Full text of Commercial and Financial Chronicle : July 1, 1916, Vol. 103, No. 2662

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

financial

(? TV.

yommenriH
IN C L U D IN G
Bank & Q uotation Section

Railway & Industrial Section

Electric Railw ay Sectiom

Railway Earnings Section

Bankers’ Convention Section

State and C ity Section

NO. 2662

SATURDAY, JULY 1 1916

VOL. 103

w\n

(Khvau

Week endingJJune 24.
Clearings at—

PUBLISHED WEEKLY.

T erm s o f S u b sc rip tio n — P a y a b le in

A d va n ce^

Inc. or
Dec.

S

0Q

373,745,813' 282,598,137
C h icago------------23,836,700
35,509,600;
Cincinnati______
26,489,454
43,444,817
C levelan d______
25,909,219
45,707,698
S n r n n L ^ S ^ ib s o H p t io n (incluiU n g p o s t a g e ^ „
D e t r o i t ................
13,414,806
19,034,351
■PiimSean S u b s cr ip tio n s ix m o n th s (in c lu d in g p o s t a g e )..........................
_ tao
M ilw a u k e e-------9,027,440
0,760,829
T n m F ^ S n b s cr iD tfo n in L o n d o n (in c lu d in g p o s t a g e ) .. .. ........................
Indianapolis-----6.305.000
12,167,100
S ix M on th s S u b s cr ip tio n in L o n d o n (in c lu d in g p o s t a g e )........................ $ 1 1 50
C olu m bu s--------5,710,511
10,267,711
T o le d o__________
C anadian S u b s cr ip tio n (in c lu d in g ....................................................................
2.400.000
4,000,000
P
e
o
r
ia
__________
Subscription includes follow ing S u p p lem en ts3.004.572
4,305,232
Grand Rapids—
2,159,341
3.961,669
O
niTOTATiov (m o n th ly ) I R a il w a y AND I ndustrial (3 tim e s y e a r ly ) D a y t o n ----------1,119,333
1,616,870
®
SI NOS (m on tl il V)
E lectric RAILWAY (3 tim e s ye a rly )
Evansville-------1,059,901
1,470,311
Fort W ayne—
S T A T E D C I W ( S K A I b a n k e r s - C onvention (y e a r ly )
1.096.573
1,571,294
Springfield, 1111,567,178
2,608,253
T erm s o f A d v ertisin g — P er In ch S p a c e
^^
Y ou ngstow n-----2.064.000
5,098,000
A k r o n ______
960,665
T r a n sie n t m atter p e r in c h s p a ce (1 4 a g a te B n es) ........................ 22 0 0
1,116,191
ockford____
( T w o M o n th s
(g t im e s ;...............................
0 R
608,700
766,905
„
, ) T h re e M o n th s (13 t im e s )...............................
XX Lexington —
1,382,530
2,621,123
S ta n d in g B u sin ess Cards ■> g ix M o n tlis
(2 6 t im e s )................................ £ 2 XX C a n t o n -------797,862
1,039,825
South B en d-( T w e lv e M o n th s (52 tim e s )...............................
v
461,360
667,718
D ecatur-------633,130
810,904
Quincy......... 645,970
864,754
Springfield, O —
674,218
778,588
Bloom ington-----m u m
«•
COM PANY, P o l> ll.U cr.,
611,357
648,953
Mansfield —
486,234
512,010
F ron t, F in e and P epeyB tor S ts., N ew Y o r k .____________ D a n v ille ____
639,951
850,000
Jackson _____
162,575
247,919
Jacksonville, 111.
573,394
970,209
L ansing------490,083
694,370
L i m a .............
235,115
278,405
O w en sboro-------188,206
254,167
Ann A r b o r ...
67,359
75,000
Adrian______
CLEARING-HOUSE RETURNS.
417,380,874
587,622,589
T o t .Mid .West

For O n e Y e a r .............................................................................................................

6 00
— .......................... *7 50

s s s ?

Tho following table, mado up by telegraph,

"J?*

And $3,848,891,862 tho corresponding week last year.
Clearings— Returns by Telegraph.
Week ending July 1.________
Now Y ork ....................- .......................
B o s t o n ..................- ...............................
Ph iladelphia.........................................
Baltim ore...............................................
Chit
S t .. . m i s ---New Orleans

week

25 week
Per
Cent.

1910.
$2,330,215,018
149,468,078
203,823,780
39.891,887
294,303,542
77,895,140
19,698,518

Seven cities, 5 days
Other cities, 5 days
Total all cities, 5 days
All cities, 1 d a y ................

New York

Philadelphia----Pittsburgh...........
B a ltim ore...........
B u ff a l o ...............
W a sh in gton -----A lbany..................
R o c h e s te r ...........
Scranton ..............
Syracuse .............
T renton________
W heeling..............
R e a d in g .............
W ilm ington_____
Wllkes-Barro —
Greensburg..........
Y o r k ....................
E r i e ____________
C h eater________
A lto o n a ________
B ingh am ton____
L a n ca ster--------M o n tc la ir ...........

1,707,425,875
157,254,304
49,989,804
31,214,837
10,426,998
7,025,110
5,230,270
3,820,291
2,953,102
2,721,480
1,705.121
547
2,000,278
1,736,014
2,072,553
1,514,090
650,724
000 750,015
950,242
749,280
520,320
000,000
659,900
841,200
1,302,912
1,652,988
431,521
421,104

227,507,809
72.117,569
40,512,044
13,004,550
8,839,027
5,170,588
5,451,820
2,797,570
2,879,909
2.000.
2,810,005
2,055,158
3,411,132
1,813,900
800,000
1 . 000 .
1,328,197
1,124,703

Total M iddle. 3,027,373,409 1,993,249,703
B o s t o n ...............
P rovid en ce ------H a rtfo rd _______
New H aven____
S p rin gfield ____
P o r tla n d _______
W orcester.........
Fall R iver......... .
N ew B ed ford ...
H olyok e.............
L o w e ll-------------B a n g o r ............

235,173,329
9,747,300
7,609,946
4,242,520
3,443,280
2,454,163
3,518,077
1.463,751
1,275,000
783,913
1,017,383
500,000

143,437,226
7,570,300
0,053,034
3,792,970
2,760,695
1,657,871
2,451,869
1,002,590
945,580
577,216
817,934
398,099

%
53.9
44.7
44.3
29.8
31.1
25.8
— 1.1
+ 42.5
— 5.3
+ 57.3
+ 13.3
+ 30.0
+ 18.4

+
+
+
+
+
+

+64.6
+ 19.7
+ 22.1
+ 33.3
+ 39.8
+ 50.0
+ 14.1
+ 27.0
+ 20.9
— 2.4

,047,038,407 1,634,445,948
101,405,318
158,199,304
05,177,527
54,538,473
37,227,140
32,128,200
10,308,680
10,132,486
7,890,582
7,002,825
5,531,643
0,044,469
3,095,332
4,220,009
2,800,000
2,924,607
2,350,839
2,040,831
1,754,676
1,883,847
2,329,559
2,386,024
1,792,186
1,885,053
1,625,802
2,009,290
1,570,525
1,492,048
623,285
732,220
853,763
791,222
1,005,066
073,448
720,932
005,075
599,114
035,939
614,100
575,900
1,348,016
1,471,907
447,293
334,815

+ 51.9 1,941,308,319 1,946,435,336
133,237,412 312,285,229
+ 64.0
7,313,500
0,859,200
+ 28.8
4,037,533
4,923,020
+ 25.7
2,681,371
3,058,879
+
2,614,744
2,479,206
+ 24.5
1,673,315
1,723,215
+ 48.
2,768,879
2,433,340
+ 43
1,060,942
1,158,136
+40.
921,589
1,014,201
+ 34.
613,879
731,155
+ 35.
461.09S
700,003
+ 24.
453,519
551,393
+ 25.'

11.9

158,809,220
155.985,598
171,471,990 + 58
271,229,202
T o t. New E ng.
Note.__ For Canadian clearings see "Com m ercial and Miscellaneous News.




San Francisco—
Los Angeles..
Seattle--------Spokane------P ortla n d ___
T a com a_____
Salt Lake C i t y ..
Oakland_______
Sacramento____
San D iego.........
Pasadena...........
Stockton ______
F resn o________
San J o s e ...........
North Yaklm a.
R e n o _________
Long Beach-----Total Pacific.
Kansas C ity -----M in neapolis-----Omaha--------------St: Paul................
D e n v e r ________
St. Joseph---------Des M oines-------Sioux C ity--------D uluth..................
Wichita ...............
Topeka ...............
D a v e n p o r t.........
Lincoln ------------Cedar Rapids—
Colorado Springs
Fargo...................
W aterloo............
Helena________
Pu eblo................
Aberdeen--------F r e m o n t--------Hastings - .........
Billings
.........
T ot. oth. West

57,728,736
22,124,161
13,815,347
3,996,216
10,749,172
2,261,825
8,039,327
3,983,005
2,112,034
1,798,589
789,369
989,719
1,004,273
662,460
346,237
405,835
528,790
131,335,095
79,516,132
21,967,448
22 , 000,000
14,009,533
12,211,189
9,370,550
5,628,844
3,736,378
4,337,282
4,255,810
1,605,571
1,409,933
2,541,871
1,653,261
783,225
1,598,481
2,071,964
1,238,492
462,330
812,710
404,452
225,000
709,167
192,549,623

1913.

%
292,221,592 273,376,709
+ 3 2 .2
25,611,750
24,128,350
+ 4 9 .0
22,408,628
21,865,975
+ 64.0
26,576,591
23,022,851
+ 76.6
13,793,697
14,951,134
+ 4 1 .9
8,494,131
8,040,812
+ 8.1
6,918,900
7,135,700
+ 93.0
4,971,128
6,112,363
+ 79.8
3,573,277
2,744,221
+ 66.7
2,961,663
2,918,670
+ 43.3
2,485,094
1,992,408
+ 8 3 .5
1,100,191
1,149,500
+ 4 4 .4
1,244,262
1,235,492
+ 3 8 .8
444,422
989,168
+ 4 3 .3
1,604.009
1,383,231
+ 7 0 .3
2.072.000
2,162,000
+ 147.0
1,128,588
878,675
+ 16.2
676,857
520.392
+ 25.9
1.350.000
1,278,495
+ 89.6
741,040
685,666
+ 30.3
438,625
404,760
+ 44.7
703,420
596,238
+ 2 8 .0
627,953
686,520
+ 33.9
588,783
608,060
+ 15.4
468,981
512,633
+ 12.0
413,436
426,071
+ 53.5
470,000
445,000
+ 32.8
254,773
210,362
+ 5 2 .3
445,468
402,280
1 + 69.2
452,801
415,947
+ 4 1 .6
318,397
277,975
+ 18.3
187,747
186,231
+ 35.2
60,293
60,337
+ 11.3
+ 40.8 420,649,109 427,463,614

46,217,525
17,461,780
11,350,566
3,335,517
8,936,631
1,644,420
5,978,864
3,094,485
1,916,712
1,619,357
703,831
828,171
735,957
500.000
290,026
315.000
393,385
105,391,227
60,060,957
16,158,786
18,258,435
12,073,482
8,138,643
6,906,171
4,858,333
3,003,809
2,760,262
3,426,292
1,394,327
1,328,717
1,835,346
1,429,081
595,211
1,206,806
1,463,592
982,417
314,294
555,834
379,171
147,792
398,416
147,682,174^

+ 2 4 .9
+ 2 6 .7

+ 21.6
+ 19.8
+ 20.3
+ 3 7 .5
+ 3 4 .5
+ 2 8 .7

+ 10.2
+ 11.1
+ 12.1

+ 19.4
+ 36.6
+ 32.5
+ 19.4
+ 8.2
+ 34.3
+ 2445
+ 32.4
+ 3 5 .9
+ 20.5
+ 16.0
+ 50.0
+ 35.7
+ 15.9
+ 24.4
+ 57.1)
+ 24.2.
+ 15.1
+ 6.1
+ 38.5j
+ 15.7
+ 31.6;
+ 32.5'
+ 41 .5 ,
+ 26.1;
+ 47.1:
+ 46.2
+ 6.7;
+ 52.2,
+ 78.1
+ 30.4

45,374,851
20,280,375
12,082,942
3,500,000
10,134,723
1,987,477
5,632,874
3,094,495
1,733,0701
1,569,9831
726,732]
829,497
745,915
551,932
355,000]
381,117]
486,739
109,468,742,
43,415,258
21,915,441
15,034,701]
11,315,721
8,284,798
6,431,071'
4,784,753
3,021,893
3,643,742
2,813,441
1,370,664
1,468,140
1,762,271
1,400,000
580,358
1,012,401
1,159,841
968,968
554,601
470,875,
361,613
155,853
364,695
132,291,099.

44,167,374
20,726,750
12,232,041
3,418.894
10,394,740
2,514,428
5,278,823
2,866,398
1,592,938
2,256,600
737,149
•658,355
988,657
526 809
326,522
255,000
108,940,478
46,108,675
22,089,431
16,409,586
10,094,115
7.728.603
7,735,082
4,247,844
3,368,240
4,253,963
3,049,004
1.415.603
1,896,889
1,704,384
1,263,576
512,583
410,847
1,700,391
917,301
493,781
381,156
321,422
155,258
361,077
136,618,811

74,481,653
70,762,284;
72,361,790, + 3 3 .9
96,880,233
St. Louis.........
15,796,288
14,981,180]
15,479,889; + 26.4:
19,558,673
New O rleans..
11,958,845
11,937,602
+
23.2]
13,014,930
16,030,332
L o u isv ille -----6,790,897
7,285,810
6,714,801! + 21.5'
8,160,876
H o u s t o n -------3,420,500
3,513,000
— 2 0 .2 ;
4,115,546,
3,282,566
G alveston -----7,631.358
7,212,074
+
76.7:
8,915,180,
15,753,093
Richm ond______
9,455,846
11,058,773
9,552,213: + 40.4
13,407,084
A tla n ta ________
6,227,407
6,061,539
+
3.7
7,050,492]
7,308.692
Fort W orth_____
5,076,738
4,432,136
+
45.7
3,799,433
5.537.188
M em phis----------3,537,518
3,439,126
+ 82.2
2,906,134;
5,294,287
Savannah ...........
5,102,601
5,207,006
+
39.5]
4,780,657:
6,667,114
Nashville_______
3,799,055
3,693,232
+
48.8!
3,2.,,.,CilO
4,837,729j
N o rfo lk ________
2,98.1075
2,693,102
2,221,852 + 23.2!
2,737,722!
Birm ingham -----3,070,943
2,844,099
+
33.8:
2,276,527
3,046,977
Jackson v ille-----1,478,509
1,251,355
+
2
1
.
0
.
1,209,062
1,463,024
Augusta------------1,620,272
1.748.2S5
1,563.827 + 42.6.
2,229,730
K n o x v ille ---------2,168,025
2,122,385
+
46.7
2,010,700
2,949,342
Chattanooga-----1,642,153
1,732,8S7
+
21.8
1,502,569
1,829,144
Little R o ck .........
1,367,294
1,144,188
869,748 + 27.7.
1,110,139
M obile__________
1,325,239
1,615,041
+
88.3
1,841,200
3.466.189
Oklahoma . .
1,379,648
1,491,938
1,446,214 + 58.2
2,287,647
C h arleston -------2,187,276
2,690,416
+ 38.5
2,117,648
2,932,020
M acon _____
1,750,520
1,308,461
—
27.3
2,064,192
. 1,500,000
i Austin
180,088
188,588
168,855 — 11.3
149,398
Vicksburg
297,538
285,140
310,526
+
105.2
636,497
, Jackson
1,051,818
1,567,274
1,400,891 + 169.1
3,768,726
i T u ls a ..................613,691
872,95
762,350 + 6 3 .5
1,246,586
! Muskogee
i
176.392,795
Total Southern 234,071,008 173,707.646 + 34.7 173,139,928
I
2,951,835.632
Total all........... 47444,180,986 3,008,882,620 "+ 4 7 .7 2,935,786,423
0 ut8ide N . Y . 1,815.673,723 1.301,457,745 + 3 9 .5 1,288,113.016 1,317,390,684

2

THE CHRONICLE
CHRONICLE INDEX.

The index to Volume 102 of the “ Chronicle” —
which volume ended with the issue of June 24— will
be sent to our subscribers with the number for
Saturday, July 15.

THE FINANCIAL SITUATION.

[Vol . 103.

have made provision for their payment? Most
assuredly, she could not have obtained the gold, and
it is obvious that she does not posses any very large
aggregate of foreign investments, while the negotia­
tion of a $500,000,000 foreign loan here, like the
Anglo-1' rench loan of last October, would have been
wholly out of the question.
Great Britain’s position in the matter of its war
financing— in the raising of money with which to
conduct the war and prosecute it relentlessly and
vigorously— is equally unique. Her expenses are
£o ,000,000 a day ($25,000,000) which is at the rate
of $750,000,000 a month and $9,000,000,000 a year.
Nevertheless, it is fully twelve months since she
has attempted any permanent war financing and,
as a matter of fact, only two large loans have been
brought out since the beginning of the war, the
second one in June of last year, payments for which
extended over July to October.
In the interval
since June 1915 the British Government has been
able to get from week to week and from month to
month all the additional money needed through
the sale of Treasury bills and the issue of short­
term obligations.

No one can withhold admiration for the way
Great Britain is financing her own needs and those
of her allies in the present gigantic and terrible war.
Upon that country almost alone are devolving the
financial arrangements of an international character
growing out of the war, especially in the rectification
of the foreign exchanges, and it is manifest that she
is carrying the burden with superb case. No achieve­
ment hke it has ever previously been witnessed in the
world s history, and in all probability the performance
will never again be equaled. We may go further and
say that it is at least doubtful if Great Britain herself
wi 1 be able to repeat the present herculean under­
taking after she gets through with the war. The
inancial strain she is called upon to endure is of
such a terrific nature and so exhausting withal that
to assume she could continue it indefinitely or to renew
It seems incredible and inconceivable that it
it except after a very long period of recuperation
should be possible for any country to raise at the
and new wealth-building, would be to imagine her
rate of nine billion dollars a year through tem­
endowed with superhuman powers. The military
porary financing without becoming hopelessly in­
prowess of this great conflict may belong to the Teu­
volved, and yet that is precisely what Great Britain
tonic Powers. The financial prowess will ever bchas done. Two prime elements of strength have
ong to Great Britain. And yet so long as the war
made the achievement possible, namely, (1) her
continues in progress a weakening process remains
tremendous foreign investments, (2) her huge bank­
constantly under way.
ing resources. So far as these foreign investments
England’s financial strength on the present oc­
consist of security holdings, they have been in con­
casion is manifest in a twofold way. First, in the
stant process of liquidation ever since the war began
a llity to provide the mass of gold and of securities
No one needs to be told that during the last two
necessary in making settlement for the tremendous
foreign purchases which have been found indispen­ years the sales of foreign-owned American securities
have been of prodigious extent. These sales have
sable by the Entente Powers, and, secondly,
yielded a double advantage, first, as an aid in
in the way the enormous sums of money needed for
stabilizing the foreign exchanges, and secondly, in
the prosecution of the war are being raised. After
creating an investment void which could be filled
the tremendous shipments of gold to the United
and has been filled, by new issues of British Govern­
states last year, another huge gold movement
ment obligations, short term and long term.
to this country is now under way, the importations
Banking resources have operated in the same way.
T w m m t Dine ° f M ay having aggregated 0V01' It deserves to be noted in the first place that these
banking resources, huge at the outset of the war,
lh o nature of the task confronting the Entente
have grown yet larger in the interval since then!
Powers can be judged from the fact that for the
With British foreign trade on a reduced scale by rea­
month of M ay, according to the foreign trade state­
son of the war, the funds of the banks have been em­
ment made public the present week, the exports of
ployed to a smaller extent in this way than before,
merchandise from the United States aggregated
leaving larger accumulations for home investment.
roughly $472,000,000, being at the rate of over IA/2
In these circumstances, the great British banks have
m ion dollais a year.
Prior to the war our merchan­
naturally turned with avidity to British Treasury
dise exports in any period of twelve months had
bills and short-term obligations, the more so as these
never even reached 2 ^ billions. The increase is
h;lvrc been yielding large returns. At the same time,
chiefly in the purchases of the Entente countries,
these British financial institutions have simultane­
since the Teutonic allies are blockaded and can get
ously
been disposing of their holdings of American
nothing from us.
securities and replacing them, too, with new British
In view of the task being imposed on Great
Government obligations.
ntam in taking care of the foreign trade require­
At the end of last month both “ The Economist”
ments the question is an interesting one whether
and “ The Statist” of London published some inter­
Germany’s economic axhaustion could not have been
esting statistics, comparing the condition of the banks
brought about more surely and more swiftly if no
of the United Kingdom at the end of 1915 with that
blockade of her ports had been attempted, but in­
at the end of 1913. These tabulations throw an in­
stead she had been allowed to obtain goods abroad
teresting light on the banking situation in Great
with the same freedom as that possessed by England
Britain, and also enable us to see how it has
and her allies. We may suppose that in that event
redounded to the advantage of the British Govern­
her purchases of food stuffs and war materials
ment. In the two years the resources of the banks
would have been on a scale corresponding to that
of the United Kingdom (not including the Bank of
of the Entente countries, and then how could she
England) have increased over a thousand million




Ju ly l 1916.]

THE CHRONICLE

3

dollars— in exact figures £212,741,000. In the item rived at, but now we have for M ay, at 472 million
of deposit and current accounts £201,000,000 of the dollars, a total far beyond the bounds of the most
increase is found, while notes in circulation have in­ sanguine expectations. Up to the time that our for­
creased by £11,792,000, the remaining changes be­ eign trade began to feel with force the stimulus of the
insatiable demand for supplies of various kinds aris­
ing in other items.
If we look at the other side of the account we find ing out of the European war, the heaviest total of ex­
that besides the £212,741,000 of additional resources ports ever recorded was $278,244,191, in November
there has also been a release of money through a de­ 1912, but in all but four months since January 1915
crease in the employment of funds in some of the this aggregate has been exceeded by an appreciable
ordinary channels. For instance, the total of bills amount, and in each of the last four months by from
discounted is smaller by £40,995,000 and advances 121 millions to 194 millions. In this latest month,
smaller by £7,495,000, both indicating diminished it is to be noted that the inflow of merchandise was
trade needs. Furthermore, the banks at the end of also of high record proportions, very extensive im­
1915 had £44,122,000 less out in money at call and at portations of raw materials for use in manufacturing
seemingly fully explaining the result.
short notice.
It is impossible, of course, at this time, to state
All this has served to place a vastly increased body
of funds at the disposal of the Government and ac­ specifically how this great total of exports for M ay
cordingly we find that “ investments’' at the end of was made up, as no official details for the country as
1915 aggregated no less than £441,052,000, against a whole will be available for some weeks. But we
£210,934,000 at the end of 1913, being an increase are not relying entirely upon conjecture in stating
that explosives and various other supplies for the
of £230,118,000, or $1,150,000,000.
As to one thing, however, there should be no mis­ armies of the Entente Powers without doubt are re­
apprehension. In disposing of her foreign invest­ sponsible for much the greater part, if not all, of the
ments and replacing them with domestic invest­ increase shown over what might be termed a normal
ments, or more specifically with new Government obli­ volume of shipments. The gain is not to be found in
gations, Great Britain is obviously getting financially breadstuffs, nor in cotton, or provisions, &c.; on the
poorer. For decades, almost for centuries we might contrary, the aggregate outflow of these was less than
say, the whole world has been paying annual tribute in M ay of last year, when the outflow of commodities
to her and it is this that has given her such a wonderful reached a value approximately 200 million dollars
hold on the world’s foreign trade and such command less than this year. It is clear, therefore, that the
of huge capital funds which could be put, and were expansion was in manufactures and the details for
April for the whole United States, now at hand, sup­
put, to reproductive uses in foreign fields.
All this is now being changed. Obviously, too, plemented by statistics for the port of New York
the longer the war lasts the more complete will be< for the period under review, furnish a clue to the arti­
the change. As British foreign investments are cles in which it most largely occurred. These com­
reduced, so also will the income from the same prise, in part, explosives, iron and steel and manufac­
diminish. And the depleting process is going on tures, chemicals, cotton manufactures and brass and
at such a rapid rate that it is by no means inconceiv­ copper. And the data for the 10 months ended
able that if the war is much further prolonged Great April 30 1916 furnish a very conclusive idea of the
Britain’s outside income may practically disappear. direction in which expansion has been most marked.
When that time arrives Great Britain will have only The gain in the outflow of explosives for the period
her home income to draw upon, and this will be at a as compared with the 10 months of 1914-15 is no less
time when domestic taxes and domestic burdens will than 315 million dollars (comparison being between
be on a larger scale than ever before by reas'on of the 336 millions and 21 millions); brass, 91 millions; au­
tomobiles, 59 millions; chemicals, 60 millions; cop­
prodigious increase in the national debt.
The point here made is useful as an illustration per, 48 millions; cotton manufactures, 31 millions;
going to show that war is an enervating and exhaust­ leather and manufactures, 45 millions; zinc, 21 mil­
ing process. When a country is perforce living within lions, and iron and steel and manufactures, 305 mil­
itself and upon itself, as is Germany at the present lions. On the other hand, the decline in breadstuffs
time, the havoc done is in large measure concealed was 130 millions, of which over 100 millions in wheat,
and the destruction of wealth involved hidden from and in cotton 28 millions. Finally, the gain in all
view. The manufacture of munitions and other classes of manufactures for the ten months was no
incidentals of war creates a stimulus in certain lines less than 1,142% millions, and in foodstuffs, crude
of industrial activity which gives a false idea of pros­ material for use in manufacturing and in miscellane­
perity, the activity being temporary and fictitious. ous articles combined only 19 millions.
The exports in M ay 1916 aggregated a value of
But where a country is called upon to sacrifice its
$471,829,456,
as already stated, and exceeded those
foreign investments of huge magnitude, as is the
case with Great Britain, palpable evidence is afforded of 1915 by 1973/6 millions and of 1914 by 310 millions,
and of the month’s outflow 253% millions was from
of the real destruction wrought by war.
the port of New York alone. For the five months of ^
That the phenomenal outflow of commodities from the calendar year 1916 the merchandise efflux, at
the United States to foreign countries noted in pre­ 2,014 millions, was 581 millions more than last year,
ceding months of the current calendar year seems 1,124 millions greater than in 1914 and actually in
signally to have failed in marking the limit to which excess of the total for any full fiscal year prior to
our exports are capable of expansion under present 1910-11 and but very little below the aggregate for
anomalous conditions, is the conclusion forced upon that year. For the eleven months (July 1 to May 31)
us by the returns for M ay 1916. When the 400- the aggregate at 3,867 millions is a high mark by a
million-dollar mark was reached and slightly ex­ prodigious amount, showing an augmentation of
ceeded in February, March and April, it was rather 1,367 millions over 1914-15 and of 1,660 millions over
anticipated that an approximate limit had been ar­ 1913-14.



*

THE CHRONICLE

[Vol. 103.

Merchandise imports for M ay were very decidedly of the Irish question. Details of the plan appear to
heavier than in 1915, reaching $229,134,097, against have been but imperfectly cabled to this country.
$142,284,851, and establishing by 11 million dollars Lord Selborne already has resigned, and it is feared
a new high-water mark for any month of any year. that his retirement will be followed by that of the
For the five months the inflow of goods aggregatec Marquis of Lansdowne, Minister without portfolio,
1,039 million dollars, or 331 millions more than for Walter Hume Long, President of the Local Govern­
the corresponding period a year ago, and for the ment Board, and Lord Robert Cecil, Minister of
eleven months of the fiscal year 1915-16 the total at War Trade. Lord Selborne is President of the Board
1,952 million dollars compares with 1,516 millions in of Agriculture. Explaining his reason for retiring, he
1914-15 and 1,736 millions in 1913-14. In contradis­ said in a formal statement that his understanding of
tinction with the growth in exports, which has been the basis of inquiry to be made by Lloyd George was
in manufactures, the expansion in imports thus far that it contemplated an amendment of the Home
in 1915-16 is found largely in raw material. Of the Rule Act whereby Ulster or a part thereof should
gain of 217 millions indicated above, the greater part be excluded from the operation of the Act and that
is seen in wool, India rubber, hides and skins, copper, the Bill of Exclusion should be passed during the
cotton and silk, the increased importations of hides war. But he had not understood that the principal
and skins and of India rubber in particular finding Act or the amending Act would come into operation
their explanation in necessity for greater quantities until the restoration of peace. It was in this belief
of the articles in filling orders for the European bellig­ that he had concurred in the appointment of Lloyd
erents.
George to take up the negotiations. But when, at
The export balance for M ay reached no less than Whitsuntide, he had learned that the basis of the
242^6 million dollars, as against 132 millions in 1915 inquiry had been changed and that it had become
and an import balance of 2>£ millions in 1914. For part of the proposed settlement that Home Rule
the five months of the calendar year the balance of with the qualifications mentioned should come into
exports is 975 millions, or 250 millions above that for operation during the war, he informed Mr. Asquith
the similar period of 1915 and 918 millions greater he could take no responsibility for such a policy and
than for 1914. For the eleven months the outward handed in his resignation. He said he was ready to
movement of merchandise exceeds the influx by arrange for the exclusion of Ulster now and to give
1,915 millions, against 983% millions and 471 mil­ every guarantee that Home Rule would come into
lions, respectively, one and two years ago.
operation after the war, but he considered it danger­
The gold movement of the month shows an impor­ ous to make the change during the war, owing to the
tant net import due primarily to receipts of the metal disturbed conditions in Ireland. Lloyd George’s
from Canada by rail, and, as is known, further and plan, it is understood, provides for the temporary
even larger amounts from the same sources have come exclusion of six Ulster counties from the Home Rule
in during June. The aggregate imports for May Act. This part of the plan has been accepted by the
were $27,321,943, of which lj/fi millions through the Ulster Nationalists. Lord Balfour of Burleigh,
port of New York, mainly from Great Britain and Lord Cromer, the Earl of Halsbury, Viscount
South America, $619,567 at San Francisco from Middleton, and the Marquis of Salisbury, who repre­
Mexico, Salvador, &c., and some 25 millions from sent the extreme Anti-Home Rule Party, have issued
Ottawa. Exports reached $11,918,597, of which a manifesto deprecating the attempt to settle the
upwards of 6% millions from San Francisco to Hong­ Irish question by negotiations at a moment “ when
kong, India, China, &c., and the remainder from a sanguinary rebellion has just been repressed,” and
New York and chiefly to the West Indies. The net when the concessions proposed will be regarded in
inflow for the month at 153^ millions compares with Ireland as “ a premium on rebellion and as a vantage
30 millions a year ago, but for the eleven months of ground for further demands.” The signatories of
the fiscal year 1915-16 there is a net import of 289 the manifesto declare it to be their conviction that
millions, against a net export of 24 millions a year the proposed settlement is fraught with infinite
ago. As regards the flow of gold hitherward from danger to the State. Sir Roger Casement, accused
Canada, it is to be noted that the total amount re­ of being the instigator of the recent revolt in Ireland,
ceived since the movement started and down to date was found guilty of high treason in the Lord Chief
reaches 144 million dollars, of which 83 millions Justice’s Court, London, on Thursday afternoon
at New York and 61 millions at Philadelphia. At and was sentenced to death. Sir Roger had offered
the same time, it is evident that the shipments are only a weak defense to the charge that he gave aid
not coming from the stock held in Ottawa by the Bank and comfort to England’s enemies. Daniel Bailey,
of England. The current explanation of this situation Casement’s soldier confederate, was discharged from
is that the gold comes from a special fund under Gov­ custody, Lord Chief Justice Reading directing a
ernment control and not in any way connected with verdict of not guilty. Bailey gave evidence for the
the Bank of England. This same explanation seem­ Crown at Casement’s preliminary hearing.
ingly covers the upwards of £2,000,000 received here
this week from London on the steamer St. Paul as
Evidence is accumulating that the long-expected
there have been no withdrawals of any considerable concerted drive of all the Entente Powers in the
amount from the Bank for shipment to the United various European war theatres has begun. Russia,
States in the last two months— only £71,000 in all. while receiving temporary checks, is pressing for­
A possible crisis in the British Cabinet that some
fear may result in the resignation of Mr. Asquith as
Premier is the source of a substantial amount of
nervousness in London’s financial district or the
City, as it is called. Its source seems to be the plan
proposed by David Lloyd George for the settlement



ward with important results. Yesterday’s advices,
unofficial, declared that the Czar’s troops had cap­
tured the important Galician railroad centre of Kolomea. The Austrians attempted to make a stand
here but were finally compelled to give way before
superior forces. In this contest and also in battles
near K ity, .in Bukowina, the Austrians suffered

July l 1916.]

THE CHRONICLE

heavy casualties. In addition to 221 oflicers and
10,285 men who were made prisoners, the Russians
captured many heavy machine guns and stores.
Their successes in this region appear to give them
almost unrestricted access to the Carpathian passes
and to the railway line running northwest from Kolomea to Lemberg, the capital of Galicia. Meanwhile
the Germans have begun a series of sudden, violent
attacks along the Russians’ entire front from Riga
through Jacobstadt to Dvinslc. This is interpreted
to mean that Field Marshal von Hindenburg is
launching a new offensive in an effort to di­
vert Russian troops from the Galician and Volhynian campaign. On the central part of the Rus­
sian front in Volhynia the violent battle around
Linewka and in the region of Sokul continues una­
bated. In the West the Germans again on Thursday
attempted to win French positions west of Hill 304,
which is located northwest of Verdun, after a bom­
bardment extending from the Hill to the Avocourt
Woods. The curtain of fire of the French and the
fire of their infantry made the attack vain, however.
Intense bombardments are reported northeast of
Verdun, around Floury and the Vaux Chapitre and
the Chenois Woods.
The British along their front in France and Bel­
gium are maintaining a heavy bombardment of
German trenches and are sending out raiding parties
who are reported to be doing effective work. In the
Austro-Italian theatre the Italians in the Trentino
region are reported to be driving back the Austrians
and recapturing important positions taken from them
in the recent Austrian offensive. The Italians also
are reported to have opened a big offensive against
the Austrians on the Eastern front around Monte
San Michele, San Martino and Vermegliano. Here,
however, according to Vienna, the Italians are being
partially repulsed by Austrian counter attacks.
A special meeting of delegates representing or­
ganized labor mot in London yesterday in what was
called a Trades Union Congress. There were 600
delegates representing 3,000,000 organized workers.
By resolution the Congress asked the Government
to take steps to regulate the prices of food and fuel.
The resolution expresses the view that price regula­
tion could be enforced only by a department of the
Government with power to commandeer and dis­
tribute food and fuel, fix freight rates, requisition
home-grown crops and establish standard prices for
fuel. The movers of the resolution said prices had
increased 59% , owing largely to the rise in freights
and the greater cost of coal. The Congress also
adopted an alternative resolution in favor of Govern­
ment ownership of all merchant shipping. Still
another resolution declares that, if the Government
offers objection to the proposals of the Congress,
immediate steps will be taken to press for such ad­
vances in wages as are necessary to maintain a
proper standard of living. Another resolution asked
an increase of 50% in old-age pensions during the
period of high prices.
According to a Budapest dispatch to the London
“ Times,” a new treaty of alliance has been drafted
between Germany and Austria-Hungary. It has
been signed by Prince Ernest von HohenloheLangenburg in behalf of Austria-Hungary and Dr.
von Bethmann-Hollweg, the Imperial Chancellor,
in behalf of Germany. “ The treaty, which is for



5

twenty-five years,” says the “ Times” dispatch, “ pro­
vides for unifying direction of military and foreign
affairs, while regarding economic questions it pro­
vides for concerted action in dealing with foreign
countries, inter-State relations being left outside its
scope. The administration of the treaty will be
under a committee to consist of members delegated
by the Federal Council in behalf of Germany and
by the Austro-Hungarian Government. The treaty
will not be submitted to the Austrian or Hungarian
Parliament for ratification, as it is treated as a for­
eign affair and under the sole responsibility of the
Crown.”
The tension between Washington and the de facto
Government of Mexico was greatly lessened on
Wednesday by the announcement through General
Funston that Brigadier-General George Bell Jr. at
El Paso had been informed by the Mexican Consul
there that 24 American prisoners taken at Carrizal
were on their way north to Juarez. This action
followed a demand by Secretary of State Lansing
dated June 25 for the immediate release of the pris­
oners. Secretary Lansing’s letter concluded as
follows:
I am instructed, therefore, by my Government to
demand the immediate release of the prisoners taken
in the encounter at Carrizal, together with any prop­
erty of the United States taken with them, and to
inform you that the Government of the United
States expects an early .statement from your Govern­
ment as to the course of action it wishes the Govern­
ment of the United States to understand it has deter­
mined upon, and that it also expects that this state­
ment be made through the usual diplomatic channels,
and not through subordinate military commanders.
Thus far the release of the prisoners is the only
answer that has been received from Carranza.
Nevertheless, this action is considered significant
of a desire on the part of the Carranza Government
to place the entire controversy back into the stage
of negotiation. The Mexican Minister of War,
General Obregon, on Thursday instructed General
Trevino, the Mexican commander at Chihuahua,
to inform Consul Garcia at El Paso that no impediment
would be placed in the way of the American authori­
ties if they desired to remove the bodies of the Ameri­
can troopers killed at Carrizal to American territory
for burial. The correspondence between Obregon
and Trevino arose from a request of General Bell,
commander at El Paso, that the Mexican Govern­
ment deliver the bodies for burial. General Obregon
informed General Trevino that the expense for the
transfer of the bodies to the United States must be
borne by the American Government. Meanwhile
our National Guard is actively mobilizing throughout
our own country. There already has begun a steady
movement toward the Mexican border. The finan­
cial markets, however, which are frequently accurate
barometers in such matters, seem to indicate
that this latest crisis in Mexican affairs will tempo­
rarily at least be surmounted.
The last block of the securities on the London
Stock Exchange that still are subject to minimum
price restrictions will be released on Monday next
and the English market for the first time since the
war began will thus become a free and unrestricted
one. No trouble is expected, as the amount of read­
justment of prices that will be required seems a
matter of compilation and Uacit agreement. The

6

THE CHRONICLE

basis of yield will largely govern the new quotation s>
which, it is calculated, should register decreases of
10 to 20 points from the pre-war prices in order to
bring them to a 5 @ 5 ^ % income return, such as
paid by similar securities from which.the minimum
restrictions already have been removed. A London
correspondent draws attention to the fact that
“ whereas we intend to remove completely in July
the minimum prices on the Stock Exchange, Germany
is restricting all reports of Bourse transactions and
Bourse prices, while Austria has lately passed a law
authorizing financial institutions to carry war loans
on their balance sheets at cost price for ten years to
come, no matter what depreciation results.” Alto­
gether, 217 separate securities are in the list, from
which the price restrictions are yet to be removed.
The broadening of the market that will, in turn,
ensue, is a desirable feature at the present time,
owing to the absolute scarcity of stocks available for
deliveries resulting from the Stock Exchange regula­
tions against speculation which require that sellers
shall have physical possession of the securities they
offer for sale. It is expected that a Treasury ruling
will be published in a few days providing for the
pooling of small holdings of American dollar securities
in order that they may be deposited under the mobili­
zation plan with the Treasury, which, as matters
now stand, will not accept lots of less than $5,000.
The British Foreign Office has given notice to the
American Embassy stating that it hopes that some
arrangement can be made to relieve American resi­
dents in England from undue taxation. The notice is,
in fact, a reply to protests against the additional in­
come tax of 2 shillings in the pound on American se­
curities held in the United States by Americans in Eng­
land . The Foreign Office urges that it is difficult to dis­
criminate among the individuals of various nationali­
ties living under the British flag. It promises, how­
ever, that an effort will be made to settle the matter
in such a way that these securities shall not pay the
extra tax. To-day (July 1) has been proclaimed a
bankers’ holiday in England in order to enable them
to work behind closed doors and catch up in their
work. An announcement that the Stock Exchange
would be closed on Saturdays throughout August is
qualified by the phrase “ unless circumstances render
such a course inadvisable.” The present indications
are, however, that the slackness of business will make
holidays possible with slight inconvenience to traders.
The British Chancellor, it is understood, is soon
to announce another plan for steadying the sterling
exchange position in New York. This plan contem­
plates the incorporation in the Finance Bill of a
provision permitting British municipalities such as
London, Liverpool, Manchester and Birmingham to
sell their securities in foreign countries. The scheme,
of course, is meant to apply more specifically to the
placing of such issues in the United States. The
bonds may be put out as tax-exempt securities in
Great Britain, and to this extent will be a new de­
parture. As to the volume of the American securi­
ties that has been received by the British Treasury
under its so-called mobilization plan, there still is an
absence of official data. The London newspapers
speak of the deposits that have followed the an­
nouncement of the supertax of 10% , which becomes
effective to-day, as overwhelming. Strong intima­
tion also is given that the holders of these securities
are exercising the option whereby their property



[Vol . 103

merely is loaned, not sold outright, to the Treasury,
the owners receiving an additional 3^% from the
Government as a commission over the income the
securities themselves pay. Meanwhile there does
not appear to have been any recent attempt to utilize
in the American market this large volume of available
basis for exchange. Instead, the British Govern­
ment has been sending gold to its fiscal agents, J. P.
Morgan & C o., in this country. The metal has come
largely from Ottawa and has been received both in
New York and Philadelphia. The Canadian move­
ment has been supplemented this week by a $10,­
000,000 importation direct from London by the
American Line steamer St. Paul. The current
movement, the first arrival of which was received in
New York on M ay 11, has now reached a total of
$153,946,000 to New York and Philadelphia. The
assumption that is quite general in banking circles is
that the gold movement is designed in the first
place to permit a period of digestion for the former
British-owned American securities that already
have been placed in the American market, and
in the next place t# allow time for the completion
of a plan to utilize on a broad and definite plan
the large amount of securities that the British
Treasury has borrowed instead of purchased from
English holders. Naturally, the American mar­
kets in current circumstances are the only ones
in which these securities can be hypotheatecd.
We referred a short time ago to the fact that
Hartley Withers, who followed Sir George Paish of
the London “ Statist” as Financial Adviser in the
British Treasury, had resigned his post to take edi­
torial charge of a leading London financial weekly.
Mr. Withers was for several years financial editor
of the London “ Times,” and subsequently of the
London “ Morning Post.” It is now announced
officially that he will succeed on July 24 Mr. Francis
W . Hirst as editor of the London “ Economist.”
As to the security markets in London the week
has been- a rather nervous one, chiefly as a result
of the Cabinet crisis that appears to be threatening
in connection with the Irish problem. Humors
have been current that Mr. Asquith, the Premier,
would be replaced and that several other members
had determined to give up their portfolios. A
favorable interpretation seems t o have been accorded
the military events of the week, so that while nervous­
ness has existed, there nevertheless has not been
any substantial declines in quotations. The month­
ly compilation of the “ Bankers’ Magazine” of
London, reporting the aggregate value of 387 securi­
ties dealt in on the Stock Exchange shows an in­
crease during the month of June of £73,512,000,
or 2.6% . Last month a depreciation of £16,397,000
was reported. The feature of the June statement
is the advance in every group of securities noted.
The nine representative issues of British and India
funds showed an increase of £11,647,000, or 3% ,
compared with last month. Foreign government
stocks are 2.5% higher, reaching £571,700,000.
Seventeen Americans rose 2.7% to £376,485,000.
South Africans show a remarkable advance of 7.9% ,
while ordinary British Railway shares disclose the
next largest increase of 4.2% .
The British Treasury still is financing the war
by means of short-term obligations. Its borrow­
ings last week in this direction amounting to £37,­
000,000. The Australian
Commonwealth loan,

J uly l 1916.]

THE CHRONICLE

which recently was offered, was only moderately
. successful, as the underwriters were compelled to
retain 40% of the full amount. The loan was for
£4,000,000 in 5 l/ i% bonds, redeemable from 1920
to 1922. They were offered to investors at par.
Tenders have been invited at the Bank of England
for £750,000 Birmingham city yearling bills to meet
maturities aggregating £500,000, and to meet also
a number of mortgages. The revenue of the United
Kingdom last week was £5,289,000 and the expendi­
ture £47,421,000. The amount of Treasury bills
outstanding was increased by £25,637,000. Saleg
of other war issues aggregating £11,091,000.
Advices cabled from Paris state that the French
moratorium has been extended for another three
months, but that the position covered by the mora­
torium is working itself out in a satisfactory manner.
On the Paris Bourse moderate activity has been dis­
played, with the general undertone a fairly steady one.
Some realizations were reported in Spanish securities,
due to the report that Madrid was arranging a large
French credit for the purpose of stabilizing exchange.
A Government decree withdrawing the recent order
prohibiting importations of automobiles into France,
and making certain modifications in the customs dues,
was issued on M onday. Official French trade re­
turns continue to show an adverse trade balance. In
April imports were $150,000,000, against only $59,­
000,000 of exports. Some comfort is taken by the
French economists from the fact that while imports
have increased $17,000,000 over those of April 1915,
the exports have increaased $10,000,000, which is
more in proportion, while of the total of exports of
manufactured articles those in April 1916 increased
$11,000,000, which, it is reasoned, shows there has
been an important resuscitation of industrial affairs,
in France during the last year. Such a result, it is
urged, is shown also in the business done by the rail­
roads feeding industrial France, in contradistinction
to those feeding exclusively the army zone. All the
railroads in the west and south show a great increase
in receipts, which in some cases reach nearly those of
the last year of peace.

(other securities) showed the large expansion of
£13,930,000. The Bank’s holdings of gold aggre­
gate £61,379,728 and compare with £52,091,894
the year preceeding and £40,082,797 in 1914, which
was before the outbreak of hostilities. Reserves
now stand at £43,929,000, against £35,905,614 in
1915 and £28,748,502 the previous year. Loans
amount to £87,314,000, comparing with £152,914,­
703 and £49,692,774 one and two years ago, respec­
tively. The Bank reports as of June 24 the amount
of currency notes outstanding as £111,779,539,
against £111,311,144 a week ago. The amount of
gold held for the redemption of such notes still re­
mains at £28,500,000. Our special correspondent
furnishes the following details by cable of the gold
movement into and out of the Bank for the Bank
week : Inflow, £776,000 (wholly bought in the open
market); Outflow, £1,104,000 (of which £5,000
exported to the United States and £1,099,000 net
sent to the interior of Great Britain). We add a
tabular statement comparing for the last five years
the different items in the Bank of England return:
B A N K O F E N G L A N D 'S C O M P A R A T IV E S T A T E M E N T .
1916.
1915.
1914.
1913.
1912.
June 28.
June 30.
July 1.
July 2.
July 3.
£
£
£
£
£
Circulation........... .. 36,175.000 34,636,280 29,784,295 29,629,920 29,973,385
Public deposits____ 51,839,000 81,514,428 17,071,618 14,737,272 21,375,735
Other deposits......... 106,372,000 140,654,115 54,550,853 46,633,003 48,389,027
G overn’t securities. 42,137,000 51,043,491 11,005,126 12,756,505 13,983,707
Other securities____ 87,314,000 152,914,703 49,692,774 40,661,622 44,825.356
Reserve notes & coin 43,929,000 35,905,614 28,748,502 25,867,666 28,878,671
Coin and b u llio n ... 61,379,728 52,091,894 40,082,797 37,047,586 40,402,056
Proportion of rcservo
to liabilities.........
28.22%
16.13%
40.13%
42%
41.38%
Bank r a te .................
5%
5%
3%
3%
4M%

The Bank of France in this week’s return again
registers a gain in its gold holdings, the increase
being 6,338,000 francs. The silver item, however,
declined 1,649,000 francs. Notes in circulation show
a large expansion— 70,748,000 francs— while general
deposits register the enormous increase of 218,151,000
francs. Bills discounted gained 58,191,000 francs
and Treasury deposits 6,247,000 francs, although
the Bank’s advances declined 21,845,000 francs.
The Bank’s gold now stands at 4,762,192,000 francs,
against 3,931,550,000 francs a year ago and 4,057,­
675,000 francs the year preceding. Silver on hand
aggregates 343,939,000 francs, which compares with
371.567.000 francs in 1914 and 638,875,000 francs the
previous year. Note circulation is 15,805,619,000
francs. A year ago it was 12,215,850,000 francs, and
in 1914 6,051,150,000 francs. General deposits total
2.577.679.000 francs, against 2,365,250,000 in 1915
and 982,675,000 in 1914. Bills discounted amount
to 2,350,582,000 francs, compared with 894,832,000
francs one year ago and 2,537,500,000 francs two
years ago. Treasury deposits are 40,278,000 francs,
against 82,025,000 francs last year and 249,700,000
francs in 1914.

Official bank rates at the leading European centres
continue to be quoted at 5 % in London, Paris, Ber­
lin, Vienna, and Copenhagen; 5 ]^ % in Italy and Por­
tugal; 6% in Russia and 4J^% in Switzerland, Hol­
land, Spain, Norway and Sweden.
In London the
private bank rate has remained at 5 % for sixty days
and 53^% for ninety days. Money on call in Lon­
don is still quoted at 4 % . Cables from Berlin con­
tinue to give 4 % % as the private bank rate at that
centre. No reports have been received by cable of
open market rates at other European centres, so far
as we have been able to learn. The rate of discount
As yet there has been no official statement of the
of the Bank of Bengal was on Monday established at completion of negotiations for the $100,000,000
French credit that is understood to have tentatively
5% .
been arranged. New York bankers have, under
The Bank of England reports a loss for the first favorable consideration a large loan to China, which,
time since M ay 25, in its gold item this week, of it may be stated, will extend to $25,000,000. Italy,
£327,968. Note circulation increased £684,000; too, is coming to our centre as a source of supply
hence the total reserve was reduced £1,012,000. for funds. Three Italian commissioners, Santo
The proportion of reserve to liabilities declined to Veronesi and Dr. Luigi Baldini, officials of the
28.22% , against 31.48% last week and 16.16% a Treasury, and Vinzenzo Grecco, former directors of
year ago. Public deposits were again decreased— the Bank of Naples, representing the Government,
£1,921,000—although other deposits registered a arrived in this city on the American Line steamer
substantial increase, namely £14,822,000. Govern­ St. Paul, with securities reported to be valued at
ment securities continue without change. Loans $20,000,000, which, one of the commissioners states,



CHRONICLE




Commercial Paper—

I to
11 to
31 to
61 to

10 days maturity____ 3 3
30 “
“
........ 3)4 4
........ 4 4
60 “
"
........ 4 4
90 “
“

Agricultural and
Live-Stock Paper—

91 days to 6 months maturity 5
Trade Acceptances—

1 to 10 days maturity____ 3
31 to 60 ”
“
........ 3
........ 3
61 to 90 "
"
Commodity Paper—

1 to 30 days maturity____ 3)4
........ 3 )4
31 to 60 “
”
61 to 90 “
“
........ 3)4
91 days to 6 months maturity

s
3
4
4
4

3)4 _ _
:
4 4
4 4 4
4)4 4 4

1
5

5

1

3
f1
s
H

a
Q

3)4
4
4
4)4

3
4
4
4

_ 4 _
4 4)4 4
4 4)4 4
4)4 4)4 4

5

5

5

5

San Francisco.

s
n
§o
ss

Atlanta.

CLASS
OF
REDISCOUNTS.

J

F E D E R A L R E S E R V E B A N K D IS C O U N T R A T E S

Chicago.

In the local money situation an appreciably easier
feeling has developed. This is not surprising, in view
of the steady influx of gold. There are ample
demands for funds in sight, but the supply appears to
be adequate. As to loans for foreign account that
are under negotiation and which include, it is under­
stood, France, China, Italy and the Argentine among
others, there is reason to believe that the greater part
of the proceeds will stay in this country and be
utilized for the payment of American products. For
this reason they will not be likely to constitute as
active a drain on the supply of funds as though the
proceeds were shipped abroad. The easiness in the
money, situation is especially significant, in view of
the active preparations that were necessary for the
usual half-yearly disbursements, the July 1 com­
mitments in this respect always being particularly
large, ranking, in fact, second only to those of Janu­
ary. Crop requirements, too, are closely in sight.
Towards the close of the week the more satisfactory
outlook in connection with the Mexican situation
was responsible1 for the easier tone though call
money at the extreme close loaned in a few instances
at 4 % . There is not much passing in bank accep­
tances. Quotations are 2 3 4 @ 2 ^ % for those eligible
for discount at the Federal Reserve banks and
2M @ 3 J 4 % for the non-eligibles.
The weekly statement of New York Clearing House
banks and trust companies issued last Saturday
showed a further decrease in the loan item of $24,­
564,000. Net demand deposits were again reduced
$7,873,000, and net time deposits. $6,694,000. Re­
serves in “ own vaults” increased $15,647,000, to
$449,914,000, of which $377,931,000 is specie. A
year ago the total in own vaults was $455,551,000,
including $395,008,000 in specie. The reserves in
Federal Reserve banks likewise indicated an expan­
sion of $1,297,000, to $161,451,000, against $131,­
887,000 in 1915. Reserves in other depositaries,
on the other hand, this week were reduced $2,666,­
000, to $58,832,000, and compare with $28,706,000
the year preceding. Note circulation registered a
nominal gain, viz., $29,000. Aggregate reserves re­
corded another ^substantial increase of $14,278,000
and now stand at $670,197,000. This compares
with $616,144,000 last year. The reserve required
decreased $1,542,670. As a result of the favorable
showing made, surplus reserves were again increased
by $15,820,670, thus bringing the total of excess
reserve once more above the $100,000,000 mark, or
$109,502,410. At this time a year ago the amount
held was $193,253,030. The bank statement is
given in greater detail on a subsequent page of this
issue.
Referring to money rates in greater detail, loans
on call have ranged at '23^@4% , against 2 ^ @ 3 ^ %
last week. On Monday the high and ruling quota­
tion was 3 % , with 2^2% low. Tuesday, Wednes­
day and Thursday the range continued 2 }^ @ 3 % ,
with 2% % the renewal basis. Friday renewals were
2 % % with the maximum figure 4 % and 2 % % the
minimum. For fixed maturities, following a firm
opening with quotations maintained, an easier feeling
developed, principally as a result of the improvement
in the bankirg situation, and sixty-day money is

obtainable at the close at 3R £@ 3}^% , against
33^@3^y% a week ago; ninety days and four months
funds are 3 ^ @ 3 % % , against 3 % % . Five and
six months remain at 3 ^ «@ 4 % . A year ago sixty
days was quoted at 2^ @ 23^ % , ninety days at 2 %
/ i% ,
four and five months at 2 % @ 3 % and six months at
3 @ 3 }£ % . Sales of commercial paper were again re­
stricted chiefly in consequence of a scarcity of offer­
ings, rather than an absence of demand. Sixty and
ninety days’ endorsed bills receivable and six m ont hs
names of choice character continue to be quoted at
3 H @ 3 ^ % , while names less well-known still re­
quire 4 % . There has been no change in rates by
any of the Federal Reserve banks.

Cleveland.

were brought as collateral for a loan to be raised
among wealthy Italians in this country. The securi­
ties were transferred to the New York branch of the
Bank of Naples.

103.

[V o l .

Neto York.

THE

Boston.

8

3
3)4
4
4)4

5

-5

3 >4 3
3)4 3
3)4 3

3
3*4 3)4
3 3*4 3)4
3)4 3)4 3*4

_
_
...

_ 3)4 3)4 3
3
3
3)4 3)4 3>4 3
3>4 3)4 3)4 3)4 3)4

_
_

_
_
...

_
_
...

3
3
3

~ ~

3
3
3

3)4 3)4
3V4 3 >4
3)4 3>4

3)4 3
3)4 3
3)4 3

4)4 5)4

3
3
3

3)4
4
4)4
5

Authorized rate for discount o f bankers’ acceptances, 2 to 4 % .
A rate of 3M to 4% on purchases of trade acceptances by the New Orleans branch
of tho Atlanta Federal Reserve Bank in the open market, without the endorsement
of any bank, was approved D ec. 10 1915. A rate of 4% for 10 days and 4 )4 % for
from 10 to 90 days on commercial paper for the New Orleans branch bank of the
Federal Reserve Bank at Atlanta was approved b y the Federal Reserve Board Apr. 7.
In the ease o f the St. Louis Federal Reserve Bank, a rato of 2 to 4% for bills
with or without member-bank endorsement has been authorized.
Open market rates for purchases of bills o f exchange: Atlanta, 3)4 to 5)4%:
D allas, 3% to 5 % .

Sterling exchange remains just about steady, with
the market more or less a nominal one. On Monday
an importation of gold amounting to $10,000,000,
direct from London, was deposited at the Assay
Office by J. P. Morgan & Co. This direct shipment is
interpreted as indicating that the British Govern­
ment’s supply at Ottawa was being drawn down
quite closely. ..The Bank of England’s statement
this week registered a decrease of £327,968, which
suggests, since it is the first decline since M ay 25,
that additional amounts of the precious metal may
be coming this way. The increasing activity of our
export trade, as indicated by the remarkable state­
ment of our foreign commerce for May, to which
we have already referred, is attracting wide atten­
tion among students of sterling exchange conditions.
In round numbers, for the two-year period ending
May 31, and which for all practical purposes covers
the European war period, the excess of the declared
value of merchandise exportations over the importa­
tions has been $3,000,000,000, which has been offset
only to the extent of about $270,000,000 by the net
importations of gold. This is a situation that has
required the skilful handling that admittedly it has
received by the British Treasury officials. It is sug­
gestive, too, of the fact that sterling exchange has
been, and undoubtedly must continue for a consider­
able period, a more or less arbitrary market directly
under the control of the representatives of the British
Treasury. The English Chancellor, Sir Reginald
McKenna, has been quite successful in his efforts
undertaken several months ago to maintain demand
sterling bills on a “ war parity” of 4 76. This week’s
arrivals of gold at New York have included $7,000,­
000 from Ottawa and the $10,000,000 already referred

July l 1916.]

THE CHRONICLE

to as having come direct from London. This brings
the total of the current movement up to 892,746,000
since M ay 11 at this centre. In addition, $1,500,000
was received on the steamship Kroonland for the
account of the Argentine and has been deposited
here awaiting orders. It appears that a large move­
ment of gold from Ottawa to Philadelphia has re­
cently been quietly taking place. Advices from
Philadelphia yesterday gave $61,200,000 as the total
thus received to date.
Compared with last Friday, sterling exchange on
Saturday was not changed from 4 75% for demand,
4 76 7-16 for cable transfers and 4 72% for sixty
days. M onday’s market was a dull one with slight
recessions in the early dealings on a good supply of
bills; later a steadier tone prevailed and quotations
were practically unchanged; demand ranged at
4 75 11-16@4 75% and sixty days at 4 72 3-16@
4 72% , while cable transfers remained at 4 76 7-16.
A renewal of foreign selling of American securities
as well as fresh arrivals of gold from Canada induced
firmness on Tuesday; demand advanced to 4 7 5 % @
4 75 13-16, cable transfers to 4 76 7-16 and sixty
days to 4 7 2 % @ 4 72 5-16.
On Wednesday the
sterling market showed a sagging tendency and rates
were fractionally lower, at 4 75% for demand,
4 76 7-16 for cable transfers and 4 72% for sixty days;
operations were restricted by a more or less general
disposition to await pending developments in the
Mexican situation. Trading was quiet and inactive
on Thursday, which was in fact the dullest day cxpeiienced foi some time; the market gave evidence
of strong support by the British Treasury through its
fiscal agents here, quotations continuing pegged
with demand at 4 75% , cable transfers at 4 76 7-16
and sixty days at 4 72% . On Friday dulness again
ruled and demand remained at 4 75% , cable trans­
fers at 4 76 7-16 and sixty days at 4 72% . Closing
quotations were 4 72% for sixty days, 4 75% for
demand and 4 76 7-16 for cable transfers. Commer­
cial sight finished at 4 75% , sixty days at 4 71%
and ninety days at 4 69% , documents for payment
4 71% and seven-day grain bills at 4 7 4 % @ 4 74%.
Cotton and grain for payment closed at 4 75%. "
In the Continental exchanges the outstanding
feature in connection with the belligerent countries
has again been the steady decline in reichsmarks,
which on Wednesday dropped to 72% for sight bills,
the lowest point touched in some time. Liberal
offerings, coupled with an almost total absence of
demand, undoubtedly indirectly a result of the ner­
vousness and hesitation experienced in consequence
of the continued Russian successes, was responsible
for this pronounced weakness. French exchange not
improbably from the same influence, displayed an
advancing tendency, aided by anticipation of the
placing of a large new loan in the near future. Rubles
while firmly held, were apparently not influenced in
any considerable degree by the advance of the
Russian armies. The sterling check rate on Paris
finished at 28.16, compared with 28.18 last week.
In New York, sight bills on the French centre closed
at 5 91 and cables at 5 90% , against 5 91% and
5 90% the week preceding. Demand bills on Berlin
finished at 72 15-16 and cables at 73, comparing
with 74 13-16 and 74% at the close on last Friday.
Kronen were also weak, closing at 12 70, against
12.80 a week ago. Lire, which have been inactive
though fairly well maintained, finished at 6 37% for



9

bankers’ sight and 6 37% for cables, compared with
6 36% and 6 35% the previous close. Rubles closed
at 30.55, against 30.59.
Referring to the neutral exchanges, dulness has
prevailed. Scandinavian exchange moved irregu­
larly. Firmness was shown early in the week, when
a sharp recovery from the break experienced last
week took place. It also was influenced by advices
cabled from London of the establishment of a FrancoBritish credit by the Scandinavian banks. Later,
however, a trend toward reaction again became evi­
dent. Guilders have been steady with but slight
net change. Bankers’ sight on Amsterdam closed
at 41 7-16, against 41% ; cables at 41 9-16, against
41 9-16 plus 1-16; commercial sight at 41 5-16@
41% , against 41% , and commercial sixty days at
41 3-16@ 41% , against 41% Friday last. Swiss ex­
change finished at 5 29% for bankers’ sight and 5 29%
for cables. A week ago the close was 5 28% and
5 27% , respectively.
Greek
exchange
closed
at 5 15% for sight bills, against the previous rate of
5 17%. Copenhagen checks finished at 29.00, com­
pared with 28.60. Checks on Norway closed at
29.30, against 28.75, and checks on Sweden closed at
29.15, which compares with 28.80 last week. Span­
ish pesetas finished at 20.18 against 20.15 a week ago.
the New York Clearing House banks, in their
operations with interior banking institutions, have
lost $195,000 net in cash as a result of the currency
movements for the week ending June 30. Their re­
ceipts from the interior have aggregated $9,189,000,
while shipments have reached $9,384,000. Adding
the Sub- treasury operations and the gold imports and
the Federal Reserve operations, which together oc­
casioned a gain of $10,160,000, the combined result
of the flow of money into and out of the New York
$9,905,000, as follows:
Week ending June 30.

Into
Banks.

Banks’ Interior m ovem entSub-Trcas. oper’ns and gold Imports.
T o t a l .....................................

Out o f
Banks.

Net Changes In
Bank Holdings.

$9,189,000
42,334,000

$9,384,000 Loss
$195,000
32,174,000|Gain 10.160,000

$51,523,000

S41,558,000!Gain 89,965,000

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

June 29 1916.
Silver.

England __
France a .
G erm any.
Russia* . .
Aus- Hunc
S p a in ____
Italy.........
Nctlierl'ds
N at.B clgh
Sw ltz’ land
Sweden . .
D enm ark.
Norway . .

July 1 1915.
Gold.
£

Silver.

61,379,728
. . . . 61 ,379,728, 52 ,091,894;
190,530,280 13,758 ,160204 288.440,157 ,262,000! 14,862
123.250.000
1,750 ,000|125 ,000,000
,380,300; 2,336.
153.997.000 6,806 ,000| 160 ,S03,000
,280,000! 5,574,
51,578,000; 12,140
63 ,718,000
,578,000! 12,140
41.151.000 30,604 ,000
,755,000
,583,000! 29,885
39.657.0001 3,946
,603,000
,470,000 4,936
45,718,000'
634
,352,6001 27 ,659,000;
214
15.3SO.OOO!
600
,980,000| 15 ,380,000
600
10,197,300
,197,300! 9 ,607,800!
9,235,000,
,235,000; 6 ,299,000|
8,013,000;
229,000
.242,000 5 ,947,000
320,000
6,536,000;
,536,000j
,410, ooo!

,000

Total.
£

,091,894
,124,840
,717,200
,854,000
,718,000
,468,000
,406,000
,873,000
,980,000
,607,800
,299,000
,267,000
,410,000

Tot. .week 750,622.308 70.467,760 827,090,068 678 947,994!
P rcv. week 756,951,656 70,446,720.327,398,370 679 476,397i 70,868,740 749,816,734
70,927,600!750,373,997
.

a G old holdings of the Bank of France this year Include £6.800.000 held abroad
1 [le gold holdings o f the Bank of Russia for both years In the above statement
avo been revised by eliminating the so-called gold balance held abroad,
c July 30 1914 In both years, h Aug. 6 1914 in both years.

COURSE OF THE EUROPEAN CAMPAIGN.
Plainly enough, the outstanding event in the
European military campaign of this month has been
the great Russian offensive; it still remains to be
seen whether this was an isolated episode or part
of a general movement. Beginning near the open­
ing of June, the Russian advance was unchecked
until the past fortnight, and its achievementsJin
capture of territory, munitions of war and prisoners,
easily surpassed anything of the kind since the early
chapters of the war. The Austrian armies were

10

THE CHRONICLE

[Vol. 103.

driven, in apparently great demoralization, toward been in line with the Commander’s plans. It would
the Hungarian frontier, with a loss variously esti­ seem, however, that an attack by the English forces
mated up to 200,000 prisoners; this being, apparently, could not n ow .b e long deferred. Very possibly,
irrespective of killed or wounded. The three forti­ therefore, a chapter of high importance in the
fied cities which protected the northeastern front general European campaign is shortly ahead of us.
It has been noticeable that the past month’s re­
of the Austrian position were captured one after the
other and on Juno 17 the fall of Czernowitz, the sumption of military activity on all the fronts
has put an end to talk of immediate peace. This
capital of Bukowina, was announced.
As is usually the case with a formidable surprise was entirely in line with reasonable probabilities,
movement, the advance halted when the enemy for negotiations of peace are never really possible
was able to retreat to stronger positions and to re­ on the very eve of a season in which armies just
inforce its armies; this week there have been signs brought into the field are ready to test their activities
of its resumption. General Brusiloff and the against one another. Yet, on the other hand, the
Russian War Office have kept their own counsel as fact has been equally striking that, notwithstanding
to methods, plans and purposes. The impression this disappearance of the peace talk, the present
of military critics appears to be that the Russian week has been marked by sudden discussion of
General is not planning to repeat the exploit of a measures for economic war, of offense or defense,
year ago, when the Russian army crossed the Car­ after the military conflict is over. These intima­
pathians into Hungary with unfortunate results. tions are a result of the recent so-called “ economic
The objective point is apparently rather the enemy’s conference” of the Allies at Paris, in which con­
army than the enemy’s territory; which is not ference measures were strongly urged to prevent
only sound Napoleonic strategy, but particularly the vigorous intrusion of German goods into the
adapted to the Allied offensive at the present junc­ countries of Germany’s present enemies when the
war is over.
ture.
It has been reported from London that England
As to the longer purpose of the Russian campaign,
acquiesced
reluctantly, and that may readily be
military judgment differs. Theories have been
advanced that the movement was undertaken purely believed. The preliminary agreement, the text of
because the efforts of the Austrian and German which our Paris Embassy has forwarded to Washing­
general staffs were absorbed on the Italian and ton, begins by providing in general terms for prefer­
French frontiers, thus weakening the eastern armies; ential trade arrangements in commerce between
or that it was undertaken with the primary purpose the present Allies. Next, it is promised that
of relieving pressure on the western fronts. Both countries “ suffering from acts of destruction, spoilmotives undoubtedly played a part; at all events, iation, and unjust requisition” shall have “ prior
the great success of the early Russian operations claims on raw materials, industrial and agricultural
must have been largely due to the weakening of the plants, and mercantile fleets.” Further, the Allied
eastern Teutonic fronts for the western campaigns. countries, in order to protect their commerce and
The Austrian campaign against Italy in the Trentino industry “ against an economic depression resulting
has clearly enough been frustrated by the with­ from dumping or any other unfair method of com­
drawal of troops for Bukowina. Germany’s west­ petition,” agree to fix a period “ during which the
ern plan o f campaign has not yet appeared to be commerce of the enemy Powers shall be subjected
• equally influenced; in fact, the German attacks either to prohibition, or to a special system which
on Verdun have been increasingly violent since the shall be efficacious.” In particular, the Allies
express ’their determination to take measures “ to
Russian offensive began.
This week, however, two other possible purposes rid themselves of dependence on enemy countries
in the Russian advance began to come in view. as regards raw material and manufactured articles.”
One was embodied in reports that Rumania, near This is to be accomplished by “ such means as seem
whose border the Russian victories were achieved, to them most appropriate according to the nature
is now likely to enter the war on the side of the of the merchandise,” or by recourse to “ subsidized
Allies. This prediction must be classed as doubt­ enterprises under the direction or control of the
ful, unless in the case of decisive victories by the Governments themselves,” “ or to customs tariffs
Allied armies on both fronts. Rumania, which has or to temporary or permanent prohibitions.” Such
found political and financial profit through fishing arrangements are to be made “ mutually for a term
in troubled waters, will be slow to abandon the of years.”
This somewhat startling new development is such
advantages of its position unless assured of being
as
to make economic thinkers pause. Restriction
on the winning side. But the very recent reports
of
inordinate
selling by a rival country at sacrifice
of renewed British activity on the western front
prices,
in
order
to capture the markets of a former
suggest that the Russian offensive may have been
merely the initial move in a general advance of the enemy, might be a not unnatural protective measure
at the end of war. Some provision not unlike this
Allies.
Good military critics have, in fact, maintained has been advocated even for our own country, -with­
that the extreme violence of the German attacks out the motive of wartime animosity and with
around Verdun were designed primarily to delay application to all Europe;. it was in general incorpo­
or prevent such an expected movement. The rated in the recommendations of the recent political
relative inactivity of the English armies has long conventions regarding Governmental policies at
been a source of much discussion, often unfavorable the end of the European war. But the program of
to the British troops. It must, however, always the Allies would apparently go much further. If
be remembered that General Joffre is now admit­ carried to its logical limit, it would involve not only
tedly in general command of the British, as well as protective, but prohibitory tariffs.
Yet it is not to be supposed that enemy countries
the French, and that if a forward movement on the
would
fail to retaliate; in which case, the question
English line was delayed, such delay must ha v



J uly l 1916.]

THE CHRONICLE

would at once arise as to the future trade of England
and France, for instance, with Germany. Inter­
national commerce is a pursuit of mutual advantage,
and although England’s imports from Germany in
the last full year of peace largely exceeded exports
(as did her imports from the United States also),
nevertheless, she exported over $200,000,000 of her
own home merchandise to Germany. Is England
then to hark back to the old “ mercantile theory,”
abandoned three-quarters of a century ago, and on
the abandonment of which London’s commercial
supremacy of the world has largely been built up?
This seems to us difficult to believe— not less so,
when the measures arc described in the concluding
paragraph of the agreement as taken “ for common
defense against the enemy.” Is belligerent Europe
ready to embark on an economic war as violent and
as destructive of old landmarks as was the military
war which preceded it? It will be observed that
this tentative agreement of delegates to the economic
conference promises only to “ recommend to their
respective Governments” to take “ all suitable
measures.” We should certainly suppose that open
Parliamentary discussion of these measures would
bring up other and different considerations.

THE IMPOSSIBLE INDUSTRIAL

CONFLICT.

The troubles in the cloak and suit-making trades
continue unabated, and some well-meaning persons
whose sympathies are not reinforced by judgment
based on accurate information have been responding,
and urging the public generally to respond, to ap­
peals for relief of women and children who are
adroitly represented as “ starving” because rich em­
ployers are determined to force them to surrender
their rights through privation. Several clergymen
have been so far stirred in their feelings as to preac h
or permit themselves to be announced as about to
preach, in appeal for relief of this alleged suffering;
but there is no reason to suppose that there is any
suffering greater than usually goes with a strike.
If the employers have declared a lockout, that is
only a legitimate form of return strike on their part;
and if they are moving or will move their shops
outside the metropolis, that also is entirely legiti­
mate as a means of self-defense or of business policy.
The sympathizers are misled into an incorrect
idea of the situation. It is denied that the wages
offered are low; it is asserted that they are high.
Whatever they are,^ they must be presumed as high
as the market requires and employers could not go
above the market without inclining to the ditch of
bankruptcy; but the dispute is not over the rate of
wage. As already defined, it goes deeper, involving
the issue of the open shop, the right to employ and
discharge and the right to insist upon a standard
of efficiency. The union openly says that if an
employer finds times dull and his work insufficient
he must not discharge, for “ we object to his correcting
his own errors at our expense.” The employers
desire to fill their orders and get ready for the sea­
son’s-trade; but they insist upon the right to control
their side of the employment, and (as their organi­
zation declares) have suffered so long and so un­
mistakable an experience with unionism that they
have resolved “ to break the unions or break the
business.”
. Mr. F. P. Walsh of St. Louis, who needs no re­
introduction, rushes forward to assert that “ public



11

sentiment in New York is and has been all with the
60,000 garment workers in their splendid struggle
to save the 200,000 members of their families from
the most wretched industrial slavery.” The defect
in this is that it is not true, and, so far as public
sentiment here takes that view, it is misinformed.
If it is true, as Mr. Walsh declares, that the National
Association of Manufacturers is backing these em­
ployers in any manner, all the better; the Association
has ample reason to do so. It is reckless mis­
statement that “ everywhere the workers have
asserted even a share in the control of their own lives
the methods have been the same, to crush out
ferociously all collective bargaining for wages,” &c.
Collective bargaining is not opposed, nor is a share
in their own lives denied to workers; the “ control”
refused is the control of the shops by the employees.
An organization calling itself the Humanitarian
Cult has been printing broad advertisements calling
for compulsory arbitration and proposing a volun­
tary undertaking to arbitrate in this matter; but the
employers have replied that the right to control
their own shops is not arbitrable, nor is it. They
have tried and tried, and now they say they have
definitely and finally taken their stand— the open
shop or none.
Meanwhile the familiar intimidation by theatened and even actual violence is not lacking in this,
as in other industrial struggles. An advertisement
of a few days ago, headed “ Have We a Right to
W ork?” prints letters addressed to the Mayor and
one of the unions on behalf of two designers whose
names are given. On the 23d, says one letter, these
two men were prevented from entering their place
of employment and were ordered by the pickets
on guard to report at union headquarters; they went,
were threatened, attempted again to enter, were
again prevented, and could get no aid from the
policeman to whom they appealed. These are men­
tioned merely as typical cases. Counsel for the
would-be workers also writes to the union repre­
sentatives that many have been threatened and some
have been severely hurt; that he has appealed to the
union’s counsel, who referred him to another, “ who
stated that he could afford me no- remedy, that your
union would not instruct your pickets not to molest
these designers.” The advertisement added a call
to all designers of cloaks and suits to report any
molestation experienced by them and gave notice
of a special meeting for further action to be held
on Tuesday evening.
The right to hire and the right to be hired and to
work are denied together. Organized labor is con­
tinuing its deliberate undertaking to dominate
industry; in the words of one of its leaders, it pro­
poses “ to hop along from one shop to another,”
and one industry to another. There is only one
basis upon which the worker can control both sides
of the contract to work and the actual working: that
is by co-operative industrial production, when em­
ployee and employer become the same and make
their own deals with themselves.
The closed shop is in irreconcilable conflict with
this co-operative goal. The issue may be pushed
along in time by compromising surrenders, but it
is too plain to be concealed. Industrial liberty or
industrial slavery must prevail; both cannot exist
together.
There will never be a better time
than now to determine which this country will
have.

13

THE CHRONICLE

[Vol. 103.

that to continue would be to surely re-elect Wilson
and
probably deal himself his political quietus; that
SOME DEDUCTIONS FROM THE ROOSEVELT
then,
as soon as ho could regain self-control, he
LETTER.
chose
the
only course remaining to him, and took
The expected Roosevelt reply proves full, indeed,
being of the three-column length customary from it, with reluctant distress which he could not quite
candidates who accept nominations, and offering a conceal.
He cannot obliterate the heinous episodes in his
precedent not likely to be followed by any who may
career.
It is always impossible to dlemonstrate inhereafter decline. The letter in almost every line
dlisputably
what results would have followed if ante­
is characteristic of its writer, and is such as only the
cedent
causes
had been otherwise; yet it is clear be­
unprecedented situation of this year could have
yond
reasonable
dloubt that, except for his conduct
produced. Incidentally, one of its remarkable fea­
in
1912,
the
man
whose blundlers he now excoriates
tures is in the third sentence from the beginning, in
which several thousand letters and telegrams are would have been defeated and Mr. Taft would have
mentioned as having been received during the two won his second term. Yet Mr. Roosevelt is none the
weeks, “ the majority expressing the desire that I less to be welcomed— andl, indleedl, to receive the full
should refuse to run, while a minority urged that I benefit of every charitable supposition— when he
should accept the nomination.” The letter is offered comes to help undo his own work, as far as that is
to those, as the only reply physically possible to be possible. Whether he is really sincere in regret, and
made; and since all those expressions are said to have in declaring himself out of politics except as a private,
come “ from men who had supported me for the nomi­ or whether he has regained a sense of proportion and
nation” the suggestiveness of the incident in its bear­ now forecasts his own future better, he brings valua­
ble aid, nor do we have to decide which supposition
ing on the campaign is evident.
M r. Roosevelt proceeds directly to soothe the self­ is correct.
As for hi* followers, the late Progressive Party,
esteem and personal pride which he is obliged to
wound. He flatters his addressees by lavishing ad­ what will they do? This can be answered by an­
miration upon them as being “ in all respects level other question: what can they do and whither can
with” his Chicago crowd of 1912. This can be ad­ they go, except betake themselves whither he has
mitted quite true; those persons who ordinarily look gone and now so persuasively calls them? The most
like human beings were no saner than in 1912 and prominent among them were not tardy in declaring
broke all records for mere animal racket. They ex­ their straight course; and Mr. Flinn of Pennsylvania
hibited as little reason and restraint as before; they put the situation patly for them when he told them,
were as much his devoted and never-thinking fol­ at their sad meeting in Chicago on Monday, that
lowers as ever; they sneezed when his nose tingled; “ there never will be a better time to get back into the
they were in every particular and aspect “ his,” as Republican Party.” Assuredly; now is the accepted
always; so they must continue his. The vision, the time, and the time to be accepted cordially and have
insight, the high purpose, the devotion to service for the past forgiven, if not forgotten.
The split and its results were so pronounced in
the people, the resemblance to Abraham Lincoln in
spirit, the “ effort on a large scale to translate ab­ 1912 that most people may have been gradually led
stract formulas of economic and social justice into to suppose Mr. Wilson was the overwhelming choice
concrete American nationalism” — this and the rest of the country. Mr. Wilson fell into that error him­
of the paragraphs of flubdub served the needed self, and began by declaring himself the chosen agent
soothing purpose and are therefore immune from to purge a sinful nation and bring it back on the road
t,Q its land of promise; he forgot (if he ever realized)
serious criticism.
The statement in the third paragraph, that “ events that he was in a marked sense an “ accidental” Presi­
have shown that the Progressive Party in 1912 of­ dent, borne in by partisan factionism. He did re­
fered the only alternative to the triumph of the ceive a very heavy electoral vote (83.5% ), beating
Democratic Party,” certainly slaps the cold cream the 70.6% of Roosevelt himself in 1904, and we must
on the tender spot so very thickly that it slides off. go back to Grant’s 86% in 1872 in order to find a
There is as much truth in the statement as there is match for it; yet while minority Presidents have not
stability in a pyramid set on its apex, and Mr. Roose­ been uncommon, such is the lack of synchronism be­
velt has not been celebrated for having a saving sense tween popular and electoral votes, Mr. Wilson is
of humor; but we may take, as one of the jokes of very much a minority President. He received 435 out
this campaign, the declaration that he did anything of 531 electoral votes; yet Roosevelt and Taft to­
in 1912 except cause the election of Wilson, and let gether led him by 1,311,444, and he had only 41.8%
of the entire popular vote. This was a phenomenally
it pass thus.
The careful recital of the various Roosevelt ut­ low ratio, and we may go back to the time of Jackson
terances of this year, as to his self-forgetful desire himself without finding a parallel for it, the smallest
for the country and his Americanism and his readi­ fraction of the popular vote obtained by any Presi­
ness to serve the cause of patriotism as a private in dent in that long term having been 45.3% , by Bu­
the political ranks, and so forth, have an obvious chanan in 1856. A striking instance of the lack of
purpose in the letter, but are void of substance. synchronism just mentioned is that in 1912 Roose­
Nothing which he or anybody else can say coulc velt had 27.4% of the popular and 16.4% of the
break the moral certainty that he deliberately worked electoral vote, but Taft had 23.1% of the popular
up a spontaneity of call for “ M e” once more; that his and only 1.5% of the electoral; moreover, in 33 of the
retainers went to Chicago, in the belief that they 48 States, those having 371 of the 531 electoral votes,
perfectly understood him and that they were carry­ Taft and Roosevelt together beat Wilson on the popu­
ing out his plan (and a successful plan) in shouting lar vote, and it would also be easy to pick out about
for him as the only living man; that he confidently a dozen States which would have given Taft the sec­
expected to succeed in forcing himself upon the Re­ ond term had Roosevelt kept aloof and the Roose­
publicans, and when he failed in doing so, he realized velt votesfgone with those for Taft.



.July l 1916.]

THE CHRONICLE

That this has not the force of demonstration is of
course admitted. It will be claimed by the Wilson
men that a sufficient part of the Roosevelt vote (had
he kept out of the field) would have gone to Wilson,
and this is true, though in some measure impossible
to know; on the other hand, it must not be forgotten
that an unknowable yet certainly large number of
voters who preferred Taft were driven, by fear of
Roosevelt, to choose Wilson as then appearing to be
probably the lesser evil.
The inaccurate claim, very much emphasized at
St. Louis, that Mr. Wilson “ kept us out of the w a r/'
can hardly have much weight, especially now that
he has brought us to the verge of a near-by war
which, even if ultimately inevitable, need not other­
wise have come now. If that war comes, the people
will stand by the country and the Government, yet
it is necessary to draw the line, for this Administra­
tion is neither the one nor the other; M r. Hughes has
put that clearly in saying that while “ unquestioning,
loyal and patriotic support of the Government is
one thing, approval of the fatuous course which the
Administration has followed is quite another.” The
two should never be for an instant confused. Fur­
ther, whatever view be held of Mr. Wilson’s conduct
of our foreign relations, our domestic relations and
concerns are of quite equal importance, and upon
those he has persistently blundered, meddled and
wrought mischief.
The foregoing survey of an extraordinary situa­
tion is not intended to reach into prediction. It
merely brings up the weighty reasons for believing
that the Wilson regime can be beaten in November.

13

use of methods which interfered more or less seriously
with the reasonable freedom of their customers or of
their competitors. In his estimation the Can com­
pany, on the other hand, for a number of years past
had done nothing of the sort. “ While it had its
origin in unlawful acts and thereby acquired a power
which may be harmful, and the acquisition of which
in any event was contrary to the policy of Congress
as embodied in the statute, it has for some time past
used that power on the whole rather for weal than
for woe.” He also found that in the can industry
it was absolutely impossible to put things back
where they were in 1901 when the Can Company
was organized, and, even if it were possible, it would
probably be highly undesirable. He argued thus:

Defendant once sought to emancipate itself from
restraints of competition. Its power is great, but,
as has already been pointed out, is limited by a large
volume of actual competition and to a still greater
extent by the potential competition, from the possi­
bility of which in the present state of the industry
it cannot escape.. Those in the trade are satisfied
with it. They do not want it dissolved. Whether
its dissolution would profit any one is doubtful. The
first and immediate effect would almost certainly be
the reverse, whatever larger good might in the end
come from it. I am frankly reluctant to destroy
so finely adjusted an industrial machine as the
record shows the defendant to be. * * * A dislike
for useless waste and destruction makes one loath to
follow the authority which may be understood as
requiring the breaking up of defendant’s organiza­
tion, in spite of its proved power for good, albeit with
serious possibilities of evil. A like instinct rebels
against taking any course which may hereafter in­
volve this or any other tribunal going again over any
DECISION AGAINST CORN PRODUCTS REFIN­ part of the ground which in this proceeding has once
been covered. Under the circumstances would it not
ING CO. UNDER THE ANTI-TRUST LAW.
be
better simply to retain the bill?
The decision on Saturday of last week by Judge
Learned Hand in the U. S. District Court for the
In the case of the Corn Products Refining Co., the
Southern District of New York, adverse to the Corn Court can find no such mitigating circumstances.
Products Refining Co., in the suit of the U .S. Gov­ It may be that Judge Hand views the facts against
ernment under the Sherman Anti-Trust Law, has the Corn Products Company more harshly than did
come largely as a matter of surprise. Judge Hand Judge Rose those against the Can Company, but, in
decrees a dissolution of the concern. A different out­ any event, he finds actual dissolution the only rem­
come had been expected, largely because of the more edy. The opinion is very lengthy and reviews all
lenient treatment of the American Can C o., proposed the circumstances bearing upon the case with great
last February by Judge John C. Rose in the District detail. He asserts that “ the officers of the Corn
Court for the District of Maryland. Judge Rose Products Refining Co. apparently had a custom of
in the Can case found much to sustain the contention communicating with each other by typewritten, un­
of the Government, but could not see that any good signed memoranda,” and declares that “ in the face
purpose would be served by compelling dissolution. of these memoranda, which for some strange reason
It seemed to him better to put the company on its were preserved, there can be no question in my [the
good behavior, as it were, by retaining the bill of Court’s] mind of the continuous and deliberate pur­
complaint and reserving the right to decree dissolu­ pose of the Corn Products Refining Co. by every
tion if hereafter it should be made to appear to the device which their ingenuity could discover, to main­
Court that the size and power of the company were tain as completely as possible their original domina­
being used to the injury of the public, or whenever tion of the industry.” “ That they recognize,” he
such size and power, without being intentionally so says, “ the impossibility of an absolute exclusion of
used, should give to the Can company a dominance other glucose and starch manufacture is true enough,
and control over the industry, or some portion of it, for they were minutely advised as to all conditions
so great as to make dissolution or other restraining of the industry. But while recognizing this ina­
decree of the courts essential. Judge Rose’s scheme bility, they in no wise conceded among themselves
seems likely to fail because of the opposition of the that their conduct could not have, and should not
Government, but it has obvious merit, nevertheless, have, a depressing influence upon the growth of any
and reflects moreover the views of a candid judge.
competition.” Judge Hand then proceeds to con­
Judge Rose in the Can suit pointed out that in sider the various devices adopted for that purpose
most of the cases under the Anti-Trust Law in which an reaches the conclusion “ that permeating the
dissolution has been decreed, the defendants had, whole of their conduct, certainly down to the year
not long before proceedings against them were 1912, there runs the intent which I have mentioned
instituted, done things which evidenced their con­ — an intent the execution of which it is the precise
tinued intent to dominate and restrain trade by the purpose of the Anti-Trust Act to foil.”



14

We have not the space to go into Judge Hand's
summary of the facts, but as narrated by him they
are made to appear glaring violations. In particular
he lays emphasis upon the combine’s manipulation of
prices. Referring to the so-called low price cam­
paign of 1910 and 1911, he says “ that the defendants
contemplated just such a manoeuvre, and supposed
themselves capable of carrying it out, their private
correspondence abundantly proves.” The Govern­
ment undertook to prove that the Corn Products Co.
was actually selling glucose at less than cost during
portions of the year 1911, and Judge Hand asserts
“ that they were for some time selling ‘Karo’ syrup
at less than cost above glucose is abundantly shown.”
Again, “ That the trade supposed the prices to have
been cut, appears from the evidence of the witnesses,
who said that prices were uncomfortably low and that
they were hard pressed.”
With a few exceptions, the findings of the Court
are all against the Corn Products Company. Thus
the Court finds that the different reorganizations of
the various constituent companies, those of 1897,
1902 and 1906, were for the purpose of monopolizing
and restraining trade in the manufacture of glucose
and starch; that the defendants “ attempted and are
attempting to monopolize the trade in mixed syrups,
consisting of from 85% to 90% glucose and the bal­
ance flavoring matter;” also “ that the defendants
have attempted and are attempting to monopolize
the trade in glucose and starch and derivatives there­
from;” likewise that “ the consolidations set forth in
the petition were made for the purpose of restraining
competition in domestic and foreign commerce in
starch and glucose and their derivatives;” “ that in
two instances before mentioned the defendants ex­
acted contracts not to engage in the trade from the
owners who sold their plants, and that this was done
with the purpose of monopolizing the industry as
aforesaid;” “ that the defendants from November
1906 until Jan. 1 1910 engaged in a profit-sharing
plan as alleged and that this was part of an attempt
to monopolize and restrain commerce;” “ that the
defendants attempted by threats to prevent the
erection of the American Maize Products Co. and
that they subsequently succeeded in restricting the
grind of that company by agreement, that in addi­
tion they secretly and deceitfully sold at unprofitable
prices a part of the product of that company repre­
senting that iCcame from outside producers, when in
fact it was owned by them.”
The Court furthermore finds “ that the defendants
attempted to restrict the grind of the Clinton Sugar
Refining Co. and instituted a competition in candy
at less than cost for the purpose of impeding the
business of that company and of securing to itself
the custom of candy manufacturers, and that this
was done with the same monopolistic intent as above
stated;” again, “ that during the years 1910 and 1911
the defendants, having control of the prices at which
glucose and starch could be manufactured, lowered
prices to a sum less than a fair profit, for the purpose
of securing the trade to themselves, and harassing,
annoying, and, if possible, driving out their com­
petitors.” Another finding is that the defendants
“ have since 1909 endeavored to secure to themselves
by low prices as much as possible of the trade in
mixed syrup of the kind described in Article 5th of
the petition.”
With such a formidable array of findings and with
the decisions of the U. S. Supreme Court bearing



[Vol . 103.

THE CHRONICLE

on the Anti-Trust Law strictly applied, it was in­
evitable not alone that the combination should be
condemned, but also that the conclusion should be
reached that no alternative remained except its com­
plete disintegration. Judge Hand argues that “ if
the decisions of the Supreme Court are to be so
understood, it is the mere possession of an economic
power, acquired by some form of combination, and
capable, by its own variation in production, of
changing and controlling price, that is illegal. It is
not necessary in any view that the combination should
exclude, or be able to exclude, all others; it is not
necessary that its control should extend beyond such
a period as is required to bring in new supply.”
Even, however, if the Supreme Court shall eventually
decide that it is the exercise of the power, as so de­
fined, and not the power alone, which is illegal, the
case at bar, he thought, was in the end no different.
Under that theory the injuries to the public arc shown
by the means which the combination has employed
in its efforts either to gain or to maintain its posi­
tion.
As to the remedies, that there should be an in­
junction, Judge Hantf says, admits of no question.
Some of the unfair practices have undoubtedly been
stopped; some ceased long before the petition was
filed, and there is, indeed, he thinks, no reason to
suppose that they will again be resumed. But the
defendants, he contends, are in no position to com­
plain against a decree of court specifically forbidding
them from any resumption of practices which were
merely the incidental manifestation from time to
time of a purpose which actuated them throughout
their whole progress. Judge Hand takes up all the
objections urged by counsel for the company to dis­
solution, but is unrelenting, saying: “ None of these
considerations seem to me sufficient to prevail over
the wisdom of disintegrating a combination which has
shown such an inveterate and incorrigible insistence
upon interfering with the course of commerce which
the law demands. That the general organization of
the Corn Products Refining Co. would be disrupted
would of course follow; it is indeed the very purpose
of the relief itself. The suit is, it is true, not punitive
in its character, but the stockholders are in such cases
responsible for the conduct of the business by the
officers in charge. Such loss as is involved in re­
moving from their hands the power which they have
so persistently used contrary to law is an inevitable,
though unfortunate, incident in the enforcement of
the statute.”
In this Judge Hand is logical, but hard, and not
altogether convincing. The difference between him
and Judge Rose, and also between him and the
Judges in the Steel Corporation case, is that these
latter sought to conserve the good if the bad and the
evil could be suppressed, while Judge Hand is willing
that the good shall be sacrificed on the theory that
after all this is perfect justice, provided alone that
every possibility of the continuance of evil shall
thereby be eliminated.
PENDING CHINA LOAN.
Plans for a new loan to China by American bankers are
under way. The negotiations aro as yet only in the prelimi­
nary stages, but it is stated that the amount involved is
likely to be in the neighborhood of $25,000,000. Tho
bankers who it is understood will compose tho syndicate for
thoJiandling of the loan are J. P . Morgan & C o ., tho National
City Bank, the First National Bank, tho Guaranty Trust
C o ., Lee, Higginson & C o. and Kuhn, Loob & C o. This
loan will, of course, be entirely independent of tho $5,000,000

July l 191G.]

THE CHRONICLE

recently placed for the Chinese Government by tho American
International Corporation for tho purpose of improving tho
Grand Canal. A t the closo of tho Taft Administration
propai’ations wore under way for a loan of $125,000,000 to
China by Great Britain, France, Germany and the Unitod
States. Tho American portion was to havo been furnished
by a syndicate embracing the National City Bank, First
National Bank, J. P . Morgan & C o. and Kuhn, Loeb & Co.
Japan and Russia wero later admitted to participation, and
a Six-Power loan was virtually completed when the American
participation was canceled because of tho viows of tho
Administration, President Wilson in response to a query
from the bankers as to tho Government’s attitude in tho
matter having stated that “ tho conditions of tho loan seem
to us to touch very nearly tho administrative independence
of China itself, and tho Administration does not feel that it
ought, oven by implication, to be a party to those conditions.’ ’
The other nations also finally decided to withdraw.
Leo, Higginson & Co. are the fiscal agents in this country
for tho Chinese Government. W ith tho Guaranty Trust
C o. the firm some months ago arranged for a loan to China
of $1,000,000.
Tho loan now under consideration is said to havo boon
tho subject of conferences at the Stato Department, Wash­
ington, during the past few weeks, and Third Assistant
Secretary of State Phillips is reported to have taken an active
part in furthering tho arrangements.

15

I am in a fighting mood, to let you know what are somo of tho things that
I do boliovo in.
In the first placo, I boliovo— and I summon you to show your belief in
tho same tiling—that it is tho duty of overy American in everything that
he doos., in his businoss and out of it, to think first, not of himself or of any
intoro.st which ho may bo called upon to sacrifice, but of tho country which
wo serve. “ America first” means nothing until you translate it into what
you do. So I believo most profoundly in tho duty of overy American to
oxalt tho national consciousness by purifying his own motives and exhibiting
his own devotion.
In th e so c o n d p la c o , A m e r ic a , th e c o u n t r y th a t w o p u t fir s t in ou r
th o u g h ts , s h o u ld b e ro a d y in e v e r y p o in t o f p o lic y a n d o f a c t io n t o in d i­
c a te a t w h a te v e r c o s t th e p rin cip le s o f lib e r t y , o f ju s tic e a n d o f h u m a n ity
t o w h ich w o h a v o boon d o v o t e d fro m th o fir s t.
Y o u ch eer th e s e n tim e n t, b u t d o y o u realize w h a t it m o a n s ?
I t m ea n s
th a t y o u h a v e n o t o n ly g o t t o be ju s t t o y o u r fe llo w -m e n b u t th a t as a n a ­
tio n y o u h a v e g o t t o b e ju s t t o o th e r n a tio n s.

It comos high. It is not an easy thin? to do. It is easy to think first of
tho material interest of Amorica, but it is not easy to think first, of what
America, if she loves justice, ought to do in the field of international
affairs.
■
I believe that at whatover cost Amorica should bo just to other peoples
and treat othor peoples as she domands that thoy should troat her. Sho
has a right to demand that they treat her with justice and respect and sho
has a right to insist that they treat hor in that fashion, but sho cannot with
dignity or self-respect insist upon that unless sho is willing to act in tho same
fashion toward them. That I ajn ready to fight for at any cost to myself.
Then, in tho third placo, touching ouiselves moro intimately, my fellowcitizens, this is what I boliovo: If I understand tho life of Amorica, tho cen­
tral principle of it is this, that no small body of persons, no matter how
influential, shall bo trusted to determine the policy and development of
America.
You know what you want in your business. You want a fair field and
no favor. You want to bo given the same opportunity that other men have,
not only to mako known what you have to sell, but to soli it under as favor­
able conditions as anybody else; and tho principle of the lifo of America
is that sho draws hor vitality, not from small bodies of mon who may wish
to assumo the responsibility of guiding and controlling hor, but from the
groat body of thinking and toiling and planning mon from whom she draws
EXTENSION OF FRENCH MORATORIUM.
her onorgy and vitality as a nation.
Tho French moratorium, according to advices from Paris
I boliovo—and this is tho reason 1 am a Democrat, not meroly with a big
Juno 25, has again boon extended for three months. Tho D, but with a littlo d; 1 am all kinds of a Democrat, so far as I can discover
— but tho root of the wholo business is this, that I boliovo in tho patriotism
last previous docreo, as stated in thoso columns April 22 (pago and onorgy and initiative of tho average man. Somo men say they believe
1492), issued on March 18, extended tho delays granted by in it, but whon thoy act thoy show that they do not. Thoy show that tlioj;
think the only advice that it is safe to take is their advico.
earlier decroos for a poriod of ninety days.
I was not referring to any individual, but I could give you an interesting
and a very short list of a group of individuals who have that opiniori, namely
that
it is not safe for tho Unitod Statos to escapo from thoir control. I fool
PRESIDENT WILSON ON READINESS OF AMERICA
perfectly safe in the hands of tho average body of my follow-citizens. You
TO VINDICATE ITS PRINCIPLES.
aro bound to feel safo in their hands. If they do not boliovo in you, you
President Wilson in addressing tho Associated Advertising cannot soil anything. If they do not bolievo in you, you cannot conduct
your business. Your vitality comos from them to you; it doos not go from
Clubs of tho World at a mass mooting in Indopondenco
you to them. Tho theory of Government which I dcclino to subscribe to
Square, Philadelphia, on Thursday told his lioarors that
s that tho vdtality of tho nation comos out of closeted councils, whoro a few
America “ should bo ready in every point of policy and of mon determine tho policy of tho country.
So, gontlomon, I fool at homo in this company, not because I advertiso
action to vindicate at whatever cost tho principles of liberty, but bocuaso I havo got principles that I am perfectly willing to oxposo
of justico and of humanity to which wo havo been devoted to tho public view, and because I want to express my sympathy with, not
from tho first.” Declaring himself to bo in a fighting mood, only, but my admiration for a body of men who think it is worth while to
got together In ordor to toll the truth.
tho Prosidont took occasion to state that ho had never been
Tho only thing that over sot any man free,, the only thing that over set
interested in fighting for himself, but that ho was “ immensely any nation froo, is tho truth. A man that is afraid of tho truth is afraid of
interested in fighting for tho things that I boliovo in and so tho law of lifo. A man that docs not love the truth is in tho way of decay
and failuro, and I boliovo that if you will just let the vitality that is in you
far as they are concerned I am a challenger to all comors.”
and tho enthusiasm that is in you run beyond the confines of tho businesses
“ I believo,” ho addod, “ that at whatever cost Ainorica that you may bo interested in, you will presently feel that infinite reward,
as if tho rod blood of a whole nation came surging back into your own
should bo just to other peoples and treat other peoples as
veins,
sho demands that thoy should treat hor. She has a right to
Can you imagine, my fellow-countrymen, a more inspiring thing than to
belong to a freo nation and mako your way among mon overy ono o f whom
demand that thoy troat her with justice and respect, and she
has the right and tho opportunity to say what he thinks? Criticism does
has a right to insist that thoy treat hor in that fashion, but not hurt anybody. I heard an old politician once say to his son: ‘John,
sho cannot with dignity or solfrospect insist upon that|unless
don’t bother your head about lies and slanders, they will takocaroof
themselves, but if you ever hoar mo denying anything, you may mako up
sho is willing to act in the same fashion towards them.
your mind that it is so.’
That I am ready to fight for at any cost to m ysolf.” Tho
And whon you soo a man wincing under criticism, you may know that
address in full is as follows:
something hit him that was so, and, therefore, whon thoy aro saying tho
You will understand that I havo not como hero to mako an extended things that aro not truo, thero is no credit in keeping your head and not
addross. I do not noed to oxplain to you the circurnstancos which havo minding it. I havo such an invotorate confidence in the ultimato triumph
made it impossible that I should prepare an oxtended address; but I count of tho truth that I fool, with old Dr. Oliver Wendell Holmes, that tho truth
myself vory fortunate to be ablo to loavo my duties at Washington long is no invalid, and you need not mind how roughly you handle her. Sho has
onough to faco this interesting company of men who have tho very fine got a splendid constitution and sho will survive every trial and every
conception that it is their duty to lift tho standards and ideals of their labor.
I havo gono, thoroforo, as I havo abundantly shown you, not to mako a
profession.
I
understand, gontlomon, tnat you have associated yoursolves togotherformal speech— if I could show you somo of the things I have been obliged to
do boforo 1 camo hero, you would know that I could not possibly mako
in older to promote candor and truth in the advertisement of your business.
I wish vory much, gontlomon, that candor and trutli might always b3 tho a spooch up—but moroly to show my profound interest in a body of men who
standard o f politics, as well as tho standard o f business. L want to aro not only dovoted to business, but dovoted to ideals.
Business is all right so long as it is not sordid, and it cannot bo sordid if it
challenge your attention for a moment to this aspect o f your activities. I
do not soo how a man can devote himself to candor and truth in tho pro­ is shot through with ideals. A man, no matter how humblo his business,
motion of a particular business without studying tho life of tho great nation can hold his head up among tho princes of the world if, as they ought to do,
he will think of himself as tho servant of tho pooplo and not as thoir master,
to whom he addrossos his advertising.
I
do not soo how a man can fail, having ostabdshod tho horizon of hisas ono who would serve and not ono who would govern.
I congratulate you, my follow-citizens, upon tho ideals of a profession
businoss whero the great hills of truth lie, to lift his oyos to tho groat multi­
tude of laboring men and striving womon who constitute a great nation which can lower or exalt businoss, as you choose, and which you havo
choson
to employ for its exaltation. I camo away from Washington to
liko ours, and in tiro vory act of addrossing them got in his own consciousness
somo part of tho impulso of their life. You cannot commend your businoss look into your facos and got somo of the enthusiasm which I always got when
to people that you do not understand, and you cannot understand tho I como away from officialdom and touch hand to hand with groat bodies
of tho freo American people.
pooplo of tho Unitod Status without wishing to servo them.
So I como to you with this thought: America Is at a point, gontlomon,
whoro it is moro than over nocossary that she should understand hor own
THE STOCK EXCHANGE AND ADVERTISING.
ideals, not only, but bo roady to put them into action at any cost. It is
one thing to ontortain fine principles and anothor thing to mako thorn work.
“ Tho Stock Exchango Viow of Advertising” was set out in
It is ono thing to ontortain thorn in tho formulas of words liko the splondid
words which wero utterod and give distinction to this ancient and historic an addross delivered by William C . Van Antwerp, a Governor
building behind mo, but it is another thing to do what thoso same men of tho New York Stock Exchange, before the Associated
did, mako thoso words livo in tho action of their livas. And America is Advertising Clubs of tho World at Philadelphia on Juno 27 .
summoned in each now generation to renew not only tho pledges that thoso
In oxplaining’ tho position of tho excliango with regard to tho
men mado, but to ronow tho oxamplo which thoy gavo to tho world.
I am not intorostod— and I bog that you will boliovo mo whon I say that prohibition against “ catch phrases,” M r. Van Antwerp stated
I novor havo boon intorostod— In fighting for mysolf— but I am imraonsoly that mombers havo been advised that they may advortiso
intorastod In fighting for tho things that I boliovo in, and so far as thoy aro
concornod I am a challenger to all comors. It Is Important, therefore, sinco asjgonerously^as they please, supply the public with as much




16

THE CHRONICLE

educational matter as they choose, offer what they have for
sale, but must not approach anything remotely approaching
the business of a tipstor. His remarks were as follows:
I have been asked by your President to come oyer here and tell the Asso­
ciated Advertising Clubs o f the World what the New York Stock Exchange
Is trying to accomplish In tho way o f regulating tho advertising o f its mem­
bers. What I have to say can be said in a few words, for our purpose and
yours is identical. Both your Association and the Stock Exchange stand
for plain homespun honesty in commercial transactions and in the .adver­
tising and salo o f securities and merchandise. I observe on your letter­
head that the emblem o f your order is tho word " ’truth” imposed on tho
map o f tho world. That is also our emblem. You have elected a Vigi­
lance Committee to see that your high standards are maintained: we have
elected a Committee on Business Conduct for the same purpose. Wo are
fighting for a common causo, namely business ethics— one o f the most
powerful and interesting movements that has taken place in American
commercial life in this generation.
In our determination to keep the advertising o f our members on a high
piano, we are influenced by two essential considerations. The first o f these
is that the New York Stock Excnango is the foremost market of its kind in
tho world. The securities which pass through the hands o f its members
represent a very considerable part o f America’s material wealth. Because
of its size and importance and bccauso banks, courts and legislatures have
come to look upon our quotations as a mast reliable index of values, we
boliove that advertising by our members should be conducted upon a piano
of d ig n ity commensurate with the interests involved. That is our first
consideration.
Our second has to do with tho peculiar character o f the business in which
wo aro engaged. Both speculation and investment contain pitfalls: again
and again it has been charged that credulous people have been lured into
tho market through misleading advertising methods. Nino times out of
ton theso misleading advertisements emanate from people who aro not
members o f the Stock Exchange, and naturally we can oxerciso no control
over them, but we can and do exorcise a control over the advertising of
our own mombers. We havo accordingly said to them, you must not
only put your advertising on a dignified plane, but you must not uso any­
thing in tho naturo of catch phrases or alluring devices designed to influence
the judgment of thoso to whom it is addressed. You may advertise as
generously as you ploaso; supply the public with as much educational matter
as you choose; offer what you have for salo, but do not attempt anything
remotely approaching tho business of a tipster. This is our second and
final consideration.
On tho London Stock Exchange tho necessity for such prohibitions is so
strongly recognizod that mombers of that body may not advertiso in any
form whatever; indeed the London Stock Exchange officially publishes a daily
advertisement in tho loading nowspapors informing the public that its mem­
bers aro not permitted to advertise. This is done in order that professional
tipsters may be known as such and the public warned accordingly. I may
add that the London Stock Exchange's practice in this respect has been a
potent factor in establishing its high place in the public esteem.
The famous Hadley Commission in its report to President Taft used
these words:
“ Tho Pure Food Law enables a man to know what ho is buying. It
does not certify that tno thing ho buys is good for him; that is left to his
intelligence."
Tho Stock Exchange in its rules concerning advertising is influenced
by a similar consideration. We cannot protect investors and speculators
against tho consequence o f their unwisdom in buying unprofitable securi­
ties, but we can and wo do attempt to reduce their risks by insisting that
the advertising o f our members shall not contain anything designed to ap­
peal to tho hopeful credulity o f their customers. In that effort we ask,
and wo oxpect, tho support o f our members, of tho Associated Advertising
Clubs o f tho World and of the whole public.
Naturally it is not easy to draw hard and fast rules in such a case. In
attempting to decido what is dignified and what is undignified, wo shall
have to solve our own problems in our own way. The Governors of the
Stock Exchange aro elected by tho mombers for this very purpose, and they
are given large and almost autocratic power, but they havo never used that
power for any other purpose than the public interest, and they may be
trusted in this case to maintain that high standard. Perhaps now and then
wo may go too far. Two steps forward and one step back is, humanly
speaking, a law o f .all social development, but it is better to stand up so
straight that you lean backward than to grow round-shouldered through
neglect and indifference. Tho Stock Exchange has never yet encountered
any real difficulties when it called upon its members to do the right thing
in tho right way. That wo shall encounter, no sorlous obstaclo in this in­
stance is shown by tho fact that among our 1,100 members only sixteen
havo thus far published advertising matter that might be open to criti­
cism.
Briefly summarized then, our caso may bo put in this way: Members
of tho Stock Excnango deal with an enormous clientele; our affairs aro
always in tho public eye and thoro aro, undeniably, evils in speculation.
Bocauso o f these facts we constantly strive to maintain a standard o f busi­
ness morality higher than that ordinarily applicable in the commercial
world at large. Therefore, wo say to our members: as no man can say
definitely how an investment will turn out, you must not attempt it
directly or indirectly.
If you want to advertiso, you must do so not
merely on honest lines, but on a piano o f commercial dignity befitting the
world’s premier market-place.
In taking that stand, we believo wo are arming with fresh courage and
efficiency all thoso forces which aro to-day battling for commercial honesty
and fair play.

Following M r. Van Antwerp’s address, Herbert S. Hous­
ton, President of the Associated Advertising Clubs, in en­
dorsing the attitudo of tho Exchange, said:
We strike hands with tho Exchange, to use Mr. Van Antwerp's happy
phrase, for "plain homespun honesty in business and in advertising.”
Wo believe also that advertising should be dignified, if dignity isn’t carried
to tho point of being a sort o f fossilized formalism. In a word a statement
doesn’ t have to be dull in order to bo true. What better evidence than this
clear, vigorous, even brilliant address we have just heard from a Governor
o f the Exchange. That address lost nothing in dignity because it was
direct and hit tho bullseye. Now .advertising is merely a form o f human
appeal. It is put in type and in a publication in order to reach many
people with its appeal quickly. But thero is no reason why you should
not talk to a number of people in the same simplo and direct way that you
would talk to a few or to one. In brief, advertising should have human
interest because It is a human appeal. If Mr. Van Antwerp’s address had
been a formal statement it would havo been interesting in tho same way that
a railroad balance sheet is. Instead it was in effect a graphic, dignified and
convincing advertisement, for it boro to us definitely the policy of the
Stock Exchange.
.....




[Vol . 103

Now as to “ catch phrases.” As I understood Mr. Van Antwerp, tho
Exchange means by a “ catch phraso” tho heading or caption of an adver­
tisement. On tho program I notico that Mr. Van Antwerp’s address has
tho caption “ The Stock Exchange View of Advertising.” Now that is a
direct and descriptive title for the address.
If the titlo appeared on an
advertisement I supposs it could be called a “ catch phrase” — a group of
words to catch tho attention. Now I submit that if tho group of words
frames a caption that is true there ought to be no criticism just bccauso
it is a phrase to catch the attention. I was looking over tho financial sec­
tion of the Now York “ Evening Post” tho other day— a paper of great
weight and authority among tho members of the Exchange, and over tho
news articles were such captions as “ Paradox of Wheat Prices,” “ War
Orders and Easy M oney,” “ Impressions Over tho Border,” “ Mobilizing
Securities in France,” “ Business in tho Campaign,” and so on. These
were direct and informing and in each caso a descriptive title for the matter
published beneath. In adjoining advertising columns were such captions
as "Bonds Favored by Banks In 1915,” “ Astor Trust Directors, Resources
Are as Much a Matter of Men as of Millions,” “ Making Your Will,” and
others o f like tenor. Advertisers had used there captions for tho same rea­
son that the "P ost” bad used its news captions— to attract attention.
And surely if they were properly descriptive they should not be considered
objectionable. In fact, can’t wo say that tho Stock Exchange and tho
Advertising Clubs, both striving for honest advertising, agree in believing
that tho catch phrase or caption is not wrong in itself but wrong only whon
wrongly used.
There is another broad ground of agreement botwcon us to which I wish
briefly to refer. Wo are both concerned with market. Tho Stock Ex­
change, as has been said, is the greatest market for securities in tho world.
Tho Associated Clubs are interested in tho market for securities and in all
markets. W e beliove that the greatest force that has over been found to
broaden markets is advertising. That is why wo bear tho name. Adver­
tising Clubs. We aro convinced that the Stock Exchange, which has been
maligned and misrepresented for a generation, which is very generally mis­
understood, needs not lass advertising but more advertising. It needs
to havo tho merchant and farmer and manufacturer, tho proverbial "man In
tho street,” as well as the little handful in Wall Street and La Sallo Street
and State Street, know what tho Stock Exchango is and what it moans to
industry and to business. Now the way to do that is to broaden tho
market beyond the professional group surrounded by tho ticker tapo and
let its metes and bounds stretch to tho farthest ends of the country. And
some day tho Stock Exchango will learn that tho way to accomplish that
result is through the power of advertising.

R. G. ESTEE EXPELLED FROM STOCK EXCHANGE.
Because of alleged “ conduct inconsistent with just and
equitable principles of trade,” Rush G . Esteo of tho firm of
R . G . Estee & C o., 52 Broadway, was on Juno 29 oxpolled
from the Stock Exchango. The action of the Governors
was taken under Section 6, Articlo 17, of tho constitution,
which says:
A member who shall havo been adjudged, by a majority voto of all ex­
isting mombors of tho Governing Committee, guilty of wilful violation of
tho constitution of tho Exchango, or of any resolution of tho Governing
Committeo regulating tho conduct or business of mombers, or of any con­
duct or proceeding inconsistent with just and oquitablo principles of trade,
may bo suspended or oxpolled, as tho said Committeo may dotormino, unlass
somo other ponalty is oxprossly provided for such offonso.

Somo weeks ago Estee was reported missing from a yacht
at anchor in Duluth Harbor, but turned up in Minneapolis
five days later. Ho is reported to havo been found guilty of
trading for his own account in stocks in which ho specialized,
and which were supposedly for the account of customers.
This gave him tho opportunity of selling thoso securities to
commission brokers on market orders at pi’ices which netted
him a profit in addition to chai-ging a commission.

COMPARATIVE FIGURES OF CONDITION OF
CANADIA N BANKS.
In the following we compare tho condition of tho Canadian
banks, under the last two monthly statements, with the re­
turn for June 30 1914:
ASSETS.

31 1916.
$
45,643,796
20,897,912

M ay

Gold and subsidary coin­
In Canada___________
Elsewhere___________

.

T o t a l...................................
66,441,708
Dominion notes______________
147,100,192
Deposit with Min'cr of Finance
for socurity of noto circulation
6,771.597
Deposit in central gold reserves
14,810,000
Duo from banks_____________
192,246,308
Loans and discounts__________ 870,422,992
Bonds, securities, &c_________ 206,641.362
Call and short loans in Canada.
84,826,636
Call and short loans elsewhere
than in Canada____________
163,406,059
Other assets__________________
74,885,098
Total

29 1916.

30 1911.
$
28,948,841
17,160,111

66,336,554
147,479,821

46,108,952
92,114,482

6,726,663
14,410,000
212,335,593
883,286.657
190.638,037
82,527,448

6,667,568
3,050,000
123,608,936
925.681,966
102,344,120
67,401.484

147,146.443
74.494,237

137,120,167
71,209,738

§

June

1.827,551,962 1.825.381,453 1,575.307.413
L IA B IL IT IE S .

Capital
Capital
Capital
Reserve

45,265,875
21,070,695

A p r.

$

$

8

'

authorized___________
subscribed---------------paid up_____________
fund-------------------------

188,866,666
113,255,066
112,832,765
113,022,933

188,866,666
113,251,566
112,823,898
113,122,933

192.866.666
115.434.666
114,811,775
113,368,898

C irculation_________________
Government deposits_________
Demand deposits____________
Tlmo deposits_______________
Duo to banks________________
Bills payable________________
Other liabilities______________
Balances due to Imperial Govt.

114,847,323
43,924,857
599,717,261
765,064,041
30,731,105
5,549,120
14,395,921
12,657,977

119,233,330
45,223,292
594.102,546
748,359,957
33,409,777
6.423,799
13,135,306
21,035,500

99,138,029
44,453,738
458,067,832
663,650,230
32,426,404
20,096,365
12,656,085

Total, not Including capital
or reserve fund.................. 1,586,887,605 1,583,923,507 1,330,488,683
N o t e .— Owing to the omission of tho cents in tho official reports, the
footings in the above do not exactly agree with tho totals given.

J uly l 1916.]

THE CHRONICLE

BUSINESS CONDITIONS IN ATLANTA FEDERAL RE­
SERVE DISTRICT.
In indicating tho conditions in a fow of the lines of industryin the Federal Reserve District of Atlanta, the report by the
Atlanta Federal Reserve Bank, issued for publication to­
day, says:
Tho general outlook In tho district continues bright, with money plentiful
and rates normal with slight demand. Tho impression is that with the
cessation of war, money will flow moro freely along trade channels, and we
look for moro new and diversified Industries in the district.
Cotton conditions are reported as favorable, but it is suffering some­
what for want o f Sunshine and warm weather, and especially is this true
in tho northern section o f the cotton belt. The corn crop is tho best in
several years. Crops will bo made at a less cost than average this year
and with good prices the farmers will be in a prosperous condition. No
unusual advances havo been made on growing crops and unless rains con­
tinue and crops becomo “ grassy” and necessitate a great deal of additional
labor no demand for additional money is looked for.
New business has somewhat receded, but manufacturing and general
Industrial lines continuo to operate full timp with plenty of orders ahead.
Labor in goneral is satisfactory and well employed.

REPORT ON BUSINESS CONDITIONS IN PHILADEL­
PHIA RESERVE DISTRICT.
Below we givo extracts from the report o f business condi­
tions in tho Philadelphia Federal Reservo District prepared
for publication in tho July number of the “ Federal Reserve
Bulletin” :
The buying power which has developed throughout tho country tends to
keep general business on a strong basis; reports from the various depart­
ments o f trado and industry are almost uniformly favorablo, and indications
point to continued active conditions.
Tho labor situation, as referred to by us last month, still appears to bo
unchanged and Is sorlous. Labor is restless and its continual shifting is
lowering tho efficiency of many plants, thus entailing loss to manufacturers.
Thero is a noticeable scarcity of femalo help available for mill work.
While somo o f tho munitions plants are only now commencing to make
deliveries, others aro anticipating tho end o f the European war, and are
making plans to manufacture commodities for use in time of peace. This is
adding to the growing feeling that tho end o f tho war will not havo tho
disastrous effect upon our Industries which some business interests havo
feared.
The doposits o f our savings banks have increased considerably during the
last year, tho following tabic showing the deposits o f tho four leading sav­
ings institutions in Philadelphia:
March 30 1916------------ $192,880,0001Feb. 20 1914_________ $178 410 000
April 5 191.5.................. 182,870,0001May 1 1913__________ m ^ o io O O
Within tbe past fow weeks there has been a considerable reduction in
ocean freight and steamship charter rates. It is somewhat difficult to recon­
cile this statement with the fact that the volume and value o f exports are
being maintained at unprecedented figures, but tho action o f tho British
Government in placing embargoes on tho importation o f certain commodi­
ties has increased tho tonnago available for other cargoes. Up until a short
time ago, 50% o f tho cargo-carrying space o f every ship under control of
Great Britain had to bo reserved for wheat and flour up to within two weeks
o f sailing; after that time, sufficient o f any other acceptable goods could bo
loaded in order to make a full cargo. Tho British Government has recently
reduced this requirement to 33% o f tho cargo-carrying space, and has also
reduced tho freight rate on wheat from 18d. to 13d. per bushel, Indicating
that tho store o f wheat in Great Britain is now considered to bo sufficient.
Tho availablo supply of tonnage has, therefore, been increased, causing a
corresponding reduction in freight rates. However, rates to ports other
than those In Great Britain are being well maintained, as are charter rates
for long sailings, only tho short contracts, being materially affected. The
outlook Is considered uncertain.

REPORT OF CONDITIONS IN ST. LOUIS FEDERAL
RESERVE DISTRICT.
“ Gonoral business conditions during the last thirty days
may bo said to havo more than hold thoir own, oven com­
pared with tho rapid advances made in tho last six months,”
says tho monthly statement of conditions in tho St. Louis
Federal Roservo District issued for publication to-day
(July 1) by William M c C . Martin, Chairman of tho Board
and Fodoral Reservo Agent of tho St. Louis Reserve Bank.
Tho roport goes on in part as follows:
The usual summer lull Is evident in some lines, but oven so, shipments
show an advance as compared with tho samo period in tho last fow yoars.
It should bo romomborod that business in this district began to show signs
of improvement something over fiftoon months ago, and comparisons of
this year with 1915 show a roal improvement and not an artificial improve­
ment due to a comparison witli a period or general depression incidental to
tho outbreak of tho European war. Conditions aro believed to be funda­
mentally sound.
The dry goods interests in the district show an Increase in business for
M ay and the first half o f Juno as compared with a year ago and Indications
are that thoir orders for future delivery are considerably larger tnan last
year and in somo cases have broken the record for advance orders. The
dry goods interests further report tnat stock in the hands of retail merchants
are probably smaller than they wero thirty or sixty days ago, thus evidencing
Immediate consumption o f merchandise and a lack of speculative buying.
Tho samo conditions seem to rule among tho boot and shoo manufacturers.
Ono largo houso which makes a practice o f publishing its sales, reports an
incroase in shipments of over two million dollars for May 1916, as compared
with M ay 1915, and a gain o f over five million dollars In shipments for tho
six months ending May 31 1916, compared with a similar period a year ago.
Tho hardware and allied industries report similar gains. In a few cases
whore pricos havo becomo prohibitive tho demand has slackened, but in
general tho Increased cost has not had any apparent influence on sales.
There seems to bo no speculative buying. The situation in the paper trades
seems to be somewhat different. Prices perhaps increased more rapidly
than In the general merchandise lines and apparently the paper trade has
undergone a period of readjustment and is now on a moro normal basis,
l’ racticallylall wholesalers o f general merchandise report theirjcollections




17

to bo in good condition and that they follow the trend of sales closely.
^
a,K*chemical market shows a slight recession in prices as compared
with thirty days ago and the same may be said of certain ores and min­
erals.

DAYLIGHT

SAVING NOT SO
SEEMS.

IMPORTANT AS I T

(From the “ Official Railway Guide” for June 1916.)
Tho advantages claimed for tho shifting o f tho hands of the clock an hour
forward have been loudly urged and need not bo here repeated. Some of
them may appear plausible, but for the most part they would do credit
to the lat.0 Colonel Mulberry Sellers. The only contention having possible
merit is that a saving would be effected in tho expense for artificial light.
Thero is, of course, no daylight "saved.” It is merely an adjustment o f
the clock to meet the habits o f men. If a man who has been in the habit o f
going to work at 8 o'clock in tho morning should be required to commence
at 7 he would probably strike. If, however, while he is sleeping tho hands
of his clock aro pushed ahead one hour he goes contentedly to the shop at 7,
thinking that it is 8; and in the afternoon, at knocking off time, he will find
that ho has, in May and September, as much time between shop closing
and sundown as he had formerly in July.
In tho agitation on this subject in England in 1908-09 hearings were held
by a special committee o f Parliament, at which all classes of peoplo and
every industry wero represented. These hearings occupied five months,
and at the end tho committee recommended that the “ bill bo not further
proceeded with.” The objections to the bill arose from Government officers
engaged in astronomical work and the meteorological department, also
from newspaper publishers on account o f tho derangement o f telegraphic
nows, from commerclaPand banking houses which had transactions with
foreign markets and from transportation lines having connection with con ­
tinental railroads, all o f which, in those times of peace, would hive been
demoralized by tho change. The effects o f the war and tho fact that the
continental countries have themselves adopted the now standards have
removed temporarily some o f those objections.
In tho United States, so far as tho transportation lines are Concerned,
if it should bo decided by the Federal Government and others in authority
to try the experiment, the change could l .e n ide as it was in England. In
1883, when 56 standards wero resolved Into 4, thero were many differences
° f odtl minutes to bo considered which must be figured out and adjusted
to tho schedules of each road. Compared with that problem the present
proposition is simple. At a certain hour fixed by agreement (in England
It was 2 a. in. Sunday M ay 21) tho hands of all clocks and watches would
bo moved forward ono hour. All trains then running would becomo at
once ono hour behind time; they could bo conducted safely to tho end of their
run with no great difficulty. Thereafter the railroad time tables, being
already adjusted to the time used in the cities which they serve, would
remain just as before. No change in that respect would bo necessary.
Before this country follows any hysterical scheme o f tho war-distracted
peoplos on tho other side of tho ocean, it should take time to weigh con­
ditions here, see who will be benefited and who injured, and observo how
tho plan works out in practice. We havo stood by tho sun for many
years; a little while-to wait and examine will do no harm.

FORMS FOR REPORTING INCOME T AX ON SECURI­
TIES OF NON-RESIDENT ALIENS.
Lowis B . Franklin, President of the Investment Bankers’
Association of America, announces receipt of information
concerning a ruling of the Internal Revenue Department
permitting, until Oct. 1 1916, the use of the old form of
income tax ownership certificates in connection with coupons
from bonds of American corporations owned by non-resident
aliens and foreign corporations. M r. Franklin sent this
telegram to tho Commissioner of Internal Revenue :
Coupons due July 1 from bonds of American corporations owned by
non-resident alions and foreign corporations have boon presented for
paymont, accompanied by ownership certificates old form 1,004 rovisod,
Desirablo to avoid long delay and loss of interest to owners which would
result from refusal to pay coupons unaccompanied by either new form
1,004 revised or 1,001 revised. M ay not payment on old form bo author­
ized for tho present, tho debtor corporation withholding tax or not with­
holding according to facts of ownership shown in certificate samo as though
ono of now forms accompanied coupons ? If this may be dono very dosirable
that gonoral ruling bo published to this effect limiting if necessary time
within which practico may bo permitted.

Tho reply of Acting Commissioner Gates was as follows :
Your tclogram Juno 27 Treasury Decision issued authorizing acceptance
of incomo tax certificates on old form 1,004 revised, prior to Oct. 1 1916
if boaring tho words "not exempt” stamped in large typo across tho face.
Copios of doclsion follow by mail.

Sinco the question has been raised as to the authority of
agents to stamp the words “ not exempt” on tho face of the
certificate as required by the Treasury Department, it has
beon suggested that in the absence of instructions from
owners, tho following explanatory line bo added to the
stamp :
Thoso words aro stamped hereon by tho collecting agent under T. D ,
2,344 for tho purposo of collection without authority.

INTEREST PAID ON SECURITIES NOT EXEMPT FROM
CORPORATION TAX.
In a decision handed down at Washington by the United
States Circuit Court of Appeals for tho Second District, the
findings of tho U . S. District Court in favor of the Govern­
ment in the proceedings brought by tho Middlesex Banking
Co. of Middlotown, Conn., against the Collector of Internal
Revenue, to compel a refund of taxes paid by the company
under the Corporation Tax Law, wero affirmed. Tho Cir­
cuit Court in its opinion, which was rendered in April, set
out that tho company under its charter had the powers of a
safo deposit company, of a bank of deposit and of a company
to sell securities, but its principal business was tho sale of

THE CHRONICLE

18

securities. Practically the whole of its business, it is stated,
consisted in the sale of its own obligations, called “ debenture
bonds,” secured by mortgages on property in the South and
W est, and tho sale of obligations of borrowers called “ guar­
anteed real estate securities.” The Court holds that tne
company is not allowed to deduct amounts paid as interest
on either tho debenture bonds or tho guaranteed real estate
securities, contending that the interest in question is not an
expense of business. The right to deduct the interest was
claimed by the company on tho ground that such interest
was paid upon money deposited with it. Tho opinion
in part said:
Without stopping to analyze tho charter powers of tho plaintiff and to
determine whether it is or is not a bank or banking association, and whether,
if so. it has not also other and different powers, wo think it perfectly clear
that tho interest in question is not interest upon money deposited with it,
but is interest paid on its own obligations, or on tho obligations of others
guaranteed by it which it has sold to tho investing public. Tho pur­
chase price is no more money deposited with tho plaintiff at interest than is
money paid to a railroad company for tho purchase of its bonds. Tho
transaction is not a banking transaction at all like tho giving of a pass book,
or a certificate of doposit to a depositor, but a business of selling securities
to investors.

[Vol . 103.

Setting out that a wrong feeling has existed in this country
as to the proper relations betweon Government and business
M r. Hurley admitted that when he went to Washington
he had the feeling that business men did not want to co­
operate with the Government, but ho learned very quickly
that they are all eager to co-operate and willing to do every­
thing in their power that the Government desires. It is
now, he added, tho duty of the Government to lend its
active constructive aid, and it is tho earnest desire of the
Federal Trade Commission to do everything in its power to
help foster American industries. On the subject of cost
accounting M r. Hurley refer ed to the fact that a prelimin­
ary study of industry generally, made by tho Federal Trade
Commission, has revealed the fact that only a very small
percentage of the manufacturers of the country make any
charge for depreciation of building plant equipment, or
seasonable merchandise,
and that their products were
priced and their profits determined before reckoning this
vital and important item. Continuing he said:

Tho Trado Commission is urging on every business man the absoluto
nocossity of making proper provision for depreciation and doing it monthly;
or at least quarterly. I think I can safely say that no accounting system
will receive tho endorsement of tho Commission unless it does provide for
EXPLAIN CLAYTON ANTI-TRUST ACT PROVISION tho inclusion of this most important item of cost.
Statistics show that tho percentage of business men who do not pro­
TO THE RAILROADS.
vide for depreciation is very largo, running over 50% and this is one of
A t a bearing beforo tiro Intor-State Commerce Commission tho causes that has a great in flu en ce on the business death rate. Nearly
every man is perfectly willing to includo in his cost ail items for which
on June 20 tho intent of rules governing the operation of the ho pays out actual money, but ho is inclined to overlook thoso which do
Clayton Anti-Trust Act prohibiting a common carrier to not require a visible outlay, and depreciation is ono of these which un­
purchaso supplies from any corporation in which its officers questionably exists. Many manufacturers and merchants do not chargo
any depreciation and give as a reason that they keep their plant and stock
are interested in a financial way, oxcept aftor having publicly in first-class condition. This is on/jrof tho most erroneous Ideas in business
advertised for bids, was explained. The Commission de­ to-day. Every machine, building, and apparatus, as well as seasonable
scribed dotails to be specified in advertisements and ordered merchandise, like every m an , has a certain period of life and no matter
how much care is taken or how much medicine you givo tho man, death is
that publication must bo in two newspapers of general circu­ bound to como.
If tho Federal Trado Commission and tho Associated Advertising Clubs
lation, ono in Chicago, and one in tho city where tho carrier’s
of tho World do nothing more than arouse tho American business man to
chief office is located and if practicable in other newspapers, tho fact that depreciation docs exist, that it is an element of cost, and that
including a trado paper. Julius Kruttschnitt, Chairman of ho should put it into cost, tho time will havo been well spent and business
tho Executive Committee of tho Southern Pacific Co. and generally will havo received a benefit.
Tho subject of more uniformity in cost finding is at present receiving
A . P. Thom , General Counsel for tho American Railway tho careful attention of many manufacturers and trado associations. A
Association, told the Commission tho railroads would offer number of trado associations are in this way achieving marked success in
no objection.
M r. Thom is said to have expressed tho strengthening their industries. It is being demonstrated that a knowl­
edge of cost determined by a uniform practice can improvo trade conditions
viow, however, that tho Commissions’ interpretation re­ to a remarkable degree. By a uniform practice I mean a common classiquired excessivo advertising and ho suggested that tho fleation of costs, both manufacturing and selling, a uniform mothod of
providing for depreciation with rates more or less standardized. Wlicro
Commission meet a committee of the Railway Association
this condition exists, production statistics which are comparable and which
informally to discuss tho subject.
will inform and guide the whole industry aro obtainable. Manufacturers
and merchants can then talk tho same language and will bo in a position
to profit by each others’ experience, to conduct their plants more efficiently

NEW

FORM FOR REPORTING DEPRECIATION
RAILROAD EQUIPMENT.

OF

Tho Inter-State Commerco Commission has prepared new
statistical forms for tho uso of the railroads in reporting tho
mothod of estimating tho depreciation in tho value of their
various equipments. Tho roport, which is required to be
filed with tho Commission by Aug. 15, deals with steam loco­
motives, locomotives other than steam, freight train cars,
passongor train cars, motor equipment of cars, floating
equipment, work equipment. These items are further sub­
divided under tho heads of: equipment owned, equipment
leased, and equipment retired during tho fiscal year ended
June 30 1910. . The roads have also been requested to stato
tho rates used in computing depreciation on equipment
during this samo fiscal year. Tho Commission in a lottor
accompanying tho now form, says:
Tho purposo o f theso inquiries is to procuro for tho use o f tho Inter-Stato
Commerco Commission information as to tho current procedure of carriers
with respect to accounting for depreciation.
Under dato o f Jan. 11 1915, special roport series circular No. 20 was
issued, calling for returns in a number o f rospects similar to thoso required
in this issuo. Tho information submitted at that time indicated that tho
accounting rules relative to depreciation o f equipment wero not being
fully obeyed. In some instances it was found thoy were disregarded, and in
others only nominally observed.
Beforo proceeding to a consideration o f tho measures necessary in the case
t>f carriors delinquent with respect to the observance o f thoso accounting
requirements, and feeling that in tho Interim improper accounting methods
regarding depreciation o f equipment might lxavo been rectified, tho Com­
mission desires to inform itself as to present practices. Much of tho infor­
mation to bo supplied in response to this circular will appear in tho annual
reports to be filed later. Tho Commission, however, wishes to havo before
t at tho early dato specified tho particular facts horein required for con­
sideration and guidance in determining tho action requisite to bring about
a strict compliance with its rules regarding depreciation o f equipment.

EDWARD N. HURLEY ON NECESSITY FOR M AKIN G
PROVISION FOR DEPRECIATION.
Speaking along the familiar lines of earlier addresses
Edward N . Hurley, Vice-Chairman of tho Federal Trade
Commission dilated upon tho subject of co-operatio i be­
tween “ Government and Business” before tho Associated
Advertising Clubs of the World at Philadelphia on Juno 29.




anil to establish p rices m ore intelligently.

For example, take two manufacturers, say Jones and Brown. Thoy are
in the samo lino of business and bank with the sam e banker. Jones keeps
an accurate cost accounting system, charges off liberally for deprecia­
tion on his buildings, machinery, &c. Ho charges his jigs, tools, dies
and patterns against tho cost of operation every month or at least overy
quarter. His overhead is distributed equally and fairly. IIo quotes a
fair price on his product and his customers rccognizo that they aro get
ting value received. He has a large bank account and is considered a
conservative and, substantial business man. Brow n, his competitor, on
the contrary, doe's not keep a cost accounting system; does not chargo off
for depreciation except a small amount at tho end of each year. Brown
maintains that his buildings and machinery aro very near as good as thoy
wore ten years ago. Ho charges his jigs, tools, dies and patterns to capital
account and considers them valuablo assets. Ho figures that ho has been
quite liberal when charging off 10% for depreciation on these item s at the
end of tho year. Ho is a heavy borrower at tho bank and the banker is
probably loaning him tho money that Jon es, his competitor, has on doposit.
This furnishes Brown working capital to do w hat't To continue to run his
business in a slip -sh od , slovenly m an n er, to cut prices and ruin tho industry
in -which thoy aro both engaged.
Ignorant competition is most dangerous to tho dovelopmont and suc­
cess of our country. Tho Clayton Act and tho Federal Trade Commission
Act have no control over this menaco. It is estimated that 90% of tho
manufacturers and merchants in Germany know absolutely what their
goods cost to manufacture and sell. If you compare our figures, which
show, according to estimates, that oidy 10% of our manufacturers and
merchants know what it costs to manufacture and sell their products,
you have the answ er as to why Germany lias been so successful in develop"
jng such a high standard of efficiency in manufacturing and distributing
their products not only in Germ any but in tho markets of tho world.
It is a fact well understood among business men that tho general de­
moralization in a largo number of Industries has been caused by firms who
cut prices not knowing what their goods actually cost to manufacture; tho
cost of selling also, which is equally important, is almost wholly lost sight
of.
The Federal Trade Commission will mail within tho next thirty days to
every manufacturer and retail merchant in tho United States a booklet
outlining the correct way of keeping his accounts. If tho suggestions
of tho Commission aro followed tho manufacturer and rotailer will know
what it costs him to manufacture and sell his goods.
One of tho difficulties witii our manufacturers and merchants to-day
is that thoy may bo manufacturing or selling, say, six different products
and making a profit on three of them, but on the other tlireo losing money.
Every article sold should share its percontago of overhead, executive,
accounting and selling expenses. It is tho oidy safe way to conduct a
business. T o reduce your overhead per unit of sales by handling a largo
volume of goods, on a part of which you aro losing monoy is not good
business practice.
This method of doing business causes competitors to fail; particularly
small merchants and manufacturers, who have to compete witii thoso
who aro making a substantial percentage of profit on part of their lino and
are competing unfairly with another lino by cutting and demoralizing
prices.

July l 1916.]

THE CHRONICLE

SECTION 9 OF FEDERAL RESERVE LAW TIIE SUBJECT
OF ANONYMOUS ATTACK.
A letter calling attention to an anonymous communication
sont to members of the Federal Reserve Bank of New York
has been issued as follows by R . II. Treman, Deputy G oernor of tho Now York Reservo Bank:
.June

28 1916.

T o th e C a s h i e r :
S i r . — A number

of our member banks havo sont us to-day copies of an
oxtract from Soction 9 of the Federal Reservo Act entitled “ Failure to
Comply With Regulations," with certain words underlined. This matter
has been sont anonymously, tho envelopes boaring tho postmark, “ Phila­
delphia, Pa.”
The Federal Reserve Board advised us on Jan. 5 1916 that copies of tho
samo extract from tho Act were being circulated anonymously among
member banks at that time, and that they had no knowledge of the persons
rosponsibio for tho circulation of tho extract nor o f tho purposo of their
action. It appoars that for some reason unknown to us tho extract is
now again boing circulated, presumably for the purposo of creating preju­
dice against tho Federal Reservo system.
Tho circular has no significance so far as this bank or tho Federal Reservo
Board is concerned.
Respectfully,
R. II. TR EM A N ,
Deputy Govornor.

19

of St. Louis, Vice-Chairman; W . E . Frew of New York ;
J. W . Perry of Kansas City and J. K . Ottley of Atlanta.
Nino of the twelve Federal Reserve districts were repre­
sented at the Chicago conference, at which the following
resolution was adopted:
R es o lv e d , That it be the sense of this meeting that the present method
of charging for handling transit business by banks should be adjusted to
conform to the Federal Reserve collection system on such business as may
be handled through that system, so that the charges made to the customers
shall only cover a fair interest for the time of the deferred credit and tho
actual handling cost per item. We recommend appropriate action by the
various clearing houses of the country.

The only announcement as to the results of this conference
at Washington has been a statement by the Secretary of the
Board to the effect that the bankers signified the willingness
of the clearing houses to co-operate with the Board in putting
tho new system into operation. In indicating tho purpose
of the committee to consult with the Board in the matter
M r . Reynolds was quoted in tho Chicago “ Herald” of June 25
as saying:

We are not going to Washington to submit a definite plan. We are
merely going to lay our cards on the table and impress upon the Board
tho principles involved in this collection plan, which, without doubt, works
Section 9 of the Reserve A ct, which is the subject of tho a revolution in banking. Our attitude will bo one of friendly co-operation
anonymous communication deals with the admission to the in working out this problem along lines of mutual advantage both to the
banks and to the public.
Reserve systom of State banks.|
There is a widespread mistaken opinion in the public mind regarding
tho collection plan. It has been heralded as a “ coliection-at-par" plan and
is nothing o f the sort. In the first place, a charge— in this district it is
HOUSE BILL PERMITTING ESTABLISHMENT OF
1 'A cents per item— is made for collections. In addition there must be
DOMESTIC BRANCHES OF NATIONAL BANKS.
some charge made— an interest charge— on tho money in transit while
A soparato bill authorizing national banks to establish it is in process o f collection.
This interest charge is a necessary one. Under the Board's ruling
branches is ponding in tho House. Representative Carter
itoms in transit for collection cannot be counted as reserve, and this in
Glass is sponsor for tho bill, which would onablo national itself makes a radical change in reserve requirements. The Board does
banks in towns or villages of moro than 100,000 inhabitants not permit these checks to be counted until the money has actually been
and having a capital and surplus of 81,000,000 or moro to collected. This means in most cases a two to eight day delay, when if an
interest chargo were not made tho money would bo inactive and a dead
oporato brandies within tho corporate limits of tho munici­ loss to tho bank to whom it was due. This float in the aggregato amounts
pality in which thoy are located. These provisions wore to a tremendous sum. It also means that the country bank must carry
carriod in a bill which was beforo tho House in M a y , permit­ larger cash means than ordinarily.
In connection with the interest charge I believe this should bo made
ting national banks with a capital and surplus of $1,000,000 a locality matter. For instance, in some parts of the country rates might
to purchase and hold stock in foreign and domestic banking bo as high as 7% , while in others as low as 4% . A general rule would not
institutions other than national banks. This bill, stripped apply. There are many other minor problems Involved which wo will
tako up also. One of importance to my mind is tho rule permitting the
of its provisions for tho establishment of domestic branches, banks to have stamped on their checks, "This check is collectable at par,”
passed tho IIouso on M a y 4. W o noted in our issuo of June 3 which is not true.

that as a substitute for tho House bill permitting national
banks with a capital and surplus of $1,000,000 to purchase
and hold stock in foreign or domestic banking corporations,
Senator Owen, on bohalf of tho Senate Committoo on Bank­
ing and Currency, favorably reported to tho Senate on M ay
24 a bill embodying recommendations of tho Federal Reserve
Board contained in tho bill introduced by Sonator Owen in
March. Tho bill reported to tho Senate on M a y 24 would
permit tho operation of both foreign and domestic branches
by national banks with a capital and surplus of .$1,000,000 or
moro. As to domestic branches, such banks in towns having
a population of at least 100,000 inhabitants would bo al­
lowed to establish not exceeding ton branches within tho
corporate limits of their town; tho bill further provides that
national banks in any other place m ay, with tho approval of
tho Rosorvo Board, establish branches not exceeding ton in
numbor, within tho limits of tho county in which thoy
aro located or within a radius of 25 miles of tho placo whoro
thoy aro situated. Tho following is tho toxt of tho bill of
Representative Glass, providing alone for domestic branches
of national banks:
A Bill to authorize national banking associations to establish branches.
B e it e n a cted b y th e S e n a te a n d H o u s e o f R e p r e s e n ta tiv e s o f the U n ite d S tates
o f A m e r i c a i n C o n g r es s a s s e m b le d . That tho Act approved Dec. 23 1913,

known as tho Federal Reservo Act, bo, and tho samo hereby is, amended by
adding a now section as follows:
"DOM ESTIC BRANCHES.
“ Sec. 25a. That any national banking association located In a city or
incorporated town or village of more than 100.000 inhabitants and possess­
ing a capital and surplus of $1,000,000 or moro may, under such rules and
regulations as tho Federal Reserve Board may prescribe, establish branches
within the corporate limits of tho city, town, or village in which it is located.
"A ny national banking association located in any other placo may, with
tho approval of tho Federal Reserve Board, and under such rules and regu­
lations as such board may proscribe, establish branches within tho limits
of tho county in which it is located, provided that no such branch shall
bo established unless tho capital of tho parent bank Is at least equal to tho
aggregato of tho amounts which would bo required of each branch, under
tho provisions o f Section 5138, Revised Statutes, if it were organized as
an independent association, togotlier with tho amount required o f tho par­
ent bank itself by that section.”

REPRESENTATIVES OF CLEARING HOUSES CONFER
WITH RESERVE BOARD ON COLLECTION PLAN.
The committoo ropresonting various clearing housos of tho
country, appointed at tho conference held in Chicago on
Juno 22 to consider tho bearing of tho Federal check collec­
tion plan on tho clearing houses, conferred with tho Federal
Rosorvo Board at Washington on Juno 27. As indicated in
thoso columns last week, tho committee is composod of
Georgo M . Roynolds of Chicago, Chairman; F. O. W a tt 3




In reporting that the new check collection system of the
Resorvo Board would bo used largely at tho outset only by
banks in tho Reserve cities of tho Chicago District, and
that few country institutions would participate in tho plan in
a direct way, the Chicago “ Herald” of June 24 said:
This situation is indicated by replies received by Governor James B .
McDougal of the Federal Reserve Bank of Chicago, in answer to the questionairo sent to all member banks a few days ago when the collection plan
as applying to this district was announced. Each institution was asked
whether it intended to forward items to tho Resorvo bank immediately
upon tho inauguration o f the system, the approximate daily average number
of checks on member and non-member banks in Chicago and outside of this
city which might be expected, and whether it was desired that items bo
sent to tho banks on non-member banks of the various localities to be
charged against tho member bank’s account.
. Officials o f the local Reserve bank while not particularly encouraged by
tho replies received, still are optimistic. It Ls pointed out that inasmuch
as tho larger banks o f the Reserve cities aro coming into the system, that
indirect transit items sent to them for collection by their country corres­
pondents will find their way into tho Reserve bank. This will prove of
benefit to the Reserve bank at the beginning, in that it will concentrate
tho avenues through which items will bo received, thereby making the
handling easier until the rough edges are worn off the method, o f handling
collections. It is anticipated that tho country banks will gradually come
______________________________
nto tho system.

CHARLES S. HAMLIN LIKENS OPPONENTS OF COL­
LECTION SYSTEM TO OWNERS OF TOLL
ROADS OPPOSED TO FREE HIGHWAYS.
Charles S. Hainlin, Governor of the Federal Reserve
Board, spoko in defense of the now collection plan of the
Board in an address before tho Virginia Bankers’ Association
on Juno 24. The “ Richmond Dispatch” prints the following
reference to his remarks on the subject:
Admitting that a few country banks will suffer a loss in income from ex­
change by reason o f tho par collection plan, said Governor Hamlin, even
thoso within a short time will be compensated for tho loss by increased de­
posits and tho larger volume of business that will fall to them through the
stimulation o f industry and agriculture that will follow more enlightened
banking practice.
To opposo a national system of check clearing at par, said Governor Ham­
lin, is no moro justifiable than to oppose the construction of a great free
highway because a few owners of toll roads benefit by their continuance.
Akin to such opposition, ho said, was the opposition of tho city of Erie, I’ a.,
many years ago, to the transformation of the narrow-gauge Eastern Rail­
road into a standard-gauge road, thus making possible pnysical connection
with tho standard-gauge roads leading to the West, whoso terminals were
located in another section of the city. The joining of the two systems on a
singlo standard gauge, the city of Erie feared, would do untold damage by
destroying tho town’s flourishing transshipping industry and allowing pas­
sengers to pass through Erie without being compelled to ride or walk tho
wholo length of tho city to the terminal for which they were bound.
“ Tho new check-collecting system,” said Governor Hamlin, “ is merely
an attempt to fix a standard gauge along which the country’s vast volume
of checks may travel. The sooner banks adopt this system, tho sooner
the wholo banking world will benefit. ”

20

THE CHRONICLE

[Vol . 103.

tho loaning of money at a loss, or compel merchants to soil goods at less
than cost, thoreforo bo it
R es o lv e d , That Congress bo respectfully petitioned to enact such legis­
lation as will effect tho elimination of future calls for subscriptions by tho
mombor banks, by which it. is estimated §125,000,000 additional funds
The fact that the State banks aro viewing with “ amused would bo tied up.
R es o lv e d , That wo earnestly protest against tho enforcement of a freo
interest” the agitation among the member banks of the
collection system as unfair, unjust and un-American, tending to destroy
Federal Reserve system incident to tho proposed collection any inducement for Stato banks to join tho system, but on tho other hand
system was referred to in an informal talk by John U . tending toward tho withdrawal of national banks and final destruction of
Calkins, Deputy Governor of the San Francisco Federal tho National Bank Act.
R es o lv e d , That roason must reign if tho National Bank Act is to survive
Reserve Bank at the annual convention of the Washington and tho Federal Roservo Act bo preserved as a beneficial measure for tho
Bankers’ Association at Evorott on Juno 16.
M r. Calkins safeguarding of tho business interost and tho welfare of tho people of this
pointed out that while tho State institutions are consoling country.
As an inducement for Stato banks to join the Fedoral Reserve System,
themselves with the idea that they are not concerned in the also to modify requirements outside of Central Roserve cities, suggest:
Amend Section 19 of the Federal Roservo Act relating to reserves.
matter, they will eventually find themselves very much
(а) The first paragraph as to holding for reserves 12% of demand deposits
concerned, since it is his belief that with the coming develop­ and 5% of time deposits, to remain unchanged.
ment of the system all checks in tho district will be collected
Tito second paragraph as to 5-12 and 4-12 thoreof for cash in vaults,
through the Fedoral Reserve banks. W e quote M r. Calkins’ to romain unchanged.
Tho third, fourth and fifth paragraphs as to deposits in tho Federal
remarks as printed in tho Seattle “ Post-Intelligencer” :
Roservo Bank (of which 3% is now paid in and 2% is to bo paid in 1916,
From observations I have matlo in my trip around this part of the country and 2% moro in 1917 to bo paid in or hold in cash), substitute tho following:
I have como to tho conclusion that, while there are societies and laws for
“ In tho Federal Rosorvo Bank of its district, three-twelfths of such rotho prevention of cruelty to almost every species o f game, there seems to sorvos and tho balanco of tho required resorvos may bo hold ill its own vaults,
be no closed season for Federal Reserve officors. However, tho officers of or in the Fodoral Roserve Bank, or in national banks in reserve cities as
tho Federal Reserve district enlisted for tho war, and wo aro hero to serve now defined by law."
even to tho duty of comforting the mourners who aro looking with sorrowful
(б) Tho first paragraph as to holding 15% of demand and 5% of timo
eyes toward tho shrinkage in the attractive sido of tho profit and loss deposits, to remain unchanged.
account.
Tho second paragraphs as to 6-15 and 5-15 thoreof in cash in vaults
Tho fact is that the centered attention o f tho majority of bankers on cut­ substitute— “ In its vaults six-fifteenths thoreof," thus eliminating tho fivo
ting off of sources of profit to which they have long been accustomed has fifteenths clauso.
led a great many of them to overlook these features of the Fedoral Banking
Tho third, fourth and fiftli paragraphs as to Fodoral Rosorvo Bank doAct. Only a fow of them seem to favor actually trying out tho measure posits (of which 4% is now /Sfiid in and 2% moro is to be paid in 1916, and
before condemning it wholesale.
3% moro is to bo paid or hold in cash in 1917), substitute tho following:
It should bo remembered that tho rule as to tho parring o f checks is not
“ In tho Federal Reservo Bank of its district, four-fifteenths of such re­
an edict o f the Federal Reserve, but is part o f tho Act and mandatory in its serves and tho balanco of tho required roservas may bo held in its own
nature. Again, it should bo borno in mind that tho Federal Reserve Act is vaults, or in tho Fodoral Reserve Bank, or in tho Contral Roservo cities
tho result of tho deliberations of Congress, as tho representative of tho as now dofined by law.”
people of this country, and not tho despotic act o f tho Federal Reserve
(c) T o romain unchanged.
bank, as so many seem to think.
Tho roasons therefor aro:
Any measure to bring about desired changes in tho law necessarily must
Tho Federal Rosorvo banks now havo all tho funds neodod to accomplish
como from action taken by tho bankers themselves. If this resolution you tho object sought, to wit:
have adopted condemning tho parring of checks really expresses your belief,
First— Tho provontion of suspension of cash paymonts by banks at
then go to it and make that resolution really amount to something by con­ all timos.
certed action.
Second— Tho right to rediscount by banks to provont over-strained
As to tho future o f tho Federal Reservo system, I want to say that even­ conditions from becoming acute.
tually tho Fedoral Reserve banks will earn tho 6% dividends provided
Third— Thoso amendments rollove country banks from furthor burdens
in tho Act. This is proven by tho fact that already threo of tho banks out which thoy will not willingly boar.
o f the twelve in tho system aro earning 6% and tho others aro making
satisfactory progress.
I have been informed that many of tho Stato banks have been smiling at VIRGINIA
BANKERS STAND W IT H REGARD TO
tho alleged troublo of tho member banks of the Federal Roservo, with the
FEDERAL COLLECTION SYSTEM.
belief that they are not concerned, but eventually they, will find thomselves
Tho provisions of tho Fedoral Roservo Law “ which con­
very much concerned, for I believothat]with the coming development of the
system all checks in tills district will bo collected through Federal Reserve template tho ultimate collection at par of country items”
banks. When tho system has been put in effect and tho parring o f chocks is
established I bellevo it will bo necessary and advisable for tho board to aro declared unwise and unnecessary foaturos of tho law
establish clearing agencies in each district, so that no time will bo lost in in a resolution adopted by tho Virginia Bankers’ Association
the routing o f checks. Such an addition to tho systom would mean at at Old Point on Juno 24. The resolution requests that the
least four o f these clearing agencies in tho Northwest.

JOHN U. CALKINS EXPECTS STATE BANKS TO BE AS
MUCH CONCERNED AS MEMBER BANKS IN NEW
COLLECTION SYSTEM.

WASHINGTON BANKERS’ ASSOCIATION EXPRESS
DISAPPROVAL OF RESERVE COLLECTION PLAN.
According to tho “ Post-Intelligencer” of Seattle, the W ash­
ington State Bankers’ Association at tho concluding session
of its annual convention at Everett on Juno 16 went on
record to the effect—
That it is tho sonso of tho Association that tho proposod plan of tho Fed­
eral Roservo Bank to onforco tho collection of out-of-town checks at par
is an unnecessary interference with tho usual methods of banking.
That it is usurping one of tho necessary functions of tho membor banks.
That tho plan tonds toward tho furthor and increased uso of uncertified
personal checks and deprives tho banks of just rovonuo to whicli tlioy aro
entitled for services performed.
That tho delay which will result as a consequonco of tho adoption of tho
proposed plan would bo such as to causo great inconvenionco to tho public.
That the Federal Reserve Act bo so amended as to eliminate tho manda
tory provisions requiring tho parring of checks through tho Fedoral banks.

J. W . Maxwell, President of the National City Bank of
Seattle, was sponsor for a resolution introduced at tho con­
vention protesting against the enforcement of tho free col­
lection plan as “ unfair, unjust and un-American,” and sug­
gesting certain modifications with regard to reserve require­
ments of the Federal Reserve Act as an inducement for Stato
banks to join the Reserve systom. This resolution was
referred to a committee. Its text is given as follows in tho
“ Business Chronicle of the Pacific Northwest” :
W h e r e a s , Tho Federal Reservo Act compels tho national banks to mobilize
a certain portion of their cash, to tho end that cash suspension by banks
in times of stress may bo avoided; also to tho end that goneral progress bo
not paralyzed, which reasonable mobilization is approved by practically
all banks, and
W h e r e a s , Not counting §55,000,000 o f capital paid in to tho Federal
Rosorvo banks, all national banks havo now deposited in tho Fedoral Itosorvo banks somo §460,000,000, without interest, or right to withdraw it,
which vast sum is 45% of their total capitalization. If to theso sums wo
add tho power to issuo §1,000,000,000 of extra currency, those vast sums
aro more than adequate to cope witli any stross likely to arise, and
W h e r e a s , Country banks especially have now parted with all tiro cash
they can spare, and also havo boon compelled to part with lnterest-boaring
funds, thus adding to their burdens and lessening thoir ability to accommo­
date their homo customers, and
W h e r e a s , It is proposed to onforco tho free collection of checks at actual
loss to tho banks, which onforcomont seoms to bo unconstitutional for the
reason that if tiro Government can arbitrarily compel tiro salo of oxehango
— which is a common function of banking— at a loss, then Hcan compol




Senators and Representatives from that Stato “ uso their
offorts to secure an amendment of tho law in this particular,
eliminatii g this foaturo therefrom, and that in the moantiino
tho FederaL. Resorve Board bo requested not to tako action
looking to tho enforcement of said provisions.”

W. D. VINCENT ON ABSORPTION OF EXCHANGE.
In addressing tho Washington Bankors’ Convention on
tho subject of “ Absorbing the Othor Follow’s Exchango,”
W . D . Vincent, Vice-Presidont of tho Old National Bank of
Spokane, is quoted in tho “ Business Chronicle of tho
Pacific Northwest” as having said in part:
It is an old saw that competition is tho llfo of trade. It is a lamontablo
fact that most competition is the death of profits. Competition has
become so keen that profits como from reductions in tho cost of doings
business. Then why absorb exchango? Every timo you do, you aro
taking a shot at the goose that lays tho golden egg. Tho recont ruling
of tho Federal Reserve Board confirming par collections emphasizes that
part of tho Federal Reserve Act legislating tho regulation of oxehango.
Tho law of supply and domand and tho cost of transportation aro not
considered as factors In the matter. That portion of tho Act is simply
tho reward or punishment that bankers aro entitled to for tho methods
that thoy havo heretofore followed.
There aro two schools of bankors: ono believing that tho bank draft
should bo tho medium of exchango, the other that tho bank draft should
circulate at par. Theoretically, the proper thing tho banker should havo
encouraged was tho purchase of their drafts on their correspondents. In
Its place, competition and the desire to show increased deposits led bankers
to advise their customers to forward thoir checks in payment of their
obligations. This developed so rapidly that tho bank check has bocome
tho currency of tho country and all tho opposition ono banker can make
to tho enforcement of tho new ruling will bo mot by a thousand merchants
favoring tho ruling. ______________________________

GEORGE J. SEAY ON COUNTRY BANKS AND THE
COLLECTION SYSTEM.
“ Country Banks and tho Collecting System” served as tho
title of an address delivered by Georgo J. Seay, Governor
of tho Federal Roservo Bank of Richmond, boforo tho
annual convention of tho South Carolina Bankers’ Associa­
tion at Hendersonvillo, N . C ., on Juno 20. In endeavoring
to show how great a load tho banks of tho country havo
been carrying under the present oxehango and collection
system, M r. Seay wont into tho matter atfconsidorablo

July l 1916.]

THE CHRONICLE

length. Reviewing tho period from Feb. 5 1909 to Aug. 9
1913, he declared, that “ it was clearly apparent that the
banks of the country were maintaining excess balances
amounting to $858,000,000 chiefly for the purpose of pro­
viding for the collection of checks under the present system ;
and whatever m ay be true of the city banks, it is cloarly
true that the amount maintained by you country banks
alone, which I have stated was $358,000,000, is used almost
exclusively for this purpose.” “ M ind you ,” said M r.
Seay, “ this $358,000,000 is in oxcess of tho balance which
you are required to maintain by law with your Reserve
agents, unless it is in your own vaults, and that is the pro­
portion of your deposits which is not available for loans,
because employed for this purpose.” W hile setting out
that he was not prepared to say exactly what sum or what
percentage of deposits it would roauiro in excess of the logal
resorvo to carry on tho collection system through the Federal
Reserve banks, M r. Seay expressed tho opinion that it would
bo tremendously roduced, and possibly cut in half. His
addross, which was accompanied by numerous tables portinont to the subject of his discourse, is quoted in largo part
below :

21

It is decidedly to the interest o f commorco that the use o f the check
shall be fostered, and that it shall play a still greater part, if possible, in
tho daily exchanges o f the country.
We have seen It recently stated that the effort to maintain the level o f
international exchange in Franco has been greatly aided by the increased
use of checks.
In France the system of bank deposits has not been developed as it
has in this country, but coin and the bank note are used in general circuatlon to a much greater extent, relatively, than is the case here.
We can easily understand, therefore, how the effort to maintain ex­
change was facilitated by the increased use o f checks if coin and notes
flowed into the banks of France and checks took their place in daily
uso.
When you consider the enormous and ever-increasing volume of checks
in circulation, it is not surprising that a controversy should have been
going on for years with reference to their treatment, and t.iat methods
have constantly been sought to cheapen tho cost o f handling.
Tho amount of them afloat in the mails at any time is a subject about
which there has been endless discussion; and this, of course, is the vital
part of the problem.
The cost o f handling and collecting them is a tremendous burden. It
has become an economic problem, and I am sure that I make no mistake
when I say that the country has come to look upon it as one which must
and shall bo settled in a manner more satisfactory to all than the method
now prevailing.
There is, of course, a certain necessary, and unavoidable expense at­
tached to handling and collecting checks. It is not in any, except the
most limited sense, a local problem, but a general one. The cost of col­
lecting them, as represented by tho exchange charge, is to a very con­
siderable extent, or almost wholly, imposed not upon the one who transfers
tho money by the use of the check, but upon the outsider.
I will endeavor to demonstrate to you how great a load tho banks of
tho country, including the banks of South Carolina, have been carrying
under tho present exchange and collection system. During the four and
one-half years from Feb. 5 1909 to Aug. 9 1913 tho country banks—
that is, tho country banks o f the national system— kept on deposit with
their Reserve Agents an average o f $486,000,000, which sum was equal
to 15.2% of their net deposits requiring reserve. In addition, they had
duo to them from other banks an average o f $146,000,000, which sum
was equal to 4.5% of their net deposits. The sum of these two amounts
was equal to 19.7% of tho averago net deposits of country banks during
that period. During the same period they held cash reserve equal to
8.2% o f their net depasits, making a total of 27.9% of their net deposits
not employed in loans, but used for tho practical operation of tho banks,
whereas, a legal reserve of only 15% of net deposits was required.*
Now, the amount above stated which the country banks kept with
their Reserve Agents was, on the average, $212,000,000 In excess o f the
amount needed to make up their full required reserve o f 15%; and this
huge balance was maintained in good times and bad— and you South
Carolina banks more than probably borrowed in order to maintain your
share.
It Is fair to assume that the $146,000,000. or practically all of It, shown
to bo duo to country banks from banks other than Reserve agents, con­
sisted o f items sent for collection and remittance and o f balances maintained
for collection purposes. It, therefore, seems a fair, if not an inevitable,
conclusion that tho amount kept by country banks with their Reserve
agents, plus the amount due to them from outside banks, making combined
tho sum of $632,000,000, equal to 19.7% of their net deposits requiring
resorvo, was the sum. necessary to sustain the “ float” of the country
banks and their collection and exchange system, although part of it at
tho time served as reserve.
Stated another way: Whilo the country banks wero required by law to
maintain a reserve of only 15% of net deposits, the practical operations
o f the banks required a sum outside of and in addition to their legal re­
serve equal to 12.9% of their net deposits, or 12.1% of gross deposits.
This condition has prevailed for a period extending back more than thirty
years. The average net deposits of country banks for the period under
consideration were $3,200,000,000. Consequently, tho amount required
for operations over and above the legal reserve was $412,000,000.
Tito foregoing relates to country banks of the national system only.
In reviewing the whole collection problem, it is necessary to consider
as well the pasition of tho Reserve city banks during the same period.
Their position, briefly stated, was as follows: Average amount carried with
Reserve agents, $267,000,000 ($50,000,000 in excess o f legal reserve),
which was equal to 14.75% o f net deposits; tho average cash reserve was
$237,000,000, or 13.1% of net deposits. The average amount duo to
'Reserve city banks from banks other than Reserve agents was $267,000,000,
a sum identical with the amount carried with Reserve agents, equal to
14.75% of net deposits. It, therefore, appears that tho Reserve city
banks—
_ „
„
,
% of
% of

Tho Reserve bank is not apart from your banking interests, but a part
o f them.
It is tho mechanism by which you can accomplish much for yourselves
if you will make uso o f it, and from the operation of which you will benefit,
whether you make use o f it or not, but to a far greater extont, o f course, if
you becomo a part o f it. I am speaking now to the State banks, and in
considering whether you will enter, it is a mere statement o f fact to say
that you will simply be considering whether you will Increase the power
o f your own resources to tho full, and thus add to tho banking strength
of your State and the nation.
It is not what you can do for the Reserve bank— which is nothing, to
speak in tho proper sense— but what you can accomplish for yourselves
and tho country by unifying your strength through the mechanism o f the
Reserve system.
So anxious am I to bring out this idea, which, it seems to mo, is boing
last sight of, or at least, is not realized by the State banks, that I will
emphasize it at tho risk o f repitition.
Tho Federal Reserve bank is but an association o f banks, through
which they may accomplish unitedly for thoir own good what It has been
Impossible to accomplish In this country heretofore, althougn we have
sweated blood and suffered commercial death, and striven with futile
efforts, by temporary expedients thrust upon us, to protect business from
devastating panics and periods o f depression, which have occurred with
fateful regularity. It is an association o f your banks for tho more effec­
tive supervision and development o f banking in your own State and in
the United States—for tho purpose o f affording a means o f discounting
commercial paper which shall at all times be available, and to furnish a
currency without the suicidal necessity o f using reservo money, which at
all times shall bo adequate to meet not only tho varying demands at differ­
ent seasons, but also to meet any local exigencies, however urgent.
It is an association for tho creation o f a mechanism for tho extension
of credit to banks, to enable them to meet tho legitimate commercial,
agricultural and industrial demands on the part o f their clients— for tho
ultimato retirement o f a bond secured currency, which, although safo,
had all tho other evils a currency could have, and for a long tlmo blocked
the way to reform in banking more than any other factor.
Incidentally, through that means it is provided that banks shall bo
relieved of thoir 2% bonds at par, and tho Federal Reserve Bank of Rich­
mond has already purchased from its members $2,000,000 o f such bonds
at par and interest, a price higher than they could have obtained in the
open market.
Through the instrumentality o f tho Federal Reserve system, it is ex­
pected to consolidate our hoterogonous currency, give it a gold base and
make it responsive to commercial requirements. That in itself, when
accomplished, as it will be, will bo one o f the greatest financial achieve­
ments possible.
The Federal Reserve system is an association for tho purposo o f pro­
viding for tho extension o f American banking facilities in foreign countries,
to tho end that our trade may bo enlarged— a matter in which South
Carolina is very deeply interested through her cotton and other inter­
ests.
N et
G ro s s
It is an association for tho protection o f tho gold supply o f tho country
D ep o sits. D ep o sits .
and for multiplying Its credit power, for tho control of the Interest rate,
Held cash equal to---------------------------------------------------- 13.1
11.00
and for giving us greater power in international financo.
14.75
12.41
All of theso things, and more, gentlemen, are for you as members to With Reserve agents---------- ------------------------------------Due
from
outside
banks______________________________
14.75
12.41
accomplish through tho instrumentality o f the Federal Reserve system,
and the Government has delegated certain powers to bo exercised through
Total proportion of deposits not employed in loan s.. 42.60
35.82
tho Federal Reserve banks to that end. And make no mistako about it,
Thus, the Reserve city banks were employing a sum in addition to
tho Act is well designed to accomplish those purposes; and, moreover, it is their cash reserve, equal to 29.5% of their net deposits (only 12.5% o f
doing it.
which was required reserve), in the practical operation of the banks and
Now as to that most intricate and vexatious problem, "check clearing
o support tho exchange and collection system.
and collecting;’ ’ You are all aware what a preponderating part tho check
For claser comparison with tho position of tho country banks, I will
plays in the settlement of obligations and in dady bank transactions— also stato this another way: While tho Reserve city banks were required
estimated to bo more than 95%.
by law to maintain a reserve of only 25% , tho practical operations o f the
Tho reported check clearings o f tho country for 1915 wero 1S7 billions banks required a sum outside of an i in addition to their legal reserve
— a sum beyond mental grasp. Of course, a very largo part of theso equal to 17.6% of their net deposits. Tho average net deposits o f Reserve
checks originated and were extinguished at the point o f clearing; but it is city banks for tho period wero $1,810,000,000. Consequently, tho amount
inconceivable that any collection or exchange charge could have been required for operation over and above tho legal reserve was $318,000,000,
imposed, or would have been submitted to upon this volume of checks, which sum added to the excess above reserve required for the operation
or any great part of it. In tho settlement o f this enormous amount of of tho country banks, makes a total o f $730,000,000. Of this total, $675,­
checks a comparatively small balance was used— that is to say, the checks 000,000 consisted of bank balances in excess of legal resorvo required chiefly
were offset against each other, so that thero remained a relatively small for tho operation of the exchange and collection system of the Reserve
uncovered balanco for settlement.
city and country banks.
If thero is any philosophy in imposing a chargo upon tho collection
If wo add to this sum the average amount— $183,000,000— due from
of checks over and above the cost o f handling, or interest for tho time other banks to C e n tr a l R eserv e C ity b a n k s , it will make a grand total of
of collection, which those who aro responsible for tho check should boar In $858,000,000 of bank balances in excess of legal reserve, carried to main­
some form, it can logically bo Imposed only upon the settlement of the tain tho exchange and collection system of the national banking system.
balance remaining after checks have thus been offset against each other,
Whatever may bo the amount of the much-discussed "float” in tho
not upon the volume o f checks circulating.
collection system of the country, it is plain that tho balances provided
Sometime after tho Inauguration o f tho Federal Reserve banks, a gold to bo kept as reserve with Reserve banks, even if used solely for tho pur­
settlement fund was established in Washington for the settlement of poso, which is unthinkable, are not great enough to perform tho collection
balances between Roservo banks arising from the oxchango of chocks service under the banking practice which has grown up in this country—
on the different districts. Sinco its establishment two billions of dollars
♦These figures are the average o f the five annual reports made to the
In checks have been cleared; 146 millions o f gold has changed hands—all
Comptroller during tho period named.
without exponso or transportation.




22

THE CHRONICLE

the practice o f permitting items dispatched in the mails to be counted as
reserve by the sending bank upon dispatch, no matter upon what part
of the country drawn, if forwarded to a Reserve agent and if credit is given
upon receipt by the Reserve agent.
Now, what have been the conditions in South Carolina and the rest
o f this District? The national banks o f South Carolina during the fiveyear period immediately preceding the inauguration o f the Federal Reserve
system maintained for practical operation a reserve equal to about 27%
o f their net deposits. Of this sum, they had in cash in their vaults only
7 % . Therefore, 20% o f their net deposits was not available for loans,
but had to be maintained as balances in other banks for the practical
operation o f the system. Part o f this was the reserve which was per­
mitted by law to be kept with Reserve agents, but you used a sum equal
to 12% o f your net deposits chiefly to sustain the exchange and collection
system, and, as I have stated, you often borrowed to maintain this balanco,
since it was kept during good times and bad.
You will observe that this balance in the case o f the country national
banks o f South Carolina was just 1% under the average for the whole
country.
The banks o f North Carolina employed 33% o f their net deposits for
practical operation, or a sum equal to 18% in excess o f their legal reserve.
The banks o f West Virginia used a sum equal to moro than 12% above
their legal reserve; and Virginia used a sum equal to 10%; and the State
o f Maryland a sum equal to 5% in excess o f the required legal resorve.
I am alluding to only the country banks in all these States.
I am not prepared to'say to you exactly what sum or what percentage
o f your deposits it would require in excess of the legal reserve to carry on
this collection system through the Federal Reserve banks, but I am of
the opinion that it would be tremendously reduced, and possibly cut in
half. The direct routing o f items through the collection system of tho
Federal Reserve banks would to a certainty greatly diminish tho time
now required to collect checks, and in proportion as it diminished the
time it would diminish the amount o f checks floating around at any one
time and the balances necessary to be maintained to protect this float.
The question is too complicated to enable me to determine exactly what
this amount is, but, as Iihave stated, it is clearly apparent that tho banks
o f the country were maintaining excess balances amounting to $858,000,000
chiefly for tho purpose o f providing for the collection o f checks under tho
present system; and whatever may be true o f the city banks it is clearly
true that the amount maintained by you country banks alone, which,
as I have stated, was $358,000,000, is used almost exclusively for this
purpose. Mind you, this $358,000,000 is in excess o f the balance which
you are required to maintain by law with your Reserve agent, unless it
Is in your own vaults, and that is tho proportion o f your deposits which is
not available for loans, because employed for this purpose.
I cannot figure out. o f course, the position of any particular bank, or
o f banksjinfany particular locality, but it is possible to figure out the situa­
tion with respect to the banks as a whole, and I have shown you what is
tho position o f the country banks in your own State and the country in
this respect.
T o tho extent that you will be able to reduce the proportion o f your
deposits now required to be used for this purpose, and to render them
available for loans, you will be compensated for any direct loss in your
exchange charges, and I can say that will be a compensation not to be
despised.
Now what is the reserve—the percentage o f reserve— which you will be
required to keep under the operation o f the Federal Reserve Act? There
seems to mo to be a very wide-spread misunderstanding o f this matter,
notwithstanding banks are supposed to be very close figurers and to have
a very accurate knowledge o f their own reserve situation. Banks in
certain parts o f the country have petitioned the Federal Reservo Board
and have introduced bills in the Congress to reduce tho legal reserve re­
quired under tho Federal Reserve Act, or to permit them to keep with
their correspondents the optional resorve which the law says shall be
either inltheir vaults or with the Federal Reserve banks.
Now, speaking with reference to tho country national banks alone:
The amount o f your time deposits is very large. In District No. 5, the
proportion o f timo deposits to total deposits is about 40%. In your
State, it Is about 33% , and tho country at largo, 30% . In tho caso of
your State banks it is about 45% . You are not required to keep a roserve
o f 12%, as you!know, on time deposits, but 5% . This will reduce the
percentage o f resorve required upon your total deposits, as compared with
the oldfsystem, from 15% to about 9.5% o f your total net deposits. I
am speaking now jof South Carolina member banks. Your Stato banks
because o f more timo deposits would require a smaller reserve— under
9% — whereas, they have been carrying 16%. You will observo, there­
fore, that sinco during the five-year period immediately preceding the
lnaugurationlof the Federal Reserve system you carried about 27% of
your net deposits for practical operation, you will be able to apply to
loans tho balance, or 17%, o f the operating reserve which you havo been
carrying, except to the extent that you will have to use a part of that
practical reserve as an excess balance to cover checks in process of collec­
tion; and if you collect through tho Federal Reserve system you will not
bo required to maintain any balance as a basis o f credit, or for services
to be rendered, but only so much as will actually cover the amount o f your
uncollected checks.
Now, apply this method to the country banks o f the whole country,
and you will plainly see that there will be no waste o f capital, no borrowing
in advance in order to maintain a balance previously agreed upon to be
maintained, as is the case o f many o f your banks in South Carolina, and
you will pay no Interest except upon sums actually borrowed to be reoaned.
Now, again, as to the percentage o f reserves required under the Federal
Reserve Act: I have stated that certain banks have asked for an amend­
ment to the Act which will permit them to carry this optional reserve
with their correspondents. Let us see whether that would be practicable.
Tho percentage o f your net deposits—reckoning net deposits according
to the old system— which your South Carolina banks will bo required
to keep in their vaults will be equal to 3.17% of your total deposits, based
upon your statements of Mar. 7 1916. This is because of your largo
amount o f timo deposits. Tho amount o f the optional reserve required
under the Act would bo equal to 2.38% o f your net deposits, reckoned
in tho same way. The sum o f these two would be equal to 5.55% of tho
net deposits.
Now, what is tho amount o f cash in vaults which you have required
heretofore for operation? During the five-year period which I havo
specified, you kept 6.77% in your vaults. The country at largo kept
7.5% . Since tho Federal Reservo system was inaugurated, the banks
havo found that, either because o f the assurance o f safety which they
feel, or because o f their ability to get currency quickly from the Federal
Reserve bank whenever wanted, they can operate with a much smaller
percentage o f cash than under former conditions. At all events, since
the operation of the Federal Reserve banks began the country banks
have been carrying the following percentage o f total net deposits in their
vaults;




[Vol . 103

On November 10 1915___________________________________5.75%
On December 31 1915- .________________________________ 5.58%
On March 7 1916______________ _________________ ______ 5.55%
Against the former average o f_____________________ 7.5%
The South Carolina banks carried on Mar. 7 1916 4.81% of their total
deposits, against the former average of 6.77% .
This is one of the results which wo may clearly attribute to tho operation
of tho Federal Reserve system. If in the future it should bo found that
this sum can be further reduced, then it may be considered whether the
reserve required under the law can be reduced. As it stands at present,
the percentage o f this reserve is much lower than appears to be generally
understood. In the case of the country banks at large, whoso timo de­
posits are equal to 30% of their total deposits, the required reserve under
tho Act will bo equal to about 10% of the total deposits.
Now I will illustrato another condition which, beyond all question, has
been brought about by the operation o f the Federal Reserve system.
As you are aware, the interest rate on commercial paper in this country
has always been very largely influenced, if.n ot determined, by the rate
prevailing in the great financial centres, and by tho State of reserves in
those centres. Recently, and at tho present time, the rate of Interest
has been as low as, if not lower than, it has ever been in our history, At
the present time, or I would say on or about Juno 3, the percentage of
reserves carried by the member banks of New York City was equal to only
about 20% of their total net deposits. That is the lowest percentage of
reserve held by the New York national banks at any time within thirty
years. The lowest percentage prior to June 3d was on Sept. 12 1914,
when it was 21.81%. That was at a time when tho legal reserve of tho
national banks in that city was 25% , and you all remember what a time
it was, and how difficult it was to borrow money anywhere in tho country,
and how banks were even encouraged to use their reserves in the face
of the law. Of course, It is to be taken for granted chat when those banks
were required by law to carry a 25% reserve they w e r e c o m p e lle d to g o v e r n
th e ir lo a n s s o a s to m a in t a in th at p e r c e n ta g e o f re se r v e .
I am giving you
this illustration to show that at a time when the finances of the rest of
the world are in a state o^demoralization, there exists in this country
such a feeling of confidence and complaisance— such an entiro reliance
upon tho credit machinery of the new banking system— that tho great
banks are willing to lend to this extent for the promotion o f enterprise.
This tends to show how laws may handicap or aid banking and com­
merce.
According to the present method o f figuring reserves, while the Federal
Reserve system is in its transition stage, tho total bank reserves of tho
country appear to bo enormous, but the entire excess of reserves consist
of balances due from other banks. This is the result of the vicious practice
of pyramiding reserves. The cash reserve, which is tho only real resorve,
as you know, and upon which loaning power should bo based, is at this
time no larger than, if as large as, tho average cash reserve during the
five-year period preceding the Inauguration o f tho Federal Reservo banks.
Although the country banks aro maintaining hugo balancas with other
banks, such balances are reserves only by legal fiction if they havo become
used up in loans.
I am dwelling upon this matter, which, although it may not be apparent
has a very intimate relation with the collection problem, becauso I wish
to impress upon you that we are enjoying blessings without, as I believe,
attributing proper credit to the real cause, and enjoying tne feeling of
safety and independence without realizing that it is due more largely to
our improved banking machinery than to any other cause, or to ail other
causes combined. We also appear to have forgotten our troubles of the
recent past. The memory of man is short. I take this comment from
a leading New York newspaper:
“ More comment concerning the money market position is being heard in
banking circles, and some bankers are expressing tho belief that In the
present reserve position money rates should be higher than they are.
No doubt the reason that they are not higher is that this market and the
country at largo are resting confortably in tho feeling that with the Federa
Reserve system in operation the money market is no longer exposed to tho
seasonable Stresses to which it was subjected when there wero no contral
sources of re-discounting credits.”
Now, the collection problem is essentially a reserve problem. Because
o f this fact, the collection machinery of the country in 1907 broke down
entirely. That machinery is so constructed that it would break down
again inevitably under conditions similar to thoso which prevailed at
that time. Under the old system it was always possiblo to bring about
such conditions, and tne credit protection o f the country at that timo
existed chiefly in its clearing houses operating under conditions outside
o f the law. It is significant that the Federal Reserve banks are authorized
to act as clearing houses for their membor banks, and, as you know,
settlement of balances can always bo effected by rediscounting.
There is no question whatever that tho business interests of tho country
aro solidly behind the Federal Rcservo system, and thoro is no doubt
about tho fact that they are behind tho movement for tho reformation
of the collection system, and that thoy stand for the abolition of exchange
charges as thoy have been levied heretofore.
I am not trying to argue with you that your oarnings will not bo effected
by this change. But, it is a part of tho law, as incorporated in the Federal
Reservo Act, and I believo that all of us, country banks and city banks
alike, will havo to accommodate ourselves to it, and wo should lend united
aid in working it out to the best .advantage. Tho thing to do, as I believe,
is to seek compensation in other directions. That there aro compensations
to bo found, I am unalterably convinced. 1 havo illustrated one of tho
to you— that is to say, the increased revenuo which must bo derived from
the release of balances. There are many forms of profitable business
which the banks are now permitted to carry on for tho first timo under
the Federal Reserve Act, which, in a broad sense, beyond all question
compensate banks as a whole for tho loss o f oxchango revenuo, and in
comparison with which the subject of exchange charges, howover hard it
may bear upon tho single bank or banks in certain localities, weighs very
small in the balance. It is moro than probable that many economies
of banking can and will be worked out by tho consolidation of banking
interests. That is tho trend in overy other department of enterprise.
I suggest this idea for your consideration: Tho circulation of checks at
par, in the proper banking sense, will extend tho usefulness of checks,
and will havo a tendency to increase checking accounts.
Are you gentlemen aware that South Carolina pays tho highest aver­
age rate on deposits of any State east of the Rockies, except one, according
to statements compiled by the Comptroller? South Carolina banks pay
an average rate of 4.37% to secure deposits. Georgia pays 4.77%. These
rates are exceeded in tho whole country only by rates in such States as
the Dakotas and Montana.
You will be interested to hoar of an organized movement in West Vir­
ginia to reduce the rato paid upon deposits. It is a complox question and
I do not presume to givo advice to tho banks of South Carolina; but it is
more than clear that the rato is too high for commercial banks to pay
under tho present level of loaning rates, or under tho rates which are likely
to prevail in the future.

JuLi 1 1916.]

THE CHRONICLE

The question was submitted to us whether the banks could legally act
together under a penalty to reduce tho rate ot interest paid upon dejtosits.
We submitted the matter to our counsel, who gavo a reply in tho affirmative,
and wo shall be very glad to give a copy o f that opinion to tho officers
ot your association.
Now a word to tho Stato banks of South Carolina. Wo havo discounted
for member banks o f this Stato sinco organization about 822,000,000. A
great deal of this paper was discounted at a time o f stress in your State,
and at rates whicli you could not havo obtained except for tho Federal
Reserve system. Although under tho Act wo could not discount directly
for you, there is no doubt that many o f you stood under tho protection
of that umbrella. In all fairness you are bound to admit that. Whether
members or non-members, you all aro reaping and will continuo to reap,
a tremendous advantage from tho operation of the Federal Reservo system.
Tho citation which I have given of the state of feeling existing in tho
financial centres of this country at a time when all other financial centres
aro out o f joint is a graphic illustration of conditions under which you aro
______________________________
operating.

WASHINGTON BANKERS' ASSOCIATION CALLS UPON
MEMBERS TO REDUCE INTEREST RATE TO 3 % .
A recommendation that interest on time and savings
doposits bo reduced by tho banking institutions of the Stato
from 4 to 3 % on July 1 was contained in a resolution adoptod
by the Washington State Bankers’ Association in convention
at Evorott on Juno 10. Tho resolution states that:
In view o f tho vast agricultural and industrial dovclopment and tho
consequent increased wealth of tho country, resulting in tho lowering of
interest rates, rendering tho payment o f 4% interest on time and savings
deposits unprofitable and causing a loss which must bo mado up in other
branches o f tho business, wo recommend that tho rate of interest paid by
member banks o f this association on time and savings doposits bo reduced
to a rate not exceeding 3% per annum.

23

w ise .
W e q u o te w h a t th e “ R e s e r v e B u lle t in ” fo r J u n e h a s
to s a y in th e m a tte r b e lo w :

Section 18 of tho Federal Reserve Act authorizes national banks desiring
to retire their circulation to file an application with the Treasurer of tho
United States to sell tho United States bonds securing the circulation to be
retired. It is provided that bonds offered for sale in this manner shall bo
purchased by tho various Foderal Reservo banks in a sum not to exceed in
tho aggregate 825,000,000 in any ono year. Tho Act provides, however,
that Federal Reserve banks may also buy United States bonds in the open
market, and that bonds bought in that manner shall bo deducted from the
amount which each bank may bo required to buy from member banks
through the Treasurer.
Inasmuch, therefore, as tho twelve Federal Reserve banks have already
bought in the open market more than 825,000,000 of bonds bearing tho
circulation privilege, thoy cannot, under tho terms of the law, bo required
to buy any more of such bonds through tho Treasurer during this calendar
year.
The Federal Reserve Doard suggests, therefore, that member banks
should not file any more applications with tho Treasurer for the sale of their
bonds during the calendar year of 1916.
It is proper to state, however, that tho fact that Federal Reserve banks
cannot be required to purchase any more United States bonds from
member banks in that manner during 1916 does not in any way affect
their right to purchase such bonds, to any oxtont thoy deem advisable, in
tho open market, whether from member banks or otherwise.

TAX ON FEDERAL RESERVE NOTES.
The

“ F e d e ra l R e s e r v e B u lle t in ”

fo r J u n o c o n ta in e d t h e

fo llo w in g w ith re g ard to th o q u e s tio n o f in te r e st o n F e d e r a l
R e s e r v e n o te s :

Your letter of April 20 was duly received and referred to tho Doard fo r
attention.
In reply you are advised that in the opinion o f counsel a discretion Is
Tho Association also placed itself on record as favoring vested in the Doard as to what amount of interest, if any, shall bo charged
tho adoption of a “ no-protest” symbol for cash items in Federal Reserve banks for tho use of Federal Reserve notes, and that in
the exercise o f its discretion tho Doard must take into consideration the
transit through member banks.
purposo and intent of Congress.
It will be recallod that the banks pay all expenses of the preparation, issue
Ralph S. Stacy, President of tho National Bank of Tacoma, and redemption of these notes; that unlike tho tax on national bank note
at Tacoma, W ash ., is tho newly olocted President of the circulation the interest collected is not used for tho purpose of defraying
any o f, the incidental expenses; that after the payment of the expenses
Washington Bankers’ Association.
of the Federal Reserve banks and tho cumulative dividends on their
stock, and after appropriating a certain amount to the surplus account
of such banks, all o f tho earnings are paid to tho Government in lieu o f
VIRGINIA BANKERS PROTEST AGAINST EXCESSIVE franchise and other taxes. To impose a tax, therefore, on Foderal Reserve
notes merely as a means of raising revenue for the Government would
RATE OF TAX ON BANK SHARES.
not in tho end increase tho Government’s revenue since it would merely
A t tho annual convention of the Virginia Bankers’ Associa­ increase the expenses of the banks and would thus deplete tho amount that
the Government receives from the earnings over and above the dividends
tion, tho Committee on Taxation, through its Chairman, on
tho stock.
Oliver H . Sands, of Richmond, voiced its conclusions with
Ono o f tho primary purposes of this provision was to cnablo the Federal
Reserve Doard to control tho volume of notes o f this character placed in
regard to tho tax on bank stock as follows:
The Committee feels that It should be tiio duty o f every banker in the circulation. In other words, if these notes become redundant the Doard
can,
by imposing an interest charge or by increasing a charge already im­
Stato to keep before his individual stockholders tho fact that the bank is
being required to pay for him a higher rato on his bank stock than upon posed, force a retirement and so furnish the desired elasticity to our cur­
rency. It has not been deemed necessary by the Doard to force a retire­
any other investment which he has, and tho banks o f this Stato should no
ment of these notes since the amount in circulation is no larger than is
bo satisfiod until this unjust discrimination is removed.
Your Committee has been favorable to tho banks making a test case in needed for the volume of business now being done by the banks. A
tho courts in order to secure justico, and wo aro o f tho opinion that the nominal rato of interest, therefore, would serve no useful purpose, and in
Constitution o f Virginia distinctly provides against such discrimination, the opinion o f counsel is not required under the law, nor would such a
but whether proceedings o f this character aro instituted or not, your nominal charge seem to be within tho purpose and intent of Congress.
April 28 1 9 1 6 . ______________________________
Committeo strongly urges that the bankers o f the Stato continuo io insist
that tho tax upon its shares shall not bo at a higher rato than upon tho
shares o f other corporations in tho hands o f individuals, whether such
LOANS BY NATIONAL BANKS ON REAL ESTATE.
corporations aro competing or not. This, wo bcllevo, was the intention
The question of loans by national banks on real estate is
of Congress when it passed tho National Rank Act, which stated in Section
5219 that shares o f national banks should not bo taxed at a higher rato tho subject of tho following informal ruling of the Reserve
than other moneyed capital in tho hands o f individuals.
Your Committee should endeavor to secure such Federal legislation as Board:
In reply to your letter of May 6, you aro advised that Section 24 of the
will leave no doubt as to tho purposo o f this clause in tho National Dank
Federal Reserve Act authorizes any national bank not situated in a central
Act.
roservo
city, under certain prescribed limitations, to make loans secured
Wo urgo the bankers of tho Stato to do all in their power to havo tho
State of Virginia pass such laws as to taxes on intangible property, stocks by improved and unencumbered farm land situated within its Foderal
and bonds, as will prevent tho driving away from tho Stato people who Roservo district.
Thero is no provision which authorizes a national bank to loan on real
have large investments of this character. Tho District o f Columbia and
some of tho States are offering great inducements to people o f moans, and estate of any other character, such as village estato mentioned in your letter.
An
amendment to this section, however, lias been recently introduced in
wo aro losing many most dcsirablo citizons on this account.
Congress which, if passed, wil authorize a national bank not situated in a
central reserve city to make loans, under certain conditions, secured by
any improved and unencumbered real estato located within 100 miles of
PROPOSAL TO M A KE 8 % THE M A X I M U M CONTRACT such bank, whether within or without its Federal Roservo district. This
amendment has not as yet been acted upon by Congress.
RATE IN VIRGINIA.
M ay 8 1916.
______________________________
•

A resolution favoring tho oractmont of a law fixing 8 %
instead of 6 % as tho legal maximum contract rato, but
DISTINCTION BETWEEN FEDERAL RESERVE NOTES
leaving 6 % as tho rate to bo charged when no othor rato is
AND FEDERAL RESERVE B AN K NOTES.
specified, was adopted by tho Virginia Bankers’ Association
Tho distinction between Foderal Rosorve notes and Federal
at its annual convention at Old Point on Juno 24. Tho reso­
lution provides for tho appointment of a committeo of ton— Reserve bank notes is indicated in tho “ Reserve Bulletin” for
two from each of tho fivo groups, ono to be an officer of a Juno, which also points out tho reserve requirements in the
national bank and tho othor an officor of a State bank— two cases, as follows:
Federal Reserve bank notes are obligations of the Federal Reserve bank
this committeo being delegated to take stops toward bringing by which they are issued. They arc secured by United States bonds
about tho desired legislation.
deposited with tho Treasurer of tho United States and arc issued through

SALE OF BONDS

THROUGH UNITED
TREASURER.

STATES

Pointing out that tho Foderal Reservo banks, having
already bought more than $25,000,000 United Statos bonds
bearing tho circulation privilogo they cannot bo required to
purchaso any moro such bonds through the Treasurer during
tho calondar yoar, tho Rosorve Board states that this fact
does not in any way affect tho right of Reserve banks to
purchaso such bonds to any oxtont thoy may doom advisablo,
in tho opon markot, whether from inomber banks or other­




tho Comptroller of tho Currency under tho same terms and conditions as
national bank notes. Other than the 5% redemption fund maintained
with tho Treasurer of tho United States, no reserve need be maintained
against Federal Reserve bank notes.
Federal Reserve notes, on the other hand, are obligations of the United
Statos. They are issued to the Federal Reserve banks through tho various
Federal Reserve agents upon tho deposit witii such agents of certain classes
of oligiblo commercial paper as collateral security. Tho law requires that
Federal Reserve banks shall maintain reserves o f not less than 40% against
Federal Roservo notes in actual circulation, though the 5% redemption
fund maintained with the Treasurer of the United States for tho purposo
of redeeming such notes is counted as part of the 40% reserve.
Theso notes also differ in form. In the caso of the Federal Rescrvo
bank note tho words "national currency” are engraved on tho top margin
o f tho face of tho note and “ Federal Roservo Dank N ote" on tho bottom
margin of tho same side of tho note. In the case of the Federal Reserve

THE CHRONICLE

24:

noto tho words “ Federal Roserve note” aro engraved on the top and bottom
margins of tho face o f the note.
M ay 12 1916.
.

L IM IT

OF REDISCOUNTS OF FEDERAL
BANKS.

RESERVE

Supplementing tho informal ruling in the M a y number
of the “ Federal Reserve Bulletin” concerning the limit as
to the amount of rediscounts which a member bank may
take from a Federal Reserve bank, Milton C . Elliott, counsel
for the Board, in an opinion published in tho Juno issue of
the “ Bulletin,” states that while a member bank may acquiro
commercial or business paper from the same person in excess
of 1 0 % of its unimpaired capital and surplus, its Federal
Reservo bank cannot rediscount such paper bearing tho
signature or endorsement of tho same porson in excess of that
amount. A t the same time M r. Elliott answers in the
negative a quory as to whether Section 13 of the Federal
Roserve Act amonds Section 5200 of tho Roviscd Statutes.
The informal ruling in tho matter was printod in these
columns June 3, page 2046.
In enlarging upon tho
point, M r . Elliott says:

[Vol . 103.

Answering an inquiry submitted by ono of tho Federal Resorvo banks,
tho Department of tho Interior has informed tho Federal Roservo Board
that no bank is rejected as a depositary for Indian funds simply becauso it
has borrowed money in tho form of rediscounts. It appears that a modifi­
cation of tho ruling of tho Interior Department in this connection was
mado on April 9 1913, so that tho proceduro of tho Department might
conform to tho Fedoral Reserve Act. A letter recently sent out convoying
this information to tho Federal Reservo bank making tho inquiry is given
below:
With further reference to tho subject of your letter of March 30 calling
tho Board’s attention to a ruling of tho Interior Department of April 9
1913, undor which no bank that rediscounted any of its paper would bo
eligiblo as a depositary for Indian funds, I beg to advise you that tho
Interior Department informs mo that “ tho rediscount featuro of the
Federal Reserve Act was given particular consideration over a year ago
by this Department in connection with tho rule relating to borrowed
monoy, and as a result the rule was discontinued” ; and that “ no bank is
now rejected as a depositary simply becauso it has borrowed monoy, but
any applicant bank whoso borrowings appear excess!vo is expected to furnish
a satisfactory explanation of the necessities therefor.”
I trust that this disposition of the matter will bo satisfactory to you and
to any of your member banks which felt themsolvos undor a disability in
dealing with their Federal Roservo bank becauso of tho ruling of tho Interior
Department promulgated in 1913.

CHANGES IN NEW YORK STATE COMPENSATION
L AW A N D TIIEIR EFFECT.
Tho scope of tho Workmon’s Compensation Law of Now

9 1916.
York is materially broadened in amendments which wont
Sir.— In tho May issuo o f tho “ Federal Rosorvo Bulletin,” Volumo 2,
page 225, tho Board published an informal ruling reading in part as follows: into effect on June 1. A t tho time (in M a y) ho approved the
There'is no limitation in tho law as to tho total amount of rediscounts bill embodying the Amendments, Govornor Whitman in a
which a momber bank may take from tho Fedoral Resorve bank. There is,
howovor, a provision In Section 13 o f tho Federal Reserve Act providing memorandum set out his reasons therefor as follows:
that tho aggregate of notes boaring tho signature or endorsement of any
This bill is intended to correct many serious dofocts in tho Workmen’s
ono porson, corporation, &c., rediscounted by tho Federal Reserve bank Compensation Law and is constructive and beneficial legislation affecting
for any ono bank shall at no time exceed 10% of tho unimpaired capital and
employers
anti workmen. The bill extends tho scope of the Workmen s
surplus of said bank. This clause of tho Act contains an exception as to
tho discount of bills of exchango, but no excoption is mado as to tho dis­ Compensation Law so as to cover many hazardous employments not in­
count of promissory notes.
cluded in the present law and also changes tho definition of tho word “ em­
If, therefore, any particular paper which'you present for rediscount to
tho Federal Reserve bank, eithor singly or added to tho paper of tho samo ployees” so as to bring within the law any person in the service of an em­
makers or endorsers which tho Fedoral Roservo bank has already redis­ ployer who is engaged in any of the hazardous employments enumerated
counted for you, amounts to a total o f more than 10% of tho unimpaired in tho bill, including hazardous employment carried on by tho State or any
capital and surplus of your bank, tho Fedoral Resorvo bank, undor tho subdivision thereof.
clause abovo quoted, has no authority to rediscount.
Tho effect of the bill will bo to remove tho uncertainty now existing as to
In commenting on this ruling tho Chairman o f tho Board of ono of tho
whether an injured workman is entitled to receive compensation for Injury
Federal Roserve banks, says:
sustained
in tho course of his employment and will also largely reduce tho
Tho last paragraph of this ruling seems to bo susceptible of tho con­
struction that a momber bank may not rediscount with tho Federal Rosorvo number of appeals from decisions rendered by the State Industrial Com­
bank paper of tho samo makers or endorsers in oxcess of 10% of tho unim­ mission.
paired capital and surplus of tho member bank, whether such papor con­
Tho bill also provides for an optional system of compensation applying
sists solely of direct borrowings of tho makers or endorsers, or of both to all occupations and industries not covered by tho compulsory law. This
direct borrowings and discounts of business papor, or sololy of business
optional or elective system will enable employers and employees in the nonpaper actually owned by tho endorsers. * * *
Tho question which I wish to present to tho Board is: (1) Does tho ruling liazardous industries and occupations to bring themselves under tho law
in tho M ay “ Bulletin” referred to detormino that a member bank may and eliminate what has heretofore been a source of litigation and will
not extend loans and discounts to a single borrower exceeding 10% of tho establish a just and equitable method of compensating employees who have
unimpaired capital and surplus of tho member bank, provided tho dis­
counts aro of business paper? (2) Does tho Board hold that tho fifth suffered injury in the course of their employment. I believe it will provo
paragraph of Section 13 of the Federal Reservo Act modifies tho proviso of benefit to employers and employes alike.
in Section 5200 of tho Revised Statutes?
The “ Record and Guide” of June 24, in drawing attention
Both questions should bo answered in tho negative.
In considering these questions it should be borne in mind that Section to tho importance of tho amendments and indicating their
5200, Revised Statutes, relates to tho amount that may be loaned to any intent, prints the following:
ono porson, firm or corporation by a national bank, while Section 13 of
Amendments of the Workmen’s Compensation Law of tho greatest im­
the Fedoral Reservo Act relates to tho amount that may bo loaned on portance to the State Insurance Fund were passed by the Legislature just
rediscount by a Federal Rosorvo bank to a momber bank. Section 13 of adjourned, and signed by tho Governor. These amendments, which be­
tho Federal Resorvo Act does not, therefore, modify or amend in any way came effective Juno 1 1916, settle onco for all tho much-debated question
Section 5200, Rovised Statutes. Confusion of thought nocossarily results as to the liability at common law.
from an attempt to treat these two sections as dealing with tho samo
The amendments that put an end to the controversy about tho matter of
subject-matter.
common-law liability are as follows:
Under Section 5200, Revised Statutes—
1. An amendment adding nearly fifty occupations to tho list of hazardous
Tho total liabilities to any association of any porson * * * for employments enumerated in the Act. These additions to tho groups bring
money borrowed * * * shall at no time exceed ono-tenth part of tho definitely under the Act many occupations concerning tno Inclusion or which
amount of tho capital stock of such associations, actually paid in and there was formerly a reasonable doubt.
unimpaired, and one-tenth part of its unimpaired surplus fund. * * *
2. An amendment broadening tho scope of the definition of employeo in
But the discount of bills of oxcliango drawn in good faith against actually
existing values, and tho discount o f commercial or business paper actually the Act to include not only a person engaged in one of the enumerated haz­
owned by tho person negotiating the samo shall not be considered as ardous employments, but also a person in tho service of an employer whose
money borrowed.
principal business is that of conducting one of such employments.
A member bank may, theroforo, acquiro from tho same person bills of
3. An amendment permitting an employer not carrying on one of tho
exchango or commercial or business paper in oxcoss of 10% of its capital enumerated hazardous employments, or who, while carrying on ono of such
and surplus. When such bank, however, after acquiring papor o f those employments, has in his service an employeo not included within the Act,
two classes, tenders it for rediscount to a Federal Rosorvo Bank it is subject to elect to bring all his employees under the Act and thus to Include them
to tho limitations imposed by Section 13 of the Federal Rosor.vo Act. in the coverance of his compensation Insurance policy. Such election on
This section provides in part that—
tho part of the employer is made by posting notices about his place of busi­
Tho aggregate o f such notes and bills bearing tho signature or endorse­ ness and filing with the Commission a written statement signifying his ac­
ment o f any ono person, company, firm or corporation rediscounted for ceptance of compensation for all his employees. The election then becomes
any ono bank shall at no time exceed 10% of tho unimpaired capital and
surplus o f said bank; but this restriction shall not apply to tho discount binding on tho employees, unless one of the latter shall filo with tho employer
and the Commission written notice that he elects not to be subject to the
of bills of exchango drawn in good faith against actually existing values.
*It will bo observed that while bills of exchange aro oxpressly excluded Act, within twenty days after tho election by the employer, or at tho time
from tho limitation abovo quotod, commercial or business papor is not, of entering into the contract of service, as tho case may bo. This amend­
and tho Board is without authority to except from this provision of Section ment enables an employer voluntarily to bring all his employees under tho
13 this class of papor. Tho fact that member banks may acquiro commer­ Act and thus to include them in his compensation insurance.
4. An amendment making clear, specific and complete the abolition of
cial or business paper in excess of tho amount they aro authorized to re­
discount with Federal Roservo banks is not of any spoeial significance. liability at common law under Section II. The amended section provides
Momber banks aro not permitted to rediscount all of their assets with a that the liability of an employer for compensation "shall bo exclusive and
Federal Roservo bank, but aro limited to'certain classes of eligible paper. in place of any other liability whatsoever to such employee, his personal
It is not inconsistent with tho goneral purpose and intent of tho Act, representatives, husband, parents, dependents, or noxt of kin, or anyone
therefore, that commercial or business paper bearing tho signaturo or en­ otherwise entitled to recover damages at common law or otherwise on ac­
dorsement of any ono person, firm or corporation should bo limited to count of such injury or death.”
This amendment wipes out every conceivable trace of liability outside
10% of tho capital and surplus o f the momber bank obtaining tho redis­
count. On tho contrary, it may bo reasonably assumed that Congress in­ tho Act for employers who coino within its provisions, and provide insurance
in
ono of tho prescribed ways. As tho preceding amendment enables an
tended to permit a preferonco to be shown by Federal Resorvo banks for
bills o f oxchango drawn against actually existing values as being solf-liqui- employer to bring all his employees under the Act, this amendment of Sec­
dating to a greater extont than tho ordinary commercial or businoss paper. tion II relieves an employer making such election of all liability at common
law on account of injuries or death sustained by any person in his service.
Respectfully,
The two amendments taken together mako tho coverance of a State Fund
M . C. ELLIOTT, C o u n s e l.
policy, issued to an employer electing compensation for all his employees,
T o Hon. CHARLES S. HAM LIN. G o v er n o r F e d e r a l R es e r v e B o a r d .
absolutely complete.
M ay

BANKS NOT BARRED A S DEPOSITARIES OF IN D IA N
FUNDS IF OBTAINING REDISCOUNTS.
The Department of tho Interior has modified its ruling
whoreby Fedoral Resorvo banks having borrowed money in
tho form of rediscounts, were prohibited from serving as
depositaries for Indian funds. This fact is made known in
t ho “ Federal Resorvo Bullotin” for Juno, which says:




The State Industrial Commission had tho following to say
with regard to tho changes in tho law when they went into
effect tho 1st of last month:
Under tho amended law it is now not only possiblo, but obligatory, for
employers to insure many inoro classos of employees than was formerly tho
case. Furthermore, failuro to provide compensation is now made a mis­
demeanor, and subjects such an employer to a fine and imprisonment if ho
violates the law in this respect. The hazardous employments wnleh come
under the Act have been very greatly extended, so as to Include many cm-

July 1 1916.]

THE CHRONICLE

ployments the hazard o f which is great, but which were not Included under
the law as originally framed. Some o f theso Include such employments as
window-cleaning in office buildings, employees In garages, marl no-wreck­
ing, road-building, stone-crushing, the operation o f freight and passenger
elevators, balcksmithlng and horseshoeing, bottling and Ice-harvesting,
manufacture o f moving-picture machines and films, movers of all kinds,
employees engaged In the fur business. In which there has developed so
many cases o f the deadly anthrax, and numerous other employments.

PRESENT CONGRESS APPROPRIATES $1,499,330,479.
The above amount, according to a statement made in the
Ilouso on June 28 by Representative Fitzgerald of N ew
York , Chairman of the Committee on Appropriations, has
thus far been appropriated by the present Congress. A t the
last session a total of $1,114,937,012 was appropriated.
Deficiency bills this season, according to M r. Fitzgerald,
amount at the present time to $53,267,298, of which $39,974,­
343, “ arises out of the situation on the Mexican border.”
The above information was brought out by Representative
Fitzgerald with the presentation by him of an urgent defi­
ciency bill of $27,000,000 to cover the cost of mobilizing the
Guard and concentrating the regular army on the bor­
der. Ho furnished the following summary of expenditures:
Total regular annual bills-------------------------------------------- $1,219,788,507
Permanont annual appropriations(estimated)........... ........
135,074,673
Nitrate plant, in National Defense A ct-----------------------20,000,000
Good roads___________________________________________
6,000,000
Kural credits_________________________________________
15,100,000
Shipping bill...........- ............. ............. ................... ...............
50,100,000
Deficiency bills_______________________________________
53,267,298
Grand total _

98
00
00
00
00
00
34

____________________________________ $1,499,330,479 32

The abovo does not include appropriations for the next
fiscal year of $188,290,000 for the navy, $14,300,000 for
fortifications and $2,724,950 for rivers and harbors, &c.

CONFERENCE REPORT ON IIA Y RESOLUTION
ADOPTED.
A conference report on the H ay resolution authorizing the
President to draft the National Guard into Federal service
was sent to the President on Thursday after its adoption
on that day by the Senate; the House approved tho report
on tho provious day. Tho resolution as originally passed
by the House on June 23 authorizing tho President “ to draft
into tho military service of tho United States any and all
members of the National Guards and of tho organized
militia,” included a provision for an appropriation of $1 ,­
000,000 “ for tho purposo of maintaining at a cost of not
moro than $50 a month the family of each enlisted man of
tho National Guard called or drafted into tho service of the
United States.”
On June 26 the Senato passed the resolution in amended
form by striking out the clause appropriating $1,000,000 for
tho families dependent upon militiamen, and in its place
substituted a provision excusing from border duty, upon
application, guardsmen upon whom families depend. -On
Juno 27 the House disagreed to all the Senate amendments,
and the resolution was sent to conference. The following
day the conferees reached an agreement whereby both the
clause for the relief for dependent families and tho Senate’s
substitute wero stricken out of the bill.
A separate bill calling for an appropriation of $2,000,000
to provide for dependent families of guardsmen has been
introduced in tho House by Chairman H ay of the Committee
on Military Affairs. It will bo considered under suspension
of tho rules M onday. It provides for an allowance to a
dependent family of a guardsman not exceeding $50 a month,
or as an alternative would authorize the discharge in the
discretion of tho Secretary of W ar of any enlisted man with
a dependent family except those who marry after July 1.

THE NAVAL CONSTRUCTION PROGRAM.
It was decided on Juno 26, following a conference botween
Secretary Daniels and the members of the Senate Sub-Corn
mitteo on N aval Affairs, that the five-year building program
as outlined in our issue of last week (page 2310) be completed
in three years. This would call for the expenditure of $500,­
000,000 in threo years instead of five, and the United States
N avy at tho beginning of the year 1919 would bo composed
of tho following ships if tho sub-committee’s plans are adopted
27 battleships o f the first lino.
6 battle cruisers.
, „
25 battleships o f tho second lino.
10 armored cruisers.
13 scout cruisers.
5 first clsvss cruisers.
3 second class cruisers.
10 third class cruisers.
108 destroyers.
18 fleet submarines.

157 coast submarines.
6 monitors.
20 gunboats.
4 supply ships.
15 fuel ships.
4 transports.
3 tenders to torpedo vessels.
8 vessels o f special types and
2 ammunition ships.

Tho sub-committee revised in some particulars on Juno 23
-ts tentative construction plan for the coming year, which




25

it had agreed upon the preceding day (see last week’s issue,
page 2310), by changing from 7 to 8 the number of capital
ships it is proposed to authorize for the first year. Four of
these vessels, it was decided, should be supordreadnoughts
and four battle cruisers. Provision was also made for the
building at once of one gunboat. In compliance with Sec­
retary Daniels’s request, that action be taken toward in­
creasing the complement of the navy, it was decided to recom­
mend an increase of about 20,000 men, thus bringing the total
strength of the navy up to 74,700, with authority to the Presi­
dent to increase the number to 87,000 in case of emergency.
Included among other things in the sub-committee’s report
is a provision for an increase in the Marine Corps to keep it
on a basis of 2 0 % of the strength of the navy; this authorizes
an increase in that branch of the service of about 6,000 men,
bringing the total strength of the Marine Corps to approxi­
mately 15,000 men, to which 2,0 00 more m ay be added in
an emergency. The full committee on June 29 unanimously
adopted the plan.

SUNDRY CIVIL BILL PASSED BY SENATE.
The Sundry Civil Appropriation bill, carrying a total of
$130,000,000, was on June 27 passed by the Senate. An
amendment increasing the salaries of special attorneys for
tho Federal Trado Commission from $5,000 to $7,500 was
defeated. The object of the amendment, according to Sen­
ator Hollis, who offered it, was to procure for the Commission
able counsel for the preparation of dissolution decrees, &c.
A provision calling for an appropriation of half a million
dollars for a Government powder factory was amended so
that tho W ar Department may use the sum either to establish
a plant or enlarge any plant already in existence.

THE ARM Y APPROPRIATION BILL.
The army appropriation bill, carrying a total of about
$182,000,000 claimed to be the largest budget of its kind in
peace times, was passed without a roll call by the House on
June 26. While the House was considering the budget, the A p­
propriations Committee worked on a deficiency bill which will
increase army expenditures about $25,000,000, for the purpose
of defraying the mobilization and equipment expenses of tho
National Guard and provide emergency funds for the regular
army now on the border. The following increases for the
maintenance of tho National Guard and regulars were in­
cluded in the army bill as approved on M onday:
Horses for cavalry and other departments, $3,000,000. Total appro­
priation as increased, $3,800,000. (The War Department, according to
Chairman Hay, has recently contracted for 68,000 horses and mules.)
Medical department and sanitation, $1,000,000; total appropriation,
$

2 , 000 , 000 .

Engineer department, $500,000; total appropriation, $1,000,000.
Ordnance stores, ammunition, $2,000,000; total appropriation, $4,500,­
000
Manufacture of arms, $3,000,000; total appropriation, $5,000,000.
Ordnance stores supplies, $3,000,000; total appropriation, $5,000,000.
Machine guns for regulars, $1,950,000; total appropriation, $3,360,000.
Machine guns for militia, new item o f $2,000,000.
Armored motor cars, $150,000; total appropriation. $300,000.
Field artillery, militia, $5,000,000; total appropriation, $8,000,000.
Ammunition for field artillery for militia, $5,000,000; total appropria­
tion, $8,000,000.
Military training camps for civilians, $1,500,000; total appropriation,

.

$ 2 , 000 , 000 .

Whilo a gross increase of $28,110,000 is represented in the
above items, the House struck out of the bill about $5 ,000 ,­
000 for the militia. Besides the net increase of $23,000,000
incorporated in the bill on M onday, the House had previously
authorized $2,000,000 additional for army aeronautics, thus
bringing the total additions up to $25,000,000.
Tho Senate Military Com mittee on Thursday provided for
additional appropriations for the army to tho extent of more
than $50,000,000, and further Senate additions are expected.

NAVAL CONSULTING BOARD'S INDUSTRIAL
PREPAREDNESS CAMPAIGN.
Gratifying results are reported by the Committee on In­
dustrial Preparedness of the N aval Consulting Board of the
United States in its efforts to secure an inventory of the
country’s manufacturing and producing resources. The
information gathered will be used in planning for the edu­
cation of our American industries in time of peace and in the
requirements of the army and navy in time of war. The
work of preparing the inventory is in tho hands of 30,000
engineers of the American Society of Civil Engineers, the
American Institute of Mining Engineers, the American
Society of Mechanical Engineers, the American Institute of
Electrical Engineers and the American Chemical Society.
Howard E . Coffin, Chairman of the committee, in a state-

26

THE CHRONICLE

ment issued on June 17 with regard to the progress of
tho work, said:
Tlio manufacturers o f the nation, recognizing tho highly qualified and
non-partisan personnel o f this movement, which has the strong support of
tho President, tho military heads and tho Chamber o f Commerce o f tho
United States, havo almost without exception responded with the most
Intelligent patriotism and tho deepest interest in this close-knit movement
for a thoroughgoing industrial preparedness.
.
They wero called upon to give very comprehensive information on tiro
adaptability o f their factories, mills and mines to Federal uses from the
hour of military mobilization, the data to be held in tho strictest confidence
for tho solo scrutiny and benefit o f the War and Navy Departments o f tho
United States. Tho business men havo met tho Committee on Industria
Preparedness and tho engineers at least half way in this far-flung effort
to establish a backbone for tho national defense.
A few manufacturers have doubted tho ability o f their plants to aid tho
Government in war time. They havo almost invariably changed their
views when shown how little doubt there is that on tho outbreak o f war
practically all concerns not engaged in lines of work essential to the national
needs would bo stripped o f their labor, either for tho army or for manning
Other industrial plants vital for the supply o f such needs, and that in tho
evont o f hostilities probably 80% o f the industries o f America would of
necessity be concentrated on producing the myriad elements o f twentieth'
century warfare.
It has been made very clear to such business men that in tho last equation
It will bo to the material interest o f every American manufacturer to havo
determined now, in time o f peace and plenty, just what ho can do for the
republic in time o f emergency. Finally, there has been made equally plain
the necessity for having the least possiblo shock to economic and labor
Conditions on the advent o f war, and tho advantage, therefore, o f having
tho greatest possiblo number of plants kept at work.
In view o f national defenso legislation pending in Washington, Chairman
Coffin calls attention to tho reports Of State directors to the effect that all
oloinents o f business lifo in their respective regions unite on tho wisdom
and practicability o f tho committee’s plans for establishing annual educa­
tional orders in small quantities for tho manufacture o f munitions of war.
The idea is to teach Amorican manufacturers now producing— say, farm
machinery— how to turn out some ono war commodity best suited to their
output, and this in time o f peaco.
Not only will tho adoption o f this plan bo a mighty protection to tho
nation, but, by actually creating hundreds of new sources for tho skilled,
swift and abundant production o f munitions o f war, will lay for all time tho
ghost of a munitions trust. And this program will do more than that— it
will spread the munition-producing units, which ono day will bo so vital
to our continued existonco as a republic, over tho country and away from
tho unprotected seaboards.
Moreover, it is equally vital that Congressional legislation for a sane and
comprehensive industrial preparedness should make mandatory that such
work as is now being done voluntarily by tho engineers should bo carried
-on systematically by tho Government in tho future.
Tho great war has taught tho astonishing adaptability o f national in­
dustries when properly inventoried and organized. It has been loarned,
for instance, that a dye factory may be transformed within a week or ton
days into a plant for the production of high explosives. Tho committee
on Industrial Preparedness, enlisting as it has the best scientific and com­
mercial brains in tho country, thoroughly understands all this and is guiding
its labors thereby.
•
In the Stato o f Now York alone some 35,000 firms aro being inventoried.
In no case so far has the New York Board met with definito refusal to givo
tho desired information. Tho filled-in forms aro already arriving at tho
office at tho rate of several hundreds a day, although this Board asked
many of the largo firms to sacrifice speed to accuracy.
T o gain preliminary information before tho actual inventory work began
1 etters were addressed to 350 o f tho leading manufacturers o f the Stato.
Tho response shows almost unanimous desiro on the part of theso business
mon, many o f them of international reputation, to support the work o f the
committee, and a summary o f their letters discloses in tho most interesting
and graphic way how the industries o f the Empire State could adjust them­
selves to tho needs o f conflict.

*

*

*

*

*

*

*

*

*

*

*

*

Tho Committee on Industrial Preparedness started its campaign but a
few weeks ago with a nation-wide constructive organization raised up almost
overnight. Tho results so far achioved would seem strongly to confirm
Chairman Coffin’s initial statement to tho country that in tho twentieth
century nations arc defended not alone by fighting men but by fighting
Industries, and that the lifo o f a Government in time o f war rests more fully
with tho resources o f properly organized industry as tho foundation rock
o f a truo national defenso than with tho marshaling of troops.

M r. Coffin on Juno 19 indicatod that he purposed calling
the attention of the W ar Department to the inadvisability
of taking skilled workmen ongaged in industrial plants
manufacturing war munitions for military service. Ho arguos
that “ you can make a soldier in six months or a yoar, but it
takes from six to ten years or longer to make a skilled
mechanic.” Ho added:
Industrial plants whoso output is absolutely essential to tho success of our
arms in the event o f hostilities will lose a considerable percentage o f thoir
employees who aro called out with tho National Guard. This is all wrong.
W e must conservo our skilled mechanics, the machine makers, tho gauge
makers and others who make tho winning o f wars possiblo by producing
the things that count. They should not be converted into soldiers. Their
work is as honorable and necessary as that of tho man who docs tho fighting.
Without guns and bullets a soldier would not havo much chance. Some­
thing should bo done to prevent this large eloment, which is such a valuable
asset to the country, from becoming soldiers.
One of tho plans o f the Committee on Industrial Preparedness is tho
organization of an industrial reserve in which men may enlist. Enlistment
in the rcservo should carry as much honor with it as enlistment in tho army.
Tho forces that make the munitions must be kept up to their highest effi­
ciency if there is to bo preparedness that is real preparedness.

SAYS JAPAN WILL SHIP NO ARMS TO MEXICO.
In deprecating reports to the effect that Japanese firms
in tho event of war botweon the United States and Mexico
will supply munitions to tho Mexicans for use against tho
United States, or that Japan will in any other way aid tho
do facto Government of Mexico, Baron Ishii, Japanoso For­




[Vol . 103

eign Minister, expressed his convictions as follows to a cor­
respondent of the Associated Press on June 23, according to
advices from Tokio oji that date:
Of courso any claim that the Japanese Government will assist Mexicans
with munitions and arms is out of the question and absurd. As for private
Japanese companies selling arms to Mexicans, I consider it oxtromeiy im­
probable. All available rifles and guns are being furnished to Japan’s
allies to assist in bringing the European war to a successful issue. And I
fancy, though I do not know, that munitions not available for our allies
may havo found their way to China during tho revolutionary troubles.
Lot me say this with all tho emphasis and earnestness at my command.
Tho Japanese nation sincerely hopes that armed conflict between the
United States and Mexico may bo avoided. Japan’s interest in America,
North, Central and South, being essentially pacific and commercial, any
event bringing disturbances into the American market would be felt keenly
in Japan. This is especially true at a moment when the whole European
trado is virtually closed to Japan and tho Chinese market is seriously
upset.

Tho Minister, when reference was mado to the fact that
the Mexican Gonoral, Ramon Iturbe, was reported soveral
weeks ago to have been on his way to Japan on a secrot mis­
sion, declared that ho had never heard of tho Goneral or his
projected visit.

INDORSEMENT OF CHARLES E. HUGHES, REPUBLI­
CAN CANDIDATE, BY PROGRESSIVE PARTY.
In line with tho recommendation of formor President
Theodore Roosevelt, tho Progressive National Committee
at its meeting in Chicago on Juno 20 endorsod tho nomina­
tion of Charles E . Hughes, the Republican candidate, for
President. Following the conditional refusal of his nomi­
nation as President on^he Progressive tickot, when advised
of tho placing of his namo as tho head of that tickot at the
convention of tho Progressive Party in Chicago on June 10,
M r . Roosovelt in a long lettor addressed to the Progressive
National Committee, and read at the latter’s meoting this
week, indicated his purpose to support M r . Hughes, and
urged the other mombers of tho Progressive Party similarly to
accord tho Republican candidate their support. M r.
Roosevelt stated that ho did not beliovo thoro should bo a
third ticket. Tho recommendation of M r. Roosovelt that
M r. Hughes be given the support of tho Progressives was en­
dorsed by tho committee by a vote of 32 to G, with nino de­
clining to voto on the ground that the committeo was ex­
ceeding its powors, and three absent. A move to namo Vic­
tor Murdock of Kansas for President in place of M r. Roose­
velt was defeated by a voto of 31 to 15. The resolution urg­
ing tho support of M r . Hughes was offered by James R . Gar­
field of Ohio; after tho presentation of tho Garfield resolution,
Bainbridge Colby of New York moved that action be post­
poned until Aug. 5, the anniversary of the birth of tho party.
This motion was defeated 13 to 34. Chairman Matthow
Hale of Massachusetts ruled that the Garfiold resolution was
out of order, inasmuch as tho committee had authority from
the National Convention meroly to fill vacancies on tho tickot
and not to indorse candidates of other parties. On an ap­
peal from tho decision of tho chair this riding was revorsed by
a voto of 14 to 33.
As a substitute for tho Garfield resolution, Henry Coclioms
of Wisconsin proposed that the National Committeo go out
of existence and that action be left to tho different Stato
committees. His motion was tabled by a voto of 32 to 14.
Another substitute, offered by M r . Cochoms, was to tho ef­
fect that, in view of the failure to nominato a candidate, tho
committeo go out of existence and refer tho matter to tho
consciences of individual mombers of tho party. This was
tabled by a vote of 32 to 15. Following tho adoption of tho
Garfield resolution, a second resolution was prosontod by
M r . Garfiold, directing the National Exocutivo Committee
to co-operate with the Hughes campaign managers and recom­
mending that Progressive State committees take action aftor
conference with tho National Executive Committeo. This
was adopted by a vote of 32 to 3 , with 11 members not voting.
Tho following is the resolution adopted, endorsing M r.
Hughes:
W h e r e a s , Tho statement issued by this committeo in Jannary and tho
platform adopted by tho Progressive National Convention sot forth that,
putting aside all partisan considerations, in view of existing world and na­
tional conditions, wo would work with any man or party who saw tho na­
tion’s need and put forth a leader fit to meet it; and
W h e r e a s , Wo believe with Colonel Roosovelt, that in tho nomination of
Charles E. Hughes of Now York, tho Republican Party has put forth such
a leader, wo endorse and concur in the rccommondation of Colonel Roose­
velt that wo support Mr. Hughes.

The further resolution offorod by M r. Garfiold and adopted
at the meeting roads as follows:
R es o lv e d , That wo hereby direct tho National Executivo Committeo to co­
operate with Mr. Hughes and tako any stops which thoy doom proper ef­
fectively to prosecute tho campaign.
R eso lv ed , That wo leave to tho Stato committees tho determination of
action In their respective States and recommend that whatovor action thoy
take bo taken after conference with tho National Exocutivo Committee.

July l 1916.]

THE CHRONICLE

M r . Roosovolt’s letter read at tho meeting, setting forth
anow his decision not to sorvo as tho Presidential candidate
on tho Progressive tickot, said in part:
Tho results of tho terrible world war of tho past two years have now made
It evidont to all who aro willing to seo that In this country thoro must bo
spiritual and industrial preparedness, along the lines of efficiency, of loyal
service to tho nation, and o f practical application of tho precept that each
man must bo his brother’s keeper. Furthermore, it is no less evident that
this preparedness for tho tasks of peace forms tho only sound basis for that
Indispensable military preparedness which rests on universal military train­
ing, and which finds expression in universal obligatory service in timo of
war. Such universal obligatory training and servico aro tho necessary com­
plements o f universal suffrage, and represent the realization of tho true
American, tho democratic, ideal in both peace and war.
*

*

*

*

*

*

*

*

It is impossible for us Progressives to abandon our convictions. But wo
aro faced with tho fact that as things actually aro tho Progressive national
organization no longer offers tho means whereby wo can make these convic­
tions effective in our national life. Under such circumstances, our duty
Is to do tho best wo can, and not to sulk becauso our leadership is rejected.
That wo ourselves continue to believe that tho courso we advocated was in
tho highest interest of tho Amorican people is aside from the question.
It is unpatriotic to refuse to do tho best possible merely becauso tho
people have not put us in position to do what wo regard as tho very best.
It remains for us, good-humoredly, and with common sense, to faco tho
situation and endeavor to get out of it tho best that it can bo made to yield
from the standpoint of tho interests o f the nation as a whole.
This was tho situation at tho opening of tho present year. It was clearly
evidont that unless a cataclysm occurred the Presidential oloction would
result in tho choice of cither tho Republican or tho Democratic nominee.
• Tho presont Administration, during its throo years of life, had been guilty
o f shortcomings more signal than those o f any Administration since tho
days of Buchanan. From the standpoint of national honor and interost,
it stood on an oven lowor lovel than tho Administration of Buchanan.
No Administration in our history had dono more to relax tho spring o f tho
national will and to deaden tho national conscience. Within tho Republi­
can Party conflicting forces were at work. There were men among tho
organization leaders who advocated a courso o f action such as offered no
improvement upon tho Democratic position, and advocated tho nomination
of candidates whoso election would havo represented no improvement upon
tho continuance in offico of Mr. Wilson. If such a courso wero followed.
It would obviously become our duty to run a third ticket. But it was
plainly our duty to do everything honorable in order to provent such a ne­
cessity; to do everything short of sacrificing our most sacred convictions
In order to securo tho alignment under one leadership o f tho forces opposed
to tho continuance in power o f Mr. Wilson and tho Democratic Party.
Under theso circumstances tho Progressive National Committee at Chi­
cago in January outlined our duty to seek common action with tho Repub­
lican Party, using tho following words: “ Our pcoplo are socking leadership
— leadership o f tho highest order and most courageous character; leadership
that will draft to Itself for tho country’s benefit tho unselfish and patriotic
services o f Its ablost citizens. Tho surest way to secure for our country tho
required leadership will bo by having, if possible, both the Progressive
and Republican parties choose the same standard bearer and tho same
principles.’ ’
Six weeks later, on March 9, in my Trinidad statement, I asked for a simi­
lar combination against tho Democratic Party, on a platform of “ clean-cut,
straightout National Americanism,” and for a candidate “ who will not
merely stand for such a program before cloction, but will resolutely and in
good faith put it through if elected.”
This was, in effect, tho samo statement that I made In my telegram to oxSenator Jackson, ponding tho convention, which ran in part as follows:
“ Can wo not, forgotting past differences, now join, for tho safety and honor
or our country, to onforco tho policies of genuine Americanism and genuine
preparedness? Surely wo can afford to act in accordance with tho words
of Abraham Lincoln, when ho said, ‘May not all having a common interest
rounlto in a common effort to savo our common country? M ay wo ask
tlioso who havo not differed with us to join in this samo spirit toward those
who havo?’ As far as my own soul is known to mo, it Is in this samo spirit
that at this timo I make my appeal to tho Republicans and Progressives
assembled at Chicago.”
*
*
*
*
*
*
*
*
In my judgment tho nomination of Mr. Hughes meets tho conditions set
forth in tho statement o f tho Progressive National Committee, issued last
January, and in my own statements. Under existing conditions, tho nomi­
nation of a third tickot would, in my judgment, be merely a move in tho
Interest o f tho election of Mr. Wilson. I regard Mr. Hughes as a man whoso
public record is a guarantee that ho “ will not merely stand for a program
of clean-cut, straightout Americanism before election, but will rosolutely
and in good faitli put It through if elected.” Ho is beyond all comparison
better fitted to bo President than Mr. Wilson.
It would bo a gravo detriment to tho country to ro-elect Mr. Wilson. I
shall, therefore, strongly support Mr. Hughes. Such being tho caso, it is
unnecessary to say that I cannot accept tho nomination on a third tickot.
I do not beliovo that there should bo a third ticket. I believe that when my
fellow-Progrossivos coolly consider tho question thoy will for tho most part
take this position. They and I havo but one purpose— tho purpose to servo
our common country. It is my deep conviction that at this moment wo
can servo it only by supporting Mr. Hughes.
It is urged against Mr. Hughes that ho was supported by tho various socalled German-Amcrlcan alliances. I beliovo that tho attitude of those
professional German-Americans was duo, not in tho least to any liking for
Mr. Hughes, but solely to their antagonism to me. They wero bound to
dofoat mo for tho nomination. Tho only way by which they could achieve
this object was by supporting Mr. Hughes, and thoy supported him ac­
cordingly, without any regard to other considerations. I need hardly ropcat what I havo already said in stern reprobation of this professional German-American element— tho element typified by tho German-American
alliances and the similar bodies, which havo, in tho pro-nomination campaign
played not morcly an un-American, but a thoroughly anti-American part.
Theso mon havo nothing in common with tho great body o f Americans,
who aro in wholo or in part of German blood; and who aro precisely as good
Americans as thoso of any other ancestry.
Thcro aro not, and nover havo been, in all our land better citizons than tho
great mass of tho men and womon o f German birth or descent, who havo
been or aro being completely merged in our common American nationality;
a nationality distinct from any in Europe, for Americans who aro good
Americans aro no more German-Americans than they aro English-Ainericans, or Irish-Americans, or Scandinavian-Americans. They aro Ameri­
cans, and nothing else. No good Amorican, whatever his ancestry or creed,
can havo any feeling oxcopt scorn and detestation for thoso professional
Gorman-Americans who seek to make tho Amorican President in effect
a viceroy o f tho German Emperor.




37

Tho professional German-Americans o f this type are acting purely in the
sinister interest o f Germany.
They have shown their eager readiness to
sacrifice the interest o f the United States whenever its interest conflicted
Mth that of Germany. They represent'that adherence to the politicoracial hyphen which is the badge and sign of moral treason to the Republic.
I have singled these men out for specific denunciation, and assuredly if I
support a candidate it may be accepted as proof that I am certain that the
candidate is incapable of being influenced by the evil intrigues of these
hyphenated Americans.
Mr. Hughes s character and his whole course o f conduct in public affairs
justify us in the assured conviction that the fact that these men have for
their own purposes supported him will, in no shape or way, affect his public
actions before or after election. His entire public life is a guarantee of this.
lh o events of tho last three and a half years have shown that as much
cannot be said for Mr. Wilson. In Mr. Wilson’s case we do not havo to
consider his words, but his deeds. His deeds absolutely contradict his
words; and for tho matter of that, his words absolutely contradict one an­
other. It is folly to pay heed to any o f tho promises in the platform on
which ho now stands, in view of the fact that almost every important prom­
ise contained in the platform on which he stood four yoa:s ago has since
been broken. We owe all of our present troubles with the professiona
German-American element in the United States to Mr. Wilson’s timid and
vacillating course during the last two years. The defenders of Mr. Wilson
have alleged in excuse for him that he confronted a difficult situation. As
regards Mexico, tho situation which Mr. Wilson confronted was nothing
like as difficult as that which President McKinley confronted In connection
with Cuba and the Philippines at the time of the Spanish war.
• Under tho actual circumstances, we could with only a minimum of risk
have protested on behalf of Belgium, a small, well-behaved nation, when she
was exposed to the last extremity of outrage by tho brutal violation of her
neutral rights; this violation being itself a violation of the Hague conven­
tions to which wo were a signatory Power.
As regards tho foreign situation generally, during tho great war, the fact
of tho existence of the war made it far easier and safer for Mr. Wilson to
assert our rights than if he had had to deal with some single strong Power
which was at the timo unhampered by war. During the last twenty years
questions havo arisen with Powers o f the first rank, such as England, Japan
and Germany, each o f which has necessitated far greater courage, resolu­
tion and judgment on the part o f tho President dealing with it than Presi­
dent Wilson need havo shown in order to put a complete stop to the contin­
ually repeated murder o f American men, women and children on tho high
seas by German submarines— tho Lusitania being merely the worst of many
such cases. Tho same feebleness that was shown by President Wilson in
dealing with Germany abroad was also shown by him in dealing with the
organized German outrages within our own land, and, finally, in dealing
with tho organized German-American vote. The continued existence o f
the German-American menace at home is directly duo to Mr. Wilson’s
courso of action during the last two years.
Certain of my friends who feel that the Progressives should run a third
ticket baso their feeling on objection to the character or actions of tho Re­
publican National Convention. As regards this point, it is sufficient to
say tlxat tho members of the Republican National Convention were unques­
tionably induced to nominate Mr. Hughes primarily because of the belief
that ids integrity and force of character, and his long record of admirable
public servico, would make himjpeculiarly acceptable, not only to tho rank
and filo of tho Republican Party, but to the people generally. I do not
beliovo that Mr. Hughes would have been nominated if it had not been for
tho fight on behalf of public decency and efficiency which the Progressive
Party has waged during the last four years.
In any event, and without any regard to what tho personal feelings of any
of us may bo as regards thejaction o f tho Republican Convention. I wish
vory solemnly to ask the representatives of tho Progressive Party to con­
sider at this timo only tho welfare o f tho people o f the United States. We
shall prove falso to our ideals andjour professions if, in this grave crisis of the
nation’s life, wo permit ourselves to be swerved from the one prime duty of
serving with cool judgment and single-minded devotion the nation’s needs.
Our own political fortunes, individually and collectively, are of no conse­
quence whatever when compared with the honor and welfaro of the people
of tho United States. Such things do not count when weighed in the bal­
ance against our duty to serve well tho country in which, after wo are dead,
our children and our children’s children aro to live.
The world is passing tlirough a great crisis and no man can tell what trial
and jeopardy will have to bo faced by this nation during the years imme­
diately ahead. Thcro is now no£longer before us for decision the question
as to what particular man wolmay severally most desire to see at the head
of tho Government. We can decide only whether during these possibly
vital years this country shall bo intrusted to the leadership of Mr. Hughes
or Mr. AVilson.
Mr. Wilson has been tried and found wanting. His party, becauso of its
devotion to tho outworn theory of State rights, and because of its reliance
upon purely sectional support, stands against that spirit of far-sighted na­
tionalism which is essential if we are to deal adequately with our gravest
social and industrial problems. Mr. AVilson and his party have in actual
practico lamentably failed to safeguard tho interest and honor o f the United
States. Thoy havo brought us to impotence abroad and to division and
weakness at home. Thoy havo accustomed us to see the highest and most
responsible offices of Government filled by incompetent men appointed
only for reasons of partisan politics. They havo dulled tho moral sense of
tho people. Thoy havo taught us that peace, tho peace of cowardice and
dishonor and indifference to tho welfare of others, is to be put abovo right­
eousness, above tho stern and unflinching performance of duty, whether the
duty is pleasant or unpleasant.
Yet in Mexico they have failed even to secure the peace which they thus
sought; and thoy have failed in spite of tho most ample opportunity and most
amplo warning to prepare in any real fashion to meet the crisis which their
own policy invited. Thoy have taught us to put “ safety first,” safety beforo duty and honor; to put that materialism which expresses itself in mere
monoy-making and in the fatted ease of life abovo all spiritual things, above
all tho high and fine instincts of tho soul. They have taught us to accept
adroit elocution as a substitute for straightforward and efficient action.
Thoy havo raised indecision, hesitancy and vacillation into a settled gov­
ernmental policy.
M r. Hughes has shown in his career the instinct of efficiency which will
guarantee that, under him, the Government will once more work with
vigor and force. Ho possesses that habit of straightforward thinking which
means that his words will be correlated with his deeds and translated into
facts. His past career is tho warrant for our belief that wo will be the un­
faltering opponent of that system of invisible government which finds ex­
pression In tho domination of tho party boss and the party machine. His
past career is a guarantee that whatever he says beforo election will bo made
good by his acts after election.
Morally, his public record shows him to bo a man o f unbending integ­
rity; intellectually, it shows him to be a man of original and trained ability.
AVo have tho alternative of continuing in office an Administration which has

28

THE CHRONICLE

roved a lamentable failure, or o f putting into offico an Administration
hich wo have ovory reason to believo will function with efficiency for the
terest and honor of all our people. I earnestly bespeak from my fellowogressives their ungrudging support o f Mr. Hughes.
Yours truly,
THEODORE ROOSEVELT.
Sagamore Hill, June 22 1916.

Following his endorsement by the Progressive National
Committee, M r. Hughes sent the following telegram to the
Secretary of the committee, 0 . K . Davis, oxpressing his ap­
preciation of its action, criticising the Mexican policy of tho
present Administration, and setting out that “ we make a
common cause in tho interest of national honor, of national
security, of national efficiency.” W e quote his telegram in
full below:

[Vol . 103.

havo been fighting by your side. Let us work together for our national
security and for tho peace of righteousness and justice.
I enclose a copy .of my telegram to tho committee, in which I havo set
forth my attitude. I shall later undertake a full discussion of tho issues of
the campaign.
Hoping that I may have tho pleasuro of seoing you at an early day, I am
my dear Colonel Roosevelt, with cordial regards,
Faithfully yours.
CHARLES E. HUGHES.

THE LATEST M E XIC A N DEVELOPMENTS.

The Moxican situation has undergone an important chango
this week in the fact that the do facto Government of Moxico
has complied with the domand of tho United States Govern­
ment for tho release of the American troopers captured in
H o te l A s l o r , N e w Y o r k C i t y , J u n e 26 1916.
tho attack at Carrizal.
O . K . D a v is , S e c r e ta ry P r o g r e s s iv e N a t io n a l C o m m itte e ,
Tho stock market responded to tho news Thursday morn­
B la c k s to n e H o t e l , C h ic a g o , I I I . :
I welcome tho support o f Progressives. Wo make common cause in the ing by an overnight advance of 2 @ 1 0 points— tho oxtromo
interest of national honor, o f national security, o f national efficiency. Wo advance being in tho case of Moxican Petroleum common
unite in tho demand for an undivided and unwavering loyalty to our coun­
try, for a whole-hearted patriotic devotion overriding all racial differences. shares. These latter had been oxtromely doprossod all week
Wo want a revival of tho American spirit— a nation restored. Wo insist and after touching 8 8 % on Wednesday, had closed tho same
upon prompt and adequato provision for tho common dofenso, upon tho day at 91. The opening sales Thursday woro at 100 @ 1 0 1 ,
steadfast maintenance o f all tho rights of our citizens and upon tho integrity
from which, however, thero was a reaction, tho finish for the
of international law.
The most serious difficulties tho present Administration has encountered day being at 9 7 % .
have beon duo to its own weakness and incertitude. I am profoundly con­
Tho American troopers woro freed on Thursday. Bovinced that by prompt and decisive action, which existing conditions mani­
sides Lorn A . Spillsbury, tho Mormon scout, tho prisoners
festly called for, tho Lusitania tragedy would have been prevented.
Wo strongly denounco tho uso of our soil as a baso for alien Intrigues, for released numbered twenty-three nogroos. Tolographic ad­
conspiracies and tho fomenting of disorders in tho interest o f any foreign na­
tion, but tho responsibility lies at the door o f tho Administration. Tho vices from San Antonio on Juno 28 announced that Gen­
moment notico is admitted responsibility is affixed. For that sort of thing eral Funston had deceived a roport from Brigadior-Genoral
could not continue if the Administration took proper measures to stop it. George Bell Jr., at El Paso, stating that tho latter had
That responsibility tho Administration cannot evade by condemning others.
It was officially stated by tho Secretary o f State in tho Moxican note of beon informed by Andreas Garcia, tho Moxican Consul
Juno 20 1916 that “ for threo years tho Mexican Republic has been torn with in El Paso, that General Trevino, tho Moxican military
civil strife; tho lives o f Americans and other alions have boon sacrificed; commander of Chihuahua, had ordered tho releaso of tho
vast properties developed by American capital and enterprise havo beon de­
stroyed or rendered non-productive; bandits havo beon permitted to roam American troopers, in accordance with tho domands of the
at will through territory contiguous to the United States and to seizo, with­ United States Govemmont.
These advices further stated
out punishment or without effective attempt at punishmont, tho property
that Gen. Trovino had directed that the Amorican prisoners
of Americans, whilo tho lives o f citizens of tho United States who ventured
to romain in Mexican territory or to return thero to protect their interests with their arms and accoutrements bo taken to Juarez and
havo been taken, in some cases barbarously taken, and tho murdorors have thero roleased. This action mado it apparent that there
neither been apprehended nor been brought to justice.”
What an indictment by the Administration of its Mexican policy. And would bo no immediate break between tho two countries.
still wo aro unprepared. That unpreparedness in tho midst of perils and Nevertheless, tho Government at Washington did not permit
after tho experiences of threo years, is a demonstration o f an unpardonablo any interruption in its movements for tho dispatch of tho
neglect for which tho Administration is responsible.
Tho Government now has and must havo most emphatically tho unstinted National Guardsmen to tho border. Ono of tho reasons
and patriotic support o f every citizen in tho existing exigency. But un­ which has served to prevent tho Washington authorities
questioning, loyal and patriotic support of tho Government is one thing; from altering their course in this regard is tho fact that no
approval of tho fatuous course which tho Administration has followed is
quite another. I cannot in this message adequately review that courso; indication has been given our Government of tho attitudo
of the Mexican Government toward last week’s noto of the
that I shall do later.
No Intelligent man is deceived by tho temporary prosperity duo to ab­ State Department declining to withdraw its troops from
normal conditions, and no one can fail to appreciate tho gravity of tho prob­
lems with which we shall bo faced when tho war ends. We aro alivo to tho Mexico. Tho demand for tho roloaso of the men was con­
imperative necessity of assuring the bases o f honest business. I am in tained in tho following telegram forwarded by Secretary of
deep sympathy with tho effort to improve tho conditions of labor; to pre­
State Lansing on Juno 25 to James Linn Rodgers, special
vent exploitation; to safeguard tho future of tho nation by protecting our
women and children. I believo in workmen’s compensation laws; in wise representative of tho Unitod States Government in Moxico
conservation o f our national resources, so that thoy may bo protected, de­ City.
••

veloped and used to the utmost public advantage. But underlying ovory
endeavor to promote social justice is tho indispensable condition that thero
shall bo a stable foundation for honorable enterprise. American industry
must havo proper protection if labor is to bo safeguarded. Wo must rescue
our instrumentalities of inter-State and foreign commerco, our transporta
tion facilities, from uncertainty and confusion. We must show that we
know how to protect tho public without destroying or crippling our produc­
tive energies.
.
To what agency shall wo look for the essential constructive program on
which our security and prosperity must dopend? It is vain to expect It
from tho Democratic Party. That party has not tho national outlook.
Both its traditions and dominating influences aro fatal handicaps. I havo
no sectional word to utter. We aro to elect a President o f tho wholo coun­
try, not of a part. Tho South, as well as tho North, East and West, will
bo tho gainers from our endeavors. But it is sober truth as I see it that as
we go forward wo must mako tho Republican Party the instrument of our
advance. Wo want deeds, not words; far reaching national policies.
Tho Progressives have insisted on responsible, not invisible, govenimont;
on efficient administration. I yield to no one in that demand. I am eagor
to call tho best ability of tho country to our aid. For tho conduct of tho
great departments tho Executive is directly responsible, and there Is no
excuse whatever for tho toleration o f incompotenco in order to satisfy par­
tisan obligations.
I am deeply appreciative o f your endorsement. I find no difference In
platform or aim which precludes tho most hearty co-operation and tho most
completo unity. It is within tho party that tho liberalizing spirit you in▼oko can havo tho widest and most effective Influence. I solicit your earnest
effort for tho common cause.
CHARLES E. HUGHES.

M r . Hughes also, addressed tho following letter to M r.
Roosevelt, acknowledging tho latter’s action:
H o te l A s t o r , N e w Y o r k C ity , J u n e
M y

d e a r C o lo n e l R o o se v e lt:

26 191 6.

I warmly appreciate the cordial letter o f endorsement which you havo
sent to tho Progressive committee. No one is more sonsiblo than I of the
lasting indebtedness o f tho nation to you for tho quickening o f tho national
spirit, for tho demand for an out-and-out one hundred per cent American­
ism and for tho insistence upon tho immediate necessity of a thoroughgoing
preparedness, spiritual, military and economic.
I am in this campaign because o f my conviction that wo must not only
framo but execute a broad, constructive program, and that for this purpose
wo must havo a united party— a party inspired by its great traditions and
reconsecrated to its loftiest ideals. I know that you havo been guided in
this emergency by tho solo desiro to bo of the largest service to tho United
States. You have sounded forth the trumpet that shall never call retreat
And 1 want you to feel that I wish to havo all the aid that you are able and
willing to give. I want the most effective co-operation with all th033 uho




M r. Arredondo yesterday delivered to this [tho United States] Govern­
ment tho following communication:
“ I am directed by my Government to Inform your Excolloncy, with
reference to tho Carrizal incidont, that tho Chief Executive, through tho
Mexican War Department, gave ordors to Gen. Jacinto B. Trovino not
to permit American forces from Gen. Pershing’s column to advance further
south, nor to movo either east, south or west from the points where thoy
are located, and to opposo now Incursions of American soldiers into Mexican
territory.
“ Theso orders were brought by Gon. Trovino to tho attention of Gen.
Pershing, who acknowledged tho receipt of tho communication rolativo
thereto. ’ On the 22d Inst., as your Excellency knows, an American forco
moved eastward quite far from its base, notwithstanding tho above orders,
and was engaged by Moxican troops at Carrizal, State of Chihuahua. As
a result of the encounter several men on botli sides wero killed and wounded
and seventeen Americans wero mado prisoners.”
You are hereby instructed to hand to the Minister of Foreign Relations
of tho do facto Government tho following:
••The Government of the United States can put no ottior construction
upon the communication handed to tho Secretary of State of the United
States on the 24th of Juno by Mr. Arredondo under instruction of your
Government than that it is intended as a formal avowal of deliberately
hostile action against tho forces of the United States now in Moxico, and
of tho purpose to attack them without provocation whenever thoy movo
from their present position in pursuance of tho objects for which they woro
sent thero notwithstanding tho fact that those objects not only involvo
no unfriendly intention toward the Government and pcoplo of Mexico,
but aro on tho contrary, intended only to assist that Government in
protecting itself and the territory and people of tho United States against
irresponsible and insurgent bands of rebel marauders.
“ I am instructed, therefore, by my Government to demand the immediato
release of the prisoners taken in tho encounter at Carrizal, together with
anv property of the United States taken with them, and to inform you that
the Government of the United States expects an early statement from
vour Government as to tho courso of action it wishes the Government of
tiie United States to understand it has determined upon, and that it also
expects that this statement be made through tho usual diplomatic channels,
and not through subordinate military commanders.”

It becamo known on Juno 25 that Captain Lewis S. M oroy,
who was in command of Troop K of the Tenth Cavalry, ono
of tho troops concerned in tho Carrizal attack, was safe,
having reached the main body of tho American troops with
his mon. Captain M oroy’s account of tho attack was
received by Gen. Funston at San Antonio from Gon. For-

THE CHRONICLE

July l 1916.]

shing, and made public in Texas dispatches as follows on the
26th ult.:
C a r r iz a l, M e x i c o , J u n e

21 1916, 9:15

a. m.

T o C o m m a n d in g O ff ic e r , O jo F r e d e r ic o :

M y troop reached Ojo Santo Domingo at 5:30 a. m. Juno 20, mot C
Troop, under Captain Iloyd. I came under Captain Boyd's command
and marched my troop in rear for Carrizal at 4:15 a. m ., reaching open
field to southeast of town at 6:30 a. m.
Captain Boyd sent in a note requesting permission to pass through the
town. This was refused. Stated we could go to the north, but not east.
Captain Boyd said ho was going to Ahumada at this time.
Ho was talking with Carranza commander. General Gomez sent a
written message that Captain Boyd was bringing force in town and have
a conference. Captain Boyd feared an ambush. lie was under the im­
pression that the Mexicans would run as soon as wo fired.
Wo formed for attack, his intention being to movo up to the lino of about
120 Mexicans on the edge of tho town. Wo formed C Troop on the left in
lino of skirmishers, one platoon of K Troop on right of line, and another
K Troop platoon on extreme right, echeloned a little to tho rear.
When we were within 300 yards the Mexicans opened fire, and a strong
one, before we fired a shot. Then wo opened up. They did not run. To
make a long account short, after about an hour’s fire, in which both Troops
had advanced, C Troop to position of Mexican machine gun, and IC Troop
closing in slightly to the left. We were very busy on tho right, keeping off
a flank attack. A group of Mexicans left town, went around our rear and
led our horses off at a gallop.
At about 9 o’clock one platoon of K Troop, which was on our right, fell
back. Sergeant said he could not stay there. Both platoons fell back
about 1,000 yards to the west, and then, together with some men of C
Troop who were thero, these men scattered.
I was slightly wounded. Captain Boyd, a man told mo, was killed.
Nothing was seen of Lieutenant Adair after tho fight started, so man I
saw stated.
I am hiding in a hole 2,000 yards from field and have one other wounded
man and three men with me.
(Slgnod) M O R E Y , Captain.

29

Havana to the New York “ Times” announced that Orestes
Ferrara, as Speaker of the Lower House of the Cuban Con­
gress, had cabled to General Carranza on that day urging
the avoidance of war with the United States, which “ would
break tho equilibrium of the American Continent.” Senor
Ferrara’s message was as follows:
G e n e r a l V e n u s t ia n o C a r r a n z a , N a t io n a l P a la c e , M e x i c o , D . F . :

In my own name and for my fervent Americanism, I pray you to evade
in this supreme hour any difficulties with the United States which would
break the equilibrium of the American Continent, bringing dolorous days
to your country, which we love and admire. Our ardent aspiration as
friends o f Mexico is that you may unite all elements in a common aspiration
of Mexican unity.
ORESTES F E RRARA,
President House Representatives.

The following was the reply made by General Carranza:
Your kind message received. It is neither the people nor the Govern­
ment I represent, but the Government of tho United States, which has
caused the present situation between tho two nations, by its lack of tact
in international affairs and its lack of respect for Mexican sovereignty. To
repel with arms the Americans who on any pretext invade the nationa
territory— there remains no other recourse than this to defend the sovereign­
ty of the republic. Consequently, tho American Government can avert
war by respecting tho sovereignty of Mexico.
V. CARRANZA.

It is stated that while Senor Don Ignacio Calderon, the
Bolivian Minister, called upon Secretary Lansing on June 26
for the purpose of offering suggestions for an amicable settle­
ment of tho differences through the offices of the LatinAmerican countries tho matter was not mentioned when it
became evident to tho Bolivian Minister that the United
States Government was likely to reject such a proposition.

In transmitting Captain M oroy’s letter Gon. Porshing said:
The three men referred to by Morey are the three men who had above
message In their possession. Tho wounded man was from Troop C— shot
through the knee. Lieutenant Moyer reports that tho three men were
rather vague as to where thoy had left Captain Morey, but stated that on
tho night o f the 21st they had carried him two miles; that Morey became
weak, could not go further and told them to leave. They thought ho was
dying’ from loss of blood and lack of water. Meyer reconnoitred twenty
miles east of Santa Maria, but found nothing. Out o f grain and forago;
horses in bad shape; had to return.

Supplonionting tho brief report concerning tho Carrizal
fight received at Washington from Gon. Pershing on Juno 23,
and referred to in these columns last Saturday, Secrotary of
W ar Bakor on Juno 24 announced that he had recoivod from
Gon. Pershing’s headquarters a report that of tho 84 officers
and men of tho Tenth Cavalry who had participated in tho
Carrizal attack, but 50 had been accounted for. Statomonts
made by some of the 24 released prisoners on Thursday
of this week indicate that tho American forco engaged in tho
fight numbered 76 men, 10 of the original detachment hav­
ing been sont back to tho base for supplies. Twelvo Amer­
icans wero killed in tho attack. According to advices
from El Paso on Juno 29, 42 Mexicans wero killed and
39 wounded in tho encounter at Carrizal. Thero wero
250 Mexicans in the battlo. On Juno 24 tho W ar Depart­
ment mado public tho following dispatch from Gon. Funston:
The following report was received this morning from Major Jenkins, who,
with Major Robert L. IIowzo, commanded tho squadrons of tho Eleventh
Cavalry sent to tho relief of the troops of tho Tenth Cavalry engaged in tho
Carrizal fight. Major Jenkins’s report is to tho effect that five enlisted
men of Troop C and one of Troop K were found at San Luis Ranch. Tho
men state that Captain Boyd’s Troop C occupied tho left o f tho lino and
Captain Morey’s Troop K tho right.
After tho firing began Troop C advancoi 250 yards by rushes toward
tho Mexican positions along tho irrigating ditch, taking and capturing
machine guns.
Captain Boyd was twice wounded in tho arm and shoulder before reaching
tho Mexican position and was killed at tho irrigation ditch.
Troop C continued to advance through tho town under Lieutenant Adair*
This was tho last seen of Troop C by any o f these men.
Troop K was outflanked and withdrew a short distance, occupying an
adobo house. Morey was at this time wounded in tho shoulder.
This house was surrounded by tho Mexicans and was under firo for some
time.
The men with Jenkins stated that they beliovo that ten or twelvo of
Captain Moroy’s troop, who occupied the house, escaped. It is believed
that full particulars will bo secured and the remaining men who escaped
will l)e found.

It was stated on Juno 28 that Socrotary of Stato Lansing
was considering a batch of communications submitted to the
Department within twenty-four hours by Eliseo Arredondo,
Mexican Ambassador designate. Thoy protested against tho
alleged actions of a largo column of General Pershing’s men
toward Moxican citizens, against tho arrest of othor Moxicans
in tho United States, and against tho general embargo, effec­
ted without proclamation, stopping virtually all shipments to
Mexico. The protests, it was said, were being treated as
routine matters in tho State Dopartmont. Two of them,
relating to alleged improper treatment of Mexican citizens,
requiro reports either from army ofiicors or from Federal civil
authorities in California and Arizona, before any answer can
bo mado.
Efforts of the Latin-American republics to mediate
between tho United States and Mexican Governments liavo
been witnessed during the week. On Juno 23 a cable from




President Wilson was visited on Wednesday by a delega­
tion which presented to him a resolution adopted at a mass
meeting in New York on Tuesday under the auspices of the
Civic Club, asking that the differences between the United
States and Mexico “ bo submitted to mediation or arbitra­
tion, in accordance with the spirit of the Treaty of 1848 with
M exico, and in order that the treaties shall not be turned into
scraps of paper.” The delegation consisted of Prof. Irving
Fisher of Yale, Prof. Harry A . Overstreet of City College
and M rs. Amos Pinchot.
In answer to the petition, Presi­
dent Wilson said:
Never In my Administration shall it bo said that any treaty of tho United
States is a scrap of paper. Wo have como to a crisis whore acts must fol­
low words. While wo have tho greatest sympathy with the problem of the
Mexican people and their desiro for self-government, wo have como to the
point where we must insist that the lives and liberty of our own people shall
be safe from the depredations of Mexican bandits.

NEW TAX DECREES ISSUED BY GEN. CARRANZA.
It was reported from Mexico City on June 28 that Gen.
Carranza had decreed a tax on all banks of issue in the
Republic, payable in Mexican gold coin. The tax will begin
July 1, and will range from 300 to 5,000 pesos, according to
the importance of tho banks. Another decree levying a tax
on foreign ships in the coast trade was also issued. Under
the decree, it is stated, cotton growers are allowed to sell
their products in M exico, but are forbidden to export cot­
ton. Tho decreo places a tax of ten pesos national gold
on each bale aggregating 250 kilos.

A REPORT ON SOUTH AMERICAN TARIFFS.
Tho Bureau of Foreign and Domestic Commerce, Depart­
ment of Commerce, has prepared a report on South American
tariffs. It is claimed to bo tho first complete report on the
subject that has ever been made and is one of the most im­
portant of the recent attempts to promote a better under­
standing with South American countries and to increase our
trade with them. The report goes into the matter of sur­
taxes in great detail. It is a subject that has always bothered
tho American exporter. Thero are no surtaxes at home and
ho doesn’t understand the necessity for them in South Amer­
ica. The imposition of penalties is the point in which South
American customs practice comes closest to the American
exporter and it is a point which has received extended con­
sideration in the report. The report is entitled “ Tariff
Systems of South American Countries,” Tariff Series N o. 34,
and will bo on sale at a nominal price by the Superintendent
of Documents, Washington, and by the district offices
of tho Bureau of Foreign and Domestic Commerce.

APOLOGY CALLED FOR FROM AUSTRIA FOR ATTACK
ON PETROLITE.
An apology from tho Austro-Hungarian Government is
demanded for the attack made on the Petrolite, a Standard
Oil tank steamer, which is claimed to have been shelled
without warning by an Austrian submarine in the Mediter­
ranean on Dec. 5 last. The Austrian contention that the Petrolito’s captain voluntarily gave up supplies taken from the

30

THE CHRONICLE

steamer by the submarine commander is contradicted in
the note just dispatched by Secretary Lansing to Am bassador
Penfield at Vienna for transmission to the Austro-Hungarian
Government, as are the claims that warning shots were fired
across the Petrolite’s bow before she was shelled, and that
her appearance was such as to justify the submarine com­
mander in mistaking her for a cruiser. The communica­
tion, which bears date June 21, was made public at W ash­
ington on June 28. It states that the United States, in the
absence of other and more satisfactory explanation of the
attack on the steamer than that contained in the note ad­
dressed to Ambassador Penfield by the Foreign Office, “ is
compelled to regard the conduct of the commander of the
submarine in attacking the Petrolite and in coercing the cap­
tain as a deliberate insidt to the flag of the United States and
an invasion of the rights of Americna citizens, for which the
Government requests that an apology be made; that the
commander of the submarine be punished, and that repara­
tion be made for the injuries sustained by the payment of a
suitable indemnity.” Previous reference to the attack and
the representations of the Austro-Hungarian Government
will be found in our issue of March 25. Below we give the
text of the note just dispatched by Secretary Lansing,
calling for an apology and reparation from Austria-Hungary.
D E P A RTM E N T
F r e d e r ic k C o u r lla n d P e n f i e l d ,

OF

STATE.

W a s h in g t o n , J u n e 21
U n it e d S ta les A m b a s s a d o r , V ie n n a :

1916.

Evidence obtained from the Captain and membor o f tho crow o f the
steamer Petrolite, and from examination made of tho vessel under direc­
tion of tho Navy Department, convinces this Government that tho AustroHungarian Government has obtained an incorrect report o f tho attack on
tho steamer. With particular reference to tho explanation mado by the
Foreign Office, the following information, briofly stated, hjis been obtained
from sworn statements o f the Captain and members o f the crow:
No shot was fired across tho bow of the steamer as a signal to stop. When
tho first shot was fired tho Captain was under tho improssion that an ex­
plosion had taken place in tho engino room. Not until the second shot was
fired did the Captain and crow sight tho submarine, which was astern o f tho
steamer, and therefore they positively assort that neither tho first nor the
second shot was fired across the bow o f the vossel.
The steamer did not swing around on a course directed toward the sub­
marine, as alleged in tho report obtained by the Austro-Hungarian Govern­
ment, but the Captain at once stopped tho engines and swung tho vessel
broadsido to tho submarine, and at right angles to tho course o f the vessel,
in order to show its neutral markings, which was manifestly the reasonable
and proper courso to follow, and it ceased to mako any headway. On the
steamer was paintod its name in lettors approximately six feet long, and the
name of the hailing port, and, as has previously been mado known to tho
Austro-Hungarian Government, tho steamer carried two large flags some
distanco above the waterline, which, it is positively stated by tho officers
and crew, were flying before tho first shot was fired, and were not hoisted
after the first shot, as stated by the submarine commander.
Tho submarine commander admits that the steamer stopped her engines.
Tho Captain of the Petrolite denies that the vessel was ever headed toward
the submarine, and the examination o f tho steamer made by an American
naval constructor corroborates this statement, because, as he statos, tho
shell which took effect on the vessel, striking the deck house, which sur­
rounds tho smokestack, was firod from a point forty-five degrees on tho
starboard bow. Tills was one of the last shots fired and indicates that the
ship was not hoadcd toward tho submarine even up to the timo when tho
submarine ceased firing.
Tho Captain states that tho submarine appoarod to bo manoeuvring so
as to direct her shots from ahead o f the steamer. The submarine fired
approximately twelve shots. The majority o f the shots woro firod after
tho ship had stopped and had swung broadside, and while, as even tho com­
mander of tho submarine admits, the steamer was flying tho Amorican flag.
Tho Captain of tho steamer denies that he advised tho commander o f the
submarine that tho damage to the stoamor was insignificant. He states
that ho advised him that tho steamer had been damaged, but that ho had
not had an opportunity to ascertain the extent of the damago. Tho seamon
who was struck by a fragment of shell sustained sovere flesh wounds.
If tho ship had intended to ram tho submarine, sho would not havo stopped
her engines, and this must havo been evident to tho submarine commander.
Naval authorities agreo that there could havo boon no danger o f tho ship
ramming tho submarine until it was headed straight for the submarine and
was under power, and oven then the submarine could havo so manoeuvred
as to avoid collision. The Petrolite was two miios away from tho submarine.
The engines and funnel o f the Petrolite were at the stern, and from tho gen­
eral appearance o f tho ship no experienced naval officer could havo bolieved
that it had opportunity or sufficient speed to attack, oven if it had boen
steaming directly toward tho submarine. Tho conduct o f tho submarine
commander showed lack of judgment, self-control, or wilful intent, amount­
ing to utter disregard o f tho rights of a neutral.
According to the sworn statements of the Captain o f the steamer and a
seaman who accompanied him to tho submarine, the commander o f tho
latter stated that ho mistook tho steamer for a cruiser. This statement is
at varianco with tho statement in the Austro-Hungarian Government's
noto that the Captain o f the submarine asserted a false manoeuvre on the
part of tho steamer prompted the submarine to continue to flro.
Tho Captain of the steamer swears that ho informed tho commander of
tho submarine that he had only sufficient provisions to roach tho port of
Algiers, and that ho would deliver provisions only under compulsion. He
statos positively in his affidavit and in conversation with officials of tho De­
partment that ho did not give provisions readily, nor did ho say it was the
duty of ono seaman to help another, and that ho refused payment because
ho folt that ho was being compelled to deliver food in violation o f Jaw. The
statement o f tho Captain of tho Petrolite is entirely at variance with tho
report of the submarine commander.
Tho correctness o f tho Captain’s opinion that the woundod seaman was
hold as a hostago to guarantee the dollvery o f food seoms clear. Obviously,
tho commandor o f the submarine had no right to order tho seaman to rev
main on board. Tho fact that this order was givon showed that the com­
mander insisted that food was to bo dellvorod to him, otherwise tho seaman
would naturally havo accompanied tho Captain back to his vossol. Tho
outrageous conduct o f the submarine commander and all tho circumstances




[Vol. 103

of tho attack on the Petrolite warranted tho Captain in regarding himself
as boing compelled, in order t:* avoid furthor violonco, to deliver food to
the commander of tho submarine.
In tho absence of other and more satisfactory explanation of tho attack
on the stoamer than that contained in the noto addressod to you by the
Foreign Office, the Government of tho United States is compelled to regard
the conduct of tho commander of the submarine In attacking tho Petrolite
and in coercing the Captain as a deliberate insult to tho flag of the United
States and an invasion of the rights of American citizens, for which this
Government requests that an apology be mado; that tho commander of tho
submarine be punished: and that reparation bo made for the injuries sus­
tained by the payment of a suitablo indemnity.
riease communicate with Foreign Office in sense of foregoing.
You may add that this Government believes that tho Austro-Hungarian
Government will promptly comply with these requests, in view of thoir
manifest justness and the high sense of honor pf that Government, which
would not, it is believed, permit an indignity to bo offered to tho flag of a
friendly Power or wrongs to its nationals by an Austro-Hungarian officer
without making immediate and ample amends.
LANSING.

CAPTAIN

HANS

TAUSCHER

ACQUITTED.

Captain Hans Tauscher, who was charged in an indict­
ment with having engaged with others, in a conspiracy to
blow up the Welland Canal in Canada, was found not
guilty yesterday by a jury in the U . S. District Court at
Now York. The trial began on June 26 before Judge A . N .
H and. Testimony to the effect that Tauscher supplied
the members of the “ military expedition” with arms and
explosives with which to carry out their purpose, was given
by Franz Wachendorf, alias Horst von der Goltz, alias
Bridgman Taylor. The rffoney, he said, was supplied b y
Captain Franz von Papen, the recalled German military
Attache in this country, who informed him (Wachendorf)
that Captain Tauscher would obtain the necessary oxplosives
for him.
Captain Tauscher testified that, at the beginning of the
war, when he was in Essen, Germany, he reported to the
W ar Department to offer his services, but was directed to
come to this country and report to Captain von Papen, the
then German Military Attache here. Tauscher is said to
have denied on the witness stand that von Papen ever men­
tioned the Welland Canal to him or that ho had knowledge
that an attempt was to be made to destroy it. Previous
reference to this case will bo found in our issue of April 22,
page 1508.

TEXT OF OFFERING OF NEW BRITISH EXCHEQUER
BONDS.
The official offering of two issues of Exchequer bonds, due
respectively on Oct. 5 1919 and October 5 1921, which are
to replace the issue due Dec. 1 1920 withdrawn by the
British Treasury on June 1, was published in the London
“ Statist” of Juno 3, as an advertisement, as follows:
EXCHEQUER BONDS.
Per Acts. 29 Vlct. c. 25; 52 Viet. c. 6; and 5 & 6 Geo. V. c. 55.
Bearing interest from tho date of purchaso at £5 per cent por annum, pay­
able half-yearly on the 5th April and tho 5th October.
Repayable at par on
1. 5th October 1919.
2. 5th October 1921.
Price of issue fixed by II. M . Treasury at £100 per cont.
Tho Governor and company of tho Bank of England are authorized by
tho Lords Commissioners of His Majesty’s Treasury to rocolvo on June 2nd
1916, and thereafter until further notice, applications for Exchequer bonds
as above.
Tho principal and interest of tho bonds aro chargeablo on the consolidated
fund of the United Kingdom.
Tho bonds will bo issued in denominations of £100. £200 £500 £1,000
and £5,000, and will bear interest at £5% per annum, payable half-yearly
by coupon, the first coupon on each bond representing intorost from tho
date upon which payment for the bond is mado until tho next succeeding
day on which a half-yearly payment o f Interest is duo.
In tho event of future loans (other than issues mado abroad or Issue fof
Exchequer bonds, Treasury bills, or similar short-dated securities) boing
raised by His M ajesty’s Government for the purposo of carrying on tho
war, bonds of thisissuo will be accepted, togethor with all unduo coupons,
as tho equivalent of cash to the amount of their face value for the purposo
of subscription to any such loan. Interost accrued to tho dato of tho sur­
render of a bond will bo paid in cash.
Bonds of this issue, and tho intorost payable from time to time in respect
thereof, will be exempt from all British taxation, presen'; or futuro, if it Is
shown in tho manner directed by the Troasury that thoy aro in tho bonoficial
ownership of a person who is neither domiciled, nor ordinarily resident, in
tho United Kingdom of Great Britain and Iroland. Whoro a bond bolongs
to such a holdor, tho relative coupon will be paid without deduction for
lncomo tax, or other taxes, if accompanied by a declaration of ownership in
such form as may be required by the Treasury.
Every application mast specify whether the bonds appliod for are to bo
repayable on October 5 1919 or on October 5 1921. Two forms of applica­
tion must be used where bonds of each maturity aro required.
Applications for bonds, which must in every caso bo accompanied by
paymont of tho full amount payablo in respect of tho bonds appliod for
may bo lodged by hand at the Bank of England, Threadnoodlo Streot, E. O.
on any businoss day botweon the hours of 10 a. m ., and 2 p. ra. (Saturdays
botweon 10 a. m. and 12 noon); or they may bo forwarded to tho Bank
through tho post. Whero paymont Is mado otherwise than in cash or
bankor’s draft on tho Bank of England, tho amount of tho first intorost
payment in respect of tho relatlvo bonds will bo calculated as from tho
dato on which tho proceeds of tho payment are actually rocoivod by tho
Bank.
In all cases in which tho Banks aro asked to forward bonds by post, tho
bonds will bo dispatchod by registered post at tho risk of tho applicant,
who must himself effect any insurance that may bo desired.

JUT..Y l 1916.]

THE CHRONICLE

31

Bonds o f this issuo (e x tho first coupon, which will bo for interost in conference held in June 1915. On that occasion the Unionist leaders
respoct of a brokon period) may bo lodged for registration in tho books offered terms o f settlement on Home Rule practically identical with those
of tho Bank of England on payment of a feo o f ono shilling per bond. which havo now received the adhesion of tho responsible leaders o f Unionist
Applicants who intend to register their holdings forthwith should notify and Nationalist opinion in Ireland.
tho fact on tiro form o f application, in which case they will not bo required
Tho resignation of Lord Selborno as President of the
to take delivery of tho actual bonds.*
Board of Agriculture was announced in an official statement
Bonds may bo rogistcrod in either o f tho following forms, viz.:
1. Registorod 5% Exchequer bonds, 1919 or 1921. Transferable in th9 from London on June 25.
It is said that he resigned either
Bank transfer books:
because of tho Government’s Irish policy or because of the
2. Registorod 5% Exchequer bonds, 1919 or 1921, transferable by deod.
Holdings of registered bonds, which will bo transferable in any sums withdrawal of labor from the land for the army.
which aro multiples of £5 may bo ro-convortod at any time in whole or in
part (in multiples of £100) into bonds to bearer with coupons attachod,
An official statement by the M ilitary Government as
such ro-convorsion being effected by moans of a transfer executed under tho
printed in the New York “ Times” places the number of pris­
provisions ordinarily applying to tho transfor o f Government stocks.
In caso of registration tho first coupon, for intorost in respoct of the oners still hold in England in connection with the recent
broken poriods, will bo dotachod before bonds aro rogistorod. Such coupons
rebellion at 1,619. 1,171 have been released from both
may, howovor, bo loft in tho custody o f tho Bank, in which caso a choquo
for tho amount o f tho interost payable will bo forwarded whon duo to tho Dublin and England and 161 have been convicted under the
holder, or, in tho caso of a joint holding, to tho first holder, in whoso namo Defense of the Realm A ct.
M any women were among
tho bonds aro originally rogistorod. Subsequent dividends on registered
those captured.
holdings will bo paid by warrants, which will bo transmitted by post.
Subject to tho necessary statutory authority (for which application is
being made to Parliament) tho dividends on rogtsterod bonds of this issuo
Sir Roger Casement was found guilty of high treason on
and on rogistorod bonds issued under tho prospoctus dated 16th Docembor
1915, will bo paid without deduction of incomo tax. Tho income derived June 29 by a London jury in tho High Court of Justice and
from such dividends will bo assessable to incomo tax in tho hands of tho sentenced to death by hanging. As wo have before noted, Sir
recipients at tho ratos of tax appropriate o their respoctivo incomes.
Roger was apprehended in April for his attempt to land arms
Applications must bo made either upon tho coupon printed bolow or
upon tho printed forms which may bo obtained, togothor with copies of and ammunition in Ireland, his capture occurring almost si­
this prospoctus, at tho Bank of England: at tho Bank of Ireland; of Messrs. multaneously with the outbreak of tho Irish rebellion. On
Millions, Marshall & Co., 13 Georgo Street, Mansion Houso, E. C.; and Juno 26, as per schedule, Sir Roger’s trial for high treason
at any bank, monoy order offico, or stock exchango in tho United Kingdom.
began, and by the middle of the next day tho Crovm had
Bank o f England, London.
completed its caso against him. Nothing that had not been
27th May 1916.
* In this caso no foo will bo charged for registration.

DEVELOPMENTS REGARDING IRELAND.
Tho developments in tho negotiations looking to tho
settlement of tho Irish question indicate that considerable
confusion still exists. News came from Belfast via London
on Juno 23 that tho Nationalists of tho six counties excluded
from tho operation of tho Homo Rule Act as proposod by
David Lloyd Georgo had in conference on that day, by a vote
of 475 to 265, accepted tho mediator’s scheme, tho dotails
of which wo printed in our issuo of June 17 (page 2226).
Tho dobato, which lasted about four hours, was hold in pri­
vate with about 700 delegates attending, over whom John
Dillon presided. John Itedmond, tho Nationalist leader, is
said to havo stakod his position and career on tho acceptance
of tho schomo, tho strongest opposition to which camo from
tho Sinn Foiners of Tyrone and Fermanagh and tho younger
section of tho clergy.
According to advices from London on Juno 23, a mani­
festo declaring that tho proposed concessions to tho National­
ists will bo received in Ireland as “ a premium on rebellion
and as a vantago ground for further demands,” has been
signed and issued by Lord Balfour of Burleigh; Lord Gronor,
tho Earl of Halsbury; Viscount Middleton and the Marquis
of Salisbury, all prominent leaders of tho extreme anti-homo
rule faction. The proposed settlement, they say, is “ fraught
with infinite danger to tho Stato.”
London advices of tho 27th ult. make it appear that it
is still feared that a Cabinot crisis is brewing. Tho “ Daily
Clironiclo’s” Parliamentary correspondent says:
All tho signs aro that a Ministerial crisis o f acute character is brewing
on tho Irish question. Lord Selborno has already resigned. If ho stood
alone his resignation would cause alarm, but it is feared it will be followed
by tho retirement also of tho following Ministers: Lord Lansdowno,
Walter Long and Lord Robert Cecil. It is known these Ministers aro
uneasy becauso of tho recent Irish developments.
A meeting of the Cabinet held this morning may havo far-reaching con­
sequences. A general meeting o f the Unionist members o f tho Houso of
Commons has been summoned at tho Carlton Club on Wednesday. Bonar
Law will preside. Much will depend on the tono and temper o f that meet­
ing. It is possible that it may eventuato in tho withdrawal from tho
Government of all its Unionist Ministers.
Meantime tho Ulster Unionist members and their leader. Sir Edward
Carson, stand with splendid fidelity by tho undertakings tlioy havo given
during tho negotiations with Lloyd Georgo. The spirit o f contrariness
that so often has been displayed on the Irish question has found fresh
llustr&tlon in tho fact that while the partias most vitally interested in a
settlement, namely the Ulster Unionists and Ulster Nationalists, have
given their approval to Lloyd George’s proposals, unexpected obstacles
now at the critical moment aro interposed by tho parties who everybody
thought would havo been acquiescent provided tho Irish parties agreed.
Members o f tho Cabinet who resign at this stage o f the Irish negotiations
will find it very hard to justify themselves at tho bar of public opinion. In
his statement in tho House of Commons Premier Asquith said that Lloyd
George had taken the Irish negotiations in hand at tho unanimous request
of his colleagues in tho Cabinet. It may be the case that actual terms of
ettlemeri’t' aro not agreed to by tho Cabinet, and doubtless within certain
mits Lloyd Georgo had freedom of action. That he exceeded in any paricular tho authority given him by the Cabinet is highly improbable. Not
ntil after tho Ulster Unionist council had agreed to a settlement on tho
basis o f Lloyd George’s proposal did Carson receive any hint from tho
Unionist leaders in the Cabinet that they viewed the negotiations with
apprehension.
What will add to tho difficulties of the retiring Unionist Ministers in
Justifying their action to tho country will be tho impossibility o f squaring
it with that taken by the Unionist leaders at tho famous Buckingham Palace




brought out at tho preliminary trial was revealed, tho case
boing arguod chiefly on the technicalities of tho law. A
motion to quash the indictment on tho ground that under
tho statute treason “ committed without tho realm was not
punishable within,” was offered by Alexander Sullivan, chief
counsel for Sir Roger, but was overruled by tho Justice.
On June 28 Sir Roger made a statement to the jury in which
ho denied having taken German gold, and asserted that tho
robollion “ was not made in Germany, that it was not directed
from Germany, that it was not inspired from Germany, and
that not one penny of Gorman gold went to finance or assist
it.”
When he had finished speaking, his leading attorney,
Sullivan, delivered an impassioned summing up, in the
midst of which ho collapsed. An appeal will be taken by the
defendant’s counsel, first to the Criminal Court of Appeals
and then to the House of Lords. According to advices from
London last night, ten days aro allowed for the filing of an
appeal.
Daniel Bailey, the private soldier captured with Sir Roger
and held as his accomplice, was discharged, the Chief Jus­
tice having ordered the jury to bring in a verdict of not
guilty.

C A N A D IA N GOVERNMENT DANS ENEMY VISITORS.
Tho following communication from the Superintendent of
Immigration, Department of tho Interior, of Canada, dealing
with tho Canadian Government’s attitude towards tourists
who may desiro to visit tho Dominion, was on June 22 for­
warded to tho Stato Department by the American ConsulGeneral at Ottawa:
(1) Tlio Canadian Government views sympathetically tho tourist traffic,
and out of tho thousands who visited various parts of Canada last year, I
think very few had any reason to complain of their treatment. We shall
cohtinuo to wclcomo bona fido tourists and visitors as in other years, but
I may say to you frankly that there aro people of certain nationalities we
cannot encourage to visit Canada.
(2) Passports aro entirely unnecessary: they have never been called for in
tho past, aro not now, and aro not likely to bo so far as travel between
tho Unitod States and Canada is concerned.
(3) All United States citizens, whether by birth or naturalization, are
accorded tho samo treatment. Persons born in Germany, Austro-IIungary,
Bulgaria or Turkoy, and who still remain citizens of ono or other of these
countries, should not visit Canada at this time. Persons born in one or
other of theso countries named, but who havo been naturalized in the
United States, may visit Canada if they so desiro, but they should carry
their Unitod States naturalization papers as a means o f identification.
Persons who aro nativos or citizens of friendly or neutral countries may
visit Canada with tho same freedom accorded tho United States citizens.
(4) Conscription docs not exist in Canada and is not contemplated,
although it has boon much talked of in the United States, especially by
cortain interests unfavorable to Canada. No ono need, therefore, miss
visiting Canada tlirough fear of conscription.

MAY

TRY TO PERSUADE RUSSIA TO LIFT HIDE
EXPORTS EMBARGO.

A delegation headed by J. W . Craddock of Lynchburg,
V a ., and composed of manufacturers and retailers of shoes
called on Secretary Lansing on Juno 27th for the purpose
of seeking tho aid of the State Department in an endeavor
to induce Russia to remove her ban against the exportation
of skins and hides. Thirty per cont of the calf skins used
hero comos from that country, it is claimed, and this supply
is now ontiroly cut off. M any consignments of skins long
ago bought and paid for, it was brought out, aro being held

THE CHRONICLE

32

in Russian storehouses. Complaints were made, too, of
tho British semi-embargo. British buyers, it is said, are
further aggravating tho situation by buying up finished
leather in this country to be made into shoes in Great
Britain. The representatives of various leather goods
associations, it will bo remembered (see issue of June 10,
page 2123) met in conference at Philadelphia on M a y 25
and adopted various resolutions looking to tho prevention
of a further advance in the prices of shoes and leather and
to retain these prices at the lowest possible level. M r.
Craddock at that timo, pointed out that the advance to-day
on shoes averages about 50 to 75 cents a pair, but the advance
undoubtedly would be from. $1 to $2 a pair before the end
of the year.
_____________________________

THE DOMINICAN SITUATION.
Advices received by the N avy Department from Rear
Admiral Caperton, commanding tho American forces in
Santo Domingo, on Juno 28, state that one American marine
was killed and another wounded in a fight with Dominican
rebels which occurred about sixteen miles from Monte
Christi, from which place tho marines were proceeding to
Santiago. Tho rebels were found intrenched in a double lino
of trenches, from which they were ousted by an assault aftor
artillery fire. The -’ebel losses aro not given. The N avy
Department a few hours provious to this news received a
report from. Rear Admiral Caperton stating that a largo force
of marines was marching 80 miles overland from Puerta
Plata to occupy Santiago and La Vega. Notico of such in­
tention was contained in these columns last week (page 2312).

AMERICAN VESSEL DAMAGED AT SEA.
Reports to the effect that tho American steamer Seaconnet,
bound from Archangel to Liverpool with a cargo of timber,
had gono ashoro on the Scroby sands on June 18 after
having been damaged by an exterior explosion, when 60
miles oast of Yarm outh, were received from London on the
20th ult. The officers and crow of tho vessel arrived at
tho American Consulate at London on June 20, and reported
that tho explosion was from without, but that they could
not ascertain whether a torpedo or a mine was responsible,
Although the Marine authorities at Yarmouth, after exam­
ining pieces of metal found in tho vessel’s hull, expressed
the belief that a torpedo struck tho Seaconnot, tho general
impression is that she struck a mine. The metal pieces will
be turned over to Consul-General Skinner, tho American
representative at London, who is making a complete investi­
gation into tho destruction of tho steamer. Tho Seaconnet
is reported to have had tho American flag painted on both
sides of her bow, besides flying tho emblem. After the
oxplosion, Captain Butcher, commander of tho vessel,
headod her toward shoro and finally beached her. The
members of tho crow, however, were in a precarious position
because of the heavy sea running, until lifoboats from Yar­
mouth rescued them. The vessel will bo a total loss.

GERMANY AGAIN DENIES TORPEDOEING
TUBANTIA.
A
German Admiralty official statement issued on
June 14 according to reports from Amsterdam, again
denies that a Gorman submarine was responsible for the
sinking of tho Dutch steamor Tubantia last March.
Soon
after the incidont Germany made emphatic denials of any
knowledge of the sinking, but after evidence had been sub­
mitted by tho Dutch shipping council, tho Berlin Govern­
ment was said to have boen convinced that a German tor­
pedo struck the Tubantia. (See issue of.May 6.) Portions of
a, German torpedo which were submitted as evidonco by the
Dutch council aro now declared to be parts of a missilo fired
at a British destroyer somo timo previously.

UNIFICATION OF THE TURKISH CURRENCY.
The following facts with regard to the unification of the
Turkish currency aro furnished in tho June 23 issue of “ Com­
mercial Roports,” published by tho Bureau of Foreign and
Domostic Commerce of tho Department of Commerce:
A translation o f tho Turkish provisional law o f April 14 1916, on the
unification of the currency, has been received from tho American Charge
d ’Affaires at Constantinople. This is accompanied by translations of arti­
cles on tho subject of tills law published in tho papers “ Lloyd Ottoman’
and “ Hllal.”
„ ..
...
Tho law states that tho basis o f the monetary system o f tho Ottoman
Empire is the gold standard. The piaster, which represents the monetary
unit in gold, Is coined in nickel and is worth 40 paras. The fractions of tho
piaster, the pieces of 20. 10 and 5 paras, are in nickel; tho pieces o f 2, 5, 10
and 20 piasters are in silver, and those o f 25, 50, 100, 250 and 500 are in
gold. The weights in grams arc; Nickel, 5-para pieces, 1.75; 10-para, 2.56;




I'Vol. 103.

20-para, 4; 40-para (1 piaster), 6; silver, 2-piaster piocos, 2.405; 5-piaster,
6.14; 10-piaster, 12.27; 20-piaster, 24.55; gold, 25-piaster pieces, 1.804;
50-piastro, 3.6; 100-piaster, 7.2; 250-piaster, 18.4; 500-piaster, 36.8. In
coinage, pure nickel is used, the silver is 830 fino and tho gold is 916 2-3
fine.
.
The limit of tho amount acceptable in silver monoy is 300 piasters, and
n nickel money 50 piasters. No creditor can be obliged to accopt a larger
amount of money in silver or in nickel. The rates of oxchango o f money
accepted by custom in the different parts of tho Empiro aro abolished.
Speculations in money at higher or lower rates than the legally fixed value
iaro prohibited, and tho offenders will bo punished. All monotary opera­
tions tending to cause differences in the legal rate o f tho currency aro pro­
hibited. Offenders will be punished by imprisonment from throe months
to two years. If the offense is committed by a company, tho offender will
be subjected to tho same penalty, and its place of business will bo closed for
a period of from one week to three months.
If debts incurred prior to tho date of the publication of the law are payable
in piasters, without specifying in any way tho amount or value of tho money,
they shall be paid according to tho rate of tho money at tho timo the dobts
wero contracted. If the kind or value of tho money woro specified the debts
shall be paid accordingly. The Treasury constitutes an exception to this
rule. It receives and pays money at tho rate indicated in tho law.
The “ Lloyd Ottoman” in its editorial on tho subject published April 16
1916 says:
“ The monetary reform projected by the Ottoman Government for many
years has made an enormous stop by tho law which, though provisional
becomes effective at once. By this law Turkey has got rid of a systom o f
double standard in order to adopt tho gold standard o f all monotary States.
It simplifies tho rates of exchange o f the currency, which wero often so weird
and varied between one Province and another, and it remedies tho lack o f
small change caused chiefly by certain unhealthy speculations.
“ The law introduces tho real gold standard, as silvor or nickel coins aro
legal tender only up to 300 or 50 piastors, respoctivoly, and they have,
therefore, only the limited role of fractional monoy.
“ Tho new reform does not only modernize tho Turkish monotary systom.
That would bo a simplo theoretical progress, besides which wo shall mention
tho whole series of practical advantages. In the first placo, it suppresess tho
difference of tho rate o f cxchaggo of tho gold pound and tho silvor 20-piaster
piece, which differs from Province to Province and from city to city, and
also according to tho merchandise. In Constantinople these two principal
coins had a changeable rate, which was inexplicable but had developed from
long usage. Tho Turkish pound, whicn in banking business and in largo
business transactions was worth 100 piasters, was accepted by tho Govern­
ment at 102.6 piasters; in daily use it was worth 108 piasters, but varied
between 107 and 109 piasters, whlio between 1870 and 1880 it was worth
from 102 to 105.
“ A few years ago thero was (perhaps it still exists) a difference in tho rato
according to tho nature of tho merchandise, and tho merchants who kept
their books on tho basis of tho gold piaster wero obliged to mako lengthy
calculations. Those variations in tho rate, appreciable as they wore in tho
capital, were still more complicated in tho Provinces, and thero wero no less
than 88 different rates for the pound gold or tho mcdjidio. The consoquenco was that the poor people, especially the peasants, wore lost in calcu­
lations which to them were incomprehensible, and wero exploited by specu­
lators.
“ Another consequence was tho rather activo commerce of gold and silver
money between Constantinople and tho different cities of tho Provinces,
especially those whose commerce was important. This meant great profits
to tho monoy changers, but the public lost thereby, as did also tho Stato.
Tho new law abolishes all these differences in tho rates. Morcovor, it
prohibits, under penalty of imprisonment or a fino, any transaction tending
to produce a difference in the rato, so that tho business of tho monoy chang­
ers will bo limited to tho changing of foreign money.
“ The necessary conditions have boon provided by tho Government. Tho
offices of tho Treasury and of the Bridgo will chango paper monoy without
any difference in the rate, 190,000 pounds of old fractional monoy will bo
put back into circulation and a now issuo of 500,000 pounds will help in tho
reform. Moreover, paper money for 5 and 20 piasters, being printed in
Germany to the value of 1,000,000 pounds, will facilitate enormously tho
transactions o f daily business.
“ The monetary reform of tho Government, although mado in the midst
of tho war, represents a well-ocnsiderod measure which will put an end to
tho confusion in tho Provinces and will put order into tho commercial trans­
actions both of the capital and of tho Provinces.”

(ERCIIANTS ASSOCIATION POINTS OUT DIFFERENT
VALUES GIVEN TO MARKS.
A complaint regarding tho inconsistency botwcon tho
reasury Department and tho Department of Stato in
3signing the value of the German mark has been lodged
ith Wilbur J. Carr, Director of tho Consular Sorvico,
y tho Merchants’ Association. A lottor sent to M r . Carr
y S. C . M ead, Secretary of tho Association, sots forth
le situation as follows:
Tho attention of tho Merchants’ Association of Now York has been
fawn to a condition which would seem to indicate lack of uniformity
otweon two Federal departments, namely, tho Department of State and
io Troasury Department, and wo aro, tlioroforo, placing tho matter
oforo you at this time, although it may well bo that you have already
ven it consideration.
It is our understanding that, for customs purposes, tho rroasuor Doirtmont holds that duty must bo paid at tho uniform rato of $.238 to
io Mark rathor than on tho existing rato of tho Mark at tho timo of
Hry, notwithstanding tho fact that tho value of tho Mark has constantly
uctuated since tho beginning of tho war, being most of tho timo far
clow this figure.
..
.
On tho other hand, wo beliovo, in making charges for legalization lees,
onsular Officers requiro payment at tho then existing rate of oxchango
,r the Mark. Tho effect of tills is, of course, apparent. For example,
tuler a rato of $.238 tho cliargo for tho legalization of a given invoice
ould bo 10.60 Marks, while at tho recent rato of oxchango tho charge
ir tho'samo legalization has been as high as 14 Marks
It would soeni that this lack of agreement is Inconsistent between tho
vo Federal departments in question. If tho Treasury Department is
jrrect in assuming that for Government purposes tho uniform rato or
238 to tho Mark should bo charged, importers may well expect to pay
ir legalization on this basis. On tho other hand, if tho current rate o f
cchange is charted for legalization fees, tho importer naturally expects
> pay his duties on this basis and does not understand tho reason lor a
iriation in practice, whereby tho Government takes advantage of tho

Ji'ijY 1 1916.]

THE CHRONICLE

difference in tho rate on the one hand, while denying to tho importer the
advantage of tho samo rate on the other hand.
We believe that tho Treasury Department has given consideration to
tho advisability o f continuing tho practice of assessing customs duties at
a fixed basis, but deemed it wise to call tho lack of uniformity on tho part
of Consular Officers to your attention.

WHOLESALE GROCERS URGE ONE-CENT LETTER POST­
AGE AND DISCOUNTENANCE TRADING STAMPS.
A resolution urging a reduction by Congress in the letter
postage rate was adopted by the National Wholesale Grocers’
Association at the concluding session of their annual conven­
tion in Boston on June 16, as follows:
W h e r e a s , We believo that the Government should not directly or indi­
rectly continuo tho grant o f special favors to any interest by imposing
disproportionato rates on different classes o f mail matter, and
W h e r e a s , Over fifty bills are now pending in Congress to secure a reduc­
tion in tho drop letter postage rate to one cent, therefore.
R es o lv e d , That we earnestly urge our representatives in Congress promptly
to enact such legislation at this session, and be it further
R es o lv ed , That we earnestly urge upon Congress and tho Post Office
Department tho immediate adoption of such laws and regulations as will
speedily put an end to the present discriminatory system under which c e r ­
t a i n classes o f mail matter are carried by the Government at a loss, and
thousands o f tho country’s merchants and smaller communities suffer the
gravest and most unjustifiablo wrong to the advantage of a favored few.

The Association also reaffirmed its stand with regard to
the use of coupons, trading stamps and premiums, in the
following resolution:
W h e r e a s , Tho National Wholesale Grocers’ Association has repeatedly
placed Itself on record In opposition to the use of trading stamps, gift enter­
prises, promlums, schemes, and deals In the distribution o f food products,
which action is hereby reaffirmed, and
W h e r e a s , The Supremo Court o f tho United States has approved as Con­
stitutional certain State laws taxing tho use o f coupons, trading stamps
and premiums, and
W h e r e a s , Thero is a diversity o f opinion among manufacturers and dis­
tributors, both wholesale and retail, (a) as to the propriety o f using coupons
and premiums, deals and schemes, (b) as to tho wisdom o f urging individual
Stato legislation which would lead to confusion in Inter-State commerce,
therefore,
.
R es o lv e d , That this entiro subject bo referred to the Economy Confer­
ence Committco with instructions to confer with similar committees from
tho American Specialty Manufacturers’ Association and tho National Asso­
ciation o f Rotail Grocers with tho purposo o f recommending such Federal
legislation as will bo uniform throughout tho country and just to manu­
facturers, jobbers, retailers and consumers.

A further resolution set out that “ in order to secure more
favorable conditions for the export of products of the United
States to South American countries, we rospectfully urge
the President and Congress to co-operate with the trade of
this country in the endeavor to secure reciprocal arrange­
ments, particularly with respect to the excessively high
tariff rates now prevailing in many of those countries.”

NEW ENGLAND HARDWARE DEALERS ALSO URGE
ONE-CENT LETTER POSTAGE.
A resolution advocating one-cent postage was unanimously
adopted at the annual meeting of the New England Hard­
ware Doalers’ Association in Boston on June 12. Other
resolutions urged an adequate American merchant marine,
settlement of disputes botwoon railroad officials and their
employees by the Inter-State Commerce Commission, &c.

HOW THE GOVERNMENTS A ID SHIPPING.
Amorican shipping now has an opportunity such as Eng­
land had 50 yoars ago, according to a report on “ Government
Aid to Morchant Shipping,” just mado public by the Bureau
of Foroign and Domestic Commerce. This opportunity,
says the report, comes at a time when American citizens own­
ing foreign-built ships can ply them under tho American flag,
when interest in foroign trade is widespread, the necessity
for foreign markets clearly recognized and tho profitableness
of shipping under present conditions is alluring. Tho re­
port was written for tho Bureau by Special Agent Grosvonor
M . Jonos, author of several recent works on shipping, and
is said to bo the only recent work which covors tho subject
complotoly. It is ono result of tho present widespread dis­
cussion of ways and means of building up an Amorican mer­
chant marine. It aims to make clear just what tho several
iGovornments have done to assist shipping. Tho informa­
tion presented covers all forms of State aid to shipping, at­
tention being called not only to subsidies and subventions,
but to the various forms of indirect Government assistance,
such as tho reservation of the coasting trade to national
ships, exemptions from import duties, port duos and taxa­
tion, the privilege of using foreign-built ships, preferential
railroad rates and loans to ship-ownors. The resei’vation
of coasting trade to national ships is ono of the effective ways
in which Governments have helped their merchant marine,
says the report. Tho United States, France, Italy, AustriaHungary, Spain and Bolgium, among the more important
maritime countrios, have long reserved their coasting trade,
while Japan has reserved all of its coasting trade only since




33

1910. Russian has long reserved the trade between Russian
ports on the same sea, but it was not until 1897 that the trade
between a ll Russian ports was restricted to Russian ships.
A statement with regard to the report adds:
For many years no country o f Importance other than the United State
has required that ships flying the national flag shall be of domestic construc­
tion, although practically every country has made this requirement in the
case of steamships receiving postal subventions. England has granted
registers to foreign-built ships—in other words, has pursued the free-ship
policy—since about 1850. At that time wooden sailing vessels were pre­
dominant, and these could be secured more cheaply in the United States,
which had larger supplies of timber and naval stores and a more efficient
shipbuilding industry. As a result o f this free-ship policy, the merchant
marine of England received large accessions during the Civil War, when
more than 750,000 tons of American shipping secured English registers
to avoid capture or destruction.
Assistance in the form of lower rail rates on goods shipped over specified
steamship lines is a practice that has been followed in Germany in the case
of tho German Levant and the German East Africa lines. These differ­
entials have a double purpose, since by enabling German manufacturers
to sell their products at lower prices in the countries reached by these lines
they develop German trade and at the same time increase the traffic on the
preferred steamship lines. France also has made use of differential export
railroad rates to assist the development of certain steamship lines, as wel 1
as to increase the country’s foreign trade.
The policy o f granting loans to shipowners at low interest or without in­
terest was begun, it is believed, by Austria. The only instance of such a
loan by the British Government was that made to the Cunard Steamship Co.
under the mail and Admiralty subvention contract o f 1903. Under this
contract tho British Government loaned the steamship company $12,652,­
900 for building two steamers that would be suitable for use by the Admi­
ralty and be the fastest afloat. This loan brought into being tho Lusitania
and Mauretania. The loan was made at the rate of 2 % , which was about
2% lower than tho rate at which the company could have borrowed a similar
amount in the open market.
Denmark and Belgium are the only important countries that have ex­
tended aid to shipping by granting exemptions from port dues or making
reimbursement for them, although Denmark withdrew this privilege from
tho favored lines in 1910. It is an interesting fact that Belgium for many
years previous to the war reimbursed the North-German Lloyd, the Kosmos
Line and the United Steamship Company o f Copenhagen for all pilotage
fees, port dues, &c., paid to the Belgian and Dutch officials.
Tho policy of granting Indirect aid to shipping by reimbursement of canal
dues was instituted by Russia in 1879. This practice has been extended
from time to time and now provides for the reimbursement o f the full amount
of the canal dues paid by Russian steamers bound for or sailing from any
Russian port in the Far East and for a reimbursement of two-thirds of the
full duos paid by Russian steamers bound for or sailing from ports on the
Indian Ocean and non-Russian ports on the Pacific Ocean. In the period
from 1879 to 1906 the Russian Government expended about $4,400,000 in
reimbursement of Suez Canal dues. The Austrian Government makes a
reimbursement of Suez Canal dues paid by steamers of the Austrian Lloyd J.
Tho Swedish Government is under contract to reimburse the Swedish East
Asiatic Company for 60% o f the Suez Canal dues paid in 1915, 55% of those
paid in 1916 and 50% of those paid in 1917. Italy refunds all Corinth Canal
dues paid by the ships of the Societa Nazionale di Servizi Marittimi. The
French Government reimburses tho Compagnie des Messageries Maritimes
for Suez Canal dues.
Exemption from taxation is a form of indirect assistance granted by only
Austria-Hungary and by a few o f our own States. A notable law in New
York State exempts from all taxation for State and local purposes all Amer­
ican-owned ships registered at any port in the State if engaged in the for­
eign trade of the United States. Corporations owning such ships are ex­
empt until Dec. 31 1922 from ail taxation upon their stock, franchises and
earnings. Alabama exempts all ships engaged in foreign commerce from
taxation, while the Stato of Washington exempts all ships built or in pro­
cess of construction in the coastwise as well as in the foreign trade of the
United States.
The granting of postal subventions to steamship lines antedates the
bounty or subsidy system and is in more general use throughout the world.
Groat Britain was probably the first to pay subventions of this kind, the
first contract of the sort being made in 1838. The United States and France
soon followed suit—the United States in 1847 and France in 1851. Ger­
many did not adopt the policy until 1886, when a contract with the North
German Lloyd was concluded. The purpose of mail subvention contracts
is primarily to encourage the maintenance of fast mail services on regular
routes and schedules. In many instances a motive of almost equal weight
is that of maintaining the fastest possible communication between the
mother country and her colonies. Incidentally, a third object is commonly
achieved, namely, that o f providing vessels suitable for auxiliary cruisers
and transports in time of war, and in many cases a fourth object, namely,
that of fostering the domestic ship-building industry by requiring that tho
subventions shall be paid only to domestic-built ships. The purpose of
the largo grants made by the British Government was not, however, merely
to assist in the establishment o f a steamship line for the line’s sake, but more
particularly to promote rapid communication between England and ner
American and Australian possessions. With only two important excep­
tions, all financial aid extended by the British Government has been in the
form of postal and Admiralty subventions. Tho United States and Ger­
many, whoso navies rank next to that of Great Britain, have extended finan­
cial aid to shipping only in tho form of mail subventions. The largest
of tho German companies—the Ilamburg-American Lines—has received
comparatively little financial assistance from the German Government.
The system of paying direct general bounties, or subsidies, to shipping
lines may be said to have been instituted by France, which entered upon
this policy in 1881 and has made a moro extensive use of bounties than any
any other country, although as a whole the results have not been satisfac­
tory. Italy, Austria-Hungary, Japan and Spain have followed the French
plan, with indifferent success except in'the case of Japan. Unquestiona­
bly tho merchant marine of Japan has developed more rapidly during the
last 35 years than that of any other nation, although the report calls atten­
tion to the fact that this development is in part due to the phenomenal de­
velopment of Japanese Industries in recent years.
There is much interesting matter in the report relating to Governmentowned stcamsnip lines. State control o f privately-owned steamship lines
and State participation in profits of steamship lines. For each country in­
cluded in tho report there is a complete history o f Government relations with
the merchant marine, with statistics to show the results of the various poli­
cies. Modern tendencies are discussed at length. Attention is called to
some specific opportunities that now exist for American shipping. For
example, the west coast of South America imports large quanties of coal from
Australia and Wales. Since the construction of the efficient coal-carrying
railroads, such a§ the Norfolk & Western, the Chesapeake & Ohio, the Vir-

34

THE CHRONICLE

ginian and the Carolina Clinchfield & Ohio, Virginia steam coal o f excellent
quality can bo delivered at low cost at tho Atlantic seaboard ports of Nor­
folk, Newport News and Charleston, where it can bo delivered to vessels
quickly, efficiently and at low cost. It is believed that increasingly large
quantities o f this coal can be sold in Chile and Peru at lower cost than Aus­
tralian or Welsh coal. If this proves to be the case, the vessels carrying
coal from tho United States can roturn with nitrates from Chile, copper
from American-owned mines and smelters in Chile and Peru, tin oro from
American-owned mines' In Bolivia and iron ore from American-owned mines
in Chile. Tho development o f coal exports would cause reductions in ro­
turn freights (a factor which goes far toward accounting for the maritime
supremacy o f Great Britain) and an extension o f American shipping.

PRICES OF ANTHRACITE COMPARED W IT H
" " VANCES I N OTHER COMMODITIES.

AD­

The recent increase in the price of anthracite coal has in­
duced the Anthracite Bureau of Information at W ilkesBarre, P a ., to make a comparison of the changes in the whole­
sale price of coal with the advance in other •commodities
from 1903 to 1916. W o print the observations of tho B u­
reau below:
On tho 15th of M ay tho Philadelphia & Reading Coal Iron Co. issued its now
circular o f prices to cover the changes made necessary by the concessions
granted to tho mine employees by the agreement o f May 5. According to
tho Reading circular tho price of egg coal was advanced 15 cents a ton,
stove was advanced 40 conts, nut 20 cents, pea 40 cents and buckwheat
No. 1 15 cents. These advances, if applied to the production o f theso
sizes as reported to tho United States Geological Survey for 1914, show an
average advance o f 26.4 cents per ton.
It is estimated that the increased cost o f production due to tho higher
wages and reduced working time will amount to 18 cents a ton on the entiro
production, which if distributed ovor tho five sizes mentioned above, will
amount to 22.2 conts a ton. The increased cost o f explosives and other
supplies in 1916 as compared with 1915 has added anywhere from 5 to 15
cents a ton to operating expensos; so that the advances in selling prico do
not in reality cover the increased cost of labor and supplies alone, without
considering tho constantly increasing oxpensos involved in tho Increased
depth and aroa of tho workings; tho operations on thinner and less profitable
beds; larger quantities o f water and the greater height to which it must be
pumped; longer hauls and consequently greater cost o f underground trans­
portation; increased quantity o f rofuso and faults; higher taxes, and in­
creased legislative regulations.
In this connection it is interesting to note how tho advance in tho price of
anthracite over a sorios o f years compares with tho advances in tho prices
o f thirty-three other commodities as roported in Bradstreet’s price circular.
The following table gives tho circular prices for anthracite at lower New York
harbor ports on Juno I and Sept. 1 1903; on June 1 1916, and as they will
be on Sopt. 1 1916:
C ir c u la r P r i c e s f o r A n th r a c i t e F . O . B . L o w e r N e w Y o r k H a r b o r P o r ts i n
t
1903 a n d 1916.
S iz e —
J u n e 1 1903.
J u n e 11916.
In crea se.
% o f In c.

E g g --------------- _______
Stove. ______ _______
Chestnut_____ _______
P e a __________ ............

$4
4
4
2

65
65
65
95

$5
5
5
3

15
40
45
60

$0 50
75
80
65

10.8
16.1
17.2
22.0

[Vol. 103.

form ard appears in the shape of a handsomo brochure in
large type and superior paper. It is well worth roprinting.
W e referred to the address at length in cur issue of April 29,
page 1576.
*
The first prize was awarded on Thursday to the advertising
exhibit of the Guaranty Trust Co. of New York at the meet­
ing o f the Financial Advertisers’ Association in connection
with the convention of the Associated Advertising Clubs
of the World at Philadelphia. About forty-fivo institutions
competed and the judges were Arthur B . Sullivan and Thomas
H . Warren of N . W . Ayer & Son, advertising agents. Second
prize was awarded to the Guardian Savings & Trust Co. of
Cleveland, and third to the Spokane & Eastern Trust Co. of
Spokane, W ash. Honorable mention was given to the M er­
cantile Trust Co. of St. Louis and the Potter Title & Trust
Co. of Pittsburgh. Each exhibit was judged separately
in accordance with a fixed scale allowing 25 % for service
to the public, 2 5 % for completeness of campaign, 2 5 % for
originality, 1 5 % for typography and 1 0 % for art.
Tho International Bank of this city, whose checks begin­
ning June 26 are payable through the New York Clearing
House, clears through the National City Bank.
Morton Waddell, formerly trust officer of the United
States Mortgage & Trust Co^, has been appointed an Assist­
ant Cashier of the Harriman National Bank of this city.
The special dividend usually paid by the Fifth Avenue
Bank of this cityat this time of the year has been declared,
being 1 0 0 % , payable July 1 to holders of record Juno 30.
The same amount was paid in July 1915. Tho regular
quarterly dividend of 2 5 % is also payable July 1 to holders
of record June 30.
Extensive alterations are being made in tho quartors of
tho Atlantic National Bank of 257 Broadway, whore the
institution has been located since its organization in 1829.
Tho ground floor will be converted into a single large banking
room and the basement will also be enlarged.
•

State Superintendent of Banks Eugene Lamb Richards
has made application to Justice Giegerich of tho Supreme
Court for permission to burn or otherwise dispose of certain
E g g ........................ .
$0 50
10.1
Stove_________ ______
75
15.2
books, records and papers held by the (now defunct) Car­
Chestnut_____ ............
80
16.2
negie Trust Co. as trustee. The application is based on
P e a __________ ............
95
32.2
an affidavit by George W . Egbert, Special Deputy Superin­
Average— Four sizes $4 54
$5 36
$0 82
18.0
tendent of Banks, which alleges that some of tho corpora­
It will be observed that the maximum percentage of increase is 32.2%
for pea coal on Sept. 1 next, while the average in crease is 17.4% to Juno 1 tions for which the trust company acted as trustee never
and 18% to Sopt. 1; and it will also bo observed from tho following tablo carried on any business, while others which wero in business
that out o f twenty-three articles o f food there are only four whose prices had collapsed. Among the corporations were railroad com­
havo shown a smaller percentage o f advance than anthracite. Tho prico
o f beef has gone up 56% , flour 52% , eggs 50% , coffee 79% and sugar 49% , panies which neither constructed nor operated railroads.
while potatoes, peas and beans cap this list with advances o f 100, 174 and Tho face value of the securities and obligations of the com­
204%, respectively. Tho question may well bo asked: Havo tho prices panies was said to be 87,000,000. M r. Egbert further
o f anthracite been unreasonably advancod?
alloges that some of the securities were still being bought and
P e r c e n ta g e s o f I n c r e a s e in P r i c e o f V a r io u s C o m m o d itie s f r o m 1903 to 1916
a s R e p o r te d in B r n d str e tt’ s P r i c e C ir c u la r
sold outside the Stato of N ew York, and in foreign countries,
P r o v is io n s a n d G r o c e r i e s % o f I n c . B r e a d s tu ffs —
% o f In c.
Beef, Chicago.....................
56.0
Wheat, in elevator__________ 60.8 and the name “ Carnegie” was being used as an inducement
Hogs, Chicago_______________ 42.1
Corn, in elevator.................. 39.6 to attract purchasers among those who are ignorant of the
Mutton, Chicago___________ 68.4
Oats, In elevator___________ 19.0
failuro of th Carnegie Trust C o ., and continues:
•Milk, New York_____- _____ 11.8
Flour ...................................__ 52.1
Avorage— Four sizes
S iz e—

$4 31
1 1903.
$4 95
4 95
4 95
2 95

S e p t.

$5 06
11916.
$5 45
5 70
5 75
3 90

S e p t.

Eggs, New York____________ 50.0
Bacon, short ribs, Chicago. . 24.1
Ham, smoked, Chicago........... 30.7

• L a rd , C h ic a g o ________________

11.1

Butter, Now York creamery. 29.3
Cheese, East, factory_______ 21.6
Coffeo, Now York__________ 79.0
Sugar, New York___________ 49.0
•Tea--------- --------------2.6
Molasses, New Orleans______ 33.3
Salt, New York______________61.2
Beans, New York__________ 203.8
Peas, New York..................... 174.2
Potatoes___________________ 100.0
•Apples, New York State_____ 16.6

$0 75

In crea se.

17.4

%

o f In c.

L iv e S tock —

Beeves, Chicago_____________80.5
Sheep, Chicago......................... 32.6
Hogs, Chicago_______________ 27.3
Horses, Chicago....................... 63.6
M e ta ls —
Steel billets, Pittsburgh_____42.8
Copper, New York___________83.3
Lead, Now York_____________73.0
Tin, Now Y ork______________67.3
Zinc, New York____________231.7
O ils —
Petroleum, crude, New York 73.3

* Commodities showing less incroase than anthracite.

B A N K IN G ,

F IN A N C IA L

AND

L E G ISL A T IV E

The National Park Bank of this city has increased its regu
lar quarterly dividend from 4 % to 5 % , with tho payment of
the quarterly dividend on July 1st. For years tho institu­
tion has paid quarterly dividends at the rate of 1 6 % per an­
num. The capital stock is 85,000,000; surplus and profits,
815,000,000, and deposits M a y 1 8162,000,000. Richard
Delafield is President.

NEWS.

Only 9 shares of bank stock were sold at the Stock Ex­
change this week and 20 shares at auction. N o sales of
trust company stocks were made.
BAN K—N e w Y o r k .
L o w . H ig h . C lo s e .
L a s t P r e v io u s S a le .
*9 Commerce, Nat. Bank o f___ 167
168
167
Juno 1916— 167
BAN K— B r o o k ly n .
20 M echanics’ Bank.................. 135tf 135>i 135K June 1916— 138H
S h a r es .

♦Sold at the Stock Exchango.

Otto H . Kahn’s illuminating address on “ High Finance”
delivered at the annual dinnor of the American Newspaper
Publishers’ Association last April has been put in enduring




The Carncgio Trust Co. should now bo required to givo an account of
its trusteeship in each instance, and then be relieved as such trustco and tho
books, records and papers finally disposed of. in order that tho affairs
of the trust company may be finally wound up, as nono of tho securities
have any value.

Stato Superintendent of Banks Eugene Lamb Richards
on Juno 24 asked for and received from Supreme Court
Justice Callaghan of Brooklyn authorization to pay a 6 %
dividend to tho creditors of the Borough Bank of Brooklyn.
The payment of this dividend will bring the total up to 1 6 % ,
a 1 0 % dividend having already been paid to tho depositors.
Payment of the dividend at this time is mado possible
through the efforts of Superintendent Richards in success­
fully negotiating the sale of the so-called Willots Farm on
Long Island, which the bank held for a number of years.
The contract for the sale of this farm has boon signod, but

J uly l 1916.]

THE CHRONICLE .

tho money has not yet been paid to the bank. In a petition
submitted to Justico Callaghan, Superintendent Richards
pointed out that tho money will be paid just as soon as tho
purchaser checks up the survey as filed with the Stato Bank­
ing Department, tho salo having been made on an acreage
basis. In his papers Superintendent Richards showed that
there are claims against tho bank upon which a dividend
must bo paid,aggregating $913,340, and the payment of tho
6 % dividend will result in tho payment of $54,800. In
addition to this amount, it will be necessary to pay the U . S.
Fidelity & Guaranty Co. $29,360, duo on a claim which tho
Court of Appeals has held must bo paid at once, that Court
having held it to bo a preferred cairn. This claim was
originally over $46,000.
Tho Peoples Trust Co. of Brooklyn will make the usual
monthly distribution of 1 % on July 1 to holders of record
June 10. Dividends havo been paid monthly for tho past
few yoars, but tho practice is to bo discontinued. Pay­
ments will hcroafter bo quarterly, a dividend of 3
having
boon declared, payablo Oct. 2 to holders of record Sept. 30.
Tho directors of tho Union Trust Co. of Springfield, M a ss.,
havo declared a quarterly dividend, payable July 1, of 3 %
on the company’s $500,000 capital— an increase of 2 % in tho
annual dividond rate. The company has surplus of $750,000
and undivided profits of $100,000.
A t a spocial meeting of tho stockholders of the Fidelity
Trust Co. of Boston on Juno 13 steps were taken looking to
tho ultimate incroaso in tho capital of the institution. It was
Voted, That, subject to tho approval o f tho Bank Commissioner, this
corporation increase its capital stock to ten million dollars ($10,000,000) by
Issuing ninety thousand (90,000) additional shares of the par value of $100
each, or any less number o f additional shares as may bo approved by tho
board or directors, said shares to bo subject to tho same restrictions and in
tho same general form as the shares originally authorized and now outstand­
ing, and that said shares bo offered to tho stockholders of record, at such
timo, or from time to timo, and at such price, and in such number as tho
board of directors may voto at any regular or special meeting.

The stockholders of the Republic Trust Co. of Philadel­
phia, havo subscribed for $100,000 of tho $200,000 increase
in capital authorized on April 18. Tho company now has a
total capital of $400,000 and surplus of $200,000. The
details of tho plan to incroaso tho capital from $300,000 to
$500,000 were given in our issue of Feb. 19, and it was then
statod that tho now stock was “ to bo put out at such times,
in such amounts and under such conditions as may bo pre­
scribed by tho board of directors.”
Henry C . Yergason, for many years an official of tho old
Morchants National Bank of Cincinnati, died on Juno 27;
ho was in his sovonty-sovonth year. M r . Yorgason bocamo
Cashier of tho Merchants National Bank about 1866; ho
servod as President of tho institution for a number of years,
relinquishing that office in 1903, when he bocamo a ViceProsidont. ITo served in that capacity until his retirement
in 1909, when tho Merchants National Bank was absorbed
by the First National Bank.
At a special mooting of tho directors of tho Peoplo’s State
Bank of Detroit on June 23, James T . Keena was elected
Presidont, to fill tho vacancy caused by tho death in February
of Georgo F . Lawson. M r . Keona has been associated with
tho bank as counsel and attom ov for many years and had
served as Vice-President since January 1914.
Tho directors of tho Hyde Park State Bank of Chicago
havo declared a regular quarterly dividend of 1 y2%, thereby
raising the annual dividend rate from 5 to 6 % . The sum of
$20,000 was transferred from undivided profits to surplus,
making that account $50,000.
E . B . Clare-Avory has resigned as Assistant Cashier of tho
Morchants-Laeledo National Bank of St. Louis; lie had been
connected with tho institution over eight years. M r. ClareAvory was recontly elected Treasurer of the Missouri Bankers’
Association.
An application to organize tho M id-W est National Bank
of Kansas City, M o ., with $300,000 capital, has been mado
to tho Comptroller of the Currency.
Louis W . Hill has been elected a director of the Stock
Yards National Bank of South St. Paul, M inn. Tho lato




35

James J. Hill, a few months prior to his death, acquired a
considerable block of stock in the bank.
A new bank, tho Kansas Reserve State Bank, capital
$200,000, will shortly begin business in Topeka. The in­
stitution will start with $50,000 surplus and will be located
at 824 Kansas Avonue. Ferdinand C . Kaths, Cashier of tho
State Exchange Bank of Hutchinson, will serve as President
of the new Topeka financial institution, and Frank P . M acLennan, proprietor of the Topeka “ Stato Journal,” will be
its Vice-President. Earl Akers, who will soon finish his
term of office as State Treasurer of Kansas, has been selected
as Cashier of the now bank and Frank C . Thompson will act
as Assistant Cashier.
Tho American National Bank of Muskogee, Okla., capital
$150,000, has been placed in voluntary liquidation, having
been absorbed by the Exchange National Bank of that city.
Tho Red River Valley Bank & Trust C o. of Shreveport,
La., has been succeeded by the C ity Savings Bank & Trust
C o.; the latter institution will carry on the business until an
application to enter tho national banking system is approved,
when it will be reorganized as the City National Bank. The
Red River Valley Bank & Trust C o. had $150,000 capital
and deposits of about $425,000.
An application to organize the American National Bank of
San Bernardino, C al., capital $100,000, has been made to the
Comptroller of the Currency.
F . N . Bolgrano, formerly Vice-President and Cashier, has
been elected President of the Fugazi Banca Popolare Operaia Italiana of San Francisco, C al., to succeed the late J. F.
Fugazi. Antonio Laiola, a director, has been elected Vice­
President and J. H . Barter, formerly Assistant Cashier, has
been elected Cashier.
The Standard Bank of Canada (head office, Toronto) has
doclarod a dividond for the current quarter ending July 31
1916 at 3 J 4 % , being at the rate of 1 3 % per annum upon the
paid-up capital stock of the bank, and which will be payable
on and after the 1st of August to shareholders of record as of
July 22 1916.
A t a meeting of tho directors of tho Merchants’ Bank of
Canada at Montreal on June 27th, E . F . Hebden, General
Manager, was elected Managing Director, a new position,
and D . C . Macarrow, Manager of the bank’s main office
on St. James Street, was elected General Manager to succeed
M r . Hebden. M r. Ilobden’s appointment as a director
of tho Merchants’ Bank fills one of the two vacancies created
at the last annual meeting when the board was increased
from twelve to fourteen members.

ENGLISH FINANCIAL MARKETS— PER CABLE.
The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows tho past week:
L ondon,
June 2 4 . June 26. June 27.
W eek ending June 30.
Sal.
M on.
T u es.
31%
Sliver, per o u n c e . .. ........... d . 31 9-16 31%
Consols, 2 % percen ts........... 59 %
59 %
60)3
Hrltlsh 4 % per cents----------- 96 %
96 %
96 %
French Itentcs (In P a ris).fr. 62.00
61.90
62.00
French W ar Loan, 5% (In
Paris)........................ . . . f r ........... ....................................

June 28. June 29. June 30.
W ed .
Th urs.
F r i.

31%
60 %

3 1 7 -1 6
60^

31

96 %

60%
96 %

62.10

62.25

62.40

89.00

89.00

89.00

96 %

The price of silver in New York on tho same days has been:
Silver In N . Y ., per o z - .c t s . 6 6 %

66

65%

66%

65%

65

t$0mmevctul iuulTft tscellauccms JJ cxub
D IV ID E N D S .

Tho following shows all the dividends announced for tho
future by large or important corporations:

Dividends announced this week are printed in italics.
N am e o f C om pany.

Per
Cent.

W hen
Payable.

Books Closed.
D ays In clu sive.

Railroads (Steam).
Alabama Great Southern, pref___________
Preferred (extra)_____________________
Albany & Susquehanna.................................
Allegheny & Western, guaranteed...........
Atch. T o p . & Santa Fe, pref. (N o. 3 6 )___
Atlanta & W est P oin t............. ................ ..
Atlantic Coast Line HR., com m on______
Baltimore <1- O hio, com m on ..... ........ ..........
F r e fe r r e d _____________________ ________
Bangor * A roostook....... .............................
Beech Creek, guaranteed (quar.)........... ..
Boston & Lowell............. .............................
Boston Revere Beach * Lynn (quar.)____
Buffalo & Susquehanna,’ com . (N o . *1)____

3

1

4%

3
2%
3
2%
2%
2
2
50c.

4

1%

1

Aug.
Aug.
July
July
Aug.
July
July
Sept.
Sept.
July
July
July
July
lAug.

28 Holders o f rec.
28 Holders of rec.
1 June 16 to
1 Holders of rec.
1 Holders of rec.
1 June 20
to
10 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 July 1
to
1 Holders o f rec.
3 Holders o f rec.
i Holders o f rec.
1 Holders o f rec.

July
July
June
June
June
June
June
July
July
July
June
M ay
June
June

22a
22a
30
23a
30a
30
19a
24a
24a
2
20a
27a
10
30

[Vol . 103

THE CHRONICLE

36
Name o f Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

R a ilroa d s (Steam ) C o n clu d e d
July 15 Holders o f rec. Juno 30a
2
Buffalo A Susquehanna, preferred..
Holders of rec. June 30a
Canada Southern___________________
144 Aug.
Holders o f rec. July 14a
Aug.
2
Central R R . of New Jersey (q u a r .)..
Holders of rec. Aug. 14a
2 44 Sept.
Chicago Milwaukee A St. Paul--------Holders of rec. A ug. 14a
344 Sept.
P referred......... ............ ......................... —
Holders of rec. June la
Chic. A N . W ., com m on (quar.)------------144 July
Holders o f rec. June la
July
2
Preferred (quar.)------------------------------- Holders of rec. Juno 27a
July
20
Cleveland Cine. Chic. & St. Louis, p r e f..
144
N ov. 1 Holders of rec. June 15a
3
Cuba R R ., com m on..............— .......... —
Aug. 1 Holders of rec. June 30a
3
Preferred_____________________________
Delaware Lackawanna A Western (guar.).
2)4 July 20 Holders of rec. July 6a
to
July 5
July 5 June 21
2
D etroit Hillsdale & Southwestern..............
2 ) 4 July 1 Holders of rec. June 15a
D etroit & M ackinac, com mon & preferred
July 15 Holders of rec. July 8a
3
D etroit River Tunnel..... ..............................
Elmira & Williamsport, pref------------------ 3.16 July 1 Holders o f rec. June 20a
Fitchburg, preferred (quar.)......................
1) 4 July 1 Holders of rec. June 1
to
July 14
July 15 July 2
3
Georgia R R . & Banking (quar.)................
1X Aug. 1 Holders of rec. July 7a
Great Northern (guar.)....... ...........................
3 ) 4 July 10 Holders of rec. Juno 20a
Harrlsb. Portsm . M t. Joy A Lancaster..
)4 July 10 Holders of rec. June 20a
E x tr a ................. ............................... ..........
2 ) 4 Sept. 1 Holders of rec. Aug. 7a
Illinois C entral.-...........................- ..............
June 11
to
July 4
July
2
Illinois Central, leased lines-----------------Holders of rec. June 10a
Interborough Consol. Corp., pref. (q u .).
1)4 July
Holders of rec. Juno 20a
July
5
Interborough Rapid Transit (quar.)-----Holders of rec. June 23a
Joliet A Chicago (quar.)--------------- -------- l 44 July
1
July 15 Holders of rec. June 30a
Kansas C ity Southern, preferred (qu ar.).
Holders of rec. Juno 9a
July
1
Lackawanna R R . of N . J. (qu ar.)---------Holders of rec. June 24a
Lehigh Valley, com . & pref. (quar.)------ 31.25 July
Juno 13
to
July 14
Little Schuylkill N av., R R . A C oal-------- $1.25 July
Holders of rec. July 20a
3 ) 4 Aug.
Louisville A Nashville........................ ..........
Holders o f rec. June 15a
2
July
Lykens Valley R R . & C oal-------------------Holders o f rec. July 15a
Aug.
M ahoning Coal R R ., com m on....... .......... 35
Holders of rec. June 19a
Preferred-.................................................... 51.25 July
Holders of rec. June 15a
M aine Central, com mon (quar.)------------1)4 July
Holders of rec. Juno 15a
M anhattan Railway (qu ar.)-----------------1) 4 July
July 29 Holders of rec. June 30a
2
M ichigan Central________________________
J u ly 16
M ine Hill & Schuylkill H aven___________ 31.50 July 15 June 24 to
June 2 to
June 30
July
2
M obile & Birmingham, preferred----------Holders of rec. Juno 7a
M orris A E ssex.------------------------------------ $1.75 July
June 16 to
June 30
New London Northern__________________
2 ) 4 July
June 16 to
June 30
)4 July
E x tr a ......................................... - .................
Holders of rec. July 7a
New York Central R R . (quar.)------------1)4 Aug.
Holders of rec. June 15a
N . Y . & Harlem, com . A pref.................... $2.50 July
Holders of rec. June 15a
N . Y . Lackawanna A Western (q u a r .)..
1)4 July
July 24 Holders of rec. July 7
1
N . Y . Ontario A Western..................Norfolk A Western, common (guar.).
1)4 Sept. 19 Holders of rec. Aug. 31a
1
Aug. 19 Holders of rec. July 31a
Preferred (guar.)_________________
$2 July 15 Holders o f rec. Juno 30a
Northern Central...................... .. —
Northern of New Hampshire (quar.)-----1)4 July 1 Holders o f rec. June 12a
Northern Pacific (guar.)-----------------1) 4 Aug. 1 Holders of rec. July 10a
June 30
2
July 1 Juno 16 to
Norwich & W orcester, preferred (quar.).
4
Juno 30 H o'ders of rec. June 23
Pennsylvania C om pa n y.............- .................
Pennsylvania RR. (guar.)_________________ 75c. Aug. 31 Holders of rec. Aug. la
1 to
July 11
Philadelphia A Tronton (quar.)................
2 ) 4 July 10 July
2
July 25 Holders o f rec. July 15
Pitts. Cln. Chicago A St. Louts, pref-------1 Holders of rec. June 10a
Pitts. F t. Wayne & Chic., spec. gu. (qu.)
1)4 July
Regular guaranteed (quar.)..................
1)4 July 5 Holders of rec. June 10a
2
Aug. 10 Holders of rec. July 25a
Reading Com pany, com m on (quar.)-----1
Sept. 14 Holders o f rec. Augd29a
First preferred (quar.)-----------------------1
July 13 Holders o f rec. Juno 29a
Second preferred (quar.)______________
Juno 16 to
June 30
July
4
Renssalaer A Saratoga__________________
Juno 21 to
June 30
Rom e & Clinton......... .......... ........ .................
3 ) 4 July
St. Louis A San Francisco ctfs.—
June 17 to
July
2
July
1
K . C. Ft. S. A M ., pref. tr. ctfs. (q u .).
Holders o f rec. M ay 3 la
Southern Pacific C o. (quar.) (N o. 3 9 )-----1) 4 July
Juno 13 to
July
5
Southwestern of Georgia......... .....................
2 ) 4 July
Holders o f rec. June la
July
2
Union Pacific, com mon (uuar.)_________
June 21 to
June 30
United N . J. R R . A Canal Cos. (q u a r .)..
2)4 July
Holders of rec. June 22a
Valley R R . (N . Y . ) .....................................
2)4 July
Vermont Valley_________________________
to
June 30
July 1 Juno 20
3
Western R y . o f Alabam a_____ __________
S treet an d E lectric R a ilw a ys.
American Cities C o., pref. (N o. 11).........
144 July 1 Holders of rec. Juno 22a
1 Holders of rec. June 19
I X July
Asheville Pow. A Lt., pf. (qu.) (N o. 17).
1 Holders of rec. June 30a
Athens Ry. A Electric, pref. (guar.)......... ..
I X July
1 Holders of rec. June 20
Bangor R y . A Electric, pf. (qu.) (N o. 19)
I X July
Aug. 1 Holders of rec. July 15
3
Bay State Street Ry., 1st preferred------------50c. July 15 Holders of rec. July 3a
Boston Suburban Elec. Cos., pref. (g u a r.)..
1 Holders of rec. June 23
Boston A W orcester Elec. C os., pref------ $1.50 July
1 Holders of rec. Juno 15
Brazilian T ra c., Lt. A P ow ., pref. (quar.)
144 July
July 15 Holders of rcc. July 6
2
Brooklyn C ity R R . (qu ar.).............
Brooklyn Rapid Transit (quar.) —
144 July 1 Holders of rec. June 7a
to
June 30
1 June 18
California R y . A Power, prior pref. (qu.)
I X July
to
Juno 30
1 Juno 15
Capital Traction, W ash., D . C. (q u a r .)..
I X July
1 Holders of rec. Juno 19
Carolina Pow. A I,t., pf. (qu.) (N o. 2 9 ).
I X July
Chicago City A Conn. R y s., pf. part. ctfs.
$1 July 1 Juno 25 to Juno 30
to
Juno 30
July 1 Juno 21
1
Cln. A H am . Traction, com mon (qu ar.).
to
Juno 30
Preferred (qu ar.)----------------------144 July 1 June 21
Cln. Newport A Cov. L. A Tr., com. (gu.).
144 July 15 Holders of rec. June 30
144 July 15 Holders of rcc. June 30
Preferred (guar.)________________
to
June 30
1 Juno 17
Cincinnati Street R y . (qu ar.).........
144 July
44 Aug. 1 Holders of rec. July 15a
Cities Service, common (monthly) .
Holders
of
rec.
June
15a
July
1
3k
C om m on ................................... ........
Citizens' Traction (Oil City, P a .), pf. (gu.). 75c. July 3 Holders of rec. June 26
Clevelamt'Railway (quar.)...............
144 July 1 Holders of rec. June 14a
to
July 2
1 Juno 29
Columbia (S. C.) Ry., G. A E., pref. (gu.)
144 July
July
1 Holders of rec. June 16a
3
Columbus (Ga.) Elec. C o., pref. (N o. 20)
Columbus Newark A Zanesv., pref. (qu.)
144 July 1 Holders of rec. June 24
Col. R y. Pow. A L t., pf. A (qu) (N o. 10)
144 July 1 Holders of rec. June 15
July 1 Holders of rec. Juno 15
1
Prior preferred (quar.)_______________
to
Aug. 1
Aug. 1 July 18
1
Com m onw’ th Pow .. R y . A L t., com .(qu.)
to
Aug. 1
Preferred (quar.)_______ ______________
144 Aug. 1 July 18
1 to
July 16
July 15 July
2
Consolidated Traction o f New Jersey-----to
Juno 29
Dayton A Troy Elec. Ry., com. A pref.(qu.)
I X June 30 June 27
Sept. 1 Holders of rec. Aug. 16a
Detroit United Ry. (guar.)_______________
IX
1
July
1 Holders of rec. Juno 15a
Duluth-Superior T rac., pref. (quar.)-----Aug. 1 Holders o f rec. July 1
Duquesno Light, prof, (quar.) (N o. 6) . .
IX
July 1 Holders of rcc. Juno 16a
2
Eastern Texas Elec. C o ., com . (N o. 1 ) ..
July 1 Holders of rec. June 16a
3
Preferred (N o. 9 )........................ ..............
July 10 Holders of rec. June 29a
3
El Paso Elec. C o., preferred (N o. 2 8 )___
1 Holders of rec. Juno la
FrankfordASouthw'k Pass. (Phila.) (qu.) $1.50 July
to
July 3
2
July 3 June 18
Halifax Electric Tram w ay (qu ar.)---------to
Juno 30
July l June 18
H estonv. Mantua A F a lrm .,P h lla..com .. $1
to
Juno 30
1 June 18
Pro (erred_____________________________ $1.50 July
Illinois Traction, preferred (qu ar.)______
144 July 1 Holders of rec. June 15a
to
June 30
30c. July 1 June 24
Interstate Railways, preferred_________
la
Kentucky Securities Corp., pref. (g u a r.)..
144 July 15 Holders of rec. July
June 30 Holders of rec. June 24
3
Little Rock Ry. A Elec., com. A pref-------to
Juno 15
July
1 June 11
1
Louisville Traction, com m on (quar.)___
1 Holders of rec. Juno 17a
M anila Elec. R R . A Ltg. Corp. (qu ar.).
144 July
Mohawk Valley C o. (quar.)....................
144 July 1 Holders of rec. June 22a
1 Holders of rec. June 26
Nashville R y. A Light, pref. (quar.)-----144 July
July
1 Holders of rec. Juno 23a
2
National Properties, common (N o. 1) . .
July 15 Holders o f rec. July 7a
3
Preferred___________ __________________
la
July
1 Holders of rec. July
3
N ’ port NewsAHampton R y .,O .A E .,co m
1 Holders of rec. June 22a
New York State R y s., com . A pref. (qu.)
144 July
Northern Ohio Trac. A L t., pref. (quar.)
144 July l Holders of rec. June 10a
to
Juno 30
July
1 Juno 18
1
Omaha A Council Bluffs, com . (quar.) —
to
June 30
1iJune 18
Preferred (qu ar.)...........................
144 July
1
July
1 Holders of rec. Juno 30a
Ottawa Traction, Ltd. (qu ar.)..................
Pacific Gas A Elec., com. (gu.) (No. 7)
144 July 15 Holders of rec. June 30a
la
Philadelphia C o., com . (quar.) (N o. 139) 8744 c Aug. 1 Holders o f rec. July
Phila. A Western R y ., pref. (quar.)
144 July 15 Holders o f rec. June 30
144 July c Holders of rec. June 22a
P orto R ico R y s., Ltd., pref. (quar.)-----to
Juno 30
1 June 22
75c. July
Reading T raction...............................
Republic R y . A Light, pf. (qu.) (N o. 20)
144 July 15 Holders of rec. June 30
to
July 2
July
1 June 16
Ridge Ave. Pass., Phila. (quar.)------------- $3
1 Holders of rec. June 24
Scioto Valley T rac., 1st pf. A pf. (qu ar.).
I X July
July
1 Holders of rec. Juno la
Second A Third Sts. Pass.. Phila. (quar.) S3
1 Holders of rcc. June 22a
South Carolina L., Pow. A Ry., pf. (g u .)..
144 July
Holders of rec. June 15a
July
Sp’gfleld (M o.)R y. A L t., pf. (q u .)(N o . 6)
IX




Name o f Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

S treet an d E le ctric R ys. (C o n c lu d e d ).
Springfield A Xenia Ry., preferred--------144 Juno 30 Holders of rec. June 24a
June 26
to
July 2
July
1
Stark Electric R It. (quar.) . ........................
Holders of rec. Juno 15a
July
1
Third Avenue R y . (quar.)......... .................
Juno 21
to
July 2
July
Thirteenth A 15th Sts. Passenger, P h ila ... $6
Holders of rec. Juno 15a
July
2
Toronto Railway (quar.)-----------------------June 21 to June 30
July
1
T ri-C ity R y . A Light, com . (quar.).........
June
21 to June 30
144 July
Preferred (quar.)--------------------------------Holders of rec. Juno 12a
144 July
Twin City Rapid Transit, com . (q u a r .)..
Holders of rec. June 12a
144 July
Preferred (quar.)----------- ------------ -------Holders of rec. Juno 15a
Union Passenger R y ., Philadelphia......... S4.75 July
Holders of rec. June 9a
Unloi) Traction (Philadelphia).................. $1.50 July
Holders o f rec. June 30a
244 July
United Electric C o. of New Jersey............
Holders of rec. Juno 22
I X July
United Gas A Elec. Corp., 1st pref. (qu.)
Holders of rec. Juno 16a
144 July
United Lt. A R y s., 1st pf. (qu.) (N o. 23)
50c July 15 Holders of rec. July 1
United Rys. A Elec., Balt., com. (g u a r .)...
to
June 18
144 July 1 June 14
United Trac. A Elec. Providence ( q u .)..
July 20 Holders of rec. June 30a
3
Virginia Railway A Power, preferred-----Holders o f rec. June 15a
July
1
Washington W ater Power, Spokane (qu.)
June 21
to
July 2
July
West End St. R y .. Boston, preferred------ $2
Holders of rec. June 22a
I X July
Western Ohio R y ., 1st pref. (quar.).........
June 24
to
July 1
West India Elec. C o ., Ltd. (qu.) (N o. 34)
I X July
July 23
to
Aug. 1
I X Aug.
West Penn Railways, pref. (quar.)--------to
July 16
West Penn Traction, pref. (quar.)--------144 July 15 July 2
to
July 16
Pref. (on acct. accumulated dividends) h 244 July 1 July 2
Aug. 15 Holders o f rec. Aug. 1
A3
W est Penn Traction, preferred ( e x t r a )...
A3 Sept. 15 Holders of rec. Sept. 1
Pref. (on account accum. d ividen ds)..
Holders o f rec. June 15
July
$5
W est Philadelphia Passenger R y ------------York Railways, preferred------------------------ S1.25 July 31 Holders of rec. July 20a
to
Juno 29
144 June 30 Juno 25
Youngstown A Ohio River RR., pref--------to
June 29
Preferred (extra)______________________
44 June 30 June 25
Hanks
Juno 21
to
July 2
July
America, Bank o f ........................................... 14
Holders of rec. Juno 22a
July
3
Atlantic N ational................................ ..........
Holders o f rec. Juno 22a
July
1
E x tra _________________________________
Holders o f rec. Juno 22
July
3
Battery Park N ational__________________
Holders of rec. Juno 22
July
1
E x tra _________________________________
Juno 25
to
July 2
July
3
Bronx N ational------ -------- ----------------------Holders of rec. June 27
July
3
Bryant Park (No. 1 )--------------------------------Holders of rec. June 30a
July
5
Chase National (guar.)...................................
June 21
to
June 30
244 July
Chatham A Phenix National (quar.)-----June 27
to
June 30
244 July
Chemical National (bi-monthly) —
Holders o f rec. Juno 26a
July
2
Citizens' Central National (quar.).
June 21
to
June 30
July
7
City, National (Brooklyn) (N o. 128)-----Holders of rec. Juno 14
July
2
Coal A Iron National (q u a # )...........
June 22
to July 1
July
8
Columbia (N o. 5 6 )------------------------Holders of rec. June 20a
July
2
Commerce, National Bank of (quar.)-----Holders o f rec. Juno 30a
July
25
Fifth Avenue (quar.)...........................
Holders of rec. Juno 30a
July
100
Special................................................
Holders of rec. Juno 30
July
3
Fifth National (guar.) (No. 164) —
Holders of rec. June 30a
July
7
First National ( q u a r .)......................
Holders of rec. Juno 23a
244 July
First National, Brooklyn (guar.)-----Holders of rec. Juno 30a
July
3
First Security C o. (quar.)........................ Juno 20
to
Juno 30
July
German Exchange......................................... 10
Holders of rec. Juno 30
July
2
Gotham National (quar.)............................
Juno 24
to
July 2
July
3
Greenpotnt National (B rooklyn)------------Holders o f rec. Juno 20a
July
3
Greenwich (qu ar.)--------- -----------------------June 21
to
June 30
July
6
H anover National (qu ar.)---------------------June 21
to
July 2
July
2
Homestead (B rooklyn)...................... ..........
June 21
to
June 30
July
Importers A Traders’ N ational.................. 12
Juno 30 Holders of rec. June 29a
3
International___________________ _________
June 21
to
June 30
July
2
Irving National (quar.).................................
Holders of rec. June 30a
744 July
Liberty National (qu ar.)............................
Holders of rcc. Juno 30
July
8
M anhattan C o ., Bank of the (N o. 2 2 0 )..
Juno 21
to
June 30
July
3
M arket A Fulton National (quar.)...........
Holders o f rec. June 24
July
4
M echanics, (B rooklyn;........................... ..
Holders of rec. Juno ’24a
July
4
M erchants’ National (N o. 226 )------------Holders of rcc. June 26a
July
4
M etropolis, Bank o f the (quar.)------------Juno 18
to
Juno 30
July
2
M etropolitan (quar).......................... ..........
July
Holders of rec. Juno 22a
7
M utual......................................................... ..
Holders of rec. June 28a
244 July
Nassau National, Brooklyn (quar.)-------Holders of rec. June 30a
July
3
'National C ity Com pany............. .................
Holders of rec. Juno 24a
July
8
New Y ork, Bank of, N . B . A. (N o. 265).
Holders of rec. June 30
New York County National (No. 12S)____
July 2
July 1 June 15 to
3
North Side. Brooklyn (N o. 4 4 )--------------July 1 Holders of rec. June 20a
5
Park, National (quar.).................... ............
5
July 1 Holders of rec. June 24a
Peoples (N o. 130)---------------------------------Inly 1 Holders of rec. June 30a
3
People’s National (Brooklyn)-------------------Juno 30
144 July 1
Public (gu ar.)....................... .........................
June 30 June 25
to
June 30
2
Ridgewood National (Brooklyn)----------------July 1 Holders of rec. Juno 23a
3
Seaboard National (quar.).................... —
July 1 Holders o f rec. Juno 30a
3
Second National (quar.)...............................
to
Juno 30
July 1 Juno 17
3
S t a t e .................................................................
1 Holders o f rec. June 30
July
2
Washington Heights, Bank o f (quar.) —
1 Juno 22 to July 2
July
6
W est Side..................................... - ...............
T r u s t C om panies.
Q
July 1 Holders o f rec. June 24a
Bankers (quar.)............................................
July
1 Holders of rcc. Juno 23a
5
Brooklyn (quar.).......................... ..............
C e n tr a l________________________________ $66 2-3 July 1 Holders of rec. June
July 1 June 25 to
June 30
2
Fidelity (quar.)............................................
5
July
1 Holders of rec. June 19
Fulton (N o. 48)............................................
1 Juno 25 to
June 30
July
3
H u d so n ________________________________
1 Juno
16 to
July
144 July
Lawyers’ Title A Trust (quar.) (N o. 71)
1
July 1 Holders of rec. June 30
People’s (Brooklyn) (m onthly)................
Q u a rte rly ................................................
344 O ct. 2!lIolders of rcc. Sept. 30
4
July r Holders of rec. June 24a
Union (quar.)..................................................
1 Holders of rec. June 24a
July
1
E xtra.............................................................
July
1 Holders of rcc. June 22a
25
United States..................................................
Fire In su ra n ce .
Continental----------- ----------- --------------------- $1.25 July 5 Holders of rec. July 3a
July 5 Holders of roc. Juno 26a
Ftdeltty-Phenlx Fire....................................... 10
1 July 24
to
July 1
244 July
Hanover Fire (quar.) (N o. 139)--------------M iscella n eou s.
Aetna Explosives, preferred (guar.).............
144 July
July 10 Holders of rec. June 14a
Ahmcek M ining (quar.)......... ..................... $3
1 Juno 21
to
Juno 30
1
July
Alabama Fuel A Iron (qu ar.)......................
Alliance Realty (guar.)----------------------------144 July 15 Holders of rec. July 10
Allls-Chalmers M fg ., pref. (quar.)...........
144 July
Pref. (on acct. accumulated dividends) hl X July
July 5 Holders of rcc. June 14a
Allouez M ining__________________________ $2
July
1
Amer. Agrlc. Chem., com . (qu.) (N o. 19)
144 July
Preferred (quar.) (N o. 4 4 )......................
1 Holders of rec. June 15a
144 July
American Bank N ote, pref. (qu ar.)_____
144 July 1 Holders of rcc. Juno 16a
American Can, preferred (quar.)................
1 Holders of rec. Juno 10a
44 July
Amer. Car A F d y ., com . (qu.) (N o. 5 5 ).
1 Holders of rec. June 10a
I X July
Preferred (quar.) (N o. 6 9 ) . . ......... ........
I Holders of rec. June 23
144 July
American Chicle, preferred (guar.)--------1 Holders of rcc. June 15a
144 July
American Cigar, preferred (quar.).........
July 1 Holders of rec. Juno 20
3
American Cyanamtd, pref. (N o. 8) -------1 Holders of rec. M ay 31a
American Express (quar.)-------------------U4 July
Amer. Gas A Elec., com . (qu.) (N o. 25)
244 July 1 Holders of rec. Juno 19
July
1 Holders of rcc. Juno 19
Common (payable In common s t o c k ).. f'2
Preferred (quar.) (N o. 3 8 ).........
144 A us. 1 Holders of rec. July IS
1 Holders of rcc. Juno 15a
Amer. Graphophone. com . (qu.) (N o. 45)
144 July
1 Holders of rcc. June 20a
1 44 July
Amer. Iron A Steel M fg ., com . A pf. ((iu.)
l Holders of rcc. June 23a
Am . La France Fire Eng., Inc., pref.(guar.)
144 July
to
July 15
American Laundry Machinery, pref. (qu.)
144 July 15 July 6
21
Holders of rcc. July 5a
July
American Locom otive, pref. (quar.).
144
July 15 Holders of rcc. July 1
6
Amer. Machine A Foundry (annual).
American Malt Corporation, pref. (guar.).
44 Aug. 2 ,Holders of rcc. July 14
Juno
16 to
Juno 30
I X July
Juno
16 to
June 30
1 X July
Preferred (qu ar.)........................ ..............
June 29 to
July 2
144 July
American Plano, preferred (guar.).............
Holders of rcc. June 23
144 July
Amer. Pow. A Light, pf. (qu.) (N o. 2 7 )..
Holders of rcc. June 24
I X July
Holders of rcc. June 20a
144 July
Amer. Public Utilities, pref. (q u .).
Holders of rcc. June 30a
l
July
American Seeding M achine, com . (
Holders o f rcc. June 30a
144 July
Preferred (qu ar.)............................
June
17 to
June 25
144 July
June
17 to
Juno 25
144 July
Preferred B (qu ar.).
Holders of rcc. Juno 15a
July
3
merlcan Snuff, comm
Holders of rcc. June 15a
July
Preferred (quar.)__

Name of Company.

Per
Cent.

When

Payable.

Books Closed.
Days Inclusive.

M iscella n eou s (C o n tin u e d ).
1X July 3 Holders o f reo. Juno la
Amer. Sugar R efg., com . & pref. (quar.).
July 15 Holders o f rec. June 30a
2
American Telephone & Telegraph (quar.)
l.M a y 15 to
M ay 31
2 X July
American Thread, preferred........................
IIHolders of rec. Juno 15a
I X July
American T ob acco, preferred (quar.)-----July 15 Holders of rec. July 10a
I
Amer. T yp o Founders, com . (quar.).........
I X July 15 Holders o f rec. July 10a
Preferred ( q u a r .)............. - - .......... - —
July 10 Holders o f rec. July 1
American Window Class Machine, p r e f ... 12
June 29
I X July 15 June 17 to
American W oolen, com mon (quar.)-------1H July 15 June 17 to June 29
Preferred (quar.)....................- ................
$2 Aug. 28 Holders of rec. July 22
Anaconda Copper M ining (quar.). . ...........
July 15 Holders of c o u p . N o . i l
Anglo-American Oil. L td ............................ 10
1 June 20
to
June 30
2 X July
Ansco Com pany (quar.)......... .............. . . .
1 Holders of rec. June 20
Arkansas Light & Power, pref. (q u a r .)..
I X July
July 15 Holders of rec. June 30a
1
Associated Oil (quar.)............................ - - July 1 Holders of rec. June 15a
1
Atl. G ulf & W . I . S3. L ., pref. (q u a r .)..
1 Holders of rec. June 10a
3 X July
Baldwin Locom otive Works, preferred..
Baltimore Electric, preferred------- ---------- $1.25 July 1 Holders of rec. June 15a
1 Holders of rec. June 20
I X July
Baltimore Tube, Inc., com . (qu.) (N o. 1)
1 Holders of reo. June 20
I X July
Preferred (quar.).......................................
I X Aug. 1 Holders of rec. July 27a
Barnhart B ros.* Splndler,lst&2d pf.(qu.)
1 Holders of rec. June 20a
I X July
Barrett C o ., com mon (quar.)....................
July 1 Holders of rec. June 20a
n
Com m on (payable In com mon stock) „
July
15
Holders of rec. July 5a
IX
Preferred (quar.)...................... ---■
July 15 Holders of rec. June 30
2
Bell Telephone of Canada (q u a r .)...
lulv 15 Holders of rec. July 5a
IX
Bell Telephone o f Pennsylvania (quar.)-----July 1 Holders o f rec. June 15a
7X
Bethlehem Steel, common (qu ar.)..
July l Holders o f rcc. June 15a
IX
Preferred (quar.)----------------------- to
July 14
July 14 ruly 11
100
Bliss (E. W .), common--------- --------July 1 luno 23
to
June 30
IX
Bliss (E . W .) C o., com mon (quar.)
u x July 1 June 23 to Juno 30
Com m on (extra)..............................
to
June 30
July 1 June 23
2
Preferred (quar.).......................... ..
lulv 10 Holders of rec. June 30
IX
Bon')right (W m . P.) <t- Co., In c., pf. (qu.)
July
1 Holders of rec. Juno 20a
B ooth Fisheries, 1st preferred (quar.) . .
IX
1 Juno 21 to July 2
Brier Hill Steel, com mon (quar.)..............
I X July
1 Juno 21 to July 2
I X July
Preferred (quar.).......................................
3
July 20 Holders of rcc. June 30a
Brooklyn Borough G a s .......... - ...................
1 Holders of rec. Juno 15a
Brooklyn Union Gas (quar.) (N o. 6 0 ) . . .
I X July
July
1
1 Holders o f rcc. June 15a
1 Holders of rec. Juno 20a
Brunswlck-Balke-Collender, pf. (q u a r .)..
I X July
I Holders o f rec. June 15a
2 X July
Burns Bros. Ice C orp., 1st pref. (N o. 1 ).
7a
2 X July 15 Holders o f rec. July
Bush Terminal, common................................
Common (payable in common stock)------ f ’2 X July 15 Holders o f rec. July 7a
July 15 Holders of rec. July 7a
3
Preferred ..........................- ............ - - - - - ­
1 Holders of rec. June 20a
California Electric Generating, pref. (qu.)
I X July
July 1 Holders of rcc. June 17a
1
California Petroleum Corp., pf. ( q u a r j ..
la
Canada Steamship Lines, preferred-------I X Aug. 1 Holders of rec. July
to
July 3
July 4 Juno 24
1
Canadian Cottons. L td., com mon (quar.)
4 Juno 24
to
July 3
I X July
Preferred (quar.)............— - - - - — - - — 1 Holders o f rcc. June 15
Canadian Gen. Elec., com . (qu.) (N o. 68)
I X July
1 Holders of rcc. June 20a
Canadian Locom otive, pref. (quar.).........
I X July
1 Juno 20 to July 1
July
2
Canton Com pany. - - - - - - - ..........................
July 5 Holders of rec. June 30
Carbon Steel, first preferred.......................... f4
July 1 Holders of rec. Juno 26a
Cardenas-Ainerlcan Sugar, pref. (qu ar.).
IX
1 Holders ol rec. Juno 12a
I X July
Case (J. I.) Thresh. M achine, pf. ( q u .)..
July 1 Holders of rec. June 26
Central Aguirre Sugar Cos., com m on------ 25
July 1
to
July 16
July
15
Central Coal & Coke, pref. (quar.)...........
IX
Aug. 1 Holders of rec. July 10
1
Central Leather, common (quar.)--------------Aug. 1 Holders of rec. July 10
1
Common (extra) — ....................................
1 Holders of reo. June 10a
Central Leather, preferred (quar.)...........
I X July
8 Holders of rec. June 30a
Central & South American Tcleg. (quar.)
I X July
1 Holders of rec. Juno 10
July
Central States Elec. C orp., pref. (qu ar.).
IX
July 1 Holders of rec. Juno 12a
2
Chandler M otor Car (qu ar.)...........
July 1 Holders of rec. June 12a
X
E x tra ..................................................
to July 25
July 25 July 10
1
Chicago Pneumatic Tool (quar.)-----1 Holders of rec. Juno 23
2 X July
Cine. & Suburban Bell Telep. (quar.)-----Holders
o
f
rec. Juno 27
1
July
C ity Investing C o., preferred (quar.)-----IX
to
July 25
Clevcland-Cllffs Iron (quar.)............. ..........
2 X July 25 July 16
I X July 15 Holders of rec. June 30a
Cleve. & Sandusky Brewing, pref. (quar.)
Cluett, Peabody <Jc C o. Inc., pf. (qu.)
1 Holders of rcc. June 19a
I X July
(N o. 14)......... ....................................
Aug. 15 Holders of rec. July 26
h30
Colorado Fuel <fc Iron, preferred-----July 1 Holders of rec. Juno 15a
4
C olt’s Patent Fire Arms M fg. ( q u a r .)...
1 Holders of rec. June 15a
July
1
E x tr a ........... — ..........................................
July 10 Holders of rec. June 24a
1
Com putlng-Tabulatlng-Recordlng (qu.) .
1 Holders of rec. June 15a
I X July
Cons. Gas, El. Lt. & Pow .,B alt..com (qu.)
1 Holders of rec. Juno 19a
I X July
Consumers Power (M ich .), pref. (qu ar.).
1 Holders of reo. June 20a
I X July
Continental Can, Inc., common (qu ar.).
1 Holders of rec. June 20a
I X July
Preferred (q u a r .).------------- ----------------1 Holders of rec. Juno 22a
X July
Continental Gas & Elec. C orp., com . (qu.)
1 Holders of rec. Juno 22a
I X July
Preferred (q u a r .).----------- ------------------Corn Products Refining, pref. ( q u a r .)...
I X July 15 Holders o f rec. July 3a
1 Holders o f rec. Juno 24
Cote Plano M fg., preferred (quar.)----------I X July
Cuba Cane Sugar C orp., pref. ( q u a r .)...
i x July 1 Holders of rec. June 16
10
July
1
Holders of rec. June I s
Cuba Com pany, com m on..................
Aug. 1 Holders o f rcc. June 30a
3X
Preferred...........................................
1 Holders o f rec. Juno 15a
Cuban-Amcrlcan Sugar, com . (quar.) —
2 X July
1 Holders o f rec. June 15a
I X July
Preferred (quar.)............................ ..........
July d 1 Holders of reo. July d20a
D ayton Power & Light, pref. ( q u a r . ) . .. .
IX
la
Delaware Lackawanna & West. Coal (qu.).
2 X July 15 Holders of rec. July
10
July 15 Holders of rec. July la
Extra ................. - .............................
2
July 15 Holders of rec. June 30a
D etroit Edison (qu ar.)......................
5 Holders of reo. Juno 3a
I X July
Distillers’ Securities Corporation (qu ar.).
X July 1 Holders of reo. Juno 12a
Distilling C o. of America, pref. (a u a r .)..
1 June 22 to June 25
I X July
D odge M fg ., pref. (quar.) (N o. 2 2 ).........
July 1 Holders of rec. June 12a
IX
Dom inion Glass, L td., pref. (quar.)-----July 1 Holders of rec. Juno 17a
Dominion Iron & Steel, pf.(N os. 28 A 20) h i
Dominion Pow. A Trans., Ltd., p f.(N o M )
s x July 15 June 23 to June 30
I X July 3 Holders o f reo. June 15
Dominion Textilo, .Ltd., common (quar.).
Dominion Textilo, L td., pref. (qu ar.)___
I X July 15 Holders of rec. Juno 30a
1 Holders of rec. Juno 20a
Duluth Edison Elec., pref. (qu.) (N o. 4 1 ) ..
I X July
Aug. 1 Holders of rec. July 22a
duP on t(E .I.)d e Nemours Pow ..corn.(qu.)
IX
Preferred (quar.)............................
Aug.
1 Holders of rcc. July 22
IX
Eastern Light A Fuel (q u a r.).........
July 1 Holders of rec. Juno 21a
2
1
h7
Eastern Steel, 1st preferred.............
July 15 Holders of rec. July
1 Holders of reo. M ay 31a
Eastman Kodak, common (qu ar.).
2 H July
July 1 Holders of rec. M ay 31a
IX
Com m on (extra)...............................
July 1 Holders of rec. M ay 31a
IX
Preferred (quar.)------ . . . . . . . . .
3
Aug. 1 Holders o f rec. July 15
Edison Elec. III., Boston (quar.) (No 109).
July
1 Holders of roc. Juno 20
$1
Edmunds A Jones, com . (quar.) ( N o . l ) .
2
July 1 Holders of rec. Juno 26a
Electrical Securities, com mon ( q u a r .)...
Aug. 1 Holders o f rec. July 22a
IX
Preferred (quar.)......... - - - - - - - - - - - - - I X July 15 Holders of rcc. July 5
Electrical Utilities Corp., pf. (qu.) (No. 25)
Electric Light A Power, of Ablngton A
4
July
1 Holders of rec. Juno 15a
Rockland, Maas. (N o. 4 0 )......... - - - - - 1
July 1 Holders of rcc. June 19a
E lcc. Storago Battery, com . A pf. ( q u .)..
3
July 1 June 21
to
July 2
Empire Steel A Iron, pref.................
3 Holders of rec. June 29
I X July
Erie Lighting, preferred (quar.).........
Aug. 1 Holders o f rcc. July 15
6
Eureka Pipe Line (quar.)...................
July
12
1 Holders of reo. Juno 16
Gas A Electric Securities, co m ____
July 1 Holders o f rec. June 15
Preferred (on acct. o f accum. dividends) /)14
July 1 Holders of rec. June 15
Gas Securities, com m on.............................. 12
July
1 Holders o f rec. June 15
Preforred(on acct. of accum . dividends) h 12
July 2(1 Holders of rec. July 12
SI
Gaston Williams A Wlgmore (No. 1 ).........
1
July 1 Holders of rec. June 24a
General Baking, pref. (quar.) (N o. 1 8 )..
General Chemical, preferred (q u a r.)-----1 X July 1 Holders of rec. Juno 19a
2 July 15 Holders o f rec. Juno Ha
General Electric (quar.)......... - ........ ..........
1 Holders o f rcc. June 20
I X July
General Fireproofing, common (quar.)-----1 Holders o f rec. June 20
I X July
Preferred (quar.) (No. 3 7 )----------------- 1 Holders of rec. June 20
I X July
General Gas A Electric, preferred (quar.)
Aug.
1
5
Holders o f rec. July 15
General Motors, common (quar.)- - - - - - - - 1 Holders o f rec. June 19a
I X July
General Railway Signal, com. A pref. (qu.)
July 15 Holders o f rec. June 30
IX
Globe-Wernlcke, preferred (quar.)------------1 Holders of rec. June 30
I X July
Gold A Stock Telegraph (quar.)___________
Aug. 15 Holders of rec. Aug. 4a
1
G oodrich (B . F.) C o ., com mon (q u a r .)..
1 Holders o f reo. Juno 20a
I X July
G oodrich (B. F.) C o., pref. (quar.).........
to
June 30
720 July 1 Juno 20
G oodyear Tiro A Rubber, new preferred.
1 Juno 20 to June 30
Ohl preferred (qu ar.).................................
I X July
to
June 30
I June 24
Gorham Manufacturing, pref. (q u a r .)...
I X July
Aug. ] Holders o f rec. July 14a
Granby Cons. M in ., Smelt. A Pow. (qu.)
2
Gray A Davis, Inc., pref. (quar.)..............
I X July 1 Holders of rcc. July 1
1 June 16 to July 2
Great Lakes Tow ing, preferred (q u a r .)..
I X July




37

THE CHRONICLE

July l 1916.]

Name o f Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

M isce lla n e o u s (C o n t in u e d ).
$6 (July 1 June 21 to July 4
Guantanamo S u gar..................... .................
to
July 4
Extra (payable In sto ck )......... .............. .. e$4.50 July 1 June 21
July 1 Holders of rec. June 16a
Gulf States Steel, first preferred (q u a r .)..
Aug. 1 Holders of rec. July 15a
G ulf States Steel, 2d pref. (quar.) (N o. 1)
Holders of rec. July 25
Aug.
Harrison Bros. A Co., In c., pref. (q u a r.)..
75c. June 30 Holders o f rec. June 14
Hartford City Gas Light, common (q u a r.)..
50c. June 30 Holders o f rec. June 14
Preferred_____________________________
Holders of rec. June 21a
Haverhill Gas Light (quar.) (N o . 8 2 )------ $ 1. 12^ July
Holders of rec. June 17a
Helme (George W .) C o ., com m on (quar.)
2 X July
Holders of rec. June 17a
Preferred (quar.)------------- ------------------I X July
Holders o f rec. June 20
Hendee M fg ., pref. (quar.) (N o . 11)----I X July
1 Holders of rec. June 20
Hupp M otor Car C orp., pf. (qu.) (N o. 3)
I X July
to
July 16
Illinois Brick (quar.)........... .........................
I X July 15 July 2
Aug. 1 Holders o f rec. July 20
Illinois Northern Utilities, pref. (quar.)___
July 1 Holders o f rec. June 10a
Ingersoll-Rand, preferred........... ........ . ......
July 31 Holders o f rec. July 14a
$2
Inspiration Consolidated C opper..............
July 15 Holders o f rec. July 1
1
Ini. Button-Hole Sew. M ach, (qu.) (N o. 75)
Int. Harvester of N .J.,com . (qu.) (No.26)
I X July 15 Holders o f rec. June 24a
Aug. 1 Holders o f rec. July 14
International Nickel, preferred (quar.)-----IX
July 15 Holders o f rec. July 6
International Paper, preferred (quar.)-----X
July
June 16
to
July 2
International Salt (quar.)________________
X
July
June 16
to
July 2
1
E xtra........................................*---------------July
June 18 to
July 1
International Silver, preferred (quar.) —
ix
Holders o f rec. June 26
July
1
Interstate Electric Corp., com mon (N o. 1)
Holders o f rec. June 24
50c. July
Island Creek Coal, com mon (qu ar.)-------Holders o f rec. June 24
Preferred (qu ar.)_____________ ________ $1.50 July
Holders o f rec. June 20a
July
Jewell Tea. preferred (quar.)-----------------IX
Holders o f rec. June 23
Kansas Gas A E lec., pref. (qu.) (N o. 25)
I X July
Holders o f rec. June 20
K au fm a nnD ep t.S tores,p f.(qu.)(N o.l4) .
I X July
Holders of rec. June 20a
Kayser (Julius), com mon (qu ar.)----------I X July
Holders of rec. July! 20a
Aug.
Kayser (Julius) A C o ., 1st A 2d pf. (q u .).
IX
Holders of rec. June}17a
July
Kelly-Springfield Tire, pref. (qu ar.)-----IX
Holders of rec. June 26
I X July)
Kelsey C o ., In c., com m on (qu ar.)--------Holders o f rec. June 26
July]
IX
Preferred (quar.).......................................
Holders o f rec. June 24a
K olb Bakery, preferred (quar.) (N o . 18).
I X July
Holders o f rec. June 26
15c. July
Kresge (S. 8 .) of M ich., com . (N o. 1) —
Holders o f rec. June 26
Preferred (qu ar.)....................................... 1 7 X c . July
July 18
5c. July 20 July 1 to
La Rose Consolidated Mines (qu ar.)-----2
July 3‘ Holders of rec. June 22
Laurentlde C o ., Ltd. (quar.)-----------------July 1 Holders of rec. June 22
3
Lawyers' M ortgage (quar.) (N o . 59)-----SI Aug. 31 Holders o f rec. July 31a
Lehigh Coal A Navigation (quar.)................
Lehigh Valley Coal Sales (quar.)------------- $1.25 July 15 Holders of rec. July 6
July 1 Holders of rec. June 20
2
Library Bureau, pref. (quar.)....................
July 1 Holders o f rec. June 20
Pref. (on account of accum. d lv s .)------ h2
1 Holders o f rec. June 15a
Liggett A M yers T ob acco, pref. (q u a r .)..
I X July
1 Holders o f rec. June 17a
Loose-Wiles Biscuit, 1st pf. (qu.) (N o. 17)
I X July
July 1 Holders of rec. June 15a
3
Lorlllard (P.) C o ., com . (qu ar.)................
1 Holders o f rec. June 15a
Preferred (quar.).......................................
I X July
M acAndrews A Forbes, com . (quar.)-----2 X July 15 Holders o f rec. June 30a
Com m on (extra).........................................
2 X July 15 Holders of rec. June 30a
Preferred (q u a r .)......................................
I X July 15 Holders of rec. June 30a
Holders o f rec. June 9a
July
M ackay Companies, com . (qu.) (N o. 44)
IX
Holders o f rec. June 9a
July
1
Preferred (quar.) (N o. 5 0 )____________
Holders of rec. June 24
Manatl Sugar, preferred (qu ar.)_________
I X July
Holders of rec. June 22a
Manhattan Shirt, pref. (quar.)....... ..........
I X July
to
July| 15
July 15 July 1
2
Manufacturers’ Light A Heat (quar.)_____
Aug. 1 Holders o f rec. July 15
Massachusetts Gas C os., com . (q u a r .)..
IX
Holders o f rec. June 26
Mass. Lighting Cos., old com . (q u a r .).. $1.75 July
Holders of rec. June 26
25c.'July
New com m on (quar.)...................
Holders o f rec. June 26
$1.50 July
Preferred (q u a r .).--------- ----------Holders o f rec. June 10a
Maxwell M otor, Inc.. 1st pref. (q u a r .)..
I X July
Holders o f rec. June 15a
M ay Department Stores, pref. ( q u a r .)...
I X July
Holders o f rec. June 24a
July
M cCall Corporation, first pref. (q u a r .)..
IX
Holders of rec. June 20
M cC rory Stores C orp., pref. (qu ar.)-----I X July
Holders o f rcc. June 17a
July
2
M exican Petroleum, preferred (quar.) —
Holders of rec. June 30a
Mexican Telegraph (quar.)........... .
2 X July
Holders o f rec. Aug. la
$1.50 Aug.
M iam i Copper Co. (quar.) (N o. 16).
Holders of rec. June 15a
Michigan Light, pref. (quar.)------I X July
Holders of rec. June 15a
July
1
M ontana Power, com . (quar.) (N o . 15).
Holders of rec. June 15a
Preferred (quar.) (N o . 15)------I X July
Holders of rec. June 20a
M ontgom ery Ward A C o ., pref. (q u a r .)..
I X July
Holders of rec. July 31
Montreal L. II. A Pow ., (qu.) (N o . 6 1 ) ..
2 X Aug.
Holders of rec. June 30a
2
July
M ontreal Telegraph (qu ar.)......... ............ ..
Holders of rec. June 30a
Mountain States Telep. A Teleg. (qu ar.)..
I X July
Holders of rec. June 24
July
1
Municipal Service, com mon (quar.)
Holders of rec. June 28a
Nat. Biscuit, com mon (quar.) (N o . 7 2 ) ..
I X July
Holders of rec. July 6a
July
2
National Carbon, com mon (quar.).
June 24
to
June 30
July
I
N at. Gas, Elec. Lt. A P ow ., com . (q u .).
June 24
to
June 30
Preferred (quar.)_______________
I X July
Holders of rec. July 3|
National Licorice, common.................
2 X July
June 25
to
June 30
July
National Light, Heat A Power, pref. (quar.)
IX
Holders o f rec. June 30a
National Paper A T yp e, com . (quar.) —
I X July
Holders o f rec. June 30a
Preferred (quar.)_____ _____ ____
I X July
June 16
to June 30
July
2
National Refining, pref. (quar.)___
Holders o f rec. June 7
National Sugar Refining (quar.) —
I X July
Holders o f rec. June 20a
July
3
National 8 urety (quar.)....................
Holders of rec. July 1
July
2
New England C o., second preferred
Holders o f rec. July 1
New England Power C o ., pref. (q u a r .)..
I X July
Holders of rcc. Aug. 1
Aug.
4
New Jersey Zinc (quar.)----------------Holders o f rec. July la
July
10
E x tr a ........... ............ ........................
Holders o f rec. June 26a
July
5
New York M utual Gas Light-------Holders of rec. June 2*
July
4
New York Transit (quar.)________
Holders of rec. June 30a
July
2
Niagara Falls Power (quar.)-------Holders of rec. June 24a
July
2
Nlpe Bay C o. (quar.).......................
July 1
to
July 17
July
5
Nlplsslng M ines (quar.)..................
Holders o f rec. June 15a
North American C o (quar.) (N o. 4 9 ) . . .
I X July
Holders of rcc.cfJune 30a
July
3
Northern Ontario Light A Power, p r e f..
July
Holders of rec. June 10
5
Northern Pipe Line..........................
Holders of rcc. June 30a
Northern States Power, com . (N o. 1) —
I X July
Holders of rec. June 30a
Northern Stales Power, preferred (qu ar.)..
I X July
Holders of rec. June 24
Northwestern Electric C o ., pref. (qu ar.).
I X July
Holders of rec. June 20a
Northwestern Power, pref. (N o . 1)
I X July
Holders o f rec. June 30a
July
2
N ova Scotia Steel A Coal pref. ( q u a r . ) . ..
Holders of rec. June 20a
July
2
Ogllvte Flour M ills, L td., com . (q u a r .)..
July 1
to
July 14
July
2
Ohio Fuel Supply (qu ar.)------------Holders of rec. June 20
Ohio State Telephone, preferred (qu ar.).
I X July
July 10
to
July 20
Oklahoma Natural Gas (quar.)_____
I X July
Holders of rec. June 20a
Old Colony Gas, preferred (quar.)--------------I X July
Holders o f rec. July 20a
Omaha Elec. Light A Power, pref.
2 X Aug.
July 1
to
July 10
July
2
Osage A Oklahoma C o. (q u a r .)..
July
$4
Osceola Consolidated Mining (qu ar.)-----Otis Elevator, com mon (quar.) —
I X July
July
IX
Preferred (quar.)....... ............ —
1 Holders of rec. June 20a
Ottawa L t., H t. A Pow . (qu.) (N o . 4 0 ) ..
I X July
July 1 Holders o f rec. June 20
3
Owens Bottle M achine, co m m o n ..............
Preferred (qu ar.)---- ------------ ---------------i x July 1 (Holders of rec. June 20
1
to
July 15
Pacific Telep. A Tcleg., pref. (quar.)-------I X July 15 July
Aug. 1 Holders of rcc. June 16a
Packard M o t C a r.com (pay in com .stk.) /5 0
1(Holders o f rec. June 17
July
Pan-Am. Petrol. A T ran s.,pf.(qu.) (N o .l) I X
Aug. 15'Holders o f rec. Aug. 5
1
Penmans, Limited, com mon (qu ar.)-----Aug. ljllo ld e rs o f rec. July 21
Preferred (qu ar.)......... ..............................
IX
1
July 3 1Holders o f rec. June 26
Penn Central Light & Power, pref. (quar.).
Pennsylvania Lighting, preferred (qu a r.)..
i x July 15 Holders of rec. July la
July 15 Holders o f rec. June 30
2
Pennsylvania Salt M fg. (quar.)----------------July ljllo ld e rs o f rec. June 19
1
Penn. W ater A Power (quar.) (N o . 1 0 )..
July 2 5 'Holders of rec. July 20a
2
People’s Natural Gas A Plpeage (qu ar.). .
1!Holders o f rec. June 20a
Pettlbone-Mulllken, 1st A 2nd pref.(quar.)
I X July
Pittsburgh Coal, preferred ( q u a r .)............
I X July 2 5 ‘Holders o f rec. July 15
Pittsburgh Plate Glass, com m on (qu ar.).
i x July 1 June 17 to July 2
July
3
Prairie Oil A Gas (quar.).............................
Holders of rec. June 30
July
2
E x tr a ......................................... - ................
Holders of rec. June 30
July
5
Prntrlo Pipe Line (quar.)......... ...................
Holders of rec. June 30
July
5
E x tr a .............................................................
July 23
to
Aug 15
Aug.
5
Procter A Gamble, com mon (qu ai. ) .........
July 23
to
Aug 15
Aug.
Common (payable In sto ck )----------------- /4
Holders o f rec. June 30a
July
2
Preferred (qu ar.).......................................
Holders o f rec. July 17
Aug.
Public Serv. o f Nor. 111., com. A pf. (quar.)
IX
Holders o f rec. July
la
Quaker Oats, com m on (quar.)----------------2 X July
Holders o f rec. Aug. la
Preferred (quar.).................... ...................
I X |Aug.
July
2
Holders o f rec. July 6
lJuly
3
Realty Associates (N o. 27).

l*

38

THE CHRONICLE
Per
Cent.

Name o f Company.

W hen
Payable

Books Closed.
D ays In clu sive.

M iscella n eou s (C o n c lu d e d ).

1

1X

Saxon M otor Car Corporation (N o. 1 )__
Scovlll M anufacturing (quar.)__________
E x tra _______ _________ _____________ _
Sears, Roebuck & C o ., preferred (quar.)
Securities C om pany...................................
Shattuck Arizona Copper (qu.) (N o. 16)
Extra (N o. 4 ) ________ _________ _____
Shawlnigan W ater & Power (quar.)_____
Sloss-Sheffleld Steel & Iron, pref. (quar.)
South. Calif. Edison, pf. (quar.) (No. 2 8 ).
Southern New England Telephone (quar.).
Southern Utilities, preferred (qu ar.)_____
South Porto R ico Sugar, com mon (quar.)
Com m on (extra)..... ..................... ............
Com m on (payable In com m on sto ck ).
Preferred (qu ar.)........................ ............ _
Southwestern Cities Elec. C o., prcf. (qu.,
South West Penn. Pipe Lines (qu ar.;____
Springfield Body Corporation, pref______
Standard Milling, common (N o. 5 ) ______
Preferred (No. 2 7 )____________________
Standard OH Cloth, Inc., com mon (quar.)
Preferred, Class A ( q u a r .) ....................
Preferred, Class B (qu ar.)____________
Standard OH (Kentucky) (quar.)____
Extra______________________________
Standard OH (Ohio) (q u a r .) ________
Extra________ __________ __________
Stock dividend____________________
Standard Screw, com m on____________
Com m on (extra).................... ..............
Preferred A ________________________
Preferred B ________ ; ________ _____
Steel Co. o f Canada, Ltd., pref. (quar.).
Submarine Boat (quar.)........................
Subway Realty (quar.)____■................. ......
Sulzberger & Sons C o ., pref. (quar.)____
Swift & C o. (quar.) (N o. 119)_____
Taylor (II. P .) & C o., pref. (quar.)
Tem ple Coal, pref. (qu ar.)________
Thompson-Starrott C o ., c o m m on ..
Tide Water Oil (qu ar.)......................
E x tra ____________ _________ _____
T ob acco Products, pref. (qu.) (N o. 1 4 )..
Tonopah-Bclm ont D evelopm ent (quar.).
Tonopah Extension M ining (quar.)
E x tra ___________________________
Tonopah M ining o f Nevada (quar.).
Torrlngton Com pany, preferred___
Underwood Typewriter, com mon (quar.)
Preferred (quar.)________ _________ ___
Underwood Typewriter, com m on (quar.)
Preferred (qu ar.)____________________
Union Carbide (quar.)...............................
Union Perry_____ _____ ________________
Union Natural Gas (quar.)____________
Union Switch <& Signal, com . & pf. (qu.)_
United Drug, 1st pref. (quar.) (N o. 2 ) . .
United Fruit (quar.) (N o. 68) .........
United Gas & Electric C o ., preferred____
United Gas Improvement (quar.)_______
United Shoe M achinery, com . (quar.)___
Com m on (extra)..........................................
Preferred (q u a r .)................................
U .S . Industrial Alcohol. pf.(qu.) (No.39)
U. S. Sm elt., R ef. & M in ., com . (qu ar.).
Preferred (qu ar.)______ ______ ________
United States Steamship (N o. 1)................
United Stales Steamship.................................
E x tr a _____________________ _________ _
United Utilltios, preferred (qu ar.)______
United Verde Extension M ining (N o. 1 ) . . .
Utah Gas A Coke, preferred (quar.)______
Utah Power & Light, pref. (qu ar.)...........
Vlrglnla-Caro. Chem ., pf. (qu.) (N o. 83).
Washburn Wire, com m on (quar.)_______
Preferred .(qu ar.)....... ................................
Wells, Fargo & C o ....................................... ..
Western Power Com pany, preferred____
Western Power C orp.. pref. (qu ar.)_____
Western States Gas cfe Electric, pref. (quar.)
Western Union Tel. (qu.) (N o. 189).........
Westlnghou.se Air Brako (quar.)________
Westlnghouse Elec. & M fg ., com . (quar.)
Preferred (qu ar.)____................................
Westmoreland Coal (qu ar.)_____________
W est Penn Power, pref. (quar.) (N o. 2 ) . .
W eym an-Burton C o ., com m on (q u a r .)..
Com m on (extra)______________________
Preferred (quar.)..... ......................... ........
W lllys-Overland, pref. (qu ar.)................
W oolworth (F. W .) C o., pref. ( q u a r .)...
W orthington Pump & M ach., pref. (qu.)
Yale & Tow ne M fg. (quar.) (N o. 8 2 )____
Youngstown Sheet & Tube, com . (quar.)
Preferred (quar.).......................................

a Transfer books not closed for this dividend. 6 Less British Income tax. d Cor­
rection. e Payable In stock. /P a y a b le In com mon stock, g Payable in scrip.
h O n account of accumulated dividends, i Declared 8 % on first preferred stock,
payable 4% as above and 4% Jan. 5 1917, to holders of record D ec. 30 1916. k Pay­
able In convertible 5% debentures. I Also to distribute on or after July 15 to com ­
mon stockholders of record Juno 22, 15-l,000ths of a share of the Thomas G. Plant
C o. 7% pref. stock for each share o f the com . stock of the United Shoo M ach. Corp.

N IC A R A G U A C U ST O M S R E C E IP T S .— W e append a
statement showing the Nicaraguan customs receipts for
eight months of 1915-16, compared with 1914-15:
1915-16.

(+ )
(—).
—$25,929 02
—30,912 85
—9.829 61

Increa se
D ecrease

72,701 77

1914-15.
$95,973 52
84,532 52
82,531 38

Total third quarter............. .......... $196,365 94

$263,037 42

—$66,671 48

$77,998 19
55,406 78
62,865 59

—$14,197 95
+ 7,355 47
+ 14,250 91

July........................................
August.................................
September........... ................. ...........
October............................. . ..........
November..........................
December............................... ...........

$63,800 24
77,116 50

Total fourth quarter______
January......... ........................
February_________ _____ _ ..........
March.................................
Total first quarter.........................




G O LD A N D S IL V E R P R O D U C T IO N IN T H E U N IT E D
S T A T E S .— The Bureau of the M int and tho Geological
Survey issued on June 28 tho following joint statement as to
the final figures on the production of gold and silver in the
United States during the calendar year 1915:

July IS Holders ot rec. July 1
July IS Holders ot rec. July 1
July j Holders of rec. June 17a
2h July 1 Holders of rec. June 17a
3
July ] Holders of rec. Juno 20
2
July 1 Holders o f rec. June 20
State or Territory.
1 X July 1 Holders o l rec. June 20
July 1 Holders of rec. June 26
Fine Ounces.
IA
Value.
Fine OunccsA
2
July J Holders of rec. June 15a
1 June 20 to June 30
Alabama________
1 A July
$247
$5,100
Alaska__________
1 to
July 9
A July 10 July
808,346
16,710,000
$1,054,634
$526,100
1 Holders of rec. June 20a Arizona____ ____
7 A c . July
220,392
4,555,900
5,605,672
2.826.500
California_______
July 1 Holders of rec. June 20a
IA
,090,731
22,547,400
1,689,924
843,100
2
July i Holders of rec. June 24
Colorado..............,089,928
22,530,800
7,199,745
3.591.900
10
July 1 Holders of rec. Juno 24
Georgia.................
1,684
34,800
.
I ll
100
July 1 Holders of rec. June 15a
Idaho___________
IX
56,628
1,170,600
13,042,466
6,500,800
2 A July 15 Holders of rec. June 30a Illinois__________
3,892
1,900
50c. July 21 Holders of rec. June 30a
Michigan________
581,874
290,300
75c. July 2C Holders of rec. Juno 30a
Montana________
240,825
4,978,300
14,423,173
7,195,600
Missouri,......... .....
I X July It Holders o f rec. June 30
55,534
27,700
1 Holders of rec. June 19a Nevada.......... .......
I X July
574,874
11,883,700
14,453,085
7.210.500
New Mexico_____
V A Huly 15 Holders of rec. June 30a
70,632
1.460.100
2,337,064
1.165.900
North Carolina___
I X d u ly 15 Holders of rec. June 30a
8,258
170,700
1,496
700
1 Holders o f rec. June 17
Oregon......... ........
I X July
90,321
1.867.100
125,499
62,600
5
July 1 Holders o f rec. June 17a
Philippine Islands.
63,898
1.320.900
15,148
7,600
20
July J Holders of rec. June 17a
Porto Itico_______
34
700
/18
July 1 Holders of rec. Juno 17a
South Carolina___
174
3,600
2
July I Holders of rec. June 17a
South Dakota____
358,145
7,403,500
197,569
98,600
July
1
Tennessee..............
Holders
of
rec.
June
15
329
IX
6,800
99,171
49,500
3
July 1 Holders of rec. June 15a
Texas....................
87
1,800
724,580
361,500
3
Utah....... ..............
July
1 Holders of rec. June 22
189,045
3.907.900
13,073,471
0,522,200
5
Vermont................
Aug. 15 Holders o f rec. Aug. 5
150
100
1
Aug. 15 Holders of rec. Aug. 5
Virginia.... ............
24
500
1
July 1 Juno 16
Washington______
to
June 19
22,330
461,600
213,877
" 106,700
Wyoming...............
July 1 June 16
IX
to
June 19
67)
13,900
2,910
1,400
July 1 June 16
to
June 19
IX
4
July 1 June 16
to
July 2
T o ta l......................................
$4,887,604 3101,035,700 $74,961,075 $37,397,300
1
July 1 June 16
to
July 2
3
July 1 Juno 3
to
Juno 21
•At tho average price o f sliver p eo/in c ounce for the calendar year 1915, $0.49889.
3
July
1 Juno 3 to June 21
Those figures compare with the production of 1914— $94,531,800 In gold and
elOO
July 31 July 6 to
July 25
72,455,100 fine ounces of silver, being a gain In the gold production o f $6,503,900
3
July 1 Holders of rec. Juno 23a
and 2,505,975 fine ounces In tho silver product.
3
July 1 Holders of rec. Juno 23a
3
July 1 Holders o f rec. Juno 23a
1 Holders of rec. June 23a
3 A July
I X Aug. 1 Holders of rec. July 15
C an adian B ank C learings.— The clearings for tho weok
$1.50 July 15 Holders of rec. June 30a
onding June 24 at Canadian cities, in comparison with tho
July 1 Holders o f rec. June 20a
IX
1 June 21 to Juno 30
I X July
same week in 1915, show an increase in tho aggregate of
2
July 1 Holders of rec. June 10
5 6 .8 % .
1 Holders o f rec. Juno 28
I X July
2
July 10 July
1 to
July 10
4
July
1 Holders of rec. June 20
Week ending June 24.
2
July 1 Holders of rec. June 23
Clearings at—•
1
July 1 Holders of rec. June 23
Inc. or
July
1
IX
Holders of rec. Juno 19a
1916.
1915.
Dec.
1914.
1913.
1 2 A c . July
1 June 16 to June 21
10c. July 1 June 11 to Juno 20
C a n ad a—
$
S
$
%
$
5c. July 1 June 11
to
June 20
M ontreal_________
72,574,668 47,427,927 + 53.0 55,653,405 55,891,950
15c. July 21 July
1 to
July 9
T oron to___________
51,909,202 34,082,217 + 52.3 42,152,091 41,500,000
July
3A
1 Holders of rec. June 15
W in n ip e g ________
35.S99.010 16,006,823 + 124.3 24,827,812 26,497,262
1
Oct. 2 Holders of rec. Sept. 20a
V a n co u v e r_______
6,180,879
5,093,768 + 21.3
8,004,811 I t , 311,774
O ct. 2 Holders of rec. Sept. 20a
IX
O tta w a _____ _____
5,178,455
3,680,611 + 40.7
3,813,911
4,163,581
1
July
1 Holders of rec. June 20a Quebec ....................
3,981,181
2,959,909 + 34.5
3,586,316
3,020,585
l X July 1 Holders of rec. June 20a
Halifax ....................
2,398,205
2,398,548 — 0.01
1,641,808
1,679,459
2
July 1 Juno 21
to June 30
H a m ilto n ________
3,666,278
2,716,656 + 35.0
2,770,829
3,259,614
2
July 15 Holders of rec. July 3a
St. John__________
1,705,777
1,502,670 + 13.5
1,442,911
1,412,331
1 to
July 15
2'A July 15 July
London_________
1,861,849
1,561,155 + 19.2
1,574,069
1,471,135
$1.50 July 15 Holders of rec. Juno 30
C algary....................
3,984,960
2,706,481 + 47.2
5,755,055
4,424,650
Aug. 1 Holders of rec. July 15
IX
V ictoria___________
1,359,918
1,239,644
+ 9.7
2,561,635
3,529,505
$2
July 15 Holders o f rec. June 24a
E d m o n to n ......... ..
1,918,330
+ 8.9
1,761,523
3,356,590
4,683,599
2 A July 15 Holders o f rec. Juno 30
Regina____________
2,433,376
1,161,227 + 109.6
2,245,693
2,143,984
1
July 15 Holders of rec. June 30a
B ran d on __________
477,308
384,450 + 24.2
467,410
479,194
l 50c. July
5 Holders of rec. June 22
Saskatoon________
1,230,758
643,505 + 91.2
1,149,353
1,615,028
$1,501 July 5 Holders of rec. June 22
M oose Jaw _______
901,142
628,907 + 43.4
1,005,790
1,044,440
37 A c July
5 Holders of rec. June 22
Lethbridge..............
456,974
292,286 + 56.1
539,105
545,GG1
July 15 Holders of rec. June 30a
IX
B ran tford................
589,377
446,391 + 32.0
588,068
632,144
$1 July 15 Holders of rec. July 3a Fort W illiam .........
653,838
377,277 + 73.2
1,029,212
960,454
87 A c July 15 Holders o f rec. July 3a
New W estminster.
293,084
248,507 + 17.9
368,544
645,168
1
July 1 July 17
to
July 21
M edicine H at.........
374,261
208,144 + 79.8
405,733
613,180
1
Sept. 1 Holders of rec. Aug. 18
Peterborough.........
567,376
349,976 + 62.1
392,862
Aug. 1 Holders of rec. July 18
A
Sherbrooke_______
495,336 N ot Include d In tot al
July 1 Holders of rec. June 23a
IX
B e r lin ____________
493,852 N ot Include d In tot al
50c. Aug. 1 Holders of rec. July 15
July
1 Holders of rec. Juno 20a
IX
200,596.206 127.878,602 + 56.8 165,333,043 171,524,698
July
1
Holders of rec. June 19
IX
2
July 15 Holders of rec. June 30a
2
July 1 Holders of rec. Juno 20
N a t i o n a l B a n k s .— T h e fo llo w in g in fo r m a tio n re g a rd in g
July
1 Holders of rec. June 20
IX
3
July 15 July 4
to
July 16
n a tio n a l b a n k s is fro m th e offico o f th o C o m p tr o lle r o f th o
July 15 Holders of rec. June 30
IX
C u r r e n c y , T r e a s u r y D e p a r tm e n t:
1
July 15 Holders o f rec. Juno 30
July 15 Holders of rec. June 30
IX
APPLICATIONS FOR CHARTER.
July
15
Holders of rec. Juno 20a
IX
For organization o f Nat. banks:
$2
July 21 Holders of rec. June 30a
The American National Rank of San Bernardino, Cal, Capital..$100,000
75c. July 31 Holders of rec. June 30a
Tho First National Bank of Crestview, Fla. Capital................. 2,r>,00()
8 7 K c. July 15 Holders of rec. June 30a
First National Bank of Ririe, Idaho. Capital_______________ 25,000
2
July 1 Juno 21
to
July 2
Tho Macon Ridgo National Bank of Delhi, La. Capital........... 25,000
Aug. 15 Holders of rec. Aug. 1
IX
The
First National Bank of Beaverton, Mich. Capital______ 25 000
3
July
1 Holders of rec. Juno 17a
Tho Mid-West National Bank of Kansas City, M o. Capital ~~ Soo’noo
4
July 1 Holders of rec. June 17a
Tho First National Bank of Hazen, N. Dak. Capital
' 25 000
July 1 Holders of rec. Juno 17a
IX
Tho First National Bank of Croscont, Okla. Capital
25 000
July
1 Holders of rec. Juno 21a
IX
Tho First National Bank of Karlimart, Cal. C a p it a l..___
25,000
July 1 Holders o f rec. Juno 9a
IX
Tho First National Bank of Iaogor, W. Va. Capital
25,000
July
1
Holders
of
rec.
Juno
21
IX
For
authority
to
Convert
State
banks
into
national
banks—
July 1 Holders ot rec. June 23
IX
Tho First National Bank of Wendell, Minn
______ 25,000
2
July 1 Juno 21
to
July
1
Conversion of the Farmers Sc Merchants State Bank of Wen­
July 1 June 21
to
July 1
IX
dell.
3

Reynolds (R . J.) T ob acco, com . (quar.)
Com m on (extra)........................................
Preferred (quar.)........................ ..............
Roanoke Gas Light, preferred (quar.)____
Safety Car Heating & Ltg. (quar.)......... .
St. Joseph Stock Yards (quar.)_________
St. L . R . M . & P . C o ., com . (qu.) (N o. 9

[Vol. 103.

S196.270 56

+ $7,408 43

60.248 23

$45,064 68
59,460 45
67,607 88

+ $27,451 19
+ 787 78
+ 20,495 74

$220,867 72

$172,133 01

+ $43,734 71

Tho First National Bank of Norway, S. C. Capital................... 25,000
Conversion of tho Bank of Norway, Norway, S. C.
Tho Planters National Bank of Tulsa, Okla. Capital________ 100,000
Conversion of the Merchants & Planters Bank of Tulsa, Okla.

Total Capital.........................................................................$750,000
CHARTERS ISSUED.
Original organizations—
Tho Winona National Bank, Winona, Minn. Capital________ $100,000
Tho National Bank of Hopowoll, Hopewell, Va. Capital_____ 100 000
Fairport National Bank. Fairport, N. Y. Capital__________
50,000
Tho Citizens National Bank of Bristol, S. Dak. Capital__ __ 25,000
Conversions of Stato Banks—
Tho First National Bank of Brandon, Minn. Capital
25 000
Conversion of tho Brandon Stato Bank, Brandon, Minn? "
Tho First National Bank of Lowis, Kan. Capital____________
30,000
Conversion of Tho Lewis Stato Bank, Lewis, ICan.
Tho First National Bank of Ashley, N. Dak. C apital.............. 25,000
Conversion of Tho Union State Bank of Ashley, N. D.
Tho Farmers National Bank of Newport, Ark. Capital______ 50,000
Conversion of tho Farmers Bank, Newport, Ark.
Total capital........................................................................... $405,000
CHARTERS E X T E N D E D OR RE -E XTE N D E D .
Tho Controvillo National Bank of Maryland, Centrovillo, M d.
Until close of business Juno 12 1930. Capital________ _______
75,000
Tho Fruit Growers National Bank of Smyrna, Del. Until close
of business Juno 10 1930. Capital__________ _______ ____ 50,000
Tho Fourth National Bank of Atlanta. Ga.
Until closo of business Juno 18 1936. Capital______________ 600,000
Total capital----------------------------------------------

..$725,000

INCREASES OF CAPITAL APPROVED.
The Riverside National Bank, Riverside, N. J. Capital increased
from $25,000 to $50,000. Increase.............................................. $25,000
REDUCTION OF CAPITAL APPROVED.
The First National Bank of Emmett, Idaho.
Capital reduced from $50,000 to $30,000. R e d u ctio n ............$20,000
CHANGE OF TITLE .
The Exchange National Bank of Canal Dover, Dover, Ohio, to
“ The Exchange National Bank of D ovor".................................$50,000
BANKS LIQUIDATING TO CONSOLIDATE W ITH OTHER
NATIONAL BANKS.
The American National Bank of Muskogee, Okla. Capital------- $150,000
Absorbed by The Exchange National Bank of Muskogee, Okla.
OTHER LIQUIDATIONS.
The First National Bank of White Salmon, Wash. Capital----- $25,000
Succeeded by The Columbia State Bank o f White Salmon.
Liquidating Agent: A. C. Keefhaver, White Salmon, Wash.
The First National Bank of St. Edward, Nebr. C apital.- - - - - - - 2o,000
Succeeded by the First Stato Bank of St. Edward. Liquidating
Agent: James Squair, St. Edward, Nebr.
_
„„ . . .
The North Georgia National Bank o f Blue Ridge, Ga. Capital . 30,000
Succeeded by the Fannin County Bank of Blue Ridge. Liauidating Committee: J. M . Eaton, Marble Hill, G a., J. I*. Holden,
E. A. Waldroop and Wm. Butt, Blue Ridge Ga.
Tho First National Bank of E.vota, Minn. C a p ita l.................... 25,000
Liquidating Agent: B. L. Johnson, Kyota, Minn.
Tho First National Bank of ICnox, Indiana. Capital —
$2o,000
Succeeded by the Starke County Trust & Savings Bank of
Knox, Ind. Liquidating Agent: M- D. Falyey, Knox, Ind.
The Schuyler National Bank, Schuyler, Neb. C a p ita l............... 50,000
Succeeded by a State bank. Liquidating Agent: K. O. Brownell,
Schuyler, Neb.
Total capital_________________________________________ $180,000

B y Messrs. Barnes & Lofland, Philadelphia:
Stocks.
5 per sh.
70 Peoples Nat. Fire Ins., $25 each 17
33 Meadow Lands Coal_______ S2 lot
10 Pitts. Lamp Brass & Glass.pf.Sl lot
229 Lord & Taylor Co., 1st pref... 50K
20 Automatic Loom Co________ S'2 lot
525 Buff. Lock. & Roch. Ry., pref.\$300
875 Buff. Lock. & Roch. Ry., com./ lot
87 Market Street Nat. Bank........180
80 Fhila. Warehousing & C. S___ 90
11 West Laurel Hill Cemetery___ 100
3 Fire Assoc, of Phila., S50 each.338
5 Corn Exchange Nat. Bank___ 321J4
4 Farm. & Mechanics Nat. Bank.137
10 Robt. Morris Trust Co______ 65
62 West End Trust Co......... 166-167K
Shares.

Shares.

Stocks.

1916.

F or w eek.

1913.

Week ending June 24

|

1916.

!

1914.

1915.

1913.

For tho week___ _________ 566,140,169 5 30,772,898' $14,397,055 S14,021,601
Previously reported_______ 1217,531,684 712,755,216, 441,685,299 448,505,883
Total 25 weeks................. 1283,671,853 $743,528,114 $456,082,354 $462,527,484
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
W eek ending June

Per cent.

24

E xp orts.

Gold.

Im p orts.

Since
Jan . 1.

W eek .

$55,966 $9,554,670
14,840

Total 1916............. .................... $3.oi0 nrAS3S oro.000
Total 1915................................... 1,128^000 6,020,728
Total 1914________ ______ ___ 11,120,470 81,715,750
Silver.
$812,137 $22,808,013
2,600

B y Messrs. R . L. D ay & C o ., Boston:
Stocks.
S per sh.
24 Tremont & Suffolk Mills_____ 126
50 Mass. Cotton Mills___ 124J^-125 Jij
11 Merrimack Mfg., common___ 52 H
5 Merchants Mfg. (F. R.) ox-dlv.10814
6 Border City Mfg. (F. It.)____ 115
19 Nashua & Lowell RR...179J4-180K
1 Lowell & Andovor IUt----------- 100
25 Hereford Railway__________ 67
33 Stony Brook RR.............. — 12094
8 Draper Co., common, cx-div..290
5 Waltham Watch, preferred-------86

Shares.

5,000
1,505

9,578,526
1,319,816
4,891,018
1,209,443

1,300
60,634
339,135
73,241

$2,500,6o6 20,191,941
701,000
1,000
1,159,950 8,444,881
250,000 2,957,146

S per sh .
S per sh. Shares. Stocks.
6 Plymouth Cordage.................. l!)4/£
5 National Shawmut Bank........ 194 y*
10 Gray & Davis, Inc., pref____ 98 'A
50 Old Colony Trust Co............... 250
Ponds.
P er cent.
5 Merchants' National Bank----- 290
5 Pacific M ills...........................142K 55,000 Boston Elevated 5s, 1942__ 97J£
2 Dartmouth Mfg., preferred... 100H

Since
J an . 1.

W eek .

$5,774,998

Stocks.

Stocks.
S per sh.
8 Merchants National Bank___290
5 Old Colony Trust Co.............. 249^
1 Union National Bank, Lowell.201
13 Dedham National Bank......... 122K
2 Pacific Mills......... .................142
1 Chicopee Mfg., preferred........97}-i
75 Boston Belting Co., cx-div. 115-1 IS'A
5 Wamsutta Mills____________115H
1 Nashua Mfg., 5500 par______780
21 Mass. Mills In Georgia____ 98
17 Lawrence Mfg., old stock........210

1914.

EXPORTS FROM NEW YORK.

By Messrs. Francis Ilenshaw & C o., Boston:

Shares.

1915.

Total 25 weeks................ S657,100,653 $475,888,019 $508,265,983 $479,089,620

250 Un. Zinc Smelt. Co:p..$7Bl porsh.
85 Brooklyn Jockey Club......... 95
Ponds.
P er cen t.
20 Mechanics Bank, Brooklyn.. 135X
35 American Chicle, preferred-. 68 'A $150 Progress Club 4s, 1930_____ 40M
2,100 Dan Creek Mg., SI ea--10c. pc. sh.
Shares.

P pt cent

For the week......... ............. 530.144.192 S20.213.632l 518,728,508 $18,966,976
Previously reported........... . 626,956,461 S455.674,387,5489,537,475 S460,122,644

at auction in Now York, Boston and Philadelphia:
B y Mossrs. Adrian II. Muller & Sons, Now York:
Per cent.

Rnnrtc

51.000 Wyo. Val. Coal coll. 6s,1917 100/4
51.000 Phila. Sub. Gas & E1.5s,1960 98/4
5500 Spring. Water Co. 5s, 1926... 88
56.000 Syracuse Sub.Gas6s,1916_l
57.000 Georgetown Ry.&Lt6s,’44 )$3,400
518,500 Concord Gas 1st 6s, 1942. |
$9,000 Gaston Co. Gas 1st 6s, '44J

FOREIGN IMPORTS AT NEW YORK.

Auction Sales.— Among other securities, tho following,

Stocks.

Stocks.
$ per sh.
12 Phila. Life Ins., $10 each____ 107A
5 Elmira & W’msport RR., pref.,
$50 each.......................... 6794
22 Germantown Pass. Ry_____103 94
15 Philadelphia Land C o ...........10
20 Central Trust Co., Camden__ 86

Shares.

Imports and Exports for the W eek. — The following are
the reported imports of merchandise at New York for the
week ending Juno 24 and since the first week of January:

n o t u s u a lly d ea lt i n a t th e S tock E x c h a n g e , wero rocently sold

Shares.

39

THE CHRONICLE

July l 1916.]

$530,276 $26,568,313
437,917 23,745,603
93,295 4,593,459

833,671
29,467
1,114,279
10,300

$1,532

$13,685
5,462

2,480
154,371
43,366
16,211

76,484
4,622,872
2,735,136
596,945

$818,642 $24,798,330 $217,960 $8,050,584
Total 1910................................
322,640 3,467,332
913,315 20,340,192
Total 1915..................................
190,377 4,844,357
Total 1914_______ _____ _____ 1,101,711 20,805,632
Of tho above exports for the week In 1916, $2,554,950 were American gold coin.

T h e Federal Reserve Banks. — Following is tho woekly statement issued by the Federal Reserve Board on June 24:
Substantial gains in gold and total reserves, and considerable increases in the amounts of acceptances on hand and of Government deposits o f
tho Federal Reserve banks are indicated by tho regular weokly statement.
St. Louis and Richmond report increases in gold reserve o f 2.4 and 0.8 millions, mainly from realizing upon their favorable balances due from other
Federai Reservo banks. The gains of 2.3 and 1.1 millions shown by tho Dallas and Minneapolis banks are due largely to the withdrawals of gold from
tho Agents in exchange for Federal Reserve notes. Tho gains just shown aro offset in part by net withdrawals of gold at the Chicago, San Francsco
and Boston banks, tisod either for the purehaso o f acceptances or in tho upbuilding of favorable balances with other Federal Reserve banks.
Aggregato holdings o f discounted paper show an increaso of over $300,000, of which only about $100,000 represents the combined increase for the
three Southern banks, the most activo in tho discount field. The holdings of agricultural and live-stock paper maturing after 90 days increased about
$200,000 and aro at present in excess of 4.S millions, over 40% o f which is In tho hands of tho Dallas bank. Acceptances on hand Increased over 4 mil­
lion dollars, San Francisco, Now York .and Boston accounting in tho aggregate for about 3.5 millions of the total increaso for the week. Of tho total
bills, including acceptances, on hand over 30% mature within 30 days, and over 35% after 30, but within CO days.
No changes aro shown in the aggregate holdings o f United States bonds and notes, only two banks reporting small bond transactions for the week.
Municipal warrants on hand show a decrease for tho week o f $435,000, tho Philadelphia bank reporting liquidation on a large scale of its holdings of this
class of investments.
.................
. ,
,,
,
.
Total earning assots of tho banks aro at present 168.4 millions, or 3.9 millions in oxccss o f the total reported at the end of the preceding week, and more
than doublo tho total shown about six months previous. Of tho aggregato earning assots acceptances constitute at present 41.0%: United States bonds
31.4%; warrants. 12.8%; discounts, 12.3%, and Treasury notes 2.5% .
,
Government deposits show an increaso of 8.7 millions, all tho banks oxcopt Minneapolis reporting considerable gains for tho week. Net bank deposits
decreased about 4.7 millions, all tho banks excopt Cleveland, Minneapolis and Kansas City reporting smaller figures than the week before. Of the total
net deposits tho amount standing to tho credit o f tho Government is now about 12%, these percentages being much larger In tho case of the three South­
ern ^ ^ “ icaUy no change is shown in tho total of Federal Reserve bank notos in circulation. Federal Reserve Agents report a total of $176,955,000 net
o f Federal Reserve notes Issued to tho banks, or $2,847,000 less than the week before. Against the total outstanding they hold $166,823,000 o f gold
and $10,578,00.) of paper. Tho banks report a total of $153,038,000 of Federal Reserve notos in actual circulation, and aggregato net liabilities of $9,228,
000 on notos Issued to them by tho Agents.

Tho figures of the consolidated statement for the systom as a whole are given in the following table, and in addition
In the second table we
show tho resources and liabilities separately for each of tho twelve Fedoral Reserve banks. The statement of Federal Reserve
Agents’ Accounts (tho third table following) gives details regarding tho transactions in Federal Reserve notes between the
Comptroller and the Reserve Agents and between the latter and tho Fedoral Reserve banks.

we present the results for each of tho eight preceding weeks, thus furnishing a useful comparison.

C o m b in e d R e so u r c e s

and

L ia b il it ie s
June

of th e

F ederal R

23 1916 June 16 1916

June

e se r v e

0 1916.

June

B anks

a t th e

2 1916. M a y 26 1916

C lose

M ay

of

B u s in e ss J u n e 23 1916.

19 1916 M a y 12 1916 M a y 5 1916.

A p r . 28

1916

RESOU RCES.

Gold coin and certificates In vault----------------- $265,643,000 t ‘262,062,000 $255,444,000 $242,253,000 $242,985,000 $246,812,000 $238,485,000 S232.284.000 $234,304,000
Gold settlement fund_____________________ 106,101,001) 104,101,000 103,481,000 102,331,000 91,991,000 77,971,000 71,911,000 72,621,000 75.421,000
1.457,000
1.825,001)
1,778,000
1,692,000
1,894,000
1,703,000
1.793,000
2,163,000
1,833,000
Gold redemption fund with U. S. Treasurer..
Total gold reserve_______ _____ ______ $373,638,000 t367,990,000 $360,628,000 $346,377,000 5337,139.000 $326,608,000 $312,174,000 $306,597,000 $311,182,000
14,026,000 13,622,000 18,055,000 13,855,000 21,972,000 17,697,000
7,927,000 10,259,000 12,011,000
Legal tender notes, sliver, &c--------------------Total reserve........................................... $387,664,000 1381,618,000 $378,683,000 $360,232,000 $359,111,000 $344,305,000 $320,101,000 $316,856,000 $323,193,000
450,000
5% redemption fund ag’at F. R. bank notes----450,000
450,000
Bills discounted and bought—
Maturities within 10 days------ ------------Maturities from 11 to 30 days-------------Maturities from 31 to 60 days-------------Maturities from 61 to 90 days..............
Maturities over 90 days........... ...............

$14,451,000 $12,050,000 $10,030,000 SU,607,000
12.918.000 18.551.000 21,061,000 19.227.000
31.080.000 28.727.000 24.310.000 24.094.000
25.836.000 21.434.000 18.890.000 14.582.000
4,818,000
3,877,000
4,613,000
4,052,000

$9,471,000
18.064,000
24,748,000
17,122,000
3,668,000

$8,849,000
17.286.000
35.346.000
17.108.000
3,406,000

$6,802,000
18.482.000
26.124.000
14.895.000
2,900,000

$9,623,000 $9,153,000
13.623.000 15,291,000
27.568.000 t27.598.000
14.487.000 114,585,000
2,406,000
2,646,000

Total_______________ ________ — $89,703,000 $35,375,000 578.343,000 $73,387,000 $73,073,000 $71,995,000 $69,203,000 $67,947,000 $69,033,000
•Acceptances (Included In above)........... ......... $68,953,000 $64,948,000 $58,188,000 $53,492,000 $52,708,000 $52,186,000 $49,196,000 547,047,000 $47,5S5,000
Investments: U. 8. bonds............................... $52,875,000 $52,875,000 $52,191,000 $51,991,000 $51,942,000 $51,837,000 $51,268,000 $50,137,000 $45,841,000
3,840,000
3,840,000
3,840,000
3,840,000
4,190.000
3.840.000
4,190,000
4,190.000
4,190,000
One-year U. 8. Treasury notes..
21,632,000 22,067,000 23,095,000 36,633,000 44,946,000 44,482,000 40,285,000 39,154,000 36,933,000
Municipal warrants____ _____
Total earning assets..........— ............... 8168,400,000 $164,507,000 $157,819,000 $166,201,000 $173,801,000 $172,154,000 $164,596,000 $161,078,000 $155,647,000




40

THE CHRONICLE
June

23 1916 June 16 1916

June

9 1916.|June 2 1916.

M ag

IVol. 103
26 1916 M a g 19 1916 M a g 12 1916

M ag

5 1916.

A p r.

28 1916

RESOURCES (Concluded ).
Brought forw ard (total reserve & earn’g

assets) $556,514,000 $546,565,000 $536,952,000 $526,433,000 $532,912 C00 $516,459,000 $484,697,000 $477,934,000 $478,840,000
Federal Reserve notes—Net_______________ $23,013,000 $24,419,000 $23,923,000 $24,082,000 $26,433,000 $26,472,000 $26,053,000 $26,309,000 $21,604,000
Due from Federal Reserve banks—Net_____
19,287,000 21,365,000 17,750,000 15,300,000 16,512,000 19,448,000 15,752,000 17,328,000 14,658,000
All other resources________________________
4,387,000
5,538,000
8,932,000
5,166,000
9,493,000
5,992,000
4,691,000
4,533,000
4,123,000
Total resources___________________ $603,201,000 t597,897,000 $583,791,000 $574,747,000 $585,350,000 $568,371,000 $531,193,000 $525,694,000 $519,635,000
L IA B IL IT IE S .

Capital paid In___________________________ $54,863,000 $54,864,000 854.863.000 $54,858,000 $54,875,000 $54,870,000 $54,850,000 $54,862,000 $54,793,000
Government deposits............. ................. ....... 64,499,000 55,751,000 51,578,000 50,000,000 44,131,000 40.475,000 38,153,000 40,414,000 40.660,000
Reserve deposits—Net........... ........... ............ 472,613,000 f477,293,000 467.780.000 460,422,000 476,680,000 463.022,000 427,810,000 419,943,000 413,011,000
Federal Reserve notes—Net_______________
8.003.000
9.228.000
7.593.000
7.512.000
7.706.000
8,018,000
8.402.000
8.573.000
8.851.000
Federal Reserve bank notes In circulation___
1.723.000
1.730.000
1.731.000
1.726.000
1.732.000
1,736,000
1.751.000
1.694.000
1.669.000
All other liabilities______________ ____ ____
260,000
275,000
224,000
247,000
226,000
250.000
227,000
208,000
651,000
Total liabilities___________________ $603,201,000 t597,897,000 $583,791,000 $574,747,000 $585,350,000 $568,371,000 $531,193,000 $525,694,000 $519,635,000
Gold reserve ag’st net dep. Sc note liabilities (a)
Cash reserve ag’st net dep. Sc note liabilities (a)
Cash reserve against net deposit liabilities after
setting aside 40% gold reserve against ag­
gregate net liabilities on F. R. notes In
circulation (a)_______________________

70.9%
73.6%

70.8%
73.4%

70.8%
74.4%

68.9%
71.7%

65.8%
70.1%

66.4%
70.0%

68.1%
69.8%

67.9%
70.2%

69.5%
72.2%

74.2%
74.0%
72.1%
74.9%
70.6%
70.5%
70.4%
70.7%
72.8%
(a) Less Items In transit between Federal Re­
serve banks, viz______________________ $19,287,000 $21,365,000 $17,750,000 $15,300,000 $16,512,000 $19,448,000 $15,752,000 $17,328,000 $14,658,000
Federal Reserve N otes —
Issued to the banks___________________ $176,955,000 $179,802,000 $179,471,000 $184,217,000 $187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000
In hands of banks____________________
23,917,000 25,343,000 25,392,000 25,582,000 27,859,000 27,761,000 27,218,000 27,146,000 22,330,000
In circulation_______ _________________ $153,038,000 $154,459,000 $154,079,000 $158,635,000 $159,389,000 $158,239,000 $159,948,000 $160,306,000 $163,094,000
Gold and lawful money with Agent_________ $166,823,000 $170,875,000 $170,409,000 $175,205,000 $178,116,000 $176,693,000 $177,599,000 $178,042,000 $175,847,000
Carried to net assets______________________
23,013,000 24,419,000 23,923,000 24,082,000 26,433,000 26,472,000 26,033,000 26,309,000 21,604,000
Carried to net liabilities___________________
9,228,000
8,003,000
7,512,000
7,593,000
7,706,000
8,018,000
8,402,000
8,573,000
8,851,000
Federal Reserve N otes (A gen ts' A ccou n ts )—
Received from the Comptroller_________ $295,540,000 $293,740,000 $293,740,000 $293,740,000 $289,980,000 $289,980,000 $289,980,000 $287,580,000 $286,140,000
Returned to the Comptroller___________
51,549,000 49,897,000 49,249,000 44,453,000 43,583,000 42,226,000 41,320,000 40,386,000 39,507,000
Amount chargeable to Agent_______ $243,991,000 $243,843,000 $244,491,000 $249,287,000 $246,397,090 $247,754,000 $248,660,000 $247,194,000 $246,633,000
In hands of Agent____________________
67,036,000 64,041,000 65,020,000 05,070,000 59,149,000 61,754.000 61,494,000; 59.742.000 61,209,000
Issued to Federal Reserve banks____ $176,955,000 $179,802,000 $179,471,000 $184,217,000 $187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000
H ow Secured —
By gold coin and certificates___________ $113,357,000 $114,817,000 $114,717,000 $122,387,000 $122,387,000 $119,907,000 $119,907,000 $120,317,000 $117,487,000
By lawful money___________________ _
By commercial paper_____ ___________
10.132.000
8,927,000
9.012.000
9,062,000
9.132.000
9.307.000
9.567.000
9.577.000
9.410.000
Credit balances In gold redemption fund..
10.186.000 10.358.000 10.732.000
7.558.000
8.159.000
8.306.000
8.802.000
9.210.000
8.995.000
Credit balances with Federal Reserve B’d. 43,280,000 45.700.000 44.960.000 45,260,000 47,570,000 48,480,000 48,890.000 48,730,000 49,150,000
Total___________________________ $176,955,000 S179,802,000^179,471,000 $184,217,000 $187,248,000 $186,000,000 $187,166,000 $187,452,000 $185,424,000
Commercial paper delivered to F. R. Agent..

$10,578,060 810,766,000 $10,645,000 $10,611,000 $10,208,000 $10,720,000 $10,212,000

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

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE
Bo*to».

$9,978,000 $10,242,000

t Amended figures.

P M la d el'a . Cleveland. Richm ond.

11

A tlanta.

FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 23 191C
C hicago.

St. L ou is. M ln n e a p . K a n . CUy.

D allas.

San F ra n .

Total.

8
$
$
s
$
8
8
$
*
$
8
Gold
6,055,000 156,378,000 9,087,000 12,785,000 5,049,000 6.220.000 42,939,000 4.974.000
6,455,000 4,225,000 5,735,000 5,741,000265,643,000
Gold settlement fund__ 14,430,000 4,055,000 13,287,000 11,302,000 14,663,000 5.392.000 4,562,000 6.394.000
5,628,000
8,181,000
9,055,000!
9,152,000106,101,000
Gold redemption fund..
5,000
250,000
50,000
32,000
410,000 483,000! 200,000
88,000
30,000
79,000 257,000:
10,000 1,894,000
Total gold reserve___ 20,490,000 160,683,000 22,424,000 24,119,000 2 0 , 122,000 12,095,00047,701,000 11,456,000 12,113,000 12,485,000 15,047,000 14,903,000 373,638,000
Legal-ten .notes .allv . ,4 c.
17,000 7,762,000
181,000 1,126,000 204,000' 542,000 1,777,000 1,050,000j 695,000
145,000 518,000
9,000 14,026,000
Total reserve_______ 20,507,000 168,445,000 22,605,000 25,245,000 20,326,000 12,637,000 49,478,000 12,506,000 12,808,000 12,630.000 15,565,000 14,912,000 387,664,000
RESOURCES.
coin Sc ctfs. In vault

5% redemp. fund—F. R
bank notes________

400,000
Discounted—Members 279,000
433,000 615,000 270,000 5,257,000 2.774.000 1.921.000 571,000 876,000 1.944.000
Bought In open mkt.. 12,174,000 23,341,000 10,294,000' 4,501,000 800,000 1.559.000 3.892.000 3,657,000 1,799,000 1.117.000
Total bills on hand__ 12,453,000 23,774,000 10,909,000 4,771,000 6,057,000 4,333,000 5,813,000 4,228,000! 2,675,000; 3,061,000
Investments: U. 8. bds. 3.082.000 3.463.000 3,538,000’ 6,706,000 1,605,000 1,684,000 9,733,000 2,959,000; 3,512,000 9,853,000
One-yr. U.8. Tr. notes 250,000 1.532.000 462,000
_____
456,000 350,000
380,000; 350,000 410,000
Municipal warrants.. 2.620.000 4.726.000 1,881,000 4,587,000
60,000
...
3 ,401,666
941,000 1,239,000 430,000
Total earning assets.. 18,405,000 33,495,000 16,790,000 16,004,000 8,178,000. 6,367,000 18,967,000 8.508,000; 7,776,000 13,754,000
Bills:

Fed. Res’ve notes—Net
965,000 13,718,000 402,0001 327,000
Due from other Federal
Reserve Banks—Net- 4,759,000
4,514,000: 1,194,000
All other resources____
92,000
293,000
35,000 344,000

1,728.000 1,700,000 1 ,220,000
934,000* 520,000 6,585,000 1,494,000
173,000* 1,141,000 432,000* 336,000

50,000

,750,000
,953,000

5,384,000 6,245,000
3,111,000 3,609 000
...
...
1,747 ,666

875.000
190.000
632.000

8,495,000 11,601,000 168,400,000

844,000
848.000 1,870,000
108.000 391,000:

450,000

5,384,000 426 000
...
5,819 ,000

2,109,000 23,013,000
212,000 1,789, 000
904,000
138,000

287.000
387.000
Total resources_____ 44,728,000 215,951,000 44,346,000 43,174,000 29,611,00022,393,000 77,162,000 24,064,000 22,384,000 29,045,000 25,226,000 30,549,000 603,201,000
L IA B IL IT IE S .

Capital paid In............. 4.925.000 11,281,000 5.216.000 5.966.000 3.357.000 2,468,000 6,673,000: 2,790,000 2,577,000 3,001,000. 2,676,000 3.933.000 54.863.000
Government deposits__ 3.867.000 15,681,000 5.680.000 1.251.000 7.580.000 8,640,000 6,291,000 3,562,000 734,000 1,580,000 6,185,000 3.462.000 64.499.000
Reserve deposits—Net.. 35,857,000 183,557,000 33,438,000 35,957,000 14,593,000 11,161,000 64,198,000 17,712,000 19,073,000 21,999,000 11,914,000 23,154,000 472,613,000
Fed. Res've notes—Net.
4.015.000
___
762.000 4,451,000
9.228.000
F.R.bank notes In clrc’n
1,723,000
1.723.000
Due to F.R.banks—Net
5,432,000
AH other liabilities
79,000
12,000
66,000, 118,000
275',666
Total liabilities......... 44,728,000 215,951,000 44,346,00043,174,000 29,611,00022,393,000,77,162,000 24,064,00022,384,00029.045,000,25,226,000 30,549,000
Federal Reserve N otes:
Issued to banks_____ 10,332,000 70.089.000 7,036,000 9,998,000 9.859,00014,1
4.160.000 3,649.000 6,840.00012,172,000 9,231,00013,827,000 9.756.000 176,955,000
In bands of banks___
965,000 13.718.000 402,000 327,000
505,000! 1.728.000 1,700,000 1,220,000 844,000 323,000.
76,000 2.109.000 23.917,000
FJR. notes In circulation 9,367,000 56,371,000 6,634,000 9,671,000 9,354,000 12,438,000 1,949,000 5,620,000!11,328,000 8,908,000 13,751,000 7,647,000 153,038,000
Gold and lawful money
with agent.............. 10,332,000 70.089.000 7,036,000 9,998,000 5,339,000; 14,166,000| 3,649,000j 6,840,000 12,172,000 8,146,000 9,300,000 9.756.000 166,823,000
Carried to net assets___
965,000 13.718.000 402,000; 327,000
, 1,728,000, 1,700,000, 1,220,000 844,000
2.109.000 23,013,000
Carried to net liabilities.
4.015,0001
..........1 _____ I
762,000 4,451,000
9,228,000
a Items In transit, I. e., total amounts duo from less total amounts due to other Federal Reserve banks.
__________________________________________ STATEMENT OF FEDERAL RESERVE AGENTS* ACCOUNTS JUNE 23 1916.
Boston.

N ew Y ork. P hlladel’a . Cleveland. Richm ond.

A tlanta.

Chlcaqo.

St. Lou ts.

M ln n ea p . K a n . Cltg.

D allas.

San Fran.

Total.

Federal Reserve Notes—
$
$
S
$
1
$
$
*
$
$
S
$
8
Rec'd from Comptrol’r 20,380,000 119,240,000 15,480,000 15,160,000 17,000,000 20.400,000 9,3S0,000 9,600,000 19,000,000 13,000,000
13,320,000 295,540,000
Returned toComptro’r 2,868,000 31,351,000 3,464.000 1,662,000 3.641,000 2,138,000 850,000 998,000 298,000 851,000 23,580,000
2,664,000 761,000 51,549,000
Chargeable to Agent__ 17,512,000 87,889,000 12,016,000 13,498,000 13,359,000 18,262,000 8,530,000 8,602,000 18,702,000 12,149,000 20,916,000 12,556,000 243,991,000
In hands of F.R.Agent 7,180,000 17,800,000 4,980,000 3,500,000 3,500,000 4,096,000 4,881,000 1,762,000 6,530,000 2,918,000 7.0S9.000 2,800,000 67,036,000
Issued to F. R. bank. 10,332,000 70,089,000 7,036,000 9,998,000
Held by F. R. Agent—
Gold coin Sc ccrtfs___ 9,700,000 65,817,000 3.330.000 9,400,000
Credit balances:
In gold redemption I'd
632,000 4,272,000
416,000 59$ ,000
With F. R. Board___
3.290.000
Notes secured by commerclal paper______
.......... .............
T ota l.................... 10,332,000 70,089,000 7,036,000 9,998,000
Amount of comm'l paper
delivered to F.R.Ag’t
......
..........1 ..........
.............




9,859,000 14,166,000 3,649,000 6,840,000 12,172,000 9,231,000 13,827,000 9,756,000 176,955,000
2.850.000 10,220,000 4,000,000 8,040,000
339,000 1,166,000 339,000 340,000 602,000
■t(6,000
5,000,000 13,000,000 3,310,000 3.650.000 1,350,000 3,700,000
4,520,000

113,357,000

630.000 406,000 10,186,000
630.000 9,350,000 43,280,000

1,085,000 4,527,000
10,132,000
9,859,000 14.166,000 3,649,000 6,840,000 12,172,000 9,231,000 13,827,000 9,756,000 176,955,000
4,600,000
1,094,000 4,884,000
10,578,000

THE CHRONICLE

July l 1916.]

41

Statement of New York City Clearing House Banks and Trust Companies.— The following detailed statement
shows the condition of the Now York City Clearing House members for the week ending June 24.
The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are also
given. In order to furnish a comparison, we have inserted the totals of actual condition for each of the three groups and
also the grand aggregates, for tho three preceding weeks.
N E W Y O R K W E E K L Y C L E A R IN G H OU SE R E T U R N .
CLEARING HOUSE
MEMBERS.
Week Ending
June 24 1916.
(00j om itted.)

Capital.

N et
P rofits.

/Nat.B’ks May ll
IstateBksMar. 17/

L oa ns,
D iscounts,
Investm 'ts,
A c.

Members of Federal
Reserve Bank.
Bank of N. Y., N.B.A.

A verage.

S
S
2,000,0 4,844,5
2 noo o 2 336.7
Mech. A Metals Nat.. 0,000,0 9,522,0
National City Bank... 25,000,0 a39,109,1
* 070,7
787,9
83
4,987,6
National Bank of Com. 25.000,0 18,259,8
3.500,0 1,970,6
3 000,0 15,640.3
2i550,0 2,481,2
1.000.0 1,981.1
Importers’ A Traders'.. 1,500.0 7,704,9
5,000,0 15,625,1
National Park Bank—
250.0
72,7
1,000,0 3,358,6
First National Bank__ 10,000,0 23,337,5
Irving National Bank.. 4,000,0 3,922,9
500,0 1,296,4
N. Y. County Nat. Bk.
Chase National Bank.. 5,000,0 10,468,1]
1,000,0 1,950,7
1,000,0 1,273,3
416,1
’250,0
1rooo jo 2 f860,5
.3.376,1
1,000 0
728,8
1.000 0 1.090,1
Nassau Nat. Bank___
1,000,0 1,134.4
920,9
Broadway Trust Co__ 1.500,0

$
33,913,0
119,353,0
378,931,0
37,163,0
12,006,0
2 ’563,0
77,282,0
224,612,0
65,543,0
121,662,0
27,012,0
10,120,0
32,230,0
141,727,0
2,239,0
17,643,0
154,955,0
70,308,0
10,196,0
184,262,0
18,548,0
9,254,0
4,951,0
40,163,0
47,935,0
9,317,0
12,577,0
10,012,0
20,111,0

Totals, avgo. for weok 116,350.0 189,627,5 1,925,182,0
1,916,737,0
Juno 24
1,937,435.0
1,946,541,0
Totals, actual condition Juno 10 __
Totals, actual condition Juno 3
.......... 2,008,262,0

Cold.

Legal
Tenders.

Silver.

Average.

Average.

Average.

N at .Bank N a t .Bank Federal
N otes
N otes
Reserve
[Reserve
[N ot
Bank
fo r State Counted
N otes
In stitu ­
as
[N ot
tion s],
Reserve ]. R eserve].
Average.
%

A v erage.

s

Reserve
with
Legal
D ep o si­
ta ries.

AddU ’al
D ep osits
with
Legal
D ep o si­
taries.

N et
D em and
D ep osits.

N et
Tim e
D ep osits.

N ationa l
Bank
C ircula­
tion .

A v erage.

A verage.

A v erage.

2.003,327,0
2,011,092,0
1,995,086,0
......... 2,060,301,0

43,015,0
46,158,0
43|41(+6
42,957,0

31.655,0
31,020,0
3+53+0
31,604.0

800,0

290,0
459,0

47,137,0
30,367,0
12,113,0
5,871,0
2,614,0
12,862,0
98,536,0
3,843,0
5,912,0
17,405,0
4,635,0
6,389,0
14,101,0
4,646,0
18,927,0
25,816,0

64,0 12,361,0 8,518,0

311,174,0

925,0

11,878,0 9,294*0
47^0 13,662,0 11,966,0

315!899io
316,166,0

1,008,0
1.017.0

30,472,0
209,241,0
46,997,0
23,916,0
28,472,0
343,736,0
7,627,0
18,996,0
66,608,0
20,403,0
62,166,0
17,852,0
12,358,0
58,623,0

5,352,0
24,791,0
14,789,0
7,205,0
811,0
38,975,0
1,025,0
1,341,0
19,351,0
1,183,0
5,285,0
3,295,0
632,0
6,736,0

A verage.
9

Average. Average.

189,309,0 55,754,0 52,678,0

..........

1,625,0

s
S
$
S
S
_____
2,224,0
29,761,0 1,843,0
795,0
3,0 2,015,0
27,695,0
26,0 8,861,0
124,145,0 2,667,0 4|956,0
699,0 34,909,0
423,979,0 9,098,0 1,797,0
2,527,0
31,947,0
450 0
77,0 1,002,0
12,885,0
980,0
50.0
170,0
2,278,0
194,0
48 0
30,0 7,436,0
75,151,0
4,923,0
4,0 18,446,0
227,988,0 3,966,0
155,0
138,0 5,338,0
66,156,0 5,273,0 1,772,0
20,0 12,050,0
143,443,0
130,0
24,477,0 1,308,0 1,026,0
8,0 2,132,0
750.0
9,800,0
178,0
2,143,0
28,632,0
51,0
144,772,0 1,490,0 3,561,0
60,0 11,389,0
202,0
2,466,0
50,0
14,880,0
34,0 1,109,0
700,0
11,989,0
149,595,0
125.0 4,944,0
77,134,0
640,0
17,0 5,609,0
162,0
10,127,0
735,0
198,0
17,0
199,279,0 14,139,0
450,0
524,0 14,840,0
18,696,0
893,0
144,0 1,393,0
9,0
118,0
871,0
9,417,0
399,0
9,0
399,0
5,092,0
246,0
148,0
21,0 4,203,0
46,687,0
24,0
4,114,0
500,0
49,877,0 3,075,0
794,0
4,0
9,274,0
202,0
414,0
1,010,0
12,519,0
20,0
398,0
678,0
9,615,0
32,0
50,0
21,236,0
302,0
18,0 1,521,0 ..........
1,971,0 160,859,0 ......... 2,009,003,0 45,033,0 31,655,0

197,143,0
177,018,0
162,910,0
162,899,0

52,675,0
51,756,0
42,401,0
46,822,0

48,941,0
58,127,0
55,430,0
53,665,0

_____
..........

1,536,0
1,439,0
1,512,0
1,368,0

1,609.0
1,786,0
2,069^0
2,243,0

161.451,0
160,154,0
159,973,0
159,310,0

5,758,0
3,890,0
970,0
360,0
158,0
979,0
6,465,0
362,0
615,0
1,888,0
446,0
643,0
990,0
304,0
1,668,0
1,965,0

2,900,0
1,501,0
222,0
586,0
94,0
608,0
1,419,0
37,0
282,0
483,0
35,0
44,0
352,0
159,0
308,0
653,0

1,101,0
956,0
410,0
91,0
117,0
813,0
5,305,0
50,0
102,0
1,054,0
127,0
123,0
413,0
158,0
394,0
489,0

124,0
108,0
320,0
120,0
3,0
49,0
627,0
26,0
10,0
30,0
60,0
80,0
62,0
33,0
86,0
163,0

15,0

2,920,0

9,803,0 11,703,0

1,901,0

27,377,0 11,148,0 13,771,0
27.070,0 9,109,0 11,042,0
26,476,0 11,584,0 12,149,0
27,558,0 8,638,0 11,182,0

1,645.0
1,060,0
1,814,0
1,8413)

t
S
1,638,0 1,436,0
1,112,0 1,137,0
11 ^238,0 2,645,0
62,452,0 14,362,0
979,0 1,140,0
1,119,0
143,0
59,0
30,0
2,519,0 2,849,0
19,180,0 5,853,0
3,768,0 1,239,0
23,215,0 2,208,0
996,0
156,0
932,0
302,0
1,461,0 1,311,0
8,202,0 3,980,0
124,0
33,0
1,031,0
234,0
16,943,0
856,0
4,342,0 2,325,0
537,0
100,0
15,684,0 8,501,0
1,421,0
429,0
849,0
126,0
123,0
110,0
2,881,0 1,653,0
3,407,0 1,385,0
739,0
140,0
377,0
408,0
280,0
271,0
1,641,0
182,0

$
377,0
1,091,0
4,397,0
9,119,0
1,553,0
238,0
128,0
3,563,0
1,984,0
2,372,0
2,979,0
1,405,0
710,0
673,0
5,084,0
21 l ,0
448,0
1,991,0
3,122,0
348,0
5,401,0
373,0
737,0
317,0
1,586,0
050,0
189,0
563,0
503,0
566,0

_____
_____

__

4,0
32.0
84,0
102,0
45,0
13,0
5,0
96,0
2,0
298,0
10,0
37,0
86,0
129,0
70,0
6,0
43.0
50,0
19,0
102,0
62,0
79,0
27,0
4,0
29,0
17,0
42,0
29,0
25,0
78,0

State Banks.
N ot M em bers o f
Federal Reserve Bank.

2,050.0
1,500,0
500,0
500.0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000.0
200,0
1.0'M
1,600,0

Bank of America.........

German-Amcrlcan Bank
Bank of Metropolis___
N. Y. Produce Ex. Bk.
State Bank..................

41,132,0
31,690,0
11,400,0
6,329,0
2,359,0
14,447,0
84,449,0
4,259,0
5,742,0
16,675,0
4,894,0
6,439,0
14,622,0
4,622,0
17,231,0
23,252.0

4,930,4
6,308,1
1,205,9
1,008,2
447.6
2,015,2
7.026.4
797,4
758,3
2,293,6
826,9
1,077.0
2,154,1
630,6
1,048,4
581,5

Totals, avge. for week. 15.450,0 33,109,6
June 24
Juno 17
Juno 10
Totals, actual condition June 3

289,542,0 27,467,0
287,496,0
289,997,0
291,805,0
291,594,0

734,0

616,0
157,0

2,0
27,0

3,922,0 6,078,0
211,0
215,0
273.0
286,0
846,0
262,0
1.135,0
1,518,0

20,6

..........

112,0

845,6

45,0
5,0
10,0

65,0
..........

Trust Companies.
N ot M em bers o f
Federal Reserve Rank.

1,500,0 3,817,4
Brooklyn Trust Co___
Bankers Trust Co........ 10,0)0,0 15,914,2
U. S. Mtge. A Trust Co. 2,000,0 4,627,9
1,250,0 1,632,2
Astor Trust Co...........
Title Guar. A Trust Co. 5,000,0 12,295.3
Guaranty Trust Co___ 20,000,0 30,638,6
1,000,0 1,230,3
4,001,0 6,378,0
Columbia Trust Co___ 2,000,0 7.779,1
1,000,0 1,022,5
New York Trust Co__ 3,000,0 11,268,6
1,000,0 1,311,4
Franklin Trust Co____
Lincoln Trust Co........
514.8
1.000.0
Metropolitan Trust Co. 2.000,0 6,416,7

*

36,430,0 1,901,0
226,023,0 20,857,0
61,597,0 3,900,0
30,469,0 2,210,0
42,808,0 2,249,0
373,983,0 31,237,0
9,775,0
619,0
26,705,0 1,421,0
86,163,0 5,637,0
21,124,0 1,445,0
72,010,0 5,004,0
20,809,0 1,304,0
734,0
12,656,0
63,849,0 5,561,0

383,0
13,0
109,0
13,0
307,0
1,918,0
44,0
382,0
178,0
118,0
742,0
217,0
81,0
437,0

601,0
82,0
534,0
151,0
148,0
1,244,0
88,0
55,0
623,0
329,0
1,187,0
167,0
384,0
660,0

238,0
19,0
194,0
40,0
118,0
410,0
33,0
21,0
190,0
171,0
27,0
53,0
60,0
319,0

.......

30,0 1,523,0 1,993,0
16,0 10,462,0 4,548,0
3,0 2,349,0 5,234,0
1,154,0
559,0
594,0
22,0 1,424,0
17,186,0
303,0
381,0
691,0
14,6
950,0
332,0
97,0 3,330,0 1,049,0
17,0 1,021,0 1,336,0
53,0 3,131,0 2,381,0
7,0
893,0
573,0
9,0
420,0
618,0
5,0 2,931,0 1,128,0

Totals, avge. for week. 64,750.0 104,447,0 1,084,401,0 84,079,0

5,002,0

6,253,0

1,893,0

..........

273,0 47,353,0 21,141,0

Totals,
Totals,
Totals,
Totals,

4,049,0
7,858,0
8,532,0
9,339^0

7,733,0
5,346,0
8,518,0
8,393,0

1,866,0
1,912,0
2,05+0
1,727,0

.......

262,0
251,0
272,0
232 i0

300,855,0 70,619,0 70,634,0
+ 226710 + 4,398,0 —4,124,0
307,486,0 68,472,0 70,445,0
+ 20329 0 —251,0 —4,070,0
Grand Aggregate actual condition June 17 3,311,344,0 287,157,0 68,723,0 74,515,0
3,331,400,0
272,135,0 62,517,0 76,097,0
Grand Aggregate actual condition June 10
Grand Aggregate actua^ condition June 3 3,393,096,0 271,944,0 64,799,0 73,240,0

3,794,0
— 125,0

1,625,0
+ 72,0

2,308,0 220,573,0 29,659,0 3,267,644,0 176,729,0 3+655,0
+ 95,0
—58,0 + 1,366.0 -3,380,0 —3,788,0 —716,0

3,511,0
—361,0

1,536,0
+ 97.0

1,927,0 220,283,0 34,650,0 3,260,473,0 173,691,0 3+655,0
+ 29,0
— 152,0 — 1,369,0 + 90990 —7,873,0 —6,694,0

3,872,0
3,865,0
3,568,0

1,439,0
1,512,0
1,368,0

2,079,0 221,652,0 25,551.0 3.268,346.0 180,385,0 3+626,0
2,388,0 219,883,0 37,005,0 3,271,489,0 176,026,0 3+53+0
2,522.0 17,475,0 43,505,0 3,344,892,0 165,521,0 31,604,0

actual
actual
actual
actual

condition
condition
condition
condition

Juno 24
Juno 17
June 10
June 3

.......

1,082,547,0
1,083,912,0
1,093,153,0
1.093,240,0

82,966,0
83,069,0
82,749,0
81,487,0

Grand Aggregate, avgo. 185.550.0 327,184,1 3.299,125,0
—25,578,0
Comparison prev. week
Grand Aggregate,actual condition June 24 3,286,780,0
Comparison prev. week .......
~~ —24,564,0

47,231.0 23.860.0
47,050,0 18,792,0
48,032,0 27,711,0
44,503.0 31,539,0

947.467.0 130,771,0
944,710,0
945,764,0
960,504,0
968,425,0

..........
--

129,751.0
132,977,0
131,602,0
121,547,0

a Includes capital get aside for Foreign Branches. >3.000.000.

STATEMENTS OF RESERVE POSITION.
Averages.

Cash Reserve Reserve in
In Vault. Depositaries

Total
Reserve.

a Reserve
Required.

Actual Figures.

Inc. or Dec.
Surplus
from
Cash Reserve Reserve In
Reserve. PreviousWeek in Vault. Depositaries

Total
Reserve.

b Reserve
Required.

Surplus
Reserve.

Inc. or l tc.
from
PreviousWeek

9
t
9
S
Members Federal
S
9
9
I
*
9
S
1
s
9
Reserve Bank___ 207,74+000 160,859,000 158.600.000 363.872,190 94,727,810 +2+326,640 298,759.000 16+45+000 460.210.000 362,749,610 97,460,390 + 14,709,850
State Banks*______ 50.934.000 12,36+000 63,295,000 56,01+320 7,283,680! +1,872,260 53,94+000 1+60 +000 65,542,000 56,238,480 9,303,520 + 1,742,720
Trust Companies*.. 97.227.000 47,353,000 144.580.000 142,120.050 2,459,950] +1,267,200 97,214,000 47,23+000 144.445.000 141,706,500 2,738,.500 —631,900
Total June 24___ 445.902.000 220.573.000 666.475.000 562,003,560 104,471,44o] + 24,466,100 449.914.000 220.283.000 670.197.000 560,694,590 109,502,410 + 15,820,670
Total June 17___ 423.082.000 219.207.000 642.289.000 562,283.660 80,005,340+2+554,540 434.267.000 22+652,000 655.919.000 562,237,260 93,68+740 + 2+408,440
Total June 10___ 406.689.000 220.603.000 627.292.000 568,84+200 58,450,800! — 1,490,400 414.614.000 219.883.000 634.497.000 562,223,700 72,273,300 + 16,422,960
Total June 3...... 412.744.000 224.367.000 637.11+000 577.169.800 59,94+200 —7.79+800 413,55+000 217.475.000 63+026,000 675.175.660 55,850,340 —9,125,010
• N ot members of federal Reserve Bank.

a This Is tho reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Inoludes also the amount of reserve required on Net Time Deposits, which was as follows: Juno 24, $2,251,050; June 17, $2,220,950; June 10, $2,277,550; June 3, $2,123,800
b This Is the reserve required on Net Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banka
Includes also the amount of reserve required on Net Time Deposits, which was as follows: June 24, $2,150,750; June 17, $2,307,900; June 10. $2,170,800; June 3, $2,147,850.




42

THE CHRONICLE

The State Banking
showing the condition
in New York City n o t
shown in the following

Department reports weekly figures,
of State banks and trust companies
i n th e C le a r in g H o u s e , and these are
table:

SUMMARY OF STATE BANKS AND TRUST COMPANIFS IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
( Figures F u rnished by Stale Banking D ep artm ent.)

D ifferen ces from

previous w eek.
June 24.
3726,501,800 Inc. 32,428,200
Loans and Investments.................
G old ............
59,760,000 Inc.
219,500
Currency and bank notes___________
9,043,100 Dec.
136,200
Total deposits______________
869,954,400 Inc. 1,014,300
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust com­
panies In New York City, and exchanges________ 758,791,300 Inc. 4,234,900
Reservo on deposits____________________________ 180,415,000 Dec. 1,336,700
Percentage of reserve, 25.6%.
RESERVE.
------- State Banks ------- ---- Trust C om pa nies —
Cash in vaults............................... $11,840,100 10.73%
350,972,600 9.59%
Deposits In banks and trust cos___ 17,290,600 15.67%
94,312,300 15.88%

Total

$29,130,700 26.40%

$151,284,900 25.47%

Tho averages of the Now 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 tho
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
W e om it cip hers in alt these fig u res.

W eek ended —

Apr.
Apr.
Apr.
ApApr
Mav
May
May
May
Juno
June
June
Juno

1____
8........
15........
22........
29........
6____
13........
20........
27........
3____
10____
17____
24........

Loans and
Investm ents

D em and
D ep osits.

S pecie.

$
4,055,781,1
4,096,708,3
4,084,794,2
4,084,878,5
4,075,574,8
4,075,645,9
4,072,139,2
4,104,967,9
4,124,653,8
4,118,082,4
4,087,787,7
4,048,776,6
4,025,626,8

S

5

4,117,806,7
4,157,969,5
4,135,880,7
4,133,566,7
4,108,157.2
4,102,377,2
4,077,522,7
4,126,508,7
4,135,726,9
4,003,553,9
4,050,239,2
4,025,988.4
4,026,435,3

456,601,6
453,312,5
448,433,5
442,480,4
440,501,8
431,781,2
429,750,4
430,267,8
418,247,5
409,491,2
399,818,3
412,492,1
431,258,6

Other
M on ey.

S
89,320,4
81,514,9
80,951,8
80,990,7
.81,147,7
81,967,9
82.000,6
81,014,9
75,338,8
73,519,3
76,180,8
79,319,3
83,456,1

Total
E ntire
M o n ey
Reserve on
H o ld in g s. D ep osit.

S

536,982,0
534,827,4
529,385,3
523,477,1
521,049,5
513,749,1
511,751,0
511,282,7
493,586,3
483,010,5
475,999,1
491,811,4
514,714,7

?
914,934,9
913,158 1
895,711,1
890.474.7
879,258,8
868,409,1
872,048,5
884,881,4
802,337,4
851,290,6
810,609,3
824,041,3
846,890,6

[Vol . 103

In addition to the returns of “ State banks and trust com ­
panies in New York City rx>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
presents a statement covering a ll the institutions of this class
in the whole State. The figures are compiled so as to distin­
guish botweon the results for New York City (Greater New
York) and thoso for the rest of the State, as per the following:
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 98, p. 1661.
The provisions of tho law governing tho resorve require­
ments of State banking institutions were published in the
“ Chronicle” March 28 1914 (V . 98, p. 968). The regula­
tions relating to calculating the amount of deposits and what
deductions are permitted in the computation of the roserves
were given in the “ Chronicle” April 4 1914 (V . 98, p. 1045).
STATE BANKS AND TRUST COMPANIES.
W eek ended June

State Banks
State Banks
Trust Cos
Trust Cos.
in
!
in
outside o f
outside o f
O renter N . Y .G r e a te r N . Y . Greater N . Y . Greater N . Y .

24

Capital as of March 17__
Surplus as of March 17__

s
1
23,350,000

S
75.550,000

40,158,600

$
14,050,000

S

11,783,000

171,767,100

14,654,000

13,362,500

Loans and Investments..
Change from last week.

381,305,100 1,712,150,500
— 1,974,000 —9,716,700

158,114,600
+ 688,000

230,658,400
+ 1,145,400

Gold........................... .

41,025,200
+ 1,915,100

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

140,927,100,
+2,449,900

21.74/7700
15.7SS.4001 ____ .
—2j043|500: —2,312,000
1
Deposits........... ............. 501,170,400 1,944,445,000 170,883,100
Change from last week. — 10,624,800 — 19,293,000
+339,900

245,896,200
—1,714,300

Rescrvo on deposits____
Change from last week.

109,543,700
— 1,205,500

333,777,000
— 4,119,800

31,229,200
—493,200

36,709,700
—1,930,000

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

26.5%
26.8%'

21.1%
21.1%

21.5%
21.7%

18.0%
19.3%

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

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:
R E T U R N OF N O N -M E M B E R IN S T IT U T IO N S OF N E W
CLEARING
NON-MEMBERS.

C apital.

N et
P rofits.

fNat. bks. May. 11
(State bks. Mar. 171

Week Ending
June 24 1916.
Members of
Fed’l Reserve Hank
Battery Park Nat..
First Nat., Brooklyn
Nat. City, Brooklyn
First Nat., Jers. City
Hudson Co.N., J.C.
First Nat., Hoboken
Second Nat., Hobok.

3

200,000

300.000
300.000
400.000
250.000
220.000

125,000

L oa ns,
D iscounts,
Invest­
m ents, etc.
A verage.

3
193.100
675.800
644.100
1,264,500
757.100
648.800
318.100

$

4.242.000
5.153.000
5.423.000
4.962.000
4.328.000
5.726.000
4.658.000

Cold.

Legal
T enders.

A v erage.

Average.

3
614.000
147.000
163.000
201 .00 0

127.000
148.000
48,000

Y O R K C L E A R IN G H O U SE .

N at .Bank N at .Bank Federal
N otes [Re­ N oteslN ol Reserve
Bank
Counted
serve fo r
N oies]N ot
as
State I n ­
Reserve ).
reserve]
stitution]
A v erage.

$

77.000
43.000
59.000
420,000
11.000
9,000
37,000

Total................... 1,795,000 4,501,500 34,492,003 1,448,000 •656,000

3
92.000
105.000

A verage.

3

120.000

93.000
07.000
54.000
98.000

Average.

$

3.000
7.000
9.000
17.000
78,090
10.000

4.000

128,000

629,000

A v erage.

3

8,000

9.000
1.000

3.000
4.000
3.000

Reserve
with
Legal
D ep os­
ita ries.

A d ditional
D ep osits
with Legal
D ep os­
ita ries.

N et
D em and
D ep osits.

N et
Tim e
D ep osits.

N ationa
Bank
Circu­
lation.

A verage.

Average.

A v erage.

A verage.

Average

$
*
*
$
591,090
147,000
193.000 .4,924,000
594.000
158.000 4.799.000
650.000
50,000 5.374.000
549.000 3,650,000 4.575.000
917.000 3.463.000
416.000
521.000 2.481.000 2.845.000
393.000
246.000
610.000 2.423.000 2.017.000

$

191.000
296.000
120.000

396.000
198.000
217.000
99,000

28,000 3,439,000 6,099,000 28,039,000 5,039,000 1,517,000

State Banks.
N at M em bers o f the
Federal Reserve Bank.

401,500
861,200
680,900
186,600
402,700
250,200
581,000
825,800
196,400

Bank of Wash. H’ts. 100,000
Colonial Bank_____ 400.000
Columbia Bank___ 300.000
Fidelity Bank_____ 200.000
Mutual Bank_____ 200,000
New Netherland___ 200,000
100,000
Yorkvllle Bank____
Mechanics’ , Bklyn 1,600,000
North Sldo, Bklyn.. 200,000

2.179.000
8.219.000
7.738.000
1.358.000
6.622.000
3.999.000
6.132.000
18,158,000
4.225.000

125.000
533.000
608.000
97,000
678.000
241.000
369.000
770.000
212.000

Total__________ 3,300,000 4,446,300 58,630,000 3,633,000

34.000
38.000
79.000

52.000
446.000
288.000
35.000
167.000
177.000
286.000
835.000
123.000

42.000
31.000
80.000
128,000
19,000

606,000 2,409,000

462,000

21,000
78,000

67.000

99,000

98,000

12,000

137.000
10,000
10,000

48.000
39.000
105.000
193.000
52.000

15,000

11.000

178,000
178,000

107.000
130.000 1.788.000
521.000
465.000 8.077.000
470.000 8.181.000
491.000
75,000
12,000 1.245.000
230.000 6.718.000
409.000
239.000
3.996.000
397.000
178.000 6.621.000
1,167,000 1,716,000 19,449,000
246.000
461.000 4,102,000

344.000
247.000

60,777,000

18,000 3,652,000

Trust Companies.
N ot M em bers o f the
Federal Reserve Bank.

Hamll'onTrust.Bkln.
Mechanics’ .Bayonne

500.000 1,093,500 8.095.000
200.000
294,100 4.821.000

524,000
99,000

12,916,000

623,000

Total
Grand aggregate----- 5.795.000
Comparison ,prev .wk
Excess reserve. 3248,820
Grand aggr’teJuneI7 5.795.000
Grandaggr teJune 10 5.795.000
Grand aggr’ te June 3 5.795.000
Orand aggr'teMay27 5.795.000
Grand aggr’to May20 5.795.000

10.335.400 106038000 5,704,000
—1620000 —34,000
increase
10.335.400 107658000 5.738.000
10,259,990 106389000 5.727.000
10.259.900 104601000 5.690.000
10.259.900 103953 000 5.728.000
10,259,000 103182000 5.665.000

2 1 ,0 0 0
66,000

87,000
1,349,
+ 150

3,137,000 560,000
+ 25,000 —77,000

1,199, 000 3,112,000
1.395, 000 3,168,000
1,231, 000 3,089,000
1,291, 000 3,051,000
1.231 ,000 3,108,000

Philadelphia Banks. — Summary of weekly totals of
Clearing House banks and trust companies of Philadelphia:
W e om it two ciphers
Capital
and
Surplus.

April
April
April
May
May
M ay
May
Juno
June
June
Juno

$
15............. 103,684,3
22............. 103.684,3
29............. 103,684.3
6............. 103,684,3
13............. 103,684,3
20............. 103,684,3
27............. 103,684,3
3__
103,684,3
10_______ 103,684,3
17............. 103,684,3
24............. 103,684,3

L oans.

t

504,361,0
508,139,0
509.220,0
512,268,0
512,210,0
511,097,0
509,043,0
508,838,0
513,163,0
513,741,0
512,551,0

(00)

637.000
719.000
586,090
671.000
645.000

Reserves.

D ep osits.

t

s
625,197,0
621.791,0
618,559,0
618,026,0
615,855,0
616,168,0
605,511,0
621,974,0
611,010,0
612,835,0
603,092,0

121,124,0
115,113,0
112,445,0
113,168,0
116,098,0
113,289,0
109,586,0
117,690,0
110,875,0
109,285,0
105,718,0

a

20,000

3,000

299.000 1,406,000 5.987.000 1.385.000
618,000 2.091.000 2.619.000
105.000

23,000

404,000 2,024,000 8,078,000 4,004,000

306,000
+ 8,000

69,000 7,495,000 11.785,000 96,894,000 9,718,000 1,517,000
—206 000 + 1701000 2193 000 —245,000 + 6 ,000

298.000
382.000
406.000
354.000
348,UO0

69.000 7.701.000
86.000 7.753.000
66,000 7.487.000
73.000 7.438.000
69.000 7.361.000

10.084.000 99,087,000
12,261,000;97,829,000
15.109.000 95,591,000
15,864,000,95,388,000
17.201.000 94,227,000

9.963.000
10,008,000
9.601.000
9.588.000
9.563.000

1.511.000
1.510.000
1.512.000
1.513.000
1.510.000

Boston Clearing House Banks.— W e give below a
summary showing the totals for all tho items in tho Boston
Clearing Houso weekly statement for a series of weeks:

in all these fig u res.

BOSTON CLEARING HOUSE MEMBERS.

Circulatton .

$
9,634,0
9,626,0
9,608,0
9,427,0
9,435,0
9,432,0
9,442,0
9.442,0
9,440,0
9,449,0
9,455,0

24
1916.

June

Clearings.

$
233,477,5
221,135,2
247,458,8
258,516,1
229,158,5
239,736,7
232,497,5
235,201,2
237,203,4
245,367,0
227,567,9

a Includes Government deposits and tho Item "due to other banks’ ’ (Juno 24,
$169,800,000); also "Exchanges to Clearing House’’ (June 24, $16,930,000). Due
from banks June 24, $73,502,000.




3 1.000

Change from
previous w eek .

Circulation........................... $6,915,000 Inc.
Loans, dtsc'ts & Investments. 432.728.000 Inc.
Individual deposits, lncl.U.S. 339.623.000 Dec.
Due to banks...................... . 127.637.000 Dec.
Tlmo deposits............. ......... 32.174.000 Inc.
Exchanges for Clear. House. 17.004.000 Dec.
Due from other banks-------- 38.285.000 Dec.
Cash reserve.................. — 24.539.000 Dec.
Reserve In Fed. Res’ve Bank 21.018.000 Dec.
Reserve with other banks__ 42.050.000 Dec.
243.000 Dec.
Reserve excess In bank-------Excess with Reserve Agent.. 25.854.000 Dec.
773.000 Dec.
Excess with Fed. Res’ve B’k.

17
1916.

June

June

1916.

10

$605,000 $0,310,000 $6,308,000
4,406,000 428.322.000 423.183.000
2,346,000 341.909.000 331.920.000
7,884,000 135.521.000 135.805.000
377.000 31.797.000 31.149.000
3,721,000 20.725.000 16.167.000
2,654,000 40.939.000 37.322.000
94,000 24.633.000 24.531.000
448,000 21.466.000 20.715.000
5,997,000 48.047.000 51.782.000
729.000
238,000
481,000
6,093,000 31.947.000 35.914.000
880.000
509,000 1,341,000

Imports and Exports for the Week.— See third page
preceding.

July 1 1916.]

THE CHRONICLE

Ilian h e rs* (Labette,
Wall Street, Friday Night, June 3 0 191G .
T h e M o n e y M a rk e t a n d F in a n c ia l S it u a t io n .— T h e
M e x ic a n situ a tio n b e c a m e m o ro a n d m o ro in ten se d u rin g
tlio e a rly p a r t o f th o w e e k , a n d so e n grosse d th e p u b lic m in d
t h a t a ll o th or m a tte r s , h o w e v e r im p o r ta n t, w ere largoly
lo st sig h t o f .
O n W e d n e s d a y a fte r n o o n th e d isp a tc h e s fr o m
M e x ic o C it y w ere re g ard e d as d e c id e d ly m o ro s a tis fa c to r y ,
sin ce w h ich tho b e lie f has s te a d ily in creased th a t th e h ith o rto
strain e d re la tio n s b e tw e e n th o tw o co u n tries w ill sp o e d ily
b o a d ju s te d to th e sa tisfa c tio n a n d m u tu a l a d v a n ta g e o f
b o th .
W i t h th o p ro b a b lo p a ssin g o f th is m a tte r , w h ic h fo r
som o tim e p a st h as m e n a c e d v a rio u s b u sin e ss ir te re sts far
a n d w id e , m o re a tte n tio n is g iv e n to in creasin g m ilita r y
a c t iv it y a m o n g th o w arring n a tio n s o f E u r o p e .
M e a n w h ile th o m a n u fa c tu r in g in d u strie s o f th is c o u n tr y
are k e e p in g p r a c tic a lly u p to tho m a x im u m o f c a p a c it y , th e
lim its o f w h ich aro slo w ly b u t ste a d ily e x p a n d in g .
O n e e v i­
d en ce o f th is is seen in th e fo re ig n trad e s ta te m e n t fo r M a y
w h ic h sh ow s th a t th o e xp orts w ore o v e r .$ 6 0 ,0 0 0 ,0 0 0 in excess
o f a n y p re v io u s re co rd , a n d , a lth o u g h im p o r ts w ore 8 7
m illio n s larger th an in th e sa m e m o n th la st y e a r , th o b a la n ce
in o u r fa v o r for th e m o n th a m o u n ts to a b o u t $ 2 4 2 ,0 0 0 ,0 0 0 .
T h o m o v e m e n t o f g o ld h ith erw a rd h as c o n tin u e d a n d to ta l
re ce ip ts fo r th o m o n th aro large r th a n a n y p re v io u s reco rd
e x c e p t th a t o f O c to b e r la st.
T h e w e e k ly re p o rt o f th e B a n k
o f F r a n c e sh ow s th a t it has g a in e d a b o u t $ 1 ,2 6 0 ,0 0 0 in g o ld ,
w h ic h is a little m o re th a n th e w e e k ly a v e r a g e d u rin g the
p a st 2 m o n th s .
T h is is , as is g e n e ra lly w ell k n o w n , a c o n ­
tin u a tio n o f th o m o v e m e n t w h ich b e ga n ea rly in J u ly la st
y e a r , w h en an ap p e a l w as m.ado to th o F re n c h p eo p lo to
e x ch a n g e th e ir g o ld fo r bank n o t e s .
T h is a p p e a l h as re­
s u lte d in su ch v o lu n ta r y exchange to th o a m o u n t o f o v e r
$ 2 0 0 ,0 0 0 ,0 0 0 , a fa c t w ith o u t p arallel in th o h is to r y o f
G o v e r n m e n t fin an c e.
F o r e i g n E x c h a n g e .— T h o m a r k e t fo r ste r lin g ex ch a n g o
h as ru le d q u ie t a n d a b o u t s te a d y du rin g th o w e e k .
The
a r riv a ls o f g o ld a t N e w Y o r k h a v e in clu d e d $ 1 1 ,5 0 0 ,0 0 0 fro m
L o n d o n an d $ 7 ,0 0 0 ,0 0 0 fro m O t ta w a . C o n tin e n ta l e x c h a n g e s
h a v o b een irregu lar w ith w ea k n e ss in e x ch a n g o on B erlin*
To-day’s (Friday’s) actual ratos for sterling exchango wero 4 72K for
sixty days. 4 7554 for chocks and 4 76 7-16 for cables. Commercial on
banks, sight, 4 75)4; sixty days, 4 71)4; ninety days, 4 69)4, and docu­
ments for payment (sixty days), 4 71 )4 . Cotton for payment, 4 75)4. and
grain for payment, 4 75)4To-day’s (Friday’s) actual rates for Paris bankers’ francs woro nominal
for long and 5 9154 for short. Germany bankers’ marks wore 72 15-16
for sight. Amsterdam bankers’ guilders wero 11 5-16(44134 for short.
exchange at Paris on London, 28.10 fr.; week’s range, 28.16 fr. hlgn and
28.18 fr. low.
The range for foreign oxchango for tho week follows:
C h ec k s .
C a b le s .
S te r lin g A c t u a l —
S ix ty D a y s .
4 75 1.1-10
High for tho week__ 4 72 5-16
4 76)4
Low for tho week
4 72 8-16
4 75 11-10
4 76 7-10
P a r is H a n k e r s ’ F r a n c s —

High for (ho week__
Low for tho week__

______
______

5 01)4
5 9054

High for tho week---Low for tho week----

-----------------

7 2 V,

G er m a n y B a n k e r s' M a r k s —

A m s te r d a m B a n k e r s ’ G u ild e r s —•

74)4

5 90)4
5 00)4
74 9-16
7254

High for tho week__ ______
41)4 plus 1-16
4154
Low for the week__ ______
41 7-10
41 9-16
Domestic- Fi.vchange.— Chicago, nominal per $1,000. Boston, par.
St. Louis, 15c. per SI ,000 discount bid and 10c. discount asked, San Francisco, 20c. per $1,000 premium. Montreal, $4 .9754 per $1,000 premium.
Minnepolis, 20c. per $1,000 discount. Cincinnati, par. New Orleans
sight, 50c. per $1,000 discount, and brokers’ , 50c. premium.
S t a t e a n d R a i l r o a d B o n d s .— S ale s o f S ta to b o n d s a t
th o B o a r d aro lim ite d to $ 2 ,0 0 0 V ir g in ia 6 s , tr . r e t s ., a t 5 1 .
T h o u n c e r ta in ty o f ou r re la tio n s w ith M e x ic o d u rin g tho
p a s t w ee k a n d th e m o m e n ta r y e x p e c ta tio n o f w a r d ec la ra ­
tio n s , h a v e ca u sed m o re or less ir re g u la rity in th o m a r k e t
fo r ra ilro a d a n d in d u strial b o n d s .
S a le s h a v e fallen o f f ,
w h ile fr o m a list o f tw e n ty -fo u r a c tiv o issu e s, a d v a n c o s a n d
d ec lin es h a v e b een e v e n ly d istr ib u te d a n d , a s a w h o le ,
fra c tio n a l.
In te rn a tio n a l M e r c a n t ile M a r in o C o l. T . 4 % s
c t fs . o f d e p . c o n sp ic u o u s for h e a v y sales d u rin g w eek s p a s t ,
c o n tin u in g th e ir u p w a rd m o v e m e n t n o te d on F r id a y la s t,
m o v e d u p 1 % p o in ts .
C o rn P r o d u c ts R e f . s . f . 5 s wero tho
m o s t sp o c ta c u la r; duo to a n ad v orso c o u rt decision a n d in
s y m p a th y w ith o th e r secu rities o f th e c o m p a n y , th e y de­
clin ed sh a r p ly fr o m 9 8 % to 9 6 % .
A m o n g th o ra ilw a y issu es, R o c k Is la n d ro f. 4 s , re a c tin g
fro m thoir sh arp a d v a n c o la st w e o k , fell a w a y a tr ifle , w hilo
th o d e b . 5 s m o v e d u p fro m 6 1 h i to 6 2 % .
S ov ora l o f tho
C h ic a g o M ilw a u k e e & S t . P a u l se cu ritie s a d v a n c e d as d id
C h ic a g o B u r lin g to n & Q u in c y j t . 4 s , P e n n s y lv a n ia g e n . 4 % s
a n d S t . L o u is & S a n F rancisco in c . 6 s , w . i . , w h ile slig h t
d oclines in clu d o U n it e d R a ilr o a d s o f S a n F ra n c isc o 4 s , S t .
L o u is & S a n F ra n cisc o a d j. 6 s , w . i . , a n d th o A tc h is o n
T o p e k a & S a n ta F o g e n . 4 s a n d a d j. 4 s .
A n g lo -F r e n c h 5 s , D o m in io n o f C a n a d a issuos a n d J a p a n eso
G o v e r n m e n t 4 % s ste rl. loa n fu rn ish e d th o c h ie f a c t iv it y
a m o n g g o v e r n m e n t se cu ritie s.
S a le s o n a s -2 0 - f b a sis,
in d ic a tin g , p r e s u m a b ly , sales o n fo re ig n a c c o u n t, h a v o d e ­
c r e a se d , be in g $ 1 4 6 ,0 0 0 , as a g a in s t $ 1 6 3 ,5 0 0 a w e e k a g o .
U n i t e d S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s
in clu d o $ 3 ,0 0 0 3 s , c o u p ., a t 1 0 0 ; $ 1 ,0 0 0 3 s , r e g ., a t 9 9 % ;
a n d $ 2 ,0 0 0 4 s , r e g ., a t 1 1 0 % .
For to-day's prices o f all the

different issues and, for week’s range see third page following.
R a i l r o a d a n d M i s c e l l a n e o u s S t o c k s .— E v e n t s o f tho
p a s t w e o k , b e ca u se o f thoir u n ce rta in tr e n d , h a v o ca u so d a
fee lin g o f ap p re h e n sio n in sto c k m a r k e t c ir c lo s.
T raders
a n d in v e s to r s , h o w e v e r , h a v o b e g u n to rcalizo th a t w a r w ith
M o x i c o , a lth o u g h d isag ro ea b lo a n d e x p e n siv e , w o u ld n o t bo
p e r m a n e n tly u n fa v o r a b le to th o b u sin ess in terests o f th is




43

c o u n tr y .
R e a c tio n fr o m th e sh arp d eclin e o f v a lu e s la s t w ee k
w as n o t e d , th r o u g h o u t th e lis t.
A m o n g th e ra ilw a y sh are s,
A tc h is o n a n d U n io n P a c ific w ere th e o n ly o n e s , fr o m a list
o f o v e r a d o ze n m o s t a c tiv o , to a d v a n c e o v e r a p o in t , b u t
fra c tio n a l u p w a rd m o v e m e n ts w ero th o ru le .
O w in g to a n a d v e r se d ec ision h a n d e d d o w n b y th e C ir c u it
C o u r t o f A p p e a ls , C o rn P ro d u c ts c o m m o n an d p referred fe ll
a w a y fr o m 1 8 % a n d 9 6 % to 1 4 % an d 8 9 % , r e s p e c t i v e ^ .
C r u c ib le S te e l, d u e p r o b a b ly to re p o r te d ord ers fo r m u n itio n s
b y th e U n ite d S ta te s G o v e r n m e n t , a d v a n c e d s lig h tly d u rin g
th e e a rly p a r t o f tho w e e k , fa llin g a w a y a t th e clo s e , h o w e v e r.
3 % p o in ts to 7 4 % , w h ile U . S . In d u s tria l A lc o h o l d ro p p e d
fro m 1 4 0 % _ t o 1 3 3 % .
B e th le h e m S te e l, o f late a lw a v s sp ec­
ta c u la r in its m o v e m e n ts , a d v a n c e d fr o m 4 2 7 % to' 4 4 1 % ,
w h ile A m e r ic a n B e e t S u g a r , A n a c o n d a C o p p e r , B u t t e & S u ­
p erior a n d In te r n a tio n a l M e r c a n t ile
p r e f . sh o w e d n e t
a d v a n c e s fo r th e w ee k o f 1 , 2 % , 1 % a n d 3 p o in t s , r e s p e c tiv e ly .
B u t A m e r .C a r & F o u n d r y , B a ld w in L o c o m o tiv e a n d A m e r ­
ica n Z in c L e a d & S m e lt , fell a w a y fr o m 1 % to 6 p o in t s .
For daily volume of business see page 5 2 .
T h o fo llo w in g sales h a v o occu rred th is w eek o f sh a re s n o t
re p re se n te d in o u r d etaile d lis t o n th e p ag es w h ich fo llo w :

Marine

STOCKS.
W eek ending June

30

Sales i
fo r \
W eek .

Range f o t W eek .
L ow est.

H ighest.

Range sin ce Jan .
L ow est,

i.

j H ighest.

Par Shares S per share ; S per share j $ per share ]S p er share
Acme Tea temp ctfs. 100 400 52 June 29 52J4June 29 52 June 52)4 June
Preferred do ..100
100 97)4June 29 97J4June 29 97)4 June; 97)4 June
Adams Express____ 100
200 137 Juno 20 137)|June 20 132)4 Mar! 154)4 Jan
Ajax Rubber_______ 50 500 64)4June 29 64)4Junc 29 64)4 June 64)4 June
American Express__ 100
200 123 June 26 126 June 28:123 Juncl40‘4 Jan
Amor Teles & Cable. 100 100 61 June 26 61 June 26 61 June| 69)4 Apr
Am Writ Paper, pref.100 800 22 June 28; 23)4June 29 11
Jan 26)4 June
Associated Oil......... 100
700 67J4June 24; 68)4June 26 62
Jan; 77
Jan
Batopilas Mining___ 20 1,700 1)4 June 27 1)4 June 24 1)4 June; 3)4 Jan
Brown Shoe..............100 200; 54 June 26; 54 June 28; 50)4 Janj 60)4 May
Preferred ..............100
50 98)4Juno 27 98)4June 27 95)4 Jan 102 May
Brunswick Terminal.100 400 6 ’ 4 June 30 7)4June 27 6)4 June 14
Jan
Canada Southern__ 10022, 58)4June 26| 58)4June 20 57
Feb1 59 May
Case (J I) pref......... 100;
100 88 54June 30 88)4 Juno 30 8(
Feb! 90 May
Cluett-Peabody & Co 100 500 72 June 27; 73)4June 29 68
Apr; 76
Jan
Comput-Tab-Rcc__ 100
200 43)4June 30 45)4June 29 43)4 June! 52)
Jan
Cons G, E L &P(Bal) 100 100114 June 26114 June 26 ,108)4 Mar ll6)4 June
Continental Insur___ 25! 200 54 June 281 55 June 28! 54 June] 58
Mar
Cuba Cano Sug..no par 13,800 59)4June 29 00)4June 29 59)4 June 60)4 June
Preferred..............100 2,600 95 June 29 95J4June 29 95 June! 95)4 June
Deere & Co, pref___ 100
300 90)4June 27 90)4Juno 29 89 May! 9.8)4 Feb
Detroit Edison........100
310136 June 27137 June 24 131
Mar 141)4 Jan
Detroit United____ 100
400 114)4June 30 115 June 26 70
Jan! 116 June
Elec Storage Battery. 100 200 61)4Juno 28; 62 June 28; 58
Apr! 66
Jan
Gulf States S ctfs__ 100
S00 79)4June 27 81 June 29 71 May! 90)4 June
1st pref .ctfs......... 100
200 95 June 29! 98 June SO 87 May 101)4 June
2d pref ctfs......... 100
800; 86 June 27, 88)4June 30 71 May; 90)4 June
Int Harvester Corp._l00
200 78 Juno 29 79 Juno 26 «ai Mar 84)4 May
Kayser(Jullus) & Co. 100 525 97 June 30 98)4Junc 30 80)4 MarrlOO June
Kings Co El L & P .. 100
62 126)4June 29 127 June 29 126)4 June 131
Feb
Laclede Gas_______ 100' 425 104)4June 27 105)4June 27 103)4 Mar|l07)4 Feb.
Mackay Companies. 100 200 82 June 29 82 June 29 78
Aprl 91
Feb
Preferred_______ 100 300 67)4June 28 68 June 20 65)4 Jan; 68)4 June
May Dept Stores__ 100
800 60 June 26 62 June 30 50)4 Jan; 68)4 May
Natl Cloak & Suit__ 100; 1,000 74 June 27 76 June 26 71 May| 81)4 Jan
N Y Chic & St Louis. 100 100 40)4June 26, 40)4Juno 26 33
Apr; 45
Jan
2d preferred......... 100
100 66)4 June 28 66)4June 28 | 50
Apr! 67
June
Norfolk Southem ... 100 100 23 June 26 23 June 26 20
Apr; "27
Jan
Nor Ohio Trac * Lt.100
Fob
100 85 June 26 85 June 26, 70‘
Feb 85 June
Peoria & Eastern__ 100
100 13 June 29! 13
Mar 15)4 June
8
Pitts Coal ctfs dep-_ioo 2,000 27)4June 30 29
27)4 June 29 June
Pittsb Steel pref___ 100,
300 95)4Junc 27 96 June 26 93)4 F’eb 100)4 Jan
St L& S Fr (old)___ 100
100 5 June 28! 5 June 28 U4 Apr 6
Jan
2d preferred......... 100;
100 6)4June 28 6)4June 28 2
Apr 8
Jan
South Pac trust ctfs___
54 116)4Junc 28 116)4Juno 28 115)4 Mar 120)4 May
Texas Co subs full paid.
500181 June 271189 June 30 181 JunCilOO May
Tobacco Prod pref.. 100 100 100)4Juno 26 100)4Junc 26 100
Jan 109)4 Mar
Tol St L & West___ 100
500 6)4Juno 30 7 June 30 5
Apr 7)4 June
U S Express.............100 200 30)4Junc 28 30)4June 28 30)4 June 49)4 Apr
U S Realty & Impt. .100
600 25 June 27 28 June 24 25 June 49
Feb
U S Reduc & Refln.. 100 200 1)4June 24 1)4June 28 1 June 3)4 Jan
Preferred_______ 100
100 1 June 29, 1 June 29 1
Jan 4
Jan
Virginia Iron, C &C.100
100 49 June 28 49 June 28 48
Apr 62)4 Jan
Wells, Fargo Express 100 800126 June 27128 June 29 123)4 May 135
Jan

O u t s i d e S e c u r i t i e s .— S ale s o f se cu ritie s o n th o B r o a d
S tre o t “ c u r b ” h a v e increased s lig h tly , w h ilo a d v a n c e s a n d
doclinos h a v e boen a b o u t e v e n ly d is tr ib u te d .
A ja x R u b b er
flu c tu a te d b e tw e e n 6 3 a n d 6 5 % , w h ile A tla n t ic G u lf & W e s t
In d ie s S S . c o m . a n d p r e f. a d v a n c e d s te a d ily th r o u g h o u t th o
w eok fro m 6 4 an d ">7 to 6 8 % a n d 6 0 , th e fo rm e r c lo s in g , h o w ­
ever, a t 6 6 % .
C h e v r o le t M o t o r s , c o n tin u in g th e irre gu lar­
i t y n o te d la s t w e e k , m o v e d u p a p o in t to 2 2 0 , fe ll to 2 1 0 ,
a d v a n c e d a g a in to 2 2 0 , closin g a t 2 1 7 .
C u b a C a n e Sugar
c o m . a n d p re f. p u sh ed u p fro m 5 5 % an d 9 4 % to 6 0 a n d 9 5 % ,
r o s p o c tiv o ly , h a v in g b e on q u o te d o n th o re g u la r E x c h a n g e
for th o p a s t tw o d a y s .
C u r tis s A e r o p la n e m o v e d b e tw e e n
4 2 a n d 4 8 , w h ile D r ig g s -S e a b u r y a d v a n c e d from 1 2 8 to 1 3 0 ,
c lo sin g a t th e fo rm e r fig u re .
G a s t o n , W illia m s & W ig in o r e
c o v e re d a ra n ge o f 6 % p o in ts , w h ile M id v a le S te el a n d M o t o r
P ro d u c ts sh o w e d s lig h t n e t g a in s fo r th e w e e k .
T h e h ig h ,
lo w a n d la s t figu res fo r S tu tz M o t o r C a r , W h i t e M o t o r s a n d
U n it e d M o t o r s w ero 6 0 — 5 3 % — 6 0 ; 5 8 — 5 4 % — 5 1 % ; a n d
68 % — 62 % — 66.
A s h as b e on th e case fo r so m e tim e p a s t, S ta n d a r d O il
secu rities w ere d u ll.
O h io O il flu c tu a te d b e tw ee n 2 2 2 a n d
2 2 6 , Illin o is P ip e L in e b etw een 1 5 5 a n d 1 6 0 , w h ile P rairie
P ip o L in o , th e m o s t irre g u la r, m o v e d u p from 2 1 8 to 2 2 1 ,
d ec lin ed to 2 1 0 a n d close d a t th a t fig u r e .
T h o o th e r oil
issues w ero fa ir ly a c tiv e .
A lb e r ta P e t fell fro m 5 3 to 5 0 ,
a d v a n c e d to 5 5 a n d clo se d a t th a t p ric e.
C o sd en & C o . an d
C o s d e n O il & G a s c o m . a n d p re f. m o v e d w ith in n arro w lim its ,
b u t M id w e s t O il ju m p e d u p fr o m 4 4 to 4 9 , closin g a t 4 7 ,
w hilo M id w e s t R e fin in g flu c tu a te d b e tw e e n 6 7 a n d 6 8 % ,
th o fin a l q u o ta tio n b e in g a t 6 8 % .
A m o n g th e b o n d s tra d e d
in a t th o “ c u r b ” w ere $ 3 1 5 ,0 0 0 C h e s a p e a k e & O h io 5 s a t 9 4
to 9 4 % ; $ 2 4 5 ,0 0 0 a t 1 0 9 to 1 1 0 % ; $ 2 7 6 ,0 0 0 M id v a le S te el
5 s a t 9 5 % to 9 6 % ; $ 1 8 6 ,0 0 0 R u ssia n G o v t . 6 % s a t 1 0 0 % to
1 0 0 % , a n d $ 1 ,0 5 0 ,0 0 0 In te r n a tio n a l M e r c a n tile M a r in e 6 s
“ w . i . , ” a t 9 7 % to 1 0 3 % .
A c o m p le te reco rd o f “ c u r b ”
tr a n sa c tio n s w ill bo fo u n d o n p a g e 5 2 .

44

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAOES.
Por record of sales during the week of stocks usually inactive, see preceding page.

BIOB AND LOW SALS PRICES—PER SHARE, NOT PER CENT.
Saturday
June 24

Monday
June 26

Tuesday
June 27

Wednesday
June 28

Thursday
June 29

Friday
June 30

Salesfor
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

PER SHARE

On

Range Since Jan. 1
basis o f 100-share lou
Lowest

H tithest

PER SHARE

Range for Precious
Year 1916
Low est

Highest

%per share t per share * per share
Railroads
Par %per share
t per share S per share S per share % per share $ per share $ per share
92*i Feb 111*4 Not
105 105%
9,700 Atch Topeka A Santa Fe..lOO 100% Apr 22 108*2Jan 4
103*4 104*8 104 104*2 104*4 105
1037s 104*4 103*2 104
102
Feb 24
96 Jan 102*8 Not
98%
Jan
4
Do
pref.......................
100
2,380
100% 101
*99
99%
101 101
101 101
101 101
1007s 101
98 Mar 116 Nov
IO
6
I
2
Apr
19
117*4
Junel3
Atlantic
Coaat
Line
RR__
100
200
112% 113 *112
114%
♦ 112 115 *110*4 115 *110*4 110*2 *109*2 113
63*4 Feb 98 Dec
A Ohio.............. 100 82% Apr 24 96 Jan 4
88*s 88*4 87*2 88*s 87*4 88*2 87*4 88*4 88*8 89*4 88% 89% 11,070 Baltimore
80
Jan
15
67 Feb 79*4 Nov
75
May
4
Do
pref.................
100
1,633
7634 76*4
76
76*2
76*4 76*8
76*2 76*2
76*8 76*8
76*4 76*4
83*4 Aug 93 Apr
700 Brooklyn Rapid Transit.. 100 8312 Apr 22 88 %June 6
86
86*4 *85
86*4
85
85
85*4 85*2 *84*4 85*2
85*4 85*4
183*4
Jan
3
*162%
Mar
1
138
July 194 Nov
Canadian
Pacific_________100
8,400
176
179
176%
176%
175
175
175*8 176% 174*4 175*8 175*2 176
Central of New Jersey___ 100 290 Jan 3 {310 Mayl8 {250 Sep 325 Jan
♦290 330 *290 330 *290 330 *290 330 *290 330 *290 330
67*4 June 8
35*8 July 64*4 Nov
62
63
19,200 Chesapeake A Ohio______ 100 58 Apr 24
61% 62
60
61*8
60% 61*4
59*8 61*4
61*4 62
17*8 Nov
11*4 Apr 24 15*8 Jan 3
10*4 Jan
12*8 12*4 12*4 *12*4 12% 12 % 12 % 1,800 Chicago Great Western... 100 33
12 % 12*8 12
• 12*8 14
Apr 24 39*4 Jan 4
25*2May 41*8 Nov
Do pref................... ..100
36
36
1,900
35% 36
36
36
35*4 35*4
35*4 36*8
36*8 36*8
91 Apr 22 102*1 Jan 3
77*4 July 101*8 Dec
7,510 Chicago Mllw A St Paul. .100
9734 98%
96
96*4
97
97*4
96
97
96
97*4
9678 97
Do pref....................... 100 1271* Mar30 136*8 Jan 5 1207s Sep 135 Dee
600
•129 129*4 *129 130*2 130 130
130*4 130*4 130% 130% 130*4 130%
600 Chicago A Northwestern..100 124% Mar30 1347s Jan 3 118*i July 135*8 Nov
129% 130
*129 130
128*2 128*? 128*2 128*2 *12712 129% 129 129
Do pref.......................100 {165 Apr 13 175 Jan 11 163 July {180 Nov
100
*173
176
*173
176
*170
175
175
175
*170 175 *170 175
10% July 38*8 Apr
22 % 23% 22 % 22% 24,360 Chicago Rock Isl A P ao...l00 15i2 Apr 22 24*2 June21
22*t 23*8 22
22*4 23*4
22*4 22%
22*4
Chic St Paul Minn A Om..lOO 120 Jan 19 123 MaylS {114 Apr 123 Nov
*117 125 *117 125 *117 125 *117 125 *117 125 *117 125
131*4
Apr
12
136
Jan
27
Do
pref.......................
100
124
Sep 135 Dec
♦135
145
*135
150
*135
145
*135
145
*135 145 *135 145
59*2 June 8 121 Jan 52 Oct
53
53
400 Clev Cln Chlo A St Louis.. 100 38 Apr 27
*54
54
*46
53
*51
53
55
54
53*2 53%
Do pref....................... 100 70 Feb 2 86 Junel4
53's Feb 77 Oct
*31% 82
400
*82*8 85
82*2 82*? *80*4 84*4
81
81
*81% 84*?
24*4 Apr 24 36*2 Junel3
24 Mar 38*1 Nov
*32
34
*32% 32*4
33
33
650 Colorado A Southern____ 100
32*8 32*2 *32
40
32*2 33
45 Jan 60 Nov
59
59
200 Do 1st pref__________100 46 Apr 1 60 June 9
*57*8 60
*57
60
*57*2 60
57*2 57*2
*5812 60
Do 2d pref_________ 100 40 Marl3 57*4 JunelO
35 Sep 52 Nov
*50
55
*50
55
*50
55
*50
55
*50
55
*50
55
1491s
Apr
20
155*8
May23
Delaware
A
Hudson..........100
138*.
Aug 154*8 Nov
136
100
*150 152 *150 152 *150 152
150*8 150*8 *150 153 *134
Delaware Lack A Western..50 216 Marl 8 237 June 9 199% Jan 238 Nov
*227*8 233 *227*2 235 *227*2 232 *227*2 232 *227*2 227*4 *227*2 232
8% Mar30 16*4 Juno 13
4 Jan 16*8 Nov
200 Denver A Rio Grande___ 100
*10
15
*12
14
♦10
14
*12
*12
15
13*2 13*2
15
Do pref____________ 100 15 Mar 8 34*2 Junel3
6 *i Jan 29*8 Nov
31% 31*2
29
29
30
31
3,400
2978 30%
29*4 30
30*8 30*2
32 Apr 22 43*8 Jan 3
197s Feb 45*8 Nov
34*4 35%
35*4 36*4
36% 36% 51,600 Erie............. _................... 100
34*4 35*4
34*2 35*4
35*8 36
Do 1st pref................100 48 Apr 22 59*8 Jan
32*4 Feb 69*i Nov
52
521,
2,700
51
51*2
51
51
51*4 52
51*8 51*4
51
51*8
27 Feb 54*4 Dec
44
44
100 Do 2d pref__________100 41 Apr 22 54*2 Jan
*41
44
*42*2 44
*43
44
*41
44
*41*2 44
... May 5 127*2Jan
112*4 Jan 128*8 Nov
120% 120*2 120*4 12034 6,300 Great Northern pref_____ 100 118
*120 120*2 119*8 120*8 119*2 120*4 120*4 121
33*8
June26
50*4
Jan
Iron
Ore
properties..
N
o
par
25U Jan 54 Oct
34%
8,523
34*2
35
35%
33*4
34*2
33*4
34*4
34*4 347s
33*8 35*8
99 July 113 Apr
105 106
105*4 105%
1,400 Illinois Central..................100 99*4 Apr 17 109i2Jan
*104
108
104
104*8 *104*4 108 *104*4 108
15*4 Feb 15 21*8 Jan
187s July 25*8 Nov
3,500 Interbor Con Corp, vtc. N o par
17*2 17*2
17% 17*2
17*8 17*2
16*2 17
1678 17*4
17*4 17*4
71
Feb
15
77
*2
Jan
Do
pref.......................
100
70 July 82 Nov
*74
75
*74%
75*?
900
73% 74%
*74*2 75
73*2 74*4
74*4 74*2
23<s Apr 28 32*4 Jan
20*8 Feb 35*8 Nov
26
26
1,900 Kansas City Southern___ 100
26*4
25
25% *25
26
26
2478 26
25*8 25*8
Do pref....................... 100 58% Apr 20 647sJan
647i Feb 65*i Nov
*59
345
61
61
*59
61*4
61*2
61
61
*59
61
61*4 {61
10 May 2 2078 June21
6
Jan 16*8 Dec
19% 19%
1,500 Lake Erlo A Western........100
19% 20
19
19
19
19
19
19*8 19%
19*2
19 May 41*8 Dec
44
45
43*2 43*2
1,100 Do rref....................... 100 32 Apr 20 45 June21
*42
43
42
42%
*42
42*8 43
44
85 M a y 31
64*8 Feb 83*4 Nov
7834 79%
78% 79
9,900 Lehigh Valley___________ 60 74it Jan 31
77*2 78
76*2 77*2
76*2 77*8
77
77*4
41*2 Junel2
15 Jan 27*8 Oct
*35
38
40
800 Long Island.......................50 20 Jan 31
35*2 35*2 *35
*35
37
35*8 35*8
34*4 36
134 134
236 Louisville A Nashville___ 100 121 *8 Mar 1 135*2Junel3 104*2 July 13018 Nov
132 *132 134
*131*2 134 *131*1 133 *131*4 134 {132
128
Apr
28
131*8
Jan
28
Manhattan
Elevated........100
125
June 132 Dec
129
*127
129
♦127
*125
129
*125 129 *125 130 *125 130
4 Mar 1 15*8 Jan 4
8
Sep 19*8 Feb
100 Minneapolis A St L ouis...100
5
5
*434
*4*4
5*4
*1*4
5*4
5*2
*4*4
5*4
*4*4
5*4
24 Sep 49 Feb
*13
17*2 *14
200 Do pref..................... 100 15 Marl7 33*j Jan 6
17*2
18
*15*2 17*2 *14
17*2
17
17*2 *14
Jan 126*8 Nov
1,500 Minn St Paul A S S M ___ 100 11614 Apr 24 129 Junel5 106
126% 126% 126*8 127
126*8 126*2 124*2 125*8 125*2 126 *124% 126
Do pref.:................... 100 135 Jan 13 137 Jan 15 123 June 136 Dec
*134
138*2 *132 138*2 *132 133*2 *133 138*2 *135 138% *133 138%
3U Apr 25
7*4 Jan 13
4 Sep 15*4 Apr
434 434
*4*4
4%
500 Missouri Kansas A Texas. 100
*4
478
5
4*2
4*4
4*2
*4*2
4*2
Do pref------------------- 100 10 Apr 3 16*2Jan 4
10*8 Sep 40 Apr
300
*12% 13
12*2 12*2 *12% 13
12 % 12 %
12*8 12*2 * 12*2 13
3% Apr 22
7*8 Mayl5
1*4 July 18*4 Apr
634
7
1,800 Missouri Paclflo................100
7
7
6*2 6%
6*2 6*4 *6*4 7
6*8 6*4
3% Apr 22
7*8 Nov
7*8 May 23
Trust co certlfs of deposit..
3 Dec
634
1,800
7
6% 6% *6*4 6%
6*8 6*2
6*8 6U
6*4 6*i
Nat Rys of Mex. 1st pref.. 100 23% Jan 21 24 Feb 18
14l2 Aug 28*8 Oct
*
23
23
23 * ____
23 * ____ 23 *____
23*4 *
6% Mar28
9*4 Oct
9U Jan 12
Do 2d pref..................100
4*4 July
* 6*4
7*4
* 6%
734
*7
7*4
7*1
*6*2
*6*2
7*4
*6*2
7*4
81*2 Mar 110*8 Dec
103*4 104
10234 104*8 10278 10378 103 103*4 103% 104% 104*2 105*4 11,800 N Y Central A Hud River. 100 100U Apr 22 111*2 Jan 19
57 Apr 26 777s Jan 10
43 Feb 89 Oct
62
62%
61*4 62%
6,600 N Y N H A Hartford........100
61
61*4
61*4 61*4
61*4 617s
60% 61*?
21*4 Jan 35 Apr
28*4 28% §2734 2734 2,520 N Y Ontario A Western... 100 26 May 5 31 Jan 3
*26
27
27% 28*2
26*8 27*4
26*8 26*8
99*i Jan 122*8 Dec
131 131*4 130*1 131*4 130*8 131*4 130*4 131% 130*2 131*2 130% 132*2 16,350 Norfolk A Western............ 100 114 Mar 1 137*8 June 7
80*i Sep 90 June
Do adjustment pref..100 84<s Feb 25 89*s May22
* 86*2 88
50
*86
*86
88
{ 86*2 86*2 * 86*2 88
88
*86*2 88
109*4
Apr
24
118*8
Jan
4
Northern
Pacific................100
99*8 Feb 118*8 Deo
114
112*2
113*2
113
113*2
10,200
112
112%
113*4
113*2
113*8 113*2
113*8
60 65% May 5 59*4 Jan 4 61% Feb 61*8 Nov
5734 57% 12,299 Pennsylvania............
57*2 57*4
57
57*2
57*4 5712 57
57*4
57*8 57*4
88 June 5
65 May 86 Nov
*78
88
88
*78
500 Pitts Cln Chic A St Louis. . 100 78 Feb 17
*82
88
80
85
*82
*82
85
87
*
Do pref.......................100 88 Jan 26 98*4 Jan 13 90 June 98*8 June
97
97 *
97 *____
97 * ____ 97 * ____ 97 *__
69*8 May 85*8 Nov
96% 98% 265,700 Reading________________ 60 75<s Jan 31 110*4 May23
96% 98%
94
94*8 9678 94*4 96*2
99*8 100*8
99*8
1st preferred................... 60 41% Feb 19 46 Feb 29
40*8 Sep 45 June
*42*2 44
*42*2 44
*42*2 44
*42*2 44
*42*8 44
*42*2 44
52
May
19
411,
Feb
21
2d
preferred.....................60
40 Feb 44 Apr
*43%
48
*44%
47
40C
*44
47
45
45
*45
45
45*2
45*8
15% May 18 17*4 June28
17%
600 St Louis A San Fran new (w 1).
*17
17*2
17*2 17*4 *17*4 17*4 *17
17*2 *17
17*2 *17
Do preferred (when Iss)
*
St Louis Southwestern___ 100 18 May 4 20*4 June 9
11
Sep 23 Nov
19
20 ♦
20 * ____ 20 * ____ 20 *____ 20 *
29 Sep 45% Dec
200 Do pref.......................100 40 May 9 46*2June 9
4412 *44
44*2 *41% 44% *41% 44*2
43*8 43*.
43*4 43*i *40
11*8 July 20 % Nov
16
16
16
16%
1,200 Seaboard Air Line________100 14 Apr 22 18*8 Jan 13
15
15
*15
15
15*2
15*2 15*2
16*2
Apr 24 42 Jan 13
30% July 43% Nov
__ __ *38 38*2 38*2 38*2 400 Do pref................. ...100 34%
*37*8 39
*37*4 39
37*8 38
9414 Apr 22 104*8 Jan 4
81% Feb 104% Dec
97
98%
15,620 Southern Paclflo Co_____ 100
97% 98
96*4 97*8
96*8 9678 96*4 96%
96*8 97*8
18
Apr
24
24*4
MaylO
121* July 26 Nov
Southern
Railway_______
100
24
22
%
22
%
25,900
22
%
22
22*4
21*8
22*4
22*8 22*2 21*4 22*4
42 July 65 Nov
Do pref.......................100 58 Apr 24 71 June 9
70
2,900
67*4 68
69
66*2 67
67
67
*67
69
65*2 67
612 Feb 14 1378 June21
17% Apr
8% July
* 12 % 13
1,400 Texas A Paclflo................. 100
12*4 12% *12*4 13
13*4
13
13*4
12*4 12*4 *12
68*2 June22
35 Jan 64% Oct
66
67
3,100 Third Avenue (Now York). 100 69i2Jan 31
*66
67
65*4 67
66
66*4
67*4 67*i
65*8 67*4
99 June 8
90 July 100 Apr
400 Twin City Rapid Transit.. 100 94 Mar24
97
97
96*4 96*4 *95*4 98*2 *95*2 98%
97
97
*95*2 98*2
49,000 Union Paclflo___________ 100 129*4 Apr 22 143*8 May23 115% Jan 141% Nov
136 136*8 135 136*4 135*8 13678 135% 136% 136% 137*4 137% 139
♦82*4 82*4
Do pref.... .............. ..100 *81% Mar 1 84 Jan 28 *79 Mar 84% Nov
82% 82%
900
82*8 8212
82*8 82*2
82*8 82*2
7*4 May 9 21*4 Jan 4
8 Jan 27*8 Oct
10% 10% 10% 10% 2,700 United Railways Invest...100
9% 11
9*4
9
8*2 8*2 *8
*8*8
21% Mar 47% Oct
Do pref____________ 100 18 June23 39*4 Jan 3
20
20
*19
21
1,100
18*4
20
%
19
18*2
18*2
*17
18*2
*17*2
13*s Mar 7 17 Jan 3
12 % Oct
17% Nov
14
14%
13% 13%
2,700 Wabasb____ ___________100
13% 13%
13*8 13*4
13*2 1378
*13*8 1378
Do pref A..................... 100 41% Mar 1 51*4 May22
43% Oct 49*4 Nov
47% 48*2
47
47*2
48*2 49*2 10,800
47
47*4
48
467s 48
48*4
Nov
25
Apr
22
32*2
Jan
15
Do
pref
B
do_________
100
2634
32*2
8,700
Oct
27%
25*2
*26*4
26*4
26*8
26*2
27*i
26*8 26%
27
26*8 27
34*2 Mar27
29
29
29% 29%
2,500 Western Maryland............ 100 24l2 Feb 28
9% Jan 35% Oct
27*2 28
29
29
27
28
28*4 28*4
Do pref.......................100 40 Mar 7 51 Junel3
25 Jan 50% Oot
*43
48
*43
48
*42
48
*42
48
*43
49
48
*48
2*s Jan 20
5*4 May23
6 % Nov
>1 July
*4%
5
4%
1,600 Wheeling A Lake Erie___ 100
4%
5
4%
*4
*4
4*2
4*2
4*2
5
19% Nov
10U Apr 27 17 June28
Do 1st preferred....... 100
900
2 Aug
*15
17
*15*2 17
15
17
*14
* 1212 15*2 *13
15*2
16
3U
Jan
18
8 *g Nov
7
June2S
%
Aug
Do
2d
preferred_____
100
2,200
*6
7
7
6
%
6
%
7
*4*2
6
6
6*4
*4*4
5*2
28 July 45 Nov
42
42% *40
42
1,700 Wisconsin Central............ 100 33 Apr 19 43*8 June 9
40
41*4
39
39
*39
40
39*2 39*2
Industrial Ac Miscellaneous
15 Apr 27 2112 Apr 29
*15
16% *15
16*?
600 Advance Rumely_______ 100
15
15
*14
16
15
15
15*8
35
*27
35 *__
200 Do pref____________ 100 32 June24 43 Apr 28
35
35 *____
32
34 *____
34*i *30
2 1 % Dec 40*| Apt
19% 20%
19% 193,
4,900 Alaska Gold Mines..............10 17<8 Mar 8 26*8 Jan 7
19*4 19*4
19*4 20*4
19*4 20
20*4 20*4
7*4 Junel7 10*4 Jan 7
9% Dec 13*2 Nov
8
8% *8
8*? 5,400 Alaska Juneau Gold Mln’g.10
8
8
8
8
8
8
7*4
8*2
22<8 June28 337s Mar 14
7% Jan 49*t Oct
25
23% 24
13,000 Allls-Chalmera Mfg v t C..100
24
22*8 2378 22% 23% 23
24*8
23*8 24
33 Feb 85% Deo
9,700
Do preferred v t o___ 100 72l2 Apr 22 84i2MaylO
78*2 79
*75% 75%
77*4 79*2
78*2 80
78*2 79
79*4 81*i
*63
68
*65
200 Amer Agricultural Chem..l00 63 Apr 22 72*4 Jan 3
68
48 Jan 74*i Nov
*63
68
*65
68
*65*4 67
64*4 65
*98 100
*98 100
100 Do pref_____ _______ ICO 96 Mar23 100 Junel2
90 Mar 101*8 Nov
♦97 101
*98 100
98*2 98*. *99 101
61*4 Feb 1 94i2 Junel4
8734 88% 35,300 American Beet Sugar........100
33% Jan 72% Deo
84*2 86*2 87*4 89*2
85
87*4
84*8 87*i
84*4 87
Do pref.... .................. 100 93 Apr 24 102 June22
*96 100
*96 100
83 Feb 95 Nov
100
*96 100
*96 100
*98
*98*8 102
*98 106
87% Feb 109% Aug
10312 103*2
100 Amer Brake 8b A F ctfs dep.. 100 Apr 11 104 Junel7
♦98 106
106 *102 106
*98 106
*98
165 Feb 24 195*4 Jan 3 132% Mar 219% On*
2 Do pref ctfs deposit..
{170 170 *168 186 *168
186 *168 186 ♦168 180 *168 186
25 Feb 68*2 Oct
523g 53% 14,800 American C a n .................100 50U June27
65*8 MarlO
52
52%
51
52
5278 531.
50*2 53
50*4 52*8
91% Jan 113% Nov
850
Do
pref..... ............... 100 109 Apr 22 113*8 Jan 26
109*8 109*8 109*4 109*2 *109*4 109*2 §109*2 109*2 109*2 109*2 ♦109 109*2
40 Feb 98 Oct
54
55% 19,700 American Car A Foundry. 100 5314 June29 78 Jan 3
53% 56*2
54% 56
54% 55*4
56*8 57
5478 57
300
Do
pref.....................100 116 Mar20 110*2 Mar 11 111% May 118 Aug
116*4 116*4 *116*4 118 *116% 117*2
*116*2 117*2 *115*4 117*2 117*2 H 8
82 Jan 170*8 July
145 145
145 145
1,100 American Coal Products.. 100 140 Apr 24 1757aJan 19
142 142
142 142
*141
144
140*8 142
Do
pref.....................100 115 Jan 20 117*2June 1 {105 Jan 120 Sep
•116 119 *117 119 *117 119 *117 119 *117 119 *117% 119
5434 54%
501, Apr 22 67*i Jan 17
39 Jan 64 Oot
53% 54
900 American Cotton OH........100
53*4 53*4 *5378 5578 53% 54%
53*2 53*2
91 June 102% Nov
99*2 *99
Do
pref.....................100 98 Jan 6 102 MarlS
99%
99*2 *99
*99 100
*99
99*2 *99
*99 100
4% Feb 14% Oot
8*4
June
3
12
Jan
3
10
10
%
10
8,500
10
%
10
%
10*8
American
Hide
A
Leather.
100
9% 10*4
*9*8
9*8
9*4 10*4
19*4 Jan 69*i Oct
52
52
10,900
51*4 53*2
Do
pref................. ..100 45 Mar 1 57 Jan 18
52% 53*4
50
53*2
49*2 51*4
49*8 49*8
20% Jan 35 Apr
25 Jan 20 31*i Feb 19
2,500 American Ice Securities__ 100
28% 28*2
28*2 28%
28
28
28*2 28*2
28
28*g
28
28*2
1878 June28 25*8 Jan 26
19*4 193,
7% Jan 31% Oct
5,030 American Linseed_______ 100
19% 19%
18% 19*4
20
19*8 19*4
20*4
19*2 20*4
*4434 45%
24 Jan 50% Oot
1,400
Do
pref..................... 100 38h Mar 1 53*4 Apr 25
14*4 45*2 *44% 46
45
44*2 44*4
45
44*4 45
60*4
Jan
11
Mar 74% Oot
83*4
Marl4
19
68
%
67*2
25,600
Amerioan
Locomotive___
100
67*4
69
05*2
67*2
67
65*4
67*2
68*2 65*2 68*2
75 Mar 105 Nov
400
Do
pref....................100 99*4 Mar 2 104*4 Apr 3
101% 101% * 101*2 102% ♦101*2 103
*101 102
102*2 102*2 102 102
5<2June 3 10 Apr 7
500 American Malt Corp____ 100
3% Apr 13% Oot
8%
7%
7*4
7*4
*6
8
* 6*2
7*2
*6
8
8
*5*2
3,075
21% May 37*i Dec
35% 36
37
38
Do
pref..................... 100 *31%Jan 14 38 Junc30
36
35
34*8 35*? *34
*34*2 36
35*4
85 Apr 20 88 May25
86
*84
85*2 *83
50 Amer Smelters See pref B.100
78 Jan 88% May
*83
84
86
*83*4 85
{83*4 83*i *83
92 Jan 3 96*2Junell
92% 92% *93
500
95*2
Do pref Ser Astamped..
86 Oct 92 Dec
*92
93
*92*2 93
92*8 93
{93*2 93*.
88 %Apr 22 113*8 Jan 4
93% 95
56 Jan 108% Dec
93*2 94% 39,270 Amer SmeltingA Refining. 100
90*s 92%
9278 93*8
91*2 93*8
90*2 93
1,550
Do pref....................... 100 IO9 I4 Apr 22 114*8 Feb 3 100 Jan 113 Nov
111 111 *109% 111% *110 111 *110 112
110 110
109*8 110
American Snuff................. 100 130 Mar23 149*2 Juno 8 144 Jan 165 Apr
♦140 145 *140 145 *130 145 ♦130 145 *130 145 *130% 145
Do pref........... ........... 100 106t2 Mar22 110 Jan 27 103 Jan 110% Nov
♦103 110 *103 110 ♦103 110 *103 110 *103 110 *103 110
24% Mar 74*2 Oot
2,100 Amer Steel Foundry......... 100 44 Apr 24 61*4 Jan 4
48% 49
48% 49%
46*4 46*4 ♦46*4 48
47
46*i 47*2
47*2
09% Feb 119% Nov
10934
IO
934
1,200
*108%
110
109%
109*2
American
Sugar Refining..100 105i2Apr 22 116>2Jan 8
110 n o *109 111
108*8 109*4
119
200 Do pref....................... 100 115*8 May 5 119 May25 109 Feb 119% Nov
118 118 *116 119 *116
119
*116
117*2 117*2 *116 120
8,300 Amor Telephone A Teleg..l00 128*4 Feb 1 131*8 JunelO 116
Jan 130*4 Nov
129% 130*4 130 130% *128% 128*2
130*8 130*2 130 130*2 12978 130
204% 204%
1,400 Amerioan Tobacco........... 100 188 Feb 16 209*4 Feb 3 195*2 Deo 252*i Apr
204 204 *203*2 205
202*2 203*8 204 205 *203*2 205
100 Do pref (new)............ 100 105*4 Apr 24 108*1 Fob 8 103% Jan 111 Nov
*106*2 107*2 *106 108 *106*2 107*2 106*2 106*2 *106 106*2 *106 106*2
42 Jan 11 55*4 Marl4
7,450 Am Woolen of Mass____ 100
45*4 45*2
46 Nov 56 Oot
45% 46%
44*4 45
44
45*i
44*4 4578 43*2 45*8
95
95 Dec 08% Nov
94% 94% *94
95
1,650
Do pref.......................100 92 Jan 10 102 MarlO
967s 9678 97
96*8 9678 94
97*8
4012 41^4
3.3% 40*2 22,800 Amer Zlno Lead A 8 ..........25
38*8 June30 977s Apr 10
67% Dec 71% Dec
39% 41*4
42*2 43*t
40*2 44*2
39% 41*2
64
June22
65
3,050
65*2
66
65*2
71*2
JunelO
65
66
Do
pref.......................25
65
65
65
65*2 6678 65
81% 823, 72,725 Anaconda Copper_______ 50 77 Apr 22 92*8 Feb 14 c24% Feb
91% Nov
81% 82%
79*4 80%
77*4 81
78*4 80
77*4 80*8
* Bid and asked prices: no sales on this day. t Ex-rights. ( Less than 100 shares, a Ex-llv. and rights. 5 New stock, e Far *25 per share, s First Installment
paid, x Ex-dlvldend. .» Full-paid.




July

i

1916.]

45

New York Stock Record— Concluded—Page 2

Por record of sales during the week of stocks usually Inactive, see second page preceding.
H IG H A N D LO W

S A L S PR ICE S— P E R S H A R E , N O T P E R C E N T

STOCKS
NEW YORK STOCK
EXCHANGE

PER S H A R E
R ange S ince J an . 1
On baiU o f 100- t h a n loti
Low est

x

* Bid and asked prices: no sales 00 this day.
Ei-divldend. n Par JlOO per share.




( Less than 100 shares,

H ighest

PER SH AR E .
R ange f o r P r e tic tu
Y ea r 1915
Low est

H tg S u i

t per share Sper share
$ per share
Industrlal&MIsc.fCon). Par $ per share
26*8 Mar 1541* Oct
Baldwin Locomotive____ 100 74 June30 118*8 Jan 3
92 Mar 114 Sep
Do pref____________ 100 104 June20 110 May 24
46U Jan 600 Oct
Bethlehem Steel________ 100 415 Jan 11 550 Marl4
91 Jan 184 Oct
Do prel____________ 100 130 Jan 24 145 Jan 6
79i* Dec 94*8 Oct
Burns Brothers............... .100 70 Junel9 87 Jan 3
561* Aug 7978 June
Butte & Superior Copper__ 10 65 June22 105U Mar 9
8 July 38*8 Dec
California Petroleum, vtO-100 15 June27 42*8 Jan 3
30 July 81 Dec
Do prof____________ 100 40 June29 80*g Jan 3
32*8 Feb 6 U4 Nov
Central Leather________ 100 49 Apr 22 57 June29
Do pref____________ 100 1087* Jan 3 112l2 June28 100*8 Jan 1101* Nov
Chandler M otorcar____ 100 881* Apr 24 131 June 5
Chile Copper.......................25 20UJune 8 25*gJan 5
23% Dec 26*8 Nov
32*4 Jan 57*8 Nov
Chino Copper____________ 5 47Sg June'23 60 Feb 19
Colorado Fuel A Iron____ 100 38'g Apr 22 53 Jan 4
21*4 Jan 661* Sep
Consolidated Gas (N Y)._100 1301* Mar 1 144*4 Jan 8 113*4 Jan 1501* Oct
Continental Can________ 100 75U Jan 31 104'2May25
40U Jan 127 Oct
88i* Jan 1091* Dee
Do pref.......................100 106 Feb 1 112 May 11
8 Jan 2H* Oct
Corn Products Refining__ 100 131* June26 25h Jan 25
65 Jan 96*4 Dec
Do pref..............
100 85 June26 101' 2 Jan 14
Crucible Steel of America. 100 5234Jan 12 99'2 MarlO
18U May 1097, Sep
84 May 1121* Sep
Do pref____________ 100 lOSUJan 11 1191* Junel6
Cuban-Amerlcan Sugar. ..100 152 Jan 5 245 Mar28
38 Jan 177 Dec
03 Mar 110 Sep
Do pref____________ 100 104*4 Feb 1 110 June 8
51* Mar 501* Oct
Distillers' Securities Corp.100 4112Jan 31 54' 2 Apr 29
Domo Mines, Ltd________ 10 23 Feb 23 29'* Feb 8 116 June 3014 Deo
Mar 80 June
Federal Mining & Smelt__ 100 147, Apr 19 35 Jan 7
20 Mar 65 June
Do pref____________ 100 35ig Apr 24 57i* Jan 7
General Chemical_______ 100 {265 Jan 5 350 Mar 18 165 Jan 360 Oct
Do pref...... ................ 100 {113 Jan 5 116 Jan 27 106 Mar {1161* Nov
General Electrio________ 100 159 Apr 22 1781* Jan 17 138 Mar 1851* Oct
82 Jan 558 Dec
General Motors_________ 100 405 Apr 24 560 June 5
90*8 Jan 136 Deo
1201*May 2
Do pref____________ 100 110*4 Feb
24i* Jan SOU Oct
Goodrich Co (B F)............ 100 67*4 Jan 31 80 Apr 10
95 Jan 114U Oct
Do pref_____ ______ .100 110 Jan 24 116*4 MarlO
79h Apr 91 June
Granby Cons M 8 A P__ 100 84 Apr 22 99 Feb 10
37 Oct 52*8 Dec
Greene Cananea Copper.. 100 34 June26 53*g Mar 9
16*8 Jan 47i* Oct
Inspiration Cons Copper__ 20 42*gApr 22 507g Junel4
51 * Mar 29*4 Nov
Internat Agrlcul Corp___ 100 15 Apr 25 297* Jan ‘
8 Mar 71*4 Dec
Do pref____________ 100 42 June27 74 Jan
119*4 June 7
90 May 114 June
Intern Harvester o f N J __ 100 108i2Jan
110 July 120 Nov
Do pref____________ 100 114 Feb 29 1191* Jan
18 Dec 201* Dec
Int Mero Marino ctfs of dep. 13*g Feb 15 29U May
651* Nov 77U Deo
6 U4 Mar 1 100*4 June 5
Do pref ctfs of dep_____
Intern Nickel (The) v t c .. 25 42 Mar " 56% Jan 17 179*4 Dec 223U Oct
8 Jan 127g Deo
9i2 Mar 1 127* Juncl2
International Paper_____ 100
59i*June 8
33 Feb 60*4 Dea
Do pref____________ 100 42i2 Feb
96 Apr 4
Jewel Tea, Inc__________ 100 67 Mar
Do pref.......................100 105 June22 113 Apr 4
68i2 Apr 22 767g Mar20
Kelly-Springfleld Tire........ t o
Do pref____________ 100 957g Apr 24 971* Marl4
Kennecott Copper__ No par. 465g June26 69 Apr 3
86 Jan 6
28 Jan 94*4 Sep
Lackawanna Steel..............100 64 May
Lee Rubber A Tire__ No par. 46*4 Mayl9 561* June 5
Liggett A Myers Tobacco. 100 240 Apr 14 265 Jan 4 207 Jan 260 Deo
Do pref____________ 100 118 Mar30 122 Mar 3 113*4 Jan 120 Deo
16 Feb 31 Jan
Loose-Wiles Blso tr co ctfs. 100 15 Mar 3 21 Jan 18
88 Feb 105's Jan
Do 1st preferred...-.100 78 MarlO 9 li« Jan 13
55 Dec 67 Oct
Eo 2d preferred_____ 100 60 Mar 3 591*June27
166 Lorlllard Co (P)............... 100 179U Jan 19 224 June 8 1651* Jan 189 Nov
120'g Apr 10 112 Sep 118 Jan
Do pref_____________100 U5i2 Jan
1514 Jan 92 Oct
Maxwell Motor Inc tr ctfa.100 57U Mar 3 89*4 Mayl6
43h Jan 103*4 Dec
Do 1st pref stk tr ctfs. 100 78 Apr 22 93 Jan 3
18 Jan 681* Oct
Do 2d pref stk tr ctfs. 100 42U Mar 2 607gJune 6
51 Jan 124U Deo
Mexican Petroleum_____ 100 88 *gJune28 129*8 Jan 3
67 Jan 1041* Dec
Do pref_____________IOC 89i2June28 105*8 Jan 3
1714 Jan 36U Deo
Vllaml Copper____________ 6 337g Mar 1 391, Apr 3
42 Jan 79U Dec
Montana Power________ 100 68I4 Mar 1 871* Junel4
99 Jan 120 Dec
Do pref...................... 100 109 Jan 3 116 June23
National Biscuit________ 100 1187g Apr 24 12514 Mar20 110 Apr 132 Jan
Do pref....................... 100 124 June30 129*8 Mayl2 119 May 127U Deo
91* Jan 38U Oct
Nat Enam’g A Stamp'g...l00 19*4 Apr 22 29*4 Jan 5
79 Apr 97 Deo
Do pref....................... 100 92 Jan 19 971* Feb 18
44 Jan 70*4 May
National Lead__________ 100 60i2Apr 22 737, Jan 19
Do pref......................100 112 Feb 9 116 Mayl6 104*4 Jan 115 Nov
11*4 Feb 17 Nov
NevadaConsolCopper______6 15 Jan 31 18*g May24
56i* Feb 164*4 Bep
New York Air Brake____ 100 125 Apr 22 153i* Jan 15
64 Jan 81 Apr
65i2 Apr 26 75 Jan 3
North American Co_____ 100
6*3 Jan 31 11*8 Jan 7
2 Feb 12*8 Deo
Ontario Sliver Mining___ 100
xSU Dec 38 Aug
Pacific Mall...................... 6 11*4 Jan 3 296, Mar 2
26U Feb 491* Oct
Pacific Telep A Teleg____ 100 32i4 Apr 25 44 Jan 15
People's G U C (Chic)..100 100>g May 5 1117g Jan 3 106'-* Dec 1231* Apr
351* Apr 49 Sep
Philadelphia Co (Plttsb)...6C 38 Junel5 46 Jan 17
15U Jan 421* Oct
Pittsburgh Coal................100 22*g Apr 24 36*4 Jan 17
8l*s Jan 114 Oct
Do pref____ ________ 100 100 Mar 8 111*4 Jan 13
25 Mar 78U Oct
Pressed Steel Car............... 100 43 May 5 65>8Jan 4
88 Mar 106 Oct
Do pref_____________ 100 99i2June23 1047g Jan 4
Public Scrv Corp of N J .. . 100 114 Jan 31 132 Mayl 6 1001* Aug 120 Dec
Pullman Company______ 100 1597gMaylO 171*4 Jan 17 ISO's Mar 170U Oot
5*4 No*
6*4 Jan 19
14 Mar
2*g Mar22
Quicksilver Mining______ 100
67* Nov
8*4 Jan 26
3i2May25
*4 Mar
Do pref____________ 100
54
Oct
471*
Junel2
32
Apr
22
19
Mar
Railway Steel Spring........100
87 Mar 102 Nov
Do pref.... ............. 100 95h Mar 9 100 Jan 4
15h Jan 271* Nov
Ray Consolidated Copper.. 10 20 June23 26 Feb 21
19 Feb 57U Deo
Republic Iron A Steel___ 100 42 June26 5514 Jan 3
72 Jan 112*8 Dec
Do pref.......................100 1067g June26 112 Marl4
Sears, Roebuck A Co........100 168U Mar 1 188 Jan 3 *131*4 Mar 209U Feb
Do pref.......................100 125 June28 127U Mar 3 121*a Jan 128 Dec
Sbattuck Arts Copper____ 10 27"g Junc27 40U Feb 14
24 Jan 667* Dec
Slosa-Sceffleld Steel A Ir._100 46*2June26 63i4Jan 3
40 Feb 164 Deo
South Porto Rico Sugar...100 146 Jan 29 240 JunelO
89»g Feb 110 Oct
Do pref.......................100 108 Feb 2 120 June 6
43i* Feb 96 Dec
Standard Milling..............100 86 MarlO 103i2May25
66 Feb 85 Nov
Do pref.... .................. 100 85i2 Mar 1 94 Mayl7
35*4 Jan 195 Oct
Studebaker Corp (The)__ 100 121 May 5 167 Jan 3
91 Jan 1191* Oct
Do pref_____________ 100 109 Apr 27 114 Marl4
251* Feb 70 Sep
Tennessee Copper________ 25 33 June‘23 661* Jan 5
Texas Company (The)___ 100 177U June27 2351* Jan 3 120 May 237 Dec
9U Dec
4*s Jan
8 *g Marl7
414 May 9
Union Bag A Paper......... 100
227g July 3U* Deo
Do prof........................100 28 Jan 27 35 Marl8
42 Jan 68*4 Oct
United Cigar Mfrs............100 56t2Junel3 64 Mar20
Do pref...................
100 108 Marl4 111 May 11 100 June 110 Oct
69 Dec 6101* Oct
69 Feb 9 610 Feb 19
United Cigar Stores_____ 100
Do pref_____________ 100 i»llt* Feb 10 612 MarlO 61H* Oct 612ig Nov
United Fruit.....................100 130'g Jan 31 169'* June 8 139 Nov 163 Nov
8 Jan 317 S Oct
15'g Jan 31 281* Marl4
US Cast I Pipe A Fdy___ 100
82i* Mar 551* Nov
Do pref.......................100 48'2 Feb 5 54*8 Junel6
15 Jan 131*4 Deo
U S Industrial Alcohol___ 100 120*4 Jan 11 1701* Apr
70 Jan 107 Nov
Do pref...............
100 102 Mar 2 114 Jan 13
44 July 74*4 Api
United States Rubber___ 100 47*4 Mar 1 581* Jan
101*8 Feb 110 Apr
112 Apr
Do 1st preferred......... 100 1061, Feb
U 8 Smelting Ref A M ___ 50 62i* June27 80*4 June 9
Do pref______ ________50 50 June20 531* Apr 11
38 Feb 891* Dec
United States Steel______ 100 179*4 Mar 1 89 Jan
118'* Jan 25 *102 Feb 117 Oct
Do pref_____________ 100 115 May
48U Jan 81*4 Deo
Utah Copper.... ...........
10 75 June23 86*4 Feb 19
16U Juno 9 20*4 Feb
Utah Securities v t c ____ 100
16 Jar. 52 Oct
Vlrglnla-Carollna Chem. . . 100 36 Apr 24 51 Jan 17
80 Jan 1137, Dec
Do pref...............
100 108 Apr 22 112 Jan
57 Jan 90 Nov
Western Union Telegraph-IOC 87 Mar 1 967, May26
32 Feb 747g Oct
Westlnghouse Elec A Mfg.,60 63*g Apr 22 71*8 Marl5
am* Mar 85 Oct
Do 1st preferred............50 70 Apr 19 79 Mar 15
n
87
Feb n268 Nov
n325
June
5
nl99>4
Jan
31
Wlllys-Overland (Tho)___ 25
Do pref Sub rects full pd. 100 102 Mar 2 117 June 5
90U Jan 1201* Dec
139>* Mayl2
Wool worth (F W)..............100 118 Jan
Do pref............... -.100 123 June29 1251* June 6 116 Jan 124 Aug
t Ex-rights, a Ex-dlv. and rights. ftNewstock. « Par *25 per share, j Ex-stock dividend.

46

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly

_____________ Jam‘

1009

<a< g*<aa"g«

BONDS
S , Y. STOCK EXCHANGE
Week Ending June 30.

o/ ta otin g Dondt
P rice
Friday
June 30.

II

D. S. Government.
O S 3a eonsol registered...<11930
® B 3a consol coupon____ iH930
0 3 83 registered________ *1918
O 0 3s coupon__________ *1918
0 B Is registered..................1925
0 B 4a coupon.... .................1925
a B Pan Canal 10-30-yr 2a.* 1936
V 8 P n Canal 10-30-yr 2 s ..1938
87 9 Panama Canal 3a g___ 1961
0 3 Philippine Island 48.1914-34

was changed,

W eek ’ s
Range or
Last Sale

Bid
At* Low
H igh
99 ____ 9973 Apr ’ 16
99
99i2 May’ 16
993.,
993,1 Salo' 9934

ana prices art n o n ail— "a n a i n u r u f — e te e v i fo r incom e ana defaulted Donat.

Rang*
Since
Jan. 1,
N o . Low H igh

BONDS
N. Y. STOCK EXCHANGE.
Week Ending June 30.

P rice
Friday
June 30.

W eek ’ s
Range or
Last Sale

Ohio Burl & Q (C on .)—
A i t Low
H igh
Sowa Dlv sink fund i)3___ 1919 A - O
__ 102*2
102*2
Slaking fund 4a______ 1915; A - O 99*.,- . . . 9934
997g
Joint bondn. Cee Great North
100
100
Nebraska Extension 4e...l927 M-N
983g 93
98
1103., U2 1101 ., HOI,
Registered____________
1927
M-N
96 Jan T 6
1103.,
___________
111
Juno’10
Southwestern Dlv c-.$___ 11924 M- R 99*4___ 99*3 June’ 15
98i2 ____ 9SU Oct '15
General 4s_____________ 1955 fri 8 92*2 Sale 92
92*4
97 July'15
Ohio A E 111 ref A Imp * 1 a . .1955 J i
22*8 30 21*4 Apr TH
-M 101
102!2 May’ 16
1017g 103U
U
S
Mge
A
Tr
Co
ctfs
of
dep._
21
25
20
June’
16
100
100 Fob T5
lst consol gold Sa________ 1934 A '-’6 107*2___ 107*2 June’ 16
General conaol 1 st 5a___ I l 937 M- fi 86---Sale 86
86
Portion d a m n n o e t
Registered...... .......... 1937 M- N ------ 85
82 May’ 10
Anglo-French 5-yr 5s Ester loan. A - O 953g Sale Oo'.l
0538 1875 931j 9618
U S Mge A Tr Co ctfs of dep
85*4 Sale 85*4
85*4
Argentine—Internal 6s of 1909.. M
t 93>8 Sale
4 89*4 95«i
93ls
95
C.uar
Tr
Co
ctfs
of
dep.
.
.
-----85*4
85 Juno'lG
Chinese (Hukuang By)—5s of ’ ll .» t) t 72 Sale 71
12 09
72
78 U
Fur money lat coal 5 a___ m 2 r 973, Fc!> T3
98t.i 9934 9833 June’ 16
Cuba—External debt 5s of 1904 .
9314 10034
Chic A Ind C Ry 1st 5s...1936 j - j ' 2 6 " ” ” 2213 May’ 16
Exter dt fig of 'i4 ser A__ 1949
90
A 957a 963S 90
94Ig 97
Chic Great West 1st is ____ 1959 M- S 70*4 Sale 70*8
70*4
External loan-1 V$s_____ 1949
A 80i2 Salo 86i2
8 Gi2
6 81iS 87
Ohio Ind A Louisv—Ref 68.1947 J - J 113*2 115 115
115
Dominion of Canada g 5 s w I 1921 A -O 99r>8 Salo 991,
9934 203 983g 100T
Refunding gold 5s........... 1947 J - 3 100 ____ 101 Juno’ lG
Ho
do
1926 A -O 9934 Salo 991.,
380
997S
97ls IOII4
Refunding 4s Sorlea C__ 1917 J - 3 80 94
95*8 Apr 'l l
Do
do
1931 A
100i2 Sale 993g 100-34 157 90*4 10238
Ind A Loulav 1st gu 4a...1958 3 - J 70 ___ 55 Deo T5
t 8434 85 843,
Japanese Govt— £ loan 4K* 1925 f
85
17 821., 8 OI4 Ohio
Ind A Sou 50-year 4e..„l956 J
87
90
89 May’ 16
89 91*j
Second series 4 Ms........... 1925 1
t 84*s 845s 84M Juno’ 16
78l2 86
Ohio * 8 4 East lst 4}fs___ 1939
96*s 97*2 Apr TO
97*2 97*4
8034 Salo 79l3
Do do "German stamp” .
82 ''9 2 73
8414 Chicago Milwaukee A St Paul— 3 -D
sterling loan 43________ 1931 !
t 68
09
09-3., June’ 16
03
72i2
9 0 ', 91
Gen’l gold -Is Series A___ <1989 J
20 90*3 94
90*3
91
SSeslco—Ester loan £ fis o f 1899
{ 40 79
45 June’ 16
45 60
Registered__________
<1989
91*4
(-----9
2
**3
Feb
T
6
Q
92*8
92*s
Gold debt is of 1204........ 19,54 J • O 27i2 Sale 27M
27i2
2712 50
Permanent 4 s ................. 1925 J - D
94*4 Sale 93*8
91*2
93*8 95*.,
Prov of Alberta—deb 4 Ms 1924 e - a
95i2 Jan T5
Uan A ref Ser A 4M«___ ii20li A - O 92 Sale 92
92-1,
92
9412
Yokyo City—fis loan cf 1912... M r S t~ 7 7 h Salo' 77‘2
7734
74
80
Gen
ref
conv
ser
11
fis__
a2014
107*8
Sale
106
F
A
107*8
100 110
IT A ete are prices an t ie D am of 55(0.£
Gen’l gold 3Ms Ser S___ <1989 J - J 783S so
79
79
78 81*2
aiBtj and CJSy Sseur5«S*s.
General 4 Ms Ser O..........<1989 J - J 100*2 IOU4 101
101*2
1007g- 104
102 Salo 102
IO2I4 49 101 103
HJ ,
i i B .................. I960 M- 8
SB-ysar
deben
4s...........1034
91
01*2
91
J
J
91*s
10233 Sale 1021., 1023S
01
93*2
«MS Corporate stock___ I9 f
103
4
101
Convertible 4Ms_______ 1932 J -D 101*3 Sale 101
100 1033.,
lODg
4, Ms Corporate stock___ 1965 J -D 10633 Salo 1003s 1007s
106*8 10S*2
Ohio A L Sup Dlv g 5e___ 1921 J - j 103 ____ 10378 Feb TO
1037g 1037g
SMs Corporate s to ck ..'Il 983 !W- 9 10Gl2 10G34 100I2 10012
1057g 10778
104*2____
Chic
A
Mo
Itlv
Dlv
fi
3
_.
.//1926
104*2 Juno’ lO
J - J
104*2 1057a
*% Corporate stock____ 1959 M-N 9934 Salo 9934 lOOlg
977S 100*3
Ohio A P W 1st g Gs_____ 1921 3 - J 103*8 Sale 103
103*8
103*8 104*8
8 % Corporate stock____ 195,3 M-N
U97S 100 100
100
98 100*4
90*8 90l2
O M A Puget 8 d 1st gu 4» 1949 3 ■ J 90
90*2
89*2 917g
n % Corporate stock____ 1957 M-N 100
100
100
9738 1003g
106*4
106*8
Dubuque Dlv lst s f 6 s ... 1920 J - J
100i2 106i2
106*2
IO/Sg
«% Corporate stock........1956 M-N 993.1
97U Jan TO
97*4 97*4
Fargo A S<ju assum g Qs. 1924 J - J llOJg . .
110 June’ 13
jYsw 4Ma........................ 1957 M-N
1063s 106-38 100i2
10534 107*2
101*8
.
.
La
Crosse
A
D
1st
6
s........1919
102*4
Feb
TO
J
102*8 102*4
New «Ms-------------------- 1917 M- N
101 10133 Deo T5
Wls A Minn Dlv g 5s____ 1921 J - J 10234 103*2 105 Juno’ lG
103*8 105
Corporate stock...1957 M-N l o o ' 107 100-34 June'16
106 107*2
Wls Vail Dlv 1st 6 s_____ 1020 J ■ 3 107
106*2 May’ 16 -100*2 107*4
6 M% Assessment bonds. .1 0 1 7 M-N 100 101 1007g June'10
lOOTg 1007g
MH A No lst ext 4Ms___ 1931 3 -D 10134 102*2 101*8 June’ ioj----- 10178 1017g
90 93 May’ 10
3M% Corporats stock... 1054 M-N
1013
4
___ 101*4 Juno’ lG
88 »» 93
Cons extended 4Ms___ 1934 J -D
101 10134
3 Y Stats—4s___________ 1951 ft! - S
105 105l2 Apr TO
10212 lOfiSg Cfclo A Nor West Ext 441888-1926 F - A 97
_
97*8
Juno’
lG
95*8 97*8
Canal Improvement 4s...1961 i • J
105U 10434 June’ 10
102
105*4
Registered........... 1886-1926 F - A 91 >3 . . . . 97 Apr TO
97
97
lOiC, 105 102U Jan TO
Canal Improvement 4a... 1982 J
102*4 102*4
General gold 3 Ms.............1987 M- N 81 81*2 81
81*4
80 84
Canal Improvement 4s...i960 i - i
105 10212 Jan TO
102*2 102*2
Registered......
..........
pl9S7
78*2
Jan
T4
Q- F
canal Improvsment 4M1-1984 3 - i
115T Juno'lG
113 115*4
General 4s_____________ 1937 M- N 93*4 Salo 93*g
94*8
933g 95*s
Canal Improvement 4Ms. 1965 J - J
107M Feb T6
106*2 107*4
Stamped 4s____ - I ” ” l087 M- N ------ 94*2 9333
933g
03*8 90
Sighway Improv’t 4Ms.. 1983 M- S 11412 114*8 115 Juno’ 16
112*2 115
General 5s stam ped _ 1987 M r N ------11478 114*4 114*4
114*8
116*4
Highway Iraprov't 4Ms.. 1905 M- 9 104 109 10934 May’ 16
111 .
107 109*4
Slaking
fund
6
s___
1879-1929
A
O
112*2
Jan
'10
11212
112*2
*8438
Tlnlnla funded debt 3 -3 s . . . l 99 i J - J
843., Juno'lO
84*4 88*3
Registered........... 1879-1929 A - O 110 ___ 109*2 Apr TO
10912 109*2
51
69 deferred Brown Bros stfs
52
51
51
10434
___
50*4 58i2
sinking fund 5s____ 1879-1929 A -O
IOI34 June’ 16
101*8 10-134
Railroad.
Registered............1879-1929 A -O 1033., __
103*2 Apr TO
103*2 101
•■■ArtOr lot g 4s-------- 6.1S95 Q ■ J 63 68i2 681s OSig
63
68*3
Debenture 6s _________ 1021 A -O ------102*2 103*8 June’ 10
103 103*2
AJsh lop A 3 Fe gen g 43...1995 A - O 9234 Salo 92i2 93
92*2
95*8
Registered_________ 1.1 9 2 1 A -O
101 Dec ’ 12
Registered_____________199 3 A •O 91i2 Salo 9U2 9U2
91*2 935g
Sinking fund deb 5s_____ 1933 SO- N 101 104*2 101
104
cT 103*8 105
S4i2 84
Adjustment gold 4s.I” I*199s NOV 84
8412
84
88
Registered___________ 1933 M-N 102 1037s 104*., Juno’ lG
104*4 IOU4
Regietertd................. *1995 Nov ------ 853S 80i2 Jan T6
84*2 80*2
120*8
Pram Elk A Mo V lst 6S..1933 A - O
121 Juno’lO
121 121
8478
M-N 84 85 8-U2
84*2 88*4
Man O B 4 N W lst 3Ma 1941 3 - J 80
90*2 Sep 09
conv gold 4s........: : : :
Joss J -D 10 -134 Sale 104
10434
80
100*4 107*8
H!!
.
w
A
8
L
1st
gu
3Ms—
-1941
J
Oonv 4s Issue of 1910 .._'Il9G0 3 -D 104-34 Sale 103’4 10434
101*4 107*4
Mil L 8 A W6st 1st g 0a.._ 1921 M- 8 103*8 109 108 May TO
108 109
10-year 6a..................
1917 3 -D ------IOII4 101M Juno’ lO
101 101*,
B i t A Imp S f gold 5 s... 1929 y - A
100*2 May’ 16
1003s 107*2
East Okla Dlv 1st g 4s.” 11928 M- S 9U2 ____ 90i2 June’ lO
90*2
Ashland Dlv 1st g 6s ... 1925
8 112 113 lll^s Deo To
Rocky Mtn Dlv 1st 4a ...1965 J - J 85U 80i2 87l2 Apr TO
111
89
Mleh Div lst gold 6S...J924
J
112*2 Feb TO
112*2 1 1 2 D
Trans Con Short 1 , 1st 43.1958 J - J ------ 9018 91 June’ 10
92
92*o
Mil
Spar
A
N
W
1st
gu
4s.
1947
93*8
sas
91*4
Juno’
lO
91
94
97 973g 97
17
97
99
* Ie.t A ref 4 Hs "A"1962 SI- B 104M
Northw Union 1st 7s g__ 1917 M- S
107*a May’ 14
. . . 104>2 May’ 16
1033., 104*2
Ff eL
r f1stPh
Ifltits___
8 33---- 1942 M- 8
107 1053, 107
36 L Peo A N W 1st gu 5a. 1948 J - J
105*4 109
All®Coast
gold
*1952 M- S 91 Sale 91
91'.,
I 01
9 1 943g
Winona
A
8
t
P
1st
ext
7s.
1916
J
D
102i2
Deo
T6
4‘SS.............. 1964 J - D ------ 90*2 90i2
90t2
101*2 101*., 101*2 101*2
90*2 92*8 Chicago Rock Isl A Pao 6s..1917 J lOUj 1027S
Ala Mid 1st gu gold 3s___ 1928 M-N 100 1077g 100'3S 10G38
106-4 107*8
Registered____ ______ 1917 J lWVg 10212 101*2 May’ 16
10112 102
Bruns A W 1st gu gold 4s. 1938 3 - J 9212 ____ 94>4 May'16
93*4
95
Sy
general
gold
4s_______
1988
15 8 U4 87
• J 34*2 843.] 84i2 85
° “ ®r_!T
as * Bav 1st gold 7s. 1938 J - J 1321., . . . . 1297g Aug T5
83
Registered____ _____ 193 s
83*2 83 Juno’ lO
■
J
84*4
83
CAN coll gold 4a______ 01952 M-N 8558 Salo 853s
8558
Rofundlngiioid ja........... J934
85*i 87*2
74*8 Salo 74*2
■o
75*s
G3»4 75*2
Sav V & W 1st acid 8a___ 1934 «A--O
u 119 HOlg 1197g Juno’ lO
119*4 *122
•0-year debenture 5 s____ 1932
• J 02*2 Sale 61
627g
03*.,
41*2
1st gold 6s__________ 1934 A - O 108 ___ 105 July’lo
Coll trust Series P 4a____ 1918 M-N 95 97*2 95*4 Juno’ 10
95 95>4
_ /j '1£DrS,C.a A 0 Bu « <a” ” l918 J - J 9918 100 99ig Feb TO
99*8 99*8
R I Ark A Louis let 4Ma.. 1934 IW- S 00 Salo 583.,
60
54
05*8
9235 Sale 923g
927g
2i*lt A Ohio prior 3Mb........1926 J
93
92*4
937g
9934
Bur O R A N—lst g 5 s... 1934 A -O
9934 June’ 16
97*4 100
..? ™ atered................... *1925 Q - ■» 92 ____ 92 Juno’ lO
9U 2 02*s
1J A N W lst gu 53...1921 V - O
1007s Mar’14
1st 50-year gold 4s........*1948 A - O 9078 Sale 90'2 91
90*2 9212
M
A
St
L l e t gu g 7s........1027 3 -D
Registered.................*1948 Q ' ------ 91i2 90 Juno’ lO
89*2 91*4
Choo Okia A G gen g Sa.elOlO
J 99-*4____ 9934 Apr TO
98*3 09*4
aO-yr conv 4J*s............... 1033 95M Sale 9438
9538
94*2 98*3
Consol gold 5s_______ 1952 ftl-N
O?** July’ 16
5. eAun<3 * gen es Series A. . 1995 J - u 100>2 Salo 100>4 10034
100 10134
Keok A Des Moines lst Gs 1923
© " o f" ' e s ' 00 Juno’ lO
55 63
Pitts Juno 1st gold 6s........1922 J - J
112 Jan T2
A 07*4 08 68 Juno’ lG
84 pa'U * K O Sh L lst 4M« Ml
05 71
*r
lst« 3M3 1925 M- N 9034 ___ 91 Juno’ lO
91
92
Gb.o St P M A O con 63 ___ 1930 J -D 117*2 119 118*3 June’ 10
1173.1 11878
87
?*■ ®
Va 8ys ref 4a..1941 M- M 87 Sale 803.,
90*4
.
.
86*s 90
Cons 6 s reduced to 3MS--1930 3 -D
------, 87*4 Feb T7
8734 8734
90i2 9058 90i2
9034
*0l<1 3MS. 1925 J
90 92*2
Debenture 5a__________ 1930 ffl- 8 99*2 101*3 10178 Juno’ lG
101*4 103
lOOU____ 100 Apr T3
Cent Ohio R. 1st 0 g 4Ma.. 1930 M
Ch St P A Minn lat g 8 s .. 1918 M-N 117*2___ 117*2 May’ 16
117*2
118*4
Cl Lor A W con 1st g 5S..1933 A - O 107-38 ____ IO713 June’ 16
107*8 10778
North Wisconsin lst 63...1930 3 - J 117*2____ 129*3 May’09
10014 102 101 Juno’ lO
S O T .® 1* " ,9t *u * ‘5«--1919 ? - A 106-34
St P A S City lst a 6 j ___ 1919 A -O 104 105*4 101*2 Juno’ lO
104 105*3
____ 107 June’ 16
Chlo Itlver RR 1st g 3J...1936 -8 -D
107
107*3
Superior Short L lat 5a s.fl930 M- 8 104*2 100*2
P,®*"*™1Bold 5s..............1937 A - o 104l2 ____ 105U Mar’ 16
IOSI4 105*4 OhloT H A 80-east 1st 6s ... 1960 J - B 08 80 85 Jan T4
oil!8
* To1 lst * 6s.. 1922 A - O 106U____ 113ts Feb T2
Ohio A West Ind gen g 63 ..<1932 Q-M 105 1067S 100
100
106 107*2
O
O
I
3
____
99i2
Apr
TO
99*2
9912
........19 17 J - J
Consol 60-yoar 4s_______ 1952 1 - J 70*4 Salo 70*,
70*2
70 81*3
191 H,y *st gu g 4MS--1943 J - D
91 June’ 12
Cln H A D 2 d gold «Ms___ Il937 J - J 87 ____ 80*2 Jan TO
Hollyla Ry 1st 6 s _________ 1927 J .
80i2 80*2
74
80
let
&
refunding
4s______
1959
J
J
B u ffa lo I U P ««Q g tail I I I 1937 M- 5 1083., 109-3g 109*4 June’ 16
75*8____
lst guaranteed 4s_______ 1969 J - J
107*3 HO
86*4 June’ 12
M-N
101*4 10U,
O?.3*0’ 4* * - ......................
IOU4 103
Cln D A 1 1st gu g 5 s___ 1941 M-N 40 ___ 25 July’ 15
A I A West lst g 4s gu___ 1098 A - o
90i2 ____ 9258 Mar’ 10
92*3 9253
O Find A Ft VV lat gu 4s g . 1923
88 Mar’ ll
Clear A Mah 1st gu g 6s.. 1943 J • 107 ____ 103*8 Feb TO
_____
103*8
103*8
Cln 1 A W lst gu g 4s___ 1953
65 July’ 14
aoch & Pitta lst gold 6 s ..1921 F - A 10712 108 10734 May TO
10753 108*4
Day A Mich 1st cons4Ms.1931 3 —
913g Deo T4
l8t 8 8* ~ .......... 1922 J ' ° 1095S 110 110U Apr T6
107*4 110*4
Ind Dec A W 1st g 5 s___ 1935 3
05 July’ 14
Canada Soueons gu a 3g...i962 A - o 103 Sale 103
103
102*2 104*4
lat guar gold 5s........ 1935 J 107*2 Deo ’02
Registered_________ 1982 A -Q
10678 Apr T4
Oleve Cln C A St L gen 4 s ... 1993 i 80*2 Sale 80
80*2
771* 81
SfLC11.nc? * Otli0 1 « 30-yr'Bs ’38 J -D 94i2 90 95 Juno’ 16
92 95*2
87 88*2 86*2
20 -yr deb 4Ma________ 1931 J 86*2
83*2 90*4
Central of Ga 1st gold 5s...pl945 P - A 1075s 10734 1075g Juno’ lG
107*2 108
Gen 5s series B ______ IIl993 J 99*2
101*2 100*4 Juno’ lO
99*4 100*8
5®“ J'W M 6s................. 1945 M-W
1005g Juno’lG
100 102
8534
Salo
853s
853.1
Cairo
Dlv
lst
gold
4
s
.
_
"
'
l
&39
J
J
82 87
Chatt Dlv pur money g 4s 1951 J - D 84l2 . . .
84i2 May’ 16
831* 8412
Cln W A M Dlv lat g 4s 1991 J - J 75 76*2 77 Juno’ lO
757a 77*2
f4?® * Nor ^llv 1st g 5s..1946 J - J 103 . . . 101*4 May’ 16
101*4 1013.,
St L Dlv lst col! tr g 4s
1990 M- N 80*2 88
80*2
80*2
79 84*2
10 1 ____ 100U MarT5
M i ? a^ . AtlD,v 6*........ 1947 J
Registered________ *’ l990 M- N
82*4 Mar’ 14
; « g 5a..........1946 J - J 10312 .
102*4 Jan TO
84
102*4 102*4
SprACol Dlv lst gisl
1940 M
86*2 Juno’ lO —
85 86*2
•s,n RR A B of Qa cot g 5S..1937 M-N 94 9534 95 Juno’ lO
94 97
w w Val Dlv 1st g 43____1940 J - J 80 84 84*4 Jan TO —
84*4 84*4
,.-nt of N J gen’l gold 6s___ 1987 J ____1103., 1167g 11G7S
116 118*4
V I St L A C consol 6s___ 1920 M-N 105*8 10534 105 Juno’lO —
105 1053.,
Reglatcrsd............. *1987 o 11638 ___ 116-53 11033
92*4
115*4 117*4
04 91*8 Fob TO —
1st gold 4s________ *1930 q-F
91*8 91*8
10358 Salo 1035g 10358
rih
& ImD 811 59—-1991 J 90
103*4 103*4
Registered____
*1930 Q-F
88*2 May’ 15
Leh A Hud Rlv gen gu g 6sl920 J 100 ____ 100 Juno’ 13
Cln 8 A Cl con 1st 3 5 s” . 1933 J - J 102
102*a Mar’ 10 —
99
10212
102*2
, * Long Br gen g 4 s ..1941 M100*3 Jan T3
0 0 0 4 1 gen con g 6 s 1934 J - J 110*3 —
110*a Juno’ lO —
116*3 110*3
8U 8 <9—«1020 Q - F 80lg '82
80*3
80*3
80 83
Ind B A W 1st pref. 4 a ... 1940 A -C
94 July’08
ouesa A o fund A impt 6s. 1929 J - J ----- 07!2 9753 June'16
90 98
O Ind A W lst pref 5s. . .4 1938 Q-J
1st consol gold 5a..............1939 M-N 1053S 106 100
106
104*4 107*8
Peo A East 1st con 4s___ 1940 A -O ' to ' "77" 7 G34 Juno’ lO — - "0 3 " " 77”
Registered................... 1039 ih- n 103U 10412 104*2 June’ 10
103 104*2
30*4 38
Income 4s______
1980 Apr
38
38
18 23
38
General gold «M a~..........1992 M- S 00 Sale 90
91
90 93*4 Cleve Short L 1st gu 4Ma..Il001 A -O 100*4 100*2 lOOig 100*2 21 9934
Registered..................... ig92 m- 8
101*2
90*a Feb TO
91
90*2
11
14
Col
Midland
lst
g
4s.
1947
14 Juno’ lO __
J
J
7
10*4
85*4 Sale 85*2
8534
S?i*Qertibl®,4Hs............. 1930 F - A
85 89
10
12
Trust Co certfs of deposltl___
1 6
11
11
15*4
80 85
83*4 May’ 16
n lL P m * 7
a - ..........1344 J ’ D
83*4 85
Colorado A Sou 1st g 4s.
1929 P - A 91*4 Salo 91
9134
15 90 93*4
Coal River Ry i1st
gu 4 s ..1945 J
___ 84
83 Mar’ 16
83
343.,
833.,
Salo
21
83
84
Refund
A
Ext
4Ms—.
.1935
M-N
82*8 37*8
Craig Valley lst g 5s___ 1940 J 94 100 96*4 Feb T 6
96*4 96*4
^otta Creek Br i , { 4g----- 1946 j .
Ft W A Den C lst g 6 s . ..1921 J -D 105*2 100 105*2 Juno’ lO —
105 106*8
84»4 Jan T3
87
Conn A Paa Rlvs l 3t g 4s.. 1943 A -O
85i2 87i2 86*2 May’ 10
R ... DIv lst «on g 4 s ...1989 J
84*3 88
08 94 " Feb TO —
Cuba RR lst 50 yr 5s g___ 1952 J J —
91 9-1
-d consol gold 4s_____ 1989 J ___ 83
81i2 Juno’ lO
8 H2 83*8 Del Lack A Western—
Greenbrier Ry 1st gu g 4s. 1940 M88 __ 90 Apr T4
Morris A Es lat gu 3MS--2000 J - D 80*4 87*2 87 Juno’ lO __ 80*4 87
113U Feb T5
-a.Tea£rrl ? pr,nss V l8t« 6«_1941 MN Y Lack A W lst 6 s___ 1921 J - J 1083.,
1083, 1083,1
I 108 109*2
^ Alt°n h ll ref g Ss__ 1949 A '5953 H U 60 Juno’ lO
57 60
Construction 5s........... 1923 F - A 103*2 __ 10334 Mar'll! __ 103*4 104
S tilK a y 1st lien 3Ms
1950 J 46i2 495g 493g
4938
43 497g
Term A Improve 4s___ 1923 M-N 98*2 U912 9838 Juno' 10 —
08 98*3
rale B A Q Denver DlVSIIlOM P 0934 ____ 9934
9934
99 100
Warren lst ref gu g3Ma..2000 F - A 80
102*a Feb '03
Illinois Dlv 3Ms___ _
1949 j 8412 85 84l2
85*2
84*2 87
Del A Hud lot Pa Dlv 7s...1917 M- S 103 —
10438 Apr TO
104*8 104*2
Jliln olsD lv4s....::........m g } .
96 Sale 96
9G3g
94*2
90*8
__
Registered___________1917 M- S
104*2 Fob TO
104*2 IOU2
Registered________ Z_IiB49 j 97*2 Dec T5
10-yr conv deb 4s________1916 J -D —
too June’ 16 ____ 100 100*2
—
’ No price Friday ; latest thH week, d Duo April, e Due May
g Duo June, h Duo July. * Duo Aug. 0 DM Oct. y Duo Nov. g Duo Deo. 1 Option salo.

100 __

997S 9973
99i2 100
9934 10254
100 1027g
109-34 llllg
1 1 0 U 14212

8

W-8




100l2

102'

ifi'

101 101

10112102i2

100l2101

July 1 1916.]
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 30.

47

New York Bond Record—Continued— Page 2
P rice
Friday
June 30.

W eek'*
Range or
Last Sale

BONDS
N. Y. STOCK EXCHANGE.
Week Ending June 30.

Range
Since
J an . 1.

fl
I*

P rice
F riday
Ju n e 30.

Wert'*
Range or
L a tt Sale

Range
Since
J a n . 1.




0000

1

0000

H ioh N o L ou H igh
Bid
A ik L o u
H igh N o . L o u H igh
Del & Hud (Cow)
JMJ,, Art L o u
5 110 112*8
Leh V Term Ry 1st gu 3 5*.. 1941 A -O 111*4____ 111*4 111*4
10012 102
let lien euulp g 4Xe____ 1922 J - J 101% 10f% 101% Juno’ 16
2 111*2 111*2
l
l
l
U
____
"
9
Registered_____________
1941
A
-O
l
l
l
i
2
1 1 H2
93
98
I
4
96U
9314
1st A ref 43.......................1943 M- N 98% Sa e
106*4 70, 106 108
Lsh Val Coal Co 1st gu 2 58.1933 J - J IO414 10514 104*4 June’ 16
104*8 106*8
20-year Conv 5a...............1935 A -O 100 Sale 106
4; 85% 88
Registered_____________ 1933 J - J
105 Oct ’ 13
85%
Alb A Sua eonv 3>4s........ 1946 A - O 85% 80*4 85%
92
1st int reduced to 4s----- .1933 S
113 113
Kens & Saratoga 1st 7a ---1921 W *N 1 1 1 J2 - - - - 113 Fob ’ 16
90 May’ 16
90 90
89'4 90
78% " fl 70 79% Leh A N Y 1st guar g 4s___ 1945 M- s
Denv A K Or 1st con g 4a ..-1938 J - J 78% Sale 78U
3 83 8(3
Registered________
1945 VI- S
Consol gold 454»----------- 1938 J - J 84 85*2 85i8 851s
4 78*4 85
106 June’ 16
8
10478 106*8
Long laid l3t cons gold 5s.-ft 1931 Q - J 106
83*2 85 85
Improvement gold 58----1928 J -D
9 U4 June’ 10
94*4 94*4
1st consol gold 4s............61931 Q - J 94
1st A refunding 5s---------- 1955 F - A 69*2 Sale 60iS 70iS 4J 5512 73
85i2 88'2 88 June’ 16
86
90
General gold 4a................. 1938 J -D
Rio Or June 1st su 2 6 s .. 1939 J - D 87*2 90 09 Doc ’ 12
61% Apr ’ l l
Ferry gold 4>tfs________ 192i M- e> ------ 99 99*s Apr '16
99*4 99*4
Rio Or So 1st gold 48........ 1940 J - i
35
35
Gold. 4s............................ 1332 J -D ................ 99U Oct ’06
35 35U
Guaranteed-------------- 1940 J - J "34
84*2 _86 ~
82t2 84i2 84i2 June’ 16
76
74 78i2
Unified gold 4s................1919 M76*4 73% 7718
Rio Or West 1st g 4a........1939 J - J
97
97
92 961* 97 Jan *16
62 65
Dehenture gold 5s______ 1931 J -D
Mtge A col trust 4s A .. 1949 A - O 65 75 05 June’ 16
90
A
pr’
14
87
S
8
7
s
887s
June’
16
87
90*4
Guar
refunding
gold
4s__
1949
M
S
92*4
Utah Cent 1st gu g 4s.al917 A - <)
Registered.....................1949 fd- S ------------- 95 Jan ‘ II
nes Mol Ua Ry 1st g 5a-----1917 M- M 99*2 __ .00 Mar’ 15
101*2 1031*
90 90
H Y B 4 M B 1st con g 5s. 1935 A - O 101*8___ 1031* Mar’ 10
77 85 90 Jan '16
Det A Mao- 1st lien g 4 s ... 1995 J -D
102** 103
75 85
N Y A R B 1st gold 5s...1327 M- S 10212 103i2 103 Apr ’ 16
75 80 75 June’16
Gold 4a.......... ................. 1995 J -D
101 102
------101
101 Apr ’ 10
91
Nor Sh B 1st con g gu 5s.il9.32 Q 90*4 94
Det Rly Tun-Tor Tun 4^8.1931 M-N 90*4 91 91
971*
95
95
2 88
104 104
Louisiana A Ark lat g 5s___ 1927 M- S> 88 95
Dul Mlsaabo A Nor gen 6s .. 1941 J - J 103% _____ 104 Apr ’ 16
3 111*4 113
102ia 103% Loulsv A Nashv sen 6s____ 1930 J -D 111*4 Sale 111*4 111*4
Dul A Iron Range 1st 5a___ 1937 A - O 102*2 10 1 % 102*2 Juno’ 10
LOO Mar’OS
108*g HO**
Gold 5s...........................1937 M-N 109*8___ 109*4 May’ 16
Registered_____ _______ 1937 A - o
'93
93*8 Apr ’ 10
93*2 96
94!4 94*s
Unified gold 4e................. 19i(> J - J 94U Sale
93*8 95i2
Du So Shore A At 8 5s........1937 J - J " o T ______
L03U Maj
103 104
Registered..................... 1940 J - J _________ 94 June’ 14
Elgin Jol A East lat 8 5s-----1941 m - N 102 %
104 105*4
110l2 25 109*4 111*8
104
Collateral trust goid 5 s... 193) M-N ------105i2 104
Erie let consol gold 7o..........1920 M - j 110 Sale L10
97% Juna’14
E H A Nash 1st g Os____ 1919 J - 0 1081*_____107*8 Deo ’ 15
N Y A Erie 1st ext g 4a...1947 M-N 90*2
100*4 102
1017g 10214
L Cln A Lex gold 4 )$s___ 1931 M- N 101*8____ 102 Mar’ 16
2d oxt gold 5a------------- 1919 M S 101*4 102 % 10 Us Juno’ 10
115 116**
98ij June’ 15
N O A M 1st gold Os____ 1930 J - J 114i2 11512 115 June’ 16
3(1 ext gold 4 'A a----------1923 M S 110
102 102ig
2d gold 3s....... ............ 1930 J - J 107*2____ 10978 May'15
4 th ext gold 53 ..............1920 A O 101*2 _____ 102 Juno’ 10
94 Nov’ 15
89% 90*8
Paducah A Mem Dlv 4S..1946 F - A 8SI4 90 89*s May’16
5th ext gold 4a----------- 1928 J D 92
107 108*4
St Louis Dlv 1st gold 6s.. 1921 M- , 106 107*8 108 Apr ’ 16
N Y L E A W 1st g fd 73.-1920 M 3 _ 109*4 108*4 108*4
108*4 111
1 84% 80i2
61 64
85
Erlo 1st con g 4s prior-----1998 J - J 81*2 85 85
2d gold 3s.................... 1980 M - t- 63*8____ 63*4 June’16
84 80 Oct ’ 15
85*4 90
Registered................... 1996 J - J
Atl Knox A Cln Dlv 4s...1955 M-N 86 I2 87*8 8612 86*2
74%
3 7378 77
Atl Knox A Nor 1st g 5s.. 1040 J - D ................I ll Jan ’ 13
1st conaol gen lien g 4a...1990 J - J 74 74*2 74
5 72t* 761*
72*2
106*4 107
Hender Bdge 1st a f g 6a..1931 M- S 106*4_____ 100*4 June’ 16
Registered__________ 1998 J - J 72% Sale 72%
17 88*4 90
89
87*4 89%
Kentucky Central gold 4s. 19S7 J - J 88*3 89 887s June’ 16
Penn coll tr g 4a................1951 F - A 89 89% 89
5 70 721*
70*2
71%
100 10U8
70*8 71
101*4
Lex A East 1st 50-yr 5s gu. 1965 A -O IOU4 Sale 101
60-yr eonv 4a A ________ 1053 A -O
53 7112 84
73
73 Sale 71%
99% 100 %
LA N A M AM 1st g 4)^3 1945 M- S 9 9 12 _____100*8 June’ 16
do
Series B..........1953 A -O
85*2 153 84*8 881*
77*2 82
76i2 79 79
79
85% Sale 84%
L A N-South M Joint 4s. .1952 J - i
Gen oonv 4a series D ___ 1952 A -O
Mar’ 16
100 100
Registered__________ A1952 Q - J ................ 95 Feb '05
8 u!f N Y A Erie lat 7 a ...1916 J -D
107
106% 107*4
105*4 107's
N Fla A 8 1st gu g 5s___ 1937 F - A 106 107*8 107U Apr ’ 16
Ohio A Erie 1st gold 5 s .-.1932 M-N 106 103%
Feb ’ 15
97% 97%
N A C Bdge gen gu g 4KS-1945 J - J 98*8____ 97*8 May’ 16
Clev A Mahon Val g 58— 1938 J - J 104*2 __
Apr '16
m u m%
108*8 108%
Pens A At’ lat gu g 6s___ 1921 F - A 108i8 109*4 108*4 May’ 16
Long Dock consol g 6 s__ 1935 A -O 122*4
Mar’ 16
105*4 108*8
102 102
S A N Ala cons gu g 5s— 1930|F - A 108*8____ 1108*8 May’ 16
Coal A RU lat cur gu 6a. . 1922 M-N 100*2 lot
May'10
101% 103U
102*8 100
Gen cons gu 50-year 5s. 1963 A -O 100 102*8 T02 Apr ’ 16
Dock A Imp 1st ext 5a...1943 J - J 106% —
103% Aug ’ 12
L A Jeff Bdge Co gu g 4s.-.1945 M- 6 80
81*8 Apr ’ 10;----- 80% 821*
N Y & Green I. gu g 6o__ 1916 iYI-N
99 May’ 10
98% *99' Manila RR—Sou lines 4 s ... 193d M-N
N Y Bus A W let rel 58— 1937 J - J —
100'4 Dec ’00
Mox Intemac 1st cons g 4s..1977 M- S
77 Mai’ 10
2d gold 4 « a .................1937 F -A
'72" 8 1 '
Stamped guaranteed____ 1977 M- S
79 Nov’ 10
General gold 5a.............1940 V - A 77 78 78 Juno'16
105% May’ 16
105i2 1051* Midland Term—1st s f 5s g.1925 J - D
101 Oct '09
Terminal 1st gold 6a....... 1943 M-N 105*2
l l l i 2 May’ 12
115 115
Minn A St L 1st gold 7a___ 1927 J -D
115 Mar’ 16
Mid of N J 1st ext 6s........1940 A - O 104
84% 8578 June’ 16
103 103*4
8578 ' 6 6 "
Pacific Ext 1st gold 0s__ 1921 A -O 103 104 103 Apr '16
Wllk A Ea 1st gU g 59-----1942 J - D
40 100 May’ 12
88*2 90
1st consol gold 5a..........--J934 M- N 82*s 94 89 May’ 16
Ev dk Ind 1st con gu g 6 s-----1928 i - J
96
OOls June’10
52*4 64%
90i8
61
1st A refunding gold 4s . 1949 M- S 59 Salo 59
Evans A T H 1st cons C»___ 1921 J - ■'
63 May’ 10
45 —
63
50
60
60
Ref A ftxt 50-yr 5s ser A .1902 Q - F 60*4 65 60
let general gold j a--------- 1942 A -O
108 Nov’ ll
Mt Vernon 1st gold 6«----- 1923 A - O
Dea M A Ft D 1st gu 4a.. 1935 J - J 65 ____ 60 Feb '15
37 90%
95 June’ 12
87 89 87 May’ 16
bull Co Branch 1st g 5 s ... 1930 A - O
Iowa Central 1st gold 5s. .1938 J -D
51% 60
92 937S
Florida E Coast 1st 4)<a — 1959 J -D ------ 93 92 June’ 16
57*2
Refunding gold 4s____ 1951 M- f? 57*4 Sale 57*4
92** 9378
92 Aug ’10
9278
?ort St U D Co 1st g 4MS-. 1041 J - J
M 8tPASSM con g 4s Int gu 1933 J - J 9234 Sale 92*4
67
70*2 09 May’ 10
97*4 June’ 12
F t W A Rio Gr 1st g 4a........ 182S J - J
1st Ohio Term 8 f 4s......... 1941 M-N
61% 69
97% 99
Great Northern—
M S S A A 1st g 4s Int su.1920 J - J 97 ____ 93 June’ 16
90 92%
98% Salo 98
93*8
9778 99
0 B A Q coll trust 4a------ 1921 J - 1
Mississippi Central 1st a ...1949 J - J 92*2 93*2 92 May’ 16
98 Sale 98
70% 78%
75 Sale 74*4 75
98
Registered ft................ 1921 Q - J
97i2 98*4 Mo Kan A Tex 1st gold 4a.. 1990 J -D
40
50*2
48
2d gold 4s.......................J1990 F - A 45 Sale 45
99i2
99 100is
Sat A refunding 4 Me ser A 1901 J - J 99% 99% 99*8
52**
------- -90 June’13
1st ext gold 5s_________ 194! M- N 45 46*2 46*2 June’ 16
Registered ................ 1981 - 3
59
97's Feb ’ 16
59
lat A refund 4s_________ 2004 M S 59 Sale 59
Bt Paul M A Man 4s........1933 J - i "97%
9718 97%
48
45
Gen sinking fund 44$s___ 1930 J • * 41 45 45
12012 122
lat consol gold 6 a-------- 1933 J - J 120*2 I 2 U4 121*8 June'16
46
38 June’ 16
1201* Apr '10
1201* 12U*
St Louts Div is ref g 4 s ..2001 AA O ------ 38
Registered................1933 J - 99*4 Deo ’ 13
Reduced to gold 4 H3-1933 J - 3 102% 103% 102*8 102*8
Dal A Waco 1st gu g 5a__ 1940 M- N
101*8 103*4
72
GO 69
69 June’ 16
10212 1021*
102i2 May’ 10
Kan C A Pao 1st g 4s........1990 F - A 68
Registered........... 1933 J - J
74 89%
Mont ext 1st gold 4a...1937 J -D 95*2 98 9714 June’16
Mo K A E lat KU g 5s___ 1942 A - O 81*2 84 84 June’ 16
95*8 97%
50 66
65 66'x 65 June’ 16
961* Mar’ 10
Registered------------- 193. J -D
M K A O k 1st guar 5s___ 1942 M-N
961* 9Gl2
70*4 17 48 73
Pacific ext guar 4s 2 ------1940 J - J 86 ____ 851* Nov’ 15
M K A T of T 1st gu g 5s. . 1942 M- S 70 Salo 68
E Minn NorDlv 1st g 4a.. 1948 A - O 93>8____ 93 June’ 10
96 May’ 13
93” ‘ 6 3 ’
Sher Sh A So 1st gu g 5s.. 1942 J -13 ____ 54
49 63
50
Minn Union 1st g 6s____ 1922 J - J 108*4____ 109*8 Juno’lG
50
109*8 109*8
Texas A Okla 1st gu g 5s.. 1943 M- S 50 55
100 102
MontO 1st gug«S............ 1937 J - J 123*8____ 12014 Doo ’ 15
101*4
Missouri P3C 1st cons g 6 s... 1920 M-N 101*4 101*4 101*4
1.36*4 May’06
Registered................. 1937 J - i
89*4 95
Trust gold 5a stamped__ al917 M- S 94 ____ 95 May’ 16
1st guar gold 5s____ 1937 J - J 109*4 110*8 110*4 Mar’ 10
82 Oct '15
llOU 110*4
Registered_________ al917 M- S
Registered_______ 1937 J - J
88
83*s 89%
let collateral gold 5s........1920 F - A 88 ____ 88
Will A 8 Flat gold 5s ..1938 I -D 109*4 110*4 II 678 Apr"’i5
il0 78 ifo%
Registered__________ 1920 F - A
Green Bay A W deb ctfa "A ” . . Feb ____ 77% 75 Jan ’ 16
46*4
74 75
39*s 47*4
40 year gold loan 4s......... 1945 M- S 4634 49*2 46
12% 13
40 49
13 June’ 16
11
141*
49
Debcn otfs ” B’’ ____________ Feb
latA ret eonv 5s................ 1959 M- S 49 Sale 48*2
82
82
Gulf A S I 1st ref A t S 5s. .61952 J - J 84% 88' 88*2 May’ 10
84% 88 i2
3d 7s extended at 4%___ 1938 M N 82 ____ 82 May’ 16
100 Feb ’ 13
Registered...................... 61952 J - J
Boonv St L A S 1st 5s gu.1951 F - A
50 60
92*8 20 9078 96
Hocking Val lat cons g 4^3.1999 J - J 9078 Salo 9078
Cent Br Ry 1st gu g 4s...1919 F - A 53 ____ 60 June’16
68 ____ 77** Doc '13
97*4 Jan ’ 14
Registered........... .............1999 J - J
Cant Br U P 1st g 4a........1948 J -D
110 Mar’05
l
Leroy A C V A L 1st s 53—1920 J - J
001 A H V 1st ext g 4 s . ..1913 A - O 87%____ 87%
87%
89 92
90*4 June’ 16
Poo R of Mo 1 st ext g 4s.. 1938 F - A 90*4 91
Ool A Tol 1st ext 4a........ 1955 V - A 84%____ 80 Fob ’ 16 mmmJ
100 100*4
2d extended gold 5a___ 1938 J - J 100*2___ 100*4 100*4
Houston Belt A Term 1st 5s. 1937 J - J ____ 97% 94% Feb ’15
99*4 102%
101
St L Ir M A S gen con g 6s 1931 A - O 100 101*8 101
Illinois Central 1st gold 4a.. 1951 J - J 97%____ 97 Juno’ 10 . . . . 96*2 97%
Gen con stamp gug 5s.. 1931 A -O
102 J'ly ’ 14
92 Aug ’ 15
Registered...... .........
1951 J - J
74% 81%
Unified A ref sold 4a__ 1929 J - J "80*4 Sale" 80*4
80*4
1951 J - J 84 85% 85*4 May'16 . . . . 83 85*4
1 st gold 344s............
807g Oct ’12
Registered________ 1929 J Registered............
1951 J - J 33*4------ 83 Nov’15
68
74%
R lvA G D lv 1st g 43...1933 M-N "69*4 Safe 69*4
69*4
84 90 84*4 Feb ’10 . . . . 84*4 86%
Extended lat gold 3 W s...1951 A -O
Verdi V IA W 1st g 5s___ 1920 M- S 78 ____ 87 Sep ’ 15
Registered___________ 1951 A -O
112 115
Mob A Ohio new gold 6s___ 1927 J - 3 112*8 1137s 113
113
80 J’ly ’09
lat gold 3a sterling____ 1951 M- 8
108 109
109 Feb '16
Registered..................... 1951 m - 8
1st extension gold 6s___ 61927 Q - J ____ 110
1 88
75 76%
91*2
88%
Oeneral gold 4s________ 1938 M- S 75*2___ 76*4 June'16
Coll trust gold 4s________1952 A -O
88
89 88%
102 102
9812 ____ 102 Feb ’ 16
Registered............
1952 A -O
Mofltgom Dlv 1st g 5s___ 1947 F - A
95% Sep '12
89 Deo ’ 15
1st refunding 4s------------- 1055 M- N 88*4 89 89
St Louis Dlv 0s................. 7927 J - D 90 91
89% 32 88*4 91%
88*2 88*4
Purchased lines 3J4s........1952 J - J ____ 81% 81% Juno’ 16
81 83
8t L A Cairo guar g 4s___ 1931 J - J 88*s____ 88*2 Apr '16
103*4 107*2
L N O A Tex gold 4s........1953 M- N 85*4 80
85% June’ 10
85*4 87% Nashville Ch A St L 1st 63. .1928 A - O 100*4 107*4 107*4 107*4
110 % 1 1 0 %
Jasper Branch 1st g 6s___ 1923 J - J 108 ____ 110*4 Mar’16
Registered............
1953 M- N ------ 85 84 May’ 14
101% 101%
MoM M W A A1 1st 68—.1917 J - J 100*8 101 ION* Feb ’10
Cairo Bridge gold 4a........1950 J - D 92%____ 90% June’ 10 . . . . 90 02*2
T A P Branch 1st 8s..........1917 J - J 10078 __ 113 J’ly '04
Litchfield Dlv 1st e 3s----- 1951 J - J 68% ____ 74 Feb ’14
30 Mar’ 16
3 78*4 81*4 Natltys of Mex pr lien 4)43 .1957 J - J 30 60
30 30
LoulsvDlv A Term g 3^8.1953 J - J 79 80 78*4
78*4
83 Aug’ 12
30 70
68 Oct '15
Guaranteed general 4s___ 1977 A -O
Registered.....................1953 J - l
102
10 10 1 % 102
9078 Fob '13
Nat of Mex prior Hen 4)4a..l920 J - J
Middle Dlv reg Ca............ 1921 F - A 102 Sale 102
30 Aug '15
1st consol 4a___________ 1951 A -O
71 71
Oinaba Dlv 1st gold 3 s ... 1951 F - A 67 72% 71 Jan ’10
40 M»y’15
N O Mob A Chic lat ref 6 s „ 1960 J
St I.oula Div A Term 11 3s. 1951 J - ■* 68 % 76 681* Sep ’15
70 Apr '16
70 70
81% 81% New Orleans Term 1st 4s__ 1953 J - J ____ 74
Gold 3>Ss..................... 1951 J - J 80 81% 81% Jan '10
80 " * 2 80 80
110% 117%
N YCen RR eonv deb 0s ..1935 M-N 113 Sale 112*8 112*8
Registered................. 1951 J - J 80 80 80
86 %
83
Consol 4s series A______ 1998 F - A 83 84*8 83
83*4
78*4 78*4
Spring! Dlv 1st g 3)43___ 1951 J - J 79 81% 78*4 Jan ’ 16
9378
93% 95%
Ref A Imp 4)43 " A " ........2013 A - O 93*4 Sale 93*4
89
90*2
Western llcea lat g 4a___ 1951 F - A 88% ------ 90*2 May’ 16
82*2
81% 83%
N Y Central A U R g 3)4a.. 1997 J - J 82*2 827g 82*8
Registered............
1951 F - A
82%
117% May’ 10
81
81
Bellev A Car 1st 0s..........1923 J -D
Registered................... 1997 J - J 81 Sale 81
90% 93%
91
Carb A Shaw 1st gold 4,1 . . 1932 M- 8 80 ___ 94% J’ly '12
Debenture gold 4s______ 1934 M- N 90*8 907s 90%
90
90
Chic St L A N O gold 6s .. 1951 I - V 107%------ 107% May’ 10 — - 107*8 109
Registered................... 1934 M- N 90 ____ 90 June’ 16
74
79*4
Registered..................... 1951 J -D 105 ____ 114 Fob ’ ll
Lako Shore coll g 3Hs___ 199S F - A
75*8 76*4 75%
76
78
74
Gold 3}£s..................... 1951 J -D
74*2 75 74*2 June’ 16
90 Oct '09
Registered__________ 1998 F Registered................. 1951 J -1)
86 Mar’ 16
84*8 89
J P M A Co otfs of dep____ - .
8 I 06 103*8
76% 80*4
77
77 June’ 16
Joint 1st ref 6s series A. 1983 J - D 101 Salo 10 1
10 1%
Mloh Cent coll gold 3HS..199S F -A
77 Apr ’16
76
77*4
Memph Dlv lat g 4s— 1951 J - d 80%____ 80% Deo ’ 15
Registered__________ 1998 F -A
Registered................. 1951 J - D
Battle Cr A Stur 1st gu 3a. 1989 J - D "So"
95% 96*2
Bt Louis Sou 1st gu g 4 s ..1931 M- 3 90 93% 93 J’ly ’08
Beech Creek 1st gug 4 s... 1936 J - J 94 94i2 96 May’ 16
90%____ 91% Apr ’ 10
Registered__________ 1936 J - J 92 95 99 May’ ll
66
92%
ind III A Iowa 1st g is......... 1950 J - J
97 " " 2 96
104 104
98%
2d guar gold 5s..............1936 J - J 101 104*4 104 May’ 16
int A Great Nor 1st g 6 s___ 1919 M- N 96*2 97 98%
90%
1 90% 92*2
Registered________ 1936 J - J
James Fran A Clear lat 4s.. 1959 J -D 90*4 91*4 90%
3 68*8 71
68% Sale 68%
08*4
Beech Cr Ext lat g 3 « s —11951 A - O
Kansas City Sou 1st gold 33.1950 A -O
63 Oct ’00
88
88
Registered...................... 1950 A -O
Cart* Ad 1st gug 4s........1981 J - D 8SI4 89*4 88 June'16
00% 16 901s 94
Gouv A Oswe 1st gug 56—1942 J -D 103*4____
Ref A Impt fis........... Apr 1950 J - J 90% Sale 90*8
94 94
88 % 98 85*4 89%
Mob A Mai 1st gu g 4 s... 1991 M- S 94 ____ 94 Mar’ 16
Kansas City Term lat 4 s . ..i960 J - J 88*8 Salo 80%
89% Feb ’ 16
89*4 89%
N J June H guar 1st 4a ...1986 F -A
Lake Erlo A West lat g 5a.. 1937 J - J 93*2 99% 99 June’ 16
90% 100
82 " * 2 75 83%
2d gold 5s.................... 1941 J - J
82 85 82
N Y A Harlem g 3 Ha___ 2000 I f W 821*____ 85 June’ 15
98 Mar’ 14
105% 105*2
North Ohio 1st guar g 5s.. 1945 A -O
N Y A Northern lstg 53..193' .. - O 106*4------ 105*2 Mar’ 16
89% June’ 16
83 90
89% 91%
N Y A Pu 1st cons gu g 4s. 169j A -O
Leh Vail N Y 1st gu g 4)*s—1940 J - J 100 % 10 1 % 100% June’ 10
100 % 103
Pino Creek reg guar 6s___ 1932 J - D 118**------ 113 May’ 15
Registered.........................1940 J - J 99% 101 100*2 May’ 16
100 % 102
3 103% 1041*
R W A O con 1st ext 6S—*1922 A -O 103*8 104 103% 103%
Lehigh Vail (Pa) cons g 4 s..2003 IVI-N 91 91% 91 Juno'16 . . . . 89*2 92%
3 W 4 0 T R 1st gu g 58—191S M-N 101 ____ 104 June’ 10
General cons 4
2003 M-N 99** 100% 99*2
99% 101%
99*2
Due April. « Due May. t Due June, h Due July, ft Due Aug. 0 Due Oct.
* No price Friday; latest bid and asked this week, a Due Jan. ft Due Feb.
p Due Nov. * Option sale.

48

New York Bond Record— Continued— Page 3
BONDS

If. T . STOCK EXCHANGE

Week Ending June 30.

!i

P rice
Friday
June 30.

W eek's
Range or
Last Sale

Range
sin ce
Jan . 1.

9 Y Cen & H HR (Con.)
Bid
A il Low
N o Low H igh
H ig
Rutland 1st con g 4^8...1941 - .
80 85*. 81*4 Doc ’ IE
09 ___
Og A L Cham 1st gu 48 gl94S 67 ___
—
P.ut-Canada 1st gu g 48.1949
St Lawr A Adlf 1st g 5a... 1996 . - j 90 ___ 100 Oct ’ IE
2d gold 69 .....................1996
Q 100 ___ 11912 Mar’ 12
- j
Utica A Blk Hlv gu g 48__ 1922
971*___ 90*4 Nov'lE
Lake Shore gold 3 H a........1997
8412 85
8-U4 June’ lC
-D
83*g 80
Registered__________ 1997 . -L
83 83*4 33 June’ ll —
83 83
37 94*8 96
Debenture gold 4a____ 1928
s 95 Salo 94*2
95
45 94 95*4
94*4 Sale 94*2
26-year gold 4s..............1931 l -b
95
Registered ................1931 I -N
94*8 Fob ’1( —
94 94*8
Ka A A G R 1st gu c 59__ 1938 ■ - J ___ _____
Mahon C l RR 1st 59 ........ 1934 . - J 10 GU
. 104*2 Deo 'IE
Pitta A I, Erie 2d g Cs__a1928 • 0 103 104 102*2 June’ lC — 102 104
Pitts McK A Y 1st gu 6s .. 1932 . - . 115*2___ 130*8 Jan 'OS —
2d guaranteed 6a......... 1934 , - J ________ 123*4 Mar’ 12
101 ___
McKees A B V 1st g 6s. 1918 , Michigan Central 5s____ 1931 I - s 106 ___ 104*2 Deo ’ IS
Registered...... .............1931 -w 104*2___ 104 Deo TE
<8 .................................. 4940 . - J 89*4___ 98 Apt T2
Registered...... ......... 1940 . - J
87 Feb T4
i L A S 1st gold 3>j 8__ 1951 1 • i
90 June’08
lat gold 3>$s................. 1952 I -N 84 80
83*4 Juno’ 10 ___ 83 85
3 88
80-year debenture 4 s ... 1929 i -C
86*4 89
88*2
88 ij
90*2
1 93
N Y Chlo A St L 1st g 4s.. 1937 . - 0 93% 94*a 93*4
93*4
95*2
Registered.................. 1937 , - c
93*4 Apr ’ H
93*4 93*4
80 84 84 Juno’ K
Debenture 4s............... 1931 I - »
83 84*t
0 90
West Shore 1st 4s guar...2301 . - J 90 Salo 90
91*4
93
Registered__________ 2361 • - J 877g Salo 8778
8S*g 23 87*4 90
2 100*2 102
100 ' s ___ 100*2
N Y C Lines eq tr 5s.. 1916-22 M100*2
Equip trust 44$s.. 1917-1925 - J 100'g Sale 100>8 lOOIg 10 100*8 100*8
NY Connect 1stgu4H sA .. 1953 - A 97*2 99*2 98
98*8 16 97*4 100*8
NY N H A Hartford—
Non conv deben 4s_____1947 I - 8 78*2 79*4 80i2 Mar’16
80*2 8 U4
Non-conv dtben 3>4a____ 1947I - £ 69*2____ 73 Feb ’ ll ___ 73
73
69*2 71
70 June’ lG
Non-cony deben 344s___ 1954 -O
697g 72
39 79*4 81*2
Non-conv deben 4a......... 1955 . - J 78*2 80i2 79*4
7914
5
78*2
80
Non-conv deben 4s......... 1956 I -N
79*4
7914
78*4 82
3 68*4 73
Conv debenture 3,4s.........1950 - J 69*2 70*2 08*4
68*4
7 1117g 116
Conv debenture 6 s........... 1948 - J 110 1 1 2 112*2 113
Cons Ry non-conv 4s____1930 - A 79 ___
Non-conv deben 4s____1954 . - J ------ 79*2 91*8 Jan T2
Non-oonv deben 4s___ 1955 . - j ------ 79*2 79*2 Apr TO —
79*4 79*2
Non-conv deben 4s___ 1955 - c
Non-conv deben 4s___ 1956 - J ____ 80
___
92*2
94
Harlem R-Pt Ches lat 4s. 1954 I -N
91*2 May’ ie
91*2 93
99i2 June’ 12
B A N Y Air Line 1st 4S..1955 1
8 80
81*g
82
Cent New Eng 1st gu 4s..1961 . J 8 U2 82
83
Hartford St Ry 1st 4a___ 1930 1 - s
Housatonlc R cons g 5s. ..193/ 1 -N 106*8___ 105*2 May’15
91*4___ 87 J’ly T4
Naugatuck HR 1st 4s___ 1954 I -N
Sf Y Prov A Boston 4 s ... 1942 i - 0
89*2 747g 73
3 73 82
NYW'chesAB lat ser I 4Hs ’46 . - j 73
74*2
N H A Derby cons cy 5s.. 1918 I N 100 ____ 107 Aug ’09
Boston Terminal 1st 4 s... 1939 i * O
New England cons 6s___ 1945 . - J 100 ......
Consol 4s.......................1945 . - J
99*2 Mar’ 12
70
Providence Secur deb 4s. .1957 I -N 68
70 May’ 16 __ 70 70
Prov A Springfield 1st 5s. 1922 . - J
Providence Term 1st 4s.. 1956 I - S
83*8 Fob T4
W A Con East 1st 4)4s...l943 . - J 86 ____
82
82
3 80*8 84
N Y O A W ref lat g 4a___ 01092 1 - 8 80 81
Registered 15.000 only..01992 1 - 9
General 4s.................... 1955 . -D ------ 79*8 79 Apr TO __ 76 79
Norfolk Sou 1st A ref A 5s. .1961 I -A . . . . 80 80 May’ 10 __ _ 79 80
Norf A Sou 1st gold 5s........1941 r -N 98*2 101
9812 Juno’ 10 ___ 97 99*4
Norf A West gen gold 6s__ 1931 r -A 1187g___ 119*2 June’ 16 ___ 119*2 120
Improvement A ext g 6 0 ..19 34 I -A 1 2 1 121*2 121*2 Juno’ 10 ___ 120*2 122
New River 1st gold 8s___ 1932 l -O 119*2 120*2 119*2 May’ 10 ___ 119*2 120U
N A W Ry 1st cona g 4s.. 1996 i O 92*4 Salo 92*2
92*4 21 92*2 94
Registered.................. 1990 l O ____ 92<2 93*4 Deo T 6
7 88*4 91
Dlv’11st Hen A gen g 4S.1944 J J 89 90 89is
89*4
130*4 45 113*2 133
10-26-year conv 4a........1932 J -D . . . . 135 130
131*4 13178 40 114 135*2
10-20-year oonv 4s........1932 J S ____135
10-25-year conv 4H s ... 1938 I s 13U2 Sale 131*2 I317g 49 115*2 137*2
887S
2 887g 90*4
Pocah C A C Joint 4s__ 1941 J 0 87*2 S9 887s
C C A T 1st guar gold 6s .. 1922 J J 102*4 ___ 103*2 Jan TO ___ 103*2 103*2
2 9113 94
92*4
Belo V A N E 1st gu g 4s.. 1989 J N 91*4 92*4 92*s
Nor Pacific prior Hen g 4 s... 1997 C J 92*8 Salo 91*4
92*4 132 91*4 94*4
7 91 93*2
Registered................. 1997 C J 91*4 Sale 91*4
91*4
33 05*8 07
General lien gold 3s........a2047 ( F 65*2 Sale 05*8
60
1 63*2 65*4
Registered...................a2047 C F 65*8 66*4 65*8
65*8
St Paul-Duluth Dlv g 4s. .1996 J D 91*8____ 90*8 Nov’16
100** Jan TO ___ 100*2 100*2
Dul Short Lino 1st gu 5 s 1916 1 s
St P A N P gon gold 6s . . . 1923 I A 109*8 11078 110*8 June’ lG ___ 109*8 110*8
109*j Oct T5
Registered certificates 1923 C A
St Paul A Duluth 1st 5a ..1931 I F 107 ___ 107 Mar’ 16 __ 107 107
3 100*8 101*8
2d 6s............................ 1917 i O 100*4____ 1007g 1007g
1st consol gold 4s......... 1968 J D
90*8 Mar’ 10 ___ 00
00*8
89*4 90*2 Feb TO ___ 90 00*2
Wash Cent 1st gold 4 s... 1948 C M 87
Nor Pao Terra Co 1st g 6s .. 1933 J J 1 1 1 111*2 111 Mar’ 10 ___ 111 IIU 2
85
0 84*4 88
Oregon-Wash 1st A ref 4a...1981 J J 85 Sale 847S
Pacific Coast Co 1st g 5s...1946 J D 90*2____ 96*a
1 93 100
90*2
90 ___
Pennsylvania RR 1st g 4 s... 1923
Conaol gold 5s............
1919 M- S 102 ____ 10212 May’ 16 __ 102*2 103*4
Consol gold 4s............. 1943 I N 98*4 9878 9878
987g
5 98>4 99*2
Consol gold 4a............. 1948 I N 99'a 99*8 99*8
99*2 10 08 >2 100
Consol 4j^ s ..................... i960
A 104*4 Sale 104*2 104*4 48 104*2 100*8
General 434s when Issued 1965
D 101*8 Salo 101
101*8 210 100*4 10278
Alleg Val gen guar g 4 s... 1942 I S 96 96*2 97 June’ lG ___ 92*2 97
90 Jan TO
D R RR AB ’ge 1st gu 4s g 1936 : A 94*4
00 96
Phlla Balt A W 1st g 4a_.1943 ; N 98*8____ 99*4 Nov’16
J
Sodus Bay A Sou 1st g 5s.2924 ,
102 Jan ’03
Sunbury A Lewis 1st g 4s. 1936 J
, - J 93 ____
U N J RR A Can gen 4s.. 1944 M- e
99*4 100 100 Juno’ lG —
9018 100
Pennsylvania Co—
Guar 1st gold 434s............ 1921 J - j 100*8 Salo 100*3 101*4
5 100*8 102*2
Registered...............
1921 J
. - j 100*2 101*4 101 May’ 16 ___ 10 1 101*8
Guar 3348 colltrust reg A. 1937 M- s 86*2 ____ 80*2 Jan TO __ 86*2 86 *j
Guar 334s co.l trust sor B.1941 F ■ A 85*2 88*4 85'4 June’ 16 ___ 85 85*4
Trust Co ctfs gu g 334s... 1916
N
lOOig Jan TO
99*4 lOOig
Guar 334s trust ctfs C___ 1912 .
D 85*4 86*8 83 Feb T5
D 85*4 86*8 85*8 Mar’ 16 _ 85 85*8
Guar334s trust ctfs D ___ 1944 ,
Guar 15-25-year gold 4s.. 1931
O 94 98*2 94*2 June’ 16 ___ 94*2 95*^
40 year guar 4s ctfs Ser E. 1952
N 92 ____
Cln Leb A Nor gu 4s g.__1942
H 00*8 ___ 00 Deo T5
Cl A Mar 1st gu g 434s...1935
N 99 100 99*4 Apr TO
99*4 99*4
Cl A P gen gu g 434s ser A. 1942
J 103*2 103*4 105 Apr TO
10-1'8 105*2
Series B.......................1942 . O 103*2 103*4 104 Deo T 6
Int reduced to 334s 1942
O 89*2____ 91U Feb T2
Series C 334s............... 1948
N 89*2____ 0013 Oct T2
Series D 334s.........
1950
A 89*2___
Erls A Pitts gu g 334s B..1940 .
J 87*8____ 80*4 May’ 14
8 eries C...................... 1940 .
87*g____ 90'g J’ly T2
i
Gr R A I ex 1st gu g 434s .. 1941 .
J
09*8____ 98*2 Feb TO
9512 987a
92*4___ 93 May’ 14
Ohio Connect 1st gu 4s
1943
3
Pitts Y A Ash 1st cons 5s. 1927 1 N 104*8____ 109 May’ 10
Tol W V A O gu 4348 A .. 1931
J 99i2 ___ 98*2 Oct T 6
Series B 4348...............1933 J - J 99l2 ___ 98U June’ 16
Series C 4s_______
1942
S 91*4 93 94 Apr TO
93*2 94
P C C A St L gu 434s A.I1940
O *102 10212 102*2
4 101*8 102*8
102*2
Series B guar_________1942
O *100 ____ 102*8 May’ 10 ___ 101*8 102*8
Series C guar________ 1942 : N 101 ____ 97U July’ 15
Series D 4s guar_____ 1945 I N 94U____ 94*4 May’ 16
94*4 95*2
Series E 334s guar geld. 1949 I A 93*2____ 02 Fob TO
92 92
-erles F guar 4s gold ... 1953 . D
Series Q 4s guar_______1957 M- N 94*4____ 92*8 Aug T5
Series I con3 gu 434s.. 1963
A 10 1 ____ :02*2 Jiine’ lO
101*8 102*2
C St L A P 1st coua g 6s .. 1932
O 10712 ___ .04 Nov’ 16
• No price Friday;latest bid and asked, a Due Jan, 0 Due Feb. « Due May.
* Option sale




BONDS

N. Y. STOCK EXCHANGE.

Week Ending June 30.

[Vol. 103.
P rice

Friday
June

30.

W eek 's
Range or
t a i l Sale

Ita%gi

line 1
1.

Jan .

Bid
A ik Loro
H ig 4
to w
H igh
Peoria A Pekin Un 1st g 3«.. 1921 Q - F 101
102 Nov’15
2d gold 434s................... 61921 M-N 86 ____ 87 Mar’ 16
87
Pere Marquette—Ref 4s___ 1955 J - J 15*s____ 14 Apr '16
14
Refunding guar 4s______ 1955 J - J
15 Juno’ 16
15
Chic A West Mich 5s........1921 J - D 85*4___ 85 June'16
85
Flint A P M gold 6s ... 1920 A - O '------10512 04 Juno’16
101 105
1st consol gold 5s_____ 1939 M-N
70 . . .
75*2 Apr '16
74
70
Pt Huron Dlv 1st g 5s. .1939 A •O ____ 60
68 July’ 15
Sag Tus A H 1st gu g 4s.. 1931 F - A
Philippine Ry 1st 30-yr s f 4s 1937 J - J ----- 55
50 Apr '16
Pitts Sh A I, E 1st g 5s........1940 A - Q 106t2 ___ 105 Doe ’ 15
1st consol gold 5s..............1943 J - J
113U Nov’ ll
Beading Co gen gold 4 s___ 1997 i - J 95*g Sale 95
95i2 166 93*4 90*g
Registered............
1997 J - J ------ 90
9414 Juno’ 16
9234 95
Jersey Central coll g 4s__ 1951 A - O 97 97U 97 Juue’ lG
91*2 97*4
Atlantic City guar 4s g__ 195.. J - J
St Jos A Or lal 1st g 4s____ 1917 J - J 66 __ 6534 Juno’ 10
59
6534
St Louts A San Fran (reorg Co)—
Prior lion ser A 4 s______ 1950
70 Salo 70
703g
OSlg 71*2
Prior lien ser B 5 s______ 1950
86 Sale 80
867g
88
80
Cum adjust ser A 6s ........1955 J - J 84 Sale 84
85
74
85
Incomo series A 6s _____ 1960 July
55 Sale 5314
55
39
55
St Louis A San Frau gen 6s.1931 J - J 1 1 0 t4
llOU IIOI4
109 110*4
General gold 5s________ 1931
101^4 102U 10214 Juno’ 10
1007g 103*4
8 i L A 3 F RR eons g 4s.. 1998
76i4 ____ 78 May’ 16
68*2 78
General 15-20-year 5a.. 1927
72
------ 74i2 7134
4534 72
72 73
Trust Co certlfa of deposit.,
69
72l4
40
72*4
do
Stamped..
69 Salo 69
6912
43U 70
Botlthw 017 lat g 5s__ 1947 A - O 9212 95
93 Juno’ 16
89
89
Sefundlng gold 4s........1951 J - J ------ 82
81*2 Junc’ 16
07*4 82
Registered................. 1951 J - J
8034 Mar’ ll
79 . . .
Trust Co ctfs of deposit.,
623g 82
81*4
8 U2
------ 70
do
firtampod..
75ig
751.1
61*4 75*2
K C Ft S A M cons g 6 s ..1928 M-N 10912 1097g 110 Juno’ 16
109*2 1107g
K C Ft 8 A M Ry ref g 43.1936 A - O 7512 70U 75
75
75
78
K C A M R A B 1st gu 53.1929 A - O *87 90 90 Juno’ 16
90 90
St L S W 1st g 4s bond ctfs. . 1989 M- N 76i2 77
76i2
77
70*2 80
2d g 4s Income bond ctfs.pl989 J - J 63 6434 6U2 Juno’ 16
02
6134
6334 sale 6334
6334
Consol gold 4 s .............. 1932 J -D
61 65*4
1st terml A unlf 6s_____ 1952 J - J 0412 60
05
06
60 70
Cray’s Pt Ter 1st gu g 6s .. 1947 J - D 100 ____ 9834 Jan T4
15 627g 70*4
S A A A Pass 1st gu g 4s___ 1943 J - J 68 Salo 67
68
8 F A N P 1st sk fd g 5s........1919 J - J 1017g____ 10134 Apr T 6
101*8 10134
Seaboard Air Line g 4s........1950 A - O ____ 81
8 U2 May’10
81*2 84*2
Gold 4s stamped_______ 1950 A - O
80 SOI2 8OI4
81
80 83*4
Adjustment 5s________ ol919 F - A 07 Salo 06i2 67
64 70
Refunding 4s................... 1959 A - O 07sg 69
67*2 Juno’ 16
67*2 72
Atl BIrm 30 yr 1st g 4s__el933 M- S 84?g 85l2 87*4 Juno’ 16
85
87*4
9214 88 Juno’16
Car Cent 1st con g 4s___ 1949 J - J 88
88
88
Fla Cont A Pen 1st g 5S..1918 J - J 100l2 ____ 9934 sop ’ 15
lat land gr ext g 5s___ 1930 J - J 1 0 1 *8 ____ 101 Deo ’ 15
Consol gold 5s..............1943 J - J 1027g____ 103 Juno’ 10
103 103*8
Ga A Ala Ry 1st con 5s..ol945 J - J 103'g____ 103 Mar’ 16
103 103*4
Ga Car A No 1st gu g 5s. . 1929 J - J 102 103 102*2 Juno’ 10
102*2 103
Scab A Uoa 1st 5s____ 1920 J - J 10 2 'g ____ 991.J Aug ’ 15
Southern Pacific Co—
Gold 4s (Cent Pao colI).il949 J - D 85 80
85
85*2
85 88
Registered__________ *1949 J - D ____ 84
90 Feb ’ 14
20 year conv 4s.............01929 M- 8 8734 Sale 87*2
8734
80*4 89*8
20 year conv 5s________ 1934 J - D 1037g Salo 103*1 104
103*4 1077g
Cent Pao 1st ref gu g 4s.. 1949 F - A 88*2 Salo 8S3g
89
88*8 91
Registered____________1949 F - A ----- 89
89 Juno’ 10
89
89
Mort guar gold 334s..*1929 J - D 89U 90>2 897g Juno’ 16
84*4 91
Through St L 1st gu 4s. 1954 A - O ------ 85
85 Juno’ 16
84
86*4
GH AS A M A P 1st 5s..1931 M-N 102 104i2 102 May’ 16
102 102
Gila V G A N 1st gu g 5s.. 1924 M- N 100>2 102*2 100U Jan TO
100*4 100*4
HouaE A W T 1st g 5 s ...1933 M-N
102 May TO
IOU2 102*4
102*2 101*2 Apr T 6
1st guar 5s red..............1933 M-N
101*4 153*2
H A T C 1st g 5s lnt gu__ 1937 J - J
100*2 Juno’ 16
100 1001*
Gen gold 4s lnt guar__ 1921 A - O
90 Juno’ lG
94*4 90
Waco A N W dlv 1st g 6 s 1930 M-N
109*2 N o v ’ 15
A & N W 1st gu g 5s____ 1941 J - J 100 102*2 103 Nov’ 15
Louisiana West 1st 6s___ 1921 J - J 105ig ___ 109 June’ 14
Morgan’s La A T 1st 7s.. 1918 A - O ____ 10434 10134 Fob T 6
104*2 101*4
1st gold 6s___________ 1920 J - J *104 ____ 105 Jan TO
105 105
No of Cal guar g 5s......... 1938 A - O 108 110 105 Oct T5
Ore & Cal 1st guar g 5s__ 1927 J - J 104. 101*2 1013g Juno’ 16
101*4 102*2
108
____
So Pao of Cal—Gu g 5s.. . 1937 M- N
101*2 Nov’ 13
So Pao Const 1st gu 4s g_.1937 J - J 04 96
97 Apr T 6
97 07
San Fran Terral 1st 4s__ 1950 A - O ------ 835g 83*2
82*2 80
84
Tex A N O con gold 5a...1943 J - J 93 94
90 Apr T4
So Pac RR 1st ref Is........1955 J - J 8934 Sale 89*8
89*g 91
90
Southern—1st cons g 5s___ 1994 J - J 101*2 Salo 101*g 101*2
100 103*2
Registered......................1994 J - J 100*4 102ig 100*4 June’ 10
100*4 100*4
Develop A gou Is Ser A .. 1956 A - O 71*4 Salo 70*2
713g
69
73*4
Mob * Ohio coll tr g 4s. . . 1938 M- S 75 757g 75*4 Juno’lG
75
78
Mem Dlv 1st g 434 5s___ 1996 J - J 100 100*2 101*4 Juno’ lO
100 104
81 Salo 81
9t Louis dlv 1st g 4s____ 1951 J - J
81
80*2 84*2
Ala Cen 1st g 6s_________1918 J - J 102 103*4 103*4 103*4
102*8 103*4
Ala Gt Sou 1st cons A 03. . 1943 J - D 08*2 09*8 98*2 May’ lG
98*2 99
Atl A Char A L 1st A 434al944 J • J ------ 98
94*4 May’ 10
94*4 96
1st 30-yr 5s ser B ........1941 J - J 102*2 Salo 102*2 102*2
102*2 103*4
Atl A Dauv 1st g 4s..........1948 J - J 82
84 83*4 May’ 10
83U 85*s
82
2 d 4 s...........................1948 J - J
81*2 Mar’ 10
79*2 811*
Atl A Yad 1st g guar 4s__ 1949 A - O 76 77*4 7534 Deo T4
E T Va A Ga Dlv g 63___ 1930 J - J 10 tig____ 104*g Apr TO
1031* 1041*
10534
____
Cou 1st gold 5s.............. 1950 M- N
10534 Juno’ lG
105*8 100*4
E Ten reor lien g 5s______1938 M- 8 >____ 1007g 100*2 Apr TO
99*2 101*2
Ga Midland 1st 3s............ 1940 A - O 50 58 57*4 Apr TO
67
60
Ga Pac Ry 1st g 6 s_____ 1922 J - J 100*8____ 107
107
107 107*8
Knox A Ohio 1st g 6s___ 1925 J - J 109*2___ 10934 Mar’ 16
108 110*2
Mob A Blr prior lien g 5s. 1945 J - J ----- 10412 105*2 Nov’ 12
Mortgage gold 4s_____ 1945 J - J
69
7134 May TO
71*4 71*4
Rich A Dan deb5sstmpd. 1927 A - O 103
103*g May’ lG
103*8 103*8
Rich A Meek 1st g 4s___ 1948 M N
73 Sep T2
Bo Car A Ga lat g 5a........1919 M-N 101 ' 10134 101 Juno’10
101 102
Virginia Mid ser D4-5S ..1921 81- 8 102 ____ 102*2 Juno’ lG
102 1021*
Series E os.................. 1920 M- 8 103*g------ 102 Mar’16
102 102
Series F 5s...........
193! M- 8 104U----- 104 Mar’ 13
General 63 ......................1930 M- N 106 ____ 102*4 Apr T 6
102»4 10578
Va A So’w’n lat gu 5s. .2003 J - J 105 ____ 105 May’ 16
102*2 105
lat cons 50-year 5s.. 1958 A - O 903.i 9112 905g
90*s
8912 90*8
94*2 . . .
W O A W 1st cy gu 4a___ 1924 P - A
91*2 Juno’ lG
94*2 9412
93 Jan T6
Spokane Intcrnat 1st g 5 a ... 1955 J - J 90 . . .
93
93
Ter A of St L 1st g 434s____1939 A - O ____99
99 Juno’ lG
98*2 100*2
1st con gold 5s__ 1894-1944 F - A 103*8 105*4 103*8
103*8
103*2 100*2
80
Gon refund 3 f g 4s............ 1953 J - J ___ 857g 847g
817g 88
8 t L M Brldgo Ter gu g 5s 1930 A - O 99*2 1013g 100*2 Juno’ lG
100*4 101*4
97 Salo 97
Tex A Pac 1st gold 5s_____ 2000 J - D
97*2
95
98*g
40 41
2d gold Inc 5s_________ }2000 Mar
417g Juno’ lG
417g
35
La Dlv B L 1st g 5s............. 1931 J - J ----- 88
90 Jan TO
90
90
W Min W A N W 1st gu 5s 1930 F- A ------ 95 106*2 Nov’04
Tol A O C 1st g 5a.................. 1935 J - J 10334 ___ 10334 M a y ’ 10
103 104U
Western Dlv 1st g 5s____ 1935 A - O
98 99 101*2 M a y ’ 10
101 1021*
General gold 5s__________1935 J - D
95
94 May’ 10
94
Kan A M 1st go g 4s........1990 A - O 82*4 83*2 83 May 16
83 84*4
2d 20-year 5s................1927 J - J ____ 98*2 977g Juno’ 10
07 09
Tol P A W lat gold 4a......... 1917 J - J 60
55
51 Juno’ 10
60
61
81
Tol 8 t L A W pr Hon g 334s. 1925 J - J 79*2 82*2 80
78** 83
55
60-year gold 4a................. 1950 A - O 64
55*4 54
64 60
Coll tr 4a g Ser A ............1917 F - A 20*g----- 18*8 Mar’ 10
18»s 18*8
Tor Ham A Buff 1st g 4s..* 1946 J - D ____ 87
83 Apr TO
83 80
Ulster A Del 1st con g 6a.. 1928 J -D 100 10034 1007g Juno’ 16
99*2 101*3
75 ___ 74 M a r’ 15
lat refund g 4s..................1952 A -O
Union Pacific lat * 4a......... 1947 J - J 907g Salo 90*4
97*4
95*4 98<g
Rcglatered..________ .1917 J - J ____ 9634 90
90
95 97 ig
20-year conv 4a________ 1927 J - J 94 Salo 937g
94*8
921j 9 U4
lat A ref 4a............. ..... g'JOOv M- 8
89*4 Salo 89*4
90
89*2 011*
Ore RR A Nav cou « 4s.. 1916 J T.) 92 92*4 92 Juno’ 10
9U8 93__
9 Due June. It Due July, i Due Aug. 0 Due Oct. 9 Due Nov. i Due Deo

July 1 1916.]
BONDS
, Y. STOCK EXCHANGE.
Week Ending June 30.

49

Mew York Bond Reoord— Concluded-—Page 4
P T iC S

Friday
June 30.

W eek’ s
Range or
Last Sal*

__ :

BONDS
N. Y. STOCK EXCHANOE.
Week Ending Juno 30.

Pries
Friday
June 30.

Range of
Last Sals

Range
Sinss
J an . 1.

Bid
Ask Lose
IIlQh W o. i
Hig>< N o L ow H lg t
Bid
Ask Low
Union Pacific (Con )—
6
Union Elec Lt A T 1st g 5s__1932 M- S ------IOU4 101 June’ 16
|101 101
Ore Short Line 1st a Ca. .1922 F - A 1031s Sale 108*8 108*8
1
M-N
89
M
ar'l/
Refunding
A
extension
54.193,"'
1001.1
107
106*4
106*4
let consol g 6b_____ . 1946 J - J
21
Utah Power & Lt 1st 5s___ 1944 F - A 95 Sale 95
92
95% '~52 ' 9 5 " "00 "
92 Salo 92
Guar refund 4s.......... . 1929 J -U
102*4 Mar’ 15
Utica Eleo Lt A v 1 st g 6a..I960 J - J
10134 ------ 102 MarTO
Utah A Nor gold 6a.. . 1928 J 98 A U g 'lf
Utica Gaa A Elec r e t 6a___ 195'.
90 Apr TO
1st extended 4s__ .1933 J - 4 03*2 100
*104% Sale" 105% JuneTG
Weotcheater Ltg gold 6 1 ___ 195C
104*4 105%
A 9034 ___ 91 Juue’16
Vandalla cons g 4a Ser A .. 1965
I'VHscollancoua
91
91
91U
9U2
Mrt
Consol 4s Series B______ 1957
S3 84*2 84% JuneTG
Adams Ex coll tr g 43.......... 1948
82 85%
42*2 Aug ' 16
Vera Crua A P 1st gu 4HS..1934 J - J ___ 37
Alaska Gold M deb Oe A ......192." M -S IOOI4 ___ 101%
101*2
101% 117
97*4 99
98*8
Virginian 1st 6a Series A ----- 1902 64-N 9734 Sale 9734
101
Conv deb 6s series B ___ 1926 !VI - S 100 10 1 101
103 106
1043i
9978 105
vVteuaeii JEt gold oa...---------1939 M-N 104% 10138 104
93%
93i
2
Sale
Armour A Co 1st real eat *Xs ‘39 S -D
93*4
08 100
93% 96
983s
93U 98i2 9838
«a sold 6s.... ..........
1939 F
Bush Terminal lat 4s______1952 A - C 87% 87*2 88 June’lO
86% 89
Debenture Series B---------1939 J - i 80 110 90 June’ 12
8S JuneTG
8678 92
Consol 5s............... .......... 1955 J - J 8G34 88
96*8 100
97 ___ 100 May TO
?9t Hen equip s fd g 68— 1921 ra
8634 Sale 86*4
5 86
87
Bldgs 5s guar tax ex__...... I960
91
G9i2 .... 65 Deo T 6
'ct lien 60-yr g term 4 a . -.195-1 J
170
120
126
Sale
128
Chile
Copper
10-year
conv
7a
1923
103
104*8
126
135%
104
June’lG
105
107
j
j
Dot A Oil Ext 1st e otj___ 1941
85*2
Computing Tab-Reo a f Os..1941 J - J 85% Sale 85%
81
86
Deo Molu Dlv 1st g 4 i......1939 j - j 70 ..... 80 Aug’12
6
73
101% 109*4
GranbyConsM SAP con 6s A *28 M- N 105 106 105% June’ lO
72 Apr TO
69 72
Oru Dlv let g 3 ^ 8............1941 A - 0
104
106
June’
16
87
105*2
Stamped_______
1928
M-N
80
June’10
103*4
109
82i2 80
Tol A Ch Dlv lot g 4s___ 1941 IYJ
8 99*4 101%
l*a 4*4 Great Falla Pow lat s l 5a.. 1940 M-N 1 0 0 % 101 100% 100%
3*8 Juno’ 10
3i2 4
W»b Pitts ! erm 1st g 4a___ 1954 J
5! 95 105%
2?8
278
334 Int Mercan Marino 4 H 9___ 1922 A - O 105% Sale 105% 105%
278 Sale
Cent and Old Col Tr Co carta..
900
105
Sale
106%
103%
1
3*2
95% 106%
1
»4
Mar’
10
Certificates
of
deposit.............
1
278
Columbia Tr Co certfa______
1
37g Int Navigation 1st a f 5s___ 192: F - A 102 __ 100 May’ 10
91*4 100
1
2?8 2 MayTO
Col Tr ctfa for Cent Tr ctfo. . .
98
97*4
Sale
97*4
38
June
’10
95% 98*4
Montana
Power
1st
6
s
A
...
1913
j
;
*4
7
8
h
3s
2d gold 4a_____________ 1964 J -I)
*4 Mar’ lG
92*8 93
*8
*4 Morris A Co 1st a f 4He___ 1939 j - j 92%____ 92% Apr TO
____
*4
Truat Co certfa..
83 Apr '14
83*s 8434 Mtgo Dond (N Y) 4s scr 2 ... 1966 A -O
8334 85 84i2 Apr TO
Wash Terml let gu 3>$a___ 1946 F
94
94*j
10 -20 -yr 5a series 3_______1932 J - J ------ 95% 94 June’ lO
95i2 91*2 Aug T5
1st 40 yr guar 4a ______ 1945 F - A 93
JuneTG
74
72*4____
73
75%
7234 Salo 72l2
73
"71" "75”
N Y Dock 60-yr 1st g 4s___ 1951 F - A
West Maryland 1st g 4s___ 1962 A - O 104*8
101
% 102
June’
16
102*4
10458
104*8
106
10334
105
Nlag
Fails
Pow
lat
5s..........1932
100*4
102*4
J
J
J
J
West N Y A Pa 1st g 6a........ 1937
81*2 8434
Ref A gen Os.............. ._«1932 A - O
Gen gold 4i____ ________ 1943 A - O 84%___ 84l2 Junc’ 16
20 Deo T5
~92% 92%
37
Nlag Lock A O Pow 1st 5s.. 1954 M- N ”89“ IIII 92% Feb T6
Inoome 6s____________ <31943 Nov
92%
92 95*2
98 102
Ontario Power N F 1st 6s . 1943 F - A 92% Salo 92*2
Wheeling A L E lot g 6a____1920 A - 0 102 104 102 Juno’ 16
90%
90%
86 90%
90 99*4 Ontario Transmission 5s___ 1945 M-N
Wheel Dlv 1st gold 6 s ____1928 J - 1 973.1 98l2 97*4 June’ 16
92
97 97
Pub Serv Corp N J gen 6s ._. 1959 A - Q 91*4 Safe" 91*4
89*4 93*4
Kxten A Impt gold 6s___ 1930 F - A 9578 97 97 Mar’ 16
92*4
Feb
T4
7334
JunoTO
Sierra
A
S
F
Power
1st
5s...1949
68
7334
F
A
7414
76
M£
RR 1st consol 4s________ 1949
104
50 100 125
Tennessee Cop 1st conv 6a..1925 M-N 104 sale 100
20-year equip s f 6s______1922 J - J 60 ____ 90 Apr T4
103% Jan T4
85 86 87 Juno’lC
841a 87*2 Wash Water Pow 1st 5a___ 1939 J - J
Winston-Salem 8 B 1st 4s. . . 1960 J - i
84 8734
863.!
Wls Cent 60-yr 1st gen 4s__. 1949 J - J ____ 86I4 86
86*2
85 90*8 ManuL-ict-rlrtg & Industrial
HUPA Dul dlv A term 1st 4a *36 M-N 85i2 86*2 86*2
102%
Am Ac Chem 1st c 6a......... 1028 A - 0 102% 102% 102%
1 10111 103
Streat Railway
102 10334
97*2
103*2
8 07
991S
Conv deben 5s............. 1024 F - A 97% 97% 97*4
Brooklyn Rapid Tran k 68.-1945 A - O 103 103i2 103
9578 97 97 Junc'lG — I 96U 973.1
78*2 81
Am Cot Oil debenture 5s . 1931 M - N 10378
Hat refund ounv gold 4s. _.2002 J - J ____ 79% 80 June’lO
Sale 103*4 10378l 3 0 1 0 3 3 , IO -U 4
100 101*8 Am Hide A L 1st a f g 6s__ 1919 M- S
1003s
6-year secured notes 6 s... 1918 J - J 100-ia Sale 100
87
87 87*4 87
3| 86 8834
100*2 102
Amer Ice Secur deb g Os
1925 A - O
Bk City 1st con «o__ 1910-1941 J - J 102 ____ 101*8 JunoTO
Am Smelt Securities a f 6e. 1920 F - A 106*2 Sale 106% 106*2 72 106U 118
Bit Q Co A 8 con gu g 6S..1941 EW-N ____ 94 98 Apr T4
98%
98%
98
9S
101
May’
13
Am
Thread
lat
coll
tr
4a___
1919
J
J
6 j 97?s 9S»a
Dklyn Q Co A 8 1st 6s___ 1941 J - J
100 102
100*4
Am Tobacco 40-year g 6a ... 1941 A - O 118*4____ 118% May’ lG — [H18 11834
Bklyn Un El 1st g 4-53... 1950 P - A Too" IOOI4100
121*i May’ 14
100-3s 102*8
Registered......................... 1944 A - O
Stamped guar <4-6s........ 1950 V - A 100 101 1013s JunoTO
82*4 Sale 8234
83 May TO
82*4
82*2 80*2
Gold 4s______ _______ 11951 F - A
1| 8234 861,
Kings County El 1st g 4s. 1949 F - A 83*4 84>4 84
JunoTO
98 June’ 14
82*2 80*2
Registered___ II I ” "1951 F - A
Stamped guar 4s.......... 1949 F - A 84 80
75
74*2 70*4 Am Writ Paper 1st s f 5 a ...’ 1919 J - J 78*8 Sale 76
78% 14' _651a 8OI2
Nassau Elec guar gold 4s. 1961 J - J 75 Sale 75
9534 9834 Baldw Loco Work8 1st 6s___l940 M - N ------104% 104% Apr T6 — 111041s
9738
97
1041s 3UO
105
Chicago Rys 1st 6s..............1927 F A 97 Sale 101
101
99*2 101
Beth Steel latest) f 5 a ... 1926 J - J 10378 104 1037s 104*8 13 |I021s 1041s
Conn Ry A L 1st A rer g
1051 J - J 10014 10 1
96*4
Juno’
14
100
Sale
M
N
32:
10
0I4
1031,
lat
A
ref
5s
uarA__
1942
100
100*4
100
%
--3
J
Stamped guar 4Hs.......... 1951
80*2 31 74*a 83*2 Cont Leath 20-year g 53 ___ 1925 A - O 102*4 Sale 102
102%
09 lOOSj 1021,
80% Sale 79*8
Det United 1 st cods g 6 .149..1932 J
84 Jan T4
Consol Tobacco g 4s__
1951 F - A 82% 86 97% Jan T5
tft Smith Lt ATr la tg fia ...1930 M- S
93
93
87
94
“
92
%
“9234
99%
May’
16
99 100%
98
997
8
Corn
Prod
Ref
s
f
g
5
a
.
1
1931
M
N
r
a
Havana Eleo consol g 6s___ 1062
72*8
69*2 76*4
90*4 Sale 96*4
98% ”5n' 90% 99%
let 25-year a f 5a ___ '1934 M - N
Hud A Manhat 6s Ser A___ 1967 9 - A 71% Salo 71*2
30
26*2 31*4 Cuban-Am Sugar coll tr Gs__l918 A - O 102% 102% 102%
29 Salo 29
102%
101% 103
Adjust income fin----------- 1957
100*4 102
100 10 1 % 10034 June’ 10
76*4
69% 78
Distil Sec Cor conv l8tg 5s 1927 A - C 75% Sale 75*2
If Y A Jersey lat fia_____ 1932 F
*s
74*4
101 107%
72* 76*2 E I du Pont Powder 4M s... 1936 J -D 10 2 % 103*2 103 JuneTG
73*8 Sale 73
literUoro-Metrop ootf 4HS.1960 A
98 09-34 General Baking 1st 25-yr 6a. 1930 J -D ____ 96% 85 Mar’ 16
9S*s
85 85
laterboro Rap Tran lat 6s.. 1966 J - J 98i2 Sale 08*8
90*2 June’10
90 93
82 83*2 82
82*2
78 83%
tfanhat Ry (N Y) cons g 4s. 1990 A - O 89i2 9012 91
Gen Electric deb g 3Ma. . 1942 F - A
91
90*2 93*4
103*8 105%
1952 M- 8 104 Sale 103% 104%
Debenture 6s..........
Stamped tax-exempt_____1990 A -O 91 Sale
90%
Sale
89*4
90*4
89*2 92*4
A
O
III
Steel
dob
4Ms_____
I
*1940
Metropolitan Street Ry—
100
JunoTO
98*4 100*4 Indiana Steel 1st 5 a ...
103
100 ----“ 1952 M - N 103 Salo 102
101*4 103%
Bway A 7th Av 1st c g 6a. 1943 J - O _____
99*2 10038 Ingeraoll-Rand 1st fis...11*1935 J - J
100 % 1003a JunoTO
100 Oct’ 13
Col A 9th Av 1st gug 63.. 1993 M- 3
JunoTO
9934101
75*4
75*4 76-% 75*4
Int Agrlcul Corp 1st 20-yr 58.1932 M - N
75*4 79
Lex Av A P F 1st gu g fia.1993 M- S 100*2 101*2 100*2
30 Mar’ l l
102
Int Paper Co 1st con g Oa. . 1918 F - A 101% 102 102
101% 102*4
Met W 8 El (Chic) 1st g 4s..1938 F - A
JunoTO
101 102*2
92
91*2
Consol conv a f g 5s.
1935 J - J 91 ____ 91*2
81
Uilw Elec Ry A Lt cons g 6s 1920 F - A 101*4 ----- 102*4
92*8 Feb T5
71 June'lO
78%
Int St Pump 1st s f 6 8...IHl929 M- £
71
Refunding A exten 4HS--1931 J - J ____ 93
100*4 100*4
Certfa of deposit___
------ 71*2 70 JuneTG
70 79%
MInneap St 1st cons g 6s___ 1910 J - J 100*2----- 100*4 Mar’16
Lackaw Steel 1st g Sal IIII ~1023 A" O 99% 99*4 99*2
99*4
97% 100%
Montreal Tramways lat A rot
927g 95
92 ------ 93 JunoTO
91%
92
90% 97%
1st con5a Series A ____ '1 1950 M - S 91*4 92
30-year 6s Her A________ 1041
80 86
____ 87-*4 80 Juno’ 16
125*4
124% 127
Liggett A Myers Tobac 73” 1944 A - O 126 Sale 125
Hew Orl Ry A Lt gen 4HS--1&35
77
73*2 79
10178
76*4 Salo 7534
101% 103*2
„ 6 9 ............................... 1951 F - A 101h Sale 101%
H Y Itys 1st R E A ref 4S-.1942
57?3
55 G378 Lorlllard Co (P) 7s
12G
57*2 Sale 57*8
" 1944 A -O 125*2 126 125%
122% 127
80-year ndj Inc 5s______ ol942
84 86*2 8684 JunoTO
85*2 88*2
101%
100*2 102*4
H Y State Rys 1st cona 4 >4a. 1962
, 5 * r - - W ~ ......... — H ill 1951 F - A 101% Sale 101%
9212 94*2 xMexican
9112 93 92i2 JunoTO
106% 128
Petrol Ltd con Oa A 1921 A - O 108 115 107*2 108*4
Portland Ry lat A ref 6s___ 1930
79*2 80
78*2------ 80 May* 16
108%
1st Hen A ref flu series C
1921 A -O 108% Sale 107
105 125%
Portld Ry Lt A P 1st ref 5s. 194:
100 May’ 16
97
97% 98% 97
98*j 99
Nat Enam A Stpg 1st 6a ’ 1929 J -E
Portland Gen Elec 1st 68.1035
9534 ----- 96 May’ 16
95 06
85%
85% 88*2
Nat Starch 20-yr deb 5a.."“ 1930 J - J 85*2 Sale 85*2
Bt Jos Ry, L, H A P 1st g 6s. 1937
100 Sep T5
National Tube lat 5a.
1952 M - N 100*2 10078 100*2 100*4
Bt Paul City Cab cons g 6s.. 1037
99% 101%
82
‘ 81*4 Safe 81*4
81 83*a N Y Air Brake 1st conv 6s..1928 M - N 103% 103% 102*4
103
101 105%
Third Ave 1st ref 4s..............I960
81 Salo 70*2 81
79*4 84*4 Railway 3?eel Spring—
AdJ Ino 6s...................... a I960
107 107*2 107*2 JunoTO
100 108
99*4 100*4
Third Ave Ry let g 5n.......... 1931
Latrobe Plant lat 0 f 5s.._l»21 J - J 100 % ___ 100% June’ 16
99*2
90*2
99*4 99*2 99*2
98*4 I007g
96*4 98 90%
94% 97%
Yrl-Clty Ry A Lt 1st 3 f 5s.. 192£
Interocean P 1st a f 5s ...1931 A-O
95*2 JulyT4
98 Sale 97%
98*4
*___ 96*4
95*4 99*4
Repub 1A S 10-30-yr 5s a t . 1940 A - C
Undergr of London 4Ms____193o
99%
68 69
G7 87*2 09 Jan TO
05% 100
Income 6s.........................i94fr
Standard Milling 1st 58 ........1930 M- N 99% 100 1 99%
84 Oct ’08
104*2 106
The Texas Co conv deb 6s. . 1931 J - J 101% 104U 104% 104%
Union Elev (Chic) 1st g 5s.. 1941
7334
Apr
TO
73 74
____ 70
80% 83%
Union Bag A Paper let 5e__1930 J - J S3 85 i 82*4 Juno’ 10
United Rys Inv 6s Pitts Is3.192(
59*2 JunoTO
82% 82%
59*2 01
69*2 62
Stamped_______________1930 J - 1 84 ____ 82U May’ 16
United Rys 8t L 1st g 4s___ 1934
65 Apr TO
65 087a' 09% June’ lO
____65
55 6978 U S RealtyA I conv dob g 6a 1924 j - ;
69 73
St LouIh Transit gu 5s.__192'
2
177
10%
34
3 N4 Sale 30
10% 14
1 10*2 Sale 1 10%
30 46*4 U G Red A Refg lat g Os___ 1931 j
United RRs San Fr s r 4 s ... 1927
21
102
%
102
%
89-34
Juno’lG
102*4
102
%
j
1
U
8
Rubber
10-yr
coll
tr
0?.
1918
102
103*2
____
90
89*4
92
Ry A Pow 1st A ref 5s. ... 193^
30 109 115%
111
U S Smelt Rf A M conv 6a 1926 F - A 111 Sale 109
Qaa and Klactrlc Light
105% 303 103*4 105%
U 8 Steel Corp— f coup___ d 1963 M-N 10478 Sale i104
Atlanta G L Co 1st g fis____194'. J -D 103 ____ 103 Scp T6
L 103% 105%
8 f 10-60-yr fiairog....... <21963 M-N 104% Sale 104*2 104%
Bklyn Un Gaa 1st cons g 5s. 194,1 M-N 106*2 Sale 106*2 106*2
98% Sale 98
98*4 10 98 99%
64 June’ 13
Buffalo City Gas 1stg 5s
194'. A - O
Va-Car Chem 1st 15-yr 5s. 1923 J - t
42 100% 103%
100*2
97 Feb To
Conv deb Oa..................*1924 A -O 100 100 % 100*4
Cclumbus Gas lat gold 5a._Ii03: J - J
8, 101% 103%
120 126*2 West Electric lat 5a Doc._ 1922 j - : 101*4 Sale 101*4 102%
122*2
Consol Gas oonv deboa ...192*. 3 - F 121*2 122*2 121
2 112% 141%
117
118 120 117
Detroit City Gas gold 5s____1921 i - J 101*8 Salo 101*8 101*2
101 102*2 WoHtlngh’ae E A M conv 5s. 1931 j 101 101%
Detroit Gas Co oo..a lat g Ca. 191* F - A 100 _ . 98*a NovTO
10-yoar coll tr notea 5a____191" A - ( 100 % 10 1 101*4 June’ lO
Coal & Iron
Detroit Edison lat coll tr 6s. 193.' I - J 10234 10578 10234 10378
102*4 104*8
96 96*2 92 July T4
Buff A 8usq Iron a f 5a_____1932 J -L
lat A rof 5a acr A .......... 61940 M- S --------101i8 101*8
101*4
100*4 10134
90
91 ____ 96
100*2 May'It
Debenture 5s_________ a 1926 M t
90
96*4
SCq G L N Y lat cons g 6s__ 1931 M- H
100 Feb t ;
95 ____ 95 May TO
Col F A I Co gen 8 f g 5a___ 1942 F - J
92*4 95*2
Gas A Elec Berg Co 0 g 5s. .1041 J -D
I033i
75% Sale 74*4
75*2
103 10334 Col Indus lat A coll 5s gu__1934 P - /
74% 77
Hudson Co Gas 1st g 6s___ 194! M-N 102^4 10334 10334
91 Jan To
91 91
18 ___ 73 Mar'14
Cona Ind Coni Mo lat 5a. 1935 j - r
San City (Mo) Gas 1st g 5 s. 192'. 4 - O
105
104 106
Cona Coal of Md IstAref fis. 1950 j - 1 89 91% 92 JuneTG
90 03
Kings Co El L A P g 5s____ 193' A -C 105’ Sale" 105
11478 118*2 Continental Coal 1st g 5a
1952 F - J 35 ____ 99% Feb T4
Purchase money 0s.......... 199' 4 - O 117*3 117*2 117*4 JunoTO
120 128
Or ltiv Coal A C lat g 6a. A.1916 A - C ___ 94-34 94*4 Mar’16
94*4 "94*4
Convertible deb 0u............ 192.' W- 8 126 129*2 126 Mar’10
88
Apr
TO
88 88*4 Kan A II C A C 1st s r g 5s. 1951 J - j
35 ___ 90 July 15
Ed El III Bkn lut con g 4s. 193! 3 - J ____ 89*4
101*2
92%___ 92*4
92*4
100*8 102
Pocah Con Collier 1st. s f 5a. 1957 J - J
89 92*4
Lao Gas L of St L let g 6s. .«1911 Q - r 101 101*2 101 JunoTO
10078 102*8 St L Rock Mt A P 6s atmpd 1955 J - J 80 86
87 June’ lO
84
88*2
Ref and ext i - 5s..........193- A -O 101*8 102*8 101*2
93
June’16
102 June’ lO
31*4 93*2 Tonn Coal gen 5a ..........
1951 J - : ____103
101% 103%
Milwaukee Gas L 1st 4h____192'. M-N 9278 93*2
16
1C078 ____ 100*4 JuneTG
103*8 103*8
Blrm Dlv 1st consol 0a...l91‘ J
100*4 102
Newark Con Gas g 6s.......... 194) J - I> 104 ___ 103*8 Mar’
104
103*2
104
Sale
____
1
1
1
J
D
103
100*2 100*2
106*2
H Y G E L H A P g 5s-........194.
Term Dlv 1st g u«.........<;19l 4 - C
100*2 102
8412
84 87
Purchase money g 43_____1041 F - A 84*4 86 84
Cah C M Co lat gu 6s.._. 192 J - C 103 ____ 101 Deo T4
108 109
Ed ICI III lot cons g 6s__I 199.' J - J 108*2 109*2 10831 Apr TO
Victor Fuel 1st a f 5n........... 196c J
*____ 87*2 73 Apr T4
10034
JunoTO
86
80
NYAQ El L A P 1st con g Ca. 193i V - A 100*8___
100*2 101*4 Va Iron CoalACoke 1st ? 6-. 1949 M - t ____ 88
86 90%
92*2 July’09
a Y A Rich Gas 1st a 6s___ 192 M-N
Teiagrnp-h & Telephone
917S
Pacific a a ei c o cpi a a e
91% Sale
91*8
90*2 92*2
Am Telep A Tel coll tr 4s.. . 192V, J
98
Corp unifying A rof 5n___ 193’. M-N 977a 98 9734
97*8 100
100 102*4
Convertible 4a.................1936 M - fr 102% Salo 102% 102%
105% 109
Fao Pow A Lt lat A ref 20-yr
20-yr convertible4Ha___ 193.' M- fr 108*4 Sale 107*4 108%
101% 1027*
93 93*2 Cent Dlat Tel 1st 30-yr 5s.. 194. J - V 1027a Sale 10278 10278
6s Internal Series..............193* F - A ____ 92 93 JunoTO
75 88*4 June’ 14
Commercial Cable 1st « 4a..239: Q
Pat A Pasaalc G A El 6a____1941 M- B 10134 ___ 99*j Oct T5
74 71 May’ 10
Registered................
.2397 Q - i
114% 1161t
71
71
Peop Gua A G lat cona g 0s.. 194.' A - O 115 ___ 116*2 May’ lG
100 Sale 100
100*a 102*8 Oumb T A T 1st A gen 5a __ 1937 l
100*2
99*4 100%
Refunding gold os...........191' M- 5 Sl0078 Salo 10078 101
99 Sep T3
100 98 Apr TO
98
98
Keystone Telephone lat 6s.. 1935 i - J
Registered..................... 194'. M- S ____ 100
I 101% 102*4 Metropol Tel A Tel 1st a f 6a 191& M - N lo o ’ 103 101% June’ 16
101% 101%
Ch G-L A Cke lat gu g 5a. 193'. ) - J 101*4____ 102*4 JunoTO
99% 101
,101 lOllg Mich State Telep lat 5a___ 1924 F - A 100% 101
Con G Co of Chi lat gu g 6h193' I - D 10033 ----- 101*8 May TO
99*2 100*2
87 June’ 16
1 87 87
10034 June’ 16
10034 100*4
Ind Nat Gas A Oil 30-yr 5sl93< M- N ____ 88
N Y A N J Telephone 5s g .. 192( M - N 101
98%
98 99*2
100% 1(K)*4 N Y Teh p lat A gen a f 4V48-1936 M- N 98% Sale 98
Mu Fuel Gas 1st gu g 6 a .. 194’ M- N 100 . . . 100*4 Mar’ lo
*90*4 98*2 Pan Tel A Tel lHt 5s. ............ 193: J - J 100*4 Sale 9978 100*4
Philadelphia Co conv 5s___ 101! F - A 98*2----- 98*2 Apr TO
99*2 101%
25 , 90% 03*» South Beil Tel A T lat a f 5a. 1941 J
91
100% Sale 100*8
10L
99% 101%
Conv deb*a gold fis______192; M-N $ 9034 Salo 9034
101%
100 101%
101*4
Stand Qas A El conv 9 f Ca.. 192' I - D 100*4 100*8 100*4 100*4 32 98*2 10278 West T/nlon coll tr cur 6a... 1938 J - «! 100%
94 ‘ 9 5 ” 94%
94%
94% 90%
Byracuse Lighting 1 st g 6s,. 196 I -D 100*2___ 100*8 May’ lo — 99% 100*2
Fd and real eat g 4Ha___ 195< M - N
101*4 Apr T0
Mut Un Tel gu ext 6a___ 1941 rw-N
101*4 101%
Oyracu«e Light A Power 5s.. 196' I - J 84 ___ 85*j June’ 12
95 95
93*4 9**4 95 Mar’ lfl!
Trenton G A El 1st v 6«
19<* M- S im*>___ 1011- fun^’ l
Northweaf Tei eu 4 4te g 1934 j
•No price Friday; iateutbld and asked, a Due Jan. d Due Apr. « Due Mar, g Due June, ft Duo July. Jt Duo Aug. » D m Oct. ^ imc Nov. t D u e Dec. s Option aale.




50

BOSTON STOCK E XC H A N G E -Stock Record
8H AM W P t I ' M S —

Saturday
J u n e 24

M on d a y
June 26

VOr

1 Tuesday

|

June

27

P R it C R X T U M P R IC E S .
W ednesday
Jun e 28

Thursday
1* June 29

Sales
Friday
June 30

W eek
Shares.

STOCKS
BOSTON STOCK
EXCHANGE

[Vol. 103,

R angt Since Jan.
LovceH.

1,

H ig i t i t .

Range f o r P reciou t
Y ear 1915.
Lotcest.

H ig itit.

Railroads
Topeka A Santa Fe.-lOO 102 Mar 2 108 Jan
104 !*io4 10434 104% 104*4 *104*4 105
92*4 Feb 109*8 N ot
10 At-ch
Do pref...................... 100 90 Jan 5 IOH4 Mar 9
101 *100i2 101 *100*2 10 1
97 Jan ion* not
Last Sal 100%M’y’ l ;
182 May 8 198 Feb 16 170 Mar 198 Jan
185
184 184 *184 1S5 *184% 185
185 185
39
77
75% 76
75
75*.
73 Juno 96 Jan
74% 75
74*2 741
737 Boston Elevated_________100 65% Apr 24 88 i2 Jan 19
131
129*2 129L 129 129 *12S*2 129
128*2 128*
62 Boston & Lowell________ loo 128%June30 145 Fob 11 109 Feb 138*j Oct
<4Maine_________100 35 Jan 28 52 Feb 14
46*2 *44i2 45
45
45
20 Fob
371- Oot
45
46*
47
47*2:
533 Boston
Boston * Providence.........100 227% Mar27 235*2 May29 225 Jan 240 June
*228*2 ___ *228*2 ___
Last Salt 230 J’nn’ l
Boston Suburban Eleo C os...
4i2 Feb 29
5 Jan 8
4 *___
4 *----4 Last SaleAU
5 Doc
10 Mar
May’ l
Do prof______________ _ 39 May 19 40i2 Feb 29
39 :*----- 39 *___ 39
40 Sep
L a st Salt 39 May’ l si ! ! ! ! ! !
66 Mar
4 Marl8
5i2Jan 5
5
*4
5
*4
5
5 Nov
Last Salt 4*2 Aor '1 i _____ Boston A Wore Electric Cos..
9 Sop
Do pret.................
..
42 Feb 28 44 Jan 18
47 July
39 Jan
......... Ohio June Ry i U S Y ...100
*153 155 *153 155
157 Feb 160 Sep
Do
pref_______________
*10512 109
102i2
Apr
26
103
105 105*2 *103*2 105 *103*2 ___ *106 109
May26
101*2 July 110 Apr
107 107
00
*154 162 *154 162 ,*154 162 *154 162
Last Salt
_____ Connecticut River........ . . 1 0 0 150 Jan 5 162 Feb 19 140 Fob 165 Jan
*75 —
*75 ___ ! *75*8___
75*s 75*f *75% 78*
75% 751
Feb
76 Nov
13 Fitchburg pref____ _____ .100 75 May 2 87 Feb 14
*127 128
Georgia
Ry
&
Elec
stampdlOO
122
Jan
3
123
128 128 *120 128 *126 128
MaylO
128 128 *126 128 1
14 Apr 120 Fob
20
*88l2 ___ *88*2 ___ *8 8 * 2 ___ *90 ___
Do pref....................... 100 z86 Jan 10 90 May25
Last Salt
S '____
84 Aug
88 Mar
*100 — *100 ___ 100*8 100*2 *100 100* 100*2 100*5
92 Mar 103** N ot
30 Maine Central........... ........100 z99 Junel5 102 Jan 17
*584
6
6
*534 6 | *534 6
Mass Electric C03 _______ 100
6
5t2MaylO
8 Feb 14
*5
6
478 June 10 Sep
25
34
34
34*2 34* *34
35 ! *34
35
*34
38
34
34
33 July 66 Jan
1l l Do prof stamped____ 100 31 May 2 40 Feb 11
61
61 1 60*4 61 1 605S 61*2 6O84 Oil; 62
67 May 5 7/34 Jan 3
62
87*4 Oot
43 Feb
61*2 63
511 N Y N H i Hartford....... 100
*101 ___ *101
*101 ___ I 102% 10234 *101
98 Apr
103 103
89 Oct
10 Northern New Hampshire IOC 97 Jan 3 105 Feb 14
*14914 150 1*149*4 ___ *149*4___ *149*1___
Old Colony____________ I00 149*4 JunelG 157 Fob 20
Last S ilt 149%J’ne’ l(
40 Aug 157 Apr
*26
28 | 26
26 1 25
26
*25
20
26
26% 28
Mar 30 N ot
28 ' ” 135 Rutland, prof___________ioo 20 May 1 30 Jan 3
*136*4 137 *135 13534 *135*4 136
136*8 136% *137 1373.
10 Union Pacific..................... ’ 00 13) Apr 26 142*8 May23 116*; Jan 141*3 Nov
Do pref......................1 00
817g Mar 1 83*4 Jan 3
79*4 Mar 817g Oot
.......... Vermont
♦114 120 *114 120 *114 120 *114 120
A Massachusetts. 100 115 Apr 25 125 Mar 1 105 Fob 125 Apr
Last Sale 116 J’nc’ lC
*57*2 —
5758 57*4 *58
58*21 *58
58*2 *58
58*2 58
May 72** Jan
58
52 West End 8treet_________ 60 57 June 2 67*2Jan 19
74
74 *----- 74 *___ 73% 73% 73%
July 93** Feb
25 Do pref_____________ go 73^4 June29 86 Feb 25
Miscellaneous
66
66
67*4' *66
*66
6734 *66
Amer Agrlcul Chemical... 100 64 Apr 24 7D8 Feb 11
67% *66
68
*66
68%
48 Jan
73*4 NOV
99
99
98*2 99 I 99
99
99
99
98*2 99% 99 100
426 Do pref.......................100 95*2 Mar23 100*2 Junol3
87*2 Mar 101** Nov
2lo 2*2
2 Jan 18
3*4 Apr 12
2*2 2*2’ 2*2 2*2 *2% 2*2 *2% 23g
2*2 2%
41* Oot
315 Amor Pneumatlo Service.. 60
1%
Mar
*14
15 t 14*2 14*2 14*2 14*2 *1412 14% 14% 1434 14% 15
16 May 4
13i2Jan
191* Jan
13 Doo
270 Do pref......... .......« _ 50
110 110*4! 109 10912 109*4 109*4 *109 ___ *109 110
109 109
100 Feb 119** Nov
160 Amer Sugar Refining..!.. 100 108 Apr 22 116i2Jan
118 118
117*4 11712 11714 117*2; 117*4 117*2 *117 118
117*2 117*,
110 Do pref.......................100 114% Mar 1 11834 May26 109 Feb 119 Deo
130*8 130*2 130*8 130*4 130 130*4 130 130% 130 130% zl28 128', 1 1,888 Amer Tolep & Telcg_____ 100 126*,s Jan 31 131 Mar29 118 Jan 1301* Nov
45<8 457fl1 *45
*44*2 —
46
43 Jan 11 55 Marl4
*45
45% *45% 463,
lb*2 Apr
5714 Oot
100 American Woolen tr ctfs ___
97
97
92 Jan 11 101*8 Marl4
96*2 97
96
97*2 94 r2 90
94*2 95
99i* Oot
*94
943,
77 Feb
569 Do preferred tr c tfs___
71*2 71*2
66 Jan
*70
Amoskeag Manufacturing___
75 Junel3
07 Apr
59*s Jan
100 100 *----- 100 *----- 100
Do
pref________
.
.
99*2Jan 20 IOH4 Feb 10
10 0 15
97*2 May 101 Feb
64
67
6.5*8 66*
65
66*i 1 65
66*2 66*2 673, 657S 673. 30,589 Atl Gulf A W I S S Lines. 100 27 Jan 11 6834 JunelO
4 Feb
38 Nov
5712 6734 58
58*2 58*4 59
59
59*2 59% 60*, 60
60’
978 Mar 49 Nov
3,393 Do pref____________ 1 00 42 Jan 15 6034Junc30
15
15
15
15
Cuban Port Cement.......... 10 fcS*3 Apr 28 16 June20
15% 15*2 15*4 15% 15
15% 15% 15% 1 225 <
*934 10
10
10
*10
10=8 *10
10*4 *10
.. 1 CI 10 .III!! 41 13%Jan 19
10% 10
10 “
300
13% Apr
8*2 Dee
*239 —
239*2 239*2 239 239*2 239 241%j*239*4 242
..100
234
Apr
27’
250 Mar 7 230 May 260 Jan
240 240
52
*166 167
160 166 i*105 166 *16412 165*2 *166*2 1671?
..IOC1 159% Apr 22! 178 Jan 17 138% Feb 184% Oot
45
*100 101*4 100*4 100*4 *100*2___ *10012 ___ *100%
f.lOC1 95 June SS 102 Feb 24
13
06*2 Aug 104 Mar
*81
81*2 *81
82
81
81
81
81% 81
..IOC1 80% May 17' 86 %Jan 6
813S 81
81
78 Apr
94 Aug
158 I
85
84
84 *----- 83 * - - .. 83
Do pref.
83
..IOC1 80 May 31 89 Feb 14
82
82
17
84
Nov 92% Jan
163 163
163 164
163 163 *163 10412 105 165
..IOO1 155 May 4: 172 Jan 19 154 Feb 200 Jan
60
165*2 165*2
*— —
1
]
**4 1
1 Mar S
2% Jan 15
Last Sale
**4 1
. 1C1
*'4 1
3 Sep
% Apr
*16 —
*10 ___ *16 ___ *16 ___
' ]
Last Sale 10 June’ 16
.ICO1 15 Jan 18 19 Apr 10
10 June 16% Deo
*42. —
*42 ___ *42 ___ *42 ___
L a st Sale 43
.100 1 43 Apr 61 44 Feb 8
Apr’16
46% Jan
35 Feb
25
25 *----- 25 *----- 25
25
25
.. 10(1 25 Apr 22 30 Jan 7
40 '
20 Apr
30 Nov
50
50
*50 __
50
50
*50 ___ *50
50 Jan 24 58 Jan 7
..100
25
25 July 55 Dec
*132 137
132 133
132 133
132 132
132 132
132 132
.10 0 131%Jan 11 140 Marl7 ^127% June 143 Jan
149 ]
154 154
150 152 *153 154 *150 154
154 184
.10 0 102% Jan 11 160 May 5
65 1
*16212 —
163 163 *162*2___ *162 164
158% Apr 28 171 Jan 17 160 Feb 170 Oot
163*2 163*? 163 163
90 1
*16
16*2 *16*4 16*2 *10
16*2 16*2 16*2 10*2 16*2
- 10 15 Feb 3 l«%May23
30 1
18% Jan
15 Sep
134% 13512 13412 136
13434 135
135 135
135 135% 136 136%
. 11 ,t 125 Feb 5 140 May26 104% Jon 128 NOV
433 6
——
—
— 56
55
55
54*2 55
*55
56
55% 56
322 ’
56
58
. 25 35 Jan 14 53 Junol3
28 Mar 36*1 Deo
*30is 305a *30*s 30% 30*4 30*4 *30% 30% *30% 30%
Do
pref.
28
Jan
14
32 Mar 2
. 25
20
26 Mar 30% Sep
*1
H2 ___ ___
1
1*2
*1
1*2 *1
Last Sale
2 Feb 23
.90 Mar28
. 25
.95 Jan
1% Apr
157 15934 156 159*2 155*4 15734 156% 158*2 158% 159% 158 159
.109 136*2 Jan 31 168*2 June 8 110 Feb 163 Nov
1,884 1
50*4 511| 50*4 51*4 51
51% 51
51*s 51
51% 51
. 25 50 June23 63% Mayl2
51%
2,988
’
65
May
4.8
Aug
29l2 2912 29*2 29*2 *29
29*4 29% 29*2 29% 29% *29 % . . . :
28% Jan 3 30*2 June 14
400 Do pref.
28 Mar 30 Aug
84
84*4| S2'8 831? 83% 84% 83% 84*2 847* 85*? 85*s 86%
79% Mar 1 8S73 Jan 3
1 : 8 Steel Co
.10 0
891s Deo
38 Feb
•117 117*2 *117 11712 *117 117*2*117 117*2 117*2 117*2 117*2 117*2 3,613
115% Feb 5 118*2 Jan 25 102*4 Jan 117% Oct
30 Do pref.
9
9
9
8 % 884
8*2 8 %
8 Feb 16 13 Jan 3
8*2 8%
14% No?
8*2 8% 2,855 '
1. 6
10% Deo
M in ing
*212 3
212 212
2*2 2% *2% 3
1% Feb 17
6 % Apr 11
258 25,,
*2% 3
47SApr
- 25
40 ^
.
<
Jan
95
98
95 •90
95
95
96
96
96
95 Jan 15 106 MarlO
96
96
96
640
92*j Deo 103 Aug
20
20's 20
20*4 20
20*8 1934 20
19*2 20
2,325 J
. 10 17% Mar 6 26% Jan 7
21% Deo
40% Apr
19%
193g
1*2 1*2
1*2 1'2 *1*4 1*2 *1*4 1*2 *1% 1*2 *1% 1%
% May 3
2 Apr 7
150 /
- 25
.45 Feb
4% Apr
63
64
63
65
6278 63
64*2 64*2 *64*2 66
627g June26 74% Feb 21
*64% 65
336 >
60 Deo
36% Jau
42
43*4 41
4134 39% 41% 41
43*4 40
41*2
38%June39
97%
Apr
10
3S%
4012
9,781
‘
.
26
72%
Nov
10%
J.
6533 66% 65
66*8 6412 68
65% 65*2 65*2 66%
..25 64% June22 75% Apr 8
1,697 Do pref.
*8*4 8*2
8
8
8
8*2
8*2 8*2
8*2 8%,
. 6 7% Mar27 10 Feb 14
8*2 8 % 1,591 t
9*2 Apr
3%
JaL
*2
2
2
2
2
2*4
*2
2%
2 ‘ % 2 %;
375 E
2 June22
6*2 Feb 5
2
2
. 10
2 Jan
4% Apr
66
69
6634 6734 66*2 67
66*2 70
68
70*2 68*2 68*2 1,805 E
. 10 65% June22 105% Mar 9
36% Jan
30 June
68
69
67% 68*2 67
68*i 66
67*2 68
68% 671, 68*2 3,219 C
66 Juno2S 75% May20
10
61% Fob
78% Apr
532
628
620 525 520 525 530 530 530 535 530 530
62 C
. 25 52d June2G 680 Feb 14 350 Jan 830 Apr
16
16
15*4 15*2 *15% 16
16
*15% 16
10
16
16
215 C
15*4 June26 19 Jan 0
15 Jan
25 Apr
493a 48*2 48*2 48% 49
*49
49
49
50
50% *49% 497g
445 C
. 6 48% Junc23 60 Feb 19
327g Jan
67 Nov
59
60
58
5934 58% 597g 59*2 001, 60
69?8 58
58 June26 68% MaylO
60% 3.438.C
Copper Range Cons C o ...100
.10 0
65
Deo
30
Jan
*212
2*2 2*2 *2*2 27S *2.2 27S *2*2 2% *2% 273
15 t
2% Mar 1
37g Mar 17
. 20
l7g Jan
6% Apr
12
12
11*4 12
1134 1134 11% 11% 12
12% 12% 12%
815 E
. 10 11% Apr 24 16% Jan 3
10%
Doo
8*2
Jau
*6*4 7
6
6*4 *0*4 634
400 F
6% 6%
6 June23
6*4 0 ■ 6% 7
10% Jan 8
14% Apr
4*j Feb
8612 86*2 85
87
85
8512 *83
85
85
84 Apr 26 98% Feb 10
85% 85
87
592 C
.10 0
94*2 Apr
68
Jan
37
3434 36*2 3434 36*2 38
38
38% 40
41
40
40
549 C
34% June'-’G 62% Mar 0
.10 0
62% Deo
23*4 Feb
12
11*2 1U2 11
11
10% 10% 11
260 E
11*2 12% 12%
. 25 10% June2S 19% Jan 4
11 Jan
2 -1*2 Apr
*2U 3
*2% 3
*2*8 3
2*2 2>2 *2% 3
*2% 3
20 I
2%
June28
6 Jan 3
2*4 Jau
.
26
10% Apr
*47
47*2 *47
47*4 *47
47*2 *47
47*2 47
47
Creek Coal.
60 Island
I
44*2 Mar30 54% Apr 11
*46*2
48
1
11
Mar
62 Aug
*88
8912 *89
89*2 *83*2 S9*2 *88*2 89*2 88% 89*2 89*2 89*2
31 Do pref_____
88 Jan 29 92 May23
85*2 Jan
91% Apr
2734 28
28
28
27
28*2 28
28
28
30
804 I
*27% 28
25 26 May 9 31% Jan 6
17% Jan
34 Apr
*4*4 4*3 *4*8 4*2
4% 4*2
4% 4% *4
4*2 *4
3** Mar 4
5% May 3
4*2
70,8
3 Aug
5% Apr
*4
4
4*2
4
4
4
4%
4*8
378 4
2% Feb 11
25
*3*2 3%
621 f
8 Apr 6
4% Apr
1*2 Aug
11
11*2 iu 4 12
10*2 11*4 11% 11*2 113, 11% 12
12
25 10% June23 19% Feb 10
510 L
197«
Deo
6
%
Jan
*3*2 4
3*2 3*2 *3*4 33.1 *3% 4
*3% 4
25
3*2 June23
3% 3%
25 L
6 % Jan 3
9 Apr
3% Jan
*212 3
*2*2 3
2*2 2*2
2% 2% *2
2% June21
3
300 SV
5
*2
2%
4% Jan 4
1 Mar
6 Deo
10*2 11
10
%
m
2
11
1078
11*8 11*2 11% 12
1,485 IV
11% 12
25 10*2 June24 15 Feb 23
17 Apr
3 Jan
2*8
2*4 *134 2% *1% 2% *13., 2%
2*8 2*8 *2
100 A
25
3% Juno2G
5 Feb 10
3 Aug
8 Apr
3
3
3
234 3
3
2% 2*2
*2*2 2%
2% 2%
735 ->
1% Jan 5
4 Apr 6
.60 Mur
3 Apr
96
96*2 94*2 96*4 95
99
97
98
97*2 983, 98 100
1,474 A
26
89
Jan
31
103%
MarlO
46%
Jau
98
Deo
16
16
*16
16*2 10
16*4 *16
16*2 *16% 16% *10% 167g
240 A
6
15 Jan 28 18% May25
11% Feb
17 Apr
5*4 6
0
6
0
6
6
6
*6
6%
G
6
520 8
5% June24 10% Jan 1
. 25
4*2 Feb
14*4
June
*13
15 x l 3
13
13
14
13
14 *12
13
720 New
N
Idrla Quicksilver!!” . 5 10% Jan 3 24%Jan 19
4 July
13*2 Aug
*67g 7
7
7
*7
7*4
7% 7% *7
150 N
8 % May 1
7*4 *07S 7%
6 Mar 1
6
87* Nov
5*8 Aug
21
21*4 21
2112 21
22
21% 22
22
3,714 N
2212 22% 23
21 June 9 32 Jan 3
15
3S7»
Apr
22%
Jau
*112 2
1*8 1% *1*2 134
265 N
.60 June 2
1*2 1% *1*2 1 %
1% 1%
4*2 Jan 3
. 25
4*8 Apr
1
Jau
*1<4 1'2 *1*4 1*2 *1
1*2 *1
Last Sale .'2 June’ 16 _____ O
1%
1% Jan 15
27g Apr 6
.60 Mar
. 25
3*2 Apr
*134 2
2
2
*1% 2 | 17g 2
1%June23
1% 2
343 O
4 Jan 3
*1% 2
25
2% Nov
7% Apr
65*2 66
60
66
65
66
65
66
6634 66% 66% 67
896 O
26 62 Jan 31 73% Marl 1 38% Mar 64 Deo
8912 89*2 89*4 91
90
90 *2! 90
90
91
91
*85
88
230 O
. 25 82 Jan 20 101% Mar 14
64 Jan
93% Apr
*1312 14
13
13*8 13*2 13
*13
13% 13*2 13% 13% 13%
11% Mar 7 10 A p ril
265 P
10
12 Jan
19% Aug!
86I2 86*2 85
87
85
86
86
86
85*2 87
305 Q
85*2 86
25 85 June26 98% MaylO
60 Jan
95 Apr
*20% 21
*20*4 21*4 2U2 21*2 21% 21% 217g 22
210 ri
*22*2 22%
20% Junc22 28 Feb 14
.
10
16%
Jan
27%
Nov
74
7412 74
74
73
74
73
74
74
74
74
805 St
SI Mary's Mineral Land.. 25 01% Jan 31 80 June 9
74
28 Jan
66*2 Deo
2
2
134 134
*1*4 2
134 1%
1% 1% *1% 2
540 Sf
. 10
1% Juno27
37g Jan 8
1 Mar
5 Oot
8
8
8
8
8
8*4
8
8*2 8*2
10
8*2
S
S% 1,605 Si
8 June24 12% Feb 14
4 Jon
11% Apr
29*2 29*2 30
30
*28% 29
*28*2 29*2 29% 29% z29
29
212 Sbattuck-Arlxona_______
St
10
29 June23 40% Feb 14
38 NOV
18% Jan
*6*2 7
6*2 6% *6
6*2 *6
6% *6
6% *6
6%
525 Sr
25
6% Junc23
8*2 Jan 4
7% July
6%
Nov
15
15
*14*2 15*2 *14
15
11
14 *14% 15
15
15
80 St
. 25 14 June28 2S% Jan 3
41% Apr
22% Jau
378 4
4
4
37S 4
4
4
37g 4
3% 4
952 Superior
Si
A Boston Copper. 10
1%Jan 13
1 Mar
4% Apr
5%Mayl5
•44
45
*44
45
*44
44*2 44
47*2 42*2 42% *40
42%
389 T
25 42*2 June29 66% Jan 14
25 Jan
5S% Aug
5*3 578
5*4 5*?
5*8 5%
5
5%
5
5%
5% 51, 1,340 T
5
June
8
12%Jan
3
2%
Feb
25
15*2
Oot
*.40 .41
.42 .42
.40 .46 ; *.10 .45
.38 .38 .............38 1,200 T
Tuolumne Copper.
,60May31
1
.15 Jan 26
.20 Jan
.63 Apr
6814 68% 6412 68*2 627g 60 1 65% 67
69
71*2 68% 69% 10,143 UTS Smelt, Reflo i
80%
June
9
54%
Jan
3
60
20
Feb
64
Deo
50*4 507s 50*8 50% 50% 507a| 507g 5078 507g 51
51
51% 1,121 Do pref.........
50 49 Feb 1 63% Apr 11
28 Jan
60% Deo
414 4 SX »
4% 4%
4*4 43a
4's 4%
4% 4%
4% 4% 1,325 0
5% Apr 10
6 3 Hi Feb 11
2
Jan
6%
June
1258 125s 12*i 13*4 13
13 | 1278 13
13
13
13
13
387 U
6 12%Jan 15 15% Feb 11
9*4 Feb
16% June
7638 763a 75*4 76*4 75
76*2 *70
70*2 77*2 77% 77% 777g
205 U
10 75 June27 86% Feb 21
48% Jau
81% Deo
8
8*s
7*4 8
7*2 8 i 7*2 8
8
8%
8% 8% 2,915 U
7% June27 11% Marl3
Utah Metal A Tunnel___ 1
*3
*3
3*2
3
3
3*2
*2*2 3% *3
31?
3% 3%
200 VI
2% Jan 3
25
47, Feb 14
4% Apr
1 Feb
5*4 514
5
5% 5%
5*4
5
5*4
5U
300 W
25
3% Mur27
7*2 May 31
6*8 May
1% Jan
54
54
54
54
54
54*2 *54
55
54
55
55
55 "
198 W
25
51
Juno23
67*2
Feb
10
70
Apr
82
Jan
1*4 1*4 * 1*4 2
♦1*8 2 1 *1% 2
*1*2 2
*1% 2
100 W
2i
1*2Juno 6
.60 Mar
2%Apr
2% Feb 14
Bid *nd asked orloos a Ex-dividend and rights. A Ei-atock dividend c Assessment oaU A Ki-runu # Unstamped * i t paid u> Half-paid.
1
*104 1041 S*103*4
*100i2 101 *100*2
•184 ___ 185
7414 77
75*8
*130 131 *130
44*4 45*
46
*228i2 ___ *228*3
*----4 ♦__
39
*4
5
*4




July l 1916.]

THE CHRONICLE

Outside Stock Exchanges
Boston Bond Record.— Transactions in bonds at Bos­
ton Stock Exchange June 24 to June 30, both inclusive:
Friday
Sales
Last W eek's Range
fo r
o f P rices.
Sale.
W eek .
P rice. L ow .
H igh . Shares

Bouds—

Am Tel & Tel coll tr 4at929 9154
Convertible 454s— 1933, 108
Anglo-French 5-year 5s— ! 9554
Atch Top & S Fc 4a.. 19951-------Atl G & W I S3 L 58-1959 _____
C B & Q—Iowa DIv 4sl919_____
Chic June* US Y 58-1940! 10154
GrtN or-CB* Q4a-.1921 9 S lA
Mass Gas 4548------- 1931..........
New Eng Telep 5s___1932 ! . .........
New River 1st 5a___19341...........
Pond Creek Coal 6a.. 19231_____
Swift & Co 1st 5s___ 1914| 100J4
U S Smelt R & M conv Os. 111
Western Tel & Tel 5s. 19321 10054

9 lV s

103

95 A

93 A
83
9954
10154
9854
9554
102

75
9354

100

10954
10054

1.

Range sin ce J an .
Low .

Apr
Mar
Jan
Feb
May
June
June
Feb
Jan
May
Jan
May
June
June
June

Chicago Stock Exchange.— Complete record of transac­
tions at Chicago Stock Exchange from June24 to Juno 30, both
inclusive, compiled from the official sales lists, is as follows:

Stocks—

Par

American Radiator___ 100
Prcferrol------ ------- 100
Amer Shipbuilding----- 100
Preferred................. 10C
Booth Fisheries com.. . 10C
Preferred ................. 10C
Cal & Chic Canal & D.100
Chic City & C Ry pt sh pref
Chic Pneumatic Tool-.100
Chic Rys part ctf “2” .
Chic Rys part ctf “ 4” ----Chicago Title & Trust. 100
Commonwealth-Edlson 10C
Deere <fc Co pref....... -IOC
Diamond Match......... 100
Hart Shaff & Marx, pf.100
Illinois Brick________ 100
Intcrnat Harv Co, N J.10C
Lindsay Light.............
National Carbon......... 100
Preferrel................. 100
People’s Gas Lt & Coke 10C
Pub Serv of No 111 com. 100
Preferred-------------- 100
Quaker Oats Co......... 100
Preferred................. 100
Sears-Roebuck com__ 100
Preferred____ _____ 100
Stewart WarSpeed com 100
Swift & Co_____ _____ 100
Union Carbide Co........100
United Paper Bd com. .100
Ward, Monts & Co, pref.
Bonds —
Armour & Co 454s. ..1939
Booth Fisheries s fd 6s 1926
Chicago City Ry 5S..1927
Chic Kiev Ry g notes. 1916
ChicPncu Tool 1st 58.1921
Chicago Rys 5s_____ 1927
Chic Ry Ad Inc 4s. .1927
Chic Telephone 5s___ 1923
Commonw-Edlson 58.1943
Motr W Side El 1st 4s. 1938
Morris & Co 454s___ 1939
Ogden Gas 5s..............1945
Peo G L & C ref g 5s ’47
Pub Ser Co 1st ref g 5s 1956
South Side ICIov 4548-1924
Sulzberger & Sons 1st 6s ’41
Swift & Co 1st g 5s.-.1944
x

Friday
Sales
Last W eek's Range
fo r
Sale.
o f P rices.
W eek .
P rice. L ow .
H igh Shares

399

*395
135
43
9054
33
7354
45
1954

399
135
4454
9054
35
75
45
1954
68
7154
1454 1454

1.

R ange sin ce J an .
L ow .

H ig h .

20 385
Jan 400
Jan
1 13354 Mar 13654 Feb
100 33
Jan 4854 Mar

80
407
162

7554 Jan
25
Jan
66
Jan
45 May
17
Mar
6354 Mar
13
Apr
1 June
220
Apr
13954 June
89 May
102
Mar
11454 Jan
76 54 Jan
110)4 Mar
654 Jan
168 June
120)4 Feb
100 May
107
Jan
100
Apr
309
Jan
107
Jan
169 54 Mar
12454 June
8254 Apr
12654 Jan
170
Fob
1354 June
11254 June

Mar
Juno
Apr
Jan
June
Mar
Jan
Apr
June
Mar
Feb
May
Mar
Jan
June
June
Feb
Mar
Jan
Feb
Feb
Jan
111
June
188
Jan
127
Fob
10854 June
13954 May
190 May
1554 June
116
Feb

9354 9354 $2 2,000 93 54 Jan
3.000 83
Mar
87
13,00. 9854 Apr
9854 99
3.000 95 Ma r
9554 96
Feb
9854 9854 3.000 94
97
97
5.000 96 May
9,200 3354 June
3354 35
102
10254 8.000 10154 Apr
15.000 102 May
10254 102 102
7154 71)4 7154 3.000 71 May
9254 92 54 20.000 8954 Jan
97
97
1.000 95 54 Jan
101
101
17,000 10054 Apr
9454 9454 2,000 94
Jan
9054 9054 5.000 8854 Jan
9954 9954 5.000 9954 Apr
10054 100 10054 57,500 9854 Jan

9454 Feb
87 Juno
100
Feb
9854 May
9954 Mar
9854 Feb
3854 Mar
102 54 Feb
102 54 Jan
7354 Jan
93
Feb
9754 Mar
10254 Jan
95 June
9254 Apr
9954 June
10054 May

1

1

235
14254
9054
10854 108
116
80
11254
2154 2054
170
170

235

121

10154 101

111

11054
184
12454
9854
13554
183
9354
87

110
102

1

235
144
91
10854
116
8054
11254
2154
170
12254
102
111

330
11054
180
12454
9554
13454
178
1454
11254

103
330
11054
185
12454
10054
13554
18354
1454
11354

10

25
800
10

25
115
81
50
266
10

207
100

680

10
202

150
65
45
51
50
813
5
9,462
618
598
1,053
84

86

Baltimore Stock Exchange.— Complete record of the
transactions at the Baltimore Stock Exchange from June 24
to June 30, 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 .

9154 $34,000 90J4 Jan 93
108
500 10554 Mar 10854
9554 1,000 94
Mar 9554
500 9354 May 9554
93 54
8354 18,000 74
Jan 8454
9954 3.000 9954 June 9954
10154 2.000 10054 May IOI54
9854 8,000 9754 June 99
Mar 96
9554 3.000 93
102
5.000 10154 Jan 104
2.000
75
75
Jan 75
9354 1,000 87
Feb 9654
10054 27.000 9854 Jan 10054
111
64,500 10954 Apr 115
10054 30.000 99
Jan 10154

9154
35
7554
50
20
79
1854
154
235
146 54
98
112
117
8354
118
2254
185
12254
11254
11554
104
363

Stocks—

Stocks—

)

I
Canoy River Gas.

Ohlo Fuel O i l ...H I .... .
Ohio Fuel Supply_____ 25

15
6054

1 *120

3954
1 1654
1 .........
1 .........
1 _____
1 .........
)
52M
i ________
1 *5054
i
754
i _____

15
15
5654 6254
*126 139
3854 3954
1554 1054
70)4 7054
10254 103
354 354
19
1954
53
49
127 12754
*50)4 5154
754 8
17
1854
1654
16
45
4654
554 554
21
2254
2554 29
754 754
119 119
1954 20
17
17
12 c
12 c
14o 15c
149 149

Pittsburgh Coal com.. 100 29
Pittsb Oil & Gas..........100
754
Pittsburgh Plate Glass. 100
Pure Oil common----------5 20
River Side West Oil pref.25
Ross Mining & Mining... 1 ________
San Toy Mining----------- 1 15c
Union Natural Gas___ 100
111
Union Switch & Signal..50
U S Glass__________ 100 27
2554
U 8 Steel Corp com___ 100 8654 8454
West'houso Air Brake..50 *143 *14254
West’house Elec & Mfg.50 58
57
Bonds.
Columbia G & El 5s..1927 .......... 80
Independent Brew 6s. 1955
56
72
x

Ex-dlvldcnd.




111

27
8654
H5
5954

40 15 June
6,140 3454 Jan
490 *126 June
160 36 June
6,600 1454 Mar
70 58
Jan
50 100
Jan
65
254 Mar
199 1554 Mar
715 49 June
105 123
Jan
747 4954 Apr
280
7
Apr
100
1654 Apr
16 June
200
2,215 38
Feb
120
454 Mar
390 1654 Feb
220 2354 Apr
170
654 Mar
262 115
Jan
2,195 *1754 May
10
17 June
1,000
5c Apr
9,200 14c .Juno
140 14154 Apr
10 109 May
160 25Li June
250 8054 Jan
762 13354 Apr
1,150 6454 Apr

8054 $7,000 80
2,000 49
56
73 1 8 ,000 l 64

Feb
Mar
Mar

81
60
73

9754
93
127
10954

93 54
10354
9854

8254
61
8654

100

20

100

102'

433
10

871
60
125

200

127
482
666
20

102

102

97
9754
93
9354
8754 8754
12654 130
10854 111
9154 9154
10054 10054
10054 10054
10054 10054
93 54 9354
10354 10354
10254 10254
9854 9854
10354 10354
50
50
109 109
84 54 8454
96
9654
9154 9154
8254 8254
6054 61
8654 8654
87
87

1,0001

6,000
4,000!
9.000
54.000
461,000
2.000

2 ,0 0 0

500
4.000
1.000

3.000
4.000
3.000
34.000
21.000
2 .0 0 0

1,000

7.000
2.000
20,000
26,000
2 ,2 0 0

300

Friday
Sales
Last W eek ’s Range
fo r
Sale.
o f P rices.
W eek .
P ar. P rice. L ow .
Par.
H igh . Shares.

..10 0 ; “ 7554

..100
5-100
...50
...50
.100
..100
..100
.100
...10
.100
.100

1.

Apr
Jan
June

1654
3854
95
50
40
123
9654
554
4
2654
11554
11454

2654 5,555
1654 12,254
554 11,121
403
51
30
101
20;
6054
57
lOi
351
11
50
so:
88
90'
8854
‘ 77k 7454 7754 1,290
12
12
811;
1254
89
89
89
20:
2554 2554 2654
955'
8
8
574’
454
454 554 3,543j
61
61
$2,400'
10354 10354 1 ,000 :
91
93
9,000j
101
101
7,000*
10054 10054 11,000

...50

H ig h .

1754 Jan
6454 May
155
Apr
4254 Jan
17
Mar
97
Mar
103
Mar
4 Junr
2054 Juno
6554 Apr
13154 June
6154 Jan
12
Jan
2454 Jan
19
Jan
4754 Juno
654 Jan
22 54 June
3654 Jan
954 Apr
120
May
2154 Mar
Mar
20
30c Apr
25o Jan
150 June
126
Jan
3454 Jan
8854 Jan
145 June
7154 Mar

12154 120
96
9554
554
4
2654
112
115
11454 11154
100
99
2554 2554
1554 1554
554
554
5054 50
30
60
57
1054
49
49

..10 0 1
..10 0 1 _ _
. . . 1 0 1________

transactions at the Pittsburgh Stock Exchange from Juno 24
to June 30, 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 aro per cent
of par value.

L ow .

1954
37
95
50
40

R ange sin ce Jan.
L ow .

1654 June
Apr
Feb
June
June
Jan
8254 Jan
554 June
354 May
2654 June
107
Mar
107 June
96
Feb
1454 Jan
6
Apr
454 Apr
50 May
30 June
59
Apr
57 June
10
Mar
49 June
87
Mar
72
Mar
9
Jan
89 June
255 Jan
8
June
45 Jan

1.

High.
1654 June

42
96
50
40
129

Feb
Feb
June
June
June
100
June
8
Jan
4
Mar
2654 June
11654 June
11554 Jan
103
Jan
2654 June
1854 June
654 June
7154 Jan
30 June
68
Jan
6554 Jan
1654 Jan
55 May
90
Jan
7754 June
1654 Feb
110 Mar
29
Feb
8
June
954 Feb

60
Jan 6154 Jan
10354 Apr 10354 June
91 June 9354 Apr
100
Jan 101 June
9954 Apr 10054 June
102
June 102 June
96 May 9954 Feb
9254 May 94)4 Jan
8754 June 9054 Jan
10154 Jan 13854 Feb
10854 June 120 June
9154 June 9154 June
100
Jan 10054 Feb
100
Jan 100 54 Mar
99 54 Jan 10154 Feb
9354 June 9954 May
10354 June 10354 June
10254 June 10354 Jan
Mar
9654 Jan 99
101
Jan 10354 June
49
Apr 5254 Jan
10654 Apr 109 June
8154 Jan 8554 June
95
Feb 9654 Mar
90
Jan 9254 Apr
Jan
8254 May 85
6054 June 64 May
8454 Jan 8754 Feb
8354 May 8754 Feb

Philadelphia Stock Exchange.— The complete record
of transactions at the Philadelphia Stock Exchange from
June 24 to June 30, 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.

Ex-dtvidend.

Range sin ce Jan.

Friday
Sales
Last W eek 's Range
fo r
Sale.
o f P rices.
W eek .
P a r. P rice. Low .
H igh . Shares.

Alabama Coal & Iron..
Arundel Sand & Gravel.100
Preferred................. 100
Balt & Cum RR Ext.. .
Balt & Harris 1st pref.
Baltimorc Tube______ 100
Preferred_________ 100
Chalmers Oil & Gas........5
Preferred.... ........... 5
Commer’l Cred pref B stk.
Cons Gas, E L & Pow.100
Preferred___ _____ 100
Consolidation Coal___ 100
Cosden <&Co...... ........ ..5
Cosden Gas..................5
Preferred___________ 5
Davison Chemical..no par
Enterprise Mfg................
Houston Oil pref tr ctfs.100
Monon Valley Trac.-.IOO
Mt V-Wood Mills v t r. 100
Preferred v t r_____ 100
Northern Central......... 50
Penn Water & Power.. 100
Sapulpa Refining______ 5
Symington (T H) pref.100
United Ry & Elec_____ 50
Wash County Water Co
Wayland Oil & Gas......... 5
Bonds.
Alabama Co gen 6s__ 1933
Atlanta Consol St 5s. .1939
Atl C L conv deb 4s. .1939
Balt Dry Dk & S B 6s___
Canton Co 5s...................
Charles City Ry 1st 5s 1923
Chicago Ry 1st 5s___ 1927
Consol Gas gen 454s.. 1954
Cons Gas ,E L & P 454s ’35
Cosden & Co 1st conv 6s’26
Cosden Oil & Gas 6s.........
Detroit & N W 454s_____
Elkliorn Fuel 5s......... 1918
Small bonds........... 1918
Fair & Clarks Trac 5s. 19381
Fairmont Coal 5s___ 1931
Fla Cen&Pen cons 5s. 1943'
Ga Car & Nor 1st 5s.. 1929!
Maryl’d Elec Ry 1st 5sl9311
Merch & Miners Trans 6s.l
N O Mob & Chic 1st 5sl960;
Norf & Caro 1st 5s__ 19391
Ncfrf & Ports Trac 5s. 1936
Norfolk Ry & Lt 5S..1949
Pennsylv W & P 5s..l94o!
United Ry & Elec 4s.. 1949
Income 4s________19491
Funding 5s_______ 1936!
do
small___ 1936'

Pittsburgh Stock Exchange.—T h e complete record of

Friday
Sales
fo r
Last W eek's Range
Sale.
W eek .
o f P rices.
■ P rice. Low .
H igh . Shares.

51

...50
.100
...50
-.50
;..50
-.50
..50
..50
.100
..50
..50
Pref (cumulative 6 ‘ P.50
2254
..50
..50
..50
1 onopah Mining.

—

3354
7054
27

1354
1054
________
________

21
42

________
________

99
5754

—
—

2854
1854
7754
9754

...1
___1

-.50 43
.100 224
..50 *87»4
.100 86

» ! Mr. »M L A X IU U OC O I U U ---XIJ

W Jersey & Sea Shore..50
Wm Cramp & Sons___ 100
York Railways_______ 50
Preferred ...................50
B on d s.

82
1554

Range sin ce J an .
L ow .

51
52
330 51 June
97
500 97 June
9754
90
654 654
654 June
35
35
2 2854 Jan
130 7554 June
7554 8054
105 105
1 105 June
53
53
54 38
Jan
85
85
65 7054 Jan
53 54 5354
150 5354 June
61
505 5854 Apr
62 54
1 32 May
3354 3355
27 6954 May
7054 71
110 n o
24 75
Jan
27
27
334 25
Jan
15 34
Apr
3554 3554
20
22
53 1654 Feb
78
78
50 7054 Feb
100 13
Mar
1354 1354
1054 1054 2.295
854 Jan
75
24 74 May
7554
346 7454 Jan
7654 7854
21
522 18
2154
Jan
189 38
4154 4254
Jan
7 56
*5654 5654
Feb
32 9254 Mar
9254 93
99 10054
129 9854 Jan
57
57 54 1,745 5554 May
98
98
31 7954 Feb
22 3954 June
3954 4054
38
38
10 3554 Feb
40
130 40 June
4054
2854 2854 1,144 27
Mar
18
19
1,045 17 May
130 75 May
7754 7754
9454 9954 2,368 7554 Jan
4
4
Mar
454 4,315
654
670
■J/l*
42
43
472 4154 Jan
224 :22454
18 *224 June
462 8754 May
*8754 89
8254 86)4 19,305 7954 Mar
10
954 9)4
954 June
49
95 4!) Mayj
4954!
80
565 70 Mari
8254
15
125
15)4
854 Feb!
5 3454 Jan
3754 3754

1.

H ig h .

5254 June
9754 June
8
Jan
36 - Apr
11554 Feb
10954 Mar
55 June
90 May
5554 Feb
6654 Feb
38
Mar
7354 Mar
110 June
27
Jan
4854 Jan
22 June
7C
Turin
#0
UUC
15
Mar
1254 Feb
7954 Jan
85 May
2354 Mar
4454 Mar
5854 June
9454 Jan
10254 Feb
5954 Jan
9954 Jan
4554 Jan
39
Apr
45
Apr
2954 June
2154 Jan
7954 Jan
11054 May
5 7-16May
7
Ton
4554 May
22754 June
9254 Jan
8854 Jan
1154 June
51
Jan
87
Jan
1654 June
39
Mar

Allcg Vail gen 4s........1942
9654 0654 $5,000 9654 Jan 97
Amer Gas & Elec 5s. .2007
93
9354 10,000 8954 Jan 9354
Elec & Pcop tr ctfs 4s. 1945 8051 80
8054 51,000 7954 May 8154
do
small....... 1945
300 76
8154 8154
Apr 83
Eqult 111 Gas Lt 5s.. . 1928
10554 105 *4 1,000 10554 May | 10654
Harwood Electric 6s .. 1942 10254 10254 10254 4,000 101
Jan1 103

Jan
Apr
Feb
Jan
Jan
Jan

52
Bonds

THE CHRONICLE
Friday
Sales
Last W eek ’s Range
fo r
Sale.
W eek .
H ig h . Shares.
P rice. L ow .

(C on cl .)—

Inter-State Uys coll 4s 1943
Keystone Telep 1st 5s.1935
Lake Superior Corp 5s 1924
Leh C A N cons 4%s.l954
Lehigh Valley reg 4%sl923
Consol 6s________ 1923
General consol 4s. .2003
Registered 4s_____ 2003
Gen consol 4%s__ 2003
Nat Properties small 4-6s..
Penn RR gen 4% s...l965
Consol 4%s______ 1960
Pa A Md Steel cons 6s.1925
Philadelphia Co 1st 5s.1949
Phlla Elec tr ctfs 5s. .1948
do
small____ 1948
Trust certtfs 4s___ 1950
do
small____ 1950
Phlla A Read Term 53.1941
Pub Serv Corp N J 53.1959
Reading general 4s__ 1997
Standard G A El 6S..1926
Un Rys gold tr ctf 4s. 1949
United Rys Inv 5s__ 1926
West N Y A Pa 1st 5s. 1937
Wllm A Nor 1st 5s small..
York Rys 1st 5s.........1937
x

57
98
34
101%
101
110%
91%
90
100
69

57%
34

90
Vol %

10114

104%
106%
101
104%
105
83%
83
113
91%
95%
100%
74
68%
109
100%
94%

104%
105
83 %
83
91%
95 %
10014

109
o Vh

57%
98%
34
102%
101
110%
91%
90
100%
70
101%
104%
106%
101
104%
105
84
84
113
92
95%
100%
74
69%
109
100%
94%

l.

Range sin ce Jan.
L ow .

57
96
20%
101%
101
110%
91
90
100
65
100%
104%
104
100%
103%
103
81%
82
110%
90
93%
98%
74
68%
104%
100%
92%

6,000
18,000
1,000
27,000
1,000
1,000
15,000
1,000
29,000
450
10,000
1,000
18,000
1,000
12,000
900
18,000
1,100
1,000
2,000
22,000
1,000
2,000
10,000
1,000
500
2,000

H ig h .

58
100
39
103%
101%
110%
94
93
103%
. 70%
103
106%
107
101%
105
105
84%
84%
113
93
90%
102%
75%
74
109
100%
96%

May
Jan
Jan
Mar
Mar
Jan
May
June
June
June
Jan
June
Jan
Mar
Jan
Jan
May
May
Jan
Mar
Mav
Jan
Jan
Juno
May
June
Jan

Jan
Ecb
June
Feb
Apr
Mar
Feb
Feb
Feb
Apr
Feb
Feb
Mar
Feb
Jan
June
Feb
Feb
Juno
May
Jan
May
Jan
Apr
Juno
June
Apr

Ex-dlvldend.

TRANSACTIONS AT THE NEW YORK 8TOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Slocks.
Shares.

Saturday____ ____ _
Monday....................
Tuesday...................
Wednesday________
Thursday...................
Friday.................... .

Par Value.

183,883 515,459,850
679,586 56,302,350
530,437 45,223,450
338,242 29,189,520
561,642 47,938,700
441,948 39,025,050

Total____ ______

Railroad,
<ScC.,
Bonds.

State. M u n
& Foreign
Bonds.

81,301,000
2.176.000
2.407.000
2.015.000
2,005,500
2,665,500

U . S.
B on ds.

S325.500
578.000
583.000
435.000
574,500
443,500

S3,000
2,000
1,000

2,735,738 S233,138,920 812,570,000 82,939,500

S6.000

■

Sales at
N ew Y ork Slock
E xchange.

W eek ending June

1916.

|

30.

Jan .

1915.

1 to

June

1916.

30.
1915.

Stocks—No. shares__
2,735,738
1,588,567
84,955,650
62,520,424
Par value.... .......... 8233,138,920 S133,862,205 87,396,546,590 85,298,619,480
Bank shares, par____
8300
8150,100
85,500
8202,700
Bon ds.

Government bonds__
State, mun., &c., bds.
RR. and raise, bonds.

86,000
2,939,500
12,570,000

S56.500
696,000
13,012,500

8612,950
130,441,000
416,702,500

$554,000
11,833,500
389,910,700

815,515,500 813,765,000

8517,756,450

$402,298,200

DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
W eek ending
June 30 1916.

Shares.

Philadelphia.

Bond Sales.

Shares.

Baltim ore.

Bond Sales.

Shares.

Bond Sales.

Saturday_______
Monday________
Tuesday________
Wednesday_____
Thursday........... .
Friday_________

13,941
26,437
26,894
18,943
30,549
16,819

SI5,000
36,000
62,000
49,500
8,000
29,000

3,557
9,203
7,945
5,944
7,989
8,259

826,100
33,300
39,300
85,300
41,450
63,100

5,520
10,564
6,545
6,243
5,790
5,746

8134,300
215,000
70,000
110,000
82,200
114,000

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

133,583

8199,500

42,897

$288,550

40,408

$725,500

New York “ Curb” Market.— Below we give a record of
the transactions in the outsido security market from Juno 24
to June 30, both inclusive. It covers all the sales for the
week ending Friday afternoon.
W eek ending June

Stocks—

30.
Par.

Friday
Sales
Last W eek’ s Range
fo r
Sale.
o f P rices.
W eek .
H ig h . Shares.
Price. Low .

Aetna Explos.r__ (no par) | 16%
(Ajax Rubber, Inc .....5 0 __
Amcr Druggist Synd r ..l0
12
Ati Gulf A W I SS LlneslOO 66%
Preferred................_l0o 60%
Brlt-Amer Tob ord’y ...£ l
Ordinary bearer........£1
Butler Chemical.r_____ 5
4%
Canadian Natural Gas__ l
1%
Carbon Steel cora.r__ 100
Car Ltg A Power, r____ 25
4^
Charcoal Iron of Am__ 10
Preferred.................. 10
Chevrolet Motor_____ 100
(Cuba Cano Sugar r(no par)
(Preferred _r_______ 100
Curtiss Aerop A M (no par)
Drlggs-Seabury Ord__ 100 128
Edmunds&Jones r (no par)
Emerson Motor.r..............I 3%
Emerson Phonograph___ 5| 11
Flemish-Lynn Phonog r.51
Gaston Williams A Wig- I
more, Inc.r___ (no par)! 49%
Grant Motor Car Corp.10
Hartman Corporation.100
Haskell A BarkCar(no par)i 37%
Holly Sug Corp._ (no par)1
Preferred................. 100
Hupp Motor Car Corp.r 10
Intercontinental Rubb.100
Internat Motor com.r. 100
Preferred................. 100
Joplin Ore A Spelt r ___ 5
3
Kapo Manufacturing___ 5
5%
Kathodlon Bronze, pref..5 24
Kresge (S S) C o.r_____ 10 __
Kress (SII) A Co.w 1..100 66
Preferred .w 1 .......... 100 __
Lake Torpedo Boat.r. .100
Lynn Phonograph. r____ 1
8
Manhattan Transit___ 20
1%
3%
Marconi Wlrel Tel of Am.5
Maxim Munitions.r___ 10
6%
Midvale Steel A Ord r..50 62%
Motor Products.r (no par)
N Y Transportation___ 20




16%
63
11%
64%
57%
18
18%
4%
1%
72
4%
6%
6%
210
56
93
42
125
*39
3%
11
by*

43
12%
70
37%
50
93%
8
10
8
21
2%
5%
22
10
66
101%
6%
8
1 1-16
3%
6
60%
65
15%

Range sin ce Jan.
L ow .

17% 8,000 16%
65% 1,100 63
13
900 11%
68% 12,300 26
61
4,000 42
IS
1,100 16
18% 1,400 15%
4% 3,210
2%
1% 5,300
1%
76%
450 55
5
5,700
4%
7
500
6%
6% 1,000
5%
220
7,700 115
60% 9,400 43
95
5,100 87
48
532 42
131
1,655 118
*44
800 37
4% 28,100
3%
12% 4,330 11
5% 1,700
5%

1.

H ig h .

June 25
June 73%
June 14%
Jan 69%
Jan 61
Jan 19
May 19%
Mar
7%
June
2%
Feb 80
June
7%
June
8%
June
6%
Jan 27 S
Jan 71%
Jan *102
Apr 60
May 155
Apr 49%
June
4
Mar 14%
June
7%

Friday
Sales
Last W eek's Range
for
Sale.
o f P rices.
W eek .
Par. P rice. Low .
H igh. Shares.

Peerless Truck A Motor.50
25
100
Poole Eng A Mach r__ 100 102
Pullman Ventilator Corp r
2%
2%
Preferred r________ ..5
5%
5%
Rlker A Heg (Corp for)..5
4%
4%.
St Joseph I.cad.r_____ 10
15% 15%
Saxon Motor Car.r___ 100
80
75%
Preferred____ _____100 119
118 '
Stutz Motor ofAmr(no par) 60
53%
Submarine Boat..(no par) z35% z35%
Tobacco Prod co m .r..100 42% 40
Triangle Film v t c ..........5
2%
60
02%
United Motors__ (no par)
United Profit Sharing___ 1
%
%
U S Light A Heat.r___ 10
2%
2%
Preferred r.................10
6%
5%
U S Steamship.............. 10
6
6%
Unicorn Film.____ _____
1%
1%
United Zlne Smelt (no par)
7%
7%
White Motor............. ..50
57% 54%
1
World Film v t c ............ 5
%
Zinc Concentratlng.r__ 10
4%
4
Standard Oil Subsldlar ies.
Illinois Pipe Lino_____ 100 159
Ohio Oil........................25 225
Standard Oil (Catif) - - - 1 0 0
Standard Oil (Indiana) 100
Standard Oil of N J -.100 521
Standard Oil of N Y ...100
Union Tank lino.........100
81

Volume of Business at Stock Exchanges

W eek ending
June 30 1916.

Stocks {C o n .) —

[Vol . 103

Feb
Feb
Jan
June
June
May
May
Apr
Jan
Mar
Apr
May
June
June
Mar
Mar
Jan
Jan
Juno
June
Jan
Juno

50
6,700 43 June w70% Apr
13% 2,000
Apr 14 Juno
7
71
300 70
Apr tc76% Jan
38% 1,050 34% June 54% Jan
50%
177 41
Apr 55 Juno
95%
635 93% June 98
Apr
8% 4,100
8 June 11% June
10
400 10 June 16% Jan
200
10
8 June 25
Jan
22
200 20
Jan 45
Jan
3% 9,700
2% June
5% Juno
5% 3,150
4% May
6% Juno
25
2,800 14% Feb 33
Jan
*10% 2,450 10 June K)16% Jan
70
900 66 June 75 May
101%
200 101% June 105 May
7
500
6% June 13% Jan
9
500
2% Mar 12% May
1 June
1% 1,450
2% Jan
3% 3,500
3
Apr
4% Jan
7% 7,200
4
Mar 13
Jan
64% 32,000 57
Apr 77% Jan
65
100 65 Juno 87 June
15%
200 12% Feb 16% Mar

Other Oil Stocks
Alberta Petrol’m (prosp’ct) 55c
Amer Oil A Gas________ 1 9-10
Barnett OH A Gas.r........1
3
Century Petrol _r (prosp’ct) 60c
(,'osdcn A C o.r________ 5 25%
Cosden Oil A Gas.r....... 5 15%
Preferred .r ........... .....5
5%
Federal Oll.r__________ 5 15-16
10%
Internat Petroleum.r..£I
Kenova Oil (prospect)..! 65c
Metropolitan Petroleum.5 16
Midwest Oil com.r......... 1 47c
Midwest Refining.r___ 50 68%
Muskogee Refining.r___ 1
3%
N Y-Oklahoma OH r____ 1 82c
Oklahoma Oil com.r___ 1 12c
Preferred _ r _________ 1
%
7%
Oklahoma Prod A Refg..5
Pennsylvania Gasollno.-.l
%
Prudential OH A Gas.r..1 16c
Sapulpa Refining.r____ 5 12
Sinclair Oil A Refg(no par) 46%
U S Consolidated Oil___ 5 _____
United Western Oll.r___ 1
1%
Ventura Cons'd Oll.r___ 5 _____
Victoria O ll.r............... 1
1%
WaylandOllA Gas com.5
Mining
Adanac Sliver Mlnes.r__ 1 1 1-lf
Alaska-Brlt Col Metals.. 1 65c
Alaska Westovcr Copp r.l
59c
Atlanta Mlnes.r_______ 1 10%

155
221
210
246
560
521
204
81

25%
115
2%
5%
4%
16
83
77%
119%
60%
37%
42%
2%
69
%
3
6%
6%
1%
8%
58
1
4%
160
226
221
248
565
522
208
81

50c 55c
%
%
3
3%
58c 00c
25
26%
15% 16%
5% 5%
% 15-10
9% 10%
55c 93c
15% 18
42c _ 49c
SOp. " 82n
60
68%
3 3 9-16
79c 84c
11c 13c
% 1
xyTVs
8%
% 1
15c 17c
11% 12%
44
47%
5% 5%
1% 1%
8% 9%
1% 1%
4% 5

69c 1 3-16
62c 71c
56c 60c
9%c 11c
10
11
16c
B ooth.r............... ........ 1
15%c 17c
1
3-16
Boston A Montana Devel 5
13-16 2 1-16
5%
Butte Copper A Zinc v t c 5
4% 5%
Butte A N Y Copper___ 1 _____
1% 1%
4%
Calaveras Copper.r____ 5
4% 5%
Caledonia Mining______ 1 67c
65C 70c
Canada Copper_______ 5
1% 1 9-10 1%
5c
Cash Boy........................1
5c
7c
Cerro de Pasco Cop (no par) 34
34
35
Comstock Tunnel _r____ 2 _____
8c
8c
Consol Arizona Smelt___ 5
1% 1 7-16
1%
5-16 9-32 5-16
Consol Nevada-Utah___ 3
Crystal Copper------------ 1 1 1-16 97c 1 1-16
Dundeo Arizona Cop i ..1
1%
1% 1%
Dupont Copper.r_______
1%
1% 1%
Ely Witch...................... 5
10c 10c
45C
Emma Copper.r.........._.)
40c 47c
3%
First National Copper‘.‘..6
3% 3%
81c 85c
Goldfield Consol Mines. 10 83c
8c
8c 8%c
Goldfield Merger.r..........1
30c
Granite Gold Minlng.r__
30c 30c
Hecla Mining_______ 25c
5%
5% *5%
4M
Int A Intercon M A R __ 5
2%
2
2%
International Mlnes.r__ 1 _____
lie
13c
1 1 1S-1 fi
Jeromo Verdo Copper.(..1
1%
l%
1%
Jerome Victor Exten r.J.l
1%
1% 1%
97c
88c 1.00
Jim Butler.r.... .............1
77c 81c
Jumbo Extension........... 1 77C
Kewanus.r...................... 10%c 10c 11c
50
50
La Roso Consol Mines__ 5 _____
% 11-16
60
60
17c
Louisiana Consol........10c.
17c 17c
Magma Copper......... .....5 14% 13% 15%
Marsh Minlng.r_______ 1 15c
13c 15 %c
1 9-16
McKlnley-Darragh-Sav.. 1
49c 52c
Mines Co of America__ 10
2% 2%
Mojave Tungsten.r........2
5%
5% 0
Monitor SU LAZ MAM 1
1%
1% 1%
Montana Gold M ines..r.. 72c
70c 73c
Mother Lodo.r________ 1 27%c 26c 28c
44
Murdock Min A M ll.i__ 1 42
41
39c 42c
Newray Mines, Ltd.r__1 42c
N Y A Honduras RosarlolO 15% 15% 16
6% 7%
Nlplsslng Mines_______ 5
6%
%
%
83c 85c
83c
Oatman Big Jim........10c.
60c 60c
Oatman Lexington.1___ 1 _____
30c
30c 33c
Oatman Southern..(.10c.
5C
5c
5c
Oro r__ _ _________ £1
24c 24c
Peterson Lake................ 1 24c
3%
Ray Hercules-r..............5
3% 4
Hex Consolidated.r------ 1 16c
15c 16%c
Rochester Mines Co........1 57c
55c 62c
Round Mountain.r____ 1
04c 64c
14c 16c
Scratch Gravel Gold Min. 1
%
30c 30c
Seven Troughs Coalition. 1
Silver Pick Cons.r_____ 1
9c
9c
Standard Silver-Lead___ 1
1% 1 7-10 l 9-10
5-32
14,
79c 86c
Success Minlng.r........... 1 85c
61c 63c
61c
Temlskamlng.r........... ..1
4
4%
Tonopah Belmont.r____ 1 4 1-16
Tonopah Extension........1
5% 4 15-10 5%
6
6%
Tonopah Mining.............1
5-16 7-16
Trl-Bul!lon S A D..........5
3% 4
United Eastern...............1
3%

Range sin ce Jan .
L ow .

1.

H ig h .

600 20% May 32
Jan
20C 90
Feb 150
Jan
1,475
2% June
2% Juno
1,200
5% June
5% June
600
Mar
6% Feb
2,500 14% Jan 17% Mar
800 60
Apr 87 Juno
82
110 51
185 101
Apr 122% Juno
60,500 53% June 65 Juno
8,100 33
Jan 43% Jan
3,000 29% Jan 51% Mar
3,687
2 June
6% Jan
36,000 62 May 94 June
400
% May 2 1-16 Jan
8,000
4% Jan
2% June
16,500
3% Jan
6% Juno
1,300
4
Apr
7% Juno
500
1% Juno
1% June
2,550
7% June
8% Juno
31,200 46% Jan 60 June
2,200
3
Jan
% Apr
3,600
3% Apr
6% Apr
247 155
264 189
246 395
13 205
2. 2234
11 487
198 495
5 80
7,450
2,800
4,145
9,000
5,500
27,000
6,300
20,000
2,500
46,600
6,850
39,300
1.300
3,275
47,000
18,630
32,500
1,700
25,700
2,245
24,500
5,800
13,100
200
30,000
700
8,000
1,480

Juno 190
Jan 260
439
Apr 236
Apr 3S4
Jan 570
Apr 548
Mar 86

50ft
%
2%
57c
14%
0%
4%
%
9%
51c
15%
40o
75c
53
1%
70c
7o
%
6%
%

15c
8%
44
4%
54c
8%
1
4%

June
June
Jan
June
Jan
Apr
Apr
Feb
June
May
June
Apr
Feb
Feb
June
Mar
Mar
Mar
June
June
Jan
June
Apr
Mar
Feb
Mar
Jan

Feb
Feb
Feb
Jan
May
, Jan
Jan

55c Juno
1% Mar
4% May
02o Juno
27 Juno
18% Juno
6% Feb
1% Mar
13% Jan
93c June
25 May
85o Feb
1 1-16 Mar
70 May
3%, Juno
84c Juno
21c Juno
1% May
8% Juno
1% June
34c Juno
16% Feb
50 May
6% May
2% June
13% Jan
2% Jan
9% Feb

116,500 650 Apr 1 % Juno
22,500 65o Apr 1.02 May
20,100 390 May 600 June
16,900
9% cJune 23 %o Jan
1,100 1 0 H
15 4
9,200 z l 6 c May 440 Jan
110,000 60o Mar1 2% Juno
11,600
4% Juno 12% Mar
10O
4 % Mar
1% Juno
4,200
5% Juno
2% Jan
11,350 61o June 1 5-32 Apr
2,250 1 3-16 Mar
2% May
11,500
3%c Feb
9%cMay
4,100 34 June 42% Feb
2,000
7c Apr 17c Jan
10,700
Jan
2
1% Mar
5,500
% Mar
% Jan
9,200 97c Juno 1 1-16 Juno
2,590
2% May
1% June
3% May
1,000
1% June
27c
1,000 10c
112,500 17%o Jan 70c Mar
1,400
3% June
8% Jan
7,900 75c Apr 1 3-16 Jan
14,000
8o June 21o Jan
1,100 30c June 81o Mar
8,350
3% Jan *5% Juno
8
1,400
2% Juno
12;050
1% May
7,300 10c Mar 31c Apr
1
214
2,400
1 %, June
34,000
2% May
2 June
3,200
1% Juno
9,600 85o Mar 1 3-16 Jan
18,000 70o Mar
1% May
5,000 10c Juno 22o Jan
2,600 60
58
2,200
May
i
9-16 Mar
GO
1,500 GO
6,800 12o May 18o May
2,125 13% June 19% Mar
28,900 13c June 41c Mar
2 1-lf]
7,850 38c Mar 72o May
200
2% Feb
4
Jan
5,025
3% Mar
8 May
4,900
% Aor
2% May
9,700 64o Juno 77o Juno
10,800 20o Jan 43o Apr
2,100 38 May 45 May
22,500 34c Juno 42c Juno
1,600 15% June 17% Juno
1,200
0% Feb
8% May
2,000
%
% Ecb
205 83e June 2%,
Apr
1,700 50o May 68o Apr
3,200 30o Mar 60c Apr
1,700
4c Mar
Oc Jan
1,500 23c Mar 39o Jan
3,200
5% Mar
2% Mar
22,000 13c Apr 39o May
9,300 550 Jan 78o May
300 54o Fob 78o May
260 Jan
8,300 llo
700
1% Mar
% Juno
000 30c Apr OOo Feb
1,000
3o Feb 14o Apr
8,050 1 7-16 Mar
2
Jan
6,000 5-32 Juno
%
28,300 63c Mar 95c Feb
5,000 51c Mar 81c May
435
4 Juno
5% May
17,200 3 15-16 Jan
7% May
50
Mar
6
7% May
Apr
1
4,800
June
1,552
4% May
3% Apr

July l 1916.]

Mining (Concl .)—

THE CHRONICLE

Friday
Sales
Last W eek 's Range
fo r
Sale.
o f P rices.
W eek .
Par. P rice. L ow .
H igh . Shares.

U S Continental.r.........
United Verde Exten.r.SOc
Unity Gold Mines______5
West End Consolidated..1
Wettlaufer Silver.. ___ 1
White Oaks Mines Cons.r 5
Yuscaran Consol.r______

8c

8c

27

27%

3%
93c
23c

2%

90c
14c
5X
1

6

1

9c 25,000
31M 39,000
3%
5,380
96c 10,300
23c
4,000
7
5,695
2,400
IX

1.

Range sin ce Jan .
L ow .

Quotations for Sundry Securities

H ig h .

All bond price* are "an d Interest” except where marked “ f .»»

Jan
Apr

6%
1%

5
Feb
1 1-16 Feb

1 3-10 May
May
May

10%
1%

B >n-li —

Ches A Ohio conv 5s rl946
Chic Un Sta 4>is.r__1963
Cons Arlz Smelt 5s__ 1939 42
CosdcnACo convOs w 11926 n o
Int Merc Mar conv 6s w I.. 0 7 %
Midvale St A Ord 5s.rl936
Russian Govt 6 Ms w 1___ 100%
Sulzberger A Sons 6s r 1941
Victoria Oil 6s w I
104

53

94
0 4 % 325,000
03%
99 H 0 0 % 25,000
38
42
14,000 25
108 1 1 0 M 265,000
97% 103K 650,000 0 7 %
0 5 % 0 6 % 272,000
10 0 H 10 0 U 190,000 100%
99 X 0 0 % 150,000 0 0 %
102
10,000 102
105

May
Mar

98M Mar
101% F’cb

June 1 0 3 %
100
June 1 00 %
June 100
June 105

Juno
Feb
Juno
Mar
June

.
,*ots- * A prospect. I Listed on the Stock Exchange this week, where
additional transactions will be found, r Unlisted, t 30% paid, u 2 0 % paid.
10% paid, to When Issued, x Ex-dlvldend. y Ex-rlghts. z Ex-stock dividend!

v

C U R R E N T N O T IC E .

— William A. Trimpo, formerly with R . M . Grant & Co. of Chicago
has bocomo associated with tlio law firm o f Winston, Payno Strawn &
Shaw 1400 First National Bank Bldg., Chicago, to dovoto particular
attention to thoir practico relating to tho examination of municipal bonds.
— Hoidelbach, Ickolhoimor & C o., 49 Wall St., this city, are advertising
olsownoro in tho “ Chronicle” as a mattor o f record only thoir recent offering
of S. H. Kress & Co. 7% cumulative preferred stock, preferred as to assets
and dividends, which was quickly oversubscribed in advance by tho public.
■ L 8- Farleo & Co., ostablishod 1882, 66 Broadway, this city, advertisos
a list of railroad bonds to roturn an incomo of 4.50 to 5.40% on tho invest­
ment. Tho firm aro specialists in securities for Now England and Penn­
sylvania. Soo to-day’s advortisomont for dotails.
’ K- M . Grant & Co., municipal specialists, 31 Nassau St., this city,
Boston and Chicago, aro advertising in this issuo soino special municipal
offerings which aro described in tho firm’s July circular. A copy of tho
July circular will bo presented to applicants.
— Minthorno M . Day, formerly with Pringle, Fitch & Rankin, has been
admitted as a general partner of tho firm of MacKenzie & Day, o f Chicago.
Tho firm now consists of John F. MacKenzie, Winfield S. Day, George R .
Graham and Minthorno M . Day.
— Gartonlaub & Co., 5 Nassau St., this city, invito tho attention of tho
July invostor, Insurance company and institutional buyers, to tho extensive
list of bonds offered for sale in tho firm’s pago advertisement appearing in
in to-day’s issuo.

S ta n d a rd O il S to ck *
.

,

.

Ft 'Short
Far Bid.

Bond*.
Pierce Oil Corp con

6s . 1924

80

Ordnance Stock*—Per Short.

Aetna Explosives pref__ 100 70
Amer A British Mfg___ 100
10
. Preferred...................... 100 30
Atlas Powder common.. 100 175
*14
Rights____________
Preferred........ -'.*.".'.” 106 98
Babcock A W ilcox ..__ 100 113
Bliss (E W) Co common..50*625
Preferred.......................60 *75
Canada Fdys A ForglngslOO 195
— Walter W . Ainsworth, formerly connected with the St. Louis office Canadian Car A Fdry_._l00 63
Preferred...................... 100 80
of William R. Compton C o., investment bankers, has been appointed
Canadian Explosives comlOO 300
Assistant Manager of tho Chicago office.
Preferred...'................ 100 100
— Emilo Wilkinson has assumed tho management of tho Now York offico Carbon Steel common__ 100 74
1st preferred_________ 100 87
of Andrews & Co., 34 Pino St., this city. M r. Wilkinson was formerlv
2d preferred_________ 100 66
connected with Hotchkln & Co.
Colt’s Patent Fire Arms
1
— Lester, Carter & Co., Chicago, announce tho opening o f a branch _ M fe ........................... 100 *835
offico at 423 Dime Bank Building, Detroit, under tho management oi Crocker- Wheeler Co com.100 99
Drlggs-Seabury Ord CorplOO 128
James Baker.
duPont (E I) de Nemours
Powder com (new) . . .10 0 285
— Francis J. Kilkenny, investment banker, announces tho removal of
Preferred..................... 100 102
his offices to suito 1223, New York Lifo Building, 39 South LaSalle St
Electric Boat...........
J00 360
Chicago.
Preferred................... Iioo 300
Hercules Powder com
100 355
— Ambrose R. Clark & Co., 71 Broadway, and 225 Fifth Avo., this citv
Preferred................... Iioo 115
havo issued a July circular of investments for goncral distribution.
Hopkins A Allen Arms 100 25
Preferred.............
iqq! 55
International Arms_” ” ^25 *15

New York City Banks and Trust Companies
Uid

A ik

America*.. 520
Amer Exch. 212
Atlantic
180
Battery Park 150
390
Bowery *
Bronx Boro* 200
Bronx Nat.. 175
BryantPark 135
Butch A I3r. 100
Chase
035
Chat A Pheu 225
Cheslsen Ex*
Chemical... 39S‘
Cltlzen8Ccnt 177
City........... 428
Coal A Iron. 187
Colonial*__ 450
Columbia*.. 320
Commerce.. 1107
Corn Exch*. 315
Cosmopol’n* 100
East River..
75
Fidelity * ... 155
Fifth Ave*.. 4300
Fifth........... 250
First______ 995
Garfield___ 185
Germ-Amer* 130
Gorman Ex* 350
Germania *. 400
Gotham___ 200
Greenwich*. 275
Hanover__ 040
Harrlman . . 350
Imp A Trad. 490
Irving____ 187
Liberty___ 750
Lincoln ___ 325

535
218
185
160

Bank*
N ew York

__

145
115
050
235
125
402
182
435
197
325
1108
320
165
4800
275
1015
200

140
390
450

__

300
055

__

505
192

360

Banks.
Bid
An
Manhattan » 307
312
Mark A Full 230
240
Mech A Met 267 272
Merchants’ _ 187
195
Metropolis*. 285 300
Metropol’n • 170
182
Mutual . . . 326
New Neth*. 216
225
New York Co 725 825
New York.. 385 395
Paclflo*___ 275
Park_____
405
480
People's*.. . 220
235
Prod Exch*. 200
210
Public * ..
190 210
Seaboard ..
415 430
Second____ 395 420
Sherman . . . 125
135
State *____ 100
115
23d Ward*. 100
135
Union Exch. 138
145
Unit States* 600
Wash H'Us*. 225
VVestch Av* 160
175
West Sldo*. 400 415
Yorkvllle*.. 475 550
Brooklyn

Coney lel’d*
First_____
Flatbush ..
Oreonpolnt.
Hillside *..
Homestead *
Mechanics*.
Montauk*..
Nassau__
Nation’IClty
North Side*
Pooplo’s ___

130
255
150
155
100

86
200
270

170
130

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

Trust Co'a.
N ew York

Btcl

Aster_____ 450
Bankers Tr. 450
B'way Trust 145
CentralTrust 1150
Columbia... 555
Commercial 110
Empire____ 290
Equitable Tr 445
Farm I, A Tr 1150
Fidelity___ 200
Fulton
280
Guaranty Tr 417
Hudson___ 150
Law Tit A Tr 130
LIucolnTrust 110
Metropolitan 425
Mut'l (West­
chester) . . 125
N Y Life Ins
A Trust. 975
N Y Trust.. 595
TltleGu ATr 378
Transatlan ’c
Union Trust 396' "
US Mtg A Tr 390
UnltedStates 1010
Westchester 130

.4s*
460
455
150
1175
505

Bid

ASt
80
105
277

Bid

Lawyers Mtg 164
Mtg Bond.. 112
Nat Surety. 283
NYMtgASeo 70
2 l"" NY Title Ins 40
08




Short Term Notes. Per,Cent.

Am Cot Oil 5s 1917.. .MAN
Amer Locom 5s July 1910 J-J
Es, July 1917________ J-J
Am T A T 4 % b 1918...........
Anaconda Copper 6s T7 M-8
Canadian Pac 6s 1924.MAS2
Chic Elev Ry 5s 1910... J-J
Chic A West Ind 6s ’ 17.MAS
Erie RR 5Ks 1917___ A-O
Qoneral Rubber 5s 1918 JAD
Hocking Valley 5s 1917.M-N
Int narv 6s Feb 16 ’18.F-A
MorganAWrlght 5sDec.l,’ 18
New Eng Nav 6s 1917.M-N
N Y N H A H 4Ms May 1917
Pub Ser Corp N J 5s T9 MAS
Rem Ams U.M.C. 6s’ 19 F&A,
Southern Ry 6s 1917..M-S2
United Fruit 5s 1918.. M-N
UtahSecurCorp 6s ’22 M-S15
Winches RepArms5sT8M&S
New York City Notes—
6s Sept 1910..........
Os Sept 1 1917......................

IOOI4 100%
100 I1 O0U
10 0 % 10 1
100 100 U
10012 10084
10 1% 10 2
*99't2 9934
1003410U*
100 1100%
100V1007*

4 4
99>4 1001*
9934100

IO II IOU

997* 100

973*: 9734

1001*1003*
100% 10034
95% 90%
985* 99
1003*1005*
1023*1025*

Canadian Govt. Notes—

76
20

65
185
18
101

116
650
! 85
205
! 67
! 85
350
110
78
95
70
855
103
132

295
105
380
380
365
119
35
65
16
6% 6«4
Midvale SteelA Ordnance 5 (j •621- 623.1
Nlles-Bement-Pond com 100 165 172
Preferred________
100 100 105
Scovlll M fg _________ TlOO 560 580
Submarine Boat__ (no par.) *35 36
Winchester ReDeat Arms 100 1600 1725
R R . Equipment* — PerCt. Basis
B id.

T ob a cco Stock*— Pit Ska re.
Par Bid. Ask.
tmerfean Cigar commonlOO 125 128
Preferred___________ 100 98 100
Amer Machine A Fdry” l00 83 88
Brltlsh-Amer Tobac ord..£l ♦17% 1812
Ordinary, bearer_____ £ 1 *18 19
Conley Foil_______
100 300 350
Johnson Tin Foil A MetllOO 100 150
MacAndrews A Forbes.. 100 174 178
Preferred____________100 100 101
Porto Rlcan-Amer Tob-.lOO 230 240
Reynolds (R J) Tobacco.100 500 512
Preferred____________100 121 123
robacco Products c o m .'100 41%! 43
Voung (J S) Co..............100 150 100
Preferred___________ 100 105 110

A sk .

5s Aug 11910............... FAA 100 100U
6s Aug 1 1917.............F A A 1007* 101%
P u b lic U tilitie s—
Am Gas A Elec co m ______ 60*137 140
Preferred______________ 50 *49i2 50i2
Am Lt A Trac c o m m o n ..100 381 ____
Preferred......................... 100 H I 113
68
69
Amer Power A Lt co m . ..100
Preferred__________. 100
84
85
Amer Publlo Utilities comlOO 45
47
P re fe r re d ...................... 100
75
77
Cities Service C o com ___100 350 355
Preferred____________ 100
88
89
Com 'w 'lth Pow R y A L ..1 0 0
6 3 65
Preferred_____________ 100
84
85
D ayton Pow A Lt pref. 1100 95
98
Elec Bond A Share p r e f.. 100 100 102
Federal Light A Traction 100 H
13
Preferred......................... 100 45% 47%
Great West Pow 5s 1940.JAJ 8934 90%
Indiana Lighting C o __ 100
85 _____
4s 1958 optional____F-A
77
79
N orth’n States Pow c o m . 100 89
90
Preferred..................
100 97 98%
1st A ref 5s 1941____AAO
96
96%
Paclflo Gas A Elee c o m ..100 57
58
1st preferred...................100 87
88%
2d pref (old pref)____ 100
89
91
Republic R y A Light____ 100 37% 39
Preferred......................... 100 75
77
South Calif Edison co m . 100 93
95
Preferred...........................100 105 107
Southwest Pow A L pref 100 97% 100
Standard Gas A E l (D e l). 60 *15
16
Preferred_____________
50 *40 41
Tennessee R y L A P com 100 10% 11%
Preferred_______
100 49 61
United Gas A Elec C o r p .100 14
17
1st preferred....................100 72
75
2d preferred___________100 15
18
United Lt A Rys 00m ___ 100 53
54
1st preferred....................lo o 76
77
Western Power com m on. 100 19% 20%

Baltimore A Ohio 4 % b ____ 4.35 4.15
Buff Roch A Pittsburgh ~&%t 4.55 4.15
Equipment 4s______
4.55 4.15
Canadian Pacific 4Hs
4.55 4.20
210
Caro Cllnchf A Ohio 6g” I”
4.85 4.30
)0 69 70
Central of Georgia 6s
"
4.35 4.10
423"
Equipment 4 % a
4.55 4 25
Chicago A Alton 4s.
"
5.00 4.50
137
Chicago A Eastern III 5 s'” ' 5.80 5.35
120
Industrial
Equipment 4 % a ........... .
5.80 5.35
435
end Miscellaneous
Chic Ind A Loulsv 4 Us
4.75 4.35
Chic St L A N O 6s.
"
4.60; 4.25
0 293 296
Chicago A N W 4 H s... '
4.35 4.05
0 39 40%
5.30 4.70
Chicago R IA Pac 4H«
1000
0
69 72
Colorado A Southern 6s
4.80 4.38,
605
0
146 150
Erie 6s__________*
4.60 4.25
385
0 146 150
Equipment 4 K s .-” . ” '
4.6) 4.25
155
0 130 132
Equipment 4s__
4.60 4.00
405
0 41 43
Hocking Valley 4 s ..I........
4.50 4.15
400
0 94 96
Equipment
6
s____
4.50
4.15
1040
3 117 118
140
Illinois Central 5s
4.35 4.12
140
3 107 n o
270
4 ^ 8 ....................
4.35 4.15;
3 170 175
165
Brooklyn
Kanawha A Michigan 4 % i
4.75 4.30,
2
1
165
4.35 4.15'
Louisville A Nashville 5 s ’
2
3%
115 BrooklynTr. 620 635
Minn St P A 8 S M 4J4s "
4.50 4.15
/48 53
90 Franklin . . . 255
M
Issourl
Kansas
A
Texas
si
6.75 4.85;
205
3 10 1 1 %
Hamilton... 265 275
Missouri Pacific 6s_____
5.75 4.85
160 163
110 Kings C o ... 630
Mobile A Ohio 6s ..I
4.85 4,38;
650
) 36 39
207 Manufact’rs
Equipment 4% t.~_
4.85 4.38
/74%
76
230
Citizens .. 145 150
New York Central Lines 5a'
4.55 4.1.5!
99 102
185 Peoplo’s __
Equipment 4Ms____
282 292
4.55 4.15
•83 88
140 Queens C o .
75
N Y Ontario A West 4)4*11! 4.50 4.15
85
58 60
Norfolk A Western 4 % a ___ 4.35! 4.15
88
91
Equipment 4s_________ " 4.35 4.15 Remington Typewriter—
tfiaie at auction or at Stock Ej- Pennsylvania
RR 4MsII” ! 4.30] 4.10
14 15
Equipment 4s_______ '
4.30 4.10
73 76
St Louis Iron Mt A Sou's*”
5.30 4.75
! 42 44
8 t Louis A San Francisco 6 *
5.65 4.90
140 45
Seaboard Air Line 5s___
4.80 4.35
Preferred............. .......100 101
10 1
02
Equipment i % a ____
4.80 4.35
Southern Padfio Co 4 % t
4.35 4.15
Ask
Southern Railway 4M 8...I
4.70 4.25
170 Realty Assoc
Toledo A Ohio Central 4».I
4.70 4.33
117
(Brooklyu) 90
100
2 S6 U S Casualty 195
210
SO USTItleGAI 50
60
46 Wes A Bronx
TltleAMG 167
175
, * Per «hare. 0 Basis, d Purchaser also pays accrued dividend. < New stook.
/F lat price, n Nominal. xEx-divIdend. v Ex-rlghts.
310
455
1475

New York City Realty and Surety Companies
AUlanco R’ty 75
Amer Surety 150
Bond A M G 270
Casualty Co
City Invcst’g "is”
Preferred. .
60

A sk

Anglo-Amer Oil new______£1 * 1512 10
Atlantlo Refining________ 100 690
700
Borne-Serymser C o ...........100 340 350
Buckeye Pipe Line C o ____ 50 *85
87
Cbesebrough M fg new ___ 100 3 05 315
Colonial Oil......................... 100 70 80
Continental Oil................ 100 315 320
Crescent Pipe Line C o ____60 *39
43
Cumberland Pipe L in e .. 100 80
85
Eureka Pipe Line C o _____ 100 200 205
Qalena-SIgnal Oil com ____100 154 156
Preferred......................... 100 137 142
Illinois Pipe Line............... 100 158 160
Indiana Pipe Line C o ____ 50 *87 90
Internet Petroleum_______ £i *10 10%
National Transit C o . . 12.50 *14 16
New York Transit C o . . .100 180 185
Northern Pipe Line C o . . 100 92 9 5
Ohio Oil C o ........................ 25*225 226
Penn-M ex Fuel C o ............... 2? *55 60
Pierce Oil C orp__________ 25 *1134 1214
Prairie Oil A G as............... 100 385 390
Prairie Pipe Lino............... 100 211 213
Solar Refining.................... 100 265 275
Southern Pipe Line C o . . 100 187 190
South Penn O il................... 100 340 345
Southwest Pa Pipe Llnes .100 103 106
Standard Oil (California) 100 246 249
Standard Oil (In d ia n a ).. 100 560 565
Standard OH (Kansas) ..1 0 0 435 445
Standard Oil (Kentucky) 100 395 405
Standard Oil (Nebraska). 100 340 315
Standard Oil of New Jer. 100 519 521
Standard Oil o f New Y ’rklOO 205 207
Standard Oil (O h io )____100 620 625
Swan A Finch..................... 100 95 100
Union Tank Line C o ____100
80
82
Vacuum O il....................... 100 253 256
Washington o i l ...................10 *30
40

[Vol. 103.

THE CHRONICLE

54

imtX ^UiiXrcratX %nttlliQtucz*
R A IL R O A D

period.

GROSS

EARNINGS.

The returns of the electric railways are brought together separately on a subsequent page.
July 1

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

C u rren t
Y ear.

P r e v io u s
Y ear.

to L a test D a le .

C u rr e n t
Y ear.

July 1

L a te s t G ro s s E a r n in g s .
ROADS.

P r e v io u s
Y ear.

W eek or
M o n th .

C u rr e n t
Y ear.

P r e v io u s
Y ear.

to L a te s t D a t e .

C u rren t
Y ea r.

P r e v io u s
Y ear.

8
i
3
$
!
8
S
$
1,088,470 1,460,558
Ala N O & Tex PacNew Orl Great N or. M a y _____ 171,975 136,885 1,865,528
1,642,096
N O & Nor East. M a y _____ 339,657 285,090 3,546,112 3,267,773
M ay ____ 190,223 141,950
N
O
Mobile
&
Chic.
1,398,093
1,578,099
Ala & Vicksburg. M a y _____ 151,823 127.734 1,534,344 1,297,584 N Y N II & H artf.. A p ril......... 6.638,131 5,536,894 62,365,096 53,296,468
136,474 122,632
722,212 713,199 8,216,2341 8,212,069
Vicks Shrov & 1*. M a y _____
MJa y ------43,135 2,623,017 2,252,337 N Y Ont & Western M
59,429
318,439; 332,795 3,986,5281 3,578,102
Ann Axbor------------ 3d wk Juno
y ------992 107713794 N Y Susq & W ost.. „ „ a..............
Atch Top & S Fe— M a y ------- 11967919 9,602,097 121827
407,308
344,087 3,793,444 3,264,117
A
p
ril___
47,606 2,913,833 2,549,227 Norfolk Southern.. ATaV : ___ 5,293,510 4,010,353 52,316,700 38,056,758
50,035
Atlanta Birm & Atl 2d wk June
92,186 I , 259,987 1,091,772 Norfolk & Western . 2d wk June 1,490,000 1,220,000
113,477
Atlanta & West Pt M a y _____
Northern
Pacific—
29,209,214
Atlantic Coast Line M a y _____ 2,990,986 2,596,949 31,663,581
l ’ ac. A p ril_____ 327,855 2o8,405
177.572 172,033 1,586,128 1,513,083 Northwestern
Chariest & W Car A p ril_____
p ril_____ 581,499| 422,931
I , 336,245 1,169,522 Pacific Coast C o__ A
Lou 11end & St L A p ril_____ 138.341 109,394 101323202
p
Pennsylvania
R R . May______ 19792494; 15539078
83,152,842
aBaltimore & Ohio M a y ------- 10201713 8,276,206 1.621.849 1.417.865
90,600 1,017,091 1,132,409
M ay______
88,511
Balt
Giles
&
A
tl.
124,353
2,650,211
105,770
M
a
y
_____
B & O Ch Ter itR
Cumberland Vail. May........... 293,209 229,367 3,203,905 11,972,736
378,445 325,864 3,110,051 3.139,239
12,799,650
Bangor & Aroostook A p ril____
1,177,445
May...........1,313,144
Long
Island___
0,460,367
859,974
814,363
Bessemer & L Erle. A p ril_____ 517.300 482.155 8,498,581
71,474
May______
72,926
M ary’d Del & Va
738,089
903,376
58,324
3,388,654
92,912
Birmingham South. M a y ------N Y Phila & Norf M ay........... 457,092 345,787
42,637,216
18,461,121
Boston & Maine---- M a y ------ 4,775,109 3,874,708 47,383,219
21.537,726
1,771,414
M
ay...........
2,202,772
Phil
Balt
&
Wash
9,265,891
,
614,310
Buff Itoch & P itts._ 3d wk June 240,779 217,234 I I1,544,373
614,649 534,391 6.857,443 5,941,289
W Jorsey & Seash lay__ . . .
1,335,486
118,569 114,781
64,442,944 48.305.762
Buffalo & Susq R U . M a y ------24,000,800 Pennsylvania C o — M ay_______7,015,746 4.693,336
407,773 5,151,471 4,887.369
Canadian Nor Syst. 3d wk June 744.300 413,800 32,302,200
M
ay______
4S1.471
Grand
Rap
&
Ind
96,180,175
43,253,227 35,083,631
3,182,505
Canadian P acific.. 3d wk June 2,631,000 1,619,000 125523,273
M
a
y
..........
4,305,752
Pitts C C & St L .
10,100,941
978,561 858.156 I I , 608,073 11,281,382
Central of Georgia. M a y ------V andalia_______ M ay........... 1,047,925 842,523 11,445,343
3,107,169 2,722,889 33,249,832 29,116,553
Cent of New Jersey M ay
Total
lines—•
3.291.865
215875846
255884832
20014905
Cent New England- A p ril_____ 441,068 431,869 3,954,825
25188797
East Pitts & Erie May...........
3.533.849 3,177,082
125895200 9!),772,776
Central Vermont— A pril_____ 387,174 317,731 46,721,799
West Pitts & Erie May--------- 13008297 9,254,175 381780004
38,196,982
315648622
d ie s & Ohio Lines. 3d wk June 954,137 868,579 14,853,910 13,036,986
All East & West. May........... 38197094 29209080
324,785
19,766,515 Hi ,899,018
397,324
Chicago & Alton— M a y ------- 1,369,246 1,142,218
1st wkJune
Pero Marcpiotto
Chic Burl & Ouincy A p ril_____ .3,060.057 6,689,143 85,478,803 76,907,228
Reading
Co—
12,071,933
43.404.762
ft Chicago « East 111 A p ril_____ 1,154,189 1,037,692 14,080,190
Phila & Reading. M a y ------- 4,919,975 4,081,702153,081,526
13,634,550
2,747,181 2,297,003j33,755,473 28,123,887
c Chic Groat VVost. 3d wk Juno 330,167 321.734 14,729,217
Coal & Iron C o._ M ay —
6,391,655
7,667,156 0,378,705 80,836,990 71,528,649
Cine Ind & Loulsv. 3d wk June 167,506 134,581 7,510,962 83,024,505
M
a
y
------Total
both
cos_
_
Chic Milw & St P-1 M a y ___ 9,110,463 7,244,196 96,482,738
346,044 274,124 2.671,571 2,330,490
Rich Fred & Potom A p ril___
863,508
830,072
71,692
Chic Mil & Pug SI
80,924
Iiio Grande June— A p ril___
510,070
544,379
10,809
dChic & North West A p ril_____ 7.512,437 6,035,695 77,561,820 69.936,288
10,153
Rio
Grande
S
outh.-3d
wk
June
2,809,759
152.993 113,265 1,609,447 1,484,569
3,1S2,373
291,281
Chic Poor & St( L — M a y -------378.300
April .
Rutland__________
57,435,320
60,227,530
1.270,931
4,921,460
5,761,977
1,498.407
Chic Rock Isl & Pac A p ril____
151,095 119,806
Jos & Grand Isl. A p ril___
1.907,130
242,168 199,111 2,651,423 2,510.849 St
Chic R I & G u lf.. A p ril____
219,339 208,134 2,175,782 25.357,035
15.420.503 St L Brownsv & M . A p ril_____ 2,753,904
2,338.246
dChic St P M & Om A p ril_____ 1,697,600 1,322,875 16,721,021
A
p
ril_____
St
L
Iron
Mtn
&
So
1,874,069
2,144,256
161,253
3,427,451 40,' I s 7,023'30,072.28 6
Chic Torre II & S E A p ril_____ 143,442
April
_____
4.179,039
St
Louis
&
San
Fran
7,935,653
Cin Ham & Dayton A pril_____ 733,867 739,773 8,695,069
Southwest . 3(1 wk Juno! 213.000 192,000 11,907,525 10,306,639
110.993 105,374 1,395,477 1,589, tOO St Louis
863,978 9,136,608 7,722,196
Colorado Midland. M a y .........
Pea L A & S L . Vpril.........1.019.949
263,030 251,056 15,181,843 13.856.504 San
c Colorado & South. 3d wk June
Soaboard
Air Lirie.. A pril......... 2.182,720 2,033,915 20.518,864 18,286,227
108,318
168,688
10,155
26,577
10592
282 139126559 117902061
y
.........
12880344
M
a
C ornwall_________ A p ril_____
245,714 Soutborn Pacific—
382,276
23,550
41,265
wk June 1,307,135 1,089,742 68,241,955 60.735.716
Cornwall & Lebanon A p ril_____
5,530,581 4,208,266 Southern Railway.. 3d
11,508,250 10.716.716
212,117
3d
wk
June
230,212
Cuba Railroad____ A p ril_____ 777,660 545.701 21,437,096
Mobile
&
Ohio—
18.908.217
10,725,523 9,205,247
Delaware & Hudson A p ril_____ 2,184,845 2,056,513 44,921,807 39,205,793
Cin N O & Tex P 3d wk June 212,575 169,183
88,531 5,432,962 4,650,048
3d wk June 101,859
Del Lack & W est.. M a y _____ 4,463,150 3,713,265 24,202,921 21,212,973
Ala
Groat
South.
37,317 2,364,683 2,166,843
Deny & Rio Grande 3d wk June 489,700 418,800
3d
wk
June
45,167
Georgia
So
&
Fla.
31,650 1,905,319 1,757,410
Western Pacific.. A p ril_____ 686,792­ 439,624 6,173,326 4,589,528
39,068
Virginia & Sou W 3d wk June
35,028 1,801,119 1,564,123
43,266
4,100.193 3,726,359
Denver & Salt Lake 2d wk Juno
Port & Soattlo A p ril......... 381,248 293,303
67,845
180,370 118,980 1,814,018 1,515,639 Spok
109,750
1,230
Dotroit Tol & Iront A p ril____
3d
wk
June
2,107
Tonn Ala & Georgia
19,091 1,136,893 1,045,348 Tennessee
22.S13
1,325,058 1.238.334
126,903
Detroit & Mackina 3d wk June
Central _ A p ril_____ 141,281
1,444,962 1,241,573
_
18,666,413 17.571,262
324,75
Det & Tol Shore L A p ril_____ 141,012 115,450 4,528,113
3d
wk
June
332,417
Texas
&
Pacific___
3,276.411
35,901/ 1,10.8,718 1,082,109
Dui & Iron Range.. A pril_____ 34S.948 247,166 3,388,387 2,833,758 Toledo Peor& West 4thwkMay
36,687
72,041
83.688
5,407,680 4,537,864
Dul Sou Shore & Atl 3d wk June
St L & West 3d wk June 129,657 110,615.
877.316
83,509 1.421,132 1.099,474 Toledo
48.737
791,204
Duluth Winn & Pac A p ril_____ 172,377
A
p
ril_____
66,421
Trinity
&
Brazos
V
.
7,701,092
12,170,820
6,584,460 95,366,944 79,631,286
M
a
y
.........
8,734.026
Elgin Joliet & East. M a y ------ 1,270,882 801,203
Union
Pacific
Syst.
0.343.260
8,612.906
661,468
5.048.335
964,898
6,344,257
556,857
A
p
ril____
El Paso & Sou West
A p ril......... 648.537
55,393,236 Virginian________
E r io _____________ M a y ------- 6,450,128 5,181,832 66,397,635
Wabash
_____M a y --------- 3,071,695 2,363,451 .31,712,825 26,762,277
922,549 561,029 5,920,869 4.456.226 Western Maryland.|3d wk Juno 225,4/0 195,175 10,580,444 8,424,502
Florida East Coast. April
799,907
871,230
78,372
91,165
M
a
y
------Fonda Johns & Glov
109,066 106.717 1,095,515 1,055,185
Western Uy of Ala. IApril
4,835,150
A pril_____ 269,314 225.709 2,636,556 2,408,271
Georgia Railroad
Wheel & Lake E r io .'M a y ......... 942,685 401,283 8,226,282 10,920,743
54,821 5,472,567 3,521,218 Yazoo
82,798
953,529 12,417,545
Grand Trunk Pac. . 1st wkJuno
1,144,074
& Miss V all.| M ay------48,180,603
52,901,278
989,072
1,152,400
3d
wk
June
Grand Trunk Syst.
Grand Trunk Ity 2d wk Juno 839,461 743.786 40,007,406 37,834,639
P r e v io u s
C u rr e n t
Grand Trk West. 2d wk Juno 196,905 145,208 8,351,654 6,825,479
Y ear.
60,295 3,104,042 2,454,169
77,026
Y ear.
P erio d .
Dot Gr II & Milw 2d wk Juno
V a r io u s F is c a l Y e a r s .
61,939,680
Great North System M a y _____ ,764.853 4.801.733 73,946.996
175,912 131,991 1,813,491 1,498,972 Buffalo & Susquehanna R R ----- dan 1 to M ay 31 $686,038 $565,113
Gulf & Ship Island. M a y ------5,874.973 5,149.495
1 to Apr 30 8,485,029 6,987,572
Hocking Valley___ A p ril_____ 479,691 442,49
57,230,154 Delaware & Hudson--------------- Jan
Jan 1 to M ay 31 29,574,956 24,176,527
Illinois Central__ M a y ------- 5.935,472 4,833.776 63,171.828
7,718,577
7,893,571
610.757
798,425
Jan
1 to M ay 31 80,374,792 61,973,950
A
pril_____
Intcrnat & Grt Nor
York Central./------0,581,662
940,772 831,874 9,672,486 9,243,670 Now
Kansas City South May . .
Boston & Albany----------------- Jan 1 to May 31 8,483,247
1,486,353
182,607 177,173 1,727,271 2,104,433
Jan
1 to May 31 2,862,304 2,280,684
Lehigh & Hud Riv April . .
Lake
Erio
&
Wcstern.n.........
2,839,715
13,439,770
18,005,222
260,425
May
31
233,600
to
A
pril_____
Lehigh & New Eng.
Michigan Central................... Jan 1
38,891,114
14,057,007
Lehigh Valley_____ M a y ......... 4,318,612 3,845,209 43,153,826
Clevo Cin Chic & St Louis— Jan 1 to M ay 31 18,310,664
580,366
733,675
ay 31
Louisiana & Arkan. A p ril_____ 163,0091 144,189 1,421.834 1,435,004
Cincinnati Northern----------- Jan 1 to M
1.676,750
1,850,536
5,524,605
165.091
9,567,630
160,986'
M
ay
31
Louisiana Ry & Nav A p ril_____
Pittsburgh & Lake Erie . . . Jan 1 to May 31
50,349,107
6,337,369 4,622,797
to
1
/Louisville & Nashv 3d wk Juno 1,163,000: 959,940 58,700,355
Jan
Now
York
Chicago
&
St
Loui
10,323,800
ay 31 2,240,381 1,647,476
Maine Central_____ M a y _____ 1,043,125 888,379 10,805,488
Toledo & Ohio Central......... Jan l to M
474,071
438,719
38,921
40,711
Jan l to M ay 31 1,500,471 1,060,850
Maryland & Penna. M a y _____
94,853 1.537,408 1.180,135
May
31 148421244 111769165
to
Jan
1
Midland Valley____ A p ril_____ 169,419
Total all lines
822.151
19,076 1,048,933
23,858
Jan 1 to M ay 31 1,882,523 1,072,073
Mineral Range------ 3d wk June
10,545,694 9,919,018
to M ay 31 92,259,999 71,737,438
Jan
1
Minneap & St Louis 3d wk June 228,836 223,095 33,721.540
27,128,613
383,500
350,327
Jan 1 to M ay 31
Minn St P & S S M . 3d wk June 655,184 496,336
678,328
616,938
60,680
70,499
dan 1 to M ay 31 1,504,739 1,131,621
Mississijjpi Central. April .
Cumberland Valley..
5,298,871 4,707,654
575,566 550,124 31,446,569 32,174,636
May
31
to
g M o Kan & Texas. 3d wk June
Jan
1
Long
Island-----------303,064
288,8.82
5,391,144 4,467,223 53.353,549 49,119,873­
h Missouri Pacific. . Vpril
Jan 1 to May 31
1,438,444
1,079,9541 928,931 10.560.236 9,21.3,583
Nashv Chatt & St L April
Jan 1 to M ay 31 1,969,431 7,922,485
356,988
342,260
9,101
9,4121
M ay 31 9,943,207
Novada-Cal-Orcgon 2d wk June
to
U
an
1
140483447
2,185,021
j New York Central M ay______ 17293002 13407 472 172056426 15,014,655
Jan 1 to May 31 2,693,180 19,869,053
Boston & Albany, May______ 1,845,691 1,455,123 18,059,606
Jan 1 to M ay 31 28,801,489 2,038,144
6,335,870 5,198,192
May 31 2,286,854
to
Jan
1
n Lake Erie & W . May........... 616,120 463,564 37,987,832
Jan 1 to M ay 3 20,247,149 15,111,212
Michigan Central M ay______ 3,839,535 2,814,732 39,632,489 30,642,449
Jan 1 to May 31 5,176,071 4,285,054
Cleve C C & St I May______ 3,827,134 2,953,699 1,654,835 32,838,852
Vandalia________________ 1,414,238
155,954 124,024
e
Jan l to M ay 3 115847 746 90,086,333
Cincinnati North. May.
Total
lines—
East
Pitts
&
Erl
41,008,794
2,070.424 1,401.688 20,725,755 13,126,393
e
Pitts & Lake Erie May.
— West Pitts & Erl Jan 1 to May 31 57,243,242
10,354,866
May 31 1730009S9 132895127
N Y Chic & St L . May........... 1,318,337 922,370 13,192,044
— All lines E & W _ Jan 1 to
4,522,149
321,990
354,289
. Dec l to Apr 30
Tol & Ohio Cent M ay______ 485,718 332,845 4,896,608
Rio
Grande
Junction-------------Kanawha & Mich M ay______ 327,940 235,656 3.313,757 2,646,446 R u tla n d --------- --------------------- . Jan 1 to A pr 30 1,266,120 1,023,714
Tot all lines above M ay______ 31784293 24111173 317854 714256241687

Aaap.ff.ftATES OF GROSS EARNINGS— Weekly and Monthly.
*

W e e k ly S u m m a r ie s .

C u rren t
Y ear.

P r e v io u s
Y ear.

%

$

$

2d weok April
3d week April
4th weok April
1st week May
2d week May
3d week May
4th week May
1st week Juno
2d week June
3d| week Juno
------a Includes

In crea se or
D ecrea se.

25.40
(32 roads)------ 13,369,400 10,662.518 4-2.706,882
22.58
(33 roads)----- 13,403.730 10,934,698 ++2.469,032
2,914,284 20.33
(38 roads)------ 17,252,276 14.337,992 +3,009,261
28.39
10,598,907
(37 roads)------ 13,608.168
29.00
(36 r o a d s ).... 13,955,903 10,818,158 +3,137,745 26.72
+2,581,759
9,664,045
12,245,804
(35 roads)----39.23
+5,785,752
14,750,366
(34 roads)------ 20,536.118
2,757.617 24.09
(33 roads)----- 13,927,110 11,169.493 +
26.97
(33 roads)------ 14,103,619 11,107,717 +2,995,9+2
12,643,273 10,080,728 +2,502,545 25.42
(32 roads)..
Cleveland Lorain & Wheeling R y . b Includes Evansville.&

ra d o^ S p ^ In gs** ^ l ^ l o ^ r e d l ^ i s W

c t ^ y f C‘ /

Include^LouS^l^& Llantlc

longer Include tho Mexican roads In any of our totals.




M o n t h l y S u m m a r ie s .

C u rren t
Y ear.

P r e v io u s
Y ea r.

I n c r e a s e or
D ecrea se.

$
$
C u r. Y r . P reo. Y r.
274,018.381 + 5,272.813 1.93
August___ .217,809 245.754 279,801,224 276.458.199
+ 17.7S3.141 6.43
September-.245,132 243,403 294,241.340
+37.087,941 13.67
O ctobor___ 248,072 247.009 311.179.375 274.091.434
+06.310,622 27.58
240.422,096
November . .240,910 245.858 306.733.317 232,703.070 +02,438,948 20.82
December ..248,437 247.673 295,202.018 220.203,595 + 46,840.040 21.27
267,043.035
246,838
January___ 247,620
209.573,963 +58,005,851 27.68
February — 245.511 244,809 267,579,814
238,098,843 + 58,731,563 20.47
M arch _____247,363 246,548 296.830,406
288,453,700
237,512,648 +50,941,052 21.46
245,773
April _____ 246,615
75,841,360 (57,074,478 + 18,167,882 31.50
May ______ 88,112

M ile a g e .

Terre Haute ^ ^ X t h e f r S t s

e Does not Include earnings of Colo-

SUMS.'®.'®: v isa s s v . ~

* h ^ r e C^ ^ H c h l ^ a n n S o u t h o r n 1^ l y . ^ t f h S a g ^ V n d k m a '^ f c

Jvly 1 191G.J

the

c h r o n ic l e

55

Latest Gross Earning3 by Weeks.— In tho table which |
G ross
N et a f t e r
follows WO sum up separately the earnings for the third week
Ea rn ings.
T axes.
or June. LHo table covers 32 roads and shows °5 4‘2 C/ in
n y central (.concluded)—
crease m the aggregate over the same week last year. ° *|
35.215
T h ir d W e e k o f J u n e .

Alabama Groat Southern______
Ann Arbor___________ ______ _
Buffalo Rochester & Pittsburgh
Canadian Northern___________
Canadian Pacific_____________
Ghesapoako & Ohio___________
Chicago Groat Western_______
Chicago Ind Sc Louisville______
Cine Now Orl & Texas Pacific. I
Colorado & Southern__
Denver Sc Rio Grande
Detroit & Mackinac
Duluth South Shore Sc Atlantic
Georgia Southern & Florida
Grand I runic of Canada. .
Grand Trunk Western.........
Detroit Gr Haven Sc Milw _
Canada Atlantic
Louisville A N ashville.Ill
Mineral Range
Minneapolis & St LoiiisIIII
Iowa Central_______ . .
Minneapolis St Paul & H S M__
655,181
Missouri Kansas Sc Texas____
575,586
Mobile Sc Ohio_____________ I
230,212
Rio Grande Southern___ H i l l
10,153
St Louis Southwestern___
213,000
Southern Railway___
Tonnossoo Alabama & Georgia' 1.307,135
2,107
Texas Sc Pacific............ __ '
332,417
Toledo St Louis & Wostern _
129,657
Virginia & Southwestern.. ”
39,083
western Maryland.
225,470

191.).
----

I
In crea se. D ecrea se.

-------S
I

Other
In com e.

Gross
In com e.

F ixed
Charges.

*
5.40s

*
40023

9^709

loo’f^o
522
’

5 m os’1(3 73IL675
180.890
’ ]r> 5S0.366
66,933
Pittsburgh & Lake Erie—
May ’ 16 2,070,421
_
’ 15 L40i;688 ^els.OW
5 m°s 16 9.567.630 4,672,580

639,602 5,312,’lS2

N e w V o r ^ o T s t . 1^
3
M ay;i6 1.318,337
428,515

49° ’3Ui 2^ ° :977
14.135
442,650

—I n

JR & :
%

s
7 - 0 1?

2 ’658

‘ I ’S

ll'lll

01,526

4,990

1’°25,915

1 m 202 4

«■*» $S i
151,821

1’0- ’0290.829

3

«»*
May l O
327,940
5 mo3 ’16 1,500|l71

21,000
217,393
937
7,080
19,042
7,4 IS
30,295

658

121.503
471 389

il'Il - i l l

42,470
oog’ran

163,973
rnr’oss

29,047
,?2 ’0S2

134,926
59,642

Total aiufnes—30 330
“
202,014
“ S
?II£ f
May 46 31 784.293 10,429,0391,820,627 12,249,666
5 952 521 6 297 14 s
5 mos ’ 10 148,421,2ll 4 )'l65 484
9 ’ 7 -c’nm
5.’323,’885 2ic56!213
’ 15 111,769,165 ‘>>618’302
s ’ sq£’??'? 28.976,422
25,944.105
Per cent return on operatin<^mvestnfp’nf f ’^ i b 31,21.^'817 2 7 -12'J.477 4,084,340
N- Y. Central, 7.02%; Bosto,
?
M k 31.1916 has been:
1 — —•
jm-io, A/.ao'
__
and Kanawha & Mich.. 7.92%.
Gross
E a rn ing s.

Y e t , after
T a xes, & c.

Other

Gross

F ixed

Balance

In com e.
In com e.
Charges.
SurpW s'
S
S
S
s
s
Pennsylvania itrt—.
May ’16 19,792,494 5,510,859
Not incroasor° 2 ^ 4 2 % jI I I I I I I I ^ ’^ I - 73 10,080,728f ' f e l ’IiS
056
LSI
8
J
48
Z
’?
?
^
'997
2,357,408
4,971,599
’15 15,539,078 3,762,413
i oq« oq-j
5 mos ’1(5 92,259,999 21,183,276 1.777,07o 5,540,088 2.243
’15 71,737,438 11,457,592 8,852,500 30,335 776 11 519 633 IS
8,741,249
20;i0S.841
101
163[111
loloIs.MO
Ea™ings Monthly to Latest Dates.— Tho table
Bait Ches & Atl—•
M ay ’16
88,511
10,362
s u r S n f S gTP f $ gv0-?3 an,d llot'earnings with charges and
2.0S0
12,442
22,720 defl0,278
’ 15
96,660
12,731
surplus ° i o 1 IkA M railroads and industrial companies re­
2,525
15,256
5 mos ’ 16
350,327
23,436 defS.lSO
15,077
ported last week:
9,176
24,253
103,885
def84,632
’15
383,506
5,082
10,681
15.763
110,758 def94,995
---- G ro ss E a r n in g s ----- ------ N e t E a r n in g s -----Cumberland Vail—•
C u rr e n t
P r e v io u s
May ’ 16
293,209
C u rr e n t
P r e v io u s
108,072
11,233
R o a d s.
Y ea r.
Y ear.
119,905
24,253
95,652
Y ear.
Y ear.
’15
229,367
63,842
9,921
S
$
73.763
5 mos ’16 1,504,739
18,094
55,669
s
s
707,665
70,050
783,715
134,443
649,272
’ 15 1,131.621
Atch Top & Santo Fe b.M ayl 1,987,919 9,602.097 1 1 ,8 5 1 7 14 13 300 670
336,449
57,591
July 1 to M ay 3 i ________
394,040
74,013
320,027
Long Island—
.............
Atlantic Coast
Lino.a.M ay 2 9 ) ) 036 I°7713.794;l5:814:571^8:i06:i82
•9 59 ft o io
0 1- - r M ay ’ 16 1,313,144
419,215
69,914
489,129
400,035
88.494
July 1 to May 31------- Y. 31,663,581 29:209:214 9 0 78'299 6 630’7 ^
„
’15 1,177,445
347,682
77,193
424,875
3S0.316
43,559
Baltimore & O h io .b .-.M a y lO 2 0 1 713 s 0 7 c one o orr 7 , . b ’°30,7.>7
5 mos ’16. 5,298,871
958,632
299,008 1,257,640 1,867,300 def609,720
July 1 to M ay 31
1013‘>3 ‘>69 ss llo 'u s o o n ' n 1^
3,113,405
’ 15 4,707,654
614,338
278,887
923,225
1,791,046
def867,821
Canadian Northern S v 's'M ^ y ■ 088 900 t ' i l l ' u n
' ' f
24,687>739
Maryl’d Del & Va—
May ’16
72,926
July 1 to May j L - . ^ S O i o I S ijJ.’m .'lOO 7
5
7,176
119
7,295
15,027 def7,732
71,474
Canadian Pacific.a
Mav l 2 4 7 > i 67
7 .
V 0 8 2 ’800 5,336,500 ’15
2,351
569
2,920
15,175 dell2,255
5 mos ’16
2S8.882
8,088
962
9,050
68,044
def59,594
’15
303,064
2,637
3,407
6,044
71,881
def65,837
N Y Phila & Norf—
May '16
457,092
O h le io V A n £ “ y 3 1 ‘
’ 1!
U .281.382
C 3 .0 1 3 ®
149,153
11,595
160,748
30,433
’15
345,787
130,315
80,114
11,294
91,408
34,448
5 mos ’ 16 1,939,431
56,960
576,552
38,949
615,501
c
bs
167,538
'15 1,438,444
447,963
181,152
40,045
221,197
141,261
79,936
Phila Balt & Wash—
D . o Lack
J s t &r WHost.b ------May 4,463,159 3,713 235 1 829 656
May ’16 2,202,772
4J01
I l td i s ■>
629,300
129,508
758,808
304,583
’
15
1,771,414
454,225
365,402
123,569
D e trU tV x T i1 ^ 3 1 ---------1L921.807 39,205.793 lsjilO jiW ) 14,328,544
488,971
297,167
5 mos ’16 9,943,207 2.385,615
192,804
043,671 3,029,286 •1,477,275
1,552,011
’ 15 7,922,485
976,164
013,513 1,589,677 1,436,041
187,489
153,636
Phila & Cam Ferry—
May ’16
79,136
43,276
r a M a y - 3 f :.^ r 2E :^ :M l
I f A f A
5,766
49,052
•1,780,739
1,784
47,268
’ 15
69,615
32,155
5,112
IlltaoiSiQfehtraLa _i May 5,985.472 4.833.776 1.288.733
630.556
37,267
1,819
5 mos ’ 16
332,913
35,448
. 680,556
159,288
29,022
1S8.310
6,818
1S1.492
’15
307,678
.397,923
128,907
24,728
Kanawha & M ic h .b .._ May
327 940
235 f i t
10,397,°23
153,625
6,974
146,651
W
Jers
&
Seashore90,403
July 1 to May 31.........1 3,313.757 2,646,446 1l,23(i,()12
-2 2 ’401
May ’16
614,649
745,463
114,873
14,290
Maine Central.a---------May 1 043 12 5
000 970
129,163
61,987
67,176
’ 15
534,391
272,535
96,139
14,826
169,992
July 1 to M ay 31........ -10 895 488 10
110,985
67,129
43,836
5
mos
'16
2,693,180
254,951
2,829,708 2,308,478
71,018
325,969
Minneap & St Louis a M av
s r o r«
304,181
21.788
'15 2,185,021 def32,609
74,899
*208,810
42,290
*219,382
313,490 def271,200
Pennsylvania Co.—
V r p a T w e Z * ! : M ” ^’3 18 tfg
« * « * «
May ’16 7,015,746 2,313,965
318,381 2,632,346 1,828,503
803,843
'15
4,693,336
1.149,697
563,887 I.
713,584
495,669
523,888
1,534,378
179,206
5 mos ’ 16 28,801,489 7,366,472 4,547,742
m
914,214
8,082,324 3,831.890
’15 19,869,053 2,881,381 3,765,482 II,
July 1 to May 31.........1 64,319.551 57,455.950 2.021,823 1,337.535
6,646,863 7,116,874 idef470,011
19,337.750 12.260 620
Grand
Rap
&
Ind—
Alabama Groat So.a.M ay
551,228
412 099 , 209,544
May ’16
481,471
90,584
92,622
4,605
97,227
C il'lg i 1° t h I .31........ - 5,129,272 4,384,350
1.529,728
69,480
816,516
27,747
’ 15
407.773
50,308
2,698
* rox Pac.a.May 1,028,091
53,006
831,801
59,675 def6,669
5 mos ’16 2,286,854
319,559
248,864
348,455
July 1 to M ay 31--------- 10,089,032 8,685,003
31,299
379,754
343,855
2,791.488
35,899
’
15
2,038,144
2,033,564
231,759
26,107
Va Sc Southwest.a--M av
16 2 535
257,866
305,299 def47,433
135,010
Pitts Cin Chic & St L—
27,206
July 1 to M ay
.
1 , 7 9 2 :0 9 1
21,601
1.662,761
437,644
May ’16 4,305,753 1,018,803
316,043
53,522 1,072,325
597,292
475.033
384,700
'15 3,182,505
(7190.301
549,903
T ° ' July l V a S y 3 i : i - l ! y S.W G^io
41,988
<760.069
591,891
509,882
82,009
5 mos ’16 20,247,149 4,450,978
4,232,419 p i,618)914
249,519 4,700,497 2,813,261 1,887,236
<7826,892
’15
15,111,212
2,395,918
.6.584,469 3,385,547
249,322 2,645,240 2,463,341
181,899
July41'tef May"3 III
-95,366,914 79 631 288 3 7 043 4 m 9 7 1,827,390
f 2 7 ,3 9 0
Vandalia—•
W a b a s h -b ..-May 3 071 695 ?
3 7 ,0 M>4 16 27,351.026
May ’16 1,047,925
216,018
24,620
240,638
151,637
July 1 to May 31........ M lJldNlN , 2 5 J 5 2 2 7 7 k w k ’TM - 295,080
89,001
’ 15
842,528
119.441
23.670
143,111
157,884 defl4,773
5 mos ’ 16 5,176,071
Western M aryland.b. .M ay 1,000,920
833,250
926,831
41,015
967,846
741,679
226,167
’
15
4,285,054
July 1 to May ,31-....... 9.937.207 7,838.977
581,986
42,147
624,127
708,617 defS4,496
YaZ J°uiv iVra \rValV '}--May 1.M4.674
953,529
July 1 to M ay 31........... 12,417,545 10,926.743
w „ ...
y s?
Gross
HR. System — s
s ^
E
1 ‘ 33- Tares, <i c . E a rn ing s. T axes, dtc
Earnings

cjxvss:

mmmm

diSSSfflS

':,i“3

*«

mmmm

£ ifi il ,B4»

New York Central—

_
■ -- 13,495,921
Boston & Albany—•
M a y ’ id 1,845,691
'15 1,455,123
5 mos '16 8,483,247
’15 6,581,662
Lako Erie A Western—
May ’16
616,126
_
’15
462,564
5 mos ’ 16 2,862,364
’15 2.280,684
Michigan Central—
May ’flu 3,830 535
’15 2 ,814)733
5 mos '16 18,005,222
’15 13,439.770
Cleveland Cincinnati Chicago A St Louis
May HO 3,827,134 1,130.123
L
T.r> 2,053,699 608,660
bb
6 mos 16 18,310,664 5,120,366
560 44 4
15 14,057,007 2,381,011
452 334




Tho return on property^Invcsiment mr ,h« ‘ 0,150,242 132S95.I27 20.34-,
tho 12 months ended May 31 1916, against 4.26%T r th ^ L m o 'p e fio d T n ffi f°r
Gross
E a rn ing s.

564,202
127,110
3,010,223 demLOM
522,157
693,716
569,9 43
127,375
2.8 45,636 2.S35.174
3,025,287 dof2U,942

$
Balt A Ohio (June est)—
12 mos ’ 16 111584,046
’ 15 91,815,797
Boston A Maine—
May ’16 4,775,109
’15 3,874,708
11 mos ’10 47,383,219
•15 42.G37.216
Buff Roch A Pitts—
May ’16 1,094,247
,,
’ 15
805,357
11 mos ’ 16 10,914,655
’15 8,614,189
Buffalo A Susq—
May ’ 10
118,569
’15
114.781
5 mos ’16
686,038
’15
585,113

Y e t , after
T axes, & c.

S

O tH f
I no o n ,

S

Gross
In com e.

S

F ixed
Charges.

B a lan ce ,"
S urplus.

S
28,443,299 5,619.009 3 4.062,308 20,626,555 13 43'> 7r,g
24,600,678 5,015,552 29,616,230 18,892,9S2 10,’723,’248
S

1,488,873
754.968
12,475,598
7,731,915

112,192 1,601,065
973,895
627 170
01,767
818,735
848,937 def32 202
904,189 13,379,787 9,982,224 3 397 563
941.800 8.673.715 9.447H27 def773,G2

283,063
217,804
2,829,277
2,051,760

364,275
178,092
186 1S3
55,640
273,444
178,013
95 401
917,088 3,746,365 1,957,192 1 789 173
6o3,388 2,705,148 1,952,363
752,785

18,455
10,331
155,634
44.403

28*869
-13.299
1j 1,772

SH 5?

39,191
303,939
193.177

2 ‘ -167
2),7 27
122,751
139,131

37.393
13 4fi4
246^179
63,046




July l 1916.]

THE CHRONICLE

New York Street Railways.
------ G ro ss E a rn in g s---- N e t
C u rren t
Y ear.

R oad s.

Hudson & M anhat.a.A pr
Jan 1 to Apr 30...........
Intorboro It T (Sub).a.Apr
Jan 1 to Apr 30______
Interboro It T (Elov)a.Apr
Jan 1 to Apr 30--------Total Interboro It TaApr
Jan 1 to Apr 30...........
Brooklyn ltap T ran.a.A pr
Jan 1 to Apr 30--------N Y Railways.a..........A pr
Jan 1 to Apr 30...........
Bolt Lino.a_________ Apr
Jan 1 to Apr 3 0 ..........
Second A v on u o.a ..
Apr
Jan 1 to Apr 30______
Third A vonuo.a______ Apr
Jan 1 to Apr 30______
Dry Die & Bway & BataApr
Jan 1 to Apr 3 0 ..........
42d St Man & St N Av.a.Apr
Jan 1 to Apr 30______
N Y City Intorboro.a.Apr
Jan 1 to Apr 3 0 .- i . . .
Southern Boulevard.a.Apr
Jan 1 to Apr 3 0 ..^ __
Union Ry o f N Y C .a .A p r
Jan 1 to Apr 30...........
Wostchostor E loct.a__ Apr
Jan 1 to Apr 30______
Yonkors.a.......................Apr
Jan 1 to Apr 30...........
Long Island E lect.a .-A p r
Jan 1 to Apr 30...........
N Y & Long Isl Tract.a.Apr
Jan 1 to Apr 30...........
N Y & North Shoro.a.Apr
Jan 1 to Apr 30...........
N Y & Quoons.a............ Apr
Jan 1 to Apr 30...........
Ocean E loct.a................ Apr
Jan 1 to Apr 30...........
Richmond Lt & R It. a-Apr
Jan 1 to Apr 30...........
Staton Island M id .a ___ Apr
Jan 1 to Apr 30______
a Not earnings horo given
ln C1915?r inco,no amounted

P r e v io u s
Y ear.

C u rr e n t
Y ear.

E a r n in g s ----P r e v io u s
Y ear.

$
351,803
314,374
C200.208
c 17$2,745
1,374,870 1,257,139
748,689
679,442
1,769,171 1,593,468 1,128,698
999,281
7,104,403 6,312,637 4,505,535 3,979,032
1,474,758 1,333,222
710,502
658,559
5,765,304 5,256,183 2,629,629 2,437,619
3,243,930 2,926,690 1,839,201 1,657,841
12,869,709 11,568,822 7.135,165 6,416,652
2,344,098 2,184,979
735,015
809,961
9,017,434 8,367,443
------2,830,112 2,618,679
1,135,802 1,127,388
323,360
353,154
4,405,536 4,315,512 1,268,864 1,162,561
14,566
65,329
5,413
64,070
51,355
251,594
243.320
35,910
10,314
69,463
64,843
16,152
26,236
252,948
252,202
37,564
305,445
143,064
330,884
92,907
1,339.943 1,229,938
535,464
414,916
40,181
42,299
9,420
4,713
160,283
156,175
7,538
7,893
163,898
159,351
79,046
67,366
629,640
625.321
268,964
242,093
60,430
55,949
20,040
15,978
239,038
219,767
80,265
65,211
18,695
18,307
5,946
5,161
71,917
68,475
20,760
20,113
243,267
217,716
61,931
43,522
901,846
831,912
189,937
159,197
44,151
44,837
14,026
10,147
170,467
170,581
37,828
24,586
66,134
59,616
21,440
5,875
245,467
225,831
71,219
33,568
17,857
17,855
def 1,199
656
64,178
64,135 defl2,485
def 8,565
33,904
31,907
3,291
5,849
118,727
121,275
1.274
15,451
13,542
12,503
4,390
3,071
47,708
46,725
13,323
10,098
119,093
106,362
def 2,363
def4,065
440,421
402,542 dof.37,286 dof40,740
7,486
7,203
1,104
1,042
24,077
def 1,985
23,116
def916
29,607
28,086
7,004
1,292
112,708
105,773
10,711
def 1,408
23,954
22,558
1,779
1,989
86,950
80,003
defl,319
568
aro after deducting taxes
t0 $80,011 in April 1916, against 588,324

ANNUAL REPORTS
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
havo been published during tho preceding month will bo
given on the last Saturday of each month. This index will
n o t include reports, in tho issue of tho “ Chronicle” in which
it is published. Tho latest index will bo found in tho issue
of Juno 24. Tho next will appear in that of July 29.

57
$73,501
122,440
57,907

1913.
$95,419
54,970
49,712

$253,848
203,570

$200,101
170,599

$50,278
(80.19)

$29,502
(85.26)

-- $1,092,496
.83,317
-- 2,088,135
23,847

$926,685
107,933
2,239,071
86,306

$935,565
88,144
2,084,970
50,799

- $3,288,368
$256,205
- 2,374,352
127,797
300,000

$3,410,273
$262,187
2,394,299
25,760
300,000

$3,188,980
$269,909
2,256,296
25.680
300,000

Passenger revenue. -•_______
Switching revenue__________
Miscellaneous revenue_______

-.

Operating expenses_______

$173,606

Not operating revenues.
Operating ratio__________
O th er I n c o m e —
Hiro of equipment________
Joint facility rent income.
Other rents, &c_______
Gross income.
M iscelianeous .

Balance, surplus orA eficiY .V .V .V .V .^ $ 2 3 0 ,0 1 4 s u n l i t 027 suT$337,095
B A L A N C E S H E E T D E C E M B E R 31.
1915.
1914.
,, v ,
1915.
1914.
A ssets —
s
S
L iabilities —
$
$
R o a d , & equip. . . *62,197,874 59,532,123 Com m on s t o c k .. . 5,000,000 5,000,000
Im pts. on leased
Gen. m tge. bonds. 5,184,667 5,690,667
p r o p e r ty ---------1,510
1.510 Cons. M . b o n d s..44,815,000 44,309,000
M isc. P h y s i c a l
5% m tge. notes—
p r o p e r ty ---------- 4,958,907 4,543,284 3-yr.due Sept. ’ 12 .............. 10,000,000
Other investments
4,750
4,750 2 -y r.d u e S e p t.'1 5 13,935,000
............
Cash in treasury..
557,335
333,862 Real estate m t g e ..
35,750
39,450
Cash with trustee. 1,791,393
N on-negot. debt to
Special d e p o s its .. 1,149,830 1,062,817
affiliated cos___ 1,244,184
Loans A bills r e c ..
124,576
118,576 Traffic, A c., bals.
10,987
3,983
Traffic, A c ., b a l ..
19,903
11,873 Aud. accts .A wages
807,906
700,609
Agents A conduc.
2,369
2,525 Miscellaneous____
5,435
11,666
M iscellaneous____
782,758
828,103 M atured int., A c.,
Material and supp.
386,475
309,552
unpaid-------------925,225
906,975
Deferred a s s e t s ...
3,039
2,314 Accrued int., A c . .
262,231
199,177
Disc, on fund.debt 1,125,240
845,921 Deferred liabilities
36,760
40,317
Other unadj .debits
775,891
658,275 Accrued taxes____
260,518
262,125
Unpledged secure.
88,000
61,000 Accrued deprec’n .
773,348
719,932
Oth. unadj. credits
167,091
142,746
Corporate surplus.
505,749
289,839
Total ..................73,969,851 68,316,486
T o t a l .................. 73,969,851 68,316,486

-V . 102, p. 2254, 608.

Indiana Harbor Belt Railroad.
(9 th A n n u a l R e p o r t— Y e a r e n d e d D e c . 31 1915.)

Piosident Alfred H . Smith says in substance:
:ti o n ' — T r° total amount received from the nronrietarv com?oa D % ~ 3f l VK ^
purposes and to provitFo a working fund
vear aggregitlnt
, H 37,693,' There ,'Y,Rre. additional loans during the
p a n i e f K d v a L S^ 7t o T e b n31k\Tl5
pr° prietary Com'
i n w ^ e o fs T a l «s ialnrPqre 7 wg r<£ enues foZ 1,10 year were $3,458,052. an
V fM or 4.o6% .KenS?.ue,
switching
was $3,351,095,
, increase ootflifn
J?1411,191,
Following tho
general buslnfiss
Hnnrrxssion during the first eight months of 1915. and which was further a S ra v a t«i
a.!)U,ikPnK trades strike in tho Chicago district, there was a marked and
steady increase in the movement of all classes of traffic tho number of
revenue cars handled during the last four months o f tho year being greater
«)an in any similar period in the history o f tho company
T h f r f weFe
lfl?834?or>5% ? CaFS handled ln Interchange movement, Jan increase of
expense were $2,231,809, a decrease o f $169,804, or 7 07%

IN C O M E A C C O U N T FOR F IS C A L

„ . ,
,,
E s tim a te d 1915-16.
lota operating revenues'....Si 1 1,584 046
lotal operating expenses_____ 79,528,657

1914-15.
$91,814,503
63,962,388

1913-14.
$99,164,009
71,403,389

Not operating revenue.........832,055,389
Taxes accrued.......................... 3,612,090

$27,852,115
3,288,679

$24,760,620
3,226,466

E N D IN G

1913.
105

106,957

$3,210,904
118,268

$3,162,845
140,964

- - $3,458,052

$3,329,172

S3,303,809

$435,434
366,161
33,714
1,475,215
91,089

$459,893
388,792
33,084
1,529,272
89,258

$2,401,613
$927,559
$82,407
622

$2,500,299
$803,510
$72,542

$844,530
89,656

$730,968
86,405

-E xp en ses—
Maintenance of w
Maintenance of e
Traffic expenses.
Transportation e:
G eneral________

31.

DEC.

1914.
110

( P r e l im in a r y S ta te m e n t f o r F is c a l Y e a r e n d in g J u n e 30 19l6 )

The company has issuod tho following preliminary state
mont for tho fiscal year ondmg Juno 30 (Juno estimated)
ih o usual semi-annual dividends of 2V > and 2 % on the
com. and prof, stock, respectively, wore declared this week

YEAR

1915.

Miles operated___
R ev e n u es —

Baltimore & Ohio Railroad.

31.

IN C O M E S T A T E M E N T FOR Y E A R S E N D IN G D E C .
O p e ra tin g R ev e n u es —
1915.
1914.

---

$390,832
303,623

Total operating expo:
Net earnings_________
Accrued railway taxes.
Uncollectibles_______

Operating i n c o m e ...;:____$28,443,299
Other income----------5,619.009

Other income______'

-- $1,133,376
-93.642
.- $1,227,018

$934,186

$817,373

Total deductions----- ----------$30,578,518
Balance, surplus or defief, ■ sur.S3,183,790
— V. 102, p. 2341, 1435. 1

Gross incom e__
D e d u c tio n s —
Hire of equipment..
Joint facilities and r
Bond interest_____
Other interest_____
Miscellaneous______

..

294,000

■-

27,154

$451,473
312,720
294.000
203,535
20,348

$299,665
284.871
294,000
149,534
21,924

S I,282,076
$347,890

$1,049,994
$232,621

$24,563,436
$21,534,154
4,898.976
5,843,867
Gross corporate in com e^.-.$.34,062,308
$29,462,412
$27,378,021
Bond interest, A c.
«of) (>20 555
$18,874,950
$18,177,455
Preferred d i v i d e n d s ..7 .7 (4 %12:354,528 (4 %
)2 ,354,527 (4% ) 2.354,634
Common dividends-----------(5 %)7,597,435 (5%)7,597,303
(6%J9,118.762

$28,826,780
sur.$635,632

, $29,650,851
d e f.$2,272,830

Chicago & Western Indiana RR.
(R e p o r t f o r F '

Pros. II. G . Hetzk

a,l Y e a r e n d in g D e c . 31 1915.)

Chicago, Juno G, wroto in substance-

Bom/s.— During 1915. $506,000 general mortgage 6s wero retired u nd er
the sinking fund provisions, leaving $5,184,667 outstanding Dec 31 m i q
" ut of :>» original issuo o f $14,368,000.
. . 100, P-,641,
w , l1751;'
t o . V.
v 101
ml
out
< ooS
V.
were^sl’mihtanTOush? issued.^' A lik° amOUnt ° f COnsolldated >»«'rtgage 4s
hchlf to “retire^in^rif8^.0 °.f $50-000,000 consol, mortgago bonds tlxero a
issued fa) to SS.® *1 mortgage bonds, $5,185,000; and there have be
$9,183,333, and ( b jf i r addns an dh ftT 0 bo'ids(. ret,rod by sinking fun
t eis .— Of
tho f.S13.9M0
0 2 yve al rr ,r)wcZ m
e,ls to l)r°P°rty$35,631,867.
/ \ T N om
/»no\
t . , » . Y ’ UU. U
inorfe-m/B
tmfoo enlH
UdMf 1 tn
betterments to tho Belt ity. for constriiuMnn’
i
E ditions and
account clearing yard, f e 1 2 5 , ^ ; K S n e m s m h' / ‘° Mal ” 2* estat0
clearing, $91,314; for track elevation o n t h e ^ l T l l v b £ i „ 5 ? W6r~n?Ji?e
real estate, $584,427; and for miscellaneous charges^
11 i
» nal
ments on property leased to Belt Ry.Co.of Chic. s i x r>'i5>- >,!>.,i '« i i iS l'n .S ''
A d d it i o n s a n d B e tte rm e n ts .— Expenditures aggregating W
made fjor additions and betterments, of which $798, KJS represents ' l t ptS 1'0
from the account o f miscellaneous physical property, and Si S56 fioVrV' fur
o n tlie u r n oxPc"<litures Of the latter amount, S I.114 731 w as o x nen'd
Ry- Co. of c1tlcag4o 7|ndWi ? 4 2 $ § ^
lease of July 1 1902. The
Tito ’tCn'l, ] n,dian‘J’ C ° - undcr tb° joint supplemental
-------1n"
ncipal work done consists of (a) track elevanon, $ 1 ,000
,2 / 0 ; ( u ) clea,
? ^ r d , $655,480. The work of enlarging and
reconstructing clearing y {
and signals at outlying": wire practically completed, except interlocking
,‘t- ' - ,rortal.n street improvements,
&c. The
yard and shops wero ope
mi
The
1 ho total cost of
the yard to Dec. 31 191
.s°$4P
00T330.JUnO
1
1915'
The Dearborn station
f 0tnow
t al and
place,1
operation
shortly after tho close o the*
tno year
new
“In{ VV'J,au"
’“
me
year. C°The
I flio
Dolton
fiMwhnhLo
erected and placed in operation in April 1 9 1 5 .
Uolton drawbridge was




- $1,296,099
$69,082

Balanco, deficit.

31.

B ALAN C E SH EET DEC.

A ssets-

19S15'

19SH -

I

L

_

1915.

P0a<1,in* „affll.
c,?n 1 cos
1 ■_ 1 ! A'nM 1 0 o ? « 'm a C a pital^ tock '------ 2,450,000
Inv.
*216,014
216,014 Funded debt_____ 6,725,000
Casli on band, A c .
671,589
642,079, A c c ’ts A wages___
453,490
Special deposits..
72,840
72,630 N otes____
4,611,693
Materials & supp.
117,167
90,390 Accrued liabilities.
77,760
Bal. due to agents
102,185
63,840 Traffic, A c., bals.
271,870
M isc. accts. recclv.
479,057
309,883 Matured int., A c.,
'Traffic, A c., bals.
559,774
483,077
unpaid_________
72,840
Other work, assets
230
22,298 M isc. accts. pay’le
104,175
Unadjusted acc’ts.
15,866
79,676 Oth. current llabli.
522,048
Profit and l o s s . . . 2,295,531 2,224,923 Unadjusted credit
items, A c ......... 1 52,159

lo ta l...............15,341,035 14,940,255
*

1914.

S

2.450.000
6.725.000
572,121
4,337,693
94,450
461,361
72,630
97,112
108,390
21,498

Total................15,341,035 14,940,255

Includes $216,000 Calumet Western Ry. stock.— V. 100, p. 2006.

Dominion Power & Transmission Co., Ltd., Hamilton.
( R e p o r t f o r F is c a l Y e a r e n d in g D e c . 31 1915.)
President Lieut.-Col. J. R . Moodio says in substance:

1ho depression and unfavorable conditions of 1014 continued Hnri^n*
first six months and onward through Aug 1915, and until t at S h
decline in our earnings continued
T h e f a l l i n g o f ? s o m e w h a t Fm,,hasized duiing tho months of June, July and August by the operations of th«
g a l l e d “ fltney” system. At the end of August t h e g r o ^ ownings had
Iodine 1 as compared with the same period of 1914, by tho sum of 412K iqg
During the remainder of the year the falling off was roverelxi the I
ta r t of the recovery taking place In tho months of November and’ D ecem h ^
ndlcating that a decided improvement may be expected in 191(j
’
1lie policy of setting apart from gross earning 20% thereof for mainenance and renewal has been continued. After having provided $384,771

[Vol . 103.

THE CHRONICLE

58

for bond interest, S386.613 for dividends, and $109,640 o f ^expended
maintenance and renewal reserve, thero stood at tho credit o f profit and loss
account $1,139,259, from which account tho sum o f $500,000 was trailsferred to tho regular reservo account, which now stands at tne sum oi
$1,500,000, leaving a credit balance o f $639,259.
„
Under tho business and money conditions which havo been prevailing,
it was decided to suspend proceeding with tho steanistationconstimction,
but it is intended to proceed to completion as soon as the weather permits
satisfactory building work.
C O M B I N E D R E S U L T S ( I N C L . S U B . C O .) F O R C A L E N D A R Y E A R S .
1915.
1914.
1913.
1912.
Gross income_________ $2,353,956 32.395,967 32,737,806 32,563,371
Operating exponses___
1,352,001 1,390,847
1,4j 5,J93
1,359,459
$1,005,120 $1,281,813
Net earnings------------ $1.001,955
$141,116
$101,024
Maint. and renewals—
$109,640
378,172
377,105
Bond, &c., interest-----3S4.771
362,379
461,392 ___________
Dividends------- :----------386,613 ___________
Total deductions-----Balance, surplus_______

$881,025
$120,930

$039,521
$65,599

BALAN CE SHEET DEC.

$881,667
$400,146

$1,203,912
352,153
362,301
$714,454
$489,458

31.

was also in evidence a desire on tho part of the roads to supply some part
of tho additional equipment required to properly handle the traffic of the
country, and there was buying In larger volume than during the preceding
year. Tho advance in tho cost of steel and steel products, however, and
the difficulty in procuring reasonably prompt deliveries affected adversely
tho tendency of the railroads towards increased buying. Nevertheless,
tho number of car orders on tho books was considerably larger on April 30
1916 than the year before. There has also been during tho year a consider­
able foreign demand for equipment. A good market has continued for
our output of miscellaneous supplies, and a fair profit has resulted irom
tho operations of that department.
.
,,
A d d i t i o n s , <&c.— Additions to tho Chicago plant, the extension or the
Berwick plant and tho improvement of the facilities of the Milton plant
for tho more economical production of tank cars, called for an expenditure
during the year of $474,775. This amount was paid out of the reserve
for construction of and additions to steel car plants, leaving in that reserve
to be expended as necessity thorefor arises $142,111.
During the year $367,679 has been expended out of the reserve for general
overhauling, improvements and maintenance to cover the cost of various
improvements designed to increase economical efficiency.
F I S C A L R E S U L T S F O R Y E A R S E N D I N G A P R I L 30.
1915-16.
1914-15.
1913-14.
1912-13.
Earns, from all sources. $4,595,359 *3,615,054 $5,810,889 $5,539,829
Renewals, repairs, &c.x 1,779,341
1.284,118
- ,05-.,.)18
-.-11,236

1914.
1915.
1915.
1914.
Liabilities—
$
$
S
S
•nt„. Pirninsrs
$2 816.018 $2,330,936 $3,757,971 $3,328,593
Properties accts--21,954,468 21,804,183 Cum. pref. stock.3,081,1001
Ordinary stock...7,714,500/*ll,395,600 PrSerreddivide'n'tls7 ( 7 % ) $ 2 10 0 000 $ 2 100,000 $ 2 , 100,000 $2 , 100,000
HamiltonHotelCo
Ed
v^o^com^no'n-S
.
.
.
?(2
%)600 ioOO* (1^ )150,000 (2)600,000 (2)600.000
8,337,000
8,350,000
Bonds............
20,000
20,000
Ltd., stock----nn
9l-n nnn
107,159 Res’ve for gen. overhaul147,893 Accounts payable- 83,003
Accts. receivable. 138,338
-----------7 0 0 .0 0 0
2 5 0 ,0 0 0
mg, impts. & m aint..
- ----------18,500
23,500
138,222 N'otes payable___
137,004
Stores on hand —
Int., &e., accrued. 140,411
139,090
General cash and
Balance,
surplus------$116,018
$80,936
.$357,971
JS378.593
Dlvs.
pay.
Jan.15132,931
131,888
7,593
33,681
bank account. .
291,971
182,331 i Previous surplus_______ 25,694,070 25,013,140 25,2o5,169 24,876,576
298,082 Renewal fund___
Special deposits.. 255,155
Reserve account.. 1,500,000 1,000,000
Profit and loss___ x039,259 1,020,405 j Total surplus_______ $25,810,094 $25,694,076 $25,613,140 $25,255,169
♦Thero was also paid 1 Jo % ($150,000) on tho common stock from rosorvo
Total............... 22,538,700 22,415,973
Total............... 22,538,700 22,415,973 j previously
made and as shown in the balance sheet, making a total of 2 %
* Capital stock includes $3,681,000 cumulative preference, $5,100,000 ($600,000) ^for th o je a r. ^
fo r oxtraordinary impts $4 7 4 ,7 74 in
limited preference and $2,614,500 ordinary.
x After deducting $500,000 transferred to reserve accounts and $2,076 1915-16, $57,121 in 1911-15, against $119,048 in 1913-14 and $356,052 in
miscellaneous.— V. 102, p. 1990, 800.
1912-13.
B A L A N C E S H E E T A P R I L 30
1916.
1915.
1916.
1915.
West India Electric Co., Ltd., Jamaica and Montreal.
Liabilities—
S
S „
A ssets —
S
$
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
Cost of propcrtlcsa66,782,533 G6,782,533 Preferred stock__ 30,000,000 30,000,000
Material on hand. 14,947,790 4,974,004 Common stock...30,000,000 30,000,000
P r e s. J a m e s H u t c h in s o n , M a r c h 9 , w ro to in su b sta n c e :
Accounts & notes
_ _ __ Vouchers, notes &
pay-rolls_____ 13,797,429 2,569,918
Tho condition o f the business and financial position o f tho company
receivable____ 14,709,196 11,587,622
Insurance reserve. 1,000,000 1 ,000,000
at tho end o f what might bo termed a difficult year has more than met our Stocks and bonds
For
gen. overhaul.,
expectations. Tho failing off in railway receipts which commenced In
of other compa­
278,137
645,815
Impts. * maint
Aug 1914. continued throughout 1915, and showed a total decrease for
nies (at cost or
„
tho year o f $22,653. Tho lighting and power receipts, on tho contrary,
less).................
969,293
847,711 For construc’n of
and
additions
to
show an increase o f $7,887. The total receipts from all sources wero $274,­ Bank certificates-------- 3,500,000
610,886
steel car plants. 142,111
318, against $288,925 for 1914, a decrease o f 814,607.
Cash on hand and
Fortunately, there was a well-distributed rainfall throughout the year,
In bank............ 4,443,959 3,659,855 Rcscrvo for dtvs.
150.000
150.000
consequently the consumption o f coal was light, and this, in conjunction
on com. stock..
675.000
with other economics, effected a reduction in operating expense to $143,­
Dlv. pay’lo July 1. 675.000
Surplus accou n t-.25,810,094 25,694,076
368, a decrease of $11,860. the result showing a profit o f $ 1 3 0 ,94 9 . lhcro
was paid out o f this sum interest on bonds, 130,000;
Total............. 101,852,771 91,351,725
_____
T o t a l ________ 101,852,771 91,351,725
eminent o f tho 4% tax on railway receipts, $7,400. and r e n w to the Ja
a Includes cost of properties, plants, &c., to April 30 1915, 366,165,647:
maica Light & Power Co., Ltd., $12,000, tho total fixed charges
409 leaving a net income o f $81,540, which has been disposed of as fol* additions to plants, $474,774: reservation for construction of and additions
tows: 4 quarterly d?vidonds paid, amounting to $40,000; transfewed to to steel car plants, $142,111.— V. 102, p. 523.
contingent account, $17,472, and added to surplus account, $24,069.
Tho contingent fund now amounts to $100,000 and the surplus account to
Great Northern Iron Ore Properties, Now York.
S4Property and plant account has been increased by $25,234, made '*P Prin­
cipally by cost o f storage battery and extension o f lighting lines. 1 ho for­
mer has given great satisfaction arid added much to tho economy in operati0The sale of electric current for lighting and power in Spanish Town has
grown slowly but steadily and promises well for tho future.
RESULTS

FOR

CALENDAR

YEARS.

Railway earnings--------*
*‘
«_

1915.
$184,217
90,101

1914.
$206,870
82,055

1913.
$212,157
72,685

Gross earnings___ __
Transportation expenses
Maintenance expenses..
General exponses---------

$274,318
$62,454
27,1 S3
53,732

$288,925
$65,480
30,263
59,486

$284,842
$54,957
29,138
63,646

$261,081
$61,616
23,104
51,712

Total expenses_____Net earnings---------------Bond interest_________
Taxes------- -----------------R entals---------------------Dividends (5 % ).............

SMS,368
$130,950
$30,000
7,409

$155,229
$133,696
$30,000
8,327

$147,741
$137,101
$30,000
8,517

$136,432
$124,649
$30,000
7,692

40,000

40,000

40,000

40,000

Total deductions-----Balance, surplus-----------

$89,410
$41,540

$90,327
$43,369

$90,517
$46,584

$89,692
$34,957

12 ,0 0 0

12 ,0 0 0

12 ,0 0 0

1915.
1914.
L iabilities —
S
8
Property and plant .1,734,719 1,709,486 Capital stock-------Cash_____________ 142,168 121,083 Bonds.................. ..
24,455 Accounts payable—
Accounts receivable. 22,019
53,083 Accrued interest----Stores..............
50,956
32,747 Accrued dividend —
Suspense_________
12,001
Contingent account.
Miscellaneous-------Surplus ...................
A ssets—

1915.
$
800.000
600,000
12,260
15.000
10.000
100,000

4,323
♦426,274

12 ,0 0 0

1014.
$
800,000
600,000
26,819
15.000
10.000

82,529
4,301
402,205

Total.................. 1,967,863 1,940,854
Total----------------1,967,863 1,940,854
♦ After deducting $3,590 transferred to contingent account— V. 102,
p . 1164.

Federal Sugar Refining Co., New York.
(Statement by President, Dated June 19 1910.)
On a subsequent page will bo found tho statement made by
President C . A . Spreckels to the shareholders regarding the
condition and outlook for tho sugar market, tho favorable
positiou of the company and the reasons for fortifying tho
company’s reserves, instead of distributing to the holders of
the common shares “ any portion of the large surplus which its
operations have established.” — V . 101, p . 1716.

American Car & Foundry Co. (of N. J.), New York.
(17 th Annual Report— Year ending April 30 1916)

(9tk Annual Report— Year ended Dec. 31 1915.)
The trustees say iu substanco:

n

, 1an#te

R e c e i p t s .— Tho undistributed receipts of the trustees from Dec. 7 1906 to
Dec. 31 1915 aggregated $4,126,299 [contrasting with $3,819,715 on Dec.
31 1914. after making in Decombor tho usual annual distribution of 50 cts.
each on tho 1,500,000 outstanding trust certificates. On Juno 27 1016
a further 50-cont distribution was made.— V. 102, p. 1900.— Ed. . Fol­
lowing tho policy heretofore declared, tho trustees aro holding their re­
sources for tho purpose of financing tho proprietary companies as the needs
of those companies may develop.
...
.
r.
,
. ..
C o n tr a c ts , & c .— During tho past yoar tho Wysox Iron Co. assigned its
interest in threo properties, namely tho Lamberton, St. Anthony No. 1
(now known as Alexandria) and St. Anthony No. 2, to the Alexandria
Iron Co., and tho Van Buren Iron Mining Co. has assigned its intorost in
tho minimum royalties paid under those contractsi to tho Arthur Iron M in­
ing Co., as an operating convenience. The repayment ot $203,175 so act
vanced as minimum royalties to July 1 1915 is covered by tho promissory
noto of the Alexandria Co. of that date, payable in 25 y0£f;s- Y i t s
torest, secured upon tho output of these properties and additional amounts
to bo advanced on account of tho Alexandria and St. Anthony N o. 2 prop­
erties will bo likewise covered and secured.
Under a contract dated Sept. 1 1 9 1 5 tlio Arthur Mining Co. will operate
tho Alexandria and tho St. Anthony No 2 properties and wIM (a) atfvance
for development anil operation and for taxes up to $12.,,000 on tho
4% promissory notes of tho Alexandria Co., payable on or before 25 years
from July 1 1915. (6) Will pay■underlying roya ties of 25 c t s . . r o r t a
until Dec. 31 1917, tho amount of which will bo $71,87o. (c) Meet further
charges out of receipts from sales of ore. Of tho not receipts from sales or
ore, 50% will bo paid to tho Alexandria Co. and tho remainder will bei re­
tained by tho Arthur Co. to bo applied upon tho notes, or other obligations
of tho Alexandria Company. Tho minimum quantities provided to bo
shipped aro 100.000 tons in 1916 and 150,000 tons during 1917 and each
year theroaftor until, in tho manner above specified, all advances duo tho

ArTho lSSohouTon11the L ^berT on M4n'ohas boon assigned to ButlerBrothen, t r u i n g after Jan. 1 1916. as well as taxes for 1916 and thereafter.
These payments will continuo until tho Arthur Company has received the
359 0 ° 5 advanced on minimum royalties, including $19.12., paid by others
nrior to tho lease from tlxo Wysox Iron Co., the net amount duo tho Arthur
l nM A/ftnin" Co being $40 500 which when collected, will bo applied upon
f c n K t h e A l e x a n d r i a I r o n Co. tor $263,175. T o liquidate t ie $5 9 ,6 2 5
Will remiiro the shipment of 331,250 tons, which, under tho minimum probo accomplished during 1919. ^ te proper y
la now being strinnod and will bo operated as an open pit by steam shovel.
13u Z e T X t ^ V s &
-U n d er d atpof Sept, i m i . thr«o add tional leases
wero nnwlo to Butler Brothers on tho same basis of royalty as In thei case or
tho Harrison and North Harrison mini's, leased to Butler Bros. In 1.> 13 anil
1914, namely, either tho delivery of 30% Of the oro
nrncceds of sales of tho oro, loss transportation anil selling expenses, i arcei
?To. 1 is estimated to contain 176,282 tons of merchantable iron ore. Leaso
No 2 covers lands owned jointly, one-half each, by Harr/son Iron Mining
C o a n d M ^ r e Longyear & Bennett: anil also certain land» owned by the
Harrison Iron Mining Co. entlro. Tho estimate of tho Minnesota Tax

and each yoar thereafter.

The property included in Lease No. 3 nas Detn

Pres. W . H . W oodin, Juno 29, wroto in substanco:
— The not earnings amounted to $2,816,018, being $485,081 in
excels or the preceding year. From these net earnings there lias been paid
the regular dividend of 7% ($2,100,000) on the
of
(3600.000) on tho common stock, leaving SI 16,018 tor surplus accL.
W a r O r d e r s .— That tho exact facts, so far as concerned your company,
might, bo known, your President caused to be publicly stated the Precise
figures (about $7,300,000) of all war contracts undertaken by it. These
contracts have been taken at prices that may reasonably bo expected to
v?eld a fair margin of profit, but while the work has progressed satisfactorily
Uio deliveries mado prior to April 30 1916 wore inconsiderable in amount,
and in consequence no profits from this w o rk are mciuded in the annexed
report. This class oi business, wo realize, is in its nature transitory, jand
thero has been no impairment of our capacity to meet all the demands
R es u lts

f f ^ ^ & d e r s * - — Thcf generally prosperous condition o f the oil industry of
the country during the year stimulated tho demand for tank cars. There




milled during tho years 1 0 1 4 .nd 1 9 1 5 from the H ^ r t e e n .n ^ o r m

J uly l 1916.

THE CHRONICLE

ton royalty Oil one-half o f the oro sold from this mine, tho Tyler Coinnanv
will receive 50% o f tho profits of tho Mace Company. ’ The Mace Iron Sfining Co. also leases on tho same terms Mace No. 2 mino
*
P a y m e n t o f K e e w a t in N o t e s .— Tho Keowatln Mining Co. during tho vo ir
has anticipated tho payment of tho principal on its interest-bearing notes
to th„ van Huron Iron Mining Co payable on or before Jan 1927\ u n loss sooner discharged by tho application o f 50 cts. per ton on shipments
ftom tho Bennett mino. The amount o f principal paid on tho interest­
bearing notes was $2,120,580, besides which a special payment of $3 9 4 2 0
lias boon mado upon tho non-interest-bearing notes o f tliat cornannv
The Keowatln Company further paid in 1915 upon its
notes, under the terms of the contract. 50 cts. per tam
i q i 't s h i n u ^
from the Bennett mino, amounting to $45,401 and 8398 interest

o f s i ^ ^ a n c f s f g s “lntoSSjt^ThS

59

R E S U L T S O F M I N I N G , & C ., O P E R A T IO N S .

[The disbursements (a) aggregating in 1915 S2,3G5,599, are in nature of in­
vestments which will gradually be liquidated through sales of ore Ac 1
Revenue fro m —
1915.
1914.
1913
1912
G ? e a t\ W a te r n "fe a s e

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

8 p e m S lS h ^ I ? o n W m C i.-

S 4 S 1 -8 4 6

..........

*33? -203

D ,101,628

9,372,008

$ S

o 4

9.820,133

n ” 1,!and
,n!ieS
[
- 330,855/
™3 ’i f f ) Inc!uded »>«* Great Western leased
Dean
( A ) r,'Mace, royalty..
properties.
163,408
Interest received________ _____
12G.820
98,841
31,777
’
Advance royalty (1915—Stevenson, Sweeney, Alworth)......... .
78.062
Refunded)Keewatin Min. Co__ 2,243^581
Advances/Dcan Iron Co________
72,956
Proceeds from sale personal prop..
_ ’
350,000
108 755
Miscellaneous........... ..................
80,677
41,101
25,910

o T d u c t i o n ^ ......................... 53.703,047 Sll.705.328 $10,272,171 $10,241,524
Sundry expenses, Ac___________ $129 735
5110,314
S47.819
$56,683
pany in tho fall o f 1914.
Taxes--------------------- --- ---------107,213
353,800
631,251
392,667
Adv. to Alexandria Iron C o..
a54 027
in J)nIv \°oJ9U'! w? °,(1Y ,m ino’, stripping was completed. This work started Royalties—State...............................
’
. , , ‘ ^ . 912,^10 total yardage removed being 5,675.908 cu. yards. This,
13l344
"13,740
Other leases.... .................... /"
iVi ?
iP o L l 0 *)0 rom°ved while ore is being taken out, will mako avail­
2,259,717
2,253,479 2,931,279
Advance royalties_____ 11 III I a 137’ 123
able about 8,000,000 tons o f steam-shovel ore. This mino is now completely
178,716
243,0S3
243,150
Keewatin Mining Co___________
’
developed and equipped for tho production o f iron oro, including locomo­
706,860
706,860
700,860
tives, steam shovels and railroad yards and connections.
mcomo- Dean Iron Co. bonds_______ I " a125 666
500,000
Advances to Dean Iron Co.......... al26 204
At tho Hill-Annex Mino stripping is still in progress. Tho contriei
816,707
Freight, ore_____________________
’
which was lot in Juno 1914, provides for tho removal of 8 500 000 cu v<!s
3,440,398
2,659,917 3,818,078
by Jan. 1 1919.. making available about 4.300,000 tons o f o re /a portion of Mine development, & C -..IIiriira1 .019"575
448,789
1,057,360
300,361
’
which will consist of concentrates. The contractors had removed 9 7 7 - 1 1 Fa Perfecting titles.
121,1S3
cubic yards to Dec. 31 1915. being well up to (ho ached do and will h l v o n
Undistrib. equipment A supplies.. C r. 29,228
1 1 2 903
oro area cleaned up ready for mining and shipment bv TniJ i t 0 1 c
demp adv. acct. Alworth lease..
25
000
’
25.000
vidod in the contract
Work o f grading a p ^ oad testo
Mace Iron Mining Co. advanccs- a52,153
on Panacio Lake, being done by Hill-Annex mino si rimnV,T,7,.!.„.
do
do
stock
25.000
is progressing satisfactorily.
stripping contractors
Mine operating expense............... 845,192
159,649
.T h o Smith Mino, in tho SW K o f N W 'A of Section 9 r,7 <>, •
Dividends paid—Trustees.......... a 1,050,000
758,790
1,018,402
1.0SL797
50,000
lo others.................. ..............
viously reported, entirely stripped, and all equipment is compieto for^t'ho
706,090
818,142
861,187
removal oi ore. This mino contains about 709,000 tons.
1 lot for tho
1 ('P ^ r a t l° n s .— M 1ning operations wero prosecuted during 1 9 1 5 in <i,n fni
lowing properties: Thorne, Leonard No. 2 Shaft, Leonard Pit Drifts
These
Harold, South U110 G. N ., Scram, Mississippi and Alexandria
C O N S O L ID A T E D B A L A N C E S H E E T D E C E M B E R 31 1915
wero piaced in operation immediately after being taken over from
(Proprietary Com panies o f the Great N orthern Ir o n Ore P roperties.)
the Great Western Mining Co. in Oct. 1914, and for the period boginnfnS
at that time1 and ending Dec. 31 1915 produced a total of 1,079 728 tons*
(a)
(b)
Assets —
5
shipped to Lower Lake ports through the Allouez Bay oro dock of tlie
L iabilities —
5
S
Mineral lands and
Capital stock----- 1 ,738.400 1,899,300
D e c s r " r i 5 eL355,9973 t f e 3 1 tOI1S’ lcaving
s t o c k ^ il ° at the m i n i o n
leases, Ac-------- 1,516,794
1,632,723 Acer, personal in­
40,687
40,687
'h1.10 M jssi»JiPPi Mine was closed in April 1915 and will not bo operated Concent, devel’t ..
jury
liabilities..
3,635
3,635
until oro Is sold from that property
operated Mine expenditures 3,465,525 3,802,224 Res. for liab. insur.
19,842
19,842
Dcf.chgs.to mines. 108,969
108,969 Def.c redit to int. 187,056
187,056
Adv. royalty disb. 1,883,404 1,883,404 Adv.
royal’s
collcc.
109,457
109,457
Temp. adv. acct.
Unpaid dividends.
1 ,370 )
at tho prevailing prices; (hatt is
Alworth lease..
25,000
is $3' 5 5 ‘ f o h Lako Erie for Masab?lIi.4lg6
25,000 Accounts payable.
23,5601
oro,
averagin
_non-Bosscmor
,
— ------o —g 51.50 natural iron, and $4 20 f o 1> r ■,£« Interest receivable 187,056
187,056
Unpaid taxes(est.) 411,097/ 661,859
Adv. under mining
Eric for Mcsabi Rango Bessemer ore, averaging 55.00 natural iron ’ ’
Accrued pay-rolls.
60,S16|
contracts.......... 975,613
A g e n t A c c o u n t E n d s — P o r t A r th u r M in in i j C o .— Tho loaso of nronoi-Hec i n
975,613 Unpaid vouchers. I l l ,634j
Est. unpaid taxes. 411,697
411,697 Mine stripping__
52,782j
Securi ties............. x2 ,546,909 2,546,909
Sales cap. assets_fl4,390,314fl5,095,807
.......... 4,205,17.3)
Cash
Royalties receiv..
138,978/ 5,129,509
Arthur Iron Mining Co one o f
has been transferred to tho Due
acct. ore sales 393,6041
Accts. receiv., Ac.
96.155J
‘ ‘Agents G ^ a t ^ o r W ie m ^ r o n ^ r ^ T o p c r t h ^ '^ ^ ^ ^ d ii^ ^ C ^ 'h 4^ of^tho Profit and loss___f 1,114,998 f1,233,164
and other Mesabi Kango activities/ P 1 ’
addlt,on t0 tho mining
Total...............17,110,564 17,976,957
Total............. -17,110,564 17,976,957
Total

Par

Trustees
D u e from
D u e to
Proprietary Com panies —•
Stock.
Shares.
H old.
Trustees.
Trustees.
West MIssabe Land Co
.$750,000 $1,000 $750,000 55,020,944
Arthur Iron Mining Co . . 50,000
100
50,000
$1,8031398
Filimoro Iron Mining C o ... . 50,000
100
50,000
40,833
Harrison Iron Mining C o .... 50,000
100
50,000
25,937
Jackson Iron Mining Co
. 50,000
100
50,000
443,850
_ .
Polk Iron Mining Co......... .. 50,000
100
50,000 4,075,836
...........
Tyler Iron Mining Co____
50,000
100
50,001)
1,039,583
___
Van Huron Iron Mining C o...
500
100
500
4,450,017
848,800
100
587,900
88,749 . .
200,000
100
100.000
1,290,997 . .
EN TS OF L A N D

OWNED

(a) Estim ates Jan. 1 as to Properties F orm erly Lease •' > Great W estern (T on s)—
101 1 .
1914.
1913
X11 lands owned in fee_______ ......................103,821
................
In leaseholds of the first class.........................’ r.,!?^321^
491 105,024,071 1JI3In leaseholds of tho second c l a s i l : ; : ; : : ; ; ; : : } 102,901•153( 4?787 38620lO3 ’ l l 9 0 /

Records otstato Tax Commission May 1 -----02,550,025 05.538.810 07.30d.305
Grand total.............
......................................299,282,144 308,111,295 411,449,154

the trustees are fractional.
° " 1 " lllch the interests of
b Amounts stated In this column show 100% of all Items wlthnnt
,,
.
outside Interests in the Leonard Iron Milling Co and t K o r t h 8 K r i ^ U “ °i
accord with figures In the tables.
e
star Hon Co., and
f A large proportion of sales of Iron hasbeen credited tn coino r.r .... „ ,
account. This explains what would otherwise annoar m i /
f caP*tal assets
profit and loss account.
.
se ar)pear t0 bca loss, as shown by the
x Includes $100,000 C. B.
O Gen AT 4<a con nna*
t
$625,000; Alexandria Iron Co n o / / s / , 3 1 7 5 S°
Co - bond3>
SI,500,704; Mace Iron Mining Co stock 395 non- / S
, V?, Mlnlnj? Co. notes,
$31,030.—V. 102/ p. 1900
k’ s2 j-°°0. and subsidiary companies stock.

Southern Utilities Co. (State of Florida), New York.
(Report for Fiscal Year ending Dec. 3 1 1 9 1 5 .)
./r e s !- J o h n H . P a r d e e , N . Y . , M a r c h 1 5 , w ro te in su b st •

R e s u lts .
T.ho not earnings for tho year increased $38 573 or i i on >■''
and after paying interest on bonds and flo a tl^ debt an d^ rovidin i°& ;
sinking fund, there remained $187,889. A replacement and renewi?
at the rate of $30,000 per annum beginninUpril 1 T o i 5 w / S ?
f, d
amount accrued during tho year being $22,500
created, tho
D iv id e n d s .— Four quarterly dividends of 1
% , making 7% for the ve-ir
on the outstanding preferred stock aiwrregating « ns nm
*ne >«ar
and paid so that the balance for the yea*ramount o l i o ’$ 50^320 tr*Ze rlareCi
S220U?(W.S aCC° Unt’ mak‘ng th° total

S H IP M E N T S A N D R E V E N U E .
~ T ^ n s nd erA ?!r U a V " ------ Gr£ ' W est’
A rth u r M in in g Co. ---M in e.i
B *1™ ™
T on‘
- T o n s Shipped - Royalty,

1908 ...............l ’294 o f« l l ’ iK4s°* **°9’229

S,‘m . M b f 0U' ‘ &C'

1S28—...............1
" " -I :
1 !« :M
41,624
753 182 i r ’2 2 8 465,079 2,04fl;970

& N etIn c

In Great Western
shipments
I ”! 704 7 « 5 m !
} 9 : .......... ...2,752,924 14.8991c. 410 161 5 ^ l 987
}9 4 ................1,825,519 18.4168c. 336,203 6,008 074
1015................2‘982‘821 10’1510C’ 431‘34« - / - - - J745,520 324.540 $554,439
lO U

1 9 1 2 : : : : : : : : i 2 W 7 o a 14 :4019 c:

certified and delivered $150,000 of ls t M s in V im fe ? ;,!1o J )r our (^-Altge.
which, added to those alr^dy*^ii, the t?easu?^,‘ ^ a d o a tot2TSf S l W S ^ *

55?vSS5rl ® S?£If g f,"

siooooo « S t d ! , * : s s
n o ! ‘ % 5 ,r

'« « > - « ■ <

™a

*® T f ngS f° r themontlls Of January and February show as follows-’
M mUh o f J a n u a r y 1916
1915 \M o n t h o f F e b r u a r y - 1 9 1 6 .
1915.
Q.rrr,""----------------- $91,903 $/5,640(Gross_______
S103 013
Surplus.....................10.159
$507|surplus . I . " : : : : : * ^14512 S70,545
1912.
Allouez Bay Dock Co
3.984
SI,450,000
I N C O M E A C C O U N T F O R Y E A R S D E C E M B E R 31
Did. sup. A West. Terminal Col
100,000
West Missabe Land Co
_
,
1915.
1914.
- - 1,000,000
1915
1914.
Leonard Iron Mining Co.
Gross earnings...$1,059,520 SI,068,297 Other interest............... $26,690
-50,000
$
700
,566
S7'95.666
835,666
North Star Iron C o .....
Oper. exp.-A taxes 749,261
796,611 Discount on bonds, A c.. 4,456 $35,711
58,790
2,500
223,402
252.797
Sinking fund____ ____ 15,000 . .
Net earnings... $310,259 $271,686 Replacements
-51,050,000
A renewal 22,500
I n K / * i denda reccIvcd........-*SL
$758,790 $1,018,402 $2,637,797
119,169
Preferred dividend (7%).106.050 105'.35d
115,487
Underlying chges.
$3,368
66,355
$3,758
Total receipts.........
Bond Interest___
72,855
53,325
-S I ,131,977
$877,959 S I,133,889 52,704,152
Expenses, Ac______ I
CONSOLIDATEDBAEANCeJ j
S72.04.3
S73.144
Dlstrib. on trust ctfs."(50o"."pIs.)I -- $75,393
$73,172
750.000
750,000
750,000
750,000
„
1915.
1914.
Assets —
§
o *
Balance, surplus, for period___ „„„„
L iabilities —
s
$
$310,745 $1,880,980 Plant, constr., fran.
Balance brought forward______ I 3,819,’715
Common stock*-----2.970,100 2.970 100
Investment ace’t . . 6,348,804 6,172,786 Prof.
3,763,799 3,453,054
1.572,074
7% cum. stock.1,520,000 1,510,000
Materials
A
supplies
45,842
49
908
Total surplus Dec. 31..
JSt
fd- 6%--jT.700,000 925,000
2 305
..$4,126,299 $3,819,715 $3,763,799 $3,453,054 Notes receivable___
1 -yr. 6 % coll, notes. -------250.000
Accounts receivable. x252,140 116,424 Underly
g cos. bonds 56,000
56 000
Unamortized
debt,
Pri*eta^mpanl^.alnly fr° m
° f SaI° 0f C!lpltal «scts (iron ore) of proMtge.
notes
payable.
5,053
10,105
disc’t and expense 88.474
2,030 Rills payable (bank). 141,000 361,000
,t w w m ? l c»,,!!ul ?tock of th0 Allouez Bay Dock Co. and the Duluth Snnerlnr Other deferred chges. 6,862
7,402 Current accounts... 82,269
78 270
Cash in banks and on
Accrued interest, Ac. 62,9951
’
ero turned over to tho trustees. Sco V. 94 , p. 347 .
hand....................
55,136
73,446 Reserves................. 32,446/ 101,552
Surplus....................
Z229.760
160,869
Total.................. 0,799,622 6,422,S96
TR U S T E E S ' B A L A N C E S H E E T D E C E M B E R 31.
T R U S T E E S ■ S T A T E M E N T O F R E C E IP T S A N D D IS B U R S E M E N T S
*Recctpts fro m —
1915.
1914.
1913.

LH-j.

1914.

Liabilities —
1915.
1914.
$715
Sundries________
$741
Undistrib. Income
Cea- 31........... 4,126,299 3,819,715
T o ta l..................$4,127,014 $3,820,456
Total . . . -----54,127,014 $3,820,450

Ca3l>........................ 31,127,014 $3,820,450




[Vol . 103.

THE CHRONICLE

60

GENERAL INVESTMENT NEWS
R A IL R O A D S ,

IN C L U D IN G

E L E C T R IC

A tc h iso n Topeka & Sa n ta Fe R y.

RO AD S.

N e w O ff ic e r .

Tho directors have elected Walter D. Hines,
Chalman o f the ®mcutivo committeo, as Chairman of tho board, a newly createdU)ffice, effective
«tnnt, 1 lie will continuo as General Counsel or tne company, uuu win
rotiro from the general practice o f the law. Tho President will continue
tho ranking office.— V. 102, p. 344, 250.

B altim ore & O hio R R .— N e w D i r e c t o r .— ■

„

“ In witness whereof, tho said guarantor companies havo caused their
respective corporate namos and tho signatures or tho ongravod fac-similo
signatures of their respective Presidents or Vice-Presidents to bo hereunto
affixed and this guarantee to bo countersigned on bohalt of oach of thorn
by 111. Trust & Savs. Bank, tholr agent duly appointed for that purposo.
“ The proprietary companies adopt respectively tho engraved signatures
to tho guaranty upon tho First Mortgage gold bonds
tV n -md^uith"
Station Co. to bo issuod under tho mortgago datod July 1 1915, and auth
orizo Illinois Trust & Savings Bank to countersign tho
behalf of each of the proprietary companies; and its countersignaturo of any
guaranty shall bo conclusive evidence of the validity and duo execution
thoroof by each of tho proprietary companies.”
Soo offering of $30,000,000 of those bonds in V . 102, p. 608.

, ,

J. G. Schmidlapp, Chairman o f the board o f the Union S aving Bank &
Trust Co. of Cincinnati, has been chosen a director, succeeding Ldward
R . Bacon, docoased.— V . 102, p. 2341, 1435.

B osto n & Lowell R R .— B o n d s to be P a i d —

Tho company gives notice that tho $750,000 4% bonds of 1896, due July 1
1916 will do paid whon duo at tho Merchants National Bank, Boston,
Mass’. Compare V. 102, p. 152.— V . 102, p. 1986, 711.

Cincinnati Dayton & Toledo Traction Co.— R e c e iv e r ­
s h i p .— A press report states that Judge Murphy at Hamilton,
0 . , on June 26 decided to appoint a receiver for tho property
in the suit of Albert D . Alcorn of Cincinnati, holdor of $5,006
consols of 1902, tho interest due Jan. 1 1916 on which re­
mains unpaid. The receiver is to collect monthly receipts
from the Ohio Electric Railway Co. V . 102, p. 800, lo^.

B osto n & Maine R R .— E x t e n s i o n o f T i m e .—

Tho Mass. P. S. Commission on Juno 29 granted an extension or time,
for one year, to July 1 1917, in which to put into effect tho reorganization
Act of 1915.— V. 102, p. 2076, 1986.

Davenport Rock Island & Northwestern Ry.—
Tho following officers were elected notlong sinco; E .J ’ py^nd’ Treas­
urer,’ Davenport!' ia .‘fv te e M . J?Y ou n g . The Chicago Burlington *

B osto n & S u b u rb a n Electric Co .— D iv id e n d R e d u c e d .—

A quarterly dividend of 50 cents has been declared on the 31 •387 prof.
shares
(noApr.
par 1916
value),
payable
Vl $
n 50
5maccumulated
Jan. and
$1 each
was July
paid.15 There l£
is%still
$11
accumuiatcu.
— V . 102, p. 152.

one-half oach. No funded debt outstanding. I he road extends f^om CI n
ton. Ia., to East Moline, 41.68 miles, and for switching ongincs East M o
line to Carbon Cliff, 5.08 miles; trackage in Davenport, (Ch.M uw. & «t. t
10.79 miles, and into Rock Island (C. B. & Q.), 1.45 miles; total, 49 miles.

B osto n & W orcester Electric C os.— D iv id e n d I n c r e a s e . —

A dividend of $1 50 has boon declared on tho prof, shar^, payablo July_l
to holders of record Juno 23. This comparos with $1 in Jan. last.
V. 101, p. 2069.

B ristol & N orfolk Street Ry — S a le —

See General Railways Co. below.— V. 76, p. 1354.

De Kalb & Western RR.— N e w

1

O f f i c e r s .—

F I Hughes was recently elected President, Treasurer and Genera
Manager^ with office at Electric Mills. Miss. The road , formerly the
Manager, wii,ii
extends from Sacarnoocheo, Miss., on tho Mobile
I aOhioyRR ! ? o D o'Kalb 12 m ik £ E. H. Jones is Assistant to Pres.
Hughes.

B u ffalo A ttic a & A rcade R . S a le .—

See General Railways Co. below.— V. 80, p. 471.

B u ffalo & S u sq u eh a n n a R R . Corp — I n i t i a l D iv id e n d .
— An initial quarterly dividend of 1 % has been declarod on
tho common stock, payable Aug. 1 to holders of record
June 30.— V . 102, p. 436.
C en tral R R . of New Jersey — E a u in m e n t T r u s ts .

Detroit Toledo & Ironton RR.— L e a s e d

L i n e , & c.—

On May 1 this company, as lessee, began operating the property o f the
Toledo-Detroit HR. Co., tho accounts to bo kopt separate. Iho lino oxtonds from junction 1 mile from West Toledo to Dundee, 21 miles,
...
E C Davis, previously Assistant Treasurer, is now 1 reasuroi, with office
at Detroit Mich. A. H. Jones is appointed Assistant to 1 resident. V.
102, p. 2341.

Tho Now Jersey R R . Commission has authorized tho company to issue
$3 000 000 oquipmont trusts. Series G. Tho last of the previous series was
paid off somo months ago. No part of the new issue It Is stated will be
sold at prosent.— V. 102, p. 1058, 885.

C hesapeake & O hio R y . — L is ti n g C o n v e r tib le s .—

Tho Now York Stock Exchango has authorized tho listing
5% convortiblo 30-yoar secured bonds of 1916, duo 1946, on official notlco
of issuanco in exchange for outstanding temporary bonds. Soo offonng,
&c., V. 102, p. 1162, 1625, 1718, 1810, 1986.

C hicago B u rlin g to n & Q u in cy R R .— B o n d s C a lle d .—

Forty Republican Valloy R R . 6% bonds, duo July 1 1919. of $1.000'each,
and 20 of $600 each, for payment at par and interest on July 1 at J\ow Eng­
land Trust C o.. B oston— V. 102, p. 1810, 436.

C hicago R ock Isla n d & Pacific R R — D i s t r i b u t i o n .—
Holders of tho collateral 4 % bonds, due in 2002, of this
defunct holding company, who, having elected to receive
cash instead of Railway stock in tho liquidation, have here­
tofore recoived $98 10 on account, are notified as follows by
receiver Walter C . Noyes: (See adv. pages):
Y

TTnon nresentation of said bonds to Central Trust Co., 54 Wall kt., IN. Y .,
for appropriate notation, tho holder thereof will bo entitled to receive for
each's l ooo 0f bonds if accompanied by the appurtenant coupon which
matured May* 1 1914, the sun? o f $8 50 o f if n o t a c c o m p a n i^ b y t h e
coupon which matured M ay 1 1914, tho sum o f $8 33 l-J. lloiuers oi
coupons which matured M ay 1 1914 presented separate from the bonds,
wi 1 be entitled to receive 16 2-3 cents for each $20 coupons
[The amount
now to bo distributed is $606,500. A further small distribution is probable
atrom e future time) Judge Mayer on June 28 ^ s a W ^ t o w a m . t h e
claim of receiver Dickinson of tho C. It. I. & P. Ry. for $6 ,3 8 1 ,098, basoci
on the 5% bonds, duo 1917, but to have disallowed his claim for $1,388,000
interest thereon.]— V. 100, p. 90o.

C hicago R ock Isla n d & Pacific R y .— R e c e iv e r 's C e r t if i­
c a te s — Kean, Taylor & C o ., N . Y . & Chicago, are offering
at 100hi and int., yielding about 4 lA % , $2,050,000 of the
issue of $2,500,000 5 % receiver’s certificates, Series A ,
to bo dated July 3 1916 and to mature Jan. 3 1917. bqt call­
able at par and int. on 60 days’ notice. A circular says:
Interest to bo payable Jan. 3 1917. Principal and interest payable in
New York. Coupon certificates o f $1,000, $5,000 and $25,000 each.
Authorized by tho U. S. Dist. Court for tho Northern Dist. of 111., East.
Div., on Juno 16 1916. Tho proceeds will rotiro a llko amount o f certifiCatThedordirIof: the Court specifically provides that thosei certificates shall
bo a lien on tho proporty prior to the hen of tho hirst & Refunding M . 4%
bonds, duo 1934. and certain receiver’s certificates.
S e c u r itie s R a n k in g J u n io r to T h es e $2,500,000 R e c e iv e r 's C e r tific a te s .
$1® 8B
* £ * » 1 9 3 4 . held by public; *10.190,000
’
'
additional are pledged against notes.
•
2 0 ,000,000 5 % .debenture bonds, duo 1932.
" ‘V h o Court1further ordered that, while any o f these certificates aro out­
standing, no receiver’s certificates shall be issued having a rank or lien prior
to that of these certificates, and that certificates o f equal rank shall not
bn issued in excess of $10,000,000, which amount shall include the two issues
of certificates aggregating $2,988,000, now outstanding and having equal
ralFor'the lO^yelirs'to'june^iO ^lr^th^conipaiiy showed an average yearly
balance of $14,176,199 available for interest charges; for tho year 1914-15
this b a lan ce was $11,401,749. Annual Interest charges on secu rity
ranking equally with this issue amount to about $6,810,000, based on se
curitief outstanding Juno 30 1915 and certificates issued since>then - Gross
revenue for 10 months to April 30 1 9 1 6 shows an i n c r e ^ o f $2,932334,
and net earnings, after taxes, increased §1,651,702. During this latter
period $3,153,236 more was expended on maintenance than in the same
period of 1914-15. and other operating expenses amounted to only 41.9%
of gross revenue, compared with 45.9% last year. V. 102, p. 22ol.

East Georgia Ry.— S u c c e s s o r

miles.

C o m p a n y .—

, „

.

B. K. Willingham, Hagan, G a „ is Genoral Manager.

Fitchburg RR.—

N o t e s S o ld . — Jackson & Curtis have sold
tho $500,000 5 % notes issued to refund alike amount of 4 %
bonds maturing July 1 1916. A circular reports:

To bo dated June 30 1916 and duo June 30 1917, but callable at 101 and

'n,fl»I’,S'»!,Sy:’ll ! S » I t o ’l l & S S ' V ' I » Mry»»

about $4,300,000, or over 40% .— V. 102, p. 2341, 885.

Fort W a yn e & D ecatu r T ra ctio n C o . — P u r c h a s e .—

_

The Indiana P. S. Commission on June 23 approved tho PH^kase of toe
Fort Wavne & Springfield Ry. Co. by this company and also authorized
t h e is s u e d 890,000 10-year gold bonds; and $150,000 common stock at par
to pay for tho proporty.— \ . 102, p. J75.

F ort W a yn e

&

Springfield R y.

Co—

S o ld .—

Soo Fort Wayne & Decatur Traction Co. above.— V. 102, p. J75.

G eneral R ailw ays C o.— S a l e .—

This proporty is advertised to bo sold at UuUlic salo a.fc IMttsburKn ou
July 11. John F. Post & Sons, auctioneers. Included m the sale arm
(a) An agreement dated April 28 1913, as amended, providino tor t .?.
chase of all the capital stock and outstanding bonds of the Buffalo^Attica
ir a read n li It Co operated between Attica and Arcade In Now York, and
so for the leksing and operation of said railroad, (b) All right and Inter-

Dec. 9 1912, between Henry A. Belchers et al. and federal 1 1 action tro.,
for tho improvement of tho Bristol & Norfolk Streot Ry.
• ( )
other property owned.

Lfihieh Valiev R v. C o.— B o n d s .—

,

Idle New York P S. Commission has authorized tho company to Issue
$1 100 000 5% 50-year debenture bonds at not loss than par. The proceeds
to be used to reimburse tho treasury for advances made to date to the Lehigh
Valiev R R ., tho operating concern, for additions and bottornionts to tho
road and equipment.— V. 102, p. 2341, 1987.

M a n u fa ctu rers’ R y ., St. Louis, M o.— N e w O f f i c e r .—

William Cotter was lately elected President and General Manager to
succeed G. F. Moore, who resigned because of ill-healtn.

Mexico Tram w ays. — R e p o r t to B o n d h o ld e r s R e c o tn r n e n d a t i o n s .— The bondholders of the Moxico Tramways Go. and
its subsidiaries,[Mexican Light & Power C o., L td., M e x ic a n
Electric Light C o., L td.,and Piwhuca Light & Power C o .,]
will hold a joint meeting at Winchester House, in London,
on July 14 to consider tho policy to bo adopted for tho pro­
tection of tho bondholders until conditions m Mexiconmprove.

ceived by the committee at its depositaries below mentioned.
In order that the bondholders might have fu 1 informatloi^as to the pres
ent position of the company, the Hon. F . I M nlppen, i c u £ an recently
vistted^VIexico in the interests of the W d h old ers at theY e^est o f National

C hicago U n ion S ta tio n C o. — B o n d s L i s t e d .—

The Now York Stock Exchango has listed $30,000,000 Series A 1st M .

4 \/2 or bonds, duo 1963, with authority to add $850,000 of said bonds on

official notice that they havo boon sold and are In the hands of tho public,
making tho total amount authorized to bo listed $30,8o0,000.
G u a r a n ty

E n d o r se d

upon

E a ch

o f th e B o n d s .

“ Chicago Burlington & Quincy lilt. Co., Chicago Milwaukee & St. I aul
Ry. Co., tho Pittsburgh Cincinnati Chicago & St. Louis R y - Co. and lenn svlvania C o., for value received, do hereby, jointly and severally, uncon­
ditionally guarantee to tho holder of tho within bond the payment of the
principal thereof and of tho indebtedness roprosonted thereby, and of tho
intorest on tho said bond and indebtedness, as such principal and the in­
stallments of tho said interest shall respectively become due, and in taso
of the failure of Chicago Union Station Co. punctually to make payment
of either the principal or tho interest as tho same shall bocomo due, do hereby
jointly and severally agreo punctually to make such payments.




properties, with important rccon:iniei^trus?company and the bondholders’
and (2) of n statement issued by tno ti ust<
* , . nhinlnpd on jinnlicjiand Edinburgh, and Lon i n

....

Y

nrriees of thecomnanles. 19 Man-

M issouri K a n sa s & O klahom a R R .— Deposit C e rts . L is te d
niiTteo.^o'hn'\\Q Plat^en,* C ^ a m n a n * ' * V 800.^lSdl)1)* has8listed

THE CHRONICLE

J uly 1 1916.]

$1,258,000 1J. S. Mortgage & Trust Co. Certificates of Deposit for 1st M .
5 s. duo 1942, and lias agreed to add $1,210,000 of said cortiflcatos on issu­
ance in oxchango for outstanding bonds deposited, making the total amount
authorized to be listed $5,468,000.— V. 102, p. 800. 1718.

M issouri K an sas & Texas R y .— P r o p o s e d R e c e iv e r 's C e r ­
t i f i c a t e s — F o r e c lo s u r e o n T e x a s P r o p e r t y — N o t i c e to B o n d h o ld ­
e r s .— The committee of holders of Missouri Kansas & Texas

R y. Co. of Texas 1st M . 5 % bonds, Jules S. Bache, Chair­
man, will receive further deposits of these bonds at the Em ­
pire Trust C o., N . Y ., depositary, till and including Aug. 1.
The committee says (see also adv.):
The General Receiver of the M . K. & T. system lias notified the trustee
under the mortgage securing your bonds that ho will apply for the issuance
o f $500,000 receiver’s certificates, to bo a prior lien on the income of the
Missouri Kansas A Texas Ry. of Texas. Proceedings to foreclose the mort­
gage securing your bonds are about to be instituted.
A considerable proportion of the total amount o f the first mortgage 5%
bonds above described have already been deposited witn this committee.
It is essential to the interests of bondholders who have not yet deposited
their bonds that they should do so without any further delay, so that the
committee, by representing the Interests of as large a number o f bondholders
as possible, may bo enabled to do tho most effective work. (Compare
V. 102. p. 1060, 1540.1
„
„
See Missouri Kansas & Oklahoma UR. above.— V . 102, p. 2342, 2254.

Now O rleans, Texas & Mexico R y .— M i l e a g e , B o n d s ,
it*c.— Tho company’s system, known collectively as the
“ Gulf Lines,” embraces as shown last week (p. 2342) 921
miles of road, extending from Baton Rouge to Brownsville,
Tex., of which 820 miles is owned directly or indirectly, and
101 miles is trackage. The trackage rights into New Or­
leans were relinquished by tho new company in favor of a
much less costly operating connection with tho Illinois
Central for through traffic to and from that city.
Tho property covered by tho new mortgage includes:
(1)

Owned Directly—

M iles.

Main lino from Anchorage, on west bank of Mississippi Rivor, oppo­
site Raton Rouge. La. (with ferry thence to the Yazoo A Mississ­
ippi Valley Division of the Illinois Central R R ., affording oper­
ating connection to New Orleans), to a junction with tho Kansas
City Shreveport A Gulf Ry. at Do Quincy, La-----------------------------138.26
IIranchos from Eunice to Crowley, La., 22.37 miles, and from Krwinville to Mix, La., 12.88 miles______________ 7- ........... .—
35. 25
(2) Indirectly, Owning Their Entire Outstanding Capitalization
(Except Directors' Shares) —
(а) Beaumont Sour L a k e A Western R y., Beaumont to Houston, Tox__ 82.79

Branch Grayburg to Sour Lako, Tex------------------------------------------ 1.50
Trackage Texarkana A Fort Smith R y., Beaumont to Rulifl---------28.04
1C. C. Shreveport A Gulf Ry., Rulin', Tex., to Do Quincy, L a .. . 18.50
Houston Belt A Terminal Ry. (said Sour Lako Ry. owning 25% ,
or 00% shares, of its capital stock), in and about Houston,
21.85 miles, o f which New Orleans Texas & Mexico, oper. on- 1.3.56
(б) St. Louis Brownsville A Mexico R g. , Algoa to Brownsville, Tex___ 343.14
Branches: Harlingen to Sam Fordyce, Tex., 55.44: Buckeye to
Collogeport, Tex., 16.90: Bloomington to Port O'Connor, Tex.,
38.58 m.; Hoyser to Austwoll, Tex., 16.88 m.; Bloomington to
Victoria, Tex., 13.56; San Juan to Edinburg, Tex., 7.89 m.;
Brownsville to Rio Grande Station, 1.79 m.; Rio Grande Junc­
tion t ) Slinkert, Tex., 5.45 m ........................ ......................... ....... 156.49
Trackage, Gulf Col. A S. Fo. (Atchison system), near Houston, to
A lg o a ..________ _____________________________________________24.32
Texas-Mexican Ry., Robstown to Corpus Christi, Tex________ 16.84
Houston Belt & Term. Ry. (owning 25% of its capital stock),
in and about Houston, 21.85 in___________ _______ ____ Inch above
Rio Grande Ry., Rio Grando Station to Rio Grande Junction__
.71
One-half ($324,700), loss directors’ shares, of cap. stock o f Browns­
ville & Matamoras Bridge C o ., owning botween Brownsville and
Matamoras, M ox___________________________________________ - ­
(c) Orange A Northwestern RR., Orango to Newton, Tex------------------- 61.55
Total system (Including trackago, 101 miles)--------------------------- 920.95
Stock and Bonds Owned in Subsidiary Companies above Mentioned.
-Capital StockBonded Debt— Entire Amount Outstand’g.
Beaumont Sour Issued. Owned.

Lake A Western $85,000 $84,100x $2,057,824 1st M . 6s of 1910, duo 1940
St. Louis Browns­
ville & Mexico-500,000 499,100.\ 12,913,342 1st M . 6s of 1909, duo 1939
Orange & North­
western R R __ 35.000 31,500x 1,066,946 1st M . 6s of 1910, duo 1940
x Remainder are directors’ shares.
The reorganized Now Orleans Texas & Mexico Ry. took possession of
its property on Fob. 29 1916. Tho receivership of tho St. Louis Brownsville
& Mexico Ry., Beaumont Sour Lake & Western Ry. and Orango & North­
western RR. was terminated on or about M ay 1.
Of the $15,000,000 now 1st M . bonds, $6,000,000 were issuable forth­
with ($130,000 being still in treasury), and $9,000,000 are issuable only to
an amount which, taken at not less than 95% of face value, shall equal the
actual cost of future additions, A c., on certificate of General Counsel and
Chief Engineer, as follows: (a) Construction or acquisition by the Railway
Co. of any branches or extensions on which tho bonds shall bo a first lien.
(6) Construction or acquisition by tho Sour Lake Co. or Brownsville Co. of
branches or extensions on which their bonds shall lie a first lion, (c) To
construct or acquire shops, depots, terminal properties, second and addi­
tional tracks, betterments, including reduction of grades, &c. Properties
so acquired shall i>e taken as free of prior lions, provided cash shall bo de­
posited with the trustee equal to the amount thereof. If the Sour Lako or
Brownsville Co. shall issue any additional stock or bonds or shall guarantee
any bonds or other obligations, such additional stock and bonds and guar­
anteed bonds, Ac., must forthwith bo pledged with the trustee under tho
1st M.

See also official statement in last week’s “ C hron.,” p. 2342.
New York Ontario & Western Ry.— D iv id e n d R e s u m e d .
— A quarterly dividend of 1 % has been declared on the
$58,113,982 common stock, payablo July 24 to holders of
rocord July 7. This is tho first payment since Aug. 4 1913,
whon 2 % was paid. Previous dividends on common stock:
Y e a r . . ____ ____________1905.
For cent........................ .. 4%
— V. lu l, p. 48.

1906 fo 1911. 1912. 1913. 1914-191,5
2% yearly. None. Aug.,2% None. '

N. Y. Susquehanna & Western RR.— E q u ip .

T r u s t s .—

'1 lie Now J e r s e y I', u. Commission on June 23 sanctioned the proposed
issue of SooU.OOO 4 >5 % equipment trusts. Series C.— V. 100. p. 4 7 5 .

Pennsylvania Co.— D iv id e n d . — This company, all of
whoso 1880,000,000 stock is owned by tho Penna. R R . on
Juno 30 paid a semi annual dividend of 4 % . This compares
with 2 % in June 1915 and 4 % in Dec.
Y ear—
’01-'02. 03. 01-’05. '06. ’07. '08. ’09. ’ 10-’ 13. *11 loir.
l’er cent..
..
3
4
5
6
7
7
8 7 y ’ly
4
fi
In Jan. 1910 33 1-3% in stock. In 1915, in cash, Juno, 2% ; Dec 4 <y
— V. 102, p. 2167.
i 167. 1805.
” /o ’

Pennsylvania RR. — O th er

I n c o m e .—

Sec Pennsylvania Company above.— V. 102, p. 2342, 2255.

Pittsburgh Cincinnati Chicago & St. Louis Ry.—
d e n d .— A semi-annual

D iv i­

dividend of 2 % has boon declared
on the 8 2 9 ,0 10,200 pref. stock, payablo July 25 to holders
of record .July 15. This compares with 4 % in Jan. last




61

w h ic h w a s tho firs t p a y m e n t sin ce th e
1 9 1 4 .— V . 1 0 2 , p . 1 4 4 9 , 1 4 3 1 .

%

of

1%

in

A p r il

P ortland (O re.) Railw ay, L igh t & Power C o . — Com­

mission's Valuation.—

T h e re su lt o f th o v a lu a tio n o f th e c o m ­
p a n y ’ s p r o p e r ty m a d e b y th e O reg o n P . U . C o m m is s io n ,
a fte r th re a y e a r s ’ in v e s tig a tio n c o s tin g $ 1 4 0 ,0 0 0 , w a s g iv e n
to th o p u b lic on J u n e 1 0 .
A c o m p a riso n o f th is v a lu a tio n ,
w ith th e in v e n to r y an d ap p ra isa l m a d e b y th e c o m p a n y a t
a c o s t o f $ 1 2 4 ,0 0 0 , is as fo llo w s:

.. ,
,
. . ,
,
,
, ,
Value of property, including going value (esti-

C o m m is s io n .

C om pany.

value, which is not included in the figure found by the Commission as
representing the reproduction of physical properties. Whether this claim
of going value is reasonable is not determined in the present findings
The
theory .upon which the going value claim was made is not approved by the
Commission, and tho Utility is afforded the opportunitv to present further
testimony upon the question of going value in order to bring its claim for
this clement of value, which is well recognized in utility valuations, within
the rule of modern decisions.
1 he amount claimed by the Utility as representing going value is equiva­
lent to 16% of the figure found by the Commission as reproduction cost of
the physical property of the utility. In the appraisal submitted by the
Utility a claim was made that the value of its water rights used in both
utility and non-utility operations was $6,000,000. The Supreme Court
ot tne United States has laid down a rule that developed water rights shall
be valued in proceedings of this character.
rr.Tt10 Commission, by its decision, materially reduced the claim of the
Utility for water right values, and the principal differences between the
appraisals submitted by the Utility and the ultimate findings o f the Com„„ specific construc­
. --------—, — ------------------------tion. and in a decrease in the amount claimed as working capital
Tho present findings do not purport to give any definite figure as renrosentmg the actual value of all property of tho utility as a business entity.
I hoy are tho findings of tho elements of value which arc to he used in
establishing rates in each of three rate investigations on the Commission’s
own motion. Each investigation will now bo continued separately.
E a r n in g s .— It will bo noted that tho last few years show a marked falling
o ff in earning capacity. This is shown by the record to bo due to tho folthree causes: (1) General and local depressed business conditions(2 ) tho advent of competition in the electric-lighting and power field which
has taken from the respondent a considerable proportion of its most profit­
able business without relieving it from much unprofitable traffic, and with­
out correspondingly diminished fixed and running charges: and (3 ) the
practically uncontrolled destructive competition of jitneys with the Port­
land street railway system.
_ While revenue has fallen off, it is evident tho effect has been kept to a
)y
economies in other directions. To a very considerable
the conditions shown for the last three years are abnormal, and the
causes for the conditions have apparently reached tho climax of their effect.
1Vmen.'i ' v.aSi
yet 1,10 company’s deficit for this year was
$8,41/. I o tliis^deficit there is yet to be added a fixed dividend charge
against $5,000,000 in pref. stock, at 5% , or $250,000.
8
Farinff, T o x e s , A c . — The cominny is now paying interest on $1,057,­
000 of city street bonds. 1 his liability was incurred through tho necessity
of paying Its share of street-paving improvements. The company had no
voice in determining whether these improvements should be made, though
it was tho largest payer.
’
*
1 his does not represent all tho company has had to pay out for street
improvements, for in addition to the $1,057,000 of street improvement
addhfibnTsf.OOOJlOoW h^e* &n<is.0 C° mpany * aS already paid off a"
Of every dollar taken in by tho Portland Railway, Light & Power Co
!v., la 1,7?, pa,y ,°,ufc approximately 20% to city, county and State for taxes,
franchises, bridgo rentals, Ac.
’
thV mo.f5t risdd economy the company has not been able to
oveicomo these handicaps and place itself on a paying basis.
Statem ent by Franklin T. G riffith. President of the Company.
thiv’‘the rn m m M y M "T
be®n al>1° to Klve the findings it appears
* *?et£ ° I? P ls?l0 in materially reduced our claims as to cost of construcl i t L S L A Physical property and also tho values claimed for our rather
0 1 nf’s
lea®estate used in both utility and non-utility opera­
tions. i o what extent tho Commission has been influenced by the ab­
normally low prices of real estate during the last two years of extreme
depression wc are unable to determine.
The ambunt claimed by the Utility as representing going value is equiva­
lent to 16% of tlio figure found by the Commission as representing repro­
duction value of physical property. This percentage is of peculiar interest
m view of the fact that this clement of value in similar proceedings elsewhoro in tho United States has been found reasonable bv courts and com­
missions when reaching a figure ranging from 20 to 30% o'f the reproduction
valuo of physical property.
Tho developed water rights owned by the companv are used about onethird in non-utility operations and two-thirds in utility operations
Our
total claim for water right values is $6 ,000 ,00 0 . and while we cannot,
from the findings, determine as yet the theory of value adopted bv tho
Commission, it appears that tho Commission lias allowed us practically
our appraisal of water powers used in non-utility operations, in which the
rate-paying public is not interested, and on some of our developed water
powers used in utility operations has allowed us not much more than
nominal values. Compare V. 102, p. 1807, 1718.

Public Service C orporation of New Jersey.— E a r n in g s .
Tho monthly statement of earnings for M a y and the 5 mos.
Gilding M ay 31 compares with tho same periods in 1915:
$36L259 $1,96fL4S6
Gross increase in total business.......................
Percentage of increase______________________________
11.8%
13.3%
Balance available (after payment of operating expenses,
fixed charges, sinking fund requirements, Ac.) for
amortization, dividends and surplus, was_________ 400,801 1,963 766
Increase In surplus available for dividends___________ 48,291
436 171
See map in • Electric Ry. Section,” page 80.— V. 102. p. 2342, 1626.

R egister & G lennville R y. — T a k en O v e r .—

Sco East Georgia Ry. above.— V. 96, p. 1841, 1774.

Rome (G a .) R ailw ay & L igh t C o.— B o n d s , etc.— The
$850,000 1st M . 5 % Gold Bonds now being offered by Spen­
cer Trask & Co. at 96 and int., are described as follows:
Dated Apr. 1 1916, due Apr. 1 1946. Interest payable A. A O. 1 at
offices of Spencer Trask A Co., New York, and Fidelity A Columbia Trust
Co., Louisville, Ivy., trustee. Company has agreed for tho present to
pay the normal Federal income tax. Denom. $500 and 81,000 (c*). Re­
deemable in whole or in part at 105 and int. on any interest date upon 60
days notice. Sinking fund of 1% of outstanding bonds, payable annually,
beginning Oct. 1 1917, to rotiro bonds at not exceeding 105 and int. or for
investment in now properties, including equipment, or in permanent addi­
tions, extensions, betterments and improvements, against which no bonds
shall be issued, but whlcn shall bo included under the lien of the 1st M . 5%
bonds.
Digest of S tatem ent by President S. A. C ulbertson, June 26 1916.
O r g a n iz a tio n .— Incorporated in Georgia on Nov. 30 1906 for 101 years
and succeeded to the rights, property, Ac., of the City Electric Ry. Co.,
which in turn had succeeded the Romo Street RR. Co., incorporated in
1884. The franchises for electric light, power and street railway extend
until 1985, with no onerous provisions; those affecting particularly the
street railway department aro practically exclusive.
The present issue of 1st M . 5% bonds is secured by a direct first and only
mortgage on all the property, contracts, franchises, rights and privileges

63

THE CHRONICLE

now owned or hereafter acquired, now including 12 mile3 of street railway
line, a complete and well-equipped electric lighting system, a modern power
plant (generating capacity 1,750 k.w.), a 25-acro amusement park and a
20-acre driving jiark. In addition to the funds raised by tho sale o f these
$850,000 bonds, the stockholders have purchased $100,000 pref. stock.
C a p ita l Stock.- —(Preferred stock, authorized, all Issued, $100,000; common
s ock authorized, $1,000,000; issued, $050,000.
• B o n d s . — Authorized issue, $3,000,000, of which $850,000 are outstand­
ing and $2,150,000 reserved for not exceeding 80% o f the net casli cost
or fair value of additional properties or equipment, or permanent additions,
extensions, betterments and improvements, free of any other lien, when
annual net earnings are twice tho annual interest charges, including bonds
proposed to bo issued.
P r o p e r t ie s . — (1) Street railway system: Girder rails laid on concrete
foundation, with creosoted pino ties on paved streots, and “ T ” rails on rock
ballast at other points: over 25% o f the entire mileage is on privato rightof-way. (Jar barn brick. (2) Electric light and power system with about
1,911 lighting customers and about 176 power customers, with a connected
load of about 1,600 h. p. (3) Electric fight and power plant, constructed
in 1906 o f reinforced concrete, fireproof and modern; total capacity 1,750
k. w. (held in reserve). A contract with tne Eastern Tennesseo Power Co.
for 20 years, witn privilege o f renewal in 10-year periods for a total o f fifty
years, calls for sufficient hydro-electric power to meet tho maximum de­
mand o f Home and o f Floyd County, Ga. (4) General offices and supply
warehouse. Estimated replacement value of entire property, exclusive of
franchise rights and other intangiblo assets, exceeds $1,275,000.
E a r n in g s . — For tho past five years tho earnings available for bond interest
averaged more than twice the annual interest requirements on tho present
issue of 1st M . 5% bonds. The earnings for the calendar year 1915 wero
Railway, $89,176; light and power, $90,272; total, $179,448; net available
for bond interest, $86,290. Annual interest charges on $850,000 bonds,
$42,500. With the better working conditions obtained by new financing
already arranged, it is anticipated that, following July 1916, gross earnings
will exceed $205,000 per annum, and net earnings approximate $100,000.
R o m e .— County seat o f Floyd County, which is rich in agriculture,
mineral resources, water power, timber, cotton and fruit lands. The
Coosa River is navigablo for 200 miles south of Rome and is being oponed
for navigation to Mobilo, Ala., and the Gulf o f Mexico. The Oostanula
is navigable for 100 miles north o f Romo. Population served is estimated
at about 25.000.— V. 102, p. 2167.

St. Louis & O’Fallon Ry.— N e w

P r e s id e n t. —

William Cotter was recently elected President and General Manager,
vice G. F. Moore, resigned, because o f ill-health.— V. 77, p. 1747.

St. Louis & San Francisco RR.— N o t i c e

to S to c k h o ld er s .

— The property having been advertised for salo on July 19,
the stockholders’ committee, Charles II. Sabin, Chairman,
gives notice, by adv. on another page, that over 9 3 % of tho
stock of all classes has been deposited under tho plan of re­
organization, and that further deposits will be received with­
out penalty at tho Guaranty Trust C o., depositary, on or
before July 19. Stockholders who have not heretofore
elected to prepay tho entiro purchase price of tho securities
which they are entitled to acquiro under tho plan may so
elect by surrendering their certificates of deposit at said
trust company on or before July 19 in exchange for certifi­
cates of deposit bearing notation of such election.
S a le — EquitabloTrust C o., trustee under an agreement of
Sept. 1912, gives notice that default having occurred in the
payment at maturity of the principal of the $2,600,000 2-yr.
0 % notes due Sept. 1 1914, all tho collateral securing the
same (see list in last week’s “ Chronicle,” p. 2343) will be
sold by tho trusteo at auction, on July 26 1916 at the Ex­
change Salesroom, N o. 14-16 Vesoy S t., undor tho agree­
ment above named. See V . 102, p. 2343.
Seaboard Air Line Ry.— E q u ip m e n t T r u s t s . — Harris,
Forbes & C o. aro placing §500,060 10-year 4 > 2 % Equipment
Trust certificates, dated July 1 1916 and duo serially $25,000
each six months beginning Jan. 1 1917 and ending July 1
1926. Interest payable J. & J. in N . Y . and Philadelphia.
Denom. §1,000 c*.
Issued undor tlio Philadelphia plan by the Girard Trust Co. of Phila. and
guaranteed, prin. and int., by tho Railway co. Secured by 5 passengor
locomotives, 15 all-steel express cars, 50 steel framo and steel undorframo
cabooso cars, 2 steel gas-electric motor cars and fivo all-steel dining cars,
to cost approximately $600,000. Of this amount tho railway will rnako an
initial cash paymont of $90,000 or at least 15%. Title to tho equipment
remains in tho trustees until tho last certificates is paid. Offering prices to
yield from 3 'A to 4.40% for tho first nino maturities and 4.45% for tho
remainder.— V. 102, p. 1988, 346.

South Dakota Central RR.— S u c c e s s o r

C o m p a n y .—

See Watertown & Sioux Falls Ry. below and compare V. 102, p. 2255,1897

Toledo-Detroit Ry.— P r o p e r t y

L e a s e d .— •

See Detroit Toledo & Ironton Ry. above.—

Topeka Railway.— S tock

I n c r e a s e .—

Tho stockholders on Juno 26 authorized tho incroaso in capital stock from
$1,250,000 to $2,250,000. Geo. M . Mattis has boon eloctod V.-Pros. to suc­
ceed Chas. Zilly and also rotains the offico of Treasurer.— V. 90, p. 978.

W ashington Water Power Co., Spokane.—

D e c is io n .—

The Idaho P. U. Commission has dismissed tho complaint o f tho company,
charging tho following named power corporations with having conspired
with tho mining companies named to bring power from Montana into Idaho
for the uso of tho mines without first securing tho certificate of conveni­
ence required by the Idaho law: Federal Mining & Smelting C o ., Tamarack
& Custer Consolidated Mining Co. (both operating in the Coeur d ’Alene
district of Idaho); Montana Power and Thompson Falls Power Cos. Tho
Commission holds that tho mining companies aro not public utilities and
that tho transmission of electrical energy from Montana to Idaho on tho
part of tho power companies mentioned is inter-Stato traffic that the Com­
mission has no right to restrict. Tho case will probably bo appoaled.—
V. 102, p. 2344.

Watertown & Sioux Falls Ry.— S u c c e s s o r C o m p a n y .—
This company was incorporated in South Dakota on Juno 24
with §1,500,000 of authorized capital stock, to take over tho
South Dakota Central R y ., which was purchased June 12 by
C . O. Kalman at receiver’s salo for §952,000 (V. 102, p. 2255).
Tne line extends from Sioux Falls to Watertown, 103 miles, and it is said
will bo completed at once from Watertown to tho northern boundary of
South Dakota, 75 miles. The directors, os given at incorporation, wero;
Charles O. Kalman, McNeil V. Seymour, Max W. Matteson, Darnel C.
Connelly, Edward S. Stringer and Paul J. Kalman, of St. Paul, and
Frank R. Aikens, o f Sioux Falls.

West Penn Traction Co.— E x tra

D iv id e n d .—

Extra dividends of 3% have been declared on tho $1,624,900 pref. stock,
payable Aug. and Sept. 15 on account o f accumulations, and thus paying
up all arrears.— V. 102, p. 1988, 1898.

Western Pacific Railroad Corporation.— N e w

H o ld in g

C o m p a n y I n c o r p o r a t e d i n D e l a w a r e .—

Soe Western Pacific Railway bolow.

.

Western Pacific Railway.— S o ld . — The California R R .
Commission having formally approved the plan of reorgani­




[Vol . 103.

zation, the property was sold undor foreclosure, as scheduled,
on June 28, and was bid in by tho reorganization committee
for §18,000,000, tho upset price.
Tho now operating company, tho Western Pacific Railroad Co., was in­
corporated in California on Juno 6 with Gen. Mgr. C. M. Lovy, of San
Francisco, as President (V. 102, p. 2255), and tho now holding company,
tho Western Pacific RR. Corporation, was incorporated in Delaware on
Juno 29. all as provided in plan. V. 102, p. 155, 160, 1061, 1542, 2168.
Tho California Commission, in its decision on Juno 23 said: “ The plan
of reorganization is an excellent plan. Wo may reasonably expect that
oven during the first few yoars the reorganized road will have no difficulty
in oarning the interest on tho first mortgage bonds which it proposes to
issue. While it is probable that full dividends will not be earned on tho
pref. stock for a number of years to come, it is reasonable to assume that
with the construction of feeders as contemplated tho property will in time
bo able to pay dividends on tho prof, stock. The common stock will repre­
sent such equity as there may exist in the property.
Tho feeders proposed aro stated to include: Carbona to Tesla, 20 miles;
Ilawley to Boca, 40 m.; Lathrop to Porterville, 180 m.; Niles to Los Gatos.
28 m.; Stockton to Byron, 18 m .; Lodi to Isloton, 25 m.; total, 311 miles.
—V, 102, p. 2255.

IN D U S T R IA L A N D M IS C E L L A N E O U S.
Acm e Tea C o.— lsi P r e f . & C o m m o n L i s te d .—
The New York Stock Exchange has listed interchangeable certificates
for (a) $2,750,000 7 % Cumulative First Pref. stock; (5) $3,600,000 com­
mon stock, with authority to substitute permanent engraved interchange­
able certificates, on official notico of issuance. Seo offering, &c., V. 102,
p. 1988, 2255.

A jax R u b ber C o., In c ., New Y o rk . — S to ck L i s te d .—

The Now York Stock Exchange has listed tho $4,000,000 common stock
in $50 shares. Tho present company paid a quarterly dividend of $1 25
por share on March 15 1916, and a second quarterly dividend or $1 25
per share on Juno 15 1916. No funded debt outstanding. Cash in troasury
M ay 31 1916, $891,907; notos and accounts receivable, $1,446,776; ac­
counts payable, $225,397. Soo offering, V. 101, p. 2073.
E a rn in g s ,

& c .— The company reports as follows;

P r o fit a n d L o s s A c c o u n t f o r N i n e M o n t h s e n d in g M a g 31 1916.
Inventory May 31 1916, $754,600; sales to date, $2,969,603;
factory purchase, $336,904; discounts earned, $14,072; adjust­
ment, profit and loss account, $25,838: total________________$4,101,016
D e d u c t — Inventory Sept. 1 1915, $694,556; factory expense,
$396,246; discount on sales, $84,532; freight and express, $16,­
943: gonoral purchases, 52,025,553; gain on crude rubber,
$2,429; factory profit, $1,499; to ta l............................................ 3,221,758

$879,258
Gross profit to date_________
Expenses—Soiling, $311,475: administrative, $116,095; other
expenses, $9,266..........
$436,836
Less dividends paid__________________________________________
108,875
Not profit for nino months ending May 31 1916____________

$333,547

N e t S a les a n d N e t P r o f it s o f O ld A J a r -G r ie b R u b b er C o . f o r 4 Y r s . e n d . A u g . 31.
N e t S a les. N e t P r o fit s . I
N e t S a les. N e t P r o f it s .

1911-12...........$2,849,058 $408,434 1913-14...........$3,389,579
1912-13--------- 2,787,185
422,48711914-15.......... 3,175,390
Compare V. 102, p. 346, 252.

$706,969
394,696

A m erican B an k N ote C o.— S to ck L is te d i n N e w Y o r k . —

The Now York Stock Exchange has listed $4,495,650 (of an authorized
issuo of $5,000,000) of 6% Cum. Prof, stock and $4,495,700 (of an author­
ized $5,000,000) o f common stock, with authority to add $4,350 of said
pref. stock and $4,300 common stock, on official notico of Issuance and sale,
making tho whole amount to be listed S4,500,000 prof, and $4,50o,0o0
common, all in S50 shares.
F i n a n c i a l . — Statements to tho Exchango show in brief:
E a r n in g s fo r th e F o u r M o n t h s en d e d A p r i l 30 1916.
Showing dividond charge for 4 mos. at 6% yearly on pref. and 4% on com.
Profits of business__________ $320,692 Miscellaneous interest_____ $9,785
Depreciation______________
45,119 Interest on gold notes_____ 10,000
Dividond on preferred_____ 89,913
N e t....................................$275,573 Dividend on common_____ 59,943
Miscellaneous income_____
10,325 For pension fund_________ 1,3,833

Total not incomo_______$285,899
Balanco, surplus..... ..........$102,925
Tho balanco sheet as of April 30 1916 shows total surplus of $1,688,436 and
current assets of $2,891,278, against current liabilities of $420,895. Tho
current assets includo: Material and supplies, $1,023,864; accounts receiv­
able, $848,525; notos receivable, $125,229; contract deposits, $55,000;
Cash, $838,660; total. $2,891,278. Compare V. 102, p. 969, 982.

Am erican Hide & Leath er C o.— S u it . —

A bill has been filed in tho Court of Chancery, at Trenton, N. J., by
Messrs. Bond, Freece and Prico, as a committee of preferred stockholders
(V. 102, p. 346) against the company and Its directors, and in behalf of
any and all preferred stockholders who may contribute to the expense of
this proceeding. Tho bill alleges that the original promoters of tho corpora­
tion in 1899 aro still in control and that in this intorval havo paid out over
$2,000,000 in salaries and only $375,000 in divldonds, while there is an
accumulation of preferred dividends of approximately 106%. It is also
alleged that tho com. stock was given away as a bonus with tho bonds and
pref. stock without consideration, and should bo assessed to pay tho bonds;
It being alleged that tho bondholders aro creditors, tho principle invoked
boing, it is stated, somewhat similar to that of tho case of Seo vs. llepponhoimer (tho Columbia Strawboard case). It is also alleged that tho profits
havo been diverted by purchasing and soiling agencies. Nevertheless
there is alleged to bo $1,600,000 cash available for dividends, exclusive of
$1,800,000 of good assots bills and accounts receivable. Tho present
directors, It is said, hold approximately between them about 800 shares
preferred and 2.800 shares common stock.— V. 102, p. 1626.

Am erican M achine & Fou nd ry C o.— D i v i d e n d .—

An annual dividend of 5% has been declared on tho stock, payablo July 15
to holders of record July 1.— V. 102, p. 1719.

Am erican M alting C o.— S to ck R e d u c ti o n . —

This company on Juno 28 filed a certificate with tho Secretary of State
at Trenton, N. J., decreasing its authorized capital stock from $30,000,000
to $15,000.000.—-V. 102, p. 1813. 439.

Am erican Spirits M fg. C o.— B o n d s . — •

Seo Distillers, Securities Corp. below.— V . 101, p. 133.

Am erican Sugar R efin in g C o.— M r . T h o m a s R e t i r e s . — •

Washington B . Thomas gives up to-day his more active duties temporarily
assumod in March 1915 in connection witli the management of tho com­
pany in Now York. Mr. Thomas has long boon ono of the reserve
assets of tho company, at various times serving as Treasurer, Vlco-l’rosidont,
Chairman, and on tho death of Mr. Ilavomoyor for four years as President.
IIo will still remain a director, a niombor of tho oxccutlvo committoo and
a Vico-President. Earl D. Babst was eloctod President in July 1915, and
persuadod Mr. Thomas to continue aetivo sorvico until this time.—-V. 102,
p. 1813, 1627.

Am erican W in d ow G lass M achine C o.— A c c u m u l a t i o n s .

This company has declared a dividend of 12% on tho pref. stock on
account of accumulations payablo July 10 to holders of record July 1. This
leaves about 45>4% accumulated.— V. 102, P- 1989.

Am erican W o olen C o.— A r m y O r d e r s .— 1Tlio following,
published June 2 4 , is pronouncod substantially correct:

Tho company has finally boon awarded the lion’s share of tho army
clothing ordor, bids for which wore opened in Philadelphia Juno 5. It
rocoivo'd about $1,500,000. or hotter than 70%, of tho total $2,000,000
clothing schedulo. Tho ordor calls for 144,500 blankets, $500,000; 500,000
yds. id-oz. olive drab melton, $700,000; 150,000 yds. olive drab ovorcoating,
$300,000. a total of $1,500,000. In addition, tho company lias this week
sold 130,000 blankets on a rush order to tho Government. They are meant
for troops along tho border and a largo part havo already boon forwarded

THE CHRONICLE

Ju ly l 1916.]

63

why this rate cannot bo maintained, and the stockholders may reasonably
also look forward to extra dividends from time to time in cash and stock.
E a r n in g s . — In April 1916 the company manufactured and sold 484 cars,
tho largest number in any month of its history. It earned net in April
S53.243. Based on its present output and existing contracts, I estimate
Anaconda Copper Mining Co . — D i v i d e n d I n c r e a s e d —
A quarterly dividend of 4% ($2) per share lias boon declared on the that in the fiscal year ending June 30 1917 the company will earn in the
S116,562,500 stock, payable Aug. 28 to holders o f r°c% d July 22. This neighborhood of $360,000, or 36% on its authorized capitalization of $1,­
000,000, which includes the stock now offered.
The proceeds from
compares with 3% in Feb. and May last.— V . 102, p. 1809, 1348.
tho sale of this stock will enable us to increaso the volume of our business
Atlantic, Gulf & W est Indies Steamship Lines.— and satisfy tho increasing demand for the Cole car. This should result in
The Mew York Stock Exchange has authorized the listing on and after increased earnings.
M a n a g e m e n t . — The present managers of the company, who have been
Tulv 3 1016 of temporary interchangeable certificates for (a ) $14,9*9,900
(of the authorized issue oi $20,000,000) 5% non-cumulativo pref. stock responsible for its successful growth, will retain their ownership and con­
trol.
Tho company has recently secured as General Manager A. F. Knoband (6) S14 963.400 (of an authorized $20X00,000) common stock, on offi­
cial notice of issuance in exchange for present outstanding certificates, loch, who for many years was Vice-President of the Northway Motor M fg.
with authority to substitute permanent engraved interchangeable certifi­ C o., one of the important units of the General Motors C o.— V . 102, p. 2344.
cates. Dividend of SI pel share was paid to holders of pref. stock Apr. 10
Colorado Fuel & Iron Co.— A c c u m u l a t e d D i v i d e n d s .—
1916 and a further dividend of like amount will be paid July 1 1910. No
This company has declared a dividend of 30% on the $2,000,000 pref.
dividends iiave been paid on common stock.
stock on account of accumulations, payable Aug. 15 to holders of record
E a r n i n g s . — The Company reports to the Exchange:
July 26. This reduces the unpaid accumulations to 29% .— V. 102, p. 1542.
In com e A ccou n t Jan . ' ' ’
. .... .
>

by express. This emergency blankot order by the Government calls for
about 8500,000. thereby bringing the total war order business booked by
American Woolen this month above $2,000,000.— V . 102, p. lo42.

Consolidated Interstate-Callahan Mining Co.— L i s te d .

Dividends from sub
lnt. accr’d, charters
$2,247,023 $2,484,064
Total income________ $1,193,709 SI,495,577
lnt. on bonds, $282,439, and on bonds assumed and
guaranteed, $11,500: other int. & taxes, $18,133, sundry
expenses, &c., $38,625: depreciation, $28,640, marino in­
surance, $18,989. dotal----------------------------------------------398,332

D ed u ct—

Balance, surplus (for dividends, & c.)------------------------------------$2,085,732
Preferred dlvidond No. 1, paid Apr. 10 1916, callod for $149,689, after
paying which tho profit and loss surplus, per balance sheet, was $6,163,289.
For the four months onded April 30 1916 the principal subsidiaries oarned
a surplus after interest and other fixed charges of $2,033,702, against
$3,039,412 for tho entire year 1915, $943,318 for year 1914 and $1,542,733
for year 1913. Compare V. 102, p. J431, 2168.

(T he) B arrett C o., New Y o r k .— S to ck L i s t e d .—

The New York Stock Exchange has authorized the listing of $4,569,700
(of an authorized issue of $5,000,000) 7% cum. prof, stock and $11,298,200
(of an authorized issue of $15,000,000) common stock, on official notice
o f Issuance of permanent engraved certificates in oxehango for outstanding
prof, and common stock, respectively, of tho American Coal Products Co.,
with authority to add $430,300 additional pref. stock and $3,701,800 add;tional common stock on official notice of issuance and payment in full,
making the total amounts authorized to be listed pref. stock $5,000,000 and
common stock $15,000,000, all in shares of $100 each.
F i n a n c i a l . — The statement made to tho Exchange shows:

1916 ( A m e r ic a n C o .)— F e b . & M a r c h (B a r r e tt C o .)
J a n . 1916. F e b . - M a r .
1916. Frft.-Mar.
Gross incom e.-$584,117 $1.570,098 Not profits...........$317,310 $969,779
53,313
992,872 Prof, dividends.. 20,619
Not income----- 328,371
65,903 131,761
Deduct bond int. 11,117
22,233 Common divs___
In co m e A cco u n t, J an .

I n c l. sub. cos. J a n .

1' 11alanc o f to? accrued divs. at 7% p. a. on both stocks.$230,788 $784,705
1 1916(7’ota(s $29,791,857).
Plants and equipment__ $11,439,0921Preferred stock-------------$4,569,700
G ood -w ill_____________ 3,416,014 |Common stock-------------- 11,298,200
--- subscriptions, new pref.
302,500
Office equipment_______
181,390
868,768 Debentures duo 1939____ 2,500,000
Investments in other cos.
140,000
Cash and cash items____ 1,212,399 Bonds o f subsidiary cos.
75,293
Current investments___
795,966 Minority stock.............
Notes & accts. receivable- 7,486,988 Notes payable_________
140,000
Materials and supplies.. 4,243,011 Accounts payablo........... 4,998,977
66,641
114,879 Accrued dividends______
Prepaid charges________
Doforrod charges.............
33,350 Reserves_______________ 1,256,138
Surplus.______________
4,444,407
Compare V. 102, p. 977, 2168.
C o n s o l. B a l. S h eet ( in c l . S u b s id ia r ie s ) a s a t A p r .

Bethlehem Steel Corporation.— A c q u i s i t i o n . —

See Pennsylvania Steel Co. of N. J. below.— V . 102, p. 1989, 1347.

(E. W .) Bliss Co.— 100%

E x tr a D iv id e n d . —

An oxtra dividend o f 100% has boon declarod on the common stock,
payablo July 14 to holders of record July 10. This dividend will bo paid
from accumulated not oarnings. See V. 102, p. 1164, 1062.

Braden Copper Mines Co.— B o n d s

L is t e d . —

Tho Now York .stock Exchange has listod the present $15,000,000 (of an
authorized issuo o f $20,000,000) Collateral Trust 15-yoar 6% sinking fund
gold bonds, duo Feb. 1 1931. See offering. & c., V. 102, p. 524, 713, 1627.

Bush Terminal Co.— E x tr a

D i v i d e n d .—

An oxtra dividend o f 2 H % has been declared on tho $5,000,000 common
stock, along with tho regular 2 lA % on the common and 3% on the pref.,
all payablo July 15 to holders of record July 7. An extra o f 2H % was also
paid on tho common in January last.— V. 102, p. 2344, 1344.

Canadian Cottons, Ltd. —

I n i t i a l D i v i d e n d .—

An initial dividend of 1% has been declared on the common stock, paya­
blo July 4 to holdors o f record Juno 23.— V. 102, p 2344, 1899.

Central Leather Co .—

E x tr a D iv id e n d . —

An oxtra dividond o f 1% has beon doclarod on the $39,701,030 common
stock, along with tho regular quarterly 1% , both payable Aug. 1 to holders
of record July 10.— V. 102, p. 1628, 1165.

Cole Motor Car Co., Indianapolis.— S tock

O ff e r e d .—

E . P . Hutton & C o . of N . Y . offered by adv. in last week’s
“ Chroniclo,” at $120 and int., tho unsold portion of their
block of $250,000 of tho $1,000,000 authorized capital stock.
Digest o f Letter from President J. J. Cole, Indianapolis, May 29 1916
O r g a n iz a tio n .— Incorporated [in Indiana] on Juno 22 1909, with an au­
thorized capitalization o f $100,000, and acquired tho business of the Cole
Carriage Co. and bogan manufacturing tho Colo car. In Sopt. 1910 tho
capitalization was increased to $300,000.. This was lator raised to $500,000
and subsoquontly to $1,000,000, tho present capitalization o f which, 2,500
shares remaining in its treasury, unissued, aro now offored.
G row th o f B u s i n e s s . — During tho first year of Its existence, to July 1 1910,
585 high-grado cars were marketed at a list prico o f $1,500. Tho gross
sales during this period wero $735,000, and tho not earnings approximately
$80,000. Tho season of 1910-11 saw an output of 1,258 cars at a list prico
o f 81,650. A most notablo victory o f tho Colo racor was the winning of
tiie Massapoqua trophy at the last Vanderbilt cup race hold on Long Island.
Is now successfully manufacturing an eight-cylinder sovon-passonger car
which, at its list prico o f $1,595, has every high-grade foaturo found in cars
soiling at much higher prices.
I la n t. <Sic.— Tho plant at Indianapolis has a capacity o f 50 cars a day.
.
t appraisal of tho plant, equipment and patterns fixos their valuo
at $487,470, and an audit by Price, Waterhouso & Co. shows that in addi­
tion to plant investment, figured by them at only $429,829, tho current
anco for good-will, although the company has spont an’ avorago of over
$100,000 a year during the last sovon years in familiarizing tho motor­
buying public with tho Colo car.
D i v i d e n d s .— Tho company parly showed largo not oarnings on its out­
standing capital, although at its incoption its limited working capital com­
pelled It to increase its capital by tho application o f its oarnings. Tho diviaonds-paid Included: In July 1911, 20%; July 1912, 20% in cash and 65%
in stock; July 1914, 15% In cash and 20% in stock; in July 1915, 10% in
cash. Out of the oarnings for tho current year, tho directors iiavo but
recently declared a dividond of 10%, to be paid July 10 to stockholders of
rocord o f May 31.
VVo plan, starting the fiscal year boginning July 1 1916, to distribute tho
earnings quarterly Instead o f annually, as heretofore, tbo prosont intention
bolng to declare an initial quarterly dividend of 3% , payablo on or about
Oct. 1 1916. I ho present business outlook is such that I can soe no reason




The N. Y. Stock Exchange has listed $4,649,900 capital stock, with au­
thority to add $350,100 on notice of issuance, making the total amount au­
thorized to be listed $5,000,000.

Corn Products Refining Co.— O r d ered to D i s s o l v e .—
Judge Learned Hand, in tho Federal District Court in N . Y .
City on June 24 entered a decree against the Corn Products
Refining C o,, in which he holds the company to be an illegal
combination within the meaning of the Sherman Anti-Trust
law and orders it to file a plan for dissolution within 120 days.
The company will appeal to tho U . S. Supreme Court.
Extracts from Judge Hand’s Decision (see also Editorial Department).
The Corn Products Refining C o.’s industrial history has not only been
characterized throughout by attempts to create sporadic competition, but
wo have tho highest possible evidence that they never meant to maintain
it as a policy, but only to drive out weaker competitors so as to maintain
All their conduct Illustrates the kind of competition which tries to pre­
vent the development of newcomers who might permanently secure thenown position. Their only defense, really, in tho end, comes down to the
assertion that their efforts to restrict competition failed.
As to their conduct toward subsequent competitors, in their failure they
forgot their repeated efforts to eliminate all newcomers or to suppress the
production o f those already in. No one can tell, in fact, how far they have
succeeded in discouraging the first or in depressing the expansion of the
second. Under a competition freo from such practices, inherent weakness
of their own might have been discovered. They might themselves have
been eliminated.
That it has failed does not change the past or make its continued existence
In any sense less compromising to the future. There is every assurance
that it will continue unfair trade methods unless it be forcibly prevented.
I, therefore, find it is an illegal combination.
None o f these considerations [the possible loss o f export trade and the
fear of over-production in the United States] seems to me sufficient to pre­
vail over the wisdom o f disintegrating a combination which has shown such
an inveterate and incorrigible insistence upon interfering with the course
o f commerce which the law demands. That the general organization of
the Corn Products Refining Co. would be disrupted would of course follow.
It is indeed the very purposo of the relief itself. The suit, it is true, is not
punitive in its character, but the stockholders are in such cases responsible
for the conduct of the business by the officers in charge.
It is clear enough that had dissolution been decreed in 1906 no Court
would have allowed any units as large as the present Corn Products Refin­
ing Co. The precise form of redistribution will have to come up later, but
a combination o f 60% of the industry would not have been considered.
The form of the decree as concerns dissolution will In general follow that
in tho case of United States vs. International Harvester Co., except that
the time within which to file a plan will be 120 days instead of 90, and that
the plan will be filed witli the Federal Trade Commission as master in chan­
cery under Section 7 o f tho Federal Trade Commission Act. That Com­
mission will in due course present a plan for dissolution, which will come on
for confirmation to the District Court as the report o f any master in chan­
cery.
Position o f the Company as Q uoted in Judge H and’s D ecision.
Tho statute condemns a monopoly in the sense of a power to exclude
others from enteiing the industry. It has been proven that, whatever our
purposas, the field was never closed to competitors. We have continued
with only a small absolute increase in grind, if, indeed, we can truly be said
to have increased at all. while our competitors, both those who were in the
industry when we combined and those who have since appeared, have grown
with extraordinary rapidity. We have no natural or legal monopoly upon
which we rely; wo hold no trade socrets; wo have no ability that any one
elso may not procure; we have nevor tried to limit our own production; on
tho contrary, we have flooded every avenue of consumption and opened
every available new market, often at great initial expense. Wo have bene­
fited the consumer by insuring him a sound product at a low price.
Nor was our original combination without justification. Tho industry
was engaged in that kind of competition from which tho consumer in the
end must suffer, since it leads to tho destruction of the capital involved. No
one couid make enough money to keep up his producing capacity, yet all
feared to fall behind in sales lest they should bo obliterated altogether.
Seme kind of concerted action alono could save the industry from ruin
and it makes but little difference, as the courts themselves have often said,
what form it takes. The critical fact was that some kind of joint action
was necessary, and that involved an understanding which no doubt must
in the end result in some slackening in the ruinous race of over-production.
So much wo acknowledge, but we insist that it was a benefit to tho Industryiand that it finally relieved it from restraint instead of Imposing re­
straints upon it.
Statem ent by President E. T . Bedford (from N. Y. “ Times” of June 25)
One certain result of the dissolution, if it must bo carried out, will be the
loss o f the foreign field to manufacturers In our line. With this company
broken up, there will be no unit large enough to meet European competition.
We never had any desire to crush out competition in our field. As a mat­
ter of fact, the heads of many competing companies went into court for us to
testify that we had never indulged in unfair competition. I think they
will be sorry to see the company broken up, for we ‘ ‘carried the umbrella”
How dissolution could bo carried through without inflicting great loss I
do not see. Many of the plants are complementary parts o f a big organiza­
tion, each one discharging some function, and they cannot operate indepen­
dently. A number of tho factories are uncompleted, and we would have
spont about $5,000,000 finishing them.
The Corn Products Co. never earned a fair rate on its capital, partly
because there was from the beginning too much water In the organization,
but partly because prices of our products were at all times too low. We
could not control the market; too many millers with their small outfits
could grind com and sell against us. The independents used five times as
much corn as we did.— V. 102, p. 972, 254.
P la n f o r R e d u c tio n o f C a p i t a l i z a t i o n , & c . — President Bed­
ford on June 26 issued a statement, saying in substance:

There is a plan on foot for the reduction of both the common and pref.
stock, which will go a long way toward paying off the 20% back dividends.
Tho reduction of capital, in addition to the very large profits that we have
been reaping from our export business, would give us a very large surplus.
More than 50% of our business the past year has been from foreign sources
It would be well for shareholders not to sacrifice their holdings on account
of recent decisions until the plan proposed is made known. Of course, an
appeal will be taken by the company. [It had been originally planned not
to take this question up until next fall.]— V. 102, p. 972, 254.

(Wm.) Cramp & Sons Ship & Engine Building Co.—
S a le o f N o t e s . — The company has sold $1,500,000 one-year

5 % collateral notes of $10,000 each (with right of renewal)
to several Philadelphia institutions, to take care of the tern-

64

THE CHRONICLE

porary financial requirements resulting from the large amount
ot new business being handled. These notes are secured by
the deposit, it is said, of $1,670,006 5 % consols.
E a r n i n g s . — For the year ended Apr. 30 1916:

1916.
1915.
m il
------1914.
1913.
Net p r o fits ..................*1,497,255
*956,796 *1,180,332
*561,795
Depreciation__________
197,879
Fixed charges...............
211.672
305", 162
332',854
255419
Balance, surplus---------1,087,704
651,634
847 477
306 676
The surplus for 1916 Is equal to 17.84% earned on *6,098,000 capital
stock, against 10.6% In year 1914-15.— V. 102. p. 803. 156

Crucible Steel Co.— G o v er n m e n t

S ta te m e n t, cfee.

— On subsequent pages will be found the official statement
made to the New York Stock Exchange in connection with
the listing of the company’s preferred and common stock.
This statement covers in considerable detail the facts re­
garding the company’s organization and the rights of its
preferred shareholders, and the location and extent of its
properties.
It also furnishes an income account for the five
months ended April 30 1916, the balance sheet of that date,
a list of officers and directors, &c.
Th° acquisition of the Stewart Sugar Co., referred to in last week’s
Chronicle, will require no now financing by the Cuba Cane Sugar Com
as the cost, which it is understood will be about *8,000,000, will bo met
out of earnings of the latter for the current season. The Stewart company’s
earnings for the presont season aro roported to bo about *2,800 000 on an
approximate output of 500,000 bags.-—V . 102, p. 2344, 2256.

Delaware Lackawanna & West. Coal Co.— E x tr a

D iv .—

An extia dividend o f 10% has been declared on the *6,590,700 stock
along with the regular quarte4y 2 '4 % , both payable July 15 to holders
of record July 1. l ’revious extra payments were: July 1915, 50%; May
1914. 10%; and April 1913, 20% .— V. 101, p. 616, 373.
y

Distillers’ Securities Corporation.— B o n d s . —

'f hiscompany has delivered to Bankers Trust Co., N. V ., trusteo, $2,­
000,000 par value o f its issuod bonds for cancellation. This reduction of
bondod debt loaves outstanding *12,350,000 bonds
„ /™ H F n cen. V anc?J!a ti?,n by th e A m erican Splrits M fg Co (a subsi(liary
of Distillers Securities Corp.) o f *200,000 6% 1st M . bonds makes a total
cancellation o f *2,200,000 of bondod indebtedness by theso companies
e o / S ' S fl8Sal y,'ar- ,The American Spirits M fg. Co. have now but
*1,200,000 bonds outstanding.
Distillers’ Securities Corporation stock is now on a 6% basis, and the
result in net earnings, not quick assots, surplus and freedom from floating
debt at tho end of this fiscal year, Juno 30, places this company in a most
substantial condition.— V. 102, p. 1900.

Driggs-Seabury Ordnance Co.— S tock

F i n a n c i a l D a t a . — Official statement to the Exchange shows:

Earnings o f Properties Separately and as Now Com bined.
D r ig g s -S e a b u r y ---------- S a v a g e A r m s ------ C o m b in e d
Y r .c n tl. 4 M o s . lo
C a le n d a r Y e a r s
4 M o s . to
Aiiff/31’ 15. Dcc.31’ 15. 1914.
1915.
A p r .3046.
Sales . . . ---------------- *924,307 *341,341 *664,075 *1,037,603 *2,448,434
Cost of salos------------- 903,567 284,563 618,668
569,589 1,175,040
*56,778
7,185

Gross profit---------- *33,657 863,963
Admin. & selling e x p .. 169,344 64,623
Interest--------------------- 28,533
33,255
Organization expense. ______
65,336

*45,407
______

*468,014 *1,273,393
______
27,122

______
Not
givon

*468,014 *1,300,515
269.701
211.547
...........
30,000

Balance surplus.df.*104.221df*99,251
*198,312 *1.058,968
Conib.Bal.SheetApr.301916(incl.SavaReArm£Co.). Totals *16,630395.
Property account_$10,296,103
Common stock---------------- *9,000,000
Pat ts, licenses & good-w. 1,370,338 1st pref. stock -------------500,000
Investments_____
255,613
500,000
2d pref. stock------- -------2,298,911 First mortgago 6s--------- 1,500,000
Inventories at cost_____
Notes receivable_
1,020
Accounts payable______
347,157
Accounts receivable___
402,814 Adv. pay. on contracts.. 2,539,778
C a sh -------------------1,918,196 Reserves...........................
262,051
Prepaid taxos, & c _____
87,320 Surplus------------------------ 1,981,409
The property account, *10,296,102, includes: Driggs-Seabury Ordnance
Co. plant and equipment, *3,123,423; Savage Arms Co. plant and equip­
ment, *1,427,620; total, *4,551,043; add cost of 9,968 shares of Savago
Arms stock, *6,745,060; less par value Savago Arms Co. capital stock,
*1,000,000, *5,745,060; total, *10,296,102. Compare V. 102, p. 1813, 1900.

Eagle Picher Lead Co.— I n i t i a l

D iv id e n d —

An initial dividond of 1 % has been declarod on the pref. stock, payablo
July 12 to holdors of rocord July 5.— V. 102, p. 2257, 1720.

Empire Petroleum Co.— F ir s t

W e l l .—

Shivers & C o ., N. Y ., report that in tho first of the 26 wells contemplated
under tho development program has been brought in on the Freudenberger
over *23,000 per annum, to a total of *131,500 per annum on tho basis of
April operation.— V. 102, p. 803.

Federal Sugar Refining Co., N. Y .—

O ff ic ia l S ta te m e n t.

— S ta tu s .— D iv id e n d O u tlo o k .—
See "Reports and Documents” on a following page.— V. 101, p. 1716.

Finance & Trading Corp.— I n i t i a l

P r e f . D i v i d e n d .—

An initial dividend of \ * A % has been declared on tho *500,000 prof,
stock, payablo July 1.— V. 102, p. 1629, 1063.

First National Stores, Inc., N. Y .— S tock

I n c r e a s e .—

A certificate was filed in Delaware on June 26 increasing the auth. capital
stock from $3,000,000 to *10,500,000. See V. 102, p. 2079.

Forestal Land, Timber & Railways Co., Ltd., London.
S ta te m e n t. — This undertaking was enlarged in
Dee. 1913 by the absorption of the New York Tanning
Extract Co. and the Argentine Quebracho Co. The accounts

— Annual




10£15'

ilE S r-' • : ' -‘ !P
:
Jg.fJJ

‘ S14'

19IX

J 912-

,;M
2

Jg jg

Jffi

Net profit___ ______ ________
Preference dividend__________
Rate per cent____________
Ordinary dividend_____________
Rate per cent________________
Excess profit duty, &c__________
Reserve_________

934,547
185,502
12
278,253
18
200,000
233,600

243,239
123,668
8
92,751
6

398,152
148,780
11
202,881
15

26,513

43', 187

33',541

Balance of year’s revenue_______
Brought forward___

37,192
31,388

307
31,081

3,304
27,777

47,317
75,094

68.580

31,388

31,081

27,777

Carried forward____

309,224
119.000
14
204.000
24

* Included in general charges in 1912.
See also V. 100, p. 1755; V. 101, p. 1467.

Gaston, Williams & Wigmore, Inc.— I n i t i a l

D iv id e n d .

o f * i has been declared on the 1,000,000 sharos stock
ayablo July 26 to holders of record July 12.— V. 102, p. 1900, 1438.

General American Tank Car Corporation.— P r e f . S tock
O f f e r e d . — Charles D . Barney & Co. aro offering $2,000 000
7 % cumulative first pref. stock at $100 for one ($100) share
of 1st prof, and a quarter of a share of common stock.
®oC^ i9an9fU/,ou-(a,m ou" ts outstanding): (a ) 7% cumulative 1st prof, stock,
*2,out).600: (b) 7 % cum. 2d pref. stock. *1,000,000, and common stock

undo* construction, tho company owning three car plants with a combined
capacity of 12 cais a day. Tho tank cars aro operated under contract
oy a largo number of important corporations for the transportation of such
commodities as oil, acids, coal tar, molasses, turpentine, mineral waters,
wine, cottonseed oil, cattle foods, picklos, vinegar, asphaltum, fertilizer
ingredients, See. For the cal. yoar 1915, the net earnings were 8441,370
jjvallable for dividends, while for the first four months of 1916 they were
8272,220, or at the rate of over $800,000 per year. With the 587 additional
cars in use tho rentals, it is believed, will be increased by over $200,000 p. a.

Harbison-Walker Refractories Co.— L i s t e d .—

Tho Now York Stock Exchange has authorized tho listing of the *9,600,-

L is te d . —

The Now York Stock Exchange has listed $9,000,000 o f tho common
capital stock, in shares of S100 each, with authority to add a further
amount upon official notice o f issuanco, as follows: (a) *500,000 in ex­
change for a like amount of second pref. stock, now outstanding; (b) $500,­
292
ah(l
for in full, making tho total amount to bo listed
*10,000,000. A dividond of 2 H % was paid on the common stock on
n i i lo.
f° 1’ the POficd from Jan. 15 to Mar. 1 1916 and a quarterly
dividend of 5% was paid on Juno 15. The company employs about 1,200
men and its output since organization, Aug. 16 1915, was, for tho last four
months of 1915, valued at *341,341, and for the first three months o f 1916
’H 3,? /!48.: ! ts controlled company, tho Savage Arms C o., all except
S3,200 ot whose *1,000,000 cap. stock it owns, employs at the presont time
about 1,300 men and Its output for 1915 was valued at $1,037,604, and for
tho first three months of 1916, *1,534,143; slnco Dec. 15 1909 it has paid
a regular quarterly dividend at the rate o f 6% per annum.

Manufact’g p ro fit.. *20,740
Other income------------ 12,917

now submitted for the calendar year 1915 show a profit on
trading, dividends from associated undertakings, interest
on investments, &c., of no less than £1,281,659; this is
£600,000 above tho 1913 profit, the largest hitherto returned.
An official statement regarding the results for the late
nscal year will be found in the advertising department on
another page, showing, with much other information, earn­
ings as follows :
Fisca l Year e n d * D „ . 3 1 -

O r d e r o f 1915. —

Chairman Herbert Du Buy says: “ This company has not recoived any
*or IUUJll^lons.o f war from the U. S. Government since Jan. 1915.
We nave made munitions for our Government for many yoars and aro now
woriang on the contract referred to [in press reports], which is only valued
at about 8300,000. This we hardly expect to complete for some months.
The statement that we have takon a 84,000,000 Government order is with1899°tflClal aut^or^ y anc* *s » therefore, n°t authentic.” — V. 102, p. 2344,

Cuba Cane Sugar Corporation.— O ff ic ia l

[Vol . 103

E a r n i n g s .— The company reports as follows:
C o m b in e d P r o f it a n d L o s s A c c o u n t f o r S ix M o n t h s e n d in g M a r c h 31 1916.
Earnings, after deducting *302,254 expenditures for all ordinary
repairs and maintenance, which covors depreciation of plants.*1,714,973
L e s s —Extraordinary expenditures, being repairs and improve­
ments increasing the capacity and efficiency of tho works___
287,256
Charged off for depreciation of mining and tram outfits______
26,617
Ohargod o ff for depletion of clay, coal and ganistor proportios
13,565

Net profit------------------------------------------------ ----------------- *1,387,535
on preferred stock ( 6 % ) ________ _ .
*288,000
Dividend on common stock (4 % )____________________
360,000

D e d u c t — Dividend

Net surplus for the year after charging dividends___ $739,535
V 102 p Ul<J00 acCOUnt March 31 1916- *7,582,188.— V. 101, p. 1971;

Hartford (Conn.) Electric Light Co . —

N ew

S to c k .—

Tho company offers 9,000 new shares at par to the stockholders of
record at o p. in. June 27 1916 in tho ratio of one share of now stock for
™u.r r n n ? of °Ald stock. Subscriptions are payable for first installment
of 4,500 shares Aug. 8 1916; for second and last installment of 4 f>00 shares
Nov. 8 1916, at office of Richter & Co., 6 Central Row, Hartford Conn
Stock certificates will be delivered to the stockholders upon tho payment
of each of said installments. All fractional rights to be adjusted between
tho stockholders at office of Richter & Co., where the books for sub­
scription will remain open until 12 noon July 25 1916.— V. 96, p. 138.

Hupp Motor Car Co

— O rd e rs —

This company on Juno 1 had 1,200 immediate dolivery unfilled ordors
on hand, being an increaso o f 70% over last year at this time.— V. 102.
p. 2079, 1252.

(S. H.) Kress Co. (6. 10 & 25Ct, Stores) . —

S a le o f P r e f .

Tho block of pref. stock of this b o w company rocontly offered by Heidelbach, Ickelheimer & Co. and asso­
ciates has all been sold— see adv. on another pago.
The company was recently incorporated under the laws
of Now York and took over tho chain of 125 fivo, ten and
twenty-five-cent stores established during the last 20 years
by S. II. Kress and his brothers, C . \V. and R . H . Kress,
who aro at presont respectively President, Vice-Prosident and
Treasurer of the company, and who will continue in tho man­
agement of the new corporation. Tho outstanding capitali­
zation of the latter consists of $4,000,000 7 % cumulative
prof, stock and $12,000,000 common stock. Tho sales for
tho calondar year are roported as aggregating $12,429,590
and tho net profits $1,063,066, while for tho curront yoar tho
gross business, it is stated, is showing a 2 5 % increase, with
the promise of a substantial improvement in net results.
See further particulars in V . 102, p. 2080.
S to c k . —

Tho present management will retain tho ownership of a largo amount
of tho pref. stock and a majority of tho common stock of tho now company
and will continue as active managers and directors of tho business.— V. 102,
p. 1990, 2080, 1234.

(W. H .) McElwain & Co., Boston.— A n n u a l

M a y 31.
Y ear—

T o ta l
S a les.

N et
E a r n in g s .

B o n u s es S p e c . A p .
t o M g r s . to P l ’t A c .

E a r n i n g s .—

D iv id e n d s
P a id .

B a la n ce ,
S u r p lu s

1915-16.*24,344,730
*904,019 *27,310 *100,000 *528,000 *248,709
1914-15. 25,174,848
648.587
12,297
100,000 471,000 ’ 65 290
1913-14. 21,817,542
705,550
39,570
51,227 561,900
521853
Total surplus May 31 1916, $667,943.
Dividends, *528,000, as above in 1915-16, include 6% on 1st pref. stock,
*288,000; 9% on 2d pref. stock, *180,000; and 3% on common stock, *60,009, against (6%) *291,000. ’7M % ) *150,000, and (1 ^ % ) *30,000, re­
spectively, in 1914-15.— V. 101, p. 124.

THE CHRONICLE

July l 1916.]

65

M erch an ts’ H ea t & L igh t C o., In d ia n a p o lis.— E a r n ­
i n g s . — This company, operated by Kelsey, Brewer & C o.,

Tho 7 % cumulative prof, stock offered by Richardson &
Clark, Providence, is also described in a circular which shows:

Grand Rapids, M ich ., reports:

Dividend periods Q.-J. Prof, stock issued, $200,000. Pref. as to assets
as well as dividends, and is redeemable at 110 and accrued dividend after
April 1 1917. Additional pref. stock can bo issued only when authorized
by a three-quarters vote on the preferred stockholders, and subject to the
approval of the Ohio P. U. Commission.
The management is in tho hands of Charles A. Munroe, V-.Pres. of the
Public Service Co. of Northern Illinois, and for many years connected with
tho Economy Light & Power Co. of Joliet. III.— V. 102, p. 2346.

E a r n in g s fo r Y e a r e n d in g M a g 31
n lS .IR
fi
Y e a r i1915-16.
Mm/’ 116

1916 a n d

M o n t h o f M a u 1916.
V
O K .l/;
Al a g '
Y ema rr l1915-16.
M

Gross earnings. $1,110,429 $79,671 Not earnings___
Oper. expenses..
614,823 47,661 Int. on b o n d s ...
Taxes, city & co .
56,219
5,001 Int. on notes___
Taxes, franchise.
42,750
2,461
Not income----------------------------------------------------------— V. 10i, p. 776.

16.
$396,637 $24,547
202,911 18,677
17,938
926

$175,787

$4,944

Mexican L igh t & Power C o., L td .— B o n d h o ld e rs to M e e t .

Heo Mexico Tramways under “ Railroads” abovo.— V. 101, p. 776.

Midwest R efin in g C o.— D iv id e n d I n c r e a s e d .—

A Quarterly dividend of 2% has been delcared on the stock, payable
Aug. 1. This compares with 1J^% in May last.— V. 102, p. 1064, 980.

M itchell-Lew is M otor C o.— S u c c e s s o r C o m p a n y .—
Seo Mitchell Motors Co. below.— V. 99, p. 472.

M itchell Motors C o.— S u c c e s s o r C o m p a n y . — Ladonburg,
Thalman & Co. and A . G . Becker & Co. are forming a syn­
dicate to underwrite the capital stock of the Mitchell Motors
C o., which will acquire the business of the Mitchell-Lewis
Motor,Co. of Racine, W is., manufacturers of the well-known
Mitchell cars (V. 99. p. 472). The issuo will be 125,000
shares without par value and it is oxpected that an offoring
of this issue will be made shortly.
Mohawk M ining C o.— D iv id e n d

I n c r e a s e d .—

A semi-annual dividend of $10 has been declared on the stock, payable
Aug. 1 to holders of record July 8. This compares with $7 in Feb. last.
— V. 102, p. 1253.

M u tu al Term inal Co. of B u ffa lo .— T e n d e r s .—

Tho Guaranty Trust Co., N. Y ., having on deposit $1,004,372 for re­
purchase of 1st M . 4% bonds, will rocolvo soalod proposals for tho salo of
same, at tho lowest price not exceeding 102 14 and int., until 10a.m . July 13.
Purchased bonds must bo dolivorod on July 17.— V. i02, p. 1630.

N ation al Licorice C o.— C o m m o n S tock D iv id e n d .—

A semi-annual dividend of 2 14% has been declared on the common stock,
payable July 7, to holders o f record July 3. This compares with 3% In
Jan. 1916, and in 1915 3% In Jan. and 2% in July.— V. 99, p. 52.

New Jersey Zinc C o.— E x tr a D iv id e n d .— ■

This company has declared an extra dividend of 10% on the $35,000,000
outstanding stock, payable July 10 to shareholders o f record July 1. Extra
dividends in 1916 to date have been as follows: 10%, July 10; 5% , June 10;
5% , May 10; 10%, April 10; 10%, Jan. 10. Tho regular Quarterly divi­
dend o f 4% was declared payable Aug. 10 to holders o f record Aug. 1.
— V. 102, p. 2081, 1901.

New Y ork Title & M ortgage C o.— S tock I n c r e a s e .—

The stockholders will vote July 11 on authorizing the increase in capita
stock from $2,000,000 to $3,000,000. Seo V. 102, p. 2346.

N orth B u tte M in in g Co . — D iv id e n d I n c r e a s e d .—

A Quarterly dividend of 75 cents has been declared on the stock, payable
July 29 to holders of record July 11. This compares with 50 cents in Jan.
and April last.
W. F. Bartholomew o f Boston has been elected a director.— V. 102.p. 1630.

N orthern States Power C o.— O p t io n to C o n v e r t. — Tho
stockholders are offered ontion warrants to convert holdings
of $8,000,000 ton-year 6 % notos into preferred or common
stock or to purchaso at equivalent prices ono share of either
issuo for each option warrant held. All stockholders of record
July 0 may acquire option warrants at $3 each to extont of
ono warrant for each two shares of stock, subscriptions to be
made before July 31. O ptions may be exercised between
April 1 1918 and April 1 1922.
The option warrants ontitlo tho owner to convert his holdings of tho
company’s $8,000,000 issuo of 10-year 6% notes into pref. or common
stock, or to purchase at an equivalent prico (amounting to par and int
and a premium of 2% if redeemed prior to April 1 1921, and a premium of
1% if redeemed on or after April 1 1921) ono share of either issuo for each
° P 2346W* 2 ?S t he d ' Comparo V ’ 102' P- 1441. 1543, 1630.—V. 102,

Ohio Gas & Electric C o., M id dletow n , O .— B o n d s , A c .
— Tho $500,000 1st M . 6 % sinking fund gold bonds offered
by Redmond & Co. at par and int., have all been sold, but
an advertisement regarding the issue appears on another page.
The bonds are described in a circular substantially as follows:
Duo May 1 1946, but redeemable as a whole or in part or for sinking
Clmd on any interest day at 107H and int. on 60 days’ notico. Denom.
$1.000, c+&r*. Trustee, Union Trust Co. o f N. Y. Sinking fund to retiro
bonds beginning May 1 1918, 1% o f the total bonds outstanding.
l-et<-er by Pres. Charles A. Munroe, M iddletown, ()., June 12.
a
° ' vns and operates tho ga.s and electric lighting properties in
in i
tlV; e|cctrie properties in Franklin, Springboro, Lisbon
,! l i i J ’ ' *'operates electric power from its own steam plants
..VtV.r.u ffLiim tH
Leotoma where power is purchased), and purchases
k!,/I',1
,.,
; A ) t rabl° co” tract from tho Ohio Fuel Supply Co. for
q
1
hirnrUb] im
Jr'm i!’ Replacement value as reported by
Stone Sc Webster, in 1Jl<), *S.)75,000,
by S&nclorson Sc P o r to r in iqia
SI, 107,000, or over twice the 1st M . bonds. Franchises are satisfactory
and contain no burdensome restrictions. Last year entered into a 10-year
contract for city lighting in Middletown.
'
Tho 1st M . bonds are followed by $200,000 0% debentures and 8300 000
capital stock ($100,000 common stock and $200,000 6% cum, prof.’).
C o m b in e d E a r n in g s Y e a r e n d e d A p r i l 30 a n d C a le n d a r Y e a r s 1 9 1 5 a n d 1914.
1915-10. 1915.
1914 '
Gross earnings...................................................... $242,750 $230,689 $219 044
Not, after taxes.................................................... $86,718 .879,952
$70 920
Depreciation.................................. .....................
12,480
12^80
'
6% interest on $500,000 now 1st M . bonds.. 30,000
30,000

Oxweld A cetylen e C o.— D i v i d e n d .—

A cash dividend o f 1 >4% has been declared on the common stock, along
with a 40% stock dividend, payable in common stock. The cash dividend
is payable July 1 to holders of record June 26 and the stock dividend
July 20 to holders of record July 19.— V. 102, p. 1901.

P achuca L igh t & Power C o.— B o n d h o ld e rs ' M e e t i n g .—

See Mexico Tramways under “ Railroads” above.— V. 100, p. 1262.

Pennsylvania G asoline C o.— G a s o l in e O u tp u t .—

President Warren reports shipments this week of three car loads of
gasoline aggregating 24,000 gallons. This corporation manufactures its
gasoline from natural gas and has three gasoline plants in operation.
— V. 102, p. 1351, 1441, 2259.

P en nsylvan ia Steel Co. of N. J .— D i s s o l u t i o n .—

This company on June 27 filed at Trenton, N. J., a certificate of disso­
lution in connection with the salo of the assets of the subsidiary companies
to tho Bethlehem Steel Co. Judge McPherson in the U. S. Court of
Asp cals at Philadelphia on June 30 refused to interfere with the sale on
Mr. Venner’s exparto statement. V. 102, p. 2081, 1991.

A lbert Pick & C o., C hicago (H o t 9 l E qu ipm an t, & c .).
— P r e f . S to c k . — F. B . Hitchcock & C o., A . L. Baker & Co.
and John Burnham & C o., all of Chicago, are placing at 101
and div. a block of the 7 % cumulative pref. stock, par value
$100 per share. A circular reports:
Preferred as to assets and dividends and has full voting power. Divi­
dends payable quarterly, Q.-J. Redeemable in whole or in part when
drawn by lot on any dividend date at .$110 per share and dividends.
C a p ita liz a tio n (No mortgage or bonded debt)—
A u t h o r i z e d . O u ts ta n d ’g .
7% cumulative preferred stock.......................................$500,000
$500,000
CommoH stock .. ---------- --------------------------------------- 1,500,000 1,121,500
Without the written consent of 75% of the pref. stock outstanding
no bonds or mortgage can be created and no evidence of debt maturing
later than one year from date may be issued. A sinking fund beginning
Jan. 1 1917 is to retire each year at least 250 shares of pref. stock. Net
quick assets must be maintained at not less than $1,250,000, while any
pref. stock is outstanding.

Sierra & San Francisco Power C o.— C a sh P a y m e n t s .—

This company announces that tho 2)4% semi-annual interest due July 1
on the $8,500,000 5% Series “ B” 2d M . bonds will be paid in cash. Pre­
vious payments were in scrip, representing bonds of the same issue.— V.
101, p. 1482.

Sinclair Oil & R efin in g C o.— I n i t i a l D i v i d e n d .—

An initial quarterly dividend of $1 25 has been declared on the 520,000
shares of stock, payable Aug. 10 to holders of record Aug. 1.
A. E. Watts, Asst, to Pres., has been elected a director to succeed
W. T. Fenton of Chicago.— V. 102, p. 2081, 1902.

Stand ard M illing C o., New Y o r k .— P la n D a te d M a y 25
1916.— This plan provides for a consolidation of the company with tho Colonial Flour Milling C o., recently incor­
porated in Now Jorsoy with $1,110,000 of authorized capital
stock, all of which has been issued in $100 shares, whereof
ton shares are full paid and the remainder is 1 % paid up
and must bo paid for in full upon demand. This will furnish
$1,110,000 new cash, of which $850,330 will be used to pay
off the principal and interest of two divisional bond issues
duo July 1 1916, and the remainder will be used to obtain
additional grain storage and as working capital. The con­
solidated corporation duly formed yesterdav under the New
Jersey law remains “ Standard Milling C o .”
C a p ita liz a tio n

of

C o n so lid a te d

C o r p o r a tio n .

Common stock, In $100 shares____________________________
7 500 000
To bo exchanged for Standard common___________ $4,600,665 ’
Reserved for future use at discretion of board, but
if to be sold to be first offered to common share­
holders pro rata___________ '________ _____ _____ 2.900,000
Pref. stock 6 % non-cumulative entitled to receive dividends
only when and as declared by the board from the net profits
of each fiscal year beginning Sept. 1 1916, dividends aggre­
gating 6 % per annum, and no more. The holders of the pref.
stock shall not bo entitled to subscribe for, purchase or re­
ceive any part of any new or additional issue of stock, or of
any issue of bonds or debentures convertible into stock. Par
$100 a share. Total authorized____________________________ 6,488.000
6 % 10 -year convertible debenture bonds, convertible into com­
mon stock at par after two years and redeemable at any time
after two years at 105% and interest upon GO days’ notice,
subject to the conversion privilege which may be exercised
during the 60-day period__________________________________ $ 1 , 1 1 0 ,1,00
E a ch $100
S h a re o f —

T erm s o f E xch a n ge.
A m oun t
N ew
O u ts ta n d in g . C o m m o n S lock .

N ew
P r e f. S tock .

N ew
D e b e n tu r e s

Standard com m on.$4,600,000 $100-$4,600,000 . . .
do 5% non-c. pref. 6,488,000
____________ S100-$6,488,665 ...............
Colonial,wli.full pd. 1,110,000
......................
...................... $1,110,666
First board of directors of consolidated corporation.— James S. Carney
J. Henry Dick, I. deBruyn, Alfred Jaretzki, James 1*. Lee, Henry w
Marsh, Frederick L. Rodewald, A. P. Walker, A. Murray Young, all o f
N. Y .; Daniel E. Evarts, Jersey City; James M . Fuller, Warwick, N. V.
and A. D. Thompson, Duluth. Minn.
Officers of consolidated company.—-Pres., A. P. Walker; V.-Pres., James
1’ . Lee; Treas., and Sec., Joseph A. Knox, all of N. Y.
The annual meeting will be held on the third Wednesday of October.
Tho plan will be effective upon adoption thereof by tho votes of the hold­
ers of two-thirds of all the shares of capital stock.
Digest of Circular Signed by Secretary J. A. Knox, N. Y., May 26 1916
P u r p o s e o f P l a n . — Tho charter of the Standard Milling Co. provides that
out of tho profits of any fiscal year ( 1 ) a non-cumulative dividend of 5 %
may bo paid on the pref. stock; (2 ) thereafter a sum equal to the par value
of 1 % of the outstanding pref. stock snail be set aside out of said profits
authorities of Middletown, ahd It S e^eeteri that
t
the increase in earnings for the retirement of pref. stock before any dividend is declared on the
for the coming year from 'th Is <e j M u K t o S
? will
one
amount to $12,000.
be paid
For the year ending June 30 1917?St Istlmat
estimated that tho net earnings
s out of
will bo upwards of $100,000
_
_
_
___ __ r ,__ ______ ___ _
5 ) thereiftor additional dividends may 'bo paid on the common'stock. These
provisions are cumbersome, embarrassing and difficult to follow in actual
practice and they render impossible the payment of fixed dividends on
pref. and common stock at stated intervals during the year. The elimi­
nation of these features, as provided by tho present plan, is desirable in
order that tho pref. stock may rank as a regular 6 % pref. stock and in order
that fixed dividends may be paid at regular intervals on the common stock.
On July 1 1910 the following bonds of subsidiary companies fall due;
thirds t;m,K ti. i ,
no issueu wiieu mu nuo earnings are ono and two- Hecker-Jones-Jewell Milling Co. 6 % debenture bonds (prin. fz int.)$431,195
fnr and with th interest on all bonds outstanding, including those applied Northwestern Consol. Milling Co. 1st M. 6 % bonds (prin. & int.) 418,835
Of the original Issues of these bonds, $1,254,000 have already been retire 1
adri 1Bons mnr vum^1;1lo',' ,,f MOO.OOO. only for 80% o f the cash cost or
.V 1 w!.
,A■\ n" nt's - & c-> or *n I*10 cas0 °t properties physically con­ out of earnings. It is now proposed to issue $1,110,000 Convertible 6 %
nected w tli t we o'nv. owned at not to exceed 60% o f the replacement bonds and to offer tne same to stockholders, both preferred and common,
rate tv n
o
t
i
A£ditional bonds may hoar such interest for subscription at par to tho extent of 10% of their noldings. The pro­
ceeds wdl be utilized as follows: $850,330 to retire the underlying bonds
l O l o f a a t h e board m a y doterm h,m ,r° a t 8UCh tIm0 Ilot carllcr th an M a -V 1 above referred to; $100,000 to construct additional grain storage at Duluth

a*

,V




66

THE CHRONICLE

and at Kansas City, which can be done to the considerable profit o f your
company; balance will go into the treasury as additional working capital.
Earnings.— Tho net earnings f)r the year ended Aug. 31 1915, after
allowing for payment o f bond interest and deductions for reserves and de­
preciation of plant, were S I,168,068. On that basis the earnings for that
year would be equivalent to 6% on tho $6,488,o00 of pref. stock now out­
standing and of about 17% on the $4,600,000 of common stock now out­
standing. It is expected that the earnings for the current fiscal year enrling
Aug.31 1916 will show a substantial increase over those of the last fiscal year.
Effect of Proposed Plan.— (1) Tho consolidated company (Standard Mill­
ing Co.) will own all tho assets of the present Standard Milling C o., and
w-ll also receive $1,110,000 in cash for the aforesaid purposes, leaving tho
future earnings in a larger part available for distribution to the stock­
holders as dividends. (2) The holders of the pref. stock are now receiving
5% annually in dividends. The utmost that they can receive in any fiscal
year is 6% , and this only after a sum equal to 1 % of tho pref. stock has been
paid into a sinking fund to retire pref. stock and only after 5% lias been
paid in dividends upon the common stock. The plan will eliminate the
sinking fund -provision which is insufficient to retire any considerable
amount of stock and will give to the pref. stockholders in exchange for their
resent stock a stock entitled to a straight preference of 6% in dividends.
loreover, $850,330 o f underlying bonds will be retired out of tho proceeds
of tho convertible bonds to bo issued, and these convertible bonds, it is
reasonable to expect, will be retired by their conversion into common stock.
(3) Although the pref. stockholders will receive 6% before any dividend
is paid on tho common stock, this will impose no new burden on the com­
mon stock, because the provision for setting aside 1% for retirement of
pref. stock before any dividend may be paid on the common stock is elimi­
nated. (4) If the plan is approved, (as it has boon Ed] regular dividends
can be paid at stated intervals during tho yeat on both classes o f stock
which cannot be dono under the provisions of tho present charter.
The directors believe that both classes o f stock will bonefit substantially
by the changes proposed. The salo o f the convertible bonds has been under­
written. (This plan will leave outstanding o f the existing funded debt
only the $2,834,000 mtge. 5s of 1900, duo 1930, and the $1,448,90 J HeckerJones-Jewell Co. 1st M . 6s. due Sept. 1 1922.— E d .— V. 101, p. 1270.

S

Dividends— Annual 5 % on Common, 6% Rate for Pref—

A dividend o f 5% has been declared on tho $4,603,000 stock and 1% on
the pref.. both payable Aug. 15 to holders of record Aug. 5. The last
annual dividend on tho common was 3% , paid in July 1915. In April
1916 the pref. paid 2 )4 % . the present 1% being intended to bring the
total for the year up to 6% as on new pref. under plan.— V. 101, p. 1270.

Superior C alifornia Land C o.— Contracts.—

This company, incorporated in Delaware on or about March 1 1916, as
successor of the Sacramonto Valley Irrigation Co., announces in substanco:
“ Tiio directors have decided to write now contracts under the following
conditions with tho settlers wno purchased land from tho Sacramento Valloy
Irrigation C o., vi/,.: (1) Contracts to bo written at tho same price per acre
in old contracts with tho S. V. I. Co.; (2) all principal and interest payments
made on the S. V. I. Co. contracts will bo credited on tho new contracts;
(3) all interest in arroars on the old contracts will lie waived; (4) the bal­
ance duo, after tho above credits have been made, will draw intorost at 6%
from date of new contract; (5) no payment on principal will be required to
the end of tho third year, when principal payment will be made in 12 equal
annual installments; (6) tho above terms apply only to new contracts
signed on or before Aug. 1 1916. All contract holders will bo required to
pay the company tho amount duo for water charges and taxes unpaid.”
Merle II. Moon of Detroit, M ich., Eras.; G. L. Lewis of St. Louis, M o .,
and W. P. Fowler of Willows, V-.Pres.; W. 15. McCain of Detroit, Sec. and
Treas. (Compare V. 102, p. 442.)

T h o m p so n -S ta rrett C o .— Reduction of Par Value.—

The stockholders will vote July 12 on reducing tho par value o f shares
from $100 to $50, thus reducing tho total stock from $1,500,000 to $750,000.
Tho $500,000 8% pref. stock has been retired. See V. 101, p. 1979.

[Vol . 103.

N o t e s .— These notes, which represent tho only funded debt of tho com
pany, aro issued under indenture executed May 24 1916, botweon the com*
pany and tho Guaranty Trust Co. of N. Y ., as trustees of these notes.
Under this indenture the company cannot create any mortgago or other
lion upon any of its property, except when oxpressly mado subordinate to
these notes, and cannot incur any indebtedness of more than 80% on tho
fair value of its assets, including tho notes of this issue in such indebt.
Tho purpose of this issuo is to provide working capital for tho growth of
tho business and to provide cash to pay for the interest of ono of the retiring
partners, Mr. Ilock, who retired, taking in payment for his interest part in
cash and balance in stock in the now company.
A u d it e d B a la n ce S h eets o f J u n e 1 1916 f o r A m e r i c a n C o . a n d J u n e 30 1915
f o r P a r is a n d L o n d o n C o m p a n ie s .

Fixed assets____________ $564,152 lkeferred s to ck _________ $3,000,000
G o o d -w ill.....................
5,990,372 Common stock__________ 4,125,000
Stocks
“ • * of~ other
•• companies
36,500 Bonds— 6 % duo in equal
Films, rented, at d ep re­
ann. installments Juno 1
356,646
ciated value__________
1917 to 1921............
1,000,000
Negatives, finished and
Mortgago on land at Bayshore-----------------11,0 0 0
unfinished, not yet re­
463,2S7 Beserves, contingent_____
leased, at cost_________
11,400
Creditors, trado accounts,
Baw film, work in progress
72,923
and supplies__________
& c .......................
171,423
47,031
85,000 Adv. by London & P aris..
Adv. matter, depr. valueCustomers’ accounts_____
296,621 Surplus.................
17,713
Boyalties advanced.
41.173
$8,383,568
Total each sido__________________
Cash ..................................
476,893
Tho "fixed assets” include land, at cost, $225,308; buildings, at cost,
$252,981; machinery, at cost, $61,265; installation, depreciated value,
$34,391; studio scenery, costumes, autos, &c., depreciated value, $48,819;
furnituro and fixtures, $27,371; total, $650,135; less reserve for depre­
ciation $85,983, $564,152.
The “ film rented at depreciated value” carried at $356,646 has, at tho
lowest computation, an earning capacity of at least 1 0 0 % , and negatives
finished and unreleased are credited at cost, $463,287, whereas it is nothing
unusual for a feature picture to mako 500%, or earn fivo timos its cost.
Based upon the abovo balance sheet, tho companies’ assets, exclusive of
any valuation of good-will, after deducting all indebtedness, excepting
funded debt, are conservatively valued at approximately $2,150,000; of
this valuation quick assets alone amount to moro than $1,500,000.
N e t E a r n in g s o f C o n stitu e n t C o m p a n ie s fo r Y e a r s 1909 to 1914, I n c l .
1909.
1910.
1911.
1912.
1913.
1914.
$353,849
$725,372
$756,969
$1,010,432
$1,204,821
$997,321
Tho falling off in earnings in 1914 was caused by tho war in Europe,
which naturally curtailed our profits there, particularly on tho Continent.
Our business in Great Britain and tho Colonies, howover, has hold up
amazingly. During tho past year wo havo mado great improvements in
our European organization and after tho war should handle a larger per­
centage of business abroad than over before. For 1915, duo to tho present
conflict in Europe, it has been impossible to obtain figures of earnings for
tho Paris and London companies. Howover, tho net earnings from tho
operation of the American company alone wero $501,451 and tho earnings
of tho same company for the first three months of 1916 havo been $126,787,
or at tho rate of over $500,000 per annum.

W estern New Y o rk U tilities C o., M edina, N. Y . —
B o n d s O f f e r e d .—

N. \V. Ilalsey & Co. aro offering $700,000 1st M . 30-year 5s due Juno 1
1946, tho company’s entiro presont funded debt, covering as a first lien
(whon present financing is completed) its ontiro property, including its
electric generating and distributing system, serving Medina, Albion, Mkldloport, Brockport and 15 adjacont residential and manufacturing communi­
ties situated between Buffalo and Bochestor. Gross earnings for 1915,
$183,883; not, $79,699.

W illys-O verlan d C o .— N e w S tock L i s te d .—

Tho N. Y. Stock Exchange has authorized tho listing as and when issued
of the $1,500,000 common stock, which has been set aside for salo to tho
The $84,500 Fist Mtge. 20-year 5% bonds due Sept. 1 1922 have been employees, making the total authorized to bo listed $22,500,000. To
called for payment on Sept. 1 at 105 and int. at Continental & Commercial June 5 contracts had been entered into whereby $ l ,422,500 of said $1,500,­
Trust & Savings Bank, Chicago.— V. 102, p. 1624, 1442.
000 stock had boon issued.
Tho resolution of the board provided that
the stock be sold at its book value, but not less than par, tho employees
U. S. Sm eltin g, R efin in g & M ining C o .— Dividend, & c . to pay one-twelfth of 1 0 % per month, payments to be deducted from wages,
A quarterly dividend of 2% has been declared on the $17,553,837 com­ and interest at 5% per annum to bo charged on deferred payments. No
mon stock, payable July 15 to holders of record July 3. The same amount stock is to bo delivered until all payments aro completed, thus requiring
was paid in April last. In some quarters an increaso had been expected.
ten years beforo the stock is to be delivered. Employees’ stock was prin­
The directors have issued the following statement:
cipally issued to heads of departments and sub-departments and officials
“ The earnings for the first quarter of 1916 were $2,623,707, and for April for tho purposo of creating an interest in the company’s affairs and rotaining
and May (Mexico partly estimated) were $2,449,133 after providing all them in the organization for a period of ton years. Tho par value of com­
interest charges on notes and making reserves for depreciation and explora­ mon shares is now $25 each.
tion, making the total earnings for 5 months (May partly est.) $5.072,840.' I n c o m e A c c t . f o r 4 M o s . e n d . A p r . 30 1916— W illg s -O v c r la n d C o . t'i S u b s id e s .
“ Owing to disturbed conditions in Mexico, tho company’s American staff Not earnings and income of all companies Jan. 1 to Apr. 30 1916.$4,377,799
is being withdrawn, leaving tho property in charge of Mexican and English
(After deducting all expenses of tho business, including rcservo
employees. Our latest information is that all operations on the Pacnuca
for income tax, all expenditures for repairs and maintenance
side have closed down, leaving the inference that those on the Ileal del
of the properties, an adequate allowance for accruing renewals
Monte side of the mountain are still running. They may be closed down
and depreciation and losses on final liquidation of lines dis­
by this time, but we have had no word to that effect.” — V .102,p .1714, 1352.
continued in excess of reserves previously established.)
Deduct— Interest on floating debt____________________________
184,655
U n ited States Steel C orporation .— B o n d s C a lled
One hundred bonds of the II. C. Frick Co. for payment at 105 and int. on
Balance carried to balance sheet____________________________ $4,193,144
July l at Fidelity Title & Tr. C o., Pittsburgh, Pa.— V. 102, p. 1622, 1544.
Dividends for four months on the $15,000,000 7% prof, stock call for
and at 6 % yearly on $22,500,000 common for $450,000. For
U n ited Verde Extension M ining C o.— Initial Dividend. $359,000
the cal. year 1915 the income available for dividends and redemption of
An initial dividend of 50 cents has been declared on the stock, payablo pref. shares was $9,870,678, agst. $5,231,275 for year ended Juno 30 1914.
Aug. 1 to holders of record July 15.— V. 94, p. 1769.
C o n so lid a te d B a la n ce S h eets o f A p r i l 30 1916 a n d D e c . 31 1915.
V itag ra p h Co. of Am erica .— N o t e s O ff e r e d .— Hornblower
A p r . 30 TO. D ec. 31 T 5 .
A p r . 30 T 6 . D ec. 31 ’15.
L iabilities —
-S
8
Assets —
$
S
& Weeks are offering 81,000,000 First 6 % gold notes.
Preferred stock__ 15,000,000
4,483,700
Beal estate, bldgs.,
Dated June 1 1916 and due $200,000 annually on each Juno 1 from 1917
machinery, Ac.20,947,746 16,945,403 Common stock — 22,422,500 21,000,000
to 1921, incl., but callablo as a whole, but not in part, at 102 )4 and int.
,& c. 14,059,932 14,059,932 Beal estate mtgs.
at any timo on 30 days’ notice. Interest J. & D. in N. Y. City. Denom. G ood-w ill,pat.
assumed_______
230,000
448,269
ents_____ 2,772,927
680,286
c* $1,000; r* $100, $500 and multiples. Trustee, Guaranty Trust Co., N. Y. Investm
Inventories______ 14,032,695 17,752,812 Notes payable------10,652,225 10,200,000
Prices for tho successive annual maturities, 1917 to 1921, 100, 99 'A , 99, Agents * eom p’ les 1,445,277 1,081,770 A cc’ ts payable— 4,849,681 4,942,179
9815 and 98, yielding about 6 % , 6.25% , 6.35%, 6.40% and 6.45%.
430,S99
451,944
Notes receivable.. 4,327,467 2,018.494 Customers’ depos.
280,618
380,986
C a p ita liz a tio n —
A u th o r i z e d .
O u tsta n d 'g .
A cc’ t s receivable.. 5,092,792 1,929.757 A ccr’d Int., & c . . .
First 6 % gold notos____________________________ $ 1 ,000,000
$1,000,000 M lsccll. inveat’ ts. 1,748,885
70,475 B eserves________ 3,024,925 2,202,711
3,000,000 Cash_____________ 8,588,172 4,023,342 Pref. stock d iv 'cL ..................... ^ 78,465
7% Preferred stock, in $100 shares_____________ 10,000,000
Common stock, in $100 shares__________________ 15,000,000 4,125,000
Prepaid Int., & c ..
484,011
316,482 Profit and loss____18,003,243 14,720,5o0
............
Digest of Statem ent by Pres. Albert E. Smith, Brooklyn, June 1 1910. Stock s u b scrip ts. 1,394,188
P r o p e r t ie s .—Incorporated May 16 1916 and now owns all tho stock
TotJll ..................74,894,092 58,908.803
Total .................. 74,894,092 58.90S.803
assets and business o f tho former Vitagraph Co. o f America, tho Vitagraph
Co. Ltd., of London, and the Vitagraph Co. of Paris. Is the largost — V. 102, p. 2173, 2082.
producer of motion pictures in tho world. It owns and operates studios
W o r th in g to n PumD & M achinery C orp.— L i s t e d .—
and plants at Brooklyn, N. Y ., Bay Shore, L. I., Los Angeles, Cal.,
The New York Stock Exchange has authorized the listing of voting trust
Gennevilliers, Paris, Franco, and London, Eng. The Brooklyn plant covers
certificates
for $5,592,900 Class A 7 % cum. pref. stock $10,3M J00
three acres of ground, tho plant at Los Angeles 10 acres and tho plant
at Gennevilliers, Paris, 8 acres. At Paris new buildings, having a capacity Class B 6 % pref. stock (cum. after April 1 1919) and $11,491,200 common
of 2 ,000,000 ft per week, was finished just prior to the declaration of war stock, on official notice of issuance in exchange for outstanding temporary
certificates or certificates of deposit, with authority to add $ l,o 0 1 ,00 b of
in 1914.
Produces moving picture films, known as feature and program pictures, said v. t. c. for common stock on exchange for temporary v. t. c., making
the former being high-class dramatizations of plays and books of a length the total amount of common authorized to bo listed $1...992,-00.
The Guaranty Trust Co. is now prepared to exchange the temporary
of five reels or more, and tho latter pictures o f current topics and events
and short program material. Tho output is six program and two foaturo voting trust certificates for Class A, Class B and common stocks for en­
graved
pornianont certificates. Comparo V . 102, p. 2173, 1890.
productions per week. The olily American company having plants
abroad. The Paris plant produces films for, and distributes them to, the
Y o u g h io g h en y & O hio Coal C o .— B o n d C a ll .—
entire non-English-speaking world. The London plant handles the product
Thirty-four 1st M . 30-year 6 % gold bonds, dated July 1 19 )8 , have been
of the company for Great Britain and its Colonies. The films are dis­
tributed in this country through the General Film Co. and tho Vitagraph- drawn for redemption at 105 and int. on July 1 1916 at Guardian Savings &
Lubin-Selig-Essanay, Inc., and through its own organization in Great Trust Co., Cleveland, trustee.— V. 101, p. 2150
Britain. Tho company was the first to have its own theatre in Now York,
where only Vitagraph productions wero shown.
Tho original Vitagraph Co. of America was organized by VV. T. Bock,
CURRENT NOTICE.
Albert E. Smith and J. Stuart Blacktop. Mr. Smith and M r. Blackton
will continue in the operation of tho present company and Mr. Bock will
— Tho investor with July funds for ro-invostmont will find a diversified
continue as a largo owner of its securities. Mr. Smith will bo President and
business head and will assist M r. Blackton in tho production end o f tho list of bonds yielding 4.80 to 6.40% , short-term securities 5.30 to 0.05%,
bu-iness. Associated with them will bo Benjamin 15. Hampton, V-.Pres. and preferred stocks 5.65 to 7.78% . awaiting his selection among tlio
of the American Tobacco Co., Clendenning Ityan and Herbert II. Vreeland.
offerings advortisod to-day in the ‘ Chronicle by Win. 1L Bonbright >
These gentlemen will represent practicallyjtho entire ownership of tho co.
Since the organization o f tho constituent companies, they have paid largo Co., Inc., 14 Wall St., this city. For genoral details soo tho firm’s adver­
dividends to their owners and have been among tho largest producers in tisement.’ Descriptive circulars will bo sont to inquirers on application.
existence. Tho present plans call for an enlargement in the scope of opera­
Over forty securities are listed in the advertisement.
tions, which promises even larger earnings in the future.

U. S. G ypsum C o .— Bonds Called.—




July l 191G.]

THE CHRONICLE

67

fftepccrrls eM Sjcrcumjewts.
CUBA CANE SUGAR CORPORATION
(Organized

under

the

laws of tho State of New York.)

O F F IC IA L S T A T E M E N T TO T H E N E W Y O R K S T O C K E X C H A N G E IN C O N N E C T IO N W IT H T H E L IS T IN G
OF SE V E N P E R C E N T C U M U L A T IV E C O N V E R T IB L E P R E F E R R E D S T O C K A N D C O M M O N S T O C K .
N e w Y o r k , J u n e 14 1916.
Cuba Cane Sugar Corporation hereby makes application
to have listed upon the New York Stock Exchange $50,000,­
000 (tho total authorized issue) of its Seven per Cent Cumu­
lative Convertible Preferred Stock, consisting of 500,00.,
shares of tho par value of $100 each, and 500,000 shares
(the total authorized issuo) of Common Stock without any
nominal or par value. All of said stock has been issued and
is outstanding in tho hands of tho public.
All of the stock of tho Corporation is fully paid and non­
assessable and iio personal liability attaches to tho owner­
ship thereof.
Cuba Cano Sugar Corporation was organized on tho 31st
day of December, 1915, under tho laws of the State of Now
York. Its duration is perpotual.
Tho Corporation in accordance with tho terms of tho char­
ter is engagod in the business of owning and operating sugar
plantations and factories in tho Island of Cuba, in the grow­
ing and grinding of sugar cane and manufacturing and soil­
ing raw sugar. Tho Corporation’s estimate of its output
for tho first year of its existence is approximately 3,200,000
bags of sugar of 320 pounds per bag.
Tho authorized capital of tho Corporation consists of 500,­
000 shares of tho par valuo of $100 each of Seven Per Cont
Cumulative Convertible Preferred Stock and 500,000 shares
of Common Stock without nominal or par value.

7% C u m u la tiv e C o m m o n s h a r e s .
C o n v e rtib le P r e - w ith o u t p a r
f e r r e d S to ck .
v a lu e .
SI ,000
10
Authorized at time of incorporation..........
Jan.
0 1916 increased
to_____
8 ,OOO,000
300,000
Jan. 27 1910 increased
t o . ........ 30,000,000
300,000
5 1910 increased
to .................
50,000,000500,000
Feb.

Tlie holders of tho Preferred Stock shall be entitled to re­
ceive when and as declared by the Board of Directors from
the surplus or net profits of the Corporation dividends at
tho rato of Sovcn per Cent per annum and no moro, payable
quarter-yearly. Such dividends on tho Preferred Stock shall
bo payable before any dividend shall bo paid or set apart on
tho Common shares, and shall bo cumulative from January 1
1916, so that if after that dato dividends for any past quar­
ter-yearly period at tho rato of Seven per Cent per annum
shall not have been paid thoreon or sot apart therefor, tho
deficiency shall be fully paid or sot apart, but without inter­
est, before any dividend shall bo paid or set apart for tho
Common shaves. Whonevo.r dividends at tho rate of Seven
per Cont per annum upon tho Preferred Stock for all past
quarter-yearly periods shall have been declared, and tho samo
shall havo beon paid by tho Corporation or the funds for tho
payment thoroof shall havo beon set asido, tho Board of D i­
rectors may declare dividends on tho Common shares, paya­
ble at such timo as tho Board may fix, out of any remaining
surplus or net profits; always provided, however, that no
dividends shall be declared or paid upon or sot apart for the
common shares that wiil reduce tho accumulated surplus or
not profits of tho corporation below an amount equal to divi­
dends in full for a poriod of two years upon all tho Preferred
Stock then issued and outstanding.
In tho ovont of any liquidation, dissolution or winding up,
excopt on voluntary dissolution, of tho Corporation, or upon
any distribution of its capital other than tho redemption of
its Preferred stock, tho holders of tho Preferred Stock shall
bo entitled to bo paid in full the par valuo thereof, and in tho
event of voluntary dissolution $120 per share, and in either
event also all unpaid dividends accrued thereon, before any
amount shall bo paid or any assets distributed to tho holders
of tho Common shares, and after tho payment to the holders
of the Preferred Stock of the amount payablo to them as
hereinbefore provided, tho remaining assets and funds of tho
Corporation shall be divided and paid to the holders of the
Common shares according to their respective shares.
Tho Preferred Stock may be redeemed in whole or in part
on any dividond day at the option of th Board of Directors
upon sixty days’ notice to tho holdors of record of said stock,
given in such manner as may be prescribed by the by-laws
or by resolution of tho Board of Directors, by paying .$120
in cash for each share of the Preferred Stock so to bo re­
deemed, and in addition thoreto all unpaid dividends ac­
crued thereon; but if less than .ill tho outstanding shares aro
to bo redeemed, such redemption may bo made pro rata as
may bo prescribed by resolution of tho Board of Directors.
Preferred shares, notice of redemption of which shall havo
been given, m ay be converted into Common shares until
thirty days boforo tho date fixed for such redemption, but
not thereafter.
Any holder of Preferred Stock may at any timo and from
time to time convert all or any of the shares of the Preferred
Stock held by him into common shares without any nominal
or par value, share for share, upon his written request and




subject to such regulations as may from time to time bo pro­
vided in tho by-laws or by resolusion of the Board of Direc­
tors
Upon such conversion the certificates for shares of
Preferred Stock so surrendered shall be canceled, the number
of shares of Preferred Stock that may bo issued shall be ac­
cordingly decreased and the number of Common shares with­
out any nominal or par value that may be issued shall be
accordingly increased, so that the total number of shares
that may be issued shall not be changed thereby. In case
of such conversion, the dividend on the Preferred shares so
surrendered and the dividend on the Common shares to be
issued shall bo adjusted as of the date of the conversion, as
may be prescribed from time to time by resolution of the
Board of Directors, so that dividends shall not be paid for
tho samo poriod on both the shares surrendered and the shares
to bo issued.
Each share of stock, whether Common or Preferred, is
entitled to one vote.
Tho Corporation has commenced the payment of divi­
dends on tho Preferred Stock at the full rate of Seven per
Cont, paying the initial dividend of One and Three-quarters
per Cent on tho Preferred Stock on April 1 1916, for tho first
quarter-yearly period of the year 1916. A dividend of One
and Three-quarters per Cent on the Preferred Stock for the
quarter-yearly period ending Juno 30 1916 has been declared,
payable on July 1 1916 to Preferred stockholders of record .
on Juno 16 1916. N o dividends have been declared or paid
upon tho Common Stock.
The Corporation has acquired and owns (June 9 1916) in
fee 334,100 acres, comprising the following sixteen sugar
estates in the Island of Cuba, in the following provinces,
to wit:
PROVINCE OF M ATANZAS.
N a m e o f E s ta te —
A c r e s O w n ed .
A lv a _______________________________________________ .. ____ 18,233 1-3
C onchita________________________________________
.. ........ 33,200
Foliz
___________ __________________________________
2,633 1-3
M ercedes------------------------ . ----------------- ---------------- . . . 19,833 1-3
------------San Ignacio. ----------------- — ----------------Santa Gertrudis____________________________ _________ ........ 27,633 1-3
Socorro____ _________________ _______________ _______
S oledad ________________________________ _ _ .
........ 8,033 1-3
Loquoitio_________
Maria Victoria__
Persoverancia . .
, .
J o b o _____________
Julia_________

153,466 2-3

PROVINCE OF SANTA CLARA.

72,733 1-3

PROVINCE OF HAVANA.

14,433 1-3
PROVINCE OF CAMAGUEY.
Jagueyal. . .
_______ ______________________________ .____ 36,666 2-3
Lugareno _ _________ ________ _______ _______ _____ __ . . . 30,466 2-3
M o r o n ____________________ _______ __________________ ______ 26,333 1-3
Province
Provinco
Provinco
Province

of
of
of
of

93.466 2-3

RECAPITULATION.
Matanzas__________________ 8 Estatos
Santa Clara___ __ ________ 3
“
Camaguoy ________ _____ _ 3
“
H avana__________________
2
“
16

“

153,466
72,733
93.466
14,433

2-3
1-3
2-3
1-3

acres.334.100

The Corporation also holds under lease approximately
164,766 2-3 acres of land operated in connection with the
following estates for the cultivation of cane and situated in
tho following provinces, to wit:
PROVINCE OF MATANZAS.
N a m e o f E s ta te —
Alava _____________________________________________
C on ch ita_______________ :_________________________
Foliz______________________________________________
M ercedes__________________________________________
San Ignacio____________ _____________________ _____
Socorro____________________________________________
S oledad___________________________________________

A c r e s L ea sed .
. . . 19,100

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

1-3
2-3
1-3
1-3
2-3
1-3

97,366 2-3

PROVINCE OF SANTA CLARA.
Lequcitio________ ______ ____________ _______________
Perseverancia_______________________________________

31,400
3,666 2-3
35,066 2-3

PROVINCE OF HAVANA.

Jobo
Julia

5,733
13,866
19,633
12,933
15,866
10,233

3,500
14,333 1-3

PROVINCE OF CAMAGUEY.
...................................... ............................. ..................
Lugareno
M o r o n ............................................................ ...................................

4,966 2-3
9,533 1-3

RECAPITULATION.
Matanzas, acres leased___________________________
Santa Clara, acres leased________________________
Havana, acres leased.............................. ...................
Camagucy, acres leased_________________________

97,366 2-3
35,066 2-3
17,833 1-3
14,500

Province
Provinco
Province
Provinco

of
of
of
of

14,500

T o t a l............................................................................................ 164,766 2-3
Acres owned________________________________________________334,100
Acres leased.........................................................................................164,766 2-3
acres.493,866 2-3

THE CHRONICLE

68

On these estates the Corporation operates sixtoen fullyequipped sugar mills, having a working capacity of 3,600,000
bags of sugar, and in conjunction therewith owns machine
shops, stores, workmen’s houses, offices, residences of man­
agers, superintendents, chemists, & c., cane carts, oxen and
all other appurtenances proper for the management of sugar
estates.
The Corporation also owns and operates for the transpor­
tation of its products and supplies, 638 kilometers of railway,
of which 335 kilometers are standard gauge and 303 kilo­
meters are narrow gauge, together with equipment consist­
ing of 83 locomotives, of which 54 are standard gauge and
29 narrow gauge, and 2,235 cane cars, of which 1,230 are
standard gauge and 1,005 are narrow gauge.
The entire Preferred Stock of the Corporation was issued
for the sixteen sugar estates hereinbefore named, and the
sugar estate “ Asuncion” (which has sinco been resold),
and approximately .81,000,00) cash. In addition thereto
85 per share, viz.: $2,500,000, was paid into the treasury
of the Corporation for corporate purposes on all of the Com ­
mon Stock.
The Corporation has no mortgage or other funded indebt­
edness. All of the properties wore acquired by the Cor­
poration free and clear of all encumbrances except that in

[Vol. 103.

certain instances where the encumbrancos could not be dis­
charged the Corporation acquired the obligations secured by
such encumbrances or set asido in special accounts cash
sufficient to discharge such encumbrances. As shown on
the balance sheet, the amount of obligations so acquired is
.$60,000, and the amount set aside in such special accounts is
$1,750,634 09, and is on deposit with the Guaranty Trust
Company of New York.
PROFIT AND LOSS ACCOUNT, OPERATIONS FROM DECEM BER I
1915 TO APRIL 30 1910.
Gross procoods of sugar and molassos, including values still to
liquidate---------- ------------- ---------------------------------------------- $37,802,751 87
Estimated profit of ono Central operated by former owner
for account of corporation______________________________
724,656 30
9 0 0 , o ~ t ,'IU O L I

Less: Cost of cano, sugar bags, materials and supplies, oper­
ating, gonoral, shipping and soiling expenses--------------- 24,626,850 85
313,900.557 32
Less— Interest__________________________________________
33,74495
Net prof it_________________________________________ 313,808,812 37
Deduct— Dividend No. 1 on Cumulative Con­
vertible Preferred Stock____________________ 3S75.000 00
L oss-A ccrued dividend received from stock­
holders_______1____ _______ ________________ 297,494 75
---------------- 577,505 25
Balance to credit of Profit and Loss account April 30 1916-313,289,307 12

BALANCE SHEET A P RIL 30 1916.

LIABILITIES.

ASSETS.
Property and plants
Current assets:
Sugar and molasses on hand April 30 1916,
valued at sales prices where sold and
market prices where unsold, less shipping
and selling expenses___________________ 323,553,927
Advance payments for operations________
439,980
Accounts receivable...................
393,611
Earnings from December 1 1915 to April 30
1916, to be accounted for from one Cen•
tral, being operated by former owner for
account o f corporation_________________
724,656
Cash in banks_______________
332,889

348,956,286 22

59
91
59

30
31

Advances to Colonos____________________________________
Materials and supplies______________ ____ ____ ______ _____
Inter-company balances in transit____ ______ _____________
Advance payments account machinery____________________
Deferred charges to expenses and cultivation 1916-1917___
Security to redeem indebtedness on properties:
Special cash deposits in bank re Censos
and liens as per contra_________________ $1,750,634 09
Bonds o f Compania Central Mercedes (de­
posited to secure lease as per contra)___
60,000 00
---------------------

25,445,065
282,507
481,293
92,363
72,515
209,464

70
91
39
26
25
44

Declared capital in accordance with the Stock Corporation
Law of tho State of New York.............................................. $52,500,000
500.000 shares 7% Cumulative Convertible Preferred
Stock, par value $100 each.
500.000 shares Common Stock, without nominal or par
value.
Bills payable................................................................................ 5,000,000
Drafts drawn by Centrales on Havana offico and accounts
4,516,659
payable_______________________________________________
Reserves for accrued liabilities and items in suspense--------233,529
Liens on properties, cash deposited per contra $1,007,653 65
Censos on properties, cash deposited por contra
742,980 44
Bonds of Compania Central Mercodes (owned
by corporation and outstanding as guaran­
tee as per contra)_______________________
60,000 00
--------------------- 1,810,634
Profit and loss account--------------- ------------------------------------ 13,289,307

00

00
68

37

09
12

1,810,634 09
$77,350,130 26

$77,350,130 26

The preceding statements cover the operations of the
properties from December 1 1915 to April 30 1916, being
substantially the grinding season of 1915-1916 and include
more than nine-tenths of the total production of tho 1915­
1916 grinding season.
Cuba Cane Sugar Corporation agrees with The New York
Stock Exchange as follows:
N ot to dispose of its stock interest in any constituent,
subsidiary, owned or controlled company, or allow any of
said constituent, subsidiary, owned or controlled companies
to dispose of stock interests in other companies unless for
retirement and cancellation, except under existing authority
or on direct authorization of stockholders of the company
holding the said companies.
To publish at least once in each year and submit to tho
stockholders, at least fifteen days in advance of tho annual
meeting of the corporation, a statement of its physical and
financial condition, an income account covering tho previous
fiscal year, and a balanco sheet showing assets and liabilities
at the end of the year; also annually an incomo account and
balance sheet of all constituent, subsidiary, owned or con­
trolled companies.
To maintain, in accordance with the rules of the Exchange,
a transfer office or agency in tho Borough of Manhattan,
City of New York, where all listed securities shall bo directly
transferable, and the principal of all listed securities with
interest or dividends thereon shall be payable; also a registry
office in the Borough of Manhattan, City of New York,
other than its transfer office or agency in said city, where all
listed securities shall bo registered.
N o t to make any chango in listed securities, of a transfer
agency or of a registrar of its stock, or of a trustee of its bonds
or othor securities, without the approval of the Committee
on Stock List, and not to select as a trusteo an officer or direc­
tor of tho company.
To notify tho Stock Exchange in tho evont of the issuance
of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests after authorization,
and that all rights, subscriptions or allotm nts shall bo trans­
ferable, payable and deliverable in the Borough of M an­
hattan, City of New York.
To publish promptly to holders of bonds and stocks any
action in respect to interest on bonds, dividends on shares,
or allotment of rights for subscription to securities, notices
thereof to be sent to the Stock Exchange, and to give to the

Stock Exchange at least ten days’ notice in advanco of the
closing of the transfer books or extensions, or the taking of
a record of holders for any purposo.
To redeem Pi*eferred Stock in accordance with the require­
ments of the Stock Exchange.
Tho fiscal year of the Corporation begins on tho first day
of October and ends on tho thirtieth day of September.
The Officers are: Manuel Rionda, President; Albert
Strauss, Chairman of the Board; Regino Truffin, Alfred
Jaretzki, Frederick Strauss and B . Braga Rionda, Vice­
Presidents; William S. Cox, Secretary and Treasurer; Manuel
E . Rionda, Assistant Secretary and Assistant Treasurer,
New York; Victor Zevallos, Assistant Seerotary and Assistant
Treasurer, Havana, and Higinio Fanjul, Assistant Secretary
and Assistant Treasurer, Havana.
_
The Directors (electod annually) are: C. N . Bliss Jr.,
A . S. de Bustamente, W . E . Coi’oy, W . H . Childs, W . S.
Cox, S. B . Fleming, Alfred Jaretzki, .1. N . Jarvie, Orestes
Ferrara, Horace Havomoyor, W . J. Mathoson, G . M .-P .
Murphy, W . E . Ogilvio, John D . Ryan, Manuel Rionda,
Manuel E . Rionda, B . Braga Rionda, Regino Truffin,
C . H . Sabin, C . A . Spreckels, Albert Strauss, Frederick
Strauss and G . II. Whigham.
Tho transfer agent of tho Corporation is Guaranty Trust
Company of New York, in tho Borough of Manhattan, City
of New York.
The Registrar of stock of tho Corporation is Columbia
Trust Company, in tho Borough of Manhattan, City of
New York.
.
Tho annual meeting of tho stockholders of the Corporation
is held at tho principal office of tho Corporation at N o. 112
Wall Street, Borough of Manhattan, in tho City of Now York,
on tho 2nd Monday of January in each year. Tho Cor­
poration also maintains an office in the National Bank
of Cuba Building, Havana, Cuba.
C U B A C A N E SU G A R C O R P O R A T IO N ,
B y M A N U E L R IO N D A , P r e s id e n t.




This Committee recommends that tho above-described
$50,000,000 of Soven per Cent Cumulative Convertible
Preferred Stock and 500,000 shares of Common Stock be
admitted to the list.
GEORGE W . E L Y ,
W M . W . HEATON,

Secretary.

Chairman.

Adopted by the Governing Committee, June 28 1916.
G E O R G E W . E L Y , S e c r e ta r y .

July l 1916.]

THE CHRONICLE

69

FEDERAL SUGAR REFINING COMPANY
O F F IC IA L S T A T E M E N T TO S T O C K H O L D E R S D A T E D J U N E 19 1916.
T o th e S h a re h o ld e r s:

The prosperity which has attendod tho operations of your
company lias been, in my judgment, largoly due to tho free
hand which you have allowed mo in disposing of the many
problems, financial, commercial and technical, which have
confronted me as your executive. Y ou have honored mo
with substantial expressions of confidence in m y manage­
ment of your properties and havo steadfastly refused to yield
to tho various attompts which havo boon made to compol a
disclosure of matters which would havo groatly benefited
our competitors. For this I thank you, and now that con­
crete results of this policy may bo shown I propose to outline
a few of the factors which warrant satisfaction with the pres­
ent and optimism as to the future aspect of your investment.
During tho past few years there has been constant improve­
ment in the conditions governing tho market for both raw
and refined sugars. From a state of almost completo dis­
organization the raw market is passing into strong hands,
theroby insuring a greater stability for tho futuro, and a
similar improvement is to be noted in tho market for refined
sugars, due largoly to tho bottor relations existing among the
refiners. For many yoars thoro was waged a stupid and re­
lentless trade war, which rosultod in no benefit oithor to tho
rofiners or to tho public; but tho refinors now appear to roalizo that tho markot is broad enough for all and that unfair
methods of competition aro distinctly injurious to all con­
cerned in tho refining and marketing of sugar. Tho policy
of this company has beon to attond strictly to its own busi­
ness as a refiner of sugar, to indulge in no stock market oper­
ations, to make no entangling alliances and abovo all not to
contract to soli its product at a price which did not onsure
a reasonable profit to tho company. Lately our competitors
appoar to havo adoptod this principle, and any cutting of
prices which now occurs is properly attributable to individ­
ual opinion of conditions. Another factor which tends to
stability in tho domostic market is tho abandonment of tho
guarantee price system, whoroundor tho rofinors were some­
times put to considerable loss on completed salos because of
tho necessity of readjusting the salos-prico to conform to a
recession in tho prevailing markot. This wasteful aud im­
provident practico having been abandoned, it is now possible
to mako sales with certainty that tho prico made will be tho
prico paid— and tho refiners profit accordingly.
While these factors were co-operating to tho benefit of your
company thoro has developed an unprocodontod market for
sugar, both domestic and for export. Tho unhappy condi­
tions prevailing in foreign countries have rosultod in a nearly
complete prostration of the refining industry, as a consoquenco of which American refiners aro supplying practically
all Europo. England, Franco, Switzerland, Greebo and other

countries which formerly drew their supply in part at least
from Continental Europe, now depend on the American mar­
ket, and as a consequence tho price of sugar has risen to a
degree which insures a comfortable profit. Under these
circumstances, the utmost efforts of American refiners fall
short of supplying the demand for sugar and whatever tero.p.tation to price-cutting might otherwise exist is therefore
completely removed.
At t ie risk of taxing your patience, the executives of this
company have deemed it prudent for the present not to dis­
tribute to the common shares any portion of the large surplus
which its operations have established, being more concerned
to ensure the permanency of a fair return on your invest­
ment than to create enthusiasm. In thus fortifying the
company’s reserves, however, your executives are not in­
fluenced by any apprehension that the present highly satis­
factory conditions will abruptly terminate with the close of
hostilities abroad; on the contrary, it is more than probable
that tho return of peace will serve only to bring into greater
prominence the utter dependency of foreign countries upon
the American market for their supplies of sugar, a necessity
of life. Unlike other commodities for which the war has
created an abnormal demand, sugar is an essential at all
times and to all peoples. The destruction of mills, the ravag­
ing of fields and tho slaughter of workmen have put it com­
pletely out of tho power of foreign sugai’-producing countries
to supply their own or the world’s needs and this condition
is in m y opinion likely to endure for several years after the
war ends.
Such being the controlling factors in the situation, I again
avail myself of your permission not to go into particulars as
of tho operations of this company and ask you to be content
for the immediate present with tho broad general statement
that the surplus of this company, as shown by the auditor’s
roport, is such that, if the company were liquidated to-day,
the shareholders would find themselves in possession of over
a million dollars in cash and a plant free and clear of incum­
brance. Beginning in 1902 with a capacity of 3,000 barrels
daily output, the plant has beon enlarged to a capacity of
over 10,000 barrels and tho cost has been met wholly from
earnings, free and clear of bonds or underlying mortgages.
1 he plant is maintained in a state of the highest efficiency,
with latest improved machinery and methods, and there is a
spirit or co-operation in the personnel of the organization
which contributes largely to the company’s success.
Respectfully,
C . A . SP R E C K L E S ,
P r e s id e n t.

New York, June 19, 1916.

CURRENT NOTICE.
Some of the latter aro tax-exempt in Pennsylvania. General particulars of
these offerings appoar in tho bankers’ advertisement and descriptive cir­
— Tho partnership subsisting between T. Edward Hambleton. John 1’ . culars will be sent to interested investors and financial institutions.
bolder, Iradell W. Iglehart, Nicholas L. Tilney and
Eor the convenience of tho owners and collection agents of July interest
'lino
^
<loinB business under the firm name of Hambleton & Co. coupons and dividends, many of tho largost payors of these disbursements in
this
city
are .advertising their full list of payments in our advertising columns
at Y i i ? Ut ,‘ C:lIvort s t-. Ballimore, M d „ and 43 Exchange Place, New to-day, which
includes: A. B. Leach & Co.; Harris, Forbos & Co.: Kountzo
'i ork City, has been dissolved by mutual consent. T . Edward irambleton, Brothers; H mslow Lanier & Co.; Guaranty Trust Co.; Irving National
John I . Baer, George A. Colder and Iredell W. Iglehart will continue tho Bank; Farmers’ Loan & Trust Co.; and the New York Trust Co. Stone &
badness under the firm name of Hambleton & Co. to deal In investment Webster advertised their payments in our Juno 24 issue.
securities, with offices at 10 South Calvert St., Baltimore, M d „ and 43
Sidney Spitzer & Co.. 115 Broadway, this city, aro to-dav advertising
Exchange Place, New York City. Nicholas L. Tilney and William F. on another page a few selected municipal bonds, free from income tax, at
to net the investor 3.90 to 4.90% . Those are legal savings bank in­
Eadd have formed a new partnership under the firm name o f Tilney Ladd prices
vestments, rho firm’s July circular containing detailed information of
& Co., to deal in investment securities, with office at 43 Exchange Place
theso advertised offerings will bo supplied for the asking. The bankers
New York City.
are prepared to buy. soil and appraise all classes of municipal bonds and
— G. Austin Haskell has been elected a Vice-President of the Investment will submit suggestions to meet the requirements of all classes of investors.
b inking house o f Carstens & Earles, Inc., of Seattle, Wash. H,- will be in
R ’ Go'IiPton Co. 14 Wall St., this city, St. Louis, Cincinnati
chargo of the department of investment securities, L. L. Hillman Vice­ and Chicago are offering for tho July investment requirements a represen­
list of this well-known firm’s municipal loans. The bonds adverPresident, continuing, as for many years, in charge of the company’s lumber tative
GfJS Ln *hO Chroniclo” to-day can be bought by purchasers at prices to
and timber activities. J. C. Tyler has been appointed Manager of tho yield 3.90 to 5.25%. Soveral of tho oflerings aro legal New York. Massa­
>>nd department; he was formerly with tho Spokane & Eastern Trusi chusetts and Connecticut savings bank investments and eligible to secure
postal savings deposits. Full particulars on request.
b e o n Y h a n ' r ^ n " till° wf L ’ P ’ Lco- Manager Export Department, lias
— For tho July investment requirements of investors, trustees of estates
will ineiiin' .1
Manager Foreign Trade Department,” and his activities
and financiai institutions, Clark, Dodge & Co., 51 Wall St., this city, and
u n d e r ^ P ^ e T S K n ^ th ° COmpaIly’s forel«n shippin* "ite rc sts Hartford, Conn., aro featuring a selected list of railroad, public service
and industrial bonds among our advertisements in this issue. The vields
range from 4.30 to 5.80%. Descriptions of tho bonds advertised will be
in
V *
' \ C° ., of ^ 0W '° r k , Boston and Chicago, specialists in furmshod
upon request.
the bonds and preferred stocks o f tho Interstate Electric Corporation
recommend tho bonds and stocks of this company for conservative invest
mont. In a page announcement, advertised in our issue of to-day the
bankers roport gross receipts of the Corporation for the year ending March
31 o f $568,506; not, $234,810; surplus, $124,463; or $76,863 after the payn m .w u 'S't 7 ’000 dividend on preferred stock. Tho total valuation of tho
8
is Klvon as $3,188,767; total bonded indebtedness, $ 1 ,844 > • ‘
equity over and abovo total bonded Indebtedness, $1,342,866.
- -An attractive lino o f corporation and railroad bonds is offered to
conservative investors, subject to prior sale and change in price, by E W
( lark & Co of 1 h ladelphia, Chicago, Pittsburgh and Boston. Tho cor­
poration bonds yield 5.15 to 5.80% and the railroad bonds 4 .20 to 4.84%.




eiu.v. is .
vision, wno is wen Known in i
cial and business circles, will be tho manager of tho branch.

.
Dominick & Dominick. 115 Broadway, this city, have issued an in­
teresting circular which outlines in detail the present investment oppor­
tunities offered in bonds of roads in receivership or in those whoso credit
JL;Ln*I>°rardy adverse 1y affected. Write the bond department or telephone
2020 Hector for =>

[Vol. 103.

THE CHRONICLE

70

mxc ©mummial ^imes.
COMMERCIAL EPITOME
F r id a y
N ig h t,
June
30 1916.
It has been one of the most active half-years in the history
of American trade. Of late war preparations in this country
have caused rush orders from tho United States Govern­
ment for munitions, food supplies, & c., and even aside from
this,trade is still far ahead of that of recent years. The
foreign demand for steel has been quickened by evident
fears that supplies from this country might, for a time at
least, be interrupted in the event of war between the United
States and M exico. More seasonable weather has stimu­
lated the retail trade in goods for which there was little
inquiry during the prolonged cool, wet period. Jobbing
trade is also unusually good for this time of year. Some
kinds of dry goods have sold more readily, as also shoes,
canned goods, automobiles, horses and mules. Raw wool
prices are up to a new high level. It is significant, too, that
shut-downs of plants for the usual summer dulness are rare.
The sales of jewelry, furniture and cigars have been stimu­
lated by the prosperous times with the buying power of the
country increased by high prices for the grain and cotton
crops and with wages steadily rising. M oney continues
easy, with gold imports for the fiscal year abnormal. A
recent deelino in ocean freights has caused larger export than
ever, with better weather, crop reports are more favorable.
W heat has advanced and cotton prices are, on the whole,
well maintained. On the other hand, troops are being
rushed to the Mexican border and a spark may at any time
start the flame of war. And, though this may be averted
for a time, the feeling is growing that stable government
has got to be set up in Mexico and that after years of dilly­
dallying, the United States will soon have to tackle the job
and put it through once and for all.
L A R D in good demand; prime Western, 13.60c.; refined
to tho Continent, 14.10c.; South America, 14.40c.; Brazil,
15.40c. Futures advanced at one time, but reacted later
after reaching nearly the high point of the season. Longs
sold freelv on the rise. The United States Government has
been buying meats and it is supposed m ay buy lard for use
of the troops on tho Mexican border. To-day prices ad­
vanced. Deliveries on July contracts to-morrow are ex­
pected to be the largest on record, or about 42,000,000 lbs.

DA ILY CLOSING PRICES OP LARD FUTURES IN CHICAGO..
S a t.

M on.

T u es.

W ed.

T h u rs.

13.15
July delivery______ cts.12.97H 13.17H 13.12H 13-00
September delivery___ 13.15
13.30
13.27H 13.17H 13.35

F ri.

13.17
13.35

Pennsylvania dark $2
Cabell....................... 2
Mercer black_____2
New Castle...........2
Corning__________ 2
W ooster__________ 2

Novem’r cts.8.09@8.11 M a rch ., cts.8.29 8.30
......................_J8.35
8-33
December— 8.13 @ 8.14 A pril_______
January------8.18@8.20 Maa y .............8.38@8.39
February___ 8-23@8-25

SU G AR' quiet; centrifugal, 96-degrees test, 6 .0 8 @ 6 .4 0 c .;
molasses, 89-degrees test, 5.31 @ 5 .6 3 c .; granulated, 7.65c.
Futures have been irregular within rather narrow limits
advancing at one time and then receding. July notices wore
in circulation on June 28 amounting to about 4,000 tons, and
they had a depressing effect, July that day dropping lOpoints.
Receipts of sugar at Atlantic ports for the week were 51,141
tons, against 72,093 in the previous week and 60,279 last
year; meltings, 55,000, against 53,000 in the previous week
and 61,000 last vear; stocks, 244,858, against 248,717 last
week and 398,741 in 1915. The weather has been favorablo
in Louisiana. Some holders have been firm as they look for
a big domestic consumption in July as well as a good export
business. To-day prices closed 5 to 7 points lower, with
sales of 6,950 tons. Closing quotations follow:
July____ccs.5.25@5.26 Novem’r.cts. 5.23 @5.25 M arch_cts .4.48 @4.50
5.01 @ 5.02 A pril______ 4.51 @4.53
A ugu st_____5.33 @5.35 D ecember
September . . 5.39@5.40 January____4.74@4.76 M a y ............ 4.53 @4.56
__________February______________
4.45@4.47
October_____5.33
@5.35

O IL S.— Linseed dull and again lower; C ity, raw, American
seed, 6 4 @ 6 7 c .; C ity, boiled, American seed, 6 6 @ 6 9 c .; Cal­
cutta, $1. Lard, prime, $1 0 5 @ 8 1 10. Cocoanut, Cochin,
1 5 @ 1 5 k 2 °-’> Ceylon, 1 4 ^ @ 1 5 c . Corn, 8 % @ 9 c . Palm
Lagos, 1 0 @ 1 0 K c . Cod, domestic, 5 9 @ 6 0 c . Cottonseed,
winter, 1 1 .1 5 @ 1 1 .5 0 e .; summer white, 1 1 .2 0 @ 1 1 .7 5 c.
Spirits of turpentine, 42c. Strained rosin, common to
good, $5 65.
P E T R O L E U M in good demand and firm; refined in bar­
rels $8 9 5 @ $ 9 95, bulk $5 2 5 @ $ 6 25, cases $11 5 0 @ $ 1 2 50.
Naphtha, 73 to 76 degrees, in 100-gallon drums and over,
41Uic. Gasoline, gas machine, steel, 37e.; 73 to 76 degrees,
steel and wood, 3 2 @ 3 5 c .; 68 to 70 degrees, 2 9 ® 3 2 o . N o
special news from the fields. Following are closing quota­
tions:




North Lima_______SI 73 Illinois, above 30
South Lima______ 1 73 degrees________ $ 1 82
Indian a__________ 1 58 Kansas and Okla­
Princeton__________ 1 80 homa _________ 1 55
Somerset, 32 d e g .. 195 Caddo La. lig h t.. 1 55
Ragland.................90c.

T O B A C C O has been in better demand and steady. M an u ­
facturers have had to re-enter the market, owing to an ex­
cellent consumption of cigars in these prosperous times.
Exporters of low grades of leaf find it hard to get berth freights
on the big steamers and are chartering whole vessels in some
cases in order to supply European demands. As regards Su­
matra tobacco, though prices are high, they are no bar to an
active trade. Cuban leaf has been in fair demand and
steady.
C O P P E R firmer; Lake here on tho spot 2 6 3 ^ @ 2 7 c .; elec­
trolytic 2 6 J £@ 27c.; for future delivery, 26J6@ 27e. The
advanco in electrolytic at London of £ 2 of late has attracted
attention. Increased foreign buying here is expected in
some quarters. Exports from the United States are steadily
increasing. They are approaching 35,000 tons, being al­
ready 32,379 tons. Tin again lower but later became firmor;
spot 3
9
London and Singapore advanced. Arrivals,
5,695 tons; afloat, 2,312 tons. Tho firmness of London of
late has been a feature. Spelter dull and again lower on tho
spot at l l ^ c . M any consumers aro awaiting still lower
prices. Lead in good demand aud higher on the spot a
6.85c. London higher. England and Russia, it is reported,
have been buying heavily. Pig iron in hotter demand; N o . 2
Northern, $19 7 5 @ $ 2 0 25; N o . 2 Southern, $ 1 4 @ $ 1 4 50.
Steel has been in smaller domestic demand, but foreign orders
for Bessemer pig iron, steel billots and shell steel have had a
steadying effect. Europe has feared that a war with
Mexico might interrupt importations of steel from America.
It is stated that tho W ar Department has been onablod to
obtain for immediate delivery 250 machine guns which wore
being turned out for use in Europe. A t tho same timo,
because cartridges of the kind hitherto used by United Statos
troops aro not suitable for tho guns in question, the W ar
Department has ordered 6,000,000 cartridges. This ammu­
nition, too, was being manufactured on British specifications.
Tho W ar Department has also been making inquiries of steel
mills and finishing plants concerning the amount of material
that they could furnish promptly, i. o., rails, cards, locomo­
tives, automobiles, barbed wire, shells, cartridges and other
material. The rails wanted would be light weight for uso in
Mexico. Tho Government has also given out contracts for
shrapnel cased forgings. Y e t, the consensus of opinion is
that the general drift of steel prices is towards a lower level.

P O R K in good'demand and higher; mess, $ 2 5 .7 5 @ $ 2 6 .2 5 ;
clear, $24 @ 8 2 7 / Beef, mess $17 5 0 @ $ 1 8 ; extra
India
mess, $ 2 9 @ 8 3 0 . Cut meats higher, with the demand fair.
The United States Government lias bought during the week
1.300.000 lbs. of bellies for use by the troops on the Mexican
border. Pickled hans, 10 to 20 lbs., 1 5 % @ 1 6 ^ c . ; pickled
bellies 15J4@ 16c. Butter, creamery, 2 4 K @ 3 1 o . Cheese,
State, 1 3 @ 1 6 J4c. Eggs, fresh, 19@ 2 7 c .
C O F F E E dull; N o . 7 Rio, 9c.; N o . 4 Santos, 1 0 J ^ @ 1 0 K c .;
fair to good Cucuta, 1 2 K @ 1 4 c . Futures have declinod on
European liquidation and lower prices in Brazil, as well as
dulness of spot trade and a liberal movement of tho crop.
Tho total crop movement of Rio and Santos thus far has been
14.944.000 bags, against 12,821,000 during tho same timo
last season and 13,796,000 two years ago. To-day futures
closed 15 to 19 points higher, with sales of 34,500 bags.
Closing prices were as follows:
July____cts.7.82@7.84
A ugu st------- 7.91 @7.92
September __7.99@8.00
.......... 8.04
..
@8.05
October____

60
12
10
10
10
00

COTTON
F r i d a y N i g h t , J u n e 30 1916.
T H E M O V E M E N T OF T H E C R O P , as indicated by our
telegrams from tho South to-night, is given below. For the
week onding this evening the total receipts have reached
67,281 bales, against 63,870 bales last week and 51,668
bales tho previous week, making the total receipts since
Aug. 1 1916 6,931,522 bales, against 10,307,767 bales for tho
same period of 1914-15, showing a decrease since Aug. 1 1915
of 3,376,245 bales.
M on.

S a t.

T u es.

W ed .

F ri.

T h u rs.

T o ta l.

Galveston_____
Texas City.........
Port Arthur____
Aransas Pass, &c
New Orleans___
G ulfport_______
Mobile-------------Pensacola--------Jacksonville, &c.
Savannah --------Brunswick------Charleston_____
Georgetown___
W ilm ington-----Norfolk .
N ’ port News, &c
Now York--------Boston - __ _ _
Baltimore--------Philadelphia-----

2,780

3,621

6,323

4,845

4.833
350

2,301 24,703
350

2*667

1*475

3*878

1*219

3*461

4*072 46,712

**25

*204

*930

*196

*842

**47

2*244

*965
1,289

*965
9,845
1,0 0 0

Totals this week.

8,965i

1*216

2*140

2*256

1*373

1*571

**14

***i

5

1,0 0 0
11

**17

48

*401
918

251
1.261

**84
395

*700
853

*261
490

1*325
2,034

3*022
5,951

*94l

*281

*158

*405
—

*154
—

*35(5
146

2,295
146

9.592

11,907

__
9,233if 14,038

13,546 67,281

The following shows the week’s total r e c e ip t s , tho total
since Aug. 1 1915 and the stocks to-night, compared with
last year:
-________________________
,.
1915-16.
R e c e ip ts to
J u n e 30.

Galveston______
Texas City_____
Port Arthur------Aransas Pass, &c.
Now Orleans----Gulfport..............
M ob ile................
Pensacola______
Jacksonville. & c.
Savannah---------Brunswick-------Charleston..........
Georgetown-----Wilmington------Norfolk________
N ’port News, &c
New Y ork.........
B oston ________
Baltimore--------Philadelphia —
Totals.

TM s
W eek .

S in ceA u g \

1 1915.

1914-15.
T h is
W e ek

S in ceA u g

1 1914.
3,964,874
501,582
U«
56.976
61,886
8,359 1,850,437
5,322
*483 164,732
80,308
32,493
25
3.414 1,743,681
222.008
■120 403,331
1,857
418 276,965
1,690 595,486
154,509
21,056
255
86.977
80,372
67
185
2,935

67.281 6.931.5221 27.80Q110307767

24,703 2,367.378
350 299,135
58,988
85.393
16,712 1,351,221
152,801
61,189
42,604
965
9.845 1,012,492
1,000 133,900
48 256,272
728
* 3 ,022 216.897
5,951 619.515
82,982
26,938
84,363
2,295
46,164
116
2,562

" 2*244

S tock .

1916.

1915.

136,389
8,353

155,366
25,508

210,679

66

966
172,256

*15,874

*1*5*344

* *1*217
97,497
4,000
36,255

67,744
6,000
47,291

5*1*511
53,752

3*8*653
50,810

159,803
9,963
3.556
925

24*6*189
14.847
2,032
2,025

789.840

845.031

THE CHRONICLE

J u l y l 1916.]

71

In order that comparison may bo made with other years,
we give below tho totals at leading ports for six seasons:

that the Government report to be issued to-morrow will be
rathor bearish than otherwise. The consensus of opinion
has been something like 79 to 80 as tho probable Govern­
1914.
1913.
1915.
1912.
R e c e ip ts a t —
1911.
1916.
ment percentage to-morrow as against 77.5 last month and
11,753
15.632
6,920
24,793
1,530 80.3 a year ago. Some of the bulls think that the acreage
5,504
Galveston__
731
320
71
350
TexasCity.&c.
lias not been increased more than 9 or 1 0 % . But others
5,638
8,359
16,712
6,341
5,379
2,497
Now Orleans483
1,517
972
2,244
4 aro inclined strongly to tho opinion that it has ranged from
234
Mobile .........
1,295
3,414
3,448
9,845
2,384
2,427 10 to 1 5 % and not improbably around 12L £% . * Finally,
Savannah __
1,000
190
Brunswick__
62
420
48
333
890
21 July notices wore a source of weakness on Tuesday, June 27.
Charleston,&c
3.022
114
418
392
Instead of turning out to bo something like 5,000 bales, as
21
Wilmington..
1.157
5,951
1,690
1,939
144 many expected, they reached 25,000 to 30,000 bales. And
1,346
N ’port N.,&c.
" ” 532
~ Y , 194
On
■;L406
” "928
” *864
All others___
” l",938 they circulated all day with a plainly depressing effect.
the other hand, the heavy liquidation recently has undoubt­
27,800
21,534
67,281
32,609
16,946
Total tills wk.
8,561
edly improved the technical position hero. The decks are
Since Aug. 1. 6,931,522 10307767 10472891 9,668,737 11740587 8,549,819 considered pretty well cleared for the Government report
The oxports for tho week ending this evening roach a total to-morrow. So that if it is unexpectedly bullish, prices are
of 133,536 bales, of which 78,103 were to Great Britain, in a position to advance. Old bulls would take hold again
7,539 to France and 47,824 to other destinations.
Exports and they may in any case if the report should turn out to be
bearish and prices should decline. Spot markets have been
for tho woek and since Aug. 1 1915 aro as follows:
generally firm and exports, not excepting those from New
York, have attracted some attention. Those from New
From Aug. 1 1915 to June 30 1916.
Week ending June 30.1916.
Exported toExported to—
York in the last few weeks have certainly been large. Spot
Exports
houses have bought more or less. In fact, what is termed
Great
Great
fro m —
Britain. France Other. Total. B ritain.
France.
Other.
Total. F
trade buying has been a support all the week. It is supposed,
too, that in the event of war breaking out between this coun­
1,650 27,462 969,295
Galveston.. 25,812
479,217 1,601,244
__ __ ____ ____ 179,523 152,732
Texas City.
79,540
IS ,102 277,165
try and Mexico, the Government will need largo supplies of
____
____
____
____
_
_
Port Arthur
48,337
48,337
__
__ ___ 13,873 9,722 23,595 khaki, tenting, tarpaulins, &c. W ar with Mexico would
Ar. Pass,Ac.
561,108
NewOrleans 8,989
9,489
500
225,144 322,090 1,108,942
certainly be regarded as a bullish factor. In fact, some
74,561
12,509
Mobllo___ 12,509
—
—
74,561
orders have already been given out. Latterly, too, the sup­
53,527
7,666
Pensacola..
1,338
61,805
201,616
ply of contracts in the future market at the Cotton Exchange
65,550
Savannah..
152,540 419,712
10,806
87,770
Brunswick .
98,576
has boon comparatively small. Foreign stocks continue
56,466
24,334
80,800
Charleston.
small, and much of the supply at Southern ports is said to
74,902
12,706 12,706
95,655 170,557
Wllmlng’n .
28,909
28,415
50C
3,390
5C0 3,89C
57,824
Norfolk..
be owned by Europe. To-day prices declined slightly and
884
35C
1,234
N’p’t Nows.
New York. 10,591 7,030 12,925 30,555 113,405 147,934 398,177 659,516 then rallied on covering of shorts. Trading was light,
81,732
8,559
1,963
90,291
awaiting the Government report. Spot cotton closed at
Boston___
1,963
31,109
8,728 117,429
500 149,038
Baltimore.. 8.72S
13.15c. for middling uplands, showing a decline for tho week
20,426
6,181
3,155
23,581
Phlladel’a.
G.181
of 15 points.
__ 3,290 __ ______
3,290
Portl’d, Me.
____
______
______
177,517
177,517
San Fran’co
The official quotation for middling upland cotton in the
______
______
15,096 15,096
250,091 250,091
Seattle!____
Now York market each day for the past week has been:
______
______
136,62!) 136,629
4,947 4,947
Tacom a . . .
Los Angeles

Pem bina__
P T otai____

.

—

—

____
—

____
—

1,605

.....

7,539 47,824 133,526 2,599,395

78,163

T o t :i4-'ir> 25,065
T o } ,’ 13-’ 14 19,774

.....

45C
5,522

2,055
5,522

837,505 2,085,048 5.521,948

1,778 31,423 58,266 3,747,265 656,148 3,744,104 8,147,517
4,379 32,129 56,2823,426,266 1,064,533 4,393,096 8.883.895

Wofe.—New York exports since Aug. 1 Include 2,355 bales Peruvian and 309
West Indian to Liverpool and 1,010 bales Peruvian to Genoa. '
~

In addition to above oxports, our telegrams to-night also
givo us tho following amounts of cotton on shipboard, not
clearod, at tho ports named. W e add similar figures for
Now York.
O n S h ip b o a r d , N o t C lea red f o r —
June

30

a t—

G rea t
B r ita in . F r a n c e .

9,269
Now Orloans..
Galveston____ 41,297
M obile_______
Norfolk ...........
Now York___
Othor ports__

9,406
500
3,000

G er­
m any.

Total 1910.. 63,472 19,206
Total 1915.. 16,967 3,246
Total 1914.. 15,481
251

C o a st xoise

T o ta l.

9,506
1,532
6 700
3,000j

lOO! 35,335 9,455 127,568
100 30,183 31,071| 81,567t
0,223! 6,389 15,800! 44,144

662,272
763,404
291,719

21,887
9,448

100
"4*666

676 39,885
6,795 05,245
1,700 1,700

L e a v in g
S tock .

170,794
71,144
95,797
36,255
6,368
52,220
159 109
76!591

8,053 ...........
7,705
1.248
2,200

O llier
C o n t’ t.

284

to J u n e 30—
Sat. Mon. Tues. W ed. T hurs.
Fri.
M iddling uplan ds.. .................13.40 13.30 13.10 13 .10 13.15 13.15

*

.N E W

Y O R K Q U O T A T IO N S FO R 32 Y E A R S .

1916-C.___ 1 3 .1 5 ------1908.c ......... ------11.50
1915............... 9.60 1907 ............. 13.25
1914----------- 13.25 1906........... .10.80
1913............. 12.40 1905........... .10.15
1912----------- 11.65 1904_______ 10.85
1911..............14.80 1903............. 13.00
1 9 1 0 ........... 15.35 1902________ 9.25
1909............. 12.00 1901...............8.81




1892.C........... 7.38
18 91-............ 8.38
1890_______ 12.00
1889........... .11.00
1 8 8 8 ............10.19
1887..............11-06
1886............. 9.38
1885..............10.44

T H E V ISIB LE SU PPL Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make tho total tho complete figures for to-night
(Friday), wo add the item of oxports from the United States,
including in it the exports of Friday only.
J u n e 30—
Stock at L iverpool_______ bales.

.
.
Stock at Hamburg.
Stock at Marseilles
Stock at Barcelona
Stock at Trieste.

Speculation in cotton for future delivery was on a fair
scale until within a day or two at some decline in prices.
Latterly, too, the trading has been small, awaiting the Gov­
ernment report on acreago and tho condition of tho crop to­
morrow at 11 o’clock. Prices have declined because of rather
better weather, some improvement in the crop conditions,
a certain sympathy at times with momentary weakness in
the stock market and, finally, heavy liquidation of July and
other long accounts, both by commission houses and wellknown local traders. Also, Liverpool, instead of buying
freely as it did last week, has this week been more of a seller.
The market has missed the support of the recent large Liver­
pool buying to undo straddles here. Tho change of front
by Liverpool from buyer to seller was attributed to two things
first, an upward tendoncy in ocean freights and a belief that
this would lead to a widening of the differences between
New York and Liverpool.
This naturally led to selling
oy Liverpool here for straddlo account, just as recently,
when ocean freights declined to 81 per 100 lbs., Liverpool
became a heavy buyer to undo straddles horo, and tho indi­
cations pointed to a narrowing of tho differences botweon
New York and Liverpool. It turned out that only prompt
shipments wore taken at 81 per 100 lbs., and that August
shipments vvoro 81 50. The Liverpool selling hero was also
m anticipation of the movement of new cotton in about six
weeks.
I he weekly Government weather report on Wednes­
day stated that higher temperatures had had a favorable
effect throughout tho cotton belt, that tho plant was bloom­
ing as far north as Southern South Carolina, that blooms
were plentiful in Arkansas, that the plant was blooming
and forming squares in Alabama and Mississippi, that Okla­
homa and Texas have improved, tho latter by hot weathor
here and tliero and beneficial showers. In Georgia warmer
weather has been highly favorable. Tho report added that
improvement has taken placo in Alabam a, Mississippi and
Louisiana, as well as Arkansas, Tennessee and South Caro­
lina. Of late, too, there has been an idea among very many

---------1900.C____
10.00
1899............ 6.06
6.31
1898.
7.81
1897.
7.44
1896--­
7.00
1895.. .
18 94..
. 7.25
1 8 9 3 ..
. 7.88

1916.
1915.
658,000 1,740,000
38,000
42,000
52,000 144,000

1914.
935.000
5,000
77,000

1913.
934,000
5,000
63,000

, 748,000 :1,926,000 1,017,000 !1,002,000
12,000
.
*1,000
*4,000
39,000
311,000
.
*1,000 *182,000
393,000
188,000
. 261,000 302,000
286,000
3,000
18,000
.
13,000
3,000
20,000
51,000
31,000
. 44,000
. 142.000 411,000
2S.000
33,000
26,000
. *1,000
*3,000
58,000
. 463,000

971,000

838,000

593,000

Total European stocks_______ 1,211,000 :2,897,000 :1,855,000 :1,595,000
India cotton afloat for Europe__ . 51,000
87,000
212,000
104,000
Amcr. cotton afloat for Europe.. 342,440
197,275
121,048
159,878
Egypt,Brazil,&c.,afloat for Eur’pe) 22,000
22,000
36,000
24,000
Stock In Alexandria, Egypt____ . 34,000
165,000
138,000
115,000
Stock in Bombay, India________ . 879,000
918,000
861,000
934,000
Stock in U. S. ports___________ . 789,840 845,031
226,720
335,863
528,753
Stock in U. S. interior towns__ . 437,479
174,652
209,428
U. S. oxports to-day___________ .
12,250
2,147
11,057
.3.777.S16 ,5,672,319 :3,847,540 )3,256,196
Of the above, totals of American and other descriptions are as follows:

A m e r ica n —

Liverpool stock__________ balos.

536,000 1,467,000
126,000
44,000
*361,000 *788,000
342,440
197.275
U. S. ports stocks______________ 789,M0
845,031
U. S. interior stocks____________ 437,479
528,753
U. S. oxports to-day____________
11,057
12,250
E a st I n d i a n , B r a z il, & c .

Liverpool stock__________
London stock___________
Manchester stock________

723,000
52,000
691,000
159,878
335,863
174,052
2,147

743,000
43,000
549,000
121,048
226,720
209,428

2.521,816 3,973,309 :2,138,540 1.S92.196

. 122,000
. 38,000
.
8,000
*102,000
India afloat for Europe________ , 51,000
. 22,000
. 34,000
Stock in Bombay, India_______ . 879,000

264,000
42,000
18,000
*183,000
87,000
22,000
165,000
918,000

212,000
5,000
25,000
147,000
212,000
36,000
138.000
934,000

191.000
5,000
20,000
44,000
104.000
24,000
115,000
861,000

.1,256,000 1,699,000 1,709,000 1,364,000
.2,521,816 3,973,309 :2,138,540 1.892,196
.3,777,816 5,672,309 :3,847,540 3,256.196
6.70d.
Middling Upland, Liverpool____ .
8.19d.
7.46d.
5.20d.
Middling Upland, New York___ . 13.15c.
12.35c.
9.60c.
13.25c.
Egypt, Good Brown, Liverpool... 12.30d.
9.95d.
9.60d.
7.25d.
9.25d.
Peruvian, Rough Good, Liverpool1 13.75d.
8.85d.
10.75d.
Broach, Fine, Liverpool________.
6Md.
7.90d.
5. lOd. 6 3-1 Od.
Tinnevelly, Good, Liverpool___ .
7.92d.
6 K d . 6 5-16d.
5.22d.
♦Estimated.

Continental imports for past week have been 76,000 bales.
The above figures for 1916 show a decrease from last week
of 103,235 bales.a loss of 1,894,493bales from 1915, a decline
of 69,724 bales from 1914 and a gain of 521,620 bales over
1913.

Tl

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 week 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 set out in de­
tail below.

[Vol . 103.

F U T U R E S .— The highest, lowest and closing prices at
New York for the past week have been as follows:
1

Saturday, Monday, Tuesday, Wed'day, Thursd’y, Friday,
June 24. June 26. June 27. June 28. June 29. June 30.

Week.

July—
M ovem en t to June 30 1916.
Tounts.

R eceipts.
W eek.

Season.

Ship­
ments.
W eek.

i

30.

A la., E u fau la..
5
17,795
M on tgom ery.
1,061 126,016
1,674
122
59,178
S elm a.............
576
Ark , H elena.2
52,335
419
Little R o c k ..
594 170.119
1,850
G a., A lb a n y ...
9
21,327
53
41C 122,578
1,700
A th e n s ...........
Atlanta______
4,849 175,308 8.619
A u g u sta _____
1.23S 384,502
4,292
Colum bus____
125
65,109 2,940
M a e o n ______
79
44,681
280
R o m e _______
440
627
64,357
La., Shreveport
41 119,435
1,788
Miss.,Columbus
94
17,200
192
25
G reen v ille __
62,827,
247
Greenwood__
50C 107,699
381
M e rid ia n ____
556
52,465 2,144
24,619
N atch ez,.........
274
367
Vicksburg____
141
26,887
116
30,164
Yazoo C it y ..
360
M o .„ S t . Louis.
6,20i 724,455 6,631
N . C ., Raleigh.
27
13,644
50
O ., Cincinnati.
4,529 277,351
4,571
Okla., H ugo__
12,615
S .C ., Greemv’d
19,131
Tenn„M em phis 3,534 955,496 8,457
6,684
N ashville____
T ex., .Brenham
20,512
77
195
__ i
27,976
Clarksville__
D allas.............
98,986
1,629
891
29,261
H oney,G rove.
H ouston_____ 14,1992,072,837 20,088
100
Paris________
100
95,785

9,891
44.84C
10,745
2,72(1
10,955
801
11,55C
44,357
76,555
18,014
4,872
4,787
5,944
1,822
3,400
0,314
7,717
3,312
450
4,155
12,254
84
12,258
3,978
77,714
1,066
669
7,647
41,549
450

Range____ 13.12-.29 13.00-.28 12.90-.12 12.93-.06 12.97-.05 12.91-.03 12.90-.29
Closing___ 13.24-.25 13.ll-.12 12.95-.96 I3.05-.06 12.98 — 13.02-.03 ____ __

M ovem ent to July 2 1915.

Stocks
June

R eceipts.
W eek.

Season.

Ship­
m ents.
W eek.

31
29C
423
10C
81
17
21C
362
993
103
28
98
371
11
164
70
148
10
115

Stocks
July

2.

25,205
205
204,751
782
138,160
580
62,345
102
205,389
361
32,224
150
122,254
1,200
189,640
1.593
452,472! 2.760
98,590
925
37,689
66,917
800
159,181
826
33,443
229
73,658
103
135,074
1,070
53,780
499
21,973
139
38,533
452
39,574
200
3,047 694,353
4,052
75
14,606
100
3,028 320,104 4,305
l
10,354
36
26,498
97
2,861 1,062,002
7,637
237
8,204
105
19,852
125
46,470
-...1
178 123,350
682
24,624
....!
7,616 3,400,887 11,322
....
116,254
----)

8,467
55,179
20,549
1,558
12,840
9,270
13,227
9,219
84,574
21,869
5,334
5,445
31,043
3,071
5,343
5,000
13,251
4,407
4,806
4,300
22,263
341
18,677
5,021
94,278
358
1,366
646
67,051

August—

Range____ 13.20-.38 13.14-.34 13.02-.19 13.02-.14 1.3.07-.14 13.03-.13 13.02-.38
Closing___ 13.32-.34 13.18-.20 13.05-.0S 13.13-.14 13.0S-.10 13.13-15 —
Range____ 13.37 — 13.30 — --- -------- 13.15 — _______ ________ 13.15-.37
Closing___ 13.35-.37 13.2l-.23 13.12-.14 13.16-.18 13.16-. 18 13.16-. 18
October—
Range........ 13.28-.41 13.22-.41 13.12-.29 13.11-.22 13.15-.23 13.16-.22 13.11-.41
Closing___ 13.37-.38 13.21- 26 13.15-.16 13.19-.20 13.19 — 13.20-.21
November—
September—

Closing___ 13.45 — 13.31 — 13.23 — 13.27-.29 13.27 — 13.28 — _______
Range____ 13.44-.5S 13.38-.56 13.29-.44'1.3.27-.37 1.3.33-.39 13.33-.39 13.27-.58
Closing___ 13.51-.53 13.39-.40 13.32-.3.3 13.35-.36 13.37-.38 13.38-.39
January—
Range____ 13.5l-.64 13.45-.63 13.35-.50 13.34-.44 13.38-.45 13.39-.45 1.3.34-.64
Closing___ 13.61-.62 1.3.46-.47 13.38-.39il3.41-.42 13.42-.43 13.43-.41 --- --- --December—

February—

--- •-- --- --- --- --- — --- --- 13.67 —
Range____ 13.67 ------------------Closing___ 13.68-.70 13.54-.55 13.46-.47.13.49-.50 13.50-.52 13.51-.53 --- --- ---

March—

Range....... 13.68-.8l 13.62-.79
Closing___ 13.76-.78 13.62-.64
Range____ —
Closing___ 13.82 — 13.68 —

April—
May—

J u n e 30—
S h ip p e d —

Via
Via
Via
Via
Via
Via
Via

------ 1915-16
W e ek .

St. Louis____________________. (1,(131
6,631
Mounds, & c________________. 97S
078
Rock Island__________
.
2.5
Louisville____________
. 814
Cincinnati___________________. 2,016
2,(11(1
Virginia points_____________ . 1,961
1,901
other routes, &c____________ .13.984
13,984

Total gross ov’erland________

D e d u c t s h ip m e n ts —

S in c e
A u g . 1.

729,338
316,161
6,981
144,308
138,640
163,664
645,833

.26,409 2,144,895

-1914-15W eek .

4,052
571
40
812
692
2,467
6,132

S in c e
A u g . 1.

678,768
323,273
4,470
156,590
114,202
189,646
520,582

14,766 1,987,531

Overland to N. Y ., Boston, <Scc. , 2,441
Botween interior tow ns..................
. 3,140
11,433
Inland, &c., from South________ .11,433

160,027
189,203
310,778

507
1,236
4,542

191,340
229,945
164,543

Total to bo deducted..................17,014
17,014

660,008

6,285

585,828

. 9.395 1.484,887
* Including movement by rail to Canada.

8.481 1,401,703

The foregoing shows the week’s not overland movement
has. boon 9,395 bales, against 8,481 bales for tho week last
year, and that for the season to date the aggregate net over­
land exhibits an increase over a year ago of 83,184 bales.

_ _ _ _____

13.69 — _______
13.69 —
13.61-.63, 13.65 — 13.65 — 13.68-.70

Range____ 13.89 — 13.88-.91 1.3.67-.82 1,3.66-.77 13.71-.77 13.72-.75 13.66-.91
Closing___ 13.90-.91 13.77 — 13.71-.72 13.74 — 13.74.-76 13.76-.77

Q U O T A T IO N S FO R M ID D L I N G C O T T O N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of tho week.

T otal„33 towns 40,1236,099,334 70,352 437,479! 20,817,8,058,4281 41,302 528,753

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 e give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. Tho results for the
week and sinco Aug. 1 in the last two years are as follows:

13.52-.6S.13.50-.60 13.56-.63 13.56-.62 13.50-.81
13.55-.56 13.59-.60 13.59-.60 13.6l-.62 —

C lo s in g Q u o ta tio n s f o r M id d li n g C o lto n o n
W e ek e n d in g
J u n e 30.

Galveston _ __
Now Orleans__
M obile________
Savannah .. .
Charleston____
Wilmington___
N orfolk______
Baltimore____
Philadelphia__
Augusta_______
Memphis______
St.. Louis_____
Houston____ _
Little Rock___

S a tu rd a y. M o n d a y .

T u es d a y . W e d ’ d a y . T h u r s d ’ y.

13.75
13.06
12.94
12 H

13.75
13.06
12.94
1.3

13.75
13.06
12.94
13

12 54

12545
13.13
13 X
13.55
12.94
13.25
13
13.65
13.13

125a
13.00
1.3 '4
13.35
12.91
13.25
13 54
13.65
13.13

12 X

13.13
13 X
13.65
12.94
13.25
13
13.75
13.13

12X

12X

1.3.75
1.3.06
12.94
13
12X

1254
13. CO
13«
13.35
12.88
13.25
13 54
13.65
13.13

13.75
13.06
12.94
13
1254
125s
13.00
135s
13.40
12.88
13.25
1354
13.65
13.13

F r id a y .

1.3.75
1.3.06
13.00
13
12 M
1254
13.00
1354
13.40
12.88
13.25
1354
13.05
13.13

M A R K E T A N D SA LES A T N E W Y O R K .
Spot M a rk et
C lo sed .

Saturday__
M on d a y __
Tuesday ___
Wednesday.
Thursday . .
Total___

F u tu r e s
M arket
C lo s e d .

Steady, 10 pts. adv. E a s y _________
Quiet, 10 pts. d e c ..
Quiet, 20 pts. d e c.. Steady...............
Quiet, 5 pts. adv . . Barely steady. _

SALES.
S p o t.

C o n tr'ct

T o ta l.

'165

HU

'166

5I 2 66

m i

5 ",266

5,300

___

5,300

W E A T H E R R E P O R TS B Y T E L E G R A P H .— Our tele­
--------1915-16------------- 1914-15-------graphic advices this evening from tho South are as a rule
I n S ig h t a n d S p in n e r s ’
S in c e
S in c e
T a k in g s.
W e ek .
A u •tg.
g . 1.
W eek .
A u g . 1.
favorable. Rain has been quite general during the week,
l.
Receipts at ports to June 30_____ 67,281 6,931,522
27,800 10,307,767
Net overland to June 30________ 9,395 1.484,887
8,481 1,401,703 and in a few localities tho precipitation has been rather
Southern consumption to June 30- 86,000 3,671,000
64,000 2,890,000 heavy, but on the whole the crop is doing well.
From Texas
Total marketed______________ 162,676 12,087,409
100,281 14,599,470 wo are advised that condition continues good, but that boll
Interior stocks in excess_________ *30,229
*8,483 *20,485
408,614
weevils have appeared in a number of districts. Com Came into sight during week__ 132,447
______
79,796 ________
Total in sight Juno 30_______________ 12,078,926
........... 15,008,084 p’aints of the same pest com.o from Alabama.
G a lv es to n , T e x . — The condition of tho crop continues good,
Nor. spinners’ takings to Juno 30- 9,749 3,104,832
14,856 3,096,350
much headway having been made during tho past week.
* Decrease during week, x Less than Aug. 1.
A goneral rain would be beneficial. Weovils have appeared
Movement into sight in provious years:
in a good many localities. Rain has fallen on two days dur­
W e ek —
B a les. I S in c e A u g . 1—
B a les.
1914—July 3 .......................... .66,043 11913-14—July 3 ............
14,653,752ing the week, tho rainfall reaching two inches and fifty-eight
1913—July 4 .......................... -65,1261 1912-13—July 4 ..................13,785,699 hundredths. Average thermometer 8 1 , highest 88, lowest 74.
1912— July 5 ...................... -65,30511911-12—July 5 . ................15,647.904
A b i l e n e , T e x . — W o havo had rain on two days during tho
N E W O R L E A N S C O N T R A C T M A R K E T .— The high­ week, the rainfall reaching ono inch. Tho thermometer has
est, lowest and closing quotations for leading contracts in the ranged from 66 to 102, averaging 84.
New Orleans cotton market for tho past week have boon as
C u e r o , T e x . — There has been rain on two days during the
follows:
week, the rainfall being five hundredths of an inch. The
thermometer has averaged 85, ranging from 68 to 102.
S a tu rd a y, M o n d a y , T u es d a y , W e d 'd a y , T h u r s d ’ y, F r id a y ,
B r e n h a m , T e x . — ft has rained on two days during tho week,
J u n e 24. J u n e 26. J u n e 27. J u n e 28. J u n e 29. J u n e 30.
the rainfall reaching eighty-two hundredths of an inch.
J u ly —
1
The
thermometer has ranged from 66 to 96, averaging 81.
R a n g e........... 12.92-.09 12.95-.Oo! 12.88-.03 12.83-.06 12.91-.08 12.93-.98
C losin g ____ 13.03-.04 12.95-.96 12.94 — 12.95-.97 12.96-.98 12.97-.99
F o r t W o r t h , T e x . — Rain has fallen on two days during tho
A u g u st—
Range ______ 13.05-.20 13.05-.22 12.06-.il 12.07-.07 13.00-.02 13.01-.07 week, tho rainfall roaching two hundredths of an inch.
Closing______ 13.17-.1S 13.0S-.09 12.99-.01 13.03-.05 13.03-.05 13.06-.07 Average thormometer 83, highest 98, lowest 68.
S e p te m b e r —
H e n r i e t t a , T e x . — It has rained on two days during tho week,
R a n ge______ ------------ 13.16 — 12.96-.00 ---- --- --- __ _ __ ________
Closing______ 13.17-.19 13.07-.09 12.98-. 99 13.02-.04 13.03-.05 13.05-.07 the precipitation being ono inch and thirty hundredths.
O ctob er —
Thermomotor has averaged 82, ranging from 64 to 100.
Range _ _
13.10-.27 13.07-.28 12.97-.17 12.95-.on 13.0l-.10 13.03-.08
H u n t s v il le , T e x . — There has been rain on two days during
Closing____ 13.22-. 23 13.ll-.12 13.03-. 04 13.06-.07 13.06-.07 13.C5-.06
D ecem b er—
tho week, tho rainfall reaching ono inch and ton hundredths.
R a n g e ______ 13.25-.40 13.20-.40 13.1C-.28 13.08-.21 13.13-.24 1.3.16-.21
Closing____
13.35-.37 13.23-.24 13.15-.16 13.18-.19 13.19-. 20 13.19-.20 The thermometer has averaged 81, ranging from 68 to 94.
Jan u ary—
K e r r v i l l e , T e x . — W o have had no rain during tho week.
Range .......... 13.36-.50 13.31-.51 13.19-.37 13.17-..31 13.21 -.34 13.24-..30 Tho thermometer has ranged from 58 to 96, averaging 77.
Closing_____ 13.45-.47 13.33-.31 13.24-. 25 13.27-.28 1.3.28-.30 1.8.28-.29
M arch —
L a m p a s a s , T e x . — W e have had light rain on ono day of tho
Range . .
13.55- .64 13.46-.63 13.37-.54 13.3 7-. 50 13.45-.53 13.44-.48 past week, tho rainfall being ton hundredths of an inch.
Closing____
13.61-.63 13.49-.51 13.43-.44 13.46-.47 13.47-.48 13.47-.48
Tho thermometer has averaged 82, tho highest being 102
M ay—
R an go___ _ --- --- --- — --- --- 13.55 — __ __. __ __ _ __ __ __ __
sJ
Closing______ 13.74-.76 13.63-.64 13.58-.59 13.6l-.63 13.60-.63 13.60-.62 and tho lowest 66.
L o n g v ie w , T e x . — It has rained on ono day of the week, tho
1 on e—
Spot________ Stoady. Stoady.
Quiet. Steady. Steady. Stoady.
rainfall reaching one inch and eight-two hundredths.
Tho
Options _____ Steady. Steady. Steady. Steady. Stoady. Steady.
thermometer has averaged 81, ranging from 68 to 94.




J uly i 1916.]

THE CHRONICLE

L u li n g , T e x . — There has been no rain during the week.
The thermometer has ranged from 66 to 100, averaging 83.
N a c o g d o c h e s , T e x . — It has rained on two days of tho week,
the precipitation being one inch and twelve hundredths.
Average thermometer 80, highest 94, lowest 66.
P a l e s t in e . T e x . — There has been no rain during the week.
Tho thermometer has averaged 80, the highest being 92 and
lowest 68.
P a r is , T e x . — W e have had rain on four days of the week,
the rainfall reaching one inch and forty-two hundredths.
Tho thermometer has averaged 79, ranging from 62 to 96.
S a n A n t o n i o , T e x .-— 1Thore has been rain on one day of the
week, the precipitation reaching six hundredths of an inch.
Thermometer has ranged from 72 to 100, averaging 86.
T a y lo r , T e x . — The week’s rainfall has been inappreciable.
Minimum thermometer 68.
W e a th e r f o r d , T e x . — -There has been no rain during the week.
The thermometer has averaged 83, the highest being 98 and
the lowest 68.
A r d m o r e , O k la . — -We have had rain on three days of the
week, the rainfall reaching two inches and thirty-nine hun­
dredths. The thermometer has averaged 79, ranging from
64 to 94.
M arlow , O k la . — There has been rain on one day of the week,
the precipitation reaching ono inch and oighty hundredths.
The thermometer has ranged from 53 to 97, averaging 75.
M u s k o g e e , O k la . — There has been rain on four days of the
week, the rainfall being thirty-six hundredths of an inch.
Average thermometer 81, highest 99, lowest 65.
E ld o r a d o , A r k . — W e have had rain on four days of the
past week, the rainfall being two inches and fifteen hun­
dredths. The thermomoter has averaged 81, the highest
being 96 and the lowest 67.
F o rt S m ith , A r k . — Rain has fallen on one day of the weok,
to the extent of ten hundredths of an inch. The ther­
mometer lias averaged 80, ranging from 68 to 92.
L ittle R o c k , A r k . —-Rain has fallen on three days of the week,
to the extent of eighty-two hundredths of an inch. The
thermometer has ranged from 66 to 92, averaging 79.
A l e c n d r i a , L a . — It has rained on four days of tho week,
the rainfall reach ng three inches and fifty-one hundredths.
Min'mum thermometer 84, highest 98, average 70.
. N e w O r le a n s , L a . — W e have had rain on five days of the
week the rainfall reaching four inches and s xty-five hun­
dredths. The thermometer has averaged 81, the highest
being 92 and the lowest 71.
S . n v e p o r t , L a .— There has been rain on four days during
the week to the extent of one inch and sixteen hundredths.
The thermometer has averaged 81, ranging from 67 to 94.
C o lu m b u s , M i s s . — There has boon rain on two days tho
past week to the extent of one inch and fifteen hundredths.
The thermometer has ranged from 63 to 99, averaging 83.
G r e e n w o o d , M i s s . — It lias rained on three days of the weok,
tho precipitation being two inches and twenty-two hun­
dredths. Average thermometer 81, highest 96, lowost 67
Vicksburg, M i s s . — W e have had rain on three days of the
past week, the rainfall reaching two inches and sovonty-nine
hundredths. Tho ther lometer has averaged 80, the highest
being 91 and the lowest 67.
M o b i l e , A l a . — Rains and warm weather are promoting
growth. Boll-weevils are increasing. W e have had rain
on four days of the past week, the rainfall being two’ inches
and fifty-nine hundredths. The thermometer has aver­
aged 80, ranging from 67 to 94.
M o n t g o m e r y , A l a . — -There has been rain on three days
during the week, tho rainfall being eighty-eight hundredths
of an inch. The thermometer has ranged from 69 to 92,
averaging 80.
S elin a , A l a . — It has rained on three days of the week, the
precipitation being twenty-five hundredths of an inch.
Average thermometer 79, highest 89, lowost 69.
M a d i s o n , F l a . — W e have had rain on four days the past
week, the ra nfall being one inch and sixty-eight hundredths.
The thermometer has averaged 80, the highest being 91,
and tho lowest 69.
T a lla h a s s e e , F la . — W o have had rain on six days of the
past week, tho rainfall being four inches and seventy-two
hundredths. The thermometer has averaged 80, rangin'!
from 69 to 91.
A l b a n y , (7a.— There has been rain on four days during the
weok, the rainfall being one-inch and twenty-three hun­
dredths. The thermometer has ranged from 65 to 94,
averaging 80.
Augusta, G a . —-Rain has fallen on three days during the
week.
^ lo oxtent of two inches and seventy-two hun­
dredths. Averago thormomoter 82, highest 94, lowest 69.
S a v a n n a h , G a . -We have had rain on threo days during
tho week, the precipitation being eighty-two hundredths of
an inch. The thermomoter has averaged 80, the highest
being 93 and the lowest 70.
C h a r le sto n , S . C . — The week’s rainfall has beo i fivo inches
and fourteen hundredths on five days. The thermomoter
has averaged 79, ranging from 71 to 87.
G r e e n v ille , S. C . — There has been rain on three, days during
the week, the rainfall being forty hundredths of an inch.
Tho thermometer has ranged from 64 to 97, averaging 80.
S p a r ta n b u r g , S . C . — The week’s rainfall has been ono inch
and ton hundredths on two days. Average thermometer 80,
h’ghest 95, lowest 65.




73

C h a r lo tte , N . C .— W e have had rain on three days the past
week, the rainfall being forty hundredths of an inch. The
thermometer has averaged 80, the highest being 93 and the
lowest 68.
G o ld b o r o , N . C .— There has been rain on one day during
the week, to the extent of one inch and six hundredths. The
thermometer has ranged from 65 to 94, averaging 80.
W e l d o n , iV. C .— It has rained on four days of the week,
the precipitation being one inch and ninety-nine hundredths.
Average thermometer 78, highest 93, lowest 62.
D y e r s b u r g , T e n n .-— W e have had rain on two days of the
past week, the rainfall being one inch and seventy-eight hun­
dredths. The thermometer has averaged 77, ranging from
64 to 89.
M e m p h i s , T e n n .— There has been rain on three days during
the week, to the extent of seventy-one hundredths of an inch,
the thermometer has ranged from 65 to 92, averaging 79.

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
C otton Takings.
Week and Season.

1915-16.

1914-15.

; Season, j

j S eason .
Visible supply June 23________ 3.941,051 ________ 5 ,912,400!
.
Visible supply Aug. 1--------- 4,633,210;
--------- 1 3.176,816
American in sight to June 30__
132,447 12,078,926;
79,796 15.008.0S4
Bombay receipts to June 29___
640,000 3.092.090,
26,000 2,554,000
Other India shipm'ts to June 29
63,00.)
349,001,1
9,000;
372,000
Alexandria receipts to June 28- 62.000
613.000
2.000
839,000
Other supply to June 28 ♦_____
63.000
261,000
3.000
211,000
Total supply________ _______ 4.121,498 21,027,136 6,032,196 22,160.900
W e ek .

D e d u c t—

3 . 7 7 7 3 777 »

Visible supply June 30___
Total takings to June 30.a ___
Of which A.erican_______
Of which other___________

W eek ,

A79
i QfWV r: «7o onn
wlU

343.682 17,249,320!
213.682 12,780,320
130,000 4,469,000

358.887 16,488,591
258.887 12,714,591
101.000 3,774.000

* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
„ ikfnnrv1? , eF bl;«c,e,? Aho estimated consumption by Southern mills,
3,671,000 bales in 1915-16 and 2,890,000 bales in 1914-15— takings not
being available—and the aggregate amounts taken by Northern and
foreign spinners, 13,578.320 bales in 1915-16 and 13,598,591 bales in
1914-15. of which 9,109,320 bales and 9,824,591 bales American.
b Estimated.

D O M E S T IC E X P O R T S OF C O T T O N M A N U F A C ­
T U R E S .— W e give below a statement showing the exports
of domestic cotton manufactures for April and for the ten
months ended April 30 1916, and for purposes of compari­
son like figures for the corresponding periods of the previous
year are also presented:
M anufactures
of
Colton Exported.

Piece goods............. ............ yards
Piece g o o d s . .. _____ ______ value
W ear’g apparel, knit goods.value
W ear’g apparel, all o th e r .. .value
Waste cotton, & c_________ value
Y a rn _________ ____________ value
All other___________________value

M on th ending A p r il

1916.

30. j 10 M o s .

1915.

ending A p ril

| 1915-16.

30.

1914-15.

46,829,541 49,377,602 448,473,374 305,345,692
34,124,262 S3,547,489 337,104,753 322,291,405
.1,640,524
735,901 16,262,774 10,476,864
1,708,689
998,513 10,830,565 14,476,607
289,175
214,055 3,209,303 2,804,426
554,486
202,732 4,222,245 1,223,662
2,542,646 1,054,985 17,315,561 6,616,418

T otal manufactures o f __ value 510,859,782 53,753,707 $88,945,201 357,889,482

— W e have been favored this week by Messrs. R . II. Hooper
& Co. with a copy of a chart covering the high and low prices
on the New York Cotton Exchange for the active cotton
futures options over a period of ten years and other statistics.
Referring to the chart, the compilers state that “ during the
past two cotton seasons, the economics of the world have
been disturbed and unbalanced by the European war, and
when the readjustment sets in with the prospect of peace,
which will be discounted in advance, these comparisons of
cotton statistics will be of considerable interest to every one
interested in tho industry both at home and abroad.”
W A G E A D V A N C E IN B R IT IS H M IL L S .— Cable ad­
vices this week are to the effect that an advance of 5 % in
wages has been granted by spinners to card-room, blowingroom and hard-waste workers. The action was taken, it is
stated, to assure uninterrupted operation of the mills. T> >
increase is in addition to the award rec ntly made by Board
of Trade Arbitrator George R . Askwith. M r. Askwith
awarded a raise of 5 % , but permitted no further change
this year.
C O T T O N L IN T E R S F R O M T H E 1915-16 C R O P .—
The subjoined table shows the amount of linters obtained
from the crops in the last three years, figures in 500-lb. bales
and the number of running bales in 1915.
1915.
Alabama__________ ................ 76,879
Arkansas--------------- -------------- 58,028
Georgia___________
Louisiana................ ................ 31,609
Mississippi________
M issouri__________ ............ ..
5,261
North Carolina___
Oklahoma_________
South Carolina____ _________ 67,785
Tennessee_________ _________ 57,963
Toxas_____________ --------------241,462
All other States___ ............ .. 16,050
T otal___________ .............. *930,469

. L>UltS1914.
71,182
48,165
139,885
25,851
83,730
4,401
44.784
74,781
57,243
43,904
248,027
14.947

1913.
53,960
42,049
108,799
22,368
64,658
3,538
33,321
40.867
45,016
35,739
179,525
9,041

856,900

638,881

n u n . n u ie s .

1915.
79,219
58,277
182,673
31,734
87,438
5,370
57,599
54,292
70.923
57,834
243,267
15,790

944,414

♦Includes 9,359 bales of linters to be obtained after the date o f the report.

74

THE CHRONICLE

IN D I A C O T T O N M O V E M E N T — The receipts of India
cotton at Bom bay and the shipments from all India ports
for the week ending June 8 and for the season from Aug. 1
for three years have been as follows:

Since
A u g . 1.

W eek .

Bombay.............................

W eek .

Great
Britain.

Since
A u g . 1.

W eek .

Japan
& China.

C on tinent.

2,000

3,000
2,000
3,000

13,000
14,000
27,000

2,COO
2,000

2,000
2,000

2,000
1,00(1
5,000

15,000
8,000
42,000

2,000
1,000
3,000 20,000

8,000 11,000
3,000 4,000
1,000 24,000

1,000

1,000

1,000

1.
Total.

37,000 223,000 1,463,000 1,723,000
73,000 308,0001,157,0001,538,000
66,000 1,067,000 1,144,000 2,277,000

1,000 15,000 25,000 41,000
1,000 11,000 60,000 72,000
4,000 22,000 18,000 44,000

Total all—
1915-16-.
1914-15.1913-14..

1913-14.

Since A u gust

Great Conti- Japan
Britain. n en l. t&China Total.

Bombay—
„ 1915-16-.
1914-15-.
" 1913-14.Calcutta—
1915-16.1914-15- 1913-14-.
Madras—
1915-16..
1914-15..
1913-14..
All others—
1915-16..
1914-15.f 1913-14-.

Since
A u g . 1.

44.000 2,968,000 45,000 2,454,000! 70,000 3,507,000

F or the W eek .
Exports
from —

j

1914-15.

1915-16.

J u n e 8.
Receipts at —

59,000
68,000
130,000

75,000
84,000
160,000

6,000

17,000
9,000
53,000

49.00C 115.00C
77.00C 129,000
59,000 470,000

68,00(1 232,000
32,000 238,000
61,000 590,000

91,00C 3 66,0001,590,0002,047,000
153,00C 459,000 1,257,000 1,869,000
133,000 1,606,000 1,341,000 3,080,000

2,000 17,000 33,000 52.00C
1,000 15,000 64,000 80.00C
7,000 44,000 19,000 70,000

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 tho receipts and shipments for
the week ending Juno 7 and for tho corresponding week
of the two previous years:

R e c e ip ts

(cantars)—

Since Aug. 1-----------------

C O T T O N F R E IG H T S .— Current ratos for cotton from
New York are as follows, quotations being in cents per pound:
Liverpool, 1.00c.; Manchester, 1.00c.; Havre, 2.50c.; Rotterdam, 3.00c,
nom.; Genoa, 2.25c.; Naples, 2.25c.; iLeghorn, 2.80c.; Christiania, 3.25c.
Bergen, 3.25c.; Stockholm, 3.25c.; Mahno, 3.25c.; Gothenburg, 3.00©
3.25c.; Lisbon. 3.00c.; Marseilles, 2.50c. asked; Japan, 3.0 ic . asked;
Shanghai, 3.00c. asked; Bombay, 3.00c. asked; Vladivostok, 2.50c.

L IV E R P O O L .— B y cable from Liverpool wo liavo the
following statement of the week’s sales, stocks, & c., at
that port:
J u n e 9.
Sales of tho w e e k ___
_______
38,000
Of which speculators took__ __
4,000
2,000
Of which exporters t o o k ______
29,000
Sales, American________________
4,000
Actual oxport__________________
68,000
Forwarded_____________________
Total stock____ ______________ 659,000
Of which American-_ _____519,000
54,000
Total imports of the week______
45,000
Of which A m erican__ __
Amount afloat_________________ 201,000
Of which American__________ 167.000

16.
27,000
3,000
1,000
17,000
3,000
69,000
664,000
528,000
77,000
70,000
179,000
137,000

To
To
To
To

(bales)—

Liverpool----------------Manchester-------------Continent and India.
America____________

Spot.

Market,
1:30
P. M.

f
(

Saturday.

M on d a y.

Tuesday.

W ednesday.

Thursday.

F riday.

Dull.

Quiet.

Dull.

Easier.

Quiet.

Quiet.

Mid.Upl’ds

8.24

8.26

8.24

8.19

8.21

8.10

Spcc.&exp

3,000
300

5,000
500

4,000
400

5,000
500

5,000
500

5,000
500

F utures. 1 Quiet,
Steady, Very st’dy, Steady,
Market \ 1@3 pts. 3@ 334 Pts. 134@234 1@2 pts.
decline.
opened ( decline.
advance. pts. adv.

Quiet,
Quiet, Barely st’y,
2(5)4 pts. 1pt.dec.to 134 @234
[ advance. 3 pts. adv. pts. adv.

1

1234
9 1234
16 1214
23 1214
30 12 34

@
©
©
©
©

1334
1334
13M)
13)4
1334

7
7
7
7
7

6.

3 @9
434 ©9
434 @9

Tho prices of futures at Liverpool for each day are given
below. Prices aro on tho basis of upland, good ordinary
clause, unless otherwise stated.

S in c e
W e e k . A u g . 1.

S in c e
W e ek . A u g . 1.

S in c e
W e e k . A u g . 1.

200,557
5', 118 133,969
1,166 170,088
192,080

202,107
2,100 194,712
140,577 7",250 215,576
2', 170 271,179 11,750 425,661
77,748
2,800 154,295

1915.

a. d.
434

6
6

434 @9 6
434®9 6
334@0 5
2 @9 4
2 @9 4

d.
8.44
8.74
8.47

834 Its.

Shirtin g s, com m on
to f in e s t .

32s

Cop
T w ist.

M id
U p fs

d
834
834
834

8.43 8 5 16
8.42 834
8.2 5|8
8.20'8?4
8.16 834

d 3
6
6
6

©
©
©

9

©
©
©
©
©

834
934
834
9
834

9
9

6
6
6
0
6

d.
4
4
4

@7
@7
@7

4 @7
6
3
6
6

© i
©7
©7
@7

Cot'%
M id .
U p l't

a. d.
4
4
4

d
5.30
5.36
5.14

4
434

5.35
5.37

3

5.20

5
4

5.35
5.20

S H IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from tho United States tho pats week have
reached 133,520 ba^es. The shipments in detail, as made
up from mail and telegraphic returns, aro as follows:
T o ta l b a l e s .

TMFW YORK— To Liverpool— June 17— Valeria, 1 ,7 00-.-Juno 20
" __Carpathia, 3,155---Juno 29— Adriatic, 4,186: Kroonland,
1 fj50 _____________ _________ _________ _______ ___ _____ 10,591
To Havre—Juno 27— Rivordalo, 1,797 .................... - .................. 1,797
T o Bordeaux— Juno 29— Strathgarry, 914.................................
914
To La l’ allico—June 22— Marchioness of Bute, 2,881------------ 2,881
T o St Na/.airo— Juno 24—Coll Ingham. 1,447------------------------ 1,447
To Rotterdam—Juno 28— Noordam, 588....................................
588
T o Gothenburg— Juno 22— Hellenic, 2,200--------------------------- 2,200
To Barcelona—Juno 27— Dicto, 635------------------------------------535
To Genoa— Juno 24— Canopic, 1,064: Ho d’ ltalia, 1,611 —
June 27—-Bestum, 931__ Lino 29— Dante Alighieri, 550—
4,156
To Vladivostok— June 24— Siberia, 2,246-.-Juno 27— City of
Oran, 1,550: St. Patrick, 1,550--------------------------- --------- —
5,346
To Venezuela— Juno 28— Philadelphia, 100------------------------100
G ALVESTON— To Liverpool—.Tune 23— Civilian, 15,269------------ 15,269
* To Manchester— June 28—Ventura do Larrinaga, 10,543------- 10,543
T o Gothenburg— June 24—Noruega, 1,650- - - - - - - - - - 1,650
NEW ORLEANS— To Liverpool—Juno 23— Albanian, 4,8 54--Juno 28— Magician, 4,135---------- --------------------------------------- 8,989
To Marseilles— Juno 24— Mont Cenis, 500----------------------------500
M OBILE—To Liverpool—Juno 24— Sylvanian, 12,509 - - - - - - - - - - 12,509
\VII M INGTON— To Genoa— Juno 26— City of Memphis, 12,706- 13,706
NORFOLK— To Liverpool— Juno 24— Lexington, 3,390--------------- 3,390
To Rotterdam—June 24—Michelson, 500---------- -------- --------50C
BOSTON__T o Liverpool— June 21— Goodwood, 501; Pruvh, 1,123
Juno 23— Etonian, 339...................- ............. .........—
1,963
BALTIM ORE— To Liverpool—Juno 22— Rowanmoro, 6 ,3 2 1 -..
Juno 23— Norlina, 2,407---------------------- - — - - - - - - — - —
8,728
PHILADELPHIA— To Liverpool—Juno 16—Georglo 484— Juno
20 —Norfolk, 5 , 5 3 9 - - - - - - - - - - - - - - - - .......................................
To Manchester— Juno 16— Penhalo, 1 5 8 - - - - - - - .........................
l.)8
SEATTLE— T o Japan—Juno 22—Talthybius, 3,620--------------------- 3>620
To China— Juno 26— Kotsu Marti, 50--------------- — ------- - - - 50
To Vladivostock—June 21— Nippon Maru, 4,503---Juno 22
Talthybius, 1,950— Juno 2&^-Kaiho Maru, 4 ,J73.................1L426
TACOMA— To Japan— Juno z2— Chicago Maru, 4,252---------------- 4,2.>2
T o China— Juno 22— Chicago Maru. 50.
...........................
50
To Vladivostock— June 27— Kotau Marti, 645...........................
645
Total




Steady,
Quiet, Steady 434
434 @534 unch.tol34 pts. dec. to
pts. dec.
pts. adv. 2 34pts.a;lv.

9,500
7,670,272

inas, com m on
to fin e s t.

d *
1334 7
1334 7
1354 7

Quiet
2 points
decline.

21,850
6,261,725

8)4 tbs. Shirt - Cot’ n

©
©
©

Quiet,
1@2 pts.
decline.

9.708
4,581,006

1916.

1
1234
125 ^
12Yi

22,000
24,000
55,000
658,000
536,000
77,000
60,000
182,000
142,000

1913-14.

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 yarns and dull
but’ steady and that cloths for Eastern outlets aro neglected.
W e give prices for to-day below and leave those for pre­
vious weeks of this and last year for comparison:

12
19
26
June
2

30.
28,000
1,000

June

1914-15.
9

Total exports------------ 6,284 696,694 7,070 760,733 19,000 921,092
N o t e .— a cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.

Tw ist

June

The tone of the Liverpool market for spots and futures
each day of tho past wook and the daily closing prices of
spot cotton have been as follows:

T h e p r i c e s a r e g iv e n .in p e n c e a n d W O th s.
E x p o r ts

23.
28,000
3,000
2,000
20,000
4,000
62,000
659,000
520,000
61,000
47,000
181,000
136.000

June

Market
434
P. M.

1915-16.

A l e x a n d r i a , E g y p t.
J u n e 7.

[Vol. 103.

133.526

Ju n e 24
to
June 30.

S a tu rd a y .
1 2 'A
p .m .
d.

July-Aug .
Oct.-Nov. : : : :
Jan.-Fob _
Mar.-Apr.
May-June

IK

p .m .

8
7
7
7
7
7

d.

02
9434
80
7134
71
69

M onday.

T u esd a y.

T h us:

8 02

m ean s

8 02-100;/.

W c d ’ d a y . T h u r sd a y .

F r id a y .

4K U K 4K 1K 4 K 1 1 A 4 K
ik
IK 4K
p . m . p .m . p .m . p .m . p . m . p . m . p . m . p . m . p . m . p . m .
d.

0434
97
83
75
7434
7234

d.

01
9334
81
74
74
72

d.

d.

0134
9434
82
7434
7434
7234

03
96
8334
76
7534
74

d.

d.

9834
9134
7934
72
72
70

9834
9134
7834
71
7034
6S34

d.

01
94
80
72
7134
69

d.

9934
93
7934
7134
71
6834

d.

d.

93 34 95
93 94
80 82
72 74
7134 7334
69 71

BREADSTUFFS
F r i d a y N i g h t , J u n e 30 1016.

Flour has been in moderate demand and steady. Buyers
are loath to abandon tho hand-to-mouth policy of purchasing
which so many of them have adhered to for many months
past. Buyers and sellers, too, have been apart in their
notions as to prices. There has not beon much oxport
business done either, although there aro some hopes that be­
fore long there will bo business with Greece, as dispatchos
from Liverpool havo stated that tho blockado of Greek ports
has been raised. As regards tho recent purchases by the
Holland Government of some 100,000 barrels of American
flour, it turns out that most of it was sold by Illinois mills
and was Kansas straights, for which it is said tho price paid
was $5 30 per 100 kilos, shipment via New Orleans, or equal
to something like $4 80 per barrel at New York. Tho Quar­
termaster’s Department of the United States Government
has sent notices to leading American mills asking information
as to the quantity of flour they could furnish to tho Govc„..
ment, free on board at the mills, presumably for use on tho
Mexican border or in M exico. Tho total output for tho weon.
at Duluth. Minneapolis and Milwaukeo was 357,250 bar­
rels, against 326,005 barrels in the provious week and 317,705
last year. Total since Sept. 1, 18,825,000 barrels, against
15,314,000 barrels during tho same period of 1914-15
W heat advanced on wet weather in Nebraska, higher for­
eign markets and a better technical position after tho recent
heavy long liquidation. Some very largo bear operators in
Chicago covered. St. Louis has reported that Southern mills
were bidding 6 ^ cents over July for new wheat. Also, there
have been some reports of black rust, though they havo made
no great impression. Last Monday tho oxport sales were re­
ported at 990,000 bushels, mostly M anitoba. On Tuesday
they were given as 800,000 bushels, again chiefly Manitoba
but some hard winter. On Wednesday tlioy wore 900,000
bushels and on Thursday 600,000 bushels. Buenos Aires
prices have been strong, with freights reported scarce and
high. In Liverpool stronger Atlantic ocean freights havo
caused some apprehension and a firmer tono.
Of late tho
foreign offerings at Liverpool havo been smallor while it is
admitted that the Continental demand lias broadened. Tho
raising of tho blockade of Greek ports has more or loss oncouraged bulls. Greece reports an import, demand with

THE CHRONICLE

July 1 1916.]

stocks about exhausted and bread prices high. Others have
laid stress on tho wet weather in Nebraska, where the liar­
vesting of the new crop is expected to begin within a week.
In tlio outlying districts of France prices aro still very high.
In India offerings aro scanty. In Italy labor is scarce for
harvesting and moving tho crop, so that accumulations at
distributing points for a time, at least, seem likely to bo small.
From Germany come reports of unseasonably cool and wet
weather, causing apprehensions for the crop. In Russia the
acreage has boon reduced and it is privatoly reported that
conditions for the growing plant have not been good. Skilled
labor in Russia is in smaller supply and horses are scarce.
In Rumania the Government is restricting exports, intending
to keep larger reserves than usual in tho country.
In AustriaHungary the wot, cool weather has caused fears of a late crop.
In Argentina, though of late arrivals havo been free, they
have not been pressed for sale. Tho firmness of corn helped
to brace wheat prices. On tho other hand, however, there
has been some downward reaction in Amorican prices of late,
owing to good weather, better harvesting conditions in the
Southwest, some talk of a possible early peace and the small­
ness of the domestic cash demand. Private reports from
Oklahoma say that threshing shows 12 to 17 bushels per acre
of fine quality. Reports from tho Northwest have been of
ideal weather for the crop. M uch stress has also been laid
on the better weather in Kansas and Oklahoma. From France
crop reports on the whole show favorable conditions as re­
gards wheat, rye and oats, the weather having latterly been
clear and warm. Foreign arrivals of wheat at French ports
have been liberal. From Australia it is officially announced
that tho Commonwealth has bought 15 steamers to bo oper­
ated by tho Government to facilitate shipments and relieve
the pressure of accumulated supplies. Tho weather in Aus­
tralia, too, has latterly beon favorable, and some say that the
acreage has not been greatly reduced, there, though others
insist that it has been cut 1 5 % . Crop prospects in Italy aro
reported generally good. To-day prices advanced a little
and then reacted on better weather and moro favorablo crop
reports, duly deliveries at Chicago to-morrow are expected
to bo 2,000,000 to 2,500,000 bushels.
D A ILY CLOSING PRICES OP W HEAT FUTURES IN NEW Y O R K .
S a t.

M on.

S a t.

M on.

T u es.

W ed . T h u rs.

F ri.

108%
N o. 2 red.................. ................. cts.N om . 108% 108% 108% 108
D A ILY CLOSING PRICES OF W HEAT FUTURES IN CH IC A G O .
July delivery in elevator..........cts.100
September delivery in elevator___ 103%
December delivery in elevator____ 106%

101 %
104%
107%

1 'u es. W e d . T h u r s .

101% 100%
104% 104
107% 107%

F r i.

101 % 101%
105 104%
108 108

Indian corn advanced on an increased export demand,
light offerings, and covering of shorts. Large elevator
interests havo at times bought July freoly. Chicago
stock fell off last week 1,533,000 bushels and is now down
to 3,703,000 bushels. A t Chicago, too, there are nearly
2,000,000 bushels of cash corn sold to go out mostly this
week. Cash corn in storo there has been at times \ Y i to
3 cents over July. Pulls have laid stress on cool tempera­
tures. It is also said, too, that cargoes of Argentina corn
headed for the United States wero really destined for trans­
shipment to Europe. Liverpool has reported prices ad­
vancing with a good Irish demand and small stocks. Distil­
ling interests have also been buying thero. River Plate
cargoes have been scarce and strong.' Liverpool has been
strengthened by tho excellent demand thero and the dubious
outlook for importations from tho River Plato as ocean
freights are scarce and high. Indications would seem to
point to tho necessity of tho English trado buying more
freely in this country. On Tuesday tho American sales for
export, or at the W est, wero somo 400,000 bushels; Thursday
200,000 bushels, or more. Tho available stock in this
country decreased last week 2,435,000 bushels, as against
a decrease in tho same week last year of 2,030,000 bushels.
On tho other hand, tho weather of lato has been better and
there has, therefore, been some selling for a decline, especi­
ally when wheat weakened. Good weather, it is believed,
will make an immense difference in tho crop prospects from
ii’jnow on. Country offerings within a day or two have in­
creased. To-day prices declined, owing to better weather,
r. N o deliveries aro expected at Chicago tomorrow. Cash
corn is at a premium thero of 2 to 4 cents. Within two days
half a million bushels of cash corn havo been sold.
DAILY CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW Y O R K .
S a t.

M on.

T u es.

W ed . T h u rs.

F r i.

No. 2 yellow.............................. cts.N om . 87% 88% 88% 88% 87%
D A ILY CLOSING PRICES OF CORN FUTURES IN C H ICAGO.
„
S a t.
M o n . T u es. W ed . T h u rs. F r i.
.Inly delivery in elevator_____ cts. 72% 73% 74% 74% 75% 75
September delivery in elovator____71%
72% 72% 73% 73%
73%
December delivery in elevator____6 1 % 6 1 %
62
62% 62%
61 %

Oats advanced with export houses buying July. In fact,
the export demand has been one of the things which have
most encouraged the bulls. Last M onday exporters took,
it is said, about GUO,000 bushels. Tho Chicago stock de­
creased last week 806,000 bushels, and is now 5,783,000
bushels there. B ut, on the other hand, crop prospects have
improved, and this fact has tended to check an advanco.
Contract stocks at Chicago aro, after all, 2,000,000 bushels
against 725,000 bushels a year ago. The available stock of
American increased last week 580,000 bushels, in sharp con­
trast with a decrease in tho samo week last year of 2,250,000
bushels. And tho total available supply is now about three
times as large as a year ago and twice as large as at this time
in 1914. That is to say, it is 31,763,000 bushels against
10,711,000 last year and 15,407,000 two years ago. Argen­
tina reports prices steady with a good export demand, but




75

professional operators at Chicago have been generally bear­
ish on the good crop reports and the big available stock in
this country. Exporters have taken some 610,000 bushels
of barley. To-day prices declined. Exporters took 500,000
bushels of Canadian.
D A ILY CLOSING PRICES OF OATS IN NEW Y O R K .
S a t.

M on.

T u es.

W ed . T h u rs.

F ri.

Standards..................................cts. 46% 46% 46% 46% 46% 46
No. 2 white-------------------------------- Nom. Nom. Nom. Nom. Nom. Nora.
D A ILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
, ,,
S a t.
M on.
T u es.
W ed . T h u rs. F r i.
38%
July delivery in elovator-------- cts. 39% 39% 39% 39% 39
September delivery in elovator____38%
38% 38% 38% 38% 38%
December delivery in elevator___ 39%
40
40
40
40% 40%

The following are closing quotations:
G RAIN .
Wheat, per bushel—f. o. b.—
Corn, per bushel—
N. Spring, No. 1. new____SI 22%
N o. 2 mixed_______ f. o. b. Nom.
N. Spring, No. 2
N o. 2 yellow______ c. i. f.
87%
Red winter. No. 2, new__ 108%
N o. 2 yellow kiln dried__
86 %
Hard winter, No. 2_______ 116%
Argentina in bags________
__
Oats, per bushel, new—
cts.
Rye, per bushel—
Standard________________
46
New York________c. i. f. SI 06
No. 2, white___________
Nom.
Western__________ c. i. f. $1 06
No. 3, white__________ 44@44% Barley, m alting__________ 80@90
No. 4. white__________ 43% @ 44
FLOUR.
Winter, low grades____ $4 00
Kansas straights, sacks.S4 99 @ $5 25
Winter patents__________5 25
Kansas clears, sacks__ 4 40 @ 4 80
Winter straights_______ 4 90
City patents__________
7 20
Winter clears___________4 50
Rye flour .......................5 10@ 5 35
Spring patents__________5 50
Buckwheat flour______ __________
Spring straights_________5 25
Graham flour_________ 4 15@ 5 15
Spring clears____________ 4 85

W E A T H E R B U L L E T IN FOR W E E K E N D I N G JU N E
26.— Tho influences of weather on the crops as summarized
in the weather bullotin issued by tho Department of Agri­
culture for tho week ending June 26 were as follows:
Crops arc generally backward in most of tho northern part of tho country,
because of the continued cool weather. Farm work has been delayed also
in some Central and Northern States by freejuent showery weather. Slight
damage was roported by frost in Michigan on the 21st and over the central
and upper Rocky Mountain plateau region on the 21st, 22d and 23d.
C o tto n . — The higher temperatures that have prevailed during the week
had a favorable effect upon the growth of cotton and it has made good pro­
gress in most sections.
Heavy showers have interrupted cultivation to
some extent and thero is some complaint of grassy fields.
The plants
are blooming as far north as Southern South Carolina and blooms are
plentiful in Arkansas.
In Texas tho plant is in all stages of development
and it continues blooming and forming squares in Louisiana and Missis­
sippi and squares are forming freely in Georgia. The boll weevil, general
west of tho Suwanoo River in Florida, are increasing in number in the
southwest corner of Georgia, aro numerous in the southern portion of
Alabama, whero they aro damaging locally, are doing considerable damage
in somo places in Mississippi and aro locally numerous in Northern Louis­
iana and are rapidly increasing in Texas, with some damago reported.
Cotton lice are roported in a few places in Alabama.
W in te r W h e a t . — Winter wheat is heading in Eastern Nebraska and is
ripening in Illinois, Ohio and Pennsylvania. Harvesting is in progress
south of those States and threshing is going on as far north as Tennessee.
Rust is reported in Southern Iowa.
S p r in g W h e a l. — There was some damago by flooding in the Red River
Valley, but generally spring wheat is making satisfactory progress. Small •
grains were benofitted by rains in Idaho and are improving rapidly on the
North Pacific Coast.
C o r n .— Tho weather continues much too cool for corn in all the northern
art of tho United States. The crop is quite backward. Somo replanting
as been necessary in Michigan and Wisconsin and there is complaint of
the seed rotting in New England. Frequent showers have prevented proper
cultivation in somo central and northeastern districts and the fields are un­
usually weedy. Tho crop is in good condition in the Southeastern States,
however, and tho plants are tasseling in Southern South Carolina and in
Arkansas. Rain is badly needed for corn in Texas and in parts of Louisiana.
O a ts . — There is somo complaint of oats rusting in New Jersey and West
Virginia; fields aro weedy in Kentucky; the condition of oats is generally
poor in Oklahoma and very poor on the lowlands of New York. On the
uplands in New York and also in most of tho central and northerly districts
oats havo boon favorably affected by the weather. The crop is heading as
far north as Ohio, Illinois, South Dakota and Idaho.

g

The statement of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for tho week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at—

|

F lou r.

Barley.

60
135,000
469,
_____ ] 2,108
591
47,000.
91.
60
"s ',666;
13

b b ls .im b s . bush.

Chicago........ I
Minneapolis J
Duluth
Milwaukee . .
Toledo_____
Detroit.........
Cleveland__
St. Louis----Peoria.........
Kansas City.
Omaha
Total wk.1916
Same wk.1915
Samo wk.1914

, |
, ;

8 000
0 1 000

40,000|

8

438
37
582
355

338,000; 4,752,000
360,000| 2,888,000
292,000 2,026,000

56 lbs. bush. 32
814, 000 1,618,
000,
663,
---I
7,
90, 000
555,
50, 000
33,
37, 000
51,
40, 000
57,
653,,000
237,
101 000
180
274 ,000
29
296 ,000
140

bush.

2.423.000
3.451.000
3.181.000

Rye.

bush ASlbs. bush.bhlbs.

412.000
899,000,
121.000

295,000

69.000
43.000
39.000
37.000

8,000

4,000

3,570 000; 1,772,000
2,739 000! 918.000
3,818 000 1,030,000

201,000
92,000
196,000

Since Aug. 1—’
1915-16___ 18,675,000481,509,000 209,886,000202,106 ,000 10851100021,852,000
1914-15___ 18,428,000374,084,000 226,724,000253,491 ,000 83,486,00019,019,000
1913-14___ 18,556,000268,536,000211,370,000207,363, 000 83,996,000 22,017.000

Total receipts of flour and grain at tho seaboard ports for
the week ended June 24 1916 follow:
Receipts at —

New York__
Boston_____
Portland, Me.
Philadelphia .
Baltimore__
N’port Ncws.
Norfolk........
New Orleans*
Galveston__
Montreal___

F lour.

W heat.

Corn,

Barrels.

Bushels.

Bushels.

126,000
36.000
35,666
19.000
48.000
11.000
10,000
22,000
190,666

3.249.000
319.000
434.000
1.205.000
832.000
157,000
26,000
1,866,000

j

Oats.

1 Bushels.
138.000| 1,082,000
5.000
538.000
258.000
35,000
120.000
448,000
797.000
5.000
747.000
13,656!
93,000

3,000
42,000

79,660!

420,666

Barley.

R ye.

Bushels.

Bushels.

259.000
14.000
54.000
7,000
154.000

41,000

11,000

—

330,000

84,000

Total wk.1916 497,000 8,088,000
816,000: 4,013,000 529,000 425,000
Since Jan.1'16 18,834,000 484,845,000208,279,000202,549,000 10726S00022,076,000
Week 1915...
424,000 2,795,000 1,044,000 3,183,000
154,000
65,000
Since Jan. 1’15 13.267.000 32,449,000 36,661,0001 79.156.000 5.763,000 6,196.000
* Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.

THE CHRONICLE

76

T h e e x p o rts fro m th e se v e ra l se a b o a rd p o r ts fo r th e w ee k
e n d in g J u n e 2 4 are sh o w n in th e a n n e x e d s ta te m e n t:
Barley,

23,781

54.000
58,334
70.000

Corn,
Fleur,
bushels. barrels.
5,490 150,611

Total week____7,900,785
Week 1915______ 4,415,805

450,232 432,078 3,304,432 474,587 739,822
902,756 370,434 2,731,289 19,000 110,675

1,140
17,000
317,602

Oats,
bushels.
488,364
258,000
427,780

Rye,

Wheat.
bushels.
Exports from —
New Y ork ......... .3,872,372
Portland, M e __ . 434,000
B o s t o n ................ . 358,789
P h iladelphia__ .1,121,000
Baltim ore______ . 640,624
N orfolk_______ .
Newport News.
M o b ile ...............
24,000
New Orleans__ .
G alveston______ . 198,000
M o n tr e a l........... .1,252,000

14,251
5,000
95,716 1,008,288
11,000
747,000
47,500
3,000
10,000
1,000
72,000

5,000
13,000
91,000

__

Peas,
bushels.
2,415

___

371,000

26,000

2,415
688

T h e d e s tin a tio n o f th e se e xp orts fo r th e w e e k a n d since
J u ly 1 1 9 1 5 is as b e lo w :
-CornSince
Week
Since
Since
Week
July 1 June 24
July 1
July l
June 24
1915.
1916.
1915.
1915.
1916.
bush.
bush.
bush.
bbls.
bush.
5.569,664 3,965,625 154,838,318 107,714 5,784,899
5,966,218 3,935,160 186,401,248 231,888 18,701,625
2,755,156 92,070 2,830,184
2,066,181
...........
110,787 17,420 2,853,702
1,895,450
......... ..
170
1,110
12,866
41,731
............
26,757
923,961 ...........
312,383
............

Week
June 24
1916.
bbls.
United K ingdom __ 132,118
Continent__________207,833
Sou. & Cent. A m er. 32,034
West Indies.............. 33,765
Brit. N o. Am . C ols. 1,265
Other C ou n tries___ 25,063
Exports for week
and since
July 1 to—

Total ................... 432,078 15,851,627 7,900,785 345,029,640 450,232 30,210,033
Total 1914-15____ 370,431 14,861,070 4,415,805 308,388,558 902,756 40,269,711

T h e w o r ld ’ s sh ip m e n ts o f w h e a t a n d corn for th o w eok
e n d in g J u n e 2 4

1 9 1 6 a n d sin ce J u ly

1 1915 and

1 9 1 4 aro

sh o w n in th o fo llo w in g :
Wheat.

1915-16.

E xp orts.

Week
June 24.

I

| 1914-15. 1

Since
July 1.

Since
July 1.

Corn.

1915-16.

| 1914-15.

1 Week. \ Since
! June 24. July 1.

Since
July 1.

Bushels. | Bushels. 1 Bushels. ! Bushels. \ Bushels.
Bushels.
North Amer* 11122000 486,857,000 436,932,000 440,000 31,505,000 40,389,000
......... 1 .............. 4,811,000
504,000 4,890,000, 12,362,000
2.347.000
_____ 1 _______ 1 9.431.000
_
Danube___
Argentina .. 1.592.000 60.124.000 89.571.000 1,734,000 146,734,000 145,396,000
......... 1 ..............1 ..............
Australia__ 1.016.000 31.832.000 8,996,000
........-1 .............
.............
712.000 13.276.000 30.200.000
.............
Oth. countr’s 136.000 11.350.000 6,209,000 459,000 11,963,000

Total___ 15082000!60S,329,000 586,617,000 2,633,000 190,202,000 200,027.000
* North America.— The Canadian Government has officially prohibited the
Issuance of both manifests and exports until after ten days. This Is effective
during tho continuance of the war.

T h e q u a n tit y o f w h e a t an d co rn a flo a t fo r E u ro p e on d a te s
m e n tio n e d w a s as fo llo w s:
Corn.

Wheat.
United
Kingdom.

Continent.

June
June
June
June

24
17
26
27

191 6..
1916..
1915..
191 4..

Total.

Bushels.
57.864.000
60.736.000
44.224.000
22,552,000 16,912,000 39.464.000
Bushels.

Bushels.

United
Kingdom.

Continent.

Bushels.
________
________
. . . ____
7,429,000 12,844,000
Bushels.

Total.
Bushels.
13,277,000
11,127,000
19,947,000
20,273,000

T h e v isib le su p p ly o f g r a in , co m p risin g th o sto c k s in
g ra n a ry a t p rin cipa l p oin ts o f a c c u m u la tio n a t lak e a n d
se a b o a rd p o r ts J u n e 2 4 1 9 1 6 w as as fo llo w s:

United States—
New Y o r k ......................—
Boston ............................ —
Philadelphia ........................
Baltim ore.......................... ..

.
.
.
.

New Orleans............... ........ .
_
Bu ffalo.................... .............. .
.
.
C h ic a g o ....... .............. .......... .
M ilwaukee............. ............... .
.
M inneapolis....... .......... ........ .
St. L o u is .............................. .
.
Omaha ............. .................... .
.
On Canal and ltlver........... _
Total
Total
Total
Total

June
June
June
June

24
17
26
27

1916------1916. —
1915------1914.........

G R A IN STOCKS.
Oats,
Wheat,
Corn,
bush.
bush.
bush.
1,976,000
407,000 1.224.000
24.000
211,000
11,000
340.000
730,000
132,000
1,002,000
498,000 1.358.000
68.000
______
525.000
103.000
25.000
1,707,000
1,110,000
35.000
1,414,000
261.000 1.145.000
106,000
64,000
596,000
107.000
204,000
101,000
6,391,000 3,763,000 5.783.000
93.000
441.000
31,000
8,887,000
448.000
13.000 1.097.000
8,464,000
144.000
1,619,000
90.000
298.000
5,958,000 1,591,000
106.000
18,000
55.000
511.000
314,000
330.000
426.000
1,531,000
179.000
363,000
44,000

.42,647,000 7,768,000 14,066,000
.43,337,000 10,127,000 14,530,000
.10,182,000 6,571,000 5,982,000
.14,999,000 7,589,000 7,327,000

Rye,
bush.
95.000
17.000
2,000
117,000
4,000

Barley,
bush.
557.000
6,000
57,000
364.000

3.000
2.000
26,000
71.000
14.000
71.000
48.000
6,000
24.000

157,000

49,000

1,000

128,000
65,000
364.000
130.000
9,000

19.000
35.000

............
501,000 1,940,000
561,000 1,955,000
341,000
943,000
430,000 1,410,000

N ote.— Bonded grain not Included above: Wheat, 2,209,000 bushels at New York;
629,000 Baltimore. 513,000 Philadelphia, 120,000 Boston, 663,000 Duluth, 2,131,000
Buffalo: total, 6,265,000 bushels, against 623,000 bushels In 1915. Oats: 1,460,000
New York, 1,577,000 Boston, 24,000 Philadelphia, 292,000 Baltimore. 86,000
Duluth, 748,000 Buffalo: total, 4,187,000 bushels, against 251,000 In 1915: and
barley, 283,000 New York, 34,000 Baltimore, 11,000 Boston, 31,000 Duluth; total,
359,000, against 15,000 In 1915.
Canadian—
M o n t r e a l............. ................. 2,172,000
Ft. William & Pt. A rth u r.. 14,830,000
Other C a n a d ia n ___________ 7,155,000

130,000
______
______

3,365,000
4,150,000
4,505,000

Total June 241916*_____24,187,000
130,000 12,020,000
146,000 11,147,000
Total June 171916*_____24,999.000
Total June 26 1915.......... 4,877,000
103,000 3,326,000
Total June 27 1914______ 10,513,000
121,000 7,473,000
Summary—
American .............................. 42,647,000 7,768,000 14,066,000
Canadian................................ 24,187,000
130,000 12,020,000
Total
Total
Total
Total

June
June
June
June

24
17
26
27

1916............. 66,834,000 7,898,000 26.0SO.OOO
1916............. 68,336,000 10,273,000 25,683,000
1915_______ 15,059,000 6,674,000 9,308,000
1914............. 25,512,000 7,679,000 14,800,000

Including Canadian at Buffalo and Duluth.




64,000
109,000
................................
------------------64,000
24,000
9,000
31,000

109,000
181,000
250,000
635,000

501,000 1,940,000
64,000
109,000
565,000
585,000
350,000
461,000

2,049,000
2,136,000
1,193,000
2,045,000

[Vol. 103.

THE D R Y GOODS TRADE.
New York, Frida;/ Night, June JO 1 9 1 6 .
A tte n tio n in d r y g o o d s m a r k e ts d u rin g th e p a s t w eok h as
b een c o n fin e d la rg e ly to th e fillin g o f a r m y re q u ire m e n ts .
G o v e r n m e n t b u y in g o f v a rio u s classes o f c o tto n an d w oolen
g o o d s is v ie w e d se rio u sly b y m a n y as th o m a jo r it y o f th e
in q u iries are fo r im m e d ia te d e liv e ry a n d m a n u fa c tu r e rs a re
fin d in g it d iffic u lt to o b ta in s p o t s u p p lie s.
C o n tr a c ts h a v e
b e e n a w a r d e d fo r u p w a rd s o f th ree m illio n y a rd s o f v a rio u s
c lo th s in a d d itio n to large ord ers fo r u n d erw ea r an d b la n k e ts ,
w ith m o r e e x p e c te d .
C o t t o n d u ck is in a c tiv e d e m a n d
w ith p rices fu rth e r a d v a n c e d an d sto c k s lig h t.
A s id e from
th e in cre ase d b u sin e ss p la ce d b y th e G o v e r n m e n t, h o w e v e r,
th e M e x ic a n s itu a tio n is h a v in g little e ffe c t o n th e d r y g o o d s
m a r k e ts .
W h ile m e rc h a n ts a s a ru le are still in clin ed to be
c o n s e r v a tiv e re g a rd in g th e p la c in g o f c o n tr a c ts fo r fu tu re
d e liv e r y , th is is d u e la rg e ly to th e h ig h p ric e s, tho c o m in g
P re sid en tia l e le ction a n d fea rs o f c h a n g e s in th e ta r iff. M ills
are v e r y b a c k w a rd in m a k in g d eliv erie s an d in m a n y in sta n ce s
are re fu sin g now b u s in e s s , as t h e y are sold a h e a d w ell in to
th e fa ll m o n th s .
A s b o th ra w m a te ria l a n d y a rn v a lu e s h a v e
h eld s te a d y , p rices fo r d ry g o o d s h a v e co n tin u e d to s h o w a
h a r d e n in g te n d e n c y .
D e s p ite th e u n se aso n ab le w e a th e r
re ta ilers re p o rt business on a m o re a c tiv o scale th a n a t th is
tim o a y e a r a g o a n d e x p e c t to co n tin u e to b e b u s y a s the
w e a th e r is n o w im p r o v in g .
A d v ic e s in d ic a te th a t re ta ile rs’
s to c k s in a ll se ctio n s of th e c o u n tr y are v e r y lim ite d , a n d m a n y
u r g e n t re q u e sts are b e in g re ce iv ed for th e p r o m p t s h ip m e n t
o f g o o d s o n o ld o rd ers.
E x p o r t in terests h a v e boon g r e a tly '
e n cou rag ed b y a n im p r o v e m e n t in th e d e m a n d fo r c o tto n
g o o d s fo r C h in a a c c o u n t.
T h e low er fre ig h t ra tes h ave r e ­
s u lte d in larger s h ip m e n ts , a n d if there is fu rth e r im p r o v e ­
m e n t in th e sh ip p in g situ a tio n a m u c h h eavier b u sin ess is
e x p e c te d w ith th o F a r E a s t w ith in th e n e ar fu tu r e .
S h ip ­
m e n ts to R e d S ea p o r ts h a v e also been o n a m o re liberal
s c a le , w hile tra d e w ith S o u th A m e r ic a h a s b een q u ite a c tiv e
In te re st in e x p o rt b u sin e ss in c o tto n g o o d s is s te a d ily in ­
crea sin g a n d as a re su lt o f tho e x p a n d in g trad e th e A m e r ic a n
T e x tile E x p o r t C o rp o r a tio n h as b e e n fo r m e d to a c t as fa c to r s
fo r th e d is tr ib u tio n o f A m e r ic a n g o o d s th r o u g h o u t a ll c o u n ­
trie s, a g en cie s h a v in g a lr e a d y b een e s ta b lish e d in m a n y le a d ­
in g cities o f S o u th A m e r ic a .
A c c o r d in g to re p o rts a M a n ­
ch e ste r a g e n c y h as also b een e s ta b lis h e d to h a n d le E u ro p e a n
bu sin ess.
D O M E S T I C C O T T O N G O O D S .— G e n e ra lly q u ie t c o n ­
d itio n s p re v a iled in the m a r k e t fo r sta p le c o tto n s d u rin g the
w e o k , w ith prices fir m .
S to c k s in m o s t loca lities are s m a ll,
this b e in g p a r tic u la rly tru e as regard s h e a v y g o o d s , w h ich
are in d e m a n d fo r a r m y p u rp o se s.
N e w business is fa ir ly
a c tiv e , a lth o u g h the in q u iry is la rg e ly fo r im m e d ia te d e liv ­
eries, fu tu r e tr a d e co n tin u in g q u ie t.
It is c la im e d , h o w o v e r,
th a t if m ill a g e n ts w ere w illing to g r a n t c o n ce ssion s a m o re
a c tiv e b u sin ess fo r fu tu r e a c c o u n t co u ld b e tr a n s a c te d .
S h e e tin g s ru le irregu lar, so m e lines sh o w in g a d v a n c e s w h ile
oth ers are re p o rte d easier.
D e m a n d for w ash g o o d s an d
w hite d ress g o o d s h as im p r o v e d , th o u g h the in q u iry is m o s tly
fo r sp o rt s tr ip e s .
A v e r y sa tis fa c to ry trad o is re p o rte d in
fa n c y c o tto n g o o d s , a s theso lines are b e in g used as s u b s ti­
tu te s fo r im p o r te d g o o d s .
H ig h e r p rices h a v e been reco rd ed
fo r c o tto n u n d erw ea r fo r sp rin g 1 9 1 7 , a n d as b u y e r s are
a n x io u s to p la ce o rd ers, a d v a n c e bu sin ess h a s been lib e ra l.
G r a y g o o d s ru le ste ad ie r w ith less o fferin g b y secon d h an d s
a t c o n ce ssio n s.
G r a y g o o d s , 3 8 -in c h s ta n d a r d , aro q u o te d
at 5J^c.
W O O L E N G O O D S .— T h e r e is still no in d ic a tio n o f a
s e ttle m e n t o f th o g a r m e n t w o rk e rs ’ s tr ik e , w hich has n ow
la s te d u p w a rd s o f nino w e e k s.
A s a re su lt o f th e la b o r d iffi­
cu lties m a n y fa c to r ie s h a v e m o v e d f r o m N e w Y o r k to n e ig h ­
b o rin g S ta t e s .
M a n y in th e tr a d o , h o w e v e r, e x p e c t th a t
th ere w ill b e a s e ttle m e n t o f th e la b o r tro u b le s b efo ro th e
m id d le o f J u ly a n d d e m a n d fo r p iece g o o d s has b een m o re
a c tiv e .
F u r th e r lines o f m e n ’ s w ea r fa b r ic s fo r sp rin g 1 9 1 7
h a v e b e e n p la ce d on th e m a r k e t an d sh o w a n a d v a n c e o f
a b o u t 1 0 c e n ts p er y a r d o v e r la st y e a r ’s p ric e s .
T h e r e are
also said to bo o ffe r in g s o f dress g o o d s fo r n e x t s p r in g , a l­
th o u g h the fo r m a l o p e n in g h as n o t as y e t ta k e n p la c e .
M any
o f th e w oole n m ills are re p o rte d to b e a c tiv e ly c o v e r in g ru sh
ord ers on b la n k e ts an d s h irtin g fla n n e ls fo r tho G o v e r n m e n t .
P ric e s fo r a ll lines o f w o o le n g o o d s ru le fir m , o w in g to the
str e n g th o f th e ra w m a te ria l m a r k e t s .
M a n u fa c tu r e r s are
re p o rte d to be o p e r a tin g on a m u c h .la rg e r scale th a n fo r s o m e
tim e p a s t.
F O R E I G N D R Y G O O D S .— T h e m a r k e t fo r linens is e x ­
tr e m e ly q u ie t w ith p rices fir m ly m a in ta in e d a t high le v e ls.
A lt h o u g h a c c o r d in g to so m e a d v ic e s fa ir im p o r ts are lo o k e d
fo r w ith in th e n e x t f o r t n ig h t , cu rre n t receip s co n tin u o lig h t
a n d s to c k s s m a ll.
S u p p lie s in th e m a rk e t a t p resen t are th e
lo w e st th e y h a v e b e e n in y e a r s , w h ile retailers th r o u g h o u t
th e c o u n tr y c la im th a t th eir s to c k s are b a d ly d e p le te d .
S o m e in te re st is b e in g d is p la y e d in to w e llin g a n d n arro w
d a m a s k s , b u t im p o rte rs s ta te th a t as these g o o d s are w ell
sold a h e a d th e y are o n ly a c c e p tin g b u sin e ss fo r la te d e liv e r y .
A s a re su lt o f th e sc a rc ity o f linens c o tto n s u b s titu te s are
b e in g p u rc h a se d m o re fre e ly .
H a n d k e r c h ie f linens are d if­
fic u lt to o b ta in w ith prices v e r y h ig h .
N o t h in g o f p a rticu la r
in terest h as d e v e lo p e d in th e m a r k e t fo r b u r la p s, tho s itu a ­
tio n c o n tin u in g a b o u t u n c h a n g e d .
D em and
h as b een
m o s tly fo r lig h t w e ig h ts w ith th e u n d erto n e s te a d y .
L ig h t
w e ig h ts are q u o te d a t 6 .7 5 c . to 6 .8 5 c . an d h e a v y w eig h ts
at 8c.

Ju l y l 1916.]

gT/tTE AND

THE CHRONICLE

77

ANNE ARUNDEL COUNTY (P. O. A nnapolis), Md.— POND OFFER­
ING.— Bids will be opened at 12 m. July 7 by the School Commissioners,

Sam Gardner, County Supt., for the following 5% coupon tax-free school
bonds:
$20,000 bonds. Denom. $1,000. Date M ay 1 1916. Int. M . & N .
Due $4,000 in 5, 10, 15, 20 and 25 years after date.
News Items.
10.000 bonds. Denom. not less than $100 nor more than $1,000. Date
May 1 1916. Int. J. & J. Duo $2,000 in 5, 10, 15, 20 and 25
Bell County (P. O. Pineville), Ky.— R o a d B o n d I s s u e
years from date.
E n j o i n e d .— T h e C o u r t o f A p p e a ls in a n o p in io n re n d e re d o n
6,000 bonds. Denom. $300. Date June 1 1916. Int. J. & D . Due
$1,500 In 5, 10, 15 and 20 years after date.
Juno 1 3 rovorsed th e d ec ision o f th e B e ll C o u n t y C ir c u it
10.000 bonds. Denom. $500. Date June 1 1916. Int. J. & D. Due
C o u r t b y e n jo in in g th e issu a n ce o f th e $ 1 5 0 ,0 0 0 r o a d -c o n s tr u c ­
$2,000 in 5, 10, 15, 20 and 25 years from date.
Bonded debt o f county, less sinking fund, $315,125; taxable basis, esti­
tio n b o n d s v o te d M a y 1 3 .
V . 102, p. 1915.
T h o C ourt
mated, $23,000,000.
h e ld , it is s ta te d , th a t th is b e in g a se c o n d issu e o f r o a d b o n d s
The above bonds were offered on June 23, but because of an error in the
th o f ir s t , fo r $ 2 5 0 ,0 0 0 h a v in g b e e n so ld o n M a r . 2 9 1 9 1 5 , it advertisement, bonds had to be readvertised.— V. 102, p. 2096.
APEX, W ade C ounty, No. C aro.— BOND OFFERING.— Farther de­
w o u ld v io la te S e c tio n 1 5 7 a o f th e c o n s titu tio n , w h ic h p ro­
are at hand relative to the offering on July 3 o f the $12,000 6% 25-yr.
v id e s fo r th o le v y in g o f a ta x o f 2 0 ce n ts o n e a c h $ 1 0 0 o f tails
electric-light bonds. V. 102, p. 2360. Bids for these bonds will be re­
assessed v a lu a tio n in th o c o u n ty fo r a sin k in g f u n d , b u t p ro ­ ceived until 12 m. on said day by J. P. Mills, Chairmaa Board o f Commrs.
h ib its a n y fu r th e r le v y b e in g m a d o u n til th e d e b t to m e e t Denom. $500. Date July 1, 1916. Int. annually certified cho:k fo r $500
payable to the above Chairman, required.
w h ic h th e first le v y w as m a d e is e x tin g u ish e d in w h o le o r in
ARIZONA (State o f).— BONDS OFFERED BY BANKERS.— Powell,
p a rt.
S e e ite m u n d e r “ S ta t e o f K e n t u c k y ” in o u r issu e o f Garard & Co. and Elston, Clifford & Co. Chicago, have purchased and
are now offering to investors $300,000 4 A % 15-25-year (opt.) refunding
M a y 6 , p . 1733.
bonds on a 4 % basis. Date July 15 1916. Int. J. & J. at the Guaranty
Canada (Dominion of).— F u r th e r C r ed it G r a n te d B r itis h Trust Co., N . Y . Assessed value 1915, $420,532,412. Total indebted­
ness, S3,009,275. Population (State Census), 247,297. Area, 113,020
G o v e r n m e n t .— A n n o u n c e m e n t h a s been m a d e t h a t F in a n c e square miles. Legal investment for savings banks in New York, New
M in is te r W h i t e , a c tin g a s tru ste e fo r th o C a n a d ia n b a n k s Jersey, Vermont, Rhode Island and New Hampshire. Approved by
a n d th o Im p e r ia l T r e a s u r y , n o tifie d th o B r itis h T re a su re r Dillon, Thomson & Clay, New York.
ASHEVILLE, Buncom be C oun ty, No. C aro.— BOND SALE.— On
b y c a b le o n J u n e 2 9 th a t a fu rth er C a n a d ia n cr e d it o f $ 2 5 ,­
June 21 the $72,000 5% 12-year (average) refunding bonds (V. 102, p.
0 0 0 ,0 0 0 w as im m e d ia te ly a v a ila b le fo r th o p u rc h a se o f w ar 2181) were awarded, it is stated, to the Citizens’ National Bank of Frostburg, M d., for $74,860, equal to 103.972.
m u n itio n s a n d su p p lie s.
T h is , to g e th e r w ith th o $ 5 0 ,0 0 0 ,0 0 0
ATTLEBORO, Bristol C ounty, Mass.—TEMPORARY LOAN.—On
a lr e a d y a d v a n c e d b y th o D o m in io n G o v e r n m e n t a n d a
June
22 a loan of $50,000, maturing $25,000 Nov. 1 and Nov. 27 1916,
p ro v io u s lo a n o f $ 7 5 ,0 0 0 ,0 0 0 b y th o C a n a d ia n b a n k e r s ,
was awarded to Bond & Goodwin o f Boston at 3 1-3% discount. There
m a k e s a to ta l o f $ 1 5 0 ,0 0 0 ,0 0 0 lo a n e d th e Im p e r ia l G o v e r n ­ were no other bidders.
m e n t t o m e e t its c o m m itm e n ts in C a n a d a .
I t is s ta te d th a t
AUSTIN, T e x . — DESCRIPTION OF BONDS.—The S I,170,000 4 H %
th o F in a n c e M in is te r h as o ffered to re d isco u n t a t a n y tim e refunding bonds recently sold— V. 102, p. 2271— are in the denom. of
$1,000
and dated July 1 1916. Prin. and semi-annual int. (J. & J.) at
th e Im p e r ia l T re a su r y b ills h eld as co lla te ra l fo r th o a d ­
v a n c e s , b u t as a v a ila b le b a n k fu n d s are so largo i t is n o t the National City Bank, N. Y . Due $39,000 yearly July 1 from 1917 to
1946 incl. Bonded debt, July 1 1916, $2,820,000. Sinking fund. $20,089.
b e lie v e d su ch re d isco u n tin g will b e n e ce ssa ry .
Assessed val. 1915, $23,236,691; actual value, est., $40,000,000.
A c c o r d in g to re p o rts a now d o m e stic w a r loan o f S I 5 0 ,0 0 0 ,In an advertisement on a preceding page Bolger, Mossor & Willaman of
0 0 0 to $ 2 0 0 ,0 0 0 ,0 0 0 , b e arin g 5 % in te r e st, w ill b e b r o u g h t Chicago and Detroit are offering the above bonds to investors.
o u t a b o u t S e p te m b e r n e x t.
T h is p ro p o sed loa n w ill b e p a y ­
BARBOURSVILLE INDEPENDENT SCHOOL D ISTR IC T (P. O.
a b le in M o n t r e a l, so th a t n o p a rt o f it w ill b e offe re d in th e B arboursville), Cabell C oun ty, W. V a.— BOND SALE.— On June 20
tho $4,500 6% coupon school-improvement bonds (V. 102, p. 2181) were
U n it e d S ta te s .
_
awarded to John Nuveen & Co. of Chicago for $4,654 (103.422) and int.
I t is a lso a n n o u n ce d th a t th o 5 , 10 an d 1 5 -y e a r te m p o r a r y Purchaser to pay for lithographing bonds. There were eight other bidders.
5 % b o n d s o f th o D o m in io n o f C a n a d a , duo 1 9 2 1 , 1 9 2 6 a n d
BA R R Y, Pike C oun ty, 111.— BOND ELECTION.— Reports state that a
1 9 3 1 , m a y bo e xch a n ge d fo r c o u p o n b o n d s a t th e a g e n c y o f vote will be taken on July 7 on the question o f issuing $17,000 waterworks-improvement bonds.
th o B a n k o f M o n t r e a l, 6 4 W a l l S t ., N o w Y o r k .
BARTHOLOMEW COUNTY (P. O. Colum bus), In d .— BOND SALE.
On June 27 the four issues of 4 ) 4 % road bonds, aggregating $139,500—
Imperial Irrigation District (P. O. E l Centro), Imper­ —
V. 102, p. 2361—-were awarded to Wm. G. Irwin for $141,800 (101.920)
ial County, Calif.— B o n d s D e c la r e d V a lid .— J u d g e C u r tis and int. Other bids were:
D . W ilb u r o f th e Su pe rior C o u r t o n J u n e 2 1 h e ld v a lid th o J. E. Wild & Co.. Indianapolis........................................ - ........... $141,799 00
R. L. Dotlings Co.. Indianapolis........................ ......... .................. 141,780 50
$ 5 0 0 ,0 0 0 5 % b o n d s a w a r d e d on M a y 1 6 to H . M . M c D o n a l d . Breed, Elliott & Harrison---------------------------------------------------- 141,736 00
V . 102, p . 2008.
T h e s e b o n d s are p a r t o f a n issue o f $ 3 , 5 0 0 , ­ Miller & C o.. Indianapolis............................................................... 141,090 00
BARTOW , P olk C ounty, Fla.— B O N D S V O T E D . — Reports state that
0 0 0 , th o re m a in in g $ 3 ,0 0 0 ,0 0 0 h a v in g been tu rn e d o v o r to
tho question of issuing $20,000 school-building bonds carried, it is stated,
th o S o u th e r n P a cific C o . as th e p u rc h ase price fo r its rig h ts at an election held Juno 13.
in th o p ro p e rtie s o f th o C a lifo r n ia D e v e lo p m e n t C o .
BASIL SCHOOL DISTRICT fP. O. Basil), Fairfield C ounty, O h io.
— B O N D S A L E P R E V E N T E D B Y I N J U N C T I O N . — W e are advised that
M o n t c l a i r , N. J.— R e c o u n t o f V ote o n C o m m is s io n G o v er n ­
an injunction suit was filed two days before the offering of the $60,000 5%
m e n t P r o p o s i t i o n .— A re c o u n t o f th o v o te p o lle d a t th o elec­ coupon school bonds which was to have taken place June 12 (V. 102,p .2099)
BAY CITY, Bay C ounty, .M ich.— B O N D O F F E R I N G . — Bids will he
tio n o n Ju n o 6 , w h en th e p ro p o sitio n to a d o p t th e c o m m is ­
received until 3 p. m. July 3 by E. E. Prohazka, City Compt., for $47,000
sio n g o v e r n m e n t p la n w a s s u b m itte d , sh o w s th a t th e v o te
local-impt. bonds. Denom. $1,000. Date July 1 1916. Int.
4A %
w a s 1 ,1 1 5 “ fo r ” to 8 7 5 “ a g a in s t ,” in stea d o f 1 ,1 5 1 to 8 8 9 as J. & J .in N . Y. Due $24,000 July 1 1919, $13,000 July 1 1921 and$10,000
July 1 1924. Cert, check for 2% o f bonds bid for, payable to the City
w as first r e p o r te d .— V . 1 0 2 , p . 2 1 8 0 .
Oompt., required. Purchaser to pay accrued int. Total bonded debt,
New York State.-— A c t A p p r o v e d M a k i n g A p p r o p r i a t i o n $1,183,500; sinking fund, $76,337; floating debt, $98,000; total assess, val
1916, $26,355,768.
f o r H i g h w a y I m p r o v e m e n t .— O n M a y 19 G o v e r n o r W h it m a n
BEACON SCHOOL DISTRICT (P. O. B eacon), Mahaska County,
sig n ed a n A c t (C h a p te r 5 9 7 ) p a sse d b y th o L e g isla tu re , m a k ­ Iowa.— B O N D S A L E . — On June 21 the $4,000 5% 5-10-yr. (opt.) building
in g a v a ila b le th is y e a r $ 1 0 ,0 0 0 ,0 0 0 fr o m th o se c o n d $ 5 0 ,0 0 0 ,­ addition bonds (V. 102, p. 2271) were awarded to Schanko & Co. o f Mason
at 100.375 and int. Other bids were:
0 0 0 h ig h w a y b o n d issue a p p r o v e d b y th o v o te rs in N o v o m b o r City
Kissel, Kinnicutt & Co., Chicago, par less $50 expenses.
Peoplo’s Trust & Savings Bank, par loss $67 40 expenses.
1 9 1 2 a n d o f w h ic h $ 1 5 ,0 0 0 ,0 0 0 h a v e a lr e a d y b een so ld .
O. H. Coffin, Chicago, $4.001 less $100 expenses.
B o n d s f o r th e P a lis a d e s I n t e r -S ta t e P a r k to be V o ted o n i n
BEDFORD COUNTY (P. O. B edford), Va .— B O N D S V O T E D .— Tho
N o v e m b e r .— A t th e ge n e ra l o lo ctio n in N o v e m b e r th o v o te rs question of issuing $75,000 road bonds carried, it is stated, at an election
hold
in Forest Magisterial District on June 20.
w ill bo g iv e n a n o p p o r tu n it y to d ecido w h e th e r o r n o t th e y
BENTON COUNTY SCHOOL D IST R IC T NO. 29, W ash.— B O N D
are in f a v o r o f th o issu a n co o f $ 1 0 ,0 0 0 ,0 0 0 4 ) ^ % 5 0 -y e a r
A L E . — On June 10 the $12,000 10-20-year opt. coupon nigh-school-build­
ta x -e x e m p t b o n d s fo r th o p u rp ose o f p u rc h a sin g a d d itio n a l S
ing and equipment bonds— V. 102, p. 2181— were awarded to the State of
la n d s fo r th o P a lisa d e s In te r -S t a te P a r k .
T h o A c t p ro v id in g
Washington at par and blank bonds for 4 Ms. Other bids were:
fo r th o su b m issio n o f th is p ro p o sitio n (C h a p te r 5 6 9 ) w as Irving Whitehouse C o., Spokane______________________$12,150 00 5s
Spokane & Eastern Trust Co., Spokane.........................
12,040 80
sig n ed b y th e G o v e r n o r o n M a y 1 5 .
Prosser State Bank, Prosser---------------------------------------112,04 6 80 5 A s
112,247 20 5 A s
West Hoboken, Hudson County, N. J.— B o n d S a le Wm. D. Perkins & C o., Seattle------------------------------------ 12,012 50 5 « s
John E. Price & C o., Seattle---------------------------------------- 12,162 00 5 A s
H e ld u p b y C o u r t O r d e r .— T h o $ 2 5 0 ,0 0 0 4 ^ % 3 0 - y r . go ld
Ferris & Hardgrove, Spokane---------------------------------------- 12,075 00 5H s
fu n d in g b o n d s o ffe r e d o n Ju n o 2 6 — V . 1 0 2 , p . 2 3 6 8 — w ere Cummings, Prudden & C o., Toledo------------------------------ 12,013 00 B A s
n o t s o ld , it is s ta te d , o n a c c o u n t o f th e g r a n tin g o f an order Morris Bros.. Inc., Portland----------------------------------------- 12,000 00 B A s
c . H. Coffin, Chicago_________________________________ 12,201 00 6s
b y th o S u p r e m e C o u r t to sh o w ca u se w h y a w rit o f certiorari
All bidders agreed to furnish bonds.
sh ou ld n o t issu e .
I t is c o n te n d e d th a t as p a rt o f th e m o n e y
BENTON INDEPENDENT SCHOOL D ISTR IC T (P. O. B enton),
R inggold C ounty, Iow a.— B O N D S A L E . — On June 6 an issue o f $20,000
to b o g o tte n b y th e b o n d issuo is to bo used for th o p a y m e n t o f
building
bonds was awarded, it Is stated, to Geo. M . Bechtel & Co., Daven­
cu rre n t ox p en sc s, th e ste p is illegal in a sm u c h a s su c h e xp en ses
port.
sh ou ld b o m e t b y m o n e y s co lle cted tln-ough ta x a tio n .
The
BERLIN, Coos County, N. H.— B I D S . —-The other bids received for
caso w ill be h e a rd J u ly 1 5 .
the $40,000 (not $90,000 as first reported) 4% 1-20-yr. serial bonds award< d
to E. H. Rollins & Sons of Boston at 102.29 were as follows (V. 102, p. 2361):
Baker, Ayling & Young____ 102.09 I Karris, Forbes & Co., Boston. 100.41
A. B. Leach & Co., N. Y __102.06 ICropley, McGaragle & Co.,
A. Fernald & Co., Bost.101.134 B oston-----------------------------100.17
Bond Proposals and Negotiations this week Geo.
R. M . Grant & Co., Boston..101.08 |II. C. Grafton Jr.. Boston. .*100.00
♦Plus $5.
have been as follows:
BIDDEFORD, Maine.— B O N D S A L E . — O n June 28 the $25,000 4%
ALBANY, L inn C ounty, Oro — B O N D S A L E .— On Juno 14 G. L. 15-ycar
average coup, tax-free sower bonds were awarded to the Bangor
McPherson & Co. of Portland wero awarded $12,532 23 6 % 1-10-year Savs.
Bank of Bangor at 101.73, a basis of about 3.85%, it is stated.
optional street-improvement bonds for $13,032 23 and accrued interest. — V. 102,
p. 2361.
Tho following wero among the bids received:
P r e m iu m .
BIG LAKE INDEPENDENT SCHOOL DISTRICT NO. 4 (P. O. Big
P r e m iu m .
L. L. Swan, Albany, Ore
-$188 00 Guardian Trust C o., Dcnver.$326 87 Lake), Sherburne County, Minn.— B O N D S V O T E D . — The question of
Clarke, Kendall & Co., Portl. 410 42 John E. Price & Co., Seattle. 104 17 issuing $10,000 bldg, bonds carried, it is stated, at a recent election.
James N. Wright & C o., Den. 187 75
Oarstens, Earles & Co., Inc.,
BLACKFOOT, Bingham C oun ty, Id ah o.— B O N D S A L E . — John E .
S eattle__________________281 00 1<\ C. Koehler, Toledo______ 7 7 77 Price
& C o., of Seattle, were awarded on May 20 $22,250 5% paving bonds
Lumbermen’s Trust, Portl’d - 450 00 Oregon Life, Portland........... 250 00 for
$22,519 22 (101.209) and interest.
Morris Eros., Portland____ 41100
All bids included accrued interest.
BRACKEN COUNTY (P. O. Brooksville), Ky .— B O N D S V O T E D .—
ALEXANDRIA SCHOOL DISTRICT NO. 1 (P. O. A lexandria), The proposition to issue the $200,000 road-impt. bonds carded, it is slated .
Rapides Parish, La.— ZiOA'D S A L E .— On Juno 15 the $20,000 5% site- at ati election held June 17.
purchase, bldg, and equipment bonds— V. 102, p. 2180— wero awarded,
BREVARD COUNTY SPECIAL T A X SCHOOL D ISTR IC T NO. 2
it is stated, to the Whitney-Central Trust & Sav. Bank of New Orleans at (P. O. Eau Gallic). Fla.— B O N D O F F E R I N G . — Proposals will be received
101.90.
until 6 p. m. July 15 by Edwin E. M ay, Supt. o f Public Instruction, for




5s

78

THE CHRONICLE

$50,000 6% 25-year coupon tax-free school impt. bonds. Denoin. $1,000
Date July 1 1910. Int. J. & J. Cert, check for 5% o f par value o f bonds'
payable to the Chairman Board o f Public Instruction, required. The dis­
trict has no indebtedness. Assess, val. 1915 $1,262,073. Total tax rate
(per $1,000) $42.
BRISTOL COUNTY (P. O. T a u n ton ), Ma33.— B O N D S A L E . — On
Juno 27 tho $20,000 4% lOJ^-yr. aver. coup, refunding bonds— V. 102, p
2361— were awarded to Parkinson & Burr o f Boston at 101.41, it is said.
— V. 102, p. 2361.
BROCKTON, M a a s .— T E M P O R A R Y L O A N . — Reports state that a
loan of $200,000 dated June 29 1916 and maturing Nov. 29 1916 has been
awarded to Morgan & Bartlett of N. Y . at 3M % discount plus $1 50 prem
BROWNSVILLE, H ayw ood C ounty, T enn .— B O N D E L E C T I O N
P R O P O S E D . — Reports state that an election will bo called shortly to vote
on the question of issuing $25,000 street-impt. bonds.
BRUNSWICK, Frederick C ounty, M d. — B O N D E L E C T I O N P R O ­
P O S E D . — An election will probably be held in August to vote on the ques­
tion of issuing watcr-works-system-construction bonds— V. 102, p. 726.
Eugene Harrison is Mayor.
BUCYRUS TOWNSHIP CONSOLIDATED RURAL SCHOOL D IS­
T R IC T (P. O. B ucyrus), C rawford C ounty, O h io.— B O N D O F F E R I N G .
— Proposals will be received until 12 m. July 26 by Geo. Ryan, Clerk of
Board of Education, for $35,000 5% coup, school bonds. Auth. Secs. 2294
et seq. and 7625 et seq., Gen. Codo. Denom. $500. Date July 10 1916.
Prln. and semi-ann. int.— A. & O.— payable at office of Board of Educa­
tion. Due each six months as follows: $500 April 10 and SI,000 Oct. 1
from April 1 1918 to Oct. 1 1 9 2 1 incl., $1,000 April 1 and Oct. 1 1922, $1,000
April 1 and $1,500 Oct. 1 from Apr. 1 1923 to Oct. 1 1925 incl., $1,500
April 1 1926 to Oct. 1 1931 incl., $500 April 10 1932 and $1,000 Oct. 1 1932.
Certified check on a Crawford County bank, for $100, payable to above
Clerk, required. Bonds to bo delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest.
BUENA VISTA RURAL SCHOOL D ISTR IC T (P. O. B uena Vista),
S cioto C oun ty, O hio.— B O N D O F F E R I N G . — Proposals will bo received
until 12 m. July 6 by Alvin F. Cyfers, Clerk-Treas. o f Dist., for $1,000 5%
10-year aver. coup, school bonds. ■Auth. Secs. 7625, 7626 and 7627,
Gen. Codo. Denom. $100. Date M ay 10 1916. Int. M . & N. Duo
$100 yearly on N ov. 1 from 1921 to 1931 incl., except that no bond matures
in 1927. Cert, check on a Scioto County bank for 5% of bonds bid for,
payable to above Clerk-Treas., required. Purchaser to pay accrued int.
BURLEY, Cassia C ounty, Id a h o .— B O N D E L E C T I O N P R O P O S E D .—
Reports stato that an election will bo called shortly to vote on tho.question
o f issuing $40,000 electric-light-system ext. bonds.
BURNSVILLE, Braxton C ounty, W. Va.— B O N D O F F E R I N G .—
The Common Council will receivo proposals until 7 p. m. July 11 for
$17,000 5% coupon bonds. Denom. $100, or multiples thereof not to ex­
ceed $1,000. Date July 1 1916. Int. payable annually at Bux-nsvllle
Exchange Bank. Due 34 years, optional In 10 yrs., or at any time there­
after within 34 yrs. Frank Amos is Town Recorder.
BURT-W ASHINGTON DRAINAGE DISTRICT (P. O. Tekam ah),
Neb.— B O N D S A L E . — On June 17 $330,000 5M % drainago system bonds
were awarded at public auction, it is stated, to tho Hanchett Bond Co. of
Chicago for $336,581, equal to 101.988.
CABELL COUNTY (P. O. H u n tin gton ), W. Va.— B O N D O F F E R I N G .
— Proposals will be received until 1 p. m. July 20 by D. I. Smith, Pros,
o f Co. Court, for $200,000 o f an issuo o f $600,000 5 % 30-yr. road-impt.
bonds voted M ay 29 1915. Cert, check for $500 required.
CABLE RURAL SCHOOL D ISTR IC T (P. O. Cable), Cham paign
C ounty, O h io.— B O N D S A L E . —-Wo have just been advised by tho Clerk
Board of Education that on M ay 10 tho $20,000 building bonds voted
Mar. 21 were sold to Seasongood & Mayor o f Cincinnati for $20,666
(103.33) and accrued int.— V. 102, p. 1283.
CADIZ, Harrison C ounty, O h io.— B O N D O F F E R I N G .— Further de­
tails are at hand relative to the offering on July 8 o f the $10,000 5M %
street impt. (assess.) bonds (V. 102, p. 2271). Proposals for these bonds
will bo received until 12 m. on that day by W. II. Lucas, Vil. Clerk. De­
nom. $500. Date Mar. 1 1916. Int. semi-annual. Due $500 each six
months from Mar. 1 1917 to Sept. 1 1926, incl. Bonds to be delivered and
paid for within 10 days from time o f award. Cert, check for 5% o f bonds
bid for, payable to the Vil. Treas., required.
Purch. to pay accrued
interest.
CAMPBELL COUNTY (P. O. R ustbu rg), Va .— B O N D S A L E . — On
June 17 tho $200,000 Brookville Magisterial Dist. and $40,000 Seneca
Magisterial Dist. 4M % coupon road-impt. bonds— V. 102, p. 2181— were
awarded, It is stated, to the People’s Nat. Bank o f Lynchburg at 100.25.
CAMBRIDGE, Guernsey County, Ohio .— B O N D O F F E R I N G .— Ad­
ditional information is at hand relative to the offering on July 5 of the $15,­
000 5% 20-year coup, water-works refunding bonds. V. 102, p. 2361.
Bids for these bonds will bo received until 12 m. on said day by J. J. Calvort, City Aud.
Auth. Sec. 3916, Gen. Code.
Denom. $500. Date
July 1 1916. Prln. and semi-ann. int. J. & J. payablo at office o f City
Treas. Duo July 1 1936. Cert, check for 2% o f bonds bid for, payable
to tho City Treas., required. Bonds to bo delivered and paid for within
10 days from time o f award.
CANBY, Clackamas C ounty, Ore.— B O N D O F F E R I N G . — Proposals
will bo received until July 18 for the $18,000 6% 10-20-yr. (opt.) waterworks-plant-constr. bonds authorized by vote o f 178 to 58 at the election
held M ay 19.
CANTON, O hio.— B O N D E L E C T I O N . —.Reports stato that an election
will bo held Aug. 8 to vote on the proposition to Issue $553,000 bonds.
CANTON, Stark C ounty, O h io.— B O N D S A L E . — On Juno 26 the four
issues o f A A % coup, bonds, aggregating $103,000, and tho four issues of
5% coup, bonds, aggregating $55,500— V. 102, p. 2181— were awarded to
Otis & Co. o f Cleveland for $163,655 50— equal to 103.252. Other bidders
were:
Fifth-Third Nat. B a n k ..$163,094 741 Weil, Roth & C o .............$162,895 39
Tillotson & W olcott C o .. 162,075 69 |Prov. Sav. Bk. & Tr. C o . 160,637 63
CARRICK, A llegheny C ounty, Pa.— B O N D E L E C T I O N . — The ques­
tions of Issuing $100,000 funding and $25,000 street-impt. bonds will be
submitted to tho voters on July 20.

CASS SCHOOL TOWNSHIP (P. O. Poland), Clay C ounty, I n d —
will bo received until 12 m. July 7 by A . F.
Kattman, Twp. Trustee, for $6,000 A A Vo school bonds.
CELINA, Mercer C ounty, O hio.— B O N D S A L E . — On June 20 tho
$18,000 5% 10-year coup, water-works bonds— V. 102, p. 2182— were
awarded to Sidney Spitzer & Co. o f Toledo for $18,667 80, equal to 103.71.
Other bids were:
Davies-Bcrtram Co., Cin_$18,549 00 Hanchett Bond Co., C hi.$18,377 00
Weil, Roth & C o., C i n ... 18,453 60 Seasongood & Mayor, Cin. 18,183 00
Spitzer, Rorick & Co.,
Breed, Elliott & Harrison,
•
Toledo............................. 18,381 00
C incinnati----------------- 18,005 50
CHAMPAIGN COUNTY SCHOOL D ISTR IC T NO. 116 (P. O Urbana), Ills.— B O N D S V O T E D . — Tho question of issuing $19,000 5% impt
bonds carried at the Juno 3 election by a vote o f 289 to 171. Int an n o n
July 1. Due from 1928 to 1936.
“ •on
, CHANDLERSVILLE SPECIAL SCHOOL DISTRICT (P. O. C handlorsville), Muskingum County, Ohio.— B O N D O F F E R I N G .— 1!ids will
be received until 12 m. July 15 by F. H. Waxier, Clerk o f Bd. o f Ed. for
$6,000 5% coup, school bonds. Auth. Sec. 7629, Gen. Codo. Donom
$500. Date day of sale. Prln. and semi-ann. int. payablo at Dist. 'Treas
offico. Duo $500 July 1921, $1,000 July 1926 and $1,500 July 1931
Cert, check for 5% o f amount bid roquired.
g* CHARLES CITY, Floyd C ounty, Iow a.— B O N D E L E C T I O N . — R e­
ports stato that an election will bo hold July 10 to submit to a voto the
quostion of issuing about $75,000 sower bonds.
CHARLESTON INDEPENDENT 3CHOOL D IST R IC T (P
O
C harleston), K anaw ha C ounty, W. Va.— B O N D O F F E R I N G . __Pr’opos
B O N D O F F E R I N G . — Proposals




[Vol. 103.

als will be received until 8 p. m. July 11 by W. O. Daum, Secy Bd o f Ed
for the $125,000 4>6 % 25-34-yr. (opt.) coupon building ami equip bonds
voted June 12 (V. 102, p. 2271). Denom. $1,000. Date Julv i 1916
Principal and annual int (July 1) payable at tho County Sheriff’s office.
^ 0" J s .t0 bo delivered and paid for within 10 days from date of salo Cert,
check for $1,250, payablo to the Bd. of E d., required. Purchaser to nav
« i 7 iUnonint'A bonded debt, including this issue, $801,200. Sinking fund
$174,000. Assess, val., $34,<62,600. Tho Bd. of Ed. reserves the right'
o?..P-lrch(-aS0.,b0rnRs t0 fbe amount of $34,000, more or less, for tho use of the
any a f alPbids t*le Sad b d . of Ed., and further reserves tho right to reject
ni ? i ? ESn o ^ F > DI STRI CT (P. O. Cheshire), Gallia County,
c?f
I n n n T T i W a r.?cen.t elcction thIs district voted in favor
or tne issuance of s$30,000
bldg, bonds, reports state.
p nn ?,u Si?:,!R( „ H elr Waf e County, Pa.— B O N D S A U T H O R I Z E D . — T h o
Issuance of ’ $100,000 "lio°ndsPOrtS’ ad° Pt°d an O!'dinanc0 P r i d i n g for the
CHICKASAW COUNTY (P. O. H ou ston ), Miss.— B O N D O F F E R I N G .
— Proposals will bo received until 12 m. July 3 by W A Wilkinson nha.nl
eery Clerk, for tho following coupon tax-free road bonds':
’
$33,000 5 A Vo Supers. Dist. No. 1 bonds. Cert, check for $1,000, payablo
to tho above Clerk, required. Bonded debt including this
issue, $133,000. Assess, val. 19l“
tax rato (per $1,000), $26 20.
7,000
Supers. Dist. No. 4 bonds at not exceeding 6% int. Cert, check
for $500, payable to tho above Clerk, required. Bonded
debt, including tills issue. $57,000. Assess, val. 1 9 1 5
Den ,n ^
570A 5 2 5 A Total
rate (per $1,000), $26 20.
t0£ enom' So00. Dato Aug. 1 1916. Int. F. & A. at the County DeposiCounty, O h io . — B O N D O F F E R I N G .— In ad4 H % °~ ¥ e ’ avor- general sinking fund refunding bonds
to bo offered on Aug. 1, an issuo of .*$17,900 5% 16-yr. avor. general citv
l1 for .$400. alfDato
w ? £
% re?1 1915.
l a‘VPrin;
V' and
102,’ somi-aun.
p ' 2'3G1• int.—
Donom.
$500^
__nava
Sopt.
M 3&5 Sfor
bio at offico of City Treas. Due $1,500 Sept. 1 1927, $2 000 voarlv^on
Sept. 1 from 1928 to 1934 incl. and $2,400 Sept. 1 1935. Cert check for
2% of bonds bid for, payable to F. A. Stacey, Brest, of Sinking Funcl Trus­
tees, roquired. A certified transcript will bo furnished purchaser. Official
circular states that there is no litigation and has novor boon any default.
CLARK
IC T
NO.
58, , W
N\D
- —- —
- - COUNTY
, ~ - - «SCHOOL
vu
u vu D
u iIS
a T
iR
i n
o ., vuo,
w•
aash
i .m ..—
—. B
IS O
U1
U
___fin Innn 17
f>A AAA r* n-t
, n
,
S A L E . — On Juno 17 the $6,000 6% 5-10-yr. (opt.) school bonds wore
aw arded_
to Carstens & Earles, Inc., Seattle, at 100.35 and int., for 5 Ms.
Other bids were:
John E. Price & Co., Seattle, $6,011 50 for 5 Ms.
W. D. Perkins & Co., Seattle, par for 5 Ms.
State of Washington, par for 5 Ms.
b h A Y COUNTY (P. O. L iberty), M o .— B O N D S V O T E D .— Tho elec­
tion held June 24 resulted, It is stated, in favor of tho proposition to issue
tho $1,250,000 road-construction bonds.
P P
to issue
CLAY TOW NSHIP INDEPENDENT SCHOOL DISTRICT NO 2
oKo' mn0
— Schanko & Co. of Mason City purchased on Juno
20 $2,300 5% bldg, bonds. Denom. $200 and $300. Dato Juno 1 1916.
JuneJi f o 24 DU° 5300 yearly Juno 1 from 1917 to 1923 incl. and $200
iinFif*?yELArNiD ’
O F F E R I N G .— Proposals will be received
coupon2bonds-lly 17 by C ’ J ' Nea1’ S e c t o r of Finance, for tho following
$!21,000 4M % park bonds. Due Feb. 1 1936.
/O’ OOOdM^streetiopening bonds. Duo $2,000 yrly. Feb. 1 from 1918
Denom. $1,000. Date Feb. 1 1916. Prin. and semi-annual int. pay­
ablo at tho American Exchange N at’l B ank, N. Y .
Cert, or cashier’s
check on some solvent bank other than tho one bidding for 3% o f bonds
bid for payable to the City Treas., required. Separate bids must be made
tor ofC^Finance Blds must bo raadc on blank forms furnished by tile DirecSCHOOL D ISTR IC T (P. O. Cleveland), O h io.
will bo received until 12 m. Aug. 1 by
w r^ n o n nn'nne^ « ^ oard ,T ‘,'ustIueH tho Publlf: Library of this district,
for $2,000,000 4M % coup. bldg, bonds. Auth. Secs. 4007 to 4013, Gen
Code. Denom. $500. Date Aug. 1 1916. Int. F. & A. at Airier Excli
Nat. Bank, N. \ . Due $500,000 Aug. 1 1926, 1931, 1936 and 1941.
Cert..check on a national bank for 5% o f bonds bid for, pavablo to the
Board of Trustees, required. Bids must bo made on blanks furnished by
tho Secretary. Purchaser to pay accrued interest.
J
CLEV®L AND HEIGH T S (P. O. Cleveland), C uyahoga C ou n ty ,
r?^os,a 5 'vlU bo considered until 12 m.
assessJbontbs- H ' CanfieId’ ViL clerk for tne following 5% coupon street
$38,220 Yellowstone Road sidowalk and grading bonds. Denoms. (1)
§220, (38) $1,000. Due on Oct. 1 as follows: $1,220, 1917?3,000,
.aTici 1°2°: $4,000, 1921, 1922 and 1&23; $5,000
1C
and 1925 and 36,000, 1926.
* '
18,620 J cllowstone Road sewer constr. bonds. Donom, (1) $620 (18)
§1.000. Duo on Oct. 1 as follows: $620, 1917- $1 000 1918$2,000 yrly. from 1919 to 1925, inch; $|V600, 1926.
U’ 1J18’
.Tr?.t0,„day o f sale- Prin- and semi-an. int.— A. & O.— payable at offico
of Vil. Treas. Due yrly. on Oct. 1. Cert, check on a bank other than tho
one making the bid for 10% o f bonds bid for, payablo to tho Vil Treas
required. Bonds to bo delivered and paid for within 10 days from time
of award. Purchaser to pay accrued Int.
B O N D S A L E . — O n June 5 tho 11 issues o f 5 % coup, streot assess, bonds,
aggregating $166,182— V . 102, p. 1916— wero awarded to Otis & Co. of
C leveland for $1*1,417 and accrued int. Other bids were:
— B O N D O H B R I N G .— Proposals

Hayden, Miller;& C o., Clo_$5?067 50 Ohio National Bank, C o f r e m i u m ‘
1 illotson & Wolcott Co.,Clo 4,653 101 lum bus________________$4,136 26
CLEVELAND HEIGHTS tP. O. Cleveland), C uyahoga C ountv
O h io .— B O N D O F F E R I N G .— Proposals will bo considered until 19
Aug 7 by II. II. Canfield. Vil. Clerk, for nine issues of 5% counon streei
bonds aggregating $112,029. Prin. and semi-ann. int.— A. & O — payabto
tna° 5 J h o * ' f r ca’s; . Due veal!« P? n 9 ? t ■ i Cert, check on a bank other
than the ono making tho bid for 10% of bonds bid for, payable to tho Vil.
1 reas required. Bonds to bo delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest.
ChOVIS SCHOOL D ISTR IC T (P. O. Clovis), Fresno C oun ty Calif
- B O N U S D E F E A T E D - T h e question of issuing- $25,000 b u llin g bonds
failed to carry, it is stated, at an election held June 17.
COAHOMA COUNTY (P. O. Clarksdale), Miss.— -B O N D S A L E .—
On June 21 the $396,000 5% 1-10-year inter-county road bonds (V. 102,
p. 2182) wero awarded at public auction to tho Hibernia Bank & Trust Co.
at 101 and interest.
COAL TOWNSHIP SCHOOL D ISTR IC T (P. O. Sham okin), P a—
b ° N J D S A L E .— On Juno 24 tho $178,000 A ' A %
funding bonds— V. ifp
P- 2272—wero awarded jointly to Harper Sc Turner and Martin & Co of
1 hila. for $185,176 01 (104.031) and int. There wore two other bidders.
COIN, Page C ounty, Iow a .— B O N D E L E C T I O N P R O P O S E D — Re­
ports state that an election will be held shortly to voto on tho question <>f
issuing $12,000 water-works-system bonds.
COLLINGSWOOD, Camden C ounty, N. J. B O N D S D E F E A T E D —
Newspaper reports stato that the question o f issuing $ 1 4 0 OOO street-paving
bonds was defeated at tho election Juno 27.
COLUMBIA SCHOOL TOWNSHIP (P. O. Connersvillo), Fayette
C oun ty, In d .— B O N D S A L E .— The $1,500 5% coupon tax-free building
bonds offered on Juno 20 (V . 102, p. 2272) wero awarded to Samuel Shortrulgo for $1,555 (103.66) and accrued interest. Other bids were:
Flctcher-American National Bank, Indianapolis.......................... $1,512 50
Farmers & Merchants Trust C o., Connorsvllle.............................. 1 5 1 0 no
R. L. Dollings & Co., Indianapolis.............................................. “ 1 , 5 0 7 50
CONTINENTAL, Putnam C ounty, O h io .— B O N D S A L E — On
Iu n e26 an issuo of $1 500 6% coup, water-works bonds was awarded to
Tillotson & Wolcott Co. of Cleveland at 101.53. Tho First Nat Bank
of Barnesvillo bid 101.40. Denom. $500. Date Juno 1 1916. Int.
J. & D. at the Continental Bank. Continental. Due In 3 4 and 5 yrs.
B °n u «l debt, incl. this issue $25,600: no floating d e b t;’sinking fund,
$79 84. Assess, val. 1915, $650,000; total tax rate per $1,000, $15.

July l 1916.]

THE CHRONICLE

COOK COUNTY FOREST PRESERVE D IST R IC T , 111.— B O N D S
Hoard passed an ordinance on Juno 20 providing
for the Issuance of $2,000,000 bonds to purchase forest lands, it is said.
CORPUS CHRISTI, Mieces County, Tex.— B O N D E L E C T I O N —
Local papers stato that an election will bo held July 8 to vote on tho ques­
tion o f issuing $150,000 streot improvement bonds.
CROOKSVILLE, Perry County, O h io.— B O N D S A L E . — On June 26
Lho seven issues of 5% o 44-year aver, street-assess. bonds, aggregating
$40,400— V. 102, p. 2 1 8 2 — were awarded to W . L. Slayton & Co. of Cleve­
land at 101.11 and Jnt. The other bidders were:
Otis& C o., Cleveland----- $40,820 0 0 1Ohio Nat. Bank, C olum .. $40,676 76
Hayden,Miller&Co.,Clev. 40,684 3 6 1Sidney Spitzer& Co., Tol_ 40,427 00
CROW LEY-FOURTH WARD DRAINAGE D IST R IC T NO. 1 (P. O
Crowley), A cadia Parish, La.— B O N D S A L E . — On Juno 22 $30 000
5% drainage-system bonds wore awarded, it is stated, to Powell, Garard
& Co. o f Chicago.
CUYAHOGA COUNTY (P. O. Cleveland), O h io.— B O N D O F F E R ­
I N G . — E. G. Krause, Clerk Bd. of Co. Commrs., will receive proposals
until 10 a. m. July 15 for $500,000 4)4% coupon bonds. Auth. Secs. 2344
2435 and 2438 Gen. Code, and election held Nov. 8 1910. Denom. $1,000.’
Date Fob. I 1916. Int. A. & O. Due each six months as follows: $8,000
Apr. 1 and Oct. 1 1922; $18,000 Apr. 1 1923 to Oct. 1 1927, inch, and $8,000
Apr. 1 1928 to Oct. 1 1946. Purchaser to pay accrued int. Cert, check on
some batik other than the one making tne bid for 1 % of tho amount of
bonds bid for, payable to tho Co. Treas., required. N o conditional checks
will be recoived or considered. A complete transcript of all proceedings
rolativo to the issue of said bonds, together with tho form o f bond to bo
used and tho form o f bid for said bond can be had upon application to the
Board o f County Commissioners.
A liko amount of bonds is advertised to bo sold to-day (July 1.)—
V. 102, p. 2272.
DAYTON, W ebster County, Iow a.— P U R C H A S E R O F B O N D S . — The
purchaser of tho $15,000 5% eloctric-light bonds sold at privato sale on
Juno 20 at par— V. 102, p. 2362— was Geo. M . Bechtel & Co. of Davenport
Denom. $500. Date July 1 1910. Int. J . & D . Due $500 yearly from
1921 to 1935 inch and $7,500 1936.
y
y
m
A U T H O R I Z E D . — The

for
|
_
_
$470. Date June 15'1916. Int. M . & N. Due $470 each'six months
from M ay 15 1917 to Nov. 15 1926, inch
DEDHAM, N orfolk C ounty, Mass.— T E M P O R A R Y L O A N . — On
June 29 a ioan o f $160,000 maturing Nov. 10 1916 was awarded, roports
state, to Bond & Goodwin Of Boston at 3.61% discount.
DEFIANCE, D efiance C ounty, O h io.— B O N D O F F E R I N G .— Pro
posais will bo received until 12 m. July 8 by Chester O. Ensign, City And.
for $59,500 5% 6-year average coupon street-impt. bonds. Auth. Sees.
3914 and 3939 Gen. Code. Denom. $500. Date July 15 1916. Int.
semi-ann. In Dofianco, Duo $5,500 Mar. 1 1918 and $6,000 yearly on
Mar. 1 from 1919 to 1927 inch Cert, check on a Defiance bank for not
less than $2,975, payablo to the City Treas., required. Bonds to be
delivered and paid for within 10 days from time o f award. Purchaser to
pay accrued interest. Bids must be unconditional. Successful bidder to
furnish blank bonds and coupons in form to tho satisfaction of tho City
Solicitor.
DESHLER, Henry C ounty, O hio.— B O N D S A L E . — On June 26 the
$20,000 A ' A % coup, water and light bonds were awarded to the Commercial
Stato Bank o f Napoleon.— V. 102, p. 2182.
DODDRIDGE COUNTY (P. O. W est U nion), W. Va.— B O N D S A L E
— Reports state that the $200,000 5% coupon West Union District roadimpt. bonds offered on April 28 (V. 102, p. 1283) have been awarded to
Rudolph Kloybolto & Co. of Cincinnati at 100.10. Purchaser to furnish
blank bonds and pay attorney’s fees.
DRAINAGE DISTRICT, R ock Island C ounty, 111.— B O N D
SALE.
On June 21 an issue o f $58,500 5H % drainage bonds was awarded,
reports state, to W. F. Bishop & Co. of Muscatine and Wm. R. Compton
Co. of St. Louis. Date Juyl 1 1916. Duo beginning 1922.
DUNMORE SCHOOL D ISTR IC T (P. O. Dunm ore), Lackawanna
C ounty, Pa.— B O N D O F F E R I N G . — Bids will bo received until 8 p. in.
July 27 by Thos. J. M cNulty, Sec., for $100,000 4 ' A % tax-free bldg,
bonds. Dato Juno 1 1916. Int. J. & D. Duo serially last bond Juno 1
1945. Cert, check for $1,500, payable to tho ‘ ‘School District,” required.
EAST CLEVELAND (P. O. Cleveland), C uyahoga C ounty, O hio.—
B O N D S A L E . — Tho following bids wore received for tho $15,000 5% 0>4-yr.
averago firo-dopt. bonds offered on Juno 27— V. 102. p. 2183:
C. E. Denison <&Co. CIov.$15,490 501 F. C. Iloohler, T oled o...$15,406 50
Soasongood&Mayor, Cln. 15,400 00 Tillotson & Wolcott C o .. 15.340 50
Otis & Co.. Cleveland— 15,460 0 0 1Hayden. Miller & Co., Cl. 15 313 50
Reports stato that tho four issues o f 5% bonds, aggregating *243 900
which wero offered on April 24 (V. 102, p. 1369) have been purchased bv
C. E. Denison & Co. o f Cleveland at par.
3
EAST LIVERPOOL, C olum biana C ounty, O h io.— B O N D S A I E __
On June 20 tho $52,000 5% coup, street bonds— V. 102, p. 2183— awarded
t° .field , Richards & Co. of Cincinnati for $53,626— equal to 103 126
It is stated.
Mi^LL1nrT,vLrw,vSi 9 ^ 0 L D I S T R ICT (P. O. Ellisville), Jones C ounty,
Miss. B O N D L L E C 1 I O N — It is reported that an election will bo held
to-day (July 1) to voto on the question o f issuing $3,000 high-school-bldg
equipment bonds.
ELMIRA TOWNSHIP (P. O. Elmira), Ot3ego C ounty, M ic h __
B O N D S V O T E D — According to local newspaper roports, the question of
issuing $5,000 road-constr. bonds carried at tho Juno 1 election by a voto
of 58 to 7.
ENFIELD (P. O. Thom pnonvillc), H artford C ounty, C onn .— B O N D
S A L E . — On Juno 26 tho $27,500 4 'A % 20-year gold coupon refunding and
school-building and equipment bonds—V. 102, p. 2362—woro awardod to
Frisbio & Co. of Hartford at 102.84 and int. Other bids wore:
Clark, Dodgo & C o., N. Y_l02.719|Merri!I, Oldham & Co., Bost..l02.18
ERWIN, U nicoi County, T e n n .— B O N D O F F E R I N G — Pronnsals win
be received until 2 p. in. July 10 by O. E. Bogart, Town Recorder for * 1 9
000 to $20,000 6% 20-yr. street-impt. and $15,000 to $25^00 6% 1-10 vr'
(ser.) Impt. Dlst. bonds. Cert, check for 10% o f bid required. 1 10 y
FANNIN COUNTY (P. O. Bonham ), Tex.— B O N D S V O T E D — R v"n
voto of 164 to 48 the question of issuing $60,000 road bonds carried it
stated, at an election held in Road Dist. No. 1 on June 17.
’ 1 ls

FORD (P. O. D etroit), Wayne County, M ich.— B O N D S V O T E D __
Tho questions o f issuing $35,000 fire-house and $26,472 water ext bonds
carried, it is reported, at tho election Juno 20 by a vote o f 169 to 15 and 1 r>7
to 17, respectively.

79

FRANKLIN COUNTY (P. O. Colum bus), O h io.— B O N D S A L E —
On June 24 the following two issues of 4)3 % road bonds, aggregating $18,000
were awarded as follows:
$12,000 bonds to the Citizens Tr. & Savs. Bank of Columbus at 100.98
and interest.
6,000 bonds to the Security Trust & Savs. Bank of Columbus at 102.19
and interest.
Other bids for the $12,000 issue were :
New First Nat.Bk.,Colum.$12,092 501Ohio Nat.Bk.,Columb___ $12,042 65
Cutn’gs, Prud. & Co., Tol. 12,063 00|Spitzer,Iiorick & Co.,Tol.. 12,017 50
Bids also provided for payment of accrued int.
Breed, Elliott & Harrison and Seasongood & Mayer of Cincinnati, sub­
mitted irregular bids.
FRANKLIN SCHOOL TOWNSHIP (P. O. W inam ac), Pulaski
C ounty, Ind .— B O N D O F F E R I N G . — Proposals will be received until
1 p. m. July 6 by Joseph Jenkins, Township Trustee, for $9,500 414%
5 H -year average school bonds. Denom. $500.
Date, day of sale. Int 5
J. & J. Due $500 each six months from July 1 1917 to Jan. 1 1927 incl.
Certified check for $400 required.— Purchaser to pay for tho preparation
of the transcript.
FREMONT, Sandusky County, O hio.— B O N D O F F E R I N G . — Propos­
als will be recoived until 2 p. m. July 10 by F. C. Klegin, City Auditor for
$9,880 A M % 6 'A -year average coupon Hazel St. improvement (assessment
and city’s portion) bonds. Denom. $494. Date April 1 1916. Interest
A. & O. Due $494 each six months from April 1 1918 to Oct. 1 1927 incl
Certified check for $200, payable to the City Treasurer, required. Bonds
to be delivered and paid for within ten days from time of award. Pur­
chaser to pay accrued interest.
FULTON COUNTY (P. O. W auseon), O h io.— B O N D S A L E . — On
June 27 three issues o f 5% road bonds, aggregating $75,000, wero awarded
to the Peoples State Bank of Wauseon for $76,795 78, equal to 102 394.
The bids wore as follows:
$26,000
$24,000
$25,000
„
, ,
^ ,
R oad.
R oad.
R oad.
e w P MS« tat<l Eanh '--............................ $26,418 60 $24,668 40 $25,708 78
Ohio National Bank__________________ 26,302 28 24 625 78
95 656 7 K
Tillotson & Wolcott C o_______________ 261200 20 241424 80
25 477 50
25,71500
Security Savings Bank & Trust C o----- 26,361 40 24,674 40
Weil, Roth & C o------- ----------------------- 26,280 60 24,574 00
25,64250
Soasongood & Mayer------------------------- 26,265 00 24,563 00
25 635 00
25 678 00
Spitzer, Rorick & C o ------------------------ 26,290 00 24,642 50
Cummings, Prudden & C o___________ 26,377 00
.......... __
G i ‘®N° i VE' Dawson C ounty, M ont.— B O N D S A L E — O n Juno 20
tho $65,000 coupon water-works-system-improvement bonds (V 1 0 2 n
2183) wero awarded to Irving Whltehouse Co. of Snokano for
nnn
(100.777) and interest, $32,500 as 4 « s and $32,500 K s V urchase^tS
furnish blank bonds. There were ten other bidders.
GOLDSBY TOWNSHIP, M cClain County, Okla.— B O N D S V O T F D
— The election held June 20 resulted, it is stated, in favor of tho nmimeJinn
to issue $12,000 highway improvement bonds. 11lavor OI lne Proposition
GREAT BEND, B arton County, K an.— B O N D S D E F E A T F D __Thn
quest on of issuing $40,000 auditorium-erection bonds failed to carry it is
“ against1" &n u oytlon held June 14. The voto was 234 “ for” and 426
h ig h la n d County. O hio.— B O N D O F F E R I N G __
L. M . Connor, Village Clerk, will receive proposals until 12 m. Julv 5
^
O
^
O
^
V
a
s
h
l
^
e
m
^ ^bonds.
n H 1" thoIDue
oHoJ
Jr_iug yearly
5</> special assessment bonds:
$CUf9 02 WashingtonnSt.
$725
on Feb. 25 from 1917
6 0 7 Q 99 T°rr925, ‘ "elusive and $554 62 Feb. 25 1926.
6,079 22 Jefferson St. bonds. Due $025 yearly on Feb. 25 from 1917 to
a i
. 192&' inclusive, and $554 22 Feb. 25 1926.
Authority, Sec. 3914, Gen. Code. Dato Feb. 25 1916. Interest semi­
annual. Purchaser to pay accrued interest. Certified check for 2% of
amount of bonds bid for, payablo to Village Treasurer, required.
GREENVILLE COUNTY (P. O. Greenville), So. C a r o _n n v n
will be received until 12 m. July 10 b ' T w u
Willimon County Supervisor, for $50,000 40-year coupon court house'
erection bonds at not exceeding 5% int. Denom. $1.0(50. Date July 1
Pnn. and semi-ann. int. payablo at some responsible bank in New
York City. Cert, check on some bank in Greenville, with no condition^
same, except the legality a” '1 —— 1—
-•*
conaitions,
’ bid, payable to the Corn
i/iv/viii^ uyiuton o f Storey, Thorndike, 1 _ _
s T ^ O O tf SFloaHii^
bo furnished^ Bonded d ebrin ch u h n g‘this issue°
i lOciting debt, $/ ,600. Assess, val. 1915 8 1 7 r-Mfi 9 on*
actual value, $150,000,000.
’
est.
GREENVILLE SCHOOL D ISTR IC T NO 17-A IP n
x
Greonvillo C ounty, So. Caro.— B O N D O F F E R / V G — SeaR^bmiHvtVi
be received until 4 p. in. July 10 by P. T. Hayne Chairman
1
for the $50,000 20-yoar building bonds at not oxceeding
Tr ^
’
*1.000. Date July 1 1916. Prim and semi-ann h ^
ical Nat. Bank, N . Y . Cert, check on some bank in GreenvUle for 2 ^ f
the amount of bid, payable to B. E. Geer, Treas., required
The amirovin^
opinion of Storey. Thorndike Palmer & Dodgo of Boston as to the ?egalitf
O F F E R I N G . —Proposals

O O of^S fokhfg'fu nd f $35?148?d '

d ° b t ’ induding this

H , ^ ? ^ n (^rI£ ^ ,o £ ur01} C ounty. O h io. — B O N D S A L E — On June 16
/\Ve
(avel'v> coupon taxable water-works Impt bonds
M

2anPd i2n°t°7M

^ r S d^

?

^

^

N a t'* BaDk o f G«

Citizens Trust & Sav. Bank,
Roth & Co.. Cincin_.$J5,3io
C olum bus______________ $15,502 Weil, Nat
1 Bank, Columbus. 15,256
W. L. Slayton Sc Co., Toledo 15,421 Ohio
& Braun, Toledo_____15,225
Tillotson & Wolcott C o., Clev 15 379 Stacy
hirst
Nat
I Bank, Cleveland- 15,192
Secur. Sav. Bank & Trust
Co., Toledo.........................15,346 Seasongood & M ayer_______ 15,165
HANCOCK COUNTY (P. O. Now Cum berland), W. Va — B O N D
gating ig5 00ne(V in®
5% C0U50,'! r?ad-{mpt. bonds, a g w £
fin ®
of Cleveland a^fonows?™ aWarded’ “ is Statcd’ to Hayd“ ‘
^^25,000 Grant Magisterial Dist. bonds for $126 250 eonal tn ini
40,000.Clay Magisterial Dist. bonds for $40,250, equal to 100.625
HANFORD SCHOOL DISTRICT (P. O. H anford) Kino-s
^uwmn
“ L E C T I O N .— Reports stato that the question of issuing
$40,000 grammar-school-bldg, bonds will be submitted to a vote on J u ly ^
HARDIN COUNTY (P. O. Savannah), Tenn.— D E S C R I P T r n \ r n v
* 10 *100,000 1-20-year serial road bonds voted June 3 (V 102
p. 2183) are coupon in form and in the denom. o f $1,000
Int T * T - . +
p ace to suit purchaser. Bonded debt. $14,000 No floating delw
Sinking fund, $1,250. Assessed valuation $2,500,000
g d cb l*

T
I16Co°

°f

r fS C T lH B ft

On jS k e ^ ^ t h o -MO ^ O O ^ u p o ? hSh*1

chaser to pay all expenses.

Other“ KS/lr.
bIds‘ wereY'

C o................................................ « ) » ■ « § h

July 1 5
Mtgo. &
>, incl.
tob o delivered and paidfor on or beforeJuly is"* Burcha.ser'to pay a^ m od
interest. The above trust companv will certify as to the genuinenes.s of
the signatures of the officials signing tlio bonds and tho seal impressed
thereon. Bonded debt $559,000. Other indebtedness $9,015 Asses*
val. $40,476,390. Total school tax per SI,000. $8.40.
lss"

«
«
■
u at uuvi

bidders wore:
Nat. Freehold Bank. Co $36 235 50
Bioron & Co.. Phila.__.;®36 000 00
M.M.Frceman&Co.,Phlla. 35,990 50
Outwater & Wells, Jer. C . 35,899 50
Henry & West, Phlla------ 35,843 50
Perth Amboy Sav. Inst'n. 35,805 00




FideHty Tr. Co Newark.$3 5 , 8 1 1 40
J. 8. IUppel, Newark----- 35,756 00
Ilornblowcr & Weoks.N.Y. 35 665 oo
R. M . Grant & C o., N. Y . 3 0 8 1 00
Joseph M cDerm ott______ 35,549 15
Cent.Nat.Bk., Froo’d.par for$10,000

1’ur4^s

AXs
Guarantee Title sc Trust c o . . _ . : : : : : : : : : : : : : : : - - - 4020500
AH s
A
Hs
a
a s « . Sar ings Bank--------------------------------------------- - J H
00
AHs
k S u v A “„ef e stat0 B a i k i : : : : : : : : : : : ; : : : : : : : : 39.67500
5s

J? R. Sutheriin g c S I I i : : : : ------------------------------------------- 41.06000
Central Savings Bank & Trust C o IIIII
40 638 nn
♦And pay all expenses.
4U,b3800

5s
5s
5s

HARPSTER VILLAGE SCHOOL DISTRICT (P O H arnston
W yandot C ounty, O h io.— B O N D S A L E — On June 15 the $ 1 7 mm
10K-yoaraver. school bonds—V. 102, p. 2098— wore awarded it is statWi0
of fbouty4S?4% f & CO< ° f T0lCti° f° r $17‘358 75‘ e q u a U o lo T llo ! a basJs
HARRISON COUNTY (P. O. Cadiz), O h io.— B O N D O F F E R I N G
Sealed proposals will bo received until 1 p. m. July 11 by E P Hines c T
in itf?s w
i -° inter-«ounty highway bonds. Denom. $1 000 ” Date
July 15 1916. l’rin. and semi-annual int. (M . & S.) payable at thoPmTntS
freas office. Due $5,000 each six months from M a r.1 5 1917 to 8ent
1 9 2 1 .1 . 0 1 .
Cert, check for 10% of amount bid. payabte to the Pr?s‘
Bd. of Co. Commrs., required. Purch. to pay accrued int
° ’

80

THE CHRONICLE

H ARRISON COUNTS' (P. O. C larksburg), W. Va.— B O N D S V O T E D .
— The question of issuing the $300,000 5% road-impt. bonds (V. 102, p.
2183) carried, it is stated, at the election held in Clay Dist. on June 15.
B O N D S D E F E A T E D .— The proposition to issue the 8200,000 road bonds
(V. 102, p. 2183) failed to carry, it is stated, at the election held Juno 20
in Simpson District.
HARRISON TOWNSHIP (P. O. Q uincy), Owen C ounty, Ind.—•
B O N D O F F E R I N G .- —-Kids will bo received until 2 p. m. July 7 by Geo. T.
Douglas, Township Trustee, for 81,000 5% 232-year average coupon bonds.
Denom. 8250. Date July 1 1910. Int. J. & J. at the Gosport Bank, Gos­
port. Due .$250 yearly on July 1 from 1917 to 1920.
HAETLAND, F reeborn C ounty, M inn.— B O N D S A L E . — On June 20
510.000 5 ' A % electric-light-plant bonds were awarded to Schanke & Co.
of Mason City. Denom. .81,000. Date July 1 1910. Int. J. & D. Due
51.000 yrly. Juno 15 from 1919 to 1928 inch
■ HENDRICKS COUNTY (P. O. D anville), In d .— B O N D O F F E R I N G .
- “-Bids will be received until 10:30 a. m. July 3, it is stated, by J. W . Pat­
terson, Co. Treas., for $10,800 and $54,800 4 X
A % highway bonds.
HIGHLAND P A RK SCHOOL D ISTR IC T (P. O. Dallas), Dallas
C ounty, Tex.— B O N D S A L E . — On June 20 the 810,000 school-bldg, bonds
(V. 102, p.2184) were awarded, it is stated, to Terry, Briggs& C o .o f Toledo
at par, int. and expenses.
.
HICKMAN, F u lton C ounty, K y.— B I D S . — The following are the other
bids received for the $15,000 0% 20-yr. levee-bldg, (city’s portion) bonds
awarded at 106.00 on Juno 5 to Weil, Roth & Co. of Cincinnati (V. 102,
p. 2273):
J. C. Mayer & C o., Cincinnati__________ $16,114 50, int. semi-annually
Farmers & Merchants Bank, Ilickman___________________________$15,900
Denom. $500. Date Jan. 1 1910. Int. annually in January.
HILLVIEW , Greene C oun ty, 111.— B O N D S A L E . — On Juno 5 the
520.000 5% sidewalk bonds— V. 102, p. 2098— were awarded to Elias
Doyle at 100.125. Duo $500 yearly.
HOLBROOK, Furnas C ounty, Neb.— B O N D S V O T E D . — This town
at a recent election authorized the issuance of $8,000 electric-light-system
bonds, according to reports.
HOOPESTON, V erm ilion C ounty, 111.— B O N D S V O T E D . — 'The ques­
tion of issuing $0,000 street-paving bonds carried, it is reported, at the
election June 20 by a vote of 040 to 213.
HOT SPRINGS COUNTY SCHOOL DISTR IC T NO. 8 (P. O. T h erm opolis), W yo.— B O N D O F F E R I N G . — Sealed bids will be received by
Mrs. Thos. A. Shaffer, Clerk Board of School Trustees, until 12 m. July 10
for $2,500 5% 20-year coupon school bonds, dated July 1 1916.
HUMBOLDT COUNTY DRAINAGE D ISTR IC T NO. 33, Iow a.—
B O N D S A L E .— On Juno 23 $12,350 5 M % drainage bonds were awarded
to Schanke & Co. o f Mason City. Denom. $247. Dato July 1 1910.
lilt. J. & J. Duo $2,470 yearly July 1 from 1922 to 1920, inclusive.
HUNTINGTON COUNTY (P. O. H u n tin g ton ), In d .— B O N D S A L E .
— On Juno 20 the $10,000 4J£% road-improvement bonds were awarded
to R. L. Dollings Co. of Indianapolis at 102.0752 and int. (V. 102, p. 2273).
Other bids were:
Flet.-Am. Nat. Blc., In d .$10,200 25IGavin L. Payno & C o___ $10,157 00
J. F. Wild & C o., Ind’lis .. 10,197 50 Merch. Nat. Bank, M un. 10,152 75
Breed, Elliott & Harrison. 10,101 00 German Nat. Bank, Fort
Miller & Co., Indianapolis 10,160 001 Wayne________________ 10,15100
On June 28 the $40,000 4Jj % hospital bonds were awarded to the Indiana
Trust Co. of Indianapolis at 101.00 and int., it is stated.— V. 102, p. 1918.
HURON COUNTY (P. O. Norwalk), O h io. — B O N D S A L E .— On
Juno 21 several issues o f road bonds aggregating $307,300 were awarded,
reports state, to Stacy & Braun of Cincinnati for $310,192 47— equal to
102.893.
IRW IN CONSOLIDATED INDEPENDENT SCHOOL DISTR IC T
(P. O. Irw in), Shelby C ounty, Iow a. — B O N D S A L E .— On Juno 20 the
$50,000 5% school-building bonds (V. 102, p. 2273) were purchased by
Schanko & Co. of Mason City. Denom. $1,000. Dato July 1 1910. lilt.
J. & J. Due serially from Nov. 1 1927 to 1930, inclusive.
JAMES COUNTY (P. O. Oaltew ah), T e n n .— B O N D E L E C T I O N .—
Reports state that an election will be held Aug. 8 to vote on tho question of
issuing $25,000 road-construction bonds.
JA Y COUNTY (P. O. Portland), In d . — B O N D S A L E . — 3 . F. Wild &
Co. of Indianapolis on Juno 20 were awarded the $12,200 414 % C. G . Beck
et al. road-improvement Bearereek Twp. bonds— V'. 102, p. 2274— for
$12,450 10— 102.50— and accrued interest.
JOHNSON COUNTY (P. O. F ranklin), In d .— B O N D O F F E R I N G —
Bids will bo received until 10 a. m. July 5 by Harry Bridges, County
Treasurer, for $4,900 and $0,400 4)4% 5 >4-year average road bonds of
Whito River Twp. Denom. 20 bonds of equal amounts to each issue.
Date July l 1910. Int. M . & N. Due one bond o f each issuo each six
months from M ay 15 1917 to Nov. 15 1920, inclusive.
JOHNSTOWN, Cambria C ounty, Pa.— B O N D S A L E . — On June 20
the $200,000 4)4% 15-30-year optional tax-free sanitary sewer bonds
(V. 102, p. 2008) were awarded to M. M . Freeman & Co. of Philadelphia at
105.773 and interest. Other biddors were:
Harris, Forbes & C o., N. Y .$210,3701 Hornblower & Weeks, N. Y .$207,900
Mellon Nat. Bank, P ittsb-- 210,2201Graham & Co., I’hila______ 200,040
R. M . Grant & C o., Phila-- 210,200|Ed. V. Kane & Co., P hila.. 206,020
Lyon, Singer & C o., Pittsb. 209,134!
JULIAN SCHOOL D ISTR IC T, San Joa qu in C ounty, C alif.—
B O N D S V O T E D .— 'Tho election held June 17 resulted, it is stated, in favor
Of tho question of issuing tho $3,400 school-bldg, bonds.
KANE COUNTY SCHOOL DISTR IC T NO. 87 (P. O. St. Charles),
111.— B O N D O F F E R I N G . — Proposals will be received until 0 p. m. July 3
by J. D. Niles, Secy. Bd. o f Ed., for $10,000 5% 534-yi’ - average sitepurchase bonds. Int. annual on April 1. Due $1,000 yearly on April 1
from 1917 to 1926, Incl. Purchaser to furnish bonds.
KANKAKEE SCHOOL TOWNSHIP (P. O. R ollin g Prairie), Laporto C ounty, I n d .— W A R R A N T S A L E . — On Juno 21 tho $20,000 5%
school warrants— V. 102, p. 2184— wore awarded, it is stated, at 101.90
to tho Bank of A. P. Andrew Jr. & Son.
KEENE, Cheshire C ounty, N. H . — B O N D O F F E R I N G . — Proposals
will bo received until 7:30 p. m. July 12 by Wallaco I,. Mason, City Treas.,
for $50,000 4% funding bonds. Denom. $500. Date Aug. 1 1910. Due
$5,000 yearly on Aug. 1 from 1920 to 1923 incl. and $10,000 Aug. I 1924,
1925 and 1926. Net debt, $70,585; assess, val. Apr. 1 1910, $10,337,603.
Borrowing capacity, $446,298.
K E LLE Y , Story C ounty, Iow a.— B O N D S V O T E D . — The question
of issuing $7,500 water works system bonds carried, it is stated, at an elec­
tion held June 5, tho vote being 39 to 27.
KENTON, H ardin C ounty, O h io.— B O N D S A L E . — On June 15 tho
threo issues of 5% bonds, aggregating $20,800, were awarded to Breed,
Elliott & Harrison, of Cincinnati for $21,571 68 (103.71) and interest—
V. 102, p. 2099. Other bids were:
Otis & Co., Cleveland_____ $21,500 IWeil, Roth & C o., Cincin.-.$21,338
Tillottson & Wolcott Co.,
Seasongood & Mayer, Cincin 20,206
Cleveland________________ 21,458 |W. L. Slayton & C o., Toledo 20,063
KERMIT DISTRICT SCHOOL D ISTRICT (P. O. Karm it), M ingo
County, W. Va.— B O N D O F F E R I N G . — Bids will bo considered by (Mrs.)
Lewis A. Bowes, Secy, o f Board o f Education, botweeu 10 a. m. and 4 p. m.
on July 17 for an issuo of $15,000 6% school bonds. Interest annually on
Juno 1. Duo July 1 1945, subject to call after ton years.
KEWANEE CONSOLIDATED SCHOOL DISTRICT, Lauderdalo
C ounty, Mis3.— B O N D O F F E R I N G . — Bids will bo received until 2 p. m.
July 5 by W. R. Pistole, Chancery Clerk, (P. O. Meridian), for $5,000
school bonds at not exceeding 0% interest. Denom. $100. Date April 1
1916. Interest annually on April 1 at County Treasurer’s office. Duo
$300 yearly on April 1 from 1921 to 1930, inclusive, and $400 yearly on
April 1 from 1931 to 1935, inclusive. Certified check on a Meridian bank
for $200, required. Official circular states that thero is no controversy
or litigation pending or threatened affecting tho corporate existence or
boundaries o f said district. Total indebtedness, this issue. Assessed
valuation, real estate 1916, $137,825.




[V o l . 103.

KOKOMO, Howard C ounty, In d .— B O N D O F F E R I N G .— Proposals
will bo received until 2 p. m. July 8 by Ben Havens, City Clerk, for $9,000
4)4% motor fire-apparatus purchase bonds. Denom. $500. Int. annual.
Due $4,500 in 5-yrs. and $4,500 in 10 yrs.
KOSCIUSKO COUNTY (P. O. Warsaw), In d .— B O N D O F F E R I N G .—
Bids will bo received until 2 p. in. July 0 by Andrew J. Logan, County
Treasurer, for $16,890 4)4% 5)4-year average Anglin road-improvement
bonds. Denom. $844 50. Int. M . & N. Due $844 50 each six months
from M ay 15 1917 to Nov. 15 1920, inclusive.
LAKE COUNTY (P. O. Painesville), O h io.— B O N D S A L E S .— On
June 22 an issue of $38,000 4 33% 534-year average coupon PainesvilleFairport road-improvemont bonds was awarded, it is stated, to the Ohio
National Bank of Columbus for $38,480 25, equal to 101.279, a basis of
about 4.25% . Denom. $500. Dato March l 1910. Int. M . & S. at
County Treasury. Duo $2,000 March 1 and SI,500 Sept. 1 from March 1
1917 to Sept. 1 1920, inclusive, and $2,000 each six months from March 1
1921 to Sept. 1 1920, inclusive.
On June 24 the $32,500 4 )4 % coup, street-impt. bonds—V. 102, p. 2274
— were awarded to the Ohio National Bank of Columbus for $32,770 80
100.851) and int., it is stated.
LAKE COUNTY SPECIAL T A X SCHOOL DISTR IC T NO. 13
(P. O. Sorrento), F la .— B O N D S V O T E D .— This district recently author­
ized tho issuanco of $2,500 6% 15-year coupon school bonds. Denom.
$500. Dato Juno 1 1916. Interest annually on Juno 1 at tho Bank of
Alt. Dora, Mt. Dora. This district has no indebtedness. Win. F. Ken­
nedy is Supt. Board of Public Instruction (P. O. Tavares).
LARAMIE COUNTY SCHOOL D ISTR IC T NO. 7 (P. O. Pino B luffs),
W yo.— B O N D O F F E R I N G .— Proposals will be received until 12 m. July 0
by C. W. Johnson, Clerk of Bd. of Sdhool Trustees, for $20,000 coupon
building bonds at not exceeding 534% int. Denom. $500. Dato July 1
1910. Prin. and semi-annual int. (J. & J.) payable at tho Co. Treas. office,
or at tho State Treas. office. Due $2,000 yrly. Jan. 1 from 1918 to 1927
incl. Cert, check or draft l’or $500, payable to the Co. Treas.. required.
LARIMER COUNTY SCHOOL DISTRICT NO. 3 (P. O. Fort C o l­
lins), C olo. — B O N D S A L E .— On June 19 this district sold, it is stated,
$10,000 school-site-purchaso and $5,000 bldg, and equipment bonds.
B O N D E L E C T I O N .— These bonds were sold subject to the result of an
election to bo held July 8. S. II. Rathbono, Secy, of Dist.
LAVANIA, Franklin C ounty, G a .— B O N D S V O T E D . -Tho questions
of issuing $45,000 water and sewer and $5,000 school-bldg, and equip,
bonds carried, it is stated, at tho election held Juno 17.
LAWRENCE, Douglas C ounty, K an .— B O N D O F F E R I N G . — Propos­
als will bo received until 12 m. July 5 by W. W. Holyfioid, Commissioner
of Finance, for $175,000 watcr-works-purchaso bonds. Bids to bo sub­
mitted as follows: (1) $175,000, dated July t 1910, duo July 1 1940, with
interest at 4% , payable semi-annually. (2) Same as first except 431%
interest. (3) $175,000, dated July 1 1910, payable in equal amounts each
year after July 1 1921, final payment July 1 1940, bonds to bear 4 '4 %
interest, payable semi-annually. Certified check for $1,000 required.
All bids aro conditional on bonds being legal issue.
LENROOT, Sawyer C ounty, W is. — D E S C R I P T I O N O F B O N D S .—•
Tho $3,000 5)4% road and bridge bonds awarded on June 5 to Mrs. Kate
Rayburn (V. 102, p. 2364) are in the denom. of $1,000 and dated Juno 5
1910. Int. ann. on March 5. Duo $1,000 March 5 1919, 1920 and 1921.
LITTLETON SCHOOL DISTRICT, No. Caro.— B O N D O F F E R I N G .—
Howard F. Jones, Secy. (P. O. Warrenton), will receivo bids until 12 m.
July 3 for $15,000 6% 20-year school bonds.
LORAIN COUNTY (P. O. Elyria), O hio. — B O N D S A L E .— On Juno 29
the $143,000 5% road bonds— V. 102, p. 2184— were awarded to the F. L.
1 idler Co. of Cleveland for $145,189, equal to 101.530. Tho other bidders
were:
Stacy & Braun, Toledo__________________________________
$144,634 25
Security Savings Bank & Trust Co., Toledo__________________' 14E487 20
Spitzer, Rorick & Co., Toledo________________________ _ __
144,273 50
Otis & Co., Cleveland________________________________ ____
144,402 00
Cummings, Prudden & Co., Toledo_________________________ 144,817 00
Seasongood & Mayer, Cine., and Tillotson & Wolcott Co., Clev. 14 1,973 10
Provident Savings Bank & Trust Co., Cincinnati____________ 144,444 40
Hayden, Miller & Co., Cleveland_______________________ ___ _ 144,044 10
Weil. Roth & Co., Cincinnati_______________________________ 144,359 10
National Bank of Elyria____________________________________ 1 4 1 , 1 0 9 00
LOWELL, Mass .— TEA I P O R A R \" L O A N S .-—On Juno 29 tho loan of
$200,000 maturing Nov. 15 1916 and the loan of $600,000 maturing July 1
1917— V. 102, p. 2364— were awarded, reports state, jointly to Curtis &
Sanger and Blake Bros. & Co. of Boston at 3.60% discount and 100.00
respectively.
LYNN, Mass.— T E M P O R A R Y L O A N . —On June 28 the loan of $150,000
maturing Nov. 22 1910 was awarded, reports state, to Bond & Goodwin
of Boston at 3.44% discount.— V. 102, p. 2304.
McCOMB CITY, Pike C ounty, M iss .— B O N D S A L E .— On Juno 20
the $90,000 5% 20-year sower bonds (V'. 102, p. 2184) were awarded, it is
stated, to Kauffman, Smith, Emert Invest. Co. of St. Louis at 101.65
and blank bonds.
MACON, Ga. — B O N D S V O T E D .— The election held June 27 resulted,
it is stated, in favor of the following 4 ! i % gold coupon bonds V.102,p.2184):
$100,000 hospital bonds, Series 2. Due $4,000 yearly Aug. 31 from 1921
to 1945 inclusive.
100,000 auditorium building and equipment bonds. Duo $4,000 yearly
Aug. 31 from 1921 to 1945 inclusive.
Denom. $i ,000. Date Sent. 1 1916. Prin. and semi-anil. int. (M . & s.)
payable at the City Treas. bfiice. Bridges Smith is Mayor.
MADISONVILLE, M onroe C ounty, T en n .— B O N D O F F E R I N G .—
W. H. McCroskoy, Mayor, will receive bids until July 8 for $5,000 school
bonds.
MALONE SCHOOL DISTRICT (P. O. M alone), Hill C ounty, Tex.—
B O N D S V O T E D .— Tho question of issuing $9,000 building bonds carried,
it is stated, at a recent election.
MALTA SCHOOL DISTRICT (P. O. Malta), Morgan C ounty, Ohio.
— B O N D O F F E R I N G .— Proposals will be received until 12 m. July 7 by
Paul Tolbert, Clerk of Board of Education, for $1,200 5% 12-yoar averago
school bonds. Autll., Sees. 7626 and 7627, Gen. Code. Denom. $200.
Dato July 7 1910. Int. M . & S. Due $200 in 8, 10, 12, 14, 16 and 18
years aftor dato.
MARICOPA COUNTY SCHOOL DISTRICT NO. 41, Ariz.— B O N D
O F F E R I N G .— Proposals will be received until 1 i a. m. July 10 by Clarence
L. Standage, Clerk Board of County Supervisors (l*. O. Phoenix) for
$10,000 6% 20-year gold site-purciiaso, construction and equipment bonds.
Bids will also bo considered at less than 6% interest. Denom. $500.
Dato Aug. 1 1916. Principal and semi-annual interest F. & A., payable at
offico of County Treasurer. Certified cheek on an Arizona bank or any
national bank for not less than 10% of bid, payable to County Treasurer,
required. Theso bonds wore authorized by a vote of 38 to 4 at an election
held M ay 20. Official circular states that thero is no controversy or liti­
gation pending or threatening, affecting the corporate existence or tho
boundaries of said district, tho titlo of its present officials to their offices
or tho validity of theso bonds, that no previous issues of bonds have been
contested and tiiat the principal and interest of all bonds previously lias"
always been paid promptly at maturity. Total bonded debt (including
this issuo), $28,000. Assessed value (equalized) 1915, $1,759,211 20.
MARION COUNTY (P. O. Indian apolis), Ind .— B O N D S A L E . -O n
Juno 24 tho $44,000 4 ) j % road-impt. bonds— V. 102, p. 2275—woro
awarded to J. F. VVild & Go. of Indianapolis for $44,935 50 (102.126) and
int. Other bidders were:
.
......
Flet. Amer. Nat. Bit.,Ind-$44.902 501 Breed, Elliott & Harrison.$44,751 00
R. L. Dollings Co., in d .. 44.885 5()lG. L. Payno & Go.. I n d .. 44,676 00
MARION COUNTY (P. O. Fairm ont), W. Va.— B O N D O F F E R I N G . —
Proposals will be received until 2 p. m. July 11 by A. G. Martin, Clerk of
tho Co. Court, for $650,000 5% coupon Lincoln Dist. road impt. bonds.
Denoms. $100. $500 and $1,000. Dato June 1 1916. Int. semi-aim. at
tho aboveClerk’s office, or at tho Guaranty Trust Co.. N . Y ., at the option
of tho holder. Due Juno 1 1940, sub. to call part yearly beginning June 1
1917. Cert, chock for 1% of amount of the bid, payable to U. D . Conaway.

JULY 1 1916.]

THE CHRONICLE

County Sheriff, required. This district lias no Indebtedness.
of district 1915, $13,091,338 12.

Assess, val.

The official nolice of this bond offering will be found among the advertise­
ments clsctvherc in this Department.
MARSHALL COUNTY (P. O. Plym outh), I n d . — BON'D O FFER IN G .

— Proposals will bo received until 2 p. m. July 5 by Geo. W. Huff, County
Treasurer, for the following 4 A % high way-i nipt. bonds:
$12,000 O. J. Senour et al. Bourbon Twp. bonds. Dcnom. $600.
6 200 Glen Dillingham et al. Bourbon Twp. bonds. Denom. $310.
15,700 John Ruby et al. Bourbon Twp. bonds. Denom. $785.
Dato July 5 1916. Int. M. & N. Duo one bond of each issue each six
months from Alay 15 1917 to Nov. 15 1926 incl.
MASON C ITY INDEPENDENT SCHOOL DISTR IC T (P. O. Mason
City), Cerro Gordo C ounty, Iow a.— B O N D E L E C T I O N . — On July 7
the voters of this district will have submitted to them a proposition to
issuo $ 10,000 sito-purchaso and building bonds.
MASON COUNTY (P.O. Maysville), K y . — B O N D E L E C T I O N C A L L E D
O F F . — The election which was to have been held June 24— V. 102, p. 1919—
has boon called o ff pending a decision by the Court of Appeals. .......... .....
MEMPHIS, T o n n .— BOND O FFER IN G . — Proposals will bo received
until 2:30 p. m. July 11 by C. C. Pasliby, City Clerk, for the following
coupon bonds:
,
„
$175,000 refunding bonds. Bids are requested at 4 A % , 4 % % and 5%
int. Date Aug. 1 1916. Due on Aug. 1 as follows. $17,000
1919 $18 000 1920, $17,000 1921, $18,000 1922, $17,000 1923,
$18 000 1924, $17,000 i925, S 18,000 1926, $17,000 1927 and
G» 1 O A A A

1028

38 000 6 % street-impt. (assess.) bonds. Date Jan. 1 1916. Duo on
'
Jan.1 as follows: $8,000 1917, 1918 and 1919; $7,000 1920 and
1921
Denom $1 000. l’ rin. and somi-ann. int. (J. &J.) payablo at the city
hail in Memphis or at the United States Mtgo. & Trust C o., N. Y ., at the
option o f the holder. Cert, check (certified by some Memphis bank) for
$ 2,000 (refunding) a
phis,” roquired. T1
" , — ------or in Now York Cit> , «.» —- v.r---- .............. v w r
bonds has boon approved by Dillon, Thomson & Clay of Now York, a copy
of whose opinion will bo furnished to the successful bidder.
MERCED UNION HIGH SCHOOL DISTRICT, Merced C ounty,
C a l__BOND O FFER IN G . — Sealed bids will bo received until July 6 by
the Clerk lid. o f Co. Supers. (P. O. Merced), it is stated, for the $150,000
building bonds voted June 1.
MERRILL, Klam ath County, O r a . — B O N D S V O T E D .— The question
of issuing $6,000 0% 20-yr. water-works bonds carried by a voto of 45 to 7
at tiie election held June 13.
MIAMI COUNTY (P. O. Peru), In d .— B O N D S A L E . — On June 28 the
$37,
Co.
Miller
Citizens’
MIAMI COUNTY (P. O. T roy), O hio.— B O N D O F F E R I N G . — C. N.
Peters County Auditor, will receive proposals until 10 a. m. July 3 for
the following 5 % township road bonds:
■S8 000 Shellabarger Road (Union Township) bonds. Donom. $400. Duo
* '
$800 each six months from Juno 1 1916 to Dec. 1 1925, inclusive.
1 500 Moses Road (Staunton Township) bonds. Denom. $300. Duo
'
$300 yearly on Dec. 1 from 1916 to 1920, inclusive.
Dato Dec. 1 1915. Principal and semi-annual interest (J. & D.) at
County Treasurer’s offico. Bonds to bo delivered at county treasury
within ten days after award. Certified chock (or cash) for 5% of amount
of bid, payablo to tho County Auditor, required.
MIDDLE ELIZABETH SCHOOL DISTR IC T NO. 64 (P. O. Orange­
burg), O rangeburg County, So. Caro.— B O N D S A L E . — O n June 27
$4,000 6 % 20-year school-impt. bonds were awarded to G. M . Morris of
Vance at 103.75. Denom. $500. Dato July 1 1916. Int. J. & J.
MIDDLESEX COUNTY (P. O. Lowell), Mass.— T E M P O R A R Y L O A N .
— On Juno 27 tho loan of $100,000 dated Juno 27 1916 and maturing Nov. 6
1916 was negotiated with tho Trcmont Trust Co. at 3.08% discount, it is
stated.— V. 102, p. 2365.
Y- -•j»3
MIDDLETOWN, Butler C ounty, O hio.— B O N D O F F E R I N G . — L. 8 .
Mein, City Auditor, will receive sealed bids until July 14 for an issuo
of $40,000 4 A % 1 1 t-year (average) water-works bonds. Auth Sec.
3939, Gen. Code. Denom. $500. Dato Juno 1 1916. Int. J. & D . at
National Park Bank, N. Y. Duo $1,000 yearly on Juno 1 from 1)17 to
1920, inclusive, and $2,000 yearly on Juno 1 from 1927 to 1941, inclusive.
Certified check for $200 required. Bonds to bo delivered and paid for
within ton days from time of award. Purchaser to pay accrued interest.
MILFORD TOWNSHIP RURAL SCHOOL DISTR IC T (P. O.
Somervillo), Butler County, O hio.— B O N D S A L E . — Reports state that
tho $5,000 5% coupon school bonds which wero offered on April 1 (V. 102t
p. 999) have been purchased by Seasongood & Alayer of Cine, at 101.015,
MILTON, N orfolk C ounty, Mass.— T E M P O R A R Y L O A N . — Reports
stato ttiat this town recently negotiated a loan of $50,000 maturing Nov. 7
1916 with II. O. Grafton Jr. of Boston at 3.29% discount.
MILWAUKEE, W is. — B O N D S A L IC .— On June 29 tho $50,000 4%
park, $20,000 4 'A % park, $800,000 4 A % sewerage-system and $400,000
4 A % school l-20-yoar ser. tax-free coupon bonds—-V. 102, p. 2365— wore
awarded to Estnbrook & Co. and R. L. Day & Co. o f Boston at their joint
bid of 103.10.
MINONK, W oodford County, 111.— B O N D S V O T E D .— A voto of 101
to 37 was cast at tho Juno 13 election in favor o f tho question of issuing
$5,000 water-works-impt. bonds, it is reported.
MISSISSIPPI, Stato o f.— B O N D O F F E R I N G . — Proposals will bo re­
ceived until 12 m. July 28 by Tlieo. G. Bilbo, Governor, at Jackson for
$500,000 refunding and $300,000 permanent impt. 4 \ i % 20-yr. serial
bonds. Interest semi-annual.
MOBILE COUNTY (P. O. M obile), A la.— B O N D S R E F U S E D . — Tho
$150,000 5% 20-year school-bldg, bonds awarded on Marcli 27 to Otto
Alarx & Co. of Birmingham have been refused by them, it is stated, on tho
ground that tho logality of the Act was doubtful.— V. 102, p. 1286.
MONROE COUNTY (P. O. M adisonville), T en n .— B O N D O F F E R ­
I N G — Jno. B. Pennington, Clerk of County Court, will sell on July 8 an
issue of $175,000 5% road bonds. Int. J. & J. Duo $58,000 July 8 1941
and 1946 and $59,000 July 8 1951. Cert, check for 1% o f amount of bid
required.
MONROVIA SCHOOL DISTRICT (P. O. M onrovia), Los Angoles
C ounty, Cal. - B O N D S V O T E D . — Tho election held Juno 16 resulted, it is
stated, in favor of the question of issuing $30,000 school-bldg, and $9,260
refunding bonds (V. 102, p. 2185).
MONTGOMERY COUNTY (P. O. R ockville), Md .— B O N D O F F E R ­
I N G .— Proposals will bo received until 12 m. July 25 by Berry 1C. Clark,
Clerk Board of County Commissioners, for tho following A A % coupon
bonds:
$58,000 county’s share bonds. Denom. $1,000. Duo $2,000 yearly.
20.000 assessment bonds. Donom. $500.
Duo $1,000 yearly.
24.000 assessment bonds. Denom. $500.
Duo $1,000 yearly.
25.000 assessment bonds. Denom. $500.
Duo $1,000 annually.
Principal and semi-annual interest payablo at tho Farmers’ Banking &
Trust C o., Rockville, on tho $58,000 and $24,000 issues, and at the M ont­
gomery County Nat. Bank, Rockvillo, on other issuos. Certified check
or cash for $200 is roquired with oacli issue. Official circular states that
thoro is no controversy or litigation pending affecting tho corporate exist­
ence or tho boundaries of tho county or tho political divisions thereof, the
title of Its present officials or tho validity of these or any outstanding
bonds, and ttiat tho county has never defaulted in tho payment of any of
its obligations. Total bonded debt of county, including theso issues
$317,600; tmo floating debt; taxablo basis of roal and personal property
1916, $20,990,845; tax rato 1915 per $1,000, 310 60.
MORGAN COUNTY (P. O. M artinsville), In d .— B O N D O F F E R I N G . —
Proposals will bo roceivod until 12 in. July 3 by Walter Rosenbalm, Co.
T roa s./ for $7,700 4 A % 5 Jl-yr. averago Felkins road bonds of Adams
Tw p. Donom. $385. Dato M ay 15 1916. Int. M . & N. Duo $385
each six months from Alay 15 1917 to N ov. 15 1926 incl.




81

MOSS POINT, Jackson C ounty, Miss.— B O N D S P R O P O S E D — This
city contemplates issuing S6.000 6 % street-impt. bonds. John F. P.
Blumer is City Clerk.
MT. ORAB, Brown C ounty, O hio.— B O N D O F F E R I N G .— Sealed
bids will bo received until 12 m. July 8 by G. V. Hughes, Vil. Clerk, for
$4,000 5% coupon electric light and power plant bonds. Denom. $200.
Dato Alay 1 1910. Int. Al. & N. at tho Brown Co. Nat’l Bank o f Alt.
Orab. Duo $200 each six months from Alay 1 1917 to N ov. 1 1926, incl.
Cert, check for 10% of bid payable to tho “ Village of M t. Orab," required.
Tho Villago has no bonded debt. Floating debt $195. Sinking fund $400.
Assess, val. $165,000.
•
NAMPA AND MERIDIAN IR R IG A TIO N D ISTR IC T (P. O. M erid­
ian), Id a h o.— B O N D S V O T E D . — By a vote of 79 to 19 the question o f
issuing $365,000 refunding bonds carried, it is stated, at an election held
June 20.
NELSON SCHOOL D ISTR IC T, B utte C ounty, Cal.— B O N D S A L E .
— An issue of $10,000 5% 2-20-ycar ser. school-bldg, bonds has been
awarded, it is stated, to Bond & Goodwin of San Francisco at 104.31.
NUESTRO SCHOOL D IST R IC T , Sutter C ounty, Cal.— B O N D
S A L E . — On Juno 17 $2,500 6 % 1-5-year ser. building bonds were awarded,
it is stated, to the Northern California Bank of Savings, Alarysville, for
$2,611 67, equal to 104.466.
NEWARK, N. J.— T E M P O R A R Y L O A N S . — Reports state that the
following loans wero negotiated on June 27:
$500,000 loan in anticipation ot taxes to Goldman, Sachs & Co. of N . Y .
at 3 A % int. plus $10 premium for 4 months.
500,000 loan in anticipation of taxes to Bond & Goodwin of N. Y . for
6 months at 4% int. plus $51 premium.
75,000 Dolancey St. opening notes to Bond & Goodwin of N. Y . at 4%
int. plus $45 premium for 6 months.
NEWTON, Middlesex C ounty, Mass.— T E M P O R A R Y L O A N . — News­
paper reports state that this city recently negotiated a loan of $ 100,000
maturing N ov. 6 1916 with Blake Bros. & Co. of Boston at 3 1 4 % discount.
NEW WASHINGTON, C rawford County, O h io.— B O N D S A L E . — On
June 20 the $23,813 88 5% coup, street-impt. assess, bonds— V. 102, p.
2365—were awarded to tho Farmers’ Exchange Bank of New Washington
at $275 premium.
NORMAN COUNTY (P. O. Ada), M inn.— B O N D O F F E R I N G .— D. E.
Fulton, Co. Aud., will receive bids until 10 a. m. July 11 for an issue of
$94,375 Judicial ditch No. 51 bonds at not exceeding 6 % int., payable
ann. or somi-ann.
NORTH COLLEGE HILL (P. O. C incinn ati), O h io.— B O N D S
V O T E D . — Newspaper reports state that at the election June 20 this village
voted in favor of the issuance of $30,000 school bonds.
NORW AY CONSOLIDATED SCHOOL D ISTR IC T (P. O. N orway),
B enton C ounty, Iow a.— B O N D S V O T E D . — By a vote of 183 to 46 the
question of issuing $5,000 additional bldg, bonds carried, it is stated,
at an election held June 9.
NORWOOD, H am ilton C ounty, O hio.— B O N D S A L E . — On Juno 26
tho ten issues of 4 A % coup, bonds, aggregating $154,700, were awarded
as follows (V. 102, p. 2186):
$130,000 four issues of bonds to J. C. Alayer & Co. of Cincinnati for
$132,475 60, equal to 101.904.
24,700 six issues of bonds to the Atlas Nat. Bank oi Cincinnati for
$24,942 25, equal to 100.980.
OKANOGAN COUNTY SCHOOL DISTRICT No. 1, W ash.—
B O N D S A L E . — On June 3 the $5,000 2-10-yr. optional funding bonds
(V. 102, p. 1920) were awarded to the State of Washington as 5kfs, optional
after 1 year and int. payable semi-annually. Other bids were:
Irving Whitehouse C o., Spokane, Wash.— Interest 6 % payable semi­
annually, premium $ 1 0 0 0 , optional after 2 years.
II. C. Speer & Sons C o., Chicago, 111.— Interest 6 % payable annually,
par. less $250 costs.
OMER, Arenac C ounty, M ich.— B O N D S N O T S O L D .— N o bids were
received for tho $1,600 5% 10-year city-hall bonds offered on Juno 20—
V. 102, p. 2009.
ORRVILLE, W ayne C ounty, O h io.— B O N D S A L E .— On Juno 21 tho
$11,000 4 A % 6 -yr. average refunding bonds were awarded to Otis & C o.
of Cleveland at par and int.— V. 102, 1). 2180. There wero no other bidders.
O TTAW A COUNTY (P. O. P ort C linton), O h io.— B O N D S A L E . —
On Juno 26 the $10,000 5% 3M-yr. averago coupon highway bonds— V. 102,
p. 2366— were awarded to Cummings, Prudden & Co. of Toledo at 101.51,
accrued int., and furnishing of bonds. The other bidders were:
Sec. Sav. Bk. & Tr. Co.,Tol..*101.27 Otis & C o., Cleveland----- *101.02
Spitzer, Rorick & C o., T oU . 101.165 Seasongood & Alayer, Cin.*100.88
Hayden, Aliller & C o., Clev. 101.16 Prov. S. B. & Tr. Co., C in .. 100.71
Fifth-Third Nat. Bk., Cln.*101.14 First Nat. Bk., Clevo...........*100.00
Tillotson & Wolcott C o___ *101.04
* And bonds.
PAINESVILLE TOWNSHIP (P. O. Painesville), Lake C ounty,
O h io.— B O N D S A L E . — On Juno 19 the two issues of 5% coup, road bonds,
aggregating $24,500— V. 1 0 2 . p. 2 10 0 — wero awarded, reports state, to
Otjs & C o . of Cleveland for $25,015, equal to 102.102.
PANOLA COUNTY (P. O. Carthage), l e x . — W A R R A N T S A L E —
J. L. Arlltt o f Austin recently purchased $160,000 6 % 1-35-year seria
warrants. Int. semi-annual. Date Alay 15 1916.
PARIS, U tah.— B O N D S V O T E D . — Reports state that an election held
recently resulted in favor of the question of issuing Alain St. impt. bonds.
PARKE COUNTY (P. O. R ockville), In d .— B O N D O F F E R I N G . —
J. II. Rush, Co. Treas., will receive bids until 2 p. m. July 5 for $4,947
4X
A % Liberty Twp. road-lmpt. bonds.
Denom. $247,35. Dato July 5
1916. Int. Al. & N. Due part each six months.
PASS CHRISTIAN, H arrison County, Miss.— B O N D S R E F U S E D . —
Reports state that the purchaser of the $96,000 20 -yr. public-impt. bonds
sold on Mar. 11 (V. 102, p. 1098) has refused to accept the issue, on account
of an irrogularity found in the election.
PATCHOGUE (Village), S uffolk C ounty, N. Y . — B O N D S A L E . —
On June 13 an issuo of $21,500 Ocean Ave.-impt. bonds was awarded to
II. A. Kalilcr & Co. of N. Y. at 100.08 for 4.20s.
PELHAM MANOR, W estchester County, N. Y . — B O N D S A L E .—
On Juno 23 tho $35,009 re.-, sewer-system bonds— V. 102. p. 2275— were
awarded to Isaac W . Sherrill & Co. of Poughkeepsie at 100.27 and int. for
4.20s. Other bidders were:
In t.
Prem .
$5645
11. A. Kahler & C o., Now York______________________ 4.20%
Blake Bros. & C o., Now York_________________________4.20%
5200
Orandoll, Sheppard & Co., Now York--------------------------4.21%
8900
Ilornblower & Weeks, Now York______________________ 4.25%
7000
Farson, Son & Co., Now York________________________ 4.25%
------Geo. B. Gibbons & C o., New York------------------------------ 4-25%
------Harris, Forbes & C o., New York-------------------------------- 4.30%
------People’s Bank for Savings (for $10,000)---------------------- 4.50%
------PERRY COUNTY (P. O. C annelton), Ind. — B O N D S A L E .— Tho
Fletcher-American Nat. Bank of Indianapolis was awarded the $11,400
4 '/ i% Tobin Twp. highway bonds offered on June 19— V. 102, p. 2275—
for $11,636 (102.070) and accrued int. Tho following bids were also
Breed,Kil’t & liar.,Indpls.$l 1,620 001 Gav.L.Payne&Co.,Indpls. 11,566 00
R.L.Dolling & Co.,Indpls. 11,605 10!AIi’d er& C o., Indpis------- 11,557 00
Farmers Bank, Itockport. 11,582 50 (Cannelton Nat. Bk.,Canelt. 11,530 00
PHILADELPHIA, P a. — B O N D S A L E . — News-paper dispatches state
that the following bids were received for the $5,000,000 4% 30-yr. reg. or
coup, tax-free bonds offered yesterday (June 30)— V. 102, p. 2366:
Reilly, Brock & Co., Graham & Co. and E. W. Clark & Co., jointly
bid 100.03; Starr & C o., $25,000 at 10JH. $25,000 at 1005^, $25,000 at
100 H , $50,090
101 A ; Robert
Drexcl & C o . , _______ W -_ -.____ HV ____
_
$1,500,000 at 101 A : Corn Exchange Nat. Bank, $200,000 at 1 0 0 A and
$2011,000 at 100)1; Chas. J. AlcNulty, $10,000 at 101; Grand Lodge of
Penna., F. A. Al., trustee for charity fund, $6,000 at 101 A . Townsend,
Whelan & C o., $75,000 at 100 A . $30,1.00 at ITO A . $70,000 at 1 0 0 A .
$125,000 at 101, $25,00) at 101 A . $25,000 at 101 'A : West Plnd Trust,

83

THE CHRONICLE

h o ,™ .
Vn * fn .
wuiiuer « lyier, fcio.uuu at iu .; Jonn 15.
T ru strn ? 2 «V 7n fiann10f in i,i/A ,nR “ ? dal^ 1,!S 0 at par: I>rovident Life &
rih^L^AT’ $170,600 at 10134: Quaker City Nat. Bank, .$100,000 at par;
Chester Nat. Bank, $20,000 at 101; Robert Lewis & Co., $5,000 at 10044;
Thnm, pnv;s 11 'SS9 at P<ar: w . N. Lamborn, $4,000 at 100*4; Estate of
Thomas I otter, $38,500 at 100; Northern Trust Co., $25,000* at 100.125
^ i aF’ ° - A. m ein, $10,000 at par; G. A. Tunnel,
$lo,v00 at 10144: Daniel Killian, $500 at 102; Mary C. Plunkett, $1,300
at 102 H .
PINEVILLE SCHOOL DISTRICT NO. 28, Rapides Parish, La.—
B O N D S A L E .— On Juno 15 the $30,000 5% site-purchase, bids.and equip,
bonds (V. 102, p. 2009) were awarded. It is stated, to the "Whitney-Central
Trust & Sav. Bank o f New Orleans at 100.50.
POLAND TOWNSHIP SCHOOL DISTRICT (P. O. Lowellville),
Mahoning County, Ohio.— B O N D S A L E .—The State Industrial Com­
mission has purchased at par the $35,000 5% 10-year school bonds offered
on April 20, it is stated.— V. 102. p. 1098.
*
POLAND VILLAGE SCHOOL DISTRICT (P. O. Poland), Mahon­
ing County, Ohio.— B O N D S A L E .— The Commercial National Bank of
Youngstown was awarded tho $10,000 4 44% 5 >4-year average coupon
school bonds— V. 102, p. 2186— for $10,097—'100.97—'and accrued int.
There were no other bidders.
POLK COUNTY (P. O. Bartow), Fla.— D E S C R I P T I O N O F B O N D S __
Tho $1,500,000 5% road-constr. and impt. bonds authorized by vote of
2,750 to 1,315 at an election held Juno 1 (V. 102, p. 2010) aro coupon in
form and in tho denom. of $1,000. Date July 1 1916. Prin. and seniiann. int. (J. &J.) payabio in Bartow. Duo yrly. on July 1 as followsSeries “ A ,” $50,000 from 1921 to 1925 incl., Series “ B ,” $75,000 from 1926
to 1935 inch, Series “ C ,” $100,000 from 1936 to 1940 incl. Floating debt
$36,481 71. Assess, val. 1915, $14,211,410. J. A. Johnson, Clerk
Board of County Commissioners.
POLK COUNTY (P. O. Benton), Tenn .— B O N D S V O T E D .— Reports
state that tho proposition to issuo $95,COO road-consturction bonds carried
at an election held Juno 21.
PORT GIBSON, Claiborne County, Miss.— B O N D O F F E R I N G __
Proposals will bo received until 8 p. m. July 3 by C. It. Wharton City
Clerk, for $7,200 5% sidewalk bonds. Denom. $100. Int. payabio at tho
Port Gibson Bank. These bonds aro tax-exempt. Duo $800 yrly for
9yrs.
Cert, check for $250, payable to the City Clerk, required. Bonded
rtebt, Inch this issue, $38,380. Sinking fund, $1,000. Assess, val. 1915,
■5yuu»uuu •
POULTNEY TOWNSHIP (P. O. Bellaire), Belmont County, Ohio.
— B O N D S V O T E D .— A vote of 144 to 57 was cast at the Juno 20 election
hi favor of tho proposition to issuo $9,500 school bonds, reports state.
, i ? ? ^ « £ K I oCOUNTY (P- ° - Somerset), K y .— B O N D S A W A R D E D
I N P A R I . — Reports<stato that of the $300,000 4 44% road-constr. bonds
offered on Juno 23 ( V. 102, p. 2276), $250,000 was awarded on that day
to James L. Caldwell & Sons, Nashville, at par, tho company paying the
county 2% int. on daily balances.
PUTNAM COUNTY (P. O. Greencastle), Ind.— B O N D S A L E .— On
June 24 the two issues of 4)4 % road bonds aggregating $30,400 wero
awarded as follows, it is stated— V. 102. p. 2276:
$26,600 road bonds to J. F. Wild & Co. of Indianapolis for $27,120— equal
to 101.954.
3,800 road bonds to R. L. Dollings Co. of Indianapolis for $3,880 50—
equal to 102.118.
e ^ n ^ P r ? LPH ’ 1Fr,e? lon.t County, Iowa.— B O N D S A L E .— On Juno 1
$4,500 5% electric-light-plant bonds wero purchased by Schanko & Co. of
Mason City. Denom. $500. Dato Juno 1 1916. Int. J. & D. Due $500
yearly June 1 from 1923 to 1931, incl.
„ R£ PIDES PARISH (P. O. Alexandria), La.— B O N D O F F E R I N G . —
HBurrowes, Chairman Board o f Commissioners (P. O. Box 410,
Alexandria), will receive proposals until 10:30 a. m. July 18 for the $80,­
™ °, 5 % Road District N o. 6 gravel-road-constr. bonds voted M ay 16.—
V. 102, p. 2100. Denom. $500. Date Aug. 1 1916. Int. F. & A. at tho
Parish Treas. office, tho Chase Nat. Bank, N. Y ., or some bank to bo
soiected by purchaser. Duo on Feb. 1 as follows: $2,500, 1917, 1918, 1919
•V^>on92?A ^3 ’° « 0, 1921, 1922 ancl 1923: $3,500, 1924, 1925 and 1926;
* 1 .9 0 0 '19!2 v A 223 and 1929; $4,500, 1930, 1931 and 1932; $5,000, 1933
a,'d 1934; $7,500, 1935 and 1936. Cert, check for 1% o f issue, payable to

S $fiC T *£® M to.B0“ ,e4 aebt * dlsMc‘ - *“ •
B O N D E L E C T I O N .— Reports stato that an election will be held July 11
to vote on tho question o f issuing $110,000 road bonds.
RED OAK INDEPENDENT SCHOOL DISTRICT (P. O. Red Oak),
M ontgom ery County, Iowa . — B O N D S A L E . — O n June 22 the $115,000
444% high-school-bldg, bonds (V. 102, p. 2186) were awarded, it is stated,
to Wm. R . Compton Co. o f St. Louis at 101.65.
RED RIVER PARISH (P. O. Coushatta), La .— B O N D O F F E R I N G —
Proposals will bo received until 10 a. m. July 11 by tho Pollco Jury for $30.TRoa<l Dlst- No. 3 bonds. Denoms. $250 and $500. Date M ay 17
JH1.6,-o,nn o,se^ ' ann-,
on May 17 as follows: $750 1917, $1,000 1918
•ami 1919■S I,500 yearly from 1920 to 1924 incl.; $2,000 yearly from 1925 to
1933 inci. and $1,750 1934. Cert, check for 2H % o f the face valuo of said
bonds required.
Jeffers? n C ounty, O kla .— B O N D S A L E .— An issuo of
$30,000 6% 25-year sanitary-sewer bonds authorized by a voto o f 47 to 12
at tho election held Juno 15, has been sold-ia ■(.a . . . . j - » . t ? I xf,Ei7 C?,UN,'rY (P. O. Versailes), Ind.— B O N D O F F E R I N G —
n f1kinTsnnCfi>
’ wlU rev iv e bids until 1 p. m. July 3 for an issuo
or $10,800 444% 5 2-3-yr. averago Otter Creek Twp. road-iinpt. bonds.
Denom. 8270. Dato July 3 1916. Int. M . & N .1 Dae $540 each six
months from M ay 15 1917 to N ov. 15 1926, incl.
LE) Adama County, Wash.— B O N D S A L E .— On June 20
H m ,!1?,!000, Yai cr funding bonds (V. 102, p. 2366) wero awarded to the
Union Trust & Sav. Bank o f Spokane.
ROANE COUNTY (P. O. Spencer), W. Va.— B O N D S A L E — On
fmn? L i ° « 24? ;900 5 &A\’ ^~yr- (aver.) coupon Spencer Dist. Roadl Vr 102, P- 2010) were awarded to tho Harris, Forbes & Co.,
Now York, at 100.25 and int. Purchaser to furnish bonds and pay attor­
ney s tees, &c.
Spitzer, Iiorlck & C o., Toledo, par.
?•
PI ' /
Davics-Bertram Co., Cincinnati, par, less $2,500.
' ..... ~
' ’
ROANOKE COUNTY (P. O. Salem), Va.— B O N D O F F E R I N G —
This county is offering for salo the $125,000 Saiem Dist. road-improvement
bonds voted May 16— V. 102, p. 2187. Int. rate not to exceed 444%.
t ROCHESTER,
Olmstead County, Minn.— B O N D S A L E __On
f v n0in 9 t5 e oovih000 18H-year (aver ) water-works-plant-purchase bonds
for” S 178,$>’oA 1 0 2 . 217)°as'444*s?d *° Wells & D,Ckey C° ” ° f Minneapolis
ROOTSTOWN TOWNSHIP SCHOOL DISTRICT (P. O Rootstown), Ohio.— B O N D S A L E .— On June 24 an issuo o f $6,000 5% school
Other biddcrsawe?o t0 W ' L ' SIayton & C o ' o f Toledo at 100.66 and int!
New First Nat. B k ., Colum.$6,036 0 0 1Second Nat.Bk.,Ravenna $6 005 00
Havden, Miller * Co.,Ciev. 6,019 70 Breed, Elliott & Harrison,
Tillotson & Wolcott C o------ 6,016 201 C incinnati____________ 6,00120
ROSEN HEIGHTS INDEPENDENT SCHOOL DISTRICT (P O
£°;r t,,m0r5;thnnnTiairr a k4 c °unty, Tox .— -B O N D S V O T E D . — T h o question
o f issuing $8,000 bldg, bonds carried, it is stated, at an election held Juno 12
RUDOLPH SCHOOL DISTRICT (P. O. Rudolph), Wood Countv’
Ohio.— B O N D S A L E .— On June 26 an issue of $10,000 5% school building
bonds was awarded to Hayden, Miller & Co. o f Cleveland at 101.71 and
int. Utner bids wero :
W. L. Slayton & Co., Toledo, 101.52 and int.
Security Sav. Bk. & Tr. C o.. Toledo, 100.79 and int.
C onnt^ ^ o w n ) SCHOOL DISTRICT NO. 10 (P. O. Rush), Monroe
C ounty. N. Y . — B O N D S A L E — Reports state that on June 27 an issue
oi;$9,000 school bonds was awarded to Myron W .Greene & Co. of Rochester,
i- RUTLAND, Rutland County, V t .— B O N D S A L E .— On Jim ,"3s
$25,000 4% gold coup, school bonds wero awarded to Merrill, Oldham & Co!
of Boston at 100.18 and int. V. 102, p. 2276. Other biddesr were-

Pue




[Vol. 103.

Blodgett & Co., B o s t o n ------- 100.07IE. If. Rollins & Sons, Boston.99.589
Baxter Nat. Bank, Rutland..100.001 Harris, Forbes & Co., Boston.99.469
_ ST. CLAIRSVILLE, Belm ont C ounty, O h io. — B O N D O F F E R I N G .—
O. B. Nary, Vd. Clerk, will receive bids until 12 m. July 10 for tho following
5% coupon Main St.-impt. bonds:
*
$8,362 assess, portion bonds. Denom. $418 10.
2,500 village’s share bonds. Denom. $125.
Dato July 10 1916. Prin. and semi-ann. int., payable at office of Vil.
Treas. Duo one bond of each issuo each six months from Mar. 10 1917 to
?ept. 10 1926, incl
Cert, chock for 5 % of bonds bid for, payable to the
Vd. Treas., required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued int.
ST. LAWRENCE COUNTY (P. O. C anton), N. Y . — B O N D S A L E . —
Roports state that on Juno 16 an issue of $40,000 1-20-year serial bridge
bonds was awarded to tho National Bank of Ogdensburg at 101.06 for 44£s.
SAN PATRICIO COUNTY (P. O. S inton), T e x . — B O N D E L E C T I O N .
According to roports tho proposition to Issuo $150,000 good road bonds
will be submitted to a vote on July 8.
SANTA ROSA, G uadalupe C ounty, N. Flex.—B O N D O F F E R I N G .—
Proposals will be received until July 17 by J. A. Bazan, Village Clerk it is
slated, for 315,000 6% 20-year water-works bonds. Certified check for
10% required.
, i S
HoECT^ Yl N ’ Y .— C E R T I F I C A T E S A L E .— On Juno 27 tho
$400,000 8-months certificates of indebtedness— V. 102, p. 2366— wero
awarded as follows:
$300,000 to Bond & Goodwin of N. Y . for $300,026 (100.008) and int. for
4Ms.
100,000 to Edward Lowber Stokes of Phlla. at par and int. for 4s less a
discount of $16 63.
Blako Bros. & Co. of N. Y . bid $400,018 for 444s. Parson Son & C o.
of N. Y . submitted a conditional bid for 444s.
SCOTT COUNTY (P. O. S cottsburg), I n d .— B O N D S A L E .— On
4H %
aver.
Lexington
/u 5
" 2-3-year
“ “ v
—' v ' - u
^ A i u g t u u Twp.
i v t i i . lroad-impt.
u a u -liu p t.
ponds— V. 102, p. 2187— were awarded to tho Lexington Bank, Lexington,
for $16,420— equal to 102.625. Other bids were:
Fletchcr-Amorican Nat.
Breed, Elliott & Harrison,$16,264 00
Bank, Indianapolis___ $16,307 50 Farmers’ Bank__________ 16,240 00
J. F. Wild & Co., Ind___ 16,305 00 Miller & C o., Indianapolis 16,211 00
Gavin L. Payne & Co.,Ind. 16,286 00 Scottsburg Stato Bank__ 116,075 00
R. L. Dolling & C o., Ind. 16,277£00 Scott County State Bank-j
HGRANTOIST, Pa.— B O N D O F F E R I N G . — Proposals will bo recoived
until 12 m. July 10 by E. B. Jermyn, Mayor, for $90,000 4% 1544-yr.
ay°rago coup, or reg. (purchaser’s option) municipal impt. bonds. Denom.
S i,000.
Date July 1 1916. Int. J. & J. at office of City Treas. without
deduction for State tax. Duo $3,000 yrly. on July 1 from 1917 to 1946 incl.
Cert, check on an incorporated bank or trust company for $1,000 required,
lh o u. S. Mtge. & Tr. Co. will certify as to the genuineness of theso bonds.
Soto County, Fla.— B O N D S A L E . — On Juno 20 tho
$50,000 6 % 5-15-year (opt.)