J 16
20 Dec '15
17
20%
73% 73%
Chic Great West let 4s___ 1059 M- S 73
Faralgn Q orirnm rnl
74
747,
64
95% 3956 937, 98% Chlo Ind A Loulsv— Ref 6s. 1947 J - J 1 1 0 113 112% Nov'15
95% Sale 94%
Anglo-French 5-year 5s (wh lss).
110 117
93%)
16 80
99%
Refunding gold 5a.............1947
Ml- *8 t 93% Sale 93%
101 June'15
Argeutlno— Internal 5s ol 190*
10 1 10 1
Refunding 4s 8aries C___ 1917
95% Apr 'l l
Chinese (Hukuans Ry)— 6sof 'l l J -D t ------ 74% 88 July U -----97341
4 93% *98
CO ____ 55 Dec '15
Ind A Loulsv 1st gu 4 s ... 1956
Cuba— Externa! debt 5s of 1904 M- 8 S'J6% Sale 96%
55* 65
967, Chlo Ind A Sou 50-year 4S..1956
90
88 ____ 86 Dec '15
Eitor <1( 5s of '14 ser A ...1949 f - A 94% 957, 96 Dec '15
S5% 86
86% Chic » 8 A East 1 st 4 H «____ 1969
83%
83%
80
95 ____ 96% Dec '15
External loan! Ha_______ 1949 F - A 83% 85
92% 96%
737,
841;
82%
82%
Chicago Milwaukee A St Paul—
Japanese Govt— £ loan 4 t*** 1925 F - A J 82% Sale
72% 82
79
92% Sale 92%
Gen'l gold 4s Series A___ *1989
46 85
93
Second series 4 t j s . ___
1925 J - J t 79 Sale 78%
933,
7334
75
7934
70
t 74 Sale
Registered___________ *1986 y - J
89% Apr '15
Do do "German stamp” .
89% 89%
7834 June’ 15
Gen A ref Ser a 4 m, s___ a2014 A O 94 Sale 94
94U ” 26 87
Sterling loan 4s............... 1931 J - J J____ 69
95%
79% Apr '14
79
Gen ref conv ser Is gs__ a2i>14 F - A 109% Sale 108%
311 100% 108%
1 10
Mexico— hxter loan t 5« ol 1899 y - j t 00
05 July’ 14
Gen'l gold 3Hs 8er B___ rl98!) J - J 81 Sale 81
81% 35 76
82*,
Gold debt 4s of 1904____ 1954 j - 0 ____ 85
95% Jat '15
95% 95%
General 4 H s Ser C _____ r 1989 J - l 103 Sale 102%
S3 97 103%
104
Tr.iv of Alberta— deb 4 -v s .. 1924
767, 82
7
92 Sale 92
26-year deben 4s............ 1934 J - i
92»4 76 84% 93%
Tokyo City—5s loan of 1912 .. M- S t 76 Sale 76
Convertible 4H s..............1932 J -D 10334 Sale 103%
103*4 395) 93% 103%
tT h fS r ors p r ic e s »n ih * b a s is O' »5I <i
Cnlc A L Sup Dlv g 5s___ 1921 J - } 103%____ 103% Dec '15
1023, 103%
Chic A Mo Rlv Dlv 6s___ 1926
- i 105% ___ 105 Dee '15
• tat* and City Srcurltlts.
103 105
101%
9734 102
Chic A P W 1st g 58_____ 1021
b 101 Sale 101
103%
10134 103*4
- J 103% Sale 103%
W T City—4 1 4 s ................... I960
101%
9734 102
C M A Puget Sd 1st gu 4s. 1949 - J 91% 91*4 91%
91%
857, 917,
4%s Corporate stock___ 1984 M .“ 101 Sale 101
106%
106
106%
106%
1015,
107
Dak A Grt Sou gold 6a . . . 1910 - J
4,4 s Corporate etock___ 1965 J - D
100 Dec '15
100%
100
1057,
106%
1015, 106%
Dubuque Dlv 1st s f 0s . .. 1920 J J 107%____ 106*4 N o v ’ 15
4 H i Corpora te stock___ 1983 m - s 106% Sale
107*8
106
98%
97% Sale 9778
91
99
Fargo A Sou assum g 6a.. 1924 J J 111 ____ 110 June'13
4% Corporate stock____1959 M -N
98%
98
98
Sale
94%
98%
102%
____
La Crosse A D 1st 5s........ 1919
103 Nov'15)
4% Corporate stoek....... 1958 M- N
i
102% 103
9734 98% 98
98%
91
9S34
WIsA Minn Dlv g 5s........ 1921
103%
t % Corporate
stock....... 1957 M -N
J 103% Sale 103%
10 IN. 103%
97
9734 96% Mav'15'
94
93%
Wis Vail Dlv 1st 6s _____ 1926
4% Corporate stock....... 1956 M-N
106% 107
J 107 ____ 107 Dec '15
105*4
1
o
638
10534
10534
10 1% 106%
New 4 H s.......................... 1957 M- N
Mil A No 1st ext 4 H a ... 1034 J -D 100%____ 100% Nov'15!
99 10 1
100% 1013,
Cons extended 4 %s___ 1034 J -D 100%____ 100 Oct 15
100 100%
New 4H'S.............. '........... 1917 M- N 101% 102 101% Dec '15
106%)
10 1% 106% Ch c A Nor West Ext 4-lS86-192( F - A 95 ____ 94 Sep '15
92% 94%
*M% Corporate stock . 1957 M-N 10534 10634 106
100% l o r
Registered............ 1 886-1926 F - A 94 ____ 94% Nov'lfi)
94% 94%
4 X % Assessment bonds 1917 M -N 100 101 100% Dec '15'
83% 8334 83% Dec '15
877S Dec '15)
87% 88
84
89
Oeneral gold 314 s............ 1987 M -N
833,
78
5 H % Corporate stock. . 1954 M -N
997
,
102%
10134
.
.
.
102%
10
2
%
)
78% Jan '14j
Registered ................. j.1987 Q - F
W Y State—4s....................... 1981 M- 8
997, 102%
General 4s........................ 19s M - N ‘ 94% Sale 94%
95 I
8F% 96%
Canal Improvement 4s .. 1981 J J 102% . . . 102% Dec '15'
100 101 ■>*
Stamped 4 s ...... ...........ms M- N ____ 96
98
96 [
00
89
Canal Improvement 4e._. 1962 J - J 102%____ 101% Sep '15)
99% 10 134
101«4 Nov'15!
General 6s stam p ed __
1987 M- N 113%____ 114%
116*4)
100 1147,
Canal Improvement 4 s... I960 J - 1
113
Sinking fund 6s___ 1879-1929 A - O 1 10 ____ 108% Oct '15
108% 113
108 109%
Canal Improvement 4 Ha. 1964 i - J 112' % : : : : 113
104 107% 106 Dec '15
104 106
Registered_______ 1879-1929 A - O
105% Dec '13
Canal Improvement 4 14s. 1965 J 11234 Sale 112*4
11234
108 1 1 234
Sinking fund 6s____ 1879-1929 A - O 104%____ 104% Dec '15
1033, 104%
Highway Improv't 4HS..1963 M106%___ 105% Nov'15
104% 105V
Registered.............1879-1929 A - O
102 Oct '13
Highway Improv't 4%s._19«5 M83-%
89%
88%
88%
81
88%
Debenture 5s__________ 1921 A - O 103 104% 104% Dec ’ 15)
Virginia funded debt 2-3a
199) J 100% 104%
52
54% 52 Deo '15
52
61%
Registered_____________1921 A - O 103% 106 101 Dec 'I2i
6» deferred Brown Bros etfe
Sinking fund deb 5s____ 11933 M -N 104% 105 104% Dec '15
10 1 104%
Railroad
Registered___________ 1933 M -N
90 1 0 1 %
101% May’ 15
65
6534 65
65
3 55
66%
Ann Arbor let g 4s_____ * . 1996 Q * J
Prem Elk A M o V 1st 6S..1933 A - O H 8% ------ 117 Aug 15
117 119%
94% 2Z 89% 9534
Aleh Top 4 S Fe gen g «• . . 1995 A - O 91% Sale 94
*75
—
90% Sep '(9
J
M s n O B A N W l « 3 H s .l 9 4 1
92
93
93
93
Registered ....................... 199;, A - O
89
93%
J
Mllw A 8 L 1 st gu 3 v ,,. . . 1941
87 Sale 87
87
Adjustment geld 4s........ *1996 Nov
80% 88%
M iI L r .v west 1 st g 6*___ 1021 M 8 Io8% 109* 108% Dec” '15 ----- 105 108%
86 Mar'13
Registered ...................41995s Nov
Ext A Imp s f gold 6s__ 1929
A 106% 107 102% Aug '15 ----- ,v02% 104%
87%
87 Sale 87
Stamped.................... .*1995:M-N
80% 88%
Ashland Dlv 1 st g 6s...l92fi M 8 1 1 2 % . . . . 1117, Dec '15 ----- 11117, 1117,
107%
J 1 1 1 % ____ 111% Aug '15 --- ill!% 1 1 1 %
Oonvgold4s.................. 1956 .1 -D 107 Sale 107
923, llo
Mich Dlv 1st gold 6 s . . . 1924
917, 92% 92%
99% May’ 13
92%
2 ! 89% 03
Oonv 4s Issue of 1909___ 195/JJ
8
MU Spar A N W 1st gu 4s 1047
107% Sale 107
10734
Northw Union 1st 7s g. 101 M- 8 103%____ 107% M av'!4
92% 110%
Conv 4s issue of 1910 . . . l96blJ
lo
6% 106*4 106%
101%
10134
J
101%
101%
102
106*4
9t I. Peo A N W 1st gu 5s 194
6 102% ioe%
10 -year 5» .................
19I? J
100%
102%
103
90 _____ 94 Dec '15
D
102% Dec '15 -----|102% 103%
90
Winona A 8t P 1st ext 7s 1916
92
East Okla Dlv 1 st g 4s . 1928 M
SS34 90
89%
9.)
G 'lease Rock Isl A Pac 6s 1017 J - J 102% . . . 102% Dec '15 — . 10 1% 102*4
84% 89
Traus Con Short
1st 4s l 95slJ
►
____102%
98
_____
J
1
Registered____________ 1917
98%
99
1021, Oct 15 -----1)10 1% 10 2%
96
93
Oal-Arl, 1st A ref 4 Hs " A' 1962 M
8434 Sale 84%
1'2 ____ 103% Sep 15
t v general gold 4s________1 Ob'- J - J
85
26 70
86%
8 Fe Pres A Ph 1st g Cs.. 1942 M
103 1"3%
93
Registered.................... 1988 J - J 83 ____ 83
83
2, 80
83
85 94
All Coast ! 1st gold As____*1952 M ., 93 Sale 9234
66
Sale
Refunding
gold
4s............1931
92 Dec '15
O
65%
66% 136!) 61
91% 92
717,
91% 92
Gen unified 41, s . ............ 1964 J - D
20-year debenture 5s____ 1932
42% 24 39
J 42% Sale 41*4
105 106
67
Ala Mid 1st gu gold 5s . . 19Vh M N 106%____ 106 Dee '15
Coll trust Series P 4s____ 1918 M N 79 ____ 94*4 June'11
90
95 ____ 96 Deo '15
89
Bruns A W 1st gu gold 4s 1935 jJ
1297,
1297,
AU8
1
129
135
1297,
R 1 Ark A Louie 1 st 4 %s 1934 M 8 ------ 737, 65%
65%
Charles A Bav 1st gold 7s 1931 J S634 Sale 86%
89
87%
Bur C R A N— 1st g 5s. 1934 A -O
997, 10J% 101% Nov'15
80
L A N ooll gold 4s______ol952 M- N
99 101%
C R I F A N W la tg u 6s.. 1921
118 119%
O 99 ____ 1007, M a r'14
Bav F A W 1st gold 68____ 1934 A O 122 ____ 1 18 Oct '15
107%___
105
July'l£
105
105
M A 8 t I. 1st gu g 7s..........102
..
1st gold 5S...................... 1934 A - O
J -D
99
98 Junc'l
Cboc Okla A G gen g 5s_ol91« J - J 98% 99
97% 98
Oil 8p Ooa A G gu K 48___ lOlfcl J
98% " 98%
97% 98
933g Sale 93%
93%
8834 93%
Consol gold 6s________ 1952 M -N
90
Balt A Ohio prior 314 s___ 1925 J
97% July 1
97% 97%
92% Dec '15
88% 92%
Registered..................... *1926 Q - J
Keok A Des Moines 1st 5s 1923 A - O 51
50%
Deo
T5
49*4 84
91 % Sale 91%
92%
92%
1st 60-year gold 4s ___ *194> A -O
85
St Paul A K C 8h L is t 4 H e A 1 F - A 70
71
65 Apr '15
65
05
91% ____ 91%
91%
90
Registered................ 4I948IQCblc 81 P M A O con 6s__ _ 1930
____
118
85
D
118%
118%
114*4
117*4
97%
Sale
97%
98
10-yr conv 4H s........................19331__
82% 97%
Cons 6a reduced to 3Hs. .1930
D 87 ____ 90 Jan '15
90
90
112 Jan '12
Pitts June 1st gold 6s
..1922 J
Debenture 5s..................... 1930 M 8 101*4 102% 1025, Dec '15
99% 103
91
P Juno A M Dlv lstg3 H e 1926!M N *91% ' 9 IS4 91
84% 907,
Ch 8t P A Minn 1st g 6s .. 1918 M -N 117*4____ 116 D e c '15
115 116%
89% Sale
88%
89%
P L E A W VaBysref 4s 1941 M-N
77% 89%
North Wisconsin 1st6 s ...1930
J 11734 ____ 129% May*09
92% 92% 92
92%
86
92-34
Bouthw Dlv 1st gold 3 He. 19251J
105%
105%
8t P A 8 City 1st g (Is . . 1919
O
105% Dec '15
104% 105*4
94 ____ 100 Apr '13
Cent Ohio R 1st c g 4 14s 1930 M
Superior Short L 1st 5s g .g l930 _M 8
100% . . . 104% Apr '15 ---- 1:103% 104% Chlo T H A 80-east 1st 5s__ I960 J
Ol Lor A W con 1st g 6s . . 1933 A
O ------ 80 | 85 Jan '14
101%____ 101 Dec '15 -----101 10 1
Monon River 1st gu g 6s . . 1919 t
Chic A West Ind gen g 6s. ,1032 Q M 10634 107% 106% Dec '15 - — 105 10634
Ohio River RR 1st g 5e.. 193d J D 104%____ 102% Oct 15 -----102% 102%
Consol SO-year 4s............... 1962 J J 81% Sale 80%
81 % 12 747, 83%
Oeneral gold 5s...............1937 A - O 100%____ 9S34 N ov' 15 — 1 98% 98*4 Cln H A D 2d gold 4 H »____ 1937 J - J 83 . . .
86%
86%
113% Feb '12
Pitts Clev A Tol 1st g 8e_. 1922 A O
1st A refunding 4s.......... 1059 J J *____ 85
98 ____ 99 Dec '15
Pitts A West 1st g 4s____ 1917 J
99
99
1st guaranteed 4s............ 1959 J - i ____ 87
86% June'li
Btat Isl Ry 1st gu g 4K s._ 1942 J D 91% ____ 91 June'l2
27% ____ 25 July'15
Cln D A I 1st gu g 5s___ 194 1 M -N
25
25
Bolivia Ry let 5s................... 1927 J
C
Find
A
Ft
V
V
1st
gu
4s
g.
1923
MN
88 M ar’ ll
107%
Buffalo R A P gen g 6s ___ 1937 M S 107% Sale |107%
102% 106%
Cln I A W 1st gu g 4s__ 1953 J • J
65 J'ly '14
OonsolAJis...................... 1957 M N 101% 102% 100 Nov'15
99% 103
94% Dec '14
Day A Mich 1st cons 4 Hs 1931 J J
9 1*,____ 92 Nov'15
All A West 1st g 4s g u .. .1995 A -O
90
94%
65 J'ly '14
Ind Dec A W 1 st g 5s___ 1935 J J
100%____ 112 Apr '14
Clear A Mah 1st gu g 5a ..1943 J
1st guar gold 5s____
1935 J - J
107% Dec '02
lu
7
%
____
107%
Dec
'15
Rorh A Pitts 1st gold rts 1921 F
06
Cleve Cln C A St L gen 4s
1993 J - D 80 Sale 79%
68
83
80
Consol 1st g 6s
1922 J 0 109%____ 10978 Deo '15
87 Sale 85%
107 1097,
1931 J 20-yr deb 4V<s..........
87
79% 87%
1037,
Canada Oou cons gu A 6s . . . 1962 4 C 104 104% l<>378
100 105*4
Cairo Dlv 1st gold 4s___ 1939 J - J 86 ____ 86
87
80
867,
106%
Apr
'14
Registered___________ 1962 A - G
75% 81
Cln W A M Dlv 1st g 4n 1991 J
78 Nov'15
70
78
95
Car Clinch A Onto 1st 30-yr 5e '3> J I> 93
97% Dec '15
79% 81*4 82 Dec '15
64
973,
8t L Dlv 1st coll tr g 4 s.. 1990 M
75% 85
107% Sale M7%
Central of Os 1st gold fie . pltt46 P
107%
75
031, 107%
Registered____ _______ 1990
M- N80
82% Mar'
100%
101
Consol gold 5s..............
1946 M-N
100%
102
96 102%
9pr A Col Dlv 1st g 4s .. 1940 M- % 83% 85
85 Deo '15
77 *85
83% 83 Nov'15
Cbatt Dlv pur money g 4s 1951 J D 83
84*4 91 Apr '12
83
jr
W W Val Dlv 1st g 4S ... 1940 J J
Mac A Nor Dlv 1st g 5s 1948 1 J 101%____ 16134 Nov'15
101 10 1%
C I St L A C consol 68 . 1920 M - N 1047,____ 105 Nov'15
105
106%
100%____
Mid Oa A Atl Dlv 5s _
1947 1 J
100% Mar l .
92 ____ 91 Nov'15
100% 101 %
1st gold 4s .........
*1936 y F
90
91
101%____ I0334 M ay'15
Mobile Dlv 1st g 6a .
1946 J
90 ------ 88% May'16
103*4 105*4
Registered ...............*1936 y-F
87
88%
95% 96
Oen RR A B of Oa col g 5s 1937 M
96 Dec '15
86%
97%
101
June'i
101
10
1
Cln
S
A
Cl
con
1
st
g
5s
1923
J
J
116% Sale 16
Cant of N J gen'l gold 6s .. 1987 J
1 1634
1 1 1 % 118
C C C A I gen con g 6s . 1934 J J *106* I I I ! 105*4 July’ 14
Registered...................*1987 (J J 1143*____ 115%
115%
110% 115
R egistered.......... ......... 1934 J j
103%
104
Am Dock A Imp gu Be ..1921 J J
103%
103%
102*4 164
led H A W 1st pref 4 s " 1940 A -O
94 July'08
Leh A Hud Rlv gen gu g 5s 1920 J J 102 ____ 100 June'i
• ind A W 1st pref 5 s...if 1938 Q-J
98% 100 100% Jan '13
N Y A Long Br gen g 4s. . 1941 M S
Peo A East 1st eon 4s . . 1940 A - O 67% 68% 67%
6S%:
59
72%
80
85
Oeni Vermont 1st gu g 4s .*1920 0 1
83
83
37
38
68
83
1990 Apr
20
38
Income 4 s...............
36
36
98
98
Obesa A O fUDd A Impt 5a . 1929 J J 96
83
997, Cleve Short I. 1 st gu 4 Ws.. 1961 A t 100% Sale 100%
91 101%
101%
105%
103
10534
106
lit oonsol gold 58.............. 1939 M-N
____ 11 SlO N ov’ 15
10
1
%
106%
«10
17
Col
Midland
1st
g
4s
.
.
.
1047
J
J
Registered .....
.1939 M-N 103
105 Dec '15
10
101 105
Trust Co eertfs of d e p o sit___
14% Mar T5
l*% 15
91% Sale 91
915,
General gold A X s_............ 1992 M s
9D, Sale 91%
82
92
85
93%
9 Vs Colorado A Sou 1st g 4s _ 1929,
____
90%
Registered____________ 1992 M P
90% Nov'I
85% 85%
84
90%
Refund A Plxt l% s.
85%
787, 90
1935 M N 85
87%
Convertible 4Ha............... 1930 r a 87% Sole 86%
70
D 105% 105% 10534
105%
90
Ft W A Den C 1st g 6s . . 1921
00 106%
Big Sandy 1st 4s.............. 1944 J D 82% S5
83% Dec '15
SO 837, Conn A Pas Rlvs 1st g 4s
O
1943
86% 81 D e c '15
Coal River Ry 1st gu 4s .1915 J D 83
81 S83
100 M ay'10
J
Cuba RR 1st 50 yr 5g g . 1952
96% 100 368% Dec '15
Craig Valley 1st g 6s........ 1940 J J
95
98% Del Lack A Western—
84 0 j.m •):<
rotta Creek Br 1st 4s . 1948 J )
86% Dec '15
84
86%
Morris A Es 1st gu 3tiS. 2000 .1 D 86% 87
84%
S4U
R A A Dlv 1st con g A s... 1989 J J ”84% 86"
107 109
80% 84*4
N Y Lack A W 1st 6s___ 1921 J J 108 1 1 0 108 N ov’ 1 5 ..
82 ____ 82
2d oonsol gold 4a......... 1889 l
J
82
77
80
101% 101%
Construction 5 s . ......... 1923 F A 102%____ 10 |% May* 15 .
Greenbrier Ry ] Bt gu g 4s 1940 M N 80 ------ 9J Apr '14
9 6 % ____ 95% Sep 15)..
9£% 96
Term A Improve 4s___ 1923 M N
Warm Springs V 1st g 5s. 1941 M- 8
I I t . Feb ’ 15
Warren 1st ref gu g 3 Mis..2000 K A S4 ____ 1021. Feb '03 .
blr A Alton RR ref g 3s._ 1949 A O ’57% *6l ’ 57
57
52
60% Del A Hud 1st Pa Dlv 7 s ... 1917 M S 104%____ 104% Dee ’ 15)..
104% 105%
46
45
46
*
°
......... 1950 J • J 45
149 AUB "Ol
38
47%
Registered___________ 1917 M S
7b!r B A y Denver Dlv As. 1922 F A
99% ____ 99% Dec '15
P>% 100
99 100*4
100%
10-yr conv deb 4s________ 1916 J D 100% 102% 100%
8534 86% 85%
85341
81% 87%
99 1007,
101%|
I!! D0 " R!T3H#................. 1949 J t
1st lien equip g 4 H b ____ 1922 I J 11)0% Sale 100%
Illinois Dlv 4 s.____ .. ... .1 9 4 9 J J 95% 96
95% Dec '15
96% 96% 96%
91% 9o%
90%
89% 97%
1st A ref 4s.........................1943 M N
Registered_________ H I 1949 J
1
97% Dec M5!
106%
10 1% 108%
94
97%
Conv 5s sub recta_________________ 106% 107 106
i»lv sink fund 6 a._."l«19 A O 10234 m i 10 .%
10 2%
1 0 1 % 1.I234
85% 863, 86 Dec '15 ._
klh A Su« conv 3H s.........1946 A O
80% 87%
winktne fund 4s____ _ 1019 * o
9934i
993, 9934 9914
««*. 991,
1 1 1 % ____ 113% Jan ' 151_
U '% 113%
Hens A Saratoga 1st 7s__ 19211

‘ %io %

wu prloa rrlday;lat«at thla week, d Duo April, e Duo May. (D u e June. ADue July. * Due Aug.




o

Due Oot.

p

Due Nov ( Due Deo.

1

Option sale.

BONDS
N . y STOCK EXCHANGE
Week Ending Jan. 7.

[Vol. 102.

New York Bond Record— Continued—Page 2

143
IS

P r ic e
F rid a u
J a n . 7.

W e e k 't
R an ge or
L a st S a le

T
32O
C
0 Co
cq

R ange
Y ea r

1915

N

O

BONDS
Y. STOCK EXCHAN
Week Ending Jan. 7.

P r ic e
F r id a y
J a n . 7.

W eek ’t
R ange or
L a t l S a le

Loto

!i

R ange
Y ear

1915
Low

H ig h

H ig h
B id
A sk
High N o . £ote H ig h
Aik Low
Bid
89
84
M - S 8 9 % ____ 89 Dee '15
82% Le
79«2 61 38
Denv & S Gr 1st con g 43— 1936 J - J 78 Sale 78
M S
73%
85*2
0
85
845g
85
Sale
J
J
101% 104%
Consol gold 4 Ha-------------1936
103*2
N
o
v
’
15
104%____
G
G
85*4
Lo
Q
J
«
827
g
82-14 Sale 8212
s94 * 94
Improvement gold 53------ 1928 J -D
G3
Q - J 94 ____ S94 Oct T5
58% 35 38
85
87%
1st * refunding 5a----------- 1955 F - A 57% Sale 5734
86
86
85
88
j -n
Rio Gr June 1st gu g 5 s .. 1939 J - D 85 ___ 109
95*4
M
a
y'14
r
s
9
5%
____
61% Apr ’ ll
45
Rio Gr 3o 1st gold 43--------1940 J - J 35
99%
Oet
’06
J -D
35
35
35
“ “ ■
82% 89%
Guaranteed__________ 1940 J - J
87
M- S 85*2 86*2 86
3 69
80
95% 99%
Rio Or West 1st g 43......... 1939 J - J 78*4 Sale 77i2
98% Dee 15
97
99
Debenture gold 5s_______1934 J -D
58
05*2
61
82% 88%
Mtge & col trust 4s A . . 1949 A - O 61% 61
87%
lar refunding gold 4s__ 1949 M- S 87% Sale 87*4
90
Utah Cent lat gu g 4s.al917 A - O
Jan ’ l l
95
MS
Registered____________
1949
00
100
I
Mar*
If
100
100
100%
Des Mol Un Ry 1st g 53----- 1917 M- N "99% 100
Feb
'15
100
98%
____
A
O
N
Y
B
&
M
B
1st
con
g
5s.
193
80
87
85
85
95
100 100
Det & M ac- let lien g 43-..1995 J -D
100 N ov’ 15
N Y & R B 1st gold 5 s . .. 1927 M- S ____ 102
___
Vi
85
80
80'4
100% 101
Gold 43 ............ - ............... 1995 J -D
Aug
'15
1
0
1
%
102
101
Q
J
Nor
Sh
B
1st
con
g
gu
5s.ol932
89%
95
89% 93% 94
94% 95*4
Det Rlv Tun-Ter Tun 4H8.1961 M -N
94% Dee '15
92
M- S 90
—
01% 105% Lc
Dul Missabe elc Nor gen 5s. .1941 J - J IOH4 10534
110 115
112*2
J -D 112*2 Sale 1 12
98*2 103*2 Lc
105*8 108
Dul A Iron Rango 1st 5s----- 1937 A - O 99 % -----108*4
Dec
'15
M
N
108
Gold
53..............................
1937
106
Registered______________1937 A -O
94% 56 89*2 95
Unified gold 4s.................. 1940 J - J 94% Sale 94%
10 4
2d 6a ............................... 1916 i - J 91
94 June’ 14
Registered_____________1940 J - J
*9*0 100" *
93i2 94 :
99% 105%
Du So Shore A At g 53-------- 1937 J - J 1025g
105*4
107*2
105*2
Dec
T5
MN
Collateral
trust
gold
5s—
1931
03
105
103% 104
Elgin Jol A East 1st g 5s___ 1941 M -N
10712 107%
E H * Nash 1st g 6s.........1919 J - D 107%____ 107% Dec '15
3 106% 111
Erie 1st consol gold 7s----------1920 M- 5 111 111% 11178
98% 101
1
0
1
%
____
100%
MN
100%
L
Cln
&
Lex
gold
4
Hs------1931
US’S -----N Y A Erie 1st ext g 43-.-1 9 4 M -N
113% 115%
N O * M 1st gold 6s.........1930 J - J 114'8____ 115% Nov'15
100 101*2
2d ext gold 5s_________ 1919 M S 10178 ____
108 109%
2d gold 6s------------------- 1930 J - J 107% 110 109% May'15
98% 99 '4
98
U
____
M
S
3d ext gold 4H s_______1923
86
86*2
86% Oct '15
Paducah A Mem Dlv 4 s.. 1946 F - A 86% . .
00 102%
102 ]
4th ext gold 5s________1920 A O 102'8____
105% 107*2
Bt Louis Dlv 1st gold 6s_. 1921 M- S 107%____ 107*8 Dec '15
------ 93
94
94 ]
61
58% 65
5th ext gold 4a------------ 1928 J D 94 ____ 409
M- S 61% 61% 61
.
.
.
.
2d
gold
3s.......................
1980
03%
109
Oct
’
If
110
110l2
87%
83
90
N Y L E A W 1st g Id 73— 1920 M 5
87% Sale 87%
GJ 77
Atl Knox * Cln Dlv 4s— 1955 M -N
87*4
86
8534 Sale 85*2
Erie 1st con g 4s prior____ 1996 J
Atl Knox & Nor 1st g 5s..1946 J - O 103% ____ 111 Jan T3
79% 80
8 1 Oet ’ 1
105 105
Registered------------------ 1996 J - J
■ 105 June’ lf
M- S 105*2 159
Header
Bdge
1st
s
f
g
6
s
..
1931
65
77
75*2
76i
*76%
Sale
86
88%
88 D ec T5
89
1st consol gen lien g 4a— 1996 J - J
Kentucky Central gold Is. 1987 J - J 88
77 Apr ’ 1
98 101
Registered___________ 1996 J - J
L & N & M & M 1st g 4 H» 1945 M- S 99 ____ 98% Deo '15
8834
88* i 10 86
88*4
75% 81
80 Dec To
79
82
Penn coll tr g 4s-------------- 1951 F - A *8338 "90 ‘ 71*2
J
J
L
&
N-South
M
Joint
4
s..
1952
59
73%
2
10
72*
72 7214
95 Feb '05
50-yr conv 4s A _________ 1953 A -O
311 03*2 86%
Registered___________ A1952 Q - J
84
83i 2 Sale 82
104*8 104*8
do
Series B______1953 A -O
N Fla * 3 1st. gu g 5s----- 1937 F - A 1*0*4% I I I I 104% Dec T5
r) - —
- - j 102*2 103
10234 JU
Bull N Y A Erie lat 7s. — 1916 J -D 101 103‘s 1053
97 Dee T4
J
J
N
&
C
Bdge
gen
gu
g
4
H
s.
1945
O
106
101*2 105*2
Chic A Erie 1st gold 5 s „ .1982 M -N 105!8 ___ 101 4 Feb
1*07*2 109%
108%
Deo
'15
108%
109%
r, ___
Pens * Atl 1st. gu g 89------ 1921 F - A
101 101
105 105%
Clev A Mahon Val g as__ 1938 J - J 103'8____
105%
S A N Ala cons gil g 5 s ...1938 F - A 105*4____ 105%
5 ----- 119% 122*2
Long Dock consol g 6s___ 193r A - O 121 ___
99*2 104%
102%
103*4
103*4
103*4
A
-O
Gen
cons
gu
50-year
5s.
1963
5 —
100's 100%
9978 103
74
82%
Coal A RR 1st cur gu 63- . 1922 M -N
5 —
10212 103% L * Jeff Bilge Co gu g 4 s ... 1945 M- S 82 ____ 82% N ov’ 15
Dock A Imp 1st ext 53___ 1943 J - J 102%___ 103*2 Aug 2 —
[anlla RR—3ou lines I s . . .1936 M -N
__________
N
77
Mar’
10
N Y A Green L gu g 5s . — 1946 M -N
MS
90
99
M[ox Internat 1st cons g 43—1977
98 Dec 5 —
79 N ov’ 10
N Y Sus A W 1st ref 58— 1937 J - J — — ioo’
Stamped guaranteed........ 1977 M- S
- - 100*4 Dec rt -101 Oct ’09
2d gold 4H s— .............1937 F - A
J -D
V
88 Dec 5 ------ G7*2 8S
105 111%
108*2 114 105 Sep T5
General gold 5s__________1940 F - A *78 '90 I02
J
-D
Jan
102% Nov'15
102 102%
Terminal 1st gold 53____ 1943 M-N 100 ___
Pacific Ext 1st gold 6 s...1921 A - O
92%
81
00
Dee
T5
89
%
90
Mid ol N J 1st ext 5a____ 1910 A -O 104 ____ 111*2 Ma: 2 — G 79
1st consol gold 5s------------1934,M - N
8*0*
1
89% Sale 89*2
60
40
57%
Wllk A Ea 1st gu g 5s____ 1942 J -D
1st & refunding gold 4s— 1949 M- S 57 Salo 56%
106 Ma: 2 ___
60
00
00 Feb Tf>
Ev & Ind 1st con gu g 6s ____1920 J - J
J
J
Des
M
<
fe
Ft
D
1st
gu
4
s..
1935
1
'
81
97*
90
80
89
Dee
'15
86%
90
Evans A T 11 1st cons 6s___ 1921 J - J *90 I I I . on
J
-D
Iowa Central 1st gold 5 s.. 1938
99%
Dec
602
69%
.
.
.
35
A
O
54%
55*4
Sale
64%
1st general gold 5s_______1912
Refunding gold 4s........1951 M- S
108 N o'
93%
80*2 93%
Mt Vernon 1st gold 6s____ 1923 A - O
J 93% Sale 93's
..........
V
95 Juu
June'12
Bull Co Branch 1st g 5s__ 1930 A - O I —I *92
95
97%
1st Chic Terra s f 4s.......... 1941 M -N
2 15 86*2 95
92 93*2 92
"93% 98*2
99
Florida E Coast 1st 4H s__ 1959 J -D
98%
M S S A A 1st g 4s Int gu. 1926 - J 97% 98
92 Aus U -----Fort St U D Co lat g 4 H s—1941 J - J
91 J'ly '14
- J 91
50
70
V
72% 83
Ft W A Rio Gr lat g 4a........ 1928 J - J *66*14 *67*2 67 Dec 5 —
77
76% Sale 76%
-D
\
Great Northern—
49% 63
50*2
4 330 94% 98*2
2d gold 4s_____________ (*1990 F - A 50% Sale 50
07%
89
C B A Q coll trust 4s____ 1921 J - J 93 Sale
05
Deo
T5
06
60
931,
5 ------ 94% 98*4
1st ext gold 5s__________ 1944 M - N
Registered ft__________19.21 Q - J
60%
40
53 Dec '15
53
l8 25 94 101
1st A refund 4s__________ 2004 M- S 62
74
1st A refunding 4Hs ser A 1961 J - J 100% Sale* 99*4
42
42
44
42
42*2
J
J
96
,
Gen
sinking
fund
4H
s___
1930
60%
Registered----------------- 1961 J - J
51
61 Dec T5
51
5 —
St Louis Dlv Is ref g 4s ..2001 AAO
93*4 95%
95*2____
St Paul M A Man 4s........1933 J - J
9931 Dec '13
5 —
Da! A Waco 1st gu g 5s__ 1940 M- N
1 1 0 % 120%
lat consol gold 6s_____ 1933 J - J 120%-----78 J'ly' 14
71
K
A
Kan
C
A
Pae
1st
g
4s.........1990
118
118%
90*2
88
82
87%
Registered________ 1933 J
87
5 99% 103
Mo K A E 1st gu g 59___ 1942 A - O
103
10
85*2 88
36*2 Mar’ 15
75
Reduced to gold 4 H s . 1933 J - J 103 103*4 109% Apr ,5 -- __
M K A Ok 1st guar 5s___ 1942 M -N
89
05%
05%
65%
60
66*2
Registered______ 1933 J - J
MS
M
K
A
T
of
T
1st
gu
g
5s—
1942
5 —
91*2 96%
94% 96
90 May'13
Mont ext 1st gold 4s__1937 J - D
Sher Sh A So 1st gu g 5S—1942 J - D
.5 —
92% 92%
68
69*2
09 N ov’ 15
69
Registered_________1937 J -D
Texas A O k la ls tg u g 5 s —1943 M- S
85*2
85*2
5
—
86
92
92% 101%
100
Pacific ext guar 4s £___1940 J - J 89 -----llasourl Pae 1st cons g 6s— 1920 M- N 100 100*4 100
89*4 89*4
5 —
78%
96%
A
-O
88*2
Dec
'15
88%
91%
E Minn Nor D1v 1st g 4 s.. 1948
Trust gold 5s stamped— «1917 M- S
109 109
5 —
88%
82 Oct T5
Minn Union 1st g 6s____ 1922 J - J 109*2____
Registered__________ al917 M- 8
118% 121
.5 —
92%
83*s
—
83*8
83*8
Mont C 1st gu g 6s______ 1937 J - J 122*2-----F
A
1st collateral gold 5s------- 1920
) 6 ----. -Registered_________ 1937 J - J IOO " I I I Registered___________ 1920 F - A
1 5 ------ 105% 108%
29
53%
44
44 Sale 42
1st guar gold 5s------- 1937 J - J
M
40
year
gold
loan
4s---------1945
29
49%
43*2
Registered------------ 1937 J - J
IstA ref eonv 5s_________ 1959 M- S 43% 45*2 42*2 Nov'15
15 -I — 107**4 109%
*0** H U
78
80
80
Will A S Fist gold 5s . . 1938 J -D 1*1
3d 7s extended at 4 % ----- 1938 M N 81*2
77
75 :
15----- 70
74
80
Feb
'13
100
Gr B A W del) ctfs “ A” ($100 par) Feb
F
A
Boonv
St
L
A
S
1st
5s
gu.1951
14 190 10% 14%
13*2 14% 13%
60*
*85
Dec
'15
01*2
Deben ctfa " B " ($100 par)----- Feb
Cent Br Ry 1st gu g 4s— 1919 F - A
88
1 82
88*2 85
77% Dec '13
Gull A S I 1st rel A t g 58—61952 J - J 86
Cent Br U P 1st g 4s........ 1948 J -D
Registered_____________ 61952 J - J
110 Mar’05
*35
Leroy A C V A L 1st g 5 s.. 1926 J
38
4 *87% *90%
*93*%
*93**8
*93*%
90
J
Hocking Val 1st consg 4HS.1999
89
89
89*s
9*0
F
A
1
____
Pae
R
of
Mo
1st
ext
g
4
s..
1938
97%
.
99*2
Registered______________ 1999 J
100*8
IOO Sale 100
2d extended gold 5s___ 1938 J 1 5 ------ 83*2 85%
102
Col A H V 1st ext g 4s._.1948 A - O 81*4____ 84 :
102
102*4
5102*4
dale
St L Ir M A S gen con g 5s 1931 A - O
86
15------ 86
86
Col A Tol 1st ext 4s____ 1955 F - A
102
J'ly
'14
A
O
Gen
con
stamp
gu
g
5
s..
1931
93%
15------ 93
93%
61
78
76
Houston Belt A Term 1st 5s. 1937 J
75*2 77% 74*;
Unified A ref gold 4s— 1929 J - J
%
5 91*2 97%
____ 97% 97%
Illinois Central 1st gold 4s._ 1951 J
K0 '* Oct ' 12
Registered_________ 1929 J - J
L5 - - - - 92
92
92 .
73
51
70
71
Registered______________ 1951 J - J
Salo
71
M-N
Rlv
A
G
Dlv
1st
g
4
s
.
.
.
1933
1 5 ------ 78% 81
*82% III I 82
87
87 Sep '15
87
77*2
1st gold 3H s____________ 195! J
Verdi V I A W 1st g 5s___ 1926 M- 8 112
1 5 ------ 82
83
83
112
112
105 114%
Registered................ ..... 1951 J - J
J
dob
A
Ohio
new
gold
6s------1927
1
5
-----83
83
83
100 114
108 107 Deo '15
Extended 1st gold 3H s__ 1951 A -O
a - j 107
1st
extension
gold
63----ft
1927
75
Deo '15
72
Registered____________ 1951 A -O
General gold Is---------------- 1938 M- S 72 . .
80 J’ly 0 9 ------ .................
100 101*2
100 June'15
1st gold 3s sterling_______ 1951 M- S
Montgora Dlv 1st g 5s----- 1947 F - A 100 . .
89
8
88
89
Deo
'15
89
.
.
Registered-___________ 1951
J
-D
Bt Louis Dlv 5s--------------- 1927
3%
7 81
90**4
80% 88%
88% Dec '15
Coll trust gold 4s________ 1952 A - O 88*4 Sale
St I- A Cairo guar g 4s----- 1931 J - J 88% . .
1 2 -----• -102% 106%
100*8
100*8
106*4
.
.
Registered____________ 1952 A - O
A
O
Nashville
Ch
A
St
L
1st
5S..1928
3*2 10 83* 92
89*4
111 Jan T3
1st refunding 4a_________ 1955 M- N 89*2 90
Jasper Branch 1st g 6s------1923 J - J *100 ..
84
1 5 ------ 79
84
103% Jan ' 14
Purchased lines 3H s........ 1952 J - J 81*2 84
McM M W A A1 1st 6s . . . 1917 J - J
1 5 ----- 79% 87%
113 J'ly '04
L N O A Tex gold 4a____ 1953 M- N 85% 86
J
J
T
A
P
Branch
1st
63...........
1917
1 4 ___
52% Deo '15
52% 57%
52%
Registered____________ 1953 M- N ____ 85
J
J
7at Rys of Mex pr lien 4H S-1957
1 5 ------ 80
89*2
68
D 90 ____
68 Oct '15
68
Cairo Bridge gold 4 a _____1950
A -O
Guaranteed
general
4s------1977
1
4
----74
1
96% Feb '13
Litchfield Dlv 1st g 3a___ 1951 J - J
J
J
gat
of
Mex
prior
Hen
4
H
s—1926
1 5 ----- 76% 77*2
76*8.
30
Aug
'15
30
Loulav Dlv A Term g 3 Ha 1953 J - J
A
O
1st consol 4s. —-------------- 1951
1 2 ___
- J *____ 81% 83 .
31%
40 May' 15
Registered____________ 1953
N O Mob A Chic 1st ref 5 s.. 1960 J - J ____ 60
9 9 ___
123 I
101 June* 14
Middle Dlv reg 5a............. 1921 F - A
N O A N E prior lien g 68.-1*1915 A - O
1
5
----73
63
73
*69%
*71
72
72
F
A
75
72 Dec To
Omaha Dlv 1st gold 3s—.1951
- J
New
Orleans
Term
1st
4s—
1953
1
5
----68*2
68*2
68*2
i
69
____
J
Sale 113
115% 1886 99% 114
St Louis Dlv A Term g 33.1951
N Y Cen RR deb 6s wh Iss— 1935 M -N
78
80
81%
1*8
J 81 .
313
89
94*2
Hale
04%
95%
Gold 3H s...................... 1951
A
O
Ref A Imp 4HS “ A” ........ 2013
1 5 ----- 81
81
8i :
84
J
95 70
83%
Sale 83
Registered__________ 1951
N Y Central A II R g 3 H 8 --1997 - J
8%
. . . 78% 78%
85
81% Dec '15
- J
Sprlngl Dlv 1st g 3H s___ 1951 J - J
75*2 82%
Registered.................... J997
1 5 ----- 84**2 8*8%
03%
92%
Sale
84
92*2
92%
Western lines 1st g 4s___ 1951 F - A 88 ____ 88 :
MN
Debenture gold 4s............ 1934
91%
91
91% Dec '15
Registered____________ 1951 F - A
Registered----------------- 1934 M- N
1 0 ___
80*|
-D
71
77%
Sale
Bellev A Car 1st 6s______1923
F
A
77*2
79%
Lake Shore coll g 3 Hs----- 1998
12
78*2
MS
71
Garb A Shaw lat gold 4 s.. 1932
78*2 Dec '15
Registered----------------- 1998 F - A
15 —
104*2 109%
87
77
84% 84% 84%
84%
Chic St L A N O gold 5s. .1951 I -D '108*4----- 107 (
J
I>
M
A
Co
ctfs
of
dep------11 -114 ;
68*4 70%
78 Dec T5
Registered____________ 1951 J -D
...............
Mich Cent coll gold 3 H s .. 1998 F - A 77*2 78
*09
.
.
.
90
1
76%
D
67
70
76% Dec '15
Gold 3H s.................... .1951
Registered-----------------1998 F - A 75
-D
Registered............ ..... 1951 J -D
Battle Cr A Stur latgu 38.1989
3*8 7 3 *98*12 103*4
92*2
96%
90*4
Deo
'15
Joint 1st ref 5s series A. 1963 J - D 103 Sale 102**2
96%
96%
Beech Creek 1st gu g 4s— 1938 J - J
15 —
86
87%
Memph Dlv 1st g 4s__ 1951 J - D 87*2____
99 M a y 'll
Registered -----------------1936 J - J
*100
.
.
.
Registered-.......... ..... 1951 J -D
J
.. ..............
2d guar gold 5s------------1936
’08 —
Bt Louis Sou 1st gu g 4 s.. 1931 M- S * I " “ *98*2
Registered--------------1936 J - J
'15 —82
90
Ind III A Iowa 1st g 4s_____ 1950 J - J 88% 91
9 8 % ____
Beech Cr Ext lstg 3 H s. .61951 A -O
96 100
97%
7*4
88% 88*2
Int A Great Nor 1st g 6s___ 1919 M- N 97*2 99
87 ____ '88**2 Nov'15
Cart A Ad latgu g 4s.........1981 J - O
84%
92
T5
.
.
.
90*2
1
90*2
92%
J
-D
James Fran A Clear 1st 4s. _ 1959
J -D 101%____
Gouv
A
Oswe
1st
gu
g
59—1942
6
66%
72
0%
70*8 Sale 70*8
87 * *92%
92%
Dee
'15
Kansas City 8ou 1st gold 38.1950 A -O
MS
92%
____
Moh
A
Mai
1st
gu
g
4s
.
.
.
1991
_ _.
•00 . . .
63 <
88
80
86 Jan '15
Registered_______________1950 A - O
N J June R guar 1st 4s— -19S6 F - A
96
3% 5 1 s87
93% Sale 93%
85
85
85 June'15
Ref A lmpt 5s_______Apr 1950 J - J
M-N
7
9%
____
N
Y
A
Harlem
g
3
Ha----2000
9
4
3 83*2 93
101%
101%
101*2
Mar'16
Kansas City Term 1st 4s —.I960 J - J 88% Sale 88%
A
-O
103
____
N Y A Northern 1st g 5a.. 1927
1 89% 98%
98*2
8*2
*83
92
91%
Lake Erie A West 1st g 5s . . 1937 J - J 97% 100
N Y A Pu 1st cons gu g 4s. 1993 A - O 90% Sale 90*2
J 74
88
*3»2
86 ____ 83*2
2d gold 5s....................... 1941 J - J
Nor A Mont 1st gu g 5s— - 1916 A - O 99 ____
’ 14 - - 98
113
113
113
May’
15
North Ohio 1st guar g 58— 1945 A -O
113
____
J
O
Pine Creek reg guar 6s----- 1932
)1*4 26 9*8* 10 1 %
101% 1037*
Leh Vail N Y 1st g u g 4 H s .. 1940 J - J 101*4 101% 101*4
R W A O con 1st ext 5s. .ft 1922 A - O 103% . . . 103% Deo '15
T5 . . . . 99 100%
Registered_______________1940 J - J 100 102 100 :
R W A O T R 1st gu g 58— 1918 M -N lut % ____ 104 June'10
T5 . —. 85% 91%
90
89% 92
81%
Dec
T5
Lehlgb Vail (Pa) cona g 4a ..2003 M-N
Rutland 1st con g 4H s— 1941 J - J 81% 83%
'15 — - . 97% 101%
75 Deo '15
General cons 4 Ha____ 2903 M-N 1 0 1 % ____ 1 0 1%:
Og A L Cham 1st gu 4s g 1948 J - J ____ 77%
3 105% 109*2
0
92 June'09
Leh V Term Ry 1st gu g 5 s.. 194 A - O 1 10 ____ 110
Rut-Cauada 1st gu g 4s. 1949 J
*11__
111*8
100 101
Registered_______________1941 A - O
J - J "9 7 ” 100 100 Oct '15
St
Lawr
A
Adlr
1st
g
5s.
.
.
1996
’
15
.
.
.
101*2
105%
105
Leh Val Coal Co 1st gu g 5s. 1933 J - J 103*2____
119% Mar'12
A
O
2d
gold
6s.......................
1996
*13
105
Registered_______________1933 J - J
1st tnt reduced to 4s___ 1933 i - J
dbue~ApriL r o u e May. g Due Juno ft Due July. * Due Aug. 0 Due Oet.
• No price Friday; latest bid and asked this week. a Due Jan.
p Due Nov. 1 Option sale




.1

New York Bond Record— Continued—Page 3

BONDS
Y. STOCK EXCHANGE
Week Ending Jan. 7

S3
IS

P r ic e
F r id a y
Jan. 7

tVteJt’ s
R a nge cr
L a st S ale

i i

R ange
Y ea r

1915

Bt J
Low
H ig h -VO 6c-w H iO h
N Y Cen A II RR { C o n .)
98*4 ____ 96* Nov'15
97
UtlcaA BIk R ivgu g ia .--i9 2 2 J - i
t-’6
85
Sale
85
5 81
85
86*
Lake Shore gold 3 Ha____ 1997 J -D
84
81* Oct 15
SI
Registered___________ 1997 J - D
95
95*4 94*4
95'3 43 90
95*2
Debenture gold Is____ 1923 M- S
94* Sale 94*4
94*4 80 88*4 94*
25-year gold 48_____ ---1931 M -N
1 91
94
94*2 94
91
Registered_________ 1931 M -N —
K aA A G R 1stg u c5 s — 1938 J ~ {
104* 104*
Mahon C’l RR 1st 5s----- r!934 J - { 104*2 ____ 104* Dec ’ 15
103 Jan *15
103 103
Pitts A L Erie 2d g 5 s.-.a l9 2 s A -O ____
104 104
Pitta McK A Y lstgu 68..1932 J - -J 115 ____ 130*8 Jan '09
123* Mar’ 12
2d guaranteed 6a.......... 1934 J - J 11234
___ j
McKees A l l V 1st g 68.1918 J * J 10 1 ____
!04* Dec *15
10 2* 104*2
Michigan Central 53--------1931 M- S 105
104 Dec ’ 15
104 104
Registered------------------1931 Q'M 104
98 Apt ’ 12 ___ |
4s.................. . . ...............1940 J - J 90
87
Registered . _ ............. 1940 i - J
90
J L A 3 1st gold 3 ^ 8 — .1951 M- S
83
83* Nov'15
1st gold 3Ha........ ..........1952 M -N
79* 83*
8834 89
2 73*4 HS*
89
20 year debenture 4s__ 1929 A - O
88*3
93
N Y Chic A St L 1st g 4a. _ 1937 A - O 93*4 94
93*2
a 5S
94*2
9234 J’ly '14
Registered ___________ 1937 A - O
83
I 75
Debenture 4 s ________ 1931 M-N
83
83*2 83
83*2
30 83
West Shore 1st 4a guar__ 2361 J - -I 392* Sale 92*
93
93
9(1 Dec '15
Registered ..................... 2361 J - J 89
90
90
100 Mar' 15
N Y C Lines eq tr Os. .1915-22 M- N 100*4
100 100
98 J’ly ’ 14
Equip trust 4 Ha. -1916-1925 -5 - J 100
9734
N 7 Connect 1st gu 4Hs A ..1953 F • ■* 97*4 —
9734
91*2 98
6
N Y N H A Hartford—
78 Oct *15
Non conv .leben 43______ 1947 M- S 81*
78
78
63 Feb ’ 15
Noa-conv d ben 3H 8____1947 «VI- S '«<«
63
63
72 Sale 72
72
3 64
Non-conv deben 3 4 a ____1934 A -O
72
80* 81* 80 N ov’ 15
8)
Nou-conv deben 4s______1955 J - J
71
S 70
81*2 Sale 81*
Non-conv deben 4s_____ 1956 M -N
81*2
82*4
73 Sale 71*2
5 61 'j 73
73
Conv debenture 3Ha........ 1956 J - J
115* 40 101 11734
Conv debenture Gs_______1948 J - J 115*3 Sale 114*2
Cons Ry non-conv 4s___ 1930 F - A 76
Non-conv deb n 4s___ 1954 J - J
91*2 Jan '12
Non- onv deben 4s___ 1955 J - J
Non-conv deben 4s____1955|A-0
Non-conv deben 4s____1956 J - J
99*4 N ov112
Harlem R-Pt Cbcs 1st 4s. 1954 M -N
99*2 June'12
B A N Y Air Line 1st 48..1955 F - A
8U* 81 N ov ’15
Cent New Eng lstgu 4s__196l J - J 76
Hartford 8 t Ry 1st 4s___ 1930 M- S
Housatonlc R cons g 5s__ 193/ M- N 10534 __
105*2 May’ 15 ----- 105 105*2
91 ____ 87 J*ly *14
Naugatuck RR 1st 4s___ 1954 M -N
88
Aug *13
N Y Prov A Boston 4s__ 1912 A - O
8H2
66i2 84
N YW ’cheaAB 1st ser I 4Hs*46 J - 2 81*2 Sale 81*2
N H A Derby cous cy 5a.. 1918
N I 0014____ 107 Aug '09
Boston Terminal 1st 4s__ 1939 A - O
New England cona 5a___ 1945 J - J
99*j M ar’ l
Consol 4a............ ........... 1945 J - J
66 Apr *15
6212 65
55
58*2
Providence Secur deb 4s. .1957 M -N
0 9 7a Dec '14
Prov A Springfield 1st 53.1922 J - J
83* Feb *11
Providence Term 1st 4a..1956 M- S
01
W A Con East 1st 4Ha__ 1943 J - J
81
81 Sale 81
74*2 82*
N Y O A W r e f 1st g 4s___ 01992 M- 8
92*2 June’ 12
Registered 55.000 o n ly ..01992 M- 8
70
1955 J -D "78 ” "7934 80 N ov '15
General 4s.............
80
83 Dec *15
79
83
Norfolk 8ou 1st A red A 5s..1961 F - A 79* . . .
97
9612____ 97
Norf A Sou 1st gold 5a........ 1941 M-N
95*2 102
115 118*
Norf A West gen gold 6s.-.1931 Ml- A 119 120 116 Dec ’ 15
120*2
Improvement A ext g 6s..1934 F - A 120*2____ 120*2
11634 119
119 1 1 9 *
New River 1st gold 6a___ 1932 A - O 1 1 0 1 2 0 119* Dec '15
94
86*4 Ol*
N A \V Ry iHt eons g 4s. .1996 A -O 593* Sale 93*
93*4 93*4
Registered.............
1996 A - O 93*4 93'*8 93U Dec ’ 15
90*2
85*2 92
Dlv’l 1st Hen A gen g 4a. 1944 J - J 89-* 90*s 89*
121*4
1 2 0 * 2 1 2 1 * 2 120*
98* 121*
10-25-year conv 4s____ 1932 J - D
9934 122
10-20-year conv 4s____ 1932 M- S 1 2 0 * 2 1 2 1 * 2 (120* Dec *15
122*2
101 122*2
10-25-year conv 4 Ha__ 1938 M- 5 1 2 0 * 2 1 2 1 2 !122*2
89*
Pocah C A C joint 4s__ 1941 J - O U89*2 90*8' 89*
86* 91*2
C C A T lat guar gold 5a.. 1922 J - J 103*2 104*2 10534 Jan ’ 13
Sclo V A N E 1st gu g 4a. _ 1989 M - N 91 ____ 91*2 Dec *15
92*
93*2 380 8434
93*2 Sale 9234
Nor Pacific prior lien g la__ 1997 Q - J
8884 94*
Registered____________ 1997 Q - J 92*4____ 92*4 Dec ’ 15
8884 93
65*2
Sale
65*2
6534 118 62
General lien gold 3s____ «2047 Q - F
667g
Registered.......... ..........a2047 Q - F 03*2____ 04*2 Dec '15
61*2 65*2
8 t Paul-Duluth Dlv g 4a. .1996 J *> 9Q34 ____ 90* N ov’ 15
90* 9034
Dul Short Lino lat gu 5a.-1916 M- S 1 0 0 * 8
100*2
100*2
100 100*4
S t P A N P gcu gold 6a. 1923 F - A 10934 110*2 109* Dec ’ 15
ion* 111*8
Registered certificates.. 1923 Q - A
109* Oct *15 .— I 109*2 1 0 9 *
8t Paul A Duluth lat 5 s.. 1931 b - F 1 0 4 3 4
102 Feb *15{ — - 102 102
2d 5s...............................1917 A - O Id 1* 8 ____ 102 Dec *15 — 100* 102
90
92*4 90 N o v '15 —
1st consol gold 4s.......... 1968 i -D
90
88
85*8 89
Wash Cent lat gold 4 s ... 19IS Q -M
91*2 N ov’ 15 . . . 88
91*2
Nor Pac Term Co 1st g 6a .. 1933 J - J 111 ____ 111 Dec '15 — 1 1 0 113
Oregon Wash 1st A ref 4 s ... 1961 J - J ------ 88*s
88
88
10; 79*j 90
94 Dec 'l v — 93* 98*4
Pacific Coast Co 1st g 5 a . ..1946 J -D ------ 94
Pennsylvania RR lat g 4a.. . 1923 M - N 98
99*2 98 Deo '15
99*2
103 Oct *15 ___ 102 103*
Consol gold 5 a ................... 1919 M- 5 103*
Consol gold 4s.........
1943 M -N
98*4 99*2 99*2 Dec ‘ 15
95
99*2
100 Sep ’ 15
Convertible gold 3 H a ...ol9 1 5 J -D
99* 100*
Consol gold 4s................ 1948 M -N
99
99*2 99*2 100
63 96*2 1 0 3 *
Consol 4 H a .............. ....... I960 F - A 105*4 Sale 105*2
105* 107, 10134 105*4
101
General 4 Ha when Issued 1965 J - D 101 Sale 10034
296 97 1 0 H
96* 97
AI log Val gen guar g 4s. _ 19 42 M - 8
96*2 Dec '15
93* 9634
D R RR AB 'ge 1st gu 4s g 1936 F - A 94 ____ 91 Mar'14
Phi la Balt A W lat g 4a.. 1943 M - N 99 ____ 99*4 N ov’ 15
96*4 99*4
102 Jan ’03
J - J
J - J 92 ____
99 ____ 99* Deo ’ 15
M- 8
9834 100
Pennsylvania Co—
Guar 1st gold 4Ha............ 1921 J - J IOH4 1025a 10 1
101*4
9934 102*2
J - J 1 0 1 ____ 100'a Dec ’ 15
99* 101
80*2 SO*
M- S 85
8 6 *2
8512 85*2
86
85
85
Guar 3H 8 coll trust aer B. 1941 F - A 85
84
86
Trust Co ctfa gu g 3H o..
M- N 99*4 100* 99*4 Oct ’ 15
99
9934
Guar 3Hs truat ctfa C ._ .
85
S6* 83 Feb ’ 15
J - D
83
83
Guar3 Hs trust ctfs D ___ 1944 J - D 85
86*2 81 Aug ’ 15.
SI
81
Guar 15-25-year gold 4s. .1931 A - O 94* Sale 94*2
94***
8 9* 94*
<0 year guar 4s ctfs Ser E . 1952 M- N 9 J * ____ 92* May’ ll
Cln Leb A Nor gu 4s g __ 1942 M - N 89* __
90 Dec *15
"89*2 ~90""
99 10J
Cl A Mar 1st gu g 4 H a.-.193 M -N
9734 Aug T5
97* 07*4
Cl A P gen gu g 4 Ha ser A . 1942 J - J 103*4____ 104 Dec '15
104 104
8erles B ..........................1942 A - O 1 0 3 * ____ 104 Dec *15
104 104
8
1*
4
____
A
O
lut reduced to 3 H a .. 1942
0 1 U *’eb ' l l
Series C 3 Ha.................. 1948 M- N 91 .
90* Oct ’ 12
F - A 8434 __
Series D
3 Ha....................1950
83*4 June'i;
8334 8 3 34
8834
____
iCrlo A Pitta gu g 3Ha B..1940 J J
86*4 May’ 14
Series C _______________1940 J - J 8 6 34 ____ 90 s J’ly *12
98
99
J
J
Gr R A le x lat gu g 4Ha._ 1941
93*
98*
95
100
Ohio Connect lat gu 4 s.__ 1943 M- S 9 2 * ___
93 May’ 14
Pitta Y A Ash let cona 5a. 1927 M- N 1 0 2 1 4 . . . . 109 May’ 10
99
_
rol W V A O gu 4HB A ..1931 J - J
981s Oct '15
96*4 9 8 *
Serlea B 4 Ha..................1933 J - J 99 ____ 98*4 June’ 15
98*4 98*4
94
93*j J’ly ’ 14
Series C 4a......................1942 M- S 92
A O 10 1 101*4 1 0 1 *
10 1*
P C C A St L gu
4HaA ..1910
98 101 s4
Series B gu a r_________ 1942 A -O 101* Sale 10 1*
1 0 1*
97* 101*
Series C gu ar_________ 1942 M- N 100 ____ 97 »4 July' 15
97*4 lOI*
95 ____ 04 Dec *15
Serlea D la guar__
1915 M- N
92*8 94
9134 ____ 91 Oct ’ 15
Series E 3 Ha guar gold! 1949 F - A
90
91*
95 ____ 95*4 Jan '14
aer!ca F guar 4a gold. . . 1953 J D
_ ®erJes Q 4a guar............. 1957 M- N 95 ------ 92* Aug T5
92*2 9334
O St L A P 1st cons g 5a.. 1932 A O 1 0 4 * ------ 104 Nov'15
104 104
Peoria A Pekin Un 1st g 6a 1921 Q - F
102 N ov’ 15
101* 102
d gold 4Ha.....................61921 M-N
85 Dec '15
85
85
Pere Marquette—Ref 4s___ 1955 J - J 1 1
197s 11*2 June'15
11*2 11*2
Refunding guar 4s............. 1955 J - J
1 1 ------ 40 Dec *1.3
Chic A West Mich 5s . ..1921 J D 78* - - - 75 Dec *15 ------ 72
75
• No price Friday; latest bid and asked. a Due Jan b Due Feb $ Due May*
3 Option sale.




__

*

*'

__

zzzz

BONDS
! Pi
N . Y . STOCK EXCHANGE
Week Ending Jan. 7.
Pere Marquette (Con.)

143

P r ic e
F r id a y
J a n . 7.
B id

W eek ’s
R ange or
L a st S a le

A sk Case

Ft iq*

Ss
*
Wo

R ange
Y ear

1915
C ow m g *

!a 0 1 0 2 * ____ 101 D e c ’ 15
90 101
M -N
<4 . . . . 73 N ov’ 15
65*2 73
A - O ------ 63
68 July’ 15
1 65
63
Sag Tus A II 1st gu g 4 s.. 1931 F - A
Philippine Ry 1st 30-yr a f is 1937 J - J 50 _
65 May’ 14
Pitta 3h A L E 1st g 5 a _____1940 A - O 106 lOS* 105 Dec *15
105 105*
lat consol gold 5s________1943 J - J
113* N ov’ 11
Reading Co gen gold 4s___ 1997 J - J
91* Sale 1 94*2
95
91
95*
Registered_____________1997 J - J 92* C3*j 92*
92*
90
94
Jersey Central coll g 4s._ _ 1951 A - O
95* 95‘2j 95*
95* i
9 0 * 95*4
Atlantic City guar l a g . . .1951 J - J
St Jos A Gr Isi 1st g 4s.........1917 i - J ------ 61 ; 60
"60 |
60 ~73~“
St Louis A San Fran gen 6s. 1931 J - J 1 0 8 * ____110
Dec ’ 15 .
105* 110
General go*d 5s.......... ......193! J - J 102*2 103* 102
102
9«*t 103*2
St L A S F RR cons g 4s._199fi / - J 70
79
75 Fly *14___ |____ ____ _
General 15-20-vcar .5s._192«’ M -N ------ 54* 50*4 Dec '151__
57
------- 54
Trust Co eertlfs of deposit____ _
49*2
50 | 3911 32* 56*
do
Stamped----------- ------ 50
45*
47 | 6 132* 66*
Southw Dlv lat g 58...1917 A - O
90 N ov’ 1 5 ----- 90
90
71*4 75
r
Refunding gold is ____ 1951 J - J
71*2
72* 15 |63* 73
Registered.......... .........1951 J - J --------------1 80* M ar’ l l !------ij . .
Trust Co ctfs of deposit.. . . ..
----- 73
72 Nov *15___ 60* 72
65* Sale (6 5
60 ! 61 | 5 9* 70
do
Stamped . ..
K C F tS A M cons g 6a .. 1928 M-N
10* Sale 1110
110*1
5 104* n o
K C Ft S A M Ry ref g Is. 193 . 4 - O 77 Sale 76*2
77
24 j 65* 80*
K C A M R A B lstgu 58.192 » A O 90 ------ 1 91* Dec ’ 1 5 ------ l( 9 1* 91*
St L S W 1st g is bond ctf9. _ 19.89 M- N 79*2 Sale 79
80
50 1 6734 81
69
63*
C3*|
3 I 52 565
2d g 4s Income bond ctfs.pl9S'-> J - J 02
65 Sale 65
Consol gold 4s.................. 1932 J -D
6 5*
7 51* 63
Gray’s Pt Ter 1st gu g 5 s.. 19 47 jJ -D 100 ____ 98* Jan 1 4 _____________ _
S A A A Pass 1st gu g 4s___ 1941 J - J 70* Sale , 70*
70*i
2 05
81
101*81 9 | 99* 101*
9 F A N P Istsk fd g 53.........1919 J - J l O I * ------ 101*
Seaboard Air Line g 4s____ 1950 A - O 82
85 j 85 N o v '15 ------1x83
85
82*2 8 2* 82*
82* 13 78
84*
Gold 4s stamped________1950 A - O
Registered.......................... 1950 A - O
Adjustment 5s__________o l9 tnjF - A 68>4 S lie j 68
68* 65 5 9 * * 7 2 *
71
14 flfl
741Refunding Is___________ 1959 A - O 70* 71 70
Atl BIrm 30 yr 1st g is _«?193.3 M - S ------ 88
89* D e c ’ 1 5 ------ HI
90
Car Cent 1st con g 4s___ 19191J - J, 8 3 * -------85*4 M ar*15--------- 8 1* 85*
Fla Cent A Pen 1st g 5a__ III 18 J - J 100 ------- 99* Sep ’ 15 ------ 99* 100*
1st land gr ext g 5s___ 1930 J - J - - - --------- 101 Dec ’ 1 5 ----- 101
101
Consol cold 5s________1943 J - J J“ 2 * -------1**2 Dec *15----- I0(i* 1U2
G i A Via Rv 1st con 5 s..01945 J - J. 1 0 4 * ------ 104* Dec ’ 15 ------ 100* 104*
103
2 100* 103
G aC arA No lat gu g 5a.. 1929 J - J 103* 104 103
Seab A Roa 1st 5 s ..........192ft J - J 102*2 ---- - 99* Aug '1 5 ------ 99*4 101*
Southern Pacific Co—
87 Sale I! 86*2
Gold 4s (Cent Pac coIl).U91o J -D
87**1
79* 87*
Registered___________ *1919 J -D ------ 86
90 Feb 14 .
20 year conv 4s________01929 M- S 89*8 Sale 89*8
89*; 239 T O * *9(j*
20 year conv 5 s ............ 1931-1 D 106* Sale 106*
107* A29 i 9 5 * 10 8
Cent Pac 1st ref gu g 4 s.. 194 1 F • A 90i4 Sale 90
90* 205; |8 3* *fll*
Registered______ _____ 1 9 1 9 F -A
cm ",7,7 - S 6 * M a -’ 15 ------- 86* 86*
Mort guar gold 3 Ha .*1929 J - D 89*4 90 89-s Dec ’ 1 5 ____ 84* 90*
Through St L 1st gu 4s. 1951 A O ------ 86* 86*
86*
3 82 >8 88
O H A S A M A P 1st 5s . . 1931 M N ------ 105
104 D e c ’ 1 5 -------- 100 104
Gila V G A N 1st gu g 5 s.. 1924 M-N
____ 10284 apr ’ 1 4 ____! _____
HOUS E A W T 1st g 5 8 ... 1933 M N [00* . . . . ICO* Dec ’ 15 . . . . !100 103*
1st guar 58 red.............. 1933 M N 102 102* 101 Dec '1 5 ----- I 99* 101
H A T C 1st g 5s lnt gu__ 1937 J J 1 0 6 * ------ 106* Dec ’ 1 5 ------'102* 107
Gen gold 4s lnt g u a r ... 19 21 A o
9 3 * ------ 94 Dec ’ 1 5 ----- ' 93
95*
Waco A N W div 1st g 6s 1930 M N - - - - H I 109* N ov’ 15 ------1109* 109*
A A N W 1st gu g 5a.........1941 J - J 100 -------103 N o v ’ 1 5 _____ 100 103*
Louisiana West 1st fls___ 1921 J J
------ 109 June'14____I!
Morgan’s La A T 1st 7s.. 1918 A -O 104*2 108 104* July'15|____11 02 104*
1st gold 69 .................... I92ti J - J 104* 105 104*4Dec '15 ------ 1104* 104*
No of Cal guar g 5s..........1938 A - O 105 -------105 Oct ’ 15j------'105 105
Ore A Cal 1st guar g 5s__ 1927 J - J 102*8____ 102*2
102*2
31; 99*4 103
8 0 Pac of Cal— Gu g 5s. __ 1937 M- N 106
1101*2 N ov’ 13.
91* Sep ’ 12 .
80 Pac Coast 1st gu 4s g__1937 J - J 92
San Fran Terral 1st 48...1950 A - O
85*2 Sale | 85
85*•» 25 77*4 86*4
90 Apr ’ 14|__ :
Tex A N O con gold 5 s . .. 1943 J - J ------ 96
80 Pac RR 1st ref 4s........ 1955 J - J
9Ji4 Sale 1 90
90* • 238' 83* ‘ 907j
10234
103* 159 96* 103*
Southern— 1st cons g 59___ 1994 J - J 103*8 Sale
Registered...................... 1994 J - J
98 Juue’ J5i___ 98
98
Develop A gen 4s Ser A .. 1956 A - O 571* Sale 71*4
71*
Oil 58* 72*
Mob A Ohio coll tr g 4s__ 1938 M- S
78 Sale 78
78 I lOI 68
77*2
Mem Dlv 1st g 4H 5s___ 19961J - J 102*
103 101*2 Dec ’ 151___ 598*4 103*
— o—
St Louis dlv 1st g 4 a .........1951 J - J
82* Sale | 8 2*
84U
5 80*4 85
Ala Cen 1st g f i s . .............1918 J - J 1 0 0 * ------ 101*4 June’ 1 4 _____
Ala Gt Sou 1st cons A 5s. _ 1943 J - D ------- 99
99 Dec *15__ 98
99
Atl A Char A L 1st A 4HS1944 J - J
98
96* N ov’ 1 5 ----- 93
96
Atl A Danv 1st g 4s______1948 J - J
83*s 84*. 84 Dec ’ 15(___
83*8 85*
2d 4 s .....................
1948 J - J * 7 4 * ------- 75*2 Aug ’ 15*____1 75* 75*
Atl A Yad 1st g guar 4 s ... 1949 A - ()
74
81 | 75* Dec ’ l l ____ ;_____
Col A Greenv 1st 6s_____ 1916|J - J .................... 100ig J'ly ’ 1 4 ------ !_____ZZZZ
E T Va A Ga Dlv g 5s___ 1930|J - J J” ? . . . . 102*4 Sep ’ 15 ------ 102* 102*4
Con 1st gold 5s.............. 1950 M - N lOo* 105* 105*2 105*
5 ; 100*4 105*
98 100 (599* Dec ’ 1 5 ----- 9 7*100
E Ten reor lien g 5s..........1938 M- S
Ga Midland 1st 3s............ 1946 A - O ------ 57
57
57 ,
, 60
60
Ga Pac Ry 1st g 6s..........1922; J - J 107* 108 |107* Dec '15 . -I 105 107*
103 108 |
Knox A Ohio 1st e 6s___ 1925 J - J 108
5 105*2 105*
---- ----------1105* N ov’ 12i.
Mob A Bir prior lien g 58.1945 J
Mortgage gold 4s______1945 J - J ------ 72 (7 9 Mar* 1 3 .
Rich A Dan deb5sstrapd. 19271A - O 102 ------ 101*2 Dec ’ 15 101* 102*4
Rich A Meek 1st g 4s___ 1948 M N
--------- 1 73 Sep ’ 12
_____________
So Car A Ga 1st g 5s........ 1919 M-N 101* 102* 100* Nov* 1 5 ___ 100
101
Virginia Mid scr C 6s___ 1916 M- 8 ------ -------- 1100*4 M ar’ 1 5 ____ 100*4 100*
Series D 4-5s................ 1921 M - S ------ --------!103* N o v '1 2 ..........................
Series E 5s.................... 1926 M- 8 ..................102 D e c’ 13_____ |................
Series F 5a.................... 1931 M - S 102 ------ 101 Mar* 1 3 ........................... ..
General 59...................... 1936 M -N 1 0 2 * ------- 102*2 Oct ’ 1 5 ___ ; 102 103*4
Va A So’ w’n 1st gu 58..2003
102* 103 102* N ov’ 151____ ! 98* 103
1st cona 50-year 53. . 1958
90 92*2 90*2 D e c '1 5 ____ | 81
90*
93 ------ 93 Dec ’ 1 5 ____ 91
W O & W 1st cy gu 4s___ 1924
93
Spokane Internat Istg 5s...1955
92 95
92 Dec *15____ S8
92
Ter A of St L 1st g 4 Ha___ 1939 A
98* 100 98*2
98*2
93* 99*
lat con gold 5s . . . 1894-1944 F
103*2 ------ 103*2 Dec ’ 1 5 ___ 100*2 104*
86 Sale 86
86
1 79* 87*4
St L M Bridge Ter gu g 5s 1930 A - O
N o v ’ 1 5 ----- ! 598* 109
95*4 Sale
Tex A Pac 1st gold 5s.......... 2000 J - D
95*4 37(|91*
2d gold Inc 5 s..............■_.<?2000 M a r ------ 35
N ov’ 15 ----- 29
36*4
88
92
La Dlv B L lat g 5s..........1931 J - J
Dec ’ 1 5 _____; 89*2 90
W Min W A N VV 1st gu 5a 1930 F - A ------ 95 106*2 V ov’()4 ___ ___ _____
Tol A O C 1st g 5a.................1935 J - J 102" s ____ 102* Dec ’ 15 ----- 99*4 103*
102* __
Western Div 1st g 5s........ 1935 A - O
102*2 D e c ’ 1 5 ____ 100 103
General gold 5a.................. 1935 J - D ------ 100
101* Apr ’ 1 4 ___ |.................
Kan A M lat gu g 4s____ 1990 A - O
82*2 85
86 Mar* 1 5 ____ |86
86*
2d 20-year 5s..................1927 J - J
98*2 98*4 98*2
98*4,
« 92
09
Tol P A W 1st gold 4 s........... 1917 J - J ------- 64
63 D e c ’ 15!_ 62*
68
84* 83 Dec' 1 5 -------|7 2* 87
Tol St L A W pr lien g 3 Ha. 1925 J - J 83
50-year gold 4s___________1950 A - O
58*2 Sale 68
58*2
7 4 2* 58
Coll tr 4s g Ser A............. 1917 F - A
16 . . . 41 June’ 1 4 ___ j ___ ____
Tor Ham A Buff 1st g 4s..51946 J - D 83*4 86
87*4 N ov’ 1 5 ------- I82*2 87*
Ulster A Del 1st con g 6a__1928 J -D 100* 102 101 D e c ’ 15'------ !|9 8* 102
lat refund g 4s.......... ........ 1952 A -O
74 M ar*lft-------( 74
74
Union Pacific 1st g 4s______ 1947 J - J "97 * Sale 97*4
97*
55! 92*2 98
Registered_____________ 1947 J - J 97 ____ 94*4 Oct 1 5 ___ 592
95*
20-year conv 4s__________1927 J - J
93*8 8a!e 93 *s
93*2 236 83
94
90i4 Sale 90*
1st A ref 4 s................... .02008 M- S
90*
■*'
137 84*8 92*4
Ore RR A Nav con g 4s__ 1916 J - D
92
92* 92
92 *
15 87
93*4
Ore Short Line 1st g Gs— 1922 F - A 1 0 8 * ____ 10S* Dec ’ 15
107*2 109*
1st consol g 5s_________ 1946 J - J 106 ____ 106
106
100* 106*
Guar refund 4s_________1929 J - D 592* Sale 92*4
87* 94*i
93
Utah A Nor gold 5s____ 1926 J - J 102* 102*4 102 Dec ’ 15
102 103*8
1st extended 4s______1933 J - j ____ 99
93* Oct ’ 15------ 93* 93*8
Vandalla cons g 4s Ser A . . . 1955 F - A 90 ____ 93 Apr *13,___
90
93
Consol 4s Series B ............ 1957 M N
86 Sep ’ 1 5 ___ 86
86
Vera Cruz A P 1st gu 4H8..1934:J - j| ____ 87
42* A re ’ 1 5 ___ 42* 42*
99*
98 8ale 97*2
Virginian 1st 5s Series A ___ 1962‘ M-Nl
98 ,43 92
June, b Due July, t Due Aug. 0 Due Oct. p Due Nov. 1 Due Deo,
_

Jan . 8 1916.]

144
BONDS
N . Y. STOCK EXCHANGE
Week Ending Jan. 7.

P r ic »
F riiia s
J a n .7.
sia

\ ik

R ange
Y ta r

* "i

1915

N o \ Low
36 0 7

BONDS
Y STOCK EXCHANGE
Week Ending Jan. 7.

|

P r ic e
F r id a y
J a n . 7.
B ut

RiQh

1045s
WaDaah 1st gold 5e________193u
183a M-N 103*4 Sale
SO 100
..1939
iQ gold 5s.........................
1839 F - A 9934 Sale
13
..1939 J - i
8978 93*2
..1921 M S 93'>8
. . . . 65
65
..1954 J - J 65 ____
___
12
34
. 1956 J - J
st ref and ext g 4s . _
—
99*4 103*4
Cent Tr ctfs asst paid _____
Do asst part paid .
1021a N ov’ 15
102*2 102l2
Cent Tr stpd ctfs asst paid .
::::
Do asst part paid.
lo| 93*2 109
107
100 ____ 107
Eqult Tr ctfs asst p a id ___
47 ____ ! 46*2
46i2 10i 34
50
Do asst part paid_______
5 91 106
104U
Eqult Tr stpd ctfs asst p a id ------- 104 ____ 10414
23 31*2 48*4
44 ____ 45*2
48
Do asst part paid______
1
103
99 101*2
J 103 ____ 103
L t tA CO Ext 1st g 5s___ 1941 J
Vug J2
Ues Moln Dlv 1st g 4s----- 1939 J - J
- .- I 55
76*2
Om Dlv st g 3.^8_______1941 A O I I I I 76l2 76*2 Dec T5 -----1 66
66i2 July'15
71
72*i
Tol A Cb Dlv Isr g 4s _ _. 1941 M- 8
214
4is
1
8*4
4i8 Bale
Wab Pitts e r m ls t g 43.. 1951 J -D
401
2
3
3 Sale
% 9i2
Cent and Old Col Tr Co certs. _
O;
3
3
3 Sale
h
»'*
Columbia Tr Co cert-fa
72
178
3
2?a Sale
8
Col Tr ctfs for Cent Tr ctfs . . .
*4 1*2
*8
34
2d gold 4s.......................... 1954 j - b
291
*2 Sale
*8 1'4
Trust Co certfs.....................
85
:
831
2
84
80
■
*
*
85
Wash Term! 1st gu 3HJs___ 1945 F - A
- - -1 91*2 91*2
91lg i
_1945IF - A 92
1st 40-yr guar 4s
2S 54
76
. 1952 A - O 717a Sale 7178
West Maryland 1st g 4s
25 1007, 104
West N Y A Pa 1st « 5s . .1937 J - J 10334 Sale 10334
3i 74*2 82*2
8 U2
. 1943) A - O 8 H2 83
Gen gold 4s____
32
20 1
17'» 20
(11943 Nov
Income 5s..................
102
96 101
Wheeling A L E 1st « 5s ..1925 A - O 98l2 102 102
“I
Wbeel Dlv 1st gold 5 s ... 1921' J - J 95 99U
96*4
Exten A Impt gold 5s___ 1930 “ * A 947* . . . . 90 Dec ’ 1 — !0 92
71
49
73
RR 1st consol 4s. .............. 1949 1 M S 71 Sale 70i2
90
Apr
'1
20-year equip 9 f 5 s.. ...1 9 2 2 J - J
82
89
88 Dec T
Winston-Salem S B 1st 4s . 1960 J 1 86I2 88
88
87'
»l 81
WIs Cent 50-yr 1st gen 4 s.. . 1949 J
J 8714 8734 87
827
g
89*4
88
89'2
gup A Dul dlv A term 1st 4s *36 M N
Street Rallwar
« 100’s 103i8
103U
Brooklyn Rapid Tran g 5a .1945 A - O 103U Sale 10314
79*4 85'2
1st refund conv gold 4a.. 2002 J ■ J 79/8 S034 7978 r
60 98?» 101
9-year secured notes 5a . 1918 J • J 10034 Sale 10U12
100.4
102
lO
lij
10134
10012
c
—
Bk City 1st coo 5a .1916-1941 J J
98 A
Bk Q Co A S con gu g 5a. .1941 M - N
- - -!
Bklyn Q Co A 3 1st fts . . 1941 J - 1 o m ioo " 101 A
22 9814 101'J
Bklyn Un E! 1at g 4 5a ..1950 F - A 10012 Sale 100
1 98 101'1
Stamped guar 4-6s.. .. 1959jF - A 1003s sale 1001*
....
79
8312
Klaga County El 1st g la .1949]P - A 82*4------ 83»2 I
2 79
82*2
82*4 83*4 83
Stamped guar 4s.......... 1949i P - A
1 73
78
75U 76*2
Nassau Eleo guar gold 4s. 1951 J J 75
97 Sale 97
« 92*4 97*8
Chicago Rys 1st 5 s........... . 1927IF a
C juo Ry A L 1st A ref g 4^9 1951 j i J 97U ____
99*2____
Stamped guar 4 44s ____ 19511J J
74
65*4 79
Ost United 1st cons g 4 14a .. 1932 J - J 7418 Sale 74%
84 Jan *14 . . . i
Smith Lt A Tr 1st g 5a . 1936|M 8
._ 100 June'!-;
Grand Rapids Ry 1st g 5s . . 1916! i - O l o o "
1 87"
87
87
87
EXavana Else consol g 5s . .1952 F A ____ 90
741;
70
79 ;a
aud A Manhat 5s Ser A . . . 1U571 F •A 74 Sale 7334
1011 24*2 33*4
31
303s Sale 30 >8
Adjust Income 5 s ..........19571-100 100*4
N V A Jersey 1st oa . . . 1932 F - A ____100 >2 10014 Dec *1!
701
73*4 79*2
laterboroMetrop coll 4 H a . 1956 A ■O 7614 Sale 761*
991
90*4 9934
99i2 sum 993a
iQterboro Rap TraD 1st 58 1986 i
J
12 82
92’*8
92
92i4 91%
fcfanbat Ry (N Y) cons g 4s. 1990 A - O 92
023
93
«i 85
92
92*4 9234
Stamped tax exempt____ 1990 A O
Metropolitan Street R y—
97l2 101
991
99*4____ 98*4
Bway A 7th Av 1st c g 5s 1943 J O
—
94 100
Col A 9th A v 1st gu g 5a . 1993 M 5 99 100 100 N o v i —
98l2 99?8
9978 Dec ’ 1,
Lex Av A P F 1st gu g 5s 1993 M S ____ 99*2
80 M a r’ l —
Met W S El (Chic) 1st g 4s . . l 93*jF - A
1 101*8 101‘«
10 1
10 1
Mllw Elec Ry A Lt cons g 6s 1926 F - A
___
<)2 % Pfth
92% 92%
Refunding A exten 4V<s .1931 ',J J ____ 91
—
10012 100l2
Mlnneap 8 t 1 st cons g 5s . ..1919JJ - J loO ___
Montreal Tramways 1st A ref
—
s»
9414
30-year 5s Ser A ____ ____ 1941 J - \ ____ 95
78
78
Slew Orl Ry A Lt gen 4 4$s.. 1935 J - J ____ 8512 78 Dec ’ 1, —
I ll 68
75
Sale
74>„
73io
75
!f Y Rys 1st R E A ref 4 s .. 1942 J - J
5878 Sale 55
587 012 47
57*2
30-year adj Inc 5s............ a 1942 A - O
84
80
N Y State Rys 1st cons 4 ^ a . 1962 M- N 83 857g 8434 Dec T; —
94i2 00
95 Dec Tl —
95
99*8
Portland Ry 1st A ref 5s___ 1930 M- N
80
80
80 Sep *L —
Portld Ry Lt A P 1st ref 58. 1942 F - A ____ 80
100 100
100
May* l
Portland Gen Elec 1st 5s. 1935 J - ■*
98 Nov'Oi
St Jos Ry. L. II A P 1st g 5s. 1937 M- N
—
100
100 100
3t Paul City Cab cons g 5 s.. 1937 J - J on
1G 73
83
83
83i2 8234
85%
Third Ave 1st ref 4 s ............ 1960 -* * J
80 75
81
82
80*2 Sale 80
Adj Inc 5s........................a I960' A - O
1 104*2 107*5
107
Third Ave Ry 1st g 5s_____ 1937 J J 107 Sale 107
15
99«4
94*i 99 ;k
Trl-Clty Ry A Lt 1st s f 5 s.. 1923 A - O 9834 99
91
Undegr of London 4t$a___ 1933 J - J
1
08
68l2 ____ 08
70
70*4
Income 6a_______
194*
84 Oct 0
... .
Union Elev (Chic) 1st g 5a .1919 A ’-‘ 6
71 Oct *1
H5
75
United Rys Inv 5s Pitts lss.1926 IVI-N "80U . 1 1
—
64
60
6-1
United Rys St L 1st g 4s . . . 1931 J - J 62l2 70
69*2 59*2 Dec ’
Stllg 59>2
St Louis Transit gu 5 s.. .1921 A - O 59
78 40
5.V*
45*2 Sale 45*4
United RRs San Fr a f 4s . . 1927 A -O
13
92
91
82
91'2
?a Ry A Pow 1st A ref 5s . 1934 J J 01>2 02
Gn» and Electric Light
5 ------ 103 103
103 ___ 103 1
Atlanta O L Co 1st g 5s___ 1947 J -D
103 105
Sklyn Un Gas 1st cons g 5s. 1945 M-N 105 105% 10 i
* ----54 .
Buffalo City Gas 1st g 5s___ 1947 A - O
----- 97
97
Columbus Gas 1st gold 5s _. 1932 J - J 90 "98" 97 1
2 H7 109% 127
Consol Ga3 eonv deb 6s
.1920 Q - F 126 Sale 125*4
om*
mi
101
lOlU
Sale
*
0
Detroit City Gas gold 5s . . 1923 J - J
5 ----- | 98*2 98*2
93 *j :
Detroit Gas Co cons Istg 5s. 19IS F - A 99 . . .
5 ----- 101-4 103.2
Detroit Edison 1st coll tr 5s. 193.3 J - J 103 ____ 103 J
j ------ 100 1 100*2
S q O L N Y 1st cons g 5 s ... 1932 M- 8
Gas A Elec Berg Co c g 5 s.. 1949 J - D io o * : : : *
5 ----- 101 1031:
102 ____
Hudson Co Gas 1st g 5s___ 1949 M-N
91
Kan City (Mu) Gas 1st g 5s 1922 A - O
5 —— 1025a 104 q
KlngH Co El L A P g 5s____ 1937 A - O 102%____ 1
Purchase money 6s_____ 1997 A - l) 115 12J>2 115
122*2 Dec ‘ I
Convertible deb 6s_______1922 M 8 117
5 ----- m
120
Convertible deb 6s . . .. _1925 M - S 125l2 128
5 - - - - 80*4 88
Ed El III Bkn 1st con g 4s. 1939 J J 86*2 -- .
*8
4 100*4 101*2
Lac Gas L of St L 1st g 5a. .<1919 Q - F 1013a Sale 10138
5 ----- 97 10 i *2
. . . 101 1
Ref and ext 1st g 5a______1934 A - O 101
19 90
92 Sale 92
92U
Milwaukee Gas L tat 4s___ 1927 M - N
5 ----- 103 nil's
. . 1033* i
Newark Con Gas g 5s.......... 1948 J B 103*2
14 101*8 105
W Y O E L H A P g 5 s ......... 194S J O li)U2 105 104*2 105
2 s0
85
857*
Purchase money g 4s____ 1919 F •Ai 84 38 85% 85
Ed El HI 1st cons g 5 s.. .1995 J - Jj 107 ____ 107 Oct 5 ----- 100 4 1**7*?
5
----99 101*2
10078
____
N YAQ El L A P 1st con g 5s. 1930 P - A
19___
I? Y A Rich Gas 1st g 5s.. .19 2 1 M-N j
Pacific G A El Co Cal G A E
07*2
98*8 Sale
98’ 8 <9 91
Corp unifying A ref 5s___ 19-37 M-N
Pao Pow A Lt 1st A ref 20-7 1
is .t 91
6b Internat Series..............1930 F - a ____ 93
5 ----- 01*2 »J»4
Pat A Passaic O A El 5s___ 1949 M- f» 100
16
‘'cop Gas A C 1st cons g 6s . . 194.3 A - O 114*8 115 1 1 1 Dec ’ 5 ----- 110
10 : s
0978 102%
Refunding gold 5s_______ 1947 M- S 10178 Sale IOD3
101*4 99 Sep
Registered..__________ 1947 M- S
5 — 101 103
Ch G-L A Cke 1st gu g 5s 19.37 J J 102*8 102*4
5 — 99% 101*2
Con G Co of Chi 1st gu g 5sl930 J D 101 ____
93
Ind Nat Gas A Oil 30-yr 5s 1936 M N
5 3 - - 99*5 100*8
Mu Fuel Gas 1st gu g 5 s.. 1947 M W ino% I I I I
596
96 ____ 96*4
4 10 "
Philadelphia Co eonv 5a___ 1819 F A
91
I
5 ----- 91
91
88
97
Conv deb**n gold 5 a .......... 1922 M- N
*4 102 *<'*2 9S*2
S'.aad Gas A El cony a f 6s .1926 I D! 99*s Sale 98*2
5 ___ 99*2 100
Sy •sactise L! ’ hrlng 1st g 5a .1951 J -D| 100 ____ 100 1
2 ___
Syncuse Light A Power 5 s.. 1954 J J 84 ____

Refunding A extension 5s. 1933
tlca Elec Lt A P 1st g 5 s.. 1950
tlea Gas A Elec ref 5s___ 1957
estchester Ltg gold 5s___ 195* >
■
’d is c a il-n n a o u *

Adauu Ex coll tr g -Is______ L94>
Alaska Gold M deb 69 A ___ 1926
Armour & Co 1st real C3t 4 t-tfs *39
Bush Terminal 1st 4s______ 1952
Consol 5s_____________
1956
Bldgs 5s guar tax ex___
I960

s
s
-N
J
J
O

W e e k 't
R a n g e or
L a st Sale

A r t Loto

R ange
Y ea r

1915

H ig h

101*2 June h
100 Sep ’ 16
89 Mar' 15
*62*4 - • 102% M ar'lS
102*4____ 9M Aug T6
103*8____ 103*8 Nov* 15
100*4___

L ow

H io&

97*2
89
90
98
101

101
90
1 0 : 14
98
103*2

84
85
70
81*2
110
117
112*8 ISO
94*.i
90*2 03*.
93*2
84 8834
88*2
85*2
84*2 90
89 Nov* 15
83
s-S
87*8 Dec T5
134
111 HI
135*2
81*2 83*%
82*2
83%
10434
104*4
98 HI
103*4
104*4
102-s 105
97 100
99*4
99l4
IH4
187
97 190
185 Dec T5
04*4 136
9 »*2
96*2 13] 3CU 97*2
95%
96*2 1000, 33*2 97*8
93
91*4 Dec T5
30
95%
9G
8**4 957|
89
89
83 Apr ’ 14
____ 90 100 July’ 14
74 Dec T5
75
-------75*2
101*8 Salo 101*8
101*8
101
104*2____
92 ____ 90 NovT 5
89*8 91*4
91
95*4 95*4 Dec ‘ 15
92*2 95\t
HO ____ 89 Dec T5
88'* no
89 ;8 Sale 897«
90
8fl*< 91
127 Doc T5
103 137
92U Feb T4
122 Sale 122
125
117 125
103*2 Jan T4

8414 Sale
115 110*2
94 Sale
87
88*4
88
90
87% 88
134*4 Sale
82
83*2
104 104*4
104*4 Sale
09*4 Sale
186 Sale
186
J *181
O 90*2 98
9534 Bale
- A 92*4 92*4
90 Sale
i

-D
-O
- J
-O
N
J
N
N
-N
- s

raubyCous M S *P c< n os A ’ 2s
S tam ped_______________ 1928
reat Falls Pow 1st s f 5s..1910
luspir (Jous Cop lsi conv 6s. 1922
5 year conv d-di fig . _ . 1919
!nt Mercan Marine 4 L$s___1922
Certificates of deposit___ .
lot Navigation 1st s f 5 s .. 192
Montana Power 1st 5s A _ 1943
Morris A Co 1st s f 4*4e.. 193P
O
Mtge Bond (N Y) 4s ser 2 . . 1966
10 20-yr 5s se-tes 3 . . . 1932 - J
- a
N Y Dock 50-yr lsr g 4s _ .. 1951
Nlag Fa Is Pow 1st os___ _ 1932
-(
Ref A gen 6 s _____ . .41932
N
Nlag Lock A O Pow 1st 5s . 1951
■A
Ontario Power N F 1st 5s
1943
N
Ontario Transmission 5a . . 1945
-O
Pub Serv Corp N J gen 5a. _ 1959
J
Ray Cons Cop 1st eonv 6s 1921
A
Sierra A S F Power 1st 5s
19 M
Tennessee Cop 1st conv 6s. .1925 -N
i
Wash Water Pow 1st 5s . . 1939
Manufact -ring & Industrial
103
O 103 Sale 102
Am A ^ Chem 1st c 5s_____ 192s
9934 102*2
97%
92
97S8
- A 97*2 Sale 07*2
Conv deben 5s . .
...1921
OP* 9S
90 4 96*4 90*4 Deo -15
Am Cot Oil debenture 5s . 1931 M -N
100*2 104*2
Arn Hide A L lsts f g Ms
I9 1'»M - S 103*8 103*2 103*8 Dec T5
88*4 KS%
88*2
80
89 it
Araer Ice Secur deb g 6s . 1925 A - O 88
115*2 Sale 1143S 118
103*s 115*1
Am ^melt Securities « f 6s . 1926 F
98
9734 98*8 98
93i2 98*4
Am Thread 1st coll tr la . . 1919 J
119*2 Dec '15
US
115 121*8
Am robtceo 40-year g 6a . 191 < A
121*4 M ay'14
1944 A
Registered_______
94 N ov’ 15
83
91
98*a
Gold 4s .
1951 F
98 June'14
Registered . . . . . . . . . 1951 F - A
5178 70
68*8
68*8
Am Writ Paper la ts f 5s . 1919 •» * J 65's 08
Baklw Loco Works 1st 5s . . 1910 M-N ____ IO6I4 103 Dec T5 - - - ' 10034 l«'-6,l
2 102*4
98*2 103
Beth Steel 1st ext s f 5a__
1926 J - J 102*2 102 *8 1021
102
85*8 102'*
1st A ref 5s uar A. . _
1942 M N 102 Sale 10178
9fl7s 1017|
101*4
101*8 Sale 100*4
Cent Learh 20-year g 5s . 1925 A
____ 95*2 97*4 Jan ’ 15
97*4 97*4
Consol Tobacco g 4s._ . ..1951 F
98*8 Dec ’ 15
94*4 98*8
Corn Prod Ref s f g 5a..
193 ! M N 98*4 100
90*2
92
97
1st 25-year 9 f 59 _______ 1931 M N 96*2 Sale 96*4
I'M
95 10174
Cuban-Am riegar coll tr 6 s._ 19{• A O 1017a sale 101*2
72
46*4 75
Distil See Cor conv 1st g 5s . 192 A O 71*2 Sale 71
102>a
84 1643s
E I du Pont Powder 4 V<|s__ 193' J - D 102*8 Sale 102*4
General Baking let 2.5-yr 6s. 1936 J -D ____ 90*2 87*2 July 14
, 74 "7»
__ 1942 F - A 78 «* Sale 78‘*a 78*8
Gen Electric deb e 3
103*2
1017g
104
104*2
Debenture 5s........ ............ 1952 M- f
3 101*2 106
91
82 7« 92*8
III Steel deb 4 ‘-•js ____ . . . 1940 A - O 91 sale 90*4
ioisr
99 102*8
Indiana Steel |°t 5s___ . . . 1952 M-N 101 *8 Sale lOl^a
103
____
100
Oct
’
13
.
IngersolJ-Raiid 1st 6a_. . .91935 J - J
l l 1 99*4 102*1
102 Sale 102
102
Int Paper Co at con g Os.. 1918 F
83*2
101 78*« 84
83 Sale 83
Consol conv 9 t g 5*____ 1935 J
75
70
Int St Pump l«t s f 5s___
1929 M- S 75 Sale 75
88
75*2 Sale 74*2
75*2
77
52
Certfs of deposit .......... .........
9>3a
98*8 Sale 98*8
9S*a
Lackaw Steel 1st e 5s____ _ 1923 A
89
96
90 Sale 91*2
97
05
1st conns Series A . . . . . 1950 M
120
121*4 *26
Llggott A Myers Tobac 7s . 19*1 A O s 124*4 Sale 12134
10134
99*1 1 2*2
5s .......................
.1951 F - A 101 s Sale 101^8
124*2
119 125
194* A O 5l24l2 Hale 124*2
Lorlllard On (P> 7s..........
100*4
955s 102
5 s ..................
1951 F - A 100*4 Sale 100*2
12S
95*i 123
Mexican Petrol Ltd con 6s A 1921 A O 11638 Sale 115*2
125*2
95 124
1st lien A ref 6s series C . . . 1921 A O 119 Sale 119
90*2 97 Dec TO
97
Nat. Enarn A Stpg 1st 5s__ 1929 J D 90
84 ____ 83 Juue’ 15
86
Nat Starch 20-yr deb 5s.. . 1930 J
102
101*8
National Tube 1st 5 s.. ...
195: M N 1 00 l2 Sale 10038
10-1*2
1(4
N Y Air Brake 1st conv 6s 192 M N 103*8 104*2 103*2
Railway SteH Spring—
9934
9934 salo 9934
om4 ion
La* robe Plant 1st a f 6s
19211J
95*2
95*2 Sale 95*2
00
95*2
(uterocean P 1st a f 5a _ 1931 A
9534
90-«
90
93*2
90*2 9734
A
Repub I A S 1(4-30-yr 5a s f 1940
9i78
96*2
96*2 97
8 H*i 97
Standard Milling 1st 5s . . . . 1930 M
10534
105*2 Sale 105*2
971i 100
The Texas Co conv deb 6a 1931 J
80 ____ 80 Dec T5
75
80
Union Bag A Paper 1st 5a .. 1939 J 91*4 Jau T3
Stamped___________ ____1930 J 73
72 Sale 72
65
77*2
U S Realty A l conv deb g 5- 1924 J
23 Dec T5 . J
------ 23
20
30
U S Red A Refg 1st g Os _ 1931 J
lOii's 15 101*8 1035s
103*8 Salo 1U3
U S Rubber 10-yr coll tr rts . 191^ J 10-13» 359 99 > 106
USSteelCorp— f c o u p ___dl903 M -N 103 '8 Salo 103*4
11 99*4 105
103^8
104*8
8 f 10-60-yr 5*1rog ____ 41963 M-N
9 89
98*4
99
Va-Car Chem 1st 15-yr 5s 1923 J - O "98*1 Sale 98*8
8 06*2 103*4
1027s
Conv deb 6s___________ el924 A -O 102 *4 Salo 102*2
102 102*4 192
2i 100*4 102*4
102*2
West Electric 1st 5s Dec . . 1922 J Dec T
. ____ 105
897» 105*4
Westlnghouse E A M * f5s 1931 J
135 138 i 135*2
138*2
109*8 I49*j
Conv a f 5s (Iss of 1915) .1931
98*4 101*8
10-year coll tr notes 5 s __ 1917j A o 1 0 1 * 4 ____ 101*4 Dec T 6
Coal & Iron
Buff A Susq Iron a f 5s. . . -1932 J D 9 1 * 2 ____ 92 JulyT4
88 Dec T5
88
Debenture 5 s . . .........
al92M M H 87*2 90
94
95
Col F A I Co gen s t g 5a . .1943 F - A 94 Sale 937*
Sale 75
76
80
Col Indus 1st A coll 5s gu 1934 V A 75
18
73 Ma T4
Cons Ind Coal Me 1st 5s. 1935 J D
92*8
88*4 92*s
Cons Coal of Md IstAref 5a 1950 J D 91 Salo 91
99*8 Feb T4
Continental Coal 1st g 5s ._ 1952 F A
Gr Itlv Coal A C tat g 6a .A 1919 A ( j . . . ~V43 4 102^ Apr ’Od
90
90
90 J u ly! 5
Kan A H C A C 1st 8 f g 5s. 1951 J J
85*4 99*4
89*4
Pocab Con Collier 1st a f 5* 1957 J J "89*8 Sale 89*8
85
Sale
81
85
82
84*2
9t L Rock Mi A P 5a stmpd. 1955 J
101*2
100 103*8
Tenn Coal gen 5a__________1951 J - J 101*8 102 101*2
997» 102*4
101*4
Blrtn Dlv 1st consol 6 a . . . 1917 J - > 101*8 102*4 101*4
100*4 102
Tenn Dlv 1st g 6s._____ ul917 A - O 10 13 4 ____ 102 Dec T5
101 Doc ‘ is
Cah C M Co Iat gu 6 s __ 1922 J
I I I I " 7 5 * 73 Apr T Victor Fuel 1st a f 5*____ . 1953 J
89
90
82
90*4
89 Dec T 6
Va Iron CoalACoke 1st g 5s. 194 *jM
Tolegraph & Tol«phon
86*2
91*2
90*2
91*2
91*2
Sale
Am Tetep A Tel coll tr 4 s.. 1929
91*4 101
100*2___ 100 Dec T6
Convertible 4s.................. 1936
96 109*4
107*2
107*2 Sale 107*8
20-yr convertible 4 ^ s . . .1933
9H*« 102*8
101 101*2 101*4 Dec T6
Cent Dlst Tel 1st 30-yr 5s 1943
88*4 J u n e’ 1
____ 89
Commercial Cable 1st g 4a .2397
79
Apr *M
. . . 84
Registered ___________ 2397
99*2
99
99* 99*4
99*2
Cumh T A T 1st A gen 5a . -1937 J
95
95 . . . I 95 NovT
Keystone Telephone 1st 5s . 1935 J
101*2
N
ovT5
101*2
loi*8
Metropol Tel A Tel let s f 5* 191s M
100
Dec
T5
100
09 ?8 100*4
Mich State Telep 1st 5 s.. . 1924
10i*r JuoeT
101*| 1011|
N Y A N J Tele hone 5a g . 1920 M - N 100*2
98*2
98*4
94
99
98*4 Sale
N V Felep 1st A gen a f 4
1939 M
100*2
94*4 100
100*2 Salo 100
PacTelA Tel 1st 5a________ 1937 J
99*8
100 |
9M4 100
99 >8 Sale
South Bell Tel A T lat a f 5a 1941 J
101*4
96
101*2
West Union col? tr cur 5s.. 193s J - J 1013,8----- 101*4
04*2 Dee T5 .
8 8 >ii 95*2
04*2 95
Fd and real est g 4 ^ 8 ----- 1950 M N
10* June' 1 11
Mut Un fel gu ext 5a___ 1941 M N
QQ»t O1*
Northwest Te gu 4H9 g . . 19341i
Jl 90 ------- 90*i MarT6|.

•N o price Friday; latest bid and asked, a Due Jan. d Due April, a Due May. 0 D ub June, h Due July, k Due Aug. oDueOot.




[Vol . 102.

New York Bond Reoord—Concluded—Page 4

•

p

Due Nov

c Due

Dee * Option .ale

(J a n . 8 1 9 1 6 .

BOSTON STOCK EXCHANGE— Stock Record

S H A R E P R IC E S — N O T P E R C E N T U M
M on day
J a n . 3.

T u esd a y
J a n . 4.

W ed n esd a y
J a n . 5.

,

P R IC E S .
T h u rsd a y
J a n . 6.

F r id a y
J a n . 7.

W ee k
S h a res.

STOCKS
BOSTON STOCK
EXCHANGE

a mui

R ange fo r Y ea r

9234 Feb 23
97 Jan 15
170 Mar
73 JunelO
109 Feb 26
20 Feb 13
225 Jan
5 Dec 31
40 Sep 21
5 Nov24
39 Jan 20
157 Feb 13
101% July
140 Feb 2
51 Feb
114 Apr 20
84 Aug 10
92 Mar
4?s June 7
33 July21
43 Feb 25
89 Oct
140 Aug 3
15 Marl
I I 6I2 Jan
7934 Marl 1
105 Feb 9
61 May 15
SO July 1

Miscellaneous
20 Amer Agrlcul Chemical__ 100
*71
72
*70% 7D? *70
71% 70
70
301
Do p r e f .............. ....... 100
98*4 99
98% 98*4 98% 98% OS's 98*4 9S% 98%
♦2'4 2i2 *2% 21? *2%
50 Amer Pneumatic Service.. 50
2% 2% *2% 2%
2%
*13i2
*13% 15
101
13% 13% 13% 13% 13% 13%
Do pref................. ....... 50
11434 115 . 114 115
115 115
306 Amer Sugar Refining........ 100
114 114
114 115*8
118 118
117*4 118
117% 118
247
Do pref................. ....... 100
117% 118
117% 118
127l2 127*4 127% 127*8 127% 127% 127% 127*8 127% 127% 2,725 Amer Telep A Teleg.......... 100
___
*47
49
*46
48
20 American Woolen tr c t f s ___
47
47
05
95
94
06
96
95% 94% 95
835 Do preferred tr c t f s ____
66
66
66
*66
66
255 Amoskeag Manufacturing___
67
66% 67
100U 1001.1 *98
25 Do pref..............................
30
30% 30
955 At] Gulf A W I 8 8 Lines. 100
30*4 30
30
29% 29% 29% 29%
45
1,027
Do pref....................
100
4512 46
453s 46
45
447g 45
240 East Boston Land............ 10
10
10% 10% 10
10
10
10%
10
178 Edison Electric Ilium____ 100
245% 245%
246l2 246% 246 246% 245 246
245 246
90 General Electric.......... ...... 100
17414 174% 174% 174% *172*4 173% *17234 173% 172 172
162 McElwaln (W H) 1st pref. 100
101 101
100% 100U 100 100% 1007g 100% 101 101
330 Massachusetts Gas Cos__ 100
86% 86% 86% 86*s 86%
86
861.1 86
86% 86
91
*85%
85% 85% *86% 87
87
87
Do p r e f ....................... 100
85
85
___
5 Mergenthaler L inotype... 100
*169 170l2 *170 170% 170% 170% *169 173
L a st Sale 2
Dec’ 15
*1% 2%
*U2 2%
Mexican Telephone......... 10
L a st S ale 16*s Dec’ 15
*15
16% *15
16%
*15
Mississippi River Power.. 100
*42
*42
L a s t S ale 40
*42
Dec’ 15
Do pref.......................... 100
*
30 *__
30 *___
30 *___
30
30
30
35 New Eng Cotton Yam ___ 100
*50
*50
60
51
60
51
*51
58
58
58
21
Do pref..................
100
1317g 132
13U2 132
131% 132
131% 132
131% 132
545 New England Telephone.. 100
165 1651a 164% 165
165 165% 164% 165
165 165*4
66 Pullman Company.......... 100
*16
16i2 *16
16% *16
L a st S a le 16% Dec’ 15
16%
Reece Button-Hole............ 10
126 127% 126% 127
126% 127
126% 126% 126% 127
266 Swift A C o . . ...............
100
3512 35i2 *35*4
36
36
36% 36% 36% 36%
140 Torrlngton______________ 25
30
29% 30
*28i2 30
30
*28% 30
55
Do p re f.............. ............25
li8 Oct’ 15
Unlon Copper L A M ........ 25
147 148
146% 147
146 1461* 146 146% 14534 146
729 United Fruit.............. ....... 10 i
51
527„ 52% 53
52% 56
54
547g 54% 55
12,203 United Shoe Mach C orp.. 25
28l2 20
29
Do pref______________ 25
28*4
28% 28*4 2S*4 28*4 28*4 28%
447
877g 887g 87)4 S8*.| 87
86
87% 86
88
87*s 6,645 U 8 Steel Corporation___ 100
Do pref.......................... 100
117 117
117% 117% *117 117% *117% 117% 117% 117*8
41
12lg 13
12
39,988 Ventura Consol Oil Fields. 6
11*8 12
12% 11*4 12% 11% 12

48 Jan
87i2 Mar25
H4 Marl 7
13 Dec 20
100 Feb 24
109 Feb 5
116 Jan 4
1612 Apr 6
77 Feb 5
59>8 Jan 20
9712 May25
4 Feb 24
97g Marl2
8I2 Dec 2
230 MaylO
138>4 Feb 26
9612 Aug 2
78 Apr
84 N ovl6
154 Feb 8
14 Apr 20
10 June 4
35 Feb 23
20 Apr 15
25 July l
zl27% JunelO
150 Feb 24
15 Sep 27
104*4 Jan 4
28 Mar 8
26 Mar25
.95 Jan 18
110 Feb 25
48 Aug 17
28 Mar27
38 Feb 1
I02>4 Jan 27
10*8 Dec 29

2l2 21?
2% 21?
97*4 on 12 98
9.8%
24% 247g
24% 25
1% V t
1*4
65 " 68% 67% 68%
67*4 69 I 68% 70%
8*4 8%1 8*4 8%
3% 3%'
3% 3%
71% 73
72% 74*4
71% 72
71% 72
565 570
565 566
*17
17% 18
18
54*4 56% 54% 55%
63% 65% ! 63% 64*4
3% 3%; *3% 3*8
15*4 16% 15% 16
10
97g 10
10*8
85
85% 86*4
86
50% 51% 50% 51
*18% 19% 18
19%
*28
*28
30
30
6
*5% 6
6
48% 49
48% 59%
*90
*89*4 91
91
30
30% 30
30%
4*4 4*4
4% 4*4
3% 3%
3*8 3*8
18*4 19% 18% 19%
5*4 5*4
5*4 5*4
3% 4%
3*4 4%
13
13% 12*4 12*4
4*8 4%
4% 4%
35
37% 38
39
2
2% *1*4 2
97% 98% 96
97%
16
16% *16
16%
10
10
9*8 10%
10% 10% *10% 10%
77g 7?8
7*4 7%
31
31% 32
31*4
4% 4%
2
2%
*1*4 2
2
2
4
4
4
4
63% 64% 63% 64*8
88
87% 87% *87
15%
15% 1578 15
89
89%
90*4 91
25*8 25% 25% 25%
65
647g 65% 64
3*4 3*4
3% 3*4
8% 8*4
8*8 8*4
34*8 35% 33*4 34%
8%
8
7*4 8%
27
27% 28% *26
3
3%
2% 3%
52%
50
50
*48
11% 12*4 11% 12
.40
.39 *.35
.39
54% 55% 55*4 57 [
50%
49% 50% 50
3% 3*s!
3% 3*8
13*4 14% 13*4 137g|
80*g 81% 80*8 81
3
3
2*4 2*4
4% 4%
4
4*8!
60
62
61
60
1*4 2
*1*4 2 1
Bid and asked price,




108
99
190
85%
130
36)?.
235
5
___
5)?.
45
157*4
___
150
76
86%
101%
76%
97%
152
30
139

107%
99*4
190
190 190
85
84% 85
. _
130
36
36
37*4
230
L a s t S ale 5
Dec’ 15
40% 40%
*5 .
44
44
L a s t S ale 160 Sept’ 15
104*4 104*4
151 155
*150 157
76
76
76% 76%
123 124
86% 86%
*85% 87
101*8 101*8 101% 101%
L a s t S a le 6
Dec’ 15
36% 37
* 3 6 % ___
75
76
75
76
. . ___
*97
97%
152 152
152 152
. ___
*29
30
13S*s 138*8

120
66
82

107%
*99
190
85
130
35*4
230

L a s t S ale 116 Dec’ 15
66
66
65% 66
81% 81% ----- ------

Mining
380
2
2% *2% 2% *2% 2%
1 Jan 22
97
923
96
96
97*8 97
97
9212 Dec 13
24% 24*4 24*8 26% 25% 26% 3,715
2112 Dec 9
134 IS4
V i
158
1*4 1*4
ruu 1 U
687g 67
68% 66% 67% 3,861 Alloucz...............
68
25 35% Jan 5
69
70*4 68% 70*8 31,838 Amer Zinc, Lead A Smelt. 25
70*8 69
I6*4 Jan 4
9
9% 21,739 Arizona Commercial.
87g 9-%
8*4 9%
. 5
3% Jan 4
3% 3%
3% 3%
3% 3% 1,000 Butte-Balaklava Copper.. 10
2 Jan 16
73
75 , 74% 76% 7434 77% 1 21,296 Butte & Sup Cop (L t d )... 10
35*4 Jan 4
71%
70*4 71% 70% 71*8 5,355 Calumet & Arizona_____
10
51% Feb 23
72
560 565 ! 560 560% 560 560
257 Calumet & Hecla___
25 350 Jau 4
17
18*4 18% 19
18% 18%
610 Centennial______
25
15 Jan 12
54% 55% 54% 55
547g 55
565iChino Copper........ ........... 5 3278 Jan 6
63
64% 63*4 64% 63*4 64*8 8,58l!Copper Range Cons C o ... 100
30 Jan 13
3%
3% 3%
3*4
3% 3%
660 Daly-W est..
20
l 78Jan 21
15% 15*4 15*8 15*4 15*8 15*4 3,292 East Butte Copper M in .. . 10
8% Jan 5
9% 10%
97g 10
9*4 10% 1,089 Franklin___
25
4% Feb 5
85
85% 8 6 % 2,215 Granby Consolidated........ 100 58 Jan 7
87 ( 8 6 % 86*4
50*4 X49
49
50*8 50% 50
422 Greene Cananea.......... .100 23% Feb 1
19
18
*18% 19% 1,157 Hancock Consolidated___ . 25
19% 19
11 Jan 18
Last Sale 28% Dec’ 15
30 1
*28
Hedley G o ld .................... 10 26% Oct 2"
6
5% 5% *5
*5% 6
150 Indiana Mining................. 25
2% Jan 21
48% 48
48% 48% 48
48
1,290 Island Creek Coal............
1 41 MarlS
91
91
90
91
91 j 91
Do pref________
42
, 1 85% Jan 5
29
31*4 30% 31% 7,522 Isle Royale C opper.___
31% 30
25
17% Jan 11
4% 4% *4% 4*4
4*4 4*4
125 Kerr L ake.............. .......
5
3 Aug 3
3% *3% 3%
3*8 3% *3%
285 Keweenaw Copper_______ 25
1% Aug 23
18% 19 | 18*4 19
18*4 19
3,030 Lake Copper C o_________ 25
5% Jan 27
5% 5*8
5% 5%
5% 5%
340
25
3% Jan 7
3*4 4 1 3*4 3*4
3*4 37g 2,565 Mason Valley Mine_____
5
1 M arll
12% 1 2 *4' 12*4 13
14
13
2,447 Mass Consol.......... .......... 25
3 Jan 11
4
4
4
*4%
4*8
445 Mayflower.................... ..... 25
4*8
3 Aug 16
387g 38% 38% 2,470 Miami Copper___________ 5
38% 38*4 38
16*4 Jan 2
2
1% 2 1
2
178 2
950 Michigan........ ......... ...
25
.60 Mar 1
95
97
89*4 91% 2,764 Mohawk_______
96% 96
25 46% Jan 15
157g 157g 16
16
15*4 16
150 Nevada Consolidated____
5
11*8 Feb 24
9% 9*4
9% 10
1.875 New Arcadian Copper___ 25
9% 9%
4% Feb 24
10% 10% 10% 10*8 10*8 11%
1,150 New Idrla Quicksilver___
5
4 JulylO
*7% 7*8
7% 7U
7% 7%
100 Nfpissing Mines____ __
5
5% Aug 9
30% 31% 30% 31% 30
30*1 3,987 North Butte__
15 22% Jan 25
2
2
2
2%
2%
North
Lake____
________
462
25
1 Jan 28
2 1
1% 1'2 *1% 2
310 OJlbway Mining___ _____ 25
1% 1%
.50 Mar 4
3% 3*4 *3%
4
*3% 4
185 Old C olon y__________
25
2% Nov29
63*4 66% 66
68
66% 6S
8,077 Old Dominion Co________ 25 38% Mar 8
87% 88% 88
88% 87% 87%
265 Osceola................ ............... 25 64 Jan 28
15
15% 14*4 15%
14*4 15
1,400 Pond Creek Coal_________ 10 12 Jan 7
89
90 | 90
90
*87
88%
145 Quincy...... ........... ..
25 50 Jan 16
25% 25% 25% 25% 25% 25%
765 Ray Consolidated Copper. 10
15*4 Jan 7
64% 64% 64
65
63% 63%'
893 St Mary’s Mineral Land.. 25 28 Jan 4
3% 3*8
3% 3*8
3*8 3*8 1,360 Santa Fe Gold & Copper.. 10
1 M arl7
8% 8%
8% 9*8
8*4 9% 4,530 Shannon...... ....................... 10
4 Jan 15
33*4 34 | 33*4 34
33% 34% 5,165 Shattuck-Arlzona________ 10
18*4 Jan 5
8
8
8%'
8%
8
8
3,815 South Lake_____________ 25
5% Nov 3
*27
28
27% 28
645 Superior........ .................... 25 22% Jan 6
2» I 28
1*4 2
3*s|
1*4 17g 8,385 Superior A Boston Copper. 10
1 Mar 3
51
52 | 50
51% 50
50
1,055 Tamarack........................ . 25 25 Jan 4
11
12
11% 12
11% 11% 4,520 Trinity...... ............. ........... 25
2*s Feb 11
*35
.33
.35
.35 2.700 Tuolumne Copper________ 1
.33
•38
.20 Jan 2
55% 56*8’ 55*8 567g 55*4 57% 49,823 U S Smelt, Refin A M in.. 50 20 Feb 25
50
50*8! 50% 50% 50% 50% 3,518
Do pref...................... . 50 28 Jan 15
3% 3*8!
3%
3*8
3% 3% 3,395 Utah-Apex Mining_______ 5
2 Jan 2
13% 14 | 13% 14
13% 13% 2,446 Utah Consolidated............ 5
9% Feb 26
80% 80*s 80*8 80*s 80% 80%
370 Utah Copper C o_________ 10 48*4 Jan 6
3
3 | 3
3
27g 3
350 Victoria________________ 25
1 Feb 26
4
4% 4%
4%
4% 4% 1,540 W inona................ ............ 25
1*4 Jan 18
60
62
60%' 61
61%.
61
315 W olverine______________ 25 32 Jan 6
*17g 2 !
1*4 1*4
400 W yandott...... ..............._. 25
1% 1%
.50 Mar 3

a Ex-dlvldend and rights.

6 Ex-stock dividend.

« Assessment paid,

1915.

R a n g e f o r P r e v io u s
Y e a r 1914.

Lowest.

H ig h e s t

Railroads
30 Ateh Topeka A Santa Fe..lOO
64
Do pref........................ ioo
208 Boston A Albany________ 100
519 Boston Elevated................. 100
30 Boston A Lowell................. 100
1,521 Boston A M aine................. 10 )
3 Boston A Providence____ 100
Boston Suburban Elec Cos__
50
Do pref______ _________
85 Boston A Wore Electric C os..
42
Do pref............................
Chic June Ry A U S Y ...1 0 0
2
Do pref.................... .........
1 1 Connecticut River.......... .100
125 Fitchburg pref........ ........... 100
140 Georgia Ry A Elec stampdlOO
15 Do pref......................... 100
232 Maine Central___________ 100
Mass Electric Cos............... 100
41
Do pref stamped........ 100
1,050 N Y N H A Hartford........ 100
11 Northern New Hampshire. 100
39 Old Colony_______
100
25 Rutland, pref..................... 100
5 Union Pacific....................... 100
30
Do pref..........................100
Vermont A Massachusetts. 100
305 West End Street...................50
42
Do pref......................... 50

108 108 *107% 108 *107%
99
99*2 991? *98% 99
190 190 *190 190% 190
85
8212 831? 8412 85
130
129 130
*129 130
37% 3534
36
35*2 36
*230 235 *230 235 *230
5
*4*4
5 ♦
*39 ___ *39
*40
5%
*5 ___
*5
45 *___
44' *__
44
*
157*4 ♦__
157*4 *__
*104% ___ *104%
♦101%
150
*150 156 *150 157
76
76
*75
75*2 76
122% 122% *121%
122 122
*85% 87
*S5i2 87
*86
*10014 10U2 100% 101% *101*8
*6
*6%
*6
*37 ___
37
*36%
37
77
77*4 76% 77)o 76
97
97
*97
97% 97%
*152 15212 152 152
152
29
30
*29
*29
30
*13814 139 *139 139% *138%
83U 83%
*115 120 *115 120 *115
657g 657g 65%
65*4 66
8U2 81*2 81*4 82
*81%

145

S » » N ext P a g »

ft Ex-righta.

e Unstamped,

109*8 Nov 1
101>2 NovlO
198 Jan 12
96 Jan 5
1381. Oct 27
3712 Oct 11
240 June26
10 Mar24
56 Mar23
9 Sep
47 J u ly !5
160 Sep 9
110 Apr 21
165 Jan 12
76 N ov 5
120 Feb 6
88 Mar 3
103i2Novl6
10 Sep 24
56 Jan 6
87*4 Oct 11
98 Apr 29
157 Apr 9
30 Nov23
1413, Novl9
8178 Oct 26
125 Apr 20
72is Jan 25
93 >2 Feb 4

Highest.

88I4 Nov 100 July
973g Jan
101*8 Feb
175 Nov 195 Jan
77 May IOU4 July
150 Dec 179 Feb
55 Jan
30i2 July
225 May 255 Jan
7>2 Feb
7 Mar
50 July 60 Jan
35 July
160 Mar
103 Dec
162 Nov
75 July
115ia Dec
83 Jan
907g Jan
9 Apr
54 Dec
497s July
100 May
140 July
19 May
110*4 Nov
82 Apr
115 Jan
65 Nov
82 Dec

40 Jan
163 Jan
107 June
200 Jan
93 Jan
124 May
887s Apr
99 Mai
14 Jan
66>2 Jan
777g Jan
112 Feb
165 Jan
30 Jan
163*4 Jan
85 Jan
130 Feb
75 Jan
95 Mar

73*4 N ov 8
47i4 Jan
lOD" Nov20
89 Dec
412 Oct 25
2 Dec
19% Jan 9
17 Jan
119i2 N ov 5
9714 Mar
119 Dec 8 108 Mar
13012 N ov 4 112 Nov
5714 Oct 20
14 Mar
99i2 Oct 4
72*4 Mar
67 Apr 23
57i2 Dec
101 Feb 6
97*4 June
36 N ov 4
5 Feb
49 N ov 4
!3i2 May
13U Apr 5
9i2 Dec
260 Jan 22 234 Nov
18412 Oct 4 137 Dec
104 Mar29
98is Nov
94 Aug 5
76'4 Nov
92i2 Jan 28
85 Nov
200 Jan
200 Dec
3 Sep 10
2i4 May
16*8 Dec 21
18 July
46>2Jan 26
55 June
30 Nov26
20 Apr
55 Dec 2
38 Dec
143 Jan 29 128 Nov
170 Oct 23 148 Dec
18<4 Jan 2
16 Jan
128 N ovU
10112 Nov
36% Dec 28
27 Feb
30% Sep 8
27 Mar
1*4 Apr 21
.95 Dec
163 Novi
rl 13 Dec
65 May 24
5214 Dec
30 Aug 31
28 Jan
89'2 Dec 27
48 Dec
117% Oct 30 103U Dec
14»s N ovl7

5914 Mar
98 June
4 Jan
22 Jan
110)4 Jan
115 Dec
124 Jan
15 Mar
63 Jan
67 Feb
100t2 June
9 Jan
16*4 Jan
14)2 Feb
265 Mar
150)2 Feb
102 Jan
91*8 Feb
96 Mar
216*4 Feb
3 Jan
38 Feb
70 Jan
30 Jan
69 Jan
141 Feb
159 Jan
20)8 July
107*4 Mar
31 May
29<2 Jan
2 Feb
173 Feb
61*4 June
30)g July
67i4 Jan
112*8 Jan

47g Apr 22
103 Aug 27
40*4 Apr 22
4*4 Apr 22
66 Dec 28
72'4 Nov26
9'2 Apr 22
4*4 Apr 22
80 June 4
7S*4 Apr 26
630 Apr 22
25 Apr 22
57 N ovl7
65 Dec 28
5*4 Apr 22
16% Dec 7
UI4 Apr 22
94% Apr 27
523s Dec 28
24>2 Apr 29
29*4 Jan 19
10% Apr 22
52 AUg 17
91 's Apr 27
34 Apr 26
5i8 Apr 20
4l2 Apr 26
1978 Dec 2L
9 Apr 23
5 Dec 27
17 Apr 22
8 Apr 22
36's Dec 31
3 Apr 22
98 Dec 20
17 Apr 27
14U June 7
1312 Aug 7
87g Nov29
387g Apr 26
4ig Apr 23
3ig Apr 29
7ig Apr 22
64 Dec 21
93% Apr 22
195s Aug 13
95 Apr 22
27*8 N ovl7
65% Dec 28
5 Oct 22
ID4 Apr 26
35 N ovl7
7*4 July27
41% Apr 26
4l2 Apr 29
58*8 Aug 18
15i2Oct 13
.63 Apr 14
54 Dec 21
5012 Dec 28
5*8 Junel6
16*8 Junel4
81*4 Dec 28
4i2 Apr 22
5% May 1
70 Apr 26
214 Apr 23

x 2s paid,

1 Apr
2 Jan
239*4 Apr 300 Mar
19 July
28*4 May
1«4 Jan
t2 Dec
34i2 Jan
43*4 Feb
2 Jan
12i4 Nov
6‘ ^jMar
2% Nov
4ig Feb
1 Nov
40*4 May
24 Nov
70ig Mar
53 Dec
350 Dec 460 Feb
19 Feb
14 Jan
43)2 Feb
30i4 Dec
29 Dec
40*4 Feb
3 Feb
U2 Nov
13 Jan
8 Dec
77g Apr
2 Nov
91 Feb
60 Dec
21U Apr
42*8 Feb
22 Feb
11 Dec
30 Ma
28 July
6)2 Feb
3 Apr
44% Dec
50>4 June
81 June 89)2 June
24 Feb
16 Dec
378 Mar
6) g July
4 % Feb
2% May
4*4 Nov
10)2 Jan
3V«Dec
5)2 Feb
4 Jan
1*4 Dec
2 Mar
«5% May
9 Jan
3*4 June
16*4 Dec
24*8 Feb
D4 Feb
.50 July
49)2 Deo
39 Apr
10 Dec
16*8 Deo
7)
178 Jan
4 June
4 June
8) g Feb
5 July
30*4 Feb
19*4 Dec
.95 Apr
2*8 Jan
2 Jan
*4 Apr
5 ^ , Feb
2% Nov
54 Feb
44 Dec
84 Feb
64 Dec
20*g Jan
12*4 Dec
68 Feb
5l7g Dec
22*2 Apr
15 Dec
40 Feb
28 Dec
2*4 Jan
1 Jan
7*2 Feb
4 Nov
29*4 Feb
18 Dec
22 Nov
1*4 NOV
2412 Dec
2*4 Nov
.23 Dec
2414 Dec
40>2 Apr
1*4 NOV
8*4 Jan
45)g Nov
1 Mar
17g Dec
30 Dec
30 June

w Half-paid

32 Feb
2%Jan
43 Feb
5i2 Jan
.85 Mar
43*. Feb
487g Feb
2*8 Feb
14 Feb
59 June
c2% M ay
47g Feb
47*4 Feb
U4 Jan

2 Jan

Outside Exchanges— Record Transactions

Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange Jan. 3 to Jan. 7 , both inclusive:_______
Bonds—

[Vol. 102

THE CHRONICLE

146

Sales
Frid ay
fo r
Last Week’ s Range
Week.
o f P rices.
Sale.
P a r. P rice. Low .
H ig h . Shares.

A m Agricul Chem 5s. -11924
Amor Tel & Tel 4s------' 1929
Convertible 4 )4 s — 1933
Atl G & W I SS L 5S- 1959
Anglo-French 5s-------Copper Range 1st 5 s -. 1949
Dominion Coal 1st 53- 1040
General Elec deb 5s. - 1952
G t N or-C B & Q 4s— 1921
1966
Interbor R T ref 5s— 1
1929
M ass Gas 4)48.
4 ) 4s ............,1931
M iss R iver Power 5s- -11951
N E Cotton Yarn 5S--11929
N ew Eng Telepb 5S--11932
1934
N ew River 1st conv 5s 1
Pond Crk Coal 1st Os.:1923
Seattle Elec 1st 5 S -..-11930
Swift & C o 1st 5s......... ' 1944
United Fruit 4 )4 s ------ 1923
W estern T el & T el 5s. 1932

91)4

97)4 97)4 $13,000
90)4 9 1 )4 49,000
6,600
106)4 107
t 24,000
76)4 77 V
94)4 95)4 35,000
6,000
90
91
96
1,000
96
2,000
104)4 104)4
7,000
98)4 98)4
1,000
99 Vs 99^8
97)4 97)4 27,000
6,000
94)4 94)4
4,000
80)4 81
4,000
75
75
8,000
io i) 4 101)4
8,000
75
75
2,000
93)4 94
2,000
100)4 100)4
98)4 98)4 29,500
97)4 97 H 4,000
99
99 Vs 23,500

Range fo r Y ear 1915.
Low .

Baltimore Stock Exchange.

— Complete record of the
transactions at the Baltimore Stock Exchange from Jan. 3
to Jan. 7 , both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.____________________________________________________

H ig h .

Apr
91
86)4 Jan
95)4 Jan
Jan
60
94
Dec
86
N ov

97
91)4
108)4
79
95
90

N ov
N ov
N ov
N ov
D ec
D ec

Stocks—

Sales
Friday
fo r
Last Week's Range
Week.
o/ Prices.
Sale.
P a r. Price. Low .
H igh. Shares

Alabama Co-------------- 100
77
2d preferred-------------100
95)4
Arundel Sand & G ravel...
Baltimore Brick.......... 100
Preferred__________ 100
103)4 Feb 104)4 N ov
Balt Elec, preferred----- 50
Jan
95
98)4 N ov
Canton C o------------------100
Chalmers Oil & Gas--------Jan
95
97)4 N ov
97)4
Commercial Credit----- 100
91
Aug
N ov
95
Preferred__________ 100
70
July
81)4 D ec
80)4
Cons Gas E L & P ow ..l0 0
Jan
Apr
70
76
Preferred__________ 100
N ov
99)4 Jan 102
101)4
Consolidation Coal----- 100
M ar
Aug
65
78
Cosden & Co------------------91
,Nov
98)4 Aug
Preferred_____________
99)4 M ar
98)4 Feb
100)4
Davison Chem com w i —
94)4 Feb
9S)4 N ov
98)4
Elkhorn Fuel_________ 100
M ay
93
Feb
99
Houston Oil trust ctfs. .100
94)4 M ar
99)4 N ov
99)4
Preferred trust ctfs.. 100
Monon Vail Trac------- 100
Philadelphia Stock Exchange.— The complete record Mt Vernon Mills V T ._
Preferred__________
of transactions at the Philadelphia Stock Exchange from Northern
Central_____ 50
Jan. 3 to Jan. 7, both inclusive, compiled from the Penna Water & Power. 100
official sales lists, is given below. Prices for stocks are all Poole Eng & Mach----Sapulpa Refining------dollars per share, not per cent. For bonds the quotations
Preferred__________
United Ry & Elec---------50
Wayland Oil & G as......... 5
Sales
Friday
Preferred__________
Range fo r Y ear 1915.
Last Week's Range
Bonds—
W ^k
o f Prices.
Sale
Alabama Co gen 6s-----H
ig
h
.
Low
.
H ig h . Shares.
Par Price. Low.
Stocks—
Ala Coal & Iron 5s-----Anacostia & Potom 5s 1949
18) 4 NOV Anglo-French 5s..........
15)4 Jan
125
19
19
19
A llia n ce In su ra n ce.......... 10
Jan 123)4 D ec
20 100
121
121
A m erica n G as o f N J . . 1 0 0
Atl C L (Conn) ctfs 5s.
36
Jan
24
Sept
1
28)4 28)4
A m erica n R a ilw a y s------ 50
28)4
Certfs 5-20 4s........ 1925
Jan
93)4 D ec 101
215
95)4 95)4
(►*P re fe r re d _____________100
95)4
Balt Dry Dock S B 6s—
Sept
90
M ar 115
2
108
108
B a ld w in L o co m o tiv e p f 100
Balt Elcc stmpd 5s. ..1947
11 M ay 43)4 D ec Balt Medical College 5s
41
41
43
266
B u ff & S u sq C o r p v t C -100
M ay
36
105
59)4 D ec
56)4 58)4
56)4
P re f v t c ------------------- 100
Balt Sp Pt & C 4)43.-1953
41
44
M ay
44
5
45)4 N ov
C a m b ria I r o n -----------------50
Carolina Central 4 s .. 1949
41
Feb
75 ] i
28,705
73)4 76
79)4 D ec
C a m b r ia S teel-----------------50
Chicago Ry 1st 5s----- 1927
z71
154
74
Apr
70
July
z71
C o n s o l T r a c o f N J ------ 100
City&Sub(Wash) 1st 5s ’48
65
66
290
65 )4
47)4 Jan
78)4 Sept
E le c S tora g e B a t t e r y . .1 0 0
Consol Gas gen 4)4s..l9 5 4
34
24
M
ar
635
34)4
37)4 N ov
G en era l A s p h a lt---------- 100
Cons G E L P 4)4s.l935
M ar
60
57
74)4 N ov
71)4
71)4 72
P r e fe r r e d ------------------- 100
Consolidation Coal—
1,504
Jan
21
25
27
26)4
25)4 D ec
In su ran ce C o o f N A — 10
Convertible 6s____ 1923
125
29
48
72)4
Oct
July
46)4
48)4
J G B rill C o ....................... 100
Chemical 6S.1932
13
375
16
Apr Davison
Aug
14)4
14)4 14)4
K e y s t o n e T e le p h o n e — 50
Elkhorn Corporation 6s—
Jan
61
69
10
69
Apr
69
P r e fe r r e d ------------------- -5 0
Elkhorn Fuel 5s------- 1918
75
2
88
July
July
86
86
K e y s t o n e W a t c h C a s e . 100
Fair & Clarks Trac 5s. 1938
Apr
13)4 June
5
2,328
9)4
9)4
L a k e S u p erior C o r p - - .1 0 0 ' 9)4
Ga Sou & Fla 5s---------1945
948
81
D ec
71)4 M ay
78)4 79)4
79)4
L eh ig h N a v ig a tio n .......... 50
G-B-S Brew 2d inc 5s. 1951
65
Jan
82)4
D
ec
159
81)4 82)4
81)4
L eh ig h V a lle y .....................50
Hous Oil div ctfs..1923-25
19) 4 N ov
13)4 June
260
18 H 18)4
L eh ig h V a l T r a n s it.......... 50
do
small ctfs----26)4
M
ar
39)4
N
ov
452
38
38)4
38)4
Md E ’.ec Ry 1st 5 s.-.1931
P r e fe r r e d ---------------------50
82
.Sept
90)4 Dec
50
90
90
90
N o r th e rn C e n t r a l ........... 50
Milw El Ry & Lt 4)4s 1931
90
Feb
93)4 D ec
23
93)4 93)4
N o r t h P en n sy lv a n ia ------ 50
N O Gt North 5s------- 1955
O ct
80
M ar 108
61
99
100)4
N O Mobile & C 1st 5s 1960
P en n Sait M f g ------------------ ­ 166
61)4 N ov
3,009
51)4 Feb
59
58)4 59)4
Norf & Ports Trac 5S-1936
P en n sy lv a n ia — ----------- -5 0
Oct
34
Aug 100
15
62
60
P en n sy lv a n ia S teel------ 100
Norf Ry & Lt 5s......... 1949
Oct
98
49)4
M
ay
185
83
82)4 83)4
P r e fe r r e d --------------- -- 1 0 0
Norfolk St Ry 5s......... 1944
Aug
31
M ar
40
105
36
36
Nor Central ser A 5s. 1926
P h ila C o (P itts) p f (5 % ) 50
32
M
ar
46
'
Sept
44
317
43
43
P re f (cu m u la t ive 6 % ) - 50
Penna Wat & Pow 53-1940
D ec
1,574
29
23)4 Jan
28 K
28)4 28)4
P h ilad elp h ia E le c t r ic .22 H
United El L P 4)4s.l929
7
M ay
21)4 D ec
110
20)4 21
20)4
P h ila R a p id T ra n s it------ 50
United R y & Elec 4s. .1949
21)4 D ec
6,140
7)4 M ay
20)4 21 H
20)4
V o t in g trust r e c e ip ts. .5 0
Income 4s________ 1949
70
July
80
N ov
42
79)4 79)4
79)4
P h ila d elp h ia T r a c t io n ..5 0
Funding 5s________ 1936
70
M
ay
84
868
85)4
N
ov
81)4
81)4
R e a d in g — ............... - — 50
do
small_____ 1936
3,472
5 % N ov
3)4 July
4%
4)4
4)4
T o n o -B e lm o n t D e v e l------ 1
Notes 5s---------- — 1916
7)4 Jan Va Sand & Gravel 6 s..
5
July
587
7
6%
6)4
T o n o p a h M in in g --------------- 1
47)4
D
ec
484
30
M ay
44)4 45)4
U n io n T r a c t io n .................. 50
Wash B & A 5s........ -1941

19
38
38

1
20

115
115)4
102)4
15
71)4
21)4
67

90
73)4
134
9)4
9)4
26
5)4

06
"97 H

&

226
87)4
87)4

U n ite d C o s o f N .1........... 100
U n ite d G as I m p t ---------- 50
U S Steel C o r p o r a tio n . 100
P r e fe r r e d ____________ 100
W a rw ick Iro n & S teel. .1 0
W e s t Jersey & Sea Shore 50
W estm orela n d C o a l------ 50
W m C ra m p & S o n s------ 100
Y o r k R a ilw a y s -................50
P r e fe r r e d ---------- - ”

10)4
67)4
34)4

S crip—

93
101)4
101)4

C a m b ria Steel s c r i p - . 1916
S c r ip ___________F eb 1917

Scrip.

Bonds90
105
............

----- -............
101
............
............
96
K eystone Tel 1st 5 s ..l9 3 (
............
............
102
91)4
102
Gen consol 4)43105)4
i 92
i --------; -----i ............
101
104
! ...........
) ______
90)4
Cons & coll tr 5s.
—
3 103
0 83)4
) --------7
95
7 ...........
j
99)4
9
74
j
73
7
72 )4
) ............
3 ............
7 ______
x Ex-dlvidend.




226
226
87)4 87)4
86
88)4
117)4 117)4
10)4 10)4
50)4 51
67)4 67)4
83
87
9
9
34)4 35
98
101
101
100
98

98
102)4
101
100
98

97
97
89)4 90
89)4 90
105
105
120
120
81)4 81)4
82
82
106)4 106)4
98)4 98)4
101
101
58
58
59
59
96
96
27
27
102)4 102)4
101)4 102
91)4 91)4
102
102
105)4 105)4
91)4 92
90)4 90)4
100
100
105)4 105)4
100)4 101
104
104
83
83
101
101)4
90
90)4
103)4 103)4
103
103
83
83)4
82)4 83)4
94)4 95
102
102
98)4 99)4
74
74
73
73)4
72)4 72)4
94)4 94)4
37
37
9254 93

83 220
1,008
80)4
38
24,414
25 103
9)4
780
47
74
58
295
18)4
305
6
10
28)4
20
144
104
138
14
14

$1,000
18,500
1,800
7,000
10,000
6,000
1,100
2,000
45,000
2,000
5,000
700
7,000
2,000
51,000
48,000
19,000
25,000
3,000
8,000
1,000
3,000
34,000
111,000
6,000
2,000
5,000
30,000
1,000
600
6,000
800
41,000
12,000
12,000
22,000
8,000
2,000
2,100
20,000
6,000

95
95
95
90
80
95)4
85
85
100)4
115)4
73
73
105)4

M ar
Jan
Feb
Jan
July
Aug
Jan
Jan
July
July

225
89)4
89 )4
116)4
11)4
50)4
67)4
91
9)4
35

Feb
N ov
D ec
D ec
Aug
N ov
D ec
Sept
N ov
D ec

Feb
Feb
Feb
Feb
Feb

102)4 Oct
101)4 O ct
102
D ec
109
Aug
98)4 N ov

N ov
Jan
Jan
M ar
Jan
Aug
July
M ar

97
90
90
107)4
120
83
82)4
106

D ec
D ec
D ec
N ov
D ec
N ov
N ov
D ec

91)4 Sept 100)4 D ec
57
July
58
M ar
90
Jan
25)4 Aug
101)4 Oct
97)4 Jan
86)4 Aug
97
Feb
Jan
103
86 M ay
86 M ay
Sept
97
102)4 Aug
97
M ay
98
Jan
76) 4 Oct
95
Mar|
70
M ar
100)4 Jan
101
Jan;
77) 4 Jan
79
Jan
91
Aug
100)4 Jan
88)4 Apr
72)4 Aug
55
M ar
72)4 N ov
89
Jan
26
Sept
90
N ov

60
60
97
45
102)4
102
92
102)4
105) 4
90
90
100
106) 4
101)4
104) 4
83
101) 4
90
105
105) 4
86)4
84)4
95)4
102) 4
96
75
75
72)4
95)4
26
93

Apr
Apr
N ov
Jan
Apr
D ec
N ov
D ec
D ec
N ov
N ov
D ec
N ov
N ov
D ec
Jan
D ec
D ec
D ec
D ec
D ec
N ov
N ov
D ec
D ec
N ov
Oct
N ov
D ec
Sept
M ay

21
67
63
16
53

88
73)4
132
9
9)4
26
5)4
5)4

38
38

1
20

44)4
138
8
46
30
115)4
115)4
103
16
15
71)4
19
23)4

68

65)4
16)4
53
90
73)4
148
9)4
9)4
26)4
6
5)4

60
61)4
76)4 77
96
98
94)4 94)4
100)4 100)4
93
93

&

&

43)4
138
7)4
46
30
114)4
115
100
14)4
14)4
70)4
18

20

104)4
97 H
100)4
99)4
1)4

90)4
59
96)4

93 X

T im

100

100

99)4
95
96
89
97)4
102) 4
94)4
90)4

99)4
95
96
89
97)4
102)4
94)4
90)4

103) 4 105
105
105
97)4 97)4

100

100)4

99)4 99)4
102)4 103

1)4

81) 4
82) 4
96)4
90)4
59
52
82
95) 4
105
106
90)4
93)4
84)4
60)4
85
85

100
89
84

2

82)4
82)4
97
90)4
59
52)4
82
90)4
105
106
90)4
93)4
85
61)4
85

85)4
100
89
84

Range fo r Y ear 1915.
H ig h .

Low .

957
210
3
100
15
25
5

5
20
35

Sept
N ov
D ec

42
136

Sept
July

15
35
67

45)4 D ec
145
Oct
8)4 D ec
168
Apr
102)4 Apr
116
D ec
116)4 D ec
100
N ov
16
D ec
14)4 D ec

345
4 ) 4 Dec
226 35)4 M ay
190 25)4 M ay
181 102)4 M ay
70 106)4 Jan
361 92
Jan
8,353
5
Jan
260
5 ) 4 M ar
4,699
410 16 M ay
1,140 10 Mar
350 54
Jan
716 58
Dec
7

7
275
245
105
2,060
1,322
1,190
2,976
40

9
52
82
63)4
95

2

4)4
20)4
2)4
4)4

22

June
N ov
D ec
D ec
67
N ov
18
Oct
55
D ec
90
D ec
75
D ec
156
9)4 D ec
9)4 D ec
27
M ar
6
D ec
4)4 M ay
25

68

Oct
Dec
Aug
Aug
Dec
July
Oct
June
M ay
M ay

Dec
$6,000 50
Sept
2,000 70
2,000 97)4 Oct
10,000
2,000 98)4 June
11,090 92)4 June
1,000 97 'A Dec
3.000 96)4 Jan
2,500
Aug
8.000 93
Jan
2,000 84
1,000 93 June
Jan
2,000 100
Aug
5.000 92
18,000 85)4 Sept

58
77
100)4

26,000
7.000
63.000
83,500
6.000
8,000
3.000
21.000
500
13.000
2.000
1,000
14.000
1,000
3.000
1.000
1,000
1,000
6,000
35.000
99.000
2,000
500
800
26.000
1,000

104

Oct

D ec
Oct
Apr

101
Apr
93
N ov
100
D ec
99)4 June
97
88
97
102) 4
95
90)4

99)4 Jan
97
Jan
9 7 ) 4 Dec
92)4 Jan
98) 4 July
100
Aug
1
Dec
72)4 Apr
73
Apr
94
July
90)4 June
48)4 Oct
33
Feb
75
Aug
94
Sept
101)4 July
104)4 Feb
88
Jan
90)4 July
79) 4 June
55
June
81
June
80) 4 July
100
Jan

73)4

D ec
D ec
D ec

Jan
D ec
Jan
D ec
June
D ec

Dec

105
D ec
97) 4 D ec
100)4 D ec
100
Feb
103) 4 D ec
1
D eo
82)4 D ec
81)4 N ov
9 8 ) 4 Jan
92)4 Jan
61
D ec
55
D ec
84)4 Jan
97)4 Apr
103
Jan
May
106
Apr
92
N ov
93
N ov
83
N ov
64
Jan
87
87)4 Jan
100)4 Apr

83)4 Dec

Pittsburgh Stock Exchange.— The complete record of
transactions at the Pittsburgh Stock Excliango from Jan. 3
to Jan. 7, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.

Stocks—

Par

Sales
Friday
fo r
Last Week’s Range
Week.
o f Prices.
Sale
H igh Shares.
Price. Low .

17
17
17)4
Amer Sewer Pipe--------100
39
35)4 40)4
Am W ind Glass M a ch . 100
134
133
Preferred----------------- 100 133
100 )4 101
Am W ind Glass, p r e f -.100 101
74)4 75
Cambria Steel--------------- 50
40)4 41)4
40)4
Caney River G as----------25
52
52
Citizens' T raction........... 50
15
11)4 15)4
Columbia Gas & E le c .. 100
4
3)4
Consolidated Ice. c o m .. 50
35
35
P referred------------------- 50
67
67
Crucible Steel, c o m ---1 0 0
71)4 71)4
71)4
H arb-W alk R e fr a c t.. 100
100
100
P referred----------:------ 100 100
3)4
3)4
Independent Brew, com 50
18)4 18)4
P referred------------------- 60
52
51)4 54
La Belle Iron W ks.com 100
124
124
P referred ___________ 100
93
93
Lone Star G as--------------100
51)4 51)4
51)4
M frs Light & H eat..........50
11)4 12
11)4
N at Fireproofing, c o m .. 50
24
24
24)4
P referred------------------- 50
18
19
18)4
Ohio Fuel O il....................... 1
40
40
40
Ohio Fuel Supply............25
74
74
Oklahoma Natural Gas 100
105
105
Osage &Oklahoma C o . 100 105
6
6)4
Pittsb Brewing, c o m ...5 0
21
21)4
P referred------------------- 50
35
33)4 35)4
Pittsburgh Coal, com ..1 0 0
8
8
9)4
Pittsburgh Oil & G as. .100
115
116
Pittsb Plate Glass--------100 115
18)4
18)4 19)4
Pure Oil, com m on---------- 5
22c.
22c. 25c.
San T o y M ining.................1
125)4
Union Switch & S ig n a l..50 125)4 125
31
30)4 32
U S Glass..............
100
86)4 88)4
U S Steel Corp, com — 100
138)4 140)4
W 'house Air Brake......... 50 139
67
67
69)4
W ’house Elec & M fg — 50
17
17
West Penn T r &W P -.1 0 0

Bonds—

Independ Brewing 6 s .1955
Pittsb Brewing 6s------ 1949
Pittsb Coal deb 5s------ 1931
P;tts M cK & Conn 53-1931

101)4

60
59
66
66
97
97
101)4 101)4

Range fo r
Low .

H igh.

635
15)4
4,705
15)4
360
75)4
286
89)4
260
69)4
1,420
23
55
48
1,915
8)4
930
3)4
125
34
10
12)4
140
45
416
97)4
2U
120
160
13)4
475
27
100 103
10
91
505
46
1,020
4)4
16
390
1,480
12
180
38
20
57
25
07)4
3
290
12
280
1,210
16)4
372
4)4
220 104
6,015
13)4
8c.
23,000
92
100
13
755
38
185
362 116)4
600
32)4
10
50

N ov
July
M ay
Oct
N ov
July
Mar
Jan
Dec
N ov
Feb
Feb
Mar
Aug
Aug
Jan
June
Mar
M ay
Feb
Feb
M ay
Nov
Fcl)
Feb
Feb
July
Jan
Aug
Apr
M ay
Apr
Apr
Aug
Fel)
Mar
Feb
Oct

49
50)4
90
99)4

Aug
Apr
Jan
Apr

$2,000
1,000
2,500
1,000

Y ear 1915.

24
35
139
123
78)4
40)4
52
16)4
6
40
100
71
100
6
22)4
59)4
124
108)4
53)4
13)4
26
18)4
45
75
108
8)4
24)4
42)4
8)4
119
19
24c.
130)4
31
89)4
144
74)4
20

Apr
D ec
D ec
Jan
D ec
D ec
Jan
N ov
M ar
Feb
Sept
Dec
D ec
Apr
Jan
N ov
N ov
Apr
N ov
Oct
N ov
D ec
M ay
D ec
D ec
N ov
Jan
Oct
D ec
N ov
D ec
June
Oct
D ec
D ec
Sept
Oct
N ov

N ov
62
Dec
67
Apr
97
100)4 June

THE CHRONICLE

Jan . 8 1916.]

Chicago Stock Exchange.—Complete record of transac­
tions at Chicago Stock Exchange from Jan. 3 to Jan. 7, both
inclusive, compiled from the official sales lists, is as follows:
Stocks—

Sales
Friday
fo r
Last Week's Range
Week.
o f Prices.
Sale.
H igh. Shares.
Par. P rice. Low .

36
79M
26
74
Chic Rys part ctf "4” ----Chicago Title A Trust. 100
Commonwealth-Edlson 100 145
Diamond Match--------100 106 M
Hart, Shaff A Marx pf.100
81
Illinois Brick________ 100
Kan City Ry A Lt ctf com

National Carbon_____ 100 ISOM
Pacific Gas A Elec Co. 100

Range fo r Y ear 1915.
Low .

21 345
100 26
10 67 M
581 30
122 68M
72 99
580 45M
40 16
69
3
75 1
30 204
419 132 M
SO 88
361 90
8 105
877 60
15 20
50 40
10 118
20 119M
585 119M
50 11SM
651 41
830 107 M
125 75
62 93 M
55 103
2,440 al31M
4,055 48 M
1,118 104M
1,283 144M
20 38M
218 110M

390 390
36M 36 M
79 H 79 %
25
28
70
67
108 108
74
75 M
18M ISM
4
4
1^
1^
230 232
143 145M
96M 97
106 H 107 M
114M 114M
z79
83 %
25M 25 M
55
55
126 126
126 126
170 183M
122 122
60
63 M
109M 112%
107 110
101 102 M
107 108
183M 188
85 M 88
126M 127 M
174 179
87 M 87 M
U2M 114

109M
Pub Serv of No 111 com. 100 110
102 M
Quaker Oats, pref-----100
107M
Sears-Roebuck com — 100 185
Stewart-Warn Sp com. 100 88
Swift A Co__________ 100 127
Union Carbide Co____ 100 176
U S Steel common-----100
Ward, Montg, A Co pref.. H3M
Bonds—
Armour A Co 4Ms__ 1939
93M 93 M
Chicago City Ry 5s.. 1927 99 Vs 99M 99 %
Chicago Rys 5s.........1927 97 M 97 M 97 M
91
91
Chic Rys 5s..series “ A”
Chic Rys 4s..series "B”
74M 74M
Chic Ry ad Inc 4s. 1927
36 M 38
102 102
Chicago Telephone 5s 1923 102
Commonw-Edison 5s. 1943 102M 102 M 102 H
73
Metr W Side El 1st 4s 1938
73 M
89 H 90
Morris A Co 4Ms___ 1940
98 M 98 M
95 Vs 95 M
102 M 102 M
102% 102 M
Chic Gas L A C 1st 5s ’37
94 M 94M
PubServCo lstref g5s 1956
South Side Elev 4MS.1924
88 M 89
Swift A Co 1st g 5s. . . 1944 98M 98 X 98 M

June
Apr
Apr
Feb
Mar
Sept
Feb
Oct
Oct
Feb
Aug
June
Jan
Mar
Jan
Feb
Apr
July
May
May
Jan
Mar
July
Dec
Jan
May
Apr
Mar
Jan
Jan
Jan
Feb
Jan

Jan
56,000 91
72,000 96 June
5,000 93 June
10,000 86 Sept
Sept
1,000 69
July
1,500 35
9,000 99 M Jan
Jan
32,000 100
13,000 70 M Oct
2,000 86 M Jan
1,000 95M Mar
Jan
4,000 92
7,000 99 M Jan
1,000 100 M Oct
1,000 *87%' Jan
26,000 87
Oct
81,000 ■ 94 M Jan

H ig h .

Jan
390
48M Aug
84
Dec
44
Aug
Aug
81
115 Mar
93 M Aug
31M Jan
5M Feb
Jan
3
235
Nov
146 H {Nov
99
Sept
1 2 1 M Nov
Nov
116
85
Dec
30 M Sept
00
Oct
Oct
130
Feb
125
166
Dec
125 Sept
61M Nov
123M Apr
Nov
110
Nov
102
Oct
108
Jan
215
92 H Nov
Dec
128
Dec
1S1
89 Vs Dec
Dec
115
93 M
99 H
97 M
90 M
77 M
48
102 M
102 n
77
90

Nov
Dec
Dec
Nov
Mar
Dec
Nov
Nov
Feb
Dec

96M
95 M
102 M
103
95
90
98 M

Oct
Dec
Dec
Nov
Nov
Apr
Nov

o'Ex-50 % stock dividend, x Ex-dlvIdcnd.

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week ending
Ja n . 7 1916.

St ocks.
Shares.

Par Value.

R ailroad,
& c..
Bonds.

State, M u n .
& Foreign
Bonds.

U . S.
Bonds.

HOLIDAY
Saturday -------------$514,500
Monday.................... 1,009,799 $92,760,900 53,785,000
888,594 76,706,650
4.309.000
844,500
Tuesday--------------887,109 75,380,400
4.555.000
Wednesday------------817.000
787,046 68.410,475
4.523.500 1,102,000
Thursday...... ..........
805,566 69,878,775
3.625.500
Friday____________
909.000
Mi
Total’.................... 4,378,114 S383,137,200' $20,798,000 S4,187,000
Sales at
N ew York Stock
Exchange.

Week ending J a n . 7.

1916.

1915.

4,378,114
800,159
Stocks—No. shares__
Par value________ 5383,137,200 568,356,825
Bank shares, par____
S3,400
S3,600
Bonds.

Government bonds__
S3.000
S5.500
State, mun., Ac..bonds
4,187,000
525,500
RR. and misc. bonds.. 20,798,000
9,913,500
ISMwn*
Total bonds........... S24,988,000 $10,444,500

$3,000

5,3000

J a n . 1 to Ja n . 7.

1916.

1915.

4,378,114
S383.137.200
$3,400

800,159
$6S,356,825
S3,600

53,000
4,187,000
20,798,000

$5,500
525,500
9,913,500

147

Tobacco Stocks— Per Sha re.

Par B id .

Railroads—
A sk.

American Cigar commonlOO 103 114
Preferred___________ 100 98 101
Amer Machine & Fdry..l00 92 98
Brltlsh-Amer Tobac ord..£l *1412 15%
Ordinary, bearer_____ £1 *1512 16
Conley F oil................... 100 350 400
Johnson Tin Foil & Met.100 155 175
MacAndrews A Forbes--100 135 150
Preferred____________100 98 101
Porto Rlcan-Amer T o b ..100 208 215
Reynolds (RJ) Tobacco. 100 475 500
Preferred___________ 100 118 122
Tobacco Products com..100 31 33
United Cigar Stores com.100 94 98
Preferred___________ 100 110 120
Young (J S) Co_______ 100 155 170
Preferred___________ 100 105 110
Ordnance Stocks— Per S h a re
Aetna Explosives com___ 100 84 94
Preferred____________ 100 82 88
Amer A British Mfg____ 100 18 28
Preferred____________ 100 50 80
Atlas Powder common.. 100 260 270
Preferred____________ 100 100 103
Babcock & Wilcox______100 115 125
Bliss (E W) Co common..50*350 370
Preferred_____________ 50 *73 83
Canada Fdys A ForglngslOO 210 230
Canadian Car A Fdry___ 100 75 80
Preferred___________ 100 95 100
Canadian Explosives comlOO 370 400
Preferred____________100 100 110
Carbon Steel common___100 70 80
1st preferred_________100 78 85
2d preferred________ 100 58 65
Colt’s Patent Fire Arms
M fg............................ 100 885 905
Drlggs-Seabury Ord Corp 10 0 1 /144 146
duPont (E I) de Nemours
Powder com (new)___100 376 385
Preferred___________ 100 100 105
Electric Boat_________ 100 400 420
Preferred___________ 100 400 420
Hercules Powder com__ 100 377 385
Preferred___________ 100 114 120
Hopkins A Allen Arms..100 52 58
Preferred___________ 100 89 94
23 25
International Arms
Lake Torpedo Boat com.. 10 *111- 1212
Marlin Arms com________ 30 35
79 84
Preferred..___________
Mid vale Steel <fc Ordnance . . *76 77
Nlles-Bement-Pond com. 100 185 195
Preferred___________ 100 100 106
Savage Arms__________ 100 490 498
Scovlll M fg __________ 100 485 500
40 42
Submarine Boat
_______
Winchester Repeat Arms 1002500 2650
Short Term Notes. P erC en ■ .
Amer Loccm 5s July 1916 J-J 100% 101%
5s. July 1917.............J-J 100% 101%
Am T & T Sub Cos 5s.. 1916 100% 100%
Anaconda Copper 5s ’ 17 M-S 101%il01%
Balt A Ohio 4Ms 1917.JAD 101i8101%
4Ms, 1918................JAD 101%101%
Canadian Pac 6s 1924.MAS2 103 103%
Ches & Ohio 5s 1919...J -D 99 99%
Chic Elev Ry 5s 1916___ J-J 95 96
Chic* West Ind 5s’ 17.MAS 100 100%
Consum Pow 6s 1917..MAN 99% 100%
Erie RR5s. April 1916. AAO 100% 100%
5Ms April 1 1917___ A-O 101%10178
General Rubber 5s 1918 JAD 100% 100%
Hocking Valley 5s 1917.M-N 101 jl01%
Int Harv 5s Feb 15 TS.F-A 101%102
Lackawanna Steel 6s’ 17 M-S 101 101%
Minn Gen El 6s 1917...JAD 101 101%
New Eng Nav 6s 1917.M-N 99% 99%
N Y N H A H 5s.May 1 1916 100% 100%
Pub Ser Corp N J 5s ’ 16 MAS 100% 100%
Schwarz A Sulzb 6s ’1 6 ..J-D 100% 100%
Seaboard A L 5s 1916...M-S 100%100%
Southern Ry 5s 1916...F-A 100 100%
5s Mar 2 1917........M-S2 100% 109%
SuIzASonsCo6sJ’ne 1 ’16M-S 100% 100%
UnTypew 5s Janl5’ 16 J-J15 100 100%
United Frult6sMay 1’ 17M-N 101% 102%
Gold notes 5s 1918..M-N 100% 100%
Utah Co 6s 1917______ A-O 100% 101%
UtahSecurCorp 6s ’22 M-S15 94 95%
New York City Notes—
6s Sept 1916______ ____ _ 102 102%
103% 103%
6s Sept 1 1917....................
Canadian Govt. Notes—
5s Aug 1 1916.........
FAA 100% 100%
5s Aug 1 1917................FAA 100% 100%
P er C l. Basis

Street Railways

$10,444,500

Inactive and Unlisted Securities




34

61
85%
9%
40
21
70
9%
i 42
1 45
73
84%
83
807S

62
86%
11
43
23
72
11
44
49
74
86%
83%
81

1
1
1
1
1

Wash Ry A El Co.

Am Gas A Elec com.

•134 135
*50% 51%
395 400
113 115
69 71
85 86
41 44
72 75
100 102
72 74

Consumers Power (Minn)

102 104
100
85 87
85
74 77
45 46
91% 93
63 04
88 90
90 92
89 90
99 102
97% 100
*7% 8
*30 30%
19 21
70 73
20 23
17% 18%
Notes
17 17%
55% 56

Standard Gas A El (Del).
Preferred___________
Utah Securities Corp.

Industrial
and Miscellaneous

82
85
49
52
275
so
90
134
138
126
123
43
95
300
117
107%
2%
105
150 160
16 19
70 80
82 84
18 21
57 59
*1
1%
4
2
6
8
/52 55
14 15
160 163
20 20%
76 78
38 40
/71% 74
101 103
108% 109%

/SI
75
*47
*50
265
79
87
132
134
123
American Surety______ 50 118
41
92
293
115
105
Canada Copper_________ 5 *2
Amer Bank Note com__

Cramp Ship A E Bldg__ 100

1st g 5s June 1 1922..J-D
Intercontlnen Rub con
Internat Banking o___ 100
Internat Merc Marine__ 100
Preferred___________ 100
International Salt_____ 100
1st g 5s 1951........... A-O
International Silver pref.100
1st 6s 1948................. J-D
Deb 6s 1933.................J-J
Kelly-Sprlngfield Tire__ 100 292 295
1st preferred......... ......100 95 96%
New stock when lss.
73% 74
*54% 54%
Kennecott Copper___
74 75%
La Rose Consol Mines.
58
%
Lawyers’ Mortgage C o.. 100 178 183
82
Lehigh Valley Coal Sales.50 •80 ; ™
Marconi Wireless of Amer.5; *3% 3%
Mortgage Bona Co___ .100 114 119
National Surety......... .10C 205 210
N Y Mtge A Security.. .10C 98 103
N Y Title Insurance Co .10C 35 45
...5 *71s 73,
Otis Elevator Com____ .10 0 64 67
Preferred.................. . 10 c 93 95
Realty Assoc (Brooklyn) 10C 99 103
Remington Typewriter—
Common__________ 10 c 17% 18%
1st preferred_______ . 10 c 65 67
2d preferred_______ . 10 c 40 42
Rlker A Hege’n(Corp for stk) *5
5%
Royal Baking Powd com . 10 c 140 145
.10 0 10 0 102
Safety Car Heat A Light .100 108 112
Singer Mfg Co_______ .100 217 221
Standard Coupler com. .10C 25 35
Preferred........... ....... .10C 100
2
2%
Sterling Gum________ ...5
Texas A Pacific Coal__ .10C 140 160
...5 *6% 6%
United Profit Sharing..
•1% 1%
U S Casualty............. 100 190 210
U 8 Envelope com____ 100 130 137
100 107 108
U 8 Finishing____ ____ 100 12 17
Preferred__________ 100 37 47
1st g 5s 1919______ . j -j 95
Cons g 5s 1929_____ . j -j 79 85
U S Title Gu A Indem__ 100 40
Westchester A Bronx Title
A Mortgage Guar____ 100 170 ISO
•2
World Film ..................
2%
Worthington (H R) Com100 100 105
•2% 3
Yukon Gold__________ . . 5

B id . Ask.
RR. Equipments—
64.30 4.20
Baltimore A Ohio 4M8
->MLY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
Buff Roch A Pittsburgh 4He 4.40 4.25
4.40 4.25
BALTIMORE EXCHANGES.
Equipment 4s________
4.55 4.45
Canadian Pacific 4 Me___
4.80! 4.60
Caro Cllnchf A Ohio 5s__
Boston.
Philadelphia.
Baltim ore.
4.55 4.35
Central of Georgia 5s____
eek ending
4.55 4.35
Equipment
4Ms________
Ja n . 7 1916.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
7.00 5.80
Chicago A Alton 4s__
Chicago A Eastern III 5s___ 5.75 5.50
HOLI DAY.
Saturday.............
5.75 5.50
Equipment 4M8___
77,616
Monday________
563,000
11,862
S60.079
5,533 S135.000 Chic
4.75 4.45
Ind A Loulsv 4M8
Tuesday________
77,779
79.000
21,550
78,011
130,800 Chic St
6,840
4 45 4.25
O 5s___
74,031
Wednesday.........
62,500
19,151
276,849
125,700 ChicagoLAANNW
5,026
4.30 4.15
4M8-57,383
Thursday_______
32,100
20,043
115,500
85,200 Chlcago R I A Pac
3,020
5.50 5.00
4Ms
48,695
Friday-------------29.000
11,473
91,100 Colorado A Southern 5s___ 4.75 4.50
101,475
7,233
4.65 4.40
5s_____________
Total ............. - 335,504 $265,6001 84,079 $631,914
27,652 5567,800 Erie
4.65 4.40
Equipment 4He___
4.65 4.40
Equipment 4s_____
4.60 4.40
Hocking Valley 4s___
4.60 4.40
Equipment 5s_____
4.38 4.20
Illinois Central 5s___
All bond prices are “ and Interest" except where marked " f.’
4.38; 4.20
4H s........................
Kanawha A Michigan 4 Ms.. 4.60| 4.40
Per sh are.
Louisville A Nashville 5s___ 4.30; 4.20
Standard Oil Stocks Pe rShare
Par B id. Ask.
4.35, 4.15
Par Bid. Ask. Pierce Oil Corp.................25 •16% 16% Minn St P A 8 S M 4 Ms___
Missouri Kansas A Texas 5s. 5.90 5.20
*17% 18 Prairie Oil A Gas..........100 423 428
Anglo-Araer Oil new----6.10 5.25
Missouri Pacific 5s___
Atlantic Refining............100 665 6SO Prairie Pipe Line........... 100 228 230
4.75 4.50
Mobile A Ohio 5s____
Borne-Scrymser Co------ 100 275 285 Solar Refining..............100 310 320
4.75 4.50
Equipment 4Me___
Buckeye Pipe Line Co— 50 *108 111 Southern Pipe Line C o.. 100 222 227
New York Central Lines 5s. . 4.55 4 40
Chesebrough Mfg Cons.. 100 730 740 South Penn Oil...............100 371 381
4.55i 4.40
Equipment 4Ms___
Colonial OH.................... 100 160 180 Southwest Pa Pipe Lines. 100 125 130
N Y Ontario A West 4Ms__ 4 60 4.40
Continental Oil_______ 100 270 280 Standard Oil (California) 100 360 365
Norfolk A Western 4Ms___ 4.30] 4.15
Crescent Pipe Line Co— .50 *45 48 Standard Oil (Indiana)..100 535 545
4.30 4.15
Equipment 4s_____
Cumberland Pipe Line.. 100 50 55 Standard OH (Kansas) ..100 455 465
4.25 4.10
Pennsylvania RR 4M8
Eureka Pipe Line Co___ 100 245 255 Standard OH of KentuokylOO 345 355
4.25'
4.10
Equipment
4s______
162
158
100
Standard OH of NebraskalOO 345 355
Galena-Signal OH com__
St Louis Iron Mt A Sou 5s.. 5.55 4 95
Preferred___________ 100 135 140 Standard Oil of New Jer. 100 522 527
St Louis A San Francisco 5s. 6.00 5.00:
Illinois Pipe Line______ 100 178 181 Standard Oil of New Y’rklOO 215 219
Seaboard Air Line 5s______ 4 62 4 45
Indiana Pipe Line Co__ .50 *108 111 Standard Oil of Ohio___ 100 540 550
Equipment 4Ms________ 4 62 4.45
Internat Petroleum____ .£1 •12% 13% Swan A Finch........... .....100 130 135
Southern Pacific Co 4Ms__ 4.38 4.20
National Transit Co___ .25 •30 32 Union Tank Line Co___ 100 85 87
Southern
Railway 4Ms____ 4.60 4.40
New York Transit Co__ 100 220 225 Vacuum OH........... .......100 231 235
Toledo A Ohio Central 4s__ 4.75 4.50
Northern Pipe Line C o.. 100 104 107 Washington Oil...............10 *48 52
Ohio Oil Co.................... .25 •191 194
Bonds.
•Per share. 6 Baals, d Purchaser also pays accrued dividend,
Penn-Mex Fuel Co_____ .25 *69 71 Pierce Oil Corp con' 6s. 1924 84 86
/ Flat prtoe. n N ominal. * E x-dlvldend. v Ex-rlghta.

S24,988,000

B id .
I f 30

e

N ew stock

148

THE CHRONICLE

[Vol . 102

\xwzstmmt ami %ixxlrxraxl futelligmcje*
R A I L R O A D

G R O S S

E A R N IN G S

The following table shows the gross earnings of every S T E A M railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns the earnings for the period from July 1 to and including the latest week or month.
W e add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with J u ly ,b u t covers some other
period. T h e r e t u r n s o f th e e le c t r ic r a i lw a y s a r e b r o u g h t to g e th e r s e p a r a t e l y o n a s u b s e q u e n t p a g e .
L a te s t G ro ss E a r n in g s .
RO A D S.

W eek o r
M o n th .

C u rr e n t
Y ear.

July 1 to L a te s t D a te .

P re v io u s
Y ear.

C u rr e n t
Y ear.

P re v io u s
Y ear.

Ala N O A Tex P ac$
N O & Nor East. November
500,186
317.345 270,069 1,573 ,343
Ala & Vicksburg. November
670.920
152.049 120,024
689 ,718
643,278
Vicks Shrev A P . November
156.458 115.574
689 ,284
Ann Arbor________ 3d wk Dec
37,346 1.242 ,172
160,280
51,780
399,418
Atch Top A San F e. November 12069676 10102017 55,576 ,592
Atlanta Birin & Atl November
131,517
269.230 202,890 1,254 ,643
96,813
507,183
Atlanta & West P t. November
549 ,649
118,830
933,646
Atlantic Coast Line November 2,888,845 2,541,495 12,015 534
744,385
Chariest A W Car November
719 ,453
166,866 154,1S2
624,532
Lou Hend & St L November
644 ,730
136,530 106,903
464.360
aBaltimore A Ohio. November 9,233.682 6.879,269 46.875 ,542
710.257
B & O C h T e r R R November
731 ,037
161,516 119,731
,429,423
Bangor & Aroostook November
235,421 316,791 1,368 ,640
,917,108
Bessemer & L Erie. November
952,142 545,552 5,804 ,485
59.753
383.167
367 ,854
Birmingham South. November
77.799
.014,709
Boston A Maine__ November 4,210,042 3,745,848 21,374 ,211
,862,866
Buff Roch A Pittsb. 3d wk Dec 245.268 178,949 5,681 ,580
638.454
682 .705
162.756 122,181Buffalo & Susq R R .-V ovem ber
,687,800
Canadian Northern 4th wk Dec 1,006,900 464,300 15,062 ,900
,815,163
Canadian P a cific.. 4th wk Dec 3,534,000 2,244,000 66,344 ,490
,230.919
Central of Georgia. November 1,132,769 1,002,012 5,297 ,629
,926.000
Cent o f New Jersey Novomber 3,213,437 2,524,180 15,042 ,894
,590,303
Cent New England. November
510,452 310,055 2,087 ,654
,696,321
Central Verm ont.. November
347,198 303,094 1,735 ,102
,519,485
Chas A Ohio Lines. 4th wk Dec 1,378,810 1,017,950 23,554 ,502
.160.781
Chicago A Alton__ 3d wk Dec
300,277 253,708 7,728 ,051
,065.065
Chic Burl A Quincy November 9.409,594 7,903,284 43,332 ,160
,365,015
b Chicago A East 111 November 1,505,675 1,143,498 7,045 225
,385,414
c Chic Great W est. 4th wk Dec 337,281 291,786 7,562 831
,407,415
Chic Ind & Louisv. 4th wk Dec 201,550 153.792 3,821 951
,507,824
Chic Milw & St P . 1 November 9,908,928 7.379,909 45,190 596
Chic M il& Pug Sj
ciChic& North West November 8,172,671 ,336,,140 40 ,322,S64
059,447
Chic Peoria A St L_ November
747,436
742,927
149.988 130, 605
dChic St P M & Om November 1,889,106 ,493, 061
,255,130
.400,982
Chic Terre II A S E November
971,90?
215.508 174,,257
968,224
Cin Ham & Dayton October . . 1,048,716 887, ,210
,022.184
,743.306
Colorado M idland. November
145,481 166 ,623
716,952
918,028
e C olorado* South. 4h wk Dec
500,255 486 ,150 ,234,183
,7,-0,868
10 ,845
56,161
C ornwall_________ November
14,767
57,123
19 ,850
Cornwall & Lebanon November
183.467
135.542
34,987
,603,081
.026.929
387,174 285 ,226
Cuba Railroad____November
,712,064
,112.775
Delaware & Hudson November 2,188,072 ,887 ,395
,184,214
,101,978
Del Lack & Western November 4,543,150 ,753 ,900
,402,141
,127,454
Denv A Rio Grando 4th wk Dec 588,900 489 .300
,456,898
,699.187
664,035 4.32 .979
Western P acific.. November
.038,844
35 ,302
916.168
Denver A Salt Lake 3d wk Dec
43.800
904,682
915,582
Detroit Tol & Iront November
199,685 180 806
557,142
565,696
20 426
29,343
Detroit & Mackinac 4th wk Dec
600.166
610,179
Det & Tol Shore L . November
143,152 127 440
663,010
,773,662
782
85
Dul A Iron R an ge.. November
416,980
497,692
,778,615
62 940
Duluth So Sh & Atl 4th wk Dec 105,872
450.052
451,755
Duluth Winn Sc Pac October—
122.503 115 900
743,812
,154,982
Elgin Joliet & East. November 1,131,115 510 152
,131,715
167,605
911,416 571 743
El Paso & Sou West November
.668,456
,760,588
E r ie _____________ November 6.321,085 ,715 216
.663,323
,907,476
468,6851 370 415
Florida East Coast. November
396,336
.396,430
65 592
73.600
Fonda Johns & Glov November
,289,627
,268,100
293.847 248 ,953
Georgia Railroad . . November
62 ,549
,193.862
,111,232
Grand Trunk Pac_. 2d wk Dec 186,022
,512,108
,365,554
Grand Trunk Syst. 4th wk Dec 1,743,306 ,511 .606
Grand Trunk Ry 2d wk Dec 756,575 675 ,237
,061,201
,488,644
Grand Trk W est. 2d wk Dec 198,791 146 ,097
,000,453
,396,415
Det Gr II A Milw 2d wk Dec
49 600
,510,367
267,819
68,029
Great North System December . 7,302,728 ,595 679
216,732
280,076
Gulf & Ship Island- November
804,305
704,922
168,942 124 509
,240,595
Hocking Valley
November
124,859
669.049 527 154
Illinois Central___ November
,368.362
5.981,279 .077 115 ,239,537
Internat A Grt Nor November
924,810
015,491
874,386 879 379
,516,666
Kanawha A M ich .. November
,380,567
312,844 207 109
Kansas City South. November
,441.382
954,705 879 047
449.165
Lehigh V aliev.. . . November 4.340,536 .527 394
,436.891
,906,153
917,780
Lehigh A Hud R iv. November
769,249
225,654 1 13 ,398
Lehigh & New E ng. November
,499,381
,183,989
315.988 208 ,825
Louisiana & Ark__ November
750.093
728,475
160.247 130 ,104
999,024
Louisiana Ry & Nav November
820.035
233.247 163 ,457
/Louisville A Nashv 4th wk Dec 1,577,905 ,225 ,052 29 ,164,615 26 ,844.278
66,080
63,6571
Macon & Birm’ham November
1 ,490
14,267
,113,389
,060,765
Maine Central_____November
958,169 934 ,006
Maryland A Penna. November
44 ,543
243,382
213,509
41,234
743,258
639,622
Midland Valley___ November
169,846 132 ,294
395.036
Mineral Range___ 4th wk Doc
16 ,611
540,471
27,054
Minn & St Louis..\ 4ch wk Dec 242,863 209 ,275
,316,862
,498,942
Iowa Central__ i
Minn St P & S S M . 4th wk Dec 873,112 553,054 18,428,257 15,419,057
346,034
Mississippi Central. November
345,428
74,506
62,677
g M o Kan & Texas. 4th wk Dec
976,870 1,000,925 16,716,063 17,202,213
h Missouri P acific.. November 5.919.474 4,989,135 26,727,100 26,487,516
Nashv Chatt & St L November 1,135,359 895,099 5.179,183 4,820,495
Nevada-Cal-Oregon 3d wk Dec
5,816
217,261
5,648
220.612
/New York C en tral November 16023134 12094114 75,826,817 66,490.896
Boston & Albany! November 1,645,461 1,287.016 7,912,036 7.148,014
n Lake Erie A W . November
579,261 422,557 2,859,862 2,521,462
Michigan Central November 3,351.511 2.526,090 16,451,3X0 14,546.089
Cleve C C & St LJNovember 3,561,167 2,759,200 17,553,876 15.880,673
Cincinnati North.(November
719,136
165,351 130,198
766,015
Pitts & Lake Erie November 1,967,731 1,004,112 9,336,454 6,667,026
N Y Chic & St L. (November 1,230.289 932,518 5,623,464 4,771,954
Tol & Ohio Cent. INovember
485,374 454.678 2,216,118 2.512,292
1A1B4on 138546022 121257541
T ot all lines above Novomber 29009279 21610489

July 1 to L a te s t D a te .

L a test G ross E a r n in g s .
RO A D S.

Week or
M o n th .

New Orl Great N or. November
N O Mobile & Chic. November
N Y N H A Hartf. . November
N Y Ont A Western November
N Y Susq & W est.. November
Norfolk Southern.. November
Norfolk & Western- Novomber
Northern Pacific__ November
Northwestern Pac. November
Pacific Coast Co . . O c to b e r _
p Pennsylvania R I l- November
Balt Ches A Atl.-. Novembor
Cumberland Vail. November
Long Island_____ November
Maryl’d Dol & Va November
N Y Phila Sc Norfj November
Phil Balt A Wash November
W Jersey & Seash November
Pennsylvania C o __ Novembor
Grand Rap Sc Ind November
Pitts C C & St L . Novomber
V andalia_______ November
Total lines—
East Pitts Sc Erie November
West Pitts & Erio'Novembor
All East & West _i November
Peru Marquette__ |Novembor
Reading C o
Phila & Reading. November
Coal A Iron C o .. November
Total both cos— November
Rich Fred A I’otom Novomber
Rio Grande June__ October—
Rio Grande South. . 111 wk Dec
Rock Island Lines. . October__
Rutland__________ November
St Jos & Grand Isl. November
St L Brownsv & M . November
St L Iron Mtn & So November
St Louis A San Fran October__
St Louis Southwest . 4th wk Dec
San l'ed L A & S L . November
Seaboard Air L in e.. November
Southern Pacific__ November
Southern Railway.. 4th wk Dec
Mobile & Ohio__ 4th wk Dec
Cin N O & Tex P. 4th wk Dec
Ala Great South. 4th wk Dec
Georgia Sou A Fla 4th wk Dec
Va A So West__ 4th wk Dec
Spok Port & Seattle Novembor
Tenn Ala A Georgia 3d wk Dec
Tennessoo Central . Novem er
Texas & Pacific___ 4th wk Doc
Toledo Peor A West 4th wk Dec
Toledo St L A West 4th wk Dec
Trinity A Brazos V . Novembor
Union Pacific Syst. November
Virginian_________ November
W abash__________ 4t i wk Dec
Western Maryland- 4th wk Dec
Wester » Ry of Ala- Novembor
Wheel A Lake Erie. November
Wrightsville A Tenn November
Yazoo & Miss Vail. November

C u rren t
Y ear.

C u rr e n t • P re v io u s
Y ear. \ Y e a r.

P re v io u s
Y ear.

S
$
:
$
S
689.711
721 ,088
144,313 117,660
774,536
„ 180,5441 136,191
807 ,852
080,221
6,407,273 5,125,780 31,765 061
266,533
720.849 694.958 | 4,087 ,419
374,671i 287,606 1,726 ,657
547,697
394,764 300,209 I 1.815 7 9 1
634,625
4,572,794 3,079,663 123,447 ,385
454,606
7,331,502 5,648,727 32,692 200 30 900,085
345,271, 274,820 2,101 .6161 1 819,440
617,937 585,520 2.605 .735 2 496.380
18617404 14825 283 90,297 ,489 81 ,145,946
84,481
86,204
587 .239
666,062
280,720 240,346 1,406 .111
.308,042
1,043,597 965,233 6,505 ,298
,365,197
451 .469
71,076
67,770
481.751
361,919 _______
,682,189
281,269 1.934 .845
1,907,985 1,641,491 9,615
,954,680
494,084 393,697 3,67,3 963
,372,363
6,145,936 4,057,245 30,243 402 24 885,401
468,972 417,636 2,381 ,866
453,400
116,266
3,923,628 2,874,234 19,021 ,155
1.073,290| 893,736 5,125 .52 > 890,421
23329935 ’ 8971347
11762 235 8,360.721
35092 170 27332068
1.905,742 1,484,421

117232641106729878
57,501,953 50,024.346
174734595 156754227
8.654,271 7,929.009

088,941 20 ,479,648
5,083,491 3.984,042
131,854)13 ,004,028
3,616,595 2,954,468
8,700,086 6,938.510
220,795 33 ,483,676
148.505 1 ,121,028
239,771 218,747
438,314
382,576
111,418 126,422
299,965
300,6991
14,361
13,772
6,624,693 6,677.655 25 250,612
---------- 26
i ,262.536
592,236
641,524
310,345: 289.724
734,435
727,746
169,257 119,799
990,426
,161.726
210,024' 170.211
,311,419
509,013
3,129,883 2,555,914
,291,590
,427,283
4,224,050 3,955.281
,632.227
271,749
348,000, 273,000
,954,902
,605,542
894.700! 704,706
,525,040
2.011.155 1,713,798
,806,770
,339,089 57 ,497.887
13 752948 10 246764
,234,859 32 ,765.575
1,967,250 1,684,905
,640,764
,819,541
280,220 264,439
.762,695
,165,199
316,102 248,667
.388,625
,693,392
181,738 120,958
,192,205
,221,122
68,035
81,937
975,295
50,46"
982,944
45,614
,188,653
,262,262
419,329 355,904
35,851
39,201
1,104
1,877
655,885
681,631
130,801 109,595
,534,563
617,428 506,014 10 ,037,243
633,716
35,046
640,841
37,467
,756,42.8
87.814
,291,079
111,633
496,874
99,826
394,908
94,603
9,389,069 7,592,182 45 .109,951 41 ,984,379
561,572 454,629 2 981,434 2,618,755
955,000 759,000 16 920,576 15.273,580
342,742 198,781 5 358,305 4,200, 96
531,722
96,5571
546,071
121,945
,629,295 2,545,943
787,384 396,317
116,175
25.762
123.675
26,862
.683,898 4.887.872
1.340,687 1,124,273

V a rirn is F is c a l Y e a r s.

C u rr e n t
Y ear.

P e r io d .

Buffalo A Susquehanna R R ____ Jan 1 to N ov
Delaware & Hudson__________ Jan 1 to Nov
Nov
New York Central/___________ Jan 1 to Nov
Boston Sc A lb a n y____________ Jan 1 to Nov
Lake Erie A W estern .n _____ Jan 1 to Nov
M ichigan Central ____________ Jan 1 to Nov
C leve Cine Chic & St L o u is .. Jan 1 to Nov
Cincinnati N orthern_________ Jan 1 to Nov
Jan 1 to Nov
Pittsburgh & Lake E r ie ...
Now York Chicago & St Louis Jan 1 to Nov
Toledo & Ohio Central........... Jan 1 to Nov
T otal all lines_____________ Jan 1 to Nov
N Y Susquehanna & W estern. . Jan 1 to Nov
p Pennsylvania R a ilr o a d ---------- Jan 1 to Nov
Baltimore Chesap & Atlantic Jan 1 to Nov
Cumberland Valley.............. Jail 1 to Nov
Long Island________________
1 to Nov
Maryland Dolaw Sc Virginia.. Jan 1 to Nov
N Y Philadelphia Sc Norfolk. Jan 1 to Nov
Phila Baltimore & Washing’n Jan 1 to Nov
■Jan 1 to Nov
Jan 1 to Nov
Jan 1 to Nov
Pitts Cine Chic & St Louis__ 'Jan
jJan 11 to Nov
Jan 1 to Nov
Jan 1 to Nov
Jan 1 to Nov
'Jan 1 to Nov
(Dec 1 to Oct
Jan 1 to Nov

E r ie ____________________________ Jan 1 to

P ie tio u s
Y ear.

30 Sl.357,230 $1,314,277
30 21,493,361 20,860,819
30 60,374,627 55,111,972
30'1513798001139643199
30 16,031.542 15,206,462
30: 5,626,0031 5.206,724
30 33,009,435 30,808,377
30 34,596,137 32,464,518
301 1.473,4941 1,356,737
30 16,374,398 14,662,603
30 11,305,170 10,334,857
301 4,288.1811 4,568.241
30 274084160:254251718
30 3.729,688 3,533,763
30 178450 493 172932 495
30; 1,073,996) 1.167,405
30' 2.798,099 3,016,504
30 12.558,299 12,383,045
30)
830,144
874,127
30; 3,801,095 3,475,251
30 19,331,909 18,773,606
30( 6,452,184 6,088,694
30 55,459,624 51,147,019
30! 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 109519931 103978777
30 339520091 327386441
31,
845.351!
923,294
30 3,274.869 3.272,293

AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
* W eekly S u m m a r ie s .

C u rre n t
Y ear.

P re v io u s
Y ear.

In c r e a s e o r
D ecrea se.

%

C u rr e n t
Y ear.

P re v io u s
Y ear.

In c r e a s e or
D ecrea se.

M ile a g e .
C u r . Y r . P re v . Y r .
5
S
$
February ...246.186 212.83" 210,860.681 212.163.967 — 1.303.286 0 61
weekOct (32 roads)___ 14,372.120 12.225.873 +2.146,247 17.49
M a rch _____246.848 243.59' 238 157.881 253.352.099 —15.194.218 5.99
weekOct (36 roads)___ 21,305.141 17.501,687 +3.803,454 21.73
April . . 217.701 215.170 237.696.378 241.090.842 —3.394.461 1 41
weekNov (36 roads)___ 14.911.501 12.010.570 +2,900,931 24.15
M a y ............. 247.747 245.207 244.692,738 243.367.953 + 1.324.785 0.54
weekNov (36 roads)___ 15,219.672 12.176,733 + 3.0t2,939 25.07
J
u n e .______ 210.219 235.82' 248.849,716 247.535.879 4-1.313.837 0 53
weekNov (37 roads)___ 15,124.179 11.801.719 +3,322,460 28.16
week Nov (35 roads)____ 17,801.984 12,888,457 + 4,913.527 38.08 July..............213.012 241.796 262.918.115 260.624.000 + 2.324.115 0 8 f
week Dec (38 roads)___ 13,980.658 10,797,962 + 3,182,696 29. IS August_____217.809 215.751 270.891.221 274.618.381 +5.272.843 1 93
Septem ber..215,132 243.163 294.241,340 276.458.199 + 17.783.141 6.43
week Dec (38 roads)____ 14,254.799
_________ 10,679,744 +3.575,055 33.48
_
+37.087,941 13.57
O ctober___ 248.072 24 7.009 311. 179.375 274,091.434
week Dec (37 roads)___ 13,822,654! 10,351,984 +3.470,670 31.34
94.328 86.734.797i 67,190.0441+19,544,753 29.07
week Dec (29 roads)___ 17,689,347' 13.404.381 +4,284,966 31.97 I N ovem ber.. 95,689
a Includes Cleveland Lorain A Wheeling Ry. ft Includes Evansville* Terre Haute and Evansville A Indiana RR. c Includes Mason City Sc Fort
Dodge an 1 the Wisconsin Minnesota A Pacific, d Includes not only operating revenue, but also all other receipts, e. Does not include earnings of Oolon d o Springs A ('ripple Creek District Ry. / Includes Louisville A Atlantic and the Frankfort A Cincinnati, q Includes the Texas Central and the
Wichita Falls lines ft Includes the St. Louis Iron Mountain A Southern, j The comparisons here given are with the results of operation of the Vew
York Central A Hudson River RR., Lake Shore A Michigan Southern Ry.. Chicago Indiana A Southern RR. and Dunkirk Allegheny Valley A Pittsburgh
RR ., which have boon combined for such comparative purposes only, n Includes the Northern Ohio RR
o Includes the Northern Central.
*We
n i longer include the Mexican roads in any of our totals.

3d
4th
1st
2d
3d
4th
1st
2d
3d
4th




THE CHRONICLE

JAN. 8 1916.]

L a test Gross E arn in gs by W e ek s.— In tho tablo which
follows wo sum up separately the earnings for the fourth
weok of December. The table covers 29 roads and shows
3 1 .9 7 % inorease in tho aggregate over the same week last
year.
F o u rt h w eek o f D ecem b er.

1915.

1914.

In c r e a s e . D ecrea se.

S
s
S
181,738
120,958
60,780
1.006,900
464,300 542,600
3,534,000 2,244,000 1,290,000
1,378,810 1,017,950 360,860
45,495
337,281
291,786
316,102
67,435
248,667
99,600
588,900
489,300
29,343
8.917
20,426
42.932
105,872
62,940
13,902
81,937
68,035

Alabama Great Southern--------Canadian Northern-------------Canadian Pacific-------------------Chesapeake & Ohio----------------Chicago Great Western---------Cine New Oil & Texas P acific..
Denver & Rio Grande-------------Detroit & M ackinac............ —
Duluth South Shore & Atlantic.
Georgia Southern & Florida----Grand Trunk o f Canada--------- 1
Grand Trunk Western------- \ 1.743,306 1,511,606
Detroit Gr Ilav & M ilw----- |
Canada Atlantic---------------- J
Louisville & Nashville________ 1,577.905 1,225,052
16,611
27,054
Mineral Range-------------------Minneapolis & St Louis----------1
242,863
209,275
Iowa Central______________ j
553.054
873,112
Minn St Paul & S S M ________
976.870 1,000,925
Missouri Kansas & Texas______
264.439
280,220
Mobile & Ohio________________
273,000
348.000
St Louis Southwestern________
Southern Railway____________ 1.967,250 1,684,905
506,014
617,428
Texas & Pacific..........................
35,046
37,467
Toledo Peoria & Western--------87,844
111.633
Toledo St Louis & Western----45,614
50,467
Virginia & Southwestern--------955,000
759.000
Wabash---------------------------------324,742
198,781
Western Maryland___________
Net increase (31.97%).

s

231,700
352,853
10.443
33,588
320,058
15,781
75,000
282,345
111,414
2,421
23,789
196,000
125.961

17,689,347 13,404,381 4,313,874
4.284.966

24,055

149
------ G ross E a r n in g s ----- ------ N e t E a r n in g s ------

R o ad s.

C u rr e n t
Y ear.

P re v io u s
Y ear.

$
$
Pennsylvania R R . — C o n .—
Grand Rap & In d -a ..N o v
468,972
417,636
Jan 1 to Nov 30........... 4,848.397 4,992,069
Pitts C C & St L _a --N ov 3,923,628 2,874.234
Jan 1 to N ov 30______37,461,066 36,283,247
V a n da lia .a------------- Nov 1,073,290
893,736
Jan 1 to Nov 30______10,282,527 10,088,733
Total E Pitts & Erie a Nov23.329,935 18,971,347
Jan 1 to Nov 30--------- 230,006,160 223407,664
Total W Pitts&Erio.a.Novl 1,762,235 8,360,721
Jan 1 to Nov 30--------- 109,519,931 103978 777
Total All Lines E&WaNov35,092,170 27.332,068
Jan 1 to Nov 30--------- 339.526.091 327386,441
Pere Marquette_a------- Nov 1,905,742 1,484.421
July 1 to Nov 30--------- 8,654.271 7,929.009
Richm Fred & P otom .b .N ov 239,771
218 7 4 7
July 1 to Nov 30--------- 1,148,505 1.12L028
Rio Grande Southern.b_Nov
53,921
52 422
July 1 to Nov 30--------254,746
257,977
St Louis Iron M t & So a Nov 3,129,883 2 555 914
July 1 to Nov 30--------- 13,509,013 13,311,419
St Louis Southw est.a.-N ov 1,184,978
970 252
July 1 to Nov 30--------- 5,139,749 4.750,227
Texas & P acific.b---------Nov 1,946.650 1,784,923
July 1 to Nov 30--------- 8,142,199 7,879,824
561,572
454,629
Virginian, a -------------------Nov
July 1 to Nov 30--------- 2,981,434 2,618,755
W a b a s h .b --.................__Nov 2,881,097 2.318.595
July 1 to Nov 30--------- 13,977.411 12,986.950

4,853

C u rr e n t
Y ear.

P re v io u s
Y ear.

112,098
938,334
1,050,488
8,317,813
255,698
1,978,962
6,015,924
53,820,252
3,564,987
26,583.171
9.580,912
80.403,424
674.004
2.744.682
96,496
439,856
22.476
78,792
1.098,886
3,699,255
428.460
1,654,956
740.233
2,487,837
231,322
1,336,073
933,354
4,273,157

50.882
830,780
294,993
6,828,288
129,263
1,567.092
3,144,703
44,235.489
869,954
19,092,340
4.014,657
63,327,829
338,414
2,147.732
64,700
367,036
19,294
72,074
681,519
3.758.977
150,720
825,157
564,384
2,201,356
156,983
1,047,553
435.630
3.479,072

S

$

Z
*

28,908

For tho month of Docember tho returns of 30 roads show
as follows:
1914. i In c r e a s e .
1915.
$
g
I
$
Gross namings (30 roads)______ 63.984,717 47,316,594' 16.668,123
M o n th o f D ecem b er.

35.23

It will be seen that there is a gain on tho roads reporting
in tho amount of $16,668,123, or 3 5 .2 3 % .
N et E arn in gs M o n th ly to L a test D a tes.— Tho tablo
following shows tho gross and net earnings of S T E A M
railroads and industrial companies reported last week:
R o a d s.

— ~ G r o s s E a r n in g s --------- —— N e t E a rn in g s C u rre n t
P re v io u s
C u rren t
P re v io u s
Y ear.
Y ear.
Y ear.
Y ear.

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$
S
$
S
Bangor & Aroostook___ Nov
285.421
316.791
106.166
113,066
July 1 to Nov 30........... 1,368.610 1.429,423
437.857
426,781
Central o f New Jersey.b.Nov 3,213,437 2,524,180 1,425,906 1,048.974
July 1 to Nov 30______15,042,894 13;926;000 6,393,974 5,940,119
Chic Burl & Q uincy.b._N ov 9,409,594 7,903,284 4,499,181
____ ____ _____,___
3,013.815
July 1 to Nov 30--------- 43.332,160 42,065,065 17,998,125 16,326,704
Chic & East Illinois.b_.N ov 1,505,675 1,143,498
445,424
201,909
— o to
July 1 to Nov 3 0 -......... 7,045.225 6.365,015 1,732,529 1,652,247
I
— © to—
—
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Chic & North We.st-a._Nov 8,172,671 6,336,140 2.716.291 1.361,606
©X
—
4k-4
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.
July 1 to Nov 30--------- 40,322,864 38,059.447 12,392,330 10,674,306
oobo
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Chic S t P M & O . a ___ Nov 1,889.106 1,493,061
428,245
697,842
— © © 4kx to© © x oo— c< to CO© © © ©Cn to Cl
© — 4k — 00 *4
July 1 to Nov 30______ 8,400.982 8,255,130 2,563,979 2,462,418
Cuba Railroad------------ Nov
387,174
285,226
118,648
145,767
I
© ©—
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t
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July 1 to Nov 30______ 2,026,929 1,603,081
650.390
864,203
| to—
© ■'1-4
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Delaware & H udson.b_.N ov 2,188,072 1,887.395
643.220
881,751
4k©
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to
bo
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—
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#
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*’Jan l to Nov 30--------- 21.493.364 20,860,819 8,082.167 7,027,527
—
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© 4kCO ©Ci 4kcs © “4 O -4 —© ©tO~4(O —^4 X —Sbi 5©
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Del Lack & W est.b ___ Nov 4,543.150 3.753,900 2,117,521 1,538,707
o
July 1 to Nov 30______20,184,214 19,101,978 8,399,846 7,337,308
Denver & Rio Grande.a.Nov 2,260,302 1,875,121
932,643
657,555
©CO
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p —pp
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July 1 to Nov 30--------- 11,503,444 10,565,875 4.191,258 3.140,452
"©
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Western P acific.b__ Nov
664,035
W*S
CO©co
—4k W
tO “J
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4k© 4
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KC ViL-- CO^1
432,979
275,946
86.393
O—
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4
k
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July 1 to Nov 30........... 3,456,898 2,699,187 1,343,045
596,026
Dul So Shore & A tl.b ..N o v
262,588
197,043
78,993
24,829
July 1 to Nov 30______ 1,492,117 1,302,212
475,040
259.686
Hocking Valley. b . ........ Nov
669,049
527,154
246,147
152.360
W to © Cl
to
X
W© tO“4
X © X © O X “4— 4^—
July 1 to Nov 30______ 3,240,595 3,124,859 1.365.548 1,087,041
4k— XW © — ©W tOX © X ©SO
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4kk- C50
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Louisiana & Arkansas.bNov
160,247
130,104
63,691
34,208
July 1 to Nov 30...........
750,094
— — —to
728.475
248,157
212,180
I » ©
—— ©
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to *4 ©to
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4 co— ©co co —
Louisville A Nashville.b.Nov 5,110,346
.
4,050,145 1.747,102
—
844,365
© x © cn© «
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July 1 to Nov 30___
o ©—
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24,110.505 22,707,356 8,039,239 5,519,611
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Maine Central-b---------- Nov 958,169
934.006
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299,945
253.284
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July 1 to Nov 30........... 5,060,765 5.113,389 1,682,089 1,569,402
X—
Mineral R ange.b_____ Nov
91,917
57,143
34,248
14,046
© O—
July 1 to Nov 30--------454,978
338.162
146,443
98,079
Ci
4k X © —4k ©
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Minn St P * S B M a -.N o v 2.876,210 1.084,149 1,625,450
683,047
© X*W 4k© 4kkj COto tow
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July 1 to Nov 30...........10,592,088 9.001,144 4,735.646 3,315.173
— —— © —- —
1 w — “4 tO X © © W cn© O —
^ c> ~1
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1 tO*4 to© to© —to 4k© MX WI© to© © —4k© v(M CO—
Chicago D ivision.a.-N ov
995,883
756.926
380,196
171,166
July 1 to Nov 30--------- 4,911.898 4,435:657 1,815,899 1,302,199
M o K ansas* Texas b ..N o v 3,026.338 3,033,044
974,214 1,092,973
3 to ©O
July 1 to Nov ,10---------13,769,930 14,271,148 4.171,555 4.553,782
J© X —O-kJ4k© pOO
o coo
2. 4k
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4* n
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Missouri Pac Sysl (incl St
4X
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Louis Iron M t& So) a Nov 5,919.474 4 989 135 1 ,7 1 1 , 0 8 1
1,142.309
July 1 to Nov 30---------26,727,106 26.487,516 6,375,5 77 6,984.872
Nashv Chatt & St L .b .-N o v 1,135,359
895 099
to
©—
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—
4* *4
342,002
143,532
O 4* *W •
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July 1 to Nov 30........... 5,179,183 4.820.495 1.380,985
O© © — © -4 Cn *4 —-4 tOX — p X X p © —X 4* 4-©
866,285
z *- WO
to
p
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Norfolk «fc W estern.b._N ov 4,572,794 3,079.663
Kaivl K3 K5Mu s s to- 4—
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i^X
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4*W ©W O© toO
1,025,535
* © © © © tOi . O — OtO -X - X w ©
July 1 to Nov 3 6 :;;.:.2 3 ,4 4 7 ,3 8 5 18,454.606 10,’?53.513 6,339,784
Pennsylvania R R . a .___N oy l8 ,617,404 14,825,283 5,061,550
z
WI
co © •S'5
rr
Jan J to Nov 30---------178,456,'493 172932,495 42.044.400 33.687.024
© — X — X© —
tox Wto
K
11 -J . S.L
Balt Ches & A tl.a .N ov
©W 4kp top —O Si"*
84.481
86,204
19.893 d ef13.834
r©to r©kjI “o ©
r .........................................„
Jan 1 to Nov 30______ 1,073,996 1.167,405 def61.916
c*
©to
©
—
O©
©w
—*4
X©
to©
o©
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nbo
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•
P
®
134,712
©Cl Xto 4*tOCM w© Cl Oi to X -4— to © p © MC'i 4*X o— k4©
^
— © —4»W OX © — X *4 ©© © "4 *4© 0 4* ©O —W XX -© w Cumberland V alL a.-N ov
280,720
240,346
115,358
28,471
Jan 1 to Nov 30........... 2,798,099 3,016,50-1 1,036,117
920,994
Long Island .a _______Nov 1,043,597
965,233
230,832
194.674
%
J.i U
i - i U .J ,
Jan 1 to Nov 30______ 12,558,299 12,383,045 3,340,062 3,237.237
S o Cl © © © wo
—
4*© —to w to© p o p p
OtO Wto W*4
ft tow W4* —O ©to bo© © O *4M
M ary I’d Del & Va. a ..N o v
67,770
71,076
© — ©X X©
def8,019
X
©4k WX ©4* XW X© O Cl
tu XO © *4 © © W© ©X
def
567
*4-4 XW
4*kj —to W© 05830,144
874.127
Jan 1 to Nov 30______
58.369
93,215
N Y P h ila & N o rf.a -.N o v
361,919
281.269
IN DU STRIAL COMPANIES.
90,777
28.661
Gross
E
a
r
n
in
g
s
----N e t E a r n in g s -----Jan 1 to Nov 30______ 3,801,095 3,475,251
820,795
592,673
P re v io u s
C u rre n t
P re v io u s
C u rren l
Phila Balt& W ash-a.N ov 1,907,985 1,641,491
468.588
261,601
Y ear.
Y e a r ..
Y ear.
C o m p a n ie s .
Y eu r
Jan 1 to Nov 30______ 19,331,909 18,773,606 3,731,021 2,928.911
$
$
$
Phila& Cam Ferry_a.N ov
69,151
61,427
35,626
16.270
9,660
24,049
Huntington Dev & Gas a N ov
35,672
25,866
Jan 1 to Nov 30______
759,271
689,935
367,333
101,135
164,556
57,396
334,571
258,954
Jan 1 to N ov 30--------W Jer & Seashore a__Nov
494,084
393,697
5,224 def41,152 Northwestern Elect_a_-Nov
40,642
65.954
Jan 1 to Nov 30--------- 6.452,184 6,088,694 1,105,543 1.052,697
340,923
Dec 1 to N ov 30______
604.546
Pennsylvania C o .a ...N o v 6,145,936 4,057,245 2,106,983
236,666
164,638
153,104
250,389
385,074 Pacific Lt & Pow Corp a N ov
Jan 1 to Nov 3 0 -';----- 55,459!624 51,’ l47!oi9 15]l58,’979 9,696,596
2.429,831
1.776.883 1,482.656
Jan 1 to Nov 30______ 2,668,047




THE CHRONICLE

15 0
— G ross E a r n in g s -----C u rre n t
P re v io u s
Y ear.
Year

C o m p a n ie s .

St Louis Rocky M & P a N ov 212,338
July 1 to N ov 30........... 1,171,075

$
269,060
1,197,582

---- N e t E a r n i n g s C u rr e n t
Y ear.

$
66,319
334,326

a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.

In te r st C h arges an d S u rplu s.
— I n t . , R e n t a ls , & c . -------- B a t. o f N e t E a r n s .—
R o ad s.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.

P re v io u s
Y ear.

C u rr e n t
Y ear.

P r e v io u s
Y ear.

C u rr e n t
Y ear.
$

P re v io u s
Y ear.

$
$
$
$
112,927
zl0,024 *18,779
115,787
Bangor <&Aroostook____N ov
557.362*def58,900 zdef38,890
July 1 to N ov 30______
579,070
678,453
670,019 370,521
Central o f New Jersey*.Nov
755,888
July 1 to N ov 30______ 3,539.492 3,415,382 2,854,482 2,524.737
356,165
Chicago & North W e st.-N ov
915,240 1,005,441 1.801,051
July 1 to N ov 30______ 4,332,526 4,702,900 8.059.804 5,971,406
180,435
247,810
426,183
Chic St Paul Minn & O .N ov
271,659
July 1 to N ov 30........... 1,271.694 1,187,769 1,292,285 1,284.649
48,452
70,196
67,505
Cuba R R ______________N ov
78.262
299,232
351,158
497,634
July 1 to N ov 30--------366,569
*136,962
602,368
*416,453
Denver & Rio G rande..N ov
605,529
*602,067
July 1 to N ov 3 0 .......... 2,985,386 2,999.947 *1,660,588
96,910 *defl2,948 *def65,314
Duluth So Sh & A tl____ N ov
96,400
*14,793*def199,801
481,015
July 1 to N ov 30______
479,749
*147,372
*54,281
140,686
Hocking V alley............... N ov 134,830
*673,001
*499,818
690,303
July 1 to N ov 30______
688,797
36.450
7,426
26,782
Louisiana & Arkansas..N ov 26,742
112,561
72.706
139.474
July 1 to N ov 30______
135,596
*23,133
*3,151
12,691
Mineral Range_________N ov
13,204
*83,511
*35,688
65,618
July 1 to N ov 30______
66,160
276,535
400,332
692,641
Missouri Kans & Tex___ N ov 697,676
514,601 1,118,152
July 1 to N ov 30______ 3,656,954 3,435,630
553,656 *1,689,593
*669,502
Norfolk & Western____ N ov 528,828
July 1 to N ov 30______ 2,735,352 2,707,952 *7,961,021 *4,394,380
Pennsylvania R R _______ N ov 2,275,257 1,653,645 *4,384,215 *2,373.231
Jan 1 to N ov 30______23,735.621 17,994,345*36.731,672*30,927.837
19,937 *def48,387 *def31,485
30.977
Balt Ches & A tl_____N ov
219,112*defl65,533 *def69,057
Jan 1 to N ov 30______
250,766
cr.6.113
*95,305
*44,688
Cumberland V a lley..N ov
30,287
168.271
*956,035
*894.814
Jan 1 to N ov 30______
222,895
383,428 *def55,207*defl38,100
Long Island_________ N ov
345,588
Jan 1 to N ov 30........... 4,282,413 4,340,112*def186,029*def421,526
15,531 *def22,715 *defl5,379
Maryland Del & V a._N ov
15,438
155.449 *def95,136 *def59,373
Jan 1 to N ov 30______
160,696
N Y Phila & N orfolk.N ov
23,489
24,153
*75,638
*12,703
287,820
Jan 1 to Nov 30______
285,989
*589,878
*363,152
Phila Balt & W a sh ...N o v
277,048
254,356
*306.840
*124,839
Jan 1 to N ov 30______ 3,148,959 2.974,571 *1,836,706 *1,225,165
Phila & Camden F y ..N o v
1,050
1.464
*40,041
Z28.988
11,302
*412.788
*375,273
Jan 1 to N ov 30______
11,598
54,928 *def47,864 *def79,349
West Jersey & Seash.Nov
59,666
636.461
*520.642
*602,491
Jan 1 to N ov 30...........
673,951
Penna Company_____N ov 1,759,580 1,530,196 _*709.280*def944,076
Jan 1 to N ov 30______ 17,342,651 16,556.349 *6,027,342 *2.323.526
*38,569 *defl0,482
64,421
Grand Rapids & In d .N ov
77,384
*233,992
*129,506
749.314
Jan 1 to N ov 30______
757,009
559,983
*578,313*def216,356
Pitts Cin Chic & St L .N o v
528,140
Jan 1 to N ov 30______ 5,657,603 5,904,132 *3.333.375 *1,496.409
154.883
*98,536 zdef24,643
V andalia_________ .N o v
158,816
Z447.164
* 40,463
, Jan 1 to N ov 30______ 1,605.007 1,566.604
19,964
*2,473
zdof635
20,059
Rio Grande Southern__ N ov
99,505
*def21,305
zdof26,475
July 1 to N ov 30______
101,030
269,386
*245.522
*def8,699
St Louis Southwestern..Nov 281,147
July 1 to N ov 30_______ 1,356,317 1,331,236 *692,553 *def33,176
IN DU STRIAL COM PANIES.
— I n t . , R e n t a ls , & c . -------B a l. o f N e t E a r n s .C o m p a n ie s .

Huntington Dev & G as.N ov
Jan 1 to N ov 30--------Northwestern Elect____Nov
Dec 1 to N ov 30______
Pacific Lt & Pow Corp_Nov
Jan 1 to N ov 30______
St Louis Rocky M t & P .N o v
Jan 1 to N ov 30...........

S
6,484
34,793
16,277
198,846
107,543
1,182,265
22,300
120,783

3
2,095
17,311
...........
...........
112,284
1,152,465
31,496
164.545

17,565
129,763
24,364
142,077
*67,802
*707,485
44,019
213.541

$
7,571
40,085
*48,178
*483,227
61,212
228,723

* After allowing for other income received.
EXPRESS COMPANIES.
— M o n th o f S ep tem b er —
1914.
1915.
S
A d a m s E x p r e s s C o .—
.$
Total from transportation.. 3,540,761 3,022.451
Express privileges— D r_____ 1,762,062 1,620,252

1915.
S
9,681,078
4.793,672

1914.
S
8,676.229
4,480,512

Revenue from transport’n 1,778,698
47,019
Oper. other than transport’n

1,402,199
42,804

4,887,406
140,728

4,195,717
133,481

1,825,717
Operating expenses________ 1,542,932

1,445,003
1,571.648

5,028,134
4,437,965

4,329,198
4,607,975

Net operating revenue____
Uncollectible rev. from trans.
Express taxes_____________

282,785 — 126,644
648
275
16,072
18,101

■ July 1 to S e p t . 30—

590,170 — 278,776
1,128
1,361
48,685
53,103

Operating income________
266,437 — 145,394
G rea t N o rt h e r n E x p r e s s C o .—
S
279,711
Total from transportation..
316,668
170,115
Express privileges— Dr_____
192,663

540,356
956.926
580,162

-333.242
$
943,484
572,021

Revenue from transport’nOper. other than transport’n

124,005
6,024

109,595
5,147

376,763
16,051

371,463
14,966

Total operating revenues.
Operating expenses________

130,029
91,271

114,743
92,402

392,815
272,434

386,430
278,629

Net operating revenue____
Uncollectible rev. from trans.
Express taxes______________

38,757
10
3,891

22,341

120.381
78
12,397

107.800

* 4,069

Operating income________
W estern E x p r e s s C o .—
Total from transportation..
Express privileges— Dr-------

34,855
S
122,061
56,983

18,271
$ ,
100,469
54.191

107,905
368,982
170,990

94,872
S
308,069
165.874

Revenue from transpor’n .
Operations other than transp

65.078
3,671

46,278
3,388

197,991
10,298

142.195
9,068

Total operating revenues.
Operating expenses________

68,749
54,230

49,667
53,074

208,290
164,040

151,264
162,096

Net operating revenue-----Uncollectible rev. from trans.
Express taxes---------------------

14,519
7
946

def3,407
4
1,125

44,250
20
2,802

defl0,832
30
3,380

Operating Income__________

13,565

loss4,537

41,427 loss 14,243




$

E L E C T R IC R A I L W A Y A N D T R A C T IO N C O M P A N IE S .

P re v io u s
Y ear.

92,708
393,267

12*928

[Vol . 102

N am e o
R oad.

L a te s t G ro ss E a r n in g s .
W eek o r
M o n th .

C u rr e n t
Y ear.

P re v io u s
Y ear.

Ja n .

1 to latest d a te.

C u rr e n t
Y ear.

P re v io u s
Y ear.

%
$
S
$
American Rys C o__ November 455,364 435,945 4,924,016 5,074,870
327,205
336.417
Atlantic Shore R y __ November
24,267
23.678
c Aur Elgin & Chic Ry November. 156.442 160,928 1,754,983 1,920,613
Bangor Ry & Electric November
721.527
712.243
64,570
65,711
Baton Rouge Elec Co November
172,794
161,695
15,704
17,671
BeltLRyCorp (N Y C) September
571,812
551,385
65,380 61,775
Berkshire Street R y . November
852.814
900,514
72,855 72,066
Brazilian Trac, L & P November /6336000 /5929730 /70586.110 /67340.988
Brock & Plym St R y . November
107,053
113,682
7,872
8,056
Bklyn Rap Tran Syst September 2349,654 2464,363 20,634.257 20,776,197
Cape Breton Elec Co November
320,100
320,946
33,012 30,045
Chattanooga Ry & Lt November
996,085
982,001
98,812
84,896
Cleve Painesv & East November
378.612
373.319
31,862 29.191
Cleve Southw & C ol. November 104,834 100,183 1,134,929 1,158,384
Columbus (Ga) El Co November
621,667
67,290 63,274
650,989
Coium (O) R y P & L . November 277,008 261.656 2,812,861 2,787,734
g Com’w’ th P Ry & L November 1323,673 1185,318 12,979.439 12,665,099
Connecticut C o_____ November 679,901 601,801 6,516,305 7,364.810
Consum Pow (M ich). November 377.190 303,693 3,472,993 3.079,903
Cumb Co (Me) P & L November 213.206 196.249 2,412,111 2,310,108
Dallas Electric C o__ November 161,526 180,303 1,660,323 2.022,463
Detroit United Lines November 1145,361 949,244 12.041,366 11.260.114
D D E B & Bat (Rec) September
39,579 40.576
359,590
384,544
Duluth-Superior Trac November 105.257 103,564 1.053,121 1,188,805
East St Louis & Sub­ November 219,595 207,713 2,228.301 2,409,829
Eastern Texas E lec.. November
71,406
56,868
653,637
617,439
El Paso Electric C o_ November
93,482
91,713
880,418
953,406
42d St M & St N Ave September 167,708 162,575 1,448,898 1.382,582
g Georgia Ry & Pow. November
608,324 546.656 5,868,466 5,762,392
Galv-Ilous Elec C o .. November 168,261 195,389 1,773,018 2,231,984
Grand Rapids Ry Co November
99,020 98,208 1,064,440 1.160,653
Harrisburg Railways. October__
76.356 83,955
814.243
777.532
Havana El R y L & P. November 482,315 461,788 5,054.635 4,939,430
Honolulu R T & Land November
49.107 48,912
532,509
551.561
Houghton Co Tr C o. November
19,590
22.846
249,774
255,148
b Hudson & Manhat. November
477,688 458,574 5,014,932 5,067,030
Illinois Traction___ November 987,178 920,741 9,958,601 9,875,125
Interboro Rap Tran. November 3050,906 2833,911 30.759,050 30,786,280
Jacksonville Trac Co November
49,250 52,880
557,951
659,110
Keokuk Electric____ November
211.523
20,125 21,276
228,628
Key West Elec______ November
10,023
10,616
103,334
122,224
Lako Shore Elec R y . November 112,682 105,143 1,263,331 1,317,847
Lehigh Valley Transit November 190.557 152,398 1,908,123 1.715,273
626.850
57,229 49,437
679,922
Lewist Aug & Waterv Novemoer
23,805
200.966
193,875
26.107
Long Island Electric. September
Louisville R ailw ay.. November 239,721 244,752 2,684,686 2,906,655
M ilw E l Ry & Lt C o. November 538,660 501,273 5.383,561 5,470,399
Milw Lt Ht & Tr C o. November 121,226 114.833 1.354.831 1,379,15c
Nashville R y & Light November 185,260 184,099 1.952.271 2,053,091
493,026
515.523
57,414
60.331
N Y City Interboro.. September
314,040
328.967
42,276 43,933
N Y & Long Island.. September
128,755
125,296
17,203
16,305
N Y & North Shore.. September
N Y & Queens C o__ September 123.082 119,186 1,038,300 1,031,541
New York Railways. November 1134,595 1061.863 12,383.957 12.366.115
351,671
N Y & Stamford R y. November
347,935
25,093 23,967
382,566
N Y Wostches & Bost November
439.093
44,265 37,849
156.153
Northampton T ra c.. October__
15,872
15,495
149,021
Nor Ohio Trac & L t. November 341,974 286,732 3,510,934 3,319,704
North Texas Electric November 145,692 157,568 1.556.272 1,908,535
Northw Pennsyl R y . October
303.418
30,003 28,370
299,662
Ocean Electric (L I ). September
142,890
17,227
18,121
133,114
Paducah Tr & Lt C o. November
274,054
25,032 24,839
260,212
244.734
Pensacola Electric Co November
18,860
23,516
234.107
Phila Rapid Transit. November 2136,746 1959,824 22,101,980 21,886,872
350.966
40,460 33,452
Phila & Western____ November
424,372
Port (Ore)Ry ,L&PCo November 455,165 494,626 5,028.408 5,758,679
887,716
92,502 87,095
Portland (Me) R R .. October__
898.403
Puget Sound Tr,L&P. October
641,413 711,000 6,216,055 7,046,603
pRepubllc Ry & L t .. November 289.151 241,625 2.800.428 2,741.626
Rhodo Island C o___ November 417,449 397,016 4,611.718 4,921,895
305,211
308,872
39,172 37.192
Richmond Lt & R R . September
St J o s R y L tH & P C o November 108,819 108,481 1,150,706 1,174,232
423,593
431,883
Santiago El Lt & T r. November
43,239 37,117
770.961
725,311
66,448 69,870
Savannah Electric Co November
697.966
661,145
82,287
83,075
Second Avenuo (Rec) September
168,972
171,365
Southern Boulevard. September
20,166 20,076
256.961
Staten Isl M idland.. September
268,083
33,939 32,063
895.498
80,922
895,278
Tampa Electric C o .. November
83,696
Third Avenue_______ September 328.190 327.631 2,875,708 2,968,458
Toronto Street R y .. September 489.573 525,254 4.173.872 4.583,860
Twin City Rap Tran. 3d wk Dec 189,787 182,289 9,148,995 9,015,405
Union Ry Co of NYC September 245,296 241,811 2,099.653 2,191.032
Virginia Ry & Power November 465,883 427,352 4.759.429 4.725,979
754,505
780.636
96,474 64,169
Wash Balt & Annap. November
465,141
54,722
444,314
52,519
Westchester Electric. September
238.562
19,752
232,537
19.847
AVestchester St R R .. November
62,951
63,921
544,998
539,105
Yonkers Railroad__ September
678,273
81,169 70.172
659,487
York Railways______ October__
23,603
24,992
263,889
254,176
Youngstown & Ohio. November
14,764
144,055
15.859
150,630
Youngstown & South October__

5 Represents incomo from all sources, c Those figures aro for consoli­
dated company. / Earnings now given in milreis. g Includos constituent
companies.

Electric R ailw ay N et E a rn in g s.— The following table
gives the returns of E L E C T R IC railway gross and net
oamings reported this wook:
------ G ross E a r n in g s —
R o ad s.

C u rre n t
Y ear.

P re v io u s
Y ear.

$
S
64,570
65,711
Bangor Ry & E lec.a— Nov
712.243
Jan 1 to Nov 30--------- . 721,527
84,896
98,812
Chattanooga Ry & Lt.a.N ov■
996,085
Jan 1 to Nov 30---------. 982,001
29,191
31,862
Cleve Painesv & E ast-a.N ov'
378.612
Jan 1 to Nov 30--------- . 373,319
100,183
104,834
Clev Southw & C o l-b .-N o v
Jan 1 to Nov 30______ 1,134,929 1,158,384
261,656
277,008
Colum (O) R y, P & L .a.N ov
Jan 1 to Nov 30______. 2,812,861 2,787,737
303.693
377,190
Consum Pow (M ich ).a .N ov
Jan 1 to Nov 30______. 3,472.993 3,079,903
196,249
Cumb Co (Me) P & L.a.Nov■ 213,206
2,412,111 2.310,108
949,244
1,145,361
Jan 1 to Nov 30______ 12,041,366 11,260,114
207,713
219,595
E St Louis & S uburb.a.N ov
Jan 1 to Nov 30______. 2,228,301 2,409,829
98,208
99,020
Grand Rapids R y .a ___ Nov Jan 1 to Nov 30______ . 1.064.440 1,160,653
461,788
Havana El Ry, L & P__Nov• 482,315
Jan 1 to Nov 30______. 5,054,635 4,939,430
48,912
49,107
Honolulu R T & L .b __ Novr
551,561
. 532,509
Jan 1 to Nov 30.
458,574
477,688
Hudson & M anhat.a__ Nov
5,014,932 5,067,030
Jan 1 to Nov 30.
105,143
Lako Shore El Ry Sys.a.Nov- 112,682
. 1,263,331 1,317.847
Jan 1 to Nov 30-

------ N e t E a r n in g s -----C u rre n t
Y ear.

$
32,358
355,494
37,275
318,106
16,089
172.004
34,210
416.928
122,049
1,130,951
220,571
2,065,404
83,120
1.045,545
315,312
3,529,871
92,044
895,984
32,996
305,957
303.487
3,003,148
21,145
215.147
280,432
2,892,764
38,050
442,087

P re v io u s
Y ear.

$
34,277
366,7 ?
29,519
362,500
12,744
176,151
39,118
463,833
, 111.199
1,052,418
173,735
1.741,255
74,787
977,360
265,761
3,277.000
84,952
902,812
29,374
395.751
266,893
2,641,934
18,770
222,631
278,428
2,945,558
35.045
500,890

------ G ross E a r n in g s R o ad s.

Lewis Aug & W aterv.a-N ov
Jan 1 to N ov 3 0 ..........
Milw Eloc R y & L t-a .-N o v
Jan 1 to N ov 3 0 .------M ilw L t, H t& T ra c.a .-N o v
Jan 1 to Nov 30--------Nashville Ry & L igh t.a.N ov
Jan 1 to Nov 30...........
N o w York Railways.a. -N ov
July 1 to N ov 30--------Portl(Ore) R y.L & P -a -N o v
Jan 1 to Nov 30...........

C u rr e n t
Y ear.

P re v io u s
Y ear.

49,437
57.220
626,850
679,922
501,273
538,660
5,383,561 5.470,399
114,833
121.226
1,354,831 1,379,153
184,099
1§5,260
1.952,271 2,053,091
1.134,595 1,061,863
5,795,6o2 5,680,232
494,626
455,165
5,028,4U8 5.758.679

- N e t E a rn in g s C u rr e n t
P re v io u s
Y ear.
Y ear.

$
16,562
245,390
158,358
1,454,161
37,164
425.566
67,693
746,239
350,759
1,817,578
204,482
2,210,056

$
12,184
197,695
147,114
1,510,860
40,238
490,395
79,791
820,585
291,717
1,683,672
236,987
2,750,279

_ 'Not, earniners hero given are after deducting taxes,

b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
— I n t . , R e n t a ls , & c . ------- B a l. o f N e t E a r n s .—
R o a d s.

151

THE CHRONICLE

Jan . 8 1916.]

C u rr e n t
Y ear.

P re v io u s
Y ear.

C u rre n t
Y ear.

P re v io u s
Y ear.

ton States being better than they were a year ago, aut after our experience
last year we hesitate to prophesy a return o f normal trado until the ena or
the war dissipates the “ waiting” attitude of our customers. At the present
time wo have shipped $1,718,565 in 1914-15, against $1,619,826 in 1913-14,
which wo take as a hopeful indication.
. . . .
..
„ ..
D iv id e n d s . — Wo regret that conditions dictate the continuance of the
dividend policy outlined in last year’s report (V. 99, p. 1363), in which wo
stated that tho board of directors, who were themselves the largest holders
of common stock, had decided that, notwithstanding the strong financial
condition of the company, no further dividends would be paid on either
the 2d pref. or common stocks until a larger surplus was accumulated and
normal conditions had returned. The dividend for the third quarter of
1914 had, of courso, been paid on both these stocks (see below) before the
profits foryear 1913-14 had been ascertained and the above decision reached.
I N C O M E A C C O U N T F O R Y E A R S E N D I N G J U L Y 31.

1914-15.
1913-14.
1914-15.
S
S
$
524,946
Gross sales______ 10,212,176 12,748,182 Net profits_____
Oper. expenses__ 9,302,762 11,727,389 Previous surplus.. *787,072
Malnt., repairs &
Total surplus.. 1,312,018
136,688
112,833
renewals______
113,096 First pref. dlvs.(7%)525,000
127,199
Depreciation-----2d pref. divs.(lH%)22,500
150,000
771,009 Common divs___
669,382
Net income___
_____
132,169 Stock dividend__
Int. on bills (net). 144,436

1913-14.
S
638,840
1,779,042
2,417,882
(7)525,000
(6)90,000
540,291
500,000

$
$
Total dividends 697,500 1,655,291
16,793
762,591
614,518
14,734
638,840
524,946
17,484
Net profits___
17,624
Bangor Ry & E lectric..N ov
175,123
160,608
191,655
*
As
adjusted.
194,885
Jan 1 to N ov 30______
397
7,652
29.122
29,623
C O N S O L I D A T E D B A L A N C E S H E E T J U L Y 31.
Chattanooga R y & L t.-N o v
52,429
def9,873
310,071
327,979
Jan 1 to N ov 30______
1914.
1915.
1914.
1915.
1,864
4,993
10,880
S
11,096
L iabilities—
S
Cleve Painesv & E a st..N ov
$
A
s
s
e
t
s
—
$
55,264
51.066
120,886
7.500.000
120,938
First
pref.
stock..
7,500,000
Jan 1 to N ov 30--------Plants, &c., at
6,959
Second pref. stock 1,500,000 1.500.000
xl,986
32,158
32,323
Moline, &c., and
Cleve Southw & Colum .N ov
107,899
X61.305
355,934
356.688
selling branch.. 5,559,007 5,642,008 Com. stock issued 10,000,000 10,000,000
Jan 1 to Nov 30--------72,029 Inventories_____ 5,982,075 7,472,246 Bills payable____ 1,962,500 2,456,992
39,170
80,852
41,197
Columbus (O) Ry, P & LNov
402,559
489,773 Accounts payable- 276,298
Cash___________
1,537,252
613,006
439,412
695,857
435,094
Jan 1 to Nov 30--------74,253
Accrued taxes, &c.
67,761
&c.,
102,998 Receivables,
138,650
70,737
81,921
Consumers Pow (M ich).N ov
Reserve, bad debts,
1,072,559
2,040,709
inEurope.x___
955,977 Receivables, do­
785,277 1,261,824
366,563
803,580
&c....................
396,089
Jan 1 to Nov 30--------762,591
614,518
12,402
62,385
16,957
66,163
mestic _______ 8,054,400 7,398,413 Surplus________
Cumb'd Co (Me) P & L .N ov
281,023 Prepaid exp., &c. 111,873
119,809
696,337
318,838
726,707
Jan 1 to Nov 30______
X106.466
190,762
182,275
xl54,228
Detroit United Linos— N ov
Total............... 22,317,166 23,062,958
Total...............22,317,166 23,062,958
Jan 1 to N ov 30______ 2,050,741 1,988,766 x l,740,625 x 1,540,957
x See text above.— V . 99, p. 1601.
26,551
58,401
29,365
62,679
East St Louis & Sub----- Nov
272,276
202,649
693,335
630,536
Jan 1 to Nov 30--------International Milling Co., New Prague, Minn.
15,673
18,773
13,701
14,223
Grand Rapids R y---------N ov
246.135
153.245
149,616
152,712
( R e p o r t f o r F i s c a l Y e a r e n d i n g A u g . 31 1915.)
p
Jan 1 to Nov 30______
1157,864
X228.442
112,269
107,749
Havana El R y, Lt & P _.N ov
This American corporation, incorporated June 7 1910 in
Jan 1 to Nov 30______ 1,192,083 1 ,181,314 x l ,9 35,770 xl ,557,226
12,510 Minnesota and owning properties at New Prague, Blue Earth
14,859
6,260
6,288
Honolulu R T & L and.-N ov
X 165.052
X 158.029
68,865
69,095
and Wells, Minn., Davenport, Iowa, Calgary and Moose
Jan 1 to N ov 30______
68,765
68,178
209,663
212,253
Hudson & M anhattan..N ov
Jaw, Saskatchewan, reports:
636,650
563,784
2
,3
0
8
,9
0
7
2,328,979
Jan 1 to Nov 30______
1914-15.
1913-14.
1912-13.
def757
2,064
35,802
35,992
profits............................................................
$411,199
$519,115$498,837
Lake Shore Elec Ry SystNov
110,049 Trading
44,979
390,840
397,108
Sundry profits_____________________
______
______
13,106
Jan 1 to Nov 30--------dcf3,486
603
15,670
15,959
Lewis Aug & Waterv— Nov
26,912
71,491
170,783
$519,115
$511,943
Total net profits_________________
$411,199
173,899
Jan 1 to Nov 30--------$45,131
$46,536
$44,000
X84.232 Interest on bonds__________________
X97.120
67,248
64,871
Milw Elec R y & L igh t..N ov
(7)70,307
xl08,622
X800.892 Preferred dividends________________ (7%)70,357
x741,768
765,066
740.306
Jan 1 to Nov 30--------x26,255
X29.908
55,404
56,218
$ 3 5 6 ,7 8 4
Milw Lt, Ht & Trac------Nov
$403,677
Balance, surplus_________________
$296,842
603,062
X305.599
X383.011 Previous
615,948
X 93.332
Jan 1 to Nov 30--------450,116
465,717
surplus___________________
41,899
24,791
37,892
42,902
Nashville Ry & L igh t..N ov
Total...................................................
$762,559
$853,793
$450,116
456,701
361,710
458,875
289,538
Jan 1 to Nov 30----------------285,068
280,294
X114.499
X47.346 Com. div. paid in cash____________ (35)$280,000(28)$158,776
New York Railways------Nov
1472,083 Com. div. paid in stock____________ (15)120,000 (40)229,300
X613.871
July 1 to Nov 30--------- 1,431,000 1,404,086
182,363
183,066
53,921
22,119
Total balance, surplus___________
$362,559
$465,717
$450,116
Portl (Ore) R y , L & P - - Nov 2,025,528
9 n9s
r.<,o 1,989,707
760,572
184,528
Jan 1 to Nov 30--------x Includes $73,496 annual dividend to March 1 1913 and $35,126 accrued
x After allowing for other income received.
dividends for six months to Sept. 1 1913.
A 50% dividend on the common stock, calling for $400,000. o f which
$160,000 has been reinvested in common capital at par, was declared in
ANNUAL REPORTS
1914-15, thereby increasing the common stock from $800,000 to $960,000.

Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on tho last Saturday of each month. This index will
not include reports in tho issuo of the “ Chronicle” in which
it is published. The latest index will be found in the issue
of Dec. 25. The next will appear in that of Jan. 29.
Moline Plow Co. (Moline, 111.)
Y e a r e n d in g J u ly 31 1915.)
Pros. G. A. Stephens, Moline, Dec. 1, wrote in substance:
(R e p o r t f o r F is c a l

The total daily capacity of flour in 1914-15 was 8,500 bbls.
and cereals, 500 bbls.
B A L A N C E S H E E T A U G . 31.

1915.

1914.

Property & plants..2,085,162 2,046,547
Inventory________ 823,268 802,286
Notes and accounts
receivable . . . ___ 379,277 461,528
Cash...... ................. 213,706 176,646
Prep, int., lnsur.,&c.
35,348 47,110
21,898
20,306
Miscellaneous_____

1914.
1915.
$
L iabilities—
S
Preferred stock____ 1 ,005,100 1,005,100
Common stock____ 960,000 800,000
1st M. bonds______ 710,500 733,000
85,850 124,500
Notes payable_____
Accounts payable__ 196,849 255,649
17,589
Acer, divs. on pf. cap. 17,589
25,279
Sundry credit accts. 23,543
Reserve funds_____ 196,669 127,589
Profit and loss_____ 362,559 465,717

Total...................3,558,658 3,554,423
Total................... 3,558,658 3,554,423
S a le s . — Tho sales o f $10,212,176 show a docreaso o f about $2,500,000.
There was also, Aug. 31 1915, a contingent liability in respect of custo­
Foreign salos decreased $1,500,000, due directly to tho war, and domestic mers' notes receivable and drafts discounted in the ordinary course or
sales decreased approximately $1,000,000, duo to unfavorable trado condi­ business amounting to $549,270.— V. 101, p. 1717.
tions, particularly in tho Southern States, which wero also duo to tho war.
C a p i t a l S to ck. — All common stock issued represents actual assets, no stock
Mortgage-Bond Company, N. Y. City.
ever having boon issued for trado marks, trade namos, good-will or patents.
Tho control of tho common stock as well as tho management continues in
(R e p o r t f o r F i s c a l Y e a r e n d i n g D e c . 31 1915.
tho hands of tho Stephens family. All o f tho properties are free and un­
incumbered and there is no bonded dobt.
The company’s financial statement will be found in our
W o rkin g C a p it a l. — Tho exceptionally strong financial position of the com­
pany continues and has oven been improved by tho reduction of about advertising department.
$1,500,000 in domestic inventory. Tho oxcoss of quick assets over current
liabilities, as o f July 31 1915, was $14,016,524, a ratio o f more than 7 to 1.
C O M P A R A T IV E R E S U L T S FO R C A L E N D A R Y E A R S .
. Tho company has mado no provision for possible depletion of its European
1914-15.
1913-14.
1912-13.
1911-12.
assets, as there aro at present no moans o f determining same, if any. As
$503,397
$479,789
$469,246
$434,160
c .b5% o f our Europoan business is outside tho immediate field of war opera­ Gross income...................
68,107
64,121
61,943
66,250
, ions, there aro no known losses. Ponding tho end o f tho war wo aro sim­ Operating expenses____
ply holding a reduced organization together, pushing collections and the
Net earnings............
$435,290
$415,668
§407,303
§367,910
salo of goods on hand, tho interest on funds thoro about covering the oxponsos.
Interest on bonds______
$223,798
$213,228
$210,496
$177,837
I n v e n t o r y . — All goods aro now billod to branches at tho pricos which thoy
Dividends....................... (7)140,000
(6)120,000 (6)120,000 (6)120,000
uso in soiling to thoir dealers, hence a larger reservo was necessary.
R e s e r v e s . — In addition to $86,472 charged against income to cover known
Balance, surplus__ _
$71,492
$82,440
$76,807
$70,073
lossos from uncolloctible accounts, tho Audit Co. set up a reserve of $396,­
089, or 5% . on the accounts and bills receivable to cover discounts, etc.
The amount of guaranteed mortgages outstanding Dec. 31 1915 in 17
D e p r e c ia tio n s . — Wo have adhered to our policy of maintaining maximum
cities was $6,889,752, the value of the properties covered by them being
efficiency through liberal oxpondituros for repairs and renewals, $112,833 $17 409 511. Tho average size of the loans was $3,000. Bonds outstand­
having boon so oxponded during tho year. In addition, $127,199 was de­ ing, $2,538,700 series 1 and 2 4s and $2,489,000 series 3 5s. The earn­
ducted from earnings to cover depreciation.
ings and the bonds outstanding were larger than in any previous year.—
C a p it a l Expenditures.— Additions to fixed assets wero restricted to imV. 100, p. 984.
porativo necessities and amounted to (not) $144,198.
G e n e r a l. — During tho past yoar tho farmer in tho grain-growing States
Manhattan Shirt Co., New York.
has boon exceedingly prosperous, but tho demand for implements in these
sections did not sufficiently increase to overcome tho lack o f demand in the
(R e p o r t f o r F i s c a l Y e a r e n d i n g N o v . 30 1915.)
cotton-growing States— in fact, we had difficulty in maintaining our vol­
ume even in sections whore tho farmer was most prosperous, although we
Pres. Lewis Levi, New York, Jan. 3, wrote in substance:
continued to securo our full share of tho trade. We have, however, re­
During the year we appropriated out of the surplus profits $350,000 for
duced our inventory in even greater proportion than tho decreased volume redemption
of preferred stock, being nearly four times the amount required
of salos, and while this reduction is pleasingly reflected in tho reduction in by the certificate
of incorporation, and we have arranged to retire a large
indebtedness, tho effoct on the profits has been severe. The reduction in amount of the stock
now held in the investment account.
salos, both domostic and foreign, was about 20% , but when the reduction of
The depression in business during the past year was responsible for a re­
$1,500,000 in inventory is added, wo have a reduction o f about 32% in the duction
in
the
volume
our business, but the earnings showed only a slight
volumo o f goods manufactured during the fiscal year upon which the regular decrease in comparisonof with
1913-14, and the advance orders booked for
overhead oxpensos could bo sproad, and tho fact that the overheads did not
spring of 1916 show a very substantial increase.
Increase to a point where thoro was no profit loft is tangible evidence that theThe
Solway
Dyeing
and
Textile
C o., which was compelled to operate on
exponses wore pruned rigidly.
If tho prosperity o f tho farmer has any influence on tho demand for im­ a 60% basis, now has orders in hand so as to operate to capacity during the
entire
year
of
1916,
and
enough
dye
to fill the orders.
plements, our salos ought to incroaso materially, conditions even in the cot-




15 2

THE CHRONICLE

C O N S O L I D A T E D I N C O M E A C C O U N T F O R Y E A R S E N D I N G N O V . 30

1913-14.
$475,014
23,797
2,956

1912-13.
$504,683
16 331
deb.6,775

$484,033
$181,125
75,000
$227,908
560,777

$501,767
$201,250

$574,239
$207,375

$300,517
340,748

$366,864
31,156

$788,685
$350,000
deb. 1,551

$641,265
$101,250
cr. 20,762

$.398,020
$50,513
deb. 6,759

$437,134

$560,777

$340,748

Common dividends (1 % ) Balance, surplus__________
Previous surplus__________
Preferred stock reserve.
Total accumulated surplus-----------

C O N S O L I D A T E D B A L A N C E S H E E T N O V . 30.

1915.
1914.
1915.
1914.
Asset?—
$
S
Liabilities—
$
s
Land, buildings, ma
Preferred stock-------2,500,000 2,850,000
chinery, Ac_____ 902,403 897,479 Common stock........ 5,000,000 5,000,000
Trade name, good­
Notes and accounts
will and patterns,5,000,000 5,000,000
payable and ac­
Investments a _____ 397,400 534,900
77,869 520,180
crued accounts__
Cash_____________ 243,086 190,027 Div. pay. Dec. 1’ 15. 25,000
Notes A acc'ts rec.. b307,807 403,649 Reserved to retire
Inventories_______ 1,618,045 1,985,731
preferred stock.. 500,000 150,000
_______________
Deferred charges__
71,262
69,171 Profit and loss......... c437,134
560,777
Total...................8,540,003 9,080,957

Total...................8,540,003 9,080,957

a Includes Manhattan Shirt Co. pref. stock purchased, b After doducting yearly allowance for discount and doubtful accounts and including
in 1915 loans secured by collateral, $15,211. c After deducting adjust
ments, $1,551.— V. 101, p. 532.

GENERAL INVESTMENT NEWS

This company, incorporated in South Dakota on Aug. 19 1915, succeeds
the Aberdeen R y . C o ., which was sold at receivers’ sale last August. Auth­
orized capitalization is (a) $100,000 6% bonds, denom. $500, dated Aug. 31
1915, and due on or before Aug. 31 1935; $14,000 outstanding: trustee,
C. N. Harris. (6) $250,000 stock, all o f one class (par $25), $100,000 out
standing. The bonds, which are not subject to call, cover all property
owned. There are no prior liens. Officers; Pres., Chas. A. Howard'
Sec.. S. C. Hedger; and Treas.. A. L. Ward. Office, Aberdeen.
’

Arkansas Valley Railway Light & Power Co., Pueblo
Colo.— N o t e s O ff e r e d . — H. M . Byllesby & Co., Inc., are
offering at 98K and int., to not 6 ^ % , tho initial $450,000
6% gold notes, dated Jan. 3 1916, and due July 1 1919.
A circular says in substance :
Redeemable at option of company on 60 days’ notice on any interest
date on or before July 1 1918 at 101 and int.., and thereafter at any time
on like notice at 100L£ and int. Interest J. & J.. without deduction for
normal Federal income tax. Denom. $1,000, $500 and $100e*. Total
auth.. $1,500,000. Trustee, Cont. & Comm. Trust & Sav. Bk., Chicago.
Company owns and operates a modern electric light and power system
in Pueblo, Cripple Creek, Canon City, La Junta, Victor, Rocky Ford. Ac.,
in Colorado, having a hydro electric power plant on Beaver Creek near
Victor, steam electric power houses in Canon City and Pueblo, and tho
street railway system in Pueblo. Franchises satisfactory. Population
directly served, estimated as over 90.000; Industries unusually diversified,
including with the customary lighting and power load, gold mining and
milling, coal mining alfalfa grinding, irrigation and cement milling.
Outstanding capitalization :
These 6% notes_________ $450,0001 First A Ref. M. 5s, duo ’31.$3,718,000
Pueblo Trac. A Ltg. fs__ 1,010,000 Pref. 7% cum. stock_____
885,000
Pueblo & Suburban 5s__ 1.897,0001Common stock_________ 3,500 000
While any o f these notes are outstanding the company can not (except
by issuing additional of the bonds above described, creating purchase
money mortgages, or pledges as security for temporary loans in tho usual
courso o f business) mortgage or pledge any of its property without thereby
securing these 6% notes equally with the indebtedness so secured. Ad­
ditional notes may bo issued only when net earnings, after deducting
annual bond interest are three times annual interest on all notes outstanding
and those to be issued.
In addition to these $450,000 notes, the company recently sold $240 000
pref 7 % cum. stock (included above).
E a r n in g s 12 M o n th s to N o v . 30 1915 (agst. $27,000 a n n . in t . on these n o tes.)
Gross earnings.................. $1,166,6731Bond Interest_____ _____ _ $33() 878
Net after taxes...................
497,3921Balance_________________
166,514
Proreeds of these securities will retire the entire floating debt and provide
for important additions to tho generating equipment and transmission lines
that will permit much additional business.— V. 94. p. 1625.

Atlanta Birmingham & Atlantic Ry.— N e w C o m p a n y . —
The new company on Jan. 1 took over the ownership of the
road under order of the Court in accordance with the plan.
Payment is net yet completed, but it is expected will be
shortly. E. T. Lamb, who was receiver, is President of the
now company. The plan has been approved by tho Georgia
RR. Commission.— V. 101, p. 2143, 1972.
Birmingham Ensley & Bessemer (Electric), RR.— P l a n .

Barber, Watson & Gibboney, as counsel for the reorganization committee,
on Jan. 4 wrote: "The railroad was bought in by tho reorganization com­
mittee at foreclosure sale Oct. 28 1915 for $700,000. Tho salo has been
confirmed, but title has not yet passed. Tho plan o f reorganization (dated
Sept. 15 1915) approved by the depositors is an alternative plan, but which
alternative will be carried out has not yet been decided, and it will not be
for some time.” See plan. V. 101, p. 1013.

Boston & Lowell RR.— B o n d s . — Shareholders voted Jan. 5

(a) To rescind vote of Jan. 6 1915, authorizing $700,000 bonds.
<b) To authorize $1,385,000 new bonds.
The company has petitioned the Mass. P. S. Commission for authority
to issue $1,250,000 20-year 5% bonds, dated March 1 1916, to be used to
refund $500,000 1-year 6 % notes, due March 1, and $750,000 20-year 4s.
due July 1.— V. 101, p. 2143.

Boston Suburban Electric Cos.— D i v i d e n d .—

A quarterly dividend o f $1 has been declared on the preferred shares (no
par value). payable Jan. 15 to holders of record Jan. 4. The dividends for
the first two quarters of 1915 were at the same rate, the last two quarters
being 50 cts. each. Stock is cumulative, $4 per share. Arrears of divi­
dends to date, $11 50.
D iv id e n d R eco rd.

1905 1906 1907
$2
$2.75 $3

1908
75c.

1909’ 10 t o ’ 13. 1914
$3
$4 p. a. $3.50

Camaguey (Cuba) Co.— D iv id e n d s

1915
$3

R e s u m e d .—

A dividend o f 1 % has boon declared on tho $1,000,000 common stock,
payable Feb. 1 to holders of record Jan. 15. This is tho first payment
since March 1913.— V. 101, p. 1013.

Canadian Northern Ry.— B o n d s

a n d E a r n i n g s .—

See Duluth Rainy Lake & Winnipeg Ry. below.— V. 101, p. 1464, 1271.




regret that tho earnings of tho various stroot railroads, tho stock and
°f - „lch ar,e hol(l in trust, have boon insufficient to pay in full the
n a r f f r i m K " ? 114 dividend of $4 50 per share upon tho [250,000] preferred
shares. [75 cts.pershare was paid Jan. 1. V. 101.p. 2143.— Ed.I
recpintwlwi™!,"? fi*£ts boar l,lPon this rosult: (1) A largo reduction in gross
npm-inor
to. Jhe general depression of business. This condition is imYnA dec!dudlJ’ with the oncoming of better times. (2) Tho heavy
waveta« th«PrprJ),V,nSrexpeni^s duo lar” cl.V to the unprecedented increase in
rion of the nWml1
th arbltration presided over by the Mayor, the quesf
y !,r Vv. ° * tbo, employer to pay increased wages being entirely
street ra?lm artnn!iftl^plre o f ,th,0 board. (3) Compulsory extensions of
but a small frar-H™ 1Iito unso.ttled territory where the operating incomo is
on can i^ l invftstid and ? ! w l lng cxr>eas<‘ and- of.cour.se, yielding no return
commissions
wtimm S
h i i thohave
operations
various
regulatory
boardswith
and
commissions wnose
activities
added of
h«a.w
^rlHiHnnnl
ovnoncoc
no corresponding benefit either to public or company
exPonses " lth
fairlv a n t i c i i m t c d i an *ncreaso.*n gross receipts, which may be
stockholders' Under tho
year, will ameliorate conditions for tho
n
a
r
i
n
n
'
* * * of the common partici$4^50°v o r ' shar(f ifnon th^nrefer^Sd11^ ti8? *on8 as the annual dividend of
— V / 101, p. 2143.
th prefcrrod Participation certificates is in default.

Cincinnati Dayton & Toledo Traction Co .— R e n ta l
Tho Ohio Electric Ry hav­
ing been unablo to meet the installment of rental duo on
Doc. 24 undor the lease of the property and having, on de­
mand, stated that it could not do so within the 20 days’
grace, tho interest duo Jan. 1 on tho following bonds of
this company was left unpaid:
D e f a u l t e d — I n t e r e s t N o t P a i d .—

(1) Cincinnati Dayton & Toledo Traction Co. bonds. $2 700 000 out­
standing; (2) Dayton Traction Co. 1st M . bonds .$250 non’ outstanding
Rn
\ ( ’ in,c b)nat'' ^ Hamilton Electric Traction Co. 6%’ bonds $400 000
B o n d h o ld e rs Protective C om m ittee fo r C in e . D a yton i t T o l. T ra c

RAILROADS, INCLUDING ELECTRIC ROADS.
Aberdeen R.R. (So. Dak.)— S u c c e s s o r C o m p a n y . —

1902 1903 1904
*3
84 $2.50
— V. 101, p. 1188.

Chicago City & Connecting Railways Collateral Trust.
R e d u c ti o n .— Chairman Harrison B. Riley, Chi­
cago, Jan. 3, by a circular says in substance:
D iv id e n d

Co

Bonds

■ Leo \ an Lahr, Vico-Pres. of Provident Havings Bank & Trust Co A s X o o k & Co V / a r F iE „ HUdtt<m, & ,C o" f ’ buido Ashbrook of Claude
of
the O a»S ,ur,!dc,
TsWr. *PnF
f w d irffor
br0,k
, or’committoo,
ancI (} tto Armloder,
9} , , 9
° ■ Counsel
the
Harmon President
Colston
Goldsmith A Hoadly. Ex-Gov. Hoadly is in charge of the work. I)opositary will be the I rovident Savings Bank A Trust Co. of Cincinnati.
Prw C in c in n a t i & H a m ilt o n E le c tr ic Street R y . C o . 1st M . C,s du e J a n . 1 1918
H.aXdoP’ °C Hayden. Miller & Co., and E. V. Halo, Vice-Pros of
Citizens Savings & Trust C o., both of Cleveland, with Gardner Abbott.
Secretary, 1215 Williamson Bldg., Cleveland, and Citizens’ Savings &
Trust Co. of Cleveland as depositary. The committoo has arrangori to
advance as a loan the amount of tho coupons maturing Jan. 1 1916 to
bondholders who deposit their bonds. Compare V. 102, p. 65.

Copper River & Northwestern Ry.— D i v i d e n d .—
®eXl1i?r,«0,npanv’ owned by tho Kennecott Copper Corp., has voted to pay
$565,000 as cash dividend out of earnings for tho6 mos. ended Dec. 31 1915,
payable to Kennecott treasury.— V. 101. p. 1806; V. 100, p. 1848.

Dayton & Troy Electric Ry.—

D i v i d e n d s R e s u m e d .—

common°Iun?ky ^ « Urani Dec’ 31 last a dividend o f 1
on the $500,000
common stock, the first payment on this stock since Juno 30 1014. The
usual pref. stock dividend of 1 % was paid at tho same time.— V. 99, p. 48

Duluth Rainy Lake & Winnipeg Ry.— B o n d s O ff e r e d
J. Lisman & Co. and tho Tillotson &
Wolcott Co. are offoring at 95% and int., notting 6 % , tho
remainder of tho issue of $2,000,000 1st M . Extendod 5%
gold bonds, duo Jan. 1 1921. Intorost J. & J. in N. Y. or
Chicago. Free of normal Federal incomo tax.
J m n tly G u a r a n te e d . — F.

Guaranteed, principal and interest, by the Canadian Northern R y. Co
(seei map on p . 15 o f "R y . & Ind. Section"), in accordance with an Ordorln-Council of tho Government of Canada and by tho Duluth Winnipeg A
Pacific Ry. Co. Trustee. Illinois Trust & Savings Bank, Chicago, 111.
D a t a fro n t D . B . H a n n a , P r e s i d e n t D u l u t h W i n n i p e g & P a c i f i c R y .
_
.
_ C o . , N o v . 26 1915.
O rg a n iz a tio n . — Tho Duluth Rainy Lake A Winnipeg Railway ex­

tends from Fort Frances, Ont., to Virginia, Minn., 92 miles. In 1910
all of its [$2,000,000] capital stock was acquired by tho Duluth Winnipeg
p! ,acl/,lc BJ.-’ wmch Pledged same under its mortgage, and in the intorost
ortho Canadian Northern Ky. Systom, built a line from Virginia to Duluth
whore it acquired extensive terminals. Tho railway now forms an impor­
tant part of the main line of the Canadian Northern Ry. System, extend­
ing from Winnipeg southerly to Duluth, being tho shortest line between
said cities by 51 miles, and also part of tho shortest line to Chicago
I ro p e rty S u b je c t to M o rtg a g e o f D u lu th R a in y L a k e i t W in n ip e g R y C o —
The road when taken over by us in 1910 represented, on its books an ex­
penditure of $3,267,000; since then up to June 30 1915, $308,000 has been
expended for improvements; total, $3,575,200. as against thesi $2 000 00 0
bonds. Consists of: (a) 92 miles of road; (6) 24 miles spurs, A c .(c )o n u ln
mont valued at $225,000: id ) Steel international bridgo over Rainy River
In 1910 our company (the IJ. W. & P. Ry.) authorized an Issuo or Sin 500,COO 4% 1st M . debentures, duo Jan. 1 1939, of which $8,065,000 are
outstanding; $2,000,000 reservod to take up Duluth Rainy Lake A Winni­
peg bonds and the balance for improvements. Of our $6,000,000 capital
stock. $3,060,000 is owned by the Canadian Northern Ry. C o., which guar­
antees payment of tho principal and interest of our 1st M. debentures,
which, except a very small amount, were all placed in Great Britain. On
account of tho European war, the British Government has prohibited the
issuance in Great Britain of any additional securities, such as tho $2,000,000
reserved against the Duluth Rainy Lake A Winnipeg Ry. Co. bonds, and
it has become necessary to arrange for a fivo-ycar extension of the bonds
which are practically all held in tho United States.
The extended bonds are to bo further secured by tho unconditional guar­
antee. by tho Duluth Winnipeg & Pacific and the Canadian Northern Ry.
companies, of tho payment of tile principal, on or before Jan. 1 1921 and
interest thereon at tho rate of 5% per annum during tho extension period
referred to. Tho extended bonds may. howover, bo rodeemed on anv cou­
pon date at 100 and intorost.
E a r n s . Y e a r s E n d e d J u n e 30 o f O rig. 92 M i le s : E n t ir e P ro p e r ty , 191.3 to 1916.
D u lu th R a in y L a k e i t W in n . R y .
Ou/uWj W in n , i t P a c ific ( E n t ir e ) .
M i le s .

G ro ss.

N et.

In t .C h g s.

M i lt s .

G rossE a rn s. N e tE a rn s .

1909..
92 $.393,064 $15.3,627 $100,000
1913
133 $1,339,393 488,245
1910..
92 486,561175,370100,000 1914
181 1,743,894 513,302
1911..
92 617,286 194,524 106,000
1915
185 1,285,548 402,977
1912.. rnu 92 8.31,688 ooo.uzu
353,920 1U
100,000
U.U16
UU(ost.)WM.)
185 1801,500,000
1,500,UUU
525.000
OZO.UUU
the tram c had not reached its full development when the war broke
out, but for tho throe months ended Sept. .30 1915 the line showed an in­
crease in net earnings o f $92,112. During 1913 and 1914 the earnings were
practically $10,000 per mile gross, which is about the average gross earri­
ngs of the Chicago & North Western, tho Chicago Mllw. A St. Paul, Ac.
With ordinary business conditions and tho assured growth of tho Canadian
Northwest, tho gross and net earnings should show a very heavy Increase.
Besides, the lino runs through tho groatost tract of white pine east of the
Pacific Coast, and also penetrates extensive areas of high-grade iron ore
of tho Missabo Range.
Tho Canadian Northern Ry. Systom operates at tho present time 9,312
miles of railway, of which 5,986 miles are west of Fort Frances, tint.
G o vernm ent G u a ra n tie s . — First mortgage securities of tho principal com­
panies in tho Canadian Northern System have been guaranteed as to prin­
cipal and interest by the Dominion or Provincial Governments to a total
par value of $166,250,000, and tho Dominion Government has additionally
guaranteed $41,000,000 of tho Canadian Northern Ry. Co. 4% securitieswhich (except as to a first charge upon an odd 45 miles of lines in Ontario)
rank after all tho guaranteed and practically all tho unguaranteed securities
of tho Canadian Northern Ry. Co. The Dominion Government also owns
$40,000,000 of tho capital stock of tho Canadian Northern Ity. Co. out o
a total issue of $100,000,000. so that it has an Important interest In the whole
situation.— V. 102, p. 65.
- - -

[M a n h a tta n S h ir t C o ., S o lw a y D y e in g <& T ex tile C o.]

„
1914-15.
N e t p r o flt s ..........................................
5450,455
Dividends on investments__________
24,094
Interest (n e t )--------------------------------0,484
„

[V o l . 1 0 2 .

«Jan. 8 1916.]

THE CHRONICLE

Denver & Rio Grande RR.— F i n a n c i a l

P la n , & c .—

Soo below Westorn Pacific Ry. below: also Oregon Short Line R R . In V.
102. p, 67.— V. 101. p. 1627, 1552.

Duluth Winnipeg & Pacific Ry.— B o n d s — E a r n i n g s .—

See Duluth Rainy Lake & AVinnipog R y. above.— V. 91, p. 1574.

Galveston-Houston (Texas) Electric Co.— E a r n i n g s . —

Oct. 31
Y ear.

G ro ss

N e t a fte r

In teres t

P r e f. D ie s . C o m . D iv s . B a la n c e ,

E a r n in g s .
Taxes.
C h a rg e s ,d ie .
(6% ).
(7% ). S u r p lu s .
1914-15.SI,992,281
$792,476 $432,962 $180,000
$179,514
1913-14. 2.451,767
1,108,785 441.278
180,000 $279,160
208,347
The capital stock consists o f $3,000,000 pref. and $3,988,000 common
stock at par. The company had outstanding Oct. 31 1915 $6,389,000 bonds
on properties controlled through stock ownership. Stone & Webster,
whoso organization operate the property, are recommending the company’s
6% cumulative pref. stock (M. & S.) at market price to yield about 6.85%.
— V. 101, p. 845.

Holyoke (Mass.) Street Ry.— D iv id e n d . —

A semi-annual dividend o f 3% was paid Jan. 1 on the $1,342,000 stock,
being at the rate o f 6% per annum. Prom 1892 to 1915, inclusive, 8%
per annum (4% each J. & J.) wero paid.— V. 101, p. 923.

Interborough Rapid Transit Co.— N e w

D ir e c to r s .—

Guy E. Tripp, Chairman o f the Westinghouse Electric & M fg. Co.;
A. D. Juilliard and A. J. Hemphill, Chairman of the Guaranty Trust Co.,
have been elected to fill vacancies on the board. Two o f these vacancies
wero caused by the deaths o f E. R. Bacon and Andrew Freedman and the
other had been existing for some time.— V. 101, p. 1972, 1885.

153

$3'000,000 thereof under an agreement with the committee representmg stockholders of International Construction Co. and the Union
Cc!’ (said agreement embracing the transfer to the new
®°“ Pa? y ,of various property and property interests, including a large
fr!U?o,n
grafle(i right-of-way), for which they are to receive $3,000,000
too rrV $°-year gQld bonds $6,606,133 in preferred stock v. t.c. and
58,302,66/ in common stock v. t. c. of the new co. and $960,000 in cash(see plan of International Construction Co. under “ Industrials” below.) ’
. t o i l ,6,99>by^payn\?ut fr°m holders of bonds of the Kansas City Outer
Belt & Elec. R R . Co. (about $1,275,000 4s outstanding. V. 101, p. 1628)
under an agreement by which they aro to receive $417,600 1st M . gold bonds
$ T hZ’n22rPirM
OC£ V - c - and 81.392.000 of com. stock v.t.c of new co.
are also off^»H I V ^ °?d s.Knd comm° n a" d Pref- stock trust certificates
a™ , al®° offered (a) to tho secu red a n d u n se c u re d cre d ito rs of tho old
company on the same terms as they are offered to the bondholders of the
v-,d^9Jnpa?iy La »d W for subscription to the holders of the $5 640 200 6%
T u o - Y c a r G o ld N o te s , whether bondholders or not, who may elect to turn
in their notes in pavment o f subscriptions under the plan on the same
Such ™toAhn?HPtions to bo made by tho bondholders of the old c o m p l y !
FA1 note-holders will be paid a cash commission of 3% on the face value
afsehrti?o tGS ? ° turned in, if and when the plan is declared effective, and will
™
k !/nt’
fho notes up to April 30 1916: and int. on the 1st M . 50yr. gold bonds subscribed for by them will begin to run only from M ay 1 T6.
C a sh C o n trib u tio n a n d D is t r ib u tio n o f S e c u r s. (.Stock rep re se n te d by vot tr ctfs )
cn er
C a sh A s s e s . 1st M . B d s . P r e f . S tk .
C om S ik '

6 3U>nnnSe^ b a °£ K#19J L i ,
nnn{Sl 1,586.000 $19,310,000 $19,310 000
TZ con stru ct^ n C os8’
’
'
60%
100%
100%
5,154.533
5 162 667
stock committee------- 3,000,000 3.000,000
ao
do
for pur'

Kansas City Mexico & Orient Ry.— P la n o f R e o r g a n iz a ­
plan dated Dec. 8 1915, briefly UnCderer e Z S e-plan o f
Outer Belt---------------outlined Dec. 25, (p. 2144) further says in substance :
t i o n .— F u r t h e r D a t a . — The

..........................— ‘
417,600
417,600

1’451’600
1,357,200

3.200.000
1,392,000

P r e s e n t S t a t u s . — At the time of tho receivership o f the old company the
M “ ! n ° S S T . u w S £ 1500X 6° 0 1S-0O3-M0 27.273.333 T O . W w
line had been constructed from Wichita, Kansas, to Granada (now Girvin),
to deduc. for commis.)
--------- 34.996.400
7,726,667
5,935,333
Texas, 642 miles, and to connect with the Southern Pacific R R . at Alpine,
Toxas, it was nocossary for tho receivers to construct an additional 95
Total authorized------$15,003,600 $50,000,000 $35,000,000 $35,000 000
miles o f track, thus forming a continuous line from Wichita, Kan., to
Alpine, Tex., 737 miles (including trackage rights of 12 miles). The
N e w S e c u r it ie s .— It is proposed that the $31,000,000 50-vear 5<7 nHi’(,*r
money for this construction and to discharge equipment notes, &c., was ment mortgage bonds shall be canceled and that in lieu thereof $ 3 5 000 000
provided largely through an issue o f $2,142,000 receivers’ certificates 5% non-cumulative convertible pref. stock shall be authorized-' thatthZ
and $475,000 receivers' notes. There had also been constructed at that common stock shall bo reduced from $45,000,000 to S35.000 000 and that
time about 237 miles of track in the Republic o f Mexico. The reorgani­ in ia«i r/nA ? o n o Tti % e £ if,tv~Y e a r 5% G o ld B o n d s to an amount not exceed­
zation committee represents nearly 97% o f the bonds o f the old company ing
$15,003,600 shall bo issued, secured bv a First mortgage covering
in tho hands o f the public.
entire property and franchises which shall be p a r t o f a t n t S A S , Le
Pending tho preparation of a plan tho property in the United States
f ®59’W)C)’(X)() c f bonds, the balance above $15,003,600 to be rewas sold under foreclosure o f the former railway company’s 1st M . of 1901 str\e<i for future corporate purposes. Tho mortgage will provide that
securing $24,538,000 bonds and was acquired at tho price of $6,001,000 further issues of bonds thereunder shail be divided into series to be issued
for your committeo and then transferred to the new company, organized under restrictions to bo fixed by the mortgage and to bear such rate of interunder tho laws of Kansas. In order to provide for the receivers’ cer­ CSU'US t? e new company may determine at the times of issue 3
tificates and other requirements tho new company authorized $6,000,000
The plan provides for payment of interest on the $15,003,600 new 1st M
2-yoar 6% gold notos, payable April 30 1916, secured by pledge of the w w p tnUto° rA;ap t!dru)111 Jan• 1 1919, as the construction of the line from
$31,000,000 adjustment mortgage of the new company. These notes, Wichita to Kansas City Is expected to require 2 14 vears Net earning*
up to an amount of $5,640,200, have been issued and sold, largely to the
holders of bonds of the old co. and aro outstanding. (V. 98, p. 1244, 1845.)
E a r n i n g s . — The gross earnings of the railroad, as audited, have been:
s°£ p
Y e a r e n d . J u n e SO — 1914.
1915.
In c r e a s e .
%
Freight............ ............$1,417,771
$1,947,228
$529,457
37.34 gfLS? line has not yet been completed; but it is intended in due cou ra to
Passonger__________
374,015
373,671
def.344
def. .01
tb*s mortgage and to vest the title to that property in the new
Miscellaneous_______ __________
111,371
128,700
17,329
__________
_______
15.55 company, the committee having in view the financing of the Mexican sec­
tions under the new mortgage whenever conditions warrant.
T o ta l...................... $1,903,157
$2,449,599
$546,442
28 71
(6) 1 he P referred, Stock will be entitled to non-cumulative dividend*
Earnings por mile----$2,582
$3,324
$742
28.71
tc 7d wben determined and declared by its board of directors at the rate
During the year 1914-15 (V 101, p. 1711) through shipments increased °r
per annum’ and no more, payable out o f the surplus or net profits
27% , notwithstanding the relatively poor servico duo to the inferior con­
Bew company, and with preference also in case of dissolution or
dition in wliich tho roadbed and equipment were left by the receivers and liquidation to the par amount o f their stock and any dividends declared
and unpaid thereon, before any payment shall be made upon the common
the bad weather conditions which affected all railroads in that section
Any outstanding and duly issued share or shares of record of the preferred
An equally satisfactory improvement is shown in the net earnings avail­
able for interost, which havo boen turned from a deficit of $364,953 for , stock of the new company may at any time, at the option o f the stock­
the yoar ending June 30 1914 into a surplus of $90,773 for the year ending : holder of record, bo converted into an equal par value of common stock
Juno 30 1915, an improvement of $455,726, and this notwithstanding the : The now company will secure authority for the issuance of additional com”
tact that largo sums havo been expended upon the roadbed and equipment stock as the same may bo required to take care of the conversion nrivilAgA
The subscription of $600 on each $1,000 old bond and on each $1 nnnmp
toward making good tho deterioration which they suffered under the
receivership. Had tho company been required to expend during the value of indebtedness as allowed bv the committee shall be filed rint J t f S
year only such normal amounts as should bo necessary properly to main­ than Jan. 31 with one of the depositaries to which all the subscrinHaA*
tain the roadbed and equipment, it is estimated by Mr. Colpitts that the shall be payable as follows : $75 on application; $150 on April ^ Pioto®
net earnings available for interest would havo been Increased from tho $150 on Aug. 1 1916; $150 on N ov. 1 1916; $75 on Feb T lQ 1 7 - o r n n o i61
$90,773 already mentioned to about $402,000.
When the entire $15,003,600 contemplated under tho plan Is raised and
tho railroad Is extended to Kansas City, it is estimated by J. W. Ken­
drick and W. II. Coverdalo these results (V .9 8 ,p . 1244) may be looked for

£S».

E s tim a te by E x p e r ts K e n d r ic k a n d C o verd a le f o r L i n e K a n s a s C ity to A l p i n e
1s t Y e a r .
2 d Y ear.
3d Y ear.
4th Y e a r .
5th Y e a r .

d“ ted

iffis ssssss se

"•“•■as?

G ross_____
oarnings..$5,370,000 $5,800,000 $6,216,000 $6,682,000 $7,217,000
Net earnings___
rnings------ 1,290.000 1,450,000 1,600,000 1,738.000 1,880,000 to amounts beyond tho sums to -which he is entitled. bject t0 aUot™ent
Reorganization Committee— Lord Monson, Chairman- Cecil TtmPh
Ratio of expenses
76%
75%
74%
74%
74% I waite,
Harry Brenner. Frederick Hurdle, W. T Kemnor Willnrn v '
(1) M i le s T ra c k L a i d
(2) M i le s to F i n i s h .
King Leonor F. Loreo, Benjamin Newgass, Henry S aZdereA n'Th^ioto
Kansas City to Wichita___________ .72
Wichita to Turner___________198.90 P. Shonts, E. D. Stair and S. Davies Warfield with H o lS S ir >/loodore
Wichita to Alpine................... *736.24 Del Rio Branch____________ 160.71 Secretary, 37 Wall St., N. Y „ and C has.H J o n « * C o F is /v Z A ^ n
Alpine Southward__________
.73 Alpine to Rio Grande_____IF 81.07
to the Committee in the United States, 20 Broatf St.C N’. Y
1 Asslstants
San Angolo-Sonora_________
2.69
Add K. C. Outer Belt &
w S 0 *11r<ies cS °lum¥ a T ro St
60 Broadway, N. Y .; Glyn Mills
(Total operated in U. S ... 740.38)
El. R. R ----------------------8.37 rw
Currie A C o.. 67 Lombard St., London. Samuel Untermver Conn*el
I n M e x ic o .
to the Committee. See also V. 101, p. 2144, 1 7 1 1 .
y ’ Oounse*
In M exico—Chihuahua East 88.40
Rio Grande to Marquez__ 72.72
do
Chihuahua West 74.28
Mountain Section________ 196.06
Kansas City Outer Belt & Electric RR.— P l a n __
do
t Topolobampo E . 76.00
See plan o f Kansas City Mexico & Orient above.— V. 101, p. 1628.
Total
a id --- -- t u979.06
uw»i ouif all
an track
u w a llaiu------.\jv
Total to be finished, &c_____ 717.83
Lancaster & York Furnace Street Ry.— S u s p e n s i o n .—
Includes 13 miles of joint track over St. Louis & San Francisco RR
Td‘s .C0I(apanyA tbe Lancaster & Southern R y. and the Colemanville
Tho abovo statement of “ Track Laid" does not include tho Mexican w
Water A 1 ower Co. are reported to have suspended operations because of
Nor. West. RR. track of 125.91 m. Of unfinished track 197 m. are graded.
q£?nCrla TieVATSes' Bondholders have tlireatened foreclosure suits? but
F u t u r e D e v elo p m e n t .— It is expected that the rapid increase in the d o d u lation of the territory served by the railroad in tho United States which V i o i '. p .‘ 214?er212deClareS n° ne Wl be instituted immediately. See
has boen a marked feature in recent years will continue and that the
Lehigh Buffalo Terminal Ry. Corp. — F i n a n c i n g . — The
growth of traffic incidental to this increase will enhance the value of the
property. George It. Ross reports: “ From a development, agricultural New York P. S. Commission has issued an order providing for
and immigration standpoint, tho railway runs through a country teeminir
with advantages and natural resources. No other road traversing the tho financing of the $4,700,000 Lehigh terminal project in
same territory in Kansas, Oklahoma and Texas has any advantages of Buffalo, whereby the Lohigh-Buffalo Terminal Ry. Corp. is
climate, soil or similar conditions not possessed by tho Orient
Texas and
authorized to issuo and sell at not less than par $4,650,000
particularly that portion tributary to tho Orient, is an Emniro itself ”
M e x ic a n S e c tio n s .— When tho lino is extended from Alpine to MarA'iic*
of its 5% 50-year gold deb. bonds and $50,000 of its cap. stock.
144 milos, a greatly increased traffic may be anticipated as this wiii nne,i
This company is the Lehigh subsidiary which has handled
up a rich district in Mexico abounding in lumber and mineral woaPth
the business of the Buffalo terminals.
When the lino is completed through to Topolobampo on tho I’aeificYvvAst
it will form one o f tho shortest transcontinental linas, and in view nr n.n
Of the sum realized $1,916,497 will be expended for the purchase of real
splendid deep wator facilities at Topolobampo should command a large estate and $2,508,825 for its development, tne remainder being used in the
through business with tho west coast of Mexico, Central and South A merien°
° f..t.axc5’ engineering, interest and other incidental' charges.
China, Japan, Australia and tho Orient.
America,
’^5° ' vil!
devoted to the development of the passenger terminal
Tho foreclosure of tho soparato mortgage on tho Mexican sections of $251,00 to the freight terminal, $467,500 to the installation of joint facili­
tho line was begun somo time ago but has been held in abevanen hrWnce ties for the other roads using this terminal and $605,000 for bridge and
of tho Mexican Revolution. With the restoration of peace however ii is viaduct changes made necessary in Buffalo. All these last-mentioned
intended to complete tho foreclosure and thus to vest title to that no’ri inn w a y gCS\-lr°i ooC pSl' i ( r o r0<? 2 r)- tat0 costs. The work is already well under
of the property in tho now company.
y
u
On tho Mexico sections about $5,000,000 havo been expended and 237
Lehigh Valley RR. Co.— T e r m i n a l .—
miles have been completed and aro in operation so far as the unsettled
See Lehigli-Buffalo Terminal Ry. Corp. above; also V. 100, p. 1672, 1257.
condition of tho country will allow. Until order is restored in Mexico it is
not proposed to take any steps towards tho completion of these sections.
Louisiana & Arkansas Ry . — S ta te m e n t. — An official
C a sh a c q u ire m e n ts .— It is estimated in case tho road is to be extended
from WiclUta to Kansas City, that approximately $15,003 600 will be statemont regarding dividends reads in substance :
No dividends have boen declared or paid since Sept. 1 9 1 1 when we
required to discharge tho existing claims and obligations for new con­
adopted the policy of applying net incomo to increasing the reserve for
struction and other corporate purposes (see details V. 101 p . 2144 )
It is proposod that the sum of $15,003,600 above referred to or such retiring bonds as well as to provide for any betterments that m i-ht be
needed. Since June 30 1912, the net income, after paying all deduction*
part thereof as necessary shall bo raised as follows—
follows: year 1912-13, $279,299; 1913-14, S199 476- 1914-15’
(a)
$11,586,000 thereof by the payment by or on behalf of tho formerhas been asPractically
all of this income has been used for sinking fund
holders of 819,310,000 of 50-yoar 4% 1st M . gold bonds of the old company $193,240.
and
needed
betterment and balance held in undivided profits
Com­
(being tho balanco of the total issuo, after deducting tho bonds owned by
the construction companies or pledged as security or retired on pavment pare V . 101, p. 2071.
of certain debts) of 60% of tho face amount thereof, for which they are
Missouri Kansas & Texas Ry.— N o t i c e to B o n d h o ld e r s .—
to
“ curtttos on tho following basis: for each payment of $600
cash, $600 in 1st M . 50-ycar gold bonds, $1,000 in pref. stock v. t. c.. and Tho protective committee of holders of Texas & Oklahoma
$1,000 in common stock v. t. c. of the new company.
RR. 1st M . 5s, F. N . B. Close, Chairman, representing a




[Vol . 102.

THE CHRONICLE

154

large amount of bonds of this issuo, requests bondholders
who have not already done so forthwith to file with Securtary P D. Bogue, 16 Wall St., their names and addresses
and the amounts of their holdings. The committee defers
requesting the deposit of these bonds until such time as in
its judgment it shall become necessary so to do.
D u t c h C o m m itte e s F o r m e d .— A subscriber writes:

The Amsterdam Stock Exchange on Dec. 15 1915 called a meeting of
holders of the 4% F ir s t M tg e . bo nd s o f the M . K . & T . R y . Co., at which
meeting holders o f S2,449,000 bonds were present or represented. F. A.
van Hall of the firm of II. Oyens & Co. o f Amsterdam, explained why
receivers for the railroad were appointed, and laid special stress upon the
fart that the company has shown ample surplus earnings over and above
fL ed chargra H o d welt at some length with the company’s, financial
nosition and the difficulties encountered in respect to the extension of the
notes
It was deemed desirable, M r. van Hall said, to form a protective
rnmmitfpfl as it was feared that the company may enlarge the first mtge.
d e b tra th e road, whereby the interests o f the present holders of tho 1st M .
bonds may be subordinated. Although believing that tho company s 1st
M bonds are absolutely safe, M r. van Hall thought that a protective committpn was desirable (compare V. 102, p. 67, V. 101, p. 188b).
,
In the discussion following. Dr. W. W . van der Meulen. of Broekman s
Administration-Office (Amsterdam) advocated that a strong stand be
tek^n
He wished that it should be made plain to the American interests
that this time the Dutch bondholders were not going to be meek, and
that if the period of six months’ grace should elapse without the payment
nMnterest forthcoming, steps will bo taken to sccuro a hold o f tho property.
"Th^TO D le in th e U S sfiould know,’’ the speaker exclaimed, “ that this
time we aPre going to insist on our rights." Other speakers voiced similar

E s tim a te o f E a r n s . A p p lic a b le to In teres t, C a le n d a r f o r Y e a r s 1915 a n d 1916.

1915.
1916. I
1915.
1916.
Net, after taxes...$363,000 $400,0001Int. 1st & Ref. 5s
Interest on diviincl. this offer_$170,250 $l<o,250
sional b o n d s ... 58,140 58,1401Balance................... 134.610 168,610
This year, after fixed charges, will earn over twice tho 6% dividend on it
* 1 000,000 pref. stock, and after paying interest on the outstanding (old
divisional) bonds, it should have a surplus available for interest on tho 1'irst
& Ref. 5% bonds amounting to 175% of the interest charges.
F r a n c h is e s . — For electric light and power, perpetual; for street railways,
practically none expire before 1944. Gas franchises in Newport News are
perpetual, subject to a right of the city (for 6 months in 1927) to purchase
the property. In Hampton the gas franchise expires in 1936. The inter­
urban lines are largely on private right of way.— V. 98, p. 14bU.

Northern Texas Elect. Co., Ft. Worth.— E a r n i n g s .—

Oct. 31
Y e a r—

G ross
E a r n in g s .

N e t , a fte r
T a x e s.

In ter es t
C h a rg e s.

B o n d s in k . B a la n c e .
F u n d ..
S u r p lu s .

1914-15___________ $1,730,710 $692,522 $297,479
$32,640 $362,403
During the year the company paid 0% dividends on the $4,UUU,()U0
preferred stock, calling for $240,000 and 4% on tho $3,150,000 common
stock, $126,000. The company had outstanding Oct. 31 1915 S3,630,000
collateral trust 5s, due 1940 and $2,500,000 Northern Texas Iraction Go.
1st M . 5s, due 1933.
Stone & Webster, whose organization operate the property, are recom­
mending the company’s 6% preferred stock (M . & S.) at market price,
to yield about 6.85% .— V . 100, p. 1593.

^ T h T m eotin g appointed as members o f the protective committee: Dr.
A K van llaU A C van Heemskerck Veeckens and Chovaher Dr. L. II.
f | ’ 'a n Iiovcrvoorden tot Audemelo. In order to make this committee
i '. u / tvwesentativo o f the entire Dutch interests, the governors o f the
Am ster^m Stock Exchange will add to this committee two moro members.
whUe a lsH n e will be designated by tho Rotterdam Exchange and another
m atin g‘was hekl° under tho same auspices, o f the holders
o f Tthl B e f J d 7m ? e K h m
iih o ld e r s . representing $1,038•900 in
honrls attended ° This meeting elected as members o f tho protective
H IC Westendoro. Dr. W . 4V. van der Meulen, and

Oregon & California RR.— L a n d G r a n t C a s e . — Wo learn
that tho Southern Pacific Co., as owner of tho company, has
decided to appoal the land grant case from so much of the
decree as disregards limitations imposed by tho mandate of
tho Suprome Court.
While tho press reports stated tho matter too broadly in saying that
Judge Wolverton in his recent decision sustained substantially all the con­
tentions of the Government in this suit, it is a fact that ho not only enjoined
the railroad company as directed by the mandate of the Supreme Court,
from disposing of lands or timber for six months, but he went beyond tho
mandate and enjoined tho company permanently from selling timber, stone
or other assets of tho land apart from tho land itself.— V. 102, p. 67.

Pacific Gas & Electric Co., San Francisco.— B o n d s
W . Halsey & Co. and Harris, Forbes & Co. are
offering jointly at 92j/£ and int. $1,900,000 Gon. & Ref. M .
Americ^^inferrat^should1k n o w ? ^ ^ t ^ ^ u b ^ ^ o n d h ^ l d ^ l ,’r^notwining 5 % gold bonds of 1911, duo Jan. 1 1942, making $29,982,000
of the issuo outstanding (not including $1,000,000 in the
offUtheh'I m S m S t o c g E x c h a n g e .
t ^ t probably almost a treasury), covering the ontiro proporty subject to $48,092,­
majority o f the stock o f tho Missouri Kansas & Texas Ry. Co. is liua in 800 divisional bonds (closed mortgages).
Holland (compare V. 101, p. 2145).

V. 102, p. b /.

Missouri Pacific Ry.—

C o m m itte e f o r
& C o lo r a d o P a c i f i c R y . F ir s t R e f. 6s.— Tho

$3,972,000 K a n s a s
comraittoo for theso

O ffe r e d .— N .

n-if-i from 2d V.-Pres. F. A. Hockcnbeamer, Jan. 3 1916.

T h e operations Gf tho company extend into 30 counties of tho State of

nf 37 775 so. miles, and a population at tho 1910

bonds (V. 101, p. 2072) says:

Holders of about three-quarters of these bonds in the hands of the public
have requested us to represent them and 3 early all of these bonds have been o l f f i r s a S i t o . s 2 S j < « ; »nd' 173 other communltta.
deoosited with tho committee under a protective agreement dated .Dec. 1
1015
In compliance with the request from certain holders, the time for
depositing bonds under said protective agreement has boon extonded to
.............
Tnn 1 5 1016 after which date no additional bonds will be accepted except Net, after taxes, &c------------ -----------t 5,,108’6? ? « q mV? 7 7 1 i
f m t.ftzu
’s20
Annual int. on bonds now out (amt. actually paid $3,937,771)- 44 ,UJ
at the discretion o f tho committee and upon such terms as it may impose,
a tBefievin"’ that tho published plan of readjustment o f the Missouri Pacific
Balanco (sinking fund requirements on bonds not out calls
P v Pn iftod July 1 1915 does not fairly recognize tho valuo or importance
for about $800,000).............................. - ................................ $4,184,19b
R/ ;t^
nrnnertv sMuru^
securing ou
our bonds,^ the committee
is considering
of
h e 02oUr«nrl
rsHlroM property
of said plan.
Tho com_
♦Includes $261,733 reserved for amounts charged consumers during year
plans for the
steps to iAvestigato the history of the original issuo
mittee has alreadj t a k e n ^
^
acquisition of 1913, $554,362 during year 1914 and $399,266 during yoar endod N ov. 30
1915 in excess of rates allowed by city ordinances.
^ b h7Oi 5 O
000 So°f sI m b o n X V y the M ^ o u r l P aclfi? R y. Co and the pledge
N o . C o s u m e r s S e rv e d — G a s .
E le c tr ic ity .
W a ter.
S te a m .
Totalo fla id b o n d s u n d e r th e F ^ t & Refunding Mortgage of tho Missouri Pa­
n n n o m w u ioo7
122.304
54.772
5.539
-182,615
cific Ry. C o.— V. 102, p. 67.
___
.
December 31 1910----------152,395
83.005
6,726
...
242,126
TJpw uOrleans
Northern
n is
inc g
. t B a la n c e ,
December 31 1 9 1 4 i:::::2 2 0 ,360
148,957
9,051
337
378,705
JN6W
n e a n s Great
vxx e
,
0 lh eRR.
r
B oE
n da rD
o us n
TsTovemhorSO 1915
227,788
164,952
9,445
373
402,558
P e rio d .
V n rn in n s T a x e s )
In c o m e . In t e r e s t. & R e n t s . S u r p lu s .
The total number of consumers served lias moro than doublod sinco 1907.
847 332 $2 716 $35,200
$9,1142
$5,734
Month of N ov.
15 $144,313 |47.332
17g >104
45,593
1,617
For repo^tforyear ending Juno30 1915. see “ Annual Reports on a pre­
vious page.— V. 101. p. 1465.
#
c i n e l

New Orleans Texas & Mexico RR.

S a le C o n f ir m e d

bulge Foster in the Federal Court at New Orleans has confirmed the sale
o f the road for $6,000,000 to representatives of the reorganization com­
mittee.— V. 101, p. 1714, 1273.
•

Newport News & Hampton Ry., Gas & Electric Co.—
Alexander Brown & Sons, Baltimore, and
Brown. Brothers & Co., N. Y ., Philci. nnd Boston, aro ofieiing
at 91 and int., to yield 5-65%, the unsold wP°rtl0R
.a
block of $2,000,000 First & Ref. M . 5 % gold bonds of 1914.
B ond s O ffe r e d —

T . __, T . T
-vr V and Baltimore, free o f present Federal income
tai
lTnna S t a t e d TefSnded
DenSm. $100,P $500 and $1,000 c*.
I^uo redeemable as a whole or in part at 105 and int. on any interest day.
Maryland Trust C o., Baltimore, trustee. 1 rincipal duo Jan. 1 1944.
n;<r»ct nf Statem ent by Pres. C. Loomis Allen, Hampton, Va., Dec. 28
° n fn a r d la t io n — Formed in 1914 by a consolidation of all the street and

P o s s i b l e P u r c h a s e . — See Oro Electric Corp. under “ Indus­
trials” below.— V. 101, p. 1093, 694.
St. Louis & San Francisco RR.— J a n u a r y C o u p o n s — N o
N e w D e f a u l t s . — A.s expectod, all tho Jan. 1 coupons from issuos
not already in default woro paid promptly on presentation.
The quarterly intorest was also paid on tho $lo,UUU,uuu
Kansas City Fort Scott & Momphis preferred stock trust
certificates, when duo, Jan. 1.
.
m.
.
R e c e i v e r 's C e r t if ic a t e s P a i d a t M a t u r i t y .— The pntiro fout­
standing $3,000,000 6% receiver’s certificates which foil duo
Jan. 1 aro boing paid off at Bankors Trust Co., N. Y ., out
of current earnings.— V. 102, p. 68.
St Louis Troy & Eastern RR.— G u a r a n te e d E q u i p . N o t e s .
__Harry F. Stix (St. Louis) is offering the ontiro issue of
$209 000 5% Equipment Trust Notes, datod Juno 1 1915, duo
semtann. ($29,000 p . a.) Mar. 1916 to Sopt.1922. Adv.says:

nrln and int (M . & 9.) by endorsement by the Merchants

the Virrinia Peninsula from tho western limits o f Newport Nows to
OM Point C o h o r t on the east, and wo are the only company supplying gas
el^ /ric light and power and street and i n t ^ b a n radway service in this
S e c u r i t y — T h ^ ^ n d T a r ^ a ’ dircct lien on the entire railwav, light and
g J o r o n ^ tie s owned being (1) substantially a first and only lien upon all
fff
nbinb! serving Newport News, Hampton and adjacent territory and
uponthe entko elecfric ®
tag and ’powe^system in Newport Nows^ and
nn tho nrincinal street railway lines in that city, through pledge ot all of
tbe u n d e r b o n d ^ c o v e r f n g the same, except $79,000: (2) a lien on all the

^?naiMI^ 7 a00^a^enn^l!^5%^<Newport Ne^^&^Old^oin^Ry.^&^Ei? bonds
raUway generating plant of 5,8(K> k.w. capacity, transmission system and
two gas’ plants, &c., all in excellent condition, having been rehabilitated,
eXT h o^ m T i^ roCwh^hIpurchaseflaClarglo majority o f the common stock of
the oarent company in 1912 and arranged the consolidation has approxi
mately $800,000 cash invested in securities junior to the above bond issues.

S i t l £ % i S d S<JOT5,E 3i9 1 5 ° S S i n n 'lJ m jire 'o f »8 ?8 4 f'co 5 5 !* «d ii t h
1914.— V. 89. P- 287, 89.

Tennessee Central RR.— J u ly 1915 C o u p o n P a y m e n t .—
Tho July 1915 coupons on tho $4,014,000 Prior Lien bonds
is now being paid, with intorest, at the Guaranty Trust Co.,
N . Y ., and also, presumably, in St. Louis.— V. 96, p. 1630.
Texas & Pacific Ry«— S u its o n N o t e s — A tt a c h m e n ts .—
B F Bush as receiver for tho Missouri Pacific and St. Louis
Iron'Mountain railway companies, filed suit against the
Texas & Pacific Ry. Co. in the U. S. District Court at Mon­
roe La on Dec. 31, to enforce payment of seventeen 6>/0
unsecured promissory notes, aggregating $842,000, duo with
interest June 1 1915.

First & Ref. M . 5 s .C“f--$3!405?000H’ roL^stortflpaying 6% )-$l,000,000
B°DK^)OsSion o f

ac'llef.’

b o n a s :° o S 8 ^ n ^ ^ V $ 3 .4(^000^reswved

served’ ^ r improvementsr & c., can only be issued for 80% o f the cost of
canital improvements unless the company is earning 1H times
[cst
of its outstanding First & Ref. M . bonds, including those offered.
F a m i n e s __As a result o f the improvements to the property and the increased*'business fn ?he territory served, gross earnings In the last three
3 years have increased over 20% and net income applicable to int. over 47 /0
E a r n in g s f o r C a le n d a r Tears ( » “ . g 1915 E s $ $ U d)i 9 l 5
$756,265 $801,289 $820,234 $909,000
1 1 :6 7 5
Ba ance

..........................$31,715




$59,394

235:000
$73,212

$128,000

executors and trustees of ‘ ho cstato of Jay Gould, b

g ordor of the st

fr o T h lS n u 1! ! SfsSSS™ a J f c S . 'S 'l S r c h 1 1»14 and «» te „o d
to tho Gould estate last August.
.
S to c k h o ld er s ' C o m m it t e e .— The committee named below is
urging deposit of tho stock with the Equitablo Irust Co., 37
Wall St., for protection purposes. See adv. pages, ihe
committee says in brief:

Troceedin^s have ^
^
‘^
(^g(^
r?-of8t h ? S S S d mortgage and
^ ^ r L ^ I n t m e n t of a recelver Actions have also been begun in the
for ttio appoJr^t’
, vr
York upon promissory notes, and attachment
has
on i^ued a ainsdt Rs bank ba^ncesP and property in New York. In

JAN. 8 1916.]

155

THE CHRONICLE

orderlthat the rights and interests o f the stockholders may be protected,
ft b desirable that they should unite, and. to this end, the undersigned.
bein<T(holders in considerable amounts of the stock and representing large
additional individual holdings thereof, havo agreed to act as a committee
tnrmrmmt, the interests o f the stockholders. Inasmuch as the application
fo/th o^ p p ob itm en ^ ofa receiver is set for hearing on Jan 31 1916. and as
further steps in the other litigations may be imminent, it is important that
^C ^m m Tttee^AW rfw^^ffechfchairm anfHeniT R. Ickelheimer. Dnnlevy
MU hank Starr j ' Murphy. William Church Osborn and Winslow S. Pierce,
w ith P ie rc e T c re c r ^ c o u n s e l and Samuel Armstrong, Secretary, 37 Wall
Street. See V. 102, p. 68.

Joaquin Valley and Delta and in the Santa Clara Valley in California, also
witli respect to tho larger items of betterments and additions, particularly
equipment. Upon the basis o f traffic now carried, without allowance for
any additional business, the proposed expenditures for new equipment and
betterments should so increase the net earnings that they will amply pro­
vide for the interest upon the $20,000,000 new bonds under the plan.
C la im A g a in s t D e n v e r C o .— B o n d s a s R eserve to Protect S a m e — R ea so n s fo r
H o ld in g C o m p a n y . — Tho Protective Committee has in view the value of

tho claims against the Denver Company, and therefore the committee and
later . the holding company will be empowered to pursue said claims
by negotiation or suit or both, both under Contract B and under the en­
dorsed guaranties. Since the formation of the Protective Committee no
negotiations with tho Denver Company have taken place, and no under­
Toledo Columbus & Ohio River Ry.— D iv id e n d . —
standing of any kind with respect to any settlement or adjustment of its
A dividend of 6% was paid Dec. 31 last on the 88,000,000 outstanding obligation exists in any form.
stock all of which is owned by tho Pennsylvania Company. Like amounts
The financial condition of the Denver Company is such that it has seemed
wfre paid hi T o il and 1912 biit nothing in 1913 and 1 9 1 4 .-V . 100. p. 56.
possible that it may be necessary for the new holding company to take
measures
to protect its claim against tho Denver Company, and for that
United Light & Railways Co.— F in a n c i n g P l a n .—
reason provision is made in the plan for tho raising of funds, if necessary, to
Pres F T Hulswit states that it has been decided to issue only limited prevent tho extinguishment by means of the possible foreclosure of mort­
amounts of First and Refunding 5s in future financing, and to do the major gages upon tho Denver Company’s property of the claims to be acquired
part through issuance of a 7% preferred stock.— V . 101, p. 924, 450.
by the holding company. Tho Adjustment Mortgage of the Denver Com­
under which there are outstanding $10,000,000 Adjustment Mortgage
Wabash Pittsburgh Terminal RR.— F in a l E x t e n s i o n . — pany,
bonds, is now in default (although the interest on these bonds has been
F* Bondholders who havo not yet deposited their bonds may participate in regularly
paid), by reason of the failure to pay interest upon Western Pa­
tho reorganization by depositing them on or before Jan. 25 and pay first cific 1st M
. bonds, and, should this Adjustment Mortgage be foreclosed,
installments of 10% to the Central Trust C o., depositary. As cash pay­ the Refunding
of tho Denver Company, securing $33,292,000
ments required under tho reorganization plan have been underwritten, no bonds (exclusiveMortgage
of about $7,000,000 thereof pledged under the Adjust­
further extension of time, it is statod, will be given.— V. 102, p. 68.
ment Mortgage) may come into default. lo r tho same reason, and be­
cause of the position that tho Western Pacific property occupies in relation
Wabash RR.— N o t i c e to C e r t if ic a t e H o l d e r s .—
Holders o f partlv paid certificates o f deposit issued by the Equitable to other railway properties and the resulting necessity of protecting its
Trust Co. and the Central Trust C o., both of New York, representing the traffic relations, the Protective Committee has deemed it extremely im­
company’s First Ref. & Extensions Mtge. bonds, are directed to the portant that power shall exist also to make use of a portion of the 820,000,­
committee’s notice o f Sept. 7 1915 stating that the deferred payment of 000 of now bonds in such manner as may seem most advantageous.
The holding company is also desirable because (1) it may be thought wise
90% must bo made before Jan. 8 1916. The stocks o f the new company,
deliverable in respect to tho certificates, are ready for delivery at tho to organize separate corporations to operate tho railway in California,
Nevada
and Utah, respectively, in which event a common ownership of
Equitable Trust Co. of N. Y ., upon final payment and surrender of the
their stocks will bo necossary; (2) a burdensome stockholders liability at­
certificates.— V. 101, p. 1465, 1372.
taches to stock in any California corporation, and (3) under the laws of
California a majority of the directors of the operating company must re­
Wabash Ry. Co.— N e w D i r e c t o r s .—
Henry B. Joy o f tho Packard Automobilo Co. and John N. Willys of tho side in that State, although more than three-quarters o f the new stock­
Willys-Overland Co. have been elected directors, to succeed S. E. Campbell holders will at the outset reside elsewhere.
Secretary to Committeo (V. 101, p. 2146), Lyman Rhoades. 3 1 Wall St.
and Samuel Armstrong, who were appointed to serve temporarily.—
Counsel, Byrne & Cutcheon. New York, and Chas. S. Wheeler and John
V. 101, p. 2072, 1975.
F Bowie. San Francisco. Depositary, the Equitable Trust C o., 37 Wall
Washington (D. C.) Interurban Ry.— S o ld . —
St N Y. Agents of depositary: First Federal Trust C o., San Fran.;
Property was purchased on Dec. 23 1915 for $25,000 by Gustave Herro of Illinois Trust & Savs. Bank, Chicago; Old Colony Trust C o., Boston.
Brooklyn, N. Y ., representing, it is stated, some o f the bondholders. See Further deposits of bonds will be received on or before Feb. 7. Dissenting
depositors may withdraw within 6 weeks from Dec. 23, but if not -o with­
V. 101, p. 1808, 1190; V. 98. p. 1921.
drawing will bo bound by plan. See also resume, V. 101, p. 2146.

Western Pacific Railway.— P la n — F u r th e r D a t a . — Tho
Winnipeg Electric Railway.— N o t e s . — William P. Bonplan of reorganization dated Dec: 15 1915 (outlined in V. 101,
p. 2146), is published at length on subsequent pagos.
Tho bright & Co., Inc., havo placed at par and int. 8750,000 6%
gold notes dated Jan. 15 1916 and due Jan. 15 1918, but
introductory statomont says in subst.:
redeemable at option’ of company at 102H and int. on any
Tho road completed in VimMs°a firs?*das™singio-track line 926 miles interest date on 30 days’ notice. Interest J. & J. 15. Prin­
T
X
t
h
extcmdlng
from
Salt
Lake
City
to
San
Francisco,
on
a
grade
in
in longtli, extending^
Additional lines owned aggregate about 20 miles, cipal and interest payable at Bank of Montreal in N9W York
ActuUCcashCc ^ t '1o f c^strmaTonTwlthont idiowanc5~for~such items as inter- or Toronto, and in London in sterling at par of exhenage.
o s f during construction, was about $77,800,000. Total expenditures were: Denom. of 81,000, coupon. Trustee, Central Trust Co.,
T o ta l E x p e n d itu r e s o f $84,242,174 on C o n stru ctio n A c c o u n ts.
New York. A circular shows:
Accrued int. 2d M tge______________ $52,905
Proceeds of 1st 5s------

2d mtge. bonds--------- 18,7o0,000 Moneys borrowed_______ 16,408,650
Capital stock.............
163,000 Railway earnings during *
construction ________ c754,353
Interest on deposits------- b l ,870,146
Substantially all of these items except “ a ,” “ b ” and “ c ” were obtained
from the Denver & Rio Grande R R . (the owner o f five-sLxths o f the $75,nnn nnn stock), the amount duo that company and its subsidiaries to Feb.
ou 1016 being $55,500,000, as follows.
9 H M bonds (par)
...$25,000,000 Adv., notes & open acc’ts$17,500,000
Tnt accrual unpaid___
8,200,000] Int. accr’d on notes & bal. 4,800,000
When the railway was completed in 1911, neither company was ablo to
finance the construction of the feeders which were recognized as essential
to mako the Western Pacific self-supporting, and the line has never been
ahle to obtain such reasonable division o f interline charges as would yield
an adonuato return to it for hauling between the Pacific Coast and Salt
Lake City the freight originating on other trans-continental lines.
P o sitio n a s to G u a ra n ty — F o r e c lo s u re .— To facilitate the sale o f the Is*
M bonds. Denver & Rio Grande (of Colo.) and the Rio Grande Western
Ry undertook by “ Contract B ” dated Juno 23 1905 to loan to the Western
Pacific Ry- the sums which, together with its earnings, would enable it to
meet its operating expenses and taxes and to pay tho interest and sinking
fund of tho 1st M . bonds as the same should accrue. The Denver & Rio
Grande RR. Co. (of Colo, and Utah) in 1908 assumed this obligation and
also guaranteed tho payment o f interost upon many of the then outstanding
Western Pacific 1st M . bonds by endorsement on tho bonds themselves,
$37,000,000 bonds boing thus endorsod. The committeo, however, is
advised by counsel that this endorsement does not add materially to the
obligation assumed by Contract B. Tho interest due Mar. 1 1915 and since
on the 1st M . bonds is in default, and tho principal o f the $50,000,000
1st M . 5s has been declared due and payable; the total interest due and un­
paid will be on March 1 1916 $3,750,000.
Foreclosure will free the Western Pacific from obligations to the Denver
Company (unless the Donver Company purchase tho property or others
purchase it for moro than the amount due upon the 1st M . bonds), result­
ing in a direct loss to tho Denver Company of its entire investment of about
$55,500,000. On tho other hand, tho committeo is advised that the fore­
closure sale will not operate to discharge tho obligations o f the Denver
Company to tho Wostern Pacific bondholders except to the oxtent that
moneys roallzod from the sale are applied to the payment o f the bonds
or bonds aro usod to pay tho purchase price.
, ^_ _
The Wostern Pacific bondholder has, therefore, a claim against tho Den­
ver Company for unpaid interest and will havo a claim for interost to accrue
on tho portion o f his debt not discharged by application o f the proceeds of
tho sale o f the Wostern Pacific. Probably, moreover, the mortgage trustee,
if it elect to adopt that alternative, may recover judgment against the Den­
ver Company for all of tho damages suffered by the 1st M . bondholders by
reason o f the Donver Company’s breach of its obligation under Contract B ,
considered as an entirety.
Sta tu s o f D e n v e r & R io G ra n d e R R .— The Denver Co. has substantially
no floating debt, but its funded debt (exclusive of guaranteed bonds of
affiliated companies) aggregates $123,094,000.

Chartered in 1904 in Manitoba as a consolidation of Winnipeg Electric
Street Ry. and Winnipeg General Power C o., and operates without com­
petition tho entire street railway and gas business in the City of Winnipeg,
the street railway in St. Bonifaco, East Kildonan, St. Vital and Fort Garry,
adjoining the city, and does the largest part of tho electric power and com­
mercial lighting business in Winnipeg, St. Boniface and the adjoining mu­
nicipalities, serving a total population of about 250,000. Owns (a) 110
miles of electric railway in Winnipeg and controls 170 miles in all, including
tho lines of subsidiary companies which supply adjacent towns with elec­
tric and street railway service. (6) Gas works havo an output of over
400,000,000 cu. ft. per annum, (c) Electric plants, capacity 50,000 h. p .,
of which 30,000 h. p. is hydro-electric and 20,000 h. p. is steam. All
franchises are either unlimited as to timo or extend for long terms. Con­
trols the Winnipeg Selkirk & Lake Winnipeg Ry. Co. and the Suburban
Ra id Transit C o., and guarantees the bonds of both.
C a p it a liz a tio n (a fte r is s u e o f n e w n o tes )—
A u th o r iz e d . O u ts ta n d in g .
First Refunding Mortgage 5s, due 1935____________ $5,000,000 $4,000,000
Winnipeg Elec. St. R y. M tge. 5s,due 1927------------- 1,000,000 1,000,000
Perpetual Consolidated Debenture stock 4 fZ s______
______
4,380,000
6% notes, due $750,000 Jan. 15 1917, and this issue,
1918_____________________ _____________________ 1,500,000
1,500.000
Capital stock_________________ ______ ______ _____ 10,000,000
9.000,000
These notes are the direct obligation of the company, secured by pledge
with the trustee of £200,000 of company’s 4 1 4 % perpetual consol, deben­
ture stock secured by mortgage on tho entire property, subject only to
$5,000,000 underlying bonds. The trust deed provides for $750,000 ad­
ditional 2-year 6% notes to bo datel Jan. 15 1917, to refund like amount
of notes maturing on that date.
E a r n in g s T w elve M o n th s E n d e d Oct. 31 1915.
Gross earnings, $3,498,397; net, after oper. exp. and taxes______ $978,065
Bond, debenture stock and other interest_______________________ 455,645
Annual interest charge on $1,500,000 gold notes-------------------------- 90,000
Balance_____________________________________________________ $432,420
See also V. 101, p. 1466.
D i v i d e n d R e d u c t i o n .— Montreal

“ Gazette” Jan. 3 said:

Tho directors havo declared a dividend of 2% for the fourth quarter of
1915, thus making the total distribution for the year 9 f i % against 12% in
1914 and tho years immediately preceding. Tho dividend was reduced from
3% quarterly to 214% with tho declaration for the first quarter of 1915
last March. Tho 2% now ordered presumes that the annual rate in 1916
is to be 8 % .— V. 101, p. 1466, 695.

Wrightsville & Tennille RR.— D i v i d e n d .—

A semi-annual dividend of 3 % on both common and pref. stocks (par $25)
was paid Jan. 1. The same amount was paid in Jan. 1915, but the July
1915 div. was omitted. Dividends of 6% to 7% (semi-ann., J. & J.) have
been paid yearly for a long timo. Central o f Ga. owned all the pref ($70.­
000) and $278,575 of the $530,000 common.— V. 101, p. 49.

N e t In c o m e o f D e n v e r C o m p a n y A f t e r D e d u c tin g In teres t a n d T a x es.

Y e a r e n d ed J u n e 30—
1911-12.
1912-1.3.
1913-14.
1914-15.
Net after int. and taxes........ $1,144,763 $2,094,179 $1,400,375 $1,418,730
For sink, fd ., add’ ns. & c----- $137,844
$636,808
$344,816 $484,090

Bal. to credit p ro fit* loss.$1,006,919 $1,457,371 $1,055,559
$934,640
Tho not earnings o f tho Denver Company from July 1 to Nov. 30 1915
have substantially increased as compared with 1914, boing favorably affectod however, to some extent, by special and temporary conditions.
P ro sp e c ts o f W estern P a c i f i c .— Tho assets in receivers’ hands consist princinallv of physical properties, tho reproduction value o f which we believe
to do at least $75,000,000, while the receivers will probably have, at date
of sale, $600,000 in cash or its equivalent for purposes o f reorganization.

INDUSTRIAL AND MISCELLANEOUS.
Agricultural Credit Corporation.— D i v i d e n d s .—

A dividend of J* of 1% was paid on Jan. 1 on account of accrued divi­
dends, along with the regular quarterly 1 % % , t o holders of record Dec. 31.
Tho accrued pref. divs. after this payment amount, it is stated, to 5 H % .—
V. 99, p. 971.

Allegheny By-Product Coke Co., Glassport, Pa.—
Tillotson & Wolcott Co. is placing at par and
int. 8150,000 1st M . 6% gold bonds, dated Feb. 1 1915 and
R e n o r le d E a r n in g s o f W estern P a c ific A ft e r O p er. E x p . , M a in t . a n d T a x es.
due Feb. 1 1919, but callable, all or part, at 104 and int.
P
J u n e 30 Y e a r s —
1911-12.
191&-13.
1913-14.
1914-15.
Net earnings........................... $564,214 $1,040,330 $321,507
$617,258 Interest F. & A. at Guardian Savings & Trust Co., Cleveland,
Tho earnings for the past five months are considerably larger than in trustee. Normal Federal revenue tax paid by company.
1914, but cannot bo considered an absolutely fair criterion, owing to the A circular shows:
travel incident to the Panama-Pacific Exposition.

Tho Protective Compiittee has consulted Joseph II. Young, now Presi­
dent o f tho Norfolk Southern R R ., and has had also the benefit of two re­
ports dealing with tho earnings and tho proper development of the property,
prepared prior to tho organization o f the Protective Committee— one by
B . F. Bush and E. L. Brown for the Donver Company, and the other by
John F. Stevens for the bankers who originally marketed tho 1st M . bonds
(V. 80. P- 1730). Our conclusions as to needed improvements, equip­
ment and extensions and the results to be expected therefrom aro based
almost wholly upon views in which all o f the gentlemen named seem to be
Insubstantial agreement. This is particularly true with respect to the
advisability of constructing lines or otherwise acquiring facilities in the San




B o n d s .— Tho

D ig e s t o f D a t a fr o m P r e s . G e o r g e B . L e i g h t o n , M c K e e s p o r t , P a ., D e c . l

O rg a n iz a tio n .— A Pennsylvania corporation, organized in 1914 to operate
a by-product coke plant at Glassport, Allegheny C o., Pa. Issued capitali­
zation: Stock (closely held), $50,000 common and $300,000 pref.; bonds,
$300 000 1st M . 6% gold bonds and $600,000 First & Consol. M . 6% bonds;
$300 000 of this last issue aro reserved to retire the 1st 6s at maturity and
the other $300,000 are deposited as collateral security to $200,000 notes.
P r o p e r ty .— 14 p i acres on Monongahela River and Pittsb. & Lake Erie
R R .; workmen’s houses appraised at $133,200; 120 coke ovens; a by-product
recovery plant; new coal-handling apparatus; water gas plant capacity of
500,000 cu. ft. of illuminating gas per day. Plant appraised in 1914 at $430,

156

THE CHRONICLE

000; during the current year additions and mprovements for the pro­
duction o f benzol, toluol and ammonia have aggregated over $400,000.
Oash, inventorias, &c., bring the total Oct. 30 to $1,295,970.
&£O p e ra tio n s .— We receive our coal under contract with a Pittsburgh firm
and this same firm acts as sales agent for our coke. We have a valuablo
contract with the American Coal Products Co. for the disposal o f our toluol,
benzol and coal tar [all the toluol going, it is stated, to the du Pont intersts— Ed.]. The demand for these products occasioned by the European
war has forced us to operate at full capacity, unusually attractive prices
being obtained. We have a valuable franchise to supply gas to the city
of McKeesport and wo dispose o f a large part o f our gas to steel and tin
plate plants in the immediate vicinity. Well-known authorities estimate
that on existing contracts we should earn in 1916 not less than $250,000.
With only normal prices for coal, coke and by-products, we estimate our
earnings at $100,000 per year, and under sub-normal conditions, with
prices at rock bottom, above all fixed charges at $39,000 a year.
O ffic e rs a n d D ire c to rs . — Geo. B. Leighton, Pres.; Thos. V . Salt, V.-Pres.
and Gen. Mgr.; J. F. Nicol, Sec. & Treas.; F. J. Woodworth, V.-Pres. First
Trust & Savings C o., Cleveland; J. A. House, V.-Pres. Guardian Savings &
Trust Co., Cleveland; E. G. Tillotson, Cleveland; George H. Calvert, Pitts­
burgh; T. M . Rianhard and W. N . M cllravey, V.-Presidents o f American
Coal Products C o., New York City.
American Gas & Electric Co.— N ew Project .—
This company has completed plans for a new electric generating station
to be erected near Wellsburg, W . Va., to supply current required by the
Wheeling Electric Co. and the Canton Electric Co., and later the Ohio
Light & Power C o ., all affiliated with the American company. Output will
also be sold to other companies within limits of transmission lines, including
Pittsburgh and Youngstown.
Original installation will consist o f two 30,000 k. w. turbines, ultimately
to be increased to 200,000 k. w., and a double-circuit steel-tower trans­
mission system to Canton involving an initial outlay o f $2,500,000, which
investment, it is said, will eventually be increased to $5,000,000.
No decision, it is said, has been reached as to whether the station shall
be financed through a new company or with bonds of the Wheeling Electric
Co. or Sunnyside Electric Co.
Offering Pref. Stock.— William P . Bonbright &Co. In c., aro

offering a block of the company’s 6 % cum. preferred stock
par value $50 (pref. p. & d.) Redeemable at option of com­
pany at 1 2 0 % . Dividends Q .-F . A circular shows :
The pref. stock, including $1,079,400, now being sold, is $2,762,400
(authorized $3,000,000).
Followed by $3,714,200 common stock having
a present totai market value, at 260% o f par, o f $9,656,920. Earnings
of the company and its subsidiaries applicable to it for 12 months ended
Nov. 30 1915 “ after deducting expenses and interest charges, wero more
than six times the annual dividend on all the outstanding pref. stock, in­
cluding the $1,079,400 additional stock.” Compare V. 101, p. 1887.
American Rolling Mill Co., Middletown, O.— Stock D iv.
An extra dividend o f 5% , payable in common stock, has been declared
on the $6,400,000 common stock along with the regular quarterly cash dis­
tribution of 2% . It is stated that no fractional snares will be issued but
that stockholders will receive such proportion in cash at the rate of $150
per share. Stock dividends on the com. have been paid as follows: 33 1-3%
in 1907, 100% in Aug. 1909. The usual quarterly dividend o f l ' A % on
the pref. and the cash dividend o f 2% on the common stock are payablo
Jan. 15 to holders o f record Jan. 5.— V. 101, p. 1462.
American Sewer Pipe Co., Pittsburgh.— Dividend.—
A dividend of 50c. (par $100) was paid Jan. 5 to holders of record Dec. 31
1915. The same amount was distributed in 1915 and 1914, previous to
which no dividends had been paid since Jan. 1908, when 50c. was declared.
In 1907 paid 2 ? i% ; 1906, 3% ; 1905, 3% ; 1904, 1 lA % . First dividend
paid July 1 1904.— V. 100, p. 143.
American Window Glass Machine Co.— Dividend.—
A dividend of 7% on the preferred stock was.paid on Jan. 7. Tho same
amount was disbursed on N ov. 26 1915.— V. 101, p. 1715.
Anaconda Copper Co., N. Y .— Output {in 1,000,000 lbs.).

[Vol . 102,

* Finished, $777,751, and raw and in process, $1,024,029 43, less $469.­
620 advance payments received on inacinory in process of construction.
Sinco incorporation in 1911, tho earnings (including estimato to Dec. 31
1915) available for interest on these notes have averaged more than $250,000
por annum, or more than five times the interest thereon. Our business
on regular lines is now very active, and for the past six months tho volume
of orders taken has been equaled by only one previous similar period in the
history of tho business. The South Milwaukee plant is rapidly approaching
capacity operations, and by Jan. 31 1916 the Evansville plant will bo oper­
ating at a large percentage of its capacity.
D ire c to rs . — W. W. Coleman (Pres.), E. K. Swigart (V.-Pres.), Dan P.
Eells (Treas.), South Milwaukee; H. P. Eells (Chairman of Board), Cloveland, O.; O. H. Cutler, W. H. Marshall, A. H. Lockett. D. E. Pomeroy
(Chairman Finance Committee), G. W . McGarrali, N. Y .; H. Ii. Dean,
Phila.; E. II. Steedman. St. Louis: J. B. Terbell, M . D. Follansbee (Chair­
man Executive Committee), Chicago; J. II. Tweedy Jr., Milwaukee.
G. A. Morison is Secretary.— V. 102, p. 70.
Cambria Steel Co.— N e w D ir e c to r s
E. V. Babcock of Pittsburgh has been elected a director to succeed
Effingham B. Morris of Philadelphia, resigned. Arthur E. Newbold of
Drexel & Co. has been .chosen Chairman of the executive committee, and
Powell Stackhouse has been made a member of this committee.— V.102,p.70.
Central Maine Power Co., Waterville, Me. E a r n in g s .

.—

X ear
E n d in g —

G ross
O p er. E x p .
E a r n in g s . & T a x es.

N et
E a r n in g s .

—

Bond
In ter es t.

B a la n c e ,
S u r p lu s .

Oct. 31 1915--------------$648,791 $339,938 S308.853 $152,273 $156,580
Dec. 3iL 1914-0- ; ; ------- 620,019
324,629
295,390
186.200 109,190
— V. 100, p. 645.
Chevrolet Motor Co.— O p p o sitio n to P la n
See General Motors Co. below.— V. 101, p. 2147.

.—

Cluett, Peabody & Co., Inc., Troy, N. Y .— D i v i d e n d

I n c r e a s e d .—A quarterly dividend (No. 9) of 1 X
A % has been
declared on the $18,000,000 common stock, par $100,
payable Fob. 1 to holdors of record Jan. 21. This compares
with 1% each quarter in 1914 and 1915.—V. 101, p. 1373, 368.
Colt’s Patent Fire Arms Mfg. Co.— O rd ers .—

An oxchange journal says: “ Certificates of deposit for tho $4,287,500
deposited Dec. 18 by the Colt’s Patent Firo Arms M fg. C o., Hartford in
13 banks in that city, havo been given by Colt’s to tho Aetna Accidont &
Liability Co. as collateral for the $4,287,500 bond written bv that company
to guarantee the fulfillment by Colt’s of tho $13,000,000 order which it has
for light Vickers guns and for which tho $4,287,500 was an advance pay­
ment.— V. 101, p. 1976.
Continental Insurance Co.— N e w S tock
Stockholders are advised by Pres. Henry Evans that tho stock increase
to $10,000,000 (see V. 102, p. 70) has becomo effective. Stock subscribed
must bo paid for at Central Trust C o.. N. Y ., on or before Jan. 10. See
V. 102, p. 70; V. 101, p. 1716.
Corsicana Petroleum Co.— Proposed Sale.—
See Magnolia Petroleum Co. below.—

.—

(Wm.) Cramp & Sons Ship & Engine Building Co.—

Status.— Chandler B ros. & C o . in a special lot ter say:
Tho progressive developments in the shipbuilding industry have greatly
exceeded tho expectations of six or seven months ago. The Cramp Co.
has at present on its books sufficient orders to keep its plants running to
capacity for three years. Eight or nine ships can now be built at a time,
and when tho improvements now under way aro completed tho productive
capacity will bo largely increased. All tho surplus earnings of tho past 12
years have been put back into the property (no dividends paid sinco 1902).
Tho control is in strong hands. It is an open secret that powerful bank­
ing interests in N. Y . and Phila. have endeavored to obtain it; but the
management have refused to part with their holdings. In tho year ending
April 30 last, tho earnings on the stock amounted to iO.69% , and in 1913-14
to 13.90%. In the present year they aro far beyond tho expectations. The
Y ea r—
J a n . F e b .M a r . A p r . M a y . J u n e . J u l y . A u g . S e p . Oct. N o v . D e c .
1915___ 13.7 15.1 19.0 21.8 20.5 22.1 22.10 22.80 22.8 24.9 24.4 25.6 company had outstanding on April 30 1915 only $4,344,004 in bonds and
1914 __ 24.4 21.3 23.8 23-0 23.5 23.8 22.25 14.75 12.4 11.8 12.7 11.8 mortgages, a reduction of over $1,000,000 from a year before, whilo tho
The total output in 1915, subject to revision, was 254,800,000 lbs., capital stock amounts to only $6,098,000 (par $100). No dividends aro
being paid at present, but the surplus earnings must inuro to tho benefit of
against 223,720,292 lbs. (actual) in 1914.—V. 102, p. 69.
the stockholders even if the present policy of reinvesting them in the prop­
Autosales Gum & Chocolate Co.— Receivers A p pointed. erty is continued for some time longer.— V. 101, p. 290. 50.
Default having occurred Jan. 1 on the interest duo on tho bonds. Judge
Davison Chemical Corporation, Baltimore.— Stock
Mayer in the U. S. Dist. Court o f N. Y ., on Jan. 4 appointed Wm. H.
Cloverdale and Geo. W. Morgan receivers under bond of $30,000 in a Offered.— K issel, K in n icu tt & C o ., Ladonburg, T h a lm an n &
suit brought by Geo. W. Holloway, holder o f 407 shares o f stock.
C o . and D om inick & D om in ick are offering a t 7 0 a share,
Committee for 6 % Gold Bonds and Stock .—
Stacy C. Richmond, Chairman; Lewis L. Clarke, Oscar L. Gubelman, b y a d v . on another page, the capital stock (voting trust
Authorized and to bo issued
Alexander J. Hemphill, C. D. Smithers, and Arthur Turnbull, Committee, certificates) of this com p an y.
with Robt. H. Cox, Secretary, 140 Bway, and Edw. Cornell, Counsel.
presently, 1 5 0 ,0 0 0 shares; shares w ithout par value and non­
Depositary, Guaranty Trust Co., N. Y . A plan o f reorganization will
assessable. A p plication will bo m ade to list tho stock on
be issued next week.— V. 102, p. 69.
tho N e w Y o rk and B altim ore Stock E xchanges.
Bethlehem Steel Corporation.— N ew Construction.—
The following data from "The Wall Street Journal,” is understood to D a t a f r o m C . W i l b u r M i l l e r , P r e s . D a v i s o n C h e m i c a l C o . , D e c . 29 1915
D e v elo p m e n t. — Began as a partnership in 1832; in 1902 was incorporated.
be authoritative : The Bethlehem corporation has spent in 1915 approxi­
mately $12,000,000 for new construction equal to $80 a sharo on tho com­ In 1907, when present management assumed control, tho company’s pro­
mon, and contemplates liberal charges for depreciation in the current year, duction was but 66,663 tons of sulphuric acid; in tho fiscal year 1914 it was
amounting to $4,000,000 or $5,000,000. in addition to charging o ff firo loss. 176,486 tons; it is now 260,000 tons por year, and with tho completion of an
It is expected that improvements and extensions during 1916 will cost additional unit by March 1916 will do 300,000 tons per annum.
P ro p e r ty . — The present plant, located on company’s tract of 410 acres
upwards o f $20,000X00.— V. 101, p. 1809, 1715.
with about 3 miles frontage on Baltimore harbor, is the largest and most
Boca & Loyalton (Cal.) RR.— Petition.—
modern of tho kind in tho world, containing four large .acid units and a large
G.
D. Hovey, receiver for tho company, has asked the Cal. RR. Com ­concentrating plant for high-tost acids. Construction, stool, •oncrote and
mission for permission to suspend operations of the lino from Jan. 1 to M ay 1 pig lead, with overhead railway for unloading ore from ships and con­
1916, the operating revenues being largely derived from lumber shipments, crete gravity pits for tho handling of tho residue ash. Swift & Co. have
locatod a largo fertilizer plant on tho property in order to bo near our supply
which are almost nominal at this season.— V. 101, p. 212. 46.
of sulphuric acid, and wo expect that throe other largo concerns will shortly
Bucyrus Co., So. Milwaukee.— N otes. —-F. S. Moseley locate on tho property, thero being still space for about 19 more. The real
& C o. recently offered and sold at par and int. the closed estato alone, exclusive of that used by tho Davison C o., is carried on our
books at about $700,000 and has boon appraised at $1,750,000. Tho Curtis
issue of $1,000,000 5 % coupon gold notes dated Doc. 15 Bay By. (owned), transfers freight to all the trunk lines entering Baltimore.
B u s in e s s . — The company has made its deliveries on war contracts by in­
1915 and due Juno 15 1917. Principal and semi-annual
its capacity without interfering with its ordinary business. By
interest payablo at Bankers Trust C o ., N . Y . Donom ., creasing
thus supplying the fertilizer companies during tho war with sulphuric acid at
$1,000, $5,000, $10,000 coupon notes. Callable all or nono reasonable prices it has secured from practically all of its customers long­
time contracts for acid phosphato. T o care for thoso acid phosphate con­
on 4 weeks’ notice at 100 A
l and interest.
tracts wo aro now constructing a largo acidulating plant having a capacity
The proceeds o f these notes will retire the $700,000 notes dated Mar. 1 of 300,000 tons of acid phosphate por annum. This plant will bo completed
1913, other bills payable, and will provide additional working capital.
by Aug. 1 1916: 85% of its total capacity has already been sold up to 1922.
The balanco, about 90,000 tons, could at present bo sold at a very much
Data from Pres. W m . W . Coleman, So. Milwaukee, Dec. .6 1915.
higher price; in tho meantime wo havo available tho free acids which can
Incorporated in 1911 in Wisconsin, succeeding Bucyrus Co. of Wisconsin be sold at largo profits. From tho phosphato contracts already booked,
and Bucyrus-Vulcan Co. o f Ind. Business established in Bucyrus, Ohio, which will consume but 50% of our total acid output, wo should earn over
in 1881 as BucyrusjFoundry & Mfg. Co. A leading manufacturer of ex­ $500,000 por year.
, , „ „ _
cavating machinery. Chief products, dipper, hydraulic and elevator
H aw M a t e r ia ls . — Tho company two years ago acquired in Polk Co., Fla.,
dredges, steam, electric and oil shovels, drag-line excavators, pile drivers, and now holds through a subsidiary company, a tract of 2,000 acros of
railway cranes and other machinery for excavating and handling materials, phosphate rock land containing about 7,000,000 tons o f high-grado mineable
also castings of all descriptions. Among our customers are the Panama pobblo phosphato rock, present value over $700,000. Whilo not yot
Canal and other departments of the U. S. Government, foreign Govern­ opened up for development, this property can bo placed in operation within
ments and most o f tho larger railroad and mining companies, and contrac­ six months by an investment of $350,000.
...
tors throughout this and foreign countries. Main plant at South Mil­
In Southern Cuba wo recently purchased through a subsidiary company
waukee, employs about 1,700 men when running full; tho plant at Evans- a very valuablo sulphur ore property on which 1,400,000 tons of sulphur
pyrites rich in sulphur has alraody been blocked out; tho property will un­
vill, Ind., has about 500 men employed.
There is no mortgage on the property, and so long as these notes aro un­ doubtedly disclose a very largo tonnage. Recoverable copper and iron
paid no mortgage can be made by the company or its subsidiaries, nor wo beliovo will defray tho cost of mining and transportation; on a produc­
can tho capital stock o f tho latter be pledged, nor can any dividends bo tion o f 300,000 tons of oro per annum, it is estimated tho not profits from
declared on either our pref. or common stock except from current earnings. ! this sourceoalone will bo $300,000 por annum. Tho cost of sulphur is over
For breach of any covenant noteholder may immediately demand payment, j 70% of th cost of manufacturing sulphuric acid. Wo intend to put this
Cuban property in operation in 1917.
A p p r o x im a t e H al. Sheet B a s e d on that o f Oct. 31 T5— T o ta l each s id e $9,481,629 j
V a lu e o f P r o p e r ly .— Upon our last balanco sheet tho book valuo of tho
(After taking into account the proceeds and disposal o f this note issue.)
j company’s assots was $5,600,000. Upon the completion of our presont
Cash, acc’ts & bills receiv.$1,354,0361 Accounts payable............. $156,814 financial arrangements tho book valuo will bo $6,250,000. In addition tho
58,839 appraised valuo of tho Curtis Bay real estato and plant is $1,700,000 (real
Inventories (at cost)_____*1,332,160 "Reserves for taxes, & c____
$1,100,000; plant and machinery, $600,000) in excess of book valuo,
Deferred charges________
29,278 Gold notes______________ 1,000,000 estate,
Pref. stock______________ 4,000,000 making the total assets and real estate $7,950,000; tho Cuban oro property
Plant, patterns, patents,
securities, &c_________ 6,766,155 Common stock__________ 4,000,000 is worth at least $4,000,000; total tangiblo assots on appraisal of experts,
Surplus_________________
265,976 $11,950,000.




Jan . 8 1916.]

THE CHRONICLE

E a r n i n g s .— On tho basis o f the contracts already booked for tho delivery
of sulphide acid and acid phosphate, tho earnings for 1916 will bo fully
$1,400,000, and I see no reason why, with tho development of tho Cuban
ore property, these earnings should not be maintained. Until Nov. 1915
we made no high-test acids at all. Wo are now running on an output of
3.000 tons of high-test acid per month and in Jan. 1916 will bo making at
the rate of 6.000 tons per month. Tho greater part o f this output has been
sold for 1916 at a very attractive profit.
As to tho fertilizer industry, our proportion of the normal increase in
acid output should bo from 25,000 to 35,000 tons per year. Baltimore is
tho center of the fertilizer industry in the United States, manufacturing
more than 17% of tho total output. Among our largo customers are:
American Smelting & Refining Co., Maryland Steel C o., Carnegie Steel Co.,
Standard Oil Co., American Agricultural Chemical Co., Armour & Co.
and Swift & Co.
C a p it a liz a t io n .— To provido for developing the growing business, for the
development of the phosphate lands in Florida and tho ore lands in Cuba,
the Davison Chemical Corporation will shortly bo organized [having just
been incorporated in Now York State] with an authorized capitalization of
150.000 shares without par value, all o f which is forthwith to bo issued to
acquire all of tho $2,100,000 capital stock and thereby all the assets and
good-will of tho present Davison Chemical Co. The outstanding debt of
tho latter, consisting of SI,866,500 o f 6% bonds maturing in 1932, and
$600,000 2-year 6% notes, will shortly be called for payment, thus leaving
the property free and clear o f all mortgage encumbrances. The corpora­
tion will thus have no outstanding obligations other than curront liabilities.
There will also be paid into tho treasury about S800.000 in cash, as additional
working capital and for use in future development.
V o tin g T r u s t .— All of the stock of tho corporation will bo deposited under
a voting trust agreement, under which A . H. Wiggin, President. Chase
Nat. Bank, Now York; John J. Nelligan and C. Wilbur Miller will act as
voting trustees. [Registrar, Chase Nat. Bank; transfer agent. Bankers
Trust Co., N. Y.]
D ire c to rs o f the N e w C o r p o ra tio n .— Robert Garrett and H. F. Baker of
Robert Garrett & Sons; John J. Nelligan, President Safe Deposit & Trust
C o., Baltimore; William II. Matthai, C. Wilbur Miller (President), E. B.
Miller (Operating Vice-President). W. D. Huntington (Vice-President), ali
of Baltimore; Samuel II. Miller, V.-Pres. Chase Nat. Bank, N. Y . direc­
tor Virginla-Carolina Chemical Co.; J. Hough Cottman, director American
Agricultural Chemical Co.; Samuel L. Fuller of Kissel. Kinnicutt
Co
all of Now York. See also V. 102. p. 70; V. 99, p. 611; V 95, p 51

Dominion Steel Foundries, Ltd . —

I n i t i a l D i v i d e n d .—

An initial dividend of 8% was paid Jan. 1 on the $1,000,000 common stock
to holders o f record Dec. 30. See V. 101, p. 1716.

Edison Elect. 111. of Brockton, Mass.— N e w

D iv . P e r i o d .

A quarterly dividend (No. 57) of 2% has been declared, pavable Feb. 1
to holders of record Jan. 20. Previous payments were 4% each May and
November.— V. 101, p. 1192.

Fajardo Sugar Co.— D i v i d e n d .—

A dividend o f 214% has been declared on tho $3,337,200 outstanding
stock, payable Feb. 1 to holders of record Jan. 10. The last previous divi­
dend was on March 1 1913, when 1M % was paid.
D iv id e n d R eco rd.

1910. 1911.
1908.
1909.
10%_ 8)*%
5H
. . . . & 140% stock 10%
..%
..
C<omparo statement...............
..
in V. 101,
p. 2074.

1912.
7%

1913.
1f i %

1914 & 1915.
None

Fort Worth (Tox.) Power & Light Co.— E a r n in g s . —
G ro ss

N e t ,a ft e r

In ter es t

P r e f.

B a la n c e ,

Oct. 31 Y e a r —
E a r n in g s .
T a x es.
C h a rg e s.
D ie s .
S u r n lu s
1914-15........................... $862,874 $501,172 $114,111 $66,732 $32(f,329
1913-14..................
876,696470.883 102,587
66,732
301 564
1912-13 ...................
631,630 367,625
79.305
49^20
2391300
Tho decrease in gross for 1914-15 was due to the smaller sales of power
during tho period to tho Texas Power & Light Co., owing to the completion
o f the Waco (Tex.) plant by the latter company.
Tho balance sheet o f Oct. 31 1915 shows common stock, $2 760 000 of
which 93% is owned by tho Southwestern Power & Light Co.- Dref’ stock
$1,100,000, and 1st M . 5s (auth $10,000,000) outstanding, $2 ! 112,000. ’
See Southwestern Power & Light Co. below.— V. 100, p. 1755.

Franklin, Inc. (Candy Mfrs.), Longlsl. City .— R eceiver.
A receiver was appointed on Jan. 4 on application o f minority stockhold­
ers. Capital stock said to bo $600,000; $500,000 issued.— V .9 8 ? p . 765;
V. 97. p»
General Motors Co., N. Y .— C om m on Stock D ivid en d s
a
2 0 /o B a s is .— T h is com p an y, which paid a spacial
cash dividond o f $50 a sharo last O ctober, put its $16,­
506,783 com m on stock on a regular dividend basis o f 2 0 %
per annum Jan. 6 , when tho directors doclarod two initial
quarterly dividends o f 5 % oach, payable F e b . 15 to holdors
of record Jan. 25. T h o official announcem ent follow s:
A regular dividend o f $5 per sharo for tho quarter ended Nov 1 1915
and a further regular dividend of $5 per sharo for tho quartor ending Feb 1
1916, making a total o f $10 per share, was doclarod payable out of surplus
net earnings Feb. 15 1916, to shareholders of record Jan. 25 1916.
Tho directors expect heroafter to declare quarterly dividends on a con­
servative basis and to consider at tho end o f each fiscal year such additional
dividends (if any) tho earnings o f tho fiscal year and the financial condition
and prospects o f tho company warrant.
Indications are that tho earnings for tho six months’ period endinc
Feb. 1 1916 conservatively will amount to $12,000,000.
h
[A director is quoted as saying that this action ma bo accepted as placing
the common stock on a regular 20% per annum dividond basis.]
on

E ight D irecto rs O p p o se C hevrolet P la n an d P r o p o s e T h reeY e a r V oting T ru st.— A circular sent to the shareholders s a y s :
The undersigned directors have received m any inquiries in regard to
curront reports that the control o f tho General M otors C o. was aboGt to bo

lhe premises .‘ [See
Under tho circumstances, they would state that no one of the undersigned
is a party to any arrangement looking to tho vesting o f control ^ f tho
General Motors Co. in any othor corporation.
control oi tno
,
believe that the results achieved with President Nash at tho head of
the company have boon satisfactory to shareholders. It 1ms boen suggnstw
by somo shareholders that it would bo well to form a throo-vear voti n a trn^t
beginning Nov. 1916, at which date the term of the preserU board ofVirectors expires. 1 he majority o f tho present board o f directors favors this
plan. With a sufficient number of shareholders wishing t ? unRe hi forming
this voting trust, action to that end will be taken **
ite m torming
Tho slip enclosed, on which shareholders may express their wish for a
voting trust with fivo members o f tho present board acting as trustees to be
selected by the present board o f directors, should ho m u m r i a t onco to
Blandish Backus, Sec.. General Motors Co.. Detroit roturnoa at onco to
(Signed] Samuel F. Pryor Albert H. Wiggin, Thomas Noal Charles H
Sauin, James J. Storrow, C. S. M ott, Albert Strauss Emory W Clark’
Compare V. 101, P- 2147.
’
'

Great Shoshone & Twin Falls (Idaho) Water Power
Co.— Sale o f P r o p e r tie s

.—

V. W. Ilasbrouck, Special Master of tho U. S. Dist Court will on
Jan. 8 offer tho properties at foreclosure sale. It is thought the 'nronertv
will bo absorbed by tho Electric Investment C o.— V. 101, p. 3 7 3 .
'

Inland Steel Co., Chicago.— A d d itio n s .— Sec. F . M .
A d a m s, in reply to our inquiry, writos:
Work has already been started on the additions to our plant Tho cost
will be approximately $5,000,000. Eight additional open-hearth furnaces
are to bo constructed, instead of 18. as has been reported. These additional
furnaces will givo us a capacity o f 1,000,000 tons annually Practically all
of the work under ground will be by our own force. Wo expect to have at
least one unit o f tho additional open hearths in operation by early fall of
next year. ’1 ids also applies to the new blooming mills and structural mills
' Vo Jj“ v0 not ^sued any bonds to fund this work. Compare V. 101, p.
6 l o ob71 V. l()0t p 815



157

Iowa Electric Co., Cedar Rapids.— Clarence I. Worces­
ter, Boston, is offering, at 9 7 ^ and div., the company’s
7 % cum. pref. stock, pref. as to assets and divs; callable at
103 and div. on any div. date. Dividends payable J. & J.
Digest of Data from V.-Pres. John A. Reed, Cedar Rapids. Dec. 25 1915
t e r r it o r y .— All of Jones County, Iowa County, west half of Clinton Coun­
ty , and a part of Cedar County, Iowa, having a population of about 60,000.
Best known from an agricultural standpoint, for production of corn, oats,
wheat, barley, rye, hogs, cattle and dairy products. All the towns are
old, well-established communities. Company’s franchise situation is satis­
factory.
P ro p e r tie s .— F ir s t G r o u p , located east of Cedar Rapids in the Iowa Corn
,
t h? Anamosa Division," includes 14 towns: Anamosa. M onticello, \\ heatland. Grand Mound, Olin, Massilon, &c. Owns and operates
a hydro-electric plant supplemented by a steam station at Anamosa, a
hydro-electric plant at Oxford Junction and a steam plant at De Witt.
S eco n d G r o u p , the "M arengo Division,” located just southwest o f Cedar
Rapids, incudes the towns of Marengo, Williamsburg, Parnell, North
English, Ladora and Victor. Owns and operates a steam plant at Marengo
from which high tension lines extent to tho cities and towns of this division.
Also has advantageous contract with Iowa Ry. & Light Co. for the inter­
change of power, and a transmission line will be built from the Marengo
Division to the Iowa Ry. & Light C o.’s lino from Cedar Rapids to Marshall­
town, materially reducing the cost of current on this division. Also has
recently purchased a water-power site at Canton, and expects to construct
a hydro-electric plant there in the near future.
Appraised replacement value of properties, over $525,000, and, after
deducting depreciation, over $436,000, or an equity after deducting all
bonds and pref. stock, of $103,000.
C a p it a liz a tio n Oct. 31 1915—
A u th .
O ulst’g .
Preferred stock---------------------------------------------------------.$300,000 $50,000
Common stock--------------------------------------------- ------------- 300,000 151,000
1st M . bonds [additional amounts can be issued only for
80% of cost of additions, &c., when earnings are 1?4
times the interest charge as so increased, see V. 100,
P- 2 1 7 1 ]..-------------- -------------------------------------- ---------------------- 282,500
E a r n i n g s . — For 12 mos. ending Oct. 31 1915: Gross, $71,472; net,
$35,553; int. on bonds outstanding, $17,150; pref. divs., $3,500; bal.,sur.,
$14,903. The actual net income for the last 12 months is more than five
times the preferred dividend requirements.
D ire c to rs (and Officers).— William G. Dows, Pres.; John A. Reed. VicePres.; Isaac B. Smith, V.-P. - Treas.; Sutherland Dows, Charles S. Wood­
ward. See also V. 100, p. 2171.
International Construction Co. Plan.— The commit­

tee of stockholders, both of this company and the alliedUnion
Construction Co. (V. 94, p. 771), under deposit agreement
dated March 13 1912, call attention to the plan for the reor­
ganization of the Kansas City Mexico & Orient R y . (see a
preceding page) and in connection therewith present an
auxiliary plan, dated D ec. 16 1915.
Committee: John W. Platten (Chairman), Charles F. Ayer, Alfred C.
S lf dii I£E i? L. Clarke, Carl Derenburg, Frederick J. Lisman, Jabez T.
Odell, I hilip D. lu ck ett and Arthur Turnbull, with Calvert Brewer as
s S S iz 55 Cedar St., N. Y ., and Chas. II. Jones & Co., fiscal assistants,
20 Broad St., N. Y.
Further deposits of stock under the plan will be received not later than
Jan. 25. Depositaries: U. S. Mtge. & Trust Co., 55 Cedar St., N. Y ., and
Glyn, Mills, Currie & C o., 67 Lombard St., London.
Counsel: Harmon, Patterson, Eagle, Greenough & Day; James M . Beck.
O utline of Plan Dated Dec. 16 1915.
P ro p o se d S a le s .— The Construction Companies have a combined author­
ized capital stock of $13,000,000, of which $12,842.i00 is outstanding
Your committee approves the Railway Plan (Kansas City Mexico & Orient)
dated Dec. 8 1915 (outlined above), and they propose, if the plans become
effective, to purchase from tne trustees in bankruptcy all the rights, proper­
ties, &c., of the two construction companies named and also of International
Construction Co. of Texas, a subsidiary of the International Construction
C o., with a view to turning over to the Railway committee certain of the
property and property rights and interests of the Construction Companies
in and to a large amount of graded right of way acquired by such purchase.
Thereupon and upon the payment of $3,000,000 in cash to the Railway •
Committee, your committee will be entitled to receive from it $960,000 in
cash, the same to be applied in reduction of said $3,000,000 payment, and
securities of the New Railroad Company, as follows, also contingently for
further properties an additional amount of securities as likewise below shown
„„
,
F o r th w ith . C o n tin g en t.
T o ta l.
First Mortgage 5% gold bonds...............-83,000,000
$300,000 $3,300,000
Non-cum. Conv. 5% Pref. Stoci, v. t. c . 6,606,133
500,000 7,106.133
Common stock (voting trust certificates) 8,362,667 1 ,0 0 0 ,0 0 0 9,362,667
" U n s o l d P r o p e r t ie s .” — All property and property interests not so transTerrd to tho Railway Committee or otherwise used, in furtherance of this
plan, herein termed “ U n s o ld P r o p e r t ie s ," may be sold or placed in trust or
otherwise disposed of for the pro rata benefit of tho depositing stockholders.
Among the U n s o ld P ro p e r tie s will be certain claims and interests in respect
o f the Chihuahua & Sinaloa Development Co., the Mexican Tiinberfield Co.
and the Sierra Madre Development Co. (V. 85, p. 349, 725), and such rights
and interests, if any, as the committee may acquire and not dispose of in
the furtherance of the plan, in respect of tho Mexico & Orient Townsite Co
(V. 85, p. 349, 725) and its subsidiaries.
C a sh R eq u ire m e n ts — S e c u r it ie s , & c .. R ec e iva b le . — It is estimated that about
$3,338,946 will be required to acquire the properties, discharge existing
claims and obligations, and for expenses incidental thereto. To raise said
sum the former holders of the $12,842,100 capital stocks of the Construction
Companies are asked to pay sums equal to 26% of the face amount thereof
(or optionally subject to allotment, additional sums), receiving for each $26:
(а) Securities in New Railroad Co.: $26 in 1st M . 5% bonds, $45 Pref.
stock v. t. c.; $45 common stock v. t. c.
(б) An interest in U n so ld P ro p e r tie s , or the proceeds or othor considerations.
(c) On or before their ratablo proportion in such additional amounts of pref.
and com. stock v. t. c. of the New Railroad Co. as this committee shall
not have applied to certain adjustments. &c.
The aforesaid subscriptions will be received at the depositaries not later
than Jan. 31 and must bo paid as follows: (a) On application, $3 25;
April 15 1916, $6 50; Aug. 1 1916, $6 50: Nov. 1 1916. $6 50; Feb. 1 1917,
$3 25; total, $26; or in full April 15 1916 or on any subsequent installment
date, with allowance of 5% interest, tho now securities to be issuable forth­
with. Subscriptions are payable in London at 4s. 1 J4d. to the dollar, sub­
ject to right of committee from time to time to alter the rate of exchange.
Any subscriber may, in lieu of cash, turn in 6% Two-Year Gold Notes of
the Railroad C o., and in such case will receive a cash commission of 3% on
tho notes so transferred and the interest on his notes up to April 30 1916.—
— V. 94, p. 770.

Isabella Connellsville Coke Co.— Sale o f Collateral.—
Colonial Trust Co. of Pittsburgh, trustee, under agreement of M ay 1
1909, will on Jan. 28 sell the $1,875,000 1st M . 5% skg. fd. gold bonds,
securing tho $1,500,000 6% serial short-term collateral gold notes, principal
and interest in default since May 1 1913.— V. 99, p. 410.
McCrory Stores Corporation.— Sales fo r November.—
1915—-D ecem b er — 1914.
I n c r e a s e . I 1915— 12 M o s . — 1914.
In crea se.
$927,443
$791,622
$135,821 $5,614,680
$4,929,184
S685.496
— V. 101, p. 1977. 1275.
Magnolia Petroleum Co., Galveston.— Stock Increase.
— Stockholders on Doc. 30 voted:
1. To increase tho authorized capital stock from $9,800,000 to $20,­
000,000 (par $100 a sharo), so .as to provide stock or capital for tho purchase
of the properties of tho Magnolia Pipe Lino Co. (V. 101, p. 1676) and of
tho Corsicana Petroleum C o., or such of thorn as may be authorized, and
additional capital for extending and carrying on tho business of the co.
2. Tho purchase of the properties of the Magnolia Pipe Line Co. and the
Corsicana Petroleum Co.
3. To waive tho stockholders’ preference right to buy his pro rata share
of tho stock necessary for such purchases.
4. To sell such stock as may be necessary to satisfy the demands of storkho
who ma not waiv su

158

[Vol . 102.

THE CHRONICLE

The basis o f the proposed purchases is the payment by *ho.
Petroleum Co. o f (a) 2 H shares of its stock for each sh a r o o fs to ck o f tho
Magnolia Pipo Line Co.; (b) the payment for each sharo o f Corsicana
Petroleum stock of such number o f shares of Magnolia Petroleum Co. stock
as will equal in valuo tho share of Corsicana Petroleum Co. [At last ac­
counts the Corsicana Co. had outstanding $1,500,000 stock in $100 sihares
and $900,000 6 % bonds of 1912. duo Dec. 2 1924, but callable at par.]
See bond, &c., offering of Magnolia Petroleum C o., V . 98, p. 159. V . 100,
p. 1676, 1669.— V. 101. p. 1631, 1016.
Merchants’ & Miners’ Transp. Co. (Balt.). Plan.
Stockholders on Jan. 4 approved the financial plan. An underwriting
syndicate is proposed. See plan, V. 101, p. 2148; V. 100, p. 2171.
Mexico & Orient Townsite Co.— Plan.—
See “ unsold properties” under plan o f International Construction Co.
above.— V. 85, p. 349, 725.
Miami Copper Co.— Increased Dividend.
A quarterly dividend (No. 14) o f $1 25 (Parvalue $5 ) h ^ been dec)iared,
payable Feb. 15 to holders o f record Feb. 1. The c<?^PanX P al,
dividends in 1915 viz.: $1 Nov. 15. 75c. Aug. 16 and 50c. May 15, omitting
the Feb. 1915 and N ov. 1914 payments. Fifty cents -vras paid quarterly
beginning with M ay 15 1912 to Aug. 15 1914 inclusive.— V. 101. p. 1192.
National Screw & Tack Co — Extra Dividend.—
An extra dividend of 1% was paid Dec. 23 on the common stock along
with tho regular bi-monthly 1 % , making, it is stated, 7% for the year.
V . 96, p. 290.
^
n lJ
(The) New England Co. (Cleveland).— Guardian Bldg.
Bonds.— The Guardian Savings & Trust C o ., Cleveland, is

the public utility properties of the Oro subject to undwlylng liens o f $330.­
000; (3) To shift the floating debt, amounting to $2 ° 0.0 0 0 , to the dredger
nronerties This offer is subject to the verification of all representations
on°thepart of the sellers and means about $2.0003)00 to r .all the
While appraised as high as $3,000,000 by experts for
Western S ta t^
Gas & Electric Co., the more costly properties are in a constructive stage
and non-productive.” — V. 100, p. 1828.
Packard Motor Car Co., Detroit.— D iv id e n d s .—“ Detroit Free Press” says that the directors have apprwed p a r e n t of a
10% stock dividend and a 1 yK % cash dividend on the common stock, pay
able Feb. 1. Alvan Macauley, Vice-Pres. and Gen.
. re^ rts. Tho
company has decided that, having now substantially completed Its progra
of plant expansion, a portion o? its. earnings will p a y ./‘ vide ds on.the
common stock so long as conditions justify so doing. W
e t ilm ir
stock dividend because, during the last five years, wo have'devotedour
earnings largely to adding to our facilities. Our plant is almost a mile long
and nearly 1,000 ft. wide. There are more than 11,000 ®mploy^es on our
pay-roll and in December we manufactured nearly $3,000,000 or product.
The new stock to be distributed Feb. 1 will have au aggregate par value
of approximately $706,530, increasing the outstanding common stock to
about $7,771,830 of the authorized $8,000,000.
The capital stock includes also $8,000,000 outstanding of 7% cum. pref.
stock of which $3,000,000 was recently issued through William A. Read fit
Co N Y . There are also outstanding $3,000,000 of 5-year 5% (fold
notes issued in 1911, payable Dec 1 1916—the company’s only authorized
or outstanding funded debt (see V. 93, p. 1327). From 130 bid and 134
oaVp/i about Nov. 1, the prico of the stock, it is said, has advanced until
the quotations Dec. 31 show 185 bid with stock held at 192. V. 97, p. 1119.
Compare preferred offering, V. 102, p. 71.

offering, at par and in t., the unsold portion of the present
issue of $1,045,000 First Ref. M . b lA % Gold Bonds, dated
April 1 1915 and due serially. A circular shows:
Principal due serially on April 1 from 1918 to 1942.incl ..the Installments
resnectivclv being five each o f $25,000, $30,000, $35,000 and $40,000,
four o f $50 000, and one o f $195,000, totaling $1,045,000, but callable, al
or anv part’in inverse order of numbers, at 102 and int. onAnyJ o T ^ v a h le
upon 4 weeks’ notice. Denom. $1,000 c*. Prm and int. (A & 0 ) Payable
at rjnnrHian Savings & Trust C o., trustee. Federal income tax paid as tar
its Swful
T o t W t h . issue, $1 .500 000; final $455.000^is M d n t r a w
to retire on or before maturity $455,000 1st M . 4 'A / o
®/b1®.
The proceeds o f these $1,045,000 bonds will be used to meet part o f the cost
of the new buildings and alterations.
, . ___ «tnck
In 1914 the Guardian Sav. & Trust Co. purchased ^ entire capital stock
of the New England Co. Improvements undertakeni will Providea 15-story
building, of modem fireproof construction .facing 129 ft.
Euclid Ave. .t o
be known as the Guardian Building; rentablo space on each floor , 21, )0
sq. ft. At its purchase the building was appraised at $750,000. Altera
tions will cost about $1,500.000. while the 99 -year lease upon the land , made
20 years ago at a fixed rental of $16,000 per annum, is estimated at: S750.0UU,
making a total for completed building and leasehold, $3,000,000. Esti­
mated annual Income, $180,000. having been determined after allowing for
operating expenses, taxes, ground rent and vacancies. [Total interest
charge $77,475— Ed.]. H. P. McIntosh is Pres., II. C. Robinson, VlcePresT; J. A . House, Treas.; H. P. McIntosh Jr.. Sec.
[Not to be confounded with tho New England Co. (Boston), above]

New England Co. (of Mass.) Hydro-Electric Power
System, Boston.— Offering of Bonds Convertible into First
Pref. Stock.— B a k er, Ayling & C o ., Boston & c., are offering,
at 98 and in t., netting 6 .2 7 % , $1,450,000 Ten-Year 6 % C o n vertible Gold Debenture coupon bonds dated N o v . 1 1915
and due N o v . 1 1925, but red. at 10 2H and int. on any int.
period. In t. M . & N . at Old Colony Trust C o ., Boston.
Denom $1 ,000 . The bankers say in substance:
This first pref. pays dividends at the rate of 5 H %^ntU Jan.

is

Page & Shaw, Inc. (Candies), Boston.— Pref.

Par $100 a sharo, red. at 120 and accrued divs. Dividends Q.-J. 10.
Transfer accent. First Nat. Bank of Boston.
.
.
A Mass corporation (incorp. Sept. 1912), the largest manufacturer-of
strictly high-grade candies in tho country. Capitalization. 7% cum. pref.
stock (incl. this issue), $400,000; common stock, $300,000. Net earnings
for fiscal year ending Oct. 1 1915 over 5 times amount required for pref.
dividend. Dividends of 10% per annum are paid on common stock.
Annual sinking fund of 2H % has been estab ished to retire the pref. stock
at $108 per share. Gross business over $500,000 per annum and con­
sistently increasing. Has a large amnufacturing plant in Cambridge.
Mass., and stores in N. Y .. Phila., Boston,
Salem. Montreal and
Ottawa and a large number of agencies throughout the United States and
Canada’ [Funded debt at last accounts. $10,000.
The dividend on
common stoc*
recently increased from 7% to 10% p. a.]
Peerless Truck & Motor Corp., N . Y .— R eport— A finan­

cial statement (incl. bal. sheet of N o v . 30 1915) shows:
Sales billed o f constituent cos. for 11 mos. end. Nov. 30 1915 .$11,458,513
N h tm ofh s (co^ sU tcos.) after main;. & depr. (before int. on i ^ ^
C ^ h ^ b a fa n c ^ tR o e r ^ T r &" M~ C o""and "sub. cos".)I I I I I I I - - -

2 ’,389.400

has been dissolved. ]— V. 101, p. 1718.

Potomac Electric Power Co. (Wash . ) — N e w Generator.
The capacity of the Bennings steam powor
the
installation of a 15.000 k. w. generator, necessitating extensions or ine
plant buUding. The j ” G. White Engineering Corp has the contract for
engineering and construction.— V. 101, p. 618, 374.
R e m in g t o n T y p e w r ite r C o ., N . Y .—Bonds Offered.
W m . A . Read & C o. are offering by adv. o n another page
the unsold portion of the prosont issuo of $5,500,0UU 1st M ..
6 % serial gold bonds dated Jan. 1 1916 and due $o50,000
annually Jan. 1 1917-1926 incl. The bonds are offered on a
basis of 4 ^ % for 1917 maturities, 5 % for 1918, 5 H % for
1919 and 6 % for 1920-26.
a

The new generating station under construction at Readsboro. Vt., will be
finished^ early "In the spring. The proceeds of a portion o f the notes will
be used to pay for this construction.
.__ _
.
The increase o f the company’s business has been very satisfactory. A
number o f large contracts have recently been made and have nocessitatea
additional construction o f transmission lines and substations.
N e w E n g l a n d C o . S y s t e m . — Constitutes the largest hydro-electric develop­
ment in the U. S. east o f Niagara Falls, embracing ( a ) generating stations
on Deerfield and Connecticut rivers, installed capacity of 76,000 n . p ^ . W
Control of further sites and reser-voirs capable o f developing a further
125.000 h. p.; (c) Over 250 miles o f transmission lines, with many sub­
stations. Electrical energy is served to various manufacturing centers, such
as Worcester, Providence, Fitchburg, Pawtucket, W ooi^ockeL Gardner,
Keene, Claremont, Brattleboro, Marlboro and many other important in­
dustrial points. Serves many o f the electric light porn pani^ ^ treet raU­
way companies— large and varied m anu^ctorie^togetner with w - r mO
cities and towns in central Mass., R . I.. N. II., Conn, and Vt., also power
to Boston & Maine R R -, Hoosac Tunnel section.

Stock, &c.

__ Duroll Georgo & C o ., Boston, are offering at 105 and div.,
to net 6 .6 7 % , $100,000 7 % cum. pref. stk. Circular shows:

h

K

» ° » ’. i 7j 500b0e0n ° « S

S ftl

L fte?^Ld 1 1918 into First Pref. 7% cum. stock, which will be redeemable
at 1 1 0 and div
Columbia Trust C o., N. Y ., trustee. Exempt from
tax in NcWa YorkoSta^.tter ^ presiden t Frank N. K on dolf.
,
These bonds, which will be the only funded debt, are ^ h® secured b y
direct first mortgage lien upon the entire property. The real estate,
buildings, machinery and equipment have a replacement value, as de­
termined by appraisal by the American Appraisal Co. as of Dec. 3 1.115
of $4 990 000
In addition, the current assets, as shown by audit of I rice,
Waterhouse * Cm m of June 30 1915. amounted to oyer $9,900,000, making
« total of Dhvsical property and current assets of about $14,900,000, OPnjOW
than 2 ^ times the p f S t issue. The proceeds from sale of these bonds
will provide for the payment of $4,300,000 notes of the company due
J^ - l » » »
L jO -lO U . .v^ tobte tor
interest payments and depreciation charges, wero $ 1 ,3 0 7 ,4 3 9 , or nearly
four tfm«w Hie interest requirements of tho present
of bpnds. Eor the
s ir months ended June 30 1915 net earnings available for bond interest
and^eDreciation were $ 5 3 0 ,9 5 0 , notwithstanding tho unfavorable indus­
trial conditions existing during that period, with accumulated surplus o f

^2The ’outstanding ^ p ita l stock is as follows; First pref. 7% cum. st°ck.
®.i ooo 000- 2d pref. 8% cum. stock, $ 5 ,0 0 0 ,0 0 0 ; common stock, $ 1 0 ,0 0 0 ,boo- total. $ 1 9 ,^ 0 0 ,0 0 0 . Full dividends which accrued on both classes of
n r e f stock from 1893. in which year tho company was organized, wereA n n u a l E a r n i n g s o f N e w E n g l a n d C o . S y s t e m ( .D e c . 1915 o f f i c i a l l y e s t i m a t e d ) .
nald’ to Oct. 1914. Since that timo dividends on the pref. stocks have been
Gross earnings.$1,458?362 $982,529 Bond int. (total)-$418,438 $332,497 deferred, owing to the company's policy of maintaining a strong cash posi­
.
Net, after taxes.
939,300 5 0 9 ,7 4 1 1Note intere t . . .
84,162
21,114 tion, and the general conditions prevailing in tho latter part o f 1914Since the beginning o f the current fiscal year conditions have so far :Im­
Balance (see below).................- ................. ....... ..................436,699
15b,12J 1proved
that the company’s orders are at present far in excess of output.
In order that the future management may bo determined, a flve-jear
By the issuance during the next few months o f the full f ;F}2H p^wm dd
plated ($1.450.000) of the 6 % bonds, the debenture and note Intelest would voting trust is to bo formed to consist of five voting trustoes. See also
amount to $129,000 per year, and inasmuch as a portion ** *^ ucdfor w e - V. 101, p- 1812, 1890.
sions, a more than corresponding increase) of earningsVs ^ ‘ icipatal ^here
from. The gross income of the system for 1910 was $270,000. for 1915
R e o M o to r C a r C o .— 1 0 0 % Stock Dividend .—
nearly $1.500.000; and we see no reason why the company shou‘d not conThe company recently declared a 100% stock dividond on tho mitstandctinue this excellent increase in earnings. [This company should not bo ing $3,000,000 stock and increased the authorized amount from ’VLn t UU
onfounded with the Cleveland building company with the same name to $10,000,000 of which $6,000,000 is now outstanding— V . 101. p. 18U.1.
eiow mentioned.]— V. 100, p. 776.
S e a rs, R o e b u c k & C o ., C h ic a g o .— Year's Salesby Month»
New York Dock Co.— Earnings to N ov. 30 1915.—
1914.
1911
1915.
1914.
E a r n in g s i n 1915—
N o v em b e r.
Increase. 5 Months.
{«greasc.
$
$
$
Net earnings____________$111,551
$13,790 Not stated
$138,404
6,152,404
August
.
.
.
7,193.581
7,744,572 September. 8.150,067
Surplus after charges----- 34,444
19.827 ... $230,637
160,550 J a n u a ry -.- 7,907,339
8,757,287
February
.
.
9,601,899
8,953,931
Charges deducted for the 5 months included liberal depreciation.— V.
11,251,484 10.768,704
March......... 10,198,741
8,946,029 October
10,424,047
101. p. 1890. 1712.
April........... 9,243,001
8,612,070 November - 12.827,154
Oro Electric Corporation.— Possible Sale.—
M a y ........... 8.464.713
7,552,310 Decem ber.. 13,109,787 10,792,08a
6,092,100
San Francisco advices indicate that the Pacific Gas & Electric Co. is Ju n e........... 7,682,029
Total___ 112.665,725 101,121.654
6,326,117
considering seriously the advisability o f acquiring control o f this property, July_______ 7,035,930
— V. 101, p. 1890. 1556.
if indeed it has not already decided to do so.
, .
...
.
The San Francisco "Chronicle” Nov. 27 1915 said in substance: ‘ Agents
S w i f t 1& C o . -Earnings for Year Ending Sept. 25:
have for several weeks been trying to induce tho bondholders to glvo
o--., or
o,,;,,,
,\ct
D iv id e n d s
B a la n c e ,
lo t a i
options on their bonds at 75, until -March 1 9 1 6 . under one or the other of SepY cl “ O v e r.”
P r o fit s .
P a id .
S u r p lu s .
S u r p lu s . ^
two options. The first was on behalf o f the Great Western Power C o .,
w h ich tentatively offered to take the bonds at 7o, giving therefore a bond
1914-15____ 500,000,000 14,087,500 1 7 H ) 15.'437,500 6.650,000 45,850,000
of a new corporation guaranteed by the Great Western, In addition to
m iQ .li
9*^ nnn odd G 450 000 (7%)5i260i000 4,,200,000 37,200,000
balance sheet shows an increase in accounts rect:^ivablo of $47^29,777
^W *hile^l^e°negotiat*ons were pending the Oro Electric triod to borrow 19The
,
,
an.
ooo
, i ,, n,i first, int ire. 5% bonds of $10,000,000 (to$24 ,w y,
from financial interests $75,000 to meet interest on Oct. 1. The money 000)tOa^Kl ’ bms , rpayab7e
wero $32,9.*,550 in 1914-15 against $39,538.­
was not loaned because the Oro did not offer bankable security. These
850
in
1913-14.—
V. 101, P- 1719 , 928.
needs were then brought to the attention of the Pacific Gas & Ek^tric G o.,
which arranged the loan for the Oro on indorsements o f some o f the latter s
S o u th w e ste rn P ow er & L ig h t C o.
Annual Report.
^ “ Responding to a request, an official of the Pacific Gas & Electric made Tho companv having during recent months acquired the con­
an informal offer, embracing the following features: (1) T o buy for cash trol of tho Galveston Gas C o ., has issued a special report ot b J
at 75 all the Oro felectric Corporation bonds outstanding; (2) To take over




Jan . 8 1916.]

THE CHRONICLE

pages, handsomely illustrated, showing financial data as
of Oct. 31 1915, including its subsidiary companies.
The combined earnings, including those o f the subsidiaries, were nublished
jn last week’s issue o f the “ Chronicle” (V. 102, p. 72).
S o u th w estern P o w e r & L ig h t C o . B a la n c e Sheet Oct. 31 1915.
A s s e t s {T o ta l, $23,651,364)—
L i a b ilit ie s {T o ta l, $23,651,364)—
Securities o f other c o s ...$22,273,851 First preferred stock____$1,940,000
Treasury bonds________
402,000 Second preferred sto ck .. 2,447,000
Current assets_________
612,660 Common stock.............
15,125,000
Bond discount and ex­
First lien 5% bonds------- 2,655.000
pense________________
356,085 Current liabilities______ *1,349,635
Suspense_______________
6,768 Surplus-----------------------_______
134,729
* Includes $572,057, due Southwestern Utilities Corporation and $671 827
American Power & Light Co.
For earnings o f Fort Worth Power & Light C o ., see above.— V . 102, p. 72.

Union Construction Co.— Reorganization Plan.—

See International Construction Co. above.— V. 9 4 , p. 7 7 1 .

United States Steel Corporation.— Stock Offered —
a Ti 1o°rP^ cSn{ht whlch the employees will bo allowed to subscribe till Jan. 29
Yd°? ’«
iT' toV? 11 s^°Sci'U" c 7 ’ tll° profit-sharing plan is $85 per share,
as against So7 in 1914 and $ 6 6 in Jan. 1913. (See V. 98, p. 922.) No offer
f

i

r

S

d

r

t

i

f

a

laSt y° ar’ and n0 Pre*

Utah Securities Corporation.— N otes.—
004 5 3 iGfnrr^ L ^ , rUst 9 *1 .’
having on deposit an additional $ 1 ,than5 mI f a
n
of tko 6 % 10-year gold notes o f 1912. at not more
10U , 1 t “ , il! r®?elv° sealed proposals until 12 m. Jan. 18, to sell
T
W
i ery o f Purchased notos must be made on or before Jan. 25.
” y 10, CaSr ° f 5 5 S3.0 0 0 ,0 0 0 cash recently deposited were accepted
at prices ranging from 94H low and 9 5 ^ high.— V. 1 0 1 , p. 1975, 1812.

Wheeling Electric Co.—
See American Gas & Electric Co. above.—V. 98, p. 1779.

White Motor Co., Cleveland.— Directors, (fee.— The fol­

lowing particulars are now furnished:

Directors: Warren Bicknell, E. W. Moore, Otto Miller and J R Nutt

g -s a n fi. i s

s

a

a

i - s

S

t

WhU(5i?nHto\Th n b^a K
d and
President o f the company, and Walter C.
The W h o i \ ? .J huson■o f Cleveland, will also be added to the board.
Dec
Cu ” which was recently incorporated in Ohio (and on
over
/h « » J ^ d ihisharecapltai from $2 0 ,0 0 0 to $16,000,000), has taken
a]* fho assets o f the White Co. o f Cleveland. The capitalization o f the
new company is $16,000,000, stock all o f one class, par value o f single
snares, $50. Thero will bo no bonds or prof, stock; the prof, shares o f the
Old company will be immediately retired. The temporary stock certificates
ot the now company aro now being delivered at the Columbia Trust Co.,
£!,• v ., against presentation o f subscription payment receipts issued bv
Chas. I). Harney & Co. and Montgomery, Clothier & Tyler
The net earnings o f tho White Co. for the year 1915 were about $ 8 000 000. or an amount oqual to about 50% on the capitalization o f the new
company. jT h e company’s orders for war trucks is r e p o rt^ to have been
very heavy for_a year past, and its general business also in both trucks and
pleasure cars has long been o f largo dimensions.— Ed.j— V. 101, p. 2150.

(F.

w.) W o o lw o rth

& C o., N ew Y o r k .— Total Sales —

above sales, $/5,980,840 for 12 mos. ending Dec 31 1 0 1 5 ^ 2 3 ^ 7

CU RRENT NOTICE.
_ ~ Mcssrs- Koan, Taylor & Co., investment bankers. New York and
, i Ca^ O’ annOUnC0
Wm •L. Ross has bocome joint Western Manager
with M r. Allen Haines, who has beon West orn Managor for tho past two
years, with offices in Chicago. Mr. Ross was Railroad and Industrial
Editor o f tho Pittsburgh “ Gazette-Times” and Financial Editor o f the
Cleveland "Leader.’ From the lattor position ho was made Treasurer and
Auditor of tho Cuyahoga Telephono Co. He then became Office Managor
for Tillotson & Wolcott Co., bond dealers, Cleveland, and from there went
to tho Second Ward Savings Bank. Milwaukee, as Manager o f the Bond
Department and bank direct r. He is also a member o f the Board of
Governors o f the Investment Bankers’ Association o f America.
— The January 1916 issue o f the “ Hand Book o f Securities,” compiled
by the publishers o f the “ Commercial and Financial Chronicle,” will be
ready Jan. 15. The book contains 192 pages, and gives very full in­
formation concerning the various railroads and tho leading industrials
whose securities are dealt in on tho New York, Boston, Philadelphia,
Chicago and Pittsburgh exchanges. It shows their earnings, dividends
&c., for a series o f yoars, prosont fixod charges, and the amount o f tho
different issues of bonds outstanding, the rates o f interest, &c. There is
also given tho monthly range o f stocks and bonds to Jan. 1 1916 together
with a yearly range for four years. Price, one dollar, or to "Chronicle”
subscribers, 75 cents.
— The January number o f “ Investment Factors,” the new magazine for
investors published by tho investment firm o f Bowman Cost & Co
Third National Bank Building. St. Louis. M o., c o n t a i^ among a L ^ of
features, an artlclo on tho bond market outlook for 1916 talks with invest
ors “ What the Public Wants.’ the time to make p u r c ^ l o 7 ic u r it “ s
a list o f profitable income-producing issues anri tmiphoc _
,
*
phase o f tho subject. One item o f genera, im nortanrf
amount o f American securities held in Europe which have heo ^ °
th?
for Investor, to the Un.toa States.
Investors upon request to Bowman, Cost & Co.
1 * ^ 6Qt t0
— Tho private investor and institutions should peruse tho nage -list of
investments as advertised in tho "Chronicle” by Hallgarton & Co 5 N a ia u
St., this city. A selected list o f tho best railroad L d corporat'ion b o ^ s
are featured, yielding a return of 4.12% to 6.02% . 3 e r a l o f th^ e
offerings aro legal savings bank and trust fund investments in New York
Massachusetts and Connecticut. Tho bankers will submit additional offer’
ings and tho bond department will give full particulars concerning any
securities about which more detailed information is desired
See to-dav’s
advertisement.
'
y
— Tho attention o f investors is directed to the circular issued bv Red
* C o ” 33 Pino St” Now York’ describing their selected January
investments. These include such standard railroad bonds (yielding from
4 T5 to 4.75%) as New York Central IiR. Co. Cleveland Short Line First
Mortgage 4)4% bonds, due 1961; Northern Pacific Prior Lien 4s- United
New Jersey R R . * Canal Co. (Pennsylvania System) 1st Mortgago rs
and also various public utility and municipal issues o f high grade.
Yh.e f ‘rlm ° f Koehler, Cummings & Prudden o f Toledo has been dis­
solved by the withdrawal o f F. C. Hoehler and C. E. Vandersall A new
B en ’ r

r
ttH; IT- Cummln*S' P - P - Prudden’ A. j spencer, A T
Bell and IL L. Hutchinson, was formed on Jan. 1 under the name of

Cummings, I rudden & Co., to conduct a municipal bond business in the
quarters occupied by the old firm In the Second National Bank Building.




159

— Messrs. Gartonlaub & Co., 5 Nassau St., New York, own and offer,
subjoct to prior sale and change in price, an attractive list of high-grade
railroad bonds for January investment. These bonds are offered to yield
approxunateiy from 4.25 to 5% and many of them are legal for savings
banks in New York, Massachusetts and Connecticut. For further details
see full-page advertisement.
At 100H and accrued interest, Breed, Elliott & Harrison, o f Chicago
and Lawrence Turnure & C o., o f 64 Wall St., this city, are jointly adver­
tising elsewhere in this issue for private investment $1,200,000 Republic of
I anama 5% secured serial gold bonds. See the advertisement for details
and descriptive circular will be furnished on request to the bankers.
— Zimmerman & Forshay announce a further reduction in the prices of
foreign Government securities in their advertisement which appears in
another column. This reduction is made possible by the continued decline
in tho rates of exchange caused by a cessation of exports from the Central
European countries to the United States.
— Messrs. Seasongood & Mayor, Cincinnati, and Field, Richards & Co.
Cleveland and Cincinnati, are offering by advertisement on another pa^e
$500,000 Province of Saskatchewan, Canada, five-year 5% gold bonds at
97.84 and interest, yielding 5.50%. For further details regarding this
offering see advertisement.
Kissel, Kinnicutt & Co., Ladenburg, Thalmann & Co. and Dominick
& Dominick of this city are to-day advertising as a permanent matter
of .record only, their joint offering o f the capital stock (voting trust cer­
tificates) o f the Davison Chemical Corporation. For full particulars
consult the advertisement.
— Messrs. Kean, Taylor & Co., investment bankers. New York and
Chicago, announce the removal o f their Chicago office from 134 S >uth La
Salle Street to tho 11th floor, Borland Building, 105 South La Salle Street,
whero this firm will occupy much larger space. The sales department has
been materially increased.
— Reilly, Brock & Co., Graham & Co. and E. W. Clark & C o . o f Phila­
delphia are jointly offering by advertisement on another page, $4,681,000
City of Philadelphia 4% bonds, due Jan. 1 1946 at 102J6 and interest,
to net about 3.85% . See to-day’s advertisement for the attractive security
features o f this offering.
— Oscar Hecker, Maximilian Knoll and Oscar C. Schmidt have formed
the new firm of Hecker & Co., Sixth and Chestnut streets, Philadelphia to
conduct a general banking and stock brokerage business. The new firm
will give special attention to security investments and has a direct wire
to New York.
The firm o f Geo. V. Cox & C o., stock brokers, o f 74 Broadway, this
city, has been dissolved by mutual consent. A new firm, composed of
Geo. V. Cox. Robert L. Paret and William A. Taylor, has been formed to
conduct a brokerage business under the name o f Cox, Paret & Co. at 74
Broadway.
Sidney Spitzer & C o., dealers in municipal bonds, 115 Broadway.
New York City, havo issued for distribution an excellent circular for in­
vestors describing 43 different municipal bond offerings, yielding attrac­
tively , o f suitable maturities and exempt from Federal income and State tax.
— A. II. Martens & Co., investment bankers, have removed their New
York offices from 60 Broadway to handsome quarters in tho new Adams
Express Bldg., 61 Broadway. The firm , which are members o f the Toronto
Stock Exchange, have also offices in Toronto, Canada, and Chicago.
— It is announced that the firm name o f O. O. Kalman & C o., investment
bankers, St. Paul, has been changed to Kalman, Matteson & W ood.
Messrs. Matteson and Wood have been partners for some time and are well
known In financial circles in the Northwest.
— Greenebaum Sons Bank & Trust Co., Chicgao, aro offering 6% Chicago
1st M . real estato gold bonds, total issue, $1,500,000, o f the Albert Dickin­
son Co. o f Chicago, the largest seed merchants in the United States,
established 1855.

"TH - L ’ Horton & Co., 60 Broadway, this city, announce the admission
o f I red Seymour as a general partner. Mr. Seymour was for many years
manager of the firm’s branch office in the Plaza Hotel which will continue
in his charge.
A. E. MacKinnon has been appointed business manager for the Sperry
& Hutchinson Magazine. Mr. MacKinnon was formerly Vice-President
o f the Hamilton Corporation and circulation manager of the New York
“ World.”
— Tho M oody Manual Co., 33 Broadway, New York, has compiled a
convenient little manual of 242 pages, giving in chronological order a com­
plete list of the securities maturing during the calendar years 1916 and 1917.
— On Jan. 1 William C. Poillon, formerly Vice-President o f the Bankers
Trust Co. of this city, was admitted as a general partner in Tucker, An­
thony & Co., members o f the New York and Boston Stock Exchanges.
Wood, Gundy & C o., of Toronto and London, announce that in order
to facilitate tho handling of their American business they have opened an
office in the Bankers Trust Building, 14 Wall Street, New York.
— Arthur Linder, for many years in the investment securities busi­
ness at 35 Wall Street, has become associated with E. W . Wilson & Co.
Inc., 100 Broadway, dealers in high-grade investment sceurities.
— Bodell & C o . , o f Providence, R. I., announce that Louis C. Gerry has
been admitted to partnership. M r. Gerry was until recently a partner
of Niles & Niles, certified public accountants, o f New York.
Kean, Taylor & C o., investment bankers, announce the appointment
of William L. Ross as Western Manager jointly with J. Allen Haines,
heretofore sole Western Manager, with offices at Chicago.
— Frederick Peirce, formerly manager of the Philadelphia office of
N- W. Halsey & C o ., has beon appointed General Sales Managor of the East­
ern offices of that firm, with headquarters in New York.
— White, Grubbs & Co. of St. Paul announce the retirement of R. I.
Farrington as a special partner and the admission of Norman Nelson as
a goneral partner.
— L. F. R othschild* Co., 66 Broadway, have admitted Irving G. Knox,
member o f the New York Stock Exchange, to membership in the firm.
— Brooks & Co. o f Scranton, Pa., announce that Fred Bicknell Atherton
was admitted to general partnership in their firm on Jan. 1.
— David Torrey Wells has been admitted as a partner in the firm o f
Wm. Morris Imbrie & C o., 61 Broadway, this city.
— Richardson & Clark, of Providence, announce that on Jan. 1 A. Cnester
Snow became a member o f their form.
— Tho New York City offices of John Nickerson Jr. have been removed
to the Adams Express Building, 61 Broadway.
— On Jan. 1 Frank H. Maguire was admitted as a partner in the banking
firm of Robt. Glendinning & Co. of Philadelphia.

[Vol ._102.

THE CHRONICLE

160
H

e a r t s

W ESTERN

a n d

PACIFIC

PLAN

S t o r m w c t ils .

R A ILW A Y

COMPANY

OF R E O R G A N IZ A T IO N

I.

T E R M IN O L O G Y USED IN T H E PLAN A N D A G R E E M E N T
In the following Plan and Agreement certain convenient
terms are employed to obviate the repetition of awkward forms
of reference. The terms and their respective meanings, except
where a different meaning is plainly indicated by the context,
are the following:
. .
_
The “ Old Company” signifies the existing Pacific Railway
Compa Denver Company” signifies the existing The Denver and
Rio Grande Railroad Company, a consolidated corporation of
Colorado and Utah.
'
,
The term “ Operating Company refers to a proposed nev
corporation to be organized (probably under the laws of the
State of California) for the purpose of owning and operating the
existing lines of Western Pacific Railway Company and pro­
posed extensions thereof. In the discretion of the Reorganiza­
tion Committee two or more corporations m a y be organized
for this purpose, as may seem most advantageous having regard
to laws of the states of California, Nevada and l tah, respec­
tively. The term “ Operating Company” wherever used in this
Plan is to be understood to comprehend whatever corporation
or corporations may be employed for the purposes stated, as
finally determined by the Reorganization Committee.
The term “ Holding Company” refers to a proposed new
corporation, to be organized under the laws of such state as
may be selected by the Reorganization Committee, for the
purpose of owning and holding all of the capital stock of the
Operating Company (except directors’ qualifying shares) and of
holding and enforcing or otherwise realizing upon claims against
the Denver Company acquired from Depositors as provided in
tho Plan and Agreement and existing or to arise either under the
contract, known as “ Contract B ” (an agreement dated June>23,
1905 between (a) the former The Denver and Rio Grande Rail­
road Company and Rio Grande Western Railway Company, pre­
decessors of the Denver Company, and (b) the Old Company
and (c) the Trustee under its First Mortgage), which in effect
guarantees the payment of interest upon, the Old Company s
pvi^timr First Mortgage Bonds or under formal guaranties
stamped upon certain of the Old Company’s First Mortgage

property or estate of said Company or of any such predecessor
or successor corporation, which have arisen or exist or may arise
or exist in favor of or be enforceable by or on behalf or for the
benefit of holders, past, present or future, of Deposited Bonds
or coupons, whether under or by virtue of Contract B or any
guaranty or guaranties of payment of interest endorsed upon
any of such Deposited Bonds or under or by virtue of any pro­
vision of the Mortgage securing the Old Bonds or otherwise by
virtue of ownership of or any interest in the Deposited Bonds or
coupons.
The term “ Underwriting Syndicate” refers to a Syndicate
which has been organized to purchase such of the New Bonds as
shall not be purchased by Depositors, together with shares of
stock in the Holding Company, as provided in subdivision (B)
of Article I X of this Plan.

B°The term “ Contract B ” refers to the above-mentioned agree­
ment dated June 23, 1905.
.
The term “ Old Bonds refers to the existing First Mortgage
Five Per Cent. Thirty-Year Gold Bonds of the present Western
Pacific Railway Company.
„
™
The term “ New Bonds” refers to new F irst Mortgage F ive I er
Cent. Bonds which it is proposed shall be issued by the Oper­
ating Company.
,
, . , .
The term “ New Mortgage” refers to the mortgage which is
to be created to secure the New Bonds.
The term “ Protective Committee” refers to the Committee
mentioned in the annexed agreement, representing holders of
Western Pacific Railway Company First Mortgage Five Per
Cent. Thirty-Year Gold Bonds, which is acting under an agree­
ment dated May 1, 1915.
The term “ Protective Agreement refers to the last-men­
tioned agreement of May 1, 1915.
The term “ Plan and Agreement” refers to this Plan of Re­
organization and the annexed Agreement, the same being taken
together as a single instrument.
The term “ Reorganization Committee refers to the Com­
mittee constituted by the Plan and Agreement, as the same
may be constituted at the time referred to.
The term “ Depositary” refers to the depositary that shall be
acting hereunder at the time referred to.
The term “ Depositors” signifies holders at the time referred
to of certificates of deposit issued under the Protective Agree­
ment or under the Plan and Agreement and all holders of Old
Bonds which shall be subject to the Plan and Agreement and
the term shall be construed to include not only persons acting
in their own right, but also trustees, guardians, committees,
agents and all persons acting in a representative or fiduciary
capacity, and those represented by or claiming under them,
and partnerships, associations, joint-stock companies and
corporations as well as individuals.
.
.
The term “ Deposited Bonds” reiers to all Old Bonds that
shall at the time referred to be subject to the Plan and Agree-

II.
T H E REO R G AN IZATIO N C O M M IT T E E — D E PO SITA R Y.
Inasmuch as the Protective Committee already represents a
very large majority of the Old Bonds— the only securities of the
Old Company which are expected to participate in the benefits
or execution of the Plan— that Committee is to be continued with
its present membership as the Reorganization Committee which
will be charged with the supervision and direction of the pro­
ceedings for the execution of the Plan and Agreement, with the
powers more specifically set forth m the annexed Agreement.
Pending the completion of the reorganization, if in its judgment
occasion shall require, it may exercise, but only upon the affirma­
tive vote of three-fourths of all of its members, any of the powers
which the Plan contemplates shall be exercised by the Holding
Company or by the Operating Company; but any compromise
or settlement of claims against the Denver Company made by
the Reorganization Committee under the power last conferred,
shall be made, and shall be, subject to the condition that such
compromise or settlement shall be submitted to the Depositors
as provided in the annexed Agreement and shall not be dis­
approved in the manner therein provided by more than one-third
in amount thereof.
.
,
The Reorganization Committee is to be composed of the
following persons:
A. M . H U N T
JAMES D. PHELAN
GEORGE W H IT T E L L
D A V ID R. FOIIGAN
I. de B R U YN
C. L E D Y A R D BLAIR
FR E D E R IC K II. E C K E ll
A LV IN W . KRECII
STARR J. M U R PH Y
W IL L IA M A. R EA D
W IL L IA M SALOMON
R IC H A R D B. YO U N G
Members may be added to this Committee and substitutes
for any of the members of the Committee who may die, resign
or become incapacitated to act may be appointed— all as pro­
vided in the annexed Agreement.
The Reorganization Committee is empowered to delegate the
execution of the Plan to a sub-committee or Board of Managers,
which in its discretion may be appointed by the Reorganization
^^Subject°to the power of the Reorganization Committee to
make a different arrangement, The Equitable Trust Company of
New York will act as Depositary under the I lan and Agree­
ment.
III.
N E W CORPORATIONS— FORECLOSURE A N D
PURCHASE OF PROPERTY.

The reorganization of the old Company is to be effected, sub­
ject to the power of the Reorganization Committee, in its abso­
lute discretion, to vary details of method, through the agency of
(a) A new corporation or several corporations (called Here­
after, whether eventually one or more, the Operating ( onipany” ) which when the reorganization is complete will be vested
with the title to and will operate t h e Western Pacific property,
(providing the Reorganization Committee shall be able to pur­
chase or arrange for the purchase of the same at a proper price),
and as well all additions thereto and extensions thereof. It is
expected that the Operating Company will receive and expend
the new moneys provided for in this plan except such as are re­
m<The phrase “ claims against the Denver Company” or any
quired for expenses of foreclosure and reorganization and for the
expression of like import, unless inconsistent with the context,
payment of the distributive shares of non-assenting bondholders.
shall be deemed to refer to and comprehend all claims, demands
It will issue the New Bonds provided for m the plan and create
and choses in action and all rights of every description, sus­
th e N ew M o rtg a g e secu rin g th em .
,,.
ceptible of transfer (whether in law or in equity) as contem­
(b) A corporation (called herein the “ Holding Company )
plated by the Plan and Agreement, against or enforceable against
which upon completion of the reorganization will own (1) a 1 ot
or with respect to The Denver and Rio Grande Railroad Com­
the stock of the Operating Company, except directors qualitypany or any predecessor or successor corporation or any of the




J an 8 1916.]

THE CHRONICLE

ing shares, (2) the interest in any deficiency judgment against the
Old Company apportionable to Deposited Bonds and (3) the
claims against the Denver Company arising under Contract B
with respect to interest upon Deposited Bonds or under any
guaranties endorsed on Deposited Bonds. It will issue to the
Reorganization Committee or its nominees its preferred and
common stock to be exchanged for Deposited Bonds or sold with
new bonds to an Underwriting Syndicate or disposed of other­
wise as hereinafter provided.
The instrumentalities and methods to be employed to effect
the reorganization are to be determined by the Reorganization
Committee in its absolute discretion, provided that in substance
the results contemplated by the Plan and Agreement shall be
accomplished.
In effecting the purchase of the property of the Old Company
the Reorganization Committee will use, to such extent and in
such manner as may be necessary and practicable, the Deposited
Bonds and money to be provided by calls upon purchasers of
new bonds, whether Depositors or members of the Underwriting
Syndicate.

161
VI

P R O V IS IO N F O R C A S H R E Q U IR E M E N T S .
Provision for meeting the cash requirements of the Plan has
been made as follows:
It is estimated that on March 1, 1910, the Receivers should have
on hand available for use by the Operating Company, in cash
or its equivalent for the purposes of the Plan, not less than___
.New Bonds of the Operating Com pany are to be sold either to
Depositors or to an Underwriting Syndicate which has been
formed and has underwritten the sale of $20,000,000 of New
Bonds together with certain stock of the Holding C-ompanv, as
set forth in Article I X of this Plan, realizing................... .

$000,000

18,000,000

Total to be provided................................................................................. $18,600,000*
* The above statements of Cash Requirements and of the Provision made
therefor arc mereiy estimates and not to be deemed to limit the amount that
may be raised or expended to effect the reorganization. The Reorganization
Committee shall have power to accomplish the purposes proposed, if neces­
sary, by somewhat increasing or diminishing the amount of bonds to be sold
(but without varying the consideration or terms of sale) or b v disposing of
stock of the Holding Company freed for use by reason of the failure of holders
of Old Bonds to become Depositors (see below ).

IV .

V II.

S E C U R IT IE S A N D O B L IG A T IO N S O F O L D C O M P A N Y .

S E C U R IT IE S T O B E IS S U E D B Y T H E N E W C O M P A N IE S

The stock, bonds and other obligations of the Old Company
are substantially the following and are to be refunded, paid and
eliminated by foreclosure as indicated:

Securities are to be issued by the Operating Company and the
Holding Company, respectively, as follows:

T o be R e fu n d e d :

First Mortgage 5 % G old B ond s.......................................................... $50,000,000
Coupons appertaining to the same in default (as of March 1,
1916)...................................................................................................’ 3,750,000
P a i d o r t o b e P a i d i n C a s h a s A u d i t e d b y th e R e c e i v e r s :

Unsecured obligations of Old Company as heretofore ascertained
by the Receivers (other than obligations owing to the Denver
Company), to be paid by the Receivers pursuant to order of
^ Court, about (n e t)............................................................................... 163,6265.54
Equipment obligations of Receivers of Old Company (authorized
but not yet issued)..............................................................................
600,000
T o be E lim in a ted b y F o re clo su r e:

Second Mortgage 5 % Bonds (owned by Denver Company and
pledged under its Refunding and Adjustment Mortgages). . . . 25,000,000
Claims for int “rest on Second Mortgage Bonds in default (owned
by Denver Company and pledged under its Adjustment M ort­
gage) and unsecured debt (owned by Denver Company— and
in small part by its subsidiary, the Utah Fuel Company— and
in part pledged under the Denver Company’s Adjustment
Mortgage), as of date of appointment of Receivers, about. . . . 26,800,000
Capital stock (5 /6 owned by Denver Company and pledged
under its Refunding and Adjustment M ortgages)..................... 75,000,000

In addition to the foregoing there are certain unliquidated tort
claims against the Old Company of relatively small amounts
which are the subject of pending actions. There may also be
claims as yet unknown. Probably none of the claims remaining
in existence (other than the $163,625.54 of claims above pro­
vided for) is entitled to preference in the receivership proceed­
ings. It is expected that all remaining claims will be eliminated
by foreclosure. These claims are in substance those owned by
the Denver Company as stated above. The Reorganization
Committee will have power, to be exercised, if at all, in its abso­
lute discretion to consent to or arrange for the payment, settle­
ment or purchase of any such claims, other than claims belonging
to the Denver Company or its subsidiaries.
Page 6.
V.
C A S H R E Q U IR E M E N T S .
The estimated cash requirements of the Plan are the follow­
ing:
Tota| amount estimated to be required.................................................$18,600,000
It is expected that this amount will be applied as follows:
(a) T o the purposes indicated below in this clause (a), in the
amounts so estimated or in different proportions as the Re­
organization Committee, prior to the completion of the reor­
ganization, or the Board of Directors of the Holding Company,
thereafter, may determine or approve; the unexpended balance
^ if any to be employed as specified below in clause (b )............... 8,095,750
T o the distributive shares of non-assenting bondhold­
ers, underwriting commission, expenses of fore­
closure and reorganization, including court costs,
compensation and allowances of the Receivers and
their counsel, the Mortgage Trustee and its counsel,
taxes on creation anti issuance of new securities,
compensation and expenses of the Protective and
Reorganization committees, their depositaries and
counsel, fees of engineering, accounting and other
experts, engraving, printing and miscellaneous re­
quirements....................................................................... $2,000,000
T o betterments of existing roa d ...................................... 2,579,750
T o acquisition of new passenger and freight equip­
ment for Operating C om pany........................................
3,514,000
. . . .
,
$8,093,750
(b) T o the acquisition by purchase, construction or otherwise of ex­
tensions and feeders, including payment of interest during con­
struction; the acquisition of additional new property other
than extensions, including floating equipment; payment of the
Receivers’ car trust obligations; provision of working capital
for the Operating Company; and supplying for any of the pur­
poses mentioned in clause (a) any amount required therefor
in excess of the amount their specified; (moneys to be applied
in such amounts severally as the Reorganization Committee,
prior to the comnletion of the reorganization, or the Board of
Directors of the Holding Company, thereafter, may determine
or aoprove); and, if the Board of Directors of the Holding
Company and the Board of Directors of the Operating Com ­
pany—or the Reorganization Committee prior to the comple­
tion of the reorganization— shall so determine, (in every case by
vote of three-fourths of all members and subject to the ap­
proval and upon such conditions, if any, as may be imposed by
the Railroad Commission of the State of California), to the
protection of the claims against the Denver Company to be
acquired as contemplated by the Plan and of the Operating
Company's situation with respect to its traffic relations.......... $10,506,250
T o t a l............................................................................... ............................. $ 18 ,600,000*




B y th e O p e r a tin g C o m p a n y :

(Subject to the approval of the Railroad Commission of the
State of California and any other public officials having jurisdic­
tion.)
F ir s t

M o r tg a g e

G o ld

B onds

( th e

H ew

B o n d s ),

a u th o r iz e d

is s u e ,

$50,000,000
T o be secured b y first mortgage upon all of the existing rail­
way properties of the Old Company and all property hereafter
acquired by the Operating Company integrally connected
therewith and all property acquired by means of the use of pro­
ceeds of the New Bonds or against which New Bonds shall be
issued.
T o b e s o l d f o r t h w i t h t o th e D e p o s i t o r s o r to m e m b e r s o f t h e U n d e r ­
w r i t i n g S y n d i c a t e , o f s a i d a u t h o r i z e d i s s u e , b o n d s o f th e p r i n c i p a l
a m o u n t o f ............................................................................................... $20,000,000

T o be dated March 1, 1916 (or otherwise as the Reorganiza­
tion Committee may determine); to bear interest at the rate of
5 % per annum, payable March 1 and September 1; to mature
March 1, 1946, and to be redeemable, in whole or in part, at prin­
cipal amount and accrued interest, after published notice, upon
any interest payment date.
T o b e i s s u e d t h e r e a f t e r ................................................................................

30,000,000

for or against betterments, additions and extensions, under safe­
guards to be prescribed in the New Mortgage, at not exceeding
the rate of $1,000, principal amount of bonds, for $1,000 of
money actually invested in additional physical property sub­
ject to the New Mortgage or in securities subject to the New
Mortgage representing the entire interest in physical property;
to bear interest at a rate or rates not in any instance exceeding
6 % ; by their terms to be redeemable;— rates of interest, dates of
maturity and redemption prices to be fixed b y the Board of
Directors of the Operating Company with the approval of the
Board of Directors of the Holding Company, from time to time
as bonds shall be issued.
Capital Stock (to be issued forthw ith):
_ _
Preferred, 6 % non-cumulative; preferred both as to divi­
dends and in liquidation; to be redeemable at 105 and ac­
crued dividends, if any, for the then current year and to be
convertible into Common Stock at any time prior to any
date fixed for redemption at the rate of dollar for dollar. . . 27,500,000
C om m on.................. ’. . . ' ..................................................................... 47,500,000
In its discretion and with the approval of the Railroad Com ­
mission of the State of California, the Reorganization Com ­
mittee may cause the Operating Company to issue its obliga­
tions bearing interest at the rate of at least 6 % per annum in
pjace of the Preferred Stock of the Operating Company pro­
vided for in the Plan and, in its discretion and with the ap­
proval of said Commission, may cause obligations, junior to
said obligations last mentioned to be issued in place of such
part as it may specify of the Common Stock of the Operating
Company provided for in the Plan, and either of said issues or
any part of either thereof may be fixed obligations or income
obligations and may or may not have fixed dates of maturity
and said obligations may be of such character otherwise as the
Reorganization Committee may determine consistently here­
with.
All of the shares of such stock, preferred and common, or such
substituted obligations, will upon completion of the reorganiza­
tion pass into the ownership of and be held by the Holding
Company.
B y th e H o l d i n g C o m p a n y :

Capital Stock (to be issued forthwith):
Preferred, 6 % non-cumulatb’e ; preferred both as to dividends
and in liquidation; to be redeemable at 105 and accrued
dividends, if any, for the then current year and to be con­
vertible into Common Stock at any time prior to any date
fixed for redemption at the rate of dollar for dollar............. 27.500.000
C om m on.............................................................................................. 47.500.000

V II I.
S E C U R IT IE S T O B E O U T S T A N D IN G IN H A N D S OF T H E
P U B L IC .
It is expected that after the completion of the Reorganization,
securities will be outstanding in the hands of Depositors and pur­
chasers of New Bonds as follows:
First Mortgage bonds of the Operating Company (the New B onds). $20,000,000
Preferred Stock of the Holding C om p any................... ....................... 27,500,000
Common Stock of the Holding C om p any.................... ....................... 47,500,000

except that Preferred Stock to the extent of $500 for every
$1,000 of such Old Bonds as shall not become subject to the P la n
$1,000 of such Old Bonds as shall not become subject to the PlaD
and Agreement and Common Stock to the extent of $750 for
every $1,000 of such Old Bonds, unless otherwise employed by
the Reorganization Committee for the purposes of the re­
organization, will be returned to the Treasury of the Holding
Company.

THE CHRONICLE

162
IX .

D IS P O S IT IO N O F N E W S E C U R IT IE S .
(A) E X C H A N G E OF O LD B O N D S FO R STO C K OF T H E H O LD IN G
C O M P A N Y A N D PU R C H A SE OF N E W B ON DS B Y DE PO SITO R S.

Depositors, including transferees of certificates of deposit,
will be entitled to receive in exchange for their Old Bonds and
their claims against the Denver Company (all whereof by virtue
of becoming subject to the Plan and Agreement will pass to
the Reorganization Committee to be used for the purposes of
the reorganization as authorized by the Plan and Agreement),
stock (preferred and common) in the Holding Company, either
in connection with or without the purchase by them of First
Mortgage Bonds of the Operating Company upon the following
basis:

TABLE

E X H IB IT IN G

[Vol . 102.

A Depositor will be entitled to purchase at 90 and accrued
interest New Bonds equal in principal amount to 40 per cent of
the principal amount of his Deposited Bonds and if any D e­
positor shall so purchase New Bonds he will be entitled to re­
ceive, in addition to the New Bonds so purchased and in ex­
change for his Deposited Bonds, Preferred Stock of the Holding
Company to an amount, par value, equal to 55 per cent of the
principal amount of his Deposited Bonds and Common Stock
thereof to an amount, par value, equal to 95 per cent of the
principal amount of such Deposited Bonds.
If a Depositor shall not exercise his said privilege to purchase
N ew Bonds he will be entitled to receive, in exchange for his
Deposited Bonds, Preferred Stock of the Holding Company of
an amount, par value, equal to 50 per cent of the principal
amount of his Deposited Bonds and Common Stock thereof to
an amount, par value, equal to 75 p.er cent of the principal amount
of such Deposited Bonds.

P R IV IL E G E S

A V A IL A B L E

T O D E P O S IT O R S .

ASSUMES AS BASIS A D E PO SIT OF $1,000 P R IN C IP A L A M O U N T OF OLD BONDS.

Consideration
to be gi ,en
by Depositor.
Purchase of New Bonds:

'

Per Cent of
Holding
of Old
Bonds.

(a) Cash $360, and accrued interest upon
$400 of New B on d s........................................
36
(b) $1,000 principal amount of Old Bonds
and coupon of March 1, 1915, and subse­
quent coupons...................................................
...................
(c) Transfer of claims against Denver C om ­
pany .................................................................................................

New Bonds
Principal
Amount.

$400

Per Cent of
Holding
of Old
Bonds.

Securities to be Recei ,ed.
Preferred
Per Cent of
Stock of
Holding
Holding Co.
of Old
Par Value.
Bonds.

40

Common
Stock of
Holding Co.
Par Value.

$550

55

$950

$500

50

$750

Per Cent of
Holding of
Bonds.
I

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

Exchange of Old Bonds for stock without purchase
of New Bonds:
(a) $1,000 principal amount of Old Bonds and
coupon of March 1, 1915, and subsequent
coupons..............................................................No cash to be paid
(b) Transfer of claims against Denver Com ­
pany ...................................................................
...................

None
...................

A n y Depositor desiring to avail himself of the privilege of pur­
chasing N ew Bonds must signify his election so to do by exe­
cuting and delivering to the Reorganization Committee or its
nominees a contract of purchase in form prescribed by the
Committee, on or prior to the 15th day of February, 1916, unless
the time therefor shall be extended by the Reorganization
Committee. In the event that a later date be fixed, Depositors
will be notified as promptly as practicable, as provided in the
annexed Agreement, of the action of the Reorganization Com ­
mittee.
.
The cash payable on account of the purchase price of bonds
so purchased is to be paid in instalments as follows:
An amount not exceeding fifty per cent of such cash purchase
price, after February 15, 1916, and prior to the completion of the
reorganization, upon call by the Reorganization Committee.
The uncalled balance of such fifty per cent (i.e., such part of
such first fifty per cent as shall not have been called by the
Reorganization Committee) to the Operating Company, at any
time upon call by its Board of Directors.
An amount not exceeding an additional twenty-five per cent
to the Operating Company, at any time after January 1, 1917,
upon call by its Board of Directors.
The entire balance of the cash purchase price to the Oper­
ating Company, at any time after June 1, 1917, upon call by its
Board of Directors.
In final adjustment of the purchase-price, accrued interest
upon bonds purchased will be charged and interest will be
allowed upon instalments previously paid at the coupon-rate.
A n y Depositor, upon any instalment-payment-date may
anticipate payment of all, but not part, of the instalments of
the purchase price of the New Bonds purchased by him then
remaining unpaid.
Upon payment by any Depositor of the first instalment pay­
able upon his contract to purchase New Bonds and the sur­
render of his certificate of deposit, duly endorsed, he will be
entitled to receive a new certificate evidencing such payment
and also his rights with respect to the New Bonds and the stock
which he is to receive hereunder. Payment of further instal­
ments will be receipted for by endorsement upon such certificate
upon presentation thereof for the purpose. The bonds and
certificates for stock to which a Depositor may be entitled will
be delivered only upon payment in full of the amount payable
upon his contract of purchase.
Every Depositor who shall elect, as herein provided, to pur­
chase New Bonds and at the date fixed for the payment of the
first instalment of the purchase price, shall pay the entire pur­
chase price of the Bonds to be taken by him, will be entitled to
borrow from the Underwriting Syndicate or lenders to be pro­
vided by said Syndicate (through the agency of the Depositary,
The Equitable Trust Company of New York, 57 W all Street,
New York City) any amount not exceeding ninety per cent
of the purchase price of the New Bonds to be taken by him (ex­
clusive of accrued interest upon Bonds purchased); such loan
to be repaid, with interest at the rate of six per cent per annum,
on or before one year from the date so fixed for the payment of
such first instalment of the purchase price and to be secured by
all of the Bonds and Certificates of Stock to which the Depositor
shall be entitled hereunder upon the making of such payment




in full— the Underwriting Syndicate or its representatives to
possess upon default such power of sale, for account of the
borrower, a3 is customary in cases of collateral loans by banks in
New York City.
Any Depositor who shall elect to purchase N ew Bonds as
provided herein and shall default in making any payment as re­
quired by the Plan and Agreement will, unless the Reorganiza­
tion Committee shall otherwise determine, forfeit any and all
payments that he may have already made and all right to which
he would otherwise have been entitled to acquire securities, re­
ceive benefits or enforce rights hereunder; and in such event the
Reorganization Committee in its discretion may cause all of the
bonds, claims, shares of stock and benefits to which such De­
positor otherwise would have been entitled hereunder to be sold
for his account to satisfy the amount remaining due from such
defaulting Depositor and all amounts chargeable hereunder
against the securities, rights and benefits so sold. But the
Reorganization Committee m ay, in general or in particular
instances, enlarge or extend the time for making any of the
payments required by the Plan and impose conditions in respect.
of any payments the time wherefor shall be so extended.
Unpaid coupons (appertaining to Old Bonds) which became
due September 1, 1914, and theretofore will be paid in cash by
the Trustee under the Mortgage securing the Old Bonds, The
Equitable Trust Company of New York.
(B) SALE OF N E W B ON DS A N D STO C K
S Y N D IC A T E .

TO

U N D E R W R IT IN G

Such of the New Bonds as shall not be purchased by Depositors
are to be taken by an Underwriting Syndicate which has been
formed for the purpose and has underwritten the sale, at 90 and
accrued interest, of all of the $2 0,000,000 principal amount of
New Bonds to be issued forthwith, and is to receive $1,000
principal amount of New Bonds, $125 par value of Preferred
Stock and $500 par value of Common Stock of the Holding
Company for each $900 of cash (and accrued interest upon $1,000
principal amount of New Bonds) paid by it. The securities
received by an Underwriter in consideration of any given pay­
ment are to be the same in character and amount as those that
will be forfeited by Depositors who fail to exercise their privilege
of purchasing New Bonds by payment of an equal amount.
T A B L E E X H I B I T I N G C O N S ID E R A T IO N T O
B Y U N D E R W R I T E R S A N D S E C U R IT I E S
R E C E IV E D T H E R E F O R .

B E P A ID
TO BE

ASSU M IN G PU RC H A SE OF $400, P R IN C IP A L A M O U N T , OF N EW
BONDS.

Secu ities to be Received.
Comir.on
Preferred
ttock in
w Bo ids,
Stock in
Holding
'rincipal
Holding Co.,
Company,
Cash to be Paid.
$530 and accrued interest upon
$400, principal amount, of
New B onds............................

$400

$50

$200

ASSU M IN G PU RC H A SE OF $1,000, P R IN C IP A L A M O U N T , OF N EW
BONDS.
$900 and accrued interest upon
$1,000, principal amount, of
$1,000
$125
$500
New B onds........................ ..

THE CHRONICLE

•Ian. 8 1916.]

T he Underwriting Syndicate, if the Plan shall be declared
operative, is to be paid for its agreement to underwrite the
sale of the entire §20 ,000 ,00 0, principal amount, of New Bonds
and to loan monies to Depositors as above provided, a cash
commission of two per cent thereof (i.e., $400,000). The
Equitable Trust Company of New York and Messrs. Blair &
C o., William Salomon & C o., and E . H . Rollins & Sons, at the
request of the Protective Committee having undertaken, by
firm commitment, to form the syndicate above referred to (the
subscribers and the amounts of their subscriptions severally to
be satisfactory to the Protective Committee) and having dis­
charged such engagement, are to be paid therefor, if the Plan
shall be declared operative, a compensation of one-half of one
per cent of the principal amount of bonds the sale whereof has
been underwritten (i.e., $100,000).
The amounts payable by the Underwriting Syndicate will
be subject to call upon ten days’ notice at any time after Feb­
ruary 15, 1916, by the Reorganization Committee and such
amounts as are not so called prior to completion of the reorganiza­
tion will be subject to call upon like notice by the Board of
Directors of the Operating Company.
Upon delivery of bonds to the Underwriting Syndicate, ac­
crued interest upon the bonds so delivered will be charged and
interest will be allowed at the couppon-rate uon payments, if
any, previously made upon account of the purchase price.
The Underwriting Syndicate may, on the date fixed for the
making of the first payment to be made by it, or at any time
thereafter, anticipate payment of all or any part of the pur­
chase price of the securities to be taken by it.
X.
C O M P A R A T IV E T A B L E O F C A P IT A L IZ A T IO N A N D
F IX E D C H AR G ES OF O LD C O M P A N Y A N D OF T H E
C O M B IN E D N E W C O M P A N IE S A T C O M P L E ­
T IO N O F R E O R G A N IZ A T IO N .
T h e following table exhibits the indebtedness, stock and
interest charges of the Old Company on the one hand of and
the Operating Company and Holding Company (consolidated)
on the other:
Old Company.

O b i i lla tio n * a n d S t o c k O u t s t a n o i i'i.

First Mortgage B onds..........................................
Second Mortgage B onds......................................
Unsecured debt (including notes, open ac­
counts, traffic and car service balances and
claims for interest in default, owing to the
Denver Company as of date of appointment
of Receivers), a bou t..........................................
Miscellaneous claims as ascertained by Re­
ceivers (not including claims of considerable
amount paid just prior to Receivership). . . .
Capital S tock ..........................................................

J ew C o m p a n y

$'>0,000,000
25,000,000

*320,000,000
None

20,800,000

None

163,625.;
'.'5,000,000

None
75,000,000t
Preferred,
27,500,000t
Common,
47,500,C00t

2,500,000

$1,000,000

$2,200,000ft
(accruing, but
in principal
part never paid)

None

Interest Charg -s:
First Mortgage Bond Interest........................
Other interest (as of date of appointment of
Receivers), a b ou t...........................................

* The Operating Company, when the proceeds of the New Bonds have been
expended should possess physical property, securities and cash resources ap­
proximately of the value of $17,500,000 in addition to the property possessed
by the Old Company prior to the Receivership, which should add materially
to its earning capacity as compared with that of the Old Company,
t These amounts may be somewhat diminished as explained on p. 9.
f t Does not include interest on several million dollars of indebtedness to the
Denver Company and Utah Fuel Company upon which payment of interest
was not regularly accrued upon the Western Pacific books prior to the Re­
ceivership.

X I.
C L A I M S A G A IN S T T H E D E N V E R C O M P A N Y 5 T O B E
.T R A N S F E R R E D T O T H E H O L D IN G C O M P A N Y .! J
w^The Articles of Incorporation of the Holding Company snail
provide that the Board of Directors of the Holding Company
shall have power to enforce against the Denver Company the
claims against the latter Company to be acquired by the Hold­
ing Company as herein provided or to compromise such claims
or to enter into any arrangement in satisfaction thereof, but
only upon the condition that their action shall be authorized or
ratified by the vote of the holders of two-thirds of such shares
of the capital stock of the Holding Company (preferred and
common stock voting together) as shall be represented in person
or by proxy at a special meeting of the stockholders to be called
upon not less than thirty days’ notice for the purpose of consid­
ering such settlement, compromise or other adjustment, which
vote shall represent not less than a majority in amount of the
outstanding capital stock of the Holding Company.
It shall be provided by some effectual means that the net
proceeds realized by the Holding Company from the enforce­
ment or compromise of claims against the Denver Company
and all avails thereof in the form of securities or property shall
b e paid over or transferred to the Operating Company, and the
Holding Company, in the discretion of its Board of Directors,




163

may transfer said claims to the Operating Company, which
may if it shall so determine, cause the same to be subjected to
the New M ortgage; provided that if such transfer be made no
settlement, compromise or other adjustment of said claims shall
be effective without the assent o f the stockholders o f the Hold­
ing Com pany as above required, or if the Holding Com pany be
dissolved, then a like assent of the stockholders of the Operating
Com pany; and provided further that if any expense or liability
shall have been incurred by the Holding Com pany in realizing
upon or protecting such claims, the payment or transfer shall
be made only after such expense has been reimbursed and such
liability discharged out of such proceeds or avails or discharged
or assumed by the Operating Com pany.
X II.
R E S T R IC T IO N S U P O N T H E S A L E O R P L E D G E O F
P R O P E R T Y A N D T H E C R E A T IO N O F I N D E B T E D ­
N ESS.
T he Articles of Incorporation of the Holding Com pany shall
provide that the Holding Com pany shall not (a) sell, pledge, or
in any manner dispose of any part of the stock o f the Operating
Company, or (b) create any indebtedness o f the Holding Com ­
pany other than such as the Board of Directors shall deem to be
essential to the ordinary conduct of the business o f the Company,
unless such sale, pledge or other disposition of the stock o f the
Operating Com pany or the creation of such indebtedness, as
the case may be, shall be approved by the affirmative vote of
the holders of two-thirds of such shares of the capital stock of
the Holding Company as shall be represented in person or by
proxy at a stockholders’ meeting o f that Com pany called upon
not less than thirty days’ notice for the purpose o f passing upon
the matter in question'— which affirmative vote shall in no
case be less than a majority in amount of all of the outstanding
capital stock of the Holding Company.
T he Articles of Incorporation of the Holding Com pany shall,
however, provide that the Board of Directors may, pursuant
to the affirmative vote of the holders of two-thirds of such
shares of the capital stock of the Com pany as shall be repre­
sented in person or by proxy at a stockholders’ meeting called
upon not less than thirty days’ notice, for the purpose of passing
upon the question (which affirmative vote shall be not less than
a majority in amount of all of the outstanding capital stock
of the Holding Company), but not otherwise, pledge the assets
of the Company, or any thereof, for the purpose o f raising money
in order to protect the claims against the Denver Company
to be acquired by the Holding Company as provided in the Plan
from loss or impairment o f value by reason of the foreclosure
of any of the mortgages upon the property of the Denver Com ­
pany or otherwise.
The Articles of Incorporation of the Holding Company and of
the Operating Company shall be so formulated as to permit a
sale of the property and assets of the Operating Company as
an entirety either for cash or partly for cash and partly upon
credit, or in exchange for bonds or stock or both of any other
corporation or corporations, provided (but not otherwise) such
sale or disposition and the consideration to be received therefore,
shall be approved both by the affirmative vote of holders of
two-thirds in amount of the outstanding capital stock o f the
Operating Company and by the affirmative vote of holders of
two-thirds of such shares of the capital stock of the Holding
Company as shall be represented in person or by proxy at a
stockholders’ meeting called, upon not less than thirty days’
notice, for the purpose of passing upon the question (which
affirmative vote shall be not less than a majority in amount of
all of the outstanding capital stock of the Holding Company).
X III.
D I S T R IB U T IO N O F T H E A S SE T S O F T H E H O L D IN G
C O M P A N Y I N C A S E O F D IS S O L U T IO N .
T he Articles of Incorporation of the Holding Company shall
provide that in the event of the dissolution or other liquidation
of the Holding Company, no stockholder shall be entitled to
have the assets of the Company converted into cash, or to share
in the same generally, but that if proper proceedings shall be
taken for the purpose of dissolving or liquidating the Holding
Company and if the Board of Directors of the Com pany shall
determine that the assets of the Company shall be distributed
in kind and such decision shall be approved by the affirmative
vote of a majority in amount o f the stockholders o f the Company
at a meeting thereof duly called for the purpose of considering
said matter or of considering the dissolution or liquidation of
the Holding Company, the preferred stockholders of the Holding
Company shall be entitled and required to receive amounts of
Preferred Stock (or obligations issued in lieu of Preferred Stock
as permitted hereby) of the Operating Com pany equal at par
value to their respective holdings of the Preferred Stock of the
Holding Company, and the common stockholders of the Hold­
ing Com pany shall be entitled and required to receive pro rata
Common Stock of the Operating Company and such other securi­
ties and cash, if any, as may properly be apportionable to Com ­
mon Stock of the Holding Company.
T he Articles of Incorporation of the Operating Company shall
provide that, in the event of the dissolution or other liquidation
of the Operating Company (subsequently to the dissolution or
liquidation of the Holding Company), if the Board of Directors
of the company shall provide by resolution approved by the

164

THE CHRONICLE

affirmative vote of eighty per cent in amount of the outstanding
Preferred Stock and eighty per cent, in amount of the outstand­
ing Common Stock of the Operating Com pany that the assets of
the company shall be distributed in kind and for the apportion­
ment of said assets, for the purposes of such distribution, as '
between the Preferred Stock and the Com m on Stock of the
company, the provision for the distribution and apportionment
of assets made by any resolution so adopted and approved shall
be effective and binding upon all of the stockholders of the
Operating Company.
X IV .
B O A R D S O F D IR E C T O R S O F T H E H O L D IN G C O M P A N Y
A N D O P E R A T IN G C O M P A N Y .
T he first Board of Directors of the Holding Com pany shall
be:
Frederick H . Ecker,
A . M . Hunt,
Alvin W . Ivrech,
James D . Phelan,
Starr J. Murphy,
George WhitteU,
W illiam A . Read,
D avid R . Forgan,
William Salomon,
I. de Bruyn,
Richard B . Young.
C. Ledyard Blair,
Their successors shall be elected at the annual meeting of the
Stockholders of the Holding Company to occur during the year
1917, in accordance with the provisions regulating the holding
of stockholders’ meetings to be contained in the Articles of
Association.
The first Board of Directors of the Operating Company shall
be named by the Reorganization Committee, but members of
said Board will at all times be subject to removal and their
successors will be elected by the Holding Company, which will
be substantially the sole stockholder of the Operating Cimpany.
XV.
H O L D E R S OF SE C O N D M O R T G A G E BO N D S, U N SE­
C U R E D C R E D IT O R S A N D S T O C K H O L D E R S
OF T H E OLD C O M P A N Y.
N o provision is made in the Plan for the allotment of any
property or any of the securities or money provided by the Plan
to holders of Second Mortgage Bonds, to unsecured creditors,
or to stockholders of the Old Company.

[Vol. 102.

holders of certificates of deposit issued to evidence deposits
thereof shall be conclusively deemed to be subject to and irre­
vocably bound by the Plan and Agreement.
Every holder of any of the certificates of deposit under the
Protective Agreement, who, by failure so to withdraw his bonds
from the operation of the Protective Agreement as permitted
thereby, and every holder of Old Bonds, who by deposit of his
bonds or coupons with the Reorganization Committee or other­
wise as herein provided, shall become bound by the Plan and
Agreement and every successor in interest of any such certificate
holder or bondholder shall be deemed, if the Plan and Agreement
shall be declared operative by the Reorganization Committee,
irrevocably to have assigned and transferred to the Reorganiza­
tion Committee all of the said bonds and coupons so deposited
or left upon deposit and all of the claims against the Denver
Company susceptible of assignment or transfer (whether in law
or in equity) by such Depositor that shall arise or exist in favor
of such certificate-holder or bond-holder or any predecessor or
successor in interest of either thereof; and the Reorganization
Committee i3 hereby irrevocably authorized by every such cer­
tificate-holder and bondholder and every successor in interest
of either thereof to transfer, whether directly or through the
medium of mesne transfers, ail such bonds and claims to any
corporation or corporations utilized by it for the purpose, or in
the course, of the reorganization, or to transfer a part of the
same or an interest therein to one such corporation and another
part or interest to another or others, and thereby to vest every
such transferee with the full legal title to the bonds or Golaims
or interest so transferred to it and the entire beneficial interest
therein.
The Reorganization Committee, if it deem it desirable or
convenient so to do, may require holders of certificates of de­
posit issued by the Protective Committee who shall not with­
draw their bonds as aforesaid to present their said certificates
of deposit to the Depositary hereunder or some agent thereof
in order that there may be noted thereon the assent of the holders
thereof to the Plan and Agreement and the said holders of such
certificates of deposit may be further required to execute and
deliver assignments, either to the Reorganization Committee,
or to its nominee or nominees, of all their claims against the Den­
ver Company, but neither any such notation of assent nor any
such assignment shall be necessary to give binding effect to any
of the foregoing provisions of this Article or to the Plan and
Agreement in any particular.
X V III.

X V I.
N O N -A S S E N T I N G H O L D E R S O F O L D B O N D S .
Bondholders who shall have withdrawn their bonds from
the operation of the Protective Agreement and the holders of
Old Bonds who shall not have deposited their bonds under the
Protective Agreement or hereunder will not be entitled to par­
ticipate in the Plan or the benefits thereof'to any extent, and
will receive only their distributive shares of any balance of the
proceeds derived from the sale of the mortgaged property of
the Old Company that m ay remain after the discharge of obliga­
tions and liabilities entitled to prior payment under the terms
of the foreclosure decree and orders of Court.
X V II.
T E R M S A N D E F F E C T O F P A R T IC IP A T I O N .
The Plan and Agreement having been prepared by, and adopted
by the unanimous vote or concurrent action of the members of,
the Protective Committee and filed with the depositary named in
the Protective Agreement, the Plan and Agreement, after the
Protective Committee shall have published notice of its prepara­
tion, adoption and filing as required by the Protective Agree­
ment, will be binding upon all holders of certificates of deposit
issued pursuant to provisions of the Protective Agreement by
The Equitable Trust Company of New Y ork , depositary there­
under, or any of its agents who, within the time limited in the
Protective Agreement, do not surrender their certificates of
deposit, withdraw the amount of deposited bonds represented
thereby and pay their pro rata shares of the indebtedness,
compensation, expenses and liabilities of the Protective Commit­
tee as fixed by that Committee, all in compliance with the con­
ditions and provisions of the Protective Agreement. All holders
of certificates of deposit issued under the Protective Agreement
who shall fail to so surrender their certificates of deposit, with­
draw their bonds and pay their pro rata share of the indebted­
ness, compensation, expenses and liabilities of the Protective
Committee, as provided in the Protective Agreement, shall
be conclusively and finally deemed for all purposes to have as­
sented to the Plan and Agreement and all the terms thereof,
and, immediately upon the Plan and Agreement’s being declared
operative by the Reorganization Committee, such holders of
certificates of deposit shall be irrevocably bound and concluded
thereby.
Holders of Old Bonds who have not already deposited their
bonds under the Protective Agreement and who desire to par­
ticipate in the benefits of the Plan and Agreement must de­
posit their bonds, accompanied by all coupons maturing on or
after March 1, 1915, with The Equitable Trust Company of
New Y ork (or some duly authorized agent thereof), as D e­
positary of the Reorganization Committee on or before Febru­
ary 7th, 191fi, receiving therefor certificates of deposit in such
form as shall be prescribed by the Reorganization Committee;
r>d the holders of Old Bonds so depositing the same and all




F A IL U R E T O

DECLARE

PLAN

O P E R A T IV E — A B A N D ­

O N M E N T THEREOF.
If the Plan and Agreement either in its original form, or as it
may be modified pursuant to the provisions of the annexed
Agreement, shall not be declared operative prior to March 15,
191G, or in the event that the Reorganization Committee shall
wholly abandon the plan of reorganization, the Old Bonds de­
posited, or the avails thereof then under the control of the R e­
organization Committee, shall be delivered to the Depositors
in amounts representing either respective interests, upon sur­
render of their several certificates of deposit properly endorsed
and payment of their respective shares of the compensation,
disbursements, expenses, and liabilities of the Reorganization
Committee and of the Protective Committee, as fixed by the
Reorganization Committee. In such case any moneys paid by
a Depositor pursuant to any of the provisions of the Plan or the
proceeds thereof remaining after deducting therefrom his share
of the compensation, disbursements, expenses and liabilities of
the Reorganization Committee and Protective Committee pay­
able b y said Depositor and not already reimbursed, shall be re­
turned, but without interest, to the Depositor entitled thereto.
X IX .
S T A T E M E N T S C O N T A IN E D IN PLA N.
This Plan has been adopted by the Protective Committee,
acting under the Protective Agreement. The statements con­
tained in the Plan have been compiled from sources believed to
be reliable and accurate, but certain of them are necessarily
approximate and none is to be construed as a representation or
as an inducement to any action or to any omission to act upon
the part of anyone. No error or misstatement of any descrip­
tion in the Plan shall constitute ground for the withdrawal
of any Depoitor from the Plan and Agreement nor for any com­
plaint with respect to the same or with respect to any conse­
quences arising from having become a party thereto.
XX.
A G R E E M E N T O F R E O R G A N IZ A T IO N .
In order to enable the Plan to be carried out and to give
effect to the same the annexed Agreement of Reorganization has
been prepared. Whenever the word “ Plan” is used herein
it shall be deemed to include said Agreement and the provisions
thereof, and every depositor who shall assent to the Plan in
any manner thereby will become a party to the Agreement, the
provisions of which shall govern in any case of conflict between
the Plan and the Agreement.
Dated, December 15, 1915.

J an . 8 1916.)

THE CHRONICLE

$ h c (Commercial ^Times.
C O M M E R C IA L

E P IT O M E

Friday Night, Jan.

7 1916.
T rade continues brisk. T lie lull after the holidays is
m uch less marked than usual.
C old weather helps retail
trade all over the country.
Spring orders m ak e a good
showing.
Significantly enough, too , there is a growing
insistence on prompt deliveries o f goods, suggesting em p ty ,
or nearly em p ty , shelves.
R ailw ay tonnage is large, labor
is getting better wages, and the labor supply in som e direc­
tions is said to be rather sm all.
T h e wages of 3 0 0 ,0 0 0 steel
m en were advanced on Jan. 1.
Copper has reached 25 cents
and tin has risen sharply.
Lead is also higher.
Grain is
selling freely to Europe a t high prices.
T h e wheat exports
for the week are very large— 1 0 ,9 8 9 ,3 3 1 bushels— and it
looks as though Europe would have to replenish its depleted
supplies in this country as being nearer at hand than A rgen­
tina, India or A u stralia, which are also ham pered b y abnor­
m ally high ocean freights: M o n e y continues easy.
Sterling
exchange advanced sharply, though it reacted to -d a y .
B u t, on the other h an d , our cotton exports are sm all, owing
to the scarcity and dearness o f ocean tonnage, now up to
$3 per 100 lbs. at G u lf ports. A G alveston report that the
British G overnm ent would cut this rate to $ 2 is denied.
T h e Persia crisis is not over, though it is hoped and believed
that the Lusitania dispute has been or soon will be settled.
A lth ough a note of caution is heard from tim e to tim e from
leading business m en of the cou n try, a practically universal
opinion is that 1916 promises a considerable increase in
Am erican trade.
S TO C K S OF M E R C H A N D IS E IN N E W Y O R K .
s c . 1 1915. J a n 1 1915.
J a n . 1 1916.
1,025,807
1,343,456
C offee, B r a z il________ bags. 1,603,760
64,399
62,071
C offee, J a v a ___________________ m ats. 57,239
397,817
285,245
C offee, oth er______ ____________b ag s. 342,820
16,280
Sugar____________________ hogsheads.
55,187
35,896
182,698
H ides...................
N o . 182,517
31.500
C o tto n _____________ - _________ bales. 330,084
298,398
53,940
Manila h a m p __________________ bales.
950
1,040
1,475
Sisal hem p______________________ bales.
----------------2,415
F l o u r ________________________ barrels. 39,200
26,900
64.500

LARD in good demand and higher; prime Western 10.60c.,
refined to the Continent 11c., South America 11.15c.,
Brazil 12.15c. Futures advanced, owing to the rise in
grain and hogs and good buying by commission houses.
To-day prices advanced but reacted later on selling by
packers.
D A I L Y C LO S IN G P R IC E S OF L A R D F U T U R E S IN C H IC A G O .

Sat.

Mon.

Tucs.

January deliv ery ._ctp . H O L I- 9.9214 9.85
10.10
M a y d e l i v e r y ... ...........D A Y 10.20

Wed.

10.00
10.27

Thurs.

Fri.

10.1214 10.02
1 0 .3 7 $ 10.25

165

T O B A C C O has been firm b u t quiet, writh som ething like
a scarcity of the better grades of binder and filler.
There is
a good m ovem ent of Sum atra into consum ption, as cigar
manufacturers are bu sy.
C u ban leaf is in fair dem and and
steady.
In other words, there have been no really new fea­
tures of late in the tobacco trade.
C O P P E R active and again higher; L ake 2 3 % @ 2 4 c . , to­
d ay 25 c. asked; electrolytic 2 3 % @ 2 4 c . , now held a t 25 c.
L ondon advanced.
There is an insistent dem and and the
statistical position is considered strong. T in was in good d e­
m and and excited on the spot a t 4 4 % c ., later 4 2 % @ 4 3 c .
London has been strong.
T h e statistics are bullish. T h e
visible supply is 2 3 5 tons sm aller than on D e c . 3 1 . Spelter
declined to 1 7 % , after being 1 7 .5 5 c . earlier in the week; later
rallied to 17 % c.
Lead firm and higher on the spot at 5 .7 5 c .
London higher.
Pig iron in active dem and and firm . N o .
2 Phila. $1 9 5 0 @ $ 2 0 , N o . 2 Southern $ 1 4 5 0 @ $ 1 5 , Birm ing­
h am .
Steel has been in good dem and though D ecem b er’s
business w as not so large as that o f N o v e m b e r .
T h e year
1916 opens v ery prom isingly. Steel m ills have a phenom enal
num ber o f orders on their books and prices for future delivery
are abnorm ally high. Bessem er pig iron has advanced at
P ittsburgh $1 5 0 , i. e ., to $21 for the first quarter; $22 is bid
for 5 ,0 0 0 tons, prom p t shipm ent, to France.
France is said
to be ready to b u y 5 0 0 ,0 0 0 tons of steel.

C O T T O N

Friday Night, Jan. 7 1916.
T H E M O V E M E N T O F T H E C R O P , as indicated b y our
telegrams from the South to-n ig h t, is given below . F or the
week ending this evening the total receipts have reached
1 5 2,98 3 bales, against 1 7 8 ,5 6 7 bales last week and 2 1 1 ,9 7 8
bales the previous week, m aking the total receipts since
A u g . 1 1915 4 ,2 0 2 ,7 2 6 bales, against 4 ,9 5 2 ,7 6 8 bales for the
same period o f 1 9 1 4 -1 5 , showing a decrease since A u g . 1 1915
of 7 5 0 ,0 4 2 bales.
S a t.

M on.

T u es.

W ed .

T h u rs.

F r i.

G a l v e s t o n ____
Texas C ity ____
P ort A rthur____
Aransas Pass, &c
New Orleans____
M ob ile______
P en sa cola ______
Jacksonville, & c.
Savannah____
B ru n sw ick ____ _
Charleston ____
G e o rg e to w n ____
W ilm in g to n ____
N orfolk __ ___
N ’port N ew s, &c
N ew Y ork ._
B oston __________
B altim ore______
P hiladelphia____

14.756

9,840

16,523
9,743

7,536

11,035

2", 504
236

*123
155

9,585
370

6,545
58

4,378
74

2,969

5',042

2',699

2,661

M o b ilo __________
Pensacola_______
Jacksonville, & c.
Savannah_______
B run sw ick______
Charleston______
G eorgetow n_____
W ilm in g to n .. . .
N o r f o l k _________
N ’port N ews, & c.
N ew Y o r k ______
B o s t o n __________
Baltimore _____
P h ila d elp h ia ____

2,137

~182

'5 0 8

*128

~2U8

T03

47
3,528

'1 8 9
1,960

"5 7
2,349

'i § 3
1,933

'7 8 6

'•415
1,361

'5 2 8
1,153

'4 2 6
1,584

"255
1,077

T o ta l.

6,366
6,218

66,056
15,961

'8 9 4
2,972
1,244

'8 9 4
26,097
2,137

1 .5 5 0

1*550
15,262
1,200
1,857

1,891
1,200
821
*125
2,268
368
332
327
555

"714
12,038
368
1,906
6,288
555
100

PORK dull; mess 818@$18 50, clear $19@$22. Beef
'1 5 5
mess, $18@$18 50; extra India mess $27@$28. Cut meats T otals this w eek. 18,385 18.620 45,596 21,377 21.874 27.131 152,983
steady; pickled hams, 10 to 20 lbs., 14%@15c.; pickled
bellies, 12@12%o. Butter, creamery, 24@34c. Cheese,
T h o follow ing shows the w eek’s total receipts, the total
State, 13@ 1 7%c.
Eggs, fresh, 27@38c.
since A u g . 1 1915 and the stocks to -n ig h t, com pared with
COFFEE dull; Rio No. 7, 7%c.: No.4 Santos 9 % @ 9 % c ., last year:
fair to good Cucuta 10% @ 10% c. Futures advanced on
covering. Also the commandeering of steamers by the Brit­
1915-16.
1914.15.
S to c k .
R e c e ip ts to
ish Government, it is rather feared, may cut down ship­
J a n u a ry 7 .
T h is
S in c e A u g
T h is
S in c e A u g
ments of coffee from Brazil. Certainly an advance in the
W eek.
W eek.
1 1915.
1 1914.
1916.
1915.
ocean freight rate from Brazil to America to $1 per 100 lbs.,
G a lv e s t o n _____
66,056 1,458,376 163,494 2,124,910 405,550 481,702
as against 60 to 70 cts. recently, has caused covering and a Texas C ity ______ 15,961 216,843 28,399 229,361
50,078
71,729
29,211
4,435
stronger tone.^ To-day prices advanced 18 to 24 points Port A rthur_____
Aran. Pass, & c ..
58,144
894
597
15,469
3,847
7,650
with sales of 67,000 bags. Closing quotations follow:
N ew Orleans____ 26,097 809.803 57,734 752,361 430,670 331,338

January. cts.6.8 8 0 6 .9 0
F e b ru a ry __ 6.96 @ 6 .9 8
M a rch ______7.04 @ 7 .0 6
A p r il.............6 .6 9 @ 7 .1 0

M a y _____ C ts .7 .1 4 @ 7 .1 5 Sept------- cts.7 .3 2 0 7 .3 4
J u n e ------------ 7 .1 9 @ 7 .2 0 O ctober_____ 7 .3 8 0 7 .4 0
J u l y . . ............ 7 .2 4 @ 7 .2 5 N ovem ber _ .7 .4 1 @ 7 .4 6
A u g u st-------- 7.28 0 7.30

SUGAR quiet and lower; centrifugal, 96-degrees test,
4.33@4.55c.; molasses, 89-degrees test, 3.56@3.78c.: gran­
ulated 5.95c. Futures declined slightly, with grinding more
active at 123 centrals. Raw not at all active and refined
quiet. To-day futures closed 2 points lower to 1 higher, with
sales of 3,250 tons. Closing prices were:
January. cts .3 .5 7 0 3 .5 8
F e b ru a ry ___3 .3 3 @ 3 .3 4
M arch----------- 3 .3 3 @ 3 .3 4
A p ril............... 3 .3 9 @ 3 .4 0

M a y _____cts .3 .4 5 @ 3 .4 6 S e p t .........cts .3 .5 8 0 3 .6 0
J u n e ________ 3 .4 8 0 3 .5 0 O ctober-------- 3.61 @ 3 .6 3
July_________ 3 .5 2 0 3 .5 4 N ovem ber .. 3 . 6 4 0 3 .6 6
A u g u s t _____ 3 .5 5 @ 3 .5 7

1.550
15,262
1,200
1.857
714
12,038
368
1,906
6,288
555
100

66,597
27,407
29,861
668,368
54,700
194,512
627
139,465
360,841
33,931
8,880
21,297
22,505
1,358

3,996
400
1,635
74,086
9,000
10,680

92,575
9,337
25,246
904,415
81,308
231,191

5,537
18,701
2,487

108,685
243,775
75,325
2,441
13,475
36,829
1,630

1,702
1,874

33.799

54,380

2,506
211,763
13,500
103,477

1,166
306,119
32,000
138,147

41,996
131.211

40,387
56,409

322,426
11.096
5,711
1,950

84,096
8,569
8,024
2,424

T otals_________ 152,983 4,202,726 380,322 4.952,768 1.769,580 1,624,140

* 13,402 bales added as correction since A ug. 1.
OILS. Linseed, active demand and again higher* city
In order that com parison m a y be m ade w ith other years,
raw, American seed, 67@68c.; city boiled, American’seed
68@69c.; Calcutta 8oc. Lard, prime 92@96c. Cocoanut we give below the totals a t leading ports for six seasons:
Cochin 14@15c., Ceylon 12@13c. Corn 8.05@8 10c!
1916.
1914.
1915.
1913.
1912.
1911.
Palm, Lagos 9@ 9% c. Cod, domestic 60@62c. Cotton­ R e c e i p t s a t —
seed, winter 8.85@9.60c., summer white 8.85@9.75c. Spir­ Galveston . .
163,494
66,056
98,729
78,101
108,664
60,019
16,855
28,996
21,093
23,202
40.031
32,506
its of turpentine 58%@59c. Strained rosin, common to T exasCity ,&c
New Orleans.
57,734
26,097
63,746
31,010
58,281
good, $5 95.
M o b ile______
3,996
2,137
10,925
3,680
13,518
5,689
15,262
74,086
39,610
19,056
PETROLEUM active and firm; refined in barrels, $8 65@ Savannah ___
61,158
30,181
B runswick___
1,200
9,000
6,500
4,500
7,340
5,088
$9 65; bulk, $5@$6; cases, $11@$12. Naphtha, 73 to 76 Charleston,&c
1,857
10,680
2,268
1,342
4,523
1,734
714
degrees, in 100-gallon drums and over, 37%c.; drums $8 50 W ilm ington. .
5,537
7,574
1,812
18,193
13,255
N
orfolk
__
.
.
12.03S
18,701
15,008
6,846
14,400
10,351
extra. Gasoline, 86 degrees, 35c.; 73 to 76 degrees, 30@ N ’port N .,& c.
363
2,487
6,584
2,892
587
149
33c.; 68 to 70 degrees, 27@30c. Pittsburgh advices state A ll others____
10,399
5.611
3,033
6,559
7,722
24.410
that operators in the Eastern fields are resuming operations. T otal this wk. 152,9S3 380,322 275,070 179,000 334,417 239,335
Nothing more than light producers, it is said, have been
Since A ug. 1 . 4,202.726 4,952,768 7,406,285 7,468,704 7,997,022 6,679,535
developed thus far. Closing prices were as follows:
Pennsylvania dark $2 25 N orth Lim a............$ 1 43 Illinois, above 30
C a b e ll.. ................ i 78 South Lim a............. 1 43
degrees..... ........... $1 57
Mercer black..........1 75 Indiana ....................... 1 2 8 Kansas and Okla­
New C astle............1 75 Princeton..................1 57
homa _________ 1 20
C o rn in g .................. 1 7 5 Somerset, 32 d e g . . 1 6 3 C addo, l i g h t _______1 29
W ooster...................1 6 0 R a g l a n d .................... 75c.




T ho oxports for tho week ending this evening reach a total
o f 7 3 ,2 9 9 bales, o f which 5 0 ,2 7 2 were to G reat Britain,
7 ,7 4 8 to France and 1 5 ,2 7 9 to the rest o f the C on tin en t.
Exports for tho week and since A u g . 1 1915 are as follow s:

F rom A u g .

W e e k e n d in g J a n . 7 1916.
E x p o r te d to —
E x p o r ts
fr o m —

C o n ti­
G rea t
B r ita in . F r a n c e . n e n t & c .

G alveston.. 24,055
Texas C ityPort Arthur
Ar. Pass,&c.
New Orl’ns. 21,360

5,068

T o ta l.

G rea t
B r it a in .

24,055

454,139
110,311
18,706

2,021 28,449

211,826
5,419
19,745
67,129
22,320
28,045

Brunswick .
Charleston.
W ilm ington

1 1915 to J a n .
E x p o r te d to —

F ra n ce.

1,522
351
2,984

2,680 10,028 14,230
501
150
2,984
2,242
838

2,850
24,248
7,034
51,376
5,000
243

255,601
7,322

13", 873
64,242

” 9",722
170,486

7,000
46,581
4,800

1,338
89,595

47,242
14,900

7,748 15,279 73,299 1,028,391

T otal’ 14-T5 141,489 35,429 166,695 343,613 1,316,669
T otalT 3 -’ 14 94,867 23,299 109,801 227,96712,104,169

17,050
67,912
182,210
3,066
500
800
48,754
72,384
45,433
50
1,761

2,242
838

Los Angeles
50,272

C o n ti­
nent A c .

100,127
44,162

52,226

New Y ork .
B o s to n ____
B altim ore-.
Philadelphia
Portl’d ,M e .

T ota l____

[Vol . 102.

THE CHRONICLE

166

395,153

7 1916.

T o ta l.

809,867
161,795
IS,706
23,595
446,554
5,419
28,083
203,305
27,120
45,095
120,138
2,850
253,700
10,100
66,776
5,800
243
48,754
72,384
45,433
50
1,761

973,984 2,397,528

170,313 1,343,289 2,830,271
791,733 2,715,160 5,611,062

N o t e . — New Y ork exports since Aug. 1 Include 1,048 bales Peruvian and 285
W est Indian to Liverpool and 1,010 bales Peruvian to Genoa.

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.
O n S h ip b o a r d , N o t C le a r e d f o r —
J a n . 7 a t—

G rea t
B r ita in . F r a n c e .

4,957
67,667
7,200

2,514
2,450

i.2,943
M o b ile _______
490
N ew Y o r k ____
Other p orts___ "4.666

700

N ew O rlea n s..
G a lv e s to n ____
Savannah ____

T otal 1 9 1 6 .. 97,257
T otal 1915. . 124.721
T otal 1914. . 63,572

G er ­
m any-

100

5,664
32,473
25,961

O ther
C o n t.

C o a s t­
w is e .

T o ta l.

365 16,299
8.463
34,294 *30,250 134,661
9,500
2,300
3.000
3,000
818 13,861
1,290
800
2,500
3,200
3,000
7.000

10 0 51,257
3,268 186,219
79.357 33,634

L e a v in g
S lo ck .

414,371
270,889
202,263
100,477
19,938
129,921
319,226
123,684

34,533 188,811 1,580,769
28,257 374,938 1,249,202
25,768 228,292 847,008

* Including 11,700 for Japan.

Speculation in cotton for future delivery has been quiet
of late at irregular prices, closing higher for the week. Liver­
pool quotations have advanced rapidly until they have
reached a level over 400 points above that of New York.
Prices here have advanced, but on nothing like the same scale
as in Liverpool. In fact, the general idea is that Liverpool
is practically cornered; that it has cornered itself because of
its inability to get cotton readily from such producing coun­
tries as America, India and Egypt. In this country ocean
freights have advanced at some Southern ports to S3 per
100°lb s., and everywhere the tendency of rates has seemed
to be upward, owing to the extreme scarcity of ocean
tonnage. This scarcity grows out of the fact that the
Allied Governments have been commandeering so much
tonnage in all parts of the world for the purpose
of
transporting
foodstuffs
and
munitions.
The
other day the Italian Government requisitioned some 22
steamers. The British Government is now taking steamers
off the Brazilian routes and this has caused a rise in ocean
freights on coffee from Rio de Janeiro and other Brazilian
ports. This is merely a case in point. Also a good deal of
mercantile tonnage has been destroyed on the high seas.
The world, moreover, is deprived of the large supply of Ger­
man and Austrian tonnage which in times of peace plays an
important part in the ocean carrying trade. How this diffi­
culty of the scarcity and dearness of ocean freights in the cot­
ton trade is to be surmounted it is not easy to see. I ho sug­
gestion is made that if worse comes to worse the Brit­
ish Government will issue an order that all British ships
leaving American ports for Great Britain shall carry
half cotton. But this has not yet been done. The result
is a
continuance
of
abnormal
differences between
New York and Liverpool, now, as we have seen, exceeding
§20 a bale, whereas in ordinary times they are not supposed
to be much over $5. Of late, too, the South has been doing
more hedge selling in this market, owing partly to the dulness of the export trade. Some think that if exports are
held up very much longer, a good many Southern holders
may let go. And there is a growing belief that there is likely
to be some increase in the acreage during the coming season.
It is figured that the South is now getting about $60 a bale,
or equal to about $85 a bale, c a n tin g the abnormally high
price of cotton seed. So that it stands to reason, if prices
remain at anything like the present level when the time arrives
to decide upon the acreage, that it will be increased whatever
may be said about the growing popularity of diversifying
the crops. Of late, too, Liverpool has been about
the only buyer here. W hen Liverpool stopped buying
everything seemed to stop. W all Street, as well as the
South, has been inclined to sell. The W est has also sold.
Local traders have been against the market on the export
question and the submarine crisis. Stocks are large in this
country. Europe needs the cotton but we need the ships.
And there it is. To-day prices were irregular, but ended




higher, with Liverpool again the chief buyer. A stimulating
factor was a rumor from Galveston that the British Govern­
ment had issued an order that no British ship owner should
charge more than $2 per 100 pounds on cotton shipments
from Gulf ports to Liverpool under penalty of the forfeiture
of the ship. This report was denied, but it is believed here
that something or other will soon bo done by the British
Government to enable Liverpool and Lancashire
to re­
plenish their supplies. Otherwise a British crisis, both
commercial and political, it is contended, is very likely to
arise. It is said that two-thirds of the Liverpool stock has
already been sold to spinners. The forwardings from Liver­
pool to spinners during the past week were 93,000 bales,
or 181,000 bales in two weeks. A continuation of this
drain, it is inferred, will soon bring matters across the water
to a head. Spot cotton closed at 12.55c. for middling up­
land, showing a rise for the week of 15 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
■Jan.

1

to J a n . 7 —

M iddling uplands____

___

S at.
II.

M on. T lies. W e d . T liu rs .
12.40 12.40 12.45 12.45

Fri.

12.55

N E W Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
’ The quotations for middling upland at Now York on
Jan. 7 for each of the past 32 years have been as follows:
191 6 -C ..
1915____
1914____
1913____
1912____
1911____
1 010____
1909_____

..1 2 .5 5
. . 8.00
..1 2 .3 0
..1 3 .2 0
. . 9.50
..1 5 .0 0
..1 5 .6 0
. . 9.25

1908-C. ____ 11.30 1900-C___ . . 7.69 1 89 2 .c - . . . . 7.44
1891____
1 9 0 7 -.- ____10.85 1899_____
9.31
1 9 0 6 ... ____11.75 1898_____ . . 5.94 1890____ . . . 10.25
1 9 0 5 ... ____ 7.30
1897......... . . 7.19 1889____ . . . 9.81
1 9 0 4 ... ____13.10 1896_____ - . 8.19 188.8____ . . . 10.50
1903. . . ____ 8.90
1895......... . . 5.69 1887____ . . . 9.56
1 9 0 2 ... ____ 8.19
1894_____ . . 8.00 1886____ . . 9.19
1 9 0 1 -.. ____ 10.25 1893_____ . . 9.94 1885_____ — 11.12

M A R K E T A N D SALES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at N oav York aro indicated in the following statement.
For the convenience of the roader we also add columns which
show at a glance how the market for spot and futures closod
___________________
on same days.

M o n d a y ___
T u e s d a y ___
W ednesday.
Thursday . .
F riday_____

SALES.

Spot M a rk et
C lo s e d .

F u tu r e s
M arket
C lo s e d .

II O L I
Steady_______ ______
Q u iet__________ ____
Quiet, 5 pts. a d v ___
Q u iot_______________
Quiet, 10 pts. a d v ..

D A Y . ................
S t e a d y . . ..........
Steady_________
V ery steady___
Steady_________
Steady_________

S p o t.

T o t a l ___

200
50

"166
350

C o n tr ’ct

T o ta l.

2,300
4.400
9,600
200
700

2,500
4,450
9,600
300
700

17,200

17,550

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as mado
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this weok’s roturns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total tho complote figures for to-night
(Friday), we add the item of exports from tho United States,
including in it the exports of Friday only.
1915.
1914.
1913.
901,000 1,005,000 1.430,000
5,000
25,000
5,000
96,000
89,000
99,000

Stock at L iv e r p o o l_______ b ales.
Stock at L o n d o n ------------------------Stock at M anchester____________

1916.
829,000
65,000
89,000

T otal Great Britain___________
Stock at H am burg----------------------Stock at B re m e n ________________
Stock at H avre__________________
Stock at M a rseilles_____________
Stock at B a r ce lo n a _____________
Stock at G e n o a _________________
Stock at T riesto_________________

983,000 1,015,000 1,106,000 1,534,000
10,000
*1,000
*8,000
19,000
506,000
523,000
*72,000
*1,000
452,000
291,000
446,000
184,000
2,000
2,000
2,000
2,000
24,000
24,000
48,000
18,000
43,000
264,000
118,000
45,000
*1,000
*4,000
14,000

J a n u a ry 7—

T otal Continental stocks----------

608,000

406,000 1.056,000 1,054,000

T otal European stocks_______ 1,591.000 1,421,000 2,162,000 2,588,000
47,000
129,000
155,000
47,000
India cotton afloat for E urope—
812,079
715,849
Am er. cotton afloat for E u r o p e .. 400,736
780,022
99,000
51,000
55,000
87,000
E gypt,Brazil,& c.,afloat for Eur’pe
380,000
326,000
Stock in Alexandria, E g y p t -------- 220,000 *240,000
619,000
394,000
527,000
Stock in B om bay, India_________ 586,000
Stock in U . S. p o r t s ------------------- 1,769,580 1,624,140 1,075,300 1,078,472
992,965
858,849
Stock in U . S. interior towns------ 1,396.728 1,315,591
75,334
46,778
3,756
18,328
U. S. exports to -d a y ______________
T otal visible supply___________ 6,068.800 6,066.144 6.245.892 6.310.671
O f tho above, totals o f American and other descriptions aro as follows
L iverpool s to ck _________..b a l e s . 556,000
623,000
765,000 1,243,000
M anchester stock ________________
66,000
64,000
57,000
63,000
Continental stock __________________*516,000 *340,000 1,009,000 1,025,000
American afloat for E urope--------- 400,736
812,079
715,849 780,022
U . S. port s to c k s ________
1.769.580 1,624, 40 1,075,300 1,078,472
U . S. interior s t o c k s ....................... 1,396.728 1,315,591
992,965 858,849
U . S. exports t o - d a y _____________
3,756
75,334
46,778
18,328
T otal A m erican--------------E a st I n d i a n . B r a z il, <&c.—
L iverpool stock _____________
London s to ck ----------------------M anchester stock ----------------Continental stock ___________
India afloat for E urope_____
E g y p t, Brazil, & c., a floa t___
Stock In Alexandria, E g y p tStock in B om b a y, India____

.4,708,800
273.000
65.000
23.000
*92,000
47.000
.54,000
220.000
586.000

4,854,144 4,661,892 5,000,671
278,000
25,000
25,000
*66,000
129,000
55.000
*240,000
394,000

T otal East India, & c..................1,360.000 1,212,000
T otal A m erican______________ 4,708,800 4,854,144

240,000
5,000
39.000
47,000
155,000
99,000
380,000
619,000

187.000
5,000
36.000
29.000
47.000
87.000
326.000
527.000

1, 584,000 1,244,000
4. 661.892 5,066,671

T otal visible supply___________ 6,068,800 6,066,144 6,245,892 6,310,671
6 .Old.
7.02d.
M iddling U pland, L iverpool_____
8.22d.
4 .7 ld .
12.60c.
13.10c.
M iddling U pland, N ew Y o rk ____
12.55c.
8.00c.
10.25d.
10.65d.
E gy p t, G ood B row n, L iv e r p o o l.,
l l .l f i d .
7.00d.
9.00d.
10.25d.
Peruvian, R ough G ood , L iverpool
11.40d.
8.75d.
B roach, Fine, L iverpool_________
7.80d.
4.46u. 6 5 -lfld . 6 ll-1 0 d .
Tinuevelly, G ood , L iverpool____
7.92d.
4.30d. 6 ll-1 6 d . 6 11-1 d .
♦Estimated.

Continental imports for past wook liavo boon 57,000 balos.
The above figures for 1916 show a decroaso from last week
of 21,494 bales, a gain of 2,656 bales over 1915, a loss of
177,092 bales from 1914 and a decrease of 241,871 bales
from 1913.

J an. 8 1916.]

THE CHRONICLE

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the weok and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year— is sot out in do
tail below.

167

F U T U R E S .— The highest, lowest and closing prices at
New York for the past week have been as follows:
Jan.

1.

Ja n u a ry—

M ovem en t

Jan.

to

i

R e c e i p ts .
W eek,

j

S e a so n .

7

S h ip -

|W e e k .

1916.

M ovem en t

S tocks
Jan.

to

Jan.

R e c e ip ts .

7148 12 ,695
3.230 79 ,415
871‘ 32 ,345
1,843 25 ,465'
4,371; 40 530
885' 9 ,120
1,600 50 ,70S!
4,220 29 ,227;
9,821205 ,012
1,525 50 ,353
528 14 ,6011
366 17 338
3,062 51 ,549!
296 7 ,939'
1,334 29 ,000]
3,781! 32 ,706
623' 13 ,586!
1,019 13 ,916
744 12 ,412]
1,086 16 248!

W eek.

;

S ea so n .

8 1915.
S tocks

S h ip m ea ts.
W eek.

8.

15,034
Ala., Eufaula..
127,
533
418' 11,996
20,437
92,503
Montgomery .
762
3,450 152,831; 3,739 89,459
4771 50.328
Selma_____
1,656 102,910! 2,965! 52,436
45,570
Ark., Helena.
5S8!
1,328
48,061 3,006 21,628
Little R ock .. 2,348 113,196
9,071! 125,920 7,397 56,205
Ga., Albany__
20,112
130
792 18,905
29,341]
395
692
94,711
Athena _____
84,722] 3,100] 33,027
4,309
676
Atlanta______
88,318
4,133] 124,013 6,332' 19,910
Augusta........
3,055 308,936
8,023' 320,644 16,079152,102
Columbus___
2,270
46,012
81,005 2,410 54,945
1,880
M a con _____
242
38,581
32,584 1,180 21,851
429
R o m e ___
509
49,884
47,073 1,509 10,396
912
La., Shreveport
902 101,955
5,992 115,519] 4,433 80,837
Miss.,Columbus
73
11,304
12,539
23,632 1,845 --------891]
Greenville__
500
59,386
63,737, 2,81l! 32,457
1,043
Greenwood__
912i
89,698
2,699 107,939 7,499 39,850
Meridian___
865
804
25.329
oc,: 20,199‘
1,4011 24,955;
Natchez . .
381 12,400
17,0351
250!
31! 22,399
Vicksburg___
23,314
526
29,935 1,081 18.S42
930
Yazoo C ity ..
23 22,766
79
28.954
35,ISO
906,
M o., St. Louis. 27,091, 301,405 25,103 17 433; 21,371 288,952! 19,162 35,095
282
N. C ., Raleigh.
4,647!
350
151;
8,481;
275'
296'
446
O.
, Cincinnati
6,496. 132,490 5,140 18 ,296] 8,376 124,744' 7,857 7,325
Okla., Hugo__
325
10,876
1,0971 1 ,269; 1,030
15,250 3,090 1,025
S.C., Greenw’d
976
13,990
300 11,800
16,878
23l! 13 ,014
300
Tenn.,Memphls 20,896; 665,913, 22,929 348 ,193 33,390 656,825 36,896263,138
Nashville___
5,785!
3,100 l,029j 1,174
461
- — I 2.,718
Tex., Brenhnm
” *66'
16,694
134' 3 ,515;
11,976]
460, 2,028
185
Clarksville__
52'
23.955
366 7, ,601] 1,194
29,973' 1,359] 5,308
Dallas_______ 1,382!
64,784! 1.452
8, 359j 5,591
83,499] 5,727] 7,169
Honey Grove.
509'
24,759
1,041! 2, 454]
21,028'
736 3,527
397
Houston____ 55,334 1.473.5S4 64,633 223, 881 144,198 ,932,740 133,773 188,127
Paris________
1,806
70,004
80,351’ 8,656, 8,078
1,438, 5 534] 7,925
T otal, 33 towns 130,787 4,142,367.165,192 1396728 275,095 4,854,548 287,260 1315591
Note.— Memphis

O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
S IN C E A U G . 1.— W o give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Aug. 1 in tho last two years are as follows:

Via
Via
Via
Via
Via
Via
Via

-1915-16-----

7—

----- 1914-15-----

S in c e
A u g . 1.

W eek.

S in c e
A u g . 1.

W eek.

St. Louis________________________ 38,350314,356
C airo..... ......................
..1 0 ,4 5 8
216,108
R ock Island _____________________
770 4,054
L ou isv illo________________________3,191 68,763
Cincinnati________________________4,000 67,123
Virginia points_____________________ 2,12453,061
_____
othor routes, & c___________________ 6,542 177,871

19,162
10,904
109
4,559
3,425
3,348
13,208

270,982
151,832
2,149
71,365
46,070
71,345
182,678

.65,435

901,336

54,715

796,421

8,849
4,896
4,121

54,040
58,025
97,217

3,576
2,622
1,556

54,375
79,382
65,308

T otal to bo d educted__________ 17,866
17,866

209,282

7,754

199.065

Leaving total net overland *______ 47,569
47,569

692,054

46,961

597,356

D e d u c t sh ip m e n ts —

Overland to N . Y ., B oston, .Sec...

* Including m ovom ent b y rail to Canada.

The foregoing shows the week’s net overland movement
has been 47,569 bales, against 46,961 bales for the week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 94,698 bales.
-------1915-16------I n S ig h t a n d S p i n n e r s '
T a k in g s .

W eek.

S in c e
A u g . 1.

------- 1G1.1.. i k ____
W eek.

S in c e
A u g . 1.

.152,983
. . 47,569
Southern consum ption to Jan. 7. .. 76,000

4,202,726
692,0.54
1,554,000

380,322
46,961
60,000

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

.276,552
.*34,405

6,448,780
950,766

487,283
*12,165

6,900,124
1.195,452

.242,147
7,399,546
N or. spinners’ takings to Jan. 7 . . 90,731

1,490,965

475,118
76
73,448

1.348,924

* Docroaso during week.

Movem ent into sight in previous years
W eek—

B a le s .

B a le s .
1914— Jan. 9 ............................365,187
1913— Jan. 10............................271,830 1019’ l8 ~ T n I!' i n ----------------1 0 ,441,162
•
10,251,910
1912— Jan. 12............................394,139 i J l l ; 1-fi—
J a n . 1 2 ...................1 0,584,277

Q U O T A T IO N S FO 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 middlingcotton at Southern and other principal cotton markets for
each day of the week.
C lo s in g Q u o ta tio n s f o r M i d d l i n g C o tto n
W e e k en d in g
J a n u a r y 7.

Galveston .
N ew O rleans..
M o b ile _______
Savannah I
Charleston. 1 1II
W ilm ington__II
N o r fo lk _____ II
B a ltim o r e ___I I
P h ilad elp h ia___
A ugusta_______
M em p h is______
St. L ouis______
H ouston_______
Littio R ock ____

r r

r

i

,

M onday,
J a n . 3.

T u esd a y
J a n . 4.

W e d 'd a y , T h u rsd 'y ,
Jan . 5.
J a n . 6.

F r id a y ,
J a n . 7.

W eek.

vH * ^
12.04-.30 12.20-.23 12.25-.30 12.22-.35 12.28-.36 12.04-.36
12.23-.24 12.22-.24 12.30-.33 12.25-.28 12.36-.3S
12.33 — 12.32 — 12.42 — 12.35 — 12.46 — — —
12.30-.52 12.37-.55 12.52-.59 12.43 .61 12.44-.60
12.48 .47 12.46 .48 12.58 .59 12.50 .51 12.59-.60 12.30-.61
12.66 —
12.66 —
12.56 — 12.56 — 12.67 — 12.60 — 12.69 —
12.54 .71 12.59 .75 12.73 .80 12.66 .83 12.66-.84 12.54-.84
12.69 .70 12.68 .69 12.79 .80 12.73 .74 12.83-.84
12.75 — 12.73 — 12.84 — 12.79 — 12.90 — —
12.67 .86 12.73 .90 12.87 .95 12.81 .98 12.81-.98
12.82 .83 12.80 .81 12.93 .95 12.89 .90 12.97-.98 12.67-.98
12.77 — 12.86 —
12.73-.79
12.73 .76 12.71 .75 12.84 .87 12.81 .83 12.8S-.90 12.73-.86
12.57 .62 12.47 .59
12.48 .50 12.49-.52 12.56-.59 12.52-.55 12.60-.63 12.47-.62
12.35-.49 12.43-.55 12.54-.63 12.47-.62 12.47-.63
12.49-.50 12.52-.53 12.58-.59 12.54-.55 12.62-.64 12.35-.63
—
—
—
—
—
12.60 — !12.60 — 12.66-.68 12.68-.69
12.59-.63l 12.62-.66 12.67-.69 12.64-.66i 12.76-.77 12.60-.69
•

- i.v j_ n .iv .ix .n j i . —

in e

H m n -

est, lowest and closing quotations for leading contracts in the
Now Orleans cotton market for the past week have been as
follows:

stock Includes linters In both years.

Tho above totals show that tho interior stocks have de­
crea sed during the week 34,405 bales but are to-night 81,137
bales moro than at the samo time last year. The receipts at
all towns have been 144,308 bales loss than the same week
last year.

J a n u a ry
S h ip p ed —

Range____
Closing____
F eb ru a ry —
Range____
Closing___
M a rch —
Range------Closing___
A p r il—
Range
Closing___
M ay—
Range----Closing—
J u n e—
HOLI
Range___
Closing___
DAY.
J u ly —
Range____
Closing___
A u g u st—
Range____
Closing___
S ep te m b er —
Range____
Closing___
O ctob er —
Range_____
Closing____
N ovem ber—
Range_____
Closing____
D ecem b er—
Range____
Closing___

,

S a tu r d a y .

M onday.

12.30
11.88
11.75
12
11*
11*
H O L I­ 11.75
DAY. 12*
12.65
11.88
12.12
12 *
12.30
12.13




T u e s d a y . |W e d ' d a y . T h u r s d 'y .

12.30
11.94
11.75
12 *
11*
1IX

11.88
12*
12.65
12.00
12.12
12 *
12.30
12.13

12.45
12.00
11.84
12 *
12
ID *
12.00
12 *
12.70
12.06
12.38
12*
12.45
12.13

12.45
12.00
11.88
12*
12
11*
12.00
12 *
12.70
12.00
12.38
12*
12.40
12. 13

F r id a y

12.45
12.00
11.88
12*
12
115*
12.00
12*
12.80
12.00
12.38
12*
12.50
12.25

S a tu r d a y . M o n d a y .
J a n . 1.
J a n . 3.

T u e s d a y , W e d ' d a y , T h u r s d 'y ,
J a n . 4.
J a n . 5.
J a n . 6.

F r id a y ,
Jan. 7.

J a n u a ry—

Ran^e_______
Closing______

M arch —

R an ge_______
Closing______
M ay—
R an ge_______
Closing______
J u ly —
R an ge_______
Closing______
S e p t e m b e r —■
R an ge_______
Closing______
O c to b er—
R an ge_______
Closing______
T on e—
S p o t ________
O p tio n s _____

H O L I­
DAY.

11.90-.00 12.03-.09 12.09—15 12.05—
12.02-.04 12.00-.02 12.13—15 12.05—
12.17-.40 12.1 3-4 5 12.36-.43 12.30-.47
12.33-.34 12.31—32 12.42-.43 12.34—35
1 2 .4 5-6 5 12.50—69 12.64-.71 12.58-.76
12.60-.61 12.59-.60 12.70—71 12.63-.64
12.66-.86 12.6 3-8 4 12.81—87 12.75-.89
12.75-.77 12.75—76 1 2 .8 6-8 7 12.81—82

14
12.01—09
07
12.13—16
12.27-.45
12.43-.45
12.56-.73
12.72-.73
12.75-91
12.91-.92

12.43-.45 12.43—45 12.53-.55 12.4 7-4 9
12.58—60
12.29-.38 12.33-.46 12.46-.51 12.40—50 12.39-52
12.37-.39 12.40—42 12.50—51 12.44—45 12.54—56
Quiet
Steady
Steady
Steady
Steady
Steady
Steady
Steady
Steady V St’dy

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
while rain has fallen in most sections during the week the
precipitation has been very light over much of the area.'
G alveston, T ex.
Thero has boen rain on one day durin»
the week, to the extent of fifty hundredths of an inch. The
thermometer has averaged 60, the highest being 70 and the
lowest 55.
A b i l e n e , T ex.
Rain has fallen on one day during the week
tho precipitation reaching two hundredths of an inch
The
thermometer has ranged from 32 to 78, averaging 55.
D a lla s, T ex .— W e have had a trace of rain on one day
durmg the week. Average thermometer 58, highest 80
lowest 36.
&
*
Fort W o rth , T ex.— W e have had rain on one day during
the week, the precipitation reaching one hundredth of an inch.
I h e thermometer averaged 57, the highest being 80 and the
lowest 34.
P a le stin e, T ex.
Rain has fallen on one day during the
week, to an inappreciable extent. Tho thermometer has
ranged from 54 to 80, averaging 67.
San A n to n io , T ex.
Rain has fallen on three days during
the week, to the extent of thirty-two hundredths of an inch
Avorage thermometer 67, highest 80, lowest 54.
T aylor, T e x . — It has rained inappreciably on one day of the
week. Minimum thermometer 42.
N e w O rlean s, L a . — W e have had rain on two days of the
week, the rainfall reaching two hundredths of an inch
The
thermometer has averaged 68.
S h reveport, L a . — Rain on two days of tho week, to the ex­
tent of one inch and sixty-four hundredths. Highest ther­
mometer 76, lowest 39.
V icksbu rg, M i s s . — Rain has fallen on throe days during the
week, the precipitation reaching forty-four hundredths of an
inch. The thermometer has averaged 59, ranging from 45
to 77.
M o b ile , A l a . — W o have had rain on one day during the
week, the rainfall being throe hundredths of an inch. Aver­
age thermometer 63, highest 71, lowest 48.
^
S elm a, A la .
Rain has fallen on two days during the week
to tho oxtent of five hundredths of an inch. The thermome­
ter has averaged 56, tho highest being 73 and the lowest 36.
M a d is o n , F la .
W e have had no rain during the week
Average thermometer 65, highest 76, lowest 46
S a va nn ah , G a . — W e have had light rain on one day of the
past week, the precipitation being two hundredths of an inch
Average thermometer 63, highest 78, lowest 44.

Charleston, S. C .— W e have had no rain during tha week.
The thermometer has ranged from 44 to 77, averaging 60.
Charlotte, N . C .— There has been rain during the week, the
rainfall being thirty-eight hundredths of an inch. Average
thermometer 54, highest 71, lowest 36.
M em p h is, T enn .— W o have had rain on four days of the
week, the rainfall reaching one inch and thirty-nine hun­
dredths. The thermometer has ranged from 31 to 73, aver­
aging 51.

C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E ­
M E N T TO J A N . 1.— Below we present a synopsis of the
crop movement for the month of December and the five
months ended D ec. 31 for three years:
1914.

1915.
289,120
835,901
216,288
644,485
985,466
4,036,341
527.825
2,323,986
1,741,557
1,386,832
1,478,000

N orthern spinners’ takings to Jan. 1 —

332,438
933,969
275,087
744,357
1,441,115
7.''64,416
1,220,400
5.287,323
1 , 1 12 ,0 0 1
1,559,840
1,306,000

284,915
738,631
216,831
548,856
1,741,029
4,542,335
1,155,928
2,467,705
1,604,495
1,271,108
1,280.000

69,655
2,522
1,708,925
7,143,997

Burnt'. N orth and South! in 5 m o n th s ..
C am e in sight during D ecem ber............

n et

1913.

!

i
70,925
64,125
1
292
2,394,711 2,150,644
7,596,042 9,977.215
7.471.205 4.632,753
15,067,247 14,609,968
517.50
515.04
514.22
492.50
490.04
489.22

OverTanci to Canada for 5 m onths (in-

A verage

[Vol . 102

THE CHRONICLE

168

weight o f bales---------------------

W O R L D ’S SU P P L Y A N D T A K I N G S OF C O T T O N .
1914-15.

1915-16.

C o t t o n T a k in g s .
W eek and Season .

S ea son .

W eek.

|

S ea son .

W eek.

.......... 5,936,785
Visible supply D ec. 31-------------- 6,090,294
4,633,210
______
Visible supply A ug. 1------ -------242,147 7.399,546 475.118
Am erican in sight to Jan. 7 -----931.000
59,000
B om bay receipts to Jan. 6 -------- 6100,000
67.000
106.000
8,000
Other India ship’ts to Jan. 6 ---630,000
490,000
35,000
Alexandria receipts to Jan. 5 ---65.000
55,000
2,000
Other supply to Jan. 5 *------------

3,176,816
8.095,576
334.000
96.000
454.000
72.000

6,474,441 13,614,756 6,518,903 12,228,392

T otal supply--------------------D e d u ct—
Visible supply to Jan. 7 --------

6,068,800

6,068,800 6,066,144

6,066,144

405.641 7.545.956 452,759 6.162.248
T otal takings to Jan. 7 a .
276.641 5.913.956 362,759 4.921.248
O f which A m erican-----90,000 1,241,000
129,000 1,632,000
O f which other
* Fm hraces receipts in Europe from Brazil, Smyrna, W est Indies, & c.
a T h is to ta l em br ces the total estimated consum ption by Southorn mi Is,
1 554 000 bales in 1915-16 and 1,350,000 bales in 1914-15— takingsnot being
available— and aggregate amounts taken b y N orthern and foreign spinners,
5 991 956 bales in 1915-16 and 4,812,248 bales in 1914-15, o f which
4,359;956 bales and 3,571,248 bales Am erican.
’ b Estimated.

IN D IA C O TTO N M O V E M E N T FR O M A LL PORTS.

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 the advance in
cotton is checking Eastern business. W o give prices for to­
day below and leave those for previous weeks of this and
last year for comparison:
1915-16.

8 * lbs. Shirt-

Cot'n

tngs, common
to fin est.

Ticist

Oct.
19
26
Dec.
3
10
17
24
31
Jan
7

1914-15.

8 * lbs. Shirt-

32s Co p

Cot’n

in g s, common
to fin est.

32s Cop

M id .

U p l’s

Tw ist.

M id .

U p l’s

d.
10 *
10 *

@
©

d. s. d.
11X « 3
H* 6 3

@8
©8

9. d.
3
4*

d. d.
7.06
7.28

d. s. d.
No quo tatlons
No quo tatlons

11*
11*
n *
a *
12

©
©
©
©
©

12 *
12 *
12 *
12 *
12 *

6
6
6
6
6

6
9
9
9
9

@8
@8
@8
@8
@8

7
10
10
10
10

7.50
7.66
7.47
7.63
7.92

No
No
No
No
No

tatlons
tatlons
tatlons
tatlons
tatlons

4.35
4.28
4.44
4.53
4.58

13 *

©

13*|7

9

@9 10

8.22

No quo tatlons

4.71

S H IP P IN G N E W S .

quo
quo
quo
quo
quo

d.
3.44
4.46

s. d.

Shipments in detail:
T o ta l b a le s .

NEAV Y O R K — T o Liverpool— Jan. 6— B altic, 1,522______ ________ 1,522
T o Havre— Jan. 3— Alston, 217---- Jan. 6— H arrovian, 2,2 3 4- 2,451
T o Bordeaux— Jan. 4 — R ocham beau, 229_____________________
229
T o R otterdam — D ec. 31— Zaandijk, 235______________________
235
T o Christiania— D ec. 31— Stockholm , 4,316__________________
4,316
T o Viadivostock— Jan. 5 — Lincluden, 1,946---------------------------1,946
T o Genoa— D ec. 31— D ’A osta, 500; Italia, 2,030: Taorm ina,
4 0 0 - ._______ ____________________ ____________________ - ............. 2,930
T o Naples— D ec. 31— Italia, 450; Taorm ina, 1________________
45l
T o Piraeus— Jan. 4— Frixos, 100______________________________
100
T o Veneauela— Jan. 5— M aracaibo, 50_______________________
50
G A L V E S T O N — T o L iverpool— D ec. 31— M eltonian, 9.845.............. 9,845
T o M anchester— Jan. 5— Jose de Larrinaga, 14,210___________ 14,210
N E W O R L E A N S — T o L iverpool— Jan. 4 — Norwegian, 8,381:
Swedish Prince, 2,445___Jan. 5— M atador, 4 ,1 3 6 ---J a n . 6
— Asian, 1,891.......................... ............................................ .............16,853
T o Belfast— Jan. 1— Rathlin Head, 4,507_____ _______________
4,507
T o Havre— D ec. 31— St. Laurent, 5,068_______________________
5,068
T o R otterdam — D ec. 31— A m steldijk, 1,086__________________
1,086
T o G othenburg— D ec. 31— Vinstra, 500-----------------------------------500
T o Christiania— D ec. 31— Vinstra, 435-------------------------------------435
351
B O S T O N — T o Liverpool— D ec. 31— B oyno, 251; Etonian, 100-----T o Yarm outh— Jan. 1— Prince Goorgo, 150....................................
150
B A L T IM O R E — T o M anchester— Jan. 3— M alvern Range, 2 ,9 8 4 .. 2,984
SAN F R A N C IS C O — T o Japan— D ec. 31— Persia M aru , 2,0 4 2------ 2,042
200
T o China— D oc. 31— Persia M aru , 2 0 0 - - - . - - - - - - - - - ................
838
S E A T T L E — T o V iadivostock— D ec. 31— R io Pasig, 838-------- --------T o t a l.........................................................................- ..................................... 73,299

L IV E R P O O L — Sales, stocks, & e., for past week
17.
50.000
2,000
2,000
39.000
4,000
73.000
842,000
6O0,0OO
60,000
41,000
272.O0O
184,000

22.
30.000
2.400
1.400
22.000
3,000
63.000
866,000
605.000
90.000
49.000
231.000
183.000

D ec.

Sales o f the week____________
O f which speculators took O f which exporters t o o k ..
Sales, Am erican____________
Actual export_______________
Forwarded__________________
T otal stock ______________________
O f which Am erican___________
T otal imports o f the week______
O f which A m erican___________
Am ount afloat__________________
O f which A m erican___________

D ec.

30.
35.000
11.000
5.000
25.000
4.000
88.000
860,000
588.000
87.000
61.000
207.000
154.000

D ec.

Jan.

7.

22,000
93.000
829,000
556,000
84.000
49.000

The tone of the Liverpool market for spots and futuros
each day of the past Aveek and the daily closing prices of
spot cotton have been as follows:

1913.
Dec. 16.

S in c e
A u g . 1.

R e c e ip ts a l -

92,000

Bombay.

S in c e
A u g . 1.

W eek.

717,OOO! 34,000

C o n ti­
G rea t
B r ita in . n e n t .

Bombay—
1915___
1914___
1913----Calcutta—
1915----1914___
1913___
Madras—
1915----1914----1913----All others—
1915----1914-----1913----Total all—
1915___
1914----1913___

Japan
& C h in a

T o ta l.

C o n ti­
n e n t.

G rea t
B r it a in .

744,000

171,000 95,000
S in c e A u g u s t

F o r th e W e e k .
E x p o r ts
fr o m —

S in c e
A u g . 1.

W eek.

1.

Japan
C h in a .

<6

T o ta l.

_____

50.000 50.000
8",666 16.000 24.000
14,000 18,000 32.000

7.000
17,000
7.000

89.000
62.000
304,000

409.000
173.000
210.000

505.000
252.000
521.000

1,000
3.000
2.000

2,000

4.000
3.000
12,000

3.000
7.000
1.000

9,000
10,000
16,000

i",66o

f , 66o
1,000

1,000
2,000

’ 3 ,666

3,000

2,000

2,000
1,000
14,000

6,000
8,000
9,000

8,000
17,000
9,000

28,000
37.000
66.000

1,000

—

—

2,000

i",66o

1,000
3.000
2.000

3.000
3.000
7.000

2,000
2,000
—

1,000 3,000 53.000 57.000
3.000 12,000 20.000 35.000
5.000 23,000 18,000 46.000

3,000
1,000
16,000
37.000
5,000
12.000

18.000 123,000 448,000
34,000' 103,000! 185,000
21.000 396,000 223,000

73.000
59.000
87.000
590.000
322.000
640.000

According to tne ioregomg,x>uiuuu,^
58 000 bales. Exports from all India ports record a gain of
22,000 bales during the week and since Aug. 1 show an in­
crease of 268,000 bales.
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 OF
C O T T O N — The following are the receipts and shipments for
the week ending D ec. 15 and for the corresponding Aveek
of the two previous years:
A le x a n d r ia , E g y p t.
D e c e m b e r 15.

(cantars)—

Since A ug. 1-------------------

E x p o rts

(bales)—

1915.

1914.

1913.

227,147
2,942,151

346,317
2,140.508

330,000
5,285,018

S in c e
T h is
W e e k . A u g . 1.

S in c e
T h is
W e e k . A u g . 1.

S in c e
T h is
W e e k . A u g . 1.

L iv e r p o o l_______
M a n c h e s te r-------Continent & India
A m e r ic a _________

14,256 101,804 6,956 50,203 9,000 112,695
97,718
48,592
56,114
5",266 62,043 12',318 72,171 13',666 180,106
17,214
3,250
41.169
5,660
83,934
9,549

T otal exports--------

29,0711303,895 24,934 212.135 25,250 407.733

To
To
To
To

[

(




M onday.

T u esd ay.

W ed n esd ay.

T h u rsd a y.

F r id a y .

Good
demand.

Fair
business
doing.

Large
business
doing.

Good
demand.

Good
demand.

Mld.Upl’ds

8.01

8.12

8.28

8.35

8.22

Spec.&exp.

10,000
1,000

10,000
1,000

18,000
5,000

10,000
500

15,000
1,000

Irregular,
2@ 4 pts.
advance.

Steady,
5*@ 6*
pts. adv.

HOLI­
DAY.

F u tu res.

crease, compared with last year, in the Aveek s receipts ol

R ece ip ts

S a tu r d a y .

S p o t.

Market,
12:15
P. M .

Market
op en ed

/

Market,
4P. M .

1

Barely sty.
Quiet,
Firm,
1@ 1 X Pts. 5© 10 pts. 2@ 3 pts.
advance.
advance.
advance.

Barely sty. Irregular, Barely sty. Irreg.&un- Irregular,
2 * @ 5 pts. 1 2@ 16* 1 1 @ 1 2 pts. settlcd, 6© 2@4 pts.
pts. adv. 7 pts. dec. decline.
advance. pts. adv.

f

The prices of futuros at Liverpool for each day aro givon
boloAv. Prices are on the basis of upland, good ordinary
clause, unioss othorAvise stated.
Jan. 1
to
J a n . 7.

12 *

4

p .m . p .m .
d.

d.

J an u a ry ..
M ar.-A pr.
M ay-Juno
Ju ly-A u g.
O ct.-N o v .

S a tu r d a y .

M onday.

IIO L IDAY

12 *

p .m .
d.

7
7
7
7
7
7

79
79
75*
65*
55*
18

T u esd a y.

12 * 12 *

4

W c d 'd a y .

T h u rsd a y.

12*

12*

4

4

F r id a y .

12 *

4

p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .
d.

d.

78*
78*
74*
64*
51*
17*

90*
90*
86
75
64*
25

d.

d.

95
06
95
06
90* 01*
80
91
69*81
29* 37*

d. 1 d.
06
13
06
13
0 1 * OS*
91* 98*
81*88
1 44*

d.

d.

d.

99*
99*
95
85*
75*
34

00
00
96
86
75*
34*

95*
95*
92
82
75*
32

BREADSTUFFS
Friday N ight, Jan. 7 1916.
Flour has been generally quiet, especially for homo ac­
count. There has been some export business. In fact, there
is a steady inquiry from foreign buyers Avhonever the flour
can bo had and ocean freight-room obtained. But on the
whole the trading has been within quite restricted limits, and
this may continue to be tho case for a time.
1 here was con­
siderable discussion in the meantime in regard to tho ques­
tion of storage charges hero. Receivers objoct to the action
of the railroad companies in putting tho cost ol storage on
them. The total output last Aveek at Minneapolis, Duluth
and Milwaukee Avas 390,770 bbls., against 437,325 in tho
previous Aveek and 383,275 last year.
,
W heat declinod oarly in the Avook, but subsoquontly ad­
vanced. It reached a noAV high point on this crop. On
Wednesday the rise at the high point at Chicago amountod
to about sovon conts as coiuparocl with tho low point of tho

Jan . 8 1916.]

THE CHRONICLE

169

previous day. At Omaha cash wheat on the 5th inst ad­
vanced, it was said, five cents on a brisk demand In Chi­ in t h e T m e
i^
^ ore tban double this a m o u n t
cago they think Europe is short of cash wheat and that with t L t o t i f ^ J 1^ ? 1f t y?ar~ K e" 3,864,000 bushels. And
ocean freights so scarce and dear Europe will have to buy els a g ^ n s ^ 2 i 7 7 0 n r ^ T ^ 11 S U p p l y H o n l y 1 0 -7 ° 0 , 0 0 0 buslr
“ Am®n?a> which is nearer and therefore a cheaper market ago
btot m
u
o
h
y e a r ’ a n d 1 4 ’ 4 2 5 -0 0 0 two years
than that of some of its competitors. Meanwhile North­ done however
!i deed.aily; export business has been
western receipts have been comparatively small. In France Foreign advices
the import demand from millers is urgent. France recentlv
bought 18,500,000 bushels in Danubian countries
In R u /
X L Europo
sia the weather continues very cold. What is more important
aroas of Russia have only a very light snow D A !L Y C L O S IN G P R IC E S O P N O ^J M I X E D C O R N I N N E W Y O R K .
T u cs.
W ed . T h u rs. F r i .'
covering for the winter wheat. In the interior of Russia the N o. 2
crop movement is small, owing to the poor transportation fa­
cilities, and exportation northward is almost impossible ow­
ing to heavy snows and the congestion at northern ports.
? I 1 1 I f f Wa
Rumania has bought freely in the Odessa section. Mean­
Oats declined at one time but rallied later. The decline
while, Holland and Italy as weU as France continue to buy was m sympathy with lower prices for other grain. But the
American wheat. Moreover, it is believed that this demand 3 ^ pt® bave t>e«n light and a good many foel that oats aro
will swell to large proportions unless arrangements are soon selling at too great a discount under eorn. There has been
1
f? „ i \ iPI? ents from Argentina, Stocks in Holland, heavy buying by large elevator interests. The other dav
WMle
S
,
nd
are small. Holland has been re-shipping they took more than 1,000,000 bushels of May
f ° other countries. It is becoming more and more country offerings have been small there have bee/some r<>
apparent, too, that the crops of France and Italy were ports of export business. At Chicago the embargo a ? a i S
over-estimated. The latest news from France says that shipments to the seaboard has caused some Eastem dema/d
wnile crop prospects are favorable, France will have to
sVppy
American oats increased last week
import heavily, owing to the smallness of its reserves. In 1,516,000 bushels, against 1,262,000 in the same week o7the
United Kingdom the offerings of native wheat are small previous year. But the total available stock is still noticea
ana the movement is greatly impeded by bad weather and
is ?ow 41,500,000 bushthe reduced railway facilities. In Argentina wheat offer­ els7 S n s t l 5a4 1r ^ ent^ earsa? d° °
sam?~day last year and 51,200,ings are also small and the movement to the ports light. 000 ifflQI 4
m-ices at
atone
o ^ Pearly
^ T 3 m theoffern^
haveaincreased
and
The shipments during January and February are likely to prices
one ttime
week swere
little easier
be only moderate. Moreover, ocean freights in Argentina Argentine advices say that threshing returns confirm pre^
advanced to 132s. 6d, a rise of about 9s. since Dec. 31st.
E S & t x ? * good ^ elds of fine qualiSS! But onP
S
it is added that bidding for room is excited as export demand T tW hand,
the export demand there has been urgent. Also
tor coni and oats is urgent. The harvesting of whoat in ocean freights continue to advance in Aregntina. To-dav
Argentina is progrossing but slowly as the general crop is
a S ex^ecteddt? f3er a SmaIl adYanee* Stocks at tho West
backward. Meanwhile, the movement of tho Argentine aSins?
t h ^ i h decrease sharply as soon as tho embargo
cy°P w light and tho early receipts, it is believed, will be demand.^6 3eaboard 13 removed. There was some foreign
absorbed largely by the homo trade as local stocks aro small.
Thoro is another side to this question, to be suro, for the
DAILY CLOSING PRICES OP OATS IN N E W YORK.
ocean tonnage problem is admittedly a knotty one. As S tandards____
ttot t M o n - T u e s .
W ed . T h u rs. F ri.
..........
“ s ' m v " nom . nom . nom . nom . n om .
Argentina’s storage facilities are well known to be limited, N o . 2 white
it may turn out later on that selling pressure will have a
D A I L Y C L o i i N G p r i c e 's O P o I t S F U T U R E S i T c m C A G O 0 ”1palpable effect on prices. In fact, of late there have been
lit e
r s ! *Tn™ * * ........
48
some signs of easing of prices there, owing to the inabilitv July
48 H 48 K
delivery
Da y '
4614 47
46 X
to get ocean freight room. Still, Europe’s dire necessities
The following aro closing quotations:
have latterly kept prices pretty firm. Just now Australia’s
G R A IN .
offerings are small. In this country believers in higher W heat, per bushel— f. o . b.
C^&rn, ] er bushel—
N . Spring. N o . 1, new____ $1 41
N
pnces are counting on a serious curtailment of exports for
. r o . : m ixed-----------f. o . b. nom .
N . Spring, N o . 2 ......................
_
85H
N o . 2 ye low ...........c . I. f.
an indefinite period from Argentina and Austrlia, owing to
Red winter. N o . 2. n e w ... 1 4014
N o . 3 yellow ___________
Hard winter. N o . 2 _______ 1 4014
Argentina in bags_____
" "
the dearth of ocean tonnage. Also at one time there was Oats,
per bushel, new—
cts. R ye . per bushel—
buying on the prediction of a cold wave in our Western
S ta n d a rd _________________ N om .
N ew Y o r k ..........c . 1 . f . . . $ 1 05
N o . 2 , white_______________ N om .
W estern ______ c . i. f.
1 n*
States, where snow protection has not been as good as
N o. 3 . w hite_______________
5034
M * ‘ .......................: - - - . . . : : 8 8 @ 9 0 c .
it might have been, especially in Kansas. Some, too
N o . 4 , w hite.................. 4 8 H @ 4 9
are looking for a reduction in the estimate of
FLOU R.
W inter. low grades____ $4 50
the exportable surplus of this country. Besides, there have Winter
Kansas straights, sacks_ $5 8 5 @ S 6 15
patents_______
650
been reports of damage by green bugs in Texas and Hessian Winter straights............5 90
oi“ “ £ nT ' “ ck' — 5 3 5 0 570
5 fin
Hies in Illinois. Early in the week the export sales in this W inter clears______
Spring p a te n ts--------------6 35
country were said to have reached 1,136,000 bushels,includ­ Spring
straights________6 20
G r a h a m Hour. . . . . 4 60@"5'l0
ing 300,000 bushels via the Gulf of Mexico. A European de­ 8prlng clears__________ 5 50
mand has prevailed at most important centers at the West
;«5
£
f+
S
?
i
eyie?lt
of
tIlQ
movement
of breadstuffs to market
but especially at Kansas City, Omaha and Winnipeg. It was ^ dl?ated beiow are prepared by us from
figures collected bv
stimulated in a measure, it is believed, by a steady advance
in sterling exchange. A well-known operator, Mr. Patter­ f i 6nNe^ ^ ° rk Produ«e E*cha4 > - The r S p t s at Western
i A
ports, f<M* tbe ,week ending last Saturday and
son, was said to be buying at Chicago a big line of long wheat S
since Aug. 1 for each of the last three vears h a v e b e e n after recently selling out large holdings. On the other hand,
the world s crops are said to be as largo as ever before. Cer- R e c e ip ts a t — F lo u r .
W h ea t.
C orn .
O a ts .
Barlej/.
Bye.
13 D0W pufc at 253,019,000 bushels,
b b l s . i m b s . b u sh . 60 lb s. b u sh . 56 lb s. b u sh . 32 lb s.
h A 8 lb s b u sh .S 6 lb s .
against 200,705,000 a year ago and 204,083,000 in 1914 Chicago......... 247,000 2.380.000 2,337,000 1.946.000 b u s962.000
125.000
.
5.030.000
135,000 1.147.000 1,034,000
1 0 -day prices declined on liquidation. Stocks at terminal Minneapolis
167.000
Duluth.........
2.532.000
40.000
182.000
38,000
pomts are rapidly increasing, including 3,000,000 bushels at Milwaukee . .
35,666
247.000
250.000
811,000
665,000
112.000
Toledo______
107.000
100.000
the Northwest. Exporters took 900,000 bushels.. There is Detroit..........
55.000
5.000
63.000
134.000
172.000
still congestion at the seaboard.
Cleveland . . .
8.000
14.000
D A I L Y C L O S IN G P R IC E S O P W H E A T F U T U R E S IN N F W VOOkr
S a t.
X//VM T'TV
m«TT *
u,.e-n
so.
W ed . T h u rs. F ri.
JJP* 2 r e d — .............................................c t s . I I O L l - £ o m . ‘ nom .
nom . nom . 14034
M a y delivery in e le v a to r................. D A Y 132
134
1 3 5 * is s u e 1 3 4
D A I L Y C L O S I N G P R I C E S O P W H E A T FUTU RES I N C H I C A G O
M a y delivery in elevator-------- CtS-HOLI- 1 2 3 $ ' 125 u ' 127*44
July delivery in elevator.................. D A Y 1 1 6 $ 1 1 8 $ 1 1 9 $ i i | $

ioc VJ

I n d ia n c o r n d e c lin e d a t o n e t im e , b u t b e c a m e s tr o n g e r
la t e r in th e w e e k .
A t L iv e r p o o l p r ic e s h a v o b e e n v e r y fir m
w it h v e r y little o ffe r in g fr o m th e R iv e r P la to .
T h e h h ?h
r a t e s f o r o c e a n f r e i g h t s in A r g e n t i n a m a k e i t n o e a s y m a t t e r
fo r L iv e r p o o l to im p o r t fr o m th a t c o u n t r y .
M o r e o v e r th e V
a r r iv a ls o f c o r n a t A r g e n t in e m a r k e t s a r o s m a ll a s c o u n t ™
o f f e r i n g s h a v e b e e n g r e a t l y r e d u c e d , fa r m e r s b e i n g i n c l i n e d t o
h o ld .
I n L iv e r p o o l A m e r ic a n o ffe r in g s h a v o b e e n s m a ll a n d
t h e t r a d e th e re n o t e d w it h in te r e s t t h a t th e e x p o r t c le a r a n c e s
f r o m t h i s s id e a r e a l s o s m a l l .
A t C h ic a g o th ere h a v e b e e n
re p o rts o f s o m e e x p o r t in q u ir y .
R e c e ip ts a t W e s te rn
p o in t s c o n t in u e s u r p r is in g ly s m a ll, c o n s id e r in g t h e f a v o r ­
a b le w e a th e r o f la te .
A G o v e r n m e n t r e p o r t in t h e “ M o n t h lv
C rop
B u lle tin ”
s ta te d
th a t
o n ly
72%
of
th e bran
m a t u r e d b o fo r e f r o s t , a s a g a in s t 9 5 % fo r a n u m b e r o f y e a r s
p r e v io u s .
T h a t o f its e lf ca u so d b u y in g .
A t C h ic a g o c o m ­
m is s io n h o u s o s w i t h c o u n t r y c o n n e c t i o n s h a v e a t t im e s b e e n
g o o d bu yers.
T h o fa c t th a t c o u n t r y o ffe r in g s h a v o b e e n so
s m a l l h a s n o t a l i t t l e t o d o w i t h b u l l is h s e n t i m e n t , w h i c h
s eem s t o b e p r e v a le n t a t th e W e s t .
M o r e o v e r , th e in c r e a s e
m

th e

a v a ila b le

s u p p ly




of

A m e r ic a n

la s t w e e k

w as

St. Louis___
Peoria_____
Kansas City.
Omaha..........

Tot. week. *16
Same week'15
Same week* 14

650.000
82.000
1.788.000
903.000

134.000
344.000
685.000
1,084,000
584.000

424,000l 13,796,000
263,000| 6.546.000
243.000 4.268.000

5.787.000
7.724.000
8.033.000

82,000
47,000

1,000
272.000
196.000
147.000
359.000

62,000
56,000

32.000
12.000

5.146.000 2,961,000;
3.941.000 1,104,000[
4.270.000 1,365,000

486.000
381,000
233,000

Since Aug. 1—
1915-*16.. 9.187.000312.023.000
1914- *15.. 9,413.000,270,817,0001 83,496,000137,555,000 64,420,000 15,336 000
,00° 153 >893.00054,046,000|14,219,000
1913- *14.. 9.607.000184.213.0001
101,899,000115,666.00055.049,OOq! 8,667,000

■ S?'S

Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 1 1916 follow:
R e c e ip ts a t —

New Y o r k ...
Boston..........
Portland, Me
Philadelphia Baltimore . . .
N ’port News.
M o b ile ...
New Orleans*
Galveston__
Montreal___
St. John........

F lo u r .

W h ea t.

C orn.

Oats.

Barrels.

Bushels.

Bushels.

Bushels.

358.000
97.000
13.000
60.000
34.000
7.000
11.000
135.000

lV.OOO
9.000

2,714,000
828,000
712.000
714.000
940.000
321.000
2,000]
207.000
150.000
507.000
227.000

25,000
3,000
2 0 ,0 0 0

342,000
24.000
95.000
14.000

B a rie v .

Rve.

I Bushels. | Bushels.

711.000
288,000
105,000'
41,000
40,000
8,000
710.000
69,000
665.000 1,163,000
701,0“ '

14,000
17,000

2,000
144,000

47,000

Tot. week ’ 16
739.000 o
«
«. 523-000| 3,188,000! 1,616.000
Since Jan.1’ 15 27,532,000 223,640,000 52,049,000 152,266,000 17,389,000

177.000
15,062.000
'Y ***1915- - 647.000 6.696,ooo| 1 ,729,000!
772000! 342000
359.000
^ CCJanl,1424.722.ooo26i,638,oool 3 3 ,34 3,000! 75.83o.o5oi 3 .283.060 ________
8,915,000

o n l y I t h r o ^ ew m o? £ ^ i ^ ? lud0 graln pas8lng througl1 New ° r,ean8 for fore,gn P°rts on

THE CHRONICLE

170

The exports from the several seaboard ports for the week
ending Jan. 1 are shown in the annexed statement:

[Vol . 102.

THE d r y g o o d s tr ad e

N ew York, Friday N ight, Jan. 7 1916.
D ry goods markets opened tho now year with ronowo
activity and strength. A large volume
E x p o r ts f r o m —
203,739
56,187
7,105 cumulated over tho holidays and many buyer
New York............ 4,562.034
7,200 197.786
£
.........
40,000
8,000
Portland. M e .— 712,000
........... 13,000
from out of town displayed renewed interest m their future
850 26,803 22,328
..............
B oston................ 538,893
........... 39,629
9,000 80,000
.... requirements.
_
605,000
The pronounced improvement in conditions
Philadelphia___ 997,000
9,000 77.000
52,468 562,729
..
Baltimore_______ 1,252,730 575,111 60,018 1,121,247
throughout the country is responsible for a broador vim vo i
______
7,000 701,000
Newport News.. 321 !000
the part of dry goods merchants and many restrictions winch
Pensacola----------24.000 11,000
have been in force during the old year have been removed.
M ob ile-------------- ' 2*666
4,000
42,000
75.000
203.000
New Orleans-----That is to say, heads of departments have beon given moio
............................................
Galveston---------- 699.000
privileges in the way of enlarging their operations, and con­
M ontreal---------22*
7,666
______
9,666
2*
9,666
St. John.N .B —
sequently are allowing buyers more latitude in closing con­
7,105
Total w eek....9,514,657 690,311 456,433 2,704,836 88,271 729,244 56.858 tracts.
In cotton goods departments, rising prices are tho
Week 1915.......... 6,099,060 1,342,836 298,601 411,878 333,573 343,90
rule rather than the exception, and this applies to all cusses
The destination of these exports for the week and since of goods from the coarso staples to tho finest grades, from
present indications the cost of production has not yet reached
July 1 1915 is as below:
-C o n
the highest level. There is a steady upward trend to raw
- F lo u r S
in
ce
S in c e
materials and dyes, and as mills are operating at full capacity
S in c e
J u ly 1
W eek.
J u ly 1
W eek.
J u ly 1
W eek.
1915. labor is encouraged to exact a higher scalo of wages which in
J a n . 1.
1915.
J a n . 1.
1915.
J a n . 1.
1916.
many cases is being granted rather than liavo any difficulty
E x p o r t s f o r w eek a n d
1916.
1916bu sh .
bush .
b u sh .
s i n c e J u ly 1 to —
b b ls .
b b ls.
bush .
Tho cost
9,000 1,347,917 at a time when mills are behind in their deliveries.
United K ingdom ...135,545 2,538,181 4,033.440 66,122,617
575,111 2,796,599 of dyes is almost prohibitive and many manufacturers who
Continent...... ..........241,165 1,725,594 5,454,904 92,833,688
5,130 1,622,055
2,576,283
Sou. & Cent. Amer. 30,970 1,358,585
4,310
101,070 1,487,535 have only limited supplios aro threatened with tho necessity
35,418
2,050
West In d ies... . . . 40,433 873,703
..
7,723 of suspending operations.
In view of those conditions buy­
170
170
Brit. No. Am. Cols.
633
33,231
1.........
13,773
582,524
19,783
179,156
ers havo nothing upon which to baso a demand for lower
Other Countries------ 9,687
prices but instead, aro becoming more interestedmcovonng
. -n ,oo a 70Q 4S0 9 514 657 162,150,700 690,311 7 ,2.j5 ,t)U2
Total----------298,601 6i898,416 6,099,060 170,017,713 1,342,836 7,773,580
their requirements in anticipation of advances. Mills aro m
Total 1914-15
The world’s shipments of wheat and corn for the week tho strongest position which they liavo held for sovoral yoars,
and many areentoring tho new year with sufficient orders on
ending Jan. 1 1916 and since July 1 191o and 1914 are
thoir books to carry them well into tho third quartor. The
shown in the following:
__ __________________ ______
only difficulty manufacturers aro experiencing is in making
deliveries. Urgent domands aro boing mado upon thorn for
prompt shipments, and as mill stocks aro light, there is diffi­
1914-15.
1915-16.
1914-15.
1915-16.
culty in filling tho business. Export trado with tho East is
E x p o rts.
S
in
c
e
S in c e
at a standstill with no hope of improvement, while present
W eek.
S in c e
S in c e
W eek
J u ly 1.
J u ly 1.
J
a
n
.
1.
J
u
ly
1.
hLh prices and lack of shipping facilities continue. Record
J u ly 1.
J a n . 1.
B u s h e ls .
exports of cotton duck are being made, with now orders
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
7.244.000
8,606,000
3,027,000
227,048,000
Trade with South
North Amer* 10222000 235,679,000
4.813.000 coming in as fast as tho old ones are filled.
4,386,000 12.074.000
R ussia..
9.431.000 America W est Indies and the Philippines is expanding, but
2.347.000
Danube____
89,873,000
424,000
112,116,000
4.563.000
it is foar’ed that tho advances named on colored cottons will
32.000 9.574.000
Argentina - ­
Australia—
India —
Oth.countr's

56.000

328,000

O a ts ,
b u s h e ls ,

C orn ,
F lo u r,
b u s h e ls , b a r r e ls .

W h e a t.
b u s h e ls,

R y e , B a r le y , P e a s ,
b u s h e ls , b u s h e ls , b u s h e ls .

828,000 8.996.000
11,652,000 16.152.000
6.822.0001 4.525.000

2,724,000

3,451,000 123,446,000 111,361,000
T o ta l---- 10638000 268,941,000 275,705,000
'
__The Canadian Government has officially prohibited the
NO of both manlT<Sts and exports until after ten days. This Is effective
issuance -- —
. .. ___
during the continuance of the war

The quantity of wheat and com afloat for Europo on datos
C orn .

W h ea t.
U n ite d
K in g d o m .
B u s h e ls .

Jan.
Dec.
Jan.
Jan.

1
25
2
3

T o t a l.

C o n t in e n t .
B u s h e ls .

B u s h e ls .

U n ite d
K in g d o m .

C o n tin e n t.

T o ta l.

B u s h e ls .

B u sh els.

B u s h e ls .

37.024.000
1 91 6 39.952.000
1915—
37.448.000
1915—
5,347,000 8,317,000
1914.- 13,312.666 13,800*666 27.112.000

15.594.000
15.437.000
28.741.000
13.664.000

The visible supply of grain, comprising tho stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 1 1916 was as follows:

ChD O M E S lT C C O T T O N 3 G O O D S .— Demand for staple
cotton goods continues active and prices have reached
new high levels. Print cloths and gray goods are held
on an average of an eightli-cent higher than last week,
while some numbers of sheetings have beon advanced a
half-cent. Standard prints and ginghams are decidedly
firm, the former being marked up a lialf-eent to be., and tho
latter held upon an “ at valuo” basis. Eight-ounce ticking,
for which the demand has recently been very heavy , has also
been placed “ at valuo.” The rise in print prices is the direct
result of the high price and scarcity of dyestuffs, which situ­
ation is becoming more serious. The dark shades oi so-called
heavy colors in which fast dyes are absolutely necessary, are
very difficult to obtain, and these aro sellmg at yalues^almost
Brown sheetings aro heavily
s ^ ^ n d m s h o r r s u p p l^ a s aar®uit*of
hwvy°demand
_ u l t of the heavy
demand from
former users of burlaps. Gray goods, 38-inch standards

ai W O 0 L E N Vb X )°D S .— In both men’s wear and dross goods
denartments buyers are showing greater intorost in ial
GRAIN STOCKS.
fabrics. M any are expressing disappointment over tho ad­
B
a
r
le
y
,
R
y
e
,
O
a
ts
,
C orn ,
W h e a t,
vances which are being named, as tlioy had hoped to cover
b u sh .
b u sh .
b u sh .
bush .
U n ite d S tates—
,
191,000 438,000 their requirements at prices on a parity with those ruling on
514,000 1,563,000
New Y ork ............................... 3,177,000
108,000
Several lines of broadcloths which were
163.000 spring goods.
*2*666
46,000
49,000 heavily sold and withdrawn a week or so ago, have boen re­
B oston ...... ...........................
*32’$ $
62,000
465,000
67.000
667.000
493,000
1,349,000
627.000
In
35‘000 opened at advances of from five to ten cents per yard.
2,000
570.000
Newport News......................
certain shades where dyes are hard to obtain the increase in
107.000
56*4*,665
New Orleans............................. 3,066,000
357.000
A good business is being booked at
Galveston............................. r ’ITs ml!
155.000 605.000 prices has been greater.
99.000 1,81*0*666
135.000 these levels, however, and an active demand is reported on
277.000 229.000
4.000
343.000
207.000
other ines of fall goods, particularly fine cloakings. DupliToledo
- ....................... 1,255,000
85.000
264.000
112.000
net roll..........
330,000
165.000 pitinVorclers for spring merchandise aro still coming to hand
134.000
6,866,000
Chicago"
I ” I . ................. 6,728,000 2,691,000
232.000
16.000
754.000
23,000
f n ^ n m a ^ markets, but are being accepted only at substan­
M 11waukee
107,000
55.000 959.000
356.000
tia? advances over original prices. In men s wear several
33,000 3.406.000 sVo-ooo 534,000 prominent linos of overcoatings and serge suitings for next
55,000
9.000
586,000
315.000
FauTavo been opened and a good business is being done.
30.000
771.000
2,038,000
Kansas City.............. - ......... 7,75o ’n2n
620.000
Only the better-known lines have as yet been priced
Other
230.000
Peoria
__ - ___ ________
* ,uuu
498,000
342.000
Indianapolis.............................
326,000
124,000
29,000 manufacturers prefer to watch the trend of demand tor these
694.000 1.175.000
O m aha................................. 1,204,000
nlnointr their linos on tho market.
8,919,000 21,084,000 3,003,000 4,066,000 b F O R E IG N D R Y G O O D S .— There is little change in con­
Total Jan. 1 1916-. ___ 67,311,000
01 t ,o uw 7,426,000 20,712,000 3,105,000 3,986,000
___
61,478,000
25
„Total
. , Dec.
„ ,1915-.
q, .
72*861 000 19 703 000 32,957,000 1,448,000 5,116,000 ditions in tho linen trado except that prices aro higher and
Total Jan 3 1914***— 63’,742’,000 12U26.000 26,910,000 2.226,000 5,712.000 prompt^^supplies more scarce.
Buyers who are anxious to
cover their future requirements are compelled to pay what­
61^OT0^aUhnore8T33,0W P h ll^ ^ l^ lay sie'iooo^ ’o stonf il^O^^uhfui^.OSO^OO
ever mice^ asked, and even then aro unable to secure any
guarantee of delivery when duo. The
very little in the way of spot goods m
r ‘ taderi are
l b
a
■srea*
p a p ^ M ^ o M
New York, 3,000 Boston, 111,000 Duluth; total, 180,000, against 150,000 In 1915.
retail stocks have also been greatly reduced. Retailers are
n
o
w
in
the
market
trying
to
pick
up
supplies
to
carry them
1,866,000
Monuea?” ............................................ 1,466,000
9.000 1.866.000
21.00025.000
through their January white sales, but are compelled to re­
6,120,000
Ft William * Pt. Arthur.. 16,579,000
767,000
sort extensively to substitutes of domestic manufacture.
••
a f lo a t - - ........ - 1.126,000
3,804,000
Other Canadian.....................5,610,000
Advices from foreign manufacturers offer little encourage­
25.000
21,000
9.000 12,557,000
Mills are in a position to accept but a
Total Jan.
1 1916........ 24,781,000
26.000 ment for tho future.
20,000
7.000 11,616,000
114,000 6,978,000
13,000 13,008,000

Total Dec. 25 1915.........21,927,000
Total Jan.
2 1915------- 15,504,000
Total Jan.
3 1914..----22,118,000
S u m m ary—
American.............................. 67,311,000
Canadian_________________24,781,000

8 919,000 21,084,000 3.003,000 4,066.000
9,000 12,557,000
21,000
25,000

Total Jan.1 1916...............92,092,000

8 928,000 33,641,000 3,124,000 4,091,000

T l 9i5
5......... K t T o 19,817,000 5 S 3 S

sgjJS: 1i9 i4 ::::::8 5 .8 6 o :o o o



5,000
24,000

333.000
489.000

S ffiS S

1 2 .139.000 39 .9 1s .000 2 .250.000 6.201.000

limited amount of business on any t nf i ^ a ~ w l a r t h a t ’p r i ^
are not inclined to purchase much through tear that pnees
which they will have to ask when the g9ods arnvo will bo
too high for this market. Burlaps remain firm, with busi­
ness for the most part confined to small lots, large sales being
restricted by the scarcity of supplies. Lightweights a o
quoted at 7.10c. to 7.25o. and heavyweights at 11c.

Jan. 8 1916.]

THE CHRONICLE

171

mendation is the proposal of an income tax law under the
last — VnSlO
0 1 hn C°1733tUtlT r 1£ mend.m?nt adopted Nov.*2
i
v#
The Commission suggests n low
M U N IC IP A L BO N D SALES IN D ECEM BER A N D TH E
a tax
d% upon income from bonds, notes monev
Y E A R 1915.
1^
and other debts duo the taxpayer and dividends
Sales of municipal bonds in December reached a total of
j
iares ol corporations and associations excent TVTa<?«i
$31,509,439. In addition $10,850,996 temporary loans chusetts corporations and associations, X s ? i n ? L t o e^
wero negotiated and $7,715,029 Canadian municipal deben­ c h u m u tavi , or wIueb do business entirely in Massatures disposed of. Below we furnish a comparison of all
the various forms of obligations sold in December during
the last five years:

1915.
s
Pcrman't loans (U. S.)._31,509,439
♦Tcmpor’y loans (U. S.) 10,850,996
Canadian loans (pcrm't) 7,715,029
Gen. fd. bds. (N. Y. C.)
llonds of U. S. Posscs’ns
_____

1914.
s
29,211,479
10,739,603
9,682,647
20,500,000
1,655 000

1913.
$
44,635,028
92,984,736
28,978,134
12,000,000

1912.
S
27,657,909
17,960,379
4,099,065
7,500,000

1911.
$
36,028,842
47,116,748
2,596,883
3,500,000

Total ....................... 50,075,464 71.7S8.729 178,597,898 57,217.353 89,242,473
1 0 1 51 *C
fiUons t™2(n4™ 00

socurltles Issued by New York City In December
1911 J 9 0 '9 3 2 ’ 9 19 in Dec' 1913- *16.049,830 in Dec. 1912

and $ ! f .572:389 in d“

Tlio following table shows the aggregate of permanent is­
sues for December, as well as the twelve months, for a series
of years:
M onth o f
December.

1915................S31,509,439
1914................ 29,211,479
19}3................ 44,635,028
J®12................ 27,657,909
1911................ 36,028,842
1°10................ 36,621,581
............... 31,750,718
1008................ 28,050,299
1007................ 13,718,505
1006................ 21,260,174
JOOo............... 8,254,593
I 904 ......... •--- 9,935,785

For the
Twelve M os.

$487,961,806
474,074,395
403,246,518
386,551,828
396,859,646
320,036,181
339,424,560
313,797,549
227,643,208
201,743,346
183,080,023
250,754,946

M onth o f
December.

For the
Twelve M os.

}0O3...............$13,491,797 $152,846,335
1902............... 11 !s67 !812 149,498,689
1901-............... 15,456,958 131,549,300
1900............... 22,160,751 145,733,062
1899................. 4,981,225 118,113,005
1898................. 7,306,343 103.084,793
1897............... 17,855,473 137,984,004
1896............... 10,664,287 106,496,060
1895................. 8,545,804 114,021,633
1894............... 13,486,374 117,176,225
1893............... 17,306,564
77,421,273
1892................. 3,297,249 83.S23.515

Tho monthly output in each of the years 1915 and 1914 is
shown in tho following table:
1915.

1914.

1915.

January..............$33,767,180 $84,603,094 J u ly ..................$32,942,010
February........... 42,862,192 37.813,167 August______ 22,466,857
M a r c h ................ 67,568,404 43,346,491 September___ 26,073,357
A p r i l .................. 26,266,344 103,224,074 O
October..........
,1 9 2 , 9 5 1
c t o b e r .......... 2 727,192,951
M ay ................ 41,983,817
34,166,614 N o v e m b e r ... 27,382,457
June..................... 107,946,798 54,403,737

$2 6 ,7 7 6 ,9 7 3

ISIrl ilo
i5,’i26,'967
21.691,126

e s t ^
of the Commonwealth and cities and towns and
upon shares of Massachusetts corporations’ Tho bill
p r id e s a tax of i y 2 % upon income derived from annuities
!luf l'nft?.rS:dGmp O
+ w 01-tS’ trade? and business. Incomes of
1 0 latter class
that is, earned incomes— are to be taxed
° ? t e n .the excess above S2 -000, an additional oxeimtim
of $500 being granted for a husband or wife wRh S
he
taxpayer is living and $250 for each child or <Lr£nd«St
e S :$3h^
neX
? - i0n+in
an? - casehowever, rAtnmc.
not to
exceed
c>o,(X)0.0taT
In
addition
to requiring:
comnulsorv
f t ® the ta^Payer, the bill also provides for information at
the source from which income is received. It requires re­
urns from corporations, partnerships and associations
showing nH employees receiving more than $1,800 and all
persons to whom interest and dividends are paid It also
Sw m baiUks and trust comPanies returns of tho names
of persons for whom coupons and other income are collected
Theso returns, it is provided, are to be made as a part of tho
rm'nS UCAY required by law from corporations,
the special Commission all signed tho report, but amend­
ments were added by Representatives Felton, Creamer and
Fuller, who explain their objections by stating that the pro­
posed rate of 6% on intangibles is too low becauso it will fail
to produce sufficient revenue and therefore will impose a
heavier burden on real estate. Thev sav the* n ' i ' i !
a
of tax on capital investod in real estate and
,trag-° rato
property is $18 a thousand A rate of 1<?% S
T
*
intangibles would average only from S4 to $5
Hm/3 r01iU
? h,1° 1 r? t0 <* 6 ?S « -^commended1by thp mafor
Commission would average from $2 40 to %‘i o 1 h
Savings banks are now tnved 1/
or
, • , a thousand.

| in ta n g ib le s t

h

a

n

Ga, T

l r e c -o m m o !ld a Jo w e r r a t e fo

The total of all loans put out during the calendar year
T h f C o m m is s io n * ^ 'T u b m it T t o T b n V 1he- w lfty P ° ° r. ”
1915, we find, is $1,015,531,020, including $487,961,806 aPProval a bill replacing tho present i n h e ^ S c ? t a x whili?
now issues of long-term bonds by tho States, counties and
comparatively low on the larger inheritances aiul’irremi
minor civil divisions of the United States, $236,422 517 it ^ aduat(?d - by one which provides for a regularlv trradutomporary loans negotiated, $267,328,197 obligations of decrease S
t r
slight iacroaso and in s°uio cases a slight
Canada, its provinces and municipalities, s I l , 5 0 0 , « S S t a g
To'
goneral fund” bonds of New York C ity, *1,1 1 8 ,5 0 0 bonds strangers in blood to tho .L e a se d
* *
'”
or more to
of the Territory of Hawaii and 8900,000 bonds of Porto , Memphis Independent School District T er
R„, ,
Rico. In the following table we furnish a comparison of I s ?ue Upheld .— On Dec. 22 the Texas C
L
f w
5 d
all these forms of securities put out in each of the last five an order of t i f T CT * t ’S ? ° ? ision d™ y i n x the anm ilm ent^f
years
voars:
1
r £ li? tr-Ustees of tbe Memphis Independent Sdioo
1915.
1914.
1913.
19J2.
io n .
s
S
$
§
g
brought by John Browder* etfal.’"frorn °Hall C o u n t y ^ ' ^
Perm, l’ns (U.S.) 487,961,806 474,074,395

zTcm.I’ns (U.S.) 236,422,517 384,609,542
♦Can. l’na (per.) 267,328,197 177,856,680
Bds. U.S.poss’ns 2,018,500
2,955,000
Pan. Canal bds.
None
None
Gen. fund bonds
(N. Y. City). 21,500,000 23,500,000
Gen. fund bds.
(Balto., Md.)
300,000
300,000

386,551,828 396,859,646
290,850,209 254.901,797
84,096,241 45,657 122
1,600,000
1,625,000
None
None 50,000,000

161,543,983
1 ,000,000
2 2 ,000,000

17,500,000

17,500,000

300,000

300,000

300,000

in ju n c t io n in t h e ‘b lu e s k y c a s e ” sh o u ld issu e , b u t th ™ S
c o m p la in a n t o r m t e r v e n o r , b e fo r e a n in ju n c t io n m a v b e
issu ed fo r his b e n e fit , m u s t g iv e b o n d t o th o S ta te , c o n d e m n e d
th a t in c a s e t h e la w u lt im a t e ly s h o u ld b o h e ld V alid h e w ill
p a m i?d toes a n d c h a r g e s r e q u ir e d b y th e A c t

- Z ° tal ................1015,531.020 1063.295.617 1138,519,050 780.898.278 766 843 565

- .............. a . p .
Owing to the crowded condition of our columns, we are
obliged to omit this week tho customary table showing the
month’s bond saios in detail. It wii. bo g'iven l U T " * * *
i i-iominion in 1 9 1 1 .

1 he ruling cited was in the case filed by N W Halsnv ^
C o ., Contmontal & Commercial Tnist & V v t a g s f i b
noacn
others,
and H .and
L . Higginson
and n t and
W « ofhor«
A . B . and
Loach
and others,
H . L. Higginson
avainst
W .- M
Mnr
rinh Tin„i.
1 aad
othars
? f amst Frank
*Jank W
orrick,
Bank CommissionerJohn
W
IIaarer’. Tr^asu^ r.- and Grant Fellows, Attorney-General’
known as the “ Blue Sky Law” Commission.

The plaintiffs

“ blue sTy” 7 a w Ctl0n agamst the enforcement of tho 1915

News Items.

I wo years ago the same throe judges considered tho MichiAiyn aw of 191d’ and> for reasons stated in tho
case of the Alabama company against Dovle, the Judges held
H1Gio VI mvalld- N o appoal was taken, but the Legislature
of 1915 passed the substitute law, an injunction against the
California. S p e c ia l S e s s io n o f L e g i s l a t u r e .— The Lepisli
enforcement of which was asked in the preseT case w h L e S
turo of this State was con von od in special session on Jan V the ruhng wus made. Tho ruling says:
wnerein
lor tho consideration of amendments to tho primarv
o j
or
tho onactment of bills which will allow the San Dieeo Exnod
tion to continue throughout tho years 1916 and 1917
tt.V
Stato to take over tho California Building at tile P in a n iV
I aeific International Exposition to be used as a normal schoVI
at ban Francisco.
1

Atlanta, Ga.

R e c a ll F a i l s . — The election lipid Ton

n

su ite d in th o d e fe a t o f th e p r o p o s a l t o reca ll M a y o r Jamet S '
Woodward a n d f i v e m e m b e r s o f t h o P o l i c e C o m m is s io n “ s ie

S p e c ia l

S e s s io n

o f L e g i s l a t u r e .— I t

is reDorted

that Governor Dunne has announced that he will cull n
special session of the Legislature to meet Jan. 11 to take im
the question of making additional appropriations for the footand-mouth disease liabilities, and other matters that are ah
solutely necessary.

Massachusetts.

R e p o r t o f S p e c ia l C o m m itte e o n T a x a tio n

rho roport of the special commission on taxation was sub­
mitted to tho Legislature on Jan. 4. The principal recom-




all dealings until after the affirmatlv^annroval^ o

s a

m

m

m

f e

f

L

aw for^ ids

, -

-

w

r

-

n

Robert R . Reed of Rood & M cC ook, counsel for the In­
vestment Bankers Association, who argued the Michigan
oase, when asked as to the effect of the new decision, said:

[Vol . 102.

THE CHRONICLE

173

equal to their proportionate share of the
estimated at $1 3,734,155. The following table shows how
this cost is to be distributed:
Share o f
Share of

" £ £ £ £ o U ^ D Z h o ; C o n n o r -W i n f ie ld Scott H am ­
mond Governor of Minnesota, died suddenly on D ec. 3U at
Clinton La
whore he had been visiting. LieutenantGovernor J . ’ A. A . Burnquist succeeds M r . Hammond
as Governor.
, ,T
,
..
New Y o rk S t a t e — Final Returns of N o v e m b e r Election.
The final and c o m p le t e r e s u lt
on the several propositions submitted at the last
o L tio n is sho\vn below. The figures have been delayed,
as previously stated, because of an election dispute m Oneida
County. The result, exclusive of the returns from Oneida,
was given in the “ Chronicle of D ec. 2 5 ’ p a g e 2 ^ 8 ‘ 48 832

Municipality—
Expense.
$630,389
Township of L on don_______
Township of Trafalgar_____
578,921
Township of W aterloo______
521,903
Township of Blanshard_____
402,909
Township of W llm ot_______
479,065
Township of D ow nle_______
418,735
Township of South Easthope
316,262
Township of T o ro n to_______
345,355
Township of N assagaw eya..
343,147
361,025
Township of G uelph-----------Township of E tobicoke-------401,335
Township of North Easthope
248,585
Township of B ld d u lp h -------142,166
Township of Esqueslng-------91,922
Township of Pusllnch............
70,300
Township of Ernmosa---------42,180
Township of N elson------------31,130

Amendment No. 1. W om an S u ffrag e-Y es . 553.348. no, 748.832.
M t t U ^ N o S.U2 ^ t i ^ ’e b ^ -Y e s. 430.423; no. 725.784. Majority
Majority

aKProposfUon’ N o! 1. Barge C a n a l-Y e s. 625.159; no. 580,242.
iD Question4 No7* 1. Revised C onstitution-Y es. 400.423; no

910.462.

M« o n

Majority

gN “ tl A ° p S o n m e n t - Y e s . 371.588; no. 981.337.

agQuestlon9 ’No°: 3. T ax ation -Y es. 346,922; no. 925.571. Majority
against, 577,649.
^Legislature'Convenes— Governor Urges Drastic Economies.

The
weonesuay
^ . 5) for its one
ae Legislature convened on W
ednesday w
(Jan.
__ 1 and +LiV+xr_^irrIifh
il tH
6 III
hundred
thirty-eighth RnSSlOTl.
session. O
On
the
first day of the
session 67 bills were introduced in the Senate and more> thar
150 in the lower house.
It is.expected that many of the pro­
p o l l s in the defeated Constitution will come before the
Legislature at this session.
T^cnalature
Governor W hitm an’s annual message to the Lepslature
read in the Senate and Assembly on opening day, is devote 1
almost exclusively to State finances. The Governor urge3
rigid economy and recommends far-reaching fiscal reforms.
Accompanying tho message was a tentative draft ot an ap­
propriation bill calling for total appropriations ot $ o 7 ,lb l,517 a decrease of $6,835,754 from last year’s budgot;. Some
of the Governor’s recommendations are quotod below:

M u n icip a lity —

EzV^ \ 'o t \

Township of Ellice--...........
33 $5)
Township of EastZorra.—
39,000
City of Toronto...................
City of London.................... H774.040
M o
City of Berlin .
734,862
City of Guelph.....................
651.735
City of Stratford.................
193,900
Town of Waterloo------------153,940
Town of St. Mary' b----------65.000
Town of Milton---------------1 1 1 ,2 0 0
Village of Mlmlco ——........
82.250
Village of New Toronto----54.050
Village of Port Credit-------66.250
Village of New Hamburg... .
T o ta l------ ----------- ^

S13.734.155

It is said that the proposition carried in all the places
mentioned above, except the townships of W aterloo, Blanshard, North Easthope and East Zorra.
The funds for carrying out the undertaking will bo provided
bv the issue of bonds by the commission, such bonds to be a
charge upon the railway and other works comprised in the
undertaking, the debentures of the municipal corporations
interested being deposited as collateral secunty for the pay­
ment of said bonds, and neither the Provinco nor JJ|e Com ­
mission being liable for the payment thereof except to tho
extent of the monoys received by the Commission from timo
to time from the municipal corporations.
Panam a (R epu blic o f).— Bonds Offered by Bonders.—
Lawronco Tumuro & Co. of Now York and Brood, Elliott &
Harrison of Chicago have just purchased and are offering to
investors (see advertisement on a preceding page) a $L,2UU,nno 5 % serial gold loan of tho Republic of Panama, to bo
dated D ec. 1 1915 and to bo issued m S 1.000 coupon bonds,

maduS

Tm T

* X

? ? 4 f & d ° D o c . i fa r o to
gold at tho office of the Metropolitan Trust G o.,
the trustee.

io r

mow

,

______ ____________

Bond Calls and Redemptions.

Pl ,™ tho full control over all authorized expenditures of State monoys

L o u isia n a.— Bond C a ll— Call is mado for paymont at 104
of $40 000 bonds (N os. 10,190 to 10,229 m cl.,) datod Jan. 1
19M and maturing Aug. 1 1964. The holders o flh e 30 bonds
of tho State be Plafc ^ rf? ° u nnd“ “ r through tho application of actuarial are notified to present them, with all coupons d u esu b se
quent to Feb. 1 1916 attached, either to H on. L e d o iu c ^
2
3
K
&
E
t
h
e
State budget
Smith, Stato Treasurer, Baton Rouge, L a ., to any o f t n e
are i s f X ^ T h a t X fiscal year of^the State
tobring toe State fiscal agent banks in tho city of Now Orloans, or to
end on Juno 30 following. Nly re^ on iorim s
M posslbie to tho tlmo
Harris, Forbes & C o. in New York City. I ^ e s t will
period*
foriis«
dMofuse^o^^ato^^^ro^totlom^^i
__#•<-»»' tbft
State appropriations ^ , ,—
Legislature. The
Fob. 1 1916. Tho bonds called are part of the $10,991,522
chango in ^ e fiscal year from 0 ^ . 1
both th 0 necessity and too
three months and toould practicaUy ^ constitute too most objoctionablo refunding bonds sold by tho State m December 1913 (V . 97
n 1764)
The ontiro issue is due serially from Aug. l
s r
i r
^
g
« w
g le
io [. t b » , w r * *
to Aug 1 1964 incl., tho Stato reserving the right to call
bondsSat 104 and interost in roverso order of maturities.
When these bonds wore being brought out there
g
i g s s w j ^ s f f i ’. s s s s i f & t s a s ’s a .
bua8 e. m ®™deal of discussion concerning the credit of the State o
Louisiana and tho probabilities of its living up to its debt
Ahlinations
In this caso it sooms that the State was not
satisfied with merely p r o d d i n g that tim bonds should ma u
serially but providod for optional redemption ot even a
directly informative p r a o i i ^ ^ " ^ t h ^ e S S d S lo f s ^ i f i ^ l l y ^ c r i b e d
greater amount of bonds at 104, and lias already begun to
repEdre"
&
sinking fu n d or interest c h a r g e s o t fo r t h e p a ^ e n ^ o
■sasi
A o f wwch tho carry out that policy of optional redemption.
against the State shall ‘ ^ ^ V ipproprlltions shall bo made so as to
cfear?y™ nd°spoc 1Deal 1
ly prescribe how all State monoys are.to be.usod.
r,V.‘ \ ,,h oJr^rnnriations for any ono departin

Bond Proposals and Negotiations thin week
been as follows:

have
tivo
consideration.
personal
sorvico,
lnThat
appropriations fOT all,,menses
expensesofo^the Statoj forand
temporary
wages,
eluding regular and temporary salanes «’
ic£ ln whlch salaries of regular
shall bo subject to schedul^ or pwso^i^sCT^^^ ^
wftges of regular Cmathan personal

^Assess. v 5 1915 (est.). $5,000,000

» h id ,. . . » .

' N ew York State.— Hand Offering.— The State is offorint'
"a non 0 0 0 4 % bonds bids for the samo to bo opened
m J u T i j T V h o S a i l s of the bonds and terms of
offering will bo found on a subsoquont page among our items
concerning “ Bond Proposals and Negotiations.
The last previous sale of State bonds was held M arch 10
1915. On that date $27,000,000 4 ) 4 % tax-free g l d high­
way and canal bonds (*22,000,0 0 C l i t o w ; and
30-vear) were awarded to Harris, lo rb es A C o ., the Guar
anty Trust C o ., the National p ity Bank m d W h ite. W eld
x. rv> nil of New York C ity, at their bid of 103.45J tor an
or none’}- a basis of about 4 .0 8 % . The
^L^ubm ftted
for “ all or none” of tho bonds was one of 102-S- submitted
i ir T/'niiri T oob & Co. and W m . A . Road & Co. ot Now York
jointly. Tho number of proposals received for the issue was
139 aggregating $98,569,000. Bids amounting to $1 0 ,23 9,­
000 wer? rejected because the bidders did not conform with
the rules of the sale.
. ,
Ontario.— Hydro-Radial P roject— As already stated, elec­
tions were held in a number of municipalities throughout the
P r o S e on Jan. 1 and Jan. 3 to vote on entering into an
T<r?eeraent with the Hydro-Electric Powor Commission of
Ontario for the construction, equipment and °P °ratl0^ °
oloctric railways. As a part of tho agreement the various

e

in

m S p a U tiM beuefited are to issue debentures m amounts



to investors $100,000 of an issue of $150,000 Jo /o
vDo S ” S

& N ) payable

:

& S S . StoO.OOO.’ A ^ s val 1 | ^ ' | 7M
(cst.), $8,400,000. Legality approved by 1 o c k , tmauor on

0 irrc in d n :

ALLIANCE SCHOOL D ISTRICT (P. O^ A m a n ce), iStark^
O h io .— - B O N D

S A L E . — On Jan. 3

,J|a stated, to Stacy & Braun

^ hool bonds.— V. 102. P - 8 t-w o r o a w a r d w .lt is ^ c < i f
4 .3 8 % .
of Toledo for $105,213 10. equal to 10S.213 t S ^ L E C T I 0 N . - A n olccAMBLER, M ontgomery C oun ty, Pa. u v w th 0 qUC8ti0n o f whether
tlon will bo h e l d P e b . 16, reporte state.to voto on
,nag0l m p t . bonds.
or not tnis borough shall issue $3 0 ,0 0 0 street anu
Q A ud ubon)i
AUDUBON INDEPENDENT SCHOOL D l 8 T R IC T ^ t-^ ioii of l88ulng
A u d u bon C ounty,
bldg and equip, bonds (V. 101. p.
the $55,000 \ 'A % tax-free h}gh-schcml
tlon held Dec. 21. Denom.
1826) carried by a v o te o f 350 to 102 at to
Due about $2,500 yearly,
$500. Date about I eb. 1 1916. A nPhn ’ No Boating debt. Assess, val.
beginning 1921. Bonded debt, *8,000^ moncya and credits, $1,086,254.
(real and personal property) , $ 1 ,85 i.»uu
cr had any litigation and none
Official circular states that the dlsOict na^
any (U,/ault ln the payment
is contemplated, and th attoereh a iev^u^ of bonds_ l . A. McGinnis Is
of principal and Interest on previou
Secretary Board or Education.

„ „ „ p n S H O R T L Y .— Local papers

s t a ^ t o a f t o t s c ? t y w K f e r S for sale shortly an issue of $45,000 refunSlng
bonds,
b o n d s.

n n -\ rn

qat

p

— According to nowsp&pcr

Jan . 8 1916.]

THE CHRONICLE

173

BANDON, Coos County, Ore.— B O N D O F F E R I N G . — Proposals will
be received until Jan. 16 by E. B. ICausrud, City Recorder, it is stated, for Sidney Spitzer & C o., Toledo
540,000 municipal water and $40,000 general funding 6 % 20-yr. gold Kissel. Kinnicutt & Co.. New Y orkf
coupon bonds. These bonds were reported sold as 5s to the Western Bond Kountze Brothers, New Y ork_____J
&_Mtge. Co. o f Portland (V. 101. p. 1995.)
__ , F o r 4 % B o n d s .

_

’

100.29
1 0 0 .0 0 1

.........

BERGEN CO U N TY (P. O. Hackensack), N. J .— B O N D S A L E . — On

103.829
103.813
103.1918

Dec. 27 an issue o f $80,000 4, % 5 -year road bonds was awarded to Bond
& Goodwin o f New York at 1 1.767— a basis o f about 4.105% . Denom.
51,000. Date Dec. 1 1915.
B IG

CREEK

DRAINAGE

D IST R IC T ,

Union

C ounty,

Miss.—

B O N D S O F F E R E D B Y B A N K E R S . — Lewis W. Thompson Securities Co.

Fifth-Third National Bank,'Cincinnati!

103.13668

: : —— »
w. v^u.,
x uik I .
Kountze Brothers. New Yorkf

1 0 2 .8 6

103.04

of St. Louis is offering to investors $25,000 6 % tax-free drainage bonds.

Date Dec. 9 1915. Prin. and annual int. (Apr. 9) payable at the Hanover
Nat. Bank, N. Y . Duo yearly on Apr. 9 as follows: $500 from 1917 to
1920 inci., $1,000 from 1921 to 1924 incl., $1,500 from 1925 to 1030 incl.,
and $2,000 from 1931 to 1935 incl. Bonded debt, this issue, $25,000.
Assessed benefits. $68,308 80. The legality approved by Harry P. Weber
of Chicago.

102.773
102.60
102.40009

10 2 .2 12
1 0 2 .1 0 0

BLISS H IG H W A Y D IST R IC T (P. O. Bliss), Gooding C ounty,
Id ah o.— B O N D S O F F E R E D B Y B A N K E R S . — The German-American

bonds.

Chicago ’ Va "

102.062825
101.533925
101.900
101.8468
101.6664

Denom.

1 9 2 6 1 193MlGi n
J'Ppded debt including “this issue), "$80.000.’
51,291,616. Legality approved by Chas. B. W ood of

SPECIAL ROAD

D IST R IC T

(P.

O.

Bolivar),

F o r 5% B o n d s V

Polk

-B O N D S A L E i — On Dec. 27 the $25,000 road-improvement
bonds (V. 101, p. 1902) were awarded, it is stated to Little & Hays Invest­
ment Co. o f St. Louis at 101.232.
T R T P T D^ Ai?E T>CC]NS<.O L I2 A T ? D, i n d e p e n d e n t s c h o o l d i s I RIG T (?o ? U Bradgate), H um boldt County, Iow a.— B O N D S A L E . —
2 2 the 535,000 5% site-purchase and building bonds (V. 101, p.
at
to Geo- M - Bechtel & Co. of Davenport, it is stated,

wafers i ;
•.
1
VyU------ 1
B a n k o f Columbus--------- \ 200 Sewers 5s
Security Trust C o., Spartanburg________

o f $500 and dated Jan. 1 1916.

101.89153
O. David City), B utler
.— The $60,000 5% highp. 1827) are in the denom.

int. J. & J . ____

B » r d o'f’ E M S S ° 0t y“

j j i S

*• CALDW ELL SCHOOL D IST R IC T (P. O. Caldwell), Sumner C oun­

ty, K a n .— B O N D S A L E . — O n Dec. 20 $50,000 4 H % building bonds were
awarded to Prescott & Snider o f Kansas City, M o., at 101.312. Other
bids were:
Harris Tr. & S. B ., Chic.$50,667 50 J. R. Sutherlin & Co.,K.C.$50,345 00
D .E . D u nne* Co.. WIch. 50.612 00 Hoehler, Cummings &
V. H. Branch. Wichita__ 50,607 80
Prudden, Toledo--------- 50,251 00
Fidelity Tr. Co.. K. C . . . 50.487 50 Spitzer, Rorick&Co., T o l. 50,125 00
Yard, Otis & Taylor Chic 50,456 00 O. W. McNear & Co., Chi 50,000 00
Denom. $500. Dato Jan. 1 1916. Int. J. & J. Duo 1930.
y & Z S J F R . ' Impe?ial C ounty, C alif.— B O N D S V O T E D .— By a vote
;tnirtint?» 2 5 itfie Question o f Issuing $100,000 water-works-ext., sewer con­
struction and fire-dept. bonds carried, it is stated, at an election held Dec?28
CALIFORNIA.— B O N D O F F E R I N G . — Friend Wm. Richardson sTTn
S n a 27rthn *1
^ pu¥ ic auction at Sacramento at 2 p. m.
Jan. 27 the $1,500,000 4% highway bonds. Denom. $1,000. Date July 3
1960‘ and V o o i* J< Due ®3d0,00° July 3 1 9 5 8 and 5400,000 July 3 1959!

ConnfvRLp
0 In ^ ^ 0 c0 ,Lr R IST R IC TJ P - ° C harleroi), W ashin gton
C
ounty, P anR
,.—-B O N D S A L E . — Lyon, Singer & Co. o f Pittsburgh were
recently awarded an issue of $26,000 4H % tax-free school bonds, it is stated.
^ ^ A R K S V ttL E .^ M ontgom ery C ounty, T e n n .— B O N D S A L E . —T i n

x ii7, .

_ .._ r

H - ° - a" ' " rr>

S

Merrill, Oldham & Co. of Boston at 103.93—a basis of about 3.55%
The
other bidders were:
/°
P. M . Chandler & C o., Bost.103.751 R. L. Day & C o., B o s to n ... 103.179
E. M . Farnsworth & Co.,Bostl03.69 Estabrook & C o., B o s to n ... 103.05
Adams & C o., Boston______103.62 Blake
Bros. & C o., Boston. 103.011
Curtis & Sanger, Boston____103.271 Cropley, McGaragle & C o.,
N. W. Harris & C o., B oston .103.26
B oston _________
10 2 481
„ DeJ?P“ r 12° for $1,000, 20 for $500. Date Jan. 1 1 9 16.'‘ int.’ J. & J.
Due $6,500 yrly. from 1917 to 1936.

Date Oct. 1 1915. Principal and semi-annual
^
paySJV2 in New York and Denver. Total debt. $75,000.
valuation 1915, $3,325,134; true valuation, est., $8,000,000.
Legality approved by Chas. B. Wood o f Chicago.

Th?=A^ RI ? Q M’ Midd1,030^ C ounty, Mass .— T E M P O R A R Y L O A N —
duhn
r^ ontIy negotiated a loan o f $450,000 maturing Apr. 17 1916
iW s Stated Jr° S & C° ‘ ° f Boston at 4-99% discount, plus a small premium,

105.98
105.820
105.81
106.5617
105.25
101.90

526,250 00

tC 7

101.Til! awarded

1 0 1 .0 2
1 0 1 .0 0 0

. . . 505,000 00

C? W
K an — B O N D S V O T E D — The election held
of^ isn b i^ si 50 *000 is sfated>
a vote ° f 454 to 409 in favor of the question
o f issuing $150,000 water-works-system-nnprovement bonds.
. hFL GR® £ G,E. Lauderdale C ounty, Ala — B O N D S A L E — On Dec. 7
\ 2P 'y.ea,r f.lrst mortgage water-works bonds (V. 1 0 1 , p. 1827)
were awarded, it is stated, to Sidney Spitzer & Co. of Toledo
'
p 1r P ? £ JA T K ^N ,SxSN INDEPENDENT SCHOOL D IST R IC T (P

O

Fort Atkinson) W inneshm k County^ Iow a. — B O N D S A L E — The $ 5 000 5% school-bldg, bonds offered on Feb. 13 1915 (V. 100 n 5 7 0 )°ware
awarded on that day to Kissel. Kinnicut & Co. of Chicago. P
8
G E O R G IA . — T E M P O R A R Y L O A N — The Atlanta “ Journal” dated
Jan- 4 states that Governor N . E . Harris on Jan. 3 accepted the bid of the
National Park Bank of New York for the Governor’s advance warrants on
the school teachers salaries for 1916. The bid o f this bank was for any
amount of the warrants up to $ 1 ,0 0 0 ,0 0 0 to be discounted at the rate o f
* .,| “ 0 acceptance of this bid means that the school teachers of the
State will receive their salaries promptly at the end of each month.

b .5 % P sI. |

S

M

S °«uoaj&

5 S -.1 f & £ .

OSMHALIS, Lewis County, Wash .— B O N D S A L E — On Dec. 29 the
$59,679 68 gold coupon funding bonds (V. 101, p. 2160) were awarded to
^ e5s.^OthTrebidsTwere:C°- ° f
f° r »66.P
5822 43°)(10L512ram?dinttO
^ ,
_
F or 5% Bonds.
V a iv i O H ? X5- a g g r ^ a t i n g $ 2 0 0 , 0 0 0 ( v . 1 0 1 , p . 2 0 S 9 )
Carstcns & Earles. Inc., Seattle........ $60,324 18
y TV d> D tis„ & T a y l o r o f C h i c a g o a t 1 0 9-74
2 . 7 4 and
a n d int.
in t.
O
tl
Other
bidders were:
Wei . Both & Co., Cincinnati............ 60.045 68
M i c h . T r . C ° . , G r . R a p . * $ 2 0 5 , 4 3 9 20 DM
-----------Nat. Bank, Gr. Rapids.$204,100
Smith & Parchall, Seattle_____
59,990 68
■
J p h n F . M c L e a n & C o . , D e t 2 0 5 , 1 0 0 0 0 First Tr. & S. Bk., C h i c ...203.300
Security State Bank. Chehalis.......... 0 056 68
D e t r o i t T r u s t C o . , D e t . _ 2 0 4 . 9 5 0 0 0 Harris Tr..& S. Bk., C h ic"'2 0 3 ;2 0 4
■naat.i n^ ij^ rchcn&C°.,Det204,920 00 Sidney Spitzer & C o „ Tol 202.828
F? ster Co-* Denver.. 100.415
F i r s t & q k i D e t . N . B - . D e t . 2 0 4 , 7 0 5 0 0 Howe, Snow, Corrigan &
G
W
S
t
e
n--5
----,.............
Par
for
optional
bonds
at30’ ,u -TM en & Co.. Seattle.......... .59,727 43
U n io n T r . C o . , D e t r o i t . . 2 0 4 ,6 0 0 0 0
C o., Grand Rapids______ 202,820
Morris Bros, of Portland...... .............Par less $375 for expenses
dame- N- Wright & Co., Denver.5.^ . 1%M°,9 3 3 * 0 5
Morns Bros, of Portland__________ 60.880 68
Sid ey Spitzer & Co., Tole o _____ 102.01
Northern Bon 1& Mtgo. Co., Seattle 1 1
Union Trust & Sav. Bank, Spokane.Z60,805 and int.
y . II. O ffin, Chicago_________
60 071 75
Jolin Nuveen fz Co., Cliicago______ 159 924 68
Western Bond & Mtge. Co. .Portland" 59,